Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VIAS | |
Entity Registrant Name | VIASYSTEMS GROUP INC | |
Entity Central Index Key | 1101169 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,910,641 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $81,632 | $71,964 |
Accounts receivable, net | 219,865 | 215,784 |
Inventories | 130,864 | 138,195 |
Prepaid expenses and other | 31,671 | 38,694 |
Total current assets | 464,032 | 464,637 |
Property, plant and equipment, net | 409,559 | 415,607 |
Goodwill | 151,283 | 151,283 |
Intangible assets, net | 88,797 | 90,158 |
Deferred financing costs, net | 12,356 | 13,115 |
Other assets | 745 | 705 |
Total assets | 1,126,772 | 1,135,505 |
Current liabilities: | ||
Current maturities of long-term debt | 1,134 | 1,093 |
Accounts payable | 174,304 | 175,346 |
Accrued and other liabilities | 99,649 | 99,757 |
Total current liabilities | 275,087 | 276,196 |
Long-term debt, less current maturities | 612,348 | 612,915 |
Other non-current liabilities | 43,835 | 43,730 |
Total liabilities | 931,270 | 932,841 |
Stockholders' equity: | ||
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 20,903,142 and 20,921,111 shares issued and outstanding | 209 | 209 |
Paid-in capital | 2,402,145 | 2,401,505 |
Accumulated deficit | -2,217,765 | -2,209,279 |
Accumulated other comprehensive income | 6,986 | 6,475 |
Total Viasystems stockholders' equity | 191,575 | 198,910 |
Noncontrolling interest | 3,927 | 3,754 |
Total stockholders' equity | 195,502 | 202,664 |
Total liabilities and stockholders' equity | $1,126,772 | $1,135,505 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 20,903,142 | 20,921,111 |
Common stock, shares outstanding | 20,903,142 | 20,921,111 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $304,628 | $295,912 |
Operating expenses: | ||
Cost of goods sold, exclusive of items shown separately below | 244,584 | 239,803 |
Selling, general and administrative | 31,529 | 26,849 |
Depreciation | 21,520 | 21,812 |
Amortization | 1,379 | 1,680 |
Restructuring and impairment | 273 | |
Operating income | 5,616 | 5,495 |
Other expense (income): | ||
Interest expense, net | 11,740 | 11,253 |
Amortization of deferred financing costs | 759 | 655 |
Other, net | -1,527 | -1,233 |
Loss before income taxes | -5,356 | -5,180 |
Income taxes | 2,957 | 4,177 |
Net loss | -8,313 | -9,357 |
Less: | ||
Net income attributable to noncontrolling interest | 173 | 190 |
Net loss attributable to common stockholders | -8,486 | -9,547 |
Basic loss per share | ($0.40) | ($0.47) |
Diluted loss per share | ($0.40) | ($0.47) |
Basic weighted average shares outstanding | 21,001,444 | 20,268,717 |
Diluted weighted average shares outstanding | 21,001,444 | 20,268,717 |
Comprehensive (loss) income: | ||
Net loss | -8,313 | -9,357 |
Change in derivatives, net of tax | 511 | -3,298 |
Comprehensive loss | -7,802 | -12,655 |
Comprehensive income attributable to noncontrolling interests | 173 | 190 |
Comprehensive loss attributable to common stockholders | ($7,975) | ($12,845) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($8,313) | ($9,357) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 22,899 | 23,492 |
Non-cash stock compensation expense | 1,540 | 1,729 |
Amortization of deferred financing costs | 759 | 655 |
(Gain) loss on disposition of assets, net | 92 | -1,070 |
Deferred income taxes | -431 | -2,527 |
Non-cash impact of exchange rate changes | -309 | -186 |
Amortization of original issue premium on long term debt | -173 | |
Change in assets and liabilities: | ||
Accounts receivable | -4,081 | -10,379 |
Inventories | 7,331 | -3,187 |
Prepaid expenses and other | 7,352 | 521 |
Accounts payable | -1,042 | -26,774 |
Accrued and other liabilities | 616 | 16,300 |
Net cash provided by (used in) operating activities | 26,240 | -10,783 |
Cash flows from investing activities: | ||
Capital expenditures | -15,713 | -14,999 |
Proceeds from disposals of property, plant and equipment | 147 | 1,041 |
Net cash used in investing activities | -15,566 | -13,958 |
Cash flows from financing activities: | ||
Proceeds from borrowings under credit facilities and term loans | 163 | 20,000 |
Repayments of borrowings under mortgages and credit facilities | -269 | -10,328 |
Proceeds from exercise of stock options | 215 | |
Withholding taxes related to stock awards net share settlements | -1,115 | -585 |
Financing and other fees | -19 | |
Net cash (used in) provided by financing activities | -1,006 | 9,068 |
Net change in cash and cash equivalents | 9,668 | -15,673 |
Cash and cash equivalents, beginning of the period | 71,964 | 54,738 |
Cash and cash equivalents, end of the period | 81,632 | 39,065 |
Supplemental cash flow information: | ||
Interest paid | 176 | 386 |
Income taxes paid, net | $6,802 | $4,226 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Presentation | 1. Basis of Presentation | ||||||||
Unaudited Interim Condensed Consolidated Financial Statements | |||||||||
The unaudited interim condensed consolidated financial statements of Viasystems Group, Inc. and its subsidiaries (“Viasystems” or the “Company”) reflect all adjustments consisting only of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows. The results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for a full fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission. | |||||||||
Nature of Business | |||||||||
Viasystems is a leading worldwide provider of complex multi-layer printed circuit boards (“PCBs”) and electro-mechanical solutions (“E-M Solutions”). The Company’s products are used in a wide range of applications including, for example, automotive engine controls and safety systems, data networking equipment, telecommunications switching equipment, complex medical, technical and industrial instruments, and flight control systems. | |||||||||
Principles of Consolidation | |||||||||
The accompanying condensed consolidated financial statements include the accounts of Viasystems Group, Inc. and its wholly-owned and majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect i) the reported amounts of assets and liabilities, ii) the disclosure of contingent assets and liabilities at the date of the financial statements and iii) the reported amounts of revenues and expenses during the reporting period. | |||||||||
Estimates and assumptions are used in accounting for the following significant matters, among others: | |||||||||
• | allowances for doubtful accounts; | ||||||||
• | inventory valuation; | ||||||||
• | fair value of derivative instruments and related hedged items; | ||||||||
• | fair value of assets acquired and liabilities assumed in acquisitions; | ||||||||
• | useful lives of property, plant, equipment and intangible assets; | ||||||||
• | long-lived and intangible asset impairments; | ||||||||
• | restructuring charges; | ||||||||
• | warranty and product returns allowances; | ||||||||
• | deferred compensation agreements; | ||||||||
• | tax related items; | ||||||||
• | contingencies; and | ||||||||
• | fair value of awards granted under the Company’s stock-based compensation plans. | ||||||||
Actual results may differ from previously estimated amounts, and such differences may be material to the Company’s condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the condensed consolidated financial statements in the period in which the revision is made. The Company does not consider as material any revisions made to estimates or assumptions during the periods presented in the accompanying condensed consolidated financial statements. | |||||||||
Cash and Cash Equivalents | |||||||||
The Company considers short-term highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||
Commitments and Contingencies | |||||||||
The Company is a party to contracts with third party consultants, independent contractors and other service providers in which the Company has agreed to indemnify such parties against certain liabilities in connection with their performance. Based on historical experience and the likelihood that such parties will assert a claim against the Company, in the opinion of the Company’s management, the ultimate liabilities resulting from such indemnification obligations will not have a material adverse effect on its business, financial condition, results of operations or cash flows. | |||||||||
The Company is a party to agreements with third parties in which the Company has agreed to indemnify such parties against certain liabilities in connection with claims by unrelated parties. At both March 31, 2015 and December 31, 2014, other non-current liabilities included $1,500 of accruals for potential claims in connection with such indemnities. | |||||||||
Viasystems’ certificate of incorporation provides that none of the directors and officers of the Company bear the risk of personal liability for monetary damages for breach of fiduciary duty as a director or officer, except in cases where the action involves a breach of the duty of loyalty, acts or omissions not in good faith or involving intentional misconduct or knowing violation of the law, the unlawful payment of dividends or repurchasing of capital stock, or transactions from which the director or officer derived improper personal benefits. | |||||||||
The Company is subject to various lawsuits and claims with respect to such matters as product liability, product development and other actions arising in the normal course of business. In the opinion of the Company’s management, the ultimate liabilities resulting from such lawsuits and claims will not have a material adverse effect on its business, financial condition, results of operations or cash flows. | |||||||||
