Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 11, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Commercial Vehicle Group, Inc. | ||
Trading Symbol | CVGI | ||
Entity Central Index Key | 0001290900 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 31,273,393 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 218,398,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash | $ 70,913 | $ 52,244 |
Accounts receivable, net of allowances of $5,139 and $5,242, respectively | 134,624 | 108,595 |
Inventories | 92,359 | 99,015 |
Other current assets | 16,828 | 14,792 |
Total current assets | 314,724 | 274,646 |
Property, Plant and Equipment: | ||
Land and buildings | 26,240 | 25,942 |
Machinery and equipment | 175,990 | 183,556 |
Construction in progress | 6,650 | 2,685 |
Less accumulated depreciation | (143,781) | (147,553) |
Property, plant and equipment, net | 65,099 | 64,630 |
Goodwill | 7,576 | 8,045 |
Intangible assets, net of accumulated amortization of $9,568 and $8,533, respectively | 12,800 | 14,548 |
Deferred income taxes, net | 15,348 | 20,273 |
Other assets | 2,583 | 2,246 |
TOTAL ASSETS | 418,130 | 384,388 |
Current Liabilities: | ||
Accounts payable | 86,645 | 86,608 |
Accrued liabilities and other | 36,969 | 33,944 |
Current portion of long-term debt | 9,102 | 3,191 |
Total current liabilities | 132,716 | 123,743 |
Long-term debt | 154,656 | 163,758 |
Pension and other post-retirement liabilities | 12,065 | 15,450 |
Other long-term liabilities | 3,655 | 6,695 |
Total liabilities | 303,092 | 309,646 |
Commitments and contingencies (Note 11) | ||
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; 30,512,843 and 30,219,278 shares issued and outstanding, respectively); | 318 | 304 |
Treasury stock, at cost: 1,334,251 and 1,175,795 shares, respectively | (10,245) | (9,114) |
Additional paid-in capital | 243,007 | 239,870 |
Retained deficit | (70,571) | (115,083) |
Accumulated other comprehensive loss | (47,471) | (41,235) |
Total stockholders’ equity | 115,038 | 74,742 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 418,130 | $ 384,388 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 5,139 | $ 5,242 |
Accumulated amortization on intangible assets | $ 9,568 | $ 8,533 |
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) | 30,512,843 | 30,219,278 |
Common stock, shares outstanding (in shares) | 30,512,843 | 30,219,278 |
Treasury stock, shares (in shares) | 1,334,251 | 1,175,795 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 897,737 | $ 755,231 | $ 662,112 |
Cost of revenues | 768,885 | 663,513 | 575,409 |
Gross Profit | 128,852 | 91,718 | 86,703 |
Selling, general and administrative expenses | 60,679 | 59,547 | 60,482 |
Amortization expense | 1,300 | 1,320 | 1,305 |
Operating Income | 66,873 | 30,851 | 24,916 |
Other income | 1,311 | 1,943 | 1,236 |
Interest expense | 14,676 | 19,149 | 19,318 |
Income Before Provision for Income Taxes | 53,508 | 13,645 | 6,834 |
Provision for income taxes | 8,996 | 15,350 | 49 |
Net income (loss) | 44,512 | (1,705) | 6,785 |
Net (loss) income attributable to CVG | $ 44,512 | $ (1,705) | $ 6,785 |
Earnings (loss) per common share | |||
Basic (in dollars per share) | $ 1.47 | $ (0.06) | $ 0.23 |
Diluted (in dollars per share) | $ 1.46 | $ (0.06) | $ 0.23 |
Weighted average shares outstanding | |||
Basic (in shares) | 30,277 | 29,942 | 29,530 |
Diluted (in shares) | 30,587 | 29,942 | 29,878 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ 44,512 | $ (1,705) | $ 6,785 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (5,675) | ||
Foreign currency translation adjustments | 7,141 | (3,234) | |
Minimum pension liability, net of tax | (1,057) | 469 | (5,957) |
Derivative instrument | 496 | 0 | 0 |
Other comprehensive (loss) income | (6,236) | 7,610 | (9,191) |
Comprehensive income (loss) attributable to CVG stockholders | $ 38,276 | $ 5,905 | $ (2,406) |
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 |
Beginning Balance (in shares) at Dec. 31, 2015 | 29,448,779 | ||||||
Beginning balance at Dec. 31, 2015 | $ 294 | $ (7,039) | $ 234,760 | $ (122,431) | $ (39,654) | $ 65,930 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock (in shares) | 557,584 | ||||||
Issuance of restricted stock | $ 5 | 5 | |||||
Surrender of common stock by employees (in shares) | (135,009) | ||||||
Surrender of common stock by employees | (714) | (714) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (2,406) | 6,785 | (9,191) | (2,406) | |||
Share-based compensation expense | 2,607 | 2,607 | |||||
Recognition of excess tax benefits on share-based compensation expense | 2,268 | 2,268 | |||||
Ending balance (in shares) at Dec. 31, 2016 | 29,871,354 | ||||||
Ending balance at Dec. 31, 2016 | $ 299 | (7,753) | 237,367 | (113,378) | (48,845) | 67,690 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock (in shares) | 509,306 | ||||||
Issuance of restricted stock | $ 5 | 5 | |||||
Surrender of common stock by employees (in shares) | (161,382) | ||||||
Surrender of common stock by employees | (1,361) | (1,361) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 5,905 | (1,705) | 7,610 | 5,905 | |||
Share-based compensation expense | 2,503 | 2,503 | |||||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock (in shares) | 452,021 | ||||||
Issuance of restricted stock | $ 14 | 14 | |||||
Surrender of common stock by employees (in shares) | (158,456) | ||||||
Surrender of common stock by employees | (1,131) | (1,131) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 38,276 | 44,512 | (6,236) | 38,276 | |||
Share-based compensation expense | 3,137 | 3,137 | |||||
Ending balance (in shares) at Dec. 31, 2018 | 30,512,843 | 30,512,843 | |||||
Ending balance at Dec. 31, 2018 | $ 115,038 | $ 318 | $ (10,245) | $ 243,007 | $ (70,571) | $ (47,471) | $ 115,038 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ 44,512 | $ (1,705) | $ 6,785 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,418 | 15,344 | 16,451 |
Provision for doubtful accounts | 7,607 | 5,622 | 5,552 |
Noncash amortization of debt financing costs | 1,404 | 1,251 | 840 |
Shared-based compensation expense | 3,137 | 2,503 | 2,607 |
Deferred income taxes | 5,940 | 7,992 | (2,525) |
Noncash (gain) loss on forward exchange contracts | (1,468) | (726) | 603 |
Impairment of equipment held for sale | 0 | 0 | 616 |
Change in other operating items: | |||
Accounts receivable | (35,674) | (13,794) | 25,501 |
Inventories | 4,836 | (25,104) | 2,993 |
Prepaid expenses | (5,685) | (814) | (978) |
Accounts payable | 1,451 | 23,250 | (4,263) |
Accrued liabilities | 2,631 | (12,284) | (1,997) |
Other operating activities, net | (3,117) | 722 | (2,820) |
Net cash provided by operating activities | 40,992 | 2,257 | 49,365 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (14,150) | (13,458) | (11,429) |
Proceeds from disposal/sale of property, plant and equipment | 49 | 2,682 | 37 |
Proceeds from corporate-owned life insurance policies | 0 | 0 | 2,489 |
Net cash used in investing activities | (14,101) | (10,776) | (8,903) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of Revolving Credit Facility | 80,500 | 0 | 0 |
Repayment of Revolving Credit Facility | (80,500) | 0 | 0 |
Borrowings of Term Loan Facility | 0 | 175,000 | 0 |
Repayment of Term Loan Facility principal | (4,375) | (2,188) | 0 |
Surrender of common stock by employees | (1,131) | (1,361) | (714) |
Redemption of Notes | 0 | (235,000) | 0 |
Prepayment charge for redemption of 7.875% Notes | 0 | (1,543) | 0 |
Payment of Term Loan Facility discount | 0 | (3,500) | 0 |
Payment of debt issuance costs | 0 | (4,256) | 0 |
Other financing activities, net | (329) | 0 | 0 |
Net cash used in financing activities | (5,835) | (72,848) | (714) |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | (2,387) | 3,451 | (1,782) |
NET INCREASE (DECREASE) IN CASH | 18,669 | (77,916) | 37,966 |
CASH: | |||
Beginning of period | 52,244 | 130,160 | 92,194 |
End of period | 70,913 | 52,244 | 130,160 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for interest | 14,046 | 18,572 | 18,684 |
Cash paid for income taxes, net | 3,143 | 3,276 | 2,495 |
Unpaid purchases of property and equipment included in accounts payable | $ 509 | $ 109 | $ 488 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2018 | 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, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Commercial Vehicle Group, Inc. (through its subsidiaries) is a leading supplier of electrical wire harnesses, seating systems, and a full range of other cab related products for the global commercial vehicle markets, including the medium- and heavy-duty truck, medium-and heavy-construction vehicle, military, bus, agriculture, specialty transportation, mining, industrial equipment and off-road recreational markets. 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 many medium- and heavy-duty construction vehicle original equipment manufacturers (“OEMs”), and to a lesser extent other makers of industrial equipment. We have manufacturing operations in the United States, Mexico, China, United Kingdom, Czech Republic, Ukraine, Thailand, India and Australia. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. In the quarter ended December 31, 2018, we completed a strategic reorganization of our operations into two business segments, Electrical Systems and Global Seating. 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. See Note 10 of the Notes to Consolidated Financial Statements for more information. 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, 2018 | |
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 United States 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, 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 Statement of Operations and 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. Returns and allowances are used to record estimates of returns or 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 our 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, 2018 , 2017 and 2016 was $14.1 million , $14.0 million and $15.1 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 our performance obligation has been satisfied and control of products has been transferred to a customer, which typically occurs upon shipment. Revenue is measured based on the amount of consideration we expect to receive in exchange for the transfer of goods or services. 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 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 SEC issued the Staff Accounting Bulletin No. 118 to address the accounting implications of the U.S. Tax Reform. The effects of the U.S. Tax Reform are recognized upon enactment; however, SAB 118 permits the recognition of provisional amounts when the necessary information is not available. The measurement period to finalize the calculations was one year from the date of enactment. During the year ended December 31, 2017, the Company recorded $4.0 million tax expense for the estimated impact of the deemed repatriation of accumulated untaxed earnings of its foreign subsidiaries. After performing additional data gathering and analysis and interpreting subsequently issued guidance from the Internal Revenue Service, we recorded a $4.2 million tax benefit during the year ended December 31, 2018 which represented our final adjustment to the provisional $4.0 million tax expense recorded during the year ended December 31, 2017. The $4.2 million tax benefit primarily consisted of foreign tax credits the Company was able to claim as a result of the U.S. Tax Reform. Therefore, the final impact of the deemed repatriation of the accumulated untaxed earnings of the Company’s foreign subsidiaries was an income tax benefit of $0.2 million . Pursuant to SAB 118, the Company must make an accounting policy of either (1) treating taxes due on future U.S. taxable income inclusions related to GILTI as a current-period expense when incurred (the "period cost method") or (2) factoring such amounts into the measurement of the Company's deferred taxes (the "deferred method") during the one year measurement period. The Company has elected to account for GILTI under the period cost method. 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 including foreign currency translation, derivative instruments and pension and other post-retirement adjustments. See Note 16 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 and 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, 2018 and 2017 , receivables from our largest customers, A.B. Volvo, Daimler Trucks, Caterpillar, Navistar, John Deere and PACCAR, represented approximately 66% and 59% 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; 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 to eighteen months. All forward foreign exchange contracts that are not designated as hedging instruments 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. For forward contracts that are designated as hedging instruments, the gains and losses are recorded in accumulated other comprehensive income and (loss) and recognized in the Consolidated Statement of Operations when the contracts are settled. 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 October 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes". ASU 2018-16 permits the use of the OIS rate based on SOFR in addition to other various rates to facilitate the transition away from LIBOR. The Company has early adopted ASU 2017-12 "Targeted Improvements to Accounting for Hedging Activities", which is effective for fiscal years beginning after December 15, 2018. The Company reported unrealized gains on its foreign currency hedges of $0.5 million in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2018. Lease Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" followed by ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" in July 2018. 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. In accordance with ASU 2016-02, we plan to elect not to recognize lease assets and lease liabilities for leases with a term of twelve months or less. The ASU requires a modified retrospective transition method, or a transition method option under ASU 2018-11, with the option to elect a package of practical expedients that permits the Company to: (a) not reassess whether expired or existing contracts contain leases, (b) not reassess lease classification for existing or expired leases and (c) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. The Company will elect to apply the package of practical expedients. ASU 2018-11 provides another transition method option by allowing entities to apply the new leasing standard on the date of adoption and recognizing a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to implement the transition method option in ASU 2018-11. The Company has evaluated the 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. Based on our evaluation, we expect to record a right of use asset of approximately $22 million and a lease liability of approximately $23 million upon adoption. The standard is not expected to have a material impact on the Company's results of operations or cash flows. Accounting Pronouncements Implemented During the Year Ended December 31, 2018 In August 2018, the FASB issued ASU No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". ASU 2018-15 aligns the capitalization of implementation costs incurred in a hosting arrangement that is a service contract consistent with the capitalization of implementation costs incurred to develop internal-use software. The Company elected to early adopt ASU 2018-15 as of the fourth quarter of 2018 on a prospective basis and did not experience a material impact as a result. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans", which modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The Company elected to early adopt this ASU 2018-14 as of December 31, 2018 and did not experience a material impact as a result. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement", which modifies disclosure requirements on fair value measurements by removing some disclosures around transfers within Level 1 and 2 assets, modifications to disclosures pertaining to investments that calculate net asset value and additional disclosures pertaining to Level 3 investments. The Company elected to early adopt ASU 2018-13 as of December 31, 2018 and did not experience a material impact as a result. In July 2018, the FASB issued ASU No. 2018-09, "Codification Improvements", which clarified reporting of comprehensive income, extinguishment of debt when the fair value option is elected, accounting for freestanding derivatives, recognition of excess tax benefits for compensation expense, allocation of the consolidated tax provision to an acquired entity post-acquisition, offsetting of derivatives and clarifications in measurement of fair value. In accordance with ASU 2018-09, the Company adopted portions of the guidance immediately and other portions as of January 1, 2019. We were not materially impacted by the implementation of this pronouncement. In August 2017, the FASB issued ASU No. 2017-12, "Targeted Improvements to Accounting for Hedging Activities", which simplifies hedge accounting to better align risk management activities and financial reporting for hedging relationships and clarifies the presentation of recognized gains and losses from derivatives. The Company early adopted ASU 2017-12 as of the fourth quarter of 2018. We recognized gains in Accumulated Other Comprehensive Income totaling $0.5 million and an asset of $0.5 million . We will recognize the gains and losses in Cost of Revenues as the derivatives settle. There was no material impact to the results from operations from the implementation of this pronouncement. 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. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017. The Company did not experience a material impact on share-based compensation as a result of the implementation of this pronouncement. 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. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017. The Company reclassified $0.6 million of pension benefit from Cost of Revenues and Selling, General and Administrative Expenses to Other Income in 2017 and $0.5 million in 2016 to conform with current year presentation. The Company elected to use the practical expedient which allows use of the amounts disclosed in the pension and other postretirement benefit plan footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation. 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. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. The Company will only be impacted to the extent we execute a business combination in the future. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarified the classification of multiple issues related to the Statement of Cash Flows. The ASU specifically clarified, among other things, certain issues impacting the Company regarding the appropriate classification of insurance settlements to be consistent with the loss incurred and corporate owned life insurance policy proceeds as investing activity. To the extent ASU 2016-15 applies to the Company, (for example clarification of the classification of corporate owned life insurance policy proceeds), our presentation is consistent with the ASU. We did not experience a material impact to the presentation of the Statement of Cash Flows as a result of this implementation. Revenue Recognition Guidance In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” followed by a series of standards and clarifications, including: ASU No. 2016-08, "Principal Versus Agent Considerations (Reporting Revenue Gross versus Net)", ASU No. 2016-10, "Identifying Performance Obligations and Licensing" and ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients". These ASUs supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. Under previous and current guidance, we typically recognize revenue when products are shipped and control has transferred to the customer. We assessed the timing of revenue recognition in light of the customized nature of some of our products and provisions of some of our customer contracts and generally did not note an enforceable right to payment that would require us to recognize revenue prior to the product being shipped to the customer. We assessed certain pricing provisions contained in some of our customer contracts and determined they do not represent a material right to the customer. We evaluated how we account for customer owned tooling, engineering and design services, and pre-production costs and determined this accounting should not change under the new guidance. Finally, we evaluated our standard warranties and determined they did not represent a material right to the customer. We did not record a transition adjustment as a result of the implementation and there was no impact on the year ending December 31, 2018. We adopted ASC 2014-09, Revenue from Contracts with Customers, with an effective date of January 1, 2018. As a result, the Company expanded its disclosure regarding our accounting policy for revenue recognition and disaggregation of revenue as detailed in Note 3. Income Tax Guidance In March 2018, the FASB issued ASU No. 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." ASU No. 2018-05 amends Topic 740 for income tax accounting implications resulting from the Tax Cuts and Jobs Act as discussed in SAB 118. ASU 2018-05, which was effective December 22, 2017, requires companies to recognize the impacts of U.S. Tax Reform in the period of enactment. SAB 118 permitted companies to recognize provisional amounts when the necessary information was not available but required such estimates to be finalized within the measurement period which was one year from the enactment date of the U.S. Tax Reform. During the year ended December 31, 2017, we recorded $4.0 million tax expense for the estimated impact of the one-time deemed repatriation of accumulated untaxed earnings of the Company’s foreign subsidiaries. After performing additional data gathering and analysis and interpreting subsequently issued guidance from the Internal Revenue Service (“IRS”), we recorded a $4.2 million tax benefit during the year ended December 31, 2018 which represented our final adjustment to the provisional $4.0 million tax expense recorded during the year ended December 31, 2017. The $4.2 million tax benefit was primarily attributable to foreign tax credits generated as a result of the one-time deemed repatriation of accumulated untaxed earnings of the Company’s foreign subsidiaries which had not been included in the above discussed provisional $4.0 million tax expense previously recorded due to the lack of guidance on, and uncertainty surrounding, how to implement the relevant provisions of the U.S. Tax Reform. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Contractual Arrangements Revenue is measured based on terms and considerations specified in contracts with customers. We have long-term contracts with some customers that govern overall terms and conditions accompanied by individual purchase orders that define specific order quantities and/or price. We have many customers that operate under terms outlined in purchase orders without a long-term contract. We generally do not have customer contracts with minimum order quantity requirements. Amount and Timing of Revenue Recognition The transaction price is based on the consideration to which the Company will be entitled in exchange for transferring control of a product to the customer. This is defined in a purchase order or in a separate pricing arrangement and represents the stand-alone selling price. Our payment terms vary by the type and location of our customer and the products offered. None of the Company's contracts as of December 31, 2018 , contained a significant financing component. We typically do not have multiple performance obligations requiring us to allocate a transaction price. We recognize revenue at the point in time when we satisfy a performance obligation by transferring control of a product to a customer, usually at a designated shipping point and in accordance with customer specifications. We make estimates for potential customer returns or adjustments based on historical experience, which reduce revenues. Other Matters Shipping and handling costs billed to customers are recorded in revenues and costs associated with outbound freight are generally accounted for as a fulfillment cost and are included in cost of revenues. We generally do not provide for extended warranties or material customer incentives. Our customers typically do not have a general right of return for our products. We had outstanding customer accounts receivable, net of allowances totaling $134.6 million as of December 31, 2018 and $108.6 million as of December 31, 2017 . We generally do not have other assets or liabilities associated with customer contracts. In general, we do not make significant judgments or have variable consideration that impact our recognition of revenue. Our products include electrical wire harness and panel assemblies; trim systems and components ("Trim"); cab structures and sleeper boxes; mirrors, wipers and controls; and seats and seating systems ("Seats"). We sell these products into multiple geographic regions including North America, Europe and Asia-Pacific and to multiple customer end markets including medium- and heavy-duty Truck OEMs, Bus OEMs, Construction OEMs, the aftermarket and other markets. The nature, timing and uncertainty of our recognition of revenue and associated cash flows across the varying product lines, geographic regions and customer end markets are substantially consistent. Refer to Note 10 for revenue disclosures by reportable segments. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement At December 31, 2018 , 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 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. To manage our risk for Mexican Pesos, we have entered into a forward exchange contract that has been designated as a cash flow hedge instrument, which is recorded in the Consolidated Balance Sheets at fair value. The gains and losses as a result of the changes in fair value of the hedge contract is deferred in accumulated other comprehensive loss and recognized as an adjustment to Cost of Revenues in the period the related hedge contract is recognized. Interest Rate Swap Agreement. 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 instruments measured on a recurring basis as of December 31 and are categorized as follows: 2018 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Derivative assets Foreign exchange contract 1 $ 496 $ — $ 496 $ — $ 20 $ — $ 20 $ — Interest rate swap agreement 2 $ 1,131 $ — $ 1,131 $ — $ 515 $ — $ 515 $ — Derivative liabilities Foreign exchange contract 3 $ — $ — $ — $ — $ 627 $ — $ 627 $ — Interest rate swap agreement 4 $ — $ — $ — $ — $ 246 $ — $ 246 $ — Derivative equity Foreign exchange contract 5 $ 496 $ — $ 496 $ — $ — $ — $ — $ — 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. 5 Presented in Consolidated Balance Sheets in accumulated other comprehensive loss 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 : 2018 2017 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 22,371 $ 22,867 $ 17,491 $ 16,838 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 : 2018 2017 Location of Gain Amount of Gain Foreign exchange contracts Cost of Revenues $ 607 $ 457 Interest rate swap agreement Interest and Other Expense $ 785 $ 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: 2018 2017 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 163,758 $ 161,759 $ 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 of $0.6 million and current original issue discount of $0.6 million ) of $9.1 million and long-term debt (net of long-term prepaid debt financing costs of $1.7 million and long-term original issue discount of $1.8 million ) of $154.7 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, 2018 and December 31, 2017 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following as of December 31 : 2018 2017 Raw materials $ 66,965 $ 73,026 Work in process 12,333 10,136 Finished goods 13,061 15,853 $ 92,359 $ 99,015 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consisted of the following as of December 31 : 2018 2017 Compensation and benefits $ 12,893 $ 12,904 Taxes payable 5,275 3,564 Warranty costs 3,911 3,490 Insurance 2,485 2,432 Legal and professional fees 1,710 1,588 Accrued freight 1,559 1,544 Deferred tooling revenue 1,466 806 Accrued services 1,106 1,207 Other 6,564 6,409 $ 36,969 $ 33,944 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
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 is 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 the 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, 2018 , the applicable margin was set at Level III. The unamortized deferred financing fees associated with our revolving credit facility of $0.7 million and $0.9 million as of December 31, 2018 and December 31, 2017 , respectively, are being amortized over the remaining life of the agreement. As of December 31, 2018 and December 31, 2017 , we did not have borrowings under the revolving credit facility and had outstanding letters of credit of $1.7 million and $2.1 million , respectively. We had borrowing availability of $63.3 million at December 31, 2018 . 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 are not required to comply with the fixed charge coverage ratio requirement for so 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, 2017 through December 31, 2018 , the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the year ended December 31, 2018 . 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, 2018 . 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. 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 : 2018 2017 Term loan and security agreement 1 $ 163,758 $ 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 $9.1 million and long-term debt (net of long-term prepaid debt financing costs of $1.7 million and long-term original issue discount of $ 1.8 million ) of $154.7 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 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 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, 2018 . The unamortized deferred financing fees of $2.3 million and original issue discount of $2.4 million are netted against the aggregate book value of the outstanding debt to arrive at a balance of $163.8 million as of December 31, 2018 and are being amortized over the remaining life of the agreement. The weighted average interest rate was 8.09% as of December 31, 2018 . 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, 2018 . 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.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 is 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 the 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, 2018 , the applicable margin was set at Level III. The unamortized deferred financing fees associated with our revolving credit facility of $0.7 million and $0.9 million as of December 31, 2018 and December 31, 2017 , respectively, are being amortized over the remaining life of the agreement. As of December 31, 2018 and December 31, 2017 , we did not have borrowings under the revolving credit facility and had outstanding letters of credit of $1.7 million and $2.1 million , respectively. We had borrowing availability of $63.3 million at December 31, 2018 . 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 are not required to comply with the fixed charge coverage ratio requirement for so 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, 2017 through December 31, 2018 , the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the year ended December 31, 2018 . 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, 2018 . 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. 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, 2018 | |
