Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 16, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Commercial Vehicle Group, Inc. | ||
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, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
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 | 31,327,663 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 239,933,394 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 39,511 | $ 70,913 |
Accounts receivable, net of allowances of $4,634 and $5,139, respectively | 115,099 | 133,935 |
Inventories | 82,872 | 92,359 |
Other current assets | 18,490 | 12,080 |
Total current assets | 255,972 | 309,287 |
Property, Plant and Equipment: | ||
Land and buildings | 29,153 | 26,240 |
Machinery and equipment | 186,511 | 173,771 |
Construction in progress | 12,961 | 6,650 |
Less accumulated depreciation | (154,939) | (142,560) |
Property, plant and equipment, net | 73,686 | 64,101 |
Operating lease right-of-use asset, net | 34,960 | |
Goodwill | 27,816 | 7,576 |
Intangible assets, net of accumulated amortization of $11,440 and $9,568, respectively | 25,258 | 12,800 |
Deferred income taxes, net | 14,654 | 16,341 |
Other assets | 3,480 | 2,583 |
TOTAL ASSETS | 435,826 | 412,688 |
Current Liabilities: | ||
Accounts payable | 63,058 | 86,645 |
Current operating lease liabilities | 7,620 | |
Accrued liabilities and other | 32,673 | 36,969 |
Current portion of long-term debt | 3,256 | 9,102 |
Total current liabilities | 106,607 | 132,716 |
Long-term debt | 153,128 | 154,656 |
Long-term operating lease liabilities | 29,414 | |
Pension and other post-retirement liabilities | 10,666 | 12,065 |
Other long-term liabilities | 7,323 | 3,655 |
Total liabilities | 307,138 | 303,092 |
Commitments and contingencies (Note 13) | ||
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; 30,801,255 and 30,512,843 shares issued and outstanding, respectively) | 323 | 318 |
Treasury stock, at cost: 1,464,392 and 1,334,251 shares, respectively | (11,230) | (10,245) |
Additional paid-in capital | 245,852 | 243,007 |
Retained deficit | (60,307) | (76,013) |
Accumulated other comprehensive loss | (45,950) | (47,471) |
Total stockholders’ equity | 128,688 | 109,596 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 435,826 | $ 412,688 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | |||||
Accounts receivable, allowances | $ 4,634 | $ 5,139 | |||
Accumulated amortization on intangible assets | $ 11,440 | $ 9,568 | |||
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 30,801,255 | 30,512,843 | |||
Common stock, shares outstanding (in shares) | 30,801,255 | 30,512,843 | |||
Treasury stock, shares (in shares) | 1,464,392 | 1,334,251 | 1,334,251 | 1,334,251 | 1,334,251 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||||||
Revenues | $ 189,485 | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 901,238 | $ 897,737 | $ 755,231 |
Cost of revenues | 179,317 | 195,955 | 210,754 | 210,075 | 194,354 | 194,532 | 198,487 | 185,444 | 420,829 | 383,931 | 616,784 | 578,463 | 796,101 | 772,817 | 664,360 |
Gross Profit | 10,168 | 29,444 | 32,436 | 33,089 | 29,248 | 30,478 | 34,904 | 30,290 | 65,525 | 65,194 | 94,969 | 95,672 | 105,137 | 124,920 | 90,871 |
Selling, general and administrative expenses | 13,571 | 17,531 | 16,248 | 15,199 | 15,503 | 15,613 | 14,349 | 15,214 | 31,447 | 29,563 | 48,978 | 45,176 | 62,549 | 60,679 | 59,547 |
Amortization expense | 872 | 437 | 322 | 321 | 320 | 321 | 327 | 332 | 643 | 659 | 1,080 | 980 | 1,952 | 1,300 | 1,320 |
Operating Income | (4,275) | 11,476 | 15,866 | 17,569 | 13,425 | 14,544 | 20,228 | 14,744 | 33,435 | 34,972 | 44,911 | 49,516 | 40,636 | 62,941 | 30,004 |
Other (expense) income | (2,225) | 1,311 | 1,943 | ||||||||||||
Interest expense | 3,394 | 3,800 | 7,490 | 4,396 | 4,960 | 3,442 | 3,213 | 1,750 | 11,886 | 4,963 | 15,686 | 8,405 | 16,855 | 14,676 | 19,149 |
Income before provision for income taxes | (7,669) | 7,676 | 8,376 | 13,173 | 8,465 | 11,102 | 17,015 | 12,994 | 21,549 | 30,009 | 29,225 | 41,111 | 21,556 | 49,576 | 12,798 |
Provision for income taxes | (135) | 496 | 2,230 | 3,187 | 368 | (175) | 4,344 | 3,550 | 5,417 | 7,894 | 5,913 | 7,719 | 5,778 | 8,087 | 15,067 |
Net income (loss) | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Earnings (loss) per common share | |||||||||||||||
Basic (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.27 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.53 | $ 0.73 | $ 0.76 | $ 1.11 | $ 0.52 | $ 1.37 | $ (0.08) |
Diluted (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.26 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.52 | $ 0.72 | $ 0.76 | $ 1.09 | $ 0.51 | $ 1.36 | $ (0.08) |
Weighted average shares outstanding | |||||||||||||||
Basic (in shares) | 30,758 | 30,581 | 30,547 | 30,513 | 30,447 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,602 | 30,277 | 29,942 |
Diluted (in shares) | 30,758 | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,823 | 30,587 | 29,942 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Net (loss) income | $ (2,269) |
Other comprehensive (loss) income: | |
Foreign currency translation adjustments | 7,141 |
Minimum pension liability, net of tax | 469 |
Derivative instrument | 0 |
Derivative instrument | 0 |
Other comprehensive income (loss) | 7,610 |
Comprehensive income | $ 5,341 |
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, 2016 | 29,871,354 | ||||||
Beginning balance at Dec. 31, 2016 | $ 65,835 | $ 299 | $ (7,753) | $ 237,367 | $ (115,233) | $ (48,845) | $ 65,835 |
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) | |||||
Share-based compensation expense | 2,503 | 2,503 | |||||
Total comprehensive income | 5,341 | (2,269) | 7,610 | 5,341 | |||
Ending balance (in shares) at Dec. 31, 2017 | 30,219,278 | ||||||
Ending balance at Dec. 31, 2017 | 72,323 | $ 304 | (9,114) | 239,870 | (117,502) | (41,235) | 72,323 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 10,576 | 1,132 | |||||
Ending balance (in shares) at Mar. 31, 2018 | 30,219,000 | ||||||
Ending balance at Mar. 31, 2018 | 83,572 | $ 304 | (9,114) | 240,543 | (108,058) | (40,103) | |
Beginning Balance (in shares) at Dec. 31, 2017 | 30,219,278 | ||||||
Beginning balance at Dec. 31, 2017 | 72,323 | $ 304 | (9,114) | 239,870 | (117,502) | (41,235) | 72,323 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 17,349 | ||||||
Ending balance (in shares) at Jun. 30, 2018 | 30,219,000 | ||||||
Ending balance at Jun. 30, 2018 | 91,189 | $ 304 | (9,114) | 241,387 | (95,387) | (46,001) | |
Beginning Balance (in shares) at Dec. 31, 2017 | 30,219,278 | ||||||
Beginning balance at Dec. 31, 2017 | 72,323 | $ 304 | (9,114) | 239,870 | (117,502) | (41,235) | 72,323 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 26,037 | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 30,219,000 | ||||||
Ending balance at Sep. 30, 2018 | 100,657 | $ 304 | (9,114) | 242,167 | (84,110) | (48,590) | |
Beginning Balance (in shares) at Dec. 31, 2017 | 30,219,278 | ||||||
Beginning balance at Dec. 31, 2017 | 72,323 | $ 304 | (9,114) | 239,870 | (117,502) | (41,235) | 72,323 |
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) | |||||
Share-based compensation expense | 3,137 | 3,137 | |||||
Total comprehensive income | $ 35,253 | 41,489 | (6,236) | 35,253 | |||
Ending balance (in shares) at Dec. 31, 2018 | 30,512,843 | 30,512,843 | |||||
Ending balance at Dec. 31, 2018 | $ 109,596 | $ 318 | (10,245) | 243,007 | (76,013) | (47,471) | 109,596 |
Beginning Balance (in shares) at Mar. 31, 2018 | 30,219,000 | ||||||
Beginning balance at Mar. 31, 2018 | 83,572 | $ 304 | (9,114) | 240,543 | (108,058) | (40,103) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 6,773 | 12,671 | (5,898) | ||||
Ending balance (in shares) at Jun. 30, 2018 | 30,219,000 | ||||||
Ending balance at Jun. 30, 2018 | 91,189 | $ 304 | (9,114) | 241,387 | (95,387) | (46,001) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 8,688 | 11,277 | (2,589) | ||||
Ending balance (in shares) at Sep. 30, 2018 | 30,219,000 | ||||||
Ending balance at Sep. 30, 2018 | 100,657 | $ 304 | (9,114) | 242,167 | (84,110) | (48,590) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock (in shares) | 452,000 | ||||||
Issuance of restricted stock | 14 | $ 14 | |||||
Surrender of common stock by employees (in shares) | (158,000) | ||||||
Surrender of common stock by employees | (1,131) | (1,131) | |||||
Total comprehensive income | $ 9,216 | 8,097 | 1,119 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 30,512,843 | 30,512,843 | |||||
Ending balance at Dec. 31, 2018 | $ 109,596 | $ 318 | (10,245) | 243,007 | (76,013) | (47,471) | 109,596 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 9,780 | 9,986 | (206) | ||||
Ending balance (in shares) at Mar. 31, 2019 | 30,513,000 | ||||||
Ending balance at Mar. 31, 2019 | $ 120,065 | $ 318 | (10,245) | 243,768 | (66,099) | (47,677) | |
Beginning Balance (in shares) at Dec. 31, 2018 | 30,512,843 | 30,512,843 | |||||
Beginning balance at Dec. 31, 2018 | $ 109,596 | $ 318 | (10,245) | 243,007 | (76,013) | (47,471) | 109,596 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 17,881 | ||||||
Ending balance (in shares) at Jun. 30, 2019 | 30,581,000 | ||||||
Ending balance at Jun. 30, 2019 | $ 128,885 | $ 319 | (10,245) | 244,486 | (59,953) | (45,722) | |
Beginning Balance (in shares) at Dec. 31, 2018 | 30,512,843 | 30,512,843 | |||||
Beginning balance at Dec. 31, 2018 | $ 109,596 | $ 318 | (10,245) | 243,007 | (76,013) | (47,471) | 109,596 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 19,063 | ||||||
Ending balance (in shares) at Sep. 30, 2019 | 30,581,000 | ||||||
Ending balance at Sep. 30, 2019 | $ 130,788 | $ 319 | (10,245) | 245,207 | (52,773) | (51,720) | |
Beginning Balance (in shares) at Dec. 31, 2018 | 30,512,843 | 30,512,843 | |||||
Beginning balance at Dec. 31, 2018 | $ 109,596 | $ 318 | (10,245) | 243,007 | (76,013) | (47,471) | 109,596 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock (in shares) | 418,553 | ||||||
Issuance of restricted stock | $ 5 | 5 | |||||
Surrender of common stock by employees (in shares) | (130,141) | ||||||
Surrender of common stock by employees | (985) | (985) | |||||
Share-based compensation expense | 2,845 | 2,845 | |||||
Total comprehensive income | $ 17,299 | 15,778 | 17,299 | ||||
Ending balance (in shares) at Dec. 31, 2019 | 30,801,255 | 30,801,255 | |||||
Ending balance at Dec. 31, 2019 | $ 128,688 | $ 323 | (11,230) | 245,852 | (60,307) | (45,950) | 128,688 |
Beginning Balance (in shares) at Mar. 31, 2019 | 30,513,000 | ||||||
Beginning balance at Mar. 31, 2019 | 120,065 | $ 318 | (10,245) | 243,768 | (66,099) | (47,677) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 8,101 | 6,146 | 1,955 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 30,581,000 | ||||||
Ending balance at Jun. 30, 2019 | 128,885 | $ 319 | (10,245) | 244,486 | (59,953) | (45,722) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total comprehensive income | 1,182 | 7,180 | (5,998) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 30,581,000 | ||||||
Ending balance at Sep. 30, 2019 | 130,788 | $ 319 | (10,245) | 245,207 | (52,773) | (51,720) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock (in shares) | 351,000 | ||||||
Issuance of restricted stock | 4 | $ 4 | |||||
Surrender of common stock by employees (in shares) | (131,000) | ||||||
Surrender of common stock by employees | (985) | (985) | |||||
Total comprehensive income | $ (1,764) | (7,534) | 5,770 | ||||
Ending balance (in shares) at Dec. 31, 2019 | 30,801,255 | 30,801,255 | |||||
Ending balance at Dec. 31, 2019 | $ 128,688 | $ 323 | $ (11,230) | $ 245,852 | $ (60,307) | $ (45,950) | $ 128,688 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net (loss) income | $ 9,986 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 3,681 | 3,776 | 6,984 | 7,674 | 10,865 | 11,676 | 15,514 | 15,270 | 15,196 |
Provision for doubtful accounts | 2,350 | 2,637 | 3,396 | 3,829 | 5,000 | 6,448 | 6,861 | 7,607 | 5,622 |
Noncash amortization of debt financing costs | 342 | 350 | 685 | 701 | 1,030 | 1,054 | 1,393 | 1,404 | 1,251 |
Shared-based compensation expense | 761 | 673 | 1,479 | 1,517 | 2,200 | 2,297 | 2,843 | 3,137 | 2,503 |
Deferred income taxes | 2,298 | 2,181 | 2,263 | 6,396 | 1,840 | 8,369 | 1,562 | 5,031 | 7,709 |
Noncash loss (gain) on forward exchange contracts | 737 | (2,489) | 1,823 | (2,161) | 2,092 | (2,842) | 1,972 | (1,468) | (726) |
Change in other operating items: | |||||||||
Accounts receivable | (26,356) | (34,884) | (26,552) | (47,306) | (25,454) | (50,389) | 11,954 | (34,987) | (13,792) |
Inventories | (4,739) | 5,261 | (462) | 7,010 | 1,191 | 4,507 | 9,495 | 4,836 | (25,104) |
Prepaid expenses | (2,272) | (1,496) | (2,501) | (2,507) | (2,607) | (2,126) | (1,793) | (2,292) | 179 |
Accounts payable | 9,548 | (2,105) | 6,563 | 2,845 | 3,272 | 6,653 | (24,261) | 1,451 | 23,250 |
Accrued liabilities | (3,525) | 2,631 | (12,284) | ||||||
Other operating activities, net | (2,307) | (3,363) | (1,061) | 788 | 5,767 | 1,000 | (1,047) | (3,117) | 722 |
Net cash provided by operating activities | (5,971) | (20,015) | 8,749 | 901 | 28,508 | 20,039 | 36,746 | 40,992 | 2,257 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Purchases of property, plant and equipment | (5,580) | (1,716) | (12,800) | (5,158) | (18,743) | (9,823) | (24,002) | (14,150) | (13,458) |
Proceeds from disposal/sale of property, plant and equipment | 20 | 0 | 20 | 0 | 20 | 18 | 23 | 49 | 2,682 |
Payments for acquisition of business | 0 | 0 | (34,000) | (34,000) | 0 | 0 | |||
Net cash used in investing activities | (5,560) | (1,716) | (12,780) | (5,158) | (52,723) | (9,805) | (57,979) | (14,101) | (10,776) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Borrowings of Revolving Credit Facility | 0 | 36,500 | 0 | 80,500 | 8,500 | 80,500 | 35,700 | 80,500 | 0 |
Repayment of Revolving Credit Facility | 0 | (29,000) | 0 | (80,500) | (8,500) | (80,500) | (35,700) | (80,500) | 0 |
Borrowings of Term Loan Facility | 0 | 0 | 175,000 | ||||||
Repayment of Term Loan Facility | (5,244) | (1,094) | (6,338) | (2,188) | (6,338) | (3,281) | (8,525) | (4,375) | (2,188) |
Surrender of common stock by employees | (985) | (1,131) | (1,361) | ||||||
Redemption of Notes | 0 | 0 | (235,000) | ||||||
Prepayment charge for redemption of Notes | 0 | 0 | (1,543) | ||||||
Payment of Term Loan Facility discount | 0 | 0 | (3,500) | ||||||
Payment of debt issuance costs | (160) | 0 | (4,256) | ||||||
Other financing activities, net | 105 | 222 | 381 | 443 | 329 | 0 | |||
Net cash used in financing activities | (5,349) | 6,406 | (6,560) | (2,188) | (6,719) | (3,281) | (10,113) | (5,835) | (72,848) |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 315 | 989 | 199 | (1,125) | (1,276) | (1,672) | (56) | (2,387) | 3,451 |
NET INCREASE (DECREASE) IN CASH | (16,565) | (14,336) | (10,392) | (7,570) | (32,210) | 5,281 | (31,402) | 18,669 | (77,916) |
CASH: | |||||||||
Beginning of period | 70,913 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 130,160 |
End of period | 54,348 | 37,908 | 60,521 | 44,674 | 38,703 | 57,525 | 39,511 | 70,913 | 52,244 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||
Cash paid for interest | 3,373 | 3,408 | 6,787 | 6,937 | 10,212 | 10,421 | 13,873 | 14,046 | 18,572 |
Cash paid for income taxes, net | 2,593 | 808 | 4,180 | 1,693 | 5,530 | 2,081 | 8,774 | 3,143 | 3,276 |
Unpaid purchases of property and equipment included in accounts payable | $ 233 | $ 49 | $ 526 | $ 416 | $ 155 | $ 132 | $ 624 | $ 509 | $ 109 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies 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. We report our financial results by business segment; more specifically, 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 12 of the Notes to Consolidated Financial Statements for more information. Unless otherwise indicated, all amounts are in thousands, except share and per share amounts. 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. 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. 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 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 and are measured at the lower of cost or net realizable value. 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 property, plant and equipment for each of the years ended December 31, 2019 , 2018 and 2017 was $13.6 million , $14.0 million and $13.9 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. 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. 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. 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 18 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, 2019 and 2018 , receivables from our largest customers, A.B. Volvo, Daimler Trucks, Caterpillar, Navistar, John Deere and PACCAR, represented approximately 62% and 66% 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 income (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 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 (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 a portion of our variable interest debt thereby reducing exposure to interest rate changes. The interest rate swap agreement was not designated as a hedging instrument; therefore, the interest rate swap agreement has been marked-to-market and the fair value of the agreement 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 July 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-07, "Codification Updates to SEC Sections". ASU No. 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies. This ASU is effective upon issuance and did not have a significant impact on the Company's consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326)". The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The FASB subsequently issued ASU No. 2018-19, "Codification Improvements to Topic 326: Financial Instruments - Credit Losses", in November 2018 which provided further guidance on assessment of receivables for operating leases. ASU No. 2019-04, "Codification Improvements to Topic 326, Topic 815 and Topic 825" and ASU No. 2019-05, "Targeted Transition Relief", that were issued in April and May of 2019 do not materially impact the Company. In November 2019, the FASB issued ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses", which further clarified and improved the Codification to make it easier to understand and apply. The Company anticipates ASU 2016-13, ASU 2018-19 and ASU 2019-11 will apply to its trade receivables and will not have a material impact on the reported value of such receivables. We expect to implement ASU No. 2016-13, 2018-19 and 2019-11 on the effective date of January 1, 2020. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and otherwise clarifies and amends existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. We are evaluating the effect this ASU will have on the Company. Accounting Pronouncements Implemented During the Year Ended December 31, 2019 In June 2018, the FASB issued ASU No. 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting". The ASU changed the measurement date for determining the fair value of share awards to nonemployees to the grant date and requires the consideration of the probability of satisfying performance obligations in assessing the awards. The ASU did not have a material impact on our recognition of share-based payments for nonemployees. 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", issued in July 2018. These ASUs are intended to increase transparency and comparability among companies by recognizing lease assets and liabilities and disclosing key information about leasing arrangements. ASU 2016-02 was adopted by the Company on January 1, 2019. In accordance with Topic 842, we elected not to recognize lease assets and lease liabilities for leases with a term of twelve months or less and elected to not separate lease and non-lease components. We elected the transition method option under ASU 2018-11 with the 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. We recorded a right-of-use asset of $21.2 million and a lease liability of $22.2 million upon adoption. We also elected the option to apply the new leasing standard on the date of adoption and recognize a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption resulting in a cumulative effect as of January 1, 2019 of $0.1 million . Refer to Note 6 for further details. |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Statements Restatement Background On March 12, 2020, the Audit Committee of the Board of Directors (the “Audit Committee”) of the Company, after considering the recommendations of management, and discussing such recommendations with outside SEC counsel, concluded that our 2018 Financial Statements, included in our Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2018 (the “2018 Annual Report”), and our unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018, included in our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2019, June 30, 2019 and September 30, 2019 (the "2019 Quarterly Reports”), should no longer be relied upon due to misstatements that are described in greater detail below, and that we would restate such financial statements to make the necessary accounting corrections. During the preparation of our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), we noted a potential overstatement of the prepaid production tooling account of our vehicle cab structures manufacturing facility (presented in other current assets in the consolidated balance sheets). An investigation was conducted, under the direction of the Audit Committee, by external counsel with the assistance of a forensic accounting firm. As a result of the investigation, the Company concluded that the misstatements in our consolidated financial statements for the periods identified above were due to a former employee preparing manual journal entries to understate cost of revenues by improperly capitalizing certain manufacturing expenses, primarily in the prepaid production tooling account. The former employee made intentional misrepresentations during the investigation. During the course of, and as a result of, the investigation, the Company terminated the former employee and has taken additional personnel actions. The Company evaluated the materiality of these errors both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality and SAB No. 108, Considering the Effects of Prior Year Misstatements in Current Year Financial Statements , and determined the effect of these corrections was material to the consolidated financial statements as of and for the year ended December 31, 2018 and the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018. As a result of the material misstatements, we have restated our consolidated financial statements as of and for the year ended December 31, 2018 and our unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, and September 30, 2019 and 2018, in accordance with ASC 250, Accounting Changes and Error Corrections (the "Restated Financial Statements"). Based on the analysis noted above, the correction of errors resulting from the former employee's actions noted above were immaterial to the previously reported consolidated financial statements as of and for the year ended December 31, 2017 (the “2017 Annual Report”). The amounts in the 2017 Annual Report have been revised to reflect the correction of these errors. In addition to the adjustments to correct the understatement of cost of revenues and impacted balance sheet accounts, we also made an adjustment to correct an overstatement of property, plant and equipment (“PPE”) that was no longer in service as of the year ended December 31, 2016, and was unrelated to the correction of errors resulting from the former employee's actions. The Company evaluated this error in accordance with SAB 99 and 108 and concluded that the correction of the PPE error was immaterial to our consolidated financial statements. The restated interim financial information for the relevant unaudited interim financial statements for the quarterly periods ended March 31, 2019 and 2018, June 30, 2019 and 2018, September 30, 2019 and 2018, and December 31, 2018, is included in Note 19. The restatement adjustments and error correction and their impact on previously reported consolidated financial statements are described below. (a) Understatement of cost of revenues and impacted balance sheet accounts - Corrections for the understatement of cost of revenues by improperly capitalizing certain manufacturing expenses. Balance sheet accounts adjusted as a result of the improper capitalization of expenses include other current assets, accounts receivable, net of allowances and construction in progress. (b) Property, plant and equipment, net - We recorded an adjustment for a previously identified property, plant and equipment, net error unrelated to the understatement of cost of revenues and related balance sheet accounts misstatements. This PPE was no longer in service as of and for the year ended December 31, 2016. Summary impact of restatement adjustments and immaterial error correction to previously reported financial information The following tables present the summary impacts of the restatement adjustments and immaterial error correction on our previously reported retained deficit and total stockholders’ equity for the year ended December 31, 2016, and income before provision for income taxes and net income (loss) for the years ended December 31, 2018 and 2017: December 31, 2016 Retained deficit Total Stockholders' Equity As previously reported $ (113,378 ) $ 67,690 Cumulative adjustments (1,855 ) (1,855 ) As adjusted $ (115,233 ) $ 65,835 For the years ended December 31, 2018 2017 Income before income taxes - as previously reported $ 53,508 $ 13,645 Restatement adjustments (4,080 ) — Error corrections 148 (847 ) Income before income taxes - as restated / adjusted $ 49,576 $ 12,798 Net income (loss) - as previously reported $ 44,512 $ (1,705 ) Restatement adjustments (3,135 ) — Error corrections 112 (564 ) Net income (loss) - as restated / adjusted $ 41,489 $ (2,269 ) The following table presents the effect of the error correction on the Company’s consolidated balance sheets for the period indicated: COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET As of December 31, 2018 Restatement References As Previously Reported Restatement Adjustments As Restated ASSETS Current Assets: Cash $ 70,913 $ — $ 70,913 Accounts receivable, net of allowances of $5,139 134,624 (689 ) 133,935 a Inventories 92,359 — 92,359 Other current assets 16,828 (4,748 ) 12,080 a Total current assets 314,724 (5,437 ) 309,287 Property, Plant and Equipment: Land and buildings 26,240 — 26,240 Machinery and equipment 175,990 (2,219 ) 173,771 b Construction in progress 6,650 — 6,650 Less accumulated depreciation (143,781 ) 1,221 (142,560 ) b Property, plant and equipment, net 65,099 (998 ) 64,101 Goodwill 7,576 — 7,576 Intangible assets, net of accumulated amortization of of $9,568 12,800 — 12,800 Deferred income taxes, net 15,348 993 16,341 a, b Other assets 2,583 — 2,583 TOTAL ASSETS $ 418,130 $ (5,442 ) $ 412,688 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 86,645 $ — $ 86,645 Accrued liabilities and other 36,969 — 36,969 Current portion of long-term debt 9,102 — 9,102 Total current liabilities 132,716 — 132,716 Long-term debt 154,656 — 154,656 Pension and other post-retirement liabilities 12,065 — 12,065 Other long-term liabilities 3,655 — 3,655 Total liabilities 303,092 — 303,092 Stockholders’ Equity: Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) — — — Common stock, $.01 par value (60,000,000 shares authorized; 30,512,843 shares issued and outstanding) 318 — 318 Treasury stock, at cost: 1,334,251 shares (10,245 ) — (10,245 ) Additional paid-in capital 243,007 — 243,007 Retained deficit (70,571 ) (5,442 ) (76,013 ) a, b Accumulated other comprehensive loss (47,471 ) — (47,471 ) Total CVG stockholders’ equity 115,038 (5,442 ) 109,596 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 418,130 $ (5,442 ) $ 412,688 As of December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $0.7 million decrease in accounts receivable, net; a $4.7 million decrease in other current assets; a $1.3 million increase in long-term deferred tax assets; and a $4.1 million increase in retained deficit. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $2.2 million decrease in machinery and equipment; a $1.2 million decrease in accumulated depreciation; a $0.3 million decrease in long-term deferred tax assets; and a $1.3 million increase in retained deficit. The following table presents the effect of the error corrections on the consolidated statements of income for the periods indicated: COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 As Previously Reported Restatement Adjustments As Restated As Previously Reported Adjustments As Adjusted Restatement References Revenues $ 897,737 $ — $ 897,737 $ 755,231 $ — $ 755,231 Cost of revenues 768,885 3,932 772,817 663,513 847 664,360 a, b Gross profit $ 128,852 $ (3,932 ) $ 124,920 $ 91,718 $ (847 ) $ 90,871 Selling, general and administrative expenses 60,679 — 60,679 59,547 — 59,547 Amortization expense 1,300 — 1,300 1,320 — 1,320 Operating income $ 66,873 $ (3,932 ) $ 62,941 $ 30,851 $ (847 ) $ 30,004 Other expense 1,311 — 1,311 1,943 — 1,943 Interest expense 14,676 — 14,676 19,149 — 19,149 Income before provision for income taxes $ 53,508 $ (3,932 ) $ 49,576 $ 13,645 $ (847 ) $ 12,798 a, b Provision for income taxes 8,996 (909 ) 8,087 15,350 (283 ) 15,067 a, b Net income (loss) $ 44,512 $ (3,023 ) $ 41,489 $ (1,705 ) $ (564 ) $ (2,269 ) Earnings (loss) per common share Basic $ 1.47 $ (0.10 ) $ 1.37 $ (0.06 ) $ (0.02 ) $ (0.08 ) Diluted $ 1.46 $ (0.10 ) $ 1.36 $ (0.06 ) $ (0.02 ) $ (0.08 ) Weighted average shares outstanding Basic 30,277 30,277 30,277 29,942 29,942 29,942 Diluted 30,587 30,587 30,587 29,942 29,942 29,942 For the year ended December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $4.1 million increase in cost of revenues; a $1.0 million decrease in provision for income taxes; and a $3.1 million decrease in net income. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million decrease in cost of revenues; an immaterial increase in provision for income taxes; and a $0.1 million increase in net income. For the year ended December 31, 2017 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $1.0 million increase in cost of revenues; a $0.2 million decrease in provision for income taxes; and a $0.8 million increase in net loss. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million decrease in cost of revenues; a $0.1 million decrease in provision for income taxes; and a $0.2 million decrease in net loss. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 As Previously Reported Restatement Adjustments As Restated As Previously Reported Adjustments As Adjusted Restatement References Net income (loss) $ 44,512 $ (3,023 ) $ 41,489 $ (1,705 ) $ (564 ) $ (2,269 ) a, b Other comprehensive (loss) income: Foreign currency translation adjustments (5,675 ) — (5,675 ) 7,141 — 7,141 Minimum pension liability, net of tax (1,057 ) — (1,057 ) 469 — 469 Derivative instrument 496 — 496 — — — Other comprehensive (loss) income $ (6,236 ) $ — $ (6,236 ) $ 7,610 $ — $ 7,610 Comprehensive income (loss) $ 38,276 $ (3,023 ) $ 35,253 $ 5,905 $ (564 ) $ 5,341 For the year ended December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $3.1 million decrease in net income. Refer to descriptions of the adjustments and their impacts to net income above. (b) Property, Plant and Equipment, Net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million increase in net income. Refer to descriptions of the adjustment and its impact to net income above. For the year ended December 31, 2017 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $0.8 million increase in net loss. Refer to descriptions of the adjustments and their impacts to net loss above. (b) Property, Plant and Equipment, Net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.2 million decrease in net loss. Refer to descriptions of the adjustment and its impact to net loss above. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Common Stock Treasury Additional Retained Accumulated Other Comprehensive Loss Total CVG Shares Amount BALANCE - December 31, 2016 (As Previously Reported) 29,871,354 $ 299 $ (7,753 ) $ 237,367 $ (113,378 ) $ (48,845 ) $ 67,690 Cumulative adjustments — — — — (1,855 ) — (1,855 ) BALANCE - December 31, 2016 (As Adjusted) 29,871,354 $ 299 $ (7,753 ) $ 237,367 $ (115,233 ) $ (48,845 ) $ 65,835 BALANCE - December 31, 2017 (As Previously Reported) 30,219,278 $ 304 $ (9,114 ) $ 239,870 $ (115,083 ) $ (41,235 ) $ 74,742 Cumulative adjustments — — — — (2,419 ) — (2,419 ) BALANCE - December 31, 2017 (As Adjusted) 30,219,278 $ 304 $ (9,114 ) $ 239,870 $ (117,502 ) $ (41,235 ) $ 72,323 BALANCE - December 31, 2018 (As Previously Reported) 30,512,843 $ 318 $ (10,245 ) $ 243,007 $ (70,571 ) $ (47,471 ) $ 115,038 Cumulative restatement adjustments — — — — (5,442 ) — (5,442 ) BALANCE - December 31, 2018 (As Restated) 30,512,843 $ 318 $ (10,245 ) $ 243,007 $ (76,013 ) $ (47,471 ) $ 109,596 As of December 31, 2018, 2017 and 2016 The increase in retained deficit and corresponding decrease of total CVG stockholders’ equity for each restated period was the result of the adjustments for understatement of costs of revenues and impacted balance sheet accounts and the adjustment to property, plant and equipment, net. These adjustments resulted in a $5.4 million increase in retained deficit and corresponding decrease of total CVG stockholders’ equity as of December 31, 2018, a $2.4 million increase in retained deficit and corresponding decrease of total CVG stockholders’ equity as of December 31, 2017, and a $1.9 million increase in retained deficit and corresponding decrease of total CVG stockholders’ equity as of December 31, 2016. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW For the Year Ended December 31, 2018 As Previously Reported Restatement Adjustments As Restated Restatement References CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ 44,512 $ (3,023 ) $ 41,489 a, b Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 15,418 (148 ) 15,270 b Provision for doubtful accounts 7,607 — 7,607 Noncash amortization of debt financing costs 1,404 — 1,404 Shared-based compensation expense 3,137 — 3,137 Deferred income tax 5,940 (909 ) 5,031 a, b Noncash (gain) loss on derivative contracts (1,468 ) — (1,468 ) Change in other operating items: Accounts receivable (35,674 ) 687 (34,987 ) a Inventories 4,836 — 4,836 Prepaid expenses (5,685 ) 3,393 (2,292 ) a Accounts payable 1,451 — 1,451 Accrued liabilities 2,631 — 2,631 Other operating activities, net (3,117 ) — (3,117 ) Net cash provided by operating activities 40,992 — 40,992 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (14,150 ) — (14,150 ) Proceeds from disposal/sale of property, plant and equipment 49 — 49 Net cash used in investing activities (14,101 ) — (14,101 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of Revolving Credit Facility 80,500 — 80,500 Repayment of Revolving Credit Facility (80,500 ) — (80,500 ) Repayment of Term Loan Facility principal (4,375 ) — (4,375 ) Surrender of common stock by employees (1,131 ) — (1,131 ) Other financing activities, net (329 ) — (329 ) Net cash used in financing activities (5,835 ) — (5,835 ) EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH (2,387 ) — (2,387 ) NET (DECREASE) INCREASE IN CASH 18,669 — 18,669 CASH: Beginning of period 52,244 — 52,244 End of period $ 70,913 $ — $ 70,913 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 14,046 $ — $ 14,046 Cash paid for income taxes, net $ 3,143 $ — $ 3,143 Unpaid purchases of property and equipment included in accounts payable $ 509 $ — $ 509 For the year ended December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $3.1 million decrease in net income; a $0.9 million decrease in deferred income tax; a $0.7 million decrease in change in accounts receivable; and a $3.4 million decrease in change in prepaid expenses. Refer to descriptions of the adjustments and their impacts to net income above. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million increase in net income; a $0.1 million decrease in depreciation expense; and an immaterial increase in deferred income tax. Refer to descriptions of the adjustment and its impact to net income above. The impact of these error corrections to relevant segment and quarterly financial information is presented in Notes 12 and 19 to these consolidated financial statements, respectively. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW For the Year Ended December 31, 2017 As Previously Reported Adjustments As Adjusted Restatement References CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,705 ) $ (564 ) $ (2,269 ) a, b Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 15,344 (148 ) 15,196 b Provision for doubtful accounts 5,622 — 5,622 Noncash amortization of debt financing costs 1,251 — 1,251 Shared-based compensation expense 2,503 — 2,503 (Gain) loss on sale of assets (586 ) — (586 ) Deferred income tax 7,992 (283 ) 7,709 a, b Noncash (gain) loss on derivative contracts (726 ) — (726 ) Change in other operating items: Accounts receivable (13,794 ) 2 (13,792 ) a Inventories (25,104 ) — (25,104 ) Prepaid expenses (814 ) 993 179 a Accounts payable 23,250 — 23,250 Accrued liabilities (12,284 ) — (12,284 ) Other operating activities, net 1,308 — 1,308 Net cash provided by operating activities 2,257 — 2,257 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (13,458 ) — (13,458 ) Proceeds from disposal/sale of property, plant and equipment 2,682 — 2,682 Net cash used in investing activities (10,776 ) — (10,776 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of Term Loan Facility 175,000 — 175,000 Repayment of Term Loan Facility principal (2,188 ) — (2,188 ) Surrender of common stock by employees (1,361 ) — (1,361 ) Redemption of Notes (235,000 ) — (235,000 ) Prepayment charge for redemption of Notes (1,543 ) — (1,543 ) Payment of Term Loan Facility discount (3,500 ) — (3,500 ) Payment of debt issuance costs (4,256 ) — (4,256 ) Net cash used in financing activities (72,848 ) — (72,848 ) EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH 3,451 — 3,451 NET (DECREASE) INCREASE IN CASH (77,916 ) — (77,916 ) CASH: Beginning of period 130,160 — 130,160 End of period $ 52,244 $ — $ 52,244 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 18,572 $ — $ 18,572 Cash paid for income taxes, net $ 3,276 $ — $ 3,276 Unpaid purchases of property and equipment included in accounts payable $ 109 $ — $ 109 For the year ended December 31, 2017 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $0.8 million increase in net loss; a $0.2 million decrease in deferred income tax; an immaterial decrease in change in accounts receivable; and a $1.0 million decrease in change in prepaid expenses. Refer to descriptions of the adjustments and their impacts to net income above. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.2 million decrease in net loss; a $0.1 million decrease in depreciation expense; and a $0.1 million decrease in deferred income tax. Refer to descriptions of the adjustment and its impact to net income above. The impact of these error corrections to relevant segment and quarterly financial information is presented in Notes 12 and 19 to these consolidated financial statements, respectively. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Our products include electrical wire harnesses, control panels and 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 MD/HD Truck OEMs, Bus OEMs, Construction OEMs, the aftermarket and other markets. The nature, timing and uncertainty of recognition of revenue and associated cash flows across the varying product lines, geographic regions and customer end markets is substantially consistent. Contractual Arrangements Revenue is measured based on terms and conditions specified in contracts or purchase orders with customers. We have long-term contracts with some customers that govern overall terms and conditions which are accompanied by purchase orders that define specific order quantities and/or price. We have many customers with which we conduct business 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 customer. None of the Company's business arrangements as of December 31, 2019 , 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, of $115.1 million as of December 31, 2019 and $133.9 million as of December 31, 2018 . We generally do not have other assets or liabilities associated with customer arrangements. In general, we do not make significant judgments or have variable consideration that impact our recognition of revenue. Refer to Note 12 for revenue disclosures by reportable segments. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement At December 31, 2019 , 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 transactions denominated in Mexican Pesos, we have entered into forward exchange contracts that are designated as cash flow hedge instruments, which are 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 in cost of revenues in the period the related hedge transactions are recognized. Interest Rate Swap Agreement. To manage our exposure to variable interest rates, we have entered into an agreement (the “Interest Rate Swap Agreement”) with Bank of America, N.A. whereby the Company has agreed to exchange, at a specified interval, the difference between fixed and variable interest amounts calculated by reference to an agreed upon notional principal amount. The Interest Rate Swap Agreement is intended to mitigate the impact of rising interest rates on the Company and covers $80 million of outstanding debt under the senior secured term loan facility. The Company expects this agreement to remain effective during the remaining term of the Interest Rate Swap Agreement and records the impact of the agreement in interest and other expense in the Consolidated Statements of Operations. The fair values of our derivative instruments and contingent consideration measured on a recurring basis as of December 31 and are categorized as follows: 2019 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Derivative assets Foreign exchange contract 1 $ 464 $ — $ 464 $ — $ 496 $ — $ 496 $ — Interest rate swap agreement 2 $ 150 $ — $ 150 $ — $ 1,131 $ — $ 1,131 $ — Derivative liabilities Interest rate swap agreement 3 $ 995 $ — $ 995 $ — $ — $ — $ — $ — Earnout liability Contingent consideration 5 $ 4,700 $ — $ — $ 4,700 $ — $ — $ — $ — Derivative equity Foreign exchange contract 4 $ 464 $ — $ 464 $ — $ 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 the 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 forward rates. 4 Presented in the Consolidated Balance Sheets in accumulated other comprehensive income (loss) and based on observable market transactions of forward rates. 5 Presented in the Consolidated Balance Sheets in accrued liabilities and other long term liabilities and based on a Monte Carlo valuation model. The following table summarizes the notional amount of our open foreign exchange contracts at December 31 : 2019 2018 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 22,474 $ 22,939 $ 22,371 $ 22,867 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 : 2019 2018 Location of Gain (Loss) Amount of Gain (Loss) Foreign exchange contracts Cost of Revenues $ 4 $ 607 Interest rate swap agreement Interest and Other Expense $ (1,818 ) $ 785 Long-term Debt . The fair value of long-term debt obligations is based on a fair value model utilizing observable inputs. Based on 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: 2019 2018 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 156,384 $ 157,983 $ 163,758 $ 161,759 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt (net of current prepaid debt financing costs of $0.5 million and current original issue discount of $0.6 million ) of $3.3 million and long-term debt (net of long-term prepaid debt financing costs of $1.2 million and long-term original issue discount of $1.3 million ) of $153.1 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, except for definite-lived intangibles acquired and contingent consideration as a part of the acquisition of First Source Electronics, LLC discussed in Note 5, as of December 31, 2019 and December 31, 2018 . The contingent consideration is classified as Level 3 and valued based on a Monte Carlo valuation model. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On September 17, 2019, the Company entered into and closed on an Asset Purchase Agreement (the “Agreement”) with First Source Electronics, LLC (“FSE”), Kevin Popielarczyk and Richard Vuoto (collectively, “Principals”) and the Company’s wholly-owned subsidiary, CVG FSE, LLC (“CVG FSE”). The Agreement provided for the acquisition (the "FSE Acquisition") by CVG FSE of substantially all of the assets and certain liabilities of FSE in exchange for a cash purchase price of $34.0 million , subject to a net working capital adjustment, plus a right to earn up to $10.8 million in contingent milestone payments. The purchase was funded through domestic cash on hand and $2.0 million of borrowings under our revolving credit facility. FSE is in the business of manufacturing, distributing, marketing and selling cable and electro-mechanical assemblies, control panels and other business and consumer electronics products and services. FSE improves our ability to participate in the progression of digitalization, connectivity and associated power and data applications. Furthermore, this strategic acquisition complements our high-complexity, low-to-medium volume electrical business, and provides an entry into the warehouse automation market, while also providing us with the opportunity to leverage our global footprint and to increase cross selling opportunities. The milestone payments are payable based on achieving certain earnings before interest, taxes, depreciation and amortization ("EBITDA") thresholds over the periods from (a) September 18, 2019 through September 17, 2020, (b) September 18, 2019 through March 17, 2021, (c) September 18, 2019 through September 17, 2022 and (d) March 18, 2021 through September 17, 2022. The payment amount will be determined on a sliding scale for reaching between 90% and 100% of the respective EBITDA targets. The fair value for the milestone payments is based on a Monte Carlo simulation utilizing forecasted EBITDA through September 17, 2022. The estimate was recorded within other long-term liabilities in the Consolidated Balance Sheet as of September 30, 2019. The total undiscounted milestone payments is estimated at $5.6 million and the fair value is $4.7 million as of September 30, 2019. The Agreement contains customary indemnification provisions and provided for the establishment of an escrow fund of $3.0 million of the purchase price to secure indemnification claims by CVG FSE for an 18-month period. The Company is a party to the Agreement solely as a guarantor of CVG FSE’s payment obligations. The operating results of FSE, since the date of acquisition, have been included in our consolidated financial statements. From the date of the FSE Acquisition through December 31, 2019, FSE operations recorded revenues of approximately $12.8 million resulting in net income of $0.2 million for the period within the Electrical Systems Segment. Acquisition related expenses for FSE of approximately $0.9 million were incurred for the year ended December 31, 2019 and have been recorded as selling, general and administrative expenses in our consolidated statements of operations. The FSE Acquisition was accounted for under the acquisition method of accounting. Under acquisition accounting, the acquired tangible and intangible assets and liabilities of FSE have been recorded at their respective fair values. The Company has completed its preliminary assessment of fair values of assets acquired and liabilities assumed, and the preliminary amounts are reflected in the table below. The purchase price associated with the FSE Acquisition exceeded the preliminary fair value of the net assets acquired by approximately $20.4 million . This reflects an increase of $2.7 million from the initial valuation as of September 30, 2019 . As of December 31, 2019, the net working capital adjustment is still preliminary. The excess purchase price over net assets acquired is recorded as goodwill and was determined as follows: Initial cash paid, net of working capital adjustment $ 34,000 Contingent consideration at fair value 4,700 Total consideration $ 38,700 Net assets at fair value 18,335 Excess of total consideration over net assets acquired $ 20,365 In the fourth quarter of 2019, management decreased the value of definite-lived intangible assets with an offset to goodwill to reflect a refinement of valuation assumptions. The allocation of the fair value of the assets acquired and liabilities assumed is as follows: Accounts receivable $ 6,567 Inventories 3,140 Prepaid and other current assets 353 Property, plant and equipment 503 Other long-term assets 1,650 Definite-lived intangible assets 14,500 Goodwill 20,365 Accounts payable and accrued liabilities (7,204 ) Other long-term liabilities (1,174 ) Total consideration $ 38,700 The following unaudited pro forma information for the twelve months ended December 31, 2019 and 2018 presents the result of operations as if the FSE Acquisition had taken place at the beginning of the annual reporting period. The pro forma results reflect estimates and assumptions and are not necessarily indicative of the financial position or result of operations had the acquisition taken place at the beginning of the period. The Company adjusted historical results for assumed intangible amortization expense consistent with future years and assumed an effective tax rate of 25% . In addition, the pro forma results are not necessarily indicative of the future financial or operating results. Twelve months ended December 31, (unaudited) 2019 2018 (as restated) Revenue $ 936,766 $ 935,596 Net income $ 18,324 $ 44,139 Earnings per share attributable to common stockholders: Basic $ 0.60 $ 1.46 Diluted $ 0.59 $ 1.44 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company leases office, warehouse and manufacturing space and certain equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. Our leases have remaining lease terms of one year to nine years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. The components of lease expense are as follows: Twelve Months Ended December 31, 2019 Operating lease cost $ 7,279 Finance lease cost: Amortization of right-of-use assets 341 Interest on lease liabilities 60 Total finance lease cost $ 401 Short-term lease cost 1 7,357 Total lease expense $ 15,037 1 Includes variable lease costs, which are not significant. Supplemental cash flow information related to leases is as follows: Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,898 Financing cash flows from finance leases $ 443 The Company elected to apply the modified retrospective approach. As such, we did not restate the prior year Consolidated Balance Sheet. Supplemental balance sheet information related to leases is as follows: Balance Sheet Location December 31, 2019 Operating Leases Right-of-use assets, net Operating lease right-of-use assets, net 1 $ 34,960 Current liabilities Current operating lease liabilities $ 7,620 Non-current liabilities Operating lease liabilities 29,414 Total operating lease liabilities $ 37,034 Finance Leases Right-of-use assets $ 1,135 Accumulated depreciation (343 ) Right-of-use assets, net Other assets, net $ 792 Current liabilities Accrued liabilities and other $ 354 Non-current liabilities Other long-term liabilities 398 Total finance lease liabilities $ 752 Weighted Average Remaining Lease Term Operating leases 5.0 years Finance leases 2.8 years Weighted Average Discount Rate Operating leases 9.1 % Finance leases 7.2 % 1 Includes $21.2 million for operating leases existing on January 1, 2019 and $18.6 million for operating leases that commenced or were renewed in the twelve months ended December 31, 2019 , net of amortization of $4.8 million . As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We utilize an incremental borrowing rate, which is reflective of the specific term of the leases and economic environment of each geographic region, and apply a portfolio approach for certain machinery and equipment that have consistent terms in a specific geographic region. Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows: Year Ending December 31, Operating Financing Total 2020 $ 10,300 $ 401 $ 10,701 2021 9,902 249 10,151 2022 9,211 124 9,335 2023 5,214 54 5,268 2024 4,132 13 4,145 Thereafter 6,834 1 6,835 Total lease payments $ 45,593 $ 842 $ 46,435 Less: Imputed interest (8,559 ) (90 ) (8,649 ) Present value of lease liabilities $ 37,034 $ 752 $ 37,786 The following are the future minimum annual rental commitments under Topic 840 as disclosed in our December 31, 2018 Form 10-K: Year Ending December 31, 2019 $ 7,558 2020 $ 6,492 2021 $ 5,960 2022 $ 5,286 2023 $ 1,676 Thereafter $ 2,501 |
Leases | Leases The Company leases office, warehouse and manufacturing space and certain equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. Our leases have remaining lease terms of one year to nine years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. The components of lease expense are as follows: Twelve Months Ended December 31, 2019 Operating lease cost $ 7,279 Finance lease cost: Amortization of right-of-use assets 341 Interest on lease liabilities 60 Total finance lease cost $ 401 Short-term lease cost 1 7,357 Total lease expense $ 15,037 1 Includes variable lease costs, which are not significant. Supplemental cash flow information related to leases is as follows: Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,898 Financing cash flows from finance leases $ 443 The Company elected to apply the modified retrospective approach. As such, we did not restate the prior year Consolidated Balance Sheet. Supplemental balance sheet information related to leases is as follows: Balance Sheet Location December 31, 2019 Operating Leases Right-of-use assets, net Operating lease right-of-use assets, net 1 $ 34,960 Current liabilities Current operating lease liabilities $ 7,620 Non-current liabilities Operating lease liabilities 29,414 Total operating lease liabilities $ 37,034 Finance Leases Right-of-use assets $ 1,135 Accumulated depreciation (343 ) Right-of-use assets, net Other assets, net $ 792 Current liabilities Accrued liabilities and other $ 354 Non-current liabilities Other long-term liabilities 398 Total finance lease liabilities $ 752 Weighted Average Remaining Lease Term Operating leases 5.0 years Finance leases 2.8 years Weighted Average Discount Rate Operating leases 9.1 % Finance leases 7.2 % 1 Includes $21.2 million for operating leases existing on January 1, 2019 and $18.6 million for operating leases that commenced or were renewed in the twelve months ended December 31, 2019 , net of amortization of $4.8 million . As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We utilize an incremental borrowing rate, which is reflective of the specific term of the leases and economic environment of each geographic region, and apply a portfolio approach for certain machinery and equipment that have consistent terms in a specific geographic region. Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows: Year Ending December 31, Operating Financing Total 2020 $ 10,300 $ 401 $ 10,701 2021 9,902 249 10,151 2022 9,211 124 9,335 2023 5,214 54 5,268 2024 4,132 13 4,145 Thereafter 6,834 1 6,835 Total lease payments $ 45,593 $ 842 $ 46,435 Less: Imputed interest (8,559 ) (90 ) (8,649 ) Present value of lease liabilities $ 37,034 $ 752 $ 37,786 The following are the future minimum annual rental commitments under Topic 840 as disclosed in our December 31, 2018 Form 10-K: Year Ending December 31, 2019 $ 7,558 2020 $ 6,492 2021 $ 5,960 2022 $ 5,286 2023 $ 1,676 Thereafter $ 2,501 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following as of December 31 : 2019 2018 Raw materials $ 57,742 $ 66,965 Work in process 12,612 12,333 Finished goods 12,518 13,061 $ 82,872 $ 92,359 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consisted of the following as of December 31 : 2019 2018 Compensation and benefits $ 9,681 $ 12,893 Insurance 3,110 2,485 Warranty costs 3,082 3,911 Taxes payable 2,513 5,272 Accrued freight 2,408 1,559 Restructuring 2,324 — Legal and professional fees 2,115 1,710 Accrued services 912 1,106 Deferred tooling revenue 524 1,466 Other 6,004 6,567 $ 32,673 $ 36,969 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | $15,000,000 but < $30,000,000 0.75% 1.75% 1.75% 2.75% I ≤ $15,000,000 1.00% 2.00% 2.00% 3.00% 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, 2019 , the applicable margin was set at Level III. The unamortized deferred financing fees associated with our revolving credit facility of $0.6 million and $0.7 million as of December 31, 2019 and December 31, 2018 , respectively, are being amortized over the remaining life of the agreement. As of December 31, 2019 and December 31, 2018 , we did not have borrowings under the revolving credit facility and had outstanding letters of credit of $1.6 million and $1.7 million , respectively. We had borrowing availability of $55.1 million at December 31, 2019 . 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, 2018 through December 31, 2019 , the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the year ended December 31, 2019 . 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, 2019 . 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 : 2019 2018 Term loan and security agreement 1, 2 $ 156,384 $ 163,758 1 Presented in the Consolidated Balance Sheets as current portion of long-term debt of $3.3 million , net of current prepaid debt financing costs of $0.5 million and current original issue discount of $0.6 million ; and long-term debt of $153.1 million , net of long-term prepaid debt financing costs of $1.2 million and long-term original issue discount of $1.3 million as of December 31, 2019 . 2 Presented in the Consolidated Balance Sheets as current portion of long-term debt of $9.1 million , net of current prepaid debt financing costs of $0.6 million , and current original issue discount of $0.6 million ; and long-term debt of $154.7 million , net of long-term prepaid debt financing costs of $1.7 million and long-term original issue discount of $1.8 million as of December 31, 2018 . 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) an applicable rate of either (i) base rate for any day, a per annum rate equal to the greater of (a) the prime rate for such day, (b) the federal funds rate for such day, plus 0.50% , or (c) LIBOR for a 30 day interest period as of such day, plus 1.00% , or (ii) 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, 2019 . The unamortized deferred financing fees of $1.7 million and original issue discount of $1.8 million are netted against the aggregate book value of the outstanding debt to arrive at a balance of $156.4 million as of December 31, 2019 and are being amortized over the remaining life of the agreement. The weighted average interest rate was 8.29% as of December 31, 2019 and 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, 2019 . 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. A mandatory prepayment of $4.2 million pursuant to the TLS Agreement was made during the first quarter of 2019 as a result of our 2018 Excess Cash Flow Period. 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 (the "Third ARLS Agreement") increasing its senior secured revolving credit facility (the "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. On September 18, 2019, the Company and certain of its subsidiaries, as co-borrowers, entered into an Amendment No. 1 (the “Amendment”), which amends the Third ARLS Agreement. The Amendment amends the terms of the Revolving Credit Facility to entitle the Company and the other named borrowers thereunder (subject to the terms and conditions described therein) to request loans and other financial accommodations in an amount equal to the lesser of $90.0 million and a borrowing base composed of accounts receivable and inventory (such facility, the “Tranche A Facility”). Of the $90.0 million , $7.0 million shall be available as a first-in, last-out facility (“Tranche B Facility”) at a 100 basis points premium, as detailed in the below applicable margin table. The Company can increase the size of the revolving commitments under the Revolving Credit Facility by an incremental $20.0 million , subject to the consent of the lenders providing the incremental commitments. The applicable margin is based on average daily availability under the revolving credit facility as follows: Level Average Daily Availability Tranche A Tranche A Tranche B Tranche B III ≥ $30,000,000 0.50% 1.50% 1.50% 2.50% II > $15,000,000 but < $30,000,000 0.75% 1.75% 1.75% 2.75% I ≤ $15,000,000 1.00% 2.00% 2.00% 3.00% 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, 2019 , the applicable margin was set at Level III. The unamortized deferred financing fees associated with our revolving credit facility of $0.6 million and $0.7 million as of December 31, 2019 and December 31, 2018 , respectively, are being amortized over the remaining life of the agreement. As of December 31, 2019 and December 31, 2018 , we did not have borrowings under the revolving credit facility and had outstanding letters of credit of $1.6 million and $1.7 million , respectively. We had borrowing availability of $55.1 million at December 31, 2019 . 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, 2018 through December 31, 2019 , the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the year ended December 31, 2019 . 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, 2019 . 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, 2019 | |
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, 2019 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 11,553 $ (4,276 ) $ 7,277 Customer relationships 15 years 15,025 (6,574 ) 8,451 Technical know-how 5 years 9,790 (571 ) 9,219 Covenant not to compete 5 years 330 (19 ) 311 $ 36,698 $ (11,440 ) $ 25,258 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 The aggregate intangible asset amortization expense was $2.0 million for the fiscal year ended December 31, 2019 and $1.3 million for each of the fiscal years ended December 31 , 2018 and 2017 . The estimated intangible asset amortization expense for each of the five succeeding fiscal years ending after December 31, 2019 is $3.5 million for years 2020 through 2023 and $2.9 million for the year through December 31, 2024. The changes in the carrying amounts of goodwill for the years ended December 31 are as follows: 2019 2018 Balance - Beginning of the year $ 7,576 $ 8,045 FSE Acquisition 20,365 — Currency translation adjustment (125 ) (469 ) Balance - End of the year $ 27,816 $ 7,576 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pre-tax income (loss) consisted of the following for the years ended December 31 : 2019 2018 (as restated) 2017 Domestic 1 $ 4,777 $ 23,092 $ (2,940 ) Foreign 16,779 26,484 15,738 Total $ 21,556 $ 49,576 $ 12,798 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows: 2019 2018 (as restated) 2017 Federal provision at statutory rate 1 $ 4,527 $ 10,411 $ 4,480 U.S./Foreign tax rate differential 393 731 (919 ) Foreign non-deductible expenses 2,059 (1,759 ) (2,006 ) Foreign tax provision 793 1,253 615 State taxes, net of federal benefit 1 308 619 49 State tax rate change, net of federal benefit (41 ) (32 ) (264 ) Change in uncertain tax positions 15 84 119 Change in valuation allowance (2,054 ) 597 2,475 Tax credits (2,652 ) (2,049 ) (152 ) Share-based compensation (14 ) (50 ) (657 ) Change in U.S. corporate tax rate — — 7,277 Repatriation of foreign earnings 1,235 (3,670 ) 3,964 GILTI, net of related foreign tax credit 730 1,194 — Other 479 758 86 Provision for income taxes $ 5,778 $ 8,087 $ 15,067 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. The provision (benefit) for income taxes for the years ended December 31 follows: 2019 2018 (as restated) 2017 Current Deferred Total Current Deferred Total Current Deferred Total Federal 1 $ (205 ) $ (336 ) $ (541 ) $ (3,432 ) $ 4,426 $ 994 $ 2,954 $ 7,446 $ 10,400 State and local 1 214 883 1,097 123 87 210 362 (384 ) (22 ) Foreign 4,207 1,015 5,222 6,365 518 6,883 4,042 647 4,689 Total $ 4,216 $ 1,562 $ 5,778 $ 3,056 $ 5,031 $ 8,087 $ 7,358 $ 7,709 $ 15,067 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. A summary of deferred income tax assets and liabilities as of December 31 follows: 2019 2018 (as restated) Noncurrent deferred tax assets: 1 Amortization and fixed assets $ 1,457 $ 1,992 Accounts receivable 129 166 Inventories 2,032 2,226 Pension obligations 2,134 2,375 Warranty obligations 741 827 Accrued benefits 369 382 Foreign exchange contracts 91 (367 ) Restricted stock 126 106 Operating leases 165 — Tax credit carryforwards 3,843 3,537 Net operating loss carryforwards 12,657 16,817 Other temporary differences not currently available for tax purposes 2,902 2,945 Total noncurrent deferred tax assets $ 26,646 $ 31,006 Valuation allowance (11,992 ) (14,665 ) Net noncurrent deferred tax assets $ 14,654 $ 16,341 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (2,501 ) $ (2,960 ) Accounts receivable 72 54 Inventories 115 123 Warranty obligations 1 1 Accrued benefits (111 ) 67 Operating leases 27 — Net operating loss carryforwards 1,517 2,272 Other temporary differences not currently available for tax purposes (678 ) (351 ) Total noncurrent tax liabilities (1,558 ) (794 ) Total net deferred tax asset $ 13,096 $ 15,547 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. 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 2019, we recorded additional valuation allowance of $0.7 million on the deferred tax assets of our United Kingdom subsidiary and certain U.S. state tax net operating loss carryforwards, and released $3.4 million in valuation allowances related to the deferred tax assets of our Luxembourg subsidiaries. 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, 2019 , the Company had net operating loss carryforwards of $115.2 million , of which $55.2 million related to foreign jurisdictions and $60.0 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, 2019 , we had $2.5 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, 2019 , we had $1.3 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. As a result of the Tax Cuts and Jobs Act of 2017, the unutilized research and development tax credits the Company generated after December 31, 2017 can be carried forward indefinitely whereas the credits generated prior to that date are subject to a 20-year carryforward period. Approximately $0.5 million of the Company's tax credits are subject to the 20-year carryforward period and begin to expire between between 2025 and 2039 . As of December 31, 2019 , cash of $39.5 million was held by foreign subsidiaries. During the year ended December 31, 2019 , $19.4 million , net of $1.0 million in foreign withholding tax incurred, was repatriated from the Company's foreign subsidiaries. The Company plans to repatriate an additional $12.0 million in 2020 and a $0.8 million deferred tax liability was recorded during the year ended December 31, 2019 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 2016. 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, 2019 , and 2018, we provided a liability of $0.9 million for unrecognized tax benefits related to U.S. federal and state, and foreign jurisdictions. The majority of 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 $0.4 million and $0.3 million accrued for the payment of interest and penalties as of December 31, 2019 and December 31, 2018, respectively. Accrued interest and penalties are included in the $0.9 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: 2019 2018 (as restated) 2017 Balance - Beginning of the year 1 $ 894 $ 811 $ 1,098 Gross increase - tax positions in prior periods 1 70 66 70 Gross decreases - tax positions in prior periods 1 (39 ) (14 ) (219 ) Gross increases - current period tax positions 1 — 59 65 Lapse of statute of limitations (12 ) (12 ) (221 ) Currency translation adjustment (5 ) (16 ) 18 Balance - End of the year 1 $ 908 $ 894 $ 811 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. |