Earnings or Loss Per Share | |||||||||
The Company computes basic earnings per share by dividing its net income (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share is based on the weighted average number of common shares outstanding during the period plus, to the extent they are dilutive, common equivalent shares (consisting primarily of employee stock options, unvested restricted stock awards and unvested performance share units). The potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. | |||||||||
The components used in the computation of basic and diluted loss per share attributable to common stockholders were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net loss attributable to common stockholders | $ | (8,486 | ) | $ | (9,547 | ) | |||
Basic weighted average shares outstanding | 21,001,444 | 20,268,717 | |||||||
Dilutive effect of stock options | — | — | |||||||
Dilutive effect of restricted stock awards | — | — | |||||||
Dilutive effect of performance share units | — | — | |||||||
Diluted weighted average shares outstanding | 21,001,444 | 20,268,717 | |||||||
Basic loss per share | $ | (0.40 | ) | $ | (0.47 | ) | |||
Diluted loss per share | $ | (0.40 | ) | $ | (0.47 | ) | |||
For the three months ended March 31, 2015, the calculation of diluted weighted average shares outstanding excludes i) the effect of performance share units representing a maximum of 1,245,212 shares of common stock, ii) options to purchase 1,754,054 shares of common stock and iii) unvested restricted stock awards of 461,721. For the three months ended March 31, 2014, the calculation of diluted weighted average shares outstanding excludes i) the effect of performance share units representing a maximum of 1,384,555 shares of common stock, ii) options to purchase 1,848,625 shares of common stock, iii) unvested restricted stock awards of 512,652. | |||||||||
Noncontrolling Interest | |||||||||
The Company owns a majority interest in its subsidiary that operates a manufacturing facility in Huiyang, China, and a noncontrolling interest holder owns 5% of this subsidiary. Noncontrolling interest is reported as a component of equity, and net income attributable to the noncontrolling interest is reported as a reduction from net income to arrive at net income attributable to the Company’s common stockholders. | |||||||||
Recently Issued Accounting Pronouncements | |||||||||
In April 2015, the Financial Accounting Standards Board (the “FASB”) issued a new accounting standard that requires deferred financing costs related to a recognized debt liability be presented in the balance sheet as a reduction of the related liability rather than as an asset. The Company will adopt the new standard in 2016 and begin to reclassify the Company’s deferred financing costs on its balance sheet from an asset to a reduction of long-term debt. As of March 31, 2015 and December 31, 2014, the balance of the Company’s asset for deferred financing costs was $12,356 and $13,115, respectively. | |||||||||
In June 2014, the FASB issued a new accounting standard that changes the criteria companies must use for the recognition of revenue and will affect the Company’s measurement, recognition and disclosures concerning revenue once the new standard is adopted. The Company will adopt the new standard as of January 1, 2017. As of the date of this Report, the Company is still evaluating the potential impact this standard will have on its consolidated financial statements upon adoption. |
Merger_Agreement_with_TTM_Tech
Merger Agreement with TTM Technologies, Inc. | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Merger Agreement with TTM Technologies, Inc. | 2. Merger Agreement with TTM Technologies, Inc. |
On September 21, 2014, the Company, TTM Technologies, Inc., a Delaware corporation (“TTM”), and Vector Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of TTM (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Merger Sub will, subject to the satisfaction or waiver of the conditions therein, merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of TTM (the “Merger”). The Merger Agreement was adopted by the Company’s stockholders on December 16, 2014. Selling, general and administrative costs for the three months ended March 31, 2015, include $3,288 of professional fees and other expenses related to the Merger. | |
Pursuant to the terms of the Merger Agreement and subject to the conditions therein, at the effective time of the Merger (the “Effective Time”), each share of the Company’s common stock issued and outstanding immediately prior to the Effective Time (other than shares (1) held in treasury of the Company, (2) owned by TTM or Merger Sub or (3) owned by stockholders who have perfected and not withdrawn a demand for appraisal rights under Delaware law) will be converted into the right to receive a combination of (a) 0.706 of validly issued, fully paid and nonassessable shares of TTM’s common stock (the “Stock Consideration”) and (b) $11.33 per share in cash (together with the Stock Consideration, the “Merger Consideration”). No fractional shares of TTM’s common stock will be issued in the Merger and the Company’s stockholders will receive cash in lieu of any fractional shares. | |
Pursuant to the terms of the Merger Agreement and subject to the conditions therein, at the Effective Time, the Company’s outstanding stock options will be cancelled and converted into the right to receive a combination of cash and stock with a combined value equal to the excess value, if any, of the Merger Consideration that would be delivered in respect of the number of shares of the Company’s common stock underlying such option over the exercise price for such option. The Company’s outstanding restricted stock awards will be converted into the Merger Consideration. The Company’s outstanding performance share units will vest based on the greater of 100% of the target payout and the payout that would have resulted based on the Company’s performance criteria, with each such vested performance share unit being exchanged for the Merger Consideration. | |
The completion of the Merger is subject to various closing conditions, including, among other things, i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), ii) the absence of any legal restraints or prohibitions on the consummation of the Merger and iii) receipt of approval of the Merger by the Committee on Foreign Investment in the United States (“CFIUS”). The obligation of each party to consummate the Merger is also conditioned upon the other party’s representations and warranties being true and correct (subject to certain materiality exceptions), the other party having performed in all material respects its obligations under the Merger Agreement and the other party not having suffered a material adverse effect. | |
The Merger Agreement contains customary representations, warranties and covenants made by each of the Company and TTM, including, among other things, covenants and agreements to conduct their respective businesses in the ordinary course in all material respects during the period between the execution of the Merger Agreement and completion of the Merger and not to engage in certain kinds of transactions during this period. | |
The Merger Agreement contains certain termination rights for each of the Company and TTM, including the right of each party to terminate the Merger Agreement if the Merger has not been consummated by June 21, 2015, subject to a three-month extension to September 21, 2015 at the election of either party if, on such date (such date as the same may be extended, the “Outside Date”), the Merger has not yet received antitrust approval, CFIUS approval or certain specified legal restraints are in place but all other closing conditions have been satisfied. | |
The Merger Agreement also provides that the Company will be entitled to receive from TTM a termination fee of $40,000 in the event that the Merger Agreement is terminated due to a failure to obtain regulatory approval. | |
The Company cannot give any assurance that the Merger and the other related transactions will be completed or that, if completed, they will be exactly on the terms as set forth in the Merger Agreement and the other related transaction agreements. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 3. Inventories | ||||||||
The composition of inventories is as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 42,535 | $ | 44,582 | |||||
Work in process | 41,946 | 41,517 | |||||||
Finished goods | 46,383 | 52,096 | |||||||
Total | $ | 130,864 | $ | 138,195 | |||||
Inventories are stated at the lower of cost or market using the first-in, first-out (“FIFO”) and average cost methods. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | 4. Property, Plant and Equipment | ||||||||
The composition of property, plant and equipment is as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and buildings | $ | 165,683 | $ | 162,230 | |||||
Machinery, equipment and systems | 634,448 | 632,527 | |||||||
Leasehold improvements | 99,517 | 98,721 | |||||||
Construction in progress | 10,068 | 9,496 | |||||||
909,716 | 902,974 | ||||||||
Less: Accumulated depreciation | (500,157 | ) | (487,367 | ) | |||||
Total | $ | 409,559 | $ | 415,607 | |||||
Credit_Facilities_and_Longterm
Credit Facilities and Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Credit Facilities and Long-term Debt | 5. Credit Facilities and Long-term Debt | ||||||||
