Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
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 $0.1 per share | |
Trading Symbol | CVGI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,373,982 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001290900 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 251,412 | $ 239,610 | $ 746,635 | $ 742,673 |
Cost of revenues | 224,570 | 209,466 | 672,531 | 647,040 |
Gross profit | 26,842 | 30,144 | 74,104 | 95,633 |
Selling, general and administrative expenses | 17,304 | 18,772 | 49,955 | 52,529 |
Operating income | 9,538 | 11,372 | 24,149 | 43,104 |
Other (income) expense | 1,924 | (186) | 2,798 | (1,127) |
Interest expense | 2,813 | 1,630 | 6,892 | 9,489 |
Loss on extinguishment of debt | 0 | 0 | 921 | 7,155 |
Income before provision for income taxes | 4,801 | 9,928 | 13,538 | 27,587 |
Provision for income taxes | 1,250 | 2,417 | 3,520 | 6,491 |
Net income | $ 3,551 | $ 7,511 | $ 10,018 | $ 21,096 |
Earnings per Common Share: | ||||
Basic (in dollars per share) | $ 0.11 | $ 0.24 | $ 0.30 | $ 0.67 |
Diluted (in dollars per share) | $ 0.11 | $ 0.23 | $ 0.30 | $ 0.64 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 32,460 | 31,570 | 32,950 | 31,432 |
Diluted (in shares) | 32,922 | 32,706 | 33,645 | 32,738 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,551 | $ 7,511 | $ 10,018 | $ 21,096 |
Other comprehensive loss: | ||||
Foreign currency exchange translation adjustments | (4,493) | (1,225) | (9,689) | (1,809) |
Minimum pension liability, net of tax | (362) | 1,421 | 1,085 | 2,094 |
Derivative instrument, net of tax | 1,838 | (549) | 4,011 | (1,052) |
Other comprehensive loss | (3,017) | (353) | (4,593) | (767) |
Comprehensive income | $ 534 | $ 7,158 | $ 5,425 | $ 20,329 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 38,713 | $ 34,958 |
Accounts receivable, net of allowances of $343 and $243, respectively | 178,340 | 174,472 |
Inventories | 150,347 | 141,045 |
Other current assets | 15,788 | 20,201 |
Total current assets | 383,188 | 370,676 |
Property, plant and equipment, net | 64,755 | 63,126 |
Intangible assets, net | 15,468 | 18,283 |
Deferred income taxes | 24,381 | 24,108 |
Other assets, net | 33,658 | 31,500 |
Total assets | 521,450 | 507,693 |
Current liabilities: | ||
Accounts payable | 121,350 | 101,915 |
Accrued liabilities and other | 48,446 | 50,840 |
Current portion of long-term debt | 9,844 | 9,375 |
Total current liabilities | 179,640 | 162,130 |
Long-term debt | 174,490 | 185,581 |
Pension and other post-retirement benefits | 7,704 | 9,905 |
Other long-term liabilities | 23,855 | 23,424 |
Total liabilities | 385,689 | 381,040 |
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; 32,551,341 and 32,034,592 shares issued and outstanding respectively) | 326 | 321 |
Treasury stock, at cost: 1,842,407 and 1,708,981 shares, respectively | (14,138) | (13,172) |
Additional paid-in capital | 260,210 | 255,566 |
Retained deficit | (63,606) | (73,624) |
Accumulated other comprehensive loss | (47,031) | (42,438) |
Total stockholders’ equity | 135,761 | 126,653 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 521,450 | $ 507,693 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowances for credit losses | $ 343 | $ 243 |
Preferred stock, par value (in dollars per share) | $ 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) | 32,551,341 | 32,034,592 |
Common stock, shares outstanding (in shares) | 32,551,341 | 32,034,592 |
Treasury stock, shares (in shares) | 1,842,407 | 1,708,981 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 10,018 | $ 21,096 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 13,606 | 13,879 |
Noncash amortization of debt financing costs | 274 | 895 |
Payment in kind interest expense | 0 | 2,254 |
Share-based compensation expense | 4,644 | 5,029 |
Deferred income taxes | (1,118) | 2,771 |
Non-cash loss (income) on derivative contracts | 30 | (642) |
Loss on extinguishment of debt | 921 | 7,155 |
Settlement of derivative contract | 3,900 | 0 |
Change in other operating items: | ||
Accounts receivable | (9,193) | (41,452) |
Inventories | (14,414) | (55,913) |
Prepaid expenses | (1,587) | (2,452) |
Accounts payable | 23,544 | 25,225 |
Other operating activities, net | 3,169 | 1,266 |
Net cash provided by (used in) operating activities | 33,794 | (20,889) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (12,541) | (11,441) |
Proceeds from disposal/sale of property, plant and equipment | 16 | 42 |
Net cash used in investing activities | (12,525) | (11,399) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under term loan facility | 30,625 | 150,000 |
Borrowings under revolving credit facility | 65,200 | 51,800 |
Repayment of revolving credit facility | (103,013) | (20,500) |
Borrowings under ABL revolving credit facility | 0 | 11,300 |
Repayment of ABL revolving credit facility | 0 | (11,300) |
Surrender of shares to pay withholding taxes | (966) | (73) |
Debt extinguishment payments and early payment fees on debt | 0 | (3,031) |
Debt issuance and amendment costs | (648) | (2,333) |
Contingent Consideration payment | 0 | (5,000) |
Other financing activities | (166) | (261) |
Net cash provided by (used in) financing activities | (13,031) | 16,073 |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | (4,483) | (685) |
NET INCREASE (DECREASE) IN CASH | 3,755 | (16,900) |
CASH: | ||
Beginning of period | 34,958 | 50,503 |
End of period | 38,713 | 33,603 |
Term loan facility | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of term loan facility | (4,063) | (1,875) |
2023 term loan facility | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of term loan facility | $ 0 | $ (152,654) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid In Capital | Retained Deficit | Accumulated Other Comp. Loss |
Beginning balance (in shares) at Dec. 31, 2020 | 31,249,811 | |||||
Beginning balance at Dec. 31, 2020 | $ 95,370 | $ 313 | $ (11,893) | $ 249,312 | $ (97,356) | $ (45,006) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 132,034 | |||||
Share-based compensation expense | 967 | $ 2 | 965 | |||
Total comprehensive income (loss) | 6,278 | 8,490 | (2,212) | |||
Ending balance (in shares) at Mar. 31, 2021 | 31,381,845 | |||||
Ending balance at Mar. 31, 2021 | 102,615 | $ 315 | (11,893) | 250,277 | (88,866) | (47,218) |
Beginning balance (in shares) at Dec. 31, 2020 | 31,249,811 | |||||
Beginning balance at Dec. 31, 2020 | 95,370 | $ 313 | (11,893) | 249,312 | (97,356) | (45,006) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | 20,329 | |||||
Ending balance (in shares) at Sep. 30, 2021 | 31,569,749 | |||||
Ending balance at Sep. 30, 2021 | 120,658 | $ 316 | (11,966) | 254,341 | (76,260) | (45,773) |
Beginning balance (in shares) at Mar. 31, 2021 | 31,381,845 | |||||
Beginning balance at Mar. 31, 2021 | 102,615 | $ 315 | (11,893) | 250,277 | (88,866) | (47,218) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 187,904 | |||||
Share-based compensation expense | 2,129 | $ 1 | (73) | 2,201 | ||
Total comprehensive income (loss) | 6,893 | 5,095 | 1,798 | |||
Ending balance (in shares) at Jun. 30, 2021 | 31,569,749 | |||||
Ending balance at Jun. 30, 2021 | 111,637 | $ 316 | (11,966) | 252,478 | (83,771) | (45,420) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense | 1,863 | 1,863 | ||||
Total comprehensive income (loss) | 7,158 | 7,511 | (353) | |||
Ending balance (in shares) at Sep. 30, 2021 | 31,569,749 | |||||
Ending balance at Sep. 30, 2021 | $ 120,658 | $ 316 | (11,966) | 254,341 | (76,260) | (45,773) |
Beginning balance (in shares) at Dec. 31, 2021 | 32,034,592 | 32,034,592 | ||||
Beginning balance at Dec. 31, 2021 | $ 126,653 | $ 321 | (13,172) | 255,566 | (73,624) | (42,438) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 122,618 | |||||
Share-based compensation expense | 654 | $ 1 | (464) | 1,117 | ||
Total comprehensive income (loss) | 7,094 | 3,982 | 3,112 | |||
Ending balance (in shares) at Mar. 31, 2022 | 32,157,210 | |||||
Ending balance at Mar. 31, 2022 | $ 134,401 | $ 322 | (13,636) | 256,683 | (69,642) | (39,326) |
Beginning balance (in shares) at Dec. 31, 2021 | 32,034,592 | 32,034,592 | ||||
Beginning balance at Dec. 31, 2021 | $ 126,653 | $ 321 | (13,172) | 255,566 | (73,624) | (42,438) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | $ 5,425 | |||||
Ending balance (in shares) at Sep. 30, 2022 | 32,551,341 | 32,551,341 | ||||
Ending balance at Sep. 30, 2022 | $ 135,761 | $ 326 | (14,138) | 260,210 | (63,606) | (47,031) |
Beginning balance (in shares) at Mar. 31, 2022 | 32,157,210 | |||||
Beginning balance at Mar. 31, 2022 | 134,401 | $ 322 | (13,636) | 256,683 | (69,642) | (39,326) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 290,558 | |||||
Share-based compensation expense | 1,256 | $ 3 | (448) | 1,701 | ||
Total comprehensive income (loss) | (2,203) | 2,485 | (4,688) | |||
Ending balance (in shares) at Jun. 30, 2022 | 32,447,768 | |||||
Ending balance at Jun. 30, 2022 | 133,454 | $ 325 | (14,084) | 258,384 | (67,157) | (44,014) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 103,573 | |||||
Share-based compensation expense | 1,773 | $ 1 | (54) | 1,826 | ||
Total comprehensive income (loss) | $ 534 | 3,551 | (3,017) | |||
Ending balance (in shares) at Sep. 30, 2022 | 32,551,341 | 32,551,341 | ||||
