Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-34365 | ||
Entity Registrant Name | COMMERCIAL VEHICLE GROUP, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 41-1990662 | ||
Entity Address, Address Line One | 7800 Walton Parkway | ||
Entity Address, City or Town | New Albany | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 43054 | ||
City Area Code | (614) | ||
Local Phone Number | 289-5360 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | CVGI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 335,586,432 | ||
Entity Common Stock, Shares Outstanding | 32,879,150 | ||
Documents Incorporated by Reference | Information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference from the Registrant’s Proxy Statement for its annual meeting to be held May 19, 2022 (the “2022 Proxy Statement”). | ||
Entity Central Index Key | 0001290900 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Columbus, Ohio |
Auditor Firm ID | 185 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 971,578 | $ 717,699 | $ 901,238 |
Cost of revenues | 852,591 | 643,623 | 796,101 |
Gross profit | 118,987 | 74,076 | 105,137 |
Selling, general and administrative expenses | 69,406 | 68,228 | 64,501 |
Goodwill and other impairment | 0 | 29,017 | 0 |
Operating income (loss) | 49,581 | (23,169) | 40,636 |
Other (income) expense | (878) | 728 | 2,225 |
Interest expense | 11,179 | 20,603 | 16,855 |
Loss on extinguishment of debt | 7,155 | 0 | 0 |
Income (loss) before provision for income taxes | 32,125 | (44,500) | 21,556 |
Provision (benefit) for income taxes | 8,393 | (7,451) | 5,778 |
Net income (loss) | $ 23,732 | $ (37,049) | $ 15,778 |
Earnings (loss) per common share | |||
Basic Earnings (Loss) Per Share | $ 0.75 | $ (1.20) | $ 0.52 |
Diluted Earnings (Loss) Per Share | $ 0.72 | $ (1.20) | $ 0.51 |
Weighted average shares outstanding | |||
Basic (in shares) | 31,501 | 30,943 | 30,602 |
Diluted (in shares) | 32,790 | 30,943 | 30,823 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 23,732 | $ (37,049) | $ 15,778 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (1,421) | 5,008 | (1,185) |
Change in defined benefit plans, net of tax | 4,673 | (5,041) | 2,738 |
Derivative instruments, net of tax | (684) | 977 | (32) |
Other comprehensive income | 2,568 | 944 | 1,521 |
Comprehensive income (loss) | $ 26,300 | $ (36,105) | $ 17,299 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 34,958 | $ 50,503 |
Accounts receivable, net of allowances of $243 and $644, respectively | 174,472 | 151,101 |
Inventories | 141,045 | 91,247 |
Other current assets | 20,201 | 17,686 |
Total current assets | 370,676 | 310,537 |
Property, plant and equipment, net | 63,126 | 62,776 |
Operating lease right-of-use asset, net | 26,116 | 30,047 |
Intangible assets, net of accumulated amortization of $18,180 and $14,831, respectively | 18,283 | 21,804 |
Deferred income taxes, net | 24,108 | 25,981 |
Other assets | 5,384 | 3,228 |
TOTAL ASSETS | 507,693 | 454,373 |
Current liabilities: | ||
Accounts payable | 101,915 | 112,402 |
Current operating lease liabilities | 9,048 | 9,236 |
Accrued liabilities and other | 41,792 | 40,820 |
Current portion of long-term debt | 9,375 | 2,429 |
Total current liabilities | 162,130 | 164,887 |
Long-term debt | 185,581 | 144,147 |
Long-term operating lease liabilities | 18,519 | 23,932 |
Pension and other post-retirement liabilities | 9,905 | 15,296 |
Other long-term liabilities | 4,905 | 10,741 |
Total liabilities | 381,040 | 359,003 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | 0 | 0 |
Common stock, $0.01 par value (60,000,000 shares authorized; 32,034,592 and 31,249,811 shares issued and outstanding, respectively) | 321 | 313 |
Treasury stock, at cost: 1,708,981 and 1,560,623 shares, respectively | (13,172) | (11,893) |
Additional paid-in capital | 255,566 | 249,312 |
Retained deficit | (73,624) | (97,356) |
Accumulated other comprehensive loss | (42,438) | (45,006) |
Total stockholders’ equity | 126,653 | 95,370 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 507,693 | $ 454,373 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowances for credit losses | $ 243 | $ 644 |
Property, plant, and equipment, accumulated depreciation | 172,536 | 159,026 |
Accumulated amortization on intangible assets | $ 18,180 | $ 14,831 |
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 32,034,592 | 31,249,811 |
Common stock, shares outstanding (in shares) | 32,034,592 | 31,249,811 |
Treasury stock, shares (in shares) | 1,708,981 | 1,560,623 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Deficit | Retained DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Dec. 31, 2018 | 30,512,843 | |||||||
Beginning balance at Dec. 31, 2018 | $ 109,596 | $ (72) | $ 318 | $ (10,245) | $ 243,007 | $ (76,013) | $ (72) | $ (47,471) |
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 (loss) | 17,299 | 15,778 | 1,521 | |||||
Ending balance (in shares) at Dec. 31, 2019 | 30,801,255 | |||||||
Ending balance at Dec. 31, 2019 | 128,688 | $ 323 | (11,230) | 245,852 | (60,307) | (45,950) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted stock (in shares) | 544,787 | |||||||
Issuance of restricted stock | (10) | $ (10) | ||||||
Surrender of common stock by employees (in shares) | (96,231) | |||||||
Surrender of common stock by employees | (663) | (663) | ||||||
Share-based compensation expense | 3,460 | 3,460 | ||||||
Total comprehensive income (loss) | $ (36,105) | (37,049) | 944 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 31,249,811 | 31,249,811 | ||||||
Ending balance at Dec. 31, 2020 | $ 95,370 | $ 313 | (11,893) | 249,312 | (97,356) | (45,006) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of restricted stock (in shares) | 933,139 | |||||||
Issuance of restricted stock | 8 | $ 8 | ||||||
Surrender of common stock by employees (in shares) | (148,358) | |||||||
Surrender of common stock by employees | (1,279) | (1,279) | ||||||
Share-based compensation expense | 6,254 | 6,254 | ||||||
Total comprehensive income (loss) | $ 26,300 | 23,732 | 2,568 | |||||
Ending balance (in shares) at Dec. 31, 2021 | 32,034,592 | 32,034,592 | ||||||
Ending balance at Dec. 31, 2021 | $ 126,653 | $ 321 | $ (13,172) | $ 255,566 | $ (73,624) | $ (42,438) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 23,732 | $ (37,049) | $ 15,778 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 18,495 | 18,493 | 15,514 |
Impairment expense | 0 | 29,017 | 0 |
Noncash amortization of debt financing costs | 1,008 | 1,929 | 1,393 |
Payment in kind interest expense | 2,254 | 5,431 | 0 |
Shared-based compensation expense | 6,254 | 3,460 | 2,843 |
Deferred income taxes | 2,078 | (12,129) | 1,562 |
Noncash loss (gain) on forward exchange contracts | (788) | 299 | 1,972 |
Loss on extinguishment of debt | 7,155 | 0 | 0 |
Change in other operating items: | |||
Accounts receivable | (23,569) | (34,284) | 18,815 |
Inventories | (50,283) | (6,828) | 9,495 |
Prepaid expenses | (1,910) | 2,896 | (1,793) |
Accounts payable | (11,570) | 48,046 | (24,261) |
Accrued liabilities | 4,438 | 8,650 | (3,525) |
Other operating activities, net | (7,126) | 6,441 | (1,047) |
Net cash (used in) provided by operating activities | (29,832) | 34,372 | 36,746 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (17,653) | (7,142) | (24,002) |
Proceeds from disposal/sale of property, plant and equipment | 87 | 722 | 23 |
Payments for acquisition of business | 0 | 0 | (34,000) |
Net cash used in investing activities | (17,566) | (6,420) | (57,979) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under term loan facility | 150,000 | 0 | 0 |
Repayment of term loan facility | (3,750) | 0 | 0 |
Borrowings under revolving credit facility | 86,200 | 0 | 0 |
Repayment of ABL revolving credit facility | (36,800) | 0 | 0 |
Surrender of common stock by employees | (1,279) | (663) | (985) |
Debt extinguishment payments and early payment fees on debt | (3,031) | 0 | 0 |
Debt issuance and amendment costs | (2,333) | (2,779) | (160) |
Contingent consideration payment | (5,000) | (1,000) | 0 |
Other financing activities, net | (342) | (445) | (443) |
Net cash provided by ( used in) financing activities | 31,011 | (19,262) | (10,113) |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 842 | 2,302 | (56) |
NET INCREASE (DECREASE) IN CASH | (15,545) | 10,992 | (31,402) |
CASH: | |||
Beginning of period | 50,503 | 39,511 | 70,913 |
End of period | 34,958 | 50,503 | 39,511 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for interest | 8,460 | 12,193 | 13,873 |
Cash paid for income taxes, net | 4,109 | 2,483 | 8,774 |
Unpaid purchases of property and equipment included in accounts payable | 1,063 | 131 | 624 |
Term Loan and Security Agreement Due 2023 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of term loan facility | (152,654) | (14,375) | (8,525) |
ABL Revolving Credit Facility | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under revolving credit facility | 11,300 | 15,000 | 35,700 |
Repayment of ABL revolving credit facility | $ (11,300) | $ (15,000) | $ (35,700) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Organization - Commercial Vehicle Group, Inc. and its subsidiaries is a global provider of systems, assemblies and components to the global commercial vehicle market, the electric vehicle market, and the warehouse automation markets. References herein to the "Company", "CVG", "we", "our", or "us" refer to Commercial Vehicle Group, Inc. and its subsidiaries. We have manufacturing operations in the United States, Mexico, China, United Kingdom, Belgium, Czech Republic, Ukraine, Thailand, India and Australia. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. We primarily manufacture customized products to meet the requirements of our customers. We believe our trucking products are used by a majority of the North American Commercial Truck markets, many construction vehicle original equipment manufacturers (“OEMs”), and top e-commerce retailers. We report our financial results by business segment; more specifically, Vehicle Solutions, Warehouse Automation, Electrical Systems and Aftermarket & Accessories. In the quarter ended December 31, 2021, we completed a strategic reorganization of our operations into four segments, As a result of the strategic reorganization, the prior period segment information has been reclassified to conform to the new organization structure. The Company’s Chief Operating Decision Maker (“CODM”), its President and Chief Executive Officer, reviews financial information for these four reportable segments and makes decisions regarding the allocation of resources based on these segments. See Note 17, Segment Reporting, for more information. Unless otherwise indicated, all amounts in the tables below 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. Actual results may differ materially from those estimates. Certain prior period amounts have been reclassified to conform to footnote presentation for the current year. 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 credit losses 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 and expected economic market conditions. As we monitor our receivables, we identify customers that may have payment problems, and we adjust the allowance accordingly, with the offset to selling, general and administrative expense. Account balances are charged off against the allowance when recovery is considered remote. Inventories - Inventories are valued at the lower of first-in, first-out cost or market 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. Inventories consisted of the following as of December 31: 2021 2020 Raw materials $ 107,505 $ 65,334 Work in process 21,671 13,373 Finished goods 11,869 12,540 Total Inventory $ 141,045 $ 91,247 Property, Plant and Equipment - Property, plant and equipment are stated at cost, net of accumulated depreciation. Property, plant, and equipment, net consisted of the following as of December 31: 2021 2020 Land and buildings $ 32,012 $ 30,305 Machinery and equipment 194,828 189,939 Construction in progress 8,822 1,558 Property, plant, and equipment, gross 235,662 221,802 Less accumulated depreciation (172,536) (159,026) Property, plant and equipment, net $ 63,126 $ 62,776 For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives (generally 15 to 40 years for buildings and building improvements, three three three 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. Leases - The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. As most leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The length of a lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The Company's accounting policy election is to not recognize lease assets or liabilities for leases with a term of 12 months or less. Additionally, when accounting for leases, the Company combines payments for leased assets, related services and other components of a lease. 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. Refer to Note 2, Revenue Recognition, for our revenue recognition policies. 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 13, Accumulated Other Comprehensive Loss, 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, 2021, receivables from our five top customers represented approximately 51% of total receivables. 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 formally designated at inception as a hedging instrument. Therefore, changes in the fair value of the interest rate swap are recorded in accumulated other comprehensive income (loss) and recognized in the Consolidated Statement of Operations when the contracts are settled. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Also, in January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848): Scope", to clarify that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company will apply the guidance to impacted transactions during the transition period. The Company does not expect the adoption of this standard to have a material impact on the Company’s Consolidated Financial Statements. Accounting Pronouncements Implemented During the Year Ended December 31, 2021 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. The Company implemented ASU 2019-12 as of January 1, 2021 and the ASU did not have a material impact on the Company's consolidated financial statements and related disclosures. In October 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-10, "Codification Improvements". The ASU updates various codification topics by clarifying and improving disclosure requirements to align with the SEC's regulations. The Company implemented ASU 2020-10 as of January 1, 2021 and the ASU did not have a material impact on the Company's consolidated financial statements and related disclosures. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Our products include seating systems, plastic components, cab structures, warehouse automation subsystems, electrical wire harnesses, mirrors, wipers and other accessories. We sell these products into multiple geographic regions including North America, Europe and Asia-Pacific and to multiple end 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 for which the terms and conditions are 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, 2021, 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. Estimates are made for variable consideration resulting from quality, delivery, discounts or other issues affecting the value of revenue and accounts receivable. This amount is estimated based on historical trends and current market conditions, and only amounts deemed collectible are recognized as 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 $174.5 million as of December 31, 2021 and $151.1 million as of December 31, 2020. We generally do not have other assets or liabilities associated with customer arrangements. Revenue Disaggregation - The following is the composition, by product category, of our revenues: Twelve Months Ended December 31, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 267,580 $ — $ — $ 55,377 $ 322,957 Electrical wire harnesses, panels and assemblies 2,682 25,329 168,108 11,214 207,333 Trim 154,205 — — 2,555 156,760 Warehouse Automation — 162,583 — — 162,583 Cab structures 69,749 — — 7,761 77,510 Mirrors, wipers and controls 4,697 — 863 38,875 44,435 Total $ 498,913 $ 187,912 $ 168,971 $ 115,782 $ 971,578 Twelve Months Ended December 31, 2020 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 205,232 $ 147 $ — $ 58,832 $ 264,211 Electrical wire harnesses, panels and assemblies 1,751 37,949 138,903 9,362 187,965 Trim 109,450 — — 2,413 111,863 Warehouse Automation — 63,559 — — 63,559 Cab structures 46,483 — — 3,298 49,781 Mirrors, wipers and controls 3,720 — 2,191 34,409 40,320 Total $ 366,636 $ 101,655 $ 141,094 $ 108,314 $ 717,699 Twelve Months Ended December 31, 2019 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 291,496 $ — $ — $ 71,272 $ 362,768 Electrical wire harnesses, panels and assemblies 2,404 11,652 172,341 11,799 198,196 Trim 193,918 — 342 1,827 196,087 Warehouse Automation — 1,151 — — 1,151 Cab structures 85,885 — — 1,987 87,872 Mirrors, wipers and controls 4,286 — 5,715 45,163 55,164 Total $ 577,989 $ 12,803 $ 178,398 $ 132,048 $ 901,238 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following at December 31: 2021 2020 Term loan facility due 2026 $ 146,250 $ — Revolving credit facility due 2026 49,400 — Term loan and security agreement due 2023 — 150,950 Unamortized discount and issuance costs (694) (4,374) $ 194,956 $ 146,576 Less: current portion, net of unamortized discount and issuance costs of $0.7 million and $1.9 million, respectively (9,375) (2,429) Total long-term debt, net of current portion $ 185,581 $ 144,147 Credit Agreement On April 30, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) between, among