Segment Reporting and Geographi
Segment Reporting and Geographic Locations | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Locations | Segment Reporting and Geographic Locations In the year 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. 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: • Electrical wire harnesses, control panels, electro-mechanical and cable assemblies primarily for the construction, agricultural, industrial, automotive, truck, mining, rail and military industries in North America, Europe and Asia-Pacific; • Trim systems and components ("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 the following products: • Seats and seating systems ("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 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 are for the benefit of the operations and 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, selling, general and administrative expenses, amortization expense, operating income, capital expenditures, depreciation expense and other items for the year ended December 31, 2019 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2019 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 522,484 $ 378,754 $ — $ 901,238 Intersegment revenues 8,417 2,794 (11,211 ) — Total revenues $ 530,901 $ 381,548 $ (11,211 ) $ 901,238 Gross profit $ 60,008 $ 45,201 $ (72 ) $ 105,137 Selling, general & administrative expenses 15,815 20,429 26,305 62,549 Amortization expense 1,415 537 — 1,952 Operating income $ 42,778 $ 24,235 $ (26,377 ) $ 40,636 Capital Expenditures, Depreciation Expense and Other: Capital expenditures $ 17,728 $ 3,721 $ 2,668 $ 24,117 Depreciation expense $ 6,699 $ 4,379 $ 2,484 $ 13,562 Other items 1 $ 2,159 $ 489 $ 1,210 $ 3,858 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 costs of $0.9 million associated with the acquisition of the assets of FSE. The following table presents segment revenues, gross profit, selling, general and administrative expenses, amortization expense, operating income, capital expenditures and depreciation expense for the year ended December 31, 2018 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2018 (as restated) Electrical Systems 1 Global Seating Corporate/ 1 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 $ 71,104 $ 54,231 $ (415 ) $ 124,920 Selling, general & administrative expenses 15,390 22,433 22,856 60,679 Amortization expense 747 553 — 1,300 Operating income $ 54,967 $ 31,245 $ (23,271 ) $ 62,941 Capital Expenditures and Depreciation Expense: Capital expenditures $ 9,825 $ 3,579 $ 2,140 $ 15,544 Depreciation expense $ 6,919 $ 4,604 $ 2,448 $ 13,971 1 The Company has adjusted certain prior period amounts for the restatement and immaterial correction of error. See Note 2 for details. The following table presents segment revenues, gross profit, selling, general and administrative expenses, amortization expense, operating income, capital expenditures, depreciation expense and other items as of and 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 1 Global Seating Corporate/ 1 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 $ 51,017 $ 40,722 $ (868 ) $ 90,871 Selling, general & administrative expenses 15,757 21,585 22,205 59,547 Amortization expense 746 574 — 1,320 Operating income $ 34,514 $ 18,563 $ (23,073 ) $ 30,004 Capital expenditures, depreciation expense and other: Capital expenditures $ 6,744 $ 4,870 $ 1,953 $ 13,567 Depreciation expense $ 7,381 $ 3,910 $ 2,584 $ 13,875 Other items 2 $ 1,835 $ 88 $ 2,377 $ 4,300 1 The Company has adjusted certain prior period amounts for the immaterial corrections of error. See Note 2 for details. 2 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 revenues and long-lived assets for the geographic areas in which we operate: Years Ended December 31, 2019 2018 2017 Revenues Long-lived 2 Revenues Long-lived 1 Revenues Long-lived United States $ 691,224 $ 70,870 $ 670,075 $ 49,874 $ 560,412 $ 49,060 United Kingdom 48,070 12,233 51,451 3,204 44,013 3,849 All other countries 161,944 26,335 176,211 11,023 150,806 10,574 $ 901,238 $ 109,438 $ 897,737 $ 64,101 $ 755,231 $ 63,483 1 The Company has adjusted certain prior period amounts for the immaterial corrections of error. See Note 2 for details. 2 Long-lived assets for 2019 include right-of-use assets attributable to the implementation of ASC 842 discussed in Note 6 totaling $15.1 million for the United States, $9.3 million for the United Kingdom and $11.3 million for all other countries. 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, 2019 2018 2017 Revenues % Revenues % Revenues % Seats $ 356,877 40 % $ 369,337 41 % $ 314,717 42 % Electrical wire harnesses, panels and assemblies 198,420 22 196,411 22 189,154 25 Trim 202,898 22 195,427 22 150,228 20 Cab structures and sleeper boxes 87,864 10 76,380 8 56,417 7 Mirrors, wipers and controls 55,179 6 60,182 7 44,715 6 $ 901,238 100 $ 897,737 100 $ 755,231 100 Sales to A.B. Volvo, Daimler and PACCAR, which are included in both reporting segments, have been in excess of 10 percent of total Company revenues in each of the years ended December 31, 2019, 2018 and 2017. No other customers exceed 10% of the Company’s revenues in any period presented. The following table presents revenue from the above mentioned customers as a percentage of total revenue for the years ended December 31: 2019 2018 2017 A.B. Volvo 22 % 19 % 17 % Daimler 17 % 16 % 16 % PACCAR 11 % 11 % 10 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases - As disclosed in Note 6, we lease office, warehouse and manufacturing space and equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. As of December 31, 2019 , our equipment leases did not provide for any material guarantee of a specified portion of residual values. 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, 2019 and 2018 , 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, 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, 2019 and 2018 , 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 : 2019 2018 Balance - Beginning of the year $ 3,911 $ 3,490 Provision for new warranty claims 1,895 2,435 Change in provision for preexisting warranty claims (27 ) 932 Deduction for payments made (2,705 ) (2,803 ) Currency translation adjustment 8 (143 ) Balance - End of year $ 3,082 $ 3,911 Debt Payments - As disclosed in Note 9, 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 existing long-term debt agreement matures in 2023; no payments are due thereafter: Year Ending December 31, 2020 $ 4,375 2021 4,375 2022 4,375 2023 146,788 2024 — Thereafter — |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
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 30,801,255 and 30,512,843 shares outstanding as of December 31, 2019 and 2018 , 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, 2019 and 2018 . 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, 2019 , 2018 and 2017 includes the effects of potential common shares when dilutive. Net income has been restated in 2018 and corrected for immaterial errors in 2017, along with its impact to Basic and Dilutive EPS as discussed in Note 2, and is as follows: 2019 2018 (as restated) 2017 Net income (loss) attributable to common stockholders $ 15,778 $ 41,489 $ (2,269 ) Weighted average number of common shares outstanding 30,602 30,277 29,942 Dilutive effect of restricted stock grants after application of the treasury stock method 221 310 — Dilutive shares outstanding 30,823 30,587 29,942 Basic earnings (loss) per share attributable to common stockholders $ 0.52 $ 1.37 $ (0.08 ) Diluted earnings (loss) per share attributable to common stockholders $ 0.51 $ 1.36 $ (0.08 ) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. There were no anti-dilutive shares for the year ended December 31, 2019 . For the year ended December 31, 2018 , diluted earnings (loss) per share excludes 55 thousand shares, 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. The changes in stockholder's equity are as follows: Twelve Months Ended December 31, 2019 Common Stock Treasury Additional Paid In Capital Retained 1 Accumulated Total Stockholders’ Shares Amount (Unaudited) December 31, 2018 (as restated) 30,513 $ 318 $ (10,245 ) $ 243,007 $ (76,013 ) $ (47,471 ) $ 109,596 Share-based compensation expense — — — 761 — — 761 Cumulative effect of adoption of Topic 842 — — — — (72 ) — (72 ) Total comprehensive income (as restated) — — — — 9,986 (206 ) 9,780 March 31, 2019 (as restated) 30,513 $ 318 $ (10,245 ) $ 243,768 $ (66,099 ) $ (47,677 ) $ 120,065 Share-based compensation expense 68 1 — 718 — — 719 Total comprehensive income (as restated) — — — — 6,146 1,955 8,101 June 30, 2019 (as restated) 30,581 $ 319 $ (10,245 ) $ 244,486 $ (59,953 ) $ (45,722 ) $ 128,885 Share-based compensation expense — — — 721 — — 721 Total comprehensive income (as restated) — — — — 7,180 (5,998 ) 1,182 September 30, 2019 (as restated) 30,581 $ 319 $ (10,245 ) $ 245,207 $ (52,773 ) $ (51,720 ) $ 130,788 Issuance of restricted stock 351 4 — — — — 4 Surrender of common stock by employees (131 ) — (985 ) — — — (985 ) Share-based compensation expense — — — 645 — — 645 Total comprehensive income — — — (7,534 ) 5,770 (1,764 ) December 31, 2019 30,801 $ 323 $ (11,230 ) $ 245,852 $ (60,307 ) $ (45,950 ) $ 128,688 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Notes 2 and 19 for details. Twelve Months Ended December 31, 2018 Common Stock Treasury Additional Paid In Capital Retained 1 Accumulated Total Stockholders’ Shares Amount (Unaudited) December 31, 2017 30,219 $ 304 $ (9,114 ) $ 239,870 $ (117,502 ) $ (41,235 ) $ 72,323 Share-based compensation expense — — — 673 — — 673 Total comprehensive income (as restated) — — — — 9,444 1,132 10,576 March 31, 2018 (as restated) 30,219 $ 304 $ (9,114 ) $ 240,543 $ (108,058 ) $ (40,103 ) $ 83,572 Share-based compensation expense — — — 844 — — 844 Total comprehensive income (as restated) — — — — 12,671 (5,898 ) 6,773 June 30, 2018 (as restated) 30,219 $ 304 $ (9,114 ) $ 241,387 $ (95,387 ) $ (46,001 ) $ 91,189 Share-based compensation expense — — — 780 — — 780 Total comprehensive income (as restated) — — — — 11,277 (2,589 ) 8,688 September 30, 2018 (as restated) 30,219 $ 304 $ (9,114 ) $ 242,167 $ (84,110 ) $ (48,590 ) $ 100,657 Issuance of restricted stock 452 14 — — — 14 Surrender of common stock by employees (158 ) (1,131 ) — — — (1,131 ) Share-based compensation expense — — — 840 — — 840 Total comprehensive income (as restated) — — — — 8,097 1,119 9,216 December 31, 2018 (as restated) 30,513 $ 318 $ (10,245 ) $ 243,007 $ (76,013 ) $ (47,471 ) $ 109,596 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Notes 2 and 19 for details. |
Performance Awards
Performance Awards | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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, 2019 Vesting Schedule Remaining Periods (in Months) to Vesting November 2016 $ 1,434 — $ (88 ) $ (1,346 ) $ — November 2019 0 November 2017 1,584 (16 ) (195 ) $ — 1,373 November 2020 9 November 2018 1,590 (37 ) (200 ) — 1,353 November 2021 21 $ 4,608 $ (53 ) $ (483 ) $ (1,346 ) $ 2,726 The Company generally grants performance awards in November of each year. However, there were no performance awards granted in November 2019. The next cash award under the 2014 EIP will be granted in the three months ended March 31, 2020. Unrecognized compensation expense was $1.1 million and $2.6 million as of December 31, 2019 and 2018 , respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The compensation expense for our share-based compensation arrangements (see Restricted Stock Awards below) was $2.8 million , $3.1 million and $2.5 million for the years ended December 31, 2019 , 2018 and 2017 , 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. Forfeitures are recorded as they occur. 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 as of December 31, 2019 (in thousands): Grant Shares Granted Unvested Shares Vesting Schedule Unearned Remaining October 2017 303 90 3 equal annual installments commencing on October 20, 2018 $ 711.7 10 October 2018 382 242 3 equal annual installments commencing on October 20, 2019 $ 1,500.7 22 May 2019 71 59 Shares granted to independent board members that fully vest as of May 16, 2020 $ 150.0 4 October 2019 12 12 3 equal annual installments commencing on October 20, 2020 $ 77.5 33 As of December 31, 2019 , there was approximately $2.4 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, 2019 and changes during the twelve-month period ending December 31, 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Shares Weighted- Shares Weighted- Shares Weighted- Nonvested - beginning of year 760 $ 7.56 787 $ 6.84 981 $ 4.70 Granted 87 $ 7.57 446 $ 7.20 354 $ 9.77 Vested (418 ) $ 7.41 (452 ) $ 5.97 (509 ) $ 4.90 Forfeited (26 ) $ 7.52 (21 ) $ 7.31 (39 ) $ 4.84 Nonvested - end of year 403 $ 7.72 760 $ 7.56 787 $ 6.84 As of December 31, 2019 , 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 2019 ; however, our employees surrendered 130 thousand shares of our common stock to satisfy tax withholding obligations on the vesting of the restricted stock awards. |
Defined Contribution Plan, Pens
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plans, Pension and Other Post-Retirement Benefit Plans | Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans Defined Contribution Plan - We sponsor a defined contribution plan covering eligible employees. Eligible employees can contribute on a pre-tax basis to the plan. In accordance with the terms of the 401(k) plan, we elect to match a certain percentage of the participants’ contributions to the plan, as defined. We recognized expense associated with the plan of $4.6 million in 2019 , $3.6 million in 2018 and $3.0 million in 2017 . 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. During the three months ended March 31, 2019, the Company offered employees with deferred vested balances in the U.S. defined benefit pension plan the opportunity to voluntarily elect an early payout of their benefits. Payouts totaling $7.9 million were made during 2019 and were paid out of plan assets resulting in a non-cash settlement charge of $2.5 million , which was recorded in interest and other expense in the Condensed Consolidated Statements of Operations and is reflected in amortization of prior service cost in the net periodic (benefit) cost table below. 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 Plan 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation — Beginning of the year $ 45,238 $ 50,072 $ 40,265 $ 45,737 Service cost — — — 788 Interest cost 1,483 1,664 1,112 1,030 Participant contributions 6 9 — — Benefits paid (10,346 ) (2,360 ) (1,681 ) (1,816 ) Actuarial (gain) loss 3,196 (4,147 ) 3,730 (2,772 ) Exchange rate changes — — 1,415 (2,702 ) Benefit obligation at end of the year 39,577 45,238 44,841 40,265 Change in plan assets: Fair value of plan assets — Beginning of the year 42,962 45,046 30,424 35,377 Actual return on plan assets 6,588 (2,259 ) 3,610 (1,808 ) Employer contributions 835 2,526 887 763 Participant contributions 6 9 — — Benefits paid (10,346 ) (2,360 ) (1,681 ) (1,816 ) Exchange rate changes — — 1,081 (2,092 ) Fair value of plan assets at end of the year 40,045 42,962 34,321 30,424 Funded status $ 468 $ (2,276 ) $ (10,520 ) $ (9,841 ) Significant Obligation Loss - The projected U.S. benefit obligation includes a net loss of $3.2 million for the year ended December 31, 2019 . The loss is a result of changes in key actuarial assumptions, including the early payout of benefits decrease in the discount rate. The projected Non-U.S. benefit obligation includes a net loss of $3.7 million for the year ended December 31, 2019 driven primarily by a decrease 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 in 2018. There are no material updates to this estimate for as of December 31, 2019. 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 Plan 2019 2018 2019 2018 Noncurrent assets $ 633 $ — $ — $ — Current liabilities (19 ) (28 ) — — Noncurrent liabilities (146 ) (2,248 ) (10,520 ) (9,841 ) Amount recognized $ 468 $ (2,276 ) $ (10,520 ) $ (9,841 ) 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 Plan 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ 116 $ — $ — $ — Interest cost 1,483 1,664 1,810 1,112 1,030 1,138 Expected return on plan assets (2,393 ) (3,151 ) (2,684 ) (1,117 ) (1,210 ) (1,196 ) Amortization of prior service cost 1 2,528 6 6 47 — — Recognized actuarial loss 308 263 21 531 496 312 Net periodic cost (benefit) $ 1,926 $ (1,218 ) $ (731 ) $ 573 $ 316 $ 254 1 Includes $2.5 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits. 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 Plan 2019 2018 2017 2019 2018 2017 Net actuarial loss $ 10,937 $ 14,767 $ 13,765 $ 13,783 $ 12,972 $ 13,454 Prior service cost 45 51 57 747 788 — $ 10,982 $ 14,818 $ 13,822 $ 14,530 $ 13,760 $ 13,454 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) — 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 Plan 2019 2018 2019 2018 Actuarial (gain) loss $ (1,001 ) $ 1,266 $ 968 $ 245 Amortization of actuarial (loss) gain (2,829 ) (263 ) (37 ) 781 Prior service credit (6 ) (6 ) (416 ) (491 ) Total recognized in other comprehensive income (loss) $ (3,836 ) $ 997 $ 515 $ 535 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 2019 2018 2019 2018 Discount rate 2.93 % 4.06 % 1.95 % 2.80 % 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 Plan 2019 2018 2017 2019 2018 2017 Discount rate 3.40 % 3.42 % 3.87 % 2.80 % 2.45 % 2.70 % Expected return on plan assets 5.34 % 7.00 % 7.00 % 3.70 % 3.70 % 3.70 % 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 intended 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 perhaps 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 $1.0 million to our pension plans and our other post-retirement benefit plans in 2020 . Our current investment allocation target for our pension plans for 2019 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, 2019 2018 U.S. Pension Plan Non-U.S. Pension Plan U.S. Non-U.S. U.S. Non-U.S. 2019 2018 2019 2018 Cash and cash equivalents — — — — — 1 1 1 Equity/Balanced securities 27 55 55 55 28 52 53 59 Fixed income securities 63 45 25 45 62 22 46 40 Real estate 10 — 20 — 10 25 — — 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 determined 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 4 for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 332 $ 332 $ — $ — Equities: U.S. large value 2,434 2,434 — — U.S. large growth 2,059 2,059 — — International blend 4,854 — 4,854 — Emerging markets 1,603 1,603 — — Balanced 18,246 — 18,246 — Fixed income securities: Government bonds 24,917 — 24,917 — Corporate bonds 12,634 — 12,634 — Other 3,217 — 3,217 — Real Estate: U.S. property 4,070 — — 4,070 Total pension fund assets $ 74,366 $ 6,428 $ 63,868 $ 4,070 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 — Emerging markets 3,093 3,093 — — 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 The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows: 2019 2018 Beginning balance $ 10,962 $ 10,153 Actual return on assets held at reporting date 430 809 Purchases, sales and settlements, net (7,322 ) — Ending balance $ 4,070 $ 10,962 The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans: Year Ending December 31, Pension Plans 2020 $ 4,390 2021 $ 4,396 2022 $ 4,360 2023 $ 4,453 2024 $ 4,493 2025 to 2029 $ 22,209 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 ) Net current period change $ (1,185 ) $ — $ 2,415 $ 1,230 Derivative instruments — (32 ) — (32 ) Reclassification adjustments for losses reclassified into income — — 323 323 Ending balance, December 31, 2019 $ (24,032 ) $ 464 $ (22,382 ) $ (45,950 ) The related tax effects allocated to each component of other comprehensive (loss) income for the years ended December 31, 2019 and 2018 are as follows: 2019 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 3,320 $ (905 ) $ 2,415 Reclassification of actuarial loss and prior service cost to net income 323 — 323 Net unrealized gain 3,643 (905 ) 2,738 Cumulative translation adjustment (1,185 ) — (1,185 ) Derivative instruments (32 ) — (32 ) Total other comprehensive income $ 2,426 $ (905 ) $ 1,521 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 loss (1,298 ) 241 (1,057 ) Cumulative translation adjustment (5,675 ) — (5,675 ) Derivative instruments 496 — 496 Total other comprehensive loss $ (6,477 ) $ 241 $ (6,236 ) |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) As further described in Note 2, the previously reported financial information for the quarters ended March 31, 2019 and 2018, June 30, 2019 and 2018 and September 30, 2019 and 2018, have been restated. Relevant restated financial information for the first, second and third quarters of fiscal 2019 and 2018 is included in this Annual Report on Form 10-K in the tables that follow. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Restated amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding. |
Cost Reduction and Manufacturin
Cost Reduction and Manufacturing Capacity Rationalization | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Cost Reduction and Manufacturing Capacity Rationalization | Cost Reduction and Manufacturing Capacity Rationalization During 2019, the Company began implementing cost reduction and manufacturing capacity rationalization initiatives (the "Restructuring Initiatives") in response to declines in end market volumes. These actions were initiated in 2019 and are expected to continue through 2020. The Restructuring Initiatives consist primarily of headcount reductions in each segment and at corporate, as well as other costs associated with transfer of production and subsequent closure of facilities. Total pre-tax costs associated with these actions are estimated to be $5 million to $7 million and are expected to lower operating costs beginning in the first quarter of 2020. A summary of the costs incurred in the year ended December 31, 2019 follows: 2019 Employee Costs Facility Exit and Other Costs Total Electrical Systems $ 1,820 $ 339 $ 2,159 Global Seating 489 — 489 Corporate 310 — 310 Total $ 2,619 $ 339 $ 2,958 Of the $3.0 million incurred in the year ended December 31, 2019, $2.2 million was recorded in cost of revenues and $0.8 million was recorded in selling, general and administrative expenses. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 Accounts Receivable Allowances: Activity for the years ended December 31 is as follows (in thousands): 2019 2018 2017 Balance - Beginning of the year $ 5,139 $ 5,242 $ 3,881 Provisions 6,861 7,327 5,488 Utilizations (7,357 ) (7,392 ) (4,264 ) Currency translation adjustment (9 ) (38 ) 137 Balance - End of the year $ 4,634 $ 5,139 $ 5,242 Income Tax Valuation Allowance: Activity for the years ended December 31 is as follows (in thousands): 2019 2018 2017 Balance - Beginning of the year 14,665 $ 15,021 $ 12,546 Provisions 706 874 2,506 Utilizations (3,379 ) (1,230 ) (31 ) Balance - End of the year 11,992 $ 14,665 $ 15,021 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, 2019 | |
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. |
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. 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 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 | |
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 property, plant and equipment for each of the years ended December 31, 2019 , 2018 and 2017 was $13.6 million , $14.0 million and $13.9 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. 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. Revenue is measured based on terms and conditions specified in contracts or purchase orders with customers. We have long-term contracts with some customers that govern overall terms and conditions which are accompanied by purchase orders that define specific order quantities and/or price. We have many customers with which we conduct business 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 customer. None of the Company's business arrangements as of December 31, 2019 , 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. |
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. |
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, 2019 and 2018 , receivables from our largest customers, A.B. Volvo, Daimler Trucks, Caterpillar, Navistar, John Deere and PACCAR, represented approximately 62% and 66% 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 income (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 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 (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 a portion of our variable interest debt thereby reducing exposure to interest rate changes. The interest rate swap agreement was not designated as a hedging instrument; therefore, the interest rate swap agreement has been marked-to-market and the fair value of the agreement 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 July 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-07, "Codification Updates to SEC Sections". ASU No. 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies. This ASU is effective upon issuance and did not have a significant impact on the Company's consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326)". The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The FASB subsequently issued ASU No. 2018-19, "Codification Improvements to Topic 326: Financial Instruments - Credit Losses", in November 2018 which provided further guidance on assessment of receivables for operating leases. ASU No. 2019-04, "Codification Improvements to Topic 326, Topic 815 and Topic 825" and ASU No. 2019-05, "Targeted Transition Relief", that were issued in April and May of 2019 do not materially impact the Company. In November 2019, the FASB issued ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses", which further clarified and improved the Codification to make it easier to understand and apply. The Company anticipates ASU 2016-13, ASU 2018-19 and ASU 2019-11 will apply to its trade receivables and will not have a material impact on the reported value of such receivables. We expect to implement ASU No. 2016-13, 2018-19 and 2019-11 on the effective date of January 1, 2020. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and otherwise clarifies and amends existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020. We are evaluating the effect this ASU will have on the Company. Accounting Pronouncements Implemented During the Year Ended December 31, 2019 In June 2018, the FASB issued ASU No. 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting". The ASU changed the measurement date for determining the fair value of share awards to nonemployees to the grant date and requires the consideration of the probability of satisfying performance obligations in assessing the awards. The ASU did not have a material impact on our recognition of share-based payments for nonemployees. 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", issued in July 2018. These ASUs are intended to increase transparency and comparability among companies by recognizing lease assets and liabilities and disclosing key information about leasing arrangements. ASU 2016-02 was adopted by the Company on January 1, 2019. In accordance with Topic 842, we elected not to recognize lease assets and lease liabilities for leases with a term of twelve months or less and elected to not separate lease and non-lease components. We elected the transition method option under ASU 2018-11 with the 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. We recorded a right-of-use asset of $21.2 million and a lease liability of $22.2 million upon adoption. We also elected the option to apply the new leasing standard on the date of adoption and recognize a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption resulting in a cumulative effect as of January 1, 2019 of $0.1 million . Refer to Note 6 for further details. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The following tables present the summary impacts of the restatement adjustments and immaterial error correction on our previously reported retained deficit and total stockholders’ equity for the year ended December 31, 2016, and income before provision for income taxes and net income (loss) for the years ended December 31, 2018 and 2017: December 31, 2016 Retained deficit Total Stockholders' Equity As previously reported $ (113,378 ) $ 67,690 Cumulative adjustments (1,855 ) (1,855 ) As adjusted $ (115,233 ) $ 65,835 For the years ended December 31, 2018 2017 Income before income taxes - as previously reported $ 53,508 $ 13,645 Restatement adjustments (4,080 ) — Error corrections 148 (847 ) Income before income taxes - as restated / adjusted $ 49,576 $ 12,798 Net income (loss) - as previously reported $ 44,512 $ (1,705 ) Restatement adjustments (3,135 ) — Error corrections 112 (564 ) Net income (loss) - as restated / adjusted $ 41,489 $ (2,269 ) The following table presents the effect of the error correction on the Company’s consolidated balance sheets for the period indicated: COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET As of December 31, 2018 Restatement References As Previously Reported Restatement Adjustments As Restated ASSETS Current Assets: Cash $ 70,913 $ — $ 70,913 Accounts receivable, net of allowances of $5,139 134,624 (689 ) 133,935 a Inventories 92,359 — 92,359 Other current assets 16,828 (4,748 ) 12,080 a Total current assets 314,724 (5,437 ) 309,287 Property, Plant and Equipment: Land and buildings 26,240 — 26,240 Machinery and equipment 175,990 (2,219 ) 173,771 b Construction in progress 6,650 — 6,650 Less accumulated depreciation (143,781 ) 1,221 (142,560 ) b Property, plant and equipment, net 65,099 (998 ) 64,101 Goodwill 7,576 — 7,576 Intangible assets, net of accumulated amortization of of $9,568 12,800 — 12,800 Deferred income taxes, net 15,348 993 16,341 a, b Other assets 2,583 — 2,583 TOTAL ASSETS $ 418,130 $ (5,442 ) $ 412,688 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 86,645 $ — $ 86,645 Accrued liabilities and other 36,969 — 36,969 Current portion of long-term debt 9,102 — 9,102 Total current liabilities 132,716 — 132,716 Long-term debt 154,656 — 154,656 Pension and other post-retirement liabilities 12,065 — 12,065 Other long-term liabilities 3,655 — 3,655 Total liabilities 303,092 — 303,092 Stockholders’ Equity: Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) — — — Common stock, $.01 par value (60,000,000 shares authorized; 30,512,843 shares issued and outstanding) 318 — 318 Treasury stock, at cost: 1,334,251 shares (10,245 ) — (10,245 ) Additional paid-in capital 243,007 — 243,007 Retained deficit (70,571 ) (5,442 ) (76,013 ) a, b Accumulated other comprehensive loss (47,471 ) — (47,471 ) Total CVG stockholders’ equity 115,038 (5,442 ) 109,596 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 418,130 $ (5,442 ) $ 412,688 As of December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $0.7 million decrease in accounts receivable, net; a $4.7 million decrease in other current assets; a $1.3 million increase in long-term deferred tax assets; and a $4.1 million increase in retained deficit. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $2.2 million decrease in machinery and equipment; a $1.2 million decrease in accumulated depreciation; a $0.3 million decrease in long-term deferred tax assets; and a $1.3 million increase in retained deficit. The following table presents the effect of the error corrections on the consolidated statements of income for the periods indicated: COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 As Previously Reported Restatement Adjustments As Restated As Previously Reported Adjustments As Adjusted Restatement References Revenues $ 897,737 $ — $ 897,737 $ 755,231 $ — $ 755,231 Cost of revenues 768,885 3,932 772,817 663,513 847 664,360 a, b Gross profit $ 128,852 $ (3,932 ) $ 124,920 $ 91,718 $ (847 ) $ 90,871 Selling, general and administrative expenses 60,679 — 60,679 59,547 — 59,547 Amortization expense 1,300 — 1,300 1,320 — 1,320 Operating income $ 66,873 $ (3,932 ) $ 62,941 $ 30,851 $ (847 ) $ 30,004 Other expense 1,311 — 1,311 1,943 — 1,943 Interest expense 14,676 — 14,676 19,149 — 19,149 Income before provision for income taxes $ 53,508 $ (3,932 ) $ 49,576 $ 13,645 $ (847 ) $ 12,798 a, b Provision for income taxes 8,996 (909 ) 8,087 15,350 (283 ) 15,067 a, b Net income (loss) $ 44,512 $ (3,023 ) $ 41,489 $ (1,705 ) $ (564 ) $ (2,269 ) Earnings (loss) per common share Basic $ 1.47 $ (0.10 ) $ 1.37 $ (0.06 ) $ (0.02 ) $ (0.08 ) Diluted $ 1.46 $ (0.10 ) $ 1.36 $ (0.06 ) $ (0.02 ) $ (0.08 ) Weighted average shares outstanding Basic 30,277 30,277 30,277 29,942 29,942 29,942 Diluted 30,587 30,587 30,587 29,942 29,942 29,942 For the year ended December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $4.1 million increase in cost of revenues; a $1.0 million decrease in provision for income taxes; and a $3.1 million decrease in net income. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million decrease in cost of revenues; an immaterial increase in provision for income taxes; and a $0.1 million increase in net income. For the year ended December 31, 2017 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $1.0 million increase in cost of revenues; a $0.2 million decrease in provision for income taxes; and a $0.8 million increase in net loss. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million decrease in cost of revenues; a $0.1 million decrease in provision for income taxes; and a $0.2 million decrease in net loss. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 As Previously Reported Restatement Adjustments As Restated As Previously Reported Adjustments As Adjusted Restatement References Net income (loss) $ 44,512 $ (3,023 ) $ 41,489 $ (1,705 ) $ (564 ) $ (2,269 ) a, b Other comprehensive (loss) income: Foreign currency translation adjustments (5,675 ) — (5,675 ) 7,141 — 7,141 Minimum pension liability, net of tax (1,057 ) — (1,057 ) 469 — 469 Derivative instrument 496 — 496 — — — Other comprehensive (loss) income $ (6,236 ) $ — $ (6,236 ) $ 7,610 $ — $ 7,610 Comprehensive income (loss) $ 38,276 $ (3,023 ) $ 35,253 $ 5,905 $ (564 ) $ 5,341 For the year ended December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $3.1 million decrease in net income. Refer to descriptions of the adjustments and their impacts to net income above. (b) Property, Plant and Equipment, Net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million increase in net income. Refer to descriptions of the adjustment and its impact to net income above. For the year ended December 31, 2017 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $0.8 million increase in net loss. Refer to descriptions of the adjustments and their impacts to net loss above. (b) Property, Plant and Equipment, Net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.2 million decrease in net loss. Refer to descriptions of the adjustment and its impact to net loss above. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Common Stock Treasury Additional Retained Accumulated Other Comprehensive Loss Total CVG Shares Amount BALANCE - December 31, 2016 (As Previously Reported) 29,871,354 $ 299 $ (7,753 ) $ 237,367 $ (113,378 ) $ (48,845 ) $ 67,690 Cumulative adjustments — — — — (1,855 ) — (1,855 ) BALANCE - December 31, 2016 (As Adjusted) 29,871,354 $ 299 $ (7,753 ) $ 237,367 $ (115,233 ) $ (48,845 ) $ 65,835 BALANCE - December 31, 2017 (As Previously Reported) 30,219,278 $ 304 $ (9,114 ) $ 239,870 $ (115,083 ) $ (41,235 ) $ 74,742 Cumulative adjustments — — — — (2,419 ) — (2,419 ) BALANCE - December 31, 2017 (As Adjusted) 30,219,278 $ 304 $ (9,114 ) $ 239,870 $ (117,502 ) $ (41,235 ) $ 72,323 BALANCE - December 31, 2018 (As Previously Reported) 30,512,843 $ 318 $ (10,245 ) $ 243,007 $ (70,571 ) $ (47,471 ) $ 115,038 Cumulative restatement adjustments — — — — (5,442 ) — (5,442 ) BALANCE - December 31, 2018 (As Restated) 30,512,843 $ 318 $ (10,245 ) $ 243,007 $ (76,013 ) $ (47,471 ) $ 109,596 As of December 31, 2018, 2017 and 2016 The increase in retained deficit and corresponding decrease of total CVG stockholders’ equity for each restated period was the result of the adjustments for understatement of costs of revenues and impacted balance sheet accounts and the adjustment to property, plant and equipment, net. These adjustments resulted in a $5.4 million increase in retained deficit and corresponding decrease of total CVG stockholders’ equity as of December 31, 2018, a $2.4 million increase in retained deficit and corresponding decrease of total CVG stockholders’ equity as of December 31, 2017, and a $1.9 million increase in retained deficit and corresponding decrease of total CVG stockholders’ equity as of December 31, 2016. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW For the Year Ended December 31, 2018 As Previously Reported Restatement Adjustments As Restated Restatement References CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ 44,512 $ (3,023 ) $ 41,489 a, b Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 15,418 (148 ) 15,270 b Provision for doubtful accounts 7,607 — 7,607 Noncash amortization of debt financing costs 1,404 — 1,404 Shared-based compensation expense 3,137 — 3,137 Deferred income tax 5,940 (909 ) 5,031 a, b Noncash (gain) loss on derivative contracts (1,468 ) — (1,468 ) Change in other operating items: Accounts receivable (35,674 ) 687 (34,987 ) a Inventories 4,836 — 4,836 Prepaid expenses (5,685 ) 3,393 (2,292 ) a Accounts payable 1,451 — 1,451 Accrued liabilities 2,631 — 2,631 Other operating activities, net (3,117 ) — (3,117 ) Net cash provided by operating activities 40,992 — 40,992 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (14,150 ) — (14,150 ) Proceeds from disposal/sale of property, plant and equipment 49 — 49 Net cash used in investing activities (14,101 ) — (14,101 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of Revolving Credit Facility 80,500 — 80,500 Repayment of Revolving Credit Facility (80,500 ) — (80,500 ) Repayment of Term Loan Facility principal (4,375 ) — (4,375 ) Surrender of common stock by employees (1,131 ) — (1,131 ) Other financing activities, net (329 ) — (329 ) Net cash used in financing activities (5,835 ) — (5,835 ) EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH (2,387 ) — (2,387 ) NET (DECREASE) INCREASE IN CASH 18,669 — 18,669 CASH: Beginning of period 52,244 — 52,244 End of period $ 70,913 $ — $ 70,913 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 14,046 $ — $ 14,046 Cash paid for income taxes, net $ 3,143 $ — $ 3,143 Unpaid purchases of property and equipment included in accounts payable $ 509 $ — $ 509 For the year ended December 31, 2018 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $3.1 million decrease in net income; a $0.9 million decrease in deferred income tax; a $0.7 million decrease in change in accounts receivable; and a $3.4 million decrease in change in prepaid expenses. Refer to descriptions of the adjustments and their impacts to net income above. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.1 million increase in net income; a $0.1 million decrease in depreciation expense; and an immaterial increase in deferred income tax. Refer to descriptions of the adjustment and its impact to net income above. The impact of these error corrections to relevant segment and quarterly financial information is presented in Notes 12 and 19 to these consolidated financial statements, respectively. COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW For the Year Ended December 31, 2017 As Previously Reported Adjustments As Adjusted Restatement References CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,705 ) $ (564 ) $ (2,269 ) a, b Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 15,344 (148 ) 15,196 b Provision for doubtful accounts 5,622 — 5,622 Noncash amortization of debt financing costs 1,251 — 1,251 Shared-based compensation expense 2,503 — 2,503 (Gain) loss on sale of assets (586 ) — (586 ) Deferred income tax 7,992 (283 ) 7,709 a, b Noncash (gain) loss on derivative contracts (726 ) — (726 ) Change in other operating items: Accounts receivable (13,794 ) 2 (13,792 ) a Inventories (25,104 ) — (25,104 ) Prepaid expenses (814 ) 993 179 a Accounts payable 23,250 — 23,250 Accrued liabilities (12,284 ) — (12,284 ) Other operating activities, net 1,308 — 1,308 Net cash provided by operating activities 2,257 — 2,257 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (13,458 ) — (13,458 ) Proceeds from disposal/sale of property, plant and equipment 2,682 — 2,682 Net cash used in investing activities (10,776 ) — (10,776 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of Term Loan Facility 175,000 — 175,000 Repayment of Term Loan Facility principal (2,188 ) — (2,188 ) Surrender of common stock by employees (1,361 ) — (1,361 ) Redemption of Notes (235,000 ) — (235,000 ) Prepayment charge for redemption of Notes (1,543 ) — (1,543 ) Payment of Term Loan Facility discount (3,500 ) — (3,500 ) Payment of debt issuance costs (4,256 ) — (4,256 ) Net cash used in financing activities (72,848 ) — (72,848 ) EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH 3,451 — 3,451 NET (DECREASE) INCREASE IN CASH (77,916 ) — (77,916 ) CASH: Beginning of period 130,160 — 130,160 End of period $ 52,244 $ — $ 52,244 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest $ 18,572 $ — $ 18,572 Cash paid for income taxes, net $ 3,276 $ — $ 3,276 Unpaid purchases of property and equipment included in accounts payable $ 109 $ — $ 109 For the year ended December 31, 2017 (a) Understatement of cost of revenues and impacted balance sheet accounts. As a result of the understatement of cost of revenues, the correction resulted in a $0.8 million increase in net loss; a $0.2 million decrease in deferred income tax; an immaterial decrease in change in accounts receivable; and a $1.0 million decrease in change in prepaid expenses. Refer to descriptions of the adjustments and their impacts to net income above. (b) Property, plant and equipment, net error correction. The immaterial error correction of property, plant and equipment, net, resulted in a $0.2 million decrease in net loss; a $0.1 million decrease in depreciation expense; and a $0.1 million decrease in deferred income tax. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of our Derivative Assets and Liabilities | The fair values of our derivative instruments and contingent consideration measured on a recurring basis as of December 31 and are categorized as follows: 2019 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Derivative assets Foreign exchange contract 1 $ 464 $ — $ 464 $ — $ 496 $ — $ 496 $ — Interest rate swap agreement 2 $ 150 $ — $ 150 $ — $ 1,131 $ — $ 1,131 $ — Derivative liabilities Interest rate swap agreement 3 $ 995 $ — $ 995 $ — $ — $ — $ — $ — Earnout liability Contingent consideration 5 $ 4,700 $ — $ — $ 4,700 $ — $ — $ — $ — Derivative equity Foreign exchange contract 4 $ 464 $ — $ 464 $ — $ 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 the 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 forward rates. 4 Presented in the Consolidated Balance Sheets in accumulated other comprehensive income (loss) and based on observable market transactions of forward rates. 5 Presented in the Consolidated Balance Sheets in accrued liabilities and other long term liabilities and based on a Monte Carlo valuation model. |
Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts at December 31 : 2019 2018 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 22,474 $ 22,939 $ 22,371 $ 22,867 |
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 : 2019 2018 Location of Gain (Loss) Amount of Gain (Loss) Foreign exchange contracts Cost of Revenues $ 4 $ 607 Interest rate swap agreement Interest and Other Expense $ (1,818 ) $ 785 |
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: 2019 2018 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 156,384 $ 157,983 $ 163,758 $ 161,759 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt (net of current prepaid debt financing costs of $0.5 million and current original issue discount of $0.6 million ) of $3.3 million and long-term debt (net of long-term prepaid debt financing costs of $1.2 million and long-term original issue discount of $1.3 million ) of $153.1 million . |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The excess purchase price over net assets acquired is recorded as goodwill and was determined as follows: Initial cash paid, net of working capital adjustment $ 34,000 Contingent consideration at fair value 4,700 Total consideration $ 38,700 Net assets at fair value 18,335 Excess of total consideration over net assets acquired $ 20,365 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The allocation of the fair value of the assets acquired and liabilities assumed is as follows: Accounts receivable $ 6,567 Inventories 3,140 Prepaid and other current assets 353 Property, plant and equipment 503 Other long-term assets 1,650 Definite-lived intangible assets 14,500 Goodwill 20,365 Accounts payable and accrued liabilities (7,204 ) Other long-term liabilities (1,174 ) Total consideration $ 38,700 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information for the twelve months ended December 31, 2019 and 2018 presents the result of operations as if the FSE Acquisition had taken place at the beginning of the annual reporting period. The pro forma results reflect estimates and assumptions and are not necessarily indicative of the financial position or result of operations had the acquisition taken place at the beginning of the period. The Company adjusted historical results for assumed intangible amortization expense consistent with future years and assumed an effective tax rate of 25% . In addition, the pro forma results are not necessarily indicative of the future financial or operating results. Twelve months ended December 31, (unaudited) 2019 2018 (as restated) Revenue $ 936,766 $ 935,596 Net income $ 18,324 $ 44,139 Earnings per share attributable to common stockholders: Basic $ 0.60 $ 1.46 Diluted $ 0.59 $ 1.44 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense are as follows: Twelve Months Ended December 31, 2019 Operating lease cost $ 7,279 Finance lease cost: Amortization of right-of-use assets 341 Interest on lease liabilities 60 Total finance lease cost $ 401 Short-term lease cost 1 7,357 Total lease expense $ 15,037 1 Includes variable lease costs, which are not significant. Supplemental cash flow information related to leases is as follows: Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,898 Financing cash flows from finance leases $ 443 |
Assets And Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Location December 31, 2019 Operating Leases Right-of-use assets, net Operating lease right-of-use assets, net 1 $ 34,960 Current liabilities Current operating lease liabilities $ 7,620 Non-current liabilities Operating lease liabilities 29,414 Total operating lease liabilities $ 37,034 Finance Leases Right-of-use assets $ 1,135 Accumulated depreciation (343 ) Right-of-use assets, net Other assets, net $ 792 Current liabilities Accrued liabilities and other $ 354 Non-current liabilities Other long-term liabilities 398 Total finance lease liabilities $ 752 Weighted Average Remaining Lease Term Operating leases 5.0 years Finance leases 2.8 years Weighted Average Discount Rate Operating leases 9.1 % Finance leases 7.2 % 1 Includes $21.2 million for operating leases existing on January 1, 2019 and $18.6 million for operating leases that commenced or were renewed in the twelve months ended December 31, 2019 , net of amortization of $4.8 million . |
Finance Lease, Liability, Maturity | Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows: Year Ending December 31, Operating Financing Total 2020 $ 10,300 $ 401 $ 10,701 2021 9,902 249 10,151 2022 9,211 124 9,335 2023 5,214 54 5,268 2024 4,132 13 4,145 Thereafter 6,834 1 6,835 Total lease payments $ 45,593 $ 842 $ 46,435 Less: Imputed interest (8,559 ) (90 ) (8,649 ) Present value of lease liabilities $ 37,034 $ 752 $ 37,786 |
Lessee, Operating Lease, Liability, Maturity | Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows: Year Ending December 31, Operating Financing Total 2020 $ 10,300 $ 401 $ 10,701 2021 9,902 249 10,151 2022 9,211 124 9,335 2023 5,214 54 5,268 2024 4,132 13 4,145 Thereafter 6,834 1 6,835 Total lease payments $ 45,593 $ 842 $ 46,435 Less: Imputed interest (8,559 ) (90 ) (8,649 ) Present value of lease liabilities $ 37,034 $ 752 $ 37,786 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following are the future minimum annual rental commitments under Topic 840 as disclosed in our December 31, 2018 Form 10-K: Year Ending December 31, 2019 $ 7,558 2020 $ 6,492 2021 $ 5,960 2022 $ 5,286 2023 $ 1,676 Thereafter $ 2,501 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following as of December 31 : 2019 2018 Raw materials $ 57,742 $ 66,965 Work in process 12,612 12,333 Finished goods 12,518 13,061 $ 82,872 $ 92,359 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consisted of the following as of December 31 : 2019 2018 Compensation and benefits $ 9,681 $ 12,893 Insurance 3,110 2,485 Warranty costs 3,082 3,911 Taxes payable 2,513 5,272 Accrued freight 2,408 1,559 Restructuring 2,324 — Legal and professional fees 2,115 1,710 Accrued services 912 1,106 Deferred tooling revenue 524 1,466 Other 6,004 6,567 $ 32,673 $ 36,969 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following at December 31 : 2019 2018 Term loan and security agreement 1, 2 $ 156,384 $ 163,758 1 Presented in the Consolidated Balance Sheets as current portion of long-term debt of $3.3 million , net of current prepaid debt financing costs of $0.5 million and current original issue discount of $0.6 million ; and long-term debt of $153.1 million , net of long-term prepaid debt financing costs of $1.2 million and long-term original issue discount of $1.3 million as of December 31, 2019 . 2 Presented in the Consolidated Balance Sheets as current portion of long-term debt of $9.1 million , net of current prepaid debt financing costs of $0.6 million , and current original issue discount of $0.6 million ; and long-term debt of $154.7 million , net of long-term prepaid debt financing costs of $1.7 million and long-term original issue discount of $1.8 million as of December 31, 2018 . |
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 Tranche A Tranche A Tranche B Tranche B III ≥ $30,000,000 0.50% 1.50% 1.50% 2.50% II > $15,000,000 but < $30,000,000 0.75% 1.75% 1.75% 2.75% I ≤ $15,000,000 1.00% 2.00% 2.00% 3.00% |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our intangible assets as of December 31 were comprised of the following: December 31, 2019 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/Tradenames 23 years $ 11,553 $ (4,276 ) $ 7,277 Customer relationships 15 years 15,025 (6,574 ) 8,451 Technical know-how 5 years 9,790 (571 ) 9,219 Covenant not to compete 5 years 330 (19 ) 311 $ 36,698 $ (11,440 ) $ 25,258 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 |
Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill for the years ended December 31 are as follows: 2019 2018 Balance - Beginning of the year $ 7,576 $ 8,045 FSE Acquisition 20,365 — Currency translation adjustment (125 ) (469 ) Balance - End of the year $ 27,816 $ 7,576 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Pre-Tax Income (Loss) | Pre-tax income (loss) consisted of the following for the years ended December 31 : 2019 2018 (as restated) 2017 Domestic 1 $ 4,777 $ 23,092 $ (2,940 ) Foreign 16,779 26,484 15,738 Total $ 21,556 $ 49,576 $ 12,798 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. |
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: 2019 2018 (as restated) 2017 Federal provision at statutory rate 1 $ 4,527 $ 10,411 $ 4,480 U.S./Foreign tax rate differential 393 731 (919 ) Foreign non-deductible expenses 2,059 (1,759 ) (2,006 ) Foreign tax provision 793 1,253 615 State taxes, net of federal benefit 1 308 619 49 State tax rate change, net of federal benefit (41 ) (32 ) (264 ) Change in uncertain tax positions 15 84 119 Change in valuation allowance (2,054 ) 597 2,475 Tax credits (2,652 ) (2,049 ) (152 ) Share-based compensation (14 ) (50 ) (657 ) Change in U.S. corporate tax rate — — 7,277 Repatriation of foreign earnings 1,235 (3,670 ) 3,964 GILTI, net of related foreign tax credit 730 1,194 — Other 479 758 86 Provision for income taxes $ 5,778 $ 8,087 $ 15,067 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes for the years ended December 31 follows: 2019 2018 (as restated) 2017 Current Deferred Total Current Deferred Total Current Deferred Total Federal 1 $ (205 ) $ (336 ) $ (541 ) $ (3,432 ) $ 4,426 $ 994 $ 2,954 $ 7,446 $ 10,400 State and local 1 214 883 1,097 123 87 210 362 (384 ) (22 ) Foreign 4,207 1,015 5,222 6,365 518 6,883 4,042 647 4,689 Total $ 4,216 $ 1,562 $ 5,778 $ 3,056 $ 5,031 $ 8,087 $ 7,358 $ 7,709 $ 15,067 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. |
Summary of Deferred Income Taxes Assets and Liabilities | A summary of deferred income tax assets and liabilities as of December 31 follows: 2019 2018 (as restated) Noncurrent deferred tax assets: 1 Amortization and fixed assets $ 1,457 $ 1,992 Accounts receivable 129 166 Inventories 2,032 2,226 Pension obligations 2,134 2,375 Warranty obligations 741 827 Accrued benefits 369 382 Foreign exchange contracts 91 (367 ) Restricted stock 126 106 Operating leases 165 — Tax credit carryforwards 3,843 3,537 Net operating loss carryforwards 12,657 16,817 Other temporary differences not currently available for tax purposes 2,902 2,945 Total noncurrent deferred tax assets $ 26,646 $ 31,006 Valuation allowance (11,992 ) (14,665 ) Net noncurrent deferred tax assets $ 14,654 $ 16,341 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (2,501 ) $ (2,960 ) Accounts receivable 72 54 Inventories 115 123 Warranty obligations 1 1 Accrued benefits (111 ) 67 Operating leases 27 — Net operating loss carryforwards 1,517 2,272 Other temporary differences not currently available for tax purposes (678 ) (351 ) Total noncurrent tax liabilities (1,558 ) (794 ) Total net deferred tax asset $ 13,096 $ 15,547 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. |
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: 2019 2018 (as restated) 2017 Balance - Beginning of the year 1 $ 894 $ 811 $ 1,098 Gross increase - tax positions in prior periods 1 70 66 70 Gross decreases - tax positions in prior periods 1 (39 ) (14 ) (219 ) Gross increases - current period tax positions 1 — 59 65 Lapse of statute of limitations (12 ) (12 ) (221 ) Currency translation adjustment (5 ) (16 ) 18 Balance - End of the year 1 $ 908 $ 894 $ 811 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details. |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Locations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Sales by Segment | The following table presents segment revenues, gross profit, selling, general and administrative expenses, amortization expense, operating income, capital expenditures, depreciation expense and other items for the year ended December 31, 2019 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2019 Electrical Systems Global Seating Corporate/ Total Revenues External revenues $ 522,484 $ 378,754 $ — $ 901,238 Intersegment revenues 8,417 2,794 (11,211 ) — Total revenues $ 530,901 $ 381,548 $ (11,211 ) $ 901,238 Gross profit $ 60,008 $ 45,201 $ (72 ) $ 105,137 Selling, general & administrative expenses 15,815 20,429 26,305 62,549 Amortization expense 1,415 537 — 1,952 Operating income $ 42,778 $ 24,235 $ (26,377 ) $ 40,636 Capital Expenditures, Depreciation Expense and Other: Capital expenditures $ 17,728 $ 3,721 $ 2,668 $ 24,117 Depreciation expense $ 6,699 $ 4,379 $ 2,484 $ 13,562 Other items 1 $ 2,159 $ 489 $ 1,210 $ 3,858 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 costs of $0.9 million associated with the acquisition of the assets of FSE. The following table presents segment revenues, gross profit, selling, general and administrative expenses, amortization expense, operating income, capital expenditures and depreciation expense for the year ended December 31, 2018 . The table does not include assets as the CODM does not review assets by segment. For the year ended December 31, 2018 (as restated) Electrical Systems 1 Global Seating Corporate/ 1 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 $ 71,104 $ 54,231 $ (415 ) $ 124,920 Selling, general & administrative expenses 15,390 22,433 22,856 60,679 Amortization expense 747 553 — 1,300 Operating income $ 54,967 $ 31,245 $ (23,271 ) $ 62,941 Capital Expenditures and Depreciation Expense: Capital expenditures $ 9,825 $ 3,579 $ 2,140 $ 15,544 Depreciation expense $ 6,919 $ 4,604 $ 2,448 $ 13,971 1 The Company has adjusted certain prior period amounts for the restatement and immaterial correction of error. See Note 2 for details. The following table presents segment revenues, gross profit, selling, general and administrative expenses, amortization expense, operating income, capital expenditures, depreciation expense and other items as of and 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 1 Global Seating Corporate/ 1 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 $ 51,017 $ 40,722 $ (868 ) $ 90,871 Selling, general & administrative expenses 15,757 21,585 22,205 59,547 Amortization expense 746 574 — 1,320 Operating income $ 34,514 $ 18,563 $ (23,073 ) $ 30,004 Capital expenditures, depreciation expense and other: Capital expenditures $ 6,744 $ 4,870 $ 1,953 $ 13,567 Depreciation expense $ 7,381 $ 3,910 $ 2,584 $ 13,875 Other items 2 $ 1,835 $ 88 $ 2,377 $ 4,300 1 The Company has adjusted certain prior period amounts for the immaterial corrections of error. See Note 2 for details. 2 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. |
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, 2019 2018 2017 Revenues Long-lived 2 Revenues Long-lived 1 Revenues Long-lived United States $ 691,224 $ 70,870 $ 670,075 $ 49,874 $ 560,412 $ 49,060 United Kingdom 48,070 12,233 51,451 3,204 44,013 3,849 All other countries 161,944 26,335 176,211 11,023 150,806 10,574 $ 901,238 $ 109,438 $ 897,737 $ 64,101 $ 755,231 $ 63,483 1 The Company has adjusted certain prior period amounts for the immaterial corrections of error. See Note 2 for details. 2 Long-lived assets for 2019 include right-of-use assets attributable to the implementation of ASC 842 discussed in Note 6 totaling $15.1 million for the United States, $9.3 million for the United Kingdom and $11.3 million for all other countries. |
Summary Composition by Product Category of Revenues | The following is the composition, by product category, of our revenues: Years Ended December 31, 2019 2018 2017 Revenues % Revenues % Revenues % Seats $ 356,877 40 % $ 369,337 41 % $ 314,717 42 % Electrical wire harnesses, panels and assemblies 198,420 22 196,411 22 189,154 25 Trim 202,898 22 195,427 22 150,228 20 Cab structures and sleeper boxes 87,864 10 76,380 8 56,417 7 Mirrors, wipers and controls 55,179 6 60,182 7 44,715 6 $ 901,238 100 $ 897,737 100 $ 755,231 100 |
Schedule of Revenue Concentration by Customer | The following table presents revenue from the above mentioned customers as a percentage of total revenue for the years ended December 31: 2019 2018 2017 A.B. Volvo 22 % 19 % 17 % Daimler 17 % 16 % 16 % PACCAR 11 % 11 % 10 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Warranty Provision | The following presents a summary of the warranty provision for the years ended December 31 : 2019 2018 Balance - Beginning of the year $ 3,911 $ 3,490 Provision for new warranty claims 1,895 2,435 Change in provision for preexisting warranty claims (27 ) 932 Deduction for payments made (2,705 ) (2,803 ) Currency translation adjustment 8 (143 ) Balance - End of year $ 3,082 $ 3,911 |
Schedule of Minimum Principal Payments Due on Long-term Debt | The existing long-term debt agreement matures in 2023; no payments are due thereafter: Year Ending December 31, 2020 $ 4,375 2021 4,375 2022 4,375 2023 146,788 2024 — Thereafter — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Diluted Earnings per Share | Diluted earnings (loss) per share for years ended December 31, 2019 , 2018 and 2017 includes the effects of potential common shares when dilutive. Net income has been restated in 2018 and corrected for immaterial errors in 2017, along with its impact to Basic and Dilutive EPS as discussed in Note 2, and is as follows: 2019 2018 (as restated) 2017 Net income (loss) attributable to common stockholders $ 15,778 $ 41,489 $ (2,269 ) Weighted average number of common shares outstanding 30,602 30,277 29,942 Dilutive effect of restricted stock grants after application of the treasury stock method 221 310 — Dilutive shares outstanding 30,823 30,587 29,942 Basic earnings (loss) per share attributable to common stockholders $ 0.52 $ 1.37 $ (0.08 ) Diluted earnings (loss) per share attributable to common stockholders $ 0.51 $ 1.36 $ (0.08 ) |
Schedule of Stockholders Equity | The changes in stockholder's equity are as follows: Twelve Months Ended December 31, 2019 Common Stock Treasury Additional Paid In Capital Retained 1 Accumulated Total Stockholders’ Shares Amount (Unaudited) December 31, 2018 (as restated) 30,513 $ 318 $ (10,245 ) $ 243,007 $ (76,013 ) $ (47,471 ) $ 109,596 Share-based compensation expense — — — 761 — — 761 Cumulative effect of adoption of Topic 842 — — — — (72 ) — (72 ) Total comprehensive income (as restated) — — — — 9,986 (206 ) 9,780 March 31, 2019 (as restated) 30,513 $ 318 $ (10,245 ) $ 243,768 $ (66,099 ) $ (47,677 ) $ 120,065 Share-based compensation expense 68 1 — 718 — — 719 Total comprehensive income (as restated) — — — — 6,146 1,955 8,101 June 30, 2019 (as restated) 30,581 $ 319 $ (10,245 ) $ 244,486 $ (59,953 ) $ (45,722 ) $ 128,885 Share-based compensation expense — — — 721 — — 721 Total comprehensive income (as restated) — — — — 7,180 (5,998 ) 1,182 September 30, 2019 (as restated) 30,581 $ 319 $ (10,245 ) $ 245,207 $ (52,773 ) $ (51,720 ) $ 130,788 Issuance of restricted stock 351 4 — — — — 4 Surrender of common stock by employees (131 ) — (985 ) — — — (985 ) Share-based compensation expense — — — 645 — — 645 Total comprehensive income — — — (7,534 ) 5,770 (1,764 ) December 31, 2019 30,801 $ 323 $ (11,230 ) $ 245,852 $ (60,307 ) $ (45,950 ) $ 128,688 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Notes 2 and 19 for details. Twelve Months Ended December 31, 2018 Common Stock Treasury Additional Paid In Capital Retained 1 Accumulated Total Stockholders’ Shares Amount (Unaudited) December 31, 2017 30,219 $ 304 $ (9,114 ) $ 239,870 $ (117,502 ) $ (41,235 ) $ 72,323 Share-based compensation expense — — — 673 — — 673 Total comprehensive income (as restated) — — — — 9,444 1,132 10,576 March 31, 2018 (as restated) 30,219 $ 304 $ (9,114 ) $ 240,543 $ (108,058 ) $ (40,103 ) $ 83,572 Share-based compensation expense — — — 844 — — 844 Total comprehensive income (as restated) — — — — 12,671 (5,898 ) 6,773 June 30, 2018 (as restated) 30,219 $ 304 $ (9,114 ) $ 241,387 $ (95,387 ) $ (46,001 ) $ 91,189 Share-based compensation expense — — — 780 — — 780 Total comprehensive income (as restated) — — — — 11,277 (2,589 ) 8,688 September 30, 2018 (as restated) 30,219 $ 304 $ (9,114 ) $ 242,167 $ (84,110 ) $ (48,590 ) $ 100,657 Issuance of restricted stock 452 14 — — — 14 Surrender of common stock by employees (158 ) (1,131 ) — — — (1,131 ) Share-based compensation expense — — — 840 — — 840 Total comprehensive income (as restated) — — — — 8,097 1,119 9,216 December 31, 2018 (as restated) 30,513 $ 318 $ (10,245 ) $ 243,007 $ (76,013 ) $ (47,471 ) $ 109,596 (1) The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Notes 2 and 19 for details. |
Performance Awards (Tables)
Performance Awards (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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, 2019 Vesting Schedule Remaining Periods (in Months) to Vesting November 2016 $ 1,434 — $ (88 ) $ (1,346 ) $ — November 2019 0 November 2017 1,584 (16 ) (195 ) $ — 1,373 November 2020 9 November 2018 1,590 (37 ) (200 ) — 1,353 November 2021 21 $ 4,608 $ (53 ) $ (483 ) $ (1,346 ) $ 2,726 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Information about Restricted Stock Awards | The following table summarizes information about unvested restricted stock grants as of December 31, 2019 (in thousands): Grant Shares Granted Unvested Shares Vesting Schedule Unearned Remaining October 2017 303 90 3 equal annual installments commencing on October 20, 2018 $ 711.7 10 October 2018 382 242 3 equal annual installments commencing on October 20, 2019 $ 1,500.7 22 May 2019 71 59 Shares granted to independent board members that fully vest as of May 16, 2020 $ 150.0 4 October 2019 12 12 3 equal annual installments commencing on October 20, 2020 $ 77.5 33 |
Summary of Status of Restricted Stock Awards | A summary of the status of our restricted stock awards as of December 31, 2019 and changes during the twelve-month period ending December 31, 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Shares Weighted- Shares Weighted- Shares Weighted- Nonvested - beginning of year 760 $ 7.56 787 $ 6.84 981 $ 4.70 Granted 87 $ 7.57 446 $ 7.20 354 $ 9.77 Vested (418 ) $ 7.41 (452 ) $ 5.97 (509 ) $ 4.90 Forfeited (26 ) $ 7.52 (21 ) $ 7.31 (39 ) $ 4.84 Nonvested - end of year 403 $ 7.72 760 $ 7.56 787 $ 6.84 |
Defined Contribution Plan, Pe_2
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Plan 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation — Beginning of the year $ 45,238 $ 50,072 $ 40,265 $ 45,737 Service cost — — — 788 Interest cost 1,483 1,664 1,112 1,030 Participant contributions 6 9 — — Benefits paid (10,346 ) (2,360 ) (1,681 ) (1,816 ) Actuarial (gain) loss 3,196 (4,147 ) 3,730 (2,772 ) Exchange rate changes — — 1,415 (2,702 ) Benefit obligation at end of the year 39,577 45,238 44,841 40,265 Change in plan assets: Fair value of plan assets — Beginning of the year 42,962 45,046 30,424 35,377 Actual return on plan assets 6,588 (2,259 ) 3,610 (1,808 ) Employer contributions 835 2,526 887 763 Participant contributions 6 9 — — Benefits paid (10,346 ) (2,360 ) (1,681 ) (1,816 ) Exchange rate changes — — 1,081 (2,092 ) Fair value of plan assets at end of the year 40,045 42,962 34,321 30,424 Funded status $ 468 $ (2,276 ) $ (10,520 ) $ (9,841 ) |
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 Plan 2019 2018 2019 2018 Noncurrent assets $ 633 $ — $ — $ — Current liabilities (19 ) (28 ) — — Noncurrent liabilities (146 ) (2,248 ) (10,520 ) (9,841 ) Amount recognized $ 468 $ (2,276 ) $ (10,520 ) $ (9,841 ) |
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 Plan 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ 116 $ — $ — $ — Interest cost 1,483 1,664 1,810 1,112 1,030 1,138 Expected return on plan assets (2,393 ) (3,151 ) (2,684 ) (1,117 ) (1,210 ) (1,196 ) Amortization of prior service cost 1 2,528 6 6 47 — — Recognized actuarial loss 308 263 21 531 496 312 Net periodic cost (benefit) $ 1,926 $ (1,218 ) $ (731 ) $ 573 $ 316 $ 254 1 Includes $2.5 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits. |
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 Plan 2019 2018 2017 2019 2018 2017 Net actuarial loss $ 10,937 $ 14,767 $ 13,765 $ 13,783 $ 12,972 $ 13,454 Prior service cost 45 51 57 747 788 — $ 10,982 $ 14,818 $ 13,822 $ 14,530 $ 13,760 $ 13,454 |
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 Plan 2019 2018 2019 2018 Actuarial (gain) loss $ (1,001 ) $ 1,266 $ 968 $ 245 Amortization of actuarial (loss) gain (2,829 ) (263 ) (37 ) 781 Prior service credit (6 ) (6 ) (416 ) (491 ) Total recognized in other comprehensive income (loss) $ (3,836 ) $ 997 $ 515 $ 535 |
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 2019 2018 2019 2018 Discount rate 2.93 % 4.06 % 1.95 % 2.80 % 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 Plan 2019 2018 2017 2019 2018 2017 Discount rate 3.40 % 3.42 % 3.87 % 2.80 % 2.45 % 2.70 % Expected return on plan assets 5.34 % 7.00 % 7.00 % 3.70 % 3.70 % 3.70 % |