The composition of long-term debt is as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior Secured Notes due 2019 | $ | 602,835 | $ | 603,008 | |||||
Senior Secured 2010 Credit Facility | — | — | |||||||
North America Mortgage Loans | 9,921 | 10,435 | |||||||
Capital leases and other | 726 | 565 | |||||||
613,482 | 614,008 | ||||||||
Less: Current maturities | (1,134 | ) | (1,093 | ) | |||||
$ | 612,348 | $ | 612,915 | ||||||
As of March 31, 2015, unamortized premium included in the carrying balance of the Senior Secured Notes due 2019 was $2,835. | |||||||||
As of March 31, 2015, there were no amounts outstanding under the Company’s various credit facilities, the Company had issued letters of credit totaling $2,409, and approximately $110,803 of the credit facilities were unused and available. |
Restructuring_and_Impairment
Restructuring and Impairment | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Impairment | 6. Restructuring and Impairment | ||||||||||||||||||||
As of March 31, 2015, the reserve for restructuring charges included $220 and $1,568 related to i) the 2011 closure of its Huizhou Facility and ii) plant shutdowns and downsizings which occurred in 2001 through 2005 as a result of the economic downturn that began in 2000 (the “2001 Restructuring”), respectively. | |||||||||||||||||||||
The following tables summarize changes in the reserve for restructuring charges for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Reserve | Net Charges | Cash | Adjustments | Reserve | |||||||||||||||||
at | Payments | at | |||||||||||||||||||
12/31/14 | 3/31/15 | ||||||||||||||||||||
Restructuring Activities: | |||||||||||||||||||||
Personnel and severance | $ | 317 | $ | — | $ | (11 | ) | $ | — | $ | 306 | ||||||||||
Lease and other contractual commitments | 1,513 | — | (46 | ) | 15 | (a) | 1,482 | ||||||||||||||
Total restructuring charges | $ | 1,830 | $ | — | $ | (57 | ) | $ | 15 | $ | 1,788 | ||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Reserve | Net Charges | Cash | Adjustments | Reserve | |||||||||||||||||
at | Payments | at | |||||||||||||||||||
12/31/13 | 3/31/14 | ||||||||||||||||||||
Restructuring Activities: | |||||||||||||||||||||
Personnel and severance | $ | 1,587 | $ | — | $ | — | $ | — | $ | 1,587 | |||||||||||
Lease and other contractual commitments | 1,240 | 273 | (346 | ) | 12 | (a) | 1,179 | ||||||||||||||
Total restructuring charges | $ | 2,827 | $ | 273 | $ | (346 | ) | $ | 12 | $ | 2,766 | ||||||||||
(a) | Represents accretion of interest on discounted restructuring liabilities. | ||||||||||||||||||||
During the three months ended March 31, 2015, the Company incurred no restructuring charges. During the three months ended March 31, 2014, the Company incurred restructuring charges of $273 in its Printed Circuit Boards segment related to lease and moving costs for the relocation of its Anaheim, California manufacturing facility from a leased facility to a new facility owned by the Company. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivative Financial Instruments and Fair Value Measurements | 7. Derivative Financial Instruments and Fair Value Measurements | ||||||||||||||
Cash Flow Hedging Strategy | |||||||||||||||
The Company uses foreign exchange forward contracts and cross-currency swaps that are designated and qualify as cash flow hedges to manage certain of its foreign exchange rate risks. The Company’s objective is to limit potential losses in earnings or cash flows from adverse foreign currency exchange rate movements. The Company’s foreign currency exposure arises from the transacting of business in currencies other than the U.S. dollar, primarily the Chinese Renminbi (“RMB”). | |||||||||||||||
The Company enters into foreign exchange forward contracts and cross-currency swaps after considering estimated future use of foreign currencies, desired foreign exchange rate sensitivities and the foreign exchange rate environment. Prior to entering into a hedge transaction, the Company formally documents the relationship between hedging instruments to be used and the hedged items, as well as the risk management objective for undertaking the hedge transactions. The Company generally does not hedge its exposure to the exchange rate variability of future cash flows beyond the end of its next ensuing fiscal year. | |||||||||||||||
The Company recognizes all such derivative contracts as either assets or liabilities in the balance sheet and measures those instruments at fair value through adjustments to other comprehensive income, current earnings, or both, as appropriate. Accumulated other comprehensive income as of March 31, 2015 and December 31, 2014, included net deferred loss on derivatives of $542 (net of taxes of $0) and $1,053 (net of taxes of $0), respectively, related to cash flow hedges. | |||||||||||||||
The Company records deferred gains and losses related to cash flow hedges based on the fair value of open derivative contracts on the reporting date, as determined using a market approach and Level 2 inputs. Realized gains or losses from the settlement of foreign exchange forward contracts and cross-currency swaps are recognized in earnings in the same period the hedged foreign currency cash flow affects earnings. For the three months ended March 31, 2015 and 2014, a gain of $407 and a loss of $203 were recorded in cost of goods sold related to foreign currency cash flow hedges, respectively. | |||||||||||||||
The following table summarizes the Company’s outstanding derivative contracts: | |||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Notional amount in thousands of Chinese RMB | 1,350,000 | 1,800,000 | |||||||||||||
Weighted average remaining maturity in months | 4.6 | 6.1 | |||||||||||||
Weighted average exchange rate per one U.S. Dollar | 6.28 | 6.28 | |||||||||||||
Fair Value of Measurements | |||||||||||||||
The Company measures the fair value of assets and liabilities using a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as quoted prices in active markets; Level 2 - inputs, other than quoted market prices in active markets, which are observable, either directly or indirectly; and Level 3 - valuations derived from valuation techniques in which one or more significant inputs are unobservable. In addition, the Company may use various valuation techniques, including the market approach, using comparable market prices; the income approach, using present value of future income or cash flow; and the cost approach, using the replacement cost of assets. | |||||||||||||||
Financial Instruments Measured on a Recurring Basis | |||||||||||||||
The following table sets forth, as of March 31, 2015 and December 31, 2014, the hierarchy of the Company’s financial asset (liability) positions for which fair value is measured on a recurring basis: | |||||||||||||||
March 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Balance Sheet Classification | ||||||||||||
Available - for - sale investments in Savings Restoration Plan | $ | 1,726 | $ | — | $ | — | Prepaid expense and other | ||||||||
Cash flow hedges - deferred loss contracts | — | (542 | ) | — | Accrued and other liabilities | ||||||||||
$ | 1,726 | $ | (542 | ) | $ | — | |||||||||
December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Balance Sheet Classification | ||||||||||||
Available - for - sale investments in Savings Restoration Plan | $ | 1,429 | $ | — | $ | — | Prepaid expense and other | ||||||||
Cash flow hedges - deferred loss contracts | — | (1,053 | ) | — | Accrued and other liabilities | ||||||||||
$ | 1,429 | $ | (1,053 | ) | $ | — | |||||||||
The Company has a savings restoration plan (the “Savings Restoration Plan”) to provide additional benefits to certain domestic employees who, due to limitations imposed by the Internal Revenue Code, are not eligible to receive the full employer matching contribution to the Company’s defined contribution retirement savings plan. The Savings Restoration Plan also allows for the voluntary deferral of certain compensation by eligible employees. Available-for-sale investments in the Savings Restoration Plan consist of investments in money market accounts and mutual funds invested in a rabbi trust, and are valued based on quoted prices in active markets (Level 1). | |||||||||||||||
The Company records deferred gains and losses related to cash flow hedges based on the fair value of active derivative contracts on the reporting date, as determined using a market approach. As quoted prices in active markets are not available for identical contracts, Level 2 inputs are used to determine fair value. These inputs include quotes for similar but not identical derivative contracts, market interest rates that are corroborated with publicly available market information and third party credit ratings for the counter parties to the derivative contracts. When applicable, all such contracts covered by master netting agreements are reported net, with gross positive fair values netted with gross negative fair values by counterparty. | |||||||||||||||
The Company did not have any transfers between levels during the three months ended March 31, 2015 and 2014. | |||||||||||||||
Other Financial Instruments | |||||||||||||||
In addition to cash flow hedges and available for sale investments in the Company’s Savings Restoration Plan, the Company’s financial instruments consist of cash equivalents, accounts receivable and long-term debt. For cash equivalents and accounts receivable, the carrying amounts approximate fair market value. The estimated fair values of the Company’s debt instruments as of March 31, 2015 and December 31, 2014, are as follows: | |||||||||||||||