others, Bank of America, N.A. as administrative agent (the “Administrative Agent”) and other lenders party thereto (the “Lenders”) pursuant to which the Lenders made available a $150 million Term Loan Facility (the “Term Loan Facility”) and a $125 million Revolving Credit Facility (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Credit Facilities”). Subject to the terms of the Credit Agreement, the Revolving Credit Facility includes a $10 million swing line sublimit and a $10 million letter of credit sublimit. The Credit Agreement provides for an incremental term facility agreement and/or an increase of the Revolving Credit Facility (together, the “Incremental Facilities”), in a maximum aggregate amount of (a) up to the date of receipt of financial statements for the fiscal quarter ending June 30, 2022, $75 million, and (b) thereafter, (i) $75 million less the aggregate principal amount of Incremental Facilities incurred before such date, plus (ii) an unlimited amount if the pro forma consolidated total leverage ratio (assuming the Incremental Facilities are fully drawn) is less than 2.50:1.0. The Credit Facilities mature on April 30, 2026 (the “Maturity Date”). The proceeds of the Credit Facilities were used, together with cash on hand of the Company, to (a) fund the redemption, satisfaction and discharge of all of the Company’s outstanding secured credit facility due 2023 (the “2023 Term Loan Facility”) issued pursuant to a term facility agreement (the “Term Facility Agreement”) between, among others, Bank of America, N.A. as administrative agent and other lender parties thereto, (b) fund the redemption, satisfaction and discharge of all of the Company’s asset-based revolving credit facility (the “ABL Revolving Credit Facility”) issued pursuant to a facility agreement (the “ABL Facility Agreement”) between, among others, Bank of America, N.A. as agent and certain financial institutions as lenders, (c) pay transaction costs, fees and expenses incurred in connection therewith and in connection with the Credit Agreement, and (d) for working capital and other lawful corporate purposes of the Company and its subsidiaries. At December 31, 2021 we had $49.4 million of borrowings under the Revolving Credit Facility, outstanding letters of credit of $1.4 million and availability of $74.2 million. The unamortized deferred financing fees associated with the Revolving Credit Facility were $1.3 million as of December 31, 2021, which are being amortized over the remaining life of the Credit Agreement. The unamortized deferred financing fees associated with the ABL Revolving Credit Facility were $0.4 million as of December 31, 2020. At December 31, 2020, we had outstanding letters of credit of $1.6 million. Interest rates and fees Amounts outstanding under the Credit Facilities and the commitment fee payable in connection with the Credit Facilities accrue interest at a per annum rate equal to (at the Company’s option) the base rate or the Eurodollar rate plus a rate which will vary according to the Consolidated Total Leverage Ratio as set forth in the most recent compliance certificate received by the Administrative Agent, as set out in the following table: Pricing Tier Consolidated Total Commitment Fee Letter of Credit Fee Eurodollar Rate Loans Base Rate Loans I > 3.00 to 1.00 0.30% 3.00% 3.00% 2.00% II < 3.00 to 1.00 but > 2.00 to 1.00 0.25% 2.75% 2.75% 1.75% III < 2.00 to 1.00 but > 1.50 to 1.00 0.20% 2.50% 2.50% 1.50% IV < 1.50 to 1.00 0.20% 2.25% 2.25% 1.25% Guarantee and Security All obligations under the Credit Agreement and related documents are unconditionally guaranteed by each of the Company’s existing and future direct and indirect wholly owned material domestic subsidiaries, subject to certain exceptions (the “Guarantors”). All obligations of the Company under the Credit Agreement and the guarantees of those obligations are secured by a first priority pledge of substantially all of the assets of the Company and of the Guarantors, subject to certain exceptions. The property pledged by the Company and the Guarantors includes a first priority pledge of all of the equity interests owned by the Company and the Guarantors in their respective domestic subsidiaries and a first priority pledge of the equity interests owned by the Company and the Guarantors in certain foreign subsidiaries, in each case, subject to certain exceptions. Covenants and other terms The Credit Agreement contains customary restrictive covenants, including, without limitation, limitations on the ability of the Company and its subsidiaries to incur additional debt and guarantees; grant certain liens on assets; pay dividends or make certain other distributions; make certain investments or acquisitions; dispose of certain assets; make payments on certain indebtedness; merge, combine with any other person or liquidate; amend organizational documents; make material changes in accounting treatment or reporting practices; enter into certain restrictive agreements; enter into certain hedging agreements; engage in transactions with affiliates; enter into certain employee benefit plans; and other matters customarily included in senior secured loan agreements. The Credit Agreement also contains customary reporting and other affirmative covenants, as well as customary events of default, including, without limitation, nonpayment of obligations under the Credit Facilities when due; material inaccuracy of representations and warranties; violation of covenants in the Credit Agreement and certain other documents executed in connection therewith; breach or default of agreements related to material debt; revocation or attempted revocation of guarantees; denial of the validity or enforceability of the loan documents or failure of the loan documents to be in full force and effect; certain material judgments; certain events of bankruptcy or insolvency; certain Employee Retirement Income Security Act events; and a change in control of the Company. Certain of the defaults are subject to exceptions, materiality qualifiers, grace periods and baskets customary for credit facilities of this type. The Credit Agreement includes (a) a minimum consolidated fixed charge coverage ratio of 1.20:1.0, and (b) a maximum consolidated total leverage ratio of 3.75:1.0 (subject to step-downs to 3.50:1.0 at the end of the fiscal quarter ending September 30, 2021; to 3.25:1.0 at the end of the fiscal quarter ending March 31, 2022; and to 3.00:1.0 for each fiscal quarter on and after the fiscal quarter ending September 30, 2022). On October 25, 2021, the Company entered into the Amendment to the Credit Agreement. The Amendment permits the Company to engage in supply chain financing arrangements with financial institutions to cover up to $20.0 million in accounts receivable from customers per month. Additionally, the Amendment increased the Company’s capital expenditure investment threshold from $25.0 million to $32.0 million. We were in compliance with the covenants as of December 31, 2021. Repayment and prepayment The Credit Agreement requires the Company to make quarterly amortization payments to the Term Loan Facility at an annualized rate of the loans under the Term Loan Facility for every year beginning in the third quarter of 2021 as follows: 5.0%, 7.5%, 10.0%, 12.5% and 15%. The Credit Agreement also requires all outstanding amounts under the Credit Facilities to be repaid in full on the Maturity Date. The Credit Agreement requires prepayments from the receipt of proceeds of dispositions or debt issuance, subject to certain exceptions and ability to re-invest and use proceeds towards acquisitions permitted by the Credit Agreement. Voluntary prepayments of amounts outstanding under the Credit Facilities are permitted at any time, without premium or penalty. Any prepayment of Eurodollar loans shall be in a principal amount of $1 million or a whole multiple of $1 million in excess thereof (or, if less, the entire principal amount thereof then outstanding) and any prepayment of base rate loans shall be in a principal amount of $0.5 million or a whole multiple of $0.1 million in excess thereof (or, if less, the entire principal amount thereof then outstanding). The Credit Agreement contains customary representations and warranties by the Company. The representations and warranties contained in the Credit Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. Term Loan and Security Agreement On April 12, 2017, the Company entered into the $175.0 million 2023 Term Loan Facility, maturing on April 12, 2023, pursuant to a term loan and security agreement (the “TLS Agreement”). On April 30, 2021, the 2023 Term Loan Facility was fully repaid and terminated as described below. ABL Revolving Credit Facility On September 18, 2019, the Company entered into an amendment of the Third Amended and Restated Loan and Security Agreement (the “Third ARLS Agreement”), dated as of April 12, 2017, which governed the Company’s ABL Revolving Credit Facility. On March 1, 2021, the Company and certain of its subsidiaries entered into Amendment No. 3, which amended the terms of the Third ARLS Agreement, among other things, to extend the maturity date of the ABL Revolving Credit Facility to March 1, 2026 and to remove the condition that the first $7.0 million of the $90.0 million Revolver Commitments are available as a first-in, last-out facility. The Third ARLS Agreement, as amended, also allowed the Company to increase the size of the ABL Revolving Credit Facility by up to $50.0 million with the consent of Lenders providing the increase in the ABL Revolving Credit Facility. On April 30, 2021, the ABL Revolving Credit Facility was fully repaid and terminated as described below. Termination of TLS Agreement and Third ARLS Agreement Effective on April 30, 2021, the Company issued a notice of redemption in respect of its 2023 Term Loan Facility and the ABL Revolving Credit Facility and deposited with the Bank of America, N.A. as Administrative Agent under the TLS Agreement and the Third ARLS Agreement proceeds from the Credit Facilities, together with cash on hand in an amount sufficient to discharge the Company’s obligations under the TLS Agreement and the Third ARLS Agreement and respective related agreements. All amounts under the 2023 Term Loan Facility and ABL Revolving Credit Facility were repaid and discharged in full on April 30, 2021 and the TLS Agreement and Third ARLS Agreement were terminated. The discharge resulted in a loss on extinguishment of debt of $7.2 million, including $3.7 million non-cash write off relating to deferred financing costs and unamortized discount of the 2023 Term Loan Facility, a voluntary repayment premium of $3.0 million, and $0.5 million of other fees associated with the new debt, recorded in our Consolidated Statements of Operations for the twelve months ended December 31, 2021. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Our definite-lived intangible assets were comprised of the following: December 31, 2021 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/tradenames 22 years $ 11,573 $ (5,043) $ 6,530 Customer relationships 15 years 14,770 (8,499) 6,271 Technical know-how 5 years 9,790 (4,487) 5,303 Covenant not to compete 5 years 330 (151) 179 $ 36,463 $ (18,180) $ 18,283 December 31, 2020 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/tradenames 22 years $ 11,634 $ (4,681) $ 6,953 Customer relationships 15 years 14,881 (7,536) 7,345 Technical know-how 5 years 9,790 (2,529) 7,261 Covenant not to compete 5 years 330 (85) 245 $ 36,635 $ (14,831) $ 21,804 The aggregate intangible asset amortization expense was $3.4 million for the fiscal year ended December 31, 2021 and $3.4 million and $2.0 million for the fiscal years ended December 31, 2020 and 2019 respectively. The estimated intangible asset amortization expense for each of the five succeeding fiscal years ending after December 31, 2021 is $3.4 million for the years ending December 31, 2022 and 2023, $2.9 million for the year ending December 31, 2024 and $1.4 million for the years ending December 31, 2025 and 2026. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 - Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 - Significant unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Our financial instruments consisted of cash, accounts receivable, accounts payable, accrued liabilities, pension assets and liabilities. 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. Recurring Measurements 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, Czech Crown and Ukrainian Hryvnia, 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 for transactions denominated in Mexican Pesos are deferred in accumulated other comprehensive loss and recognized in cost of revenues in the period the related hedge transactions are settled. As of December 31, 2021, hedge contracts for transactions denominated in Ukrainian Hryvnia and Czech Crown were not designated as a hedging instruments; therefore, they are marked-to-market and the fair value of agreements is recorded in the Consolidated Balance Sheets with the offsetting gains and losses recognized in other (income) expense and recognized in cost of revenues in the period the related hedge transactions are settled in the Consolidated Statements of Operations. Interest Rate Swaps. To manage our exposure to variable interest rates, we have entered into interest rate swaps 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 swaps are intended to mitigate the impact of rising interest rates on the Company and covers 50% of outstanding debt under the Term Loan Facility. Any changes in fair value are included in earnings or deferred through OCI, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the consolidated statements of operations. Contingent Consideration. As a result of the acquisition of First Source Electronics, LLC (“FSE”) on September 17, 2019, the Company agreed to pay up to $10.8 million in contingent milestone payments (“Contingent Consideration”). The Contingent Consideration is 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. As of December 31, 2021, the remaining undiscounted Contingent Consideration payment is estimated at $4.8 million and the fair value is $4.4 million, which is presented in the Consolidated Balance Sheets in accrued liabilities and other. A payment of $5.0 million was made during the second quarter of 2021 based on achievement of the second EBITDA threshold. The fair values of our derivative assets and liabilities and Contingent Consideration measured on a recurring basis as of December 31 and are categorized as follows: December 31, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract $ 1,375 $ — $ 1,375 $ — $ 1,882 $ — $ 1,882 $ — Interest rate swap agreement $ 241 $ — $ 241 $ — $ 936 $ — $ 936 $ — Liabilities: Interest rate swap agreement $ 498 $ — $ 498 $ — $ 2,080 $ — $ 2,080 $ — Contingent Consideration $ 4,409 $ — $ — $ 4,409 $ 8,800 $ — $ — $ 8,800 Details of the changes in value for the Contingent Consideration that is measured using significant unobservable inputs (Level 3) are as follows: Amount Contingent Consideration liability balance at December 31, 2020 $ 8,800 Change in fair value 609 Payments (5,000) Contingent Consideration liability balance at December 31, 2021 $ 4,409 The following table summarizes the notional amount of our open foreign exchange contracts at December 31: 2021 2020 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 49,601 $ 48,712 $ 14,675 $ 16,558 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 fair value and presentation of derivatives in the Consolidated Balance Sheets at December 31 : Derivative Asset Balance Sheet Fair Value 2021 2020 Foreign exchange contracts Other assets $ 1,375 $ 1,882 Interest Rate Swap Contract Accrued liabilities and other $ 241 $ 936 Derivative Liability Balance Sheet Fair Value 2021 2020 Interest Rate Swap Accrued liabilities and other $ 498 $ 2,080 Derivative Equity Balance Sheet Fair Value 2021 2020 Foreign exchange contracts Accumulated other comprehensive loss $ 757 $ 1,441 The following table summarizes the effect of derivative instruments on the Consolidated Statements of Operations: 2021 2020 Location of Gain (Loss) Amount of Gain (Loss) Foreign exchange contracts Cost of revenues $ 2,452 $ (1,811) Interest rate swap agreement Interest expense $ (9) $ (1,031) Foreign exchange contracts Other (income) expense $ 134 $ — We consider the impact of our credit risk on the fair value of the contracts, as well as our ability to honor obligations under the contract. Other Fair Value Measurements 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 fair value as disclosed is classified as Level 2. The carrying amounts and fair values of our long-term debt obligations are as follows: December 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 145,556 $ 142,265 $ — $ — Term loan and security agreement 2 $ — $ — $ 146,576 $ 144,878 Revolving Credit Facility 1 $ 49,400 $ 49,400 $ — $ — 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt of $9.4 million and long-term debt of $185.6 million as of December 31, 2021. 2 Presented in the Consolidated Balance Sheets as the current portion of long-term debt of $2.4 million and long-term debt of $144.1 million as of December 31, 2020. Long-lived Assets. For the year ended December 31, 2020, an impairment charge of $1.1 million was recognized for the Electrical Systems segment, $0.4 million related to an operating lease right-of-use asset and $0.7 million related to property, plant and equipment. Additionally, for the period ended December 31, 2020, an impairment charge of $0.8 million was recognized for the corporate aircraft and was based on the selling price, less selling costs, of $0.3 million. These impairment charges are presented in impairment expense in the Consolidated Statements of Operations. Goodwill Impairment. For the period ended December 31, 2020, an impairment charge of $27.1 million was recognized for goodwill and was based on the estimated fair values of goodwill for the reporting units compared to the net carrying values at March 31, 2020. The impairment charge is presented in impairment expense in the Consolidated Statements of Operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Operating lease cost 1 $ 10,082 $ 11,214 Finance lease cost: Amortization of right-of-use assets 326 394 Interest on lease liabilities 27 43 Total finance lease cost $ 353 $ 437 Short-term lease cost 2 6,214 4,258 Total lease expense $ 16,649 $ 15,909 1. The Company recognized accelerated lease costs of $1.1 million during the year ended December 31, 2020 related to the corporate research and development center. 2. Includes variable lease costs, which are not significant. Supplemental cash flow information related to leases is as follows: Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,250 $ 10,571 Financing cash flows from finance leases $ 348 $ 446 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location December 31, 2021 December 31, 2020 Operating Leases Right-of-use assets, net Operating lease right-of-use asset, net $ 26,116 $ 30,047 Current liabilities Current operating lease liabilities 9,048 9,236 Non-current liabilities Long-term operating lease liabilities 18,519 23,932 Total operating lease liabilities $ 27,567 $ 33,168 Finance Leases Right-of-use assets, net Other assets $ 468 $ 767 Current liabilities Accrued liabilities and other 194 293 Non-current liabilities Other long-term liabilities 272 434 Total finance lease liabilities $ 466 $ 727 Weighted Average Remaining Lease Term Operating leases 4.0 years 4.5 years Finance leases 2.9 years 3.2 years Weighted Average Discount Rate Operating leases 8.0 % 8.0 % Finance leases 4.7 % 5.1 % 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 2022 $ 10,654 $ 208 $ 10,862 2023 6,724 140 6,864 2024 5,321 91 5,412 2025 4,594 49 4,643 2026 3,363 2 3,365 Thereafter 1,388 1 1,389 Total lease payments $ 32,044 $ 491 $ 32,535 Less: Imputed interest (4,477) (25) (4,502) Present value of lease liabilities $ 27,567 $ 466 $ 28,033 |