Fair Values of Pension Plan Assets by Asset Category and by Level | The fair values of our pension plan assets by asset category and by level as described in Note 4 for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 332 $ 332 $ — $ — Equities: U.S. large value 2,434 2,434 — — U.S. large growth 2,059 2,059 — — International blend 4,854 — 4,854 — Emerging markets 1,603 1,603 — — Balanced 18,246 — 18,246 — Fixed income securities: Government bonds 24,917 — 24,917 — Corporate bonds 12,634 — 12,634 — Other 3,217 — 3,217 — Real Estate: U.S. property 4,070 — — 4,070 Total pension fund assets $ 74,366 $ 6,428 $ 63,868 $ 4,070 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 — Emerging markets 3,093 3,093 — — 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 Our current investment allocation target for our pension plans for 2019 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, 2019 2018 U.S. Pension Plan Non-U.S. Pension Plan U.S. Non-U.S. U.S. Non-U.S. 2019 2018 2019 2018 Cash and cash equivalents — — — — — 1 1 1 Equity/Balanced securities 27 55 55 55 28 52 53 59 Fixed income securities 63 45 25 45 62 22 46 40 Real estate 10 — 20 — 10 25 — — 100% 100% 100% 100% 100% 100% 100% 100% |
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: 2019 2018 Beginning balance $ 10,962 $ 10,153 Actual return on assets held at reporting date 430 809 Purchases, sales and settlements, net (7,322 ) — Ending balance $ 4,070 $ 10,962 |
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 2020 $ 4,390 2021 $ 4,396 2022 $ 4,360 2023 $ 4,453 2024 $ 4,493 2025 to 2029 $ 22,209 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 ) Net current period change $ (1,185 ) $ — $ 2,415 $ 1,230 Derivative instruments — (32 ) — (32 ) Reclassification adjustments for losses reclassified into income — — 323 323 Ending balance, December 31, 2019 $ (24,032 ) $ 464 $ (22,382 ) $ (45,950 ) |
Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) | The related tax effects allocated to each component of other comprehensive (loss) income for the years ended December 31, 2019 and 2018 are as follows: 2019 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 3,320 $ (905 ) $ 2,415 Reclassification of actuarial loss and prior service cost to net income 323 — 323 Net unrealized gain 3,643 (905 ) 2,738 Cumulative translation adjustment (1,185 ) — (1,185 ) Derivative instruments (32 ) — (32 ) Total other comprehensive income $ 2,426 $ (905 ) $ 1,521 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 loss (1,298 ) 241 (1,057 ) Cumulative translation adjustment (5,675 ) — (5,675 ) Derivative instruments 496 — 496 Total other comprehensive loss $ (6,477 ) $ 241 $ (6,236 ) |
Cost Reduction and Manufactur_2
Cost Reduction and Manufacturing Capacity Rationalization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Cost Reduction and Manufacturing Capacity Rationalization | A summary of the costs incurred in the year ended December 31, 2019 follows: 2019 Employee Costs Facility Exit and Other Costs Total Electrical Systems $ 1,820 $ 339 $ 2,159 Global Seating 489 — 489 Corporate 310 — 310 Total $ 2,619 $ 339 $ 2,958 |
Significant Accounting Polici_4
Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | Buildings and 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 | Buildings and 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) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | |
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||||||||
Number of reportable segments | segment | 2 | 2 | ||||||||
Other (expense) income | $ (2,225) | $ 1,311 | $ 1,943 | |||||||
Depreciation expense | 13,562 | $ 13,971 | 13,875 | |||||||
Operating lease right-of-use asset, net | 34,960 | $ 23,333 | $ 22,097 | $ 19,793 | $ 21,200 | $ 0 | $ 0 | $ 0 | ||
Lease liability | $ 37,034 | 22,200 | ||||||||
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) | 62.00% | 66.00% | ||||||||
Accounting Standards Update 2016-02 | ||||||||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | 72 | |||||||||
Retained Earnings | ||||||||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | 72 | |||||||||
Retained Earnings | Accounting Standards Update 2016-02 | ||||||||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | $ 72 | |||||||||
Restatement Adjustments | ||||||||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||||||||
Other (expense) income | $ 0 | 0 | ||||||||
Operating lease right-of-use asset, net | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Restatement Adjustments | Accounting Standards Update 2017-07 | ||||||||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||||||||
Other (expense) income | $ 500 | $ 300 |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements - Summary Impacts Of The Restatement Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Retained deficit | $ (60,307) | $ (52,773) | $ (59,953) | $ (66,099) | $ (76,013) | $ (84,110) | $ (95,387) | $ (108,058) | $ (59,953) | $ (95,387) | $ (52,773) | $ (84,110) | $ (60,307) | $ (76,013) | $ (115,233) | |
Total Stockholders' Equity | 128,688 | 130,788 | 128,885 | 120,065 | 109,596 | 100,657 | 91,189 | 83,572 | 128,885 | 91,189 | 130,788 | 100,657 | 128,688 | 109,596 | $ 72,323 | 65,835 |
Income before provision for income taxes | (7,669) | 7,676 | 8,376 | 13,173 | 8,465 | 11,102 | 17,015 | 12,994 | 21,549 | 30,009 | 29,225 | 41,111 | 21,556 | 49,576 | 12,798 | |
Net (loss) income | $ (7,534) | 7,180 | 6,146 | 9,986 | 8,097 | 11,277 | 12,671 | 9,444 | 16,132 | 22,115 | 23,312 | 33,392 | $ 15,778 | 41,489 | (2,269) | |
As Previously Reported | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Retained deficit | (43,816) | (52,336) | (59,513) | (70,571) | (79,452) | (92,035) | (105,230) | (52,336) | (92,035) | (43,816) | (79,452) | (70,571) | (113,378) | |||
Total Stockholders' Equity | 139,745 | 136,502 | 126,651 | 115,038 | 105,315 | 94,541 | 86,400 | 136,502 | 94,541 | 139,745 | 105,315 | 115,038 | 74,742 | 67,690 | ||
Income before provision for income taxes | 9,436 | 9,723 | 14,644 | 9,485 | 12,801 | 17,696 | 13,526 | 24,367 | 31,222 | 33,803 | 44,023 | 53,508 | 13,645 | |||
Net (loss) income | 8,520 | 7,177 | 11,130 | 8,881 | 12,583 | 13,195 | 9,853 | 18,307 | 23,048 | 26,827 | 35,631 | 44,512 | (1,705) | |||
Restatement Adjustments | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Retained deficit | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | (7,617) | (3,352) | (8,957) | (4,658) | (5,442) | (2,400) | (1,855) | ||
Total Stockholders' Equity | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | (7,617) | (3,352) | (8,957) | (4,658) | (5,442) | (2,419) | $ (1,855) | ||
Income before provision for income taxes | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | |||
Net (loss) income | $ (1,340) | $ (1,031) | $ (1,144) | $ (784) | $ (1,306) | $ (524) | $ (409) | $ (2,175) | $ (933) | $ (3,515) | $ (2,239) | (3,023) | (564) | |||
Restatement Adjustments | Understatement of cost of revenues and PPE adjustment | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Income before provision for income taxes | (4,080) | 0 | ||||||||||||||
Net (loss) income | (3,135) | 0 | ||||||||||||||
Error corrections | Understatement of cost of revenues and PPE adjustment | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Income before provision for income taxes | 148 | (847) | ||||||||||||||
Net (loss) income | $ 112 | $ (564) |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements - Effect of The Error Correction On The Company’s Consolidated Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||||||||||
Cash | $ 39,511 | $ 38,703 | $ 60,521 | $ 54,348 | $ 70,913 | $ 57,525 | $ 44,674 | $ 37,908 | ||
Accounts receivable, net of allowances | 115,099 | 153,190 | 157,193 | 158,327 | 133,935 | 150,507 | 150,576 | 141,821 | ||
Inventories | 82,872 | 90,186 | 92,913 | 97,280 | 92,359 | 93,195 | 91,109 | 94,637 | ||
Other current assets | 18,490 | 14,897 | 14,632 | 15,001 | 12,080 | 10,446 | 11,367 | 16,461 | ||
Total current assets | 255,972 | 296,976 | 325,259 | 324,956 | 309,287 | 311,673 | 297,726 | 290,827 | ||
Property, Plant and Equipment: | ||||||||||
Land and buildings | 29,153 | 26,240 | ||||||||
Machinery and equipment | 186,511 | 173,771 | ||||||||
Construction in progress | 12,961 | 6,650 | ||||||||
Less accumulated depreciation | (154,939) | (142,560) | ||||||||
Property, plant and equipment, net | 73,686 | 71,645 | 69,832 | 65,167 | 64,101 | 61,965 | 61,145 | 62,291 | ||
Goodwill | 27,816 | 25,188 | 7,624 | 7,587 | 7,576 | 7,374 | 7,658 | 7,941 | ||
Intangible assets, net of accumulated amortization of of $9,568 | 25,258 | 28,841 | 12,188 | 12,492 | 12,800 | 12,987 | 13,542 | 14,121 | ||
Deferred income taxes, net | 14,654 | 14,117 | 13,387 | 14,243 | 16,341 | 12,499 | 14,303 | 18,447 | ||
Other assets | 3,480 | 2,394 | 2,322 | 2,771 | 2,583 | 3,814 | 3,562 | 3,187 | ||
TOTAL ASSETS | 435,826 | 462,494 | 452,709 | 447,009 | 412,688 | 410,312 | 397,936 | 396,814 | ||
Current Liabilities: | ||||||||||
Accounts payable | 63,058 | 88,835 | 93,320 | 96,305 | 86,645 | 91,582 | 88,473 | 85,602 | ||
Accrued liabilities and other | 32,673 | 38,885 | 34,936 | 35,697 | 36,969 | 34,400 | 31,870 | 31,761 | ||
Current portion of long-term debt | 3,256 | 3,335 | 3,238 | 3,229 | 9,102 | 3,217 | 3,208 | 3,199 | ||
Total current liabilities | 106,607 | 136,540 | 136,345 | 139,687 | 132,716 | 129,199 | 123,551 | 120,562 | ||
Long-term debt | 153,128 | 154,950 | 154,758 | 155,572 | 154,656 | 161,340 | 162,145 | 162,951 | ||
Pension and other post-retirement liabilities | 10,666 | 13,417 | 11,812 | 12,489 | 12,065 | 14,534 | 14,429 | 15,367 | ||
Other long-term liabilities | 7,323 | 7,607 | 2,342 | 2,658 | 3,655 | 4,582 | 6,622 | 6,862 | ||
Total liabilities | 307,138 | 331,706 | 323,824 | 326,944 | 303,092 | 309,655 | 306,747 | 313,242 | ||
Stockholders’ Equity: | ||||||||||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, $.01 par value (60,000,000 shares authorized; 30,512,843 shares issued and outstanding) | 323 | 319 | 319 | 318 | 318 | 304 | 304 | 304 | ||
Treasury stock, at cost: 1,334,251 shares | (11,230) | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | ||
Additional paid-in capital | 245,852 | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | ||
Retained deficit | (60,307) | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | $ (115,233) | |
Accumulated other comprehensive loss | (45,950) | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | ||
Total stockholders’ equity | 128,688 | 130,788 | 128,885 | 120,065 | 109,596 | 100,657 | 91,189 | 83,572 | $ 72,323 | 65,835 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 435,826 | $ 462,494 | $ 452,709 | $ 447,009 | 412,688 | 410,312 | 397,936 | 396,814 | ||
Accounts receivable, allowances | 4,634 | 5,139 | ||||||||
Accumulated amortization on intangible assets | $ 11,440 | $ 9,568 | ||||||||
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | |||||
Common stock, shares issued (in shares) | 30,801,255 | 30,512,843 | ||||||||
Common stock, shares outstanding (in shares) | 30,801,255 | 30,512,843 | ||||||||
Treasury stock, shares (in shares) | 1,464,392 | 1,334,251 | 1,334,251 | 1,334,251 | 1,334,251 | |||||
As Previously Reported | ||||||||||
Current Assets: | ||||||||||
Cash | $ 38,703 | $ 60,521 | $ 54,348 | $ 70,913 | 57,525 | 44,674 | 37,908 | |||
Accounts receivable, net of allowances | 153,190 | 157,882 | 159,016 | 134,624 | 151,196 | 150,606 | 141,823 | |||
Inventories | 90,186 | 92,913 | 97,280 | 92,359 | 93,195 | 91,109 | 94,637 | |||
Other current assets | 24,496 | 22,370 | 21,257 | 16,828 | 14,137 | 13,981 | 18,385 | |||
Total current assets | 306,575 | 333,686 | 331,901 | 314,724 | 316,053 | 300,370 | 292,753 | |||
Property, Plant and Equipment: | ||||||||||
Land and buildings | 26,240 | |||||||||
Machinery and equipment | 175,990 | |||||||||
Construction in progress | 6,650 | |||||||||
Less accumulated depreciation | (143,781) | |||||||||
Property, plant and equipment, net | 73,059 | 70,658 | 66,128 | 65,099 | 63,000 | 62,217 | 63,400 | |||
Goodwill | 25,188 | 7,624 | 7,587 | 7,576 | 7,374 | 7,658 | 7,941 | |||
Intangible assets, net of accumulated amortization of of $9,568 | 28,841 | 12,188 | 12,492 | 12,800 | 12,987 | 13,542 | 14,121 | |||
Deferred income taxes, net | 12,061 | 11,751 | 12,923 | 15,348 | 11,742 | 13,939 | 18,240 | |||
Other assets | 2,394 | 2,322 | 2,771 | 2,583 | 3,814 | 3,562 | 3,187 | |||
TOTAL ASSETS | 471,451 | 460,326 | 453,595 | 418,130 | 414,970 | 401,288 | 399,642 | |||
Current Liabilities: | ||||||||||
Accounts payable | 88,835 | 93,320 | 96,305 | 86,645 | 91,582 | 88,473 | 85,602 | |||
Accrued liabilities and other | 38,885 | 34,936 | 35,697 | 36,969 | 34,400 | 31,870 | 31,761 | |||
Current portion of long-term debt | 3,335 | 3,238 | 3,229 | 9,102 | 3,217 | 3,208 | 3,199 | |||
Total current liabilities | 136,540 | 136,345 | 139,687 | 132,716 | 129,199 | 123,551 | 120,562 | |||
Long-term debt | 154,950 | 154,758 | 155,572 | 154,656 | 161,340 | 162,145 | 162,951 | |||
Pension and other post-retirement liabilities | 13,417 | 11,812 | 12,489 | 12,065 | 14,534 | 14,429 | 15,367 | |||
Other long-term liabilities | 7,607 | 2,342 | 2,658 | 3,655 | 4,582 | 6,622 | 6,862 | |||
Total liabilities | 331,706 | 323,824 | 326,944 | 303,092 | 309,655 | 306,747 | 313,242 | |||
Stockholders’ Equity: | ||||||||||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $.01 par value (60,000,000 shares authorized; 30,512,843 shares issued and outstanding) | 319 | 319 | 318 | 318 | 304 | 304 | 304 | |||
Treasury stock, at cost: 1,334,251 shares | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | |||
Additional paid-in capital | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | |||
Retained deficit | (43,816) | (52,336) | (59,513) | (70,571) | (79,452) | (92,035) | (105,230) | (113,378) | ||
Accumulated other comprehensive loss | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | |||
Total stockholders’ equity | 139,745 | 136,502 | 126,651 | 115,038 | 105,315 | 94,541 | 86,400 | 74,742 | 67,690 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 471,451 | 460,326 | 453,595 | 418,130 | 414,970 | 401,288 | 399,642 | |||
Restatement Adjustments | ||||||||||
Current Assets: | ||||||||||
Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accounts receivable, net of allowances | 0 | (689) | (689) | (689) | (689) | (30) | (2) | |||
Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other current assets | (9,599) | (7,738) | (6,256) | (4,748) | (3,691) | (2,614) | (1,924) | |||
Total current assets | (9,599) | (8,427) | (6,945) | (5,437) | (4,380) | (2,644) | (1,926) | |||
Property, Plant and Equipment: | ||||||||||
Land and buildings | 0 | |||||||||
Machinery and equipment | (2,219) | |||||||||
Construction in progress | 0 | |||||||||
Less accumulated depreciation | 1,221 | |||||||||
Property, plant and equipment, net | (1,414) | (826) | (961) | (998) | (1,035) | (1,072) | (1,109) | |||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Intangible assets, net of accumulated amortization of of $9,568 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Deferred income taxes, net | 2,056 | 1,636 | 1,320 | 993 | 757 | 364 | 207 | |||
Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL ASSETS | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | |||
Current Liabilities: | ||||||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Accrued liabilities and other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Pension and other post-retirement liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Stockholders’ Equity: | ||||||||||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $.01 par value (60,000,000 shares authorized; 30,512,843 shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Treasury stock, at cost: 1,334,251 shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retained deficit | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | (2,400) | (1,855) | |
Accumulated other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total stockholders’ equity | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | $ (2,419) | $ (1,855) | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (8,957) | $ (7,617) | $ (6,586) | $ (5,442) | $ (4,658) | $ (3,352) | $ (2,828) |
Restatement of Previously Iss_5
Restatement of Previously Issued Consolidated Financial Statements - Effect of The Error Corrections On The Consolidated Statements of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 189,485 | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 901,238 | $ 897,737 | $ 755,231 |
Cost of revenues | 179,317 | 195,955 | 210,754 | 210,075 | 194,354 | 194,532 | 198,487 | 185,444 | 420,829 | 383,931 | 616,784 | 578,463 | 796,101 | 772,817 | 664,360 |
Gross Profit | 10,168 | 29,444 | 32,436 | 33,089 | 29,248 | 30,478 | 34,904 | 30,290 | 65,525 | 65,194 | 94,969 | 95,672 | 105,137 | 124,920 | 90,871 |
Selling, general and administrative expenses | 13,571 | 17,531 | 16,248 | 15,199 | 15,503 | 15,613 | 14,349 | 15,214 | 31,447 | 29,563 | 48,978 | 45,176 | 62,549 | 60,679 | 59,547 |
Amortization expense | 872 | 437 | 322 | 321 | 320 | 321 | 327 | 332 | 643 | 659 | 1,080 | 980 | 1,952 | 1,300 | 1,320 |
Operating Income | (4,275) | 11,476 | 15,866 | 17,569 | 13,425 | 14,544 | 20,228 | 14,744 | 33,435 | 34,972 | 44,911 | 49,516 | 40,636 | 62,941 | 30,004 |
Other (expense) income | (2,225) | 1,311 | 1,943 | ||||||||||||
Interest expense | 3,394 | 3,800 | 7,490 | 4,396 | 4,960 | 3,442 | 3,213 | 1,750 | 11,886 | 4,963 | 15,686 | 8,405 | 16,855 | 14,676 | 19,149 |
Income before provision for income taxes | (7,669) | 7,676 | 8,376 | 13,173 | 8,465 | 11,102 | 17,015 | 12,994 | 21,549 | 30,009 | 29,225 | 41,111 | 21,556 | 49,576 | 12,798 |
Provision for income taxes | (135) | 496 | 2,230 | 3,187 | 368 | (175) | 4,344 | 3,550 | 5,417 | 7,894 | 5,913 | 7,719 | 5,778 | 8,087 | 15,067 |
Net income (loss) | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Earnings (loss) per common share | |||||||||||||||
Basic (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.27 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.53 | $ 0.73 | $ 0.76 | $ 1.11 | $ 0.52 | $ 1.37 | $ (0.08) |
Diluted (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.26 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.52 | $ 0.72 | $ 0.76 | $ 1.09 | $ 0.51 | $ 1.36 | $ (0.08) |
Weighted average shares outstanding | |||||||||||||||
Basic (in shares) | 30,758 | 30,581 | 30,547 | 30,513 | 30,447 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,602 | 30,277 | 29,942 |
Diluted (in shares) | 30,758 | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,823 | 30,587 | 29,942 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 897,737 | $ 755,231 | ||
Cost of revenues | 194,195 | 209,407 | 208,604 | 193,334 | 192,833 | 197,806 | 184,912 | 418,011 | 382,718 | 612,206 | 575,551 | 768,885 | 663,513 | ||
Gross Profit | 31,204 | 33,783 | 34,560 | 30,268 | 32,177 | 35,585 | 30,822 | 68,343 | 66,407 | 99,547 | 98,584 | 128,852 | 91,718 | ||
Selling, general and administrative expenses | 17,531 | 16,248 | 15,199 | 15,503 | 15,613 | 14,349 | 15,214 | 31,447 | 29,563 | 48,978 | 45,176 | 60,679 | 59,547 | ||
Amortization expense | 437 | 322 | 321 | 320 | 321 | 327 | 332 | 643 | 659 | 1,080 | 980 | 1,300 | 1,320 | ||
Operating Income | 13,236 | 17,213 | 19,040 | 14,445 | 16,243 | 20,909 | 15,276 | 36,253 | 36,185 | 49,489 | 52,428 | 66,873 | 30,851 | ||
Other (expense) income | 1,311 | 1,943 | |||||||||||||
Interest expense | 3,800 | 7,490 | 4,396 | 4,960 | 3,442 | 3,213 | 1,750 | 11,886 | 4,963 | 15,686 | 8,405 | 14,676 | 19,149 | ||
Income before provision for income taxes | 9,436 | 9,723 | 14,644 | 9,485 | 12,801 | 17,696 | 13,526 | 24,367 | 31,222 | 33,803 | 44,023 | 53,508 | 13,645 | ||
Provision for income taxes | 916 | 2,546 | 3,514 | 604 | 218 | 4,501 | 3,673 | 6,060 | 8,174 | 6,976 | 8,392 | 8,996 | 15,350 | ||
Net income (loss) | $ 8,520 | $ 7,177 | $ 11,130 | $ 8,881 | $ 12,583 | $ 13,195 | $ 9,853 | $ 18,307 | $ 23,048 | $ 26,827 | $ 35,631 | $ 44,512 | $ (1,705) | ||
Earnings (loss) per common share | |||||||||||||||
Basic (in dollars per share) | $ 0.28 | $ 0.23 | $ 0.36 | $ 0.29 | $ 0.42 | $ 0.44 | $ 0.33 | $ 0.60 | $ 0.76 | $ 0.88 | $ 1.18 | $ 1.47 | $ (0.06) | ||
Diluted (in dollars per share) | $ 0.28 | $ 0.23 | $ 0.36 | $ 0.29 | $ 0.41 | $ 0.43 | $ 0.32 | $ 0.60 | $ 0.75 | $ 0.87 | $ 1.17 | $ 1.46 | $ (0.06) | ||
Weighted average shares outstanding | |||||||||||||||
Basic (in shares) | 30,581 | 30,547 | 30,513 | 30,447 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,277 | 29,942 | ||
Diluted (in shares) | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,587 | 29,942 | ||
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Cost of revenues | 1,760 | 1,347 | 1,471 | 1,020 | 1,699 | 681 | 532 | 2,818 | 1,213 | 4,578 | 2,912 | 3,932 | 847 | ||
Gross Profit | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | ||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amortization expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Operating Income | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | ||
Other (expense) income | 0 | 0 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Income before provision for income taxes | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | ||
Provision for income taxes | (420) | (316) | (327) | (236) | (393) | (157) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | ||
Net income (loss) | $ (1,340) | $ (1,031) | $ (1,144) | $ (784) | $ (1,306) | $ (524) | $ (409) | $ (2,175) | $ (933) | $ (3,515) | $ (2,239) | $ (3,023) | $ (564) | ||
Earnings (loss) per common share | |||||||||||||||
Basic (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.02) | $ (0.01) | $ (0.07) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.10) | $ (0.02) | ||
Diluted (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.02) | $ (0.01) | $ (0.07) | $ (0.03) | $ (0.11) | $ (0.07) | $ (0.10) | $ (0.02) | ||
Weighted average shares outstanding | |||||||||||||||
Basic (in shares) | 30,581 | 30,547 | 30,513 | 30,219 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,277 | 29,942 | ||
Diluted (in shares) | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,587 | 29,942 |
Restatement of Previously Iss_6
Restatement of Previously Issued Consolidated Financial Statements - Effect of The Error Corrections On The Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net (loss) income | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | 1,866 | (3,388) | 233 | 104 | (312) | (1,529) | (5,304) | 1,470 | 337 | (3,834) | (3,051) | (5,363) | (1,185) | (5,675) | 7,141 |
Minimum pension liability, net of tax | 3,743 | (2,095) | 1,739 | (649) | 935 | (1,060) | (594) | (338) | 1,090 | (932) | (1,005) | (1,992) | 2,738 | (1,057) | 469 |
Derivative instrument | 161 | (515) | (17) | 339 | 496 | 0 | 0 | 0 | 322 | 0 | (193) | 0 | (32) | 496 | 0 |
Other comprehensive income (loss) | 5,770 | (5,998) | 1,955 | (206) | 1,119 | (2,589) | (5,898) | 1,132 | 1,749 | (4,766) | (4,249) | (7,355) | 1,521 | (6,236) | 7,610 |
Comprehensive income | $ (1,764) | 1,182 | 8,101 | 9,780 | 9,216 | 8,688 | 6,773 | 10,576 | 17,881 | 17,349 | 19,063 | 26,037 | $ 17,299 | 35,253 | 5,341 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net (loss) income | 8,520 | 7,177 | 11,130 | 8,881 | 12,583 | 13,195 | 9,853 | 18,307 | 23,048 | 26,827 | 35,631 | 44,512 | (1,705) | ||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | (3,388) | 233 | 104 | (312) | (1,529) | (5,304) | 1,470 | 337 | (3,834) | (3,051) | (5,363) | (5,675) | 7,141 | ||
Minimum pension liability, net of tax | (2,095) | 1,739 | (649) | 935 | (1,060) | (594) | (338) | 1,090 | (932) | (1,005) | (1,992) | (1,057) | 469 | ||
Derivative instrument | (515) | (17) | 339 | 496 | 0 | 0 | 0 | 322 | 0 | (193) | 0 | 496 | 0 | ||
Other comprehensive income (loss) | (5,998) | 1,955 | (206) | 1,119 | (2,589) | (5,898) | 1,132 | 1,749 | (4,766) | (4,249) | (7,355) | (6,236) | 7,610 | ||
Comprehensive income | 2,522 | 9,132 | 10,924 | 10,000 | 9,994 | 7,297 | 10,985 | 20,056 | 18,282 | 22,578 | 28,276 | 38,276 | 5,905 | ||
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net (loss) income | (1,340) | (1,031) | (1,144) | (784) | (1,306) | (524) | (409) | (2,175) | (933) | (3,515) | (2,239) | (3,023) | (564) | ||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Minimum pension liability, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Derivative instrument | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Comprehensive income | $ (1,340) | $ (1,031) | $ (1,144) | $ (784) | $ (1,306) | $ (524) | $ (409) | $ (2,175) | $ (933) | $ (3,515) | $ (2,239) | $ (3,023) | $ (564) |
Restatement of Previously Iss_7
Restatement of Previously Issued Consolidated Financial Statements - Effect of The Error Corrections On The Consolidated Statements of Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning Balance (in shares) | 30,512,843 | ||||||||
Beginning balance | $ 130,788 | $ 128,885 | $ 120,065 | $ 109,596 | $ 100,657 | $ 91,189 | $ 83,572 | $ 72,323 | $ 65,835 |
Ending balance (in shares) | 30,801,255 | 30,512,843 | |||||||
Ending balance | $ 128,688 | 130,788 | 128,885 | 120,065 | $ 109,596 | 100,657 | 91,189 | 83,572 | 72,323 |
As Previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | 139,745 | 136,502 | 126,651 | 115,038 | 105,315 | 94,541 | 86,400 | 74,742 | 67,690 |
Ending balance | 139,745 | 136,502 | 126,651 | 115,038 | 105,315 | 94,541 | 86,400 | 74,742 | |
Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | $ (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | (2,419) | (1,855) |
Ending balance | $ (8,957) | $ (7,617) | $ (6,586) | $ (5,442) | $ (4,658) | $ (3,352) | $ (2,828) | $ (2,419) | |
Common Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning Balance (in shares) | 30,581,000 | 30,581,000 | 30,513,000 | 30,512,843 | 30,219,000 | 30,219,000 | 30,219,000 | 30,219,278 | 29,871,354 |
Beginning balance | $ 319 | $ 319 | $ 318 | $ 318 | $ 304 | $ 304 | $ 304 | $ 304 | $ 299 |
Ending balance (in shares) | 30,801,255 | 30,581,000 | 30,581,000 | 30,513,000 | 30,512,843 | 30,219,000 | 30,219,000 | 30,219,000 | 30,219,278 |
Ending balance | $ 323 | $ 319 | $ 319 | $ 318 | $ 318 | $ 304 | $ 304 | $ 304 | $ 304 |
Common Stock | As Previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning Balance (in shares) | 30,512,843 | 30,219,278 | 29,871,354 | ||||||
Beginning balance | $ 318 | $ 304 | $ 299 | ||||||
Ending balance (in shares) | 30,512,843 | 30,219,278 | |||||||
Ending balance | $ 318 | $ 304 | |||||||
Treasury Stock | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | (9,114) | (7,753) |
Ending balance | (11,230) | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | (9,114) |
Treasury Stock | As Previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | (10,245) | (9,114) | (7,753) | ||||||
Ending balance | (10,245) | (9,114) | |||||||
Additional Paid-In Capital | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | 239,870 | 237,367 |
Ending balance | 245,852 | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | 239,870 |
Additional Paid-In Capital | As Previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | 243,007 | 239,870 | 237,367 | ||||||
Ending balance | 243,007 | 239,870 | |||||||
Retained Deficit | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | (117,502) | (115,233) |
Ending balance | (60,307) | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | (117,502) |
Retained Deficit | As Previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | (70,571) | (115,083) | (113,378) | ||||||
Ending balance | (70,571) | (115,083) | |||||||
Retained Deficit | Understatement of cost of revenues and PPE adjustment | Restatement Adjustments | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | (5,442) | (2,419) | (1,855) | ||||||
Ending balance | (5,442) | (2,419) | |||||||
Accumulated other comprehensive loss | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | (41,235) | (48,845) |
Ending balance | $ (45,950) | $ (51,720) | $ (45,722) | (47,677) | (47,471) | $ (48,590) | $ (46,001) | (40,103) | (41,235) |
Accumulated other comprehensive loss | As Previously Reported | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Beginning balance | $ (47,471) | $ (41,235) | (48,845) | ||||||
Ending balance | $ (47,471) | $ (41,235) |
Restatement of Previously Iss_8
Restatement of Previously Issued Consolidated Financial Statements - Effect of The Error Corrections On The Consolidated Statements of Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net (loss) income | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,681 | 3,776 | 6,984 | 7,674 | 10,865 | 11,676 | 15,514 | 15,270 | 15,196 | ||||||
Provision for doubtful accounts | 2,350 | 2,637 | 3,396 | 3,829 | 5,000 | 6,448 | 6,861 | 7,607 | 5,622 | ||||||
Noncash amortization of debt financing costs | 342 | 350 | 685 | 701 | 1,030 | 1,054 | 1,393 | 1,404 | 1,251 | ||||||
Shared-based compensation expense | 761 | 673 | 1,479 | 1,517 | 2,200 | 2,297 | 2,843 | 3,137 | 2,503 | ||||||
(Gain) loss on sale of assets | (586) | ||||||||||||||
Deferred income taxes | 2,298 | 2,181 | 2,263 | 6,396 | 1,840 | 8,369 | 1,562 | 5,031 | 7,709 | ||||||
Noncash (gain) loss on derivative contracts | 737 | (2,489) | 1,823 | (2,161) | 2,092 | (2,842) | 1,972 | (1,468) | (726) | ||||||
Change in other operating items: | |||||||||||||||
Accounts receivable | (26,356) | (34,884) | (26,552) | (47,306) | (25,454) | (50,389) | 11,954 | (34,987) | (13,792) | ||||||
Inventories | (4,739) | 5,261 | (462) | 7,010 | 1,191 | 4,507 | 9,495 | 4,836 | (25,104) | ||||||
Prepaid expenses | (2,272) | (1,496) | (2,501) | (2,507) | (2,607) | (2,126) | (1,793) | (2,292) | 179 | ||||||
Accounts payable | 9,548 | (2,105) | 6,563 | 2,845 | 3,272 | 6,653 | (24,261) | 1,451 | 23,250 | ||||||
Accrued liabilities | (3,525) | 2,631 | (12,284) | ||||||||||||
Other operating activities, net | 1,308 | ||||||||||||||
Other operating activities, net | (2,307) | (3,363) | (1,061) | 788 | 5,767 | 1,000 | (1,047) | (3,117) | 722 | ||||||
Net cash provided by operating activities | (5,971) | (20,015) | 8,749 | 901 | 28,508 | 20,039 | 36,746 | 40,992 | 2,257 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Purchases of property, plant and equipment | (5,580) | (1,716) | (12,800) | (5,158) | (18,743) | (9,823) | (24,002) | (14,150) | (13,458) | ||||||
Proceeds from disposal/sale of property, plant and equipment | 20 | 0 | 20 | 0 | 20 | 18 | 23 | 49 | 2,682 | ||||||
Net cash used in investing activities | (5,560) | (1,716) | (12,780) | (5,158) | (52,723) | (9,805) | (57,979) | (14,101) | (10,776) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Borrowings of Revolving Credit Facility | 0 | 36,500 | 0 | 80,500 | 8,500 | 80,500 | 35,700 | 80,500 | 0 | ||||||
Repayment of Revolving Credit Facility | 0 | (29,000) | 0 | (80,500) | (8,500) | (80,500) | (35,700) | (80,500) | 0 | ||||||
Borrowings of Term Loan Facility | 0 | 0 | 175,000 | ||||||||||||
Repayment of Term Loan Facility | (5,244) | (1,094) | (6,338) | (2,188) | (6,338) | (3,281) | (8,525) | (4,375) | (2,188) | ||||||
Surrender of common stock by employees | (985) | (1,131) | (1,361) | ||||||||||||
Redemption of Notes | 0 | 0 | (235,000) | ||||||||||||
Prepayment charge for redemption of Notes | 0 | 0 | (1,543) | ||||||||||||
Payment of Term Loan Facility discount | 0 | 0 | (3,500) | ||||||||||||
Payment of debt issuance costs | (160) | 0 | (4,256) | ||||||||||||
Other financing activities, net | (105) | (222) | (381) | (443) | (329) | 0 | |||||||||
Net cash used in financing activities | (5,349) | 6,406 | (6,560) | (2,188) | (6,719) | (3,281) | (10,113) | (5,835) | (72,848) | ||||||
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 315 | 989 | 199 | (1,125) | (1,276) | (1,672) | (56) | (2,387) | 3,451 | ||||||
NET INCREASE (DECREASE) IN CASH | (16,565) | (14,336) | (10,392) | (7,570) | (32,210) | 5,281 | (31,402) | 18,669 | (77,916) | ||||||
CASH: | |||||||||||||||
Beginning of period | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 130,160 |
End of period | 39,511 | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 60,521 | 44,674 | 38,703 | 57,525 | 39,511 | 70,913 | 52,244 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||
Cash paid for interest | 3,373 | 3,408 | 6,787 | 6,937 | 10,212 | 10,421 | 13,873 | 14,046 | 18,572 | ||||||
Cash paid for income taxes, net | 2,593 | 808 | 4,180 | 1,693 | 5,530 | 2,081 | 8,774 | 3,143 | 3,276 | ||||||
Unpaid purchases of property and equipment included in accounts payable | 233 | 49 | 526 | 416 | 155 | 132 | 624 | 509 | 109 | ||||||
As Previously Reported | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net (loss) income | 8,520 | 7,177 | 11,130 | 8,881 | 12,583 | 13,195 | 9,853 | 18,307 | 23,048 | 26,827 | 35,631 | 44,512 | (1,705) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,718 | 3,813 | 7,058 | 7,748 | 10,976 | 11,787 | 15,418 | 15,344 | |||||||
Provision for doubtful accounts | 2,350 | 2,637 | 3,396 | 3,829 | 5,000 | 6,448 | 7,607 | 5,622 | |||||||
Noncash amortization of debt financing costs | 342 | 350 | 685 | 701 | 1,030 | 1,054 | 1,404 | 1,251 | |||||||
Shared-based compensation expense | 761 | 673 | 1,479 | 1,517 | 2,200 | 2,297 | 3,137 | 2,503 | |||||||
(Gain) loss on sale of assets | (586) | ||||||||||||||
Deferred income taxes | 2,625 | 2,304 | 2,906 | 6,676 | 2,903 | 9,042 | 5,940 | 7,992 | |||||||
Noncash (gain) loss on derivative contracts | 737 | (2,489) | 1,823 | (2,161) | 2,092 | (2,842) | (1,468) | (726) | |||||||
Change in other operating items: | |||||||||||||||
Accounts receivable | (26,356) | (34,884) | (26,552) | (47,334) | (24,765) | (51,076) | (35,674) | (13,794) | |||||||
Inventories | (4,739) | 5,261 | (462) | 7,010 | 1,191 | 4,507 | 4,836 | (25,104) | |||||||
Prepaid expenses | (3,780) | (2,065) | (5,491) | (3,766) | (7,458) | (4,462) | (5,685) | (814) | |||||||
Accounts payable | 9,548 | (2,105) | 6,563 | 2,845 | 3,272 | 6,653 | 1,451 | 23,250 | |||||||
Accrued liabilities | 2,631 | (12,284) | |||||||||||||
Other operating activities, net | 1,308 | ||||||||||||||
Other operating activities, net | (2,307) | (3,363) | (1,061) | 788 | 5,767 | 1,000 | (3,117) | ||||||||
Net cash provided by operating activities | (5,971) | (20,015) | 8,651 | 901 | 29,035 | 20,039 | 40,992 | 2,257 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Purchases of property, plant and equipment | (5,580) | (1,716) | (12,702) | (5,158) | (19,270) | (9,823) | (14,150) | (13,458) | |||||||
