Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 12, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Commercial Vehicle Group, Inc. | ||
Trading Symbol | CVGI | ||
Entity Central Index Key | 1,290,900 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 31,004,524 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 251,131,448 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 52,244 | $ 130,160 |
Accounts receivable, net of allowances of $5,242 and $3,881, respectively | 108,595 | 97,793 |
Inventories | 99,015 | 71,054 |
Other current assets | 14,792 | 9,941 |
Total current assets | 274,646 | 308,948 |
Property, Plant and Equipment | ||
Land and buildings | 25,942 | 28,203 |
Machinery and equipment | 183,556 | 167,541 |
Construction in progress | 2,685 | 8,176 |
Less accumulated depreciation | (147,553) | (137,879) |
Property, plant and equipment, net | 64,630 | 66,041 |
Goodwill | 8,045 | 7,703 |
Intangible assets, net of accumulated amortization of $8,533 and $7,048, respectively | 14,548 | 15,511 |
Deferred income taxes, net | 20,273 | 28,587 |
Other assets | 2,246 | 1,975 |
TOTAL ASSETS | 384,388 | 428,765 |
Current Liabilities: | ||
Accounts payable | 86,608 | 60,556 |
Accrued liabilities and other | 33,944 | 45,699 |
Current portion of long-term debt | 3,191 | 0 |
Total current liabilities | 123,743 | 106,255 |
Long-term debt | 163,758 | 233,154 |
Pension and other post-retirement liabilities | 15,450 | 18,938 |
Other long-term liabilities | 6,695 | 2,728 |
Total liabilities | 309,646 | 361,075 |
Commitments and contingencies (Note 10) | ||
Stockholders’ Equity: | ||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 |
Common stock, $.01 par value (60,000,000 shares authorized; 30,219,278 and 29,871,354 shares issued and outstanding, respectively); | 304 | 299 |
Treasury stock, at cost: 1,175,795 and 1,014,413 shares, respectively | (9,114) | (7,753) |
Additional paid-in capital | 239,870 | 237,367 |
Retained deficit | (115,083) | (113,378) |
Accumulated other comprehensive loss | (41,235) | (48,845) |
Total stockholders’ equity | 74,742 | 67,690 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 384,388 | $ 428,765 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 5,242 | $ 3,881 |
Accumulated amortization on intangible assets | $ 8,533 | $ 7,048 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 30,219,278 | 29,871,354 |
Common stock, shares outstanding (in shares) | 30,219,278 | 29,871,354 |
Treasury stock, shares (in shares) | 1,175,795 | 1,014,413 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenues | $ 755,231 | $ 662,112 | $ 825,341 |
Cost of revenues | 662,666 | 574,882 | 714,519 |
Gross Profit | 92,565 | 87,230 | 110,822 |
Selling, general and administrative expenses | 59,800 | 60,542 | 71,469 |
Amortization expense | 1,320 | 1,305 | 1,327 |
Operating Income | 31,445 | 25,383 | 38,026 |
Other income | (1,349) | (769) | (152) |
Interest expense | 19,149 | 19,318 | 21,359 |
Income Before Provision for Income Taxes | 13,645 | 6,834 | 16,819 |
Provision for income taxes | 15,350 | 49 | 9,758 |
Net (loss) income | (1,705) | 6,785 | 7,061 |
Less: Non-controlling interest in subsidiary’s income | 0 | 0 | 1 |
Net (loss) income attributable to CVG | $ (1,705) | $ 6,785 | $ 7,060 |
(Loss) earnings per common share | |||
Basic (in dollars per share) | $ (0.06) | $ 0.23 | $ 0.24 |
Diluted (in dollars per share) | $ (0.06) | $ 0.23 | $ 0.24 |
Weighted average shares outstanding | |||
Basic (in shares) | 29,942 | 29,530 | 29,209 |
Diluted (in shares) | 29,942 | 29,878 | 29,399 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (1,705) | $ 6,785 | $ 7,061 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 7,141 | (3,234) | (4,572) |
Minimum pension liability, net of tax | 469 | (5,957) | 2,206 |
Other comprehensive income (loss) | 7,610 | (9,191) | (2,366) |
Comprehensive income (loss) | 5,905 | (2,406) | 4,695 |
Less: Comprehensive loss attributed to noncontrolling interests | 0 | 0 | (35) |
Comprehensive income (loss) attributable to CVG stockholders | $ 5,905 | $ (2,406) | $ 4,730 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Deficit | Accum. Other Comp. Loss | Total CVG Stockholders’ Equity | Non- Controlling Interest |
Beginning Balance (in shares) at Dec. 31, 2014 | 29,148,504 | |||||||
Beginning balance at Dec. 31, 2014 | $ 58,836 | $ 296 | $ (6,622) | $ 231,907 | $ (129,492) | $ (37,288) | $ 58,801 | $ 35 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted stock (in shares) | 400,195 | |||||||
Issuance of restricted stock | 4 | $ 4 | 4 | |||||
Surrender of common stock by employees (in shares) | (99,920) | |||||||
Surrender of common stock by employees | (423) | $ (6) | (417) | (423) | ||||
Share-based compensation expense | 2,853 | 2,853 | 2,853 | |||||
Total comprehensive (loss) income | 4,695 | 7,061 | (2,366) | 4,695 | (35) | |||
Total comprehensive (loss) income, including deconsolidation of noncontrolling interest | 4,660 | |||||||
Ending balance (in shares) at Dec. 31, 2015 | 29,448,779 | |||||||
Ending balance at Dec. 31, 2015 | 65,930 | $ 294 | (7,039) | 234,760 | (122,431) | (39,654) | 65,930 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted stock (in shares) | 557,584 | |||||||
Issuance of restricted stock | 5 | $ 5 | 5 | |||||
Surrender of common stock by employees (in shares) | (135,009) | |||||||
Surrender of common stock by employees | (714) | (714) | (714) | |||||
Share-based compensation expense | 2,607 | 2,607 | 2,607 | |||||
Recognition of excess tax benefits on share-based compensation expense | 2,268 | 2,268 | 2,268 | |||||
Total comprehensive (loss) income | $ (2,406) | 6,785 | (9,191) | (2,406) | ||||
Ending balance (in shares) at Dec. 31, 2016 | 29,871,354 | 29,871,354 | ||||||
Ending balance at Dec. 31, 2016 | $ 67,690 | $ 299 | (7,753) | 237,367 | (113,378) | (48,845) | 67,690 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted stock (in shares) | 509,306 | |||||||
Issuance of restricted stock | 5 | $ 5 | 5 | |||||
Surrender of common stock by employees (in shares) | (161,382) | |||||||
Surrender of common stock by employees | (1,361) | (1,361) | (1,361) | |||||
Share-based compensation expense | 2,503 | 2,503 | 2,503 | |||||
Total comprehensive (loss) income | $ 5,905 | (1,705) | 7,610 | 5,905 | ||||
Ending balance (in shares) at Dec. 31, 2017 | 30,219,278 | 30,219,278 | ||||||
Ending balance at Dec. 31, 2017 | $ 74,742 | $ 304 | $ (9,114) | $ 239,870 | $ (115,083) | $ (41,235) | $ 74,742 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (1,705) | $ 6,785 | $ 7,061 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,344 | 16,451 | 17,710 |
Provision for doubtful accounts | 5,622 | 5,552 | 4,640 |
Noncash amortization of debt financing costs | 1,251 | 840 | 1,059 |
Loss on early extinguishment of debt | 0 | 0 | 591 |
Shared-based compensation expense | 2,503 | 2,607 | 2,853 |
(Gain) loss on sale of assets | (586) | 80 | 596 |
Deferred income taxes | 7,992 | (2,525) | 8,157 |
Noncash (gain) loss on forward exchange contracts | (726) | 603 | 151 |
Impairment of equipment held for sale | 0 | 616 | 0 |
Change in other operating items: | |||
Accounts receivable | (13,794) | 25,501 | 166 |
Inventories | (25,104) | 2,993 | 6,761 |
Prepaid expenses | (814) | (978) | (3,743) |
Accounts payable | 23,250 | (4,263) | (3,642) |
Accrued liabilities | (12,284) | (1,997) | 8,211 |
Other operating activities, net | 1,308 | (2,900) | 4,728 |
Net cash provided by operating activities | 2,257 | 49,365 | 55,299 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (13,458) | (11,429) | (14,685) |
Proceeds from disposal/sale of property, plant and equipment | 2,682 | 37 | 108 |
Proceeds from corporate-owned life insurance policies | 0 | 2,489 | 0 |
Other investing activities, net | 0 | 0 | 71 |
Net cash used in investing activities | (10,776) | (8,903) | (14,506) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of Term Loan Facility | 175,000 | 0 | 0 |
Repayment of Term Loan principal | (2,188) | 0 | 0 |
Surrender of common stock by employees | (1,361) | (714) | (417) |
Redemption of Notes | (235,000) | 0 | (15,000) |
Prepayment charge for redemption of 7.875% Notes | (1,543) | 0 | 0 |
Prepayment of Term Loan Facility Discount | (3,500) | 0 | 0 |
Payment of Debt Issuance Costs | (4,256) | 0 | 0 |
Early payment fee on debt and other debt issuance costs | 0 | 0 | (591) |
Net cash used in financing activities | (72,848) | (714) | (16,008) |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 3,451 | (1,782) | (2,682) |
NET (DECREASE) INCREASE IN CASH | (77,916) | 37,966 | 22,103 |
CASH: | |||
Beginning of period | 130,160 | 92,194 | 70,091 |
End of period | 52,244 | 130,160 | 92,194 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for interest | 18,572 | 18,684 | 19,939 |
Cash paid for income taxes, net | 3,276 | 2,495 | 1,545 |
Unpaid purchases of property and equipment included in accounts payable | $ 109 | $ 488 | $ 905 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2017 | Apr. 12, 2017 |
Senior Notes | 7.875% senior secured notes due April 15, 2019 | ||
Interest on Senior Secured Notes (as a percent) | 7.875% | 7.875% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Commercial Vehicle Group, Inc. (and its subsidiaries) is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the medium- and heavy-duty truck (“MD/HD Truck”) market, the medium- and heavy-duty construction vehicle market, and the bus, agriculture, military, specialty transportation, mining, industrial equipment and off-road recreational markets. References herein to the "Company", "we", "our", or "us" refer to Commercial Vehicle Group, Inc. and its subsidiaries. We have manufacturing operations in the United States, Mexico, United Kingdom, Czech Republic, Ukraine, China, India and Australia. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. Our products include seats and seating systems (“Seats”); trim systems and components (“Trim”); cab structures, sleeper boxes, body panels and structural components; mirrors, wipers and controls; and electric wire harness and panel assemblies designed for applications primarily in commercial vehicles. We are differentiated from automotive industry suppliers by our ability to manufacture low volume, customized products on a sequenced basis to meet the requirements of our customers. We believe our products are used by a majority of the North American MD/HD Truck and certain leading global construction and agriculture original equipment manufacturers (“OEMs”), which we believe creates an opportunity to cross-sell our products. Our operations are comprised of two reportable segments, Global Truck and Bus (“GTB”) and Global Construction and Agriculture (“GCA”). The Company’s Chief Operating Decision Maker (“CODM”), its President and Chief Executive Officer, reviews financial information for these two reportable segments and makes decisions regarding the allocation of resources based on these segments. Unless otherwise indicated, all amounts are in thousands, except share and per share amounts. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Principles of Consolidation - The accompanying consolidated financial statements include the accounts of our wholly-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include allowance for doubtful accounts, returns and allowances, inventory reserves, goodwill, intangible and long-lived assets, pension and other post-retirement benefits, product warranty reserves, litigation reserves, and income tax valuation allowances. Actual results may differ materially from those estimates. Reclassifications - Certain reclassifications to the Consolidated Cash Flows have been made to prior year amounts to conform to current year presentation. Cash - Cash consists of deposits with high credit-quality financial institutions. Accounts Receivable - Trade accounts receivable are stated at current value less allowances, which approximates fair value. We review our receivables on an ongoing basis to ensure that they are properly valued and collectible. This is accomplished through two contra-receivable accounts - returns and allowances and allowance for doubtful accounts. Returns and allowances are used to record estimates of returns or other allowances resulting from quality, delivery, discounts or other issues affecting the value of receivables. This amount is estimated based on historical trends and current market conditions, with the offset to revenues. The allowance for doubtful accounts is used to record the estimated risk of loss related to the customers’ inability to pay. This allowance is maintained at a level that we consider appropriate based on factors that affect collectability, such as the financial health of our customers, historical trends of charge-offs and recoveries and current economic market conditions. As we monitor our receivables, we identify customers that may have payment problems, and we adjust the allowance accordingly, with the offset to selling, general and administrative expense. Account balances are charged off against the allowance when recovery is considered remote. Inventories - Inventories are valued at the lower of first-in, first-out cost or market. Inventory quantities on-hand are regularly reviewed and when necessary provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements, taking into consideration expected market volumes and future potential use. Property, Plant and Equipment - Property, plant and equipment are stated at cost, net of accumulated depreciation. For financial reporting purposes, depreciation is computed using the straight-line method over the following estimated useful lives: Buildings and improvements 15 to 40 years Machinery and equipment 3 to 20 years Tools and dies 3 to 7 years Computer hardware and software 3 to 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures for major betterments and renewals that extend the useful lives of property, plant and equipment are capitalized and depreciated over the remaining useful lives of the asset. When assets are retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the term of the lease, whichever is shorter. Accelerated depreciation methods are used for tax reporting purposes. Depreciation expense for each of the years ended December 31, 2017, 2016 and 2015 was $14.0 million , $15.1 million and $16.4 million , respectively. We review long-lived assets for recoverability whenever events or changes in circumstances indicate that carrying amounts of an asset group may not be recoverable. Our asset groups are established by determining the lowest level of cash flows available. If the estimated undiscounted cash flows are less than the carrying amounts of such assets, we recognize an impairment loss in an amount necessary to write down the assets to fair value as estimated from expected future discounted cash flows. Estimating the fair value of these assets is judgmental in nature and involves the use of significant estimates and assumptions. We base our fair value estimates on assumptions we believe to be reasonable, but that are inherently uncertain. Revenue Recognition - We recognize revenue when 1) delivery has occurred or services have been rendered, 2) persuasive evidence of an arrangement exists, 3) there is a fixed or determinable price, and 4) collectability is reasonably assured. Title on our products generally passes to the customer when product is shipped from our facilities to our customers. Income Taxes - We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statements and tax basis of assets and liabilities based on enacted tax laws and rates expected to be in place when the deferred tax items are realized. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that a portion of the deferred tax assets will not be realized. We provide a valuation allowance for deferred tax assets when it is more likely than not that a portion of such deferred tax assets will not be realized. We evaluate tax positions for recognition by determining, based on the weight of available evidence, whether it is more likely than not the position will be sustained upon audit. Any interest and penalties related to our uncertain tax positions are recognized in income tax expense. On December 22, 2017, the U.S. Tax Cuts and Jobs Act of 2017 ("U.S. Tax Reform") was signed into law. The U.S. Tax Reform significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, establishing a quasi territorial tax system and imposing a one-time tax on the deemed repatriation of earnings of foreign subsidiaries. The tax provision related to the deemed repatriation of accumulated untaxed earnings of foreign subsidiaries represents the Company's best estimate. This provisional amount incorporates assumptions made based upon the Company's current interpretation of the U.S. Tax Reform and may change as the Company receives additional clarification, implementation guidance and finalization of foreign tax returns. Any adjustments to the provisional amount will be recognized as a component of the provision for income taxes in the period in which such adjustments are determined, but in any event no later than the fourth quarter of 2018. Due to the complexity of the new Global Intangible Low-Taxed Income (“GILTI”) tax rules, the Company continues to evaluate this provision of the U.S. Tax Reform and the application of ASC 740, Income Taxes. The Company will analyze its global activities to determine whether it expects to have future inclusions in U.S. taxable income related to GILTI provisions, and is not yet able to reasonably estimate the impact of this provision of the U.S. Tax Reform. Therefore, the Company has not made a policy decision or any adjustments related to potential GILTI tax in its financial statements. Comprehensive Income (Loss) - Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) represents net income adjusted for foreign currency translation adjustments and minimum pension liability adjustments. See Note 15 for a rollforward of activity in accumulated comprehensive loss. Fair Value of Financial Instruments - The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (i.e., inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 - Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 - Significant unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Concentrations of Credit Risk - Financial instruments that potentially subject us to concentrations of credit risk consist primarily of accounts receivable. We sell products to various companies throughout the world in the ordinary course of business. We routinely assess the financial strength of our customers and maintain allowances for anticipated losses. As of December 31, 2017 and 2016 , receivables from our largest customers, A.B. Volvo, Daimler Trucks, Caterpillar, Navistar, John Deere and PACCAR, represented approximately 59% and 64% of total receivables, respectively. Foreign Currency Translation - Our functional currency is the local currency. Accordingly, all assets and liabilities of our foreign subsidiaries are translated using exchange rates in effect at the end of the period and revenue and costs are translated using average exchange rates for the period. The related translation adjustments are reported in accumulated other comprehensive loss in stockholders’ equity. Translation gains and losses arising from transactions denominated in a currency other than the functional currency of the entity are included in the results of operations. Foreign Currency Forward Exchange Contracts - We use forward exchange contracts to hedge certain of the foreign currency transaction exposures. We estimate our projected revenues and purchases in certain foreign currencies or locations, and hedge a portion of the anticipated long or short position. The contracts typically run from one month up to eighteen months. All forward foreign exchange contracts are not designated as hedging instruments and have been marked-to-market and the fair value of contracts recorded in the Consolidated Balance Sheets with the offsetting non-cash gain or loss recorded in our Consolidated Statements of Operations. We do not hold or issue foreign exchange options or forward contracts for trading purposes. Interest Rate Swap Agreement - We use an interest rate swap agreement to fix the interest rate on variable interest debt thereby reducing exposure to interest rate changes. The interest rate swap contract was not designated as a hedging instrument; therefore, our interest rate swap contract has been marked-to-market and the fair value of the contract recorded in the Consolidated Balance Sheets with the offsetting gain or loss recorded in interest and other expense in our Consolidated Statements of Operations. Recently Issued Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in ASU No. 2018-02 allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company will record a reclassification for the restatement of deferred taxes associated with the Company's pension and post-retirement plans. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting". ASU 2017-09 provides clarity of accounting for modifications of share-based awards. The Company does not anticipate this ASU will have a material impact on share-based compensation. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". ASU 2017-07 requires employers to report service costs in the same line item as compensation costs arising from services rendered by associated employees during the period. The Company does not anticipate this ASU to have a material impact on its pension disclosures. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". ASU 2017-04 provides simplification for the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Annual impairment tests should be completed by comparing the fair value of a reporting unit to its carrying amount and impairment should not exceed the goodwill allocated to the reporting unit. Additionally, this ASU eliminated the requirement to assess reporting units with zero or negative carrying amounts. The Company anticipates this ASU to simplify a component of its goodwill assessment. The Company does not anticipate an impact to its overall valuation of goodwill. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business". ASU 2017-01 provides additional guidance to clarify acquisition transactions and whether they should be accounted for as an acquisition of a business or assets. This ASU will only impact the Company to the extent we execute a business combination. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Revenue Recognition Guidance In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, "Revenue Recognition", and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies will be required to provide more disclosure regarding the nature, amount, timing and uncertainty of cash flows. Additionally, companies must disclose performance obligations to customers and significant inputs, assumptions and methodologies impacting the timing of recognition. During 2016, the FASB also issued ASU 2016-08, "Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)"; ASU 2016-10, "Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing"; ASU 2016-11, "Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting"; ASU 2016-12, "Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients"; and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers", all of which were issued to improve and clarify the guidance in ASU 2014-09. The mandatory adoption date of each of the revenue recognition ASUs referenced above is January 1, 2018. Under guidance in effect as of December 31, 2017, we typically recognized revenue when products are shipped and risk of loss has transferred to the customer. Under the new guidance, the customized nature of some of our products and provisions of some of our customer contracts provide us with an enforceable right to payment. Based on our current customer contracts, we do not anticipate the need to adjust the timing of when revenue is recognized. We evaluated our customer owned tooling, engineering and design services, and pre-production customer arrangements under the new guidance and determined that we would not be required to change the timing of revenue recognition or presentation of revenue and costs associated with such arrangements. We assessed standard customer warranties to determine if they represent a material right to the customer and determined that the new guidance will not have a material impact on our Consolidated Balance Sheets, Statements of Operations, Statements of Stockholders' Equity, or Statements of Cash Flows. We will apply the cumulative effect transition method. Lease Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 is intended to increase transparency and comparability among companies by recognizing lease assets and liabilities and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. The Company is assessing the impact of this pronouncement and anticipates it will impact the presentation of our lease assets and liabilities and associated disclosures by the recognition of lease assets and liabilities that are not included in the Consolidated Balance Sheets under existing accounting guidance. The Company is reviewing its population of lease arrangements, including facility leases and machinery and equipment leases. The lease terms are not generally complex in nature. The Company will update its accounting policies as we complete our assessment of leases. The Company will also review other arrangements which could contain embedded lease arrangements to be considered under the revised guidance. The Company will determine the impact of the new guidance on its current lease arrangements that are expected to remain in place during 2019 and beyond. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement At December 31, 2017 , our financial instruments consisted of cash, accounts receivable, accounts payable, accrued liabilities and our revolving credit facility. The carrying value of these instruments approximates fair value as a result of the short duration of such instruments or due to the variability of the interest cost associated with such instruments. Foreign Currency Forward Exchange Contracts. Our derivative assets and liabilities represent foreign exchange purchase and sales contracts that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and counterparty credit risk. Based on the utilization of these inputs, the derivative assets and liabilities are classified as Level 2. Interest Rate Swap Agreement. The Company’s policy is to manage its interest expense by using a mix of fixed and variable rate debt. To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps are designed to mitigate changes in the interest rate of a portion of the outstanding borrowings. The Company entered into a series of interest rate swaps to initially cover $80 million of its outstanding debt under the senior secured term loan facility. The Company expects these derivatives to remain effective during the remaining term of the swaps and will record the impact in interest expense in the Consolidated Statements of Operations. The fair values of our derivative assets and liabilities measured on a recurring basis as of December 31 are categorized as follows: 2017 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Derivative assets Foreign exchange contract 1 $ 20 $ — $ 20 $ — $ 142 $ — $ 142 $ — Interest rate swap agreement 2 $ 515 $ — $ 515 $ — $ — $ — $ — $ — Derivative liabilities Foreign exchange contract 3 $ 627 $ — $ 627 $ — $ 1,234 $ — $ 1,234 $ — Interest rate swap agreement 4 $ 246 $ — $ 246 $ — $ — $ — $ — $ — 1 Presented in the Consolidated Balance Sheets in other current assets and based on observable market transactions of spot and forward rates. 2 Presented in Consolidated Balance Sheets in other assets and based on observable market transactions of forward rates. 3 Presented in the Consolidated Balance Sheets in accrued liabilities and other and based on observable market transactions of spot and forward rates. 4 Presented in Consolidated Balance Sheets in accrued liabilities and other, and based on observable market transactions of forward rates. The following table summarizes the notional amount of our open foreign exchange contracts at December 31 : 2017 2016 U.S. $ U.S. U.S. $ U.S. Commitments to buy or sell currencies $ 17,491 $ 16,838 $ 18,593 $ 17,213 We consider the impact of our credit risk on the fair value of the contracts, as well as the ability to execute obligations under the contract. The following table summarizes the effect of derivative instruments on the Consolidated Statements of Operations for derivatives not designated as hedging instruments at December 31 : 2017 2016 Location of Gain (Loss) Amount of Gain (Loss) Foreign exchange contracts Cost of Revenues $ 457 $ (603 ) Interest rate swap agreement Interest Income $ 269 $ — Long-term Debt . The fair value of long-term debt obligations is based on a fair value model utilizing observable inputs. Based on the use of these inputs, our long-term debt is classified as Level 2. The carrying amounts and fair values of our long-term debt at December 31 are as follows: 2017 2016 Carrying Fair Value Carrying Fair Value 7.875% senior secured notes due April 15, 2019 $ — $ — $ 233,154 $ 231,391 Term loan and security agreement 1 $ 166,949 $ 169,972 $ — $ — 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt (net of current prepaid debt financing costs and current original issue discount) of $3.2 million and long-term debt (net of long-term prepaid debt financing costs and long-term original issue discount) of $163.8 million . Long-lived Assets. There are no fair value measurements of our long-lived assets and definite-lived intangible assets measured on a non-recurring basis as of December 31, 2017 and December 31, 2016 , except for an impairment of $0.6 million recognized in the first quarter of 2016 for an asset held for sale based on the estimated selling price less selling costs of $0.8 million . The asset was classified as held for sale at its estimated fair value of $0.8 million as of December 31, 2016 . The impairment was recorded in selling, general and administrative expense in the Consolidated Statements of Operations. The asset was classified as Level 2. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following as of December 31 : 2017 2016 Raw materials $ 73,026 $ 46,352 Work in process 10,136 11,234 Finished goods 15,853 13,468 $ 99,015 $ 71,054 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consisted of the following as of December 31 : 2017 2016 Compensation and benefits $ 12,904 $ 10,435 Taxes payable 3,564 2,517 Warranty costs 3,490 5,552 Insurance 2,432 5,237 Legal and professional fees 1,588 2,827 Accrued freight 1,544 1,465 Accrued services 1,207 1,309 Deferred tooling revenue 806 2,773 Interest 146 3,892 Restructuring 43 2,271 Other 6,220 7,421 $ 33,944 $ 45,699 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | $12,000,000 but < $24,000,000 0.75% 1.75% I ≤ to $12,000,000 1.00% 2.00% The applicable margin will be subject to increase or decrease by the agent on the first day of the calendar month following each fiscal quarter end. If the agent is unable to calculate average daily availability for a fiscal quarter due to borrowers' failure to deliver a borrowing base certificate when required, the applicable margin will be set at Level I until the first day of the calendar month following receipt of a borrowing base certificate. As of December 31, 2017 , the applicable margin was set at Level III. The unamortized deferred financing fees associated with our revolving credit facility of $0.9 million and $0.1 million as of December 31, 2017 and December 31, 2016 , respectively, are being amortized over the remaining life of the agreement. As of December 31, 2017 and December 31, 2016 , we did not have borrowings under the revolving credit facility and had outstanding letters of credit of $2.1 million and $2.5 million , respectively. We had borrowing availability of $58.6 million at December 31, 2017 . The Company pays a commitment fee to the lenders equal to 0.25% per annum of the unused amounts under the revolving credit facility. Terms, Covenants and Compliance Status The Third ARLS Agreement requires the maintenance of a minimum fixed charge coverage ratio. The borrowers however are not required to comply with the fixed charge coverage ratio requirement for as long as the borrowers maintain borrowing availability under the revolving credit facility at the greater of (i) $5,000,000 or (ii) ten percent ( 10% ) of the revolving commitments. If borrowing availability falls below this threshold at any time, the borrowers would be required to comply with the fixed charge coverage ratio of 1.00 :1.00 as of the end of each relevant fiscal quarter, and would be required to continue to comply with these requirements until the borrowers have borrowing availability in excess of this threshold for 60 consecutive days. Since the Company had borrowing availability in excess of this threshold from December 31, 2016 through December 31, 2017 , the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the year ended December 31, 2017 . The Third ARLS Agreement contains customary restrictive covenants, including limitations on our ability and the ability of our subsidiaries to: incur additional debt; pay dividends or other restricted payments; make investments; engage in transactions with affiliates; create liens on assets; and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. The Third ARLS Agreement also contains customary reporting and other affirmative covenants. The Company was in compliance with these covenants as of December 31, 2017 . Voluntary prepayments of amounts outstanding under the revolving credit facility are permitted at any time, without premium or penalty, other than (to the extent applicable) customary LIBOR breakage charges and the aforementioned prepayment penalty. The Third ARLS Agreement requires the borrowers to make mandatory prepayments upon the receipt of insurance or condemnation proceeds in respect of the revolving credit facility’s priority collateral. The Third ARLS Agreement includes customary events of default (subject in certain cases to customary grace and cure periods) which include, among others: • nonpayment of obligations when due; • breach of covenants or other agreements in the Third ARLS Agreement; • a change of control; and • defaults in payment of certain other indebtedness, including the term loan credit facility." id="sjs-B4">Debt Debt consisted of the following at December 31 : 2017 2016 7.875% senior secured notes due April 15, 2019 $ — $ 233,154 Term loan and security agreement 1 $ 166,949 $ — 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt (net of current prepaid debt financing costs of $0.6 million and current original issue discount of $0.6 million ) of $3.2 million and long-term debt (net of long-term prepaid debt financing costs of $2.2 million and long-term original issue discount of 2.4 million ) of $163.8 million . Term Loan and Security Agreement On April 12, 2017, the Company entered into a $175.0 million senior secured term loan credit facility (the “Term Loan Facility”), maturing on April 12, 2023, pursuant to a term loan and security agreement (the “TLS Agreement”) with the Company and certain subsidiaries of the Company party thereto as guarantors, Bank of America, N.A., as administrative agent, and other lender parties thereto. Concurrent with the closing of the TLS Agreement, the proceeds of the Term Loan Facility were used, together with cash on hand in the amount of $74.0 million , to (a) fund the redemption, satisfaction and discharge of all of the Company’s outstanding 7.875% notes along with accrued interest; and (b) pay related transaction costs, fees and expenses. In conjunction with the redemption of the 7.875% notes, the Company recognized a non-cash charge of $1.6 million in the second quarter of 2017 to write-off deferred financing fees and a prepayment charge for interest of $1.5 million paid to bondholders during the 30-day notification period associated with the redemption of the 7.875% notes. The interest on the Term Loan Facility is variable and is comprised of 1) an Applicable Margin in the case of Term loans of either (i) 5.00% for Base Rate Loans or (ii) 6.00% for LIBOR loans, and 2) LIBOR as quoted two business days prior to the commencement of an interest period provided that LIBOR at no time falls below 1.00% . There was $0.1 million in accrued interest as of December 31, 2017 . The unamortized deferred financing fees of $2.8 million and original issue discount of $3.0 million are netted against the aggregate book value of the outstanding debt to arrive at a balance of $166.9 million as of December 31, 2017 and are being amortized over the remaining life of the agreement. The weighted average interest rate was 7.22% as of December 31, 2017 . The Term Loan Facility is a senior secured obligation of the Company. Our obligations under the TLS Agreement are guaranteed by the Company and certain subsidiaries of the Company. The obligations of the Company and the guarantors under the TLS Agreement are secured (subject to certain permitted liens) by a first-priority lien on substantially all of the non-current assets (and a second priority lien on substantially all of the current assets) of the Company and the guarantors, including a first priority pledge of certain capital stock of the domestic and foreign subsidiaries directly owned by the Company and the guarantors. The liens, the security interests and all of the obligations of the Company and the guarantors and all provisions regarding remedies in an event of default are subject to an intercreditor agreement among the Company, the guarantors, the agent for the lenders party to the Company’s revolving credit facility and the collateral agent under the TLS Agreement. Terms, Covenants and Compliance Status The TLS Agreement contains customary restrictive covenants, including limitations on our ability and the ability of our subsidiaries to: incur additional debt; pay dividends or other restricted payments; make investments; engage in transactions with affiliates; create liens on assets; and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. In addition, the TLS Agreement contains a financial maintenance covenant requiring the Company to maintain a total leverage ratio as of the last day of any fiscal quarter not to exceed the ratios set forth in the applicable table within the TLS Agreement. The TLS Agreement also contains customary reporting and other affirmative covenants. We were in compliance with the covenants as of December 31, 2017 . The TLS Agreement requires the Company to repay principal of approximately $1.1 million on the last day of each quarter commencing with the quarter ending September 30, 2017 with the remaining outstanding principal due at maturity on April 12, 2023. Voluntary prepayments of amounts outstanding under the TLS Agreement are permitted at any time, without premium or penalty; provided, however, that a prepayment penalty equal to 1.0% of the prepaid amount is required to be paid in connection with certain events that have the effect of reducing the all-in-yield applicable to the term loan during the 12 months following the initial funding thereof. In addition, to the extent applicable, customary LIBOR breakage charges may be payable in connection with any prepayment. The TLS Agreement requires the Company to make mandatory prepayments with excess cash flow, the proceeds of certain asset dispositions and upon the receipt of insurance or condemnation proceeds, and in the case of an asset disposition or insurance or condemnation event, to the extent the Company does not reinvest the proceeds within the periods set forth in the TLS Agreement. The TLS Agreement includes customary events of default (subject in certain cases to customary grace and cure periods) which include, among others: • nonpayment of obligations when due; • breach of covenants or other agreements in the TLS Agreement; and • defaults in payment of certain other indebtedness. Revolving Credit Facility On April 12, 2017, Commercial Vehicle Group Inc. and certain subsidiaries, collectively the "borrowers", entered into the Third Amended and Restated Loan and Security Agreement ("Third ARLS Agreement") increasing its senior secured revolving credit facility to $65 million from $40 million and setting the maturity date to April 12, 2022. Up to an aggregate of $10.0 million is available to the borrowers for the issuance of letters of credit, which reduces availability under the Third ARLS Agreement. The Third ARLS Agreement included amendments to certain definitions and covenants including, but not limited to, amendments to (i) permitted debt, (ii) permitted distributions, (iii) distribution of assets, and (iv) the calculation of EBITDA. The Third ARLS Agreement contains a fixed charge coverage ratio maintenance covenant of 1.00 :1.00 and amended the availability threshold for triggering compliance with the fixed charge coverage ratio. The borrowers’ obligations under the revolving credit facility are secured (subject to certain permitted liens) by a first-priority lien on substantially all of the current assets (and a second priority lien on substantially all of the non-current assets) of the borrowers. Each of the Company and each other borrower is jointly and severally liable for the obligations under the revolving credit facility and unconditionally guarantees the prompt payment and performance thereof. The liens, the security interests and all of the obligations of the Company and each other borrower and all provisions regarding remedies in an event of default are subject to an intercreditor agreement among the Company, certain of its subsidiaries, the agent under the Third ARLS Agreement and the collateral agent for the lenders party to the Company’s term loan credit facility. The applicable margin is based on average daily availability under the revolving credit facility as follows: Level Average Daily Availability Domestic Base Rate Loans LIBOR Revolver Loans III ≥ to $24,000,000 0.50% 1.50% II > $12,000,000 but < $24,000,000 0.75% 1.75% I ≤ to $12,000,000 1.00% 2.00% The applicable margin will be subject to increase or decrease by the agent on the first day of the calendar month following each fiscal quarter end. If the agent is unable to calculate average daily availability for a fiscal quarter due to borrowers' failure to deliver a borrowing base certificate when required, the applicable margin will be set at Level I until the first day of the calendar month following receipt of a borrowing base certificate. As of December 31, 2017 , the applicable margin was set at Level III. The unamortized deferred financing fees associated with our revolving credit facility of $0.9 million and $0.1 million as of December 31, 2017 and December 31, 2016 , respectively, are being amortized over the remaining life of the agreement. As of December 31, 2017 and December 31, 2016 , we did not have borrowings under the revolving credit facility and had outstanding letters of credit of $2.1 million and $2.5 million , respectively. We had borrowing availability of $58.6 million at December 31, 2017 . The Company pays a commitment fee to the lenders equal to 0.25% per annum of the unused amounts under the revolving credit facility. Terms, Covenants and Compliance Status The Third ARLS Agreement requires the maintenance of a minimum fixed charge coverage ratio. The borrowers however are not required to comply with the fixed charge coverage ratio requirement for as long as the borrowers maintain borrowing availability under the revolving credit facility at the greater of (i) $5,000,000 or (ii) ten percent ( 10% ) of the revolving commitments. If borrowing availability falls below this threshold at any time, the borrowers would be required to comply with the fixed charge coverage ratio of 1.00 :1.00 as of the end of each relevant fiscal quarter, and would be required to continue to comply with these requirements until the borrowers have borrowing availability in excess of this threshold for 60 consecutive days. Since the Company had borrowing availability in excess of this threshold from December 31, 2016 through December 31, 2017 , the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the year ended December 31, 2017 . The Third ARLS Agreement contains customary restrictive covenants, including limitations on our ability and the ability of our subsidiaries to: incur additional debt; pay dividends or other restricted payments; make investments; engage in transactions with affiliates; create liens on assets; and consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. The Third ARLS Agreement also contains customary reporting and other affirmative covenants. The Company was in compliance with these covenants as of December 31, 2017 . Voluntary prepayments of amounts outstanding under the revolving credit facility are permitted at any time, without premium or penalty, other than (to the extent applicable) customary LIBOR breakage charges and the aforementioned prepayment penalty. The Third ARLS Agreement requires the borrowers to make mandatory prepayments upon the receipt of insurance or condemnation proceeds in respect of the revolving credit facility’s priority collateral. The Third ARLS Agreement includes customary events of default (subject in certain cases to customary grace and cure periods) which include, among others: • nonpayment of obligations when due; • breach of covenants or other agreements in the Third ARLS Agreement; • a change of control; and • defaults in payment of certain other indebtedness, including the term loan credit facility. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our intangible assets as of December 31 were comprised of the following: December 31, 2017 Weighted- Gross Accumulated Currency Translation Adjustment Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,472 $ (3,639 ) $ 54 $ 4,887 Customer relationships 15 years 14,609 (4,991 ) 43 9,661 $ 23,081 $ (8,630 ) $ 97 $ 14,548 December 31, 2016 Weighted- Gross Accumulated Currency Translation Adjustment Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,378 $ (3,283 ) $ 90 $ 5,185 Customer relationships 15 years 14,181 (4,027 ) 172 10,326 $ 22,559 $ (7,310 ) $ 262 $ 15,511 The aggregate intangible asset amortization expense was $1.3 million for each of the fiscal years ended December 31, 2017 , 2016 and 2015 . The estimated intangible asset amortization expense for each of the five succeeding fiscal years ending after December 31, 2017 is $1.3 million per year through December 31, 2019 and $1.2 million in 2020 through 2022. The changes in the carrying amounts of goodwill for the years ended December 31 are as follows: 2017 2016 Balance - Beginning of the year $ 7,703 $ 7,834 Currency translation adjustment 342 (131 ) Balance - End of the year $ 8,045 $ 7,703 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pre-tax income (loss) consisted of the following for the years ended December 31 : 2017 2016 2015 Domestic $ (2,093 ) $ (13,928 ) $ 16,819 Foreign 15,738 20,762 — Total $ 13,645 $ 6,834 $ 16,819 A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows: 2017 2016 2015 Federal provision at statutory rate $ 4,776 $ 2,392 $ 5,887 U.S./Foreign tax rate differential (919 ) (1,842 ) 1 Foreign non-deductible expenses (2,006 ) 743 (479 ) Foreign tax provision 615 336 296 State taxes, net of federal benefit 73 (171 ) 556 State tax rate change, net of federal benefit (264 ) 541 32 Change in uncertain tax positions 81 114 236 Change in valuation allowance 2,475 (1,858 ) 3,283 Tax credits (152 ) (104 ) (283 ) Share-based compensation (657 ) (108 ) 459 Change in U.S. corporate tax rate 7,214 — — Repatriation of foreign earnings 3,964 — — Other 150 6 (230 ) Provision for income taxes $ 15,350 $ 49 $ 9,758 The provision (benefit) for income taxes for the years ended December 31 follows: 2017 2016 2015 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 2,954 $ 7,716 $ 10,670 $ (4 ) $ (1,801 ) $ (1,805 ) $ (153 ) $ 6,077 $ 5,924 State and local 362 (371 ) (9 ) (27 ) 1,021 994 380 389 769 Foreign 4,042 647 4,689 2,605 (1,745 ) 860 1,374 1,691 3,065 Total $ 7,358 $ 7,992 $ 15,350 $ 2,574 $ (2,525 ) $ 49 $ 1,601 $ 8,157 $ 9,758 A summary of deferred income tax assets and liabilities as of December 31 follows: 2017 2016 Noncurrent deferred tax assets: Amortization and fixed assets $ 1,835 $ 4,109 Accounts receivable 396 815 Inventories 2,254 2,899 Pension obligations 2,903 4,623 Warranty obligations 973 2,519 Accrued benefits 787 1,060 Foreign exchange contracts 89 460 Restricted stock 73 145 Tax credits carryforwards 1,611 2,238 Net operating loss carryforwards 24,784 20,130 Other temporary differences not currently available for tax purposes (411 ) 2,135 Total noncurrent deferred tax assets $ 35,294 $ 41,133 Valuation allowance (15,021 ) (12,546 ) Net noncurrent deferred tax assets $ 20,273 $ 28,587 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (100 ) $ (764 ) Net operating loss carryforwards — 2,178 Other temporary differences not currently available for tax purposes 60 (1,430 ) Total noncurrent tax liabilities (40 ) (16 ) Total net deferred tax asset $ 20,233 $ 28,571 Our overall deferred tax position was a net deferred tax asset of $20.2 million . The $8.3 million change in our net deferred tax asset position includes a $7.2 million reduction attributable to the decrease in U.S. corporate tax rate from 35% to 21% effective January 1, 2018. Staff Accounting Bulletin ("SAB") 118 addresses the accounting implications of the U.S Tax Reform. Under SAB 118, the assessment of the $7.2 million remeasurement of our net deferred tax asset position is complete. The U.S. Tax Reform gave rise to a provision of $4.0 million on the deemed repatriation of accumulated untaxed earnings of foreign subsidiaries. Under SAB 118, the assessment of the $4.0 million of accumulated untaxed earnings of foreign subsidiaries is reasonably estimated. The measurement period to finalize our calculations cannot extend beyond one year of the enactment date. Any adjustments recorded to the provisional amounts will be included in income from operations as an adjustment to tax expense in the period the amounts are determined. We assess whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with unused tax attributes expiring and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. During 2017, we recorded additional valuation allowances of $2.3 million in certain foreign affiliates, notably Luxembourg and United Kingdom, due to pre-tax losses or a decrease in earnings in the current year. We increased a valuation allowance of $0.2 million for deferred assets associated with certain U.S. state tax net operating loss carry forwards. We expect to be able to realize the benefits of all of our deferred tax assets that are not currently offset by a valuation allowance, as discussed above. In the event that our actual results differ from our estimates or we adjust these estimates in future periods, the effects of these adjustments could materially impact our financial position and results of operations. As of December 31, 2017 , we had $71.5 million of foreign, $24.0 million of U.S. federal and $65.6 million of U.S. state net operating loss carryforwards available to offset future taxable income. Utilization of these losses is subject to the tax laws of the applicable tax jurisdiction and may be limited by the ability of certain subsidiaries to generate taxable income in the associated tax jurisdiction. Generally, our net operating loss carryforwards continue through 2037 . Although some of our net operating loss carryforwards expire beginning in 2018, there are certain tax jurisdictions with no expiration dates. We have established valuation allowances for all net operating losses that we believe are more likely than not to expire before they can be utilized. As of December 31, 2017 , we had $1.6 million of research and development tax credits being carried forward related to our U.S. operations. Utilization of these credits may be limited by the ability to generate federal taxable income in future years; the credits will expire between 2026 and 2038 . As of December 31, 2017 , cash of $38.2 million was held by foreign subsidiaries. We do not have any plans to repatriate the earnings held by our foreign affiliates and consider these earnings to be indefinitely reinvested. Rather, we intend to use the cash to fund the growth of our foreign operations. Should our plans change with respect to cash held by our foreign subsidiaries, we would accrue and pay the appropriate withholding and local income taxes. We file federal income tax returns in the U.S. and income tax returns in various states and foreign jurisdictions. With few exceptions, we are no longer subject to income tax examinations by any of the taxing authorities for years before 2014. As of December 31, 2017, and 2016, we provided a liability of $0.5 million and $0.6 million , respectively, for unrecognized tax benefits related to U.S. federal and state, and foreign jurisdictions. These unrecognized tax benefits are netted against their related noncurrent deferred tax assets. We accrue interest and penalties related to unrecognized tax benefits through income tax expense. We had $0.3 million and $0.2 million accrued for the payment of interest and penalties as of December 31, 2017 and December 31, 2016, respectively. Accrued interest and penalties are included in the $0.5 million of unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits (including interest and penalties) at December 31 follows: 2017 2016 2015 Balance - Beginning of the year $ 628 $ 489 $ 27 Gross increase - tax positions in prior periods 68 40 445 Gross decreases - tax positions in prior periods (38 ) — — Gross increases - current period tax positions 29 103 44 Lapse of statute of limitations (221 ) (4 ) (27 ) Currency translation adjustment 19 — — Balance - End of the year $ 485 $ 628 $ 489 |
Segment Reporting and Geographi
Segment Reporting and Geographic Locations | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Locations | Segment Reporting and Geographic Locations Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s CODM, which is our President and Chief Executive Officer. The Company has two reportable segments: the GTB Segment and the GCA Segment. Each of these segments consists of a number of manufacturing facilities. Certain of our facilities manufacture and sell products through both of our segments. Each manufacturing facility that sells products through both segments is reflected in the financial results of the segment that has the greatest amount of sales from that manufacturing facility. Our segments are more specifically described below. The GTB Segment manufactures and sells the following products: • Seats, Trim, sleeper boxes, cab structures, structural components and body panels. These products are sold primarily to the MD/HD Truck markets in North America; • Seats to the truck and bus markets in Asia-Pacific and Europe; • Mirrors and wiper systems to the truck, bus, agriculture, construction, rail and military markets in North America; • Trim to the recreational and specialty vehicle markets in North America; and • Aftermarket seats and components in North America. The GCA Segment manufactures and sells the following products: • Electric wire harness assemblies and Seats for construction, agricultural, industrial, automotive, mining and military industries in North America, Europe and Asia-Pacific; • Seats to the truck and bus markets in Asia-Pacific and Europe; • Wiper systems to the construction and agriculture markets in Europe; • Office seating in Europe and Asia-Pacific; and • Aftermarket seats and components in Europe and Asia-Pacific. Corporate expenses consist of certain overhead and shared costs that are not directly attributable to the operations of a segment. For purposes of business segment performance measurement, some of these costs that are for the benefit of the operations are allocated based on a combination of methodologies. The costs that are not allocated to a segment are considered stewardship costs and remain at corporate in our segment reporting. The following table presents segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items for the year ended December 31, 2017 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2017 Global Global Corporate/ Total Revenues External Revenues $ 455,864 $ 299,367 $ — $ 755,231 Intersegment Revenues 1,906 10,340 (12,246 ) — Total Revenues $ 457,770 $ 309,707 $ (12,246 ) $ 755,231 Gross Profit $ 62,668 $ 31,291 $ (1,394 ) $ 92,565 Depreciation and Amortization Expense $ 7,875 $ 4,736 $ 2,733 $ 15,344 Selling, General & Administrative Expenses $ 21,507 $ 16,845 $ 21,448 $ 59,800 Operating Income $ 39,983 $ 14,305 $ (22,843 ) $ 31,445 Capital Expenditures and Other Items: Capital Expenditures $ 6,290 $ 5,324 $ 1,953 $ 13,567 Other Items 1 $ 777 $ 1,146 $ 2,377 $ 4,300 1 Other items include costs associated with restructuring activities, including employee severance and retention costs, lease cancellation costs, building repairs, costs to transfer equipment, and litigation settlement costs associated with a consulting contract. The following table presents segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items for the year ended December 31, 2016 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2016 Global Global Corporate/ Total Revenues External Revenues $ 415,154 $ 246,958 $ — $ 662,112 Intersegment Revenues 1,125 7,066 (8,191 ) — Total Revenues $ 416,279 $ 254,024 $ (8,191 ) $ 662,112 Gross Profit $ 54,665 $ 34,060 $ (1,495 ) $ 87,230 Depreciation and Amortization Expense $ 8,545 $ 5,581 $ 2,325 $ 16,451 Selling, General & Administrative Expenses $ 22,557 $ 18,240 $ 19,745 $ 60,542 Operating Income $ 30,943 $ 15,680 $ (21,240 ) $ 25,383 Capital Expenditures and Other Items: Capital Expenditures $ 6,384 $ 4,609 $ 924 $ 11,917 Other Items 1 $ 2,712 $ 723 $ 688 $ 4,123 1 Other items include costs associated with restructuring activities, including employee severance and retention costs, lease cancellation costs, building repairs, costs to transfer equipment, and the write down of an asset held for sale. The following table presents segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items as of and for the year ended December 31, 2015 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2015 Global Global Corporate/ Total Revenues External Revenues $ 564,651 $ 260,690 $ — $ 825,341 Intersegment Revenues 618 10,937 (11,555 ) — Total Revenues $ 565,269 $ 271,627 $ (11,555 ) $ 825,341 Gross Profit $ 85,702 $ 28,627 $ (3,507 ) $ 110,822 Depreciation and Amortization Expense $ 8,909 $ 5,855 $ 2,946 $ 17,710 Selling, General & Administrative Expenses $ 25,263 $ 20,442 $ 25,764 $ 71,469 Operating Income $ 59,252 $ 8,044 $ (29,270 ) $ 38,026 Capital Expenditures and Other Items: Capital Expenditures $ 7,579 $ 4,688 $ 3,323 $ 15,590 Other Items 1 $ 1,838 $ 494 $ — $ 2,332 1 Other items include costs associated with restructuring activities, including employee severance and retention costs, lease cancellation costs, building repairs and costs to transfer equipment. The following table presents revenues and long-lived assets for the geographic areas in which we operate: Years Ended December 31, 2017 2016 2015 Revenues Long-lived Revenues Long-lived Revenues Long-lived United States $ 560,412 $ 50,207 $ 496,473 $ 54,334 $ 635,627 $ 59,280 All other countries 194,819 14,423 165,639 11,707 189,714 11,681 $ 755,231 $ 64,630 $ 662,112 $ 66,041 $ 825,341 $ 70,961 Revenues are attributed to geographic locations based on the geography from which the legal entity operates. Included in all other countries are intercompany sales eliminations. The following is the composition by product category of our revenues: Years Ended December 31, 2017 2016 2015 Revenues % Revenues % Revenues % Seats and seating systems $ 314,717 42 $ 280,575 42 $ 339,724 41 Electric wire harnesses and panel assemblies 189,154 25 149,417 23 154,417 19 Trim systems and components 150,228 20 132,623 20 179,713 22 Cab structures, sleeper boxes, body panels and structural components 56,417 7 57,605 9 96,046 12 Mirrors, wipers and controls 44,715 6 41,892 6 55,441 6 $ 755,231 100 $ 662,112 100 $ 825,341 100 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases - We lease office, warehouse and manufacturing space, and certain equipment under non-cancelable operating lease agreements that require us to pay maintenance, insurance, taxes and other expenses in addition to annual rentals. Lease expense under these arrangements was $12.0 million , $10.6 million and $11.3 million in 2017 , 2016 and 2015 , respectively. Capital lease agreements entered into by us are immaterial. Anticipated future lease costs are based in part on certain assumptions to approximate minimum annual rental commitments at December 31, 2017 under non-cancelable operating leases are as follows: Year Ending December 31, 2018 $ 5,284 2019 $ 3,799 2020 $ 2,670 2021 $ 2,511 2022 $ 2,382 Thereafter $ 3,375 Guarantees - We accrue for costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts, and where no amount within a range of estimates is more likely, the minimum is accrued. As of December 31, 2017 and 2016 , we had no such guarantees. Litigation - We are subject to various legal proceedings and claims arising in the ordinary course of business, including but not limited to workers' compensation claims, OSHA investigations, employment disputes, service provider disputes, intellectual property disputes, and disputes arising out of alleged defects, breach of contracts, product warranties and environmental matters. Management believes that we maintain adequate insurance or we have established reserves for issues that are probable and estimable in amounts that are adequate to cover reasonable adverse judgments not covered by insurance. Based upon the information available to management and discussions with legal counsel, it is the opinion of management that the ultimate outcome of the various legal actions and claims that are incidental to our business will not have a material adverse impact on the consolidated financial position, results of operations or cash flows; however, such matters are subject to many uncertainties and the outcomes of individual matters are not predictable with assurance. Warranty - We are subject to warranty claims for products that fail to perform as expected due to design or manufacturing deficiencies. Depending on the terms under which we supply products to our customers, a customer may hold us responsible for some or all of the repair or replacement costs of defective products when the product supplied did not perform as represented. Our policy is to record provisions for estimated future customer warranty costs based on historical trends and for specific claims. These amounts, as they relate to the years ended December 31, 2017 and 2016 are included within accrued liabilities and other in the accompanying Consolidated Balance Sheets. The following presents a summary of the warranty provision for the years ended December 31 : 2017 2016 Balance - Beginning of the year $ 5,552 $ 7,580 Provision for new warranty claims 3,461 1,798 Change in provision for preexisting warranty claims (1,065 ) 389 Deduction for payments made (4,579 ) (3,819 ) Currency translation adjustment 121 (396 ) Balance - End of year $ 3,490 $ 5,552 Debt Payments - As disclosed in Note 6, the TLS Agreement requires the Company to repay a fixed amount of principal on a quarterly basis, make mandatory prepayments of excess cash flows, and voluntary prepayments that coincide with certain events. The following table provides future minimum principal payments due on long-term debt for the next five fiscal years and the remaining years thereafter: Year Ending December 31, 2018 $ 4,375 2019 $ 4,375 2020 $ 4,375 2021 $ 4,375 2022 $ 4,375 Thereafter $ 150,938 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock - Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share, with 30,219,278 and 29,871,354 shares outstanding as of December 31, 2017 and 2016 , respectively. Preferred Stock - Our authorized capital stock consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share, with no shares outstanding as of December 31, 2017 and 2016 . (Loss) Earnings Per Share - Basic (loss) earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted (loss) earnings per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the Treasury Stock Method. Potential common shares are included in the diluted earnings per share calculation when dilutive. Diluted (loss) earnings per share for years ended December 31, 2017 , 2016 and 2015 includes the effects of potential common shares when dilutive and is as follows: 2017 2016 2015 Net (loss) income attributable to common stockholders $ (1,705 ) $ 6,785 $ 7,060 Weighted average number of common shares outstanding 29,942 29,530 29,209 Dilutive effect of restricted stock grants after application of the treasury stock method — 348 190 Dilutive shares outstanding 29,942 29,878 29,399 Basic and dilutive (loss) earnings per share attributable to common stockholders $ (0.06 ) $ 0.23 $ 0.24 For the years ended December 31, 2017 and 2016 , diluted (loss) earnings per share excludes 787 thousand shares and 350 thousand shares, respectively, of nonvested restricted stock as the effect would have been anti-dilutive. Dividends — We have not declared or paid any cash dividends in the past. The terms of the Third ARLS Agreement restricts the payment or distribution of our cash or other assets, including cash dividend payments. |