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, 2021 2020 Operating lease cost 1 $ 10,082 $ 11,214 Finance lease cost: Amortization of right-of-use assets 326 394 Interest on lease liabilities 27 43 Total finance lease cost $ 353 $ 437 Short-term lease cost 2 6,214 4,258 Total lease expense $ 16,649 $ 15,909 1. The Company recognized accelerated lease costs of $1.1 million during the year ended December 31, 2020 related to the corporate research and development center. 2. Includes variable lease costs, which are not significant. Supplemental cash flow information related to leases is as follows: Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,250 $ 10,571 Financing cash flows from finance leases $ 348 $ 446 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location December 31, 2021 December 31, 2020 Operating Leases Right-of-use assets, net Operating lease right-of-use asset, net $ 26,116 $ 30,047 Current liabilities Current operating lease liabilities 9,048 9,236 Non-current liabilities Long-term operating lease liabilities 18,519 23,932 Total operating lease liabilities $ 27,567 $ 33,168 Finance Leases Right-of-use assets, net Other assets $ 468 $ 767 Current liabilities Accrued liabilities and other 194 293 Non-current liabilities Other long-term liabilities 272 434 Total finance lease liabilities $ 466 $ 727 Weighted Average Remaining Lease Term Operating leases 4.0 years 4.5 years Finance leases 2.9 years 3.2 years Weighted Average Discount Rate Operating leases 8.0 % 8.0 % Finance leases 4.7 % 5.1 % 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 2022 $ 10,654 $ 208 $ 10,862 2023 6,724 140 6,864 2024 5,321 91 5,412 2025 4,594 49 4,643 2026 3,363 2 3,365 Thereafter 1,388 1 1,389 Total lease payments $ 32,044 $ 491 $ 32,535 Less: Imputed interest (4,477) (25) (4,502) Present value of lease liabilities $ 27,567 $ 466 $ 28,033 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pre-tax income (loss) consisted of the following for the years ended December 31: 2021 2020 2019 Domestic $ 9,476 $ (55,907) $ 4,777 Foreign 22,649 11,407 16,779 Total $ 32,125 $ (44,500) $ 21,556 A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows: 2021 2020 2019 Federal (benefit) provision at statutory rate $ 6,746 $ (9,345) $ 4,527 U.S./Foreign tax rate differential 696 492 393 Foreign non-deductible expenses 515 702 2,059 Foreign tax provision 739 611 793 State taxes, net of federal benefit 315 (1,086) 308 State tax rate change, net of federal benefit (432) — (41) Change in uncertain tax positions 74 71 15 Change in valuation allowance 366 2,146 (2,054) Tax credits (1,341) (143) (2,652) Share-based compensation (857) (15) (14) Executive compensation (IRC 162m) 1,128 — — Repatriation of foreign earnings 208 37 1,235 GILTI, net of related foreign tax credit 39 (1,340) 730 Other 197 419 479 (Benefit) Provision for income taxes $ 8,393 $ (7,451) $ 5,778 The provision (benefit) for income taxes for the years ended December 31 follows: 2021 2020 2019 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 46 $ 2,377 $ 2,423 $ 109 $ (10,975) $ (10,866) $ (205) $ (336) $ (541) State and local 152 (439) (287) 120 (559) (439) 214 883 1,097 Foreign 6,126 131 6,257 4,449 (595) 3,854 4,207 1,015 5,222 Total $ 6,324 $ 2,069 $ 8,393 $ 4,678 $ (12,129) $ (7,451) $ 4,216 $ 1,562 $ 5,778 A summary of deferred income tax assets and liabilities as of December 31 follows: 2021 2020 Noncurrent deferred tax assets: Amortization and fixed assets $ 7,371 $ 5,094 Inventories 3,914 2,325 Pension obligations 2,599 2,827 Warranty obligations 354 473 Accrued benefits 400 551 Operating leases 308 664 Tax credit carryforwards 7,106 6,030 Net operating loss carryforwards 14,944 17,369 Other temporary differences 5,483 7,089 Total noncurrent deferred tax assets $ 42,479 $ 42,422 Valuation allowance (18,371) (16,441) Net noncurrent deferred tax assets $ 24,108 $ 25,981 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (968) $ (952) Inventories 103 115 Pension obligations — 161 Other temporary differences (303) (385) Total noncurrent tax liabilities (1,168) (1,061) Total net deferred tax asset $ 22,940 $ 24,920 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 2021, we recorded an additional valuation allowance of $2.5 million primarily related to the deferred tax assets of our United Kingdom subsidiary and certain U.S. federal and state tax attribute carryforwards, and released $0.6 million in valuation allowances primarily related to the deferred tax assets of our Luxembourg subsidiary. 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. Activity for the years ended December 31 is as follows (in thousands): 2021 2020 2019 Balance - Beginning of the year $ 16,441 $ 11,992 $ 14,665 Provisions 2,529 4,511 706 Utilizations (599) (62) (3,379) Balance - End of the year $ 18,371 $ 16,441 $ 11,992 As of December 31, 2021, the Company had net operating loss carryforwards of $109.9 million, of which $49.6 million related to foreign jurisdictions and $60.3 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, 2021, we had $3.2 million of U.S. foreign tax credit carryforwards, net of a $2.3 million valuation allowance, 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 generate sufficient U.S. federal taxable income in future years. The credits begin to expire in 2027. As of December 31, 2021, we had $1.0 million of research and development tax credit carryforwards related to our U.S. operations. Utilization of these credits may be limited if the Company does not generate sufficient U.S. federal taxable income in future years. The credits begin to expire in 2032. As of December 31, 2021, cash of $34.6 million was held by foreign subsidiaries. During the year ended December 31, 2021, $5.3 million was repatriated from the Company's foreign subsidiaries. The Company had a $0.5 million deferred tax liability as of December 31, 2021 for the expected future income tax implications of repatriating cash from the foreign subsidiaries for which no indefinite reinvestment assertion has been made. 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 2017. 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, 2021, and 2020, we provided a liability of $1.1 million and $1.0 million, respectively, for unrecognized tax benefits associated with our U.S. federal and state, and foreign jurisdictions. The majority of these unrecognized tax benefits are netted against their related non-current deferred tax assets. We accrue interest and penalties related to unrecognized tax benefits through income tax expense. We had $0.5 million and $0.5 million accrued for the payment of interest and penalties as of December 31, 2021 and December 31, 2020, respectively. Accrued interest and penalties are included in the $1.1 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: 2021 2020 2019 Balance - Beginning of the year $ 1,006 $ 908 $ 894 Gross increase - tax positions in prior periods 75 73 70 Gross decreases - tax positions in prior periods — — (39) Lapse of statute of limitations — — (12) Currency translation adjustment 12 25 (5) Balance - End of the year $ 1,093 $ 1,006 $ 908 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consisted of the following as of December 31: 2021 2020 Compensation and benefits $ 16,677 $ 15,877 Accrued freight 5,628 2,556 Taxes payable 6,391 4,057 Contingent Consideration 4,409 4,870 Other 8,687 13,460 $ 41,792 $ 40,820 |
Defined Contribution Plan, Pens
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan, 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 $4.0 million, $1.9 million and $4.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The increase in expense for the year ended December 31, 2021 as compared to the to the prior year period primarily resulted from the temporary suspension of the employer 401(k) match taken in response to the COVID-19 pandemic in the year ended December 31, 2020. 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 fourth quarter of the year ended December 31, 2021, the Audit Committee of the Board of Directors approved amendments to the U.S. Pension Plan to terminate the plan. The plan participants have been notified of the Company's intention to terminate the plan effective December 31, 2021 and settle plan liabilities through either lump sum distributions to plan participants or annuity contracts that cover vested benefits. The Company currently expects to complete the settlement of plan liabilities between the fourth quarter of 2022 and the first quarter of 2023. 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 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation — Beginning of the year $ 41,218 $ 39,577 $ 53,654 $ 44,841 Service cost — — — 37 Interest cost 827 1,117 638 838 Participant contributions 1 2 — — Benefits paid (2,422) (2,344) (1,692) (1,820) Actuarial (gain) loss (776) 2,866 (3,595) 7,514 Exchange rate changes — — (460) 2,244 Benefit obligation at end of the year $ 38,848 $ 41,218 $ 48,545 $ 53,654 Change in plan assets: Fair value of plan assets — Beginning of the year $ 42,628 $ 40,045 $ 38,485 $ 34,321 Actual return on plan assets 966 4,907 1,169 3,474 Employer contributions 28 18 1,077 948 Participant contributions 1 2 — — Benefits paid (2,422) (2,344) (1,692) (1,820) Exchange rate changes — — (399) 1,562 Fair value of plan assets at end of the year 41,201 42,628 38,640 38,485 Funded status $ 2,353 $ 1,410 $ (9,905) $ (15,169) Actuarial Gain - The projected U.S. benefit obligation includes a net gain of $0.8 million for the year ended December 31, 2021. The gain is a result of changes in key actuarial assumptions, including the change to termination basis and demographic gain due to higher mortality experience during 2020 than expected. The projected Non-U.S. benefit obligation includes a net gain of $3.6 million for the year ended December 31, 2021 driven primarily by an increase in the discount rate assumption. 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 2021 2020 2021 2020 Noncurrent assets $ 2,479 $ 1,557 $ — $ — Current liabilities (126) (20) — — Noncurrent liabilities — (127) (9,906) (15,169) Amount recognized $ 2,353 $ 1,410 $ (9,906) $ (15,169) 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 2021 2020 2019 2021 2020 2019 Interest cost $ 827 $ 1,117 $ 1,483 $ 638 $ 838 $ 1,112 Expected return on plan assets (2,212) (2,075) (2,393) (1,000) (1,093) (1,117) Amortization of prior service cost 1 6 6 2,528 54 47 47 Recognized actuarial loss 283 283 308 953 592 531 Net periodic cost (benefit) $ (1,096) $ (669) $ 1,926 $ 645 $ 384 $ 573 1 Includes $2.5 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits in the year ended December 31, 2020. Net periodic (benefit) cost components, not inclusive of service costs, are recognized in Other (expense) 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 2021 2020 2019 2021 2020 2019 Net actuarial loss $ 10,875 $ 10,689 $ 10,937 $ 13,923 $ 18,574 $ 13,783 Prior service cost 33 39 45 687 748 747 $ 10,908 $ 10,728 $ 10,982 $ 14,610 $ 19,322 $ 14,530 Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Income (Loss) - Amounts recognized as other changes in plan assets and benefit obligations in 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 2021 2020 2021 2020 Actuarial (gain) loss $ 469 $ 34 $ (3,717) $ 5,428 Amortization of actuarial (loss) gain (283) (283) (942) (625) Prior service credit (6) (6) (53) (11) Total recognized in other comprehensive income (loss) $ 180 $ (255) $ (4,712) $ 4,792 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 2021 2020 2021 2020 Discount rate 2.07 % 2.08 % 1.80 % 1.20 % 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 2021 2020 2019 2021 2020 2019 Discount rate 2.08 % 2.93 % 3.40 % 1.20 % 1.95 % 2.80 % Expected return on plan assets 5.34 % 5.34 % 5.34 % 2.60 % 3.30 % 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. Due to the termination of the U.S. Pension Plan effective December 31, 2021, the related investments were reallocated to fixed income securities. 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 $1.1 million to our pension plans and our other post-retirement benefit plans in 2022. Our investment allocation target for our pension plans for 2021 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 2021 2020 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Cash and cash equivalents 21 — 1 — 21 1 1 5 Equity/Balanced securities — 53 29 52 — 52 29 49 Fixed income securities 79 47 61 48 54 47 61 46 Real estate — — 9 — 25 — 9 — 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 6, Fair Value Measurement, for the years ended December 31, 2021 and 2020 are as follows: December 31, 2021 Quoted Prices in Significant Net Asset Value Per Share Total Level 1 Level 2 NAV Cash and cash equivalents $ 9,192 $ 442 $ — $ 8,750 Balanced 20,239 — 20,239 Fixed income securities: Corporate bonds 37,117 — 22,361 14,756 Other 13,294 — 10,091 3,203 Total pension fund assets $ 79,842 $ 442 $ 32,452 $ 46,948 December 31, 2020 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,125 $ 2,125 $ — $ — Equities: U.S. large value 2,525 2,525 — — U.S. large growth 2,741 2,741 — — International blend 5,253 — 5,253 — Emerging markets 1,717 1,717 — — Balanced 18,958 — 18,958 — Fixed income securities: Corporate bonds 40,485 — 40,485 — Other 3,221 — 3,221 — Real Estate: U.S. property 4,088 — — 4,088 Total pension fund assets $ 81,113 $ 9,108 $ 67,917 $ 4,088 The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows: 2021 2020 Beginning balance $ 4,088 $ 4,070 Actual return on assets held at reporting date — 18 Purchases, sales and settlements, net (4,088) — Ending balance $ — $ 4,088 The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans: Year Ending December 31, Pension Plans 2022 (1) $ 40,504 2023 $ 1,822 2024 $ 1,881 2025 $ 1,846 2026 $ 1,919 2027 to 2031 $ 10,096 1. It is not practical to estimate at this time how much of the U.S. Pension Plan liabilities will be settled in 2022 or 2023; therefore, the table above assumes that all settlement occurs in 2022. |
Performance Awards