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, 2018 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,346 $ (3,888 ) $ 4,458 Customer relationships 15 years 14,022 (5,680 ) 8,342 $ 22,368 $ (9,568 ) $ 12,800 December 31, 2017 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,472 $ (3,585 ) $ 4,887 Customer relationships 15 years 14,609 (4,948 ) 9,661 $ 23,081 $ (8,533 ) $ 14,548 The aggregate intangible asset amortization expense was $1.3 million for each of the fiscal years ended December 31, 2018 , 2017 and 2016 . Intangible assets accumulated amortization was positively impacted by foreign currency translation of $0.3 million for the year ended December 31, 2018 . The estimated intangible asset amortization expense for each of the five succeeding fiscal years ending after December 31, 2018 is $1.3 million per year through December 31, 2019 and $1.2 million in 2020 through 2023. The changes in the carrying amounts of goodwill for the years ended December 31 are as follows: 2018 2017 Balance - Beginning of the year $ 8,045 $ 7,703 Currency translation adjustment (469 ) 342 Balance - End of the year $ 7,576 $ 8,045 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pre-tax income (loss) consisted of the following for the years ended December 31 : 2018 2017 2016 Domestic $ 27,024 $ (2,093 ) $ (13,928 ) Foreign 26,484 15,738 20,762 Total $ 53,508 $ 13,645 $ 6,834 A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows: 2018 2017 2016 Federal provision at statutory rate $ 11,237 $ 4,776 $ 2,392 U.S./Foreign tax rate differential 731 (919 ) (1,842 ) Foreign non-deductible expenses (1,759 ) (2,006 ) 743 Foreign tax provision 1,253 615 336 State taxes, net of federal benefit 733 73 (171 ) State tax rate change, net of federal benefit (32 ) (264 ) 541 Change in uncertain tax positions 45 81 114 Change in valuation allowance 597 2,475 (1,858 ) Tax credits (2,076 ) (152 ) (104 ) Share-based compensation (50 ) (657 ) (108 ) Change in U.S. corporate tax rate — 7,214 — Repatriation of foreign earnings (3,670 ) 3,964 — GILTI, net of related foreign tax credit 1,194 — — Other 793 150 6 Provision for income taxes $ 8,996 $ 15,350 $ 49 The provision (benefit) for income taxes for the years ended December 31 follows: 2018 2017 2016 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ (3,432 ) $ 5,243 $ 1,811 $ 2,954 $ 7,716 $ 10,670 $ (4 ) $ (1,801 ) $ (1,805 ) State and local 123 179 302 362 (371 ) (9 ) (27 ) 1,021 994 Foreign 6,365 518 6,883 4,042 647 4,689 2,605 (1,745 ) 860 Total $ 3,056 $ 5,940 $ 8,996 $ 7,358 $ 7,992 $ 15,350 $ 2,574 $ (2,525 ) $ 49 A summary of deferred income tax assets and liabilities as of December 31 follows: 2018 2017 Noncurrent deferred tax assets: Amortization and fixed assets $ 1,899 $ 1,835 Accounts receivable 166 396 Inventories 2,226 2,254 Pension obligations 2,375 2,903 Warranty obligations 827 973 Accrued benefits 382 787 Foreign exchange contracts (367 ) 89 Restricted stock 106 73 Tax credits carryforwards 3,784 1,611 Net operating loss carryforwards 16,801 24,784 Other temporary differences not currently available for tax purposes 1,814 (411 ) Total noncurrent deferred tax assets $ 30,013 $ 35,294 Valuation allowance (14,665 ) (15,021 ) Net noncurrent deferred tax assets $ 15,348 $ 20,273 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (2,960 ) $ (100 ) Net operating loss carryforwards 2,272 — Other temporary differences not currently available for tax purposes (106 ) 60 Total noncurrent tax liabilities (794 ) (40 ) Total net deferred tax asset $ 14,554 $ 20,233 Our overall deferred tax position was a net deferred tax asset of $14.6 million . During the year ended December 31, 2017, the Company recorded $11.2 million in non-recurring tax expense for the estimated impact of the U.S. Tax Reform. The $11.2 million tax provision consisted of $7.2 million tax expense associated with the decrease in the value of the Company’s deferred tax assets resulting from the reduced 21% U.S. corporate income tax rate and $4.0 million tax expense estimated for the deemed repatriation of accumulated untaxed earnings of the Company’s foreign subsidiaries. Pursuant to SAB 118, the Company was granted a one year period from the December 22, 2017 enactment date of the U.S. Tax Reform to finalize its assessment of provisional estimates related to the U.S. Tax Reform. After performing additional data gathering and analysis and interpreting subsequently issued guidance from the IRS, the Company finalized its assessment and recorded a $4.2 million tax benefit during the year ended December 31, 2018 which represented the Company's final adjustment to the provisional $4.0 million tax expense recorded during the year ended December 31, 2017 for the impact of the one-time deemed repatriation of accumulated untaxed earnings of the Company’s foreign subsidiaries. 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 2018, we recorded additional valuation allowance of $0.9 million on the deferred tax assets of our Luxembourg subsidiaries and released $1.2 million in valuation allowances related to the deferred tax assets of our United Kingdom subsidiary and certain U.S. state tax net operating loss carryforwards. 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, 2018 , the Company had net operating loss carryforwards of $130.1 million , of which $71.0 million related to foreign jurisdictions and $59.1 million related to U.S. state jurisdictions. The carryforward periods for these net operating losses range from five years to indefinite. 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. 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, 2018, we had $1.6 million of U.S. foreign tax credits carried forward primarily attributable to the deemed repatriation of the accumulated untaxed earnings of our foreign subsidiaries resulting from the U.S. Tax Reform. Utilization of these credits may be limited if the Company does not continue to generate U.S. federal taxable income in future years; the credits begin to expire in 2027. As of December 31, 2018 , we had $1.8 million of research and development tax credits being carried forward related to our U.S. operations. Utilization of these credits may be limited if the Company does not continue to generate U.S. federal taxable income in future years; the credits will expire between 2026 and 2038 . As of December 31, 2018 , cash of $48.7 million was held by foreign subsidiaries. Historically, the Company has asserted that it would indefinitely reinvest the undistributed earnings of the Company's foreign subsidiaries to the extent a distribution thereof would result in income tax expense. The Company has now developed a plan to repatriate a portion of this cash to the U.S. to fund other initiatives. Specifically, the Company plans to repatriate approximately $16.0 million from its Chinese and Luxembourg subsidiaries which resulted in a $0.5 million deferred tax liability being recording during the year ended December 31, 2018 for the expected future income tax implications. We file federal income tax returns in the U.S. and income tax returns in various states and foreign jurisdictions. In the U.S., we are generally no longer subject to tax assessment for tax years prior to 2014. In our major non-U.S. jurisdictions including China, Czech Republic, Mexico and the United Kingdom, tax years are typically subject to examination for three to five years. As of December 31, 2018, and 2017, we provided a liability of $0.5 million and $0.5 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 $0.3 million accrued for the payment of interest and penalties as of December 31, 2018 and December 31, 2017, 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: 2018 2017 2016 Balance - Beginning of the year $ 485 $ 628 $ 489 Gross increase - tax positions in prior periods 63 68 40 Gross decreases - tax positions in prior periods (14 ) (38 ) — Gross increases - current period tax positions 24 29 103 Lapse of statute of limitations (12 ) (221 ) (4 ) Currency translation adjustment (16 ) 19 — Balance - End of the year $ 530 $ 485 $ 628 |
Segment Reporting and Geographi
Segment Reporting and Geographic Locations | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Locations | Segment Reporting and Geographic Locations In the quarter ended December 31, 2018, we completed a strategic reorganization of our operations into two business segments, Electrical Systems and Global Seating. As a result of the strategic reorganization, we restated prior period segment information to conform to the current period segment presentation. 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. Prior period segment information has been restated to conform to the current period segment presentation. 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 Electrical Systems Segment manufactures and sells the following products: • Wire harness assemblies primarily for construction, agricultural, industrial, automotive, truck, mining and military industries in North America, Europe and Asia-Pacific; • Trim primarily for the North America MD/HD Truck market; • Mirrors, wipers and controls primarily for the truck, bus, agriculture, construction, rail and military markets in North America and Europe; • Cab structures for the North American MD/HD Truck market; and • Aftermarket components in North America. The Global Seating Segment manufactures and sells Seats as follows: • Seats primarily to the MD/HD Truck, construction, agriculture and mining markets in North America, Asia-Pacific and Europe; • Office seating in Europe and Asia-Pacific; and • Aftermarket seats and components in North America, 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, amortization expense, selling, general and administrative expenses, operating income, capital expenditures and depreciation expense for the year ended December 31, 2018 . For the year ended December 31, 2018 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 503,717 $ 394,020 $ — $ 897,737 Intersegment revenues 9,037 3,481 (12,518 ) — Total revenues $ 512,754 $ 397,501 $ (12,518 ) $ 897,737 Gross profit $ 75,184 $ 54,231 $ (563 ) $ 128,852 Selling, general & administrative expenses 15,390 22,433 22,856 60,679 Amortization Expense 747 553 — 1,300 Operating income $ 59,047 $ 31,245 $ (23,419 ) $ 66,873 Capital Expenditures and Depreciation Expense: Capital expenditures $ 8,831 $ 3,579 $ 2,140 $ 14,550 Depreciation Expense $ 6,919 $ 4,604 $ 2,595 $ 14,118 The following table presents segment revenues, gross profit, amortization expense, selling, general and administrative expenses, operating income, capital expenditures, depreciation expense 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 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 427,476 $ 327,755 $ — $ 755,231 Intersegment revenues 6,922 1,761 (8,683 ) — Total revenues $ 434,398 $ 329,516 $ (8,683 ) $ 755,231 Gross profit $ 52,011 $ 40,722 $ (1,015 ) $ 91,718 Selling, general & administrative expenses 15,757 21,585 22,205 59,547 Amortization Expense 746 574 — 1,320 Operating income $ 35,508 $ 18,563 $ (23,220 ) $ 30,851 Capital Expenditures and Depreciation Expense: Capital expenditures $ 6,744 $ 4,870 $ 1,953 $ 13,567 Depreciation Expense $ 7,381 $ 3,910 $ 2,733 $ 14,024 Other Items 1 $ 1,835 $ 88 $ 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, amortization expense, selling, general and administrative expenses, operating income, capital expenditures, depreciation expense and other items as of and 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 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 371,537 $ 290,575 $ — $ 662,112 Intersegment revenues 4,524 338 (4,862 ) — Total revenues $ 376,061 $ 290,913 $ (4,862 ) $ 662,112 Gross profit $ 54,611 $ 33,090 $ (998 ) $ 86,703 Selling, general & administrative expenses 17,443 22,697 20,342 60,482 Amortization Expense 746 559 — 1,305 Operating income $ 36,422 $ 9,834 $ (21,340 ) $ 24,916 Capital Expenditures and Depreciation Expense: Capital expenditures $ 5,940 $ 5,053 $ 924 $ 11,917 Depreciation Expense $ 7,747 $ 5,074 $ 2,325 $ 15,146 Other Items 1 $ 2,505 $ 930 $ 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 revenues and long-lived assets for the geographic areas in which we operate: Years Ended December 31, 2018 2017 2016 Revenues Long-lived Revenues Long-lived Revenues Long-lived United States $ 670,075 $ 50,872 $ 560,412 $ 50,207 $ 496,473 $ 54,334 All other countries 227,662 14,227 194,819 14,423 165,639 11,707 $ 897,737 $ 65,099 $ 755,231 $ 64,630 $ 662,112 $ 66,041 Revenues are attributed to geographic locations based on the geography from which the legal entity operates. The following is the composition, by product category, of our revenues: Years Ended December 31, 2018 2017 2016 Revenues % Revenues % Revenues % Seats and seating systems $ 369,337 41 % $ 314,717 42 % $ 280,575 42 % Electrical wire harnesses and panel assemblies 196,411 22 189,154 25 149,417 23 Trim systems and components 195,427 22 150,228 20 132,623 20 Cab structures and sleeper boxes 76,380 9 56,417 7 57,605 9 Mirrors, wipers and controls 60,182 6 44,715 6 41,892 6 $ 897,737 100 $ 755,231 100 $ 662,112 100 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 lease agreements that require us to pay maintenance, insurance, taxes and other expenses in addition to annual rentals. Lease expense under these arrangements was $13.2 million , $12.0 million and $10.6 million in 2018 , 2017 and 2016 , respectively. Capital lease agreements are immaterial. Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases at December 31, 2018 , are as follows: Year Ending December 31, 2019 $ 7,558 2020 $ 6,492 2021 $ 5,960 2022 $ 5,286 2023 $ 1,676 Thereafter $ 2,501 Guarantees - Costs associated with guarantees are accrued 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 available facts; where no amount within a range of estimates is more likely, the minimum is accrued. As of December 31, 2018 and 2017 , 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, unfair labor practice charges, customer and supplier disputes, service provider disputes, product liability claims, intellectual property disputes, and environmental claims arising out of the conduct of our businesses and examinations by the Internal Revenue Service. Management believes that the Company maintains adequate insurance and that 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 are not expected to have a material adverse impact on the consolidated financial position, results of operations, equity or cash flows; however, such matters are subject to many uncertainties and the outcomes of individual matters are not predictable with any degree of 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, 2018 and 2017 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 : 2018 2017 Balance - Beginning of the year $ 3,490 $ 5,552 Provision for new warranty claims 2,435 3,461 Change in provision for preexisting warranty claims 932 (1,065 ) Deduction for payments made (2,803 ) (4,579 ) Currency translation adjustment (143 ) 121 Balance - End of year $ 3,911 $ 3,490 Debt Payments - As disclosed in Note 7, 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 make voluntary prepayments that coincide with certain events. The following table provides future minimum principal payments and mandatory prepayment of excess cash flows due on long-term debt for the next five years. The amount shown for 2019 includes a mandatory prepayment of $5.9 million pursuant to the excess free cash flow sweep provision of the TLS agreement. The existing long-term debt agreements mature in 2023; no payments are due thereafter: Year Ending December 31, 2019 $ 10,252 2020 $ 4,375 2021 $ 4,375 2022 $ 4,375 2023 $ 145,061 Thereafter $ — |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock - Our authorized capital stock includes common stock of 60,000,000 shares with a par value of $0.01 per share, with 30,512,843 and 30,219,278 shares outstanding as of December 31, 2018 and 2017 , respectively. Preferred Stock - Our authorized capital stock includes preferred stock of 5,000,000 shares with a par value of $0.01 per share, with no shares outstanding as of December 31, 2018 and 2017 . Earnings (Loss) Per Share - Basic earnings (loss) per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) 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 earnings (loss) per share for years ended December 31, 2018 , 2017 and 2016 includes the effects of potential common shares when dilutive and is as follows: 2018 2017 2016 Net income (loss) attributable to common stockholders $ 44,512 $ (1,705 ) $ 6,785 Weighted average number of common shares outstanding 30,277 29,942 29,530 Dilutive effect of restricted stock grants after application of the treasury stock method 310 — 348 Dilutive shares outstanding 30,587 29,942 29,878 Basic earnings (loss) per share attributable to common stockholders $ 1.47 $ (0.06 ) $ 0.23 Diluted earnings (loss) per share attributable to common stockholders $ 1.46 $ (0.06 ) $ 0.23 For the years ended December 31, 2018 and 2017 , diluted earnings (loss) per share excludes 55 thousand shares and 787 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 and the Term Loan Facility restrict the payment or distribution of our cash or other assets, including cash dividend payments. |
Performance Awards
Performance Awards | 12 Months Ended |
Dec. 31, 2018 | |