Performance Awards
Performance Awards | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Performance Awards | Performance Awards Awards, defined as cash, shares or other awards, may be granted to employees under the Amended and Restated Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (the “2014 EIP”). The cash award is earned and payable based upon the Company’s relative Total Shareholder Return in terms of ranking as compared to the Peer Group over a three -year period (the “Performance Period”). Total Shareholder Return is determined by the percentage change in value (positive or negative) over the applicable measurement period as measured by dividing (A) the sum of (I) the cumulative value of dividends and other distributions paid on the Common Stock (or the publicly traded common stock of the applicable Peer Group company) for the applicable measurement period, and (II) the difference (positive or negative) between each such company’s starting stock price and ending stock price, by (B) the starting stock price. The award is paid out at the end of the Performance Period in cash if the employee is employed through the end of the Performance Period. If the employee is not employed as of the payment date, the award is forfeited. These grants were accounted for as cash settlement awards for which the fair value of the award fluctuates based on the change in Total Shareholder Return in relation to the Peer Group. Performance awards were granted under the 2014 EIP in November 2017 , 2016 , and 2015 . Expense associated with the performance awards is reported in selling, general and administrative expenses in the Consolidated Statements of Operations. The unrecognized expense is $2.0 million as of December 31, 2017 . The following table summarizes the grant activity for the years December 31, 2017 , 2016 and 2015 : Grant Date Grant Amount Adjustments Forfeitures Payments Adjusted Award Value at December 31, 2017 Vesting Schedule Remaining Periods (in Months) to Vesting November 2014 $ 2,087 (495 ) $ (1,097 ) $ (495 ) $ — November 2017 0 November 2015 1,487 646 (197 ) $ — 1,936 November 2018 10 November 2016 1,434 (454 ) (37 ) — 943 November 2019 22 November 2017 1,584 (755 ) — — 829 November 2020 34 $ 6,592 $ (1,058 ) $ (1,331 ) $ (495 ) $ 3,708 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The compensation expense for our share-based compensation arrangements (see Restricted Stock Awards below) was $2.5 million , $2.6 million and $2.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Share-based compensation expense is included in selling, general and administrative expenses in the Consolidated Statements of Operations. Restricted Stock Awards - Restricted stock is a grant of shares of common stock that may not be sold, encumbered or disposed of and that may be forfeited in the event of certain terminations of employment or separation from the board of directors prior to the end of a restricted period set by the compensation committee of the board of directors. A participant granted restricted stock generally has all of the rights of a stockholder, unless the compensation committee determines otherwise. The following table summarizes information about unvested restricted stock grants (in thousands, except for share data): Grant Shares Vesting Schedule Unearned Remaining October 2015 595,509 3 equal annual installments commencing on October 20, 2016 $ 451.7 10 January/March 2016 62,610 3 equal annual installments commencing on October 20, 2016 $ 22.5 10 October 2016 410,751 3 equal annual installments commencing on October 20, 2017 $ 1,250.6 22 July 2017 5,701 3 equal annual installments commencing on July 13, 2017 $ 28.5 22 October 2017 302,574 3 equal annual installments commencing on October 20, 2018 $ 2,797.6 34 October 2017 45,965 Shares vesting as of October 20, 2018 $ 375.0 10 As of December 31, 2017 , there was approximately $4.9 million of unrecognized compensation expense related to non-vested share-based compensation arrangements granted under our equity incentive plans. This expense is subject to future adjustments and forfeitures and will be recognized on a straight-line basis over the remaining period listed above for each grant. A summary of the status of our restricted stock awards as of December 31, 2017 and changes during the twelve-month period ending December 31, 2017 , 2016 and 2015 is presented below: 2017 2016 2015 Shares Weighted- Shares Weighted- Shares Weighted- Nonvested - beginning of year 981 $ 4.70 1,128 $ 4.24 915 $ 6.96 Granted 354 $ 9.77 571 $ 5.05 818 $ 3.24 Vested (509 ) $ 4.90 (558 ) $ 4.68 (400 ) $ 7.06 Forfeited (39 ) $ 4.84 (160 ) $ 4.35 (205 ) $ 6.93 Nonvested - end of year 787 $ 6.84 981 $ 4.70 1,128 $ 4.24 As of December 31, 2017 , a total of 2.6 million shares were available for future grants from the shares authorized for award under our 2014 Equity Incentive Plan, including cumulative forfeitures. Repurchase of Common Stock - We did not repurchase any of our common stock on the open market as part of a stock repurchase program during 2017 ; however, our employees surrendered 161 thousand shares of our common stock to satisfy tax withholding obligations on the vesting of the restricted stock awards. |
Defined Contribution Plans, Pen
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans | Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans Defined Contribution Plans - We sponsor various defined contribution plans covering all eligible employees. Eligible employees can contribute on a pre-tax basis to the plan. In accordance with the terms of the 401(k) plans, we elect to match a certain percentage of the participants’ contributions to the plans, as defined. We recognized expense associated with these plans of $3.0 million in 2017 , $2.7 million in 2016 and $2.8 million in 2015 . Pension and Other Post-Retirement Benefit Plans - We sponsor pension and other post-retirement benefit plans that cover certain hourly and salaried employees in the U.S. and United Kingdom. Each of the plans are frozen to new participants. All of the plans, except for the Shadyside facility pension plan, are frozen to additional service credits earned. Our policy is to make annual contributions to the plans to fund the minimum contributions as required by local regulations. The change in benefit obligation, plan assets and funded status as of December 31 consisted of the following: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation — Beginning of the year $ 47,512 $ 47,795 $ 40,820 $ 39,186 Service cost 116 126 — — Interest cost 1,810 1,878 1,138 1,370 Participant contributions 8 7 — — Benefits paid (2,188 ) (2,161 ) (1,309 ) (1,454 ) Actuarial loss (gain) 2,814 (133 ) 1,099 9,234 Exchange rate changes — — 3,989 (7,516 ) Benefit obligation at end of the year 50,072 47,512 45,737 40,820 Change in plan assets: Fair value of plan assets — Beginning of the year 38,390 36,270 31,080 33,608 Actual return on plan assets 6,584 2,035 1,798 4,214 Employer contributions 2,252 2,239 747 756 Participant contributions 8 7 — — Benefits paid (2,188 ) (2,161 ) (1,309 ) (1,454 ) Exchange rate changes — — 3,061 (6,044 ) Fair value of plan assets at end of the year 45,046 38,390 35,377 31,080 Funded status $ (5,026 ) $ (9,122 ) $ (10,360 ) $ (9,740 ) Amounts recognized in the Consolidated Balance Sheets at December 31 consisted of: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2017 2016 Current liabilities $ 52 $ 64 $ — $ — Noncurrent liabilities 4,974 9,058 10,360 9,740 Amount recognized $ 5,026 $ 9,122 $ 10,360 $ 9,740 The components of net periodic (benefit) cost for the years ended December 31 were as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2015 2017 2016 2015 Service cost $ 116 $ 126 $ 135 $ — $ — $ — Interest cost 1,810 1,878 1,864 1,138 1,370 1,470 Expected return on plan assets (2,684 ) (2,719 ) (2,673 ) (1,196 ) (1,520 ) (1,597 ) Amortization of prior service cost 6 6 6 — — — Recognized actuarial loss (gain) 21 308 336 312 210 275 Net periodic (benefit) cost $ (731 ) $ (401 ) $ (332 ) $ 254 $ 60 $ 148 Amounts Recognized in Accumulated Other Comprehensive Income (Loss) - Amounts recognized in accumulated other comprehensive income (loss), before taking into account income tax effects, at December 31 are as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2015 2017 2016 2015 Net actuarial loss $ 13,765 $ 15,219 $ 14,974 $ 13,454 $ 14,134 $ 8,784 Prior service cost 57 63 69 — — — $ 13,822 $ 15,282 $ 15,043 $ 13,454 $ 14,134 $ 8,784 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income — Amounts recognized as other changes in plan assets and benefit obligations in other comprehensive income (loss), before taking into account income tax effects, for the year ended December 31 are as follows: U.S. Pension and Other Post-Retirement Plans Non-U.S. Pension Plans 2017 2016 2017 2016 Actuarial loss (gain) $ (1,087 ) $ 551 $ 519 $ 6,001 Amortization of actuarial (gain) loss (367 ) (308 ) (504 ) (193 ) Prior Service credit (6 ) (6 ) — — Total recognized in other comprehensive income (loss) $ (1,460 ) $ 237 $ 15 $ 5,808 The estimated actuarial loss amortized into net periodic benefit cost over the next fiscal year is $0.3 million . Weighted-average assumptions used to determine benefit obligations at December 31 were as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension 2017 2016 2017 2016 Discount rate 3.42 % 3.87 % 2.45 % 2.70 % Weighted-average assumptions used to determine net periodic benefit cost at December 31 were as follows: U.S. Pension and Other Post-Retirement Plans Non-U.S. Pension Plans 2017 2016 2015 2017 2016 2015 Discount rate 3.87 % 4.05 % 3.73 % 2.70 % 3.90 % 3.50 % Expected return on plan assets 7.00 % 7.50 % 7.50 % 3.70 % 5.00 % 4.60 % The rate of return assumptions are based on projected long-term market returns for the various asset classes in which the plans are invested, weighted by the target asset allocations. An incremental amount for active plan asset management and diversification, where appropriate, is included in the rate of return assumption. Our pension plan investment strategy is reviewed annually. We employ a total return investment approach whereby a mix of equities, fixed income and real estate investments are used to maximize the long-term return of plan assets taking into consideration a prudent level of risk. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity, balanced, fixed income and real estate investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and large capitalizations. Other assets such as real estate are used judiciously to enhance long-term returns while improving portfolio diversification. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. We expect to contribute approximately $3.0 million to our pension plans and our other post-retirement benefit plans in 2018 . Our current investment allocation target for our pension plans for 2017 and our weighted-average asset allocations of our pension assets for the years ended December 31 , by asset category, are as follows: Target Allocation Actual Allocations as of December 31, 2017 2016 U.S. Pension Plans Non-U.S. Pension Plans U.S. Non-U.S. U.S. Non-U.S. 2017 2016 2017 2016 Cash and cash equivalents — — — — — — — — Equity/Balanced securities 55 55 55 55 57 52 58 55 Fixed income securities 25 45 25 45 20 23 42 45 Real estate 20 — 20 — 23 25 — — 100% 100% 100% 100% 100% 100% 100% 100% The following descriptions relate to our plan assets: Equity Securities - Includes common stocks issued by U.S., United Kingdom and other international companies, equity funds that invest in common stocks and unit linked insurance policies. Equity investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost. Balanced Securities - Includes funds primarily invested in a mix of equity and fixed income securities where the allocations are at the discretion of the investment manager. Investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost. Fixed Income Securities - Includes U.S. dollar-denominated and United Kingdom and other international marketable bonds and convertible debt securities as well as fixed income funds that invest in these instruments. Investments generally allow near-term liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost. The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges. Real Estate - Real estate provides an indirect investment into a diversified and multi-sector portfolio of property assets. The fair value of real estate investments is valued by the fund managers. The fund managers value the real estate investments via independent third-party appraisals on a periodic basis. Assumptions used to revalue the properties are updated every quarter. The fair values of our pension plan assets by asset category and by level as described in Note 2 for the years ended December 31, 2017 and 2016 are as follows: December 31, 2017 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 264 $ 264 $ — $ — Equities: U.S. large value 5,499 5,499 — — U.S. large growth 5,792 5,792 — — International blend 10,734 — 10,734 — Emerging markets 3,613 3,613 — — Balanced 21,895 — 21,895 — Fixed income securities: Government bonds 9,806 — 9,806 — Corporate bonds 12,667 — 12,667 — Real Estate: U.S. property 10,153 — — 10,153 Total pension fund assets $ 80,423 $ 15,168 $ 55,102 $ 10,153 December 31, 2016 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 174 $ 174 $ — $ — Equities: U.S. large value 4,800 4,800 — — U.S. large growth 4,805 4,805 — — International blend 7,954 — 7,954 — Emerging markets 2,464 2,464 — — Balanced 18,486 — 18,486 — Fixed income securities: Government bonds 8,402 — 8,402 — Corporate bonds 12,976 — 12,976 — Real Estate: U.S. property 9,409 — — 9,409 Total pension fund assets $ 69,470 $ 12,243 $ 47,818 $ 9,409 The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows: 2017 2016 Beginning balance $ 9,409 $ 8,645 Actual return on assets held at reporting date 744 764 Ending balance $ 10,153 $ 9,409 The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans: Year Ending December 31, Pension Plans 2018 $ 4,065 2019 $ 4,275 2020 $ 4,461 2021 $ 4,499 2022 $ 4,467 2023 to 2026 $ 23,547 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The activity for each item of accumulated other comprehensive loss is as follows: Foreign Pension and Accumulated other Beginning balance, January 1, 2016 $ (21,079 ) $ (18,575 ) $ (39,654 ) Net current period change (3,234 ) (6,347 ) (9,581 ) Reclassification adjustments for losses reclassified into income — 390 390 Ending balance, December 31, 2016 $ (24,313 ) $ (24,532 ) $ (48,845 ) Net current period change 7,141 814 7,955 Reclassification adjustments for losses reclassified into income — (345 ) (345 ) Ending balance, December 31, 2017 $ (17,172 ) $ (24,063 ) $ (41,235 ) The related tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2017 and 2016 are as follows: 2017 Before Tax Tax (Expense) After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 1,072 $ (258 ) $ 814 Reclassification of actuarial loss and prior service cost to net income (257 ) (88 ) (345 ) Net unrealized gain 815 (346 ) 469 Cumulative translation adjustment 7,141 — 7,141 Total other comprehensive income $ 7,956 $ (346 ) $ 7,610 2016 Before Tax Tax (Expense) After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ (6,553 ) $ 206 $ (6,347 ) Reclassification of actuarial loss and prior service cost to net income 507 (117 ) 390 Net unrealized loss (6,046 ) 89 (5,957 ) Cumulative translation adjustment (3,235 ) 1 (3,234 ) Total other comprehensive loss $ (9,281 ) $ 90 $ (9,191 ) |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following is a condensed summary of quarterly results of operations for 2017 and 2016 : Revenues Gross Profit Operating Net Income (Loss) Basic and Diluted 2017: First $ 173,416 $ 21,503 $ 4,557 $ 628 $ 0.02 Second $ 195,127 $ 22,701 $ 7,568 $ 131 $ 0.00 Third $ 198,349 $ 25,150 $ 10,682 $ 4,763 $ 0.16 Fourth $ 188,339 $ 23,211 $ 8,638 $ (7,227 ) $ (0.24 ) 2016: First $ 180,291 $ 25,704 $ 8,580 $ 2,563 $ 0.09 Second $ 178,251 $ 24,331 $ 8,427 $ 2,720 $ 0.09 Third $ 153,604 $ 18,919 $ 4,466 $ 1,147 $ 0.04 Fourth $ 149,966 $ 18,276 $ 3,910 $ 355 $ 0.01 (1) See Note 11 for discussion on the computation of diluted shares outstanding. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Restructuring Activity On November 19, 2015, the Board of Directors of the Company approved adjustments to the Company’s manufacturing footprint and manufacturing capacity utilization, and reductions to selling, general and administrative costs. We expected the costs associated with restructuring activities to total $11 million to $16 million , and capital investments to total $1.0 million to $2.0 million . The restructuring and cost reduction actions began in the fourth quarter of 2015 and were completed in the fourth quarter of 2017. Restructuring costs incurred during the years ended December 31, 2017 , 2016 and 2015 were $1.6 million and $3.5 million , and $0.8 million , respectively. Following is a summary of our key actions: Edgewood Facility The closure of our Edgewood, Iowa facility and transfer of production to our Agua Prieta, Mexico facility was announced on December 3, 2015 and was completed in 2016. Piedmont Facility On May 2, 2016, the Company announced plans to consolidate its North American seat production into two North American facilities and cease seat production in the Piedmont, Alabama facility. The Company continues to maintain a presence in Piedmont for our aftermarket distribution channel. This restructuring activity was completed in 2017. Monona Facility On July 19, 2016, the Company announced plans to transfer all wire harness production from its manufacturing facility in Monona, Iowa to its facility in Agua Prieta, Mexico. On May 24, 2017, the Company elected to maintain production capability in the Monona facility as a result of a shortage of labor in our North American wire harness business. Shadyside Facility On July 21, 2016, the Company announced plans to close its Shadyside, Ohio facility that performs assembly and stamping activities. These activities were transferred to alternative facilities or sourced to local suppliers. This restructuring activity was substantially completed in 2017. Restructuring Expenditures The table below summarizes the expenditures incurred to date and future expenditures associated with the restructuring activities approved on November 19, 2015 (in millions): (in millions) 2015 Expense 2016 Expense 2017 (Income) Expense / Adjustment Total Expense Statement of Operations Classification Edgewood Facility Separation costs $ 0.1 $ 0.2 $ — $ 0.3 Cost of revenues Facility and other costs — 0.1 — 0.1 Cost of revenues Total $ 0.1 $ 0.3 $ — $ 0.4 Piedmont Facility Separation costs $ 0.1 $ 0.5 $ (0.2 ) $ 0.4 Cost of revenues Facility and other costs — 0.4 — 0.4 Cost of revenues Total $ 0.1 $ 0.9 $ (0.2 ) $ 0.8 Monona Facility Separation costs $ 0.2 $ 0.3 $ (0.2 ) $ 0.3 Cost of revenues Facility and other costs — 0.1 1.3 1.4 Cost of revenues Total $ 0.2 $ 0.4 $ 1.1 $ 1.7 Shadyside Facility Separation costs $ 0.2 $ 1.5 $ 0.5 $ 2.2 Cost of revenues Facility and other costs — 0.2 0.2 0.4 Cost of revenues Total $ 0.2 $ 1.7 $ 0.7 $ 2.6 Other Restructuring Separation costs $ — $ 0.1 $ — $ 0.1 Cost of revenues Separation costs 0.2 0.1 — 0.3 Selling, general and administrative Total $ 0.2 $ 0.2 $ — $ 0.4 Total Restructuring $ 0.8 $ 3.5 $ 1.6 $ 5.9 A summary of the restructuring liability for the years ended December 31 is as follows: 2017 Employee Costs Facility Exit and Other Contractual Costs Total Balance - Beginning of the year $ 2,229 $ 45 $ 2,274 Provisions 196 1,402 1,598 Utilizations (2,382 ) (1,447 ) (3,829 ) Balance - End of the year $ 43 $ — $ 43 2016 Employee Costs Facility Exit and Other Contractual Costs Total Balance - Beginning of the year $ 542 $ 43 $ 585 Provisions 2,668 839 3,507 Utilizations (981 ) (837 ) (1,818 ) Balance - End of the year $ 2,229 $ 45 $ 2,274 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | Schedule II - Valuation and Qualifying Accounts and Reserves. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS December 31, 2017 , 2016 and 2015 Accounts Receivable Allowances: Activity for the years ended December 31 is as follows (in thousands): 2017 2016 2015 Balance - Beginning of the year $ 3,881 $ 4,539 $ 2,808 Provisions 5,488 5,547 4,640 Utilizations (4,264 ) (6,063 ) (2,828 ) Currency translation adjustment 137 (142 ) (81 ) Balance - End of the year $ 5,242 $ 3,881 $ 4,539 Income Tax Valuation Allowance: Activity for the years ended December 31 is as follows (in thousands): 2017 2016 2015 Balance - Beginning of the year 12,546 $ 14,404 $ 11,770 Provisions 2,506 2,917 3,436 Utilizations (31 ) (4,775 ) (802 ) Balance - End of the year 15,021 $ 12,546 $ 14,404 All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and, therefore, have been omitted. |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of our wholly-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include allowance for doubtful accounts, returns and allowances, inventory reserves, goodwill, intangible and long-lived assets, pension and other post-retirement benefits, product warranty reserves, litigation reserves, and income tax valuation allowances. Actual results may differ materially from those estimates. |