Proceeds from disposal/sale of property, plant and equipment | 20 | 20 | 20 | 18 | 49 | 2,682 | |||||||||
Net cash used in investing activities | (5,560) | (1,716) | (12,682) | (5,158) | (53,250) | (9,805) | (14,101) | (10,776) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Borrowings of Revolving Credit Facility | 36,500 | 80,500 | 8,500 | 80,500 | 80,500 | ||||||||||
Repayment of Revolving Credit Facility | (29,000) | (80,500) | (8,500) | (80,500) | (80,500) | ||||||||||
Borrowings of Term Loan Facility | 175,000 | ||||||||||||||
Repayment of Term Loan Facility | (5,244) | (1,094) | (6,338) | (2,188) | (6,338) | (3,281) | (4,375) | (2,188) | |||||||
Surrender of common stock by employees | (1,131) | (1,361) | |||||||||||||
Redemption of Notes | (235,000) | ||||||||||||||
Prepayment charge for redemption of Notes | (1,543) | ||||||||||||||
Payment of Term Loan Facility discount | (3,500) | ||||||||||||||
Payment of debt issuance costs | (4,256) | ||||||||||||||
Other financing activities, net | (105) | (222) | (381) | (329) | |||||||||||
Net cash used in financing activities | (5,349) | 6,406 | (6,560) | (2,188) | (6,719) | (3,281) | (5,835) | (72,848) | |||||||
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 315 | 989 | 199 | (1,125) | (1,276) | (1,672) | (2,387) | 3,451 | |||||||
NET INCREASE (DECREASE) IN CASH | (16,565) | (14,336) | (10,392) | (7,570) | (32,210) | 5,281 | 18,669 | (77,916) | |||||||
CASH: | |||||||||||||||
Beginning of period | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 130,160 |
End of period | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 60,521 | 44,674 | 38,703 | 57,525 | 70,913 | 52,244 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||
Cash paid for interest | 3,373 | 3,408 | 6,787 | 6,937 | 10,212 | 10,421 | 14,046 | 18,572 | |||||||
Cash paid for income taxes, net | 2,593 | 808 | 4,180 | 1,693 | 5,530 | 2,081 | 3,143 | 3,276 | |||||||
Unpaid purchases of property and equipment included in accounts payable | 233 | 49 | 526 | 416 | 155 | 132 | 509 | 109 | |||||||
Restatement Adjustments | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net (loss) income | (1,340) | (1,031) | (1,144) | (784) | (1,306) | (524) | (409) | (2,175) | (933) | (3,515) | (2,239) | (3,023) | (564) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | (37) | (37) | (74) | (74) | (111) | (111) | (148) | (148) | |||||||
Provision for doubtful accounts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Noncash amortization of debt financing costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Shared-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
(Gain) loss on sale of assets | 0 | ||||||||||||||
Deferred income taxes | (327) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | |||||||
Noncash (gain) loss on derivative contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Change in other operating items: | |||||||||||||||
Accounts receivable | 0 | 0 | 0 | 28 | (689) | 687 | 687 | 2 | |||||||
Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Prepaid expenses | 1,508 | 569 | 2,990 | 1,259 | 4,851 | 2,336 | 3,393 | 993 | |||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Accrued liabilities | 0 | 0 | |||||||||||||
Other operating activities, net | 0 | ||||||||||||||
Other operating activities, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 98 | 0 | (527) | 0 | 0 | 0 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Purchases of property, plant and equipment | 0 | 0 | (98) | 0 | 527 | 0 | 0 | 0 | |||||||
Proceeds from disposal/sale of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | (98) | 0 | 527 | 0 | 0 | 0 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Borrowings of Revolving Credit Facility | 0 | 0 | 0 | 0 | 0 | ||||||||||
Repayment of Revolving Credit Facility | 0 | 0 | 0 | 0 | 0 | ||||||||||
Borrowings of Term Loan Facility | 0 | ||||||||||||||
Repayment of Term Loan Facility | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Surrender of common stock by employees | 0 | 0 | |||||||||||||
Redemption of Notes | 0 | ||||||||||||||
Prepayment charge for redemption of Notes | 0 | ||||||||||||||
Payment of Term Loan Facility discount | 0 | ||||||||||||||
Payment of debt issuance costs | 0 | ||||||||||||||
Other financing activities, net | 0 | 0 | 0 | 0 | |||||||||||
Net cash used in financing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
NET INCREASE (DECREASE) IN CASH | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
CASH: | |||||||||||||||
Beginning of period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
End of period | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||
Cash paid for interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Cash paid for income taxes, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Unpaid purchases of property and equipment included in accounts payable | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Restatement of Previously Iss_9
Restatement of Previously Issued Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Accounts receivable, net of allowances | $ 115,099 | $ 153,190 | $ 157,193 | $ 158,327 | $ 133,935 | $ 150,507 | $ 150,576 | $ 141,821 | $ 157,193 | $ 150,576 | $ 153,190 | $ 150,507 | $ 115,099 | $ 133,935 | ||
Other current assets | 18,490 | 14,897 | 14,632 | 15,001 | 12,080 | 10,446 | 11,367 | 16,461 | 14,632 | 11,367 | 14,897 | 10,446 | 18,490 | 12,080 | ||
Deferred income taxes, net | 14,654 | 14,117 | 13,387 | 14,243 | 16,341 | 12,499 | 14,303 | 18,447 | 13,387 | 14,303 | 14,117 | 12,499 | 14,654 | 16,341 | ||
Retained deficit | 60,307 | 52,773 | 59,953 | 66,099 | 76,013 | 84,110 | 95,387 | 108,058 | 59,953 | 95,387 | 52,773 | 84,110 | 60,307 | 76,013 | $ 115,233 | |
Machinery and equipment, gross | 186,511 | 173,771 | 186,511 | 173,771 | ||||||||||||
Accumulated depreciation | (154,939) | (142,560) | (154,939) | (142,560) | ||||||||||||
Cost of revenue | 179,317 | 195,955 | 210,754 | 210,075 | 194,354 | 194,532 | 198,487 | 185,444 | 420,829 | 383,931 | 616,784 | 578,463 | 796,101 | 772,817 | $ 664,360 | |
Provision for income taxes | (135) | 496 | 2,230 | 3,187 | 368 | (175) | 4,344 | 3,550 | 5,417 | 7,894 | 5,913 | 7,719 | 5,778 | 8,087 | 15,067 | |
Net (loss) income | (7,534) | 7,180 | 6,146 | 9,986 | 8,097 | 11,277 | 12,671 | 9,444 | 16,132 | 22,115 | 23,312 | 33,392 | 15,778 | 41,489 | (2,269) | |
Deferred income taxes | 2,298 | 2,181 | 2,263 | 6,396 | 1,840 | 8,369 | 1,562 | 5,031 | 7,709 | |||||||
Increase (decrease) in accounts receivable | (26,356) | (34,884) | (26,552) | (47,306) | (25,454) | (50,389) | 11,954 | (34,987) | (13,792) | |||||||
Prepaid expenses | (2,272) | (1,496) | (2,501) | (2,507) | (2,607) | (2,126) | (1,793) | (2,292) | 179 | |||||||
Depreciation expense | 13,562 | 13,971 | 13,875 | |||||||||||||
Property, plant and equipment, net | 73,686 | 71,645 | 69,832 | 65,167 | 64,101 | 61,965 | 61,145 | 62,291 | 69,832 | 61,145 | 71,645 | 61,965 | 73,686 | 64,101 | ||
Stockholders' equity | (128,688) | (130,788) | (128,885) | (120,065) | (109,596) | (100,657) | (91,189) | (83,572) | (128,885) | (91,189) | (130,788) | (100,657) | (128,688) | (109,596) | (72,323) | (65,835) |
Assets, current | $ 255,972 | 296,976 | 325,259 | 324,956 | 309,287 | 311,673 | 297,726 | 290,827 | 325,259 | 297,726 | 296,976 | 311,673 | 255,972 | 309,287 | ||
Payments to Acquire Property, Plant, and Equipment | (5,580) | (1,716) | (12,800) | (5,158) | (18,743) | (9,823) | $ (24,002) | (14,150) | (13,458) | |||||||
Understatement of cost of revenues and impacted balance sheet accounts | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) income | (400) | (1,000) | (2,300) | |||||||||||||
Deferred income taxes | (100) | (300) | (700) | |||||||||||||
Increase (decrease) in accounts receivable | (700) | |||||||||||||||
Prepaid expenses | (500) | (1,300) | (2,300) | |||||||||||||
Property, plant and equipment, net error correction | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Net (loss) income | 100 | 100 | ||||||||||||||
Depreciation expense | (100) | (100) | ||||||||||||||
Restatement Adjustments | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Accounts receivable, net of allowances | 0 | (689) | (689) | (689) | (689) | (30) | (2) | (689) | (30) | 0 | (689) | (689) | ||||
Other current assets | (9,599) | (7,738) | (6,256) | (4,748) | (3,691) | (2,614) | (1,924) | (7,738) | (2,614) | (9,599) | (3,691) | (4,748) | ||||
Deferred income taxes, net | 2,056 | 1,636 | 1,320 | 993 | 757 | 364 | 207 | 1,636 | 364 | 2,056 | 757 | 993 | ||||
Retained deficit | 8,957 | 7,617 | 6,586 | 5,442 | 4,658 | 3,352 | 2,828 | 7,617 | 3,352 | 8,957 | 4,658 | 5,442 | 2,400 | 1,855 | ||
Machinery and equipment, gross | (2,219) | (2,219) | ||||||||||||||
Accumulated depreciation | 1,221 | 1,221 | ||||||||||||||
Cost of revenue | 1,760 | 1,347 | 1,471 | 1,020 | 1,699 | 681 | 532 | 2,818 | 1,213 | 4,578 | 2,912 | 3,932 | 847 | |||
Provision for income taxes | (420) | (316) | (327) | (236) | (393) | (157) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | |||
Net (loss) income | (1,340) | (1,031) | (1,144) | (784) | (1,306) | (524) | (409) | (2,175) | (933) | (3,515) | (2,239) | (3,023) | (564) | |||
Deferred income taxes | (327) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | ||||||||
Increase (decrease) in accounts receivable | 0 | 0 | 0 | 28 | (689) | 687 | 687 | 2 | ||||||||
Prepaid expenses | 1,508 | 569 | 2,990 | 1,259 | 4,851 | 2,336 | 3,393 | 993 | ||||||||
Property, plant and equipment, net | (1,414) | (826) | (961) | (998) | (1,035) | (1,072) | (1,109) | (826) | (1,072) | (1,414) | (1,035) | (998) | ||||
Stockholders' equity | 8,957 | 7,617 | 6,586 | 5,442 | 4,658 | 3,352 | 2,828 | 7,617 | 3,352 | 8,957 | 4,658 | 5,442 | 2,419 | $ 1,855 | ||
Assets, current | (9,599) | (8,427) | (6,945) | (5,437) | (4,380) | (2,644) | (1,926) | (8,427) | (2,644) | (9,599) | (4,380) | (5,437) | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | (98) | 0 | 527 | 0 | 0 | 0 | ||||||||
Restatement Adjustments | Understatement of cost of revenues and impacted balance sheet accounts | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Accounts receivable, net of allowances | (700) | (700) | (700) | (700) | (700) | (700) | (700) | |||||||||
Other current assets | (9,600) | (7,700) | (6,300) | (4,700) | (3,700) | (2,600) | (1,900) | (7,700) | (2,600) | (9,600) | (3,700) | (4,700) | ||||
Deferred income taxes, net | 2,300 | 1,900 | 1,600 | 1,300 | 1,000 | 600 | 400 | 1,900 | 600 | 2,300 | 1,000 | 1,300 | ||||
Retained deficit | 7,800 | 6,400 | 5,300 | 4,100 | 3,400 | 2,000 | 1,500 | 6,400 | 2,000 | 7,800 | 3,400 | 4,100 | ||||
Cost of revenue | 1,800 | 1,400 | 1,500 | 1,000 | 1,700 | 700 | 500 | 2,900 | 1,300 | 4,700 | 3,000 | 4,100 | 1,000 | |||
Provision for income taxes | (400) | (300) | (200) | (400) | (200) | (100) | (300) | (700) | (1,000) | (200) | ||||||
Net (loss) income | (1,300) | (1,000) | (1,100) | (800) | (1,300) | (500) | (400) | (2,200) | (1,000) | (3,600) | (2,300) | (3,100) | (800) | |||
Deferred income taxes | (300) | (700) | (1,100) | (900) | (200) | |||||||||||
Increase (decrease) in accounts receivable | (700) | 700 | ||||||||||||||
Prepaid expenses | 1,500 | (3,000) | 4,900 | 3,400 | 1,000 | |||||||||||
Property, plant and equipment, net | (500) | 100 | 100 | (500) | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | (100) | 500 | ||||||||||||||
Restatement Adjustments | Property, plant and equipment, net error correction | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Deferred income taxes, net | (300) | (300) | (300) | (300) | (300) | (200) | (200) | (300) | (200) | (300) | (300) | (300) | ||||
Retained deficit | 1,200 | 1,200 | 1,200 | 1,300 | 1,300 | 1,300 | 1,300 | 1,200 | 1,300 | 1,200 | 1,300 | 1,300 | ||||
Machinery and equipment, gross | (2,200) | (2,200) | ||||||||||||||
Accumulated depreciation | $ 1,200 | 1,200 | ||||||||||||||
Cost of revenue | (100) | (100) | (100) | (100) | ||||||||||||
Provision for income taxes | (100) | |||||||||||||||
Net (loss) income | 100 | 100 | 100 | 100 | 100 | 200 | ||||||||||
Deferred income taxes | (100) | |||||||||||||||
Depreciation expense | (100) | $ (100) | $ (100) | |||||||||||||
Property, plant and equipment, net | $ (900) | $ (900) | $ (1,000) | $ (1,000) | $ (1,100) | $ (1,100) | $ (900) | $ (1,100) | $ (900) | $ (1,000) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||||||||
Accounts receivable, net of allowances | $ 115,099 | $ 153,190 | $ 157,193 | $ 158,327 | $ 133,935 | $ 150,507 | $ 150,576 | $ 141,821 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | Dec. 31, 2019USD ($) |
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) - Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 17, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout liability | $ 4,700 | $ 0 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout liability | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout liability | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout liability | $ 4,700 | 0 | |
Foreign Exchange Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 464 | 496 | |
Derivative equity | 464 | 496 | |
Foreign Exchange Contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative equity | 0 | 0 | |
Foreign Exchange Contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 464 | 496 | |
Derivative equity | 464 | 496 | |
Foreign Exchange Contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative equity | 0 | 0 | |
Interest Rate Swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 150 | 1,131 | |
Derivative liabilities | 995 | 0 | |
Interest Rate Swap | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Interest Rate Swap | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 150 | 1,131 | |
Derivative liabilities | 995 | 0 | |
Interest Rate Swap | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurement - Notion
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Detail) - Foreign Exchange Contracts - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
U.S. $ Equivalent | $ 22,474 | $ 22,371 |
U.S. $ Equivalent Fair Value | $ 22,939 | $ 22,867 |
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, 2019 | Dec. 31, 2018 | |
Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized on Derivatives | $ 4 | $ 607 |
Interest rate swap agreement | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized on Derivatives | $ (1,818) | $ 785 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Current portion of long term debt | $ 3,256 | $ 3,335 | $ 3,238 | $ 3,229 | $ 9,102 | $ 3,217 | $ 3,208 | $ 3,199 |
Long-term debt | 153,128 | $ 154,950 | $ 154,758 | $ 155,572 | 154,656 | $ 161,340 | $ 162,145 | $ 162,951 |
Term loan and security agreement | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Carrying Amount | 156,400 | |||||||
Secured Debt | Term loan and security agreement | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Carrying Amount | 156,384 | 163,758 | ||||||
Fair Value | 157,983 | 161,759 | ||||||
Deferred financing cost, current | 500 | 600 | ||||||
Original issue discount, current | 600 | 600 | ||||||
Debt instrument discount | 1,800 | |||||||
Current portion of long term debt | 3,300 | |||||||
Deferred financing cost, noncurrent | 1,200 | 1,700 | ||||||
Debt discount, noncurrent | 1,300 | $ 1,800 | ||||||
Long-term debt | $ 153,100 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 17, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||||||
Proceeds from lines of credit | $ 0 | $ 36,500 | $ 0 | $ 80,500 | $ 8,500 | $ 80,500 | $ 35,700 | $ 80,500 | $ 0 | ||
Goodwill | $ 25,188 | $ 7,587 | $ 7,941 | $ 7,624 | $ 7,658 | 25,188 | $ 7,374 | 27,816 | 7,576 | ||
First Source Electronics, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to acquire businesses, gross | $ 34,000 | ||||||||||
Business combination, contingent consideration arrangements | 5,600 | 10,800 | 5,600 | ||||||||
Business combination, contingent consideration, liability | 4,700 | $ 4,700 | |||||||||
Escrow deposit | 3,000 | ||||||||||
Business combination, pro forma information, Revenue of Acquiree since acquisition date, actual | 12,800 | ||||||||||
Business combination, net income | 18,324 | $ 44,139 | |||||||||
Business combination, acquisition related costs | 900 | ||||||||||
Goodwill | 20,365 | ||||||||||
Increase in goodwill valuation | $ 2,700 | ||||||||||
Third ARLS Agreement | Revolving Credit Facility | Line of Credit | First Source Electronics, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from lines of credit | $ 2,000 | ||||||||||
Minimum | First Source Electronics, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments for milestones depreciation and amortization percent | 90.00% | ||||||||||
Maximum | First Source Electronics, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments for milestones depreciation and amortization percent | 100.00% | ||||||||||
Electrical Systems | First Source Electronics, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business combination, net income | $ 200 |
Business Combinations - Conside
Business Combinations - Consideration Transferred (Details) - USD ($) $ in Thousands | Sep. 17, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Business Acquisition [Line Items] | |||||||||
Excess of total consideration over net assets acquired | $ 27,816 | $ 25,188 | $ 7,624 | $ 7,587 | $ 7,576 | $ 7,374 | $ 7,658 | $ 7,941 | |
First Source Electronics, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Initial cash paid, net of working capital adjustment | $ 34,000 | ||||||||
Contingent consideration at fair value | 4,700 | ||||||||
Total consideration | 38,700 | ||||||||
Net assets at fair value | 18,335 | ||||||||
Excess of total consideration over net assets acquired | $ 20,365 |
Business Combinations - Recogni
Business Combinations - Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 17, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 27,816 | $ 25,188 | $ 7,624 | $ 7,587 | $ 7,576 | $ 7,374 | $ 7,658 | $ 7,941 | |
First Source Electronics, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | $ 6,567 | ||||||||
Inventories | 3,140 | ||||||||
Prepaid and other current assets | 353 | ||||||||
Property, plant and equipment | 503 | ||||||||
Other long-term assets | 1,650 | ||||||||
Definite-lived intangible assets | 14,500 | ||||||||
Goodwill | 20,365 | ||||||||
Accounts payable and accrued liabilities | (7,204) | ||||||||
Other long-term liabilities | (1,174) | ||||||||
Total consideration | $ 38,700 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - First Source Electronics, LLC - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Revenue | $ 936,766 | $ 935,596 |
Net income | $ 18,324 | $ 44,139 |
Earnings per share attributable to common stockholders: | ||
Basic earnings per share (in dollars per share) | $ 0.60 | $ 1.46 |
Diluted earnings per share (in dollars per share) | $ 0.59 | $ 1.44 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Operating leases | 5 years |
Renewal term | 5 years |
Termination option | 1 year |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating leases | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating leases | 9 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 7,279 |
Finance lease cost: | |
Amortization of right-of-use assets | 341 |
Interest on lease liabilities | 60 |
Total finance lease cost | 401 |
Short-term lease cost | 7,357 |
Total lease expense | $ 15,037 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 7,898 |
Financing cash flows from finance leases | $ 443 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Operating Leases | ||||||||
Right-of-use assets, net | $ 34,960 | $ 23,333 | $ 22,097 | $ 19,793 | $ 21,200 | $ 0 | $ 0 | $ 0 |
Current liabilities | 7,620 | 5,485 | 4,851 | 4,456 | 0 | 0 | 0 | |
Non-current liabilities | 29,414 | $ 19,192 | $ 18,567 | $ 16,538 | $ 0 | $ 0 | $ 0 | |
Total operating lease liabilities | 37,034 | 22,200 | ||||||
Finance Leases | ||||||||
Right-of-use assets | 1,135 | |||||||
Accumulated depreciation | (343) | |||||||
Right-of-use assets, net | 792 | |||||||
Current liabilities | 354 | |||||||
Non-current liabilities | 398 | |||||||
Total finance lease liabilities | $ 752 | |||||||
Weighted Average Remaining Lease Term | ||||||||
Operating leases | 5 years | |||||||
Finance leases | 2 years 9 months | |||||||
Weighted Average Discount Rate | ||||||||
Operating leases | 9.10% | |||||||
Finance leases | 7.20% | |||||||
Before Adoption | ||||||||
Operating Leases | ||||||||
Right-of-use assets, net | $ 21,200 | |||||||
After Adoption | ||||||||
Operating Leases | ||||||||
Right-of-use assets, net | $ 18,600 | |||||||
Finance Leases | ||||||||
Accumulated depreciation | $ (4,800) |
Leases - Maturities of Operatin
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Operating | ||
2020 | $ 10,300 | |
2021 | 9,902 | |
2022 | 9,211 | |
2023 | 5,214 | |
2024 | 4,132 | |
Thereafter | 6,834 | |
Total lease payments | 45,593 | |
Less: Imputed interest | (8,559) | |
Present value of lease liabilities | 37,034 | $ 22,200 |
Financing | ||
2020 | 401 | |
2021 | 249 | |
2022 | 124 | |
2023 | 54 | |
2024 | 13 | |
Thereafter | 1 | |
Total lease payments | 842 | |
Less: Imputed interest | (90) | |
Present value of lease liabilities | 752 | |
Total | ||
2020 | 10,701 | |
2021 | 10,151 | |
2022 | 9,335 | |
2023 | 5,268 | |
2024 | 4,145 | |
Thereafter | 6,835 | |
Total lease payments | 46,435 | |
Less: Imputed interest | 8,649 | |
Present value of lease liabilities | $ 37,786 |
Leases - Future Minimum Annual
Leases - Future Minimum Annual Rental Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 7,558 |
2020 | 6,492 |
2021 | 5,960 |
2022 | 5,286 |
2023 | 1,676 |
Thereafter | $ 2,501 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||||||||
Raw materials | $ 57,742 | $ 66,965 | ||||||
Work in process | 12,612 | 12,333 | ||||||
Finished goods | 12,518 | 13,061 | ||||||
Inventories | $ 82,872 | $ 90,186 | $ 92,913 | $ 97,280 | $ 92,359 | $ 93,195 | $ 91,109 | $ 94,637 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | ||||||||
Compensation and benefits | $ 9,681 | $ 12,893 | ||||||
Insurance | 3,110 | 2,485 | ||||||
Warranty costs | 3,082 | 3,911 | ||||||
Taxes payable | 2,513 | 5,272 | ||||||
Accrued freight | 2,408 | 1,559 | ||||||
Restructuring | 2,324 | 0 | ||||||
Legal and professional fees | 2,115 | 1,710 | ||||||
Accrued services | 912 | 1,106 | ||||||
Deferred tooling revenue | 524 | 1,466 | ||||||
Other | 6,004 | 6,567 | ||||||
Accrued liabilities and other | $ 32,673 | $ 38,885 | $ 34,936 | $ 35,697 | $ 36,969 | $ 34,400 | $ 31,870 | $ 31,761 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||||||||
Current portion of long term debt | $ 3,256 | $ 3,335 | $ 3,238 | $ 3,229 | $ 9,102 | $ 3,217 | $ 3,208 | $ 3,199 |
Long-term debt | 153,128 | $ 154,950 | $ 154,758 | $ 155,572 | 154,656 | $ 161,340 | $ 162,145 | $ 162,951 |
Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying Amount | 156,400 | |||||||
Term Loan Facility | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying Amount | 156,384 | 163,758 | ||||||
Current portion of long term debt | 3,300 | |||||||
Deferred financing cost, current | 500 | 600 | ||||||
Original issue discount, current | 600 | 600 | ||||||
Debt instrument discount | 1,800 | |||||||
Long-term debt | 153,100 | |||||||
Deferred financing cost, noncurrent | 1,200 | 1,700 | ||||||
Debt discount, noncurrent | $ 1,300 | $ 1,800 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Apr. 12, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Sep. 18, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Apr. 11, 2017 |
Debt Instrument [Line Items] | ||||||||||
Debt covenant mandatory prepayment | $ 4,200,000 | |||||||||
Revolving Credit Facility | $ 0 | $ 0 | $ 0 | $ 7,500,000 | ||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument fee | $ 600,000 | $ 700,000 | ||||||||
Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Book value of the outstanding debt | 156,400,000 | |||||||||
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] | ||||||||||
Basis spread (as a percent) | 0.50% | |||||||||
Accrued interest | 100,000 | |||||||||
Debt instrument fee | 1,700,000 | |||||||||
Debt instrument discount | 1,800,000 | |||||||||
Book value of the outstanding debt | $ 156,384,000 | $ 163,758,000 | ||||||||
Weighted average interest rate (as a percent) | 8.29% | 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 (as a percent) | 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 | $ 90,000,000 | $ 40,000,000 | |||||||
Capacity available for inventory | 7,000,000 | |||||||||
Maximum borrowing capacity, incremental commitments | $ 20,000,000 | |||||||||
Availability of borrowing | $ 55,100,000 | |||||||||
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% | |||||||||
Revolving Credit Facility | $ 1,600,000 | $ 1,700,000 | ||||||||
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 - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2019 | |
Minimum | III | ||
Line of Credit Facility [Line Items] | ||
Availability of borrowing | $ 30,000,000 | |
Minimum | II | ||
Line of Credit Facility [Line Items] | ||
Availability of borrowing | 15,000,000 | |
Maximum | II | ||
Line of Credit Facility [Line Items] | ||
Availability of borrowing | 30,000,000 | |
Maximum | I | ||
Line of Credit Facility [Line Items] | ||
Availability of borrowing | $ 15,000,000 | |
Tranche A | Base Rate Loans | III | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 0.50% | |
Tranche A | Base Rate Loans | II | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 0.75% | |
Tranche A | Base Rate Loans | I | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 1.00% | |
Tranche A | LIBOR Revolver Loans | III | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 1.50% | |
Tranche A | LIBOR Revolver Loans | II | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 1.75% | |
Tranche A | LIBOR Revolver Loans | I | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 2.00% | |
Tranche B | Base Rate Loans | III | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 1.50% | |
Tranche B | Base Rate Loans | II | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 1.75% | |
Tranche B | Base Rate Loans | I | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 2.00% | |
Tranche B | LIBOR Revolver Loans | III | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 2.50% | |
Tranche B | LIBOR Revolver Loans | II | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 2.75% | |
Tranche B | LIBOR Revolver Loans | I | ||
Line of Credit Facility [Line Items] | ||
Basis spread (as a percent) | 3.00% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,698 | $ 22,368 |
Accumulated Amortization | (11,440) | (9,568) |
Net Carrying Amount | $ 25,258 | $ 12,800 |
Trademarks/Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 23 years | 23 years |
Gross Carrying Amount | $ 11,553 | $ 8,346 |
Accumulated Amortization | (4,276) | (3,888) |
Net Carrying Amount | $ 7,277 | $ 4,458 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | 15 years |
Gross Carrying Amount | $ 15,025 | $ 14,022 |
Accumulated Amortization | (6,574) | (5,680) |
Net Carrying Amount | $ 8,451 | $ 8,342 |
Technical know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 9,790 | |
Accumulated Amortization | (571) | |
Net Carrying Amount | $ 9,219 | |
Covenant not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 330 | |
Accumulated Amortization | (19) | |
Net Carrying Amount | $ 311 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Amortization expense | $ 872 | $ 437 | $ 322 | $ 321 | $ 320 | $ 321 | $ 327 | $ 332 | $ 643 | $ 659 | $ 1,080 | $ 980 | $ 1,952 | $ 1,300 | $ 1,320 |
Estimated intangible asset amortization expense in 2020 | 3,500 | 3,500 | |||||||||||||
Estimated intangible asset amortization expense 2021 | 1,200 | 1,200 | |||||||||||||
Estimated intangible asset amortization expense 2022 | 1,200 | 1,200 | |||||||||||||
Estimated intangible asset amortization expense 2023 | 1,200 | 1,200 | |||||||||||||
Estimated intangible asset amortization expense in 2024 | $ 2,900 | $ 2,900 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance - Beginning of the year | $ 7,576 | $ 8,045 |
FSE Acquisition | 20,365 | 0 |
Currency translation adjustment | (125) | (469) |
Balance - End of the year | $ 27,816 | $ 7,576 |
Income Taxes - Pre-Tax Income (
Income Taxes - Pre-Tax Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 4,777 | $ 23,092 | $ (2,940) |
Foreign | 16,779 | 26,484 | 15,738 |
Total | $ 21,556 | $ 49,576 | $ 12,798 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Statutory Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Federal provision at statutory rate | $ 4,527 | $ 10,411 | $ 4,480 | ||||||||||||
U.S./Foreign tax rate differential | 393 | 731 | (919) | ||||||||||||
Foreign non-deductible expenses | 2,059 | (1,759) | (2,006) | ||||||||||||
Foreign tax provision | 793 | 1,253 | 615 | ||||||||||||
State taxes, net of federal benefit | 308 | 619 | 49 | ||||||||||||
Change in uncertain tax positions | 15 | 84 | 119 | ||||||||||||
Change in valuation allowance | (2,054) | 597 | 2,475 | ||||||||||||
Tax credits | (2,652) | (2,049) | (152) | ||||||||||||
Share-based compensation | (14) | (50) | (657) | ||||||||||||
Repatriation of foreign earnings | 1,235 | (3,670) | 3,964 | ||||||||||||
GILTI, net of related foreign tax credit | 730 | 1,194 | 0 | ||||||||||||
Other | 479 | 758 | 86 | ||||||||||||
Provision for income taxes | $ (135) | $ 496 | $ 2,230 | $ 3,187 | $ 368 | $ (175) | $ 4,344 | $ 3,550 | $ 5,417 | $ 7,894 | $ 5,913 | $ 7,719 | 5,778 | 8,087 | 15,067 |
State and Local Jurisdiction | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Change in tax rate | (41) | (32) | (264) | ||||||||||||
Domestic Tax Authority | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Change in tax rate | $ 0 | $ 0 | $ 7,277 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Current provision (benefit), federal | $ (205) | $ (3,432) | $ 2,954 | ||||||||||||
Deferred provision (benefit), federal | (336) | 4,426 | 7,446 | ||||||||||||
Total provision (benefit), federal | (541) | 994 | 10,400 | ||||||||||||
Current provision (benefit), state and local | 214 | 123 | 362 | ||||||||||||
Deferred provision (benefit), state and local | 883 | 87 | (384) | ||||||||||||
Total provision (benefit), state and local | 1,097 | 210 | (22) | ||||||||||||
Current provision (benefit), foreign | 4,207 | 6,365 | 4,042 | ||||||||||||
Deferred provision (benefit), foreign | 1,015 | 518 | 647 | ||||||||||||
Total provision (benefit), foreign | 5,222 | 6,883 | 4,689 | ||||||||||||
Current provision (benefit) | 4,216 | 3,056 | 7,358 | ||||||||||||
Deferred provision (benefit) | 1,562 | 5,031 | 7,709 | ||||||||||||
Provision for income taxes | $ (135) | $ 496 | $ 2,230 | $ 3,187 | $ 368 | $ (175) | $ 4,344 | $ 3,550 | $ 5,417 | $ 7,894 | $ 5,913 | $ 7,719 | $ 5,778 | $ 8,087 | $ 15,067 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Taxes Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Noncurrent deferred tax assets: | ||
Amortization and fixed assets | $ 1,457 | $ 1,992 |
Accounts receivable | 129 | 166 |
Inventories | 2,032 | 2,226 |
Pension obligations | 2,134 | 2,375 |
Warranty obligations | 741 | 827 |
Accrued benefits | 369 | 382 |
Foreign exchange contracts | 91 | |
Foreign exchange contracts | (367) | |
Restricted stock | 126 | 106 |
Operating leases | 165 | |
Tax credit carryforwards | 3,843 | 3,537 |
Net operating loss carryforwards | 12,657 | 16,817 |
Other temporary differences not currently available for tax purposes | 2,902 | 2,945 |
Total noncurrent deferred tax assets | 26,646 | 31,006 |
Valuation allowance | (11,992) | (14,665) |
Net noncurrent deferred tax assets | 14,654 | 16,341 |
Noncurrent deferred tax liabilities: | ||
Amortization and fixed assets | (2,501) | (2,960) |
Accounts receivable | 72 | 54 |
Inventories | 115 | 123 |
Warranty obligations | 1 | 1 |
Accrued benefits | (111) | 67 |
Operating leases | 27 | |
Net operating loss carryforwards | 1,517 | 2,272 |
Other temporary differences not currently available for tax purposes | (678) | (351) |
Total noncurrent tax liabilities | (1,558) | (794) |
Total net deferred tax asset | $ 13,096 | $ 15,547 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||||
Increase (decrease) in valuation allowance | $ 700 | |||
Net operating loss carryforwards | 115,200 | |||
Tax credits carried forward | $ 500 | |||
Cash held by foreign subsidiaries | 39,500 | |||
Foreign earnings repatriated | 19,400 | |||
Foreign withholding tax incurred | 1,000 | |||
Additional amount repatriated | 12,000 | |||
Deferred tax liabilities | 800 | |||
Unrecognized tax benefits liability | 908 | $ 894 | $ 811 | $ 1,098 |
Accrued interest and penalties are included in the unrecognized tax benefits | $ 400 | $ 300 | ||
Minimum | ||||
Income Tax Disclosure [Line Items] | ||||
Federal research and development tax credit carryforward expiration year | 2025 | |||
Maximum | ||||
Income Tax Disclosure [Line Items] | ||||
Federal research and development tax credit carryforward expiration year | 2039 | |||
Research And Development | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credits carried forward | $ 1,300 | |||
Foreign Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Increase (decrease) in valuation allowance | (3,400) | |||
Net operating loss carryforwards | 55,200 | |||
Tax credits carried forward | 2,500 | |||
State and Local Jurisdiction | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | $ 60,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance - Beginning of the year | $ 894 | $ 811 | $ 1,098 |
Gross increase - tax positions in prior periods | 70 | 66 | 70 |
Gross decreases - tax positions in prior periods | (39) | (14) | (219) |
Gross increases - current period tax positions | 0 | 59 | 65 |
Lapse of statute of limitations | (12) | (12) | (221) |
Currency translation adjustment | (5) | (16) | |
Currency translation adjustment | 18 | ||
Balance - End of the year | $ 908 | $ 894 | $ 811 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Locations - Additional Information (Details) - segment | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 2 | 2 |
Segment Reporting and Geograp_4
Segment Reporting and Geographic Locations - Sales by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||||||