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 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 the cumulative value of dividends and other distributions paid on the Common Stock for the applicable measurement period and 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 payable 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 during the entire Performance Period, the award is forfeited. These grants are 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. The following table summarizes performance awards granted in the form of cash awards under the 2014 EIP in November 2018 , 2017 , and 2016 : Grant Date Grant Amount Adjustments Forfeitures Payments Adjusted Award Value at December 31, 2018 Vesting Schedule Remaining Periods (in Months) to Vesting November 2015 $ 1,487 — $ (197 ) $ (1,290 ) $ — November 2018 0 November 2016 1,434 (27 ) (37 ) $ — 1,370 November 2019 10 November 2017 1,584 (66 ) — — 1,518 November 2020 22 November 2018 1,590 (103 ) — — 1,487 November 2021 34 $ 6,095 $ (196 ) $ (234 ) $ (1,290 ) $ 4,375 Unrecognized compensation expense was $2.6 million and $2.0 million as of December 31, 2018 and 2017 , respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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 $3.1 million , $2.5 million and $2.6 million for the years ended December 31, 2018 , 2017 and 2016 , 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 in the case of the board of directors, a separation for cause, 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): Grant Shares Vesting Schedule Unearned Remaining October 2016 411 3 equal annual installments commencing on October 20, 2017 $ 528.1 10 July 2017 6 3 equal annual installments commencing on October 20, 2017 $ 13.3 10 October 2017 303 3 equal annual installments commencing on October 20, 2018 $ 1,673.7 22 May 2018 64 Shares granted to outside board members that fully vest as of May 16, 2019 $ 180.0 4 October 2018 382 3 equal annual installments commencing on October 20, 2019 $ 2,444.9 34 As of December 31, 2018 , there was approximately $4.8 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, 2018 and changes during the twelve-month period ending December 31, 2018 , 2017 and 2016 is presented below: 2018 2017 2016 Shares Weighted- Shares Weighted- Shares Weighted- Nonvested - beginning of year 787 $ 6.84 981 $ 4.70 1,128 $ 4.24 Granted 446 $ 7.20 354 $ 9.77 571 $ 5.05 Vested (452 ) $ 5.97 (509 ) $ 4.90 (558 ) $ 4.68 Forfeited (21 ) $ 7.31 (39 ) $ 4.84 (160 ) $ 4.35 Nonvested - end of year 760 $ 7.56 787 $ 6.84 981 $ 4.70 As of December 31, 2018 , a total of 2.1 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 2018 ; however, our employees surrendered 158 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, 2018 | |
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 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 $3.6 million in 2018 , $3.0 million in 2017 and $2.7 million in 2016 . 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 and to additional service credits earned. In December 2018, we consolidated the U.S. plans. 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 is as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation — Beginning of the year $ 50,072 $ 47,512 $ 45,737 $ 40,820 Service cost — 116 788 — Interest cost 1,664 1,810 1,030 1,138 Participant contributions 9 8 — — Benefits paid (2,360 ) (2,188 ) (1,816 ) (1,309 ) Actuarial (gain) loss (4,147 ) 2,814 (2,772 ) 1,099 Exchange rate changes — — (2,702 ) 3,989 Benefit obligation at end of the year 45,238 50,072 40,265 45,737 Change in plan assets: Fair value of plan assets — Beginning of the year 45,046 38,390 35,377 31,080 Actual return on plan assets (2,259 ) 6,584 (1,808 ) 1,798 Employer contributions 2,526 2,252 763 747 Participant contributions 9 8 — — Benefits paid (2,360 ) (2,188 ) (1,816 ) (1,309 ) Exchange rate changes — — (2,092 ) 3,061 Fair value of plan assets at end of the year 42,962 45,046 30,424 35,377 Funded status $ (2,276 ) $ (5,026 ) $ (9,841 ) $ (10,360 ) Significant Obligation Gains - The projected U.S. benefit obligation includes a net gain of $4.1 million for the year ended December 31, 2018 . The gain is a result of changes in key actuarial assumptions, including an increase in the discount rate and a change in the mortality table. The projected Non-U.S. benefit obligation includes a net gain of $2.8 million for the year ended December 31, 2018 driven primarily by an increase in the discount rate assumption. As a result of pension legislation in the United Kingdom that was effective October 2018, the Company was required to amend its pension plan to equalize benefits between male and female pensioners. This resulted in additional pension obligation and a reduction to accumulated other comprehensive income of $0.8 million . 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 2018 2017 2018 2017 Current liabilities $ 28 $ 52 $ — $ — Noncurrent liabilities 2,248 4,974 9,841 10,360 Amount recognized $ 2,276 $ 5,026 $ 9,841 $ 10,360 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 2018 2017 2016 2018 2017 2016 Service cost $ — $ 116 $ 126 $ — $ — $ — Interest cost 1,664 1,810 1,878 1,030 1,138 1,370 Expected return on plan assets (3,151 ) (2,684 ) (2,719 ) (1,210 ) (1,196 ) (1,520 ) Amortization of prior service cost 6 6 6 — — — Recognized actuarial loss (gain) 263 21 308 496 312 210 Net periodic (benefit) cost $ (1,218 ) $ (731 ) $ (401 ) $ 316 $ 254 $ 60 Net periodic (benefit) cost components, not inclusive of service costs, are recognized in Other Income within the Consolidated Statements of Operations. 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 2018 2017 2016 2018 2017 2016 Net actuarial loss $ 14,767 $ 13,765 $ 15,219 $ 12,972 $ 13,454 $ 14,134 Prior service cost 51 57 63 788 — — $ 14,818 $ 13,822 $ 15,282 $ 13,760 $ 13,454 $ 14,134 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 2018 2017 2018 2017 Actuarial loss (gain) $ 1,266 $ (1,087 ) $ 245 $ 519 Amortization of actuarial (gain) loss (263 ) (367 ) 781 (504 ) Prior service credit (6 ) (6 ) (491 ) — Total recognized in other comprehensive income (loss) $ 997 $ (1,460 ) $ 535 $ 15 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 2018 2017 2018 2017 Discount rate 4.06 % 3.42 % 2.80 % 2.45 % 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 2018 2017 2016 2018 2017 2016 Discount rate 3.42 % 3.87 % 4.05 % 2.45 % 2.70 % 3.90 % Expected return on plan assets 7.00 % 7.00 % 7.50 % 3.70 % 3.70 % 5.00 % 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 periodically, but no less frequently than 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 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 and small capitalizations. Other assets, such as real estate, are used judiciously to enhance long-term returns and to improve 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 in light of annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. We expect to contribute approximately $3.1 million to our pension plans and our other post-retirement benefit plans in 2019 . Our current investment allocation target for our pension plans for 2018 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, 2018 2017 U.S. Pension Plans Non-U.S. Pension Plans U.S. Non-U.S. U.S. Non-U.S. 2018 2017 2018 2017 Cash and cash equivalents — — — — 1 — 1 — Equity/Balanced securities 55 55 55 55 52 57 59 58 Fixed income securities 25 45 25 45 22 20 40 42 Real estate 20 — 20 — 25 23 — — 100% 100% 100% 100% 100% 100% 100% 100% Our plan assets can be described as follows: 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, 2018 and 2017 are as follows: December 31, 2018 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 623 $ 623 $ — $ — Equities: U.S. large value 4,815 4,815 — — U.S. large growth 5,270 5,270 — — International blend 9,134 — 9,134 — International growth 3,093 3,093 — — Emerging markets — — — — Balanced 17,952 — 17,952 — Fixed income securities: Government bonds 10,240 — 10,240 — Corporate bonds 11,297 — 11,297 — Real Estate: U.S. property 10,962 — — 10,962 Total pension fund assets $ 73,386 $ 13,801 $ 48,623 $ 10,962 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 The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows: 2018 2017 Beginning balance $ 10,153 $ 9,409 Actual return on assets held at reporting date 809 744 Ending balance $ 10,962 $ 10,153 The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans: Year Ending December 31, Pension Plans 2019 $ 4,293 2020 $ 4,370 2021 $ 4,475 2022 $ 4,481 2023 $ 4,602 2024 to 2028 $ 23,922 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The activity for each item of accumulated other comprehensive loss is as follows: Foreign Derivative Instruments Pension and Other Post-Retirement Benefit Plans Accumulated other 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 ) Net current period change $ (5,675 ) $ — $ (1,290 ) $ (6,965 ) Derivative instruments — 496 — $ 496 Reclassification adjustments for losses reclassified into income — — 233 233 Ending balance, December 31, 2018 $ (22,847 ) $ 496 $ (25,120 ) $ (47,471 ) The related tax effects allocated to each component of other comprehensive income for the years ended December 31, 2018 and 2017 are as follows: 2018 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 1,531 $ (241 ) $ 1,290 Reclassification of actuarial loss and prior service cost to net income (233 ) — (233 ) Net unrealized gain 1,298 (241 ) 1,057 Cumulative translation adjustment 5,675 — 5,675 Derivative instruments (496 ) — (496 ) Total other comprehensive income $ 6,477 $ (241 ) $ 6,236 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 loss 815 (346 ) 469 Cumulative translation adjustment 7,141 — 7,141 Total other comprehensive income $ 7,956 $ (346 ) $ 7,610 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 and 2017 : Revenues Gross Profit Operating Net Income (Loss) Basic Dilutive 1 2018: First $ 215,734 $ 30,823 $ 15,276 $ 9,853 $ 0.33 $ 0.32 Second $ 233,391 $ 35,585 $ 20,909 $ 13,195 $ 0.44 $ 0.43 Third $ 225,010 $ 32,177 $ 16,243 $ 12,583 $ 0.42 $ 0.41 Fourth $ 223,602 $ 30,267 $ 14,445 $ 8,881 $ 0.29 $ 0.29 2017: First $ 173,416 $ 21,405 $ 4,560 $ 628 $ 0.02 $ 0.02 Second $ 195,127 $ 22,603 $ 7,578 $ 131 $ — — Third $ 198,349 $ 25,052 $ 10,693 $ 4,763 $ 0.16 0.16 Fourth $ 188,339 $ 22,658 $ 8,020 $ (7,227 ) $ (0.24 ) (0.24 ) (1) See Note 12 for discussion on the computation of diluted shares outstanding. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, 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, 2018 , 2017 and 2016 Accounts Receivable Allowances: Activity for the years ended December 31 is as follows (in thousands): 2018 2017 2016 Balance - Beginning of the year $ 5,242 $ 3,881 $ 4,539 Provisions 7,327 5,488 5,547 Utilizations (7,392 ) (4,264 ) (6,063 ) Currency translation adjustment (38 ) 137 (142 ) Balance - End of the year $ 5,139 $ 5,242 $ 3,881 Income Tax Valuation Allowance: Activity for the years ended December 31 is as follows (in thousands): 2018 2017 2016 Balance - Beginning of the year 15,021 $ 12,546 $ 14,404 Provisions 874 2,506 2,917 Utilizations (1,230 ) (31 ) (4,775 ) Balance - End of the year 14,665 $ 15,021 $ 12,546 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 Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 United States 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, 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 Statement of Operations and 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. Returns and allowances are used to record estimates of returns or 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 our 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, 2018 , 2017 and 2016 was $14.1 million , $14.0 million and $15.1 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 our performance obligation has been satisfied and control of products has been transferred to a customer, which typically occurs upon shipment. Revenue is measured based on the amount of consideration we expect to receive in exchange for the transfer of goods or services. Revenue is measured based on terms and considerations specified in contracts with customers. We have long-term contracts with some customers that govern overall terms and conditions accompanied by individual purchase orders that define specific order quantities and/or price. We have many customers that operate under terms outlined in purchase orders without a long-term contract. We generally do not have customer contracts with minimum order quantity requirements. Amount and Timing of Revenue Recognition The transaction price is based on the consideration to which the Company will be entitled in exchange for transferring control of a product to the customer. This is defined in a purchase order or in a separate pricing arrangement and represents the stand-alone selling price. Our payment terms vary by the type and location of our customer and the products offered. None of the Company's contracts as of December 31, 2018 , contained a significant financing component. We typically do not have multiple performance obligations requiring us to allocate a transaction price. We recognize revenue at the point in time when we satisfy a performance obligation by transferring control of a product to a customer, usually at a designated shipping point and in accordance with customer specifications. We make estimates for potential customer returns or adjustments based on historical experience, which reduce revenues. Other Matters Shipping and handling costs billed to customers are recorded in revenues and costs associated with outbound freight are generally accounted for as a fulfillment cost and are included in cost of revenues. We generally do not provide for extended warranties or material customer incentives. Our customers typically do not have a general right of return for our products. |
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 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 SEC issued the Staff Accounting Bulletin No. 118 to address the accounting implications of the U.S. Tax Reform. The effects of the U.S. Tax Reform are recognized upon enactment; however, SAB 118 permits the recognition of provisional amounts when the necessary information is not available. The measurement period to finalize the calculations was one year from the date of enactment. During the year ended December 31, 2017, the Company recorded $4.0 million tax expense for the estimated impact of the deemed repatriation of accumulated untaxed earnings of its foreign subsidiaries. After performing additional data gathering and analysis and interpreting subsequently issued guidance from the Internal Revenue Service, we recorded a $4.2 million tax benefit during the year ended December 31, 2018 which represented our final adjustment to the provisional $4.0 million tax expense recorded during the year ended December 31, 2017. The $4.2 million tax benefit primarily consisted of foreign tax credits the Company was able to claim as a result of the U.S. Tax Reform. Therefore, the final impact of the deemed repatriation of the accumulated untaxed earnings of the Company’s foreign subsidiaries was an income tax benefit of $0.2 million . Pursuant to SAB 118, the Company must make an accounting policy of either (1) treating taxes due on future U.S. taxable income inclusions related to GILTI as a current-period expense when incurred (the "period cost method") or (2) factoring such amounts into the measurement of the Company's deferred taxes (the "deferred method") during the one year measurement period. The Company has elected to account for GILTI under the period cost method. |
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 including foreign currency translation, derivative instruments and pension and other post-retirement adjustments. See Note 16 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 and 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, 2018 and 2017 , receivables from our largest customers, A.B. Volvo, Daimler Trucks, Caterpillar, Navistar, John Deere and PACCAR, represented approximately 66% and 59% 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; 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 to eighteen months. All forward foreign exchange contracts that are not designated as hedging instruments 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. For forward contracts that are designated as hedging instruments, the gains and losses are recorded in accumulated other comprehensive income and (loss) and recognized in the Consolidated Statement of Operations when the contracts are settled. 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 October 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes". ASU 2018-16 permits the use of the OIS rate based on SOFR in addition to other various rates to facilitate the transition away from LIBOR. The Company has early adopted ASU 2017-12 "Targeted Improvements to Accounting for Hedging Activities", which is effective for fiscal years beginning after December 15, 2018. The Company reported unrealized gains on its foreign currency hedges of $0.5 million in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2018. Lease Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" followed by ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" in July 2018. 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. In accordance with ASU 2016-02, we plan to elect not to recognize lease assets and lease liabilities for leases with a term of twelve months or less. The ASU requires a modified retrospective transition method, or a transition method option under ASU 2018-11, with the option to elect a package of practical expedients that permits the Company to: (a) not reassess whether expired or existing contracts contain leases, (b) not reassess lease classification for existing or expired leases and (c) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. The Company will elect to apply the package of practical expedients. ASU 2018-11 provides another transition method option by allowing entities to apply the new leasing standard on the date of adoption and recognizing a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to implement the transition method option in ASU 2018-11. The Company has evaluated the 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. Based on our evaluation, we expect to record a right of use asset of approximately $22 million and a lease liability of approximately $23 million upon adoption. The standard is not expected to have a material impact on the Company's results of operations or cash flows. Accounting Pronouncements Implemented During the Year Ended December 31, 2018 In August 2018, the FASB issued ASU No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". ASU 2018-15 aligns the capitalization of implementation costs incurred in a hosting arrangement that is a service contract consistent with the capitalization of implementation costs incurred to develop internal-use software. The Company elected to early adopt ASU 2018-15 as of the fourth quarter of 2018 on a prospective basis and did not experience a material impact as a result. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans", which modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The Company elected to early adopt this ASU 2018-14 as of December 31, 2018 and did not experience a material impact as a result. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement", which modifies disclosure requirements on fair value measurements by removing some disclosures around transfers within Level 1 and 2 assets, modifications to disclosures pertaining to investments that calculate net asset value and additional disclosures pertaining to Level 3 investments. The Company elected to early adopt ASU 2018-13 as of December 31, 2018 and did not experience a material impact as a result. In July 2018, the FASB issued ASU No. 2018-09, "Codification Improvements", which clarified reporting of comprehensive income, extinguishment of debt when the fair value option is elected, accounting for freestanding derivatives, recognition of excess tax benefits for compensation expense, allocation of the consolidated tax provision to an acquired entity post-acquisition, offsetting of derivatives and clarifications in measurement of fair value. In accordance with ASU 2018-09, the Company adopted portions of the guidance immediately and other portions as of January 1, 2019. We were not materially impacted by the implementation of this pronouncement. In August 2017, the FASB issued ASU No. 2017-12, "Targeted Improvements to Accounting for Hedging Activities", which simplifies hedge accounting to better align risk management activities and financial reporting for hedging relationships and clarifies the presentation of recognized gains and losses from derivatives. The Company early adopted ASU 2017-12 as of the fourth quarter of 2018. We recognized gains in Accumulated Other Comprehensive Income totaling $0.5 million and an asset of $0.5 million . We will recognize the gains and losses in Cost of Revenues as the derivatives settle. There was no material impact to the results from operations from the implementation of this pronouncement. 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. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017. The Company did not experience a material impact on share-based compensation as a result of the implementation of this pronouncement. 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. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017. The Company reclassified $0.6 million of pension benefit from Cost of Revenues and Selling, General and Administrative Expenses to Other Income in 2017 and $0.5 million in 2016 to conform with current year presentation. The Company elected to use the practical expedient which allows use of the amounts disclosed in the pension and other postretirement benefit plan footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation. 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. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. The Company will only be impacted to the extent we execute a business combination in the future. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarified the classification of multiple issues related to the Statement of Cash Flows. The ASU specifically clarified, among other things, certain issues impacting the Company regarding the appropriate classification of insurance settlements to be consistent with the loss incurred and corporate owned life insurance policy proceeds as investing activity. To the extent ASU 2016-15 applies to the Company, (for example clarification of the classification of corporate owned life insurance policy proceeds), our presentation is consistent with the ASU. We did not experience a material impact to the presentation of the Statement of Cash Flows as a result of this implementation. Revenue Recognition Guidance In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” followed by a series of standards and clarifications, including: ASU No. 2016-08, "Principal Versus Agent Considerations (Reporting Revenue Gross versus Net)", ASU No. 2016-10, "Identifying Performance Obligations and Licensing" and ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients". These ASUs supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. Under previous and current guidance, we typically recognize revenue when products are shipped and control has transferred to the customer. We assessed the timing of revenue recognition in light of the customized nature of some of our products and provisions of some of our customer contracts and generally did not note an enforceable right to payment that would require us to recognize revenue prior to the product being shipped to the customer. We assessed certain pricing provisions contained in some of our customer contracts and determined they do not represent a material right to the customer. We evaluated how we account for customer owned tooling, engineering and design services, and pre-production costs and determined this accounting should not change under the new guidance. Finally, we evaluated our standard warranties and determined they did not represent a material right to the customer. We did not record a transition adjustment as a result of the implementation and there was no impact on the year ending December 31, 2018. We adopted ASC 2014-09, Revenue from Contracts with Customers, with an effective date of January 1, 2018. As a result, the Company expanded its disclosure regarding our accounting policy for revenue recognition and disaggregation of revenue as detailed in Note 3. Income Tax Guidance In March 2018, the FASB issued ASU No. 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." ASU No. 2018-05 amends Topic 740 for income tax accounting implications resulting from the Tax Cuts and Jobs Act as discussed in SAB 118. ASU 2018-05, which was effective December 22, 2017, requires companies to recognize the impacts of U.S. Tax Reform in the period of enactment. SAB 118 permitted companies to recognize provisional amounts when the necessary information was not available but required such estimates to be finalized within the measurement period which was one year from the enactment date of the U.S. Tax Reform. During the year ended December 31, 2017, we recorded $4.0 million tax expense for the estimated impact of the one-time deemed repatriation of accumulated untaxed earnings of the Company’s foreign subsidiaries. After performing additional data gathering and analysis and interpreting subsequently issued guidance from the Internal Revenue Service (“IRS”), we recorded a $4.2 million tax benefit during the year ended December 31, 2018 which represented our final adjustment to the provisional $4.0 million tax expense recorded during the year ended December 31, 2017. The $4.2 million tax benefit was primarily attributable to foreign tax credits generated as a result of the one-time deemed repatriation of accumulated untaxed earnings of the Company’s foreign subsidiaries which had not been included in the above discussed provisional $4.0 million tax expense previously recorded due to the lack of guidance on, and uncertainty surrounding, how to implement the relevant provisions of the U.S. Tax Reform. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Values of our Derivative Assets and Liabilities | The fair values of our derivative instruments measured on a recurring basis as of December 31 and are categorized as follows: 2018 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Derivative assets Foreign exchange contract 1 $ 496 $ — $ 496 $ — $ 20 $ — $ 20 $ — Interest rate swap agreement 2 $ 1,131 $ — $ 1,131 $ — $ 515 $ — $ 515 $ — Derivative liabilities Foreign exchange contract 3 $ — $ — $ — $ — $ 627 $ — $ 627 $ — Interest rate swap agreement 4 $ — $ — $ — $ — $ 246 $ — $ 246 $ — Derivative equity Foreign exchange contract 5 $ 496 $ — $ 496 $ — $ — $ — $ — $ — 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. 5 Presented in Consolidated Balance Sheets in accumulated other comprehensive loss 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 : 2018 2017 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 22,371 $ 22,867 $ 17,491 $ 16,838 |
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 : 2018 2017 Location of Gain Amount of Gain Foreign exchange contracts Cost of Revenues $ 607 $ 457 Interest rate swap agreement Interest and Other Expense $ 785 $ 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: 2018 2017 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 163,758 $ 161,759 $ 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 of $0.6 million and current original issue discount of $0.6 million ) of $9.1 million and long-term debt (net of long-term prepaid debt financing costs of $1.7 million and long-term original issue discount of $1.8 million ) of $154.7 million . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following as of December 31 : 2018 2017 Raw materials $ 66,965 $ 73,026 Work in process 12,333 10,136 Finished goods 13,061 15,853 $ 92,359 $ 99,015 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consisted of the following as of December 31 : 2018 2017 Compensation and benefits $ 12,893 $ 12,904 Taxes payable 5,275 3,564 Warranty costs 3,911 3,490 Insurance 2,485 2,432 Legal and professional fees 1,710 1,588 Accrued freight 1,559 1,544 Deferred tooling revenue 1,466 806 Accrued services 1,106 1,207 Other 6,564 6,409 $ 36,969 $ 33,944 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following at December 31 : 2018 2017 Term loan and security agreement 1 $ 163,758 $ 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 $9.1 million and long-term debt (net of long-term prepaid debt financing costs of $1.7 million and long-term original issue discount of $ 1.8 million ) of $154.7 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, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our intangible assets as of December 31 were comprised of the following: December 31, 2018 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,346 $ (3,888 ) $ 4,458 Customer relationships 15 years 14,022 (5,680 ) 8,342 $ 22,368 $ (9,568 ) $ 12,800 December 31, 2017 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 8,472 $ (3,585 ) $ 4,887 Customer relationships 15 years 14,609 (4,948 ) 9,661 $ 23,081 $ (8,533 ) $ 14,548 |
Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill for the years ended December 31 are as follows: 2018 2017 Balance - Beginning of the year $ 8,045 $ 7,703 Currency translation adjustment (469 ) 342 Balance - End of the year $ 7,576 $ 8,045 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Pre-Tax Income (Loss) | Pre-tax income (loss) consisted of the following for the years ended December 31 : 2018 2017 2016 Domestic $ 27,024 $ (2,093 ) $ (13,928 ) Foreign 26,484 15,738 20,762 Total $ 53,508 $ 13,645 $ 6,834 |
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: 2018 2017 2016 Federal provision at statutory rate $ 11,237 $ 4,776 $ 2,392 U.S./Foreign tax rate differential 731 (919 ) (1,842 ) Foreign non-deductible expenses (1,759 ) (2,006 ) 743 Foreign tax provision 1,253 615 336 State taxes, net of federal benefit 733 73 (171 ) State tax rate change, net of federal benefit (32 ) (264 ) 541 Change in uncertain tax positions 45 81 114 Change in valuation allowance 597 2,475 (1,858 ) Tax credits (2,076 ) (152 ) (104 ) Share-based compensation (50 ) (657 ) (108 ) Change in U.S. corporate tax rate — 7,214 — Repatriation of foreign earnings (3,670 ) 3,964 — GILTI, net of related foreign tax credit 1,194 — — Other 793 150 6 Provision for income taxes $ 8,996 $ 15,350 $ 49 |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes for the years ended December 31 follows: 2018 2017 2016 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ (3,432 ) $ 5,243 $ 1,811 $ 2,954 $ 7,716 $ 10,670 $ (4 ) $ (1,801 ) $ (1,805 ) State and local 123 179 302 362 (371 ) (9 ) (27 ) 1,021 994 Foreign 6,365 518 6,883 4,042 647 4,689 2,605 (1,745 ) 860 Total $ 3,056 $ 5,940 $ 8,996 $ 7,358 $ 7,992 $ 15,350 $ 2,574 $ (2,525 ) $ 49 |
Summary of Deferred Income Taxes Assets and Liabilities | A summary of deferred income tax assets and liabilities as of December 31 follows: 2018 2017 Noncurrent deferred tax assets: Amortization and fixed assets $ 1,899 $ 1,835 Accounts receivable 166 396 Inventories 2,226 2,254 Pension obligations 2,375 2,903 Warranty obligations 827 973 Accrued benefits 382 787 Foreign exchange contracts (367 ) 89 Restricted stock 106 73 Tax credits carryforwards 3,784 1,611 Net operating loss carryforwards 16,801 24,784 Other temporary differences not currently available for tax purposes 1,814 (411 ) Total noncurrent deferred tax assets $ 30,013 $ 35,294 Valuation allowance (14,665 ) (15,021 ) Net noncurrent deferred tax assets $ 15,348 $ 20,273 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (2,960 ) $ (100 ) Net operating loss carryforwards 2,272 — Other temporary differences not currently available for tax purposes (106 ) 60 Total noncurrent tax liabilities (794 ) (40 ) Total net deferred tax asset $ 14,554 $ 20,233 |
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: 2018 2017 2016 Balance - Beginning of the year $ 485 $ 628 $ 489 Gross increase - tax positions in prior periods 63 68 40 Gross decreases - tax positions in prior periods (14 ) (38 ) — Gross increases - current period tax positions 24 29 103 Lapse of statute of limitations (12 ) (221 ) (4 ) Currency translation adjustment (16 ) 19 — Balance - End of the year $ 530 $ 485 $ 628 |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Locations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Sales by Segment | The following table presents segment revenues, gross profit, amortization expense, selling, general and administrative expenses, operating income, capital expenditures and depreciation expense for the year ended December 31, 2018 . For the year ended December 31, 2018 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 503,717 $ 394,020 $ — $ 897,737 Intersegment revenues 9,037 3,481 (12,518 ) — Total revenues $ 512,754 $ 397,501 $ (12,518 ) $ 897,737 Gross profit $ 75,184 $ 54,231 $ (563 ) $ 128,852 Selling, general & administrative expenses 15,390 22,433 22,856 60,679 Amortization Expense 747 553 — 1,300 Operating income $ 59,047 $ 31,245 $ (23,419 ) $ 66,873 Capital Expenditures and Depreciation Expense: Capital expenditures $ 8,831 $ 3,579 $ 2,140 $ 14,550 Depreciation Expense $ 6,919 $ 4,604 $ 2,595 $ 14,118 The following table presents segment revenues, gross profit, amortization expense, selling, general and administrative expenses, operating income, capital expenditures, depreciation expense 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 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 427,476 $ 327,755 $ — $ 755,231 Intersegment revenues 6,922 1,761 (8,683 ) — Total revenues $ 434,398 $ 329,516 $ (8,683 ) $ 755,231 Gross profit $ 52,011 $ 40,722 $ (1,015 ) $ 91,718 Selling, general & administrative expenses 15,757 21,585 22,205 59,547 Amortization Expense 746 574 — 1,320 Operating income $ 35,508 $ 18,563 $ (23,220 ) $ 30,851 Capital Expenditures and Depreciation Expense: Capital expenditures $ 6,744 $ 4,870 $ 1,953 $ 13,567 Depreciation Expense $ 7,381 $ 3,910 $ 2,733 $ 14,024 Other Items 1 $ 1,835 $ 88 $ 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, amortization expense, selling, general and administrative expenses, operating income, capital expenditures, depreciation expense and other items as of and 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 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 371,537 $ 290,575 $ — $ 662,112 Intersegment revenues 4,524 338 (4,862 ) — Total revenues $ 376,061 $ 290,913 $ (4,862 ) $ 662,112 Gross profit $ 54,611 $ 33,090 $ (998 ) $ 86,703 Selling, general & administrative expenses 17,443 22,697 20,342 60,482 Amortization Expense 746 559 — 1,305 Operating income $ 36,422 $ 9,834 $ (21,340 ) $ 24,916 Capital Expenditures and Depreciation Expense: Capital expenditures $ 5,940 $ 5,053 $ 924 $ 11,917 Depreciation Expense $ 7,747 $ 5,074 $ 2,325 $ 15,146 Other Items 1 $ 2,505 $ 930 $ 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. |
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, 2018 2017 2016 Revenues Long-lived Revenues Long-lived Revenues Long-lived United States $ 670,075 $ 50,872 $ 560,412 $ 50,207 $ 496,473 $ 54,334 All other countries 227,662 14,227 194,819 14,423 165,639 11,707 $ 897,737 $ 65,099 $ 755,231 $ 64,630 $ 662,112 $ 66,041 |
Summary Composition by Product Category of Revenues | The following is the composition, by product category, of our revenues: Years Ended December 31, 2018 2017 2016 Revenues % Revenues % Revenues % Seats and seating systems $ 369,337 41 % $ 314,717 42 % $ 280,575 42 % Electrical wire harnesses and panel assemblies 196,411 22 189,154 25 149,417 23 Trim systems and components 195,427 22 150,228 20 132,623 20 Cab structures and sleeper boxes 76,380 9 56,417 7 57,605 9 Mirrors, wipers and controls 60,182 6 44,715 6 41,892 6 $ 897,737 100 $ 755,231 100 $ 662,112 100 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Annual Rental Commitments under Operating Leases | Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases at December 31, 2018 , are as follows: Year Ending December 31, 2019 $ 7,558 2020 $ 6,492 2021 $ 5,960 2022 $ 5,286 2023 $ 1,676 Thereafter $ 2,501 |
Summary of Warranty Provision | The following presents a summary of the warranty provision for the years ended December 31 : 2018 2017 Balance - Beginning of the year $ 3,490 $ 5,552 Provision for new warranty claims 2,435 3,461 Change in provision for preexisting warranty claims 932 (1,065 ) Deduction for payments made (2,803 ) (4,579 ) Currency translation adjustment (143 ) 121 Balance - End of year $ 3,911 $ 3,490 |
Schedule of Minimum Principal Payments Due on Long-term Debt | The following table provides future minimum principal payments and mandatory prepayment of excess cash flows due on long-term debt for the next five years. The amount shown for 2019 includes a mandatory prepayment of $5.9 million pursuant to the excess free cash flow sweep provision of the TLS agreement. The existing long-term debt agreements mature in 2023; no payments are due thereafter: Year Ending December 31, 2019 $ 10,252 2020 $ 4,375 2021 $ 4,375 2022 $ 4,375 2023 $ 145,061 Thereafter $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Diluted Earnings per Share | Diluted earnings (loss) per share for years ended December 31, 2018 , 2017 and 2016 includes the effects of potential common shares when dilutive and is as follows: 2018 2017 2016 Net income (loss) attributable to common stockholders $ 44,512 $ (1,705 ) $ 6,785 Weighted average number of common shares outstanding 30,277 29,942 29,530 Dilutive effect of restricted stock grants after application of the treasury stock method 310 — 348 Dilutive shares outstanding 30,587 29,942 29,878 Basic earnings (loss) per share attributable to common stockholders $ 1.47 $ (0.06 ) $ 0.23 Diluted earnings (loss) per share attributable to common stockholders $ 1.46 $ (0.06 ) $ 0.23 |
Performance Awards (Tables)
Performance Awards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Grant Activity | The following table summarizes performance awards granted in the form of cash awards under the 2014 EIP in November 2018 , 2017 , and 2016 : Grant Date Grant Amount Adjustments Forfeitures Payments Adjusted Award Value at December 31, 2018 Vesting Schedule Remaining Periods (in Months) to Vesting November 2015 $ 1,487 — $ (197 ) $ (1,290 ) $ — November 2018 0 November 2016 1,434 (27 ) (37 ) $ — 1,370 November 2019 10 November 2017 1,584 (66 ) — — 1,518 November 2020 22 November 2018 1,590 (103 ) — — 1,487 November 2021 34 $ 6,095 $ (196 ) $ (234 ) $ (1,290 ) $ 4,375 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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): Grant Shares Vesting Schedule Unearned Remaining October 2016 411 3 equal annual installments commencing on October 20, 2017 $ 528.1 10 July 2017 6 3 equal annual installments commencing on October 20, 2017 $ 13.3 10 October 2017 303 3 equal annual installments commencing on October 20, 2018 $ 1,673.7 22 May 2018 64 Shares granted to outside board members that fully vest as of May 16, 2019 $ 180.0 4 October 2018 382 3 equal annual installments commencing on October 20, 2019 $ 2,444.9 34 |
Summary of Status of Restricted Stock Awards | A summary of the status of our restricted stock awards as of December 31, 2018 and changes during the twelve-month period ending December 31, 2018 , 2017 and 2016 is presented below: 2018 2017 2016 Shares Weighted- Shares Weighted- Shares Weighted- Nonvested - beginning of year 787 $ 6.84 981 $ 4.70 1,128 $ 4.24 Granted 446 $ 7.20 354 $ 9.77 571 $ 5.05 Vested (452 ) $ 5.97 (509 ) $ 4.90 (558 ) $ 4.68 Forfeited (21 ) $ 7.31 (39 ) $ 4.84 (160 ) $ 4.35 Nonvested - end of year 760 $ 7.56 787 $ 6.84 981 $ 4.70 |
Defined Contribution Plans, P_2
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 is as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation — Beginning of the year $ 50,072 $ 47,512 $ 45,737 $ 40,820 Service cost — 116 788 — Interest cost 1,664 1,810 1,030 1,138 Participant contributions 9 8 — — Benefits paid (2,360 ) (2,188 ) (1,816 ) (1,309 ) Actuarial (gain) loss (4,147 ) 2,814 (2,772 ) 1,099 Exchange rate changes — — (2,702 ) 3,989 Benefit obligation at end of the year 45,238 50,072 40,265 45,737 Change in plan assets: Fair value of plan assets — Beginning of the year 45,046 38,390 35,377 31,080 Actual return on plan assets (2,259 ) 6,584 (1,808 ) 1,798 Employer contributions 2,526 2,252 763 747 Participant contributions 9 8 — — Benefits paid (2,360 ) (2,188 ) (1,816 ) (1,309 ) Exchange rate changes — — (2,092 ) 3,061 Fair value of plan assets at end of the year 42,962 45,046 30,424 35,377 Funded status $ (2,276 ) $ (5,026 ) $ (9,841 ) $ (10,360 ) |
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 2018 2017 2018 2017 Current liabilities $ 28 $ 52 $ — $ — Noncurrent liabilities 2,248 4,974 9,841 10,360 Amount recognized $ 2,276 $ 5,026 $ 9,841 $ 10,360 |
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 2018 2017 2016 2018 2017 2016 Service cost $ — $ 116 $ 126 $ — $ — $ — Interest cost 1,664 1,810 1,878 1,030 1,138 1,370 Expected return on plan assets (3,151 ) (2,684 ) (2,719 ) (1,210 ) (1,196 ) (1,520 ) Amortization of prior service cost 6 6 6 — — — Recognized actuarial loss (gain) 263 21 308 496 312 210 Net periodic (benefit) cost $ (1,218 ) $ (731 ) $ (401 ) $ 316 $ 254 $ 60 |
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 2018 2017 2016 2018 2017 2016 Net actuarial loss $ 14,767 $ 13,765 $ 15,219 $ 12,972 $ 13,454 $ 14,134 Prior service cost 51 57 63 788 — — $ 14,818 $ 13,822 $ 15,282 $ 13,760 $ 13,454 $ 14,134 |
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 2018 2017 2018 2017 Actuarial loss (gain) $ 1,266 $ (1,087 ) $ 245 $ 519 Amortization of actuarial (gain) loss (263 ) (367 ) 781 (504 ) Prior service credit (6 ) (6 ) (491 ) — Total recognized in other comprehensive income (loss) $ 997 $ (1,460 ) $ 535 $ 15 |
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 2018 2017 2018 2017 Discount rate 4.06 % 3.42 % 2.80 % 2.45 % 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 2018 2017 2016 2018 2017 2016 Discount rate 3.42 % 3.87 % 4.05 % 2.45 % 2.70 % 3.90 % Expected return on plan assets 7.00 % 7.00 % 7.50 % 3.70 % 3.70 % 5.00 % |
Fair Values of Pension Plan Assets by Asset Category and by Level | Our current investment allocation target for our pension plans for 2018 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, 2018 2017 U.S. Pension Plans Non-U.S. Pension Plans U.S. Non-U.S. U.S. Non-U.S. 2018 2017 2018 2017 Cash and cash equivalents — — — — 1 — 1 — Equity/Balanced securities 55 55 55 55 52 57 59 58 Fixed income securities 25 45 25 45 22 20 40 42 Real estate 20 — 20 — 25 23 — — 100% 100% 100% 100% 100% 100% 100% 100% 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, 2018 and 2017 are as follows: December 31, 2018 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 623 $ 623 $ — $ — Equities: U.S. large value 4,815 4,815 — — U.S. large growth 5,270 5,270 — — International blend 9,134 — 9,134 — International growth 3,093 3,093 — — Emerging markets — — — — Balanced 17,952 — 17,952 — Fixed income securities: Government bonds 10,240 — 10,240 — Corporate bonds 11,297 — 11,297 — Real Estate: U.S. property 10,962 — — 10,962 Total pension fund assets $ 73,386 $ 13,801 $ 48,623 $ 10,962 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 |
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: 2018 2017 Beginning balance $ 10,153 $ 9,409 Actual return on assets held at reporting date 809 744 Ending balance $ 10,962 $ 10,153 |
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 2019 $ 4,293 2020 $ 4,370 2021 $ 4,475 2022 $ 4,481 2023 $ 4,602 2024 to 2028 $ 23,922 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (Activity) | The activity for each item of accumulated other comprehensive loss is as follows: Foreign Derivative Instruments Pension and Other Post-Retirement Benefit Plans Accumulated other 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 ) Net current period change $ (5,675 ) $ — $ (1,290 ) $ (6,965 ) Derivative instruments — 496 — $ 496 Reclassification adjustments for losses reclassified into income — — 233 233 Ending balance, December 31, 2018 $ (22,847 ) $ 496 $ (25,120 ) $ (47,471 ) |
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 for the years ended December 31, 2018 and 2017 are as follows: 2018 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 1,531 $ (241 ) $ 1,290 Reclassification of actuarial loss and prior service cost to net income (233 ) — (233 ) Net unrealized gain 1,298 (241 ) 1,057 Cumulative translation adjustment 5,675 — 5,675 Derivative instruments (496 ) — (496 ) Total other comprehensive income $ 6,477 $ (241 ) $ 6,236 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 loss 815 (346 ) 469 Cumulative translation adjustment 7,141 — 7,141 Total other comprehensive income $ 7,956 $ (346 ) $ 7,610 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 and 2017 : Revenues Gross Profit Operating Net Income (Loss) Basic Dilutive 1 2018: First $ 215,734 $ 30,823 $ 15,276 $ 9,853 $ 0.33 $ 0.32 Second $ 233,391 $ 35,585 $ 20,909 $ 13,195 $ 0.44 $ 0.43 Third $ 225,010 $ 32,177 $ 16,243 $ 12,583 $ 0.42 $ 0.41 Fourth $ 223,602 $ 30,267 $ 14,445 $ 8,881 $ 0.29 $ 0.29 2017: First $ 173,416 $ 21,405 $ 4,560 $ 628 $ 0.02 $ 0.02 Second $ 195,127 $ 22,603 $ 7,578 $ 131 $ — — Third $ 198,349 $ 25,052 $ 10,693 $ 4,763 $ 0.16 0.16 Fourth $ 188,339 $ 22,658 $ 8,020 $ (7,227 ) $ (0.24 ) (0.24 ) (1) See Note 12 for discussion on the computation of diluted shares outstanding. |
Organization - Narrative (Detai
Organization - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Significant Accounting Polici_4
Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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 Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | 23 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 15, 2018 | |
Schedule Of Significant Accounting Policies Summary [Line Items] | |||||
Depreciation expense | $ 14,118 | $ 14,024 | $ 15,146 | ||
Provision for taxes repatriation of foreign earnings | 4,200 | (4,000) | $ 200 | ||
Deferred tax asset reduction U.S. corporate tax rate | 4,200 | (7,200) | |||
Cost of Revenue | (768,885) | (663,513) | (575,409) | ||
Other income | $ 1,311 | $ 1,943 | 1,236 | ||
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) | 66.00% | 59.00% | |||
Accounting Standards Update 2017-12 | |||||
Schedule Of Significant Accounting Policies Summary [Line Items] | |||||
Unrealized losses | $ 500 | ||||
Derivative assets | $ 500 | $ 500 | |||
Accounting Standards Update 2016-02 | |||||
Schedule Of Significant Accounting Policies Summary [Line Items] | |||||
Right-of-use asset | $ 22,000 | ||||
Lease liability | $ 23,000 | ||||
Restatement Adjustment [Member] | Accounting Standards Update 2017-07 | |||||
Schedule Of Significant Accounting Policies Summary [Line Items] | |||||
Cost of Revenue | $ 600 | 500 | |||
Other income | $ 500 | $ 300 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 134,624 | $ 108,595 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | Dec. 31, 2018USD ($) |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative equity | $ (496) | $ 0 | $ 0 |
Recurring | Foreign Exchange Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 496 | 20 | |
Derivative liabilities | 0 | 627 | |
Derivative equity | 496 | 0 | |
Recurring | 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 | |
Derivative equity | 0 | 0 | |
Recurring | Foreign Exchange Contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 496 | 20 | |
Derivative liabilities | 0 | 627 | |
Derivative equity | 496 | 0 | |
Recurring | 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 | |
Derivative equity | 0 | 0 | |
Recurring | Interest Rate Swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,131 | 515 | |
Derivative liabilities | 0 | 246 | |
Recurring | 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 | |
Recurring | Interest Rate Swap | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,131 | 515 | |
Derivative liabilities | 0 | 246 | |
Recurring | 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, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
U.S. $ Equivalent | $ 22,371 | $ 17,491 |
U.S. $ Equivalent Fair Value | $ 22,867 | $ 16,838 |
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, 2018 | Dec. 31, 2017 | |
Foreign Exchange Contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in Income on Derivatives | $ 607 | $ 457 |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in Income on Derivatives | $ 785 | $ 269 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument discount | $ 600 | |
Current portion of long term debt | 9,102 | $ 3,191 |
Long-term debt | 154,656 | 163,758 |
Secured Debt | Term loan and security agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 163,758 | 166,949 |
Fair Value | 161,759 | $ 169,972 |
Deferred financing cost, current | 600 | |
Debt instrument discount | 2,400 | |
Current portion of long term debt | 9,100 | |
Long-term debt | 154,700 | |
Deferred financing cost, noncurrent | 1,700 | |
Debt discount, noncurrent | $ 1,800 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 66,965 | $ 73,026 |
Work in process | 12,333 | 10,136 |
Finished goods | 13,061 | 15,853 |
Inventories | $ 92,359 | $ 99,015 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 12,893 | $ 12,904 |
Taxes payable | 5,275 | 3,564 |
Warranty costs | 3,911 | 3,490 |
Insurance | 2,485 | 2,432 |
Legal and professional fees | 1,710 | 1,588 |
Accrued freight | 1,559 | 1,544 |
Deferred tooling revenue | 1,466 | 806 |
Accrued services | 1,106 | 1,207 |
Other | 6,564 | 6,409 |
Accrued liabilities and other | $ 36,969 | $ 33,944 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt instrument discount | $ 600 | |
Current portion of long term debt | 9,102 | $ 3,191 |
Long-term debt | 154,656 | 163,758 |
Term Loan Facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 163,758 | $ 166,949 |
Deferred financing cost, current | 600 | |
Debt instrument discount | 2,400 | |
Current portion of long term debt | 9,100 | |
Deferred financing cost, noncurrent | 1,700 | |
Debt discount, noncurrent | 1,800 | |
Long-term debt | $ 154,700 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Apr. 12, 2017 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 11, 2017 |
Debt Instrument [Line Items] | ||||||
Cash payment for debt redemption | $ 329,000 | $ 0 | $ 0 | |||
Debt instrument discount | 600,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument fee | 700,000 | 900,000 | ||||
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 | 2,300,000 | |||||
Debt instrument discount | 2,400,000 | |||||
Carrying Amount | $ 163,758,000 | 166,949,000 | ||||
Weighted average interest rate (as a percent) | 8.09% | |||||
Quarterly debt principal payment | $ 1,100,000 | |||||
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 | |||||
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 | $ 63,300,000 | |||||
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 | |||||
Fixed charge coverage ratio | 100.00% | |||||
Outstanding borrowings | $ 1,700,000 | $ 2,100,000 | ||||
Borrowing availability maintenance amount | $ 5,000,000 | |||||
Borrowing availability maintenance (as a percent) | 10.00% | |||||
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, 2018USD ($) | |
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 Asset_2
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,368 | $ 23,081 |
Accumulated Amortization | (9,568) | (8,533) |
Net Carrying Amount | $ 12,800 | $ 14,548 |
Trademarks/Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 23 years | 23 years |
Gross Carrying Amount | $ 8,346 | $ 8,472 |
Accumulated Amortization | (3,888) | (3,585) |
Net Carrying Amount | $ 4,458 | $ 4,887 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | 15 years |
Gross Carrying Amount | $ 14,022 | $ 14,609 |
Accumulated Amortization | (5,680) | (4,948) |
Net Carrying Amount | $ 8,342 | $ 9,661 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 1,300 | $ 1,320 | $ 1,305 |
Currency Translation Adjustment | 300 | ||
Estimated intangible asset amortization expense in 2019 | 1,300 | ||
Estimated intangible asset amortization expense in 2020 | 1,300 | ||
Estimated intangible asset amortization expense in 2021 | 1,200 | ||
Estimated intangible asset amortization expense in 2022 | 1,200 | ||
Estimated intangible asset amortization expense in 2023 | $ 1,200 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance - Beginning of the year | $ 8,045 | $ 7,703 |
Currency translation adjustment | (469) | 342 |
Balance - End of the year | $ 7,576 | $ 8,045 |
Income Taxes - Pre-Tax Income (
Income Taxes - Pre-Tax Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 27,024 | $ (2,093) | $ (13,928) |
Foreign | 26,484 | 15,738 | 20,762 |
Income Before Provision for Income Taxes | $ 53,508 | $ 13,645 | $ 6,834 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Federal provision at statutory rate | $ 11,237 | $ 4,776 | $ 2,392 |
U.S./Foreign tax rate differential | 731 | (919) | (1,842) |
Foreign non-deductible expenses | (1,759) | (2,006) | 743 |
Foreign tax provision | 1,253 | 615 | 336 |
State taxes, net of federal benefit | 733 | 73 | (171) |
Change in uncertain tax positions | 45 | 81 | 114 |
Change in valuation allowance | 597 | 2,475 | (1,858) |
Tax credits | (2,076) | (152) | (104) |
Share-based compensation | (50) | (657) | (108) |
Repatriation of foreign earnings | (3,670) | 3,964 | 0 |
GILTI, net of related foreign tax credit | 1,194 | 0 | 0 |
Other | 793 | 150 | 6 |
Provision for income taxes | 8,996 | 15,350 | 49 |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Change in tax rate | (32) | (264) | 541 |
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Change in tax rate | $ 0 | $ 7,214 | $ 0 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current provision (benefit), federal | $ (3,432) | $ 2,954 | $ (4) |
Deferred provision (benefit), federal | 5,243 | 7,716 | (1,801) |
Total provision (benefit), federal | 1,811 | 10,670 | (1,805) |
Current provision (benefit), state and local | 123 | 362 | (27) |
Deferred provision (benefit), state and local | 179 | (371) | 1,021 |
Total provision (benefit), state and local | 302 | (9) | 994 |
Current provision (benefit), foreign | 6,365 | 4,042 | 2,605 |
Deferred provision (benefit), foreign | 518 | 647 | (1,745) |
Total provision (benefit), foreign | 6,883 | 4,689 | 860 |
Current provision (benefit) | 3,056 | 7,358 | 2,574 |
Deferred provision (benefit) | 5,940 | 7,992 | (2,525) |
Provision for income taxes | $ 8,996 | $ 15,350 | $ 49 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Taxes Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Noncurrent deferred tax assets: | ||
Amortization and fixed assets | $ 1,899 | $ 1,835 |
Accounts receivable | 166 | 396 |
Inventories | 2,226 | 2,254 |
Pension obligations | 2,375 | 2,903 |
Warranty obligations | 827 | 973 |
Accrued benefits | 382 | 787 |
Foreign exchange contracts | (367) | |
Foreign exchange contracts | 89 | |
Restricted stock | 106 | 73 |
Tax credits carryforwards | 3,784 | 1,611 |
Net operating loss carryforwards | 16,801 | 24,784 |
Other temporary differences not currently available for tax purposes | 1,814 | (411) |
Total noncurrent deferred tax assets | 30,013 | 35,294 |
Valuation allowance | (14,665) | (15,021) |
Net noncurrent deferred tax assets | 15,348 | 20,273 |
Noncurrent deferred tax liabilities: | ||
Amortization and fixed assets | (2,960) | (100) |
Net operating loss carryforwards | 2,272 | 0 |
Other temporary differences not currently available for tax purposes | (106) | 60 |
Total noncurrent tax liabilities | (794) | (40) |
Total net deferred tax asset | $ 14,554 | $ 20,233 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | 23 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||||
Net deferred tax asset | $ 14,600 | $ 14,600 | |||
Federal provision at statutory rate | 11,237 | $ 4,776 | $ 2,392 | ||
Deferred tax asset reduction U.S. corporate tax rate | (4,200) | 7,200 | |||
Repatriation of accumulated untaxed earnings of foreign subsidiaries | 4,200 | (4,000) | 200 | ||
Valuation allowance | 14,665 | 15,021 | 14,665 | ||
Net operating loss carryforwards | 130,100 | 130,100 | |||
Cash held by foreign subsidiaries | 48,700 | 48,700 | |||
Amount planned to repatriate | 16,000 | ||||
Deferred tax liabilities | 500 | 500 | |||
Unrecognized tax benefits liability | 530 | 485 | $ 628 | 530 | $ 489 |
Accrued interest and penalties are included in the unrecognized tax benefits | $ 300 | $ 300 | 300 | ||
Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Federal research and development tax credit carryforward expiration year | 2026 | ||||
Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Federal research and development tax credit carryforward expiration year | 2038 | ||||
Research And Development | |||||
Income Tax Disclosure [Line Items] | |||||
Tax credits carried forward | $ 1,800 | 1,800 | |||
Foreign Tax Authority | |||||
Income Tax Disclosure [Line Items] | |||||
Release of valuation allowance | 900 | ||||
Net operating loss carryforwards | 71,000 | 71,000 | |||
Tax credits carried forward | 1,600 | 1,600 | |||
State and Local Jurisdiction | |||||
Income Tax Disclosure [Line Items] | |||||
Valuation allowance | 1,200 | 1,200 | |||
Net operating loss carryforwards | $ 59,100 | $ 59,100 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance - Beginning of the year | $ 485 | $ 628 | |
Gross increase - tax positions in prior periods | 63 | 68 | $ 40 |
Gross decreases - tax positions in prior periods | (14) | (38) | 0 |
Gross increases - current period tax positions | 24 | 29 | 103 |
Lapse of statute of limitations | (12) | (221) | (4) |
Currency translation adjustment | (16) | ||
Currency translation adjustment | 19 | 0 | |
Balance - End of the year | $ 530 | $ 485 | $ 628 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Locations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting and Geograp_4
Segment Reporting and Geographic Locations - Sales by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||||||||||
Revenues | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 897,737 | $ 755,231 | $ 662,112 |
Gross Profit | 30,267 | 32,177 | 35,585 | 30,823 | 22,658 | 25,052 | 22,603 | 21,405 | 128,852 | 91,718 | 86,703 |
Amortization Expense | 1,300 | 1,320 | 1,305 | ||||||||
Selling, general & administrative expenses | 60,679 | 59,547 | 60,482 | ||||||||
Operating Income | $ 14,445 | $ 16,243 | $ 20,909 | $ 15,276 | $ 8,020 | $ 10,693 | $ 7,578 | $ 4,560 | 66,873 | 30,851 | 24,916 |
Capital Expenditures and Depreciation Expense: | |||||||||||
Capital expenditures | 14,550 | 13,567 | 11,917 | ||||||||
Depreciation Expense | 14,118 | 14,024 | 15,146 | ||||||||
Other Items | 4,300 | 4,123 | |||||||||
Electrical Systems | |||||||||||
Revenues | |||||||||||
Revenues | 512,754 | 434,398 | 376,061 | ||||||||
Global Seating | |||||||||||
Revenues | |||||||||||
Revenues | 397,501 | 329,516 | 290,913 | ||||||||
Operating Segments | |||||||||||
Revenues | |||||||||||
Revenues | 897,737 | 755,231 | 662,112 | ||||||||
Operating Segments | Electrical Systems | |||||||||||
Revenues | |||||||||||
Revenues | 503,717 | 427,476 | 371,537 | ||||||||
Gross Profit | 75,184 | 52,011 | 54,611 | ||||||||
Amortization Expense | 747 | 746 | 746 | ||||||||
Selling, general & administrative expenses | 15,390 | 15,757 | 17,443 | ||||||||
Operating Income | 59,047 | 35,508 | 36,422 | ||||||||
Capital Expenditures and Depreciation Expense: | |||||||||||
Capital expenditures | 8,831 | 6,744 | 5,940 | ||||||||
Depreciation Expense | 6,919 | 7,381 | 7,747 | ||||||||
Other Items | 1,835 | 2,505 | |||||||||
Operating Segments | Global Seating | |||||||||||
Revenues | |||||||||||
Revenues | 394,020 | 327,755 | 290,575 | ||||||||
Gross Profit | 54,231 | 40,722 | 33,090 | ||||||||
Amortization Expense | 553 | 574 | 559 | ||||||||
Selling, general & administrative expenses | 22,433 | 21,585 | 22,697 | ||||||||
Operating Income | 31,245 | 18,563 | 9,834 | ||||||||
Capital Expenditures and Depreciation Expense: | |||||||||||
Capital expenditures | 3,579 | 4,870 | 5,053 | ||||||||
Depreciation Expense | 4,604 | 3,910 | 5,074 | ||||||||
Other Items | 88 | 930 | |||||||||
Intersegment revenues | Electrical Systems | |||||||||||
Revenues | |||||||||||
Revenues | 9,037 | 6,922 | 4,524 | ||||||||
Intersegment revenues | Global Seating | |||||||||||
Revenues | |||||||||||
Revenues | 3,481 | 1,761 | 338 | ||||||||
Corporate/ Other | |||||||||||
Revenues | |||||||||||
Revenues | (12,518) | (8,683) | (4,862) | ||||||||
Gross Profit | (563) | (1,015) | (998) | ||||||||
Amortization Expense | 0 | 0 | 0 | ||||||||
Selling, general & administrative expenses | 22,856 | 22,205 | 20,342 | ||||||||
Operating Income | (23,419) | (23,220) | (21,340) | ||||||||
Capital Expenditures and Depreciation Expense: | |||||||||||
Capital expenditures | 2,140 | 1,953 | 924 | ||||||||
Depreciation Expense | $ 2,595 | 2,733 | 2,325 | ||||||||
Other Items | $ 2,377 | $ 688 |
Segment Reporting and Geograp_5
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 897,737 | $ 755,231 | $ 662,112 |
Long-lived Assets | 65,099 | 64,630 | 65,099 | 64,630 | 66,041 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 670,075 | 560,412 | 496,473 | ||||||||
Long-lived Assets | 50,872 | 50,207 | 50,872 | 50,207 | 54,334 | ||||||
All other countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 227,662 | 194,819 | 165,639 | ||||||||
Long-lived Assets | $ 14,227 | $ 14,423 | $ 14,227 | $ 14,423 | $ 11,707 |
Segment Reporting and Geograp_6
Segment Reporting and Geographic Locations - Summary Composition by Product Category of Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 897,737 | $ 755,231 | $ 662,112 |
Seats and seating systems | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 369,337 | 314,717 | 280,575 | ||||||||
Electrical wire harnesses and panel assemblies | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 196,411 | 189,154 | 149,417 | ||||||||
Trim systems and components | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 195,427 | 150,228 | 132,623 | ||||||||
Cab structures and sleeper boxes | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 76,380 | 56,417 | 57,605 | ||||||||
Mirrors, wipers and controls | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 60,182 | $ 44,715 | $ 41,892 | ||||||||
Product Concentration Risk | Revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percent of net revenues (as a percent) | 100.00% | 100.00% | 100.00% | ||||||||
Product Concentration Risk | Revenues | Seats and seating systems | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percent of net revenues (as a percent) | 41.00% | 42.00% | 42.00% | ||||||||
Product Concentration Risk | Revenues | Electrical wire harnesses and panel assemblies | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percent of net revenues (as a percent) | 22.00% | 25.00% | 23.00% | ||||||||
Product Concentration Risk | Revenues | Trim systems and components | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percent of net revenues (as a percent) | 22.00% | 20.00% | 20.00% | ||||||||
Product Concentration Risk | Revenues | Cab structures and sleeper boxes | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percent of net revenues (as a percent) | 9.00% | 7.00% | 9.00% | ||||||||
Product Concentration Risk | Revenues | Mirrors, wipers and controls | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expense | $ 13.2 | $ 12 | $ 10.6 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Annual Rental Commitments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 7,558 |
2020 | 6,492 |
2021 | 5,960 |
2022 | 5,286 |
2023 | 1,676 |
Thereafter | $ 2,501 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Warranty Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance - Beginning of the year | $ 3,490 | $ 5,552 |
Provision for new warranty claims | 2,435 | 3,461 |
Change in provision for preexisting warranty claims | 932 | (1,065) |
Deduction for payments made | (2,803) | (4,579) |
Currency translation adjustment | (143) | 121 |
Balance - End of year | $ 3,911 | $ 3,490 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 10,252 |
2020 | 4,375 |
2021 | 4,375 |
2022 | 4,375 |
2023 | 145,061 |
Thereafter | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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) | 30,512,843 | 30,219,278 |
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) | 55,000 | 787,000 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||||||||||
Net income (loss) attributable to common stockholders | $ 44,512 | $ (1,705) | $ 6,785 | ||||||||
Weighted average number of common shares outstanding (in shares) | 30,277 | 29,942 | 29,530 | ||||||||
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 310 | 0 | 348 | ||||||||
Dilutive shares outstanding (in shares) | 30,587 | 29,942 | 29,878 | ||||||||
Basic (in dollars per share) | $ 0.29 | $ 0.42 | $ 0.44 | $ 0.33 | $ (0.24) | $ 0.16 | $ 0 | $ 0.02 | $ 1.47 | $ (0.06) | $ 0.23 |
Diluted (in dollars per share) | $ 0.29 | $ 0.41 | $ 0.43 | $ 0.32 | $ (0.24) | $ 0.16 | $ 0 | $ 0.02 | $ 1.46 | $ (0.06) | $ 0.23 |
Performance Awards - Additional
Performance Awards - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Unrecognized expense | $ 4.8 | |
2014 EIP | Performance Awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Performance period | 3 years | |
Unrecognized expense | $ 2.6 | $ 2 |
Performance Awards - Summary of
Performance Awards - Summary of Grant Activity (Details) - 2014 EIP - Performance Awards $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 6,095 |
Adjustments | (196) |
Forfeitures | (234) |
Payments | (1,290) |
Adjusted Award Value at December 31, 2018 | 4,375 |
November 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | 1,487 |
Adjustments | 0 |
Forfeitures | (197) |
Payments | (1,290) |
Adjusted Award Value at December 31, 2018 | $ 0 |
Remaining Periods (in Months) to Vesting | 0 months |
November 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,434 |
Adjustments | (27) |
Forfeitures | (37) |
Payments | 0 |
Adjusted Award Value at December 31, 2018 | $ 1,370 |
Remaining Periods (in Months) to Vesting | 10 months |
November 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,584 |
Adjustments | (66) |
Forfeitures | 0 |
Payments | 0 |
Adjusted Award Value at December 31, 2018 | $ 1,518 |
Remaining Periods (in Months) to Vesting | 22 months |
November 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,590 |
Adjustments | (103) |
Forfeitures | 0 |
Payments | 0 |
Adjusted Award Value at December 31, 2018 | $ 1,487 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Compensation expense | $ 3.1 | $ 2.5 | $ 2.6 |
Unrecognized compensation expense | $ 4.8 | ||
Shares expected to be surrendered by employees | 158 | ||
Restricted Stock | 2014 EIP | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Authorized shares available for issuance | 2,100 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information about Restricted Stock Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)installmentshares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned Compensation | $ | $ 4,800,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 446,000 | 354,000 | 571,000 |
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 | $ | $ 528,100 | ||
Remaining Period (in months) | 10 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 | 6,000 | ||
Unearned Compensation | $ | $ 13,300 | ||
Remaining Period (in months) | 10 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 | $ | $ 1,673,700 | ||
Remaining Period (in months) | 22 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | May 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 64,212 | ||
Unearned Compensation | $ | $ 180,000 | ||
Remaining Period (in months) | 4 months | ||
Number of vesting installments | installment | 3 | ||
Restricted Stock | October 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 381,857 | ||
Unearned Compensation | $ | $ 2,444,900 | ||
Remaining Period (in months) | 34 months | ||
Number of vesting installments | installment | 3 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Information about Nonvested Restricted Stock Grants (Detail) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Nonvested Restricted Stock Shares | |||
Nonvested - beginning of year (in shares) | 787 | 981 | 1,128 |
Granted (in shares) | 446 | 354 | 571 |
Vested (in shares) | (452) | (509) | (558) |
Forfeited (in shares) | (21) | (39) | (160) |
Nonvested - end of year (in shares) | 760 | 787 | 981 |
Nonvested Restricted Stock Weighted-Average Grant-Date Fair Value | |||
Nonvested - beginning of year (in dollars per share) | $ 6.84 | $ 4.70 | $ 4.24 |
Granted (in dollars per share) | 7.20 | 9.77 | 5.05 |
Vested (in dollars per share) | 5.97 | 4.90 | 4.68 |
Forfeited (in dollars per share) | 7.31 | 4.84 | 4.35 |
Nonvested - end of year (in dollars per share) | $ 7.56 | $ 6.84 | $ 4.70 |
Defined Contribution Plans, P_3
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized expense associated with defined contribution plans | $ 3,600 | $ 3,000 | $ 2,700 |
Expected contribution to pension plans and post-retirement benefit plans | $ 3,100 | ||
Maturity period of investments | 90 days | ||
U.S. Pension and Other Post-Retirement Benefit Plans | Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ (4,147) | 2,814 | |
Service cost | 0 | 116 | |
Non-U.S. Pension Plans | Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | (2,772) | 1,099 | |
Service cost | $ 788 | $ 0 |
Defined Contribution Plans, P_4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | $ 80,423 | ||
Fair value of plan assets at end of the year | 73,386 | $ 80,423 | |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 50,072 | 47,512 | |
Service cost | 0 | 116 | |
Interest cost | 1,664 | 1,810 | $ 1,878 |
Participant contributions | 9 | 8 | |
Benefits paid | (2,360) | (2,188) | |
Actuarial (gain) loss | (4,147) | 2,814 | |
Exchange rate changes | 0 | 0 | |
Benefit obligation at end of the year | 45,238 | 50,072 | 47,512 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 45,046 | 38,390 | |
Actual return on plan assets | (2,259) | 6,584 | |
Employer contributions | 2,526 | 2,252 | |
Participant contributions | 9 | 8 | |
Benefits paid | (2,360) | (2,188) | |
Exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of the year | 42,962 | 45,046 | 38,390 |
Funded status | (2,276) | (5,026) | |
Pension Plans | Non-U.S. Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 45,737 | 40,820 | |
Service cost | 788 | 0 | |
Interest cost | 1,030 | 1,138 | 1,370 |
Participant contributions | 0 | 0 | |
Benefits paid | (1,816) | (1,309) | |
Actuarial (gain) loss | (2,772) | 1,099 | |
Exchange rate changes | (2,702) | 3,989 | |
Benefit obligation at end of the year | 40,265 | 45,737 | 40,820 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 35,377 | 31,080 | |
Actual return on plan assets | (1,808) | 1,798 | |
Employer contributions | 763 | 747 | |
Participant contributions | 0 | 0 | |
Benefits paid | (1,816) | (1,309) | |
Exchange rate changes | (2,092) | 3,061 | |
Fair value of plan assets at end of the year | 30,424 | 35,377 | $ 31,080 |
Funded status | $ (9,841) | $ (10,360) |
Defined Contribution Plans, P_5
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ 12,065 | $ 15,450 |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 28 | 52 |
Noncurrent liabilities | 2,248 | 4,974 |
Amount recognized | 2,276 | 5,026 |
Pension Plans | Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 0 | 0 |
Noncurrent liabilities | 9,841 | 10,360 |
Amount recognized | $ 9,841 | $ 10,360 |
Defined Contribution Plans, P_6
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 116 | $ 126 |
Interest cost | 1,664 | 1,810 | 1,878 |
Expected return on plan assets | (3,151) | (2,684) | (2,719) |
Amortization of prior service cost | 6 | 6 | 6 |
Recognized actuarial loss (gain) | 263 | 21 | 308 |
Net periodic (benefit) cost | (1,218) | (731) | (401) |
Pension Plans | Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1,030 | 1,138 | 1,370 |
Expected return on plan assets | (1,210) | (1,196) | (1,520) |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 496 | 312 | 210 |
Net periodic (benefit) cost | $ 316 | $ 254 | $ 60 |
Defined Contribution Plans, P_7
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 14,767 | $ 13,765 | $ 15,219 |
Prior service cost | 51 | 57 | 63 |
Amount recognized in AOCI | 14,818 | 13,822 | 15,282 |
Pension Plans | Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 12,972 | 13,454 | 14,134 |
Prior service cost | 788 | 0 | 0 |
Amount recognized in AOCI | $ 13,760 | $ 13,454 | $ 14,134 |
Defined Contribution Plans, P_8
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, 2018 | Dec. 31, 2017 | |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss (gain) | $ 1,266 | $ (1,087) |
Amortization of actuarial (gain) loss | (263) | (367) |
Prior service credit | (6) | (6) |
Total recognized in other comprehensive income (loss) | 997 | (1,460) |
Pension Plans | Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss (gain) | 245 | 519 |
Amortization of actuarial (gain) loss | 781 | (504) |
Prior service credit | (491) | 0 |
Total recognized in other comprehensive income (loss) | $ 535 | $ 15 |
Defined Contribution Plans, P_9
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Discount rate (as a percent) | 4.06% | 3.42% |
Pension Plans | Non-U.S. Pension Plans | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Discount rate (as a percent) | 2.80% | 2.45% |
Defined Contribution Plans, _10
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, 2018 | 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% | 4.05% |
Expected return on plan assets (as a percent) | 7.00% | 7.00% | 7.50% |
Non-U.S. Pension Plans | |||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | |||
Discount rate (as a percent) | 2.45% | 2.70% | 3.90% |
Expected return on plan assets (as a percent) | 3.70% | 3.70% | 5.00% |
Defined Contribution Plans, _11
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, 2018 | Dec. 31, 2017 |
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 | 100.00% | 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 | 1.00% | 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 | 1.00% | 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 | 52.00% | 57.00% |
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 | 59.00% | 58.00% |
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 | 22.00% | 20.00% |
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 | 40.00% | 42.00% |
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 | 25.00% | 23.00% |
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, _12
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 73,386 | $ 80,423 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 623 | 264 | |
U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,815 | 5,499 | |
U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,270 | 5,792 | |
International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 9,134 | 10,734 | |
International growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 3,093 | ||
Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 3,613 | |
Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 17,952 | 21,895 | |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,240 | 9,806 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 11,297 | 12,667 | |
U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,962 | 10,153 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 13,801 | 15,168 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 623 | 264 | |
Level 1 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,815 | 5,499 | |
Level 1 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,270 | 5,792 | |
Level 1 | International growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 3,093 | ||
Level 1 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 3,613 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 48,623 | 55,102 | |
Level 2 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 9,134 | 10,734 | |
Level 2 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 17,952 | 21,895 | |
Level 2 | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,240 | 9,806 | |
Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 11,297 | 12,667 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,962 | 10,153 | $ 9,409 |
Level 3 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 10,962 | $ 10,153 |
Defined Contribution Plans, _13
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, 2018 | Dec. 31, 2017 | |
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | $ 80,423 | |
Fair value of plan assets at end of the year | 73,386 | $ 80,423 |
Level 3 | ||
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | 10,153 | 9,409 |
Actual return on assets held at reporting date | 809 | 744 |
Fair value of plan assets at end of the year | $ 10,962 | $ 10,153 |
Defined Contribution Plans, _14
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, 2018USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
2019 | $ 4,293 |
2020 | 4,370 |
2021 | 4,475 |
2022 | 4,481 |
2023 | 4,602 |
2024 to 2028 | $ 23,922 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Accumulated Comprehensive Loss (Activity) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 74,742,000 | ||
Net current period change | (6,965,000) | $ 7,955,000 | |
Derivative instrument | 496,000 | 0 | $ 0 |
Reclassification adjustments for losses reclassified into income | 233,000 | (345,000) | |
Ending balance | 115,038,000 | 74,742,000 | |
Foreign currency items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (17,172,000) | ||
Net current period change | (5,675,000) | ||
Derivative instrument | 0 | ||
Reclassification adjustments for losses reclassified into income | 0 | ||
Ending balance | (22,847,000) | (17,172,000) | |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Net current period change | 0 | 0 | |
Derivative instrument | 496,000 | ||
Reclassification adjustments for losses reclassified into income | 0 | 0 | |
Ending balance | 496,000 | 0 | 0 |
Pension and Other Post-Retirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (24,063,000) | (24,532,000) | |
Net current period change | (1,290,000) | 814,000 | |
Derivative instrument | 0 | ||
Reclassification adjustments for losses reclassified into income | 233,000 | (345,000) | |
Ending balance | (25,120,000) | (24,063,000) | (24,532,000) |
Foreign currency items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (24,313,000) | ||
Net current period change | 7,141,000 | ||
Reclassification adjustments for losses reclassified into income | 0 | ||
Ending balance | (24,313,000) | ||
Accumulated other comprehensive loss | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (41,235,000) | (48,845,000) | (39,654,000) |
Ending balance | $ (47,471,000) | $ (41,235,000) | $ (48,845,000) |
Accumulated Other Comprehensi_4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Before Tax Amount | |||
Total other comprehensive income (loss), before tax amount | $ 6,477 | $ 7,956 | |
Tax Expense | |||
Total other comprehensive income (loss), tax | (241) | (346) | |
After Tax Amount | |||
Cumulative translation adjustment, after tax amount | 7,141 | $ (3,234) | |
Total other comprehensive income (loss), after tax amount | 6,236 | 7,610 | |
Retirement Benefits Adjustment | |||
Before Tax Amount | |||
Net actuarial gain (loss) and prior service credit, before tax amount | 1,531 | 1,072 | |
Reclassification of actuarial loss and prior service cost to net income, before tax amount | (233) | (257) | |
Total recognized in other comprehensive income (loss) | 1,298 | 815 | |
Tax Expense | |||
Net actuarial gain (loss) and prior service credit, tax | (241) | (258) | |
Reclassification of actuarial loss and prior service cost to net income, tax | 0 | (88) | |
Net unrealized loss, before tax amount, tax | (241) | (346) | |
After Tax Amount | |||
Net actuarial gain (loss) and prior service credit, after tax amount | 1,290 | 814 | |
Reclassification of actuarial loss and prior service cost to net income, after tax amount | (233) | (345) | |
Net unrealized loss, before tax amount, after tax amount | 1,057 | 469 | |
Cumulative translation adjustment | |||
Before Tax Amount | |||
Cumulative translation adjustment, before tax amount | 5,675 | 7,141 | |
Tax Expense | |||
Cumulative translation adjustment, tax | 0 | 0 | |
After Tax Amount | |||
Cumulative translation adjustment, after tax amount | 5,675 | $ 7,141 | |
Derivative Instruments | |||
Before Tax Amount | |||
Derivative instrument, before tax amount | (496) | ||
Tax Expense | |||
Derivative Instrument, tax | 0 | ||
After Tax Amount | |||
Derivative instrument, after tax amount | $ (496) |
Quarterly Financial Data (Una_3
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 188,339 | $ 198,349 | $ 195,127 | $ 173,416 | $ 897,737 | $ 755,231 | $ 662,112 |
Gross Profit | 30,267 | 32,177 | 35,585 | 30,823 | 22,658 | 25,052 | 22,603 | 21,405 | 128,852 | 91,718 | 86,703 |
Operating Income | 14,445 | 16,243 | 20,909 | 15,276 | 8,020 | 10,693 | 7,578 | 4,560 | 66,873 | 30,851 | 24,916 |
Net Income (Loss) | $ 8,881 | $ 12,583 | $ 13,195 | $ 9,853 | $ (7,227) | $ 4,763 | $ 131 | $ 628 | $ 44,512 | $ (1,705) | $ 6,785 |
Basic (in dollars per share) | $ 0.29 | $ 0.42 | $ 0.44 | $ 0.33 | $ (0.24) | $ 0.16 | $ 0 | $ 0.02 | $ 1.47 | $ (0.06) | $ 0.23 |
Diluted (in dollars per share) | $ 0.29 | $ 0.41 | $ 0.43 | $ 0.32 | $ (0.24) | $ 0.16 | $ 0 | $ 0.02 | $ 1.46 | $ (0.06) | $ 0.23 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | $ 5,242 | $ 3,881 | $ 4,539 |
Provisions | 7,327 | 5,488 | 5,547 |
Utilizations | (7,392) | (4,264) | (6,063) |
Currency translation adjustment | (38) | 137 | (142) |
Balance - End of the year | 5,139 | 5,242 | 3,881 |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | 15,021 | 12,546 | 14,404 |
Provisions | 874 | 2,506 | 2,917 |
Utilizations | (1,230) | (31) | 4,775 |
Balance - End of the year | $ 14,665 | $ 15,021 | $ 12,546 |