Reclassifications | Certain reclassifications to the Consolidated Cash Flows have been made to prior year amounts to conform to current year presentation. |
Cash | Cash consists of deposits with high credit-quality financial institutions. |
Accounts Receivable | Trade accounts receivable are stated at current value less allowances, which approximates fair value. We review our receivables on an ongoing basis to ensure that they are properly valued and collectible. This is accomplished through two contra-receivable accounts - returns and allowances and allowance for doubtful accounts. Returns and allowances are used to record estimates of returns or other allowances resulting from quality, delivery, discounts or other issues affecting the value of receivables. This amount is estimated based on historical trends and current market conditions, with the offset to revenues. The allowance for doubtful accounts is used to record the estimated risk of loss related to the customers’ inability to pay. This allowance is maintained at a level that we consider appropriate based on factors that affect collectability, such as the financial health of our customers, historical trends of charge-offs and recoveries and current economic market conditions. As we monitor our receivables, we identify customers that may have payment problems, and we adjust the allowance accordingly, with the offset to selling, general and administrative expense. Account balances are charged off against the allowance when recovery is considered remote. |
Inventories | Inventories are valued at the lower of first-in, first-out cost or market. Inventory quantities on-hand are regularly reviewed and when necessary provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements, taking into consideration expected market volumes and future potential use. |
Property, Plant and Equipment | Property, plant and equipment are stated at cost, net of accumulated depreciation. For financial reporting purposes, depreciation is computed using the straight-line method over the following estimated useful lives: Buildings and improvements 15 to 40 years Machinery and equipment 3 to 20 years Tools and dies 3 to 7 years Computer hardware and software 3 to 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures for major betterments and renewals that extend the useful lives of property, plant and equipment are capitalized and depreciated over the remaining useful lives of the asset. When assets are retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the term of the lease, whichever is shorter. Accelerated depreciation methods are used for tax reporting purposes. Depreciation expense for each of the years ended December 31, 2017, 2016 and 2015 was $14.0 million , $15.1 million and $16.4 million , respectively. We review long-lived assets for recoverability whenever events or changes in circumstances indicate that carrying amounts of an asset group may not be recoverable. Our asset groups are established by determining the lowest level of cash flows available. If the estimated undiscounted cash flows are less than the carrying amounts of such assets, we recognize an impairment loss in an amount necessary to write down the assets to fair value as estimated from expected future discounted cash flows. Estimating the fair value of these assets is judgmental in nature and involves the use of significant estimates and assumptions. We base our fair value estimates on assumptions we believe to be reasonable, but that are inherently uncertain. |
Revenue Recognition | We recognize revenue when 1) delivery has occurred or services have been rendered, 2) persuasive evidence of an arrangement exists, 3) there is a fixed or determinable price, and 4) collectability is reasonably assured. Title on our products generally passes to the customer when product is shipped from our facilities to our customers. |
Income Taxes | We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statements and tax basis of assets and liabilities based on enacted tax laws and rates expected to be in place when the deferred tax items are realized. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that a portion of the deferred tax assets will not be realized. We provide a valuation allowance for deferred tax assets when it is more likely than not that a portion of such deferred tax assets will not be realized. We evaluate tax positions for recognition by determining, based on the weight of available evidence, whether it is more likely than not the position will be sustained upon audit. Any interest and penalties related to our uncertain tax positions are recognized in income tax expense. On December 22, 2017, the U.S. Tax Cuts and Jobs Act of 2017 ("U.S. Tax Reform") was signed into law. The U.S. Tax Reform significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, establishing a quasi territorial tax system and imposing a one-time tax on the deemed repatriation of earnings of foreign subsidiaries. The tax provision related to the deemed repatriation of accumulated untaxed earnings of foreign subsidiaries represents the Company's best estimate. This provisional amount incorporates assumptions made based upon the Company's current interpretation of the U.S. Tax Reform and may change as the Company receives additional clarification, implementation guidance and finalization of foreign tax returns. Any adjustments to the provisional amount will be recognized as a component of the provision for income taxes in the period in which such adjustments are determined, but in any event no later than the fourth quarter of 2018. Due to the complexity of the new Global Intangible Low-Taxed Income (“GILTI”) tax rules, the Company continues to evaluate this provision of the U.S. Tax Reform and the application of ASC 740, Income Taxes. The Company will analyze its global activities to determine whether it expects to have future inclusions in U.S. taxable income related to GILTI provisions, and is not yet able to reasonably estimate the impact of this provision of the U.S. Tax Reform. Therefore, the Company has not made a policy decision or any adjustments related to potential GILTI tax in its financial statements. |
Comprehensive Income (Loss) | Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) represents net income adjusted for foreign currency translation adjustments and minimum pension liability adjustments. See Note 15 for a rollforward of activity in accumulated comprehensive loss. |
Fair Value of Financial Instruments | The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (i.e., inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 - Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 - Significant unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. |
Concentrations of Credit Risk | Financial instruments that potentially subject us to concentrations of credit risk consist primarily of accounts receivable. We sell products to various companies throughout the world in the ordinary course of business. We routinely assess the financial strength of our customers and maintain allowances for anticipated losses. As of December 31, 2017 and 2016 , receivables from our largest customers, A.B. Volvo, Daimler Trucks, Caterpillar, Navistar, John Deere and PACCAR, represented approximately 59% and 64% of total receivables, respectively. |
Foreign Currency Translation | Our functional currency is the local currency. Accordingly, all assets and liabilities of our foreign subsidiaries are translated using exchange rates in effect at the end of the period and revenue and costs are translated using average exchange rates for the period. The related translation adjustments are reported in accumulated other comprehensive loss in stockholders’ equity. Translation gains and losses arising from transactions denominated in a currency other than the functional currency of the entity are included in the results of operations. |
Foreign Currency Forward Exchange Contracts | We use forward exchange contracts to hedge certain of the foreign currency transaction exposures. We estimate our projected revenues and purchases in certain foreign currencies or locations, and hedge a portion of the anticipated long or short position. The contracts typically run from one month up to eighteen months. All forward foreign exchange contracts are not designated as hedging instruments and have been marked-to-market and the fair value of contracts recorded in the Consolidated Balance Sheets with the offsetting non-cash gain or loss recorded in our Consolidated Statements of Operations. We do not hold or issue foreign exchange options or forward contracts for trading purposes. |
Interest Rate Swap Agreement | We use an interest rate swap agreement to fix the interest rate on variable interest debt thereby reducing exposure to interest rate changes. The interest rate swap contract was not designated as a hedging instrument; therefore, our interest rate swap contract has been marked-to-market and the fair value of the contract recorded in the Consolidated Balance Sheets with the offsetting gain or loss recorded in interest and other expense in our Consolidated Statements of Operations. |
Recently Issued Accounting Pronouncements | In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in ASU No. 2018-02 allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company will record a reclassification for the restatement of deferred taxes associated with the Company's pension and post-retirement plans. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting". ASU 2017-09 provides clarity of accounting for modifications of share-based awards. The Company does not anticipate this ASU will have a material impact on share-based compensation. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". ASU 2017-07 requires employers to report service costs in the same line item as compensation costs arising from services rendered by associated employees during the period. The Company does not anticipate this ASU to have a material impact on its pension disclosures. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". ASU 2017-04 provides simplification for the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Annual impairment tests should be completed by comparing the fair value of a reporting unit to its carrying amount and impairment should not exceed the goodwill allocated to the reporting unit. Additionally, this ASU eliminated the requirement to assess reporting units with zero or negative carrying amounts. The Company anticipates this ASU to simplify a component of its goodwill assessment. The Company does not anticipate an impact to its overall valuation of goodwill. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business". ASU 2017-01 provides additional guidance to clarify acquisition transactions and whether they should be accounted for as an acquisition of a business or assets. This ASU will only impact the Company to the extent we execute a business combination. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Revenue Recognition Guidance In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, "Revenue Recognition", and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies will be required to provide more disclosure regarding the nature, amount, timing and uncertainty of cash flows. Additionally, companies must disclose performance obligations to customers and significant inputs, assumptions and methodologies impacting the timing of recognition. During 2016, the FASB also issued ASU 2016-08, "Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)"; ASU 2016-10, "Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing"; ASU 2016-11, "Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting"; ASU 2016-12, "Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients"; and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers", all of which were issued to improve and clarify the guidance in ASU 2014-09. The mandatory adoption date of each of the revenue recognition ASUs referenced above is January 1, 2018. Under guidance in effect as of December 31, 2017, we typically recognized revenue when products are shipped and risk of loss has transferred to the customer. Under the new guidance, the customized nature of some of our products and provisions of some of our customer contracts provide us with an enforceable right to payment. Based on our current customer contracts, we do not anticipate the need to adjust the timing of when revenue is recognized. We evaluated our customer owned tooling, engineering and design services, and pre-production customer arrangements under the new guidance and determined that we would not be required to change the timing of revenue recognition or presentation of revenue and costs associated with such arrangements. We assessed standard customer warranties to determine if they represent a material right to the customer and determined that the new guidance will not have a material impact on our Consolidated Balance Sheets, Statements of Operations, Statements of Stockholders' Equity, or Statements of Cash Flows. We will apply the cumulative effect transition method. Lease Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 is intended to increase transparency and comparability among companies by recognizing lease assets and liabilities and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. The Company is assessing the impact of this pronouncement and anticipates it will impact the presentation of our lease assets and liabilities and associated disclosures by the recognition of lease assets and liabilities that are not included in the Consolidated Balance Sheets under existing accounting guidance. The Company is reviewing its population of lease arrangements, including facility leases and machinery and equipment leases. The lease terms are not generally complex in nature. The Company will update its accounting policies as we complete our assessment of leases. The Company will also review other arrangements which could contain embedded lease arrangements to be considered under the revised guidance. The Company will determine the impact of the new guidance on its current lease arrangements that are expected to remain in place during 2019 and beyond. |
Significant Accounting Polici28
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives | For financial reporting purposes, depreciation is computed using the straight-line method over the following estimated useful lives: Buildings and improvements 15 to 40 years Machinery and equipment 3 to 20 years Tools and dies 3 to 7 years Computer hardware and software 3 to 5 years |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values of our Derivative Assets and Liabilities | The fair values of our derivative assets and liabilities measured on a recurring basis as of December 31 are categorized as follows: 2017 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Derivative assets Foreign exchange contract 1 $ 20 $ — $ 20 $ — $ 142 $ — $ 142 $ — Interest rate swap agreement 2 $ 515 $ — $ 515 $ — $ — $ — $ — $ — Derivative liabilities Foreign exchange contract 3 $ 627 $ — $ 627 $ — $ 1,234 $ — $ 1,234 $ — Interest rate swap agreement 4 $ 246 $ — $ 246 $ — $ — $ — $ — $ — 1 Presented in the Consolidated Balance Sheets in other current assets and based on observable market transactions of spot and forward rates. 2 Presented in Consolidated Balance Sheets in other assets and based on observable market transactions of forward rates. 3 Presented in the Consolidated Balance Sheets in accrued liabilities and other and based on observable market transactions of spot and forward rates. 4 Presented in Consolidated Balance Sheets in accrued liabilities and other, and based on observable market transactions of forward rates. |
Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts at December 31 : 2017 2016 U.S. $ U.S. U.S. $ U.S. Commitments to buy or sell currencies $ 17,491 $ 16,838 $ 18,593 $ 17,213 |
Effect of Derivative Instruments on Consolidated Statements of Income for Derivatives not Designated as Accounting Hedges | The following table summarizes the effect of derivative instruments on the Consolidated Statements of Operations for derivatives not designated as hedging instruments at December 31 : 2017 2016 Location of Gain (Loss) Amount of Gain (Loss) Foreign exchange contracts Cost of Revenues $ 457 $ (603 ) Interest rate swap agreement Interest Income $ 269 $ — |
Carrying Amounts and Fair Values of Our Long-Term Debt Obligations | The carrying amounts and fair values of our long-term debt at December 31 are as follows: 2017 2016 Carrying Fair Value Carrying Fair Value 7.875% senior secured notes due April 15, 2019 $ — $ — $ 233,154 $ 231,391 Term loan and security agreement 1 $ 166,949 $ 169,972 $ — $ — 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt (net of current prepaid debt financing costs and current original issue discount) of $3.2 million and long-term debt (net of long-term prepaid debt financing costs and long-term original issue discount) of $163.8 million . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following as of December 31 : 2017 2016 Raw materials $ 73,026 $ 46,352 Work in process 10,136 11,234 Finished goods 15,853 13,468 $ 99,015 $ 71,054 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consisted of the following as of December 31 : 2017 2016 Compensation and benefits $ 12,904 $ 10,435 Taxes payable 3,564 2,517 Warranty costs 3,490 5,552 Insurance 2,432 5,237 Legal and professional fees 1,588 2,827 Accrued freight 1,544 1,465 Accrued services 1,207 1,309 Deferred tooling revenue 806 2,773 Interest 146 3,892 Restructuring 43 2,271 Other 6,220 7,421 $ 33,944 $ 45,699 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following at December 31 : 2017 2016 7.875% senior secured notes due April 15, 2019 $ — $ 233,154 Term loan and security agreement 1 $ 166,949 $ — 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt (net of current prepaid debt financing costs of $0.6 million and current original issue discount of $0.6 million ) of $3.2 million and long-term debt (net of long-term prepaid debt financing costs of $2.2 million and long-term original issue discount of 2.4 million ) of $163.8 million . |
Margin for Borrowings under Revolving Credit Facility | The applicable margin is based on average daily availability under the revolving credit facility as follows: Level Average Daily Availability Domestic Base Rate Loans LIBOR Revolver Loans III ≥ to $24,000,000 0.50% 1.50% II > $12,000,000 but < $24,000,000 0.75% 1.75% I ≤ to $12,000,000 1.00% 2.00% |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our intangible assets as of December 31 were comprised of the following: December 31, 2017 Weighted- Gross Accumulated Currency Translation Adjustment Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,472 $ (3,639 ) $ 54 $ 4,887 Customer relationships 15 years 14,609 (4,991 ) 43 9,661 $ 23,081 $ (8,630 ) $ 97 $ 14,548 December 31, 2016 Weighted- Gross Accumulated Currency Translation Adjustment Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,378 $ (3,283 ) $ 90 $ 5,185 Customer relationships 15 years 14,181 (4,027 ) 172 10,326 $ 22,559 $ (7,310 ) $ 262 $ 15,511 |
Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill for the years ended December 31 are as follows: 2017 2016 Balance - Beginning of the year $ 7,703 $ 7,834 Currency translation adjustment 342 (131 ) Balance - End of the year $ 8,045 $ 7,703 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Pre-Tax Income (Loss) | Pre-tax income (loss) consisted of the following for the years ended December 31 : 2017 2016 2015 Domestic $ (2,093 ) $ (13,928 ) $ 16,819 Foreign 15,738 20,762 — Total $ 13,645 $ 6,834 $ 16,819 |