Ending balance at Sep. 30, 2022 | $ 135,761 | $ 326 | $ (14,138) | $ 260,210 | $ (63,606) | $ (47,031) |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation At Commercial Vehicle Group, Inc. and its subsidiaries, we deliver real solutions to complex design, engineering and manufacturing problems across a range of global industries by innovating, constantly adding value, and treating our customer's bottom line as if it were our own. 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 customer. We believe our products are used by a majority of the North American Commercial Truck markets, many construction vehicle OEMs and top e-commerce retailers. The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of the Company and its subsidiaries. Except as disclosed within these condensed notes to unaudited quarterly consolidated financial statements, the adjustments made were of a normal, recurring nature. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsIn 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 applies 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. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition We had outstanding customer accounts receivable, net of allowances, of $178.3 million as of September 30, 2022 and $174.5 million as of December 31, 2021. 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: Three Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 77,843 $ — $ — $ 20,080 $ 97,923 Electrical wire harnesses, panels and assemblies 45 3,416 45,608 2,744 51,813 Trim 45,980 — — 2,623 48,603 Warehouse Automation — 10,700 521 — 11,221 Cab structures 28,739 — — 497 29,236 Mirrors, wipers and controls 1,417 — — 11,199 12,616 Total $ 154,024 $ 14,116 $ 46,129 $ 37,143 $ 251,412 Three Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 60,813 $ — $ — $ 15,533 $ 76,346 Electrical wire harnesses, panels and assemblies 597 14,334 39,938 1,476 56,345 Trim 39,164 — — 730 39,894 Warehouse Automation — 37,347 — — 37,347 Cab structures 15,863 — — 2,780 18,643 Mirrors, wipers and controls 1,477 — 147 9,411 11,035 Total $ 117,914 $ 51,681 $ 40,085 $ 29,930 $ 239,610 Nine Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 212,956 $ — $ — $ 56,751 $ 269,707 Electrical wire harnesses, panels and assemblies 45 10,609 132,830 7,879 151,363 Trim 138,207 — — 3,919 142,126 Warehouse Automation — 66,180 520 — 66,700 Cab structures 83,116 — — 497 83,613 Mirrors, wipers and controls 2,642 — — 30,484 33,126 Total $ 436,966 $ 76,789 $ 133,350 $ 99,530 $ 746,635 Nine Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 197,272 $ — $ — $ 43,127 $ 240,399 Electrical wire harnesses, panels and assemblies 1,906 20,370 129,907 7,884 160,067 Trim 115,388 — — 2,039 117,427 Warehouse Automation — 130,008 — — 130,008 Cab structures 53,230 — — 7,761 60,991 Mirrors, wipers and controls 4,691 — 835 28,255 33,781 Total $ 372,487 $ 150,378 $ 130,742 $ 89,066 $ 742,673 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 3.50 to 1.00 0.35% 2.75% 2.75% 1.75% II < 3.50 to 1.00 but > 2.75 to 1.00 0.30% 2.50% 2.50% 1.50% III < 2.75 to 1.00 but > 2.00 to 1.00 0.25% 2.25% 2.25% 1.25% IV < 2.00 to 1.00 but > 1.50 to 1.00 0.20% 2.00% 2.00% 1.00% V < 1.50 to 1.00 0.15% 1.75% 1.75% 0.75% 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; make acquisitions; 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 Securities 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 (which will be subject to step-downs to 3.50:1.0 at the end of the fiscal quarter ending March 31, 2023; to 3.25:1.0 at the end of the fiscal quarter ending June 30, 2023; and to 3.00:1.0 for each fiscal quarter on and after the fiscal quarter ending September 30, 2023). We were in compliance with these covenants as of September 30, 2022. 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 as follows: 5.0%, 7.5%, 10.0%, 12.5% and 15.0%. 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 mandatory prepayments from the receipt of proceeds of dispositions or debt issuance, subject to certain exceptions and the Company's 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. 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 associated fees, recorded in our Consolidated Statements of Operations for the nine months ended September 30, 2021. Cash Paid for Interest For the nine months ended September 30, 2022 and 2021, cash payments for interest were $6.2 million and $7.0 million, respectively." id="sjs-B4">Debt Debt consisted of the following: September 30, 2022 December 31, 2021 Term loan facility $ 172,813 $ 146,250 Revolving credit facility 11,588 49,400 Unamortized issuance costs and discount (67) (694) $ 184,334 $ 194,956 Less: current portion (9,844) (9,375) Total long-term debt, net of current portion $ 174,490 $ 185,581 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 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. On May 12, 2022, the Company and certain of its subsidiaries entered into a second amendment (the “Amendment”) to its Credit Agreement pursuant to which the Lenders upsized the existing term loan facility to $175 million in aggregate principal amount and increased the revolving credit facility commitments by $25 million to an aggregate of $150 million in revolving credit facility commitments. The Revolving Credit Facility includes a $10 million swing line sublimit and a $10 million letter of credit sublimit. The amended 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. Further, separate from the Company’s annual $35 million capital spending cap, a one-time $45 million capital project basket was included in the Amendment. All other key provisions, including the $75 million accordion, acquisition holiday, and other baskets remain unchanged. The Credit Facilities mature on May 12, 2027 (the “Maturity Date”). The Amendment resulted in a loss on extinguishment of debt of $0.9 million, including $0.6 million non-cash write off relating to deferred financing costs and unamortized discount of the Term Loan Facility and $0.3 million of other fees associated with the Amendment, recorded in our Consolidated Statements of Operations for the nine months ended September 30, 2022. The proceeds of the Credit Facilities will be used, together with cash on hand of the Company, to (a) pay transaction costs, fees and expenses incurred in connection therewith and in connection with the Amended Credit Agreement and (b) for working capital and other lawful corporate purposes of the Company and its subsidiaries. At September 30, 2022, we had $11.6 million of borrowings under the Revolving Credit Facility, outstanding letters of credit of $1.2 million and availability of $137.2 million. The unamortized deferred financing fees associated with the Revolving Credit Facility of $1.3 million and $1.3 million as of September 30, 2022 and December 31, 2021, respectively, are being amortized over the remaining life of the Credit Agreement. At December 31, 2021, we had $49.4 million of borrowings under the Revolving Credit Facility and we had outstanding letters of credit of $1.4 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 Term Secured Overnight Financing Rate ("SOFR"), including a credit spread adjustment, 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 Term SOFR Loans Base Rate Loans I > 3.50 to 1.00 0.35% 2.75% 2.75% 1.75% II < 3.50 to 1.00 but > 2.75 to 1.00 0.30% 2.50% 2.50% 1.50% III < 2.75 to 1.00 but > 2.00 to 1.00 0.25% 2.25% 2.25% 1.25% IV < 2.00 to 1.00 but > 1.50 to 1.00 0.20% 2.00% 2.00% 1.00% V < 1.50 to 1.00 0.15% 1.75% 1.75% 0.75% 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; make acquisitions; 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 Securities 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 (which will be subject to step-downs to 3.50:1.0 at the end of the fiscal quarter ending March 31, 2023; to 3.25:1.0 at the end of the fiscal quarter ending June 30, 2023; and to 3.00:1.0 for each fiscal quarter on and after the fiscal quarter ending September 30, 2023). We were in compliance with these covenants as of September 30, 2022. 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 as follows: 5.0%, 7.5%, 10.0%, 12.5% and 15.0%. 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 mandatory prepayments from the receipt of proceeds of dispositions or debt issuance, subject to certain exceptions and the Company's 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. 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 associated fees, recorded in our Consolidated Statements of Operations for the nine months ended September 30, 2021. Cash Paid for Interest For the nine months ended September 30, 2022 and 2021, cash payments for interest were $6.2 million and $7.0 million, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Our definite-lived intangible assets were comprised of the following: September 30, 2022 December 31, 2021 Weighted- Gross Accumulated Net Gross Accumulated Net Trademarks/tradenames 22 years $ 11,447 $ (5,268) $ 6,179 $ 11,573 $ (5,043) $ 6,530 Customer relationships 15 years 14,243 (8,918) 5,325 14,770 (8,499) 6,271 Technical know-how 5 years 9,790 (5,955) 3,835 9,790 (4,487) 5,303 Covenant not to compete 5 years 330 (201) 129 330 (151) 179 $ 35,810 $ (20,342) $ 15,468 $ 36,463 $ (18,180) $ 18,283 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2022 | |
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 consist 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 which are recorded in the Condensed Consolidated Balance Sheets at fair value. The hedge contracts for transactions denominated in Mexican Pesos are designated as cash flow hedge instruments and gains and losses as a result of the changes in fair value of the hedge contract are deferred in accumulated other comprehensive loss and recognized in cost of revenues in the period the related hedge transactions are settled. As of September 30, 2022, the hedge contracts for transactions denominated in Ukrainian Hryvnia and Czech Crown were not designated as hedging instruments; therefore, they are marked-to-market and the fair value of the agreements is recorded in the Condensed Consolidated Balance Sheets with the offsetting gains and losses recognized in other (income) expense. Settlements of hedge transactions are recognized in cost of revenues in the Condensed Consolidated Statements of Operations in the period they are settled. 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 Accumulated other comprehensive loss, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the Condensed Consolidated Statements of Operations. During the second quarter ended June 30, 2022, the Company entered into transactions to cash settle existing interest rate swaps and received proceeds of $3.9 million. The gain on the swap settlement has been recorded in Other comprehensive income (loss) and will be recognized over the life of the settled swaps. Following the settlement of the existing interest rate swaps, we entered into a new interest rate swap agreement to align with the SOFR rate and maturity date of the Credit Agreement. 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 September 30, 2022, the remaining undiscounted Contingent Consideration payment is estimated at $4.8 million and the fair value is $4.8 million, which is presented in the Condensed 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 are categorized as follows: September 30, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract $ 981 $ — $ 981 $ — $ 1,375 $ — $ 1,375 $ — Interest rate swap agreement $ 1,944 $ — $ 1,944 $ — $ 241 $ — $ 241 $ — Liabilities: Foreign exchange contract $ 134 $ — $ 134 $ — $ — $ — $ — $ — Interest rate swap agreement $ — $ — $ — $ — $ 498 $ — $ 498 $ — Contingent Consideration $ 4,750 $ — $ — $ 4,750 $ 4,409 $ — $ — $ 4,409 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, 2021 $ 4,409 Change in fair value 341 Contingent Consideration liability balance at September 30, 2022 $ 4,750 The following table summarizes the notional amount of our open foreign exchange contracts: September 30, 2022 December 31, 2021 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 12,640 $ 12,863 $ 49,601 $ 48,712 The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets: Derivative Asset Balance Sheet Fair Value September 30, 2022 December 31, 2021 Foreign exchange contracts Other current assets $ 981 $ 1,375 Interest rate swap agreement Other current assets $ 389 $ — Interest rate swap agreement Other assets, net $ 1,555 $ — Interest rate swap agreement Accrued liabilities and other $ — $ 241 Derivative Liability Balance Sheet Fair Value September 30, 2022 December 31, 2021 Foreign exchange contracts Accrued liabilities and other $ 134 $ — Interest rate swap agreement Accrued liabilities and other $ — $ 498 Derivative Equity Balance Sheet Fair Value September 30, 2022 December 31, 2021 Derivative instruments Accumulated other comprehensive (loss) income $ 4,768 $ 757 The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Location of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Foreign exchange contracts Cost of revenues $ 776 $ 807 $ 2,076 $ 1,654 Interest rate swap agreements Interest and other expense $ (67) $ (1) $ (344) $ (7) Foreign exchange contracts Other (income) expense $ (185) $ 63 $ (219) $ 286 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: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 172,746 $ 161,081 $ 145,556 $ 142,265 Revolving credit facility 1 $ 11,588 $ 11,588 $ 49,400 $ 49,400 1. Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $9.8 million and long-term debt of $174.5 million as of September 30, 2022 and current portion of long-term debt of $9.4 million and long-term debt of $185.6 million as of December 31, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 2,484 $ 2,519 $ 7,612 $ 7,493 Finance lease cost 29 87 176 280 Short-term lease cost 1,470 1,799 3,908 4,771 Total lease expense $ 3,983 $ 4,405 $ 11,696 $ 12,544 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location September 30, 2022 December 31, 2021 Operating Leases Right-of-use assets, net Other assets, net $ 26,807 $ 26,116 Current liabilities Accrued liabilities and other 7,172 9,048 Non-current liabilities Other long-term liabilities 20,198 18,519 Total operating lease liabilities $ 27,370 $ 27,567 Finance Leases Right-of-use assets, net Other assets, net $ 290 $ 468 Current liabilities Accrued liabilities and other 129 194 Non-current liabilities Other long-term liabilities 166 272 Total finance lease liabilities $ 295 $ 466 For the nine months ended September 30, 2022 and 2021, cash payments on operating leases were $7.5 million and $8.5 million, respectively. 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: Operating Financing Total Remainder of 2022 $ 2,412 $ 40 $ 2,452 2023 8,554 146 8,700 2024 4,835 104 4,939 2025 5,044 65 5,109 2026 4,465 2 4,467 Thereafter 10,861 — 10,861 Total lease payments $ 36,171 $ 357 $ 36,528 Less: Imputed interest (8,801) (62) (8,863) Present value of lease liabilities $ 27,370 $ 295 $ 27,665 |
Leases | Leases The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 2,484 $ 2,519 $ 7,612 $ 7,493 Finance lease cost 29 87 176 280 Short-term lease cost 1,470 1,799 3,908 4,771 Total lease expense $ 3,983 $ 4,405 $ 11,696 $ 12,544 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location September 30, 2022 December 31, 2021 Operating Leases Right-of-use assets, net Other assets, net $ 26,807 $ 26,116 Current liabilities Accrued liabilities and other 7,172 9,048 Non-current liabilities Other long-term liabilities 20,198 18,519 Total operating lease liabilities $ 27,370 $ 27,567 Finance Leases Right-of-use assets, net Other assets, net $ 290 $ 468 Current liabilities Accrued liabilities and other 129 194 Non-current liabilities Other long-term liabilities 166 272 Total finance lease liabilities $ 295 $ 466 For the nine months ended September 30, 2022 and 2021, cash payments on operating leases were $7.5 million and $8.5 million, respectively. 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: Operating Financing Total Remainder of 2022 $ 2,412 $ 40 $ 2,452 2023 8,554 146 8,700 2024 4,835 104 4,939 2025 5,044 65 5,109 2026 4,465 2 4,467 Thereafter 10,861 — 10,861 Total lease payments $ 36,171 $ 357 $ 36,528 Less: Imputed interest (8,801) (62) (8,863) Present value of lease liabilities $ 27,370 $ 295 $ 27,665 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three and nine months ended September 30, 2022, we recorded a $1.3 million, and $3.5 million tax provision, respectively, or 26% effective tax rate for each period, compared to a $2.4 million and $6.5 million tax provision for the three and nine months ended September 30, 2021, respectively, or approximately 24% effective tax rate for each period. Income tax expense is based on an estimated annual effective tax rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which the Company operates based on changes in factors such as prices, shipments, product mix, material inflation and manufacturing operations. To the extent that actual 2022 pretax results for U.S. and foreign income or loss vary from estimates, the actual income tax expense recognized in 2022 could be different from the forecasted amount used to estimate the income tax expense for the three and nine months ended September 30, 2022. We have recorded valuation allowances in prior years related to certain foreign subsidiaries due to multiple year cumulative losses. Given the current earnings and anticipated future earnings of some of the Company's foreign locations, the Company believes there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow it to reach a conclusion that the valuation allowance on the deferred tax assets of certain foreign entities will no longer be needed. Releasing the valuation allowance would result in the recognition of previously unrecognized deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve. For the nine months ended September 30, 2022 and 2021, cash paid for taxes, net of refunds received, were $4.2 million and $3.1 million, respectively. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefit Plans | Pension and Other Post-Retirement Benefit Plans The components of net periodic (benefit) cost related to pension and other post-retirement benefit plans is as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plan Three Months Ended September 30, Three Months Ended September 30, 2022 2021 2022 2021 Interest cost $ 193 $ 207 $ 187 $ 160 Expected return on plan assets (208) (553) (244) (251) Amortization of prior service cost 1 1,118 2 11 12 Recognized actuarial loss 82 70 142 239 Net (benefit) cost $ 1,185 $ (274) $ 96 $ 160 U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plan Nine months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Interest cost $ 581 $ 621 $ 602 $ 483 Expected return on plan assets (623) (1,659) (777) (755) Amortization of prior service cost 1 1,122 6 37 40 Recognized actuarial loss 247 210 459 721 Net (benefit) cost $ 1,327 $ (822) $ 321 $ 489 1. Includes $1.1 million non-cash settlement charge. Net periodic (benefit) cost components, not inclusive of service costs, are recognized in other expense (income) within the Condensed Consolidated Statements of Operations. During 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 were 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. During the nine months ended September 30, 2022, the Company partially settled the U.S. Pension Plan liabilities. Payouts totaling $4.4 million were made out of plan assets and, as reflected in amortization of prior service cost in the table above, resulted in a non-cash settlement charge of $1.1 million, which was recorded in other expense in the Condensed Consolidated Statements of Income. On October 3, 2022, the Company settled the remaining U.S. Pension Plan liabilities through purchase of an annuity contract. The contract totaling $25.2 million was paid out of plan assets and is expected to result in an $8.1 million non-cash settlement charge, which will be recognized in the three months ending December 31, 2022. |
Performance Awards
Performance Awards | 9 Months Ended |
Sep. 30, 2022 | |
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 and Return on Invested Capital ("ROIC") component established by the Compensation Committee of the Board of Directors. 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 the number of shares allocated to a 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, ROIC performance, 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. ROIC is defined as adjusted net income plus interest expense (net of tax), divided by total assets less current liabilities plus current debt. A five-point average is used to calculate the asset denominator. 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, 2021 $ 1,234 New grants 2,108 Forfeitures (513) Adjustments (1,287) Payments (300) Adjusted Award Value at September 30, 2022 $ 1,242 Unrecognized compensation expense was $2.0 million and $2.3 million as of September 30, 2022 and 2021, respectively. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The company's outstanding share-based compensation is comprised solely of restricted stock awards and performance stock awards to be settled in stock. 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 and ROIC performance. As of September 30, 2022, there was approximately $4.2 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 September 30, 2022 and changes during the nine months ended September 30, 2022, are presented below: 2022 Shares Weighted- Nonvested - December 31, 2021 783 $ 5.68 Granted 600 7.58 Vested (650) 3.46 Forfeited (50) 8.45 Nonvested - September 30, 2022 683 $ 6.81 As of September 30, 2022, 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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock — Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share; of which, 32,551,341 and 32,034,592 shares were issued and outstanding as of September 30, 2022 and December 31, 2021, respectively. Preferred Stock — Our authorized capital stock also consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share. No preferred shares were outstanding as of September 30, 2022 and December 31, 2021. Earnings Per Share - Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the treasury stock method. Potential common shares are included in the diluted earnings per share calculation when dilutive. Diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 includes the effect of potential common shares issuable when dilutive, and is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 3,551 $ 7,511 $ 10,018 $ 21,096 Weighted average number of common shares outstanding (in '000s) 32,460 31,570 32,950 31,432 Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) 462 1,136 695 1,306 Dilutive shares outstanding 32,922 32,706 33,645 32,738 Basic earnings per share $ 0.11 $ 0.24 $ 0.30 $ 0.67 Diluted earnings per share $ 0.11 $ 0.23 $ 0.30 $ 0.64 There were 8 thousand outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2022 and no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2021. There were 10 thousand outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2022 and no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2021. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The after-tax changes in accumulated other comprehensive income (loss), are as follows: Foreign Pension and Derivative instruments Accumulated other Balance - December 31, 2021 $ (20,445) $ (22,750) $ 757 $ (42,438) Net current period change (9,689) — — (9,689) Derivative instruments — — 4,011 4,011 Amortization of actuarial gain — 1,085 — 1,085 Balance - September 30, 2022 $ (30,134) $ (21,665) $ 4,768 $ (47,031) Foreign Pension and Derivative instruments Accumulated other Balance - December 31, 2020 $ (19,024) $ (27,423) $ 1,441 $ (45,006) Net current period change (1,809) — — (1,809) Derivative instruments — — (1,052) (1,052) Amortization of actuarial gain — 2,094 — 2,094 Balance - September 30, 2021 $ (20,833) $ (25,329) $ 389 $ (45,773) The related tax effects allocated to each component of other comprehensive loss are as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Before Tax Tax Expense After Tax Amount Before Tax Tax Expense After Tax Amount Cumulative translation adjustment $ (4,493) $ — $ (4,493) $ (9,689) $ — $ (9,689) Amortization of actuarial gain (loss) (396) 34 (362) 989 96 1,085 Derivative instruments 2,494 (656) 1,838 5,460 (1,449) 4,011 Total other comprehensive income (loss) $ (2,395) $ (622) $ (3,017) $ (3,240) $ (1,353) $ (4,593) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Before Tax Tax Expense After Tax Before Tax Tax Expense After Tax Cumulative translation adjustment $ (1,225) $ — $ (1,225) $ (1,809) $ — $ (1,809) Amortization of actuarial gain 1,308 113 1,421 1,754 340 2,094 Derivative instruments (717) 168 (549) (1,373) 321 (1,052) Total other comprehensive income (loss) $ (634) $ 281 $ (353) $ (1,428) $ 661 $ (767) |
Cost Reduction and Manufacturin
Cost Reduction and Manufacturing Capacity Rationalization | 9 Months Ended |
Sep. 30, 2022 | |
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 ("the 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. The changes in accrued restructuring balances are as follows: Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total December 31, 2021 $ 230 $ 417 $ — $ — $ (161) $ 486 New charges 204 350 — 435 — 989 Payments and other adjustments (309) (770) — (435) 422 (1,092) March 31, 2022 $ 125 $ (3) $ — $ — $ 261 $ 383 New charges — 314 571 560 306 1,751 Payments and other adjustments (91) (311) (571) (560) (444) (1,977) June 30, 2022 $ 34 $ — $ — $ — $ 123 $ 157 New charges 66 136 — 445 — 647 Payments and other adjustments (90) (46) — (445) (123) (704) September 30, 2022 $ 10 $ 90 $ — $ — $ — $ 100 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total December 31, 2020 $ 349 $ — $ — $ 40 $ 290 $ 679 Payments and other adjustments (186) — — (40) (36) (262) March 31, 2021 $ 163 $ — $ — $ — $ 254 $ 417 Payments and other adjustments (67) — — — (171) (238) June 30, 2021 $ 96 $ — $ — $ — $ 83 $ 179 New charges $ — $ — $ — $ — $ — $ — Payments and other adjustments $ (96) $ — $ — $ — $ (83) $ (179) September 30, 2021 $ — $ — $ — $ — $ — $ — Of the $0.6 million costs incurred in the three months ended September 30, 2022, $0.1 million primarily related to headcount reductions and $0.5 million related to facility exit and other costs. Substantially all costs incurred were recorded in cost of revenues. Of the $3.4 million costs incurred in the nine months ended September 30, 2022, $0.9 million primarily related to headcount reductions and $2.5 million related to facility exit and other costs. Of the $3.4 million costs incurred, $3.0 million was recorded in cost of revenues and $0.4 million was recorded in selling, general and administrative expenses. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases - As disclosed in Note 7, 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 September 30, 2022, 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 September 30, 2022 and 2021, 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 periods ended September 30, 2022 and 2021, are included within accrued liabilities and other in the accompanying Condensed Consolidated Balance Sheets. The following presents a summary of the warranty provision for the nine months ended September 30, 2022: Balance - December 31, 2021 $ 1,490 Provision for warranty claims 491 Deduction for payments made and other adjustments (745) Balance - September 30, 2022 $ 1,236 Debt Payments - As disclosed in Note 4, 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: Term loan facility Revolving credit facility Total Remainder of 2022 $ 2,187 $ — $ 2,187 2023 $ 10,938 $ — $ 10,938 2024 $ 15,313 $ — $ 15,313 2025 $ 19,688 $ — $ 19,688 2026 $ 24,063 $ — $ 24,063 Thereafter $ 100,624 $ 11,588 $ 112,212 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
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 has allowed 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: Three Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 154,024 $ 14,116 $ 46,129 $ 37,143 $ — $ 251,412 Gross profit 13,839 404 6,210 6,389 — 26,842 Selling, general & administrative expenses 4,279 1,371 1,055 1,436 9,163 17,304 Operating income (loss) $ 9,560 $ (967) $ 5,155 $ 4,953 $ (9,163) $ 9,538 Three Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 117,914 $ 51,681 $ 40,085 $ 29,930 $ — $ 239,610 Gross profit 10,143 9,486 6,633 3,885 (3) 30,144 Selling, general & administrative expenses 7,222 1,461 1,718 1,536 6,835 18,772 Operating income (loss) $ 2,921 $ 8,025 $ 4,915 $ 2,349 $ (6,838) $ 11,372 Nine Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 436,966 $ 76,789 $ 133,350 $ 99,530 $ — $ 746,635 Gross profit 35,657 8,249 16,857 13,341 — 74,104 Selling, general & administrative expenses 18,269 4,242 3,998 4,636 18,810 49,955 Operating income (loss) $ 17,388 $ 4,007 $ 12,859 $ 8,705 $ (18,810) $ 24,149 Nine Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 372,487 $ 150,378 $ 130,742 $ 89,066 $ — $ 742,673 Gross profit 38,914 24,612 17,545 14,605 (43) 95,633 Selling, general & administrative expenses 20,269 4,199 4,646 4,407 19,008 52,529 Operating income (loss) $ 18,645 $ 20,413 $ 12,899 $ 10,198 $ (19,051) $ 43,104 |
Other Financial Information
Other Financial Information | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Other Financial Information | Other Financial Information Items reported in inventories consisted of the following: September 30, 2022 December 31, 2021 Raw materials $ 119,361 $ 107,505 Work in process 16,688 21,671 Finished goods 14,298 11,869 Inventories $ 150,347 $ 141,045 Items reported in property, plant, and equipment, net consisted of the following: September 30, 2022 December 31, 2021 Land and buildings $ 32,158 $ 32,012 Machinery and equipment 204,436 194,828 Construction in progress 6,217 8,822 Property, plant, and equipment, gross 242,811 235,662 Less accumulated depreciation (178,056) (172,536) Property, plant and equipment, net $ 64,755 $ 63,126 Items reported in accrued expenses and other liabilities consisted of the following: September 30, 2022 December 31, 2021 Compensation and benefits $ 14,622 $ 16,677 Taxes payable 5,730 6,391 Operating lease liabilities 7,172 9,048 Accrued freight 7,094 5,628 Contingent Consideration 4,750 4,409 Deferred tooling revenue 1,401 851 Other 7,677 7,836 Accrued liabilities and other $ 48,446 $ 50,840 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsIn 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 applies 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. |
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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 77,843 $ — $ — $ 20,080 $ 97,923 Electrical wire harnesses, panels and assemblies 45 3,416 45,608 2,744 51,813 Trim 45,980 — — 2,623 48,603 Warehouse Automation — 10,700 521 — 11,221 Cab structures 28,739 — — 497 29,236 Mirrors, wipers and controls 1,417 — — 11,199 12,616 Total $ 154,024 $ 14,116 $ 46,129 $ 37,143 $ 251,412 Three Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 60,813 $ — $ — $ 15,533 $ 76,346 Electrical wire harnesses, panels and assemblies 597 14,334 39,938 1,476 56,345 Trim 39,164 — — 730 39,894 Warehouse Automation — 37,347 — — 37,347 Cab structures 15,863 — — 2,780 18,643 Mirrors, wipers and controls 1,477 — 147 9,411 11,035 Total $ 117,914 $ 51,681 $ 40,085 $ 29,930 $ 239,610 Nine Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 212,956 $ — $ — $ 56,751 $ 269,707 Electrical wire harnesses, panels and assemblies 45 10,609 132,830 7,879 151,363 Trim 138,207 — — 3,919 142,126 Warehouse Automation — 66,180 520 — 66,700 Cab structures 83,116 — — 497 83,613 Mirrors, wipers and controls 2,642 — — 30,484 33,126 Total $ 436,966 $ 76,789 $ 133,350 $ 99,530 $ 746,635 Nine Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Total Seats $ 197,272 $ — $ — $ 43,127 $ 240,399 Electrical wire harnesses, panels and assemblies 1,906 20,370 129,907 7,884 160,067 Trim 115,388 — — 2,039 117,427 Warehouse Automation — 130,008 — — 130,008 Cab structures 53,230 — — 7,761 60,991 Mirrors, wipers and controls 4,691 — 835 28,255 33,781 Total $ 372,487 $ 150,378 $ 130,742 $ 89,066 $ 742,673 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following: September 30, 2022 December 31, 2021 Term loan facility $ 172,813 $ 146,250 Revolving credit facility 11,588 49,400 Unamortized issuance costs and discount (67) (694) $ 184,334 $ 194,956 Less: current portion (9,844) (9,375) Total long-term debt, net of current portion $ 174,490 $ 185,581 |
Margin for Borrowings under Revolving Credit Facility | 3.50 to 1.00 0.35% 2.75% 2.75% 1.75% II < 3.50 to 1.00 but > 2.75 to 1.00 0.30% 2.50% 2.50% 1.50% III < 2.75 to 1.00 but > 2.00 to 1.00 0.25% 2.25% 2.25% 1.25% IV < 2.00 to 1.00 but > 1.50 to 1.00 0.20% 2.00% 2.00% 1.00% V < 1.50 to 1.00 0.15% 1.75% 1.75% 0.75%" id="sjs-B5">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 Term Secured Overnight Financing Rate ("SOFR"), including a credit spread adjustment, 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 Term SOFR Loans Base Rate Loans I > 3.50 to 1.00 0.35% 2.75% 2.75% 1.75% II < 3.50 to 1.00 but > 2.75 to 1.00 0.30% 2.50% 2.50% 1.50% III < 2.75 to 1.00 but > 2.00 to 1.00 0.25% 2.25% 2.25% 1.25% IV < 2.00 to 1.00 but > 1.50 to 1.00 0.20% 2.00% 2.00% 1.00% V < 1.50 to 1.00 0.15% 1.75% 1.75% 0.75% |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our definite-lived intangible assets were comprised of the following: September 30, 2022 December 31, 2021 Weighted- Gross Accumulated Net Gross Accumulated Net Trademarks/tradenames 22 years $ 11,447 $ (5,268) $ 6,179 $ 11,573 $ (5,043) $ 6,530 Customer relationships 15 years 14,243 (8,918) 5,325 14,770 (8,499) 6,271 Technical know-how 5 years 9,790 (5,955) 3,835 9,790 (4,487) 5,303 Covenant not to compete 5 years 330 (201) 129 330 (151) 179 $ 35,810 $ (20,342) $ 15,468 $ 36,463 $ (18,180) $ 18,283 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 are categorized as follows: September 30, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract $ 981 $ — $ 981 $ — $ 1,375 $ — $ 1,375 $ — Interest rate swap agreement $ 1,944 $ — $ 1,944 $ — $ 241 $ — $ 241 $ — Liabilities: Foreign exchange contract $ 134 $ — $ 134 $ — $ — $ — $ — $ — Interest rate swap agreement $ — $ — $ — $ — $ 498 $ — $ 498 $ — Contingent Consideration $ 4,750 $ — $ — $ 4,750 $ 4,409 $ — $ — $ 4,409 |