Performance Awards | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Performance Awards | Performance Awards In 2020, the Company made awards, defined as cash, shares or other awards, to employees under the Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (the “2014 EIP”) and the Commercial Vehicle Group, Inc. 2020 Equity Incentive Plan (the “2020 EIP”). Effective June 15, 2020, as part of the Company’s stockholders’ approval of the 2020 EIP, the Company agreed that no more awards will be made under the 2014 EIP. Restricted Cash Awards – Restricted cash is a grant that is earned and payable in cash based upon the Company’s relative total shareholder return in terms of ranking as compared to the peer group generally ranging from a one Performance Stock Awards Settled in Cash – Performance-based stock award is a grant that is earned and payable in cash. The total amount payable as of the award's vesting date is determined based upon number of shares allocated to each participant, the Company’s relative total shareholder return in terms of ranking which can fluctuate as compared to the peer group over the performance period, and the share price of the Company's stock. 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. Performance targets are based on relative total shareholder return in terms of ranking as compared to the peer group over the performance period. These awards are 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 equity incentive plans: Amount Adjusted Award Value at December 31, 2020 $ 976 Forfeitures (309) Adjustments 1,218 Payments (651) Adjusted Award Value at December 31, 2021 $ 1,234 The Company generally grants performance awards in the first quarter of each year. Unrecognized compensation expense was $1.5 million as of December 31, 2021. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based CompensationThe compensation expense for our share-based compensation arrangements (see Restricted Stock Awards below) was $6.3 million, $3.5 million and $2.8 million for the years ended December 31, 2021, 2020 and 2019, 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. Time-based restricted stock awards generally vest over the three-year period following the date of grant, unless forfeited, and will be paid out in the form of stock at the end of the vesting period. Performance Stock Awards Settled in Stock – Performance-based stock awards have similar restrictions as restricted stock. They vest over the specified period following the date of grant, unless forfeited, and will be paid out in the form of stock at the end of the vesting period if the Company meets the performance targets set at the time the award was granted. Performance targets are based on relative total shareholder return in terms of ranking as compared to the peer group over the performance period. As of December 31, 2021, there was approximately $5.0 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, 2021 and changes during the twelve-month period ending December 31, 2021, is presented below: 2021 Shares Weighted- Average Grant-Date Fair Value Non-vested - beginning of year 1,263 $ 3.48 Granted 487 9.90 Vested (933) 4.82 Forfeited (34) 7.78 Non-vested - end of year 783 $ 5.68 As of December 31, 2021, a total of 2.9 million shares were available for future grants from the shares authorized for award under our 2020 EIP, including cumulative forfeitures. We have elected to report forfeitures as they occur as opposed to estimating future forfeitures in our share-based compensation expense. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
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 32,034,592 and 31,249,811 shares outstanding as of December 31, 2021 and 2020, 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, 2021 and 2020. 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, 2021, 2020 and 2019 includes the effects of potential common shares when dilutive and is as follows: 2021 2020 2019 Net income (loss) attributable to common stockholders $ 23,732 $ (37,049) $ 15,778 Weighted average number of common shares outstanding 31,501 30,943 30,602 Dilutive effect of restricted stock grants after application of the treasury stock method 1,289 — 221 Dilutive shares outstanding 32,790 30,943 30,823 Basic earnings (loss) per share attributable to common stockholders $ 0.75 $ (1.20) $ 0.52 Diluted earnings (loss) per share attributable to common stockholders $ 0.72 $ (1.20) $ 0.51 There were no anti-dilutive shares for the year ended December 31, 2021. For the year ended December 31, 2020, diluted earnings (loss) per share excludes 220 thousand shares, of non-vested 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 our Credit Agreement restrict the payment or distribution of our cash or other assets, including cash dividend payments. Shareholder Rights Plan |
Other Comprehensive (Income) Lo
Other Comprehensive (Income) Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive (Income) Loss | Other Comprehensive (Income) Loss The activity for each item of accumulated other comprehensive loss is as follows: Foreign Pension and Other Post-Retirement Benefit Plans Derivative Instruments Accumulated other Balance - December 31, 2019 $ (24,032) $ (22,382) $ 464 $ (45,950) Net current period change 5,008 (4,597) — 411 Derivative instruments — — 977 977 Reclassification adjustments for losses reclassified into income — (444) — (444) Balance - December 31, 2020 $ (19,024) $ (27,423) $ 1,441 $ (45,006) Net current period change $ (1,421) $ 4,576 $ — $ 3,155 Derivative instruments — — (684) (684) Reclassification adjustments for losses reclassified into income — 97 — 97 Balance - December 31, 2021 $ (20,445) $ (22,750) $ 757 $ (42,438) The related tax effects allocated to each component of other comprehensive (loss) income for the years ended December 31, 2021 and 2020 are as follows: 2021 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 4,620 $ (44) $ 4,576 Reclassification of actuarial loss and prior service cost to net income 97 — 97 Net unrealized gain 4,717 (44) 4,673 Cumulative translation adjustment (1,421) — (1,421) Derivative instruments (898) 214 (684) Total other comprehensive gain $ 2,398 $ 170 $ 2,568 2020 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial loss and prior service credit $ (4,537) $ (60) $ (4,597) Reclassification of actuarial loss and prior service cost to net income (505) 61 (444) Net unrealized loss (5,042) 1 (5,041) Cumulative translation adjustment 5,008 — 5,008 Derivative instruments 1,419 (442) 977 Total other comprehensive gain $ 1,385 $ (441) $ 944 |
Cost Reduction and Manufacturin
Cost Reduction and Manufacturing Capacity Rationalization | 12 Months Ended |
Dec. 31, 2021 | |
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. Furthermore, in 2020, the Company began implementing additional cost reduction initiatives and further manufacturing capacity rationalization initiatives in response to the COVID-19 pandemic ("2020 Initiatives"). The Restructuring Initiatives and 2020 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, and expansion of production footprint to manufacture warehouse automation subsystems. On November 1, 2021, the Company's Board of Directors approved a restructuring program to align the Company's cost structure to support margin expansion. The program includes workforce reductions and footprint optimization across segments. We expect the restructuring cost to be between $4.0 million to $6.0 million for the entire program. The changes in accrued restructuring balances are as follows: Total Balance - December 31, 2019 $ 2,324 New charges 6,914 Payments and other adjustments (8,559) Balance - December 31, 2020 $ 679 New charges 1,895 Payments and other adjustments (2,088) Balance - December 31, 2021 $ 486 Substantially all of the $1.9 million costs incurred in the twelve months ended December 31, 2021, related to headcount reductions and none related to facility exit and other costs. More than half of the costs were incurred in the Electrical Systems segment with the remainder split between Vehicle Solutions and Warehouse Automation segments. Of the $1.9 million costs incurred, $1.2 million was recorded in cost of revenues and $0.7 million was recorded in selling, general and administrative expenses. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases - As disclosed in Note 6, Leases, 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, 2021, 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, 2021 and 2020, 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 product liability claims, customer and supplier disputes, service provider disputes, examinations by taxing authorities, employment disputes, workers’ compensation claims, unfair labor practice charges, OSHA investigations, intellectual property disputes and environmental claims arising out of the conduct of our businesses. 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, 2021 and 2020, 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: 2021 2020 Balance - beginning of the year $ 2,041 $ 3,082 Provision for warranty claims 942 656 Deduction for payments made and other adjustments (1,493) (1,697) Balance - end of year $ 1,490 $ 2,041 Debt Payments - As disclosed in Note 3, Debt, the Credit Agreement requires the Company to repay a fixed amount of principal on a quarterly basis and make voluntary prepayments that coincide with certain events. The following table provides future minimum principal payments due on long-term debt for the next five years. The existing long-term debt agreement matures in 2026; no payments are due thereafter: Year Ending December 31, 2022 $ 9,375 2023 $ 13,125 2024 $ 16,875 2025 $ 20,625 2026 $ 135,650 Thereafter $ — |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting In the quarter ended December 31, 2021, we completed a strategic reorganization of our operations into four segments, Vehicle Solutions, Warehouse Automation, Electrical Systems and Aftermarket & Accessories. The reorganization will allow the Company to better focus on growth opportunities, capital allocation and enhancing shareholder value. As a result of the strategic reorganization, the prior period amounts have been reclassified to conform to the new organization structure. Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker (“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 multiple segments. Our segments are more specifically described below. The Vehicle Solutions segment designs, manufactures and sells the following products: • Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market; • Plastic components ("Trim") primarily for the North America commercial vehicle market and recreational vehicle markets; and Cab structures for the North American medium-duty/heavy-duty ("MD/HD") truck market. The Warehouse Automation segment designs, manufactures and sells the following products: • Warehouse automation subsystems including control panels, electro-mechanical assemblies, cable assemblies, and power and communication solutions. • The end markets for these products primarily include e-commerce, warehouse integration, transportation and the military/defense industry. The Electrical Systems segment designs, manufactures and sells the following products: • Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications. • The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail and the military/ defense industries in North America, Europe and Asia-Pacific. The Aftermarket & Accessories segment designs, manufactures and sells the following products: • Seats and components sold into the commercial vehicle markets in North America, Europe and Asia-Pacific; • Commercial vehicle accessories including wipers, mirrors, and sensors; and • Office seats primarily in Europe and Asia-Pacific. Corporate expenses consist of certain overhead and shared costs that are not directly attributable to the operations of a segment. For purposes of business segment performance measurement, some of these costs that are for the benefit of the operations are allocated based on a combination of methodologies. The costs that are not allocated to a segment are considered stewardship costs and remain at corporate in our segment reporting. The following tables present financial information for the Company's reportable segments for the periods indicated: For the year ended December 31, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/ Total Revenues $ 498,913 $ 187,912 $ 168,971 $ 115,782 $ — $ 971,578 Gross profit $ 50,608 $ 29,669 $ 20,773 $ 17,980 $ (43) $ 118,987 Selling, general & administrative expenses 26,959 6,106 6,213 5,889 24,239 69,406 Operating income (loss) $ 23,649 $ 23,563 $ 14,560 $ 12,091 $ (24,282) $ 49,581 Capital expenditures and other items: Capital expenditures $ 6,203 $ 4,480 $ 5,976 $ 482 $ 512 $ 17,653 Depreciation expense $ 7,911 $ 687 $ 3,550 $ 1,240 $ 1,671 $ 15,059 For the year ended December 31, 2020 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/ Total Revenues $ 366,636 $ 101,655 $ 141,094 $ 108,314 $ — $ 717,699 Gross profit $ 32,398 $ 13,205 $ 12,185 $ 16,658 $ (370) $ 74,076 Selling, general & administrative expenses 22,510 9,698 3,996 5,396 26,628 68,228 Goodwill and other impairment 7,245 19,829 1,150 — 793 29,017 Operating income (loss) $ 2,643 $ (16,322) $ 7,039 $ 11,262 $ (27,791) $ (23,169) Capital expenditures and depreciation expense: Capital expenditures $ 3,599 $ 1,288 $ 857 $ 358 $ 1,040 $ 7,142 Depreciation expense $ 7,682 $ 377 $ 3,552 $ 1,436 $ 2,012 $ 15,059 For the year ended December 31, 2019 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/ Total Revenues $ 577,989 $ 12,803 $ 178,398 $ 132,048 $ — $ 901,238 Gross profit $ 65,121 $ 1,248 $ 16,588 $ 22,252 $ (72) $ 105,137 Selling, general & administrative expenses 24,875 1,396 5,331 6,594 26,305 64,501 Operating income (loss) $ 40,246 $ (148) $ 11,257 $ 15,658 $ (26,377) $ 40,636 Capital expenditures and depreciation expense: Capital expenditures $ 13,967 $ 433 $ 6,586 $ 463 $ 2,668 $ 24,117 Depreciation expense $ 6,876 $ 49 $ 3,027 $ 1,126 $ 2,484 $ 13,562 The following table presents revenues and long-lived assets for the geographic areas in which we operate: Years Ended December 31, 2021 2020 2019 Revenues Long-lived Assets Revenues Long-lived Assets Revenues Long-lived United States $ 738,937 $ 60,260 $ 536,846 $ 60,605 $ 691,224 $ 70,870 All other countries 232,641 29,450 180,853 32,985 210,014 38,568 $ 971,578 $ 89,710 $ 717,699 $ 93,590 $ 901,238 $ 109,438 Sales to A.B. Volvo and two other customers, were in excess of 10% of total Company revenues in each of the years ended December 31, 2021, 2020 and 2019, as noted in the table below. 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: Years Ended December 31, Customer Primary Segment 2021 2020 2019 A.B. Volvo Vehicle Solutions 17 % 16 % 22 % Customer B Warehouse Automation 17 % 9 % — % Customer C Vehicle Solutions 12 % 14 % 17 % |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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. Actual results may differ materially from those estimates. Certain prior period amounts have been reclassified to conform to footnote presentation for the current year. |
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 credit losses 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 and expected economic market conditions. As we monitor our receivables, we identify customers that may have payment problems, and we adjust the allowance accordingly, with the offset to selling, general and administrative expense. Account balances are charged off against the allowance when recovery is considered remote. |
Inventories | Inventories are valued at the lower of first-in, first-out cost or market 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. Property, plant, and equipment, net consisted of the following as of December 31: 2021 2020 Land and buildings $ 32,012 $ 30,305 Machinery and equipment 194,828 189,939 Construction in progress 8,822 1,558 Property, plant, and equipment, gross 235,662 221,802 Less accumulated depreciation (172,536) (159,026) Property, plant and equipment, net $ 63,126 $ 62,776 For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives (generally 15 to 40 years for buildings and building improvements, three three three 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. |
Leases | The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. As most leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The length of a lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The Company's accounting policy election is to not recognize lease assets or liabilities for leases with a term of 12 months or less. Additionally, when accounting for leases, the Company combines payments for leased assets, related services and other components of a lease. |
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. 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 for which the terms and conditions are 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, 2021, contained a significant financing component. We typically do not have multiple performance obligations requiring us to allocate a transaction price. |
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. |
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 formally designated at inception as a hedging instrument. Therefore, changes in the fair value of the interest rate swap are recorded in accumulated other comprehensive income (loss) and recognized in the Consolidated Statement of Operations when the contracts are settled. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Also, in January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848): Scope", to clarify that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company will apply the guidance to impacted transactions during the transition period. The Company does not expect the adoption of this standard to have a material impact on the Company’s Consolidated Financial Statements. Accounting Pronouncements Implemented During the Year Ended December 31, 2021 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. The Company implemented ASU 2019-12 as of January 1, 2021 and the ASU did not have a material impact on the Company's consolidated financial statements and related disclosures. In October 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-10, "Codification Improvements". The ASU updates various codification topics by clarifying and improving disclosure requirements to align with the SEC's regulations. The Company implemented ASU 2020-10 as of January 1, 2021 and the ASU did not have a material impact on the Company's consolidated financial statements and related disclosures. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following as of December 31: 2021 2020 Raw materials $ 107,505 $ 65,334 Work in process 21,671 13,373 Finished goods 11,869 12,540 Total Inventory $ 141,045 $ 91,247 |