March 31, 2015 | |||||||||||||||
Fair | Carrying | Balance Sheet Classification | |||||||||||||
Value | Amount | ||||||||||||||
Senior Secured Notes due 2019 | $ | 631,500 | $ | 602,835 | Long-term debt, less current maturities | ||||||||||
Senior Secured 2010 Credit Facility | — | — | |||||||||||||
North America Mortgage Loans | 9,860 | 9,921 | Long-term debt, including current maturities | ||||||||||||
31-Dec-14 | |||||||||||||||
Fair | Carrying | Balance Sheet Classification | |||||||||||||
Value | Amount | ||||||||||||||
Senior Secured Notes due 2019 | $ | 634,878 | $ | 603,008 | Long-term debt, less current maturities | ||||||||||
Senior Secured 2010 Credit Facility | — | — | |||||||||||||
North America Mortgage Loans | 10,288 | 10,435 | Long-term debt, including current maturities | ||||||||||||
The Company determined the fair value of the Senior Secured Notes due 2019 using Level 1 inputs - quoted market prices for the notes. The Company determined the fair value of the North America Mortgage Loans using Level 2 inputs, and estimated the fair value based on discounted future cash flows using a discount rate that approximates the current effective borrowing rate for comparable loans. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-based Compensation | 8. Stock-based Compensation | ||||||||||||||||||||||||
Stock compensation expense recognized in the condensed consolidated statements of operations and comprehensive (loss) income was as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Cost of goods sold | $ | 127 | $ | 161 | |||||||||||||||||||||
Selling, general and administrative | 1,413 | 1,568 | |||||||||||||||||||||||
$ | 1,540 | $ | 1,729 | ||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The following table summarizes the stock option activity for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||
Outstanding at beginning of year | 1,770,720 | $ | 23.4 | 1,869,124 | $ | 24.73 | |||||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||||
Exercised | (15,166 | ) | 14.23 | — | — | ||||||||||||||||||||
Forfeited | (1,500 | ) | 20.88 | (20,499 | ) | 19.7 | |||||||||||||||||||
Outstanding at March 31, | 1,754,054 | $ | 23.48 | 1,848,625 | $ | 24.78 | |||||||||||||||||||
Options exercisable at March 31, | 1,742,668 | $ | 23.54 | 1,720,221 | $ | 25.37 | |||||||||||||||||||
The following table summarizes information regarding outstanding stock options as of March 31, 2015: | |||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise Price | Number of | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
Options | Average | Average | of | Average | Average | ||||||||||||||||||||
Remaining | Exercise | Options | Remaining | Exercise | |||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
$ 12.66 to $15.30 | 111,415 | 3.31 years | $ | 14.83 | 100,029 | 3.15 years | $ | 14.9 | |||||||||||||||||
$ 18.42 to $21.04 | 761,270 | 3.23 years | 19.66 | 761,270 | 3.23 years | 19.66 | |||||||||||||||||||
$ 21.88 to $24.00 | 840,594 | 2.09 years | 21.89 | 840,594 | 2.09 years | 21.89 | |||||||||||||||||||
$150.99 | 40,775 | 1.61 years | 150.99 | 40,775 | 1.61 years | 150.99 | |||||||||||||||||||
1,754,054 | 2.65 years | $ | 23.48 | 1,742,668 | 2.64 years | $ | 23.54 | ||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||||
The following table summarizes restricted stock activity for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
Nonvested at beginning of year | 623,302 | $ | 15.09 | 576,042 | $ | 17.47 | |||||||||||||||||||
Granted | — | — | 87,000 | 13.02 | |||||||||||||||||||||
Vested | (158,081 | ) | 18.42 | (148,386 | ) | 20.34 | |||||||||||||||||||
Forfeited | (3,500 | ) | 13.02 | (2,004 | ) | 14.68 | |||||||||||||||||||
Nonvested at March 31, | 461,721 | $ | 13.97 | 512,652 | $ | 15.89 | |||||||||||||||||||
As of the vesting date, the total fair value of restricted stock awards that vested during the three months ended March 31, 2015, was $2,618. On May 8, 2015, an additional 54,816 restricted stock awards are expected to vest in accordance with the terms of the original underlying grant agreements. | |||||||||||||||||||||||||
Performance Share Units | |||||||||||||||||||||||||
For performance share units with market conditions, such as those that include performance conditions related to attaining a specific stock price, the grant date fair value of awards is expensed ratably over the requisite service period. For performance share units without market conditions, the grant date fair value of awards is expensed ratably over the requisite service period based on the probability of achieving the performance objectives, with changes in expectations recognized as an adjustment to earnings in the period of the change. Performance share units vest only if performance objectives are achieved, and vested shares may range from zero to 200% of the original grant, depending upon the terms of the respective awards and the actual results compared with the performance objectives. | |||||||||||||||||||||||||
No performance share units were granted during the three months ended March 31, 2015. During the three months ended March 31, 2014, the Company granted performance share units with market conditions and a weighted average per share fair value of $14.88 estimated using the Monte Carlo simulation model. | |||||||||||||||||||||||||
The following table summarizes performance share unit activity for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Share | Weighted | Share | Weighted | ||||||||||||||||||||||
Units | Average | Units | Average | ||||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
Outstanding, beginning of year | 799,251 | $ | 15.84 | 558,113 | $ | 16.26 | |||||||||||||||||||
Granted at target | — | — | 241,138 | 14.88 | |||||||||||||||||||||
Vested | (68,544 | ) | 15.3 | — | — | ||||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||
Outstanding, at March 31, | 730,707 | $ | 15.89 | 799,251 | $ | 15.84 | |||||||||||||||||||
On February 7, 2015, 68,544 performance share units vested which, based upon the level of achievement attained, resulted in the issuance of 37,697 shares of common stock before share withholding for taxes. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes |
The Company’s income tax provision relates to i) taxes provided on its pre-tax earnings based on the effective tax rates in the jurisdictions where the income is earned and ii) other tax matters, including changes in tax-related contingencies and changes in the valuation allowance established for deferred tax assets. Taxes provided on pre-tax income relate primarily to the Company’s profitable operations in China. Because of substantial net operating loss carryforwards related to the U.S. and other tax jurisdictions, the Company has not recognized income tax benefits in those jurisdictions for these losses. | |
For the three months ended March 31, 2015, the Company’s tax provision includes net expense of $2,648 related to pre-tax earnings, and a net expense of $309 related to other tax matters, including reversals of $322 of uncertain tax positions due to the lapse of the applicable statute of limitations. For the three months ended March 31, 2014, the Company’s tax provision includes net expense of $3,533 related to pre-tax earnings, and a net expense of $644 related to other tax matters. |
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Business Segment Information | 10. Business Segment Information | ||||||||
The Company operates in two segments: i) Printed Circuit Boards and ii) Assembly. The Printed Circuit Boards segment consists of printed circuit board manufacturing facilities located in the United States, Canada and China. These facilities manufacture double-sided and multi-layer printed circuit boards and backpanels. The Assembly segment consists of assembly operations including backpanel assembly, printed circuit board assembly, cable assembly, custom enclosure fabrication, and full system assembly and testing. The assembly operations are conducted in manufacturing facilities in China and Mexico. Assets and liabilities of the Company’s corporate headquarters, along with those of its closed printed circuit board and assembly operations, have not been allocated and remain in “Other” for purpose of segment disclosures. Operating expenses of the Company’s corporate headquarters are allocated to each segment based on a number of factors, including relative sales contributions. Expenses related to the Merger are reported in “Other” for purpose of segment disclosures. | |||||||||
Total assets by segment are as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Printed Circuit Boards | $ | 997,027 | $ | 984,949 | |||||
Assembly | 86,574 | 95,478 | |||||||
Other | 43,171 | 55,078 | |||||||
Total assets | $ | 1,126,772 | $ | 1,135,505 | |||||
Net sales and operating income (loss) by segment, together with a reconciliation to loss before income taxes, are as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales to external customers: | |||||||||
Printed Circuit Boards | $ | 265,787 | $ | 253,265 | |||||
Assembly | 38,841 | 42,647 | |||||||
Total | $ | 304,628 | $ | 295,912 | |||||
Intersegment sales: | |||||||||
Printed Circuit Boards | $ | 3,634 | $ | 2,570 | |||||
Assembly | — | — | |||||||
Total | $ | 3,634 | $ | 2,570 | |||||
Operating income (loss): | |||||||||
Printed Circuit Boards | $ | 10,545 | $ | 9,386 | |||||
Assembly | (1,641 | ) | (3,891 | ) | |||||
Other | (3,288 | ) | — | ||||||
Total | 5,616 | 5,495 | |||||||
Interest expense, net | 11,740 | 11,253 | |||||||
Amortization of deferred financing costs | 759 | 655 | |||||||
Other, net | (1,527 | ) | (1,233 | ) | |||||
Loss before income taxes | $ | (5,356 | ) | $ | (5,180 | ) | |||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income | 11. Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
Changes in accumulated other comprehensive income, by component, for the three months ended March 31, 2015 and 2014, were as follows: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Cash Flow | Foreign | Total | Cash Flow | Foreign | Total | ||||||||||||||||||||
Hedges | Currency | Hedges | Currency | ||||||||||||||||||||||
(see Note 7) | Translation | (see Note 7) | Translation | ||||||||||||||||||||||
Accumulated other comprehensive (loss) income at beginning of year | $ | (1,053 | ) | $ | 7,528 | $ | 6,475 | $ | 933 | $ | 7,528 | $ | 8,461 | ||||||||||||
Other comprehensive (loss) income, net of tax and before reclassifications | 918 | — | 918 | (3,501 | ) | — | (3,501 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (407 | ) | — | (407 | ) | 203 | — | 203 | |||||||||||||||||
Other comprehensive income (loss), net of tax, | 511 | — | 511 | (3,298 | ) | — | (3,298 | ) | |||||||||||||||||
Accumulated other comprehensive (loss) income at March 31, | $ | (542 | ) | $ | 7,528 | $ | 6,986 | $ | (2,365 | ) | $ | 7,528 | $ | 5,163 | |||||||||||
Other comprehensive (loss) income for the three-month periods ended March 31, 2015 and 2014, was net of taxes of $0. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Unaudited Interim Condensed Consolidated Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements | ||||||||
The unaudited interim condensed consolidated financial statements of Viasystems Group, Inc. and its subsidiaries (“Viasystems” or the “Company”) reflect all adjustments consisting only of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows. The results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for a full fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission. | |||||||||
Nature of Business | Nature of Business | ||||||||
Viasystems is a leading worldwide provider of complex multi-layer printed circuit boards (“PCBs”) and electro-mechanical solutions (“E-M Solutions”). The Company’s products are used in a wide range of applications including, for example, automotive engine controls and safety systems, data networking equipment, telecommunications switching equipment, complex medical, technical and industrial instruments, and flight control systems. | |||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||
The accompanying condensed consolidated financial statements include the accounts of Viasystems Group, Inc. and its wholly-owned and majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
Use of Estimates | Use of Estimates | ||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect i) the reported amounts of assets and liabilities, ii) the disclosure of contingent assets and liabilities at the date of the financial statements and iii) the reported amounts of revenues and expenses during the reporting period. | |||||||||
Estimates and assumptions are used in accounting for the following significant matters, among others: | |||||||||
• | allowances for doubtful accounts; | ||||||||
• | inventory valuation; | ||||||||
• | fair value of derivative instruments and related hedged items; | ||||||||
• | fair value of assets acquired and liabilities assumed in acquisitions; | ||||||||
• | useful lives of property, plant, equipment and intangible assets; | ||||||||
• | long-lived and intangible asset impairments; | ||||||||
• | restructuring charges; | ||||||||
• | warranty and product returns allowances; | ||||||||
• | deferred compensation agreements; | ||||||||
• | tax related items; | ||||||||
• | contingencies; and | ||||||||
• | fair value of awards granted under the Company’s stock-based compensation plans. | ||||||||
Actual results may differ from previously estimated amounts, and such differences may be material to the Company’s condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the condensed consolidated financial statements in the period in which the revision is made. The Company does not consider as material any revisions made to estimates or assumptions during the periods presented in the accompanying condensed consolidated financial statements. | |||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||
The Company considers short-term highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||
The Company is a party to contracts with third party consultants, independent contractors and other service providers in which the Company has agreed to indemnify such parties against certain liabilities in connection with their performance. Based on historical experience and the likelihood that such parties will assert a claim against the Company, in the opinion of the Company’s management, the ultimate liabilities resulting from such indemnification obligations will not have a material adverse effect on its business, financial condition, results of operations or cash flows. | |||||||||
The Company is a party to agreements with third parties in which the Company has agreed to indemnify such parties against certain liabilities in connection with claims by unrelated parties. At both March 31, 2015 and December 31, 2014, other non-current liabilities included $1,500 of accruals for potential claims in connection with such indemnities. | |||||||||
Viasystems’ certificate of incorporation provides that none of the directors and officers of the Company bear the risk of personal liability for monetary damages for breach of fiduciary duty as a director or officer, except in cases where the action involves a breach of the duty of loyalty, acts or omissions not in good faith or involving intentional misconduct or knowing violation of the law, the unlawful payment of dividends or repurchasing of capital stock, or transactions from which the director or officer derived improper personal benefits. | |||||||||
The Company is subject to various lawsuits and claims with respect to such matters as product liability, product development and other actions arising in the normal course of business. In the opinion of the Company’s management, the ultimate liabilities resulting from such lawsuits and claims will not have a material adverse effect on its business, financial condition, results of operations or cash flows. | |||||||||
Earnings or Loss Per Share | Earnings or Loss Per Share | ||||||||
The Company computes basic earnings per share by dividing its net income (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share is based on the weighted average number of common shares outstanding during the period plus, to the extent they are dilutive, common equivalent shares (consisting primarily of employee stock options, unvested restricted stock awards and unvested performance share units). The potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. | |||||||||
The components used in the computation of basic and diluted loss per share attributable to common stockholders were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net loss attributable to common stockholders | $ | (8,486 | ) | $ | (9,547 | ) | |||
Basic weighted average shares outstanding | 21,001,444 | 20,268,717 | |||||||
Dilutive effect of stock options | — | — | |||||||
Dilutive effect of restricted stock awards | — | — | |||||||
Dilutive effect of performance share units | — | — | |||||||
Diluted weighted average shares outstanding | 21,001,444 | 20,268,717 | |||||||
Basic loss per share | $ | (0.40 | ) | $ | (0.47 | ) | |||
Diluted loss per share | $ | (0.40 | ) | $ | (0.47 | ) | |||
For the three months ended March 31, 2015, the calculation of diluted weighted average shares outstanding excludes i) the effect of performance share units representing a maximum of 1,245,212 shares of common stock, ii) options to purchase 1,754,054 shares of common stock and iii) unvested restricted stock awards of 461,721. For the three months ended March 31, 2014, the calculation of diluted weighted average shares outstanding excludes i) the effect of performance share units representing a maximum of 1,384,555 shares of common stock, ii) options to purchase 1,848,625 shares of common stock, iii) unvested restricted stock awards of 512,652. | |||||||||
Noncontrolling Interest | Noncontrolling Interest | ||||||||
The Company owns a majority interest in its subsidiary that operates a manufacturing facility in Huiyang, China, and a noncontrolling interest holder owns 5% of this subsidiary. Noncontrolling interest is reported as a component of equity, and net income attributable to the noncontrolling interest is reported as a reduction from net income to arrive at net income attributable to the Company’s common stockholders. | |||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||||||
In April 2015, the Financial Accounting Standards Board (the “FASB”) issued a new accounting standard that requires deferred financing costs related to a recognized debt liability be presented in the balance sheet as a reduction of the related liability rather than as an asset. The Company will adopt the new standard in 2016 and begin to reclassify the Company’s deferred financing costs on its balance sheet from an asset to a reduction of long-term debt. As of March 31, 2015 and December 31, 2014, the balance of the Company’s asset for deferred financing costs was $12,356 and $13,115, respectively. | |||||||||