Reconciliation of Income Taxes Computed at Statutory Rate | A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows: 2017 2016 2015 Federal provision at statutory rate $ 4,776 $ 2,392 $ 5,887 U.S./Foreign tax rate differential (919 ) (1,842 ) 1 Foreign non-deductible expenses (2,006 ) 743 (479 ) Foreign tax provision 615 336 296 State taxes, net of federal benefit 73 (171 ) 556 State tax rate change, net of federal benefit (264 ) 541 32 Change in uncertain tax positions 81 114 236 Change in valuation allowance 2,475 (1,858 ) 3,283 Tax credits (152 ) (104 ) (283 ) Share-based compensation (657 ) (108 ) 459 Change in U.S. corporate tax rate 7,214 — — Repatriation of foreign earnings 3,964 — — Other 150 6 (230 ) Provision for income taxes $ 15,350 $ 49 $ 9,758 |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes for the years ended December 31 follows: 2017 2016 2015 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 2,954 $ 7,716 $ 10,670 $ (4 ) $ (1,801 ) $ (1,805 ) $ (153 ) $ 6,077 $ 5,924 State and local 362 (371 ) (9 ) (27 ) 1,021 994 380 389 769 Foreign 4,042 647 4,689 2,605 (1,745 ) 860 1,374 1,691 3,065 Total $ 7,358 $ 7,992 $ 15,350 $ 2,574 $ (2,525 ) $ 49 $ 1,601 $ 8,157 $ 9,758 |
Summary of Deferred Income Taxes Assets and Liabilities | A summary of deferred income tax assets and liabilities as of December 31 follows: 2017 2016 Noncurrent deferred tax assets: Amortization and fixed assets $ 1,835 $ 4,109 Accounts receivable 396 815 Inventories 2,254 2,899 Pension obligations 2,903 4,623 Warranty obligations 973 2,519 Accrued benefits 787 1,060 Foreign exchange contracts 89 460 Restricted stock 73 145 Tax credits carryforwards 1,611 2,238 Net operating loss carryforwards 24,784 20,130 Other temporary differences not currently available for tax purposes (411 ) 2,135 Total noncurrent deferred tax assets $ 35,294 $ 41,133 Valuation allowance (15,021 ) (12,546 ) Net noncurrent deferred tax assets $ 20,273 $ 28,587 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (100 ) $ (764 ) Net operating loss carryforwards — 2,178 Other temporary differences not currently available for tax purposes 60 (1,430 ) Total noncurrent tax liabilities (40 ) (16 ) Total net deferred tax asset $ 20,233 $ 28,571 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits (including interest and penalties) at December 31 follows: 2017 2016 2015 Balance - Beginning of the year $ 628 $ 489 $ 27 Gross increase - tax positions in prior periods 68 40 445 Gross decreases - tax positions in prior periods (38 ) — — Gross increases - current period tax positions 29 103 44 Lapse of statute of limitations (221 ) (4 ) (27 ) Currency translation adjustment 19 — — Balance - End of the year $ 485 $ 628 $ 489 |
Segment Reporting and Geograp35
Segment Reporting and Geographic Locations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Sales by Segment | The following table presents segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items for the year ended December 31, 2017 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2017 Global Global Corporate/ Total Revenues External Revenues $ 455,864 $ 299,367 $ — $ 755,231 Intersegment Revenues 1,906 10,340 (12,246 ) — Total Revenues $ 457,770 $ 309,707 $ (12,246 ) $ 755,231 Gross Profit $ 62,668 $ 31,291 $ (1,394 ) $ 92,565 Depreciation and Amortization Expense $ 7,875 $ 4,736 $ 2,733 $ 15,344 Selling, General & Administrative Expenses $ 21,507 $ 16,845 $ 21,448 $ 59,800 Operating Income $ 39,983 $ 14,305 $ (22,843 ) $ 31,445 Capital Expenditures and Other Items: Capital Expenditures $ 6,290 $ 5,324 $ 1,953 $ 13,567 Other Items 1 $ 777 $ 1,146 $ 2,377 $ 4,300 1 Other items include costs associated with restructuring activities, including employee severance and retention costs, lease cancellation costs, building repairs, costs to transfer equipment, and litigation settlement costs associated with a consulting contract. The following table presents segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items for the year ended December 31, 2016 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2016 Global Global Corporate/ Total Revenues External Revenues $ 415,154 $ 246,958 $ — $ 662,112 Intersegment Revenues 1,125 7,066 (8,191 ) — Total Revenues $ 416,279 $ 254,024 $ (8,191 ) $ 662,112 Gross Profit $ 54,665 $ 34,060 $ (1,495 ) $ 87,230 Depreciation and Amortization Expense $ 8,545 $ 5,581 $ 2,325 $ 16,451 Selling, General & Administrative Expenses $ 22,557 $ 18,240 $ 19,745 $ 60,542 Operating Income $ 30,943 $ 15,680 $ (21,240 ) $ 25,383 Capital Expenditures and Other Items: Capital Expenditures $ 6,384 $ 4,609 $ 924 $ 11,917 Other Items 1 $ 2,712 $ 723 $ 688 $ 4,123 1 Other items include costs associated with restructuring activities, including employee severance and retention costs, lease cancellation costs, building repairs, costs to transfer equipment, and the write down of an asset held for sale. The following table presents segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items as of and for the year ended December 31, 2015 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2015 Global Global Corporate/ Total Revenues External Revenues $ 564,651 $ 260,690 $ — $ 825,341 Intersegment Revenues 618 10,937 (11,555 ) — Total Revenues $ 565,269 $ 271,627 $ (11,555 ) $ 825,341 Gross Profit $ 85,702 $ 28,627 $ (3,507 ) $ 110,822 Depreciation and Amortization Expense $ 8,909 $ 5,855 $ 2,946 $ 17,710 Selling, General & Administrative Expenses $ 25,263 $ 20,442 $ 25,764 $ 71,469 Operating Income $ 59,252 $ 8,044 $ (29,270 ) $ 38,026 Capital Expenditures and Other Items: Capital Expenditures $ 7,579 $ 4,688 $ 3,323 $ 15,590 Other Items 1 $ 1,838 $ 494 $ — $ 2,332 1 Other items include costs associated with restructuring activities, including employee severance and retention costs, lease cancellation costs, building repairs and costs to transfer equipment. |
Revenue and Long-Lived Assets for Each of Geographic Areas | The following table presents revenues and long-lived assets for the geographic areas in which we operate: Years Ended December 31, 2017 2016 2015 Revenues Long-lived Revenues Long-lived Revenues Long-lived United States $ 560,412 $ 50,207 $ 496,473 $ 54,334 $ 635,627 $ 59,280 All other countries 194,819 14,423 165,639 11,707 189,714 11,681 $ 755,231 $ 64,630 $ 662,112 $ 66,041 $ 825,341 $ 70,961 |
Summary Composition by Product Category of Revenues | The following is the composition by product category of our revenues: Years Ended December 31, 2017 2016 2015 Revenues % Revenues % Revenues % Seats and seating systems $ 314,717 42 $ 280,575 42 $ 339,724 41 Electric wire harnesses and panel assemblies 189,154 25 149,417 23 154,417 19 Trim systems and components 150,228 20 132,623 20 179,713 22 Cab structures, sleeper boxes, body panels and structural components 56,417 7 57,605 9 96,046 12 Mirrors, wipers and controls 44,715 6 41,892 6 55,441 6 $ 755,231 100 $ 662,112 100 $ 825,341 100 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Annual Rental Commitments under Operating Leases | Anticipated future lease costs are based in part on certain assumptions to approximate minimum annual rental commitments at December 31, 2017 under non-cancelable operating leases are as follows: Year Ending December 31, 2018 $ 5,284 2019 $ 3,799 2020 $ 2,670 2021 $ 2,511 2022 $ 2,382 Thereafter $ 3,375 |
Summary of Warranty Provision | The following presents a summary of the warranty provision for the years ended December 31 : 2017 2016 Balance - Beginning of the year $ 5,552 $ 7,580 Provision for new warranty claims 3,461 1,798 Change in provision for preexisting warranty claims (1,065 ) 389 Deduction for payments made (4,579 ) (3,819 ) Currency translation adjustment 121 (396 ) Balance - End of year $ 3,490 $ 5,552 |
Schedule of Minimum Principal Payments Due on Long-term Debt | The following table provides future minimum principal payments due on long-term debt for the next five fiscal years and the remaining years thereafter: Year Ending December 31, 2018 $ 4,375 2019 $ 4,375 2020 $ 4,375 2021 $ 4,375 2022 $ 4,375 Thereafter $ 150,938 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Diluted Earnings per Share | Diluted (loss) earnings per share for years ended December 31, 2017 , 2016 and 2015 includes the effects of potential common shares when dilutive and is as follows: 2017 2016 2015 Net (loss) income attributable to common stockholders $ (1,705 ) $ 6,785 $ 7,060 Weighted average number of common shares outstanding 29,942 29,530 29,209 Dilutive effect of restricted stock grants after application of the treasury stock method — 348 190 Dilutive shares outstanding 29,942 29,878 29,399 Basic and dilutive (loss) earnings per share attributable to common stockholders $ (0.06 ) $ 0.23 $ 0.24 |
Performance Awards (Tables)
Performance Awards (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Grant Activity | The following table summarizes the grant activity for the years December 31, 2017 , 2016 and 2015 : Grant Date Grant Amount Adjustments Forfeitures Payments Adjusted Award Value at December 31, 2017 Vesting Schedule Remaining Periods (in Months) to Vesting November 2014 $ 2,087 (495 ) $ (1,097 ) $ (495 ) $ — November 2017 0 November 2015 1,487 646 (197 ) $ — 1,936 November 2018 10 November 2016 1,434 (454 ) (37 ) — 943 November 2019 22 November 2017 1,584 (755 ) — — 829 November 2020 34 $ 6,592 $ (1,058 ) $ (1,331 ) $ (495 ) $ 3,708 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Information about Restricted Stock Awards | The following table summarizes information about unvested restricted stock grants (in thousands, except for share data): Grant Shares Vesting Schedule Unearned Remaining October 2015 595,509 3 equal annual installments commencing on October 20, 2016 $ 451.7 10 January/March 2016 62,610 3 equal annual installments commencing on October 20, 2016 $ 22.5 10 October 2016 410,751 3 equal annual installments commencing on October 20, 2017 $ 1,250.6 22 July 2017 5,701 3 equal annual installments commencing on July 13, 2017 $ 28.5 22 October 2017 302,574 3 equal annual installments commencing on October 20, 2018 $ 2,797.6 34 October 2017 45,965 Shares vesting as of October 20, 2018 $ 375.0 10 |
Summary of Status of Restricted Stock Awards | A summary of the status of our restricted stock awards as of December 31, 2017 and changes during the twelve-month period ending December 31, 2017 , 2016 and 2015 is presented below: 2017 2016 2015 Shares Weighted- Shares Weighted- Shares Weighted- Nonvested - beginning of year 981 $ 4.70 1,128 $ 4.24 915 $ 6.96 Granted 354 $ 9.77 571 $ 5.05 818 $ 3.24 Vested (509 ) $ 4.90 (558 ) $ 4.68 (400 ) $ 7.06 Forfeited (39 ) $ 4.84 (160 ) $ 4.35 (205 ) $ 6.93 Nonvested - end of year 787 $ 6.84 981 $ 4.70 1,128 $ 4.24 |
Defined Contribution Plans, P40
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligation, Plan Assets and Funded Status | The change in benefit obligation, plan assets and funded status as of December 31 consisted of the following: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation — Beginning of the year $ 47,512 $ 47,795 $ 40,820 $ 39,186 Service cost 116 126 — — Interest cost 1,810 1,878 1,138 1,370 Participant contributions 8 7 — — Benefits paid (2,188 ) (2,161 ) (1,309 ) (1,454 ) Actuarial loss (gain) 2,814 (133 ) 1,099 9,234 Exchange rate changes — — 3,989 (7,516 ) Benefit obligation at end of the year 50,072 47,512 45,737 40,820 Change in plan assets: Fair value of plan assets — Beginning of the year 38,390 36,270 31,080 33,608 Actual return on plan assets 6,584 2,035 1,798 4,214 Employer contributions 2,252 2,239 747 756 Participant contributions 8 7 — — Benefits paid (2,188 ) (2,161 ) (1,309 ) (1,454 ) Exchange rate changes — — 3,061 (6,044 ) Fair value of plan assets at end of the year 45,046 38,390 35,377 31,080 Funded status $ (5,026 ) $ (9,122 ) $ (10,360 ) $ (9,740 ) |
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets at December 31 consisted of: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2017 2016 Current liabilities $ 52 $ 64 $ — $ — Noncurrent liabilities 4,974 9,058 10,360 9,740 Amount recognized $ 5,026 $ 9,122 $ 10,360 $ 9,740 |
Components of Net Periodic Benefit Cost | The components of net periodic (benefit) cost for the years ended December 31 were as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2015 2017 2016 2015 Service cost $ 116 $ 126 $ 135 $ — $ — $ — Interest cost 1,810 1,878 1,864 1,138 1,370 1,470 Expected return on plan assets (2,684 ) (2,719 ) (2,673 ) (1,196 ) (1,520 ) (1,597 ) Amortization of prior service cost 6 6 6 — — — Recognized actuarial loss (gain) 21 308 336 312 210 275 Net periodic (benefit) cost $ (731 ) $ (401 ) $ (332 ) $ 254 $ 60 $ 148 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss), before taking into account income tax effects, at December 31 are as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2017 2016 2015 2017 2016 2015 Net actuarial loss $ 13,765 $ 15,219 $ 14,974 $ 13,454 $ 14,134 $ 8,784 Prior service cost 57 63 69 — — — $ 13,822 $ 15,282 $ 15,043 $ 13,454 $ 14,134 $ 8,784 |
Amounts Recognized as Other Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income | Amounts recognized as other changes in plan assets and benefit obligations in other comprehensive income (loss), before taking into account income tax effects, for the year ended December 31 are as follows: U.S. Pension and Other Post-Retirement Plans Non-U.S. Pension Plans 2017 2016 2017 2016 Actuarial loss (gain) $ (1,087 ) $ 551 $ 519 $ 6,001 Amortization of actuarial (gain) loss (367 ) (308 ) (504 ) (193 ) Prior Service credit (6 ) (6 ) — — Total recognized in other comprehensive income (loss) $ (1,460 ) $ 237 $ 15 $ 5,808 |
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | Weighted-average assumptions used to determine benefit obligations at December 31 were as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension 2017 2016 2017 2016 Discount rate 3.42 % 3.87 % 2.45 % 2.70 % Weighted-average assumptions used to determine net periodic benefit cost at December 31 were as follows: U.S. Pension and Other Post-Retirement Plans Non-U.S. Pension Plans 2017 2016 2015 2017 2016 2015 Discount rate 3.87 % 4.05 % 3.73 % 2.70 % 3.90 % 3.50 % Expected return on plan assets 7.00 % 7.50 % 7.50 % 3.70 % 5.00 % 4.60 % |
Current Investment Allocation Target for Pension Plans and Weighted-Average Asset Allocations | Our current investment allocation target for our pension plans for 2017 and our weighted-average asset allocations of our pension assets for the years ended December 31 , by asset category, are as follows: Target Allocation Actual Allocations as of December 31, 2017 2016 U.S. Pension Plans Non-U.S. Pension Plans U.S. Non-U.S. U.S. Non-U.S. 2017 2016 2017 2016 Cash and cash equivalents — — — — — — — — Equity/Balanced securities 55 55 55 55 57 52 58 55 Fixed income securities 25 45 25 45 20 23 42 45 Real estate 20 — 20 — 23 25 — — 100% 100% 100% 100% 100% 100% 100% 100% |
Fair Values of Pension Plan Assets by Asset Category and by Level | The fair values of our pension plan assets by asset category and by level as described in Note 2 for the years ended December 31, 2017 and 2016 are as follows: December 31, 2017 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 264 $ 264 $ — $ — Equities: U.S. large value 5,499 5,499 — — U.S. large growth 5,792 5,792 — — International blend 10,734 — 10,734 — Emerging markets 3,613 3,613 — — Balanced 21,895 — 21,895 — Fixed income securities: Government bonds 9,806 — 9,806 — Corporate bonds 12,667 — 12,667 — Real Estate: U.S. property 10,153 — — 10,153 Total pension fund assets $ 80,423 $ 15,168 $ 55,102 $ 10,153 December 31, 2016 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 174 $ 174 $ — $ — Equities: U.S. large value 4,800 4,800 — — U.S. large growth 4,805 4,805 — — International blend 7,954 — 7,954 — Emerging markets 2,464 2,464 — — Balanced 18,486 — 18,486 — Fixed income securities: Government bonds 8,402 — 8,402 — Corporate bonds 12,976 — 12,976 — Real Estate: U.S. property 9,409 — — 9,409 Total pension fund assets $ 69,470 $ 12,243 $ 47,818 $ 9,409 |
Fair Value of Pension Plan Assets Measured Using Significant Unobservable Inputs | The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows: 2017 2016 Beginning balance $ 9,409 $ 8,645 Actual return on assets held at reporting date 744 764 Ending balance $ 10,153 $ 9,409 |
Expected Future Benefit Payments of Pension and Other Post-Retirement Benefit Plans | The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans: Year Ending December 31, Pension Plans 2018 $ 4,065 2019 $ 4,275 2020 $ 4,461 2021 $ 4,499 2022 $ 4,467 2023 to 2026 $ 23,547 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (Activity) | The activity for each item of accumulated other comprehensive loss is as follows: Foreign Pension and Accumulated other Beginning balance, January 1, 2016 $ (21,079 ) $ (18,575 ) $ (39,654 ) Net current period change (3,234 ) (6,347 ) (9,581 ) Reclassification adjustments for losses reclassified into income — 390 390 Ending balance, December 31, 2016 $ (24,313 ) $ (24,532 ) $ (48,845 ) Net current period change 7,141 814 7,955 Reclassification adjustments for losses reclassified into income — (345 ) (345 ) Ending balance, December 31, 2017 $ (17,172 ) $ (24,063 ) $ (41,235 ) |
Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) | The related tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2017 and 2016 are as follows: 2017 Before Tax Tax (Expense) After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 1,072 $ (258 ) $ 814 Reclassification of actuarial loss and prior service cost to net income (257 ) (88 ) (345 ) Net unrealized gain 815 (346 ) 469 Cumulative translation adjustment 7,141 — 7,141 Total other comprehensive income $ 7,956 $ (346 ) $ 7,610 2016 Before Tax Tax (Expense) After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ (6,553 ) $ 206 $ (6,347 ) Reclassification of actuarial loss and prior service cost to net income 507 (117 ) 390 Net unrealized loss (6,046 ) 89 (5,957 ) Cumulative translation adjustment (3,235 ) 1 (3,234 ) Total other comprehensive loss $ (9,281 ) $ 90 $ (9,191 ) |
Quarterly Financial Data (Una42
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Summary of Actual Quarterly Results of Operations | The following is a condensed summary of quarterly results of operations for 2017 and 2016 : Revenues Gross Profit Operating Net Income (Loss) Basic and Diluted 2017: First $ 173,416 $ 21,503 $ 4,557 $ 628 $ 0.02 Second $ 195,127 $ 22,701 $ 7,568 $ 131 $ 0.00 Third $ 198,349 $ 25,150 $ 10,682 $ 4,763 $ 0.16 Fourth $ 188,339 $ 23,211 $ 8,638 $ (7,227 ) $ (0.24 ) 2016: First $ 180,291 $ 25,704 $ 8,580 $ 2,563 $ 0.09 Second $ 178,251 $ 24,331 $ 8,427 $ 2,720 $ 0.09 Third $ 153,604 $ 18,919 $ 4,466 $ 1,147 $ 0.04 Fourth $ 149,966 $ 18,276 $ 3,910 $ 355 $ 0.01 (1) See Note 11 for discussion on the computation of diluted shares outstanding. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary of Expenditures Incurred to Date and Future Expenditures Associated with Restructuring | The table below summarizes the expenditures incurred to date and future expenditures associated with the restructuring activities approved on November 19, 2015 (in millions): (in millions) 2015 Expense 2016 Expense 2017 (Income) Expense / Adjustment Total Expense Statement of Operations Classification Edgewood Facility Separation costs $ 0.1 $ 0.2 $ — $ 0.3 Cost of revenues Facility and other costs — 0.1 — 0.1 Cost of revenues Total $ 0.1 $ 0.3 $ — $ 0.4 Piedmont Facility Separation costs $ 0.1 $ 0.5 $ (0.2 ) $ 0.4 Cost of revenues Facility and other costs — 0.4 — 0.4 Cost of revenues Total $ 0.1 $ 0.9 $ (0.2 ) $ 0.8 Monona Facility Separation costs $ 0.2 $ 0.3 $ (0.2 ) $ 0.3 Cost of revenues Facility and other costs — 0.1 1.3 1.4 Cost of revenues Total $ 0.2 $ 0.4 $ 1.1 $ 1.7 Shadyside Facility Separation costs $ 0.2 $ 1.5 $ 0.5 $ 2.2 Cost of revenues Facility and other costs — 0.2 0.2 0.4 Cost of revenues Total $ 0.2 $ 1.7 $ 0.7 $ 2.6 Other Restructuring Separation costs $ — $ 0.1 $ — $ 0.1 Cost of revenues Separation costs 0.2 0.1 — 0.3 Selling, general and administrative Total $ 0.2 $ 0.2 $ — $ 0.4 Total Restructuring $ 0.8 $ 3.5 $ 1.6 $ 5.9 |
Summary of Restructuring Liability | A summary of the restructuring liability for the years ended December 31 is as follows: 2017 Employee Costs Facility Exit and Other Contractual Costs Total Balance - Beginning of the year $ 2,229 $ 45 $ 2,274 Provisions 196 1,402 1,598 Utilizations (2,382 ) (1,447 ) (3,829 ) Balance - End of the year $ 43 $ — $ 43 2016 Employee Costs Facility Exit and Other Contractual Costs Total Balance - Beginning of the year $ 542 $ 43 $ 585 Provisions 2,668 839 3,507 Utilizations (981 ) (837 ) (1,818 ) Balance - End of the year $ 2,229 $ 45 $ 2,274 |
Organization - Narrative (Detai
Organization - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Significant Accounting Polici45
Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 15 years |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum | Tools and Dies | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum | Computer Hardware And Software | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Maximum | Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 40 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 20 years |