Summary of Property, Plant, and Equipment Net | Property, plant, and equipment, net consisted of the following as of December 31: 2021 2020 Land and buildings $ 32,012 $ 30,305 Machinery and equipment 194,828 189,939 Construction in progress 8,822 1,558 Property, plant, and equipment, gross 235,662 221,802 Less accumulated depreciation (172,536) (159,026) Property, plant and equipment, net $ 63,126 $ 62,776 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Composition by Product Category of Revenues | The following is the composition, by product category, of our revenues: Twelve Months Ended December 31, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 267,580 $ — $ — $ 55,377 $ 322,957 Electrical wire harnesses, panels and assemblies 2,682 25,329 168,108 11,214 207,333 Trim 154,205 — — 2,555 156,760 Warehouse Automation — 162,583 — — 162,583 Cab structures 69,749 — — 7,761 77,510 Mirrors, wipers and controls 4,697 — 863 38,875 44,435 Total $ 498,913 $ 187,912 $ 168,971 $ 115,782 $ 971,578 Twelve Months Ended December 31, 2020 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 205,232 $ 147 $ — $ 58,832 $ 264,211 Electrical wire harnesses, panels and assemblies 1,751 37,949 138,903 9,362 187,965 Trim 109,450 — — 2,413 111,863 Warehouse Automation — 63,559 — — 63,559 Cab structures 46,483 — — 3,298 49,781 Mirrors, wipers and controls 3,720 — 2,191 34,409 40,320 Total $ 366,636 $ 101,655 $ 141,094 $ 108,314 $ 717,699 Twelve Months Ended December 31, 2019 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 291,496 $ — $ — $ 71,272 $ 362,768 Electrical wire harnesses, panels and assemblies 2,404 11,652 172,341 11,799 198,196 Trim 193,918 — 342 1,827 196,087 Warehouse Automation — 1,151 — — 1,151 Cab structures 85,885 — — 1,987 87,872 Mirrors, wipers and controls 4,286 — 5,715 45,163 55,164 Total $ 577,989 $ 12,803 $ 178,398 $ 132,048 $ 901,238 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following at December 31: 2021 2020 Term loan facility due 2026 $ 146,250 $ — Revolving credit facility due 2026 49,400 — Term loan and security agreement due 2023 — 150,950 Unamortized discount and issuance costs (694) (4,374) $ 194,956 $ 146,576 Less: current portion, net of unamortized discount and issuance costs of $0.7 million and $1.9 million, respectively (9,375) (2,429) Total long-term debt, net of current portion $ 185,581 $ 144,147 |
Margin for Borrowings under Revolving Credit Facility | Amounts outstanding under the Credit Facilities and the commitment fee payable in connection with the Credit Facilities accrue interest at a per annum rate equal to (at the Company’s option) the base rate or the Eurodollar rate plus a rate which will vary according to the Consolidated Total Leverage Ratio as set forth in the most recent compliance certificate received by the Administrative Agent, as set out in the following table: Pricing Tier Consolidated Total Commitment Fee Letter of Credit Fee Eurodollar Rate Loans Base Rate Loans I > 3.00 to 1.00 0.30% 3.00% 3.00% 2.00% II < 3.00 to 1.00 but > 2.00 to 1.00 0.25% 2.75% 2.75% 1.75% III < 2.00 to 1.00 but > 1.50 to 1.00 0.20% 2.50% 2.50% 1.50% IV < 1.50 to 1.00 0.20% 2.25% 2.25% 1.25% |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our definite-lived intangible assets were comprised of the following: December 31, 2021 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/tradenames 22 years $ 11,573 $ (5,043) $ 6,530 Customer relationships 15 years 14,770 (8,499) 6,271 Technical know-how 5 years 9,790 (4,487) 5,303 Covenant not to compete 5 years 330 (151) 179 $ 36,463 $ (18,180) $ 18,283 December 31, 2020 Weighted- Gross Accumulated Net Definite-lived intangible assets: Trademarks/tradenames 22 years $ 11,634 $ (4,681) $ 6,953 Customer relationships 15 years 14,881 (7,536) 7,345 Technical know-how 5 years 9,790 (2,529) 7,261 Covenant not to compete 5 years 330 (85) 245 $ 36,635 $ (14,831) $ 21,804 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Values of our Derivative Assets and Liabilities | The fair values of our derivative assets and liabilities and Contingent Consideration measured on a recurring basis as of December 31 and are categorized as follows: December 31, 2021 December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract $ 1,375 $ — $ 1,375 $ — $ 1,882 $ — $ 1,882 $ — Interest rate swap agreement $ 241 $ — $ 241 $ — $ 936 $ — $ 936 $ — Liabilities: Interest rate swap agreement $ 498 $ — $ 498 $ — $ 2,080 $ — $ 2,080 $ — Contingent Consideration $ 4,409 $ — $ — $ 4,409 $ 8,800 $ — $ — $ 8,800 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Details of the changes in value for the Contingent Consideration that is measured using significant unobservable inputs (Level 3) are as follows: Amount Contingent Consideration liability balance at December 31, 2020 $ 8,800 Change in fair value 609 Payments (5,000) Contingent Consideration liability balance at December 31, 2021 $ 4,409 |
Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts at December 31: 2021 2020 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 49,601 $ 48,712 $ 14,675 $ 16,558 |
Fair Value and Presentation in Consolidated Balance Sheets for Derivatives none of which are Designated as Accounting Hedges | The following table summarizes the fair value and presentation of derivatives in the Consolidated Balance Sheets at December 31 : Derivative Asset Balance Sheet Fair Value 2021 2020 Foreign exchange contracts Other assets $ 1,375 $ 1,882 Interest Rate Swap Contract Accrued liabilities and other $ 241 $ 936 Derivative Liability Balance Sheet Fair Value 2021 2020 Interest Rate Swap Accrued liabilities and other $ 498 $ 2,080 Derivative Equity Balance Sheet Fair Value 2021 2020 Foreign exchange contracts Accumulated other comprehensive loss $ 757 $ 1,441 |
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: 2021 2020 Location of Gain (Loss) Amount of Gain (Loss) Foreign exchange contracts Cost of revenues $ 2,452 $ (1,811) Interest rate swap agreement Interest expense $ (9) $ (1,031) Foreign exchange contracts Other (income) expense $ 134 $ — |
Carrying Amounts and Fair Values of Our Long-Term Debt Obligations | The carrying amounts and fair values of our long-term debt obligations are as follows: December 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 145,556 $ 142,265 $ — $ — Term loan and security agreement 2 $ — $ — $ 146,576 $ 144,878 Revolving Credit Facility 1 $ 49,400 $ 49,400 $ — $ — 1 Presented in the Consolidated Balance Sheets as the current portion of long-term debt of $9.4 million and long-term debt of $185.6 million as of December 31, 2021. 2 Presented in the Consolidated Balance Sheets as the current portion of long-term debt of $2.4 million and long-term debt of $144.1 million as of December 31, 2020. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense are as follows: Twelve Months Ended December 31, 2021 2020 Operating lease cost 1 $ 10,082 $ 11,214 Finance lease cost: Amortization of right-of-use assets 326 394 Interest on lease liabilities 27 43 Total finance lease cost $ 353 $ 437 Short-term lease cost 2 6,214 4,258 Total lease expense $ 16,649 $ 15,909 1. The Company recognized accelerated lease costs of $1.1 million during the year ended December 31, 2020 related to the corporate research and development center. 2. Includes variable lease costs, which are not significant. Supplemental cash flow information related to leases is as follows: Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,250 $ 10,571 Financing cash flows from finance leases $ 348 $ 446 |
Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Location December 31, 2021 December 31, 2020 Operating Leases Right-of-use assets, net Operating lease right-of-use asset, net $ 26,116 $ 30,047 Current liabilities Current operating lease liabilities 9,048 9,236 Non-current liabilities Long-term operating lease liabilities 18,519 23,932 Total operating lease liabilities $ 27,567 $ 33,168 Finance Leases Right-of-use assets, net Other assets $ 468 $ 767 Current liabilities Accrued liabilities and other 194 293 Non-current liabilities Other long-term liabilities 272 434 Total finance lease liabilities $ 466 $ 727 Weighted Average Remaining Lease Term Operating leases 4.0 years 4.5 years Finance leases 2.9 years 3.2 years Weighted Average Discount Rate Operating leases 8.0 % 8.0 % Finance leases 4.7 % 5.1 % |
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 2022 $ 10,654 $ 208 $ 10,862 2023 6,724 140 6,864 2024 5,321 91 5,412 2025 4,594 49 4,643 2026 3,363 2 3,365 Thereafter 1,388 1 1,389 Total lease payments $ 32,044 $ 491 $ 32,535 Less: Imputed interest (4,477) (25) (4,502) Present value of lease liabilities $ 27,567 $ 466 $ 28,033 |
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 2022 $ 10,654 $ 208 $ 10,862 2023 6,724 140 6,864 2024 5,321 91 5,412 2025 4,594 49 4,643 2026 3,363 2 3,365 Thereafter 1,388 1 1,389 Total lease payments $ 32,044 $ 491 $ 32,535 Less: Imputed interest (4,477) (25) (4,502) Present value of lease liabilities $ 27,567 $ 466 $ 28,033 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Pre-Tax Income (Loss) | Pre-tax income (loss) consisted of the following for the years ended December 31: 2021 2020 2019 Domestic $ 9,476 $ (55,907) $ 4,777 Foreign 22,649 11,407 16,779 Total $ 32,125 $ (44,500) $ 21,556 |
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: 2021 2020 2019 Federal (benefit) provision at statutory rate $ 6,746 $ (9,345) $ 4,527 U.S./Foreign tax rate differential 696 492 393 Foreign non-deductible expenses 515 702 2,059 Foreign tax provision 739 611 793 State taxes, net of federal benefit 315 (1,086) 308 State tax rate change, net of federal benefit (432) — (41) Change in uncertain tax positions 74 71 15 Change in valuation allowance 366 2,146 (2,054) Tax credits (1,341) (143) (2,652) Share-based compensation (857) (15) (14) Executive compensation (IRC 162m) 1,128 — — Repatriation of foreign earnings 208 37 1,235 GILTI, net of related foreign tax credit 39 (1,340) 730 Other 197 419 479 (Benefit) Provision for income taxes $ 8,393 $ (7,451) $ 5,778 |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes for the years ended December 31 follows: 2021 2020 2019 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 46 $ 2,377 $ 2,423 $ 109 $ (10,975) $ (10,866) $ (205) $ (336) $ (541) State and local 152 (439) (287) 120 (559) (439) 214 883 1,097 Foreign 6,126 131 6,257 4,449 (595) 3,854 4,207 1,015 5,222 Total $ 6,324 $ 2,069 $ 8,393 $ 4,678 $ (12,129) $ (7,451) $ 4,216 $ 1,562 $ 5,778 |
Summary of Deferred Income Taxes Assets and Liabilities | A summary of deferred income tax assets and liabilities as of December 31 follows: 2021 2020 Noncurrent deferred tax assets: Amortization and fixed assets $ 7,371 $ 5,094 Inventories 3,914 2,325 Pension obligations 2,599 2,827 Warranty obligations 354 473 Accrued benefits 400 551 Operating leases 308 664 Tax credit carryforwards 7,106 6,030 Net operating loss carryforwards 14,944 17,369 Other temporary differences 5,483 7,089 Total noncurrent deferred tax assets $ 42,479 $ 42,422 Valuation allowance (18,371) (16,441) Net noncurrent deferred tax assets $ 24,108 $ 25,981 Noncurrent deferred tax liabilities: Amortization and fixed assets $ (968) $ (952) Inventories 103 115 Pension obligations — 161 Other temporary differences (303) (385) Total noncurrent tax liabilities (1,168) (1,061) Total net deferred tax asset $ 22,940 $ 24,920 |
Summary of Valuation Allowance | Activity for the years ended December 31 is as follows (in thousands): 2021 2020 2019 Balance - Beginning of the year $ 16,441 $ 11,992 $ 14,665 Provisions 2,529 4,511 706 Utilizations (599) (62) (3,379) Balance - End of the year $ 18,371 $ 16,441 $ 11,992 |
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: 2021 2020 2019 Balance - Beginning of the year $ 1,006 $ 908 $ 894 Gross increase - tax positions in prior periods 75 73 70 Gross decreases - tax positions in prior periods — — (39) Lapse of statute of limitations — — (12) Currency translation adjustment 12 25 (5) Balance - End of the year $ 1,093 $ 1,006 $ 908 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consisted of the following as of December 31: 2021 2020 Compensation and benefits $ 16,677 $ 15,877 Accrued freight 5,628 2,556 Taxes payable 6,391 4,057 Contingent Consideration 4,409 4,870 Other 8,687 13,460 $ 41,792 $ 40,820 |
Defined Contribution Plan, Pe_2
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation — Beginning of the year $ 41,218 $ 39,577 $ 53,654 $ 44,841 Service cost — — — 37 Interest cost 827 1,117 638 838 Participant contributions 1 2 — — Benefits paid (2,422) (2,344) (1,692) (1,820) Actuarial (gain) loss (776) 2,866 (3,595) 7,514 Exchange rate changes — — (460) 2,244 Benefit obligation at end of the year $ 38,848 $ 41,218 $ 48,545 $ 53,654 Change in plan assets: Fair value of plan assets — Beginning of the year $ 42,628 $ 40,045 $ 38,485 $ 34,321 Actual return on plan assets 966 4,907 1,169 3,474 Employer contributions 28 18 1,077 948 Participant contributions 1 2 — — Benefits paid (2,422) (2,344) (1,692) (1,820) Exchange rate changes — — (399) 1,562 Fair value of plan assets at end of the year 41,201 42,628 38,640 38,485 Funded status $ 2,353 $ 1,410 $ (9,905) $ (15,169) |
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 2021 2020 2021 2020 Noncurrent assets $ 2,479 $ 1,557 $ — $ — Current liabilities (126) (20) — — Noncurrent liabilities — (127) (9,906) (15,169) Amount recognized $ 2,353 $ 1,410 $ (9,906) $ (15,169) |
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 2021 2020 2019 2021 2020 2019 Interest cost $ 827 $ 1,117 $ 1,483 $ 638 $ 838 $ 1,112 Expected return on plan assets (2,212) (2,075) (2,393) (1,000) (1,093) (1,117) Amortization of prior service cost 1 6 6 2,528 54 47 47 Recognized actuarial loss 283 283 308 953 592 531 Net periodic cost (benefit) $ (1,096) $ (669) $ 1,926 $ 645 $ 384 $ 573 1 Includes $2.5 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits in the year ended December 31, 2020. |
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 2021 2020 2019 2021 2020 2019 Net actuarial loss $ 10,875 $ 10,689 $ 10,937 $ 13,923 $ 18,574 $ 13,783 Prior service cost 33 39 45 687 748 747 $ 10,908 $ 10,728 $ 10,982 $ 14,610 $ 19,322 $ 14,530 |
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 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 2021 2020 2021 2020 Actuarial (gain) loss $ 469 $ 34 $ (3,717) $ 5,428 Amortization of actuarial (loss) gain (283) (283) (942) (625) Prior service credit (6) (6) (53) (11) Total recognized in other comprehensive income (loss) $ 180 $ (255) $ (4,712) $ 4,792 |
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 2021 2020 2021 2020 Discount rate 2.07 % 2.08 % 1.80 % 1.20 % 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 2021 2020 2019 2021 2020 2019 Discount rate 2.08 % 2.93 % 3.40 % 1.20 % 1.95 % 2.80 % Expected return on plan assets 5.34 % 5.34 % 5.34 % 2.60 % 3.30 % 3.70 % |
Fair Values of Pension Plan Assets by Asset Category and by Level | Our investment allocation target for our pension plans for 2021 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 2021 2020 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Cash and cash equivalents 21 — 1 — 21 1 1 5 Equity/Balanced securities — 53 29 52 — 52 29 49 Fixed income securities 79 47 61 48 54 47 61 46 Real estate — — 9 — 25 — 9 — 100% 100% 100% 100% 100% 100% 100% 100% The fair values of our pension plan assets by asset category and by level as described in Note 6, Fair Value Measurement, for the years ended December 31, 2021 and 2020 are as follows: December 31, 2021 Quoted Prices in Significant Net Asset Value Per Share Total Level 1 Level 2 NAV Cash and cash equivalents $ 9,192 $ 442 $ — $ 8,750 Balanced 20,239 — 20,239 Fixed income securities: Corporate bonds 37,117 — 22,361 14,756 Other 13,294 — 10,091 3,203 Total pension fund assets $ 79,842 $ 442 $ 32,452 $ 46,948 December 31, 2020 Quoted Prices in Significant Significant Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,125 $ 2,125 $ — $ — Equities: U.S. large value 2,525 2,525 — — U.S. large growth 2,741 2,741 — — International blend 5,253 — 5,253 — Emerging markets 1,717 1,717 — — Balanced 18,958 — 18,958 — Fixed income securities: Corporate bonds 40,485 — 40,485 — Other 3,221 — 3,221 — Real Estate: U.S. property 4,088 — — 4,088 Total pension fund assets $ 81,113 $ 9,108 $ 67,917 $ 4,088 |
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: 2021 2020 Beginning balance $ 4,088 $ 4,070 Actual return on assets held at reporting date — 18 Purchases, sales and settlements, net (4,088) — Ending balance $ — $ 4,088 |
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 2022 (1) $ 40,504 2023 $ 1,822 2024 $ 1,881 2025 $ 1,846 2026 $ 1,919 2027 to 2031 $ 10,096 1. It is not practical to estimate at this time how much of the U.S. Pension Plan liabilities will be settled in 2022 or 2023; therefore, the table above assumes that all settlement occurs in 2022. |
Performance Awards (Tables)
Performance Awards (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Grant Activity | The following table summarizes performance awards granted in the form of cash awards under the equity incentive plans: Amount Adjusted Award Value at December 31, 2020 $ 976 Forfeitures (309) Adjustments 1,218 Payments (651) Adjusted Award Value at December 31, 2021 $ 1,234 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Status of Restricted Stock Awards | A summary of the status of our restricted stock awards as of December 31, 2021 and changes during the twelve-month period ending December 31, 2021, is presented below: 2021 Shares Weighted- Average Grant-Date Fair Value Non-vested - beginning of year 1,263 $ 3.48 Granted 487 9.90 Vested (933) 4.82 Forfeited (34) 7.78 Non-vested - end of year 783 $ 5.68 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Diluted Earnings (Loss) per Share | Diluted earnings (loss) per share for years ended December 31, 2021, 2020 and 2019 includes the effects of potential common shares when dilutive and is as follows: 2021 2020 2019 Net income (loss) attributable to common stockholders $ 23,732 $ (37,049) $ 15,778 Weighted average number of common shares outstanding 31,501 30,943 30,602 Dilutive effect of restricted stock grants after application of the treasury stock method 1,289 — 221 Dilutive shares outstanding 32,790 30,943 30,823 Basic earnings (loss) per share attributable to common stockholders $ 0.75 $ (1.20) $ 0.52 Diluted earnings (loss) per share attributable to common stockholders $ 0.72 $ (1.20) $ 0.51 |