Revenues | $ 189,485 | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 901,238 | $ 897,737 | $ 755,231 |
Gross Profit | 10,168 | 29,444 | 32,436 | 33,089 | 29,248 | 30,478 | 34,904 | 30,290 | 65,525 | 65,194 | 94,969 | 95,672 | 105,137 | 124,920 | 90,871 |
Selling, general & administrative expenses | 13,571 | 17,531 | 16,248 | 15,199 | 15,503 | 15,613 | 14,349 | 15,214 | 31,447 | 29,563 | 48,978 | 45,176 | 62,549 | 60,679 | 59,547 |
Amortization expense | 872 | 437 | 322 | 321 | 320 | 321 | 327 | 332 | 643 | 659 | 1,080 | 980 | 1,952 | 1,300 | 1,320 |
Operating Income | $ (4,275) | $ 11,476 | $ 15,866 | $ 17,569 | $ 13,425 | $ 14,544 | $ 20,228 | $ 14,744 | $ 33,435 | $ 34,972 | $ 44,911 | $ 49,516 | 40,636 | 62,941 | 30,004 |
Capital Expenditures, Depreciation Expense and Other: | |||||||||||||||
Capital expenditures | 24,117 | 15,544 | 13,567 | ||||||||||||
Depreciation expense | 13,562 | 13,971 | 13,875 | ||||||||||||
Other items | 3,858 | ||||||||||||||
Electrical Systems | |||||||||||||||
Revenues | |||||||||||||||
Revenues | 522,484 | 503,717 | 427,476 | ||||||||||||
Global Seating | |||||||||||||||
Revenues | |||||||||||||||
Revenues | 378,754 | 394,020 | 327,755 | ||||||||||||
Operating Segments | Electrical Systems | |||||||||||||||
Revenues | |||||||||||||||
Revenues | 530,901 | 512,754 | 434,398 | ||||||||||||
Gross Profit | 60,008 | 71,104 | 51,017 | ||||||||||||
Selling, general & administrative expenses | 15,815 | 15,390 | 15,757 | ||||||||||||
Amortization expense | 1,415 | 747 | 746 | ||||||||||||
Operating Income | 42,778 | 54,967 | 34,514 | ||||||||||||
Capital Expenditures, Depreciation Expense and Other: | |||||||||||||||
Capital expenditures | 17,728 | 9,825 | 6,744 | ||||||||||||
Depreciation expense | 6,699 | 6,919 | 7,381 | ||||||||||||
Other items | 2,159 | ||||||||||||||
Operating Segments | Global Seating | |||||||||||||||
Revenues | |||||||||||||||
Revenues | 381,548 | 397,501 | 329,516 | ||||||||||||
Gross Profit | 45,201 | 54,231 | 40,722 | ||||||||||||
Selling, general & administrative expenses | 20,429 | 22,433 | 21,585 | ||||||||||||
Amortization expense | 537 | 553 | 574 | ||||||||||||
Operating Income | 24,235 | 31,245 | 18,563 | ||||||||||||
Capital Expenditures, Depreciation Expense and Other: | |||||||||||||||
Capital expenditures | 3,721 | 3,579 | 4,870 | ||||||||||||
Depreciation expense | 4,379 | 4,604 | 3,910 | ||||||||||||
Other items | 489 | ||||||||||||||
Intersegment revenues | Electrical Systems | |||||||||||||||
Revenues | |||||||||||||||
Revenues | (8,417) | (9,037) | (6,922) | ||||||||||||
Intersegment revenues | Global Seating | |||||||||||||||
Revenues | |||||||||||||||
Revenues | (2,794) | (3,481) | (1,761) | ||||||||||||
Corporate/ Other | |||||||||||||||
Revenues | |||||||||||||||
Revenues | (11,211) | (12,518) | (8,683) | ||||||||||||
Gross Profit | (72) | (415) | (868) | ||||||||||||
Selling, general & administrative expenses | 26,305 | 22,856 | 22,205 | ||||||||||||
Amortization expense | 0 | 0 | 0 | ||||||||||||
Operating Income | (26,377) | (23,271) | (23,073) | ||||||||||||
Capital Expenditures, Depreciation Expense and Other: | |||||||||||||||
Capital expenditures | 2,668 | 2,140 | 1,953 | ||||||||||||
Depreciation expense | 2,484 | $ 2,448 | $ 2,584 | ||||||||||||
Other items | $ 1,210 |
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 | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | $ 189,485 | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 901,238 | $ 897,737 | $ 755,231 |
Long-lived Assets | 109,438 | 64,101 | 109,438 | 64,101 | 63,483 | ||||||||||
Right-of-use assets | 792 | 792 | |||||||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 691,224 | 670,075 | 560,412 | ||||||||||||
Long-lived Assets | 70,870 | 49,874 | 70,870 | 49,874 | 49,060 | ||||||||||
Right-of-use assets | 15,100 | 15,100 | |||||||||||||
United Kingdom | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 48,070 | 51,451 | 44,013 | ||||||||||||
Long-lived Assets | 12,233 | 3,204 | 12,233 | 3,204 | 3,849 | ||||||||||
Right-of-use assets | 9,300 | 9,300 | |||||||||||||
All other countries | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 161,944 | 176,211 | 150,806 | ||||||||||||
Long-lived Assets | 26,335 | $ 11,023 | 26,335 | $ 11,023 | $ 10,574 | ||||||||||
Right-of-use assets | $ 11,300 | $ 11,300 |
Segment Reporting and Geograp_6
Segment Reporting and Geographic Locations - Summary Composition by Product Category of Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | $ 189,485 | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 901,238 | $ 897,737 | $ 755,231 |
Seats | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | 356,877 | 369,337 | 314,717 | ||||||||||||
Electrical wire harnesses, panels and assemblies | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | 198,420 | 196,411 | 189,154 | ||||||||||||
Trim | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | 202,898 | 195,427 | 150,228 | ||||||||||||
Cab structures and sleeper boxes | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | 87,864 | 76,380 | 56,417 | ||||||||||||
Mirrors, wipers and controls | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Revenues | $ 55,179 | $ 60,182 | $ 44,715 | ||||||||||||
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 | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Percent of net revenues (as a percent) | 40.00% | 41.00% | 42.00% | ||||||||||||
Product Concentration Risk | Revenues | Electrical wire harnesses, panels and assemblies | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Percent of net revenues (as a percent) | 22.00% | 22.00% | 25.00% | ||||||||||||
Product Concentration Risk | Revenues | Trim | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Percent of net revenues (as a percent) | 22.00% | 22.00% | 20.00% | ||||||||||||
Product Concentration Risk | Revenues | Cab structures and sleeper boxes | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Percent of net revenues (as a percent) | 10.00% | 8.00% | 7.00% | ||||||||||||
Product Concentration Risk | Revenues | Mirrors, wipers and controls | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Percent of net revenues (as a percent) | 6.00% | 7.00% | 6.00% |
Segment Reporting and Geograp_7
Segment Reporting and Geographic Locations - Schedule of Revenue Concentration by Customer (Details) - Customer Concentration Risk - Revenues | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
A B Volvo | |||
Segment Reporting Information [Line Items] | |||
Percent of net revenues (as a percent) | 22.00% | 19.00% | 17.00% |
Daimler | |||
Segment Reporting Information [Line Items] | |||
Percent of net revenues (as a percent) | 17.00% | 16.00% | 16.00% |
Paccar | |||
Segment Reporting Information [Line Items] | |||
Percent of net revenues (as a percent) | 11.00% | 11.00% | 10.00% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Warranty Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance - Beginning of the year | $ 3,911 | $ 3,490 |
Provision for new warranty claims | 1,895 | 2,435 |
Change in provision for preexisting warranty claims | (27) | 932 |
Deduction for payments made | (2,705) | (2,803) |
Currency translation adjustment | 8 | (143) |
Balance - End of year | $ 3,082 | $ 3,911 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 4,375 |
2021 | 4,375 |
2022 | 4,375 |
2023 | 146,788 |
2024 | 0 |
Thereafter | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, authorized capital (in shares) | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 30,801,255 | 30,512,843 | |||
Preferred stock, authorized capital (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 |
Restricted Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Antidilutive stock options excluded from earning per share (in shares) | 0 | 55,000 |
Stockholders' Equity - Diluted
Stockholders' Equity - Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||||||||||||||
Net income (loss) attributable to common stockholders | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Weighted average number of common shares outstanding (in shares) | 30,758 | 30,581 | 30,547 | 30,513 | 30,447 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,602 | 30,277 | 29,942 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 221 | 310 | 0 | ||||||||||||
Dilutive shares outstanding (in shares) | 30,758 | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,823 | 30,587 | 29,942 |
Basic (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.27 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.53 | $ 0.73 | $ 0.76 | $ 1.11 | $ 0.52 | $ 1.37 | $ (0.08) |
Diluted (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.26 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.52 | $ 0.72 | $ 0.76 | $ 1.09 | $ 0.51 | $ 1.36 | $ (0.08) |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity - Changes In Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning Balance (in shares) | 30,512,843 | 30,512,843 | 30,512,843 | 30,512,843 | ||||||||||||
Beginning balance | $ 130,788 | $ 128,885 | $ 120,065 | $ 109,596 | $ 100,657 | $ 91,189 | $ 83,572 | $ 72,323 | $ 109,596 | $ 72,323 | $ 109,596 | $ 72,323 | $ 109,596 | $ 72,323 | $ 65,835 | |
Issuance of restricted stock | 4 | 14 | ||||||||||||||
Surrender of common stock by employees | (985) | (1,131) | ||||||||||||||
Share-based compensation expense | 645 | 721 | 719 | 761 | 840 | 780 | 844 | 673 | ||||||||
Total comprehensive income | $ (1,764) | 1,182 | 8,101 | 9,780 | $ 9,216 | 8,688 | 6,773 | 10,576 | 17,881 | 17,349 | 19,063 | 26,037 | $ 17,299 | $ 35,253 | 5,341 | |
Ending balance (in shares) | 30,801,255 | 30,512,843 | 30,801,255 | 30,512,843 | ||||||||||||
Ending balance | $ 128,688 | $ 130,788 | $ 128,885 | $ 120,065 | $ 109,596 | $ 100,657 | $ 91,189 | $ 83,572 | $ 128,885 | $ 91,189 | $ 130,788 | $ 100,657 | $ 128,688 | $ 109,596 | $ 72,323 | |
Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning Balance (in shares) | 30,581,000 | 30,581,000 | 30,513,000 | 30,512,843 | 30,219,000 | 30,219,000 | 30,219,000 | 30,219,278 | 30,512,843 | 30,219,278 | 30,512,843 | 30,219,278 | 30,512,843 | 30,219,278 | 29,871,354 | |
Beginning balance | $ 319 | $ 319 | $ 318 | $ 318 | $ 304 | $ 304 | $ 304 | $ 304 | $ 318 | $ 304 | $ 318 | $ 304 | $ 318 | $ 304 | $ 299 | |
Issuance of restricted stock (in shares) | 351,000 | 452,000 | 418,553 | 452,021 | 509,306 | |||||||||||
Issuance of restricted stock | $ 4 | $ 14 | $ 5 | $ 14 | $ 5 | |||||||||||
Surrender of common stock by employees (in shares) | (131,000) | (158,000) | (130,141) | (158,456) | (161,382) | |||||||||||
Share-based compensation expense (in shares) | 68,000 | |||||||||||||||
Share-based compensation expense | $ 1 | |||||||||||||||
Ending balance (in shares) | 30,801,255 | 30,581,000 | 30,581,000 | 30,513,000 | 30,512,843 | 30,219,000 | 30,219,000 | 30,219,000 | 30,581,000 | 30,219,000 | 30,581,000 | 30,219,000 | 30,801,255 | 30,512,843 | 30,219,278 | |
Ending balance | $ 323 | $ 319 | $ 319 | $ 318 | $ 318 | $ 304 | $ 304 | $ 304 | $ 319 | $ 304 | $ 319 | $ 304 | $ 323 | $ 318 | $ 304 | |
Treasury Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | (9,114) | (10,245) | (9,114) | (10,245) | (9,114) | (10,245) | (9,114) | (7,753) | |
Surrender of common stock by employees | (985) | (1,131) | (985) | (1,131) | (1,361) | |||||||||||
Ending balance | (11,230) | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | (10,245) | (9,114) | (10,245) | (9,114) | (11,230) | (10,245) | (9,114) | |
Additional Paid In Capital | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | 239,870 | 243,007 | 239,870 | 243,007 | 239,870 | 243,007 | 239,870 | 237,367 | |
Share-based compensation expense | 645 | 721 | 718 | 761 | 840 | 780 | 844 | 673 | ||||||||
Ending balance | 245,852 | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | 244,486 | 241,387 | 245,207 | 242,167 | 245,852 | 243,007 | 239,870 | |
Retained Deficit | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | (117,502) | (76,013) | (117,502) | (76,013) | (117,502) | (76,013) | (117,502) | (115,233) | |
Cumulative effect of adoption of Topic 842 | $ (72) | |||||||||||||||
Total comprehensive income | (7,534) | 7,180 | 6,146 | 9,986 | 8,097 | 11,277 | 12,671 | 15,778 | 41,489 | (2,269) | ||||||
Ending balance | (60,307) | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | (59,953) | (95,387) | (52,773) | (84,110) | (60,307) | (76,013) | (117,502) | |
Accum. Other Comp. Loss | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | (41,235) | (47,471) | (41,235) | (47,471) | (41,235) | (47,471) | (41,235) | (48,845) | |
Total comprehensive income | 5,770 | (5,998) | 1,955 | (206) | 1,119 | (2,589) | (5,898) | 1,132 | (6,236) | 7,610 | ||||||
Ending balance | $ (45,950) | $ (51,720) | $ (45,722) | $ (47,677) | $ (47,471) | $ (48,590) | $ (46,001) | (40,103) | $ (45,722) | $ (46,001) | $ (51,720) | $ (48,590) | $ (45,950) | $ (47,471) | $ (41,235) | |
Adoption of ASU 842 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cumulative effect of adoption of Topic 842 | (72) | |||||||||||||||
Total comprehensive income | 10,576 | |||||||||||||||
Adoption of ASU 842 | Retained Deficit | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cumulative effect of adoption of Topic 842 | $ (72) | |||||||||||||||
Total comprehensive income | $ 9,444 |
Performance Awards - Additional
Performance Awards - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Perfomance granted | $ 0 | |
2014 EIP | Performance Awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Performance period | 3 years | |
Perfomance granted | $ 4,608,000 | |
Unrecognized expense | $ 1,100,000 | $ 2,600,000 |
Performance Awards - Summary of
Performance Awards - Summary of Grant Activity (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 0 |
2014 EIP | Performance Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | 4,608,000 |
Adjustments | (53,000) |
Forfeitures | (483,000) |
Payments | (1,346,000) |
Adjusted Award Value at December 31, 2019 | 2,726,000 |
2014 EIP | November 2016 | Performance Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | 1,434,000 |
Adjustments | 0 |
Forfeitures | (88,000) |
Payments | (1,346,000) |
Adjusted Award Value at December 31, 2019 | $ 0 |
Remaining Periods (in Months) to Vesting | 0 months |
2014 EIP | November 2017 | Performance Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,584,000 |
Adjustments | (16,000) |
Forfeitures | (195,000) |
Payments | 0 |
Adjusted Award Value at December 31, 2019 | $ 1,373,000 |
Remaining Periods (in Months) to Vesting | 9 months |
2014 EIP | November 2018 | Performance Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Amount | $ 1,590,000 |
Adjustments | (37,000) |
Forfeitures | (200,000) |
Payments | 0 |
Adjusted Award Value at December 31, 2019 | $ 1,353,000 |
Remaining Periods (in Months) to Vesting | 21 months |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Compensation expense | $ 2.8 | $ 3.1 | $ 2.5 | |
Share based Compensation non vested plans | $ 2,400,000 | |||
Shares expected to be surrendered by employees | 130 | |||
Restricted Stock | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share based Compensation non vested plans | $ 7.72 | $ 7.56 | $ 6.84 | $ 4.70 |
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) - Restricted Stock shares in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)installmentshares | Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 87 | 446 | 354 | |
Unvested (in shares) | 403 | 760 | 787 | 981 |
October 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 303 | |||
Unvested (in shares) | 90 | |||
Number of vesting installments | installment | 3 | |||
Unearned Compensation | $ | $ 711,700 | |||
Remaining Period to Vesting (in months) | 10 months | |||
October 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 382 | |||
Unvested (in shares) | 242 | |||
Number of vesting installments | installment | 3 | |||
Unearned Compensation | $ | $ 1,500,700 | |||
Remaining Period to Vesting (in months) | 22 months | |||
May 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 71 | |||
Unvested (in shares) | 59 | |||
Unearned Compensation | $ | $ 150,000 | |||
Remaining Period to Vesting (in months) | 4 months | |||
October 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 12 | |||
Unvested (in shares) | 12 | |||
Number of vesting installments | installment | 3 | |||
Unearned Compensation | $ | $ 77,500 | |||
Remaining Period to Vesting (in months) | 33 months |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Information about Nonvested Restricted Stock Grants (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted- Average Grant-Date Fair Value | |||
Nonvested - end of year (in dollars per share) | $ 2,400,000 | ||
Restricted Stock | |||
Nonvested Restricted Stock Shares | |||
Nonvested - beginning of year (in shares) | 760 | 787 | 981 |
Granted (in shares) | 87 | 446 | 354 |
Vested (in shares) | (418) | (452) | (509) |
Forfeited (in shares) | (26) | (21) | (39) |
Nonvested - end of year (in shares) | 403 | 760 | 787 |
Weighted- Average Grant-Date Fair Value | |||
Nonvested - beginning of year (in dollars per share) | $ 7.56 | $ 6.84 | $ 4.70 |
Granted (in dollars per share) | 7.57 | 7.20 | 9.77 |
Vested (in dollars per share) | 7.41 | 5.97 | 4.90 |
Forfeited (in dollars per share) | 7.52 | 7.31 | 4.84 |
Nonvested - end of year (in dollars per share) | $ 7.72 | $ 7.56 | $ 6.84 |
Defined Contribution Plan, Pe_3
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized expense associated with defined contribution plans | $ 4,600 | $ 3,600 | $ 3,000 |
Payouts of benefit | 7,900 | ||
Non cash settlement charge | 2,500 | ||
Expected contribution to pension plans and post-retirement benefit plans | $ 1,000 | ||
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 | $ 3,196 | (4,147) | |
Defined benefit plan, service cost | 0 | 0 | |
Non-U.S. Pension Plan | Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | 3,730 | (2,772) | |
Defined benefit plan, service cost | $ 0 | $ 788 |
Defined Contribution Plan, Pe_4
Defined Contribution Plan, 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | $ 73,386 | ||
Fair value of plan assets at end of the year | 74,366 | $ 73,386 | |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 45,238 | 50,072 | |
Service cost | 0 | 0 | |
Interest cost | 1,483 | 1,664 | $ 1,810 |
Participant contributions | 6 | 9 | |
Benefits paid | (10,346) | (2,360) | |
Actuarial (gain) loss | 3,196 | (4,147) | |
Exchange rate changes | 0 | 0 | |
Benefit obligation at end of the year | 39,577 | 45,238 | 50,072 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 42,962 | 45,046 | |
Actual return on plan assets | 6,588 | (2,259) | |
Employer contributions | 835 | 2,526 | |
Participant contributions | 6 | 9 | |
Benefits paid | (10,346) | (2,360) | |
Exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of the year | 40,045 | 42,962 | 45,046 |
Funded status | 468 | (2,276) | |
Pension Plans | Non-U.S. Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 40,265 | 45,737 | |
Service cost | 0 | 788 | |
Interest cost | 1,112 | 1,030 | 1,138 |
Participant contributions | 0 | 0 | |
Benefits paid | (1,681) | (1,816) | |
Actuarial (gain) loss | 3,730 | (2,772) | |
Exchange rate changes | 1,415 | (2,702) | |
Benefit obligation at end of the year | 44,841 | 40,265 | 45,737 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 30,424 | 35,377 | |
Actual return on plan assets | 3,610 | (1,808) | |
Employer contributions | 887 | 763 | |
Participant contributions | 0 | 0 | |
Benefits paid | (1,681) | (1,816) | |
Exchange rate changes | 1,081 | (2,092) | |
Fair value of plan assets at end of the year | 34,321 | 30,424 | $ 35,377 |
Funded status | $ (10,520) | $ (9,841) |
Defined Contribution Plan, Pe_5
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Noncurrent liabilities | $ (10,666) | $ (13,417) | $ (11,812) | $ (12,489) | $ (12,065) | $ (14,534) | $ (14,429) | $ (15,367) |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Noncurrent assets | 633 | 0 | ||||||
Current liabilities | (19) | (28) | ||||||
Noncurrent liabilities | (146) | (2,248) | ||||||
Amount recognized | 468 | (2,276) | ||||||
Pension Plans | Non-U.S. Pension Plan | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Noncurrent assets | 0 | 0 | ||||||
Current liabilities | 0 | 0 | ||||||
Noncurrent liabilities | (10,520) | (9,841) | ||||||
Amount recognized | $ (10,520) | $ (9,841) |
Defined Contribution Plan, Pe_6
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Non cash settlement charge | $ 2,500 | ||
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | $ 0 | $ 116 |
Interest cost | 1,483 | 1,664 | 1,810 |
Expected return on plan assets | (2,393) | (3,151) | (2,684) |
Amortization of prior service cost | 2,528 | 6 | 6 |
Recognized actuarial loss | 308 | 263 | 21 |
Net periodic cost (benefit) | 1,926 | (1,218) | (731) |
Pension Plans | Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1,112 | 1,030 | 1,138 |
Expected return on plan assets | (1,117) | (1,210) | (1,196) |
Amortization of prior service cost | 47 | 0 | 0 |
Recognized actuarial loss | 531 | 496 | 312 |
Net periodic cost (benefit) | $ 573 | $ 316 | $ 254 |
Defined Contribution Plan, Pe_7
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Amounts Recognized Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | 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] | |||
Net actuarial loss | $ 10,937 | $ 14,767 | $ 13,765 |
Prior service cost | 45 | 51 | 57 |
Amount recognized in AOCI | 10,982 | 14,818 | 13,822 |
Pension Plans | Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 13,783 | 12,972 | 13,454 |
Prior service cost | 747 | 788 | 0 |
Amount recognized in AOCI | $ 14,530 | $ 13,760 | $ 13,454 |
Defined Contribution Plan, Pe_8
Defined Contribution Plan, 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, 2019 | Dec. 31, 2018 | |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | $ (1,001) | $ 1,266 |
Amortization of actuarial (loss) gain | (2,829) | (263) |
Prior service credit | (6) | (6) |
Total recognized in other comprehensive income (loss) | (3,836) | 997 |
Pension Plans | Non-U.S. Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | 968 | 245 |
Amortization of actuarial (loss) gain | (37) | 781 |
Prior service credit | (416) | (491) |
Total recognized in other comprehensive income (loss) | $ 515 | $ 535 |
Defined Contribution Plan, Pe_9
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Postretirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 2.93% | 4.06% |
Pension Plans | Non-U.S. Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 1.95% | 2.80% |
Defined Contribution Plan, P_10
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 3.40% | 3.42% | 3.87% |
Expected return on plan assets (as a percent) | 5.34% | 7.00% | 7.00% |
Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 2.80% | 2.45% | 2.70% |
Expected return on plan assets (as a percent) | 3.70% | 3.70% | 3.70% |
Maximum | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 4.06% | ||
Expected return on plan assets (as a percent) | 7.00% | ||
Minimum | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 3.40% | ||
Expected return on plan assets (as a percent) | 5.34% |
Defined Contribution Plan, P_11
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Current Investment Allocation Target for Pension Plans and Weighted-Average Asset Allocations (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
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 Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 100.00% | 100.00% |
Weighted-average pension plans allocation | 100.00% | 100.00% |
Cash and cash equivalents | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Weighted-average pension plans allocation | 0.00% | 1.00% |
Cash and cash equivalents | Non-U.S. Pension Plan | ||
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% | 1.00% |
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 | 27.00% | 55.00% |
Weighted-average pension plans allocation | 28.00% | 52.00% |
Equity/Balanced securities | Non-U.S. Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 55.00% | 55.00% |
Weighted-average pension plans allocation | 53.00% | 59.00% |
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 | 63.00% | 25.00% |
Weighted-average pension plans allocation | 62.00% | 22.00% |
Fixed income securities | Non-U.S. Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 45.00% | 45.00% |
Weighted-average pension plans allocation | 46.00% | 40.00% |
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 | 10.00% | 20.00% |
Weighted-average pension plans allocation | 10.00% | 25.00% |
Real estate | Non-U.S. Pension Plan | ||
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 Plan, P_12
Defined Contribution Plan, 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 74,366 | $ 73,386 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 332 | 623 | |
U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,434 | 4,815 | |
U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,059 | 5,270 | |
International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,854 | 9,134 | |
Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 1,603 | 3,093 | |
Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 18,246 | 17,952 | |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 24,917 | 10,240 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 12,634 | 11,297 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 3,217 | ||
U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,070 | 10,962 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 6,428 | 13,801 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 332 | 623 | |
Level 1 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,434 | 4,815 | |
Level 1 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,059 | 5,270 | |
Level 1 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 1 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 1,603 | 3,093 | |
Level 1 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 1 | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 1 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 1 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 63,868 | 48,623 | |
Level 2 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 2 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 2 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 2 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,854 | 9,134 | |
Level 2 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 2 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 18,246 | 17,952 | |
Level 2 | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 24,917 | 10,240 | |
Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 12,634 | 11,297 | |
Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 3,217 | ||
Level 2 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,070 | 10,962 | $ 10,153 |
Level 3 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 0 | |
Level 3 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 4,070 | $ 10,962 |
Defined Contribution Plan, P_13
Defined Contribution Plan, 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, 2019 | Dec. 31, 2018 | |
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | $ 73,386 | |
Fair value of plan assets at end of the year | 74,366 | $ 73,386 |
Level 3 | ||
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | 10,962 | 10,153 |
Actual return on assets held at reporting date | 430 | 809 |
Purchases, sales and settlements, net | (7,322) | 0 |
Fair value of plan assets at end of the year | $ 4,070 | $ 10,962 |
Defined Contribution Plan, P_14
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans - Expected Future Benefit Payments of Pension and Other Post-Retirement Benefit Plans (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 4,390 |
2021 | 4,396 |
2022 | 4,360 |
2023 | 4,453 |
2024 | 4,493 |
2025 to 2029 | $ 22,209 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Accumulated Comprehensive Loss (Activity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | $ 130,788 | $ 128,885 | $ 120,065 | $ 109,596 | $ 100,657 | $ 91,189 | $ 83,572 | $ 72,323 | $ 109,596 | $ 72,323 | $ 109,596 | $ 72,323 | $ 109,596 | $ 72,323 | $ 65,835 |
Net current period change | 1,230 | (6,965) | |||||||||||||
Derivative instruments | 5,770 | (5,998) | 1,955 | (206) | 1,119 | (2,589) | (5,898) | 1,132 | 1,749 | (4,766) | (4,249) | (7,355) | 1,521 | (6,236) | 7,610 |
Reclassification adjustments for losses reclassified into income | 323 | 233 | |||||||||||||
Ending balance | 128,688 | 130,788 | 128,885 | 120,065 | 109,596 | 100,657 | 91,189 | 83,572 | 128,885 | 91,189 | 130,788 | 100,657 | 128,688 | 109,596 | 72,323 |
Foreign currency items | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | (22,847) | (17,172) | (22,847) | (17,172) | (22,847) | (17,172) | (22,847) | (17,172) | |||||||
Net current period change | (1,185) | (5,675) | |||||||||||||
Reclassification adjustments for losses reclassified into income | 0 | 0 | |||||||||||||
Ending balance | (24,032) | (22,847) | (24,032) | (22,847) | (17,172) | ||||||||||
Derivative Instruments | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | 496 | 0 | 496 | 0 | 496 | 0 | 496 | 0 | |||||||
Net current period change | 0 | 0 | |||||||||||||
Derivative instruments | (32) | 496 | |||||||||||||
Reclassification adjustments for losses reclassified into income | 0 | 0 | |||||||||||||
Ending balance | 464 | 496 | 464 | 496 | 0 | ||||||||||
Pension and Other Post-Retirement Benefit Plans | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | (25,120) | (24,063) | (25,120) | (24,063) | (25,120) | (24,063) | (25,120) | (24,063) | |||||||
Net current period change | 2,415 | (1,290) | |||||||||||||
Reclassification adjustments for losses reclassified into income | 323 | 233 | |||||||||||||
Ending balance | (22,382) | (25,120) | (22,382) | (25,120) | (24,063) | ||||||||||
Accumulated other comprehensive loss | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | (41,235) | (47,471) | (41,235) | (47,471) | (41,235) | (47,471) | (41,235) | (48,845) |
Ending balance | $ (45,950) | $ (51,720) | $ (45,722) | $ (47,677) | $ (47,471) | $ (48,590) | $ (46,001) | $ (40,103) | $ (45,722) | $ (46,001) | $ (51,720) | $ (48,590) | $ (45,950) | $ (47,471) | $ (41,235) |
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 | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Before Tax Amount | |||||||||||||||
Total other comprehensive income | $ 2,426 | $ (6,477) | |||||||||||||
Tax Expense | |||||||||||||||
Total other comprehensive income | (905) | 241 | |||||||||||||
After Tax Amount | |||||||||||||||
Net unrealized gain | $ 3,743 | $ (2,095) | $ 1,739 | $ (649) | $ 935 | $ (1,060) | $ (594) | $ (338) | $ 1,090 | $ (932) | $ (1,005) | $ (1,992) | 2,738 | (1,057) | $ 469 |
Cumulative translation adjustment | 1,866 | (3,388) | 233 | 104 | (312) | (1,529) | (5,304) | 1,470 | 337 | (3,834) | (3,051) | (5,363) | (1,185) | (5,675) | 7,141 |
Derivative instruments | 161 | (515) | (17) | 339 | 496 | 0 | 0 | 0 | 322 | 0 | (193) | 0 | (32) | 496 | 0 |
Other comprehensive income (loss) | $ 5,770 | $ (5,998) | $ 1,955 | $ (206) | $ 1,119 | $ (2,589) | $ (5,898) | $ 1,132 | $ 1,749 | $ (4,766) | $ (4,249) | $ (7,355) | 1,521 | (6,236) | $ 7,610 |
Retirement benefits adjustment: | |||||||||||||||
Before Tax Amount | |||||||||||||||
Net actuarial gain and prior service credit | 3,320 | (1,531) | |||||||||||||
Reclassification of actuarial loss and prior service cost to net income | 323 | 233 | |||||||||||||
Total recognized in other comprehensive income (loss) | 3,643 | (1,298) | |||||||||||||
Tax Expense | |||||||||||||||
Net actuarial gain and prior service credit | (905) | 241 | |||||||||||||
Reclassification of actuarial loss and prior service cost to net income | 0 | 0 | |||||||||||||
Net unrealized gain | (905) | 241 | |||||||||||||
After Tax Amount | |||||||||||||||
Net actuarial gain and prior service credit | 2,415 | (1,290) | |||||||||||||
Reclassification of actuarial loss and prior service cost to net income | 323 | 233 | |||||||||||||
Net unrealized gain | 2,738 | (1,057) | |||||||||||||
Cumulative translation adjustment | |||||||||||||||
Before Tax Amount | |||||||||||||||
Cumulative translation adjustment | (1,185) | (5,675) | |||||||||||||
Tax Expense | |||||||||||||||
Cumulative translation adjustment | 0 | 0 | |||||||||||||
After Tax Amount | |||||||||||||||
Cumulative translation adjustment | (1,185) | (5,675) | |||||||||||||
Derivative Instruments | |||||||||||||||
Before Tax Amount | |||||||||||||||
Derivative instruments | (32) | 496 | |||||||||||||
Tax Expense | |||||||||||||||
Derivative instruments | 0 | 0 | |||||||||||||
After Tax Amount | |||||||||||||||
Derivative instruments | $ (32) | $ 496 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) - Condensed Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | |||||||||||
Cash | $ 39,511 | $ 38,703 | $ 60,521 | $ 54,348 | $ 70,913 | $ 57,525 | $ 44,674 | $ 37,908 | |||
Accounts receivable, net of allowances | 115,099 | 153,190 | 157,193 | 158,327 | 133,935 | 150,507 | 150,576 | 141,821 | |||
Inventories | 82,872 | 90,186 | 92,913 | 97,280 | 92,359 | 93,195 | 91,109 | 94,637 | |||
Other current assets | 18,490 | 14,897 | 14,632 | 15,001 | 12,080 | 10,446 | 11,367 | 16,461 | |||
Total current assets | 255,972 | 296,976 | 325,259 | 324,956 | 309,287 | 311,673 | 297,726 | 290,827 | |||
Property, plant and equipment, net | 73,686 | 71,645 | 69,832 | 65,167 | 64,101 | 61,965 | 61,145 | 62,291 | |||
Operating lease right-of-use asset, net | 34,960 | 23,333 | 22,097 | 19,793 | $ 21,200 | 0 | 0 | 0 | |||
Goodwill | 27,816 | 25,188 | 7,624 | 7,587 | 7,576 | 7,374 | 7,658 | 7,941 | |||
Intangible assets, net of accumulated amortization | 25,258 | 28,841 | 12,188 | 12,492 | 12,800 | 12,987 | 13,542 | 14,121 | |||
Deferred income taxes, net | 14,654 | 14,117 | 13,387 | 14,243 | 16,341 | 12,499 | 14,303 | 18,447 | |||
Other assets | 3,480 | 2,394 | 2,322 | 2,771 | 2,583 | 3,814 | 3,562 | 3,187 | |||
TOTAL ASSETS | 435,826 | 462,494 | 452,709 | 447,009 | 412,688 | 410,312 | 397,936 | 396,814 | |||
Current Liabilities: | |||||||||||
Accounts payable | 63,058 | 88,835 | 93,320 | 96,305 | 86,645 | 91,582 | 88,473 | 85,602 | |||
Current operating lease liabilities | 7,620 | 5,485 | 4,851 | 4,456 | 0 | 0 | 0 | ||||
Accrued liabilities and other | 32,673 | 38,885 | 34,936 | 35,697 | 36,969 | 34,400 | 31,870 | 31,761 | |||
Current portion of long-term debt | 3,256 | 3,335 | 3,238 | 3,229 | 9,102 | 3,217 | 3,208 | 3,199 | |||
Total current liabilities | 106,607 | 136,540 | 136,345 | 139,687 | 132,716 | 129,199 | 123,551 | 120,562 | |||
Long-term debt | 153,128 | 154,950 | 154,758 | 155,572 | 154,656 | 161,340 | 162,145 | 162,951 | |||
Revolving Credit Facility | 0 | 0 | 0 | 7,500 | |||||||
Operating lease liabilities | 29,414 | 19,192 | 18,567 | 16,538 | 0 | 0 | 0 | ||||
Pension and other post-retirement liabilities | 10,666 | 13,417 | 11,812 | 12,489 | 12,065 | 14,534 | 14,429 | 15,367 | |||
Other long-term liabilities | 7,323 | 7,607 | 2,342 | 2,658 | 3,655 | 4,582 | 6,622 | 6,862 | |||
Total liabilities | 307,138 | 331,706 | 323,824 | 326,944 | 303,092 | 309,655 | 306,747 | 313,242 | |||
Stockholders’ Equity: | |||||||||||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common stock, $.01 par value (60,000,000 shares authorized) | 323 | 319 | 319 | 318 | 318 | 304 | 304 | 304 | |||
Treasury stock, at cost: 1,334,251 shares | (11,230) | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | |||
Additional paid-in capital | 245,852 | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | |||
Retained deficit | (60,307) | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | $ (115,233) | ||
Accumulated other comprehensive loss | (45,950) | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | |||
Total stockholders’ equity | 128,688 | 130,788 | 128,885 | 120,065 | 109,596 | 100,657 | 91,189 | 83,572 | $ 72,323 | 65,835 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 435,826 | $ 462,494 | $ 452,709 | $ 447,009 | $ 412,688 | 410,312 | 397,936 | 396,814 | |||
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | ||||||
Treasury stock, shares (in shares) | 1,464,392 | 1,334,251 | 1,334,251 | 1,334,251 | 1,334,251 | ||||||
As Previously Reported | |||||||||||
Current Assets: | |||||||||||
Cash | $ 38,703 | $ 60,521 | $ 54,348 | $ 70,913 | 57,525 | 44,674 | 37,908 | ||||
Accounts receivable, net of allowances | 153,190 | 157,882 | 159,016 | 134,624 | 151,196 | 150,606 | 141,823 | ||||
Inventories | 90,186 | 92,913 | 97,280 | 92,359 | 93,195 | 91,109 | 94,637 | ||||
Other current assets | 24,496 | 22,370 | 21,257 | 16,828 | 14,137 | 13,981 | 18,385 | ||||
Total current assets | 306,575 | 333,686 | 331,901 | 314,724 | 316,053 | 300,370 | 292,753 | ||||
Property, plant and equipment, net | 73,059 | 70,658 | 66,128 | 65,099 | 63,000 | 62,217 | 63,400 | ||||
Operating lease right-of-use asset, net | 23,333 | 22,097 | 19,793 | 0 | 0 | 0 | |||||
Goodwill | 25,188 | 7,624 | 7,587 | 7,576 | 7,374 | 7,658 | 7,941 | ||||
Intangible assets, net of accumulated amortization | 28,841 | 12,188 | 12,492 | 12,800 | 12,987 | 13,542 | 14,121 | ||||
Deferred income taxes, net | 12,061 | 11,751 | 12,923 | 15,348 | 11,742 | 13,939 | 18,240 | ||||
Other assets | 2,394 | 2,322 | 2,771 | 2,583 | 3,814 | 3,562 | 3,187 | ||||
TOTAL ASSETS | 471,451 | 460,326 | 453,595 | 418,130 | 414,970 | 401,288 | 399,642 | ||||
Current Liabilities: | |||||||||||
Accounts payable | 88,835 | 93,320 | 96,305 | 86,645 | 91,582 | 88,473 | 85,602 | ||||
Current operating lease liabilities | 5,485 | 4,851 | 4,456 | 0 | 0 | 0 | |||||
Accrued liabilities and other | 38,885 | 34,936 | 35,697 | 36,969 | 34,400 | 31,870 | 31,761 | ||||
Current portion of long-term debt | 3,335 | 3,238 | 3,229 | 9,102 | 3,217 | 3,208 | 3,199 | ||||
Total current liabilities | 136,540 | 136,345 | 139,687 | 132,716 | 129,199 | 123,551 | 120,562 | ||||
Long-term debt | 154,950 | 154,758 | 155,572 | 154,656 | 161,340 | 162,145 | 162,951 | ||||
Revolving Credit Facility | 0 | 7,500 | |||||||||
Operating lease liabilities | 19,192 | 18,567 | 16,538 | 0 | 0 | 0 | |||||
Pension and other post-retirement liabilities | 13,417 | 11,812 | 12,489 | 12,065 | 14,534 | 14,429 | 15,367 | ||||
Other long-term liabilities | 7,607 | 2,342 | 2,658 | 3,655 | 4,582 | 6,622 | 6,862 | ||||
Total liabilities | 331,706 | 323,824 | 326,944 | 303,092 | 309,655 | 306,747 | 313,242 | ||||
Stockholders’ Equity: | |||||||||||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Common stock, $.01 par value (60,000,000 shares authorized) | 319 | 319 | 318 | 318 | 304 | 304 | 304 | ||||
Treasury stock, at cost: 1,334,251 shares | (10,245) | (10,245) | (10,245) | (10,245) | (9,114) | (9,114) | (9,114) | ||||
Additional paid-in capital | 245,207 | 244,486 | 243,768 | 243,007 | 242,167 | 241,387 | 240,543 | ||||
Retained deficit | (43,816) | (52,336) | (59,513) | (70,571) | (79,452) | (92,035) | (105,230) | (113,378) | |||
Accumulated other comprehensive loss | (51,720) | (45,722) | (47,677) | (47,471) | (48,590) | (46,001) | (40,103) | ||||
Total stockholders’ equity | 139,745 | 136,502 | 126,651 | 115,038 | 105,315 | 94,541 | 86,400 | 74,742 | 67,690 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 471,451 | 460,326 | 453,595 | 418,130 | 414,970 | 401,288 | 399,642 | ||||
Restatement Adjustments | |||||||||||
Current Assets: | |||||||||||
Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Accounts receivable, net of allowances | 0 | (689) | (689) | (689) | (689) | (30) | (2) | ||||
Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other current assets | (9,599) | (7,738) | (6,256) | (4,748) | (3,691) | (2,614) | (1,924) | ||||
Total current assets | (9,599) | (8,427) | (6,945) | (5,437) | (4,380) | (2,644) | (1,926) | ||||
Property, plant and equipment, net | (1,414) | (826) | (961) | (998) | (1,035) | (1,072) | (1,109) | ||||
Operating lease right-of-use asset, net | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Intangible assets, net of accumulated amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Deferred income taxes, net | 2,056 | 1,636 | 1,320 | 993 | 757 | 364 | 207 | ||||
Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
TOTAL ASSETS | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | ||||
Current Liabilities: | |||||||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Current operating lease liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Accrued liabilities and other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Revolving Credit Facility | 0 | 0 | |||||||||
Operating lease liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Pension and other post-retirement liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Stockholders’ Equity: | |||||||||||
Preferred stock, $.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Common stock, $.01 par value (60,000,000 shares authorized) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Treasury stock, at cost: 1,334,251 shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Retained deficit | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | (2,400) | (1,855) | ||
Accumulated other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total stockholders’ equity | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | $ (2,419) | $ (1,855) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (8,957) | $ (7,617) | $ (6,586) | $ (5,442) | $ (4,658) | $ (3,352) | $ (2,828) |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Condensed Consolidated Statements of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 189,485 | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 901,238 | $ 897,737 | $ 755,231 |
Cost of revenues | 179,317 | 195,955 | 210,754 | 210,075 | 194,354 | 194,532 | 198,487 | 185,444 | 420,829 | 383,931 | 616,784 | 578,463 | 796,101 | 772,817 | 664,360 |
Gross Profit | 10,168 | 29,444 | 32,436 | 33,089 | 29,248 | 30,478 | 34,904 | 30,290 | 65,525 | 65,194 | 94,969 | 95,672 | 105,137 | 124,920 | 90,871 |
Selling, General and Administrative Expenses | 13,571 | 17,531 | 16,248 | 15,199 | 15,503 | 15,613 | 14,349 | 15,214 | 31,447 | 29,563 | 48,978 | 45,176 | 62,549 | 60,679 | 59,547 |
Amortization Expense | 872 | 437 | 322 | 321 | 320 | 321 | 327 | 332 | 643 | 659 | 1,080 | 980 | 1,952 | 1,300 | 1,320 |
Operating Income | (4,275) | 11,476 | 15,866 | 17,569 | 13,425 | 14,544 | 20,228 | 14,744 | 33,435 | 34,972 | 44,911 | 49,516 | 40,636 | 62,941 | 30,004 |
Interest and Other Expense | 3,394 | 3,800 | 7,490 | 4,396 | 4,960 | 3,442 | 3,213 | 1,750 | 11,886 | 4,963 | 15,686 | 8,405 | 16,855 | 14,676 | 19,149 |
Income before provision for income taxes | (7,669) | 7,676 | 8,376 | 13,173 | 8,465 | 11,102 | 17,015 | 12,994 | 21,549 | 30,009 | 29,225 | 41,111 | 21,556 | 49,576 | 12,798 |
Provision for income taxes | (135) | 496 | 2,230 | 3,187 | 368 | (175) | 4,344 | 3,550 | 5,417 | 7,894 | 5,913 | 7,719 | 5,778 | 8,087 | 15,067 |
Net income (loss) | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Income (Loss) per share attributable to common stockholders: | |||||||||||||||
Basic (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.27 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.53 | $ 0.73 | $ 0.76 | $ 1.11 | $ 0.52 | $ 1.37 | $ (0.08) |
Diluted (in dollars per share) | $ (0.24) | $ 0.23 | $ 0.20 | $ 0.33 | $ 0.26 | $ 0.37 | $ 0.42 | $ 0.31 | $ 0.52 | $ 0.72 | $ 0.76 | $ 1.09 | $ 0.51 | $ 1.36 | $ (0.08) |
Weighted average common shares outstanding: | |||||||||||||||
Basic (in shares) | 30,758 | 30,581 | 30,547 | 30,513 | 30,447 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,602 | 30,277 | 29,942 |
Diluted (in shares) | 30,758 | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,823 | 30,587 | 29,942 |
As Previously Reported | |||||||||||||||
Revenues | $ 225,399 | $ 243,190 | $ 243,164 | $ 223,602 | $ 225,010 | $ 233,391 | $ 215,734 | $ 486,354 | $ 449,125 | $ 711,753 | $ 674,135 | $ 897,737 | $ 755,231 | ||
Cost of revenues | 194,195 | 209,407 | 208,604 | 193,334 | 192,833 | 197,806 | 184,912 | 418,011 | 382,718 | 612,206 | 575,551 | 768,885 | 663,513 | ||
Gross Profit | 31,204 | 33,783 | 34,560 | 30,268 | 32,177 | 35,585 | 30,822 | 68,343 | 66,407 | 99,547 | 98,584 | 128,852 | 91,718 | ||
Selling, General and Administrative Expenses | 17,531 | 16,248 | 15,199 | 15,503 | 15,613 | 14,349 | 15,214 | 31,447 | 29,563 | 48,978 | 45,176 | 60,679 | 59,547 | ||
Amortization Expense | 437 | 322 | 321 | 320 | 321 | 327 | 332 | 643 | 659 | 1,080 | 980 | 1,300 | 1,320 | ||
Operating Income | 13,236 | 17,213 | 19,040 | 14,445 | 16,243 | 20,909 | 15,276 | 36,253 | 36,185 | 49,489 | 52,428 | 66,873 | 30,851 | ||
Interest and Other Expense | 3,800 | 7,490 | 4,396 | 4,960 | 3,442 | 3,213 | 1,750 | 11,886 | 4,963 | 15,686 | 8,405 | 14,676 | 19,149 | ||
Income before provision for income taxes | 9,436 | 9,723 | 14,644 | 9,485 | 12,801 | 17,696 | 13,526 | 24,367 | 31,222 | 33,803 | 44,023 | 53,508 | 13,645 | ||
Provision for income taxes | 916 | 2,546 | 3,514 | 604 | 218 | 4,501 | 3,673 | 6,060 | 8,174 | 6,976 | 8,392 | 8,996 | 15,350 | ||
Net income (loss) | $ 8,520 | $ 7,177 | $ 11,130 | $ 8,881 | $ 12,583 | $ 13,195 | $ 9,853 | $ 18,307 | $ 23,048 | $ 26,827 | $ 35,631 | $ 44,512 | $ (1,705) | ||
Income (Loss) per share attributable to common stockholders: | |||||||||||||||
Basic (in dollars per share) | $ 0.28 | $ 0.23 | $ 0.36 | $ 0.29 | $ 0.42 | $ 0.44 | $ 0.33 | $ 0.60 | $ 0.76 | $ 0.88 | $ 1.18 | $ 1.47 | $ (0.06) | ||
Diluted (in dollars per share) | $ 0.28 | $ 0.23 | $ 0.36 | $ 0.29 | $ 0.41 | $ 0.43 | $ 0.32 | $ 0.60 | $ 0.75 | $ 0.87 | $ 1.17 | $ 1.46 | $ (0.06) | ||
Weighted average common shares outstanding: | |||||||||||||||
Basic (in shares) | 30,581 | 30,547 | 30,513 | 30,447 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,277 | 29,942 | ||
Diluted (in shares) | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,587 | 29,942 | ||
Restatement Adjustments | |||||||||||||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Cost of revenues | 1,760 | 1,347 | 1,471 | 1,020 | 1,699 | 681 | 532 | 2,818 | 1,213 | 4,578 | 2,912 | 3,932 | 847 | ||
Gross Profit | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | ||
Selling, General and Administrative Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amortization Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Operating Income | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | ||
Interest and Other Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Income before provision for income taxes | (1,760) | (1,347) | (1,471) | (1,020) | (1,699) | (681) | (532) | (2,818) | (1,213) | (4,578) | (2,912) | (3,932) | (847) | ||
Provision for income taxes | (420) | (316) | (327) | (236) | (393) | (157) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | ||
Net income (loss) | $ (1,340) | $ (1,031) | $ (1,144) | $ (784) | $ (1,306) | $ (524) | $ (409) | $ (2,175) | $ (933) | $ (3,515) | $ (2,239) | $ (3,023) | $ (564) | ||
Income (Loss) per share attributable to common stockholders: | |||||||||||||||
Basic (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.02) | $ (0.01) | $ (0.07) | $ (0.03) | $ (0.12) | $ (0.07) | $ (0.10) | $ (0.02) | ||
Diluted (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.03) | $ (0.04) | $ (0.02) | $ (0.01) | $ (0.07) | $ (0.03) | $ (0.11) | $ (0.07) | $ (0.10) | $ (0.02) | ||
Weighted average common shares outstanding: | |||||||||||||||
Basic (in shares) | 30,581 | 30,547 | 30,513 | 30,219 | 30,219 | 30,219 | 30,219 | 30,530 | 30,219 | 30,547 | 30,219 | 30,277 | 29,942 | ||
Diluted (in shares) | 30,852 | 30,824 | 30,694 | 30,543 | 30,638 | 30,513 | 30,574 | 30,731 | 30,543 | 30,829 | 30,575 | 30,587 | 29,942 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net (loss) income | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | 1,866 | (3,388) | 233 | 104 | (312) | (1,529) | (5,304) | 1,470 | 337 | (3,834) | (3,051) | (5,363) | (1,185) | (5,675) | 7,141 |
Minimum pension liability, net of tax | 3,743 | (2,095) | 1,739 | (649) | 935 | (1,060) | (594) | (338) | 1,090 | (932) | (1,005) | (1,992) | 2,738 | (1,057) | 469 |
Derivative instrument | 161 | (515) | (17) | 339 | 496 | 0 | 0 | 0 | 322 | 0 | (193) | 0 | (32) | 496 | 0 |
Other comprehensive income (loss) | 5,770 | (5,998) | 1,955 | (206) | 1,119 | (2,589) | (5,898) | 1,132 | 1,749 | (4,766) | (4,249) | (7,355) | 1,521 | (6,236) | 7,610 |
Comprehensive income | $ (1,764) | 1,182 | 8,101 | 9,780 | 9,216 | 8,688 | 6,773 | 10,576 | 17,881 | 17,349 | 19,063 | 26,037 | $ 17,299 | 35,253 | 5,341 |
As Previously Reported | |||||||||||||||
Net (loss) income | 8,520 | 7,177 | 11,130 | 8,881 | 12,583 | 13,195 | 9,853 | 18,307 | 23,048 | 26,827 | 35,631 | 44,512 | (1,705) | ||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | (3,388) | 233 | 104 | (312) | (1,529) | (5,304) | 1,470 | 337 | (3,834) | (3,051) | (5,363) | (5,675) | 7,141 | ||
Minimum pension liability, net of tax | (2,095) | 1,739 | (649) | 935 | (1,060) | (594) | (338) | 1,090 | (932) | (1,005) | (1,992) | (1,057) | 469 | ||
Derivative instrument | (515) | (17) | 339 | 496 | 0 | 0 | 0 | 322 | 0 | (193) | 0 | 496 | 0 | ||
Other comprehensive income (loss) | (5,998) | 1,955 | (206) | 1,119 | (2,589) | (5,898) | 1,132 | 1,749 | (4,766) | (4,249) | (7,355) | (6,236) | 7,610 | ||
Comprehensive income | 2,522 | 9,132 | 10,924 | 10,000 | 9,994 | 7,297 | 10,985 | 20,056 | 18,282 | 22,578 | 28,276 | 38,276 | 5,905 | ||
Restatement Adjustments | |||||||||||||||
Net (loss) income | (1,340) | (1,031) | (1,144) | (784) | (1,306) | (524) | (409) | (2,175) | (933) | (3,515) | (2,239) | (3,023) | (564) | ||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Minimum pension liability, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Derivative instrument | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Comprehensive income | $ (1,340) | $ (1,031) | $ (1,144) | $ (784) | $ (1,306) | $ (524) | $ (409) | $ (2,175) | $ (933) | $ (3,515) | $ (2,239) | $ (3,023) | $ (564) |
Quarterly Financial Data (Una_5
Quarterly Financial Data (Unaudited) - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||||||||||||||
Net (loss) income | $ (7,534) | $ 7,180 | $ 6,146 | $ 9,986 | $ 8,097 | $ 11,277 | $ 12,671 | $ 9,444 | $ 16,132 | $ 22,115 | $ 23,312 | $ 33,392 | $ 15,778 | $ 41,489 | $ (2,269) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,681 | 3,776 | 6,984 | 7,674 | 10,865 | 11,676 | 15,514 | 15,270 | 15,196 | ||||||
Provision for doubtful accounts | 2,350 | 2,637 | 3,396 | 3,829 | 5,000 | 6,448 | 6,861 | 7,607 | 5,622 | ||||||
Noncash amortization of debt financing costs | 342 | 350 | 685 | 701 | 1,030 | 1,054 | 1,393 | 1,404 | 1,251 | ||||||
Shared-based compensation expense | 761 | 673 | 1,479 | 1,517 | 2,200 | 2,297 | 2,843 | 3,137 | 2,503 | ||||||
Deferred income taxes | 2,298 | 2,181 | 2,263 | 6,396 | 1,840 | 8,369 | 1,562 | 5,031 | 7,709 | ||||||
Noncash (gain) loss on derivative contracts | 737 | (2,489) | 1,823 | (2,161) | 2,092 | (2,842) | 1,972 | (1,468) | (726) | ||||||
Change in other operating items: | |||||||||||||||
Accounts receivable | (26,356) | (34,884) | (26,552) | (47,306) | (25,454) | (50,389) | 11,954 | (34,987) | (13,792) | ||||||
Inventories | (4,739) | 5,261 | (462) | 7,010 | 1,191 | 4,507 | 9,495 | 4,836 | (25,104) | ||||||
Prepaid expenses | (2,272) | (1,496) | (2,501) | (2,507) | (2,607) | (2,126) | (1,793) | (2,292) | 179 | ||||||
Accounts payable | 9,548 | (2,105) | 6,563 | 2,845 | 3,272 | 6,653 | (24,261) | 1,451 | 23,250 | ||||||
Other operating activities, net | (2,307) | (3,363) | (1,061) | 788 | 5,767 | 1,000 | (1,047) | (3,117) | 722 | ||||||
Net cash provided by operating activities | (5,971) | (20,015) | 8,749 | 901 | 28,508 | 20,039 | 36,746 | 40,992 | 2,257 | ||||||
Cash Flows from Investing Activities: | |||||||||||||||
Purchases of property, plant and equipment | (5,580) | (1,716) | (12,800) | (5,158) | (18,743) | (9,823) | (24,002) | (14,150) | (13,458) | ||||||
Proceeds from disposal/sale of property, plant and equipment | 20 | 0 | 20 | 0 | 20 | 18 | 23 | 49 | 2,682 | ||||||
Payments for acquisitions | 0 | 0 | 34,000 | 34,000 | 0 | 0 | |||||||||
Net cash used in investing activities | (5,560) | (1,716) | (12,780) | (5,158) | (52,723) | (9,805) | (57,979) | (14,101) | (10,776) | ||||||
Cash Flows from Financing Activities: | |||||||||||||||
Borrowings of Revolving Credit Facility | 0 | 36,500 | 0 | 80,500 | 8,500 | 80,500 | 35,700 | 80,500 | 0 | ||||||
Repayment of Revolving Credit Facility | 0 | (29,000) | 0 | (80,500) | (8,500) | (80,500) | (35,700) | (80,500) | 0 | ||||||
Repayment of Term Loan | (5,244) | (1,094) | (6,338) | (2,188) | (6,338) | (3,281) | (8,525) | (4,375) | (2,188) | ||||||
Other financing activities | (105) | (222) | (381) | (443) | (329) | 0 | |||||||||
Net cash used in financing activities | (5,349) | 6,406 | (6,560) | (2,188) | (6,719) | (3,281) | (10,113) | (5,835) | (72,848) | ||||||
Effect of Foreign Currency Exchange Rate Changes on Cash | 315 | 989 | 199 | (1,125) | (1,276) | (1,672) | (56) | (2,387) | 3,451 | ||||||
NET INCREASE (DECREASE) IN CASH | (16,565) | (14,336) | (10,392) | (7,570) | (32,210) | 5,281 | (31,402) | 18,669 | (77,916) | ||||||
CASH: | |||||||||||||||
Beginning of period | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 130,160 |
End of period | 39,511 | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 60,521 | 44,674 | 38,703 | 57,525 | 39,511 | 70,913 | 52,244 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||
Cash paid for interest | 3,373 | 3,408 | 6,787 | 6,937 | 10,212 | 10,421 | 13,873 | 14,046 | 18,572 | ||||||
Cash paid for income taxes, net | 2,593 | 808 | 4,180 | 1,693 | 5,530 | 2,081 | 8,774 | 3,143 | 3,276 | ||||||
Unpaid purchases of property and equipment included in accounts payable | 233 | 49 | 526 | 416 | 155 | 132 | 624 | 509 | 109 | ||||||
As Previously Reported | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||
Net (loss) income | 8,520 | 7,177 | 11,130 | 8,881 | 12,583 | 13,195 | 9,853 | 18,307 | 23,048 | 26,827 | 35,631 | 44,512 | (1,705) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,718 | 3,813 | 7,058 | 7,748 | 10,976 | 11,787 | 15,418 | 15,344 | |||||||
Provision for doubtful accounts | 2,350 | 2,637 | 3,396 | 3,829 | 5,000 | 6,448 | 7,607 | 5,622 | |||||||
Noncash amortization of debt financing costs | 342 | 350 | 685 | 701 | 1,030 | 1,054 | 1,404 | 1,251 | |||||||
Shared-based compensation expense | 761 | 673 | 1,479 | 1,517 | 2,200 | 2,297 | 3,137 | 2,503 | |||||||
Deferred income taxes | 2,625 | 2,304 | 2,906 | 6,676 | 2,903 | 9,042 | 5,940 | 7,992 | |||||||
Noncash (gain) loss on derivative contracts | 737 | (2,489) | 1,823 | (2,161) | 2,092 | (2,842) | (1,468) | (726) | |||||||
Change in other operating items: | |||||||||||||||
Accounts receivable | (26,356) | (34,884) | (26,552) | (47,334) | (24,765) | (51,076) | (35,674) | (13,794) | |||||||
Inventories | (4,739) | 5,261 | (462) | 7,010 | 1,191 | 4,507 | 4,836 | (25,104) | |||||||
Prepaid expenses | (3,780) | (2,065) | (5,491) | (3,766) | (7,458) | (4,462) | (5,685) | (814) | |||||||
Accounts payable | 9,548 | (2,105) | 6,563 | 2,845 | 3,272 | 6,653 | 1,451 | 23,250 | |||||||
Other operating activities, net | (2,307) | (3,363) | (1,061) | 788 | 5,767 | 1,000 | (3,117) | ||||||||
Net cash provided by operating activities | (5,971) | (20,015) | 8,651 | 901 | 29,035 | 20,039 | 40,992 | 2,257 | |||||||
Cash Flows from Investing Activities: | |||||||||||||||
Purchases of property, plant and equipment | (5,580) | (1,716) | (12,702) | (5,158) | (19,270) | (9,823) | (14,150) | (13,458) | |||||||
Proceeds from disposal/sale of property, plant and equipment | 20 | 20 | 20 | 18 | 49 | 2,682 | |||||||||
Payments for acquisitions | 34,000 | ||||||||||||||
Net cash used in investing activities | (5,560) | (1,716) | (12,682) | (5,158) | (53,250) | (9,805) | (14,101) | (10,776) | |||||||
Cash Flows from Financing Activities: | |||||||||||||||
Borrowings of Revolving Credit Facility | 36,500 | 80,500 | 8,500 | 80,500 | 80,500 | ||||||||||
Repayment of Revolving Credit Facility | (29,000) | (80,500) | (8,500) | (80,500) | (80,500) | ||||||||||
Repayment of Term Loan | (5,244) | (1,094) | (6,338) | (2,188) | (6,338) | (3,281) | (4,375) | (2,188) | |||||||
Other financing activities | (105) | (222) | (381) | (329) | |||||||||||
Net cash used in financing activities | (5,349) | 6,406 | (6,560) | (2,188) | (6,719) | (3,281) | (5,835) | (72,848) | |||||||
Effect of Foreign Currency Exchange Rate Changes on Cash | 315 | 989 | 199 | (1,125) | (1,276) | (1,672) | (2,387) | 3,451 | |||||||
NET INCREASE (DECREASE) IN CASH | (16,565) | (14,336) | (10,392) | (7,570) | (32,210) | 5,281 | 18,669 | (77,916) | |||||||
CASH: | |||||||||||||||
Beginning of period | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 70,913 | 52,244 | 130,160 |
End of period | 38,703 | 60,521 | 54,348 | 70,913 | 57,525 | 44,674 | 37,908 | 60,521 | 44,674 | 38,703 | 57,525 | 70,913 | 52,244 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||
Cash paid for interest | 3,373 | 3,408 | 6,787 | 6,937 | 10,212 | 10,421 | 14,046 | 18,572 | |||||||
Cash paid for income taxes, net | 2,593 | 808 | 4,180 | 1,693 | 5,530 | 2,081 | 3,143 | 3,276 | |||||||
Unpaid purchases of property and equipment included in accounts payable | 233 | 49 | 526 | 416 | 155 | 132 | 509 | 109 | |||||||
Restatement Adjustments | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||
Net (loss) income | (1,340) | (1,031) | (1,144) | (784) | (1,306) | (524) | (409) | (2,175) | (933) | (3,515) | (2,239) | (3,023) | (564) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | (37) | (37) | (74) | (74) | (111) | (111) | (148) | (148) | |||||||
Provision for doubtful accounts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Noncash amortization of debt financing costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Shared-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Deferred income taxes | (327) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | |||||||
Noncash (gain) loss on derivative contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Change in other operating items: | |||||||||||||||
Accounts receivable | 0 | 0 | 0 | 28 | (689) | 687 | 687 | 2 | |||||||
Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Prepaid expenses | 1,508 | 569 | 2,990 | 1,259 | 4,851 | 2,336 | 3,393 | 993 | |||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other operating activities, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 98 | 0 | (527) | 0 | 0 | 0 | |||||||
Cash Flows from Investing Activities: | |||||||||||||||
Purchases of property, plant and equipment | 0 | 0 | (98) | 0 | 527 | 0 | 0 | 0 | |||||||
Proceeds from disposal/sale of property, plant and equipment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Payments for acquisitions | 0 | ||||||||||||||
Net cash used in investing activities | 0 | 0 | (98) | 0 | 527 | 0 | 0 | 0 | |||||||
Cash Flows from Financing Activities: | |||||||||||||||
Borrowings of Revolving Credit Facility | 0 | 0 | 0 | 0 | 0 | ||||||||||
Repayment of Revolving Credit Facility | 0 | 0 | 0 | 0 | 0 | ||||||||||
Repayment of Term Loan | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other financing activities | 0 | 0 | 0 | 0 | |||||||||||
Net cash used in financing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Effect of Foreign Currency Exchange Rate Changes on Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
NET INCREASE (DECREASE) IN CASH | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
CASH: | |||||||||||||||
Beginning of period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
End of period | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||
Cash paid for interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Cash paid for income taxes, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Unpaid purchases of property and equipment included in accounts payable | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_6
Quarterly Financial Data (Unaudited) - Additional Informations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts receivable, net of allowances | $ 115,099 | $ 153,190 | $ 157,193 | $ 158,327 | $ 133,935 | $ 150,507 | $ 150,576 | $ 141,821 | $ 157,193 | $ 150,576 | $ 153,190 | $ 150,507 | $ 115,099 | $ 133,935 | ||
Other current assets | 18,490 | 14,897 | 14,632 | 15,001 | 12,080 | 10,446 | 11,367 | 16,461 | 14,632 | 11,367 | 14,897 | 10,446 | 18,490 | 12,080 | ||
Deferred income taxes, net | 14,654 | 14,117 | 13,387 | 14,243 | 16,341 | 12,499 | 14,303 | 18,447 | 13,387 | 14,303 | 14,117 | 12,499 | 14,654 | 16,341 | ||
Retained deficit | (60,307) | (52,773) | (59,953) | (66,099) | (76,013) | (84,110) | (95,387) | (108,058) | (59,953) | (95,387) | (52,773) | (84,110) | (60,307) | (76,013) | $ (115,233) | |
Property, plant and equipment, net | 73,686 | 71,645 | 69,832 | 65,167 | 64,101 | 61,965 | 61,145 | 62,291 | 69,832 | 61,145 | 71,645 | 61,965 | 73,686 | 64,101 | ||
Provision for income taxes | (135) | 496 | 2,230 | 3,187 | 368 | (175) | 4,344 | 3,550 | 5,417 | 7,894 | 5,913 | 7,719 | 5,778 | 8,087 | $ 15,067 | |
Cost of revenues | 179,317 | 195,955 | 210,754 | 210,075 | 194,354 | 194,532 | 198,487 | 185,444 | 420,829 | 383,931 | 616,784 | 578,463 | 796,101 | 772,817 | 664,360 | |
Net (loss) income | $ (7,534) | 7,180 | 6,146 | 9,986 | 8,097 | 11,277 | 12,671 | 9,444 | 16,132 | 22,115 | 23,312 | 33,392 | 15,778 | 41,489 | (2,269) | |
Depreciation and amortization | 3,681 | 3,776 | 6,984 | 7,674 | 10,865 | 11,676 | 15,514 | 15,270 | 15,196 | |||||||
Deferred income taxes | 2,298 | 2,181 | 2,263 | 6,396 | 1,840 | 8,369 | 1,562 | 5,031 | 7,709 | |||||||
Prepaid expenses | (2,272) | (1,496) | (2,501) | (2,507) | (2,607) | (2,126) | (1,793) | (2,292) | 179 | |||||||
Purchases of property, plant and equipment | (5,580) | (1,716) | (12,800) | (5,158) | (18,743) | (9,823) | (24,002) | (14,150) | (13,458) | |||||||
Depreciation expense | 13,562 | 13,971 | 13,875 | |||||||||||||
Accounts receivable | (26,356) | (34,884) | (26,552) | (47,306) | (25,454) | (50,389) | $ 11,954 | (34,987) | (13,792) | |||||||
Restatement Adjustments | ||||||||||||||||
Accounts receivable, net of allowances | 0 | (689) | (689) | (689) | (689) | (30) | (2) | (689) | (30) | 0 | (689) | (689) | ||||
Other current assets | (9,599) | (7,738) | (6,256) | (4,748) | (3,691) | (2,614) | (1,924) | (7,738) | (2,614) | (9,599) | (3,691) | (4,748) | ||||
Deferred income taxes, net | 2,056 | 1,636 | 1,320 | 993 | 757 | 364 | 207 | 1,636 | 364 | 2,056 | 757 | 993 | ||||
Retained deficit | (8,957) | (7,617) | (6,586) | (5,442) | (4,658) | (3,352) | (2,828) | (7,617) | (3,352) | (8,957) | (4,658) | (5,442) | (2,400) | $ (1,855) | ||
Property, plant and equipment, net | (1,414) | (826) | (961) | (998) | (1,035) | (1,072) | (1,109) | (826) | (1,072) | (1,414) | (1,035) | (998) | ||||
Provision for income taxes | (420) | (316) | (327) | (236) | (393) | (157) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | |||
Cost of revenues | 1,760 | 1,347 | 1,471 | 1,020 | 1,699 | 681 | 532 | 2,818 | 1,213 | 4,578 | 2,912 | 3,932 | 847 | |||
Net (loss) income | (1,340) | (1,031) | (1,144) | (784) | (1,306) | (524) | (409) | (2,175) | (933) | (3,515) | (2,239) | (3,023) | (564) | |||
Depreciation and amortization | (37) | (37) | (74) | (74) | (111) | (111) | (148) | (148) | ||||||||
Deferred income taxes | (327) | (123) | (643) | (280) | (1,063) | (673) | (909) | (283) | ||||||||
Prepaid expenses | 1,508 | 569 | 2,990 | 1,259 | 4,851 | 2,336 | 3,393 | 993 | ||||||||
Purchases of property, plant and equipment | 0 | 0 | (98) | 0 | 527 | 0 | 0 | 0 | ||||||||
Accounts receivable | 0 | 0 | 0 | 28 | (689) | 687 | 687 | 2 | ||||||||
Understatement of cost of revenues and impacted balance sheet accounts | ||||||||||||||||
Net (loss) income | (400) | (1,000) | (2,300) | |||||||||||||
Deferred income taxes | (100) | (300) | (700) | |||||||||||||
Prepaid expenses | (500) | (1,300) | (2,300) | |||||||||||||
Accounts receivable | (700) | |||||||||||||||
Understatement of cost of revenues and impacted balance sheet accounts | Restatement Adjustments | ||||||||||||||||
Accounts receivable, net of allowances | (700) | (700) | (700) | (700) | (700) | (700) | (700) | |||||||||
Other current assets | (9,600) | (7,700) | (6,300) | (4,700) | (3,700) | (2,600) | (1,900) | (7,700) | (2,600) | (9,600) | (3,700) | (4,700) | ||||
Deferred income taxes, net | 2,300 | 1,900 | 1,600 | 1,300 | 1,000 | 600 | 400 | 1,900 | 600 | 2,300 | 1,000 | 1,300 | ||||
Retained deficit | (7,800) | (6,400) | (5,300) | (4,100) | (3,400) | (2,000) | (1,500) | (6,400) | (2,000) | (7,800) | (3,400) | (4,100) | ||||
Property, plant and equipment, net | (500) | 100 | 100 | (500) | ||||||||||||
Provision for income taxes | (400) | (300) | (200) | (400) | (200) | (100) | (300) | (700) | (1,000) | (200) | ||||||
Cost of revenues | 1,800 | 1,400 | 1,500 | 1,000 | 1,700 | 700 | 500 | 2,900 | 1,300 | 4,700 | 3,000 | 4,100 | 1,000 | |||
Net (loss) income | (1,300) | (1,000) | (1,100) | (800) | (1,300) | (500) | (400) | (2,200) | (1,000) | (3,600) | (2,300) | (3,100) | (800) | |||
Deferred income taxes | (300) | (700) | (1,100) | (900) | (200) | |||||||||||
Prepaid expenses | 1,500 | (3,000) | 4,900 | 3,400 | 1,000 | |||||||||||
Purchases of property, plant and equipment | (100) | 500 | ||||||||||||||
Accounts receivable | (700) | 700 | ||||||||||||||
Property, plant and equipment, net error correction | ||||||||||||||||
Net (loss) income | 100 | 100 | ||||||||||||||
Depreciation expense | (100) | (100) | ||||||||||||||
Property, plant and equipment, net error correction | Restatement Adjustments | ||||||||||||||||
Deferred income taxes, net | (300) | (300) | (300) | (300) | (300) | (200) | (200) | (300) | (200) | (300) | (300) | (300) | ||||
Retained deficit | (1,200) | (1,200) | (1,200) | $ (1,300) | (1,300) | (1,300) | (1,300) | (1,200) | (1,300) | (1,200) | (1,300) | (1,300) | ||||
Property, plant and equipment, net | $ (900) | $ (900) | $ (1,000) | $ (1,000) | $ (1,100) | $ (1,100) | (900) | (1,100) | (900) | (1,000) | ||||||
Provision for income taxes | (100) | |||||||||||||||
Cost of revenues | (100) | (100) | (100) | (100) | ||||||||||||
Net (loss) income | 100 | $ 100 | 100 | $ 100 | 100 | 200 | ||||||||||
Depreciation and amortization | $ (100) | |||||||||||||||
Deferred income taxes | (100) | |||||||||||||||
Depreciation expense | $ (100) | $ (100) | $ (100) |
Cost Reduction and Manufactur_3
Cost Reduction and Manufacturing Capacity Rationalization - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 2,958 | $ 4,300 |
Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related cost, expected cost | 5,000 | |
Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related cost, expected cost | 7,000 | |
Cost of Revenues | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 2,200 | |
Selling, General and Administrative Expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 800 |
Cost Reduction and Manufactur_4
Cost Reduction and Manufacturing Capacity Rationalization - Summary of Restructuring Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 2,958 | $ 4,300 |
Employee Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 2,619 | |
Facility and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 339 | |
Operating Segments | Electrical Systems | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 2,159 | 1,835 |
Operating Segments | Electrical Systems | Employee Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,820 | |
Operating Segments | Electrical Systems | Facility and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 339 | |
Operating Segments | Global Seating | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 489 | 88 |
Operating Segments | Global Seating | Employee Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 489 | |
Operating Segments | Global Seating | Facility and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 0 | |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 310 | $ 2,377 |
Corporate | Employee Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 310 | |
Corporate | Facility and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | $ 5,139 | $ 5,242 | $ 3,881 |
Provisions | 6,861 | 7,327 | 5,488 |
Utilizations | (7,357) | (7,392) | (4,264) |
Currency translation adjustment | (9) | (38) | 137 |
Balance - End of the year | 4,634 | 5,139 | 5,242 |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | 14,665 | 15,021 | |
Balance - End of the year | $ 11,992 | $ 14,665 | $ 15,021 |
Uncategorized Items - cvgi-2019
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (72,000) |