Maximum | Tools and Dies | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 7 years |
Maximum | Computer Hardware And Software | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Significant Accounting Polici46
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Significant Accounting Policies Summary [Line Items] | |||
Depreciation expense | $ 14 | $ 15.1 | $ 16.4 |
Forward Contracts | Minimum | |||
Schedule Of Significant Accounting Policies Summary [Line Items] | |||
Foreign exchange contract term | 1 month | ||
Forward Contracts | Maximum | |||
Schedule Of Significant Accounting Policies Summary [Line Items] | |||
Foreign exchange contract term | 18 months | ||
Customer Concentration Risk | Accounts Receivable | |||
Schedule Of Significant Accounting Policies Summary [Line Items] | |||
Percentage of major customer net receivables to total receivables (as a percent) | 59.00% | 64.00% |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proceeds from disposal/sale of property, plant and equipment | $ 2,682,000 | $ 37,000 | $ 108,000 | |
Global Truck & Bus | Ohio | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proceeds from disposal/sale of property, plant and equipment | $ 800,000 | |||
Asset held for sale, estimated fair value | $ 800,000 | |||
Global Truck & Bus | Ohio | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset impairment expense | $ 600,000 | |||
Interest Rate Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Outstanding debt covered by swaps | $ 80,000,000 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Values of our Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 20 | $ 142 |
Derivative liabilities | 627 | 1,234 |
Foreign Exchange Contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign Exchange Contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 20 | 142 |
Derivative liabilities | 627 | 1,234 |
Foreign Exchange Contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 515 | 0 |
Derivative liabilities | 246 | 0 |
Interest Rate Swap | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest Rate Swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 515 | 0 |
Derivative liabilities | 246 | 0 |
Interest Rate Swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurement - Notion
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Detail) - Foreign Exchange Contracts - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
U.S. $ Equivalent | $ 17,491 | $ 18,593 |
U.S. Equivalent Fair Value | $ 16,838 | $ 17,213 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments on Consolidated Statements of Income for Derivatives Not Designated as Accounting Hedges (Detail) - Cost of Revenues - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Exchange Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 457 | $ (603) |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 269 | $ 0 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long term debt | $ 3,191 | $ 0 |
Long-term debt | 163,758 | 233,154 |
Senior Notes | 7.875% senior secured notes due April 15, 2019 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 0 | 233,154 |
Fair Value | 0 | 231,391 |
Secured Debt | Term loan and security agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 166,949 | 0 |
Fair Value | 169,972 | $ 0 |
Current portion of long term debt | 3,200 | |
Long-term debt | $ 163,800 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 73,026 | $ 46,352 |
Work in process | 10,136 | 11,234 |
Finished goods | 15,853 | 13,468 |
Inventories | $ 99,015 | $ 71,054 |
Accrued and Other Liabilities53
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 12,904 | $ 10,435 |
Taxes payable | 3,564 | 2,517 |
Warranty costs | 3,490 | 5,552 |
Insurance | 2,432 | 5,237 |
Legal and professional fees | 1,588 | 2,827 |
Accrued freight | 1,544 | 1,465 |
Accrued services | 1,207 | 1,309 |
Deferred tooling revenue | 806 | 2,773 |
Interest | 146 | 3,892 |
Restructuring | 43 | 2,271 |
Other | 6,220 | 7,421 |
Accrued liabilities and other | $ 33,944 | $ 45,699 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 12, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Current portion of long term debt | $ 3,191 | $ 0 | |
Debt instrument discount | 600 | ||
Long-term debt | 163,758 | 233,154 | |
7.875% senior secured notes due April 15, 2019 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 0 | 233,154 | |
Interest on Senior Secured Notes (as a percent) | 7.875% | 7.875% | |
Term Loan Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 166,949 | $ 0 | |
Current portion of long term debt | 3,200 | ||
Deferred financing cost, current | 600 | ||
Debt instrument discount | 3,000 | ||
Long-term debt | 163,800 | ||
Deferred financing cost, noncurrent | 2,200 | ||
Debt discount, noncurrent | $ 2,400 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Apr. 12, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 11, 2017 |
Debt Instrument [Line Items] | ||||||
Cash payment for debt redemption | $ 0 | $ 0 | $ 591,000 | |||
Debt instrument discount | 600,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument fee | 900,000 | 100,000 | ||||
Term Loan Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 175,000,000 | |||||
Term Loan Facility | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Accrued interest | 100,000 | |||||
Debt instrument fee | 2,800,000 | |||||
Debt instrument discount | 3,000,000 | |||||
Carrying Amount | $ 166,949,000 | 0 | ||||
Weighted average interest rate (as a percent) | 7.22% | |||||
Quarterly debt principal payment | $ 1,100,000 | |||||
Prepayment penalty (as a percent) | 1.00% | |||||
Term Loan Facility | Base Rate Loans | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread (as a percent) | 5.00% | |||||
Term Loan Facility | LIBOR Revolver Loans | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread (as a percent) | 6.00% | |||||
Term Loan Facility | LIBOR Revolver Loans | Secured Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread (as a percent) | 1.00% | |||||
7.875% senior secured notes due April 15, 2019 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Cash payment for debt redemption | $ 74,000,000 | |||||
Interest on Senior Secured Notes (as a percent) | 7.875% | 7.875% | ||||
Write off of deferred financing fees | $ 1,600,000 | |||||
Interest costs | $ 1,500,000 | |||||
Carrying Amount | $ 0 | 233,154,000 | ||||
Third ARLS Agreement | Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 65,000,000 | $ 40,000,000 | ||||
Availability of borrowing | $ 58,600,000 | |||||
Commitment fee (as a percent) | 0.25% | |||||
Third ARLS Agreement | Line of Credit | Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | 10,000,000 | |||||
Outstanding borrowings | $ 2,100,000 | $ 2,500,000 | ||||
Borrowing availability maintenance amount | $ 5,000,000 | |||||
Borrowing availability maintenance (as a percent) | 10.00% | |||||
Fixed charge coverage ratio | 100.00% | |||||
Borrowing availability compliance threshold period | 60 days |
Debt - Margin for Borrowings un
Debt - Margin for Borrowings under Revolving Credit Facility (Details) - Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Minimum | III | |
Line of Credit Facility [Line Items] | |
Availability of borrowing | $ 24,000,000 |
Minimum | II | |
Line of Credit Facility [Line Items] | |
Availability of borrowing | 12,000,000 |
Maximum | II | |
Line of Credit Facility [Line Items] | |
Availability of borrowing | 24,000,000 |
Maximum | I | |
Line of Credit Facility [Line Items] | |
Availability of borrowing | $ 12,000,000 |
Base Rate Loans | III | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 0.50% |
Base Rate Loans | II | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 0.75% |
Base Rate Loans | I | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 1.00% |
LIBOR Revolver Loans | III | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 1.50% |
LIBOR Revolver Loans | II | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 1.75% |
LIBOR Revolver Loans | I | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 2.00% |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 23,081 | $ 22,559 |
Accumulated Amortization | (8,630) | (7,310) |
Currency Translation Adjustment | 97 | 262 |
Net Carrying Amount | $ 14,548 | $ 15,511 |
Trademarks/Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 23 years | 23 years |
Gross Carrying Amount | $ 8,472 | $ 8,378 |
Accumulated Amortization | (3,639) | (3,283) |
Currency Translation Adjustment | 54 | 90 |
Net Carrying Amount | $ 4,887 | $ 5,185 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | 15 years |
Gross Carrying Amount | $ 14,609 | $ 14,181 |
Accumulated Amortization | (4,991) | (4,027) |
Currency Translation Adjustment | 43 | 172 |
Net Carrying Amount | $ 9,661 | $ 10,326 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Aggregate intangible asset amortization expense | $ 1,320 | $ 1,305 | $ 1,327 |
Estimated intangible asset amortization expense in 2018 | 1,300 | ||
Estimated intangible asset amortization expense in 2019 | 1,300 | ||
Estimated intangible asset amortization expense in 2020 | 1,200 | ||
Estimated intangible asset amortization expense in 2021 | 1,200 | ||
Estimated intangible asset amortization expense in 2022 | $ 1,200 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Balance - Beginning of the year | $ 7,703 | $ 7,834 |
Currency translation adjustment | 342 | (131) |
Balance - End of the year | $ 8,045 | $ 7,703 |
Income Taxes - Pre-Tax Income (
Income Taxes - Pre-Tax Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (2,093) | $ (13,928) | $ 16,819 |
Foreign | 15,738 | 20,762 | 0 |
Income Before Provision for Income Taxes | $ 13,645 | $ 6,834 | $ 16,819 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Federal provision at statutory rate | $ 4,776 | $ 2,392 | $ 5,887 |
U.S./Foreign tax rate differential | (919) | (1,842) | 1 |
Foreign non-deductible expenses | (2,006) | 743 | (479) |
Foreign tax provision | 615 | 336 | 296 |
State taxes, net of federal benefit | 73 | (171) | 556 |
Change in uncertain tax positions | 81 | 114 | 236 |
Change in valuation allowance | 2,475 | (1,858) | 3,283 |
Tax credits | (152) | (104) | (283) |
Share-based compensation | (657) | (108) | 459 |
Repatriation of foreign earnings | 3,964 | 0 | 0 |
Other | 150 | 6 | (230) |
Provision for income taxes | 15,350 | 49 | 9,758 |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Change in tax rate | (264) | 541 | 32 |
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Change in tax rate | $ 7,214 | $ 0 | $ 0 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2,017 | ||
Current provision (benefit), federal | $ 2,954 | $ (4) | $ (153) |
Deferred provision (benefit), federal | 7,716 | (1,801) | 6,077 |
Total provision (benefit), federal | 10,670 | (1,805) | 5,924 |
Current provision (benefit), state and local | 362 | (27) | 380 |
Deferred provision (benefit), state and local | (371) | 1,021 | 389 |
Total provision (benefit), state and local | (9) | 994 | 769 |
Current provision (benefit), foreign | 4,042 | 2,605 | 1,374 |
Deferred provision (benefit), foreign | 647 | (1,745) | 1,691 |
Total provision (benefit), foreign | 4,689 | 860 | 3,065 |
Current provision (benefit) | 7,358 | 2,574 | 1,601 |
Deferred provision (benefit) | 7,992 | (2,525) | 8,157 |
Provision for income taxes | $ 15,350 | $ 49 | $ 9,758 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Taxes Assets And Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Document Fiscal Year Focus | 2,017 | |
Noncurrent deferred tax assets: | ||
Amortization and fixed assets | $ 1,835 | $ 4,109 |
Accounts receivable | 396 | 815 |
Inventories | 2,254 | 2,899 |
Pension obligations | 2,903 | 4,623 |
Warranty obligations | 973 | 2,519 |
Accrued benefits | 787 | 1,060 |
Foreign exchange contracts | 89 | 460 |
Restricted stock | 73 | 145 |
Tax credits carryforwards | 1,611 | 2,238 |
Net operating loss carryforwards | 24,784 | 20,130 |
Other temporary differences not currently available for tax purposes | (411) | 2,135 |
Total noncurrent deferred tax assets | 35,294 | 41,133 |
Valuation allowance | (15,021) | (12,546) |
Net noncurrent deferred tax assets | 20,273 | 28,587 |
Noncurrent deferred tax liabilities: | ||
Amortization and fixed assets | (100) | (764) |
Net operating loss carryforwards | 0 | 2,178 |
Other temporary differences not currently available for tax purposes | 60 | (1,430) |
Total noncurrent tax liabilities | (40) | (16) |
Total net deferred tax asset | $ 20,233 | $ 28,571 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | ||||
Net deferred tax asset | $ 20,233 | $ 28,571 | ||
Change in net deferred tax asset position | 8,300 | |||
Deferred tax asset reduction U.S. corporate tax rate | 7,200 | |||
Repatriation of accumulated untaxed earnings of foreign subsidiaries | 4,000 | |||
Valuation allowance | 15,021 | 12,546 | ||
Cash held by foreign subsidiaries | 38,200 | |||
Unrecognized tax benefits liability | 485 | 628 | $ 489 | $ 27 |
Accrued interest and penalties are included in the unrecognized tax benefits | $ 300 | $ 200 | ||
Minimum | ||||
Income Tax Disclosure [Line Items] | ||||
Federal research and development tax credit carryforward expiration year | 2,026 | |||
Maximum | ||||
Income Tax Disclosure [Line Items] | ||||
Federal research and development tax credit carryforward expiration year | 2,038 | |||
Research And Development | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credits carried forward | $ 1,600 | |||
Foreign Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Release of valuation allowance | 2,300 | |||
Net operating loss carryforwards | 71,500 | |||
Domestic Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | 24,000 | |||
State and Local Jurisdiction | ||||
Income Tax Disclosure [Line Items] | ||||
Valuation allowance | 200 | |||
Net operating loss carryforwards | $ 65,600 |
Income Taxes - Reconciliation65
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance - Beginning of the year | $ 628 | $ 489 | $ 27 |
Gross increase - tax positions in prior periods | 68 | 40 | 445 |
Gross decreases - tax positions in prior periods | (38) | 0 | 0 |
Gross increases - current period tax positions | 29 | 103 | 44 |
Lapse of statute of limitations | (221) | (4) | (27) |
Currency translation adjustment | 19 | 0 | 0 |
Balance - End of the year | $ 485 | $ 628 | $ 489 |
Segment Reporting and Geograp66
Segment Reporting and Geographic Locations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting and Geograp67
Segment Reporting and Geographic Locations - Sales by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||||||||||
Revenues | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 149,966 | $ 153,604 | $ 178,251 | $ 180,291 | $ 755,231 | $ 662,112 | $ 825,341 |
Gross Profit | 23,211 | 25,150 | 22,701 | 21,503 | 18,276 | 18,919 | 24,331 | 25,704 | 92,565 | 87,230 | 110,822 |
Depreciation and Amortization Expense | 15,344 | 16,451 | 17,710 | ||||||||
Selling, General & Administrative Expenses | 59,800 | 60,542 | 71,469 | ||||||||
Operating Income | $ 8,638 | $ 10,682 | $ 7,568 | $ 4,557 | $ 3,910 | $ 4,466 | $ 8,427 | $ 8,580 | 31,445 | 25,383 | 38,026 |
Capital Expenditures and Other Items: | |||||||||||
Capital Expenditures | 13,567 | 11,917 | 15,590 | ||||||||
Other Items | 4,300 | 4,123 | 2,332 | ||||||||
Global Truck & Bus | |||||||||||
Revenues | |||||||||||
Revenues | 457,770 | 416,279 | 565,269 | ||||||||
Global Construction & Agriculture | |||||||||||
Revenues | |||||||||||
Revenues | 309,707 | 254,024 | 271,627 | ||||||||
Operating Segments | |||||||||||
Revenues | |||||||||||
Revenues | 755,231 | 662,112 | 825,341 | ||||||||
Operating Segments | Global Truck & Bus | |||||||||||
Revenues | |||||||||||
Revenues | 455,864 | 415,154 | 564,651 | ||||||||
Gross Profit | 62,668 | 54,665 | 85,702 | ||||||||
Depreciation and Amortization Expense | 7,875 | 8,545 | 8,909 | ||||||||
Selling, General & Administrative Expenses | 21,507 | 22,557 | 25,263 | ||||||||
Operating Income | 39,983 | 30,943 | 59,252 | ||||||||
Capital Expenditures and Other Items: | |||||||||||
Capital Expenditures | 6,290 | 6,384 | 7,579 | ||||||||
Other Items | 777 | 2,712 | 1,838 | ||||||||
Operating Segments | Global Construction & Agriculture | |||||||||||
Revenues | |||||||||||
Revenues | 299,367 | 246,958 | 260,690 | ||||||||
Gross Profit | 31,291 | 34,060 | 28,627 | ||||||||
Depreciation and Amortization Expense | 4,736 | 5,581 | 5,855 | ||||||||
Selling, General & Administrative Expenses | 16,845 | 18,240 | 20,442 | ||||||||
Operating Income | 14,305 | 15,680 | 8,044 | ||||||||
Capital Expenditures and Other Items: | |||||||||||
Capital Expenditures | 5,324 | 4,609 | 4,688 | ||||||||
Other Items | 1,146 | 723 | 494 | ||||||||
Intersegment Revenues | Global Truck & Bus | |||||||||||
Revenues | |||||||||||
Revenues | 1,906 | 1,125 | 618 | ||||||||
Intersegment Revenues | Global Construction & Agriculture | |||||||||||
Revenues | |||||||||||
Revenues | 10,340 | 7,066 | 10,937 | ||||||||
Corporate/ Other | |||||||||||
Revenues | |||||||||||
Revenues | (12,246) | (8,191) | (11,555) | ||||||||
Gross Profit | (1,394) | (1,495) | (3,507) | ||||||||
Depreciation and Amortization Expense | 2,733 | 2,325 | 2,946 | ||||||||
Selling, General & Administrative Expenses | 21,448 | 19,745 | 25,764 | ||||||||
Operating Income | (22,843) | (21,240) | (29,270) | ||||||||
Capital Expenditures and Other Items: | |||||||||||
Capital Expenditures | 1,953 | 924 | 3,323 | ||||||||
Other Items | $ 2,377 | $ 688 | $ 0 |
Segment Reporting and Geograp68
Segment Reporting and Geographic Locations - Revenue and Long-Lived Assets for Each of Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 149,966 | $ 153,604 | $ 178,251 | $ 180,291 | $ 755,231 | $ 662,112 | $ 825,341 |
Long-lived Assets | 64,630 | 66,041 | 64,630 | 66,041 | 70,961 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 560,412 | 496,473 | 635,627 | ||||||||
Long-lived Assets | 50,207 | 54,334 | 50,207 | 54,334 | 59,280 | ||||||
All other countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 194,819 | 165,639 | 189,714 | ||||||||
Long-lived Assets | $ 14,423 | $ 11,707 | $ 14,423 | $ 11,707 | $ 11,681 |
Segment Reporting and Geograp69
Segment Reporting and Geographic Locations - Summary Composition by Product Category of Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 149,966 | $ 153,604 | $ 178,251 | $ 180,291 | $ 755,231 | $ 662,112 | $ 825,341 |
Percent of net revenues (as a percent) | 100.00% | 100.00% | 100.00% | ||||||||
Seats and seating systems | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 314,717 | $ 280,575 | $ 339,724 | ||||||||
Percent of net revenues (as a percent) | 42.00% | 42.00% | 41.00% | ||||||||
Electric wire harnesses and panel assemblies | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 189,154 | $ 149,417 | $ 154,417 | ||||||||
Percent of net revenues (as a percent) | 25.00% | 23.00% | 19.00% | ||||||||
Trim systems and components | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 150,228 | $ 132,623 | $ 179,713 | ||||||||
Percent of net revenues (as a percent) | 20.00% | 20.00% | 22.00% | ||||||||
Cab structures, sleeper boxes, body panels and structural components | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 56,417 | $ 57,605 | $ 96,046 | ||||||||
Percent of net revenues (as a percent) | 7.00% | 9.00% | 12.00% | ||||||||
Mirrors, wipers and controls | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 44,715 | $ 41,892 | $ 55,441 | ||||||||
Percent of net revenues (as a percent) | 6.00% | 6.00% | 6.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expense | $ 12 | $ 10.6 | $ 11.3 |
Commitments and Contingencies71
Commitments and Contingencies - Future Minimum Annual Rental Commitments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 5,284 |
2,019 | 3,799 |
2,020 | 2,670 |
2,021 | 2,511 |
2,022 | 2,382 |
Thereafter | $ 3,375 |
Commitments and Contingencies72
Commitments and Contingencies - Summary of Warranty Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance - Beginning of the year | $ 5,552 | $ 7,580 |
Provision for new warranty claims | 3,461 | 1,798 |
Change in provision for preexisting warranty claims | (1,065) | 389 |
Deduction for payments made | (4,579) | (3,819) |
Currency translation adjustment | 121 | (396) |
Balance - End of year | $ 3,490 | $ 5,552 |
Commitments and Contingencies73
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 4,375 |
2,019 | 4,375 |
2,020 | 4,375 |
2,021 | 4,375 |
2,022 | 4,375 |
Thereafter | $ 150,938 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders Equity Note Disclosure [Line Items] | ||
Common stock, authorized capital (in shares) | 60,000,000 | 60,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 30,219,278 | 29,871,354 |
Preferred stock, authorized capital (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Restricted Stock | ||
Stockholders Equity Note Disclosure [Line Items] | ||
Antidilutive stock options excluded from earning per share (in shares) | 787,000 | 350,000 |
Stockholders' Equity - Diluted
Stockholders' Equity - Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||||||||||
Net (loss) income attributable to common stockholders | $ (1,705) | $ 6,785 | $ 7,060 | ||||||||
Weighted average number of common shares outstanding (in shares) | 29,942 | 29,530 | 29,209 | ||||||||
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 0 | 348 | 190 | ||||||||
Dilutive shares outstanding (in shares) | 29,942 | 29,878 | 29,399 | ||||||||
Basic and dilutive (loss) earnings per share attributable to common stockholders (in dollars per share) | $ (0.24) | $ 0.16 | $ 0 | $ 0.02 | $ 0.01 | $ 0.04 | $ 0.09 | $ 0.09 | $ (0.06) | $ 0.23 | $ 0.24 |
Performance Awards - Additional
Performance Awards - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized expense | $ 4.9 |
2014 EIP | Performance Awards | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Performance period | 3 years |
Unrecognized expense | $ 2 |
Performance Awards - Summary of
Performance Awards - Summary of Grant Activity (Details) - 2014 EIP - Performance Awards $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 6,592 |
Adjustments | (1,058) |
Forfeitures | (1,331) |
Payments | (495) |
Adjusted Award Value at December 31, 2017 | 3,708 |
November 2,014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | 2,087 |
Adjustments | (495) |
Forfeitures | (1,097) |
Payments | (495) |
Adjusted Award Value at December 31, 2017 | $ 0 |
Remaining Periods (in Months) to Vesting | 0 months |
November 2,015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,487 |
Adjustments | 646 |
Forfeitures | (197) |
Payments | 0 |
Adjusted Award Value at December 31, 2017 | $ 1,936 |
Remaining Periods (in Months) to Vesting | 10 months |
November 2,016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,434 |
Adjustments | (454) |
Forfeitures | (37) |
Payments | 0 |
Adjusted Award Value at December 31, 2017 | $ 943 |
Remaining Periods (in Months) to Vesting | 22 months |
November 2,017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,584 |
Adjustments | (755) |
Forfeitures | 0 |
Payments | 0 |
Adjusted Award Value at December 31, 2017 | $ 829 |
Remaining Periods (in Months) to Vesting | 34 months |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Compensation expense | $ 2.5 | $ 2.6 | $ 2.9 |
Unrecognized compensation expense | $ 4.9 | ||
Shares expected to be surrendered by employees | 161 | ||
Restricted Stock | 2014 EIP | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Authorized shares available for issuance | 2,600 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information about Restricted Stock Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)installmentshares | Dec. 31, 2016shares | Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned Compensation | $ | $ 4,900,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 354,000 | 571,000 | 818,000 |
Restricted Stock | October 2015 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 595,509 | ||
Unearned Compensation | $ | $ 451,700 | ||
Remaining Period (in months) | 10 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | January/March 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 62,610 | ||
Unearned Compensation | $ | $ 22,500 | ||
Remaining Period (in months) | 10 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | October 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 410,751 | ||
Unearned Compensation | $ | $ 1,250,600 | ||
Remaining Period (in months) | 22 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | July 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 5,701 | ||
Unearned Compensation | $ | $ 28,500 | ||
Remaining Period (in months) | 22 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | October 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 302,574 | ||
Unearned Compensation | $ | $ 2,797,600 | ||
Remaining Period (in months) | 34 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | October 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 45,965 | ||
Unearned Compensation | $ | $ 375,000 | ||
Remaining Period (in months) | 10 months | ||
Number of vesting installments | installment | 3 |
Share-Based Compensation - Su80
Share-Based Compensation - Summary of Information about Nonvested Restricted Stock Grants (Detail) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Nonvested Restricted Stock Shares | |||
Nonvested - beginning of year (in shares) | 981 | 1,128 | 915 |
Granted (in shares) | 354 | 571 | 818 |
Vested (in shares) | (509) | (558) | (400) |
Forfeited (in shares) | (39) | (160) | (205) |
Nonvested - end of year (in shares) | 787 | 981 | 1,128 |
Nonvested Restricted Stock Weighted-Average Grant-Date Fair Value | |||
Nonvested - beginning of year (in dollars per share) | $ 4.70 | $ 4.24 | $ 6.96 |
Granted (in dollars per share) | 9.77 | 5.05 | 3.24 |
Vested (in dollars per share) | 4.90 | 4.68 | 7.06 |
Forfeited (in dollars per share) | 4.84 | 4.35 | 6.93 |
Nonvested - end of year (in dollars per share) | $ 6.84 | $ 4.70 | $ 4.24 |
Defined Contribution Plans, P81
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized expense associated with defined contribution plans | $ 3 | $ 2.7 | $ 2.8 |
Expected contribution to pension plans and post-retirement benefit plans | $ 3 | ||
Maturity period of investments | 90 days | ||
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | $ 0.3 |
Defined Contribution Plans, P82
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Change in Benefit Obligation Plan Assets and Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | $ 69,470 | ||
Fair value of plan assets at end of the year | 80,423 | $ 69,470 | |
U.S. Pension and Other Post-Retirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 47,512 | 47,795 | |
Service cost | 116 | 126 | $ 135 |
Interest cost | 1,810 | 1,878 | 1,864 |
Participant contributions | 8 | 7 | |
Benefits paid | (2,188) | (2,161) | |
Actuarial loss (gain) | 2,814 | (133) | |
Exchange rate changes | 0 | 0 | |
Benefit obligation at end of the year | 50,072 | 47,512 | 47,795 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 38,390 | 36,270 | |
Actual return on plan assets | 6,584 | 2,035 | |
Employer contributions | 2,252 | 2,239 | |
Participant contributions | 8 | 7 | |
Benefits paid | (2,188) | (2,161) | |
Exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of the year | 45,046 | 38,390 | 36,270 |
Funded status | (5,026) | (9,122) | |
Non-U.S. Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 40,820 | 39,186 | |
Service cost | 0 | 0 | 0 |
Interest cost | 1,138 | 1,370 | 1,470 |
Participant contributions | 0 | 0 | |
Benefits paid | (1,309) | (1,454) | |
Actuarial loss (gain) | 1,099 | 9,234 | |
Exchange rate changes | 3,989 | (7,516) | |
Benefit obligation at end of the year | 45,737 | 40,820 | 39,186 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 31,080 | 33,608 | |
Actual return on plan assets | 1,798 | 4,214 | |
Employer contributions | 747 | 756 | |
Participant contributions | 0 | 0 | |
Benefits paid | (1,309) | (1,454) | |
Exchange rate changes | 3,061 | (6,044) | |
Fair value of plan assets at end of the year | 35,377 | 31,080 | $ 33,608 |
Funded status | $ (10,360) | $ (9,740) |
Defined Contribution Plans, P83
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ 15,450 | $ 18,938 |
U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 52 | 64 |
Noncurrent liabilities | 4,974 | 9,058 |
Amount recognized | 5,026 | 9,122 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 0 | 0 |
Noncurrent liabilities | 10,360 | 9,740 |
Amount recognized | $ 10,360 | $ 9,740 |
Defined Contribution Plans, P84
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 116 | $ 126 | $ 135 |
Interest cost | 1,810 | 1,878 | 1,864 |
Expected return on plan assets | (2,684) | (2,719) | (2,673) |
Amortization of prior service cost | 6 | 6 | 6 |
Recognized actuarial loss (gain) | 21 | 308 | 336 |
Net periodic (benefit) cost | (731) | (401) | (332) |
Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1,138 | 1,370 | 1,470 |
Expected return on plan assets | (1,196) | (1,520) | (1,597) |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 312 | 210 | 275 |
Net periodic (benefit) cost | $ 254 | $ 60 | $ 148 |
Defined Contribution Plans, P85
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 13,765 | $ 15,219 | $ 14,974 |
Prior service cost | 57 | 63 | 69 |
Amount recognized in AOCI | 13,822 | 15,282 | 15,043 |
Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 13,454 | 14,134 | 8,784 |
Prior service cost | 0 | 0 | 0 |
Amount recognized in AOCI | $ 13,454 | $ 14,134 | $ 8,784 |
Defined Contribution Plans, P86
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized as Other Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss (gain) | $ (1,087) | $ 551 |
Amortization of actuarial (gain) loss | (367) | (308) |
Prior Service credit | (6) | (6) |
Total recognized in other comprehensive income (loss) | (1,460) | 237 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss (gain) | 519 | 6,001 |
Amortization of actuarial (gain) loss | (504) | (193) |
Prior Service credit | 0 | 0 |
Total recognized in other comprehensive income (loss) | $ 15 | $ 5,808 |
Defined Contribution Plans, P87
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Pension and Other Post-Retirement Benefit Plans | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Discount rate (as a percent) | 3.42% | 3.87% |
Non-U.S. Pension Plans | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Discount rate (as a percent) | 2.45% | 2.70% |
Defined Contribution Plans, P88
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Pension and Other Post-Retirement Benefit Plans | |||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | |||
Discount rate (as a percent) | 3.87% | 4.05% | 3.73% |
Expected return on plan assets (as a percent) | 7.00% | 7.50% | 7.50% |
Non-U.S. Pension Plans | |||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | |||
Discount rate (as a percent) | 2.70% | 3.90% | 3.50% |
Expected return on plan assets (as a percent) | 3.70% | 5.00% | 4.60% |
Defined Contribution Plans, P89
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Current Investment Allocation Target for Pension Plans and Weighted-Average Asset Allocations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 100.00% | 100.00% |
Weighted-average pension plans allocation | 99.90% | 100.00% |
Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 100.00% | 100.00% |
Weighted-average pension plans allocation | 100.00% | 100.00% |
Cash and cash equivalents | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Weighted-average pension plans allocation | 0.00% | 0.00% |
Cash and cash equivalents | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Weighted-average pension plans allocation | 0.00% | 0.00% |
Equity/Balanced securities | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 55.00% | 55.00% |
Weighted-average pension plans allocation | 57.00% | 52.00% |
Equity/Balanced securities | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 55.00% | 55.00% |
Weighted-average pension plans allocation | 58.00% | 55.00% |
Fixed income securities | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 25.00% | 25.00% |
Weighted-average pension plans allocation | 20.00% | 23.00% |
Fixed income securities | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 45.00% | 45.00% |
Weighted-average pension plans allocation | 42.00% | 45.00% |
Real estate | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 20.00% | 20.00% |
Weighted-average pension plans allocation | 23.00% | 25.00% |
Real estate | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Weighted-average pension plans allocation | 0.00% | 0.00% |
Defined Contribution Plans, P90
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Fair Values of Pension Plan Assets by Asset Category and by Level (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 80,423 | $ 69,470 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 264 | 174 | |
U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,499 | 4,800 | |
U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,792 | 4,805 | |
International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,734 | 7,954 | |
Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 3,613 | 2,464 | |
Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 21,895 | 18,486 | |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 9,806 | 8,402 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 12,667 | 12,976 | |
U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,153 | 9,409 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 15,168 | 12,243 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 264 | 174 | |
Level 1 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,499 | 4,800 | |
Level 1 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,792 | 4,805 | |
Level 1 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 3,613 | 2,464 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 55,102 | 47,818 | |
Level 2 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,734 | 7,954 | |
Level 2 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 21,895 | 18,486 | |
Level 2 | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 9,806 | 8,402 | |
Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 12,667 | 12,976 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,153 | 9,409 | $ 8,645 |
Level 3 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 10,153 | $ 9,409 |
Defined Contribution Plans, P91
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Fair Value of Pension Plan Assets Measured Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | $ 69,470 | |
Fair value of plan assets at end of the year | 80,423 | $ 69,470 |
Level 3 | ||
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | 9,409 | 8,645 |
Actual return on assets held at reporting date | 744 | 764 |
Fair value of plan assets at end of the year | $ 10,153 | $ 9,409 |
Defined Contribution Plans, P92
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Expected Future Benefit Payments of Pension and Other Post-Retirement Benefit Plans (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
2,018 | $ 4,065 |
2,019 | 4,275 |
2,020 | 4,461 |
2,021 | 4,499 |
2,022 | 4,467 |
2023 to 2026 | $ 23,547 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Loss - Accumulated Comprehensive Loss (Activity) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 67,690 | $ 65,930 |
Net current period change | 7,955 | (9,581) |
Reclassification adjustments for losses reclassified into income | (345) | 390 |
Ending balance | 74,742 | 67,690 |
Foreign currency items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (24,313) | (21,079) |
Net current period change | 7,141 | (3,234) |
Reclassification adjustments for losses reclassified into income | 0 | 0 |
Ending balance | (17,172) | (24,313) |
Pension and postretirement benefits plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (24,532) | (18,575) |
Net current period change | 814 | (6,347) |
Reclassification adjustments for losses reclassified into income | (345) | 390 |
Ending balance | (24,063) | (24,532) |
Accumulated other comprehensive loss | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (48,845) | (39,654) |
Ending balance | $ (41,235) | $ (48,845) |
Accumulated Other Comprehensi94
Accumulated Other Comprehensive Loss - Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Before Tax Amount | |||
Total other comprehensive income (loss), before tax amount | $ 7,956 | $ (9,281) | |
Tax (Expense) Benefit | |||
Total other comprehensive income (loss), tax | (346) | 90 | |
After Tax Amount | |||
Cumulative translation adjustment, after tax amount | 7,141 | (3,234) | $ (4,572) |
Total other comprehensive income (loss), after tax amount | 7,610 | (9,191) | |
Retirement Benefits Adjustment | |||
Before Tax Amount | |||
Net actuarial gain (loss) and prior service credit, before tax amount | 1,072 | (6,553) | |
Reclassification of actuarial loss and prior service cost to net income, before tax amount | (257) | 507 | |
Total recognized in other comprehensive income (loss) | 815 | (6,046) | |
Tax (Expense) Benefit | |||
Net actuarial gain (loss) and prior service credit, tax | (258) | 206 | |
Reclassification of actuarial loss and prior service cost to net income, tax | (88) | (117) | |
Net unrealized loss, before tax amount, tax | (346) | 89 | |
After Tax Amount | |||
Net actuarial gain (loss) and prior service credit, after tax amount | 814 | (6,347) | |
Reclassification of actuarial loss and prior service cost to net income, after tax amount | (345) | 390 | |
Net unrealized loss, before tax amount, after tax amount | 469 | (5,957) | |
Cumulative translation adjustment | |||
Before Tax Amount | |||
Cumulative translation adjustment, before tax amount | 7,141 | (3,235) | |
Tax (Expense) Benefit | |||
Cumulative translation adjustment, tax | 0 | 1 | |
After Tax Amount | |||
Cumulative translation adjustment, after tax amount | $ 7,141 | $ (3,234) |
Quarterly Financial Data (Una95
Quarterly Financial Data (Unaudited) - Condensed Summary of Actual Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 149,966 | $ 153,604 | $ 178,251 | $ 180,291 | $ 755,231 | $ 662,112 | $ 825,341 |
Gross Profit | 23,211 | 25,150 | 22,701 | 21,503 | 18,276 | 18,919 | 24,331 | 25,704 | 92,565 | 87,230 | 110,822 |
Operating Income | 8,638 | 10,682 | 7,568 | 4,557 | 3,910 | 4,466 | 8,427 | 8,580 | 31,445 | 25,383 | 38,026 |
Net Income (Loss) | $ (7,227) | $ 4,763 | $ 131 | $ 628 | $ 355 | $ 1,147 | $ 2,720 | $ 2,563 | $ (1,705) | $ 6,785 | $ 7,061 |
Basic and Diluted Earnings (Loss) Per Share | $ (0.24) | $ 0.16 | $ 0 | $ 0.02 | $ 0.01 | $ 0.04 | $ 0.09 | $ 0.09 | $ (0.06) | $ 0.23 | $ 0.24 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) $ in Thousands | May 02, 2016facility | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Nov. 19, 2015USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 1,598 | $ 3,507 | $ 800 | $ 5,900 | ||
North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facilities | facility | 2 | |||||
Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total Project Expense | $ 11,000 | |||||
Minimum | Capital Investment | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total Project Expense | 1,000 | |||||
Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total Project Expense | 16,000 | |||||
Maximum | Capital Investment | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total Project Expense | $ 2,000 |
Restructuring - Summary of Expe
Restructuring - Summary of Expenditures Incurred to Date and Future Expenditures Associated with Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,598 | $ 3,507 | $ 800 | $ 5,900 |
Edgewood Facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 300 | 100 | 400 |
Piedmont Facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (200) | 900 | 100 | 800 |
Monona Facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,100 | 400 | 200 | 1,700 |
Shadyside Facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 700 | 1,700 | 200 | 2,600 |
Other Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 200 | 200 | 400 |
Separation costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 196 | 2,668 | ||
Separation costs | Edgewood Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 200 | 100 | 300 |
Separation costs | Piedmont Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (200) | 500 | 100 | 400 |
Separation costs | Monona Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (200) | 300 | 200 | 300 |
Separation costs | Shadyside Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 500 | 1,500 | 200 | 2,200 |
Separation costs | Other Restructuring | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 100 | 0 | 100 |
Separation costs | Other Restructuring | Selling, general and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 100 | 200 | 300 |
Facility and other costs | Edgewood Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 100 | 0 | 100 |
Facility and other costs | Piedmont Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 400 | 0 | 400 |
Facility and other costs | Monona Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,300 | 100 | 0 | 1,400 |
Facility and other costs | Shadyside Facility | Cost of Revenues | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 200 | $ 200 | $ 0 | $ 400 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Balance - Beginning of the year | $ 2,274 | $ 585 | ||
Provisions | 1,598 | 3,507 | $ 800 | $ 5,900 |
Utilizations | (3,829) | (1,818) | ||
Balance - End of the year | 43 | 2,274 | 585 | 43 |
Employee Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance - Beginning of the year | 2,229 | 542 | ||
Provisions | 196 | 2,668 | ||
Utilizations | (2,382) | (981) | ||
Balance - End of the year | 43 | 2,229 | 542 | 43 |
Facility Exit and Other Contractual Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance - Beginning of the year | 45 | 43 | ||
Provisions | 1,402 | 839 | ||
Utilizations | (1,447) | (837) | ||
Balance - End of the year | $ 0 | $ 45 | $ 43 | $ 0 |
Schedule II - Valuation and Q99
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | $ 3,881 | $ 4,539 | $ 2,808 |
Provisions | 5,488 | 5,547 | 4,640 |
Utilizations | (4,264) | (6,063) | (2,828) |
Currency translation adjustment | 137 | (142) | (81) |
Balance - End of the year | 5,242 | 3,881 | 4,539 |
Valuation Allowance of Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | 12,546 | 14,404 | 11,770 |
Provisions | 2,506 | 2,917 | 3,436 |
Utilizations | (31) | (4,775) | (802) |
Balance - End of the year | $ 15,021 | $ 12,546 | $ 14,404 |