Other Comprehensive (Income) _2
Other Comprehensive (Income) Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Activity of Accumulated Other Comprehensive Loss | The activity for each item of accumulated other comprehensive loss is as follows: Foreign Pension and Other Post-Retirement Benefit Plans Derivative Instruments Accumulated other Balance - December 31, 2019 $ (24,032) $ (22,382) $ 464 $ (45,950) Net current period change 5,008 (4,597) — 411 Derivative instruments — — 977 977 Reclassification adjustments for losses reclassified into income — (444) — (444) Balance - December 31, 2020 $ (19,024) $ (27,423) $ 1,441 $ (45,006) Net current period change $ (1,421) $ 4,576 $ — $ 3,155 Derivative instruments — — (684) (684) Reclassification adjustments for losses reclassified into income — 97 — 97 Balance - December 31, 2021 $ (20,445) $ (22,750) $ 757 $ (42,438) |
Related Tax Effects Allocated to Each Component of Other Comprehensive (Loss) Income | The related tax effects allocated to each component of other comprehensive (loss) income for the years ended December 31, 2021 and 2020 are as follows: 2021 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial gain and prior service credit $ 4,620 $ (44) $ 4,576 Reclassification of actuarial loss and prior service cost to net income 97 — 97 Net unrealized gain 4,717 (44) 4,673 Cumulative translation adjustment (1,421) — (1,421) Derivative instruments (898) 214 (684) Total other comprehensive gain $ 2,398 $ 170 $ 2,568 2020 Before Tax Tax Expense After Tax Amount Retirement benefits adjustment: Net actuarial loss and prior service credit $ (4,537) $ (60) $ (4,597) Reclassification of actuarial loss and prior service cost to net income (505) 61 (444) Net unrealized loss (5,042) 1 (5,041) Cumulative translation adjustment 5,008 — 5,008 Derivative instruments 1,419 (442) 977 Total other comprehensive gain $ 1,385 $ (441) $ 944 |
Cost Reduction and Manufactur_2
Cost Reduction and Manufacturing Capacity Rationalization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Changes in Accrued Restructuring Balances | The changes in accrued restructuring balances are as follows: Total Balance - December 31, 2019 $ 2,324 New charges 6,914 Payments and other adjustments (8,559) Balance - December 31, 2020 $ 679 New charges 1,895 Payments and other adjustments (2,088) Balance - December 31, 2021 $ 486 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Warranty Provision | The following presents a summary of the warranty provision for the years ended December 31: 2021 2020 Balance - beginning of the year $ 2,041 $ 3,082 Provision for warranty claims 942 656 Deduction for payments made and other adjustments (1,493) (1,697) Balance - end of year $ 1,490 $ 2,041 |
Schedule of Minimum Principal Payments Due on Long-term Debt | The following table provides future minimum principal payments due on long-term debt for the next five years. The existing long-term debt agreement matures in 2026; no payments are due thereafter: Year Ending December 31, 2022 $ 9,375 2023 $ 13,125 2024 $ 16,875 2025 $ 20,625 2026 $ 135,650 Thereafter $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Sales by Segment | The following tables present financial information for the Company's reportable segments for the periods indicated: For the year ended December 31, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/ Total Revenues $ 498,913 $ 187,912 $ 168,971 $ 115,782 $ — $ 971,578 Gross profit $ 50,608 $ 29,669 $ 20,773 $ 17,980 $ (43) $ 118,987 Selling, general & administrative expenses 26,959 6,106 6,213 5,889 24,239 69,406 Operating income (loss) $ 23,649 $ 23,563 $ 14,560 $ 12,091 $ (24,282) $ 49,581 Capital expenditures and other items: Capital expenditures $ 6,203 $ 4,480 $ 5,976 $ 482 $ 512 $ 17,653 Depreciation expense $ 7,911 $ 687 $ 3,550 $ 1,240 $ 1,671 $ 15,059 For the year ended December 31, 2020 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/ Total Revenues $ 366,636 $ 101,655 $ 141,094 $ 108,314 $ — $ 717,699 Gross profit $ 32,398 $ 13,205 $ 12,185 $ 16,658 $ (370) $ 74,076 Selling, general & administrative expenses 22,510 9,698 3,996 5,396 26,628 68,228 Goodwill and other impairment 7,245 19,829 1,150 — 793 29,017 Operating income (loss) $ 2,643 $ (16,322) $ 7,039 $ 11,262 $ (27,791) $ (23,169) Capital expenditures and depreciation expense: Capital expenditures $ 3,599 $ 1,288 $ 857 $ 358 $ 1,040 $ 7,142 Depreciation expense $ 7,682 $ 377 $ 3,552 $ 1,436 $ 2,012 $ 15,059 For the year ended December 31, 2019 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/ Total Revenues $ 577,989 $ 12,803 $ 178,398 $ 132,048 $ — $ 901,238 Gross profit $ 65,121 $ 1,248 $ 16,588 $ 22,252 $ (72) $ 105,137 Selling, general & administrative expenses 24,875 1,396 5,331 6,594 26,305 64,501 Operating income (loss) $ 40,246 $ (148) $ 11,257 $ 15,658 $ (26,377) $ 40,636 Capital expenditures and depreciation expense: Capital expenditures $ 13,967 $ 433 $ 6,586 $ 463 $ 2,668 $ 24,117 Depreciation expense $ 6,876 $ 49 $ 3,027 $ 1,126 $ 2,484 $ 13,562 |
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, 2021 2020 2019 Revenues Long-lived Assets Revenues Long-lived Assets Revenues Long-lived United States $ 738,937 $ 60,260 $ 536,846 $ 60,605 $ 691,224 $ 70,870 All other countries 232,641 29,450 180,853 32,985 210,014 38,568 $ 971,578 $ 89,710 $ 717,699 $ 93,590 $ 901,238 $ 109,438 |
Schedule of Revenue Concentration by Customer | The following table presents revenue from the above mentioned customers as a percentage of total revenue: Years Ended December 31, Customer Primary Segment 2021 2020 2019 A.B. Volvo Vehicle Solutions 17 % 16 % 22 % Customer B Warehouse Automation 17 % 9 % — % Customer C Vehicle Solutions 12 % 14 % 17 % |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Number of reportable segments | segment | 4 | 4 | ||
Depreciation expense | $ 15,059 | $ 15,059 | $ 13,562 | |
Accumulated deficit | $ 73,624 | $ 73,624 | $ 97,356 | |
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 | Five Top Customers | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Percentage of major customer net receivables to total receivables (as a percent) | 51.00% | |||
Building and Building Improvements | Minimum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 15 years | |||
Building and Building Improvements | Maximum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 40 years | |||
Machinery and equipment | Minimum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Machinery and equipment | Maximum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 20 years | |||
Tools and Dies | Minimum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Tools and Dies | Maximum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 7 years | |||
Computer Hardware and Software | Minimum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Computer Hardware and Software | Maximum | ||||
Schedule Of Significant Accounting Policies Summary [Line Items] | ||||
Property plant and equipment useful life | 5 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Raw materials | $ 107,505 | $ 65,334 |
Work in process | 21,671 | 13,373 |
Finished goods | 11,869 | 12,540 |
Total Inventory | $ 141,045 | $ 91,247 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Property, Plant, and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 235,662 | $ 221,802 |
Less accumulated depreciation | (172,536) | (159,026) |
Property, plant and equipment, net | 63,126 | 62,776 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 32,012 | 30,305 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 194,828 | 189,939 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 8,822 | $ 1,558 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowances | $ 174,472 | $ 151,101 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capitalized Contract Cost [Line Items] | |||
Revenues | $ 971,578 | $ 717,699 | $ 901,238 |
Seats | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 322,957 | 264,211 | 362,768 |
Electrical wire harnesses, panels and assemblies | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 207,333 | 187,965 | 198,196 |
Trim | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 156,760 | 111,863 | 196,087 |
Warehouse Automation | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 162,583 | 63,559 | 1,151 |
Cab structures | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 77,510 | 49,781 | 87,872 |
Mirrors, wipers and controls | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 44,435 | 40,320 | 55,164 |
Vehicle Solutions | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 498,913 | 366,636 | 577,989 |
Vehicle Solutions | Seats | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 267,580 | 205,232 | 291,496 |
Vehicle Solutions | Electrical wire harnesses, panels and assemblies | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 2,682 | 1,751 | 2,404 |
Vehicle Solutions | Trim | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 154,205 | 109,450 | 193,918 |
Vehicle Solutions | Warehouse Automation | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Vehicle Solutions | Cab structures | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 69,749 | 46,483 | 85,885 |
Vehicle Solutions | Mirrors, wipers and controls | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 4,697 | 3,720 | 4,286 |
Warehouse Automation | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 187,912 | 101,655 | 12,803 |
Warehouse Automation | Seats | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 147 | 0 |
Warehouse Automation | Electrical wire harnesses, panels and assemblies | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 25,329 | 37,949 | 11,652 |
Warehouse Automation | Trim | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Warehouse Automation | Warehouse Automation | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 162,583 | 63,559 | 1,151 |
Warehouse Automation | Cab structures | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Warehouse Automation | Mirrors, wipers and controls | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Electrical Systems | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 168,971 | 141,094 | 178,398 |
Electrical Systems | Seats | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Electrical Systems | Electrical wire harnesses, panels and assemblies | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 168,108 | 138,903 | 172,341 |
Electrical Systems | Trim | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 342 |
Electrical Systems | Warehouse Automation | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Electrical Systems | Cab structures | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Electrical Systems | Mirrors, wipers and controls | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 863 | 2,191 | 5,715 |
Aftermarket and Accessories | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 115,782 | 108,314 | 132,048 |
Aftermarket and Accessories | Seats | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 55,377 | 58,832 | 71,272 |
Aftermarket and Accessories | Electrical wire harnesses, panels and assemblies | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 11,214 | 9,362 | 11,799 |
Aftermarket and Accessories | Trim | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 2,555 | 2,413 | 1,827 |
Aftermarket and Accessories | Warehouse Automation | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 0 | 0 | 0 |
Aftermarket and Accessories | Cab structures | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | 7,761 | 3,298 | 1,987 |
Aftermarket and Accessories | Mirrors, wipers and controls | |||
Capitalized Contract Cost [Line Items] | |||
Revenues | $ 38,875 | $ 34,409 | $ 45,163 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs | $ (694) | $ (4,374) |
Carrying Amount | 194,956 | 146,576 |
Less: current portion, net of unamortized discount and issuance costs of $0.7 million and $1.9 million, respectively | (9,375) | (2,429) |
Long-term debt, excluding current maturities | 185,581 | 144,147 |
Current portion ,net of unamortized discount and issuance costs | 700 | 1,900 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt | 49,400 | 0 |
Carrying Amount | 49,400 | 0 |
Term loan facility due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 146,250 | 0 |
Carrying Amount | 145,556 | 0 |
Less: current portion, net of unamortized discount and issuance costs of $0.7 million and $1.9 million, respectively | (9,400) | |
Long-term debt, excluding current maturities | 185,581 | |
Term loan and security agreement due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, excluding current maturities | 144,147 | |
Term loan and security agreement due 2023 | Line of Credit | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 0 | 146,576 |
Less: current portion, net of unamortized discount and issuance costs of $0.7 million and $1.9 million, respectively | (2,400) | |
Long-term debt, excluding current maturities | 144,100 | |
Term loan and security agreement due 2023 | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 150,950 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Oct. 25, 2021USD ($) | Apr. 30, 2021USD ($) | Mar. 01, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 24, 2021USD ($) | Apr. 12, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Fixed charge coverage ratio | 120.00% | |||||||
Leverage ratio, maximum | 3.75 | |||||||
Leverage ratio, step down, term one | 3.50 | |||||||
Leverage ratio, step down, term two | 3.25 | |||||||
Leverage ratio, step down, term three | 3 | |||||||
Capital expenditure investment threshold | $ 32,000,000 | $ 25,000,000 | ||||||
Amortization payments year two percentage | 7.50% | |||||||
Amortization payments year three percentage | 10.00% | |||||||
Amortization payments year four percentage | 12.50% | |||||||
Amortization payments year five percentage | 15.00% | |||||||
Amortization payments year one percentage | 5.00% | |||||||
Loss on extinguishment of debt | $ 7,155,000 | $ 0 | $ 0 | |||||
Repayment premium | 3,000,000 | |||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Accounts receivable from customer | $ 20,000,000 | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument fee | 400,000 | |||||||
Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 125,000,000 | |||||||
Accordion feature amount | 75,000,000 | |||||||
Accordion feature less the principal amount of incremental facilities | $ 75,000,000 | |||||||
Net average secured leverage ratio | 2.50 | |||||||
Outstanding borrowings | 49,400,000 | |||||||
Debt instrument fee | 1,300,000 | |||||||
Line of Credit | Bridge Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 10,000,000 | |||||||
Line of Credit | Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | 10,000,000 | |||||||
Outstanding borrowings | 1,400,000 | $ 1,600,000 | ||||||
Eurodollar Rate Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment, principal amount | 1,000,000 | |||||||
Prepayment, multiple | 1,000,000 | |||||||
Base Rate Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment, principal amount | 500,000 | |||||||
Prepayment, multiple | 100,000 | |||||||
Term loan and security agreement due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off of deferred financing fees | 3,700,000 | |||||||
Debt instrument, fee amount | 500,000 | |||||||
Term loan and security agreement due 2023 | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 150,000,000 | $ 175,000,000 | ||||||
Third ARLS Agreement | Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 90,000,000 | |||||||
Availability of borrowing | $ 74,200,000 | |||||||
Capacity available for inventory | 7,000,000 | |||||||
Increase in the size of revolving credit facility | $ 50,000,000 |
Debt - Margin for Borrowings un
Debt - Margin for Borrowings under Revolving Credit Facility (Details) | Apr. 30, 2021 |
I | |
Line of Credit Facility [Line Items] | |
Commitment Fee | 0.30% |
I | Eurodollar Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 3.00% |
I | Base Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 2.00% |
I | Letter of Credit | |
Line of Credit Facility [Line Items] | |
Letter of Credit Fee | 3.00% |
I | Minimum | |
Line of Credit Facility [Line Items] | |
Consolidated Total Leverage Ratio | 3,000,000 |
II | |
Line of Credit Facility [Line Items] | |
Commitment Fee | 0.25% |
II | Eurodollar Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 2.75% |
II | Base Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 1.75% |
II | Letter of Credit | |
Line of Credit Facility [Line Items] | |
Letter of Credit Fee | 2.75% |
II | Maximum | |
Line of Credit Facility [Line Items] | |
Consolidated Total Leverage Ratio | 3,000,000 |
II | Minimum | |
Line of Credit Facility [Line Items] | |
Consolidated Total Leverage Ratio | 2,000,000 |
III | |
Line of Credit Facility [Line Items] | |
Commitment Fee | 0.20% |
III | Eurodollar Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 2.50% |
III | Base Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 1.50% |
III | Letter of Credit | |
Line of Credit Facility [Line Items] | |
Letter of Credit Fee | 2.50% |
III | Maximum | |
Line of Credit Facility [Line Items] | |
Consolidated Total Leverage Ratio | 2,000,000 |