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, 2021 $ 4,409 Change in fair value 341 Contingent Consideration liability balance at September 30, 2022 $ 4,750 |
Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts: September 30, 2022 December 31, 2021 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies $ 12,640 $ 12,863 $ 49,601 $ 48,712 |
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 Condensed Consolidated Balance Sheets: Derivative Asset Balance Sheet Fair Value September 30, 2022 December 31, 2021 Foreign exchange contracts Other current assets $ 981 $ 1,375 Interest rate swap agreement Other current assets $ 389 $ — Interest rate swap agreement Other assets, net $ 1,555 $ — Interest rate swap agreement Accrued liabilities and other $ — $ 241 Derivative Liability Balance Sheet Fair Value September 30, 2022 December 31, 2021 Foreign exchange contracts Accrued liabilities and other $ 134 $ — Interest rate swap agreement Accrued liabilities and other $ — $ 498 Derivative Equity Balance Sheet Fair Value September 30, 2022 December 31, 2021 Derivative instruments Accumulated other comprehensive (loss) income $ 4,768 $ 757 |
Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments | The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Location of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Foreign exchange contracts Cost of revenues $ 776 $ 807 $ 2,076 $ 1,654 Interest rate swap agreements Interest and other expense $ (67) $ (1) $ (344) $ (7) Foreign exchange contracts Other (income) expense $ (185) $ 63 $ (219) $ 286 |
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: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 172,746 $ 161,081 $ 145,556 $ 142,265 Revolving credit facility 1 $ 11,588 $ 11,588 $ 49,400 $ 49,400 1. Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $9.8 million and long-term debt of $174.5 million as of September 30, 2022 and current portion of long-term debt of $9.4 million and long-term debt of $185.6 million as of December 31, 2021. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lease Costs | The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 2,484 $ 2,519 $ 7,612 $ 7,493 Finance lease cost 29 87 176 280 Short-term lease cost 1,470 1,799 3,908 4,771 Total lease expense $ 3,983 $ 4,405 $ 11,696 $ 12,544 |
Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Location September 30, 2022 December 31, 2021 Operating Leases Right-of-use assets, net Other assets, net $ 26,807 $ 26,116 Current liabilities Accrued liabilities and other 7,172 9,048 Non-current liabilities Other long-term liabilities 20,198 18,519 Total operating lease liabilities $ 27,370 $ 27,567 Finance Leases Right-of-use assets, net Other assets, net $ 290 $ 468 Current liabilities Accrued liabilities and other 129 194 Non-current liabilities Other long-term liabilities 166 272 Total finance lease liabilities $ 295 $ 466 |
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: Operating Financing Total Remainder of 2022 $ 2,412 $ 40 $ 2,452 2023 8,554 146 8,700 2024 4,835 104 4,939 2025 5,044 65 5,109 2026 4,465 2 4,467 Thereafter 10,861 — 10,861 Total lease payments $ 36,171 $ 357 $ 36,528 Less: Imputed interest (8,801) (62) (8,863) Present value of lease liabilities $ 27,370 $ 295 $ 27,665 |
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: Operating Financing Total Remainder of 2022 $ 2,412 $ 40 $ 2,452 2023 8,554 146 8,700 2024 4,835 104 4,939 2025 5,044 65 5,109 2026 4,465 2 4,467 Thereafter 10,861 — 10,861 Total lease payments $ 36,171 $ 357 $ 36,528 Less: Imputed interest (8,801) (62) (8,863) Present value of lease liabilities $ 27,370 $ 295 $ 27,665 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic (benefit) cost related to pension and other post-retirement benefit plans is as follows: U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plan Three Months Ended September 30, Three Months Ended September 30, 2022 2021 2022 2021 Interest cost $ 193 $ 207 $ 187 $ 160 Expected return on plan assets (208) (553) (244) (251) Amortization of prior service cost 1 1,118 2 11 12 Recognized actuarial loss 82 70 142 239 Net (benefit) cost $ 1,185 $ (274) $ 96 $ 160 U.S. Pension and Other Post-Retirement Benefit Plans Non-U.S. Pension Plan Nine months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Interest cost $ 581 $ 621 $ 602 $ 483 Expected return on plan assets (623) (1,659) (777) (755) Amortization of prior service cost 1 1,122 6 37 40 Recognized actuarial loss 247 210 459 721 Net (benefit) cost $ 1,327 $ (822) $ 321 $ 489 1. Includes $1.1 million non-cash settlement charge. |
Performance Awards (Tables)
Performance Awards (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Performance 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, 2021 $ 1,234 New grants 2,108 Forfeitures (513) Adjustments (1,287) Payments (300) Adjusted Award Value at September 30, 2022 $ 1,242 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Awards Activity | A summary of the status of our restricted stock awards as of September 30, 2022 and changes during the nine months ended September 30, 2022, are presented below: 2022 Shares Weighted- Nonvested - December 31, 2021 783 $ 5.68 Granted 600 7.58 Vested (650) 3.46 Forfeited (50) 8.45 Nonvested - September 30, 2022 683 $ 6.81 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Diluted Earnings per Share | Diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 includes the effect of potential common shares issuable when dilutive, and is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 3,551 $ 7,511 $ 10,018 $ 21,096 Weighted average number of common shares outstanding (in '000s) 32,460 31,570 32,950 31,432 Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) 462 1,136 695 1,306 Dilutive shares outstanding 32,922 32,706 33,645 32,738 Basic earnings per share $ 0.11 $ 0.24 $ 0.30 $ 0.67 Diluted earnings per share $ 0.11 $ 0.23 $ 0.30 $ 0.64 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
After-tax Changes in Accumulated Other Comprehensive Income (Loss) | The after-tax changes in accumulated other comprehensive income (loss), are as follows: Foreign Pension and Derivative instruments Accumulated other Balance - December 31, 2021 $ (20,445) $ (22,750) $ 757 $ (42,438) Net current period change (9,689) — — (9,689) Derivative instruments — — 4,011 4,011 Amortization of actuarial gain — 1,085 — 1,085 Balance - September 30, 2022 $ (30,134) $ (21,665) $ 4,768 $ (47,031) Foreign Pension and Derivative instruments Accumulated other Balance - December 31, 2020 $ (19,024) $ (27,423) $ 1,441 $ (45,006) Net current period change (1,809) — — (1,809) Derivative instruments — — (1,052) (1,052) Amortization of actuarial gain — 2,094 — 2,094 Balance - September 30, 2021 $ (20,833) $ (25,329) $ 389 $ (45,773) |
Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Loss | The related tax effects allocated to each component of other comprehensive loss are as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Before Tax Tax Expense After Tax Amount Before Tax Tax Expense After Tax Amount Cumulative translation adjustment $ (4,493) $ — $ (4,493) $ (9,689) $ — $ (9,689) Amortization of actuarial gain (loss) (396) 34 (362) 989 96 1,085 Derivative instruments 2,494 (656) 1,838 5,460 (1,449) 4,011 Total other comprehensive income (loss) $ (2,395) $ (622) $ (3,017) $ (3,240) $ (1,353) $ (4,593) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Before Tax Tax Expense After Tax Before Tax Tax Expense After Tax Cumulative translation adjustment $ (1,225) $ — $ (1,225) $ (1,809) $ — $ (1,809) Amortization of actuarial gain 1,308 113 1,421 1,754 340 2,094 Derivative instruments (717) 168 (549) (1,373) 321 (1,052) Total other comprehensive income (loss) $ (634) $ 281 $ (353) $ (1,428) $ 661 $ (767) |
Cost Reduction and Manufactur_2
Cost Reduction and Manufacturing Capacity Rationalization (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Changes in Accrued Restructuring Balances | The changes in accrued restructuring balances are as follows: Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total December 31, 2021 $ 230 $ 417 $ — $ — $ (161) $ 486 New charges 204 350 — 435 — 989 Payments and other adjustments (309) (770) — (435) 422 (1,092) March 31, 2022 $ 125 $ (3) $ — $ — $ 261 $ 383 New charges — 314 571 560 306 1,751 Payments and other adjustments (91) (311) (571) (560) (444) (1,977) June 30, 2022 $ 34 $ — $ — $ — $ 123 $ 157 New charges 66 136 — 445 — 647 Payments and other adjustments (90) (46) — (445) (123) (704) September 30, 2022 $ 10 $ 90 $ — $ — $ — $ 100 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total December 31, 2020 $ 349 $ — $ — $ 40 $ 290 $ 679 Payments and other adjustments (186) — — (40) (36) (262) March 31, 2021 $ 163 $ — $ — $ — $ 254 $ 417 Payments and other adjustments (67) — — — (171) (238) June 30, 2021 $ 96 $ — $ — $ — $ 83 $ 179 New charges $ — $ — $ — $ — $ — $ — Payments and other adjustments $ (96) $ — $ — $ — $ (83) $ (179) September 30, 2021 $ — $ — $ — $ — $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Warranty Provision | The following presents a summary of the warranty provision for the nine months ended September 30, 2022: Balance - December 31, 2021 $ 1,490 Provision for warranty claims 491 Deduction for payments made and other adjustments (745) Balance - September 30, 2022 $ 1,236 |
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: Term loan facility Revolving credit facility Total Remainder of 2022 $ 2,187 $ — $ 2,187 2023 $ 10,938 $ — $ 10,938 2024 $ 15,313 $ — $ 15,313 2025 $ 19,688 $ — $ 19,688 2026 $ 24,063 $ — $ 24,063 Thereafter $ 100,624 $ 11,588 $ 112,212 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | The following tables present financial information for the Company's reportable segments for the periods indicated: Three Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 154,024 $ 14,116 $ 46,129 $ 37,143 $ — $ 251,412 Gross profit 13,839 404 6,210 6,389 — 26,842 Selling, general & administrative expenses 4,279 1,371 1,055 1,436 9,163 17,304 Operating income (loss) $ 9,560 $ (967) $ 5,155 $ 4,953 $ (9,163) $ 9,538 Three Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 117,914 $ 51,681 $ 40,085 $ 29,930 $ — $ 239,610 Gross profit 10,143 9,486 6,633 3,885 (3) 30,144 Selling, general & administrative expenses 7,222 1,461 1,718 1,536 6,835 18,772 Operating income (loss) $ 2,921 $ 8,025 $ 4,915 $ 2,349 $ (6,838) $ 11,372 Nine Months Ended September 30, 2022 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 436,966 $ 76,789 $ 133,350 $ 99,530 $ — $ 746,635 Gross profit 35,657 8,249 16,857 13,341 — 74,104 Selling, general & administrative expenses 18,269 4,242 3,998 4,636 18,810 49,955 Operating income (loss) $ 17,388 $ 4,007 $ 12,859 $ 8,705 $ (18,810) $ 24,149 Nine Months Ended September 30, 2021 Vehicle Solutions Warehouse Automation Electrical Systems Aftermarket and Accessories Corporate/Other Total Revenues $ 372,487 $ 150,378 $ 130,742 $ 89,066 $ — $ 742,673 Gross profit 38,914 24,612 17,545 14,605 (43) 95,633 Selling, general & administrative expenses 20,269 4,199 4,646 4,407 19,008 52,529 Operating income (loss) $ 18,645 $ 20,413 $ 12,899 $ 10,198 $ (19,051) $ 43,104 |
Other Financial Information (Ta
Other Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Items reported in inventories consisted of the following: September 30, 2022 December 31, 2021 Raw materials $ 119,361 $ 107,505 Work in process 16,688 21,671 Finished goods 14,298 11,869 Inventories $ 150,347 $ 141,045 |
Summary of Property, Plant and Equipment Net | Items reported in property, plant, and equipment, net consisted of the following: September 30, 2022 December 31, 2021 Land and buildings $ 32,158 $ 32,012 Machinery and equipment 204,436 194,828 Construction in progress 6,217 8,822 Property, plant, and equipment, gross 242,811 235,662 Less accumulated depreciation (178,056) (172,536) Property, plant and equipment, net $ 64,755 $ 63,126 |
Schedule of Accrued Expenses and Other Liabilities | Items reported in accrued expenses and other liabilities consisted of the following: September 30, 2022 December 31, 2021 Compensation and benefits $ 14,622 $ 16,677 Taxes payable 5,730 6,391 Operating lease liabilities 7,172 9,048 Accrued freight 7,094 5,628 Contingent Consideration 4,750 4,409 Deferred tooling revenue 1,401 851 Other 7,677 7,836 Accrued liabilities and other $ 48,446 $ 50,840 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowances | $ 178,340 | $ 174,472 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Capitalized Contract Cost [Line Items] | ||||
Revenues | $ 251,412 | $ 239,610 | $ 746,635 | $ 742,673 |
Seats | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 97,923 | 76,346 | 269,707 | 240,399 |
Electrical wire harnesses, panels and assemblies | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 51,813 | 56,345 | 151,363 | 160,067 |
Trim | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 48,603 | 39,894 | 142,126 | 117,427 |
Warehouse Automation | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 11,221 | 37,347 | 66,700 | 130,008 |
Cab structures | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 29,236 | 18,643 | 83,613 | 60,991 |
Mirrors, wipers and controls | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 12,616 | 11,035 | 33,126 | 33,781 |
Vehicle Solutions | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 154,024 | 117,914 | 436,966 | 372,487 |
Vehicle Solutions | Seats | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 77,843 | 60,813 | 212,956 | 197,272 |
Vehicle Solutions | Electrical wire harnesses, panels and assemblies | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 45 | 597 | 45 | 1,906 |
Vehicle Solutions | Trim | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 45,980 | 39,164 | 138,207 | 115,388 |
Vehicle Solutions | Warehouse Automation | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Vehicle Solutions | Cab structures | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 28,739 | 15,863 | 83,116 | 53,230 |
Vehicle Solutions | Mirrors, wipers and controls | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 1,417 | 1,477 | 2,642 | 4,691 |
Warehouse Automation | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 14,116 | 51,681 | 76,789 | 150,378 |
Warehouse Automation | Seats | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Warehouse Automation | Electrical wire harnesses, panels and assemblies | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 3,416 | 14,334 | 10,609 | 20,370 |
Warehouse Automation | Trim | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Warehouse Automation | Warehouse Automation | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 10,700 | 37,347 | 66,180 | 130,008 |
Warehouse Automation | Cab structures | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Warehouse Automation | Mirrors, wipers and controls | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electrical Systems | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 46,129 | 40,085 | 133,350 | 130,742 |
Electrical Systems | Seats | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electrical Systems | Electrical wire harnesses, panels and assemblies | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 45,608 | 39,938 | 132,830 | 129,907 |
Electrical Systems | Trim | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electrical Systems | Warehouse Automation | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 521 | 0 | 520 | 0 |
Electrical Systems | Cab structures | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Electrical Systems | Mirrors, wipers and controls | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 147 | 0 | 835 |
Aftermarket and Accessories | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 37,143 | 29,930 | 99,530 | 89,066 |
Aftermarket and Accessories | Seats | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 20,080 | 15,533 | 56,751 | 43,127 |
Aftermarket and Accessories | Electrical wire harnesses, panels and assemblies | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 2,744 | 1,476 | 7,879 | 7,884 |
Aftermarket and Accessories | Trim | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 2,623 | 730 | 3,919 | 2,039 |
Aftermarket and Accessories | Warehouse Automation | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Aftermarket and Accessories | Cab structures | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | 497 | 2,780 | 497 | 7,761 |
Aftermarket and Accessories | Mirrors, wipers and controls | ||||
Capitalized Contract Cost [Line Items] | ||||
Revenues | $ 11,199 | $ 9,411 | $ 30,484 | $ 28,255 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Unamortized issuance costs and discount | $ (67) | $ (694) |
Carrying amount | 184,334 | 194,956 |
Less: current portion | (9,844) | (9,375) |
Total long-term debt, net of current portion | 174,490 | 185,581 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,588 | 49,400 |
Term loan facility | ||
Debt Instrument [Line Items] | ||
Less: current portion | (9,800) | |
Total long-term debt, net of current portion | 174,500 | |
Term loan facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 172,813 | 146,250 |
Term loan facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Less: current portion | (9,400) | |
Total long-term debt, net of current portion | $ 185,600 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||
May 12, 2022 USD ($) | Apr. 30, 2021 USD ($) | Mar. 01, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Apr. 12, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 921,000 | $ 7,155,000 | |||||
Fixed charge coverage ratio | 120% | ||||||||
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 | ||||||||
Amortization payments year one percentage | 5% | ||||||||
Amortization payments year two percentage | 7.50% | ||||||||
Amortization payments year three percentage | 10% | ||||||||
Amortization payments year four percentage | 12.50% | ||||||||
Amortization payments year five percentage | 15% | ||||||||
Cash payments for interest | 6,200,000 | 7,000,000 | |||||||
Line of Credit | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility | $ 150,000,000 | $ 125,000,000 | |||||||
Accordion feature amount | 75,000,000 | 75,000,000 | |||||||
Accordion feature less the principal amount of incremental facilities | $ 75,000,000 | $ 75,000,000 | |||||||
Net average secured leverage ratio | 2.50 | 2.50 | |||||||
Increase in the size of revolving credit facility | $ 25,000,000 | ||||||||
Annual capital spending cap | 35,000,000 | ||||||||
Capital project, amount | 45,000,000 | ||||||||
Outstanding borrowings | 11,600,000 | 11,600,000 | $ 49,400,000 | ||||||
Availability of borrowing | 137,200,000 | 137,200,000 | |||||||
Debt instrument fee | 1,300,000 | 1,300,000 | 1,300,000 | ||||||
Line of Credit | Bridge Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility | 10,000,000 | $ 10,000,000 | |||||||
Line of Credit | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility | 10,000,000 | 10,000,000 | |||||||
Outstanding borrowings | 1,200,000 | 1,200,000 | $ 1,400,000 | ||||||
Term loan facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility | $ 175,000,000 | $ 150,000,000 | |||||||
Loss on extinguishment of debt | 900,000 | ||||||||
Write off of deferred debt issuance cost | 600,000 | ||||||||
Debt instrument, fee amount | $ 300,000 | $ 300,000 | |||||||
Third ARLS Agreement | Line of Credit | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility | $ 90,000,000 | ||||||||
Increase in the size of revolving credit facility | 50,000,000 | ||||||||
Capacity available for trade purchases | $ 7,000,000 | ||||||||
Term Loan And Security Agreement Due 2023 | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility | $ 175,000,000 | ||||||||
TLS Agreement and Third ARLS Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | 7,200,000 | ||||||||
Write off of deferred debt issuance cost | 3,700,000 | ||||||||
Debt instrument, fee amount | 500,000 | 500,000 | |||||||
Repayment premium | $ 3,000,000 | $ 3,000,000 |
Debt - Margin for Borrowings un
Debt - Margin for Borrowings under Revolving Credit Facility (Details) | Apr. 30, 2021 |
I | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 3.50 |
Commitment Fee | 0.35% |
I | Term SOFR Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 2.75% |
I | Base Rate Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 1.75% |
I | Letter of Credit | |
Debt Instrument [Line Items] | |
Letter of Credit Fee | 2.75% |
II | |
Debt Instrument [Line Items] | |
Commitment Fee | 0.30% |
II | Term SOFR Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 2.50% |
II | Base Rate Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 1.50% |
II | Letter of Credit | |
Debt Instrument [Line Items] | |
Letter of Credit Fee | 2.50% |
II | Maximum | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 3.50 |
II | Minimum | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 2.75 |
III | |
Debt Instrument [Line Items] | |
Commitment Fee | 0.25% |
III | Term SOFR Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 2.25% |
III | Base Rate Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 1.25% |
III | Letter of Credit | |
Debt Instrument [Line Items] | |
Letter of Credit Fee | 2.25% |
III | Maximum | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 2.75 |
III | Minimum | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 2 |
IV | |
Debt Instrument [Line Items] | |
Commitment Fee | 0.20% |
IV | Term SOFR Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 2% |
IV | Base Rate Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 1% |
IV | Letter of Credit | |
Debt Instrument [Line Items] | |
Letter of Credit Fee | 2% |
IV | Maximum | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 2 |
IV | Minimum | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 1.50 |
V | |
Debt Instrument [Line Items] | |
Consolidated Total Leverage Ratio | 1.50 |
Commitment Fee | 0.15% |
V | Term SOFR Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 1.75% |
V | Base Rate Loans | |
Debt Instrument [Line Items] | |
Basis spread (as a percent) | 0.75% |
V | Letter of Credit | |
Debt Instrument [Line Items] | |
Letter of Credit Fee | 1.75% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 35,810 | $ 36,463 |
Accumulated Amortization | (20,342) | (18,180) |
Net Carrying Amount | $ 15,468 | 18,283 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 22 years | |
Gross Carrying Amount | $ 11,447 | 11,573 |
Accumulated Amortization | (5,268) | (5,043) |
Net Carrying Amount | $ 6,179 | 6,530 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | |
Gross Carrying Amount | $ 14,243 | 14,770 |
Accumulated Amortization | (8,918) | (8,499) |
Net Carrying Amount | $ 5,325 | 6,271 |
Technical know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 9,790 | 9,790 |
Accumulated Amortization | (5,955) | (4,487) |
Net Carrying Amount | $ 3,835 | 5,303 |
Covenant not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 330 | 330 |
Accumulated Amortization | (201) | (151) |
Net Carrying Amount | $ 129 | $ 179 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible asset amortization expense | $ 0.9 | $ 0.9 | $ 2.6 | $ 2.6 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 17, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Percentage of outstanding debt covered by swaps | 50% | ||||
Settlement of derivative contract | $ 3,900 | $ 0 | |||
Contingent consideration payment | $ 5,000 | 0 | $ 5,000 | ||
Interest rate swap agreements | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Settlement of derivative contract | $ 3,900 | ||||
First Source Electronics, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent milestone payments | 4,800 | $ 10,800 | |||
Contingent consideration payment fair value | $ 4,800 | ||||
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% | ||||
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% |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Values of Our Derivative Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent Consideration | $ 4,750 | $ 4,409 |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 981 | 1,375 |
Derivative Liability | 134 | 0 |
Interest rate swap agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,944 | 241 |
Derivative Liability | 0 | 498 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent Consideration | 0 | 0 |
Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 1 | Interest rate swap agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent Consideration | 0 | 0 |
Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 981 | 1,375 |
Derivative Liability | 134 | 0 |
Level 2 | Interest rate swap agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,944 | 241 |
Derivative Liability | 0 | 498 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent Consideration | 4,750 | 4,409 |
Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 3 | Interest rate swap agreements | ||
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 | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Contingent Consideration liability beginning balance | $ 4,409 |
Change in fair value | 341 |
Contingent Consideration liability ending balance | $ 4,750 |
Fair Value Measurement - Notion
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Details) - Foreign exchange contracts - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. $ Equivalent | $ 12,640 | $ 49,601 |
U.S. $ Equivalent Fair Value | $ 12,863 | $ 48,712 |
Fair Value Measurement - Fair_3
Fair Value Measurement - Fair Value of Our Derivative Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Equity | $ 1,838 | $ (549) | $ 4,011 | $ (1,052) | |
Foreign exchange contracts and Interest rate swap agreements | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Equity | 4,768 | $ 757 | |||
Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 981 | 981 | 1,375 | ||
Derivative Liability | 134 | 134 | 0 | ||
Interest rate swap agreement | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 389 | 389 | 0 | ||
Derivative Asset | 1,555 | 1,555 | 0 | ||
Derivative Liability | 0 | 0 | 241 | ||
Interest rate swap agreement | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability | $ 0 | $ 0 | $ 498 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments on Consolidated Statements of Income for Derivatives Not Designated as Accounting Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | $ (30) | $ 642 | ||
Foreign exchange contracts | Not Designated as Hedging Instrument | Cost of revenues | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | $ 776 | $ 807 | 2,076 | 1,654 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Other (income) expense | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | (185) | 63 | (219) | 286 |
Interest rate swap agreements | Not Designated as Hedging Instrument | Interest and other expense | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | $ (67) | $ (1) | $ (344) | $ (7) |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 184,334 | $ 194,956 |
Current portion of long-term debt | 9,844 | 9,375 |
Long-term debt | 174,490 | 185,581 |
Line of Credit | Revolving Credit Facility | Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 11,588 | 49,400 |
Line of Credit | Revolving Credit Facility | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,588 | 49,400 |
Term Loan and security agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current portion of long-term debt | 9,800 | |
Long-term debt | 174,500 | |
Term Loan and security agreement | Line of Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current portion of long-term debt | 9,400 | |
Long-term debt | 185,600 | |
Term Loan and security agreement | Line of Credit | Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 172,746 | 145,556 |
Term Loan and security agreement | Line of Credit | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 161,081 | $ 142,265 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,484 | $ 2,519 | $ 7,612 | $ 7,493 |
Finance lease cost | 29 | 87 | 176 | 280 |
Short-term lease cost | 1,470 | 1,799 | 3,908 | 4,771 |
Total lease expense | $ 3,983 | $ 4,405 | $ 11,696 | $ 12,544 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Other assets, net | $ 26,807 | $ 26,116 |
Accrued liabilities and other | 7,172 | 9,048 |
Other long-term liabilities | 20,198 | 18,519 |
Total operating lease liabilities | 27,370 | 27,567 |
Finance Leases | ||
Right-of-use assets, net | 290 | 468 |
Current liabilities | 129 | 194 |
Non-current liabilities | 166 | 272 |
Total finance lease liabilities | $ 295 | $ 466 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
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 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||
Operating lease payments | $ 7.5 | $ 8.5 |
Leases - Maturities of Operatin
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating | ||
Remainder of 2022 | $ 2,412 | |
2023 | 8,554 | |
2024 | 4,835 | |
2025 | 5,044 | |
2026 | 4,465 | |
Thereafter | 10,861 | |
Total lease payments | 36,171 | |
Less: Imputed interest | (8,801) | |
Present value of lease liabilities | 27,370 | $ 27,567 |
Financing | ||
Remainder of 2022 | 40 | |
2023 | 146 | |
2024 | 104 | |
2025 | 65 | |
2026 | 2 | |
Thereafter | 0 | |
Total lease payments | 357 | |
Less: Imputed interest | (62) | |
Present value of lease liabilities | 295 | $ 466 |
Total | ||
Remainder of 2022 | 2,452 | |
2023 | 8,700 | |
2024 | 4,939 | |
2025 | 5,109 | |
2026 | 4,467 | |
Thereafter | 10,861 | |
Total lease payments | 36,528 | |
Less: Imputed interest | (8,863) | |
Present value of lease liabilities | $ 27,665 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 1,250 | $ 2,417 | $ 3,520 | $ 6,491 |
Effective tax rate | 26% | 24% | 26% | 24% |
Cash paid for taxes | $ 4,200 | $ 3,100 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
U.S. Pension and Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 193 | $ 207 | $ 581 | $ 621 |
Expected return on plan assets | (208) | (553) | (623) | (1,659) |
Amortization of prior service cost | 1,118 | 2 | 1,122 | 6 |
Recognized actuarial loss | 82 | 70 | 247 | 210 |
Net (benefit) cost | 1,185 | (274) | 1,327 | (822) |
Non-cash settlement charge | 1,100 | |||
Non-U.S. Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 187 | 160 | 602 | 483 |
Expected return on plan assets | (244) | (251) | (777) | (755) |
Amortization of prior service cost | 11 | 12 | 37 | 40 |
Recognized actuarial loss | 142 | 239 | 459 | 721 |
Net (benefit) cost | $ 96 | $ 160 | $ 321 | $ 489 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefit Plans - Additional Information (Detail) - U.S. Pension and Other Post-Retirement Benefit Plans - Pension Plan - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 03, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, benefits paid | $ 4.4 | ||
Non-cash settlement charge | $ 1.1 | ||
Subsequent Event | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Payment from plan assets | $ 25.2 | ||
Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Non-cash settlement charge | $ 8.1 |
Performance Awards - Narrative
Performance Awards - Narrative (Details) $ in Millions | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Unrecognized compensation expense | $ 4.2 | |
2014 Equity Incentive Plan | Performance Awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Return on invested capital, asset denominator multiplier | 5 | |
Unrecognized compensation expense | $ 2 | $ 2.3 |
Performance Awards - Schedule o
Performance Awards - Schedule of Performance Activity (Details) - Performance Awards - 2014 EIP $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Performance Awards | |
Adjusted Award Value at Beginning | $ 1,234 |
New grants | 2,108 |
Forfeitures | (513) |
Adjustments | (1,287) |
Payments | (300) |
Adjusted Award Value at Ending | $ 1,242 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) shares in Millions, $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Restricted stock awards vesting period | 3 years |
Unrecognized compensation expense | $ | $ 4.2 |
Restricted Stock | 2020 E I P | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Authorized shares available for issuance (in shares) | shares | 2.9 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock shares in Thousands | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Nonvested Restricted Stock Shares | |
Nonvested - beginning of year (in shares) | shares | 783 |
Granted (in shares) | shares | 600 |
Vested (in shares) | shares | (650) |
Forfeited (in shares) | shares | (50) |
Nonvested - end of period (in shares) | shares | 683 |
Nonvested Restricted Stock Weighted-Average Grant-Date Fair Value | |
Nonvested - beginning of year (in dollars per share) | $ / shares | $ 5.68 |
Granted (in dollars per share) | $ / shares | 7.58 |
Vested (in dollars per share) | $ / shares | 3.46 |
Forfeited (in dollars per share) | $ / shares | 8.45 |
Nonvested - end of period (in dollars per share) | $ / shares | $ 6.81 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | 60,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 32,551,341 | 32,551,341 | 32,034,592 | ||
Common stock, shares outstanding (in shares) | 32,551,341 | 32,551,341 | 32,034,592 | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | ||
Restricted Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Antidilutive stock excluded from earning per share (in shares) | 8,000 | 0 | 10,000 | 0 |
Stockholders' Equity - Diluted
Stockholders' Equity - Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Net income | $ 3,551 | $ 7,511 | $ 10,018 | $ 21,096 |
Weighted average number of common shares outstanding (in shares) | 32,460 | 31,570 | 32,950 | 31,432 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 462 | 1,136 | 695 | 1,306 |
Dilutive shares outstanding (in shares) | 32,922 | 32,706 | 33,645 | 32,738 |
Basic earnings per share (in dollars per share) | $ 0.11 | $ 0.24 | $ 0.30 | $ 0.67 |
Diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.23 | $ 0.30 | $ 0.64 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - After-tax Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 133,454 | $ 111,637 | $ 126,653 | $ 95,370 |
Net current period change | (3,017) | (353) | (4,593) | (767) |
Ending balance | 135,761 | 120,658 | 135,761 | 120,658 |
Foreign currency translation adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (20,445) | (19,024) | ||
Net current period change | (9,689) | (1,809) | ||
Ending balance | (30,134) | (20,833) | (30,134) | (20,833) |
Pension and post-retirement benefits plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (22,750) | (27,423) | ||
Amortization of actuarial gain | 1,085 | 2,094 | ||
Ending balance | (21,665) | (25,329) | (21,665) | (25,329) |
Derivative instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 757 | 1,441 | ||
Net current period change | 4,011 | (1,052) | ||
Ending balance | 4,768 | 389 | 4,768 | 389 |
Accumulated other comprehensive income (loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (44,014) | (45,420) | (42,438) | (45,006) |
Net current period change | (9,689) | (1,809) | ||
Ending balance | $ (47,031) | $ (45,773) | $ (47,031) | $ (45,773) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Before Tax Amount | ||||
Cumulative translation adjustment | $ (4,493) | $ (1,225) | $ (9,689) | $ (1,809) |
Amortization of actuarial gain (loss) | (396) | 1,308 | 989 | 1,754 |
Derivative instruments | 2,494 | (717) | 5,460 | (1,373) |
Total other comprehensive income (loss) | (2,395) | (634) | (3,240) | (1,428) |
Tax Expense | ||||
Cumulative translation adjustment | 0 | 0 | 0 | 0 |
Amortization of actuarial gain (loss) | 34 | 113 | 96 | 340 |
Derivative instruments | (656) | 168 | (1,449) | 321 |
Total other comprehensive income (loss) | (622) | 281 | (1,353) | 661 |
After Tax Amount | ||||
Cumulative translation adjustment | (4,493) | (1,225) | (9,689) | (1,809) |
Amortization of actuarial gain (loss) | (362) | 1,421 | 1,085 | 2,094 |
Derivative instruments | 1,838 | (549) | 4,011 | (1,052) |
Other comprehensive loss | $ (3,017) | $ (353) | $ (4,593) | $ (767) |
Cost Reduction and Manufactur_3
Cost Reduction and Manufacturing Capacity Rationalization - Accrued Restructuring Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | |
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | $ 157 | $ 383 | $ 486 | $ 179 | $ 417 | $ 679 | $ 486 |
New charges | 647 | 1,751 | 989 | 0 | 3,400 | ||
Payments and other adjustments | (704) | (1,977) | (1,092) | (179) | (238) | (262) | |
Ending Balance | 100 | 157 | 383 | 0 | 179 | 417 | 100 |
Operating Segments | Vehicle Solutions | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 34 | 125 | 230 | 96 | 163 | 349 | 230 |
New charges | 66 | 0 | 204 | 0 | |||
Payments and other adjustments | (90) | (91) | (309) | (96) | (67) | (186) | |
Ending Balance | 10 | 34 | 125 | 0 | 96 | 163 | 10 |
Operating Segments | Warehouse Automation | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | (3) | 417 | 0 | 0 | 0 | 417 |
New charges | 136 | 314 | 350 | 0 | |||
Payments and other adjustments | (46) | (311) | (770) | 0 | 0 | 0 | |
Ending Balance | 90 | 0 | (3) | 0 | 0 | 0 | 90 |
Operating Segments | Electrical Systems | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
New charges | 0 | 571 | 0 | 0 | |||
Payments and other adjustments | 0 | (571) | 0 | 0 | 0 | 0 | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating Segments | Aftermarket and Accessories | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 40 | 0 |
New charges | 445 | 560 | 435 | 0 | |||
Payments and other adjustments | (445) | (560) | (435) | 0 | 0 | (40) | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Corporate/Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 123 | 261 | (161) | 83 | 254 | 290 | (161) |
New charges | 0 | 306 | 0 | 0 | |||
Payments and other adjustments | (123) | (444) | 422 | (83) | (171) | (36) | |
Ending Balance | $ 0 | $ 123 | $ 261 | $ 0 | $ 83 | $ 254 | $ 0 |
Cost Reduction and Manufactur_4
Cost Reduction and Manufacturing Capacity Rationalization - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | $ 647 | $ 1,751 | $ 989 | $ 0 | $ 3,400 |
Cost of revenues | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | 3,000 | ||||
Selling, general and administrative expenses | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | 400 | ||||
Headcount Reduction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | 900 | ||||
Headcount Reduction | Cost of revenues | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | 100 | ||||
Facility Exit and Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | $ 2,500 | ||||
Facility Exit and Other | Cost of revenues | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring cost | $ 500 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Warranty Provision (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance - Beginning of the year | $ 1,490 |
Provision for warranty claims | 491 |
Deduction for payments made and other adjustments | (745) |
Balance - End of period | $ 1,236 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Other Commitments [Line Items] | |
Remainder of 2022 | $ 2,187 |
2023 | 10,938 |
2024 | 15,313 |
2025 | 19,688 |
2026 | 24,063 |
Thereafter | 112,212 |
Line of Credit | Revolving Credit Facility | |
Other Commitments [Line Items] | |
Remainder of 2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 11,588 |
Term loan facility | |
Other Commitments [Line Items] | |
Remainder of 2022 | 2,187 |
2023 | 10,938 |
2024 | 15,313 |
2025 | 19,688 |
2026 | 24,063 |
Thereafter | $ 100,624 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Dec. 31, 2021 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Segment Res
Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 251,412 | $ 239,610 | $ 746,635 | $ 742,673 |
Gross profit | 26,842 | 30,144 | 74,104 | 95,633 |
Selling, general & administrative expenses | 17,304 | 18,772 | 49,955 | 52,529 |
Operating income | 9,538 | 11,372 | 24,149 | 43,104 |
Vehicle Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 154,024 | 117,914 | 436,966 | 372,487 |
Warehouse Automation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 14,116 | 51,681 | 76,789 | 150,378 |
Electrical Systems | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 46,129 | 40,085 | 133,350 | 130,742 |
Aftermarket and Accessories | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 37,143 | 29,930 | 99,530 | 89,066 |
Operating Segments | Vehicle Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 154,024 | 117,914 | 436,966 | 372,487 |
Gross profit | 13,839 | 10,143 | 35,657 | 38,914 |
Selling, general & administrative expenses | 4,279 | 7,222 | 18,269 | 20,269 |
Operating income | 9,560 | 2,921 | 17,388 | 18,645 |
Operating Segments | Warehouse Automation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 14,116 | 51,681 | 76,789 | 150,378 |
Gross profit | 404 | 9,486 | 8,249 | 24,612 |
Selling, general & administrative expenses | 1,371 | 1,461 | 4,242 | 4,199 |
Operating income | (967) | 8,025 | 4,007 | 20,413 |
Operating Segments | Electrical Systems | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 46,129 | 40,085 | 133,350 | 130,742 |
Gross profit | 6,210 | 6,633 | 16,857 | 17,545 |
Selling, general & administrative expenses | 1,055 | 1,718 | 3,998 | 4,646 |
Operating income | 5,155 | 4,915 | 12,859 | 12,899 |
Operating Segments | Aftermarket and Accessories | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 37,143 | 29,930 | 99,530 | 89,066 |
Gross profit | 6,389 | 3,885 | 13,341 | 14,605 |
Selling, general & administrative expenses | 1,436 | 1,536 | 4,636 | 4,407 |
Operating income | 4,953 | 2,349 | 8,705 | 10,198 |
Corporate/Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Gross profit | 0 | (3) | 0 | (43) |
Selling, general & administrative expenses | 9,163 | 6,835 | 18,810 | 19,008 |
Operating income | $ (9,163) | $ (6,838) | $ (18,810) | $ (19,051) |
Other Financial Information (De
Other Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Raw materials | $ 119,361 | $ 107,505 |
Work in process | 16,688 | 21,671 |
Finished goods | 14,298 | 11,869 |
Inventories | $ 150,347 | $ 141,045 |
Other Financial Information - S
Other Financial Information - Summary of Property, Plant, and Equipment Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 242,811 | $ 235,662 |
Less accumulated depreciation | (178,056) | (172,536) |
Property, plant and equipment, net | 64,755 | 63,126 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 32,158 | 32,012 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 204,436 | 194,828 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 6,217 | $ 8,822 |
Other Financial Information - A
Other Financial Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Compensation and benefits | $ 14,622 | $ 16,677 |
Taxes payable | 5,730 | 6,391 |
Operating lease liabilities | 7,172 | 9,048 |
Accrued freight | 7,094 | 5,628 |
Contingent Consideration | 4,750 | 4,409 |
Deferred tooling revenue | 1,401 | 851 |
Other | 7,677 | 7,836 |
Accrued liabilities and other | $ 48,446 | $ 50,840 |