In June 2014, the FASB issued a new accounting standard that changes the criteria companies must use for the recognition of revenue and will affect the Company’s measurement, recognition and disclosures concerning revenue once the new standard is adopted. The Company will adopt the new standard as of January 1, 2017. As of the date of this Report, the Company is still evaluating the potential impact this standard will have on its consolidated financial statements upon adoption. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Components Used in Computation of Basic and Diluted Loss Per Share | The components used in the computation of basic and diluted loss per share attributable to common stockholders were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net loss attributable to common stockholders | $ | (8,486 | ) | $ | (9,547 | ) | |||
Basic weighted average shares outstanding | 21,001,444 | 20,268,717 | |||||||
Dilutive effect of stock options | — | — | |||||||
Dilutive effect of restricted stock awards | — | — | |||||||
Dilutive effect of performance share units | — | — | |||||||
Diluted weighted average shares outstanding | 21,001,444 | 20,268,717 | |||||||
Basic loss per share | $ | (0.40 | ) | $ | (0.47 | ) | |||
Diluted loss per share | $ | (0.40 | ) | $ | (0.47 | ) | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | The composition of inventories is as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 42,535 | $ | 44,582 | |||||
Work in process | 41,946 | 41,517 | |||||||
Finished goods | 46,383 | 52,096 | |||||||
Total | $ | 130,864 | $ | 138,195 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Composition of Property, Plant and Equipment | The composition of property, plant and equipment is as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and buildings | $ | 165,683 | $ | 162,230 | |||||
Machinery, equipment and systems | 634,448 | 632,527 | |||||||
Leasehold improvements | 99,517 | 98,721 | |||||||
Construction in progress | 10,068 | 9,496 | |||||||
909,716 | 902,974 | ||||||||
Less: Accumulated depreciation | (500,157 | ) | (487,367 | ) | |||||
Total | $ | 409,559 | $ | 415,607 | |||||
Credit_Facilities_and_Longterm1
Credit Facilities and Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Composition of Long-Term Debt | The composition of long-term debt is as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior Secured Notes due 2019 | $ | 602,835 | $ | 603,008 | |||||
Senior Secured 2010 Credit Facility | — | — | |||||||
North America Mortgage Loans | 9,921 | 10,435 | |||||||
Capital leases and other | 726 | 565 | |||||||
613,482 | 614,008 | ||||||||
Less: Current maturities | (1,134 | ) | (1,093 | ) | |||||
$ | 612,348 | $ | 612,915 | ||||||
Restructuring_and_Impairment_T
Restructuring and Impairment (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Changes in Reserve for Restructuring Charges | The following tables summarize changes in the reserve for restructuring charges for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Reserve | Net Charges | Cash | Adjustments | Reserve | |||||||||||||||||
at | Payments | at | |||||||||||||||||||
12/31/14 | 3/31/15 | ||||||||||||||||||||
Restructuring Activities: | |||||||||||||||||||||
Personnel and severance | $ | 317 | $ | — | $ | (11 | ) | $ | — | $ | 306 | ||||||||||
Lease and other contractual commitments | 1,513 | — | (46 | ) | 15 | (a) | 1,482 | ||||||||||||||
Total restructuring charges | $ | 1,830 | $ | — | $ | (57 | ) | $ | 15 | $ | 1,788 | ||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Reserve | Net Charges | Cash | Adjustments | Reserve | |||||||||||||||||
at | Payments | at | |||||||||||||||||||
12/31/13 | 3/31/14 | ||||||||||||||||||||
Restructuring Activities: | |||||||||||||||||||||
Personnel and severance | $ | 1,587 | $ | — | $ | — | $ | — | $ | 1,587 | |||||||||||
Lease and other contractual commitments | 1,240 | 273 | (346 | ) | 12 | (a) | 1,179 | ||||||||||||||
Total restructuring charges | $ | 2,827 | $ | 273 | $ | (346 | ) | $ | 12 | $ | 2,766 | ||||||||||
(a) | Represents accretion of interest on discounted restructuring liabilities. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Outstanding Derivative Contracts | The following table summarizes the Company’s outstanding derivative contracts: | ||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Notional amount in thousands of Chinese RMB | 1,350,000 | 1,800,000 | |||||||||||||
Weighted average remaining maturity in months | 4.6 | 6.1 | |||||||||||||
Weighted average exchange rate per one U.S. Dollar | 6.28 | 6.28 | |||||||||||||
Fair Value of Financial Asset (Liability) Positions Measured on a Recurring Basis | The following table sets forth, as of March 31, 2015 and December 31, 2014, the hierarchy of the Company’s financial asset (liability) positions for which fair value is measured on a recurring basis: | ||||||||||||||
March 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Balance Sheet Classification | ||||||||||||
Available - for - sale investments in Savings Restoration Plan | $ | 1,726 | $ | — | $ | — | Prepaid expense and other | ||||||||
Cash flow hedges - deferred loss contracts | — | (542 | ) | — | Accrued and other liabilities | ||||||||||
$ | 1,726 | $ | (542 | ) | $ | — | |||||||||
December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Balance Sheet Classification | ||||||||||||
Available - for - sale investments in Savings Restoration Plan | $ | 1,429 | $ | — | $ | — | Prepaid expense and other | ||||||||
Cash flow hedges - deferred loss contracts | — | (1,053 | ) | — | Accrued and other liabilities | ||||||||||
$ | 1,429 | $ | (1,053 | ) | $ | — | |||||||||
Estimated Fair Value of Debt Instruments | The estimated fair values of the Company’s debt instruments as of March 31, 2015 and December 31, 2014, are as follows: | ||||||||||||||
March 31, 2015 | |||||||||||||||
Fair | Carrying | Balance Sheet Classification | |||||||||||||
Value | Amount | ||||||||||||||
Senior Secured Notes due 2019 | $ | 631,500 | $ | 602,835 | Long-term debt, less current maturities | ||||||||||
Senior Secured 2010 Credit Facility | — | — | |||||||||||||
North America Mortgage Loans | 9,860 | 9,921 | Long-term debt, including current maturities | ||||||||||||
31-Dec-14 | |||||||||||||||
Fair | Carrying | Balance Sheet Classification | |||||||||||||
Value | Amount | ||||||||||||||
Senior Secured Notes due 2019 | $ | 634,878 | $ | 603,008 | Long-term debt, less current maturities | ||||||||||
Senior Secured 2010 Credit Facility | — | — | |||||||||||||
North America Mortgage Loans | 10,288 | 10,435 | Long-term debt, including current maturities |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | Stock compensation expense recognized in the condensed consolidated statements of operations and comprehensive (loss) income was as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Cost of goods sold | $ | 127 | $ | 161 | |||||||||||||||||||||
Selling, general and administrative | 1,413 | 1,568 | |||||||||||||||||||||||
$ | 1,540 | $ | 1,729 | ||||||||||||||||||||||
Stock Option Activity | The following table summarizes the stock option activity for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||
Outstanding at beginning of year | 1,770,720 | $ | 23.4 | 1,869,124 | $ | 24.73 | |||||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||||
Exercised | (15,166 | ) | 14.23 | — | — | ||||||||||||||||||||
Forfeited | (1,500 | ) | 20.88 | (20,499 | ) | 19.7 | |||||||||||||||||||
Outstanding at March 31, | 1,754,054 | $ | 23.48 | 1,848,625 | $ | 24.78 | |||||||||||||||||||
Options exercisable at March 31, | 1,742,668 | $ | 23.54 | 1,720,221 | $ | 25.37 | |||||||||||||||||||
Outstanding Stock Options | The following table summarizes information regarding outstanding stock options as of March 31, 2015: | ||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise Price | Number of | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
Options | Average | Average | of | Average | Average | ||||||||||||||||||||
Remaining | Exercise | Options | Remaining | Exercise | |||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
$ 12.66 to $15.30 | 111,415 | 3.31 years | $ | 14.83 | 100,029 | 3.15 years | $ | 14.9 | |||||||||||||||||
$ 18.42 to $21.04 | 761,270 | 3.23 years | 19.66 | 761,270 | 3.23 years | 19.66 | |||||||||||||||||||
$ 21.88 to $24.00 | 840,594 | 2.09 years | 21.89 | 840,594 | 2.09 years | 21.89 | |||||||||||||||||||
$150.99 | 40,775 | 1.61 years | 150.99 | 40,775 | 1.61 years | 150.99 | |||||||||||||||||||
1,754,054 | 2.65 years | $ | 23.48 | 1,742,668 | 2.64 years | $ | 23.54 | ||||||||||||||||||
Restricted Stock Awards | The following table summarizes restricted stock activity for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
Nonvested at beginning of year | 623,302 | $ | 15.09 | 576,042 | $ | 17.47 | |||||||||||||||||||
Granted | — | — | 87,000 | 13.02 | |||||||||||||||||||||
Vested | (158,081 | ) | 18.42 | (148,386 | ) | 20.34 | |||||||||||||||||||
Forfeited | (3,500 | ) | 13.02 | (2,004 | ) | 14.68 | |||||||||||||||||||
Nonvested at March 31, | 461,721 | $ | 13.97 | 512,652 | $ | 15.89 | |||||||||||||||||||
Performance Share Unit | The following table summarizes performance share unit activity for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Share | Weighted | Share | Weighted | ||||||||||||||||||||||
Units | Average | Units | Average | ||||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
Outstanding, beginning of year | 799,251 | $ | 15.84 | 558,113 | $ | 16.26 | |||||||||||||||||||
Granted at target | — | — | 241,138 | 14.88 | |||||||||||||||||||||
Vested | (68,544 | ) | 15.3 | — | — | ||||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||
Outstanding, at March 31, | 730,707 | $ | 15.89 | 799,251 | $ | 15.84 | |||||||||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Total Assets by Segment | Total assets by segment are as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Printed Circuit Boards | $ | 997,027 | $ | 984,949 | |||||
Assembly | 86,574 | 95,478 | |||||||
Other | 43,171 | 55,078 | |||||||
Total assets | $ | 1,126,772 | $ | 1,135,505 | |||||
Net Sales and Operating Income (Loss) by Segment, together with Reconciliation to Loss Before Income Taxes | Net sales and operating income (loss) by segment, together with a reconciliation to loss before income taxes, are as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales to external customers: | |||||||||
Printed Circuit Boards | $ | 265,787 | $ | 253,265 | |||||
Assembly | 38,841 | 42,647 | |||||||
Total | $ | 304,628 | $ | 295,912 | |||||
Intersegment sales: | |||||||||
Printed Circuit Boards | $ | 3,634 | $ | 2,570 | |||||
Assembly | — | — | |||||||
Total | $ | 3,634 | $ | 2,570 | |||||
Operating income (loss): | |||||||||
Printed Circuit Boards | $ | 10,545 | $ | 9,386 | |||||
Assembly | (1,641 | ) | (3,891 | ) | |||||
Other | (3,288 | ) | — | ||||||
Total | 5,616 | 5,495 | |||||||
Interest expense, net | 11,740 | 11,253 | |||||||
Amortization of deferred financing costs | 759 | 655 | |||||||
Other, net | (1,527 | ) | (1,233 | ) | |||||
Loss before income taxes | $ | (5,356 | ) | $ | (5,180 | ) | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income, by Component | Changes in accumulated other comprehensive income, by component, for the three months ended March 31, 2015 and 2014, were as follows: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Cash Flow | Foreign | Total | Cash Flow | Foreign | Total | ||||||||||||||||||||
Hedges | Currency | Hedges | Currency | ||||||||||||||||||||||
(see Note 7) | Translation | (see Note 7) | Translation | ||||||||||||||||||||||
Accumulated other comprehensive (loss) income at beginning of year | $ | (1,053 | ) | $ | 7,528 | $ | 6,475 | $ | 933 | $ | 7,528 | $ | 8,461 | ||||||||||||
Other comprehensive (loss) income, net of tax and before reclassifications | 918 | — | 918 | (3,501 | ) | — | (3,501 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (407 | ) | — | (407 | ) | 203 | — | 203 | |||||||||||||||||
Other comprehensive income (loss), net of tax, | 511 | — | 511 | (3,298 | ) | — | (3,298 | ) | |||||||||||||||||
Accumulated other comprehensive (loss) income at March 31, | $ | (542 | ) | $ | 7,528 | $ | 6,986 | $ | (2,365 | ) | $ | 7,528 | $ | 5,163 | |||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Line Items] | |||
Maturity period of highly liquid investments | Three months or less | ||
Other non-current liabilities, indemnity potential claims accruals | $1,500 | $1,500 | |
Deferred financing costs, net | $12,356 | $13,115 | |
Huiyang [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling interest holder retained an ownership | 5.00% | ||
Performance Shares [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Options to purchase shares of common stock | 1,245,212 | 1,384,555 | |
Stock Options [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Options to purchase shares of common stock | 1,754,054 | 1,848,625 | |
Restricted Stock Units (RSUs) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Options to purchase shares of common stock | 461,721 | 512,652 |
Basis_of_Presentation_Componen
Basis of Presentation - Components Used in Computation of Basic and Diluted Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Net loss attributable to common stockholders | ($8,486) | ($9,547) |
Basic weighted average shares outstanding | 21,001,444 | 20,268,717 |
Diluted weighted average shares outstanding | 21,001,444 | 20,268,717 |
Basic loss per share | ($0.40) | ($0.47) |
Diluted loss per share | ($0.40) | ($0.47) |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dilutive effect | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dilutive effect | 0 | 0 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dilutive effect | 0 | 0 |
Merger_Agreement_with_TTM_Tech1
Merger Agreement with TTM Technologies, Inc - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Sep. 21, 2014 |
Business Acquisition [Line Items] | ||
Consideration in share per share | 0.706 | |
Consideration in cash per share | $11.33 | |
Fractional shares of common stock issued | 0 | |
Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of performance target for achievement | 100.00% | |
TTM Technologies Inc [Member] | ||
Business Acquisition [Line Items] | ||
Cost related to merger | 3,288 | |
Termination fee to be received | 40,000 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $42,535 | $44,582 |
Work in process | 41,946 | 41,517 |
Finished goods | 46,383 | 52,096 |
Total | $130,864 | $138,195 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Composition of Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $909,716 | $902,974 |
Less: Accumulated depreciation | -500,157 | -487,367 |
Total | 409,559 | 415,607 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 165,683 | 162,230 |
Machinery, Equipment and Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 634,448 | 632,527 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 99,517 | 98,721 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $10,068 | $9,496 |
Credit_Facilities_and_Longterm2
Credit Facilities and Long-term Debt - Composition of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instruments [Abstract] | ||
Senior Secured Notes due 2019 | $602,835 | $603,008 |
Senior Secured 2010 Credit Facility | 0 | 0 |
North America Mortgage Loans | 9,921 | 10,435 |
Capital leases and other | 726 | 565 |
Long-term debt | 613,482 | 614,008 |
Long-term debt | 613,482 | 614,008 |
Less: Current maturities | -1,134 | -1,093 |
Long-term debt, less current maturities | $612,348 | $612,915 |
Credit_Facilities_and_Longterm3
Credit Facilities and Long-term Debt - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instruments [Abstract] | ||
Unamortized premium | $2,835 | |
Credit facilities outstanding amount | 0 | 0 |
Line of credit issued letters of credit | 2,409 | |
Credit facilities unused and available | $110,803 |
Restructuring_and_Impairment_A
Restructuring and Impairment - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Reserve for restructuring charges | $2,766,000 | $1,788,000 | $1,830,000 | $2,827,000 |
Restructuring charges | 273,000 | |||
Huizhou Facility [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve for restructuring charges | 220,000 | |||
Plant Shutdowns and Downsizings [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve for restructuring charges | 1,568,000 | |||
Anaheim California [Member] | Printed Circuit Boards [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $273,000 | $0 |
Restructuring_and_Impairment_C
Restructuring and Impairment - Changes in Reserve for Restructuring Charges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Reserve | $1,830 | $2,827 |
Net Charges | 273 | |
Cash Payments | -57 | -346 |
Adjustments | 15 | 12 |
Reserve | 1,788 | 2,766 |
Personnel and Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Reserve | 317 | 1,587 |
Cash Payments | -11 | 0 |
Reserve | 306 | 1,587 |
Lease and Other Contractual Commitments [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Reserve | 1,513 | 1,240 |
Net Charges | 273 | |
Cash Payments | -46 | -346 |
Adjustments | 15 | 12 |
Reserve | $1,482 | $1,179 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Deferred loss on derivatives, net | $542 | ($1,053) | |
Deferred loss on derivatives, tax | 0 | 0 | |
Gain (loss) on forward contracts recorded in cost of goods sold | $407 | ($203) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Fair Value Measurements - Outstanding Derivative Contracts (Detail) (CNY) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Notional amount in thousands of Chinese RMB | 1,350,000 | 1,800,000 |
Weighted average remaining maturity in months | 4 months 18 days | 6 months 3 days |
Weighted average exchange rate per one U.S. Dollar | 6.28 | 6.28 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Fair Value Measurements - Fair Value of Financial Asset (Liability) Positions Measured on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial asset (liability), net | $1,726 | $1,429 |
Level 1 [Member] | Savings Restoration Plan [Member] | Prepaid Expense and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial asset | 1,726 | 1,429 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial asset (liability), net | -542 | -1,053 |
Level 2 [Member] | Cash Flow Hedges [Member] | Accrued and Other Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liability | ($542) | ($1,053) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments and Fair Value Measurements - Estimated Fair Value of Debt Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Senior Secured Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, Fair Value | $631,500 | $634,878 |
Debt instrument, Carrying Amount | 602,835 | 603,008 |
North America Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, Fair Value | 9,860 | 10,288 |
Debt instrument, Carrying Amount | $9,921 | $10,435 |
Stockbased_Compensation_StockB
Stock-based Compensation - Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total Stock-based compensation expense | $1,540 | $1,729 |
Cost of Goods Sold [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total Stock-based compensation expense | 127 | 161 |
Selling, General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total Stock-based compensation expense | $1,413 | $1,568 |
Stockbased_Compensation_Stock_
Stock-based Compensation - Stock Option Activity (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding at beginning of year, Shares | 1,770,720 | 1,869,124 |
Granted, Shares | 0 | 0 |
Exercised, Shares | -15,166 | |
Forfeited, Shares | -1,500 | -20,499 |
Outstanding at March 31, Shares | 1,754,054 | 1,848,625 |
Options exercisable at March 31, Shares | 1,742,668 | 1,720,221 |
Outstanding at beginning of year, Weighted Average Exercise Price | $23.40 | $24.73 |
Granted, Weighted Average Exercise Price | $0 | $0 |
Exercised, Weighted Average Exercise Price | $14.23 | |
Forfeited, Weighted Average Exercise Price | $20.88 | $19.70 |
Outstanding at March 31, Weighted Average Exercise Price | $23.48 | $24.78 |
Options exercisable at March 31, Weighted Average Exercise Price | $23.54 | $25.37 |
Stockbased_Compensation_Outsta
Stock-based Compensation - Outstanding Stock Options (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding, Number of Options | 1,754,054 |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 7 months 24 days |
Outstanding, Weighted Average Exercise Price | $23.48 |
Exercisable, Number of Options | 1,742,668 |
Exercisable, Weighted Average Remaining Contractual Life | 2 years 7 months 21 days |
Exercisable, Weighted Average Exercise Price | $23.54 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, lower limit | $12.66 |
Exercise Price, upper limit | $15.30 |
Outstanding, Number of Options | 111,415 |
Outstanding, Weighted Average Remaining Contractual Life | 3 years 3 months 22 days |
Outstanding, Weighted Average Exercise Price | $14.83 |
Exercisable, Number of Options | 100,029 |
Exercisable, Weighted Average Remaining Contractual Life | 3 years 1 month 24 days |
Exercisable, Weighted Average Exercise Price | $14.90 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, lower limit | $18.42 |
Exercise Price, upper limit | $21.04 |
Outstanding, Number of Options | 761,270 |
Outstanding, Weighted Average Remaining Contractual Life | 3 years 2 months 23 days |
Outstanding, Weighted Average Exercise Price | $19.66 |
Exercisable, Number of Options | 761,270 |
Exercisable, Weighted Average Remaining Contractual Life | 3 years 2 months 23 days |
Exercisable, Weighted Average Exercise Price | $19.66 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, lower limit | $21.88 |
Exercise Price, upper limit | $24 |
Outstanding, Number of Options | 840,594 |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 1 month 2 days |
Outstanding, Weighted Average Exercise Price | $21.89 |
Exercisable, Number of Options | 840,594 |
Exercisable, Weighted Average Remaining Contractual Life | 2 years 1 month 2 days |
Exercisable, Weighted Average Exercise Price | $21.89 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price, upper limit | $150.99 |
Outstanding, Number of Options | 40,775 |
Outstanding, Weighted Average Remaining Contractual Life | 1 year 7 months 10 days |
Outstanding, Weighted Average Exercise Price | $150.99 |
Exercisable, Number of Options | 40,775 |
Exercisable, Weighted Average Remaining Contractual Life | 1 year 7 months 10 days |
Exercisable, Weighted Average Exercise Price | $150.99 |
Stockbased_Compensation_Restri
Stock-based Compensation - Restricted Stock Awards (Detail) (Restricted Stock [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested at beginning of year, Shares | 623,302 | 576,042 |
Granted, Shares | 87,000 | |
Vested, Shares | -158,081 | -148,386 |
Forfeited, Shares | -3,500 | -2,004 |
Nonvested at March 31, Shares | 461,721 | 512,652 |
Nonvested at beginning of year, Weighted Average Grant Date Per Share Fair Value | $15.09 | $17.47 |
Granted, Weighted Average Grant Date Per Share Fair Value | $13.02 | |
Vested, Weighted Average Grant Date Per Share Fair Value | $18.42 | $20.34 |
Forfeited, Weighted Average Grant Date Per Share Fair Value | $13.02 | $14.68 |
Nonvested at March 31, Weighted Average Grant Date Per Share Fair Value | $13.97 | $15.89 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 07, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | 8-May-15 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants during period | 0 | 241,138 | ||
Weighted average fair value of options granted | $14.88 | |||
Vested, Share Units | -68,544 | -68,544 | ||
Shares of common stock issued | 37,697 | |||
Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance share units, range of shares that may vest | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance share units, range of shares that may vest | 200.00% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of restricted stock awards | 2,618 | |||
Grants during period | 87,000 | |||
Weighted average fair value of options granted | $13.02 | |||
Vested, Share Units | -158,081 | -148,386 | ||
Restricted Stock [Member] | Scenario Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of additional restricted stock awards expected to vest | 54,816 |
Stockbased_Compensation_Perfor
Stock-based Compensation - Performance Share Unit (Detail) (Performance Shares [Member], USD $) | 0 Months Ended | 3 Months Ended | |
Feb. 07, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested at beginning of year, Shares | 799,251 | 558,113 | |
Granted at target, Share Units | 0 | 241,138 | |
Vested, Share Units | -68,544 | -68,544 | |
Forfeited, Share Units | 0 | 0 | |
Nonvested at March 31, Shares | 730,707 | 799,251 | |
Nonvested at beginning of year, Weighted Average Grant Date Per Share Fair Value | $15.84 | $16.26 | |
Granted at target, Weighted Average Grant Date Per Share Fair Value | $14.88 | ||
Vested, Weighted Average Grant Date Per Share Fair Value | $15.30 | ||
Forfeited, Weighted Average Grant Date Per Share Fair Value | $0 | $0 | |
Nonvested at March 31, Weighted Average Grant Date Per Share Fair Value | $15.89 | $15.84 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Net expense related to pretax earnings | $2,648 | $3,533 |
Net expense related to other tax matters | 309 | 644 |
Reversal of uncertain tax positions | $322 |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business_Segment_Information_T1
Business Segment Information - Total Assets by Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets, Total | $1,126,772 | $1,135,505 |
Printed Circuit Boards [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets, Total | 997,027 | 984,949 |
Assembly [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets, Total | 86,574 | 95,478 |
Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets, Total | $43,171 | $55,078 |
Business_Segment_Information_N
Business Segment Information - Net Sales and Operating Income (Loss) by Segment, together with Reconciliation to Loss Before Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales to external customers: | ||
Net sales | $304,628 | $295,912 |
Operating income (loss): | ||
Operating income (loss) | 5,616 | 5,495 |
Interest expense, net | 11,740 | 11,253 |
Amortization of deferred financing costs | 759 | 655 |
Other, net | -1,527 | -1,233 |
Loss before income taxes | -5,356 | -5,180 |
Operating Segments [Member] | Printed Circuit Boards [Member] | ||
Net sales to external customers: | ||
Net sales | 265,787 | 253,265 |
Operating income (loss): | ||
Operating income (loss) | 10,545 | 9,386 |
Operating Segments [Member] | Assembly [Member] | ||
Net sales to external customers: | ||
Net sales | 38,841 | 42,647 |
Operating income (loss): | ||
Operating income (loss) | -1,641 | -3,891 |
Operating Segments [Member] | Other [Member] | ||
Operating income (loss): | ||
Operating income (loss) | -3,288 | |
Intersegment Eliminations [Member] | ||
Net sales to external customers: | ||
Net sales | -3,634 | -2,570 |
Intersegment Eliminations [Member] | Printed Circuit Boards [Member] | ||
Net sales to external customers: | ||
Net sales | ($3,634) | ($2,570) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income, by Component (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income at beginning of year | $6,475 | $8,461 | ||
Other comprehensive (loss) income, net of tax and before reclassifications | 918 | -3,501 | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | -407 | 203 | ||
Other comprehensive income (loss), net of tax, | 511 | -3,298 | ||
Accumulated other comprehensive (loss) income at Ending Balance | 6,986 | 5,163 | ||
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income at beginning of year | -1,053 | 933 | ||
Other comprehensive (loss) income, net of tax and before reclassifications | 918 | -3,501 | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | -407 | 203 | ||
Other comprehensive income (loss), net of tax, | 511 | -3,298 | ||
Accumulated other comprehensive (loss) income at Ending Balance | -542 | -2,365 | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income at beginning of year | 7,528 | 7,528 | ||
Accumulated other comprehensive (loss) income at Ending Balance | $7,528 | $7,528 | $7,528 | $7,528 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Other comprehensive (loss) income, tax | $0 | $0 |