III | Minimum | |
Line of Credit Facility [Line Items] | |
Consolidated Total Leverage Ratio | 1,500,000 |
IV | |
Line of Credit Facility [Line Items] | |
Consolidated Total Leverage Ratio | 1,500,000 |
Commitment Fee | 0.20% |
IV | Eurodollar Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 2.25% |
IV | Base Rate Loans | |
Line of Credit Facility [Line Items] | |
Basis spread (as a percent) | 1.25% |
IV | Letter of Credit | |
Line of Credit Facility [Line Items] | |
Letter of Credit Fee | 2.25% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,463 | $ 36,635 |
Accumulated Amortization | (18,180) | (14,831) |
Net Carrying Amount | $ 18,283 | $ 21,804 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 22 years | 22 years |
Gross Carrying Amount | $ 11,573 | $ 11,634 |
Accumulated Amortization | (5,043) | (4,681) |
Net Carrying Amount | $ 6,530 | $ 6,953 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | 15 years |
Gross Carrying Amount | $ 14,770 | $ 14,881 |
Accumulated Amortization | (8,499) | (7,536) |
Net Carrying Amount | $ 6,271 | $ 7,345 |
Technical know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | 5 years |
Gross Carrying Amount | $ 9,790 | $ 9,790 |
Accumulated Amortization | (4,487) | (2,529) |
Net Carrying Amount | $ 5,303 | $ 7,261 |
Covenant not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | 5 years |
Gross Carrying Amount | $ 330 | $ 330 |
Accumulated Amortization | (151) | (85) |
Net Carrying Amount | $ 179 | $ 245 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 3.4 | $ 3.4 | $ 2 |
Estimated intangible asset amortization expense in 2022 | 3.4 | ||
Estimated intangible asset amortization expense 2023 | 3.4 | ||
Estimated intangible asset amortization expense 2024 | 2.9 | ||
Estimated intangible asset amortization expense in 2025 | 1.4 | ||
Estimated intangible asset amortization expense in 2026 | $ 1.4 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 17, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Percentage of outstanding debt covered by swaps | 50.00% | ||||
Contingent consideration payment | $ 5,000,000 | $ 5,000,000 | $ 1,000,000 | $ 0 | |
Impairment of long-lived assets | 800,000 | ||||
Selling price of long-lived asset | 300,000 | ||||
Goodwill impairment | 27,100,000 | ||||
First Source Electronics, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent milestone payments | 4,800,000 | $ 10,800,000 | |||
Fair value | $ 4,400,000 | ||||
Minimum | First Source Electronics, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Payments for milestones depreciation and amortization percent | 90.00% | ||||
Maximum | First Source Electronics, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Payments for milestones depreciation and amortization percent | 100.00% | ||||
Electrical Systems | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of long-lived assets | 1,100,000 | ||||
Impairment of right-of-use asset | 400,000 | ||||
Electrical Systems | Property, Plant and Equipment | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of right-of-use asset | $ 700,000 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Values of our Derivative Assets and Liabilities (Detail) - Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 4,409 | $ 8,800 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 4,409 | 8,800 |
Foreign exchange contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,375 | 1,882 |
Foreign exchange contract | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Foreign exchange contract | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,375 | 1,882 |
Foreign exchange contract | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Interest rate swap agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 241 | 936 |
Derivative liability | 498 | 2,080 |
Interest rate swap agreement | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swap agreement | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 241 | 936 |
Derivative liability | 498 | 2,080 |
Interest rate swap agreement | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | $ 0 | $ 0 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value of Our Contingent Consideration (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Contingent consideration liability beginning balance | $ 8,800 |
Change in fair value | 609 |
Payments | (5,000) |
Contingent consideration liability ending balance | $ 4,409 |
Fair Value Measurement - Notion
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Detail) - Foreign exchange contract - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
U.S. $ Equivalent | $ 49,601 | $ 14,675 |
U.S. $ Equivalent Fair Value | $ 48,712 | $ 16,558 |
Fair Value Measurement - Fair_3
Fair Value Measurement - Fair Value of Our Derivative Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign exchange contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative equity | $ 757 | $ 1,441 |
Other assets | Foreign exchange contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,375 | 1,882 |
Accrued liabilities and other | Interest rate swap agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 241 | 936 |
Derivative liability | $ 498 | $ 2,080 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments on Consolidated Statements of Income for Derivatives Not Designated as Accounting Hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign exchange contracts | Cost of revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 2,452 | $ (1,811) |
Foreign exchange contracts | Other (income) expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 134 | 0 |
Interest rate swap agreement | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (9) | $ (1,031) |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 194,956 | $ 146,576 |
Total long-term debt, net of current portion | 9,375 | 2,429 |
Long-term debt, excluding current maturities | 185,581 | 144,147 |
Line of Credit | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 49,400 | 0 |
Fair Value | 49,400 | 0 |
Term loan facility due 2026 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 145,556 | 0 |
Fair Value | 142,265 | 0 |
Total long-term debt, net of current portion | 9,400 | |
Long-term debt, excluding current maturities | 185,581 | |
Term loan and security agreement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, excluding current maturities | 144,147 | |
Term loan and security agreement | Line of Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 0 | 146,576 |
Fair Value | $ 0 | 144,878 |
Total long-term debt, net of current portion | 2,400 | |
Long-term debt, excluding current maturities | $ 144,100 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 5 years |
Termination option | 1 year |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 9 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 10,082 | $ 11,214 |
Finance lease cost: | ||
Amortization of right-of-use assets | 326 | 394 |
Interest on lease liabilities | 27 | 43 |
Total finance lease cost | 353 | 437 |
Short-term lease cost | 6,214 | 4,258 |
Total lease expense | $ 16,649 | 15,909 |
Accelerated lease costs | $ 1,100 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 11,250 | $ 10,571 |
Financing cash flows from finance leases | $ 348 | $ 446 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Right-of-use assets, net | $ 26,116 | $ 30,047 |
Current liabilities | 9,048 | 9,236 |
Non-current liabilities | 18,519 | 23,932 |
Total operating lease liabilities | 27,567 | 33,168 |
Finance Leases | ||
Right-of-use assets, net | 468 | 767 |
Current liabilities | 194 | 293 |
Non-current liabilities | 272 | 434 |
Total finance lease liabilities | $ 466 | $ 727 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Weighted Average Remaining Lease Term | ||
Operating leases | 4 years | 4 years 6 months |
Finance leases | 2 years 10 months 24 days | 3 years 2 months 12 days |
Weighted Average Discount Rate | ||
Operating leases | 8.00% | 8.00% |
Finance leases | 4.70% | 5.10% |
Leases - Maturities of Operatin
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating | ||
2022 | $ 10,654 | |
2023 | 6,724 | |
2024 | 5,321 | |
2025 | 4,594 | |
2026 | 3,363 | |
Thereafter | 1,388 | |
Total lease payments | 32,044 | |
Less: Imputed interest | (4,477) | |
Present value of lease liabilities | 27,567 | $ 33,168 |
Financing | ||
2022 | 208 | |
2023 | 140 | |
2024 | 91 | |
2025 | 49 | |
2026 | 2 | |
Thereafter | 1 | |
Total lease payments | 491 | |
Less: Imputed interest | (25) | |
Present value of lease liabilities | 466 | $ 727 |
Total | ||
2022 | 10,862 | |
2023 | 6,864 | |
2024 | 5,412 | |
2025 | 4,643 | |
2026 | 3,365 | |
Thereafter | 1,389 | |
Total lease payments | 32,535 | |
Less: Imputed interest | (4,502) | |
Present value of lease liabilities | $ 28,033 |
Income Taxes - Pre-Tax Income (
Income Taxes - Pre-Tax Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 9,476 | $ (55,907) | $ 4,777 |
Foreign | 22,649 | 11,407 | 16,779 |
Income (loss) before provision for income taxes | $ 32,125 | $ (44,500) | $ 21,556 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Statutory Rate (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal (benefit) provision at statutory rate | $ 6,746,000 | $ (9,345,000) | $ 4,527,000 |
U.S./Foreign tax rate differential | 696,000 | 492,000 | 393,000 |
Foreign non-deductible expenses | 515,000 | 702,000 | 2,059,000 |
Foreign tax provision | 739,000 | 611,000 | 793,000 |
State taxes, net of federal benefit | 315,000 | (1,086,000) | 308,000 |
State tax rate change, net of federal benefit | (432,000) | 0 | (41,000) |
Change in uncertain tax positions | 74,000 | 71,000 | 15,000 |
Change in valuation allowance | 366,000 | 2,146,000 | (2,054,000) |
Tax credits | (1,341,000) | (143,000) | (2,652,000) |
Share-based compensation | (857,000) | (15,000) | (14,000) |
Executive compensation (IRC 162m) | 1,128,000 | 0 | 0 |
Repatriation of foreign earnings | 208,000 | 37,000 | 1,235,000 |
GILTI, net of related foreign tax credit | 39,000 | (1,340,000) | 730,000 |
Other | 197,000 | 419,000 | 479,000 |
(Benefit) Provision for income taxes | $ 8,393,000 | $ (7,451,000) | $ 5,778,000 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current provision (benefit), federal | $ 46 | $ 109 | $ (205) |
Deferred provision (benefit), federal | 2,377 | (10,975) | (336) |
Total provision (benefit), federal | 2,423 | (10,866) | (541) |
Current provision (benefit), state and local | 152 | 120 | 214 |
Deferred provision (benefit), state and local | (439) | (559) | 883 |
Total provision (benefit), state and local | (287) | (439) | 1,097 |
Current provision (benefit), foreign | 6,126 | 4,449 | 4,207 |
Deferred provision (benefit), foreign | 131 | (595) | 1,015 |
Total provision (benefit), foreign | 6,257 | 3,854 | 5,222 |
Current provision (benefit) | 6,324 | 4,678 | 4,216 |
Deferred provision (benefit) | 2,069 | (12,129) | 1,562 |
(Benefit) Provision for income taxes | $ 8,393 | $ (7,451) | $ 5,778 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Taxes Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent deferred tax assets: | ||
Amortization and fixed assets | $ 7,371 | $ 5,094 |
Inventories | 3,914 | 2,325 |
Pension obligations | 2,599 | 2,827 |
Warranty obligations | 354 | 473 |
Accrued benefits | 400 | 551 |
Operating leases | 308 | 664 |
Tax credit carryforwards | 7,106 | 6,030 |
Net operating loss carryforwards | 14,944 | 17,369 |
Other temporary differences | 5,483 | 7,089 |
Total noncurrent deferred tax assets | 42,479 | 42,422 |
Valuation allowance | (18,371) | (16,441) |
Net noncurrent deferred tax assets | 24,108 | 25,981 |
Noncurrent deferred tax liabilities: | ||
Amortization and fixed assets | (968) | (952) |
Inventories | 103 | 115 |
Pension obligations | 0 | 161 |
Other temporary differences | (303) | (385) |
Total noncurrent tax liabilities | (1,168) | (1,061) |
Total net deferred tax asset | $ 22,940 | $ 24,920 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||||
Increase (decrease) in valuation allowance | $ 2,500 | |||
Net operating loss carryforwards | 109,900 | |||
Cash held by foreign subsidiaries | 34,600 | |||
Foreign earnings repatriated | 5,300 | |||
Deferred tax liabilities | 500 | |||
Unrecognized tax benefits liability | 1,093 | $ 1,006 | $ 908 | $ 894 |
Accrued interest and penalties are included in the unrecognized tax benefits | 500 | $ 500 | ||
Research and Development | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credits carried forward | 1,000 | |||
Foreign Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Increase (decrease) in valuation allowance | 2,300 | |||
Net operating loss carryforwards | 49,600 | |||
Tax credits carried forward | 3,200 | |||
Foreign Tax Authority | Deferred Tax Asset, Luxembourg Subsidiary | ||||
Income Tax Disclosure [Line Items] | ||||
Increase (decrease) in valuation allowance | (600) | |||
State and Local Jurisdiction | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | $ 60,300 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance - Beginning of the year | $ 16,441 | $ 11,992 | $ 14,665 |
Provisions | 2,529 | 4,511 | 706 |
Utilizations | (599) | (62) | (3,379) |
Balance - End of the year | $ 18,371 | $ 16,441 | $ 11,992 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance - Beginning of the year | $ 1,006 | $ 908 | $ 894 |
Gross increase - tax positions in prior periods | 75 | 73 | 70 |
Gross decreases - tax positions in prior periods | 0 | 0 | (39) |
Lapse of statute of limitations | 0 | 0 | (12) |
Currency translation adjustment | 12 | 25 | |
Currency translation adjustment | (5) | ||
Balance - End of the year | $ 1,093 | $ 1,006 | $ 908 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 16,677 | $ 15,877 |
Accrued freight | 5,628 | 2,556 |
Taxes payable | 6,391 | 4,057 |
Contingent Consideration | 4,409 | 4,870 |
Other | 8,687 | 13,460 |
Accrued liabilities and other | $ 41,792 | $ 40,820 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized expense associated with defined contribution plans | $ 4,000 | $ 1,900 | $ 4,600 |
Non cash settlement charge | 2,500 | ||
Expected contribution to pension plans and post-retirement benefit plans | $ 1,100 | ||
Maturity period of investments | 90 days | ||
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ (776) | 2,866 | |
Non-U.S. Pension Plan | Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ (3,595) | $ 7,514 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | $ 81,113 | ||
Fair value of plan assets at end of the year | 79,842 | $ 81,113 | |
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 41,218 | 39,577 | |
Service cost | 0 | 0 | |
Interest cost | 827 | 1,117 | $ 1,483 |
Participant contributions | 1 | 2 | |
Benefits paid | (2,422) | (2,344) | |
Actuarial (gain) loss | (776) | 2,866 | |
Exchange rate changes | 0 | 0 | |
Benefit obligation at end of the year | 38,848 | 41,218 | 39,577 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 42,628 | 40,045 | |
Actual return on plan assets | 966 | 4,907 | |
Employer contributions | 28 | 18 | |
Participant contributions | 1 | 2 | |
Benefits paid | (2,422) | (2,344) | |
Exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of the year | 41,201 | 42,628 | 40,045 |
Funded status | 2,353 | 1,410 | |
Non-U.S. Pension Plan | Non-U.S. Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligation — Beginning of the year | 53,654 | 44,841 | |
Service cost | 0 | 37 | |
Interest cost | 638 | 838 | 1,112 |
Participant contributions | 0 | 0 | |
Benefits paid | (1,692) | (1,820) | |
Actuarial (gain) loss | (3,595) | 7,514 | |
Exchange rate changes | (460) | 2,244 | |
Benefit obligation at end of the year | 48,545 | 53,654 | 44,841 |
Change in plan assets: | |||
Fair value of plan assets — Beginning of the year | 38,485 | 34,321 | |
Actual return on plan assets | 1,169 | 3,474 | |
Employer contributions | 1,077 | 948 | |
Participant contributions | 0 | 0 | |
Benefits paid | (1,692) | (1,820) | |
Exchange rate changes | (399) | 1,562 | |
Fair value of plan assets at end of the year | 38,640 | 38,485 | $ 34,321 |
Funded status | $ (9,905) | $ (15,169) |
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, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (9,905) | $ (15,296) |
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 2,479 | 1,557 |
Current liabilities | (126) | (20) |
Noncurrent liabilities | 0 | (127) |
Amount recognized | 2,353 | 1,410 |
Non-U.S. Pension Plan | Non-U.S. Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | 0 | 0 |
Noncurrent liabilities | (9,906) | (15,169) |
Amount recognized | $ (9,906) | $ (15,169) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Non cash settlement charge | $ 2,500 | ||
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 827 | 1,117 | $ 1,483 |
Expected return on plan assets | (2,212) | (2,075) | (2,393) |
Amortization of prior service cost | 6 | 6 | 2,528 |
Recognized actuarial loss | 283 | 283 | 308 |
Net periodic cost (benefit) | (1,096) | (669) | 1,926 |
Non-U.S. Pension Plan | Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 638 | 838 | 1,112 |
Expected return on plan assets | (1,000) | (1,093) | (1,117) |
Amortization of prior service cost | 54 | 47 | 47 |
Recognized actuarial loss | 953 | 592 | 531 |
Net periodic cost (benefit) | $ 645 | $ 384 | $ 573 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 10,875 | $ 10,689 | $ 10,937 |
Prior service cost | 33 | 39 | 45 |
Amount recognized in AOCI | 10,908 | 10,728 | 10,982 |
Non-U.S. Pension Plan | Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 13,923 | 18,574 | 13,783 |
Prior service cost | 687 | 748 | 747 |
Amount recognized in AOCI | $ 14,610 | $ 19,322 | $ 14,530 |
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, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total recognized in other comprehensive income (loss) | $ 4,717 | $ (5,042) |
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | 469 | 34 |
Amortization of actuarial (loss) gain | (283) | (283) |
Prior service credit | (6) | (6) |
Total recognized in other comprehensive income (loss) | 180 | (255) |
Non-U.S. Pension Plan | Non-U.S. Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | (3,717) | 5,428 |
Amortization of actuarial (loss) gain | (942) | (625) |
Prior service credit | (53) | (11) |
Total recognized in other comprehensive income (loss) | $ (4,712) | $ 4,792 |
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, 2021 | Dec. 31, 2020 |
U.S. Pension and Other Post-Retirement Benefit Plans | U.S. Pension and Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 2.07% | 2.08% |
Non-U.S. Pension Plan | Non-U.S. Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 1.80% | 1.20% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. Pension and Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 2.08% | 2.93% | 3.40% |
Expected return on plan assets (as a percent) | 5.34% | 5.34% | 5.34% |
Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percent) | 1.20% | 1.95% | 2.80% |
Expected return on plan assets (as a percent) | 2.60% | 3.30% | 3.70% |
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, 2021 | Dec. 31, 2020 |
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 | 21.00% | 1.00% |
Weighted-average pension plans allocation | 21.00% | 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% | 5.00% |
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 | 0.00% | 29.00% |
Weighted-average pension plans allocation | 0.00% | 29.00% |
Equity/Balanced securities | Non-U.S. Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 53.00% | 52.00% |
Weighted-average pension plans allocation | 52.00% | 49.00% |
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 | 79.00% | 61.00% |
Weighted-average pension plans allocation | 54.00% | 61.00% |
Fixed income securities | Non-U.S. Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 47.00% | 48.00% |
Weighted-average pension plans allocation | 47.00% | 46.00% |
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 | 0.00% | 9.00% |
Weighted-average pension plans allocation | 25.00% | 9.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 79,842 | $ 81,113 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 9,192 | 2,125 | |
U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,525 | ||
U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,741 | ||
International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,253 | ||
Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 1,717 | ||
Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 20,239 | 18,958 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 37,117 | 40,485 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 13,294 | 3,221 | |
U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 4,088 | ||
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 442 | 9,108 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 442 | 2,125 | |
Level 1 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,525 | ||
Level 1 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 2,741 | ||
Level 1 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 1 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 1,717 | ||
Level 1 | Balanced | |||
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 | 0 | |
Level 1 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 32,452 | 67,917 | |
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 | ||
Level 2 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 2 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 5,253 | ||
Level 2 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 2 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 18,958 | ||
Level 2 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 22,361 | 40,485 | |
Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 10,091 | 3,221 | |
Level 2 | U.S. property | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | 4,088 | $ 4,070 |
Level 3 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | U.S. large value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | U.S. large growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | International blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | Emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 0 | ||
Level 3 | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 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 | $ 4,088 | ||
Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 46,948 | ||
Net Asset Value Per Share | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 8,750 | ||
Net Asset Value Per Share | Balanced | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 20,239 | ||
Net Asset Value Per Share | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | 14,756 | ||
Net Asset Value Per Share | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plans assets | $ 3,203 |
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, 2021 | Dec. 31, 2020 | |
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | $ 81,113 | |
Fair value of plan assets at end of the year | 79,842 | $ 81,113 |
Level 3 | ||
Change in plan assets: | ||
Fair value of plan assets — Beginning of the year | 4,088 | 4,070 |
Actual return on assets held at reporting date | 0 | 18 |
Purchases, sales and settlements, net | (4,088) | 0 |
Fair value of plan assets at end of the year | $ 0 | $ 4,088 |
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, 2021USD ($) |
Retirement Benefits [Abstract] | |
2022 | $ 40,504 |
2023 | 1,822 |
2024 | 1,881 |
2025 | 1,846 |
2026 | 1,919 |
2027 to 2031 | $ 10,096 |
Performance Awards - Additional
Performance Awards - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized expense | $ 5 |
2014 EIP | Restricted Cash Award | Minimum | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Performance period | 1 year |
2014 EIP | Restricted Cash Award | Maximum | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Performance period | 3 years |
2014 EIP | Performance Awards | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized expense | $ 1.5 |
Performance Awards - Summary of
Performance Awards - Summary of Grant Activity (Details) - 2014 EIP - Performance Awards $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options [Roll Forward] | |
Adjusted Award Value at December 31, 2020 | $ 976 |
Forfeitures | (309) |
Adjustments | 1,218 |
Payments | (651) |
Adjusted Award Value at December 31, 2021 | $ 1,234 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Compensation expense | $ 6.3 | $ 3.5 | $ 2.8 |
Unrecognized expense | $ 5 | ||
Restricted Stock | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Award vesting period | 3 years | ||
Shares surrendered to satisfy tax withholding obligations (in shares) | 148 | ||
Restricted Stock | 2020 EIP | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Authorized shares available for issuance (in shares) | 2,900 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information about Nonvested Restricted Stock Grants (Detail) - Restricted Stock shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Nonvested Restricted Stock Shares | |
Nonvested - beginning of year (in shares) | shares | 1,263 |
Granted (in shares) | shares | 487 |
Vested (in shares) | shares | (933) |
Forfeited (in shares) | shares | (34) |
Nonvested - end of year (in shares) | shares | 783 |
Weighted- Average Grant-Date Fair Value | |
Nonvested - beginning of year (in dollars per share) | $ / shares | $ 3.48 |
Granted (in dollars per share) | $ / shares | 9.90 |
Vested (in dollars per share) | $ / shares | 4.82 |
Forfeited (in dollars per share) | $ / shares | 7.78 |
Nonvested - end of year (in dollars per share) | $ / shares | $ 5.68 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 23, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares outstanding (in shares) | 32,034,592 | 31,249,811 | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||
Preferred stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||
Antidilutive stock options excluded from earning per share (in shares) | 0 | ||||
Common Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares outstanding (in shares) | 32,034,592 | 31,249,811 | 30,801,255 | 30,512,843 | |
Restricted Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Antidilutive stock options excluded from earning per share (in shares) | 220,000 |
Stockholders' Equity - Diluted
Stockholders' Equity - Diluted Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Net income (loss) attributable to common stockholders | $ 23,732 | $ (37,049) | $ 15,778 |
Weighted average number of common shares outstanding (in shares) | 31,501 | 30,943 | 30,602 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 1,289 | 0 | 221 |
Dilutive shares outstanding (in shares) | 32,790 | 30,943 | 30,823 |
Basic earnings (loss) per share attributable to common stockholders (in dollars per share) | $ 0.75 | $ (1.20) | $ 0.52 |
Diluted earnings (loss) per share attributable to common stockholders (in dollars per share) | $ 0.72 | $ (1.20) | $ 0.51 |
Stockholders' Equity - Sharehol
Stockholders' Equity - Shareholder Rights Plan (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 23, 2020 |
Equity [Abstract] | |||
Number of rights distributed for each share of common stock held | 1 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Other Comprehensive (Income) _3
Other Comprehensive (Income) Loss - Accumulated Comprehensive Loss (Activity) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 95,370 | $ 128,688 | $ 109,596 |
Net current period change | 2,568 | 944 | 1,521 |
Ending balance | 126,653 | 95,370 | 128,688 |
Foreign currency items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (19,024) | (24,032) | |
Net current period change | (1,421) | 5,008 | |
Ending balance | (20,445) | (19,024) | (24,032) |
Pension and Other Post-Retirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (27,423) | (22,382) | |
Net current period change | 4,576 | (4,597) | |
Reclassification adjustments for losses reclassified into income | 97 | (444) | |
Ending balance | (22,750) | (27,423) | (22,382) |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 1,441 | 464 | |
Net current period change | (684) | 977 | |
Ending balance | 757 | 1,441 | 464 |
Accumulated other comprehensive loss | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (45,006) | (45,950) | (47,471) |
Net current period change | 3,155 | 411 | |
Ending balance | $ (42,438) | $ (45,006) | $ (45,950) |
Other Comprehensive (Income) _4
Other Comprehensive (Income) Loss - Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Before Tax Amount | |||
Net actuarial gain and prior service credit | $ 4,620 | $ (4,537) | |
Reclassification of actuarial loss and prior service cost to net income | 97 | (505) | |
Total recognized in other comprehensive income (loss) | 4,717 | (5,042) | |
Cumulative translation adjustment | (1,421) | 5,008 | |
Derivative instruments | (898) | 1,419 | |
Total other comprehensive gain | 2,398 | 1,385 | |
Tax Expense | |||
Net actuarial gain and prior service credit | (44) | (60) | |
Reclassification of actuarial loss and prior service cost to net income | 0 | 61 | |
Net unrealized gain | (44) | 1 | |
Cumulative translation adjustment | 0 | 0 | |
Derivative instruments | 214 | (442) | |
Total other comprehensive gain | 170 | (441) | |
After Tax Amount | |||
Net actuarial gain and prior service credit | 4,576 | (4,597) | |
Reclassification of actuarial loss and prior service cost to net income | 97 | (444) | |
Net unrealized gain | 4,673 | (5,041) | $ 2,738 |
Cumulative translation adjustment | (1,421) | 5,008 | (1,185) |
Derivative instruments | (684) | 977 | (32) |
Other comprehensive income | $ 2,568 | $ 944 | $ 1,521 |
Cost Reduction and Manufactur_3
Cost Reduction and Manufacturing Capacity Rationalization - Summary of Restructuring Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 679 | $ 2,324 |
New charges | 1,895 | 6,914 |
Payments and other adjustments | (2,088) | (8,559) |
Restructuring reserve, ending balance | $ 486 | $ 679 |
Cost Reduction and Manufactur_4
Cost Reduction and Manufacturing Capacity Rationalization - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Nov. 01, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,895 | $ 6,914 | |
Cost of revenues | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,200 | 4,700 | |
Selling, General and Administrative Expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 700 | 2,200 | |
Separation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,500 | ||
Facility and other costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,400 | ||
Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | $ 4,000 | ||
Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost | $ 6,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Warranty Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance - beginning of the year | $ 2,041 | $ 3,082 |
Provision for warranty claims | 942 | 656 |
Deduction for payments made and other adjustments | (1,493) | (1,697) |
Balance - end of year | $ 1,490 | $ 2,041 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 9,375 |
2023 | 13,125 |
2024 | 16,875 |
2025 | 20,625 |
2026 | 135,650 |
Thereafter | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - segment | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 4 | 4 |
Segment Reporting - Sales by Se
Segment Reporting - Sales by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Revenues | $ 971,578 | $ 717,699 | $ 901,238 |
Gross profit | 118,987 | 74,076 | 105,137 |
Selling, general & administrative expenses | 69,406 | 68,228 | 64,501 |
Goodwill and other impairment | 0 | 29,017 | 0 |
Operating income (loss) | 49,581 | (23,169) | 40,636 |
Capital expenditures and depreciation expense: | |||
Capital expenditures | 17,653 | 7,142 | 24,117 |
Depreciation expense | 15,059 | 15,059 | 13,562 |
Vehicle Solutions | |||
Revenues | |||
Revenues | 498,913 | 366,636 | 577,989 |
Warehouse Automation | |||
Revenues | |||
Revenues | 187,912 | 101,655 | 12,803 |
Electrical Systems | |||
Revenues | |||
Revenues | 168,971 | 141,094 | 178,398 |
Aftermarket and Accessories | |||
Revenues | |||
Revenues | 115,782 | 108,314 | 132,048 |
Operating Segments | Vehicle Solutions | |||
Revenues | |||
Revenues | 498,913 | 366,636 | 577,989 |
Gross profit | 50,608 | 32,398 | 65,121 |
Selling, general & administrative expenses | 26,959 | 22,510 | 24,875 |
Goodwill and other impairment | 7,245 | ||
Operating income (loss) | 23,649 | 2,643 | 40,246 |
Capital expenditures and depreciation expense: | |||
Capital expenditures | 6,203 | 3,599 | 13,967 |
Depreciation expense | 7,911 | 7,682 | 6,876 |
Operating Segments | Warehouse Automation | |||
Revenues | |||
Revenues | 187,912 | 101,655 | 12,803 |
Gross profit | 29,669 | 13,205 | 1,248 |
Selling, general & administrative expenses | 6,106 | 9,698 | 1,396 |
Goodwill and other impairment | 19,829 | ||
Operating income (loss) | 23,563 | (16,322) | (148) |
Capital expenditures and depreciation expense: | |||
Capital expenditures | 4,480 | 1,288 | 433 |
Depreciation expense | 687 | 377 | 49 |
Operating Segments | Electrical Systems | |||
Revenues | |||
Revenues | 168,971 | 141,094 | 178,398 |
Gross profit | 20,773 | 12,185 | 16,588 |
Selling, general & administrative expenses | 6,213 | 3,996 | 5,331 |
Goodwill and other impairment | 1,150 | ||
Operating income (loss) | 14,560 | 7,039 | 11,257 |
Capital expenditures and depreciation expense: | |||
Capital expenditures | 5,976 | 857 | 6,586 |
Depreciation expense | 3,550 | 3,552 | 3,027 |
Operating Segments | Aftermarket and Accessories | |||
Revenues | |||
Revenues | 115,782 | 108,314 | 132,048 |
Gross profit | 17,980 | 16,658 | 22,252 |
Selling, general & administrative expenses | 5,889 | 5,396 | 6,594 |
Goodwill and other impairment | 0 | ||
Operating income (loss) | 12,091 | 11,262 | 15,658 |
Capital expenditures and depreciation expense: | |||
Capital expenditures | 482 | 358 | 463 |
Depreciation expense | 1,240 | 1,436 | 1,126 |
Corporate/ Other | |||
Revenues | |||
Revenues | 0 | 0 | 0 |
Gross profit | (43) | (370) | (72) |
Selling, general & administrative expenses | 24,239 | 26,628 | 26,305 |
Goodwill and other impairment | 793 | ||
Operating income (loss) | (24,282) | (27,791) | (26,377) |
Capital expenditures and depreciation expense: | |||
Capital expenditures | 512 | 1,040 | 2,668 |
Depreciation expense | $ 1,671 | $ 2,012 | $ 2,484 |
Segment Reporting - Revenue and
Segment Reporting - Revenue and Long-Lived Assets for Each of Geographic Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 971,578 | $ 717,699 | $ 901,238 |
Long-lived Assets | 89,710 | 93,590 | 109,438 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 738,937 | 536,846 | 691,224 |
Long-lived Assets | 60,260 | 60,605 | 70,870 |
All other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 232,641 | 180,853 | 210,014 |
Long-lived Assets | $ 29,450 | $ 32,985 | $ 38,568 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Revenue Concentration by Customer (Details) - Customer Concentration Risk - Revenues | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
A.B. Volvo | Vehicle Solutions | |||
Segment Reporting Information [Line Items] | |||
Percent of net revenues (as a percent) | 17.00% | 16.00% | 22.00% |
Customer B | Warehouse Automation | |||
Segment Reporting Information [Line Items] | |||
Percent of net revenues (as a percent) | 17.00% | 9.00% | 0.00% |
Customer C | Vehicle Solutions | |||
Segment Reporting Information [Line Items] | |||
Percent of net revenues (as a percent) | 12.00% | 14.00% | 17.00% |
Uncategorized Items - cvgi-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |