Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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(Zip Code) | |
City Area Code | 614 | |
Local Phone Number | 289-5360 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CVGI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,473,336 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001290900 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 262,709 | $ 244,374 |
Cost of revenues | 227,500 | 218,991 |
Gross profit | 35,209 | 25,383 |
Selling, general and administrative expenses | 20,565 | 16,999 |
Operating income | 14,644 | 8,384 |
Other (income) expense | (202) | 1,041 |
Interest expense | 2,890 | 1,961 |
Income before provision for income taxes | 11,956 | 5,382 |
Provision for income taxes | 3,256 | 1,400 |
Net income | $ 8,700 | $ 3,982 |
Earnings per Common Share: | ||
Basic (in dollars per share) | $ 0.26 | $ 0.12 |
Diluted (in dollars per share) | $ 0.26 | $ 0.12 |
Weighted average shares outstanding: | ||
Basic (in shares) | 32,868 | 32,065 |
Diluted (in shares) | 33,182 | 32,685 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 8,700 | $ 3,982 |
Other comprehensive income (loss): | ||
Foreign currency exchange translation adjustments | 2,557 | 327 |
Minimum pension liability, net of tax | 140 | (29) |
Derivative instrument, net of tax | 1,343 | 2,814 |
Other comprehensive income | 4,040 | 3,112 |
Comprehensive income | $ 12,740 | $ 7,094 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 41,484 | $ 31,825 |
Accounts receivable, net of allowances of $192 and $306, respectively | 171,878 | 152,626 |
Inventories | 139,553 | 142,542 |
Other current assets | 20,112 | 12,582 |
Total current assets | 373,027 | 339,575 |
Property, plant and equipment, net | 68,939 | 67,805 |
Intangible assets, net | 13,791 | 14,620 |
Deferred income taxes | 10,996 | 12,275 |
Other assets, net | 31,087 | 35,993 |
Total assets | 497,840 | 470,268 |
Current liabilities: | ||
Accounts payable | 119,057 | 122,091 |
Accrued liabilities and other | 47,340 | 42,809 |
Current portion of long-term debt and short-term debt | 16,399 | 10,938 |
Total current liabilities | 182,796 | 175,838 |
Long-term debt | 149,221 | 141,499 |
Pension and other post-retirement benefits | 8,470 | 8,428 |
Other long-term liabilities | 23,564 | 24,463 |
Total liabilities | 364,051 | 350,228 |
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; 32,991,468 and 32,826,852 shares issued and outstanding respectively) | 330 | 328 |
Treasury stock, at cost: 2,009,162 and 1,899,996 shares, respectively | (15,278) | (14,514) |
Additional paid-in capital | 263,142 | 261,371 |
Retained deficit | (86,895) | (95,595) |
Accumulated other comprehensive loss | (27,510) | (31,550) |
Total stockholders’ equity | 133,789 | 120,040 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 497,840 | $ 470,268 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances for credit losses | $ 192 | $ 306 |
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) | 32,991,468 | 32,826,852 |
Common stock, shares outstanding (in shares) | 32,991,468 | 32,826,852 |
Treasury stock, shares (in shares) | 2,009,162 | 1,899,996 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 8,700 | $ 3,982 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 4,262 | 4,432 |
Noncash amortization of debt financing costs | 76 | 113 |
Pension cash reversion | 2,942 | 0 |
Shared-based compensation expense | 1,771 | 1,117 |
Deferred income taxes | (467) | 532 |
Non-cash loss (income) on derivative contracts | (658) | 599 |
Change in other operating items: | ||
Accounts receivable | (18,429) | (36,212) |
Inventories | 3,594 | (17,502) |
Prepaid expenses | (2,694) | (2,599) |
Accounts payable | (4,340) | 27,998 |
Other operating activities, net | 5,301 | (3,858) |
Net cash (used in) provided by operating activities | 58 | (21,398) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (3,321) | (3,590) |
Net cash used in investing activities | (3,321) | (3,590) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of term loan facility | (2,188) | (1,875) |
Borrowing under revolving credit facility | 11,000 | 55,200 |
Repayment of revolving credit facility | 0 | (24,400) |
Surrender of common stock by employees | (764) | (464) |
Other financing activities | 4,329 | (55) |
Net cash provided by financing activities | 12,377 | 28,406 |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 545 | (168) |
NET INCREASE IN CASH | 9,659 | 3,250 |
CASH: | ||
Beginning of period | 31,825 | 34,958 |
End of period | $ 41,484 | $ 38,208 |
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, 2021 | 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 | 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, 2022 | 32,826,852 | 32,826,852 | ||||
Beginning balance at Dec. 31, 2022 | $ 120,040 | $ 328 | (14,514) | 261,371 | (95,595) | (31,550) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 164,616 | |||||
Share-based compensation expense | 1,009 | $ 2 | (764) | 1,771 | ||
Total comprehensive income | $ 12,740 | 8,700 | 4,040 | |||
Ending balance (in shares) at Mar. 31, 2023 | 32,991,468 | 32,991,468 | ||||
Ending balance at Mar. 31, 2023 | $ 133,789 | $ 330 | $ (15,278) | $ 263,142 | $ (86,895) | $ (27,510) |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market, the electric vehicle market, and the industrial automation markets. References herein to the "Company", "CVG", "we", "our", or "us" refer to Commercial Vehicle Group, Inc. and its subsidiaries. We have manufacturing operations in the United States, Mexico, China, United Kingdom, Czech Republic, Ukraine, Thailand, India, Australia and Morocco. 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 manufacturers, many construction vehicle original equipment manufacturers ("OEMs"), parts and service dealers, distributors, as well as 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 | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsNew accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition We had outstanding customer accounts receivable, net of allowances, of $171.9 million as of March 31, 2023 and $152.6 million as of December 31, 2022. 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 March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Total Seats $ 76,990 $ — $ 19,164 $ — $ 96,154 Electrical wire harnesses, panels and assemblies — 54,749 3,786 — 58,535 Trim 46,423 — 2,873 — 49,296 Industrial Automation — — — 9,747 9,747 Cab structures 33,903 — 998 — 34,901 Mirrors, wipers and controls 3,268 — 10,808 — 14,076 Total $ 160,584 $ 54,749 $ 37,629 $ 9,747 $ 262,709 Three Months Ended March 31, 2022 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Total Seats $ 69,808 $ — $ 15,788 $ — $ 85,596 Electrical wire harnesses, panels and assemblies — 39,876 3,321 1,795 44,992 Trim 44,758 — 1,296 — 46,054 Industrial Automation — — — 32,331 32,331 Cab structures 25,591 — — — 25,591 Mirrors, wipers and controls — — 9,810 — 9,810 Total $ 140,157 $ 39,876 $ 30,215 $ 34,126 $ 244,374 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
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 was subject to step-down to 3.50:1.0 at the end of the fiscal quarter ending March 31, 2023; and will be subject to step-downs 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 the covenants as of March 31, 2023. 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. Foreign Facilities In the quarter ended March 31, 2023, we established a credit facility in China with availability of approximately $13.1 million (denominated in the local currency) consisting of a line of credit which is subject to annual renewal (the "China Credit Facility"). We utilize the China Credit Facility to meet local working capital demands, fund letters of credit and bank guarantees, and support other short-term cash requirements in our China operations. We had $4.4 million and $0 million outstanding under the China Credit Facility as of March 31, 2023 and December 31, 2022, respectively, which are included in Current portion of long-term debt and short-term debt on the Condensed Consolidated Balance Sheets. At March 31, 2023, we had $8.7 million availability under the China Credit Facility. Cash Paid for Interest For the three months ended March 31, 2023 and 2022, cash payments for interest were $3.2 million and $1.6 million, respectively." id="sjs-B4">Debt Debt consisted of the following: March 31, 2023 December 31, 2022 Term loan facility $ 150,312 $ 152,500 Revolving credit facility 11,000 — China credit facility 4,368 — Unamortized discount and issuance costs (60) (63) $ 165,620 $ 152,437 Less: current portion of long-term debt and short-term debt (16,399) (10,938) Total long-term debt, net of current portion $ 149,221 $ 141,499 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. 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 twelve months ended December 31, 2022. At March 31, 2023, we had $11.0 million of borrowings under the Revolving Credit Facility, outstanding letters of credit of $1.2 million and availability of $137.8 million. Combined with availability under our newly established foreign credit facilities of approximately $8.7 million, total consolidated availability was $146.5 million as of March 31, 2023. The unamortized deferred financing fees associated with the Revolving Credit Facility of $1.2 million and $1.3 million as of March 31, 2023 and December 31, 2022, respectively, are being amortized over the remaining life of the Credit Agreement. At December 31, 2022, we had no borrowings under the Revolving Credit Facility and we had outstanding letters of credit of $1.2 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 was subject to step-down to 3.50:1.0 at the end of the fiscal quarter ending March 31, 2023; and will be subject to step-downs 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 the covenants as of March 31, 2023. 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. Foreign Facilities In the quarter ended March 31, 2023, we established a credit facility in China with availability of approximately $13.1 million (denominated in the local currency) consisting of a line of credit which is subject to annual renewal (the "China Credit Facility"). We utilize the China Credit Facility to meet local working capital demands, fund letters of credit and bank guarantees, and support other short-term cash requirements in our China operations. We had $4.4 million and $0 million outstanding under the China Credit Facility as of March 31, 2023 and December 31, 2022, respectively, which are included in Current portion of long-term debt and short-term debt on the Condensed Consolidated Balance Sheets. At March 31, 2023, we had $8.7 million availability under the China Credit Facility. Cash Paid for Interest For the three months ended March 31, 2023 and 2022, cash payments for interest were $3.2 million and $1.6 million, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Our definite-lived intangible assets were comprised of the following: March 31, 2023 December 31, 2022 Weighted- Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets: Trademarks/tradenames 22 years $ 11,474 $ (5,453) $ 6,021 $ 11,487 $ (5,377) $ 6,110 Customer relationships 15 years 14,200 (9,381) 4,819 14,161 (9,109) 5,052 Technical know-how 5 years 9,790 (6,935) 2,855 9,790 (6,445) 3,345 Covenant not to compete 5 years 330 (234) 96 330 (217) 113 $ 35,794 $ (22,003) $ 13,791 $ 35,768 $ (21,148) $ 14,620 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
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 and Czech Crown, we have entered into forward exchange contracts that are designated as cash flow hedge instruments, which are recorded in the Condensed Consolidated Balance Sheets at fair value. The gains and losses as a result of the changes in fair value of the hedge contract for transactions denominated in Mexican Pesos are deferred in accumulated other comprehensive loss and recognized in cost of revenues in the period the related hedge transactions are settled. As of March 31, 2023, hedge contracts for transactions denominated in Czech Crown were not designated as a hedging instruments; therefore, they are marked-to-market and the fair value of agreements is recorded in the Condensed Consolidated Balance Sheets with the offsetting gains and losses recognized in other (income) expense and recognized in cost of revenues in the period the related hedge transactions are settled in the Condensed Consolidated Statements of Operations. Interest Rate Swaps . To manage our exposure to variable interest rates, we have entered into interest rate swaps to exchange, at a specified interval, the difference between fixed and variable interest amounts calculated by reference to an agreed upon notional principal amount. The interest rate swaps are intended to mitigate the impact of rising interest rates on the Company and covers approximately 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 consolidated statements of operations. The fair values of our derivative assets and liabilities measured on a recurring basis are categorized as follows: March 31, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract $ 3,109 $ — $ 3,109 $ — $ — $ — $ — $ — Interest rate swap agreement $ 954 $ — $ 954 $ — $ 1,849 $ — $ 1,849 $ — Liabilities: Foreign exchange contract $ — $ — $ — $ — $ 356 $ — $ 356 $ — The following table summarizes the notional amount of our open foreign exchange contracts: March 31, 2023 December 31, 2022 U.S. $ U.S. U.S. $ U.S. Commitments to buy or sell currencies $ 41,230 $ 43,553 $ 55,220 $ 53,847 The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets: Derivative Asset Balance Sheet Fair Value March 31, 2023 December 31, 2022 Foreign exchange contracts Other current assets $ 3,109 $ — Interest rate swap agreement Other assets, net $ 954 $ 1,849 Derivative Liability Balance Sheet Fair Value March 31, 2023 December 31, 2022 Foreign exchange contracts Accrued liabilities and other $ — $ 356 Derivative Equity Balance Sheet Fair Value March 31, 2023 December 31, 2022 Derivative instruments Accumulated other comprehensive (loss) income $ 6,115 $ 3,777 The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2023 2022 Location of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Foreign exchange contracts Cost of revenues $ 451 $ 456 Interest rate swap agreement Interest expense $ 454 $ (193) Foreign exchange contracts Other (income) expense $ 469 $ (671) 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: March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 150,252 $ 144,052 $ 152,437 $ 143,477 Revolving credit facility $ 11,000 $ 11,000 $ — $ — 1. Presented in the Condensed Consolidated Balance Sheets are the current portion of long-term debt of $12.0 million and long-term debt of $149.2 million as of March 31, 2023, and current portion of long-term debt of $10.9 million and long-term debt of $141.5 million as of December 31, 2022. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense are as follows: Three Months Ended March 31, 2023 2022 Operating lease cost $ 2,348 $ 2,578 Finance lease cost 47 76 Short-term lease cost 1,931 1,525 Total lease expense $ 4,326 $ 4,179 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location March 31, 2023 December 31, 2022 Operating Leases Right-of-use assets, net Other assets, net $ 25,711 $ 26,372 Current liabilities Accrued liabilities and other 6,537 7,421 Non-current liabilities Other long-term liabilities 19,603 19,422 Total operating lease liabilities $ 26,140 $ 26,843 Finance Leases Right-of-use assets, net Other assets, net $ 221 $ 270 Current liabilities Accrued liabilities and other 118 131 Non-current liabilities Other long-term liabilities 112 139 Total finance lease liabilities $ 230 $ 270 For the three months ended March 31, 2023 and 2022, cash payments on operating leases were $2.7 million and $2.0 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 2023 $ 7,279 $ 97 $ 7,376 2024 5,873 89 5,962 2025 5,856 50 5,906 2026 4,599 2 4,601 2027 1,736 — 1,736 Thereafter 9,137 — 9,137 Total lease payments $ 34,480 $ 238 $ 34,718 Less: Imputed interest (8,340) (8) (8,348) Present value of lease liabilities $ 26,140 $ 230 $ 26,370 |
Leases | Leases The components of lease expense are as follows: Three Months Ended March 31, 2023 2022 Operating lease cost $ 2,348 $ 2,578 Finance lease cost 47 76 Short-term lease cost 1,931 1,525 Total lease expense $ 4,326 $ 4,179 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location March 31, 2023 December 31, 2022 Operating Leases Right-of-use assets, net Other assets, net $ 25,711 $ 26,372 Current liabilities Accrued liabilities and other 6,537 7,421 Non-current liabilities Other long-term liabilities 19,603 19,422 Total operating lease liabilities $ 26,140 $ 26,843 Finance Leases Right-of-use assets, net Other assets, net $ 221 $ 270 Current liabilities Accrued liabilities and other 118 131 Non-current liabilities Other long-term liabilities 112 139 Total finance lease liabilities $ 230 $ 270 For the three months ended March 31, 2023 and 2022, cash payments on operating leases were $2.7 million and $2.0 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 2023 $ 7,279 $ 97 $ 7,376 2024 5,873 89 5,962 2025 5,856 50 5,906 2026 4,599 2 4,601 2027 1,736 — 1,736 Thereafter 9,137 — 9,137 Total lease payments $ 34,480 $ 238 $ 34,718 Less: Imputed interest (8,340) (8) (8,348) Present value of lease liabilities $ 26,140 $ 230 $ 26,370 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended March 31, 2023, we recorded a $3.3 million tax provision, or 27% effective tax rate for the period, compared to a $1.4 million tax provision, or 26% effective tax rate for the three months ended March 31, 2022. Income tax expense for the three months ended March 31, 2023 and 2022 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 2023 pretax results for U.S. and foreign income or loss vary from estimates, the actual income tax expense recognized in 2023 could be different from the forecasted amount used to estimate the income tax expense for the three months ended March 31, 2023. For the three months ended March 31, 2023 and 2022, cash paid for taxes, net of refunds received were $2.0 million and $1.4 million, respectively. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
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: Non-U.S. Pension Plan Three Months Ended March 31, 2023 2022 Interest cost 347 215 Expected return on plan assets (295) (275) Amortization of prior service cost 12 13 Recognized actuarial loss 185 164 Net cost $ 249 $ 117 Net periodic (benefit) cost components, not inclusive of service costs, are recognized in other (income) expense within the Condensed Consolidated Statements of Operations. |
Performance Awards
Performance Awards | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Performance Awards | Performance Awards 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, 2022 $ 2,188 New grants — Forfeitures — Adjustments 844 Payments (1,159) Adjusted Award Value at March 31, 2023 $ 1,873 Unrecognized compensation expense was $5.0 million as of March 31, 2023. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
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. As of March 31, 2023, there was approximately $5.3 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 March 31, 2023 and changes during the three months ended March 31, 2023 are presented below: 2023 Shares Weighted- Nonvested - December 31, 2022 383 $ 7.68 Granted 233 6.98 Vested (274) 7.28 Forfeited (1) 8.45 Nonvested - March 31, 2023 341 $ 7.52 As of March 31, 2023, a total of 2.1 million shares were available for future grants from the shares authorized for award under our 2020 EIP, including cumulative forfeitures. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
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, 32,991,468 and 32,826,852 shares were issued and outstanding as of March 31, 2023 and December 31, 2022, 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, with no preferred shares outstanding as of March 31, 2023 and December 31, 2022. Earnings (Loss) Per Share - Basic earnings (loss) per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the treasury stock method. Potential common shares are included in the diluted earnings per share calculation when dilutive. Diluted earnings per share for the three months ended March 31, 2023 and 2022 includes the effect of potential common shares issuable when dilutive, and is as follows: Three Months Ended March 31, 2023 2022 Net income $ 8,700 $ 3,982 Weighted average number of common shares outstanding (in '000s) 32,868 32,065 Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) 314 620 Dilutive shares outstanding 33,182 32,685 Basic earnings per share $ 0.26 $ 0.12 Diluted earnings per share $ 0.26 $ 0.12 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ (24,811) $ (11,512) 4,773 $ (31,550) Net current period change 2,557 140 2,697 Derivative instruments — 1,343 1,343 Balance - March 31, 2023 $ (22,254) $ (11,372) $ 6,116 $ (27,510) Foreign Pension and Derivative instruments Accumulated other Balance - December 31, 2021 $ (20,445) $ (22,750) $ 757 $ (42,438) Net current period change 327 (29) — 298 Derivative instruments — — 2,814 2,814 Balance - March 31, 2022 $ (20,118) $ (22,779) $ 3,571 $ (39,326) The related tax effects allocated to each component of other comprehensive income (loss) are as follows: Three Months Ended March 31, 2023 Before Tax Tax Expense After Tax Amount Cumulative translation adjustment 2,557 — 2,557 Amortization of actuarial losses $ 137 $ 3 $ 140 Derivative instruments 1,815 (472) 1,343 Total other comprehensive income $ 4,509 $ (469) $ 4,040 Three Months Ended March 31, 2022 Before Tax Tax Expense After Tax Cumulative translation adjustment 327 — 327 Amortization of actuarial gains $ 1 $ (30) $ (29) Derivative instruments 3,752 (938) 2,814 Total other comprehensive income $ 4,080 $ (968) $ 3,112 |
Cost Reduction and Manufacturin
Cost Reduction and Manufacturing Capacity Rationalization | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Cost Reduction and Manufacturing Capacity Rationalization | Cost Reduction and Manufacturing Capacity Rationalization The Company's restructuring program includes aligning 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 Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/ Total December 31, 2022 $ (5) $ — $ — $ 458 $ — $ 453 New charges 83 8 — 622 — 713 Payments and other adjustments (78) (8) — (369) — (455) March 31, 2023 $ — $ — $ — $ — $ 711 $ — $ 711 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/ Total December 31, 2021 $ 230 $ 417 $ — $ — $ (161) $ 486 New charges 204 — 435 350 — 989 Payments and other adjustments (309) (417) (435) (353) 422 (1,092) March 31, 2022 $ 125 $ — $ — $ (3) $ 261 $ 383 Of the $0.7 million costs incurred in the three months ended March 31, 2023 for restructuring, $0.5 million related to facility exit and other costs and $0.2 million related to headcount reductions were recorded in cost of revenues. Of the $0.7 million costs incurred in the three months ended March 31, 2023 for restructuring, $0.6 million primarily related to the Industrial Automation segment and were recorded in Cost of revenues in the Condensed Consolidated Statements of Operations. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, 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 three months ended March 31, 2023: Balance - December 31, 2022 $ 1,433 Provision for warranty claims 393 Deduction for payments made and other adjustments (227) Balance - March 31, 2023 $ 1,599 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. The existing long-term debt agreement matures in 2027; no payments are due thereafter: Total Remainder of 2023 $ 8,750 2024 $ 15,313 2025 $ 19,688 2026 $ 24,063 2027 $ 93,498 Thereafter $ — |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting 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 power sports markets; and Cab structures for the North American medium-duty/heavy-duty ("MD/HD") truck market. 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, warehouse, 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 channels that provide repair and refurbishing. These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe and Asia-Pacific. • Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products. • Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific. The Industrial 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. 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 March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/Other Total Revenues $ 160,584 $ 54,749 $ 37,629 $ 9,747 $ — $ 262,709 Gross profit 19,471 8,297 7,227 214 $ — 35,209 Selling, general & administrative expenses 6,077 2,227 1,650 1,076 $ 9,535 20,565 Operating income $ 13,394 $ 6,070 $ 5,577 $ (862) $ (9,535) $ 14,644 Three Months Ended March 31, 2022 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/Other Total Revenues $ 140,157 $ 39,876 $ 30,215 $ 34,126 $ — $ 244,374 Gross profit 12,907 3,401 4,086 4,991 (2) 25,383 Selling, general & administrative expenses 6,588 1,640 1,465 1,324 5,982 16,999 Operating income $ 6,319 $ 1,761 $ 2,621 $ 3,667 $ (5,984) $ 8,384 |
Other Financial Information
Other Financial Information | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Other Financial Information | Other Financial Information Items reported in inventories consisted of the following: March 31, 2023 December 31, 2022 Raw materials $ 103,506 $ 108,417 Work in process 18,045 17,757 Finished goods 18,002 16,368 Total Inventory $ 139,553 $ 142,542 Items reported in property, plant, and equipment, net consisted of the following: March 31, 2023 December 31, 2022 Land and buildings $ 32,599 $ 32,267 Machinery and equipment 214,324 212,352 Construction in progress 5,548 7,317 Property, plant, and equipment, gross 252,471 251,936 Less accumulated depreciation (183,532) (184,131) Property, plant and equipment, net $ 68,939 $ 67,805 Items reported in accrued expenses and other liabilities consisted of the following: March 31, 2023 December 31, 2022 Compensation and benefits $ 16,822 $ 13,370 Taxes payable 9,426 5,092 Operating lease liabilities 6,537 7,421 Accrued freight 4,298 4,225 Warranty costs 1,599 1,433 Other 8,658 11,268 $ 47,340 $ 42,809 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsNew accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Total Seats $ 76,990 $ — $ 19,164 $ — $ 96,154 Electrical wire harnesses, panels and assemblies — 54,749 3,786 — 58,535 Trim 46,423 — 2,873 — 49,296 Industrial Automation — — — 9,747 9,747 Cab structures 33,903 — 998 — 34,901 Mirrors, wipers and controls 3,268 — 10,808 — 14,076 Total $ 160,584 $ 54,749 $ 37,629 $ 9,747 $ 262,709 Three Months Ended March 31, 2022 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Total Seats $ 69,808 $ — $ 15,788 $ — $ 85,596 Electrical wire harnesses, panels and assemblies — 39,876 3,321 1,795 44,992 Trim 44,758 — 1,296 — 46,054 Industrial Automation — — — 32,331 32,331 Cab structures 25,591 — — — 25,591 Mirrors, wipers and controls — — 9,810 — 9,810 Total $ 140,157 $ 39,876 $ 30,215 $ 34,126 $ 244,374 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following: March 31, 2023 December 31, 2022 Term loan facility $ 150,312 $ 152,500 Revolving credit facility 11,000 — China credit facility 4,368 — Unamortized discount and issuance costs (60) (63) $ 165,620 $ 152,437 Less: current portion of long-term debt and short-term debt (16,399) (10,938) Total long-term debt, net of current portion $ 149,221 $ 141,499 |
Summary of 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) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our definite-lived intangible assets were comprised of the following: March 31, 2023 December 31, 2022 Weighted- Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets: Trademarks/tradenames 22 years $ 11,474 $ (5,453) $ 6,021 $ 11,487 $ (5,377) $ 6,110 Customer relationships 15 years 14,200 (9,381) 4,819 14,161 (9,109) 5,052 Technical know-how 5 years 9,790 (6,935) 2,855 9,790 (6,445) 3,345 Covenant not to compete 5 years 330 (234) 96 330 (217) 113 $ 35,794 $ (22,003) $ 13,791 $ 35,768 $ (21,148) $ 14,620 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Our Derivative Assets and Liabilities | The fair values of our derivative assets and liabilities measured on a recurring basis are categorized as follows: March 31, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract $ 3,109 $ — $ 3,109 $ — $ — $ — $ — $ — Interest rate swap agreement $ 954 $ — $ 954 $ — $ 1,849 $ — $ 1,849 $ — Liabilities: Foreign exchange contract $ — $ — $ — $ — $ 356 $ — $ 356 $ — |
Summary of Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts: March 31, 2023 December 31, 2022 U.S. $ U.S. U.S. $ U.S. Commitments to buy or sell currencies $ 41,230 $ 43,553 $ 55,220 $ 53,847 |
Summary of 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 March 31, 2023 December 31, 2022 Foreign exchange contracts Other current assets $ 3,109 $ — Interest rate swap agreement Other assets, net $ 954 $ 1,849 Derivative Liability Balance Sheet Fair Value March 31, 2023 December 31, 2022 Foreign exchange contracts Accrued liabilities and other $ — $ 356 Derivative Equity Balance Sheet Fair Value March 31, 2023 December 31, 2022 Derivative instruments Accumulated other comprehensive (loss) income $ 6,115 $ 3,777 |
Summary of 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 March 31, 2023 2022 Location of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Foreign exchange contracts Cost of revenues $ 451 $ 456 Interest rate swap agreement Interest expense $ 454 $ (193) Foreign exchange contracts Other (income) expense $ 469 $ (671) |
Summary of 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: March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 150,252 $ 144,052 $ 152,437 $ 143,477 Revolving credit facility $ 11,000 $ 11,000 $ — $ — 1. Presented in the Condensed Consolidated Balance Sheets are the current portion of long-term debt of $12.0 million and long-term debt of $149.2 million as of March 31, 2023, and current portion of long-term debt of $10.9 million and long-term debt of $141.5 million as of December 31, 2022. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Lease Costs | The components of lease expense are as follows: Three Months Ended March 31, 2023 2022 Operating lease cost $ 2,348 $ 2,578 Finance lease cost 47 76 Short-term lease cost 1,931 1,525 Total lease expense $ 4,326 $ 4,179 |
Summary of Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Location March 31, 2023 December 31, 2022 Operating Leases Right-of-use assets, net Other assets, net $ 25,711 $ 26,372 Current liabilities Accrued liabilities and other 6,537 7,421 Non-current liabilities Other long-term liabilities 19,603 19,422 Total operating lease liabilities $ 26,140 $ 26,843 Finance Leases Right-of-use assets, net Other assets, net $ 221 $ 270 Current liabilities Accrued liabilities and other 118 131 Non-current liabilities Other long-term liabilities 112 139 Total finance lease liabilities $ 230 $ 270 |
Summary of 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 2023 $ 7,279 $ 97 $ 7,376 2024 5,873 89 5,962 2025 5,856 50 5,906 2026 4,599 2 4,601 2027 1,736 — 1,736 Thereafter 9,137 — 9,137 Total lease payments $ 34,480 $ 238 $ 34,718 Less: Imputed interest (8,340) (8) (8,348) Present value of lease liabilities $ 26,140 $ 230 $ 26,370 |
Summary of 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 2023 $ 7,279 $ 97 $ 7,376 2024 5,873 89 5,962 2025 5,856 50 5,906 2026 4,599 2 4,601 2027 1,736 — 1,736 Thereafter 9,137 — 9,137 Total lease payments $ 34,480 $ 238 $ 34,718 Less: Imputed interest (8,340) (8) (8,348) Present value of lease liabilities $ 26,140 $ 230 $ 26,370 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of 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: Non-U.S. Pension Plan Three Months Ended March 31, 2023 2022 Interest cost 347 215 Expected return on plan assets (295) (275) Amortization of prior service cost 12 13 Recognized actuarial loss 185 164 Net cost $ 249 $ 117 |
Performance Awards (Tables)
Performance Awards (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ 2,188 New grants — Forfeitures — Adjustments 844 Payments (1,159) Adjusted Award Value at March 31, 2023 $ 1,873 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Information about Restricted Stock Grants | A summary of the status of our restricted stock awards as of March 31, 2023 and changes during the three months ended March 31, 2023 are presented below: 2023 Shares Weighted- Nonvested - December 31, 2022 383 $ 7.68 Granted 233 6.98 Vested (274) 7.28 Forfeited (1) 8.45 Nonvested - March 31, 2023 341 $ 7.52 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Diluted Earnings per Share | Diluted earnings per share for the three months ended March 31, 2023 and 2022 includes the effect of potential common shares issuable when dilutive, and is as follows: Three Months Ended March 31, 2023 2022 Net income $ 8,700 $ 3,982 Weighted average number of common shares outstanding (in '000s) 32,868 32,065 Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) 314 620 Dilutive shares outstanding 33,182 32,685 Basic earnings per share $ 0.26 $ 0.12 Diluted earnings per share $ 0.26 $ 0.12 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of 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, 2022 $ (24,811) $ (11,512) 4,773 $ (31,550) Net current period change 2,557 140 2,697 Derivative instruments — 1,343 1,343 Balance - March 31, 2023 $ (22,254) $ (11,372) $ 6,116 $ (27,510) Foreign Pension and Derivative instruments Accumulated other Balance - December 31, 2021 $ (20,445) $ (22,750) $ 757 $ (42,438) Net current period change 327 (29) — 298 Derivative instruments — — 2,814 2,814 Balance - March 31, 2022 $ (20,118) $ (22,779) $ 3,571 $ (39,326) |
Summary of Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) | The related tax effects allocated to each component of other comprehensive income (loss) are as follows: Three Months Ended March 31, 2023 Before Tax Tax Expense After Tax Amount Cumulative translation adjustment 2,557 — 2,557 Amortization of actuarial losses $ 137 $ 3 $ 140 Derivative instruments 1,815 (472) 1,343 Total other comprehensive income $ 4,509 $ (469) $ 4,040 Three Months Ended March 31, 2022 Before Tax Tax Expense After Tax Cumulative translation adjustment 327 — 327 Amortization of actuarial gains $ 1 $ (30) $ (29) Derivative instruments 3,752 (938) 2,814 Total other comprehensive income $ 4,080 $ (968) $ 3,112 |
Cost Reduction and Manufactur_2
Cost Reduction and Manufacturing Capacity Rationalization (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes in Accrued Restructuring Balances | The changes in accrued restructuring balances are as follows: Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/ Total December 31, 2022 $ (5) $ — $ — $ 458 $ — $ 453 New charges 83 8 — 622 — 713 Payments and other adjustments (78) (8) — (369) — (455) March 31, 2023 $ — $ — $ — $ — $ 711 $ — $ 711 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/ Total December 31, 2021 $ 230 $ 417 $ — $ — $ (161) $ 486 New charges 204 — 435 350 — 989 Payments and other adjustments (309) (417) (435) (353) 422 (1,092) March 31, 2022 $ 125 $ — $ — $ (3) $ 261 $ 383 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Warranty Provision | The following presents a summary of the warranty provision for the three months ended March 31, 2023: Balance - December 31, 2022 $ 1,433 Provision for warranty claims 393 Deduction for payments made and other adjustments (227) Balance - March 31, 2023 $ 1,599 |
Schedule of Minimum Principal Payments Due on Long-term Debt | The following table provides future minimum principal payments due on long-term debt for the next five years. The existing long-term debt agreement matures in 2027; no payments are due thereafter: Total Remainder of 2023 $ 8,750 2024 $ 15,313 2025 $ 19,688 2026 $ 24,063 2027 $ 93,498 Thereafter $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | The following tables present financial information for the Company's reportable segments for the periods indicated: Three Months Ended March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/Other Total Revenues $ 160,584 $ 54,749 $ 37,629 $ 9,747 $ — $ 262,709 Gross profit 19,471 8,297 7,227 214 $ — 35,209 Selling, general & administrative expenses 6,077 2,227 1,650 1,076 $ 9,535 20,565 Operating income $ 13,394 $ 6,070 $ 5,577 $ (862) $ (9,535) $ 14,644 Three Months Ended March 31, 2022 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/Other Total Revenues $ 140,157 $ 39,876 $ 30,215 $ 34,126 $ — $ 244,374 Gross profit 12,907 3,401 4,086 4,991 (2) 25,383 Selling, general & administrative expenses 6,588 1,640 1,465 1,324 5,982 16,999 Operating income $ 6,319 $ 1,761 $ 2,621 $ 3,667 $ (5,984) $ 8,384 |
Other Financial Information (Ta
Other Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Items reported in inventories consisted of the following: March 31, 2023 December 31, 2022 Raw materials $ 103,506 $ 108,417 Work in process 18,045 17,757 Finished goods 18,002 16,368 Total Inventory $ 139,553 $ 142,542 |
Summary of Property, Plant and Equipment Net | Items reported in property, plant, and equipment, net consisted of the following: March 31, 2023 December 31, 2022 Land and buildings $ 32,599 $ 32,267 Machinery and equipment 214,324 212,352 Construction in progress 5,548 7,317 Property, plant, and equipment, gross 252,471 251,936 Less accumulated depreciation (183,532) (184,131) Property, plant and equipment, net $ 68,939 $ 67,805 |
Schedule of Accrued and Other Liabilities | Items reported in accrued expenses and other liabilities consisted of the following: March 31, 2023 December 31, 2022 Compensation and benefits $ 16,822 $ 13,370 Taxes payable 9,426 5,092 Operating lease liabilities 6,537 7,421 Accrued freight 4,298 4,225 Warranty costs 1,599 1,433 Other 8,658 11,268 $ 47,340 $ 42,809 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowances | $ 171,878 | $ 152,626 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Capitalized Contract Cost [Line Items] | ||
Revenues | $ 262,709 | $ 244,374 |
Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 96,154 | 85,596 |
Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 58,535 | 44,992 |
Trim | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 49,296 | 46,054 |
Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 9,747 | 32,331 |
Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 34,901 | 25,591 |
Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 14,076 | 9,810 |
Vehicle Solutions | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 160,584 | 140,157 |
Vehicle Solutions | Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 76,990 | 69,808 |
Vehicle Solutions | Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Vehicle Solutions | Trim | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 46,423 | 44,758 |
Vehicle Solutions | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Vehicle Solutions | Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 33,903 | 25,591 |
Vehicle Solutions | Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 3,268 | 0 |
Electrical Systems | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 54,749 | 39,876 |
Electrical Systems | Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Electrical Systems | Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 54,749 | 39,876 |
Electrical Systems | Trim | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Electrical Systems | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Electrical Systems | Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Electrical Systems | Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Aftermarket & Accessories | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 37,629 | 30,215 |
Aftermarket & Accessories | Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 19,164 | 15,788 |
Aftermarket & Accessories | Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 3,786 | 3,321 |
Aftermarket & Accessories | Trim | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 2,873 | 1,296 |
Aftermarket & Accessories | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Aftermarket & Accessories | Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 998 | 0 |
Aftermarket & Accessories | Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 10,808 | 9,810 |
Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 9,747 | 34,126 |
Industrial Automation | Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Industrial Automation | Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 1,795 |
Industrial Automation | Trim | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Industrial Automation | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 9,747 | 32,331 |
Industrial Automation | Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Industrial Automation | Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | $ 0 | $ 0 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs | $ (60) | $ (63) |
Carrying Amount | 165,620 | 152,437 |
Less: current portion of long-term debt and short-term debt | (16,399) | (10,938) |
Total long-term debt, net of current portion | 149,221 | 141,499 |
Domestic Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,000 | 0 |
Term loan facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 150,312 | 152,500 |
China credit facility | Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,368 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
May 12, 2022 USD ($) | Apr. 30, 2021 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
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 | $ 3,200,000 | $ 1,600,000 | |||
Domestic Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 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 | 11,000,000 | $ 0 | |||
Availability of borrowing | 137,800,000 | ||||
Debt instrument fee | 1,200,000 | 1,300,000 | |||
Domestic Line of Credit | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 10,000,000 | $ 10,000,000 | |||
Outstanding borrowings | 1,200,000 | 1,200,000 | |||
Domestic Line of Credit | Bridge Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 10,000,000 | 10,000,000 | |||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Availability of borrowing | 146,500,000 | ||||
Term loan facility | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 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 | ||||
China credit facility | Foreign Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 13,100,000 | ||||
Outstanding borrowings | 4,400,000 | $ 0 | |||
Availability of borrowing | $ 8,700,000 |
Debt - Margin for Borrowings un
Debt - Margin for Borrowings under Revolving Credit Facility (Details) (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 | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 35,794 | $ 35,768 |
Accumulated Amortization | (22,003) | (21,148) |
Net Carrying Amount | $ 13,791 | 14,620 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 22 years | |
Gross Carrying Amount | $ 11,474 | 11,487 |
Accumulated Amortization | (5,453) | (5,377) |
Net Carrying Amount | $ 6,021 | 6,110 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | |
Gross Carrying Amount | $ 14,200 | 14,161 |
Accumulated Amortization | (9,381) | (9,109) |
Net Carrying Amount | $ 4,819 | 5,052 |
Technical know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 9,790 | 9,790 |
Accumulated Amortization | (6,935) | (6,445) |
Net Carrying Amount | $ 2,855 | 3,345 |
Covenant not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 330 | 330 |
Accumulated Amortization | (234) | (217) |
Net Carrying Amount | $ 96 | $ 113 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible asset amortization expense | $ 0.8 | $ 0.9 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | Mar. 31, 2023 |
Fair Value Disclosures [Abstract] | |
Percentage of outstanding debt covered by swaps | 50% |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Values of Our Derivative Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 3,109 | $ 0 |
Derivative Liability | 0 | 356 |
Interest rate swap agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 954 | 1,849 |
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 agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 3,109 | 0 |
Derivative Liability | 0 | 356 |
Level 2 | Interest rate swap agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 954 | 1,849 |
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 agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Fair Value Measurement - Notion
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Details) - Foreign exchange contracts - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. $ Equivalent | $ 41,230 | $ 55,220 |
U.S. Equivalent Fair Value | $ 43,553 | $ 53,847 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value of Our Derivative Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Foreign exchange contracts and Interest rate swap agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Equity | $ 6,115 | $ 3,777 |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 3,109 | 0 |
Derivative Liability | 0 | 356 |
Interest rate swap agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 954 | $ 1,849 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ 658 | $ (599) |
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 | 451 | 456 |
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 | 469 | (671) |
Interest rate swap agreement | Not Designated as Hedging Instrument | Interest expense | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ 454 | $ (193) |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 165,620 | $ 152,437 |
Current portion of long-term debt | 16,399 | 10,938 |
Long-term debt | 149,221 | 141,499 |
Line of Credit | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 11,000 | 0 |
Line of Credit | Revolving Credit Facility | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,000 | 0 |
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 | 12,000 | 10,900 |
Long-term debt | 149,200 | 141,500 |
Term Loan and security agreement | Line of Credit | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 150,252 | 152,437 |
Term Loan and security agreement | Line of Credit | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 144,052 | $ 143,477 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,348 | $ 2,578 |
Finance lease cost | 47 | 76 |
Short-term lease cost | 1,931 | 1,525 |
Total lease expense | $ 4,326 | $ 4,179 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Right-of-use assets, net | $ 25,711 | $ 26,372 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net |
Current liabilities | $ 6,537 | $ 7,421 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities and other | Accrued liabilities and other |
Non-current liabilities | $ 19,603 | $ 19,422 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Total operating lease liabilities | $ 26,140 | $ 26,843 |
Finance Leases | ||
Right-of-use assets, net | $ 221 | $ 270 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net |
Current liabilities | $ 118 | $ 131 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities and other | Accrued liabilities and other |
Non-current liabilities | $ 112 | $ 139 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Total finance lease liabilities | $ 230 | $ 270 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease payments | $ 2.7 | $ 2 |
Leases - Maturities of Operatin
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating | ||
Remainder of 2023 | $ 7,279 | |
2024 | 5,873 | |
2025 | 5,856 | |
2026 | 4,599 | |
2027 | 1,736 | |
Thereafter | 9,137 | |
Total lease payments | 34,480 | |
Less: Imputed interest | (8,340) | |
Present value of lease liabilities | 26,140 | $ 26,843 |
Financing | ||
Remainder of 2023 | 97 | |
2024 | 89 | |
2025 | 50 | |
2026 | 2 | |
2027 | 0 | |
Thereafter | 0 | |
Total lease payments | 238 | |
Less: Imputed interest | (8) | |
Present value of lease liabilities | 230 | $ 270 |
Total | ||
Remainder of 2023 | 7,376 | |
2024 | 5,962 | |
2025 | 5,906 | |
2026 | 4,601 | |
2027 | 1,736 | |
Thereafter | 9,137 | |
Total lease payments | 34,718 | |
Less: Imputed interest | (8,348) | |
Present value of lease liabilities | $ 26,370 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3,256 | $ 1,400 |
Effective tax rate | 27% | 26% |
Cash paid for taxes | $ 2,000 | $ 1,400 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - Non-U.S. Pension Plan - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 347 | $ 215 |
Expected return on plan assets | (295) | (275) |
Amortization of prior service cost | 12 | 13 |
Recognized actuarial loss | 185 | 164 |
Net cost | $ 249 | $ 117 |
Performance Awards - Schedule o
Performance Awards - Schedule of Performance Activity (Details) - Performance Awards $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Adjusted Award Value at Beginning | $ 2,188 |
New grants | 0 |
Forfeitures | 0 |
Adjustments | 844 |
Payments | (1,159) |
Adjusted Award Value at Ending | $ 1,873 |
Performance Awards - Additional
Performance Awards - Additional Information (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized compensation expense | $ 5.3 |
Performance Awards | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized compensation expense | $ 5 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) shares in Millions, $ in Millions | Mar. 31, 2023 USD ($) shares |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized compensation expense | $ | $ 5.3 |
Restricted Stock | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Authorized shares available for issuance (in shares) | shares | 2.1 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information about Restricted Stock Grants (Details) - Restricted Stock shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Nonvested Restricted Stock Shares | |
Nonvested - beginning of year (in shares) | shares | 383 |
Granted (in shares) | shares | 233 |
Vested (in shares) | shares | (274) |
Forfeited (in shares) | shares | (1) |
Nonvested - end of period (in shares) | shares | 341 |
Nonvested Restricted Stock Weighted-Average Grant-Date Fair Value | |
Nonvested - beginning of year (in dollars per share) | $ / shares | $ 7.68 |
Granted (in dollars per share) | $ / shares | 6.98 |
Vested (in dollars per share) | $ / shares | 7.28 |
Forfeited (in dollars per share) | $ / shares | 8.45 |
Nonvested - end of period (in dollars per share) | $ / shares | $ 7.52 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Stockholders Equity Note Disclosure [Line Items] | |||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares issued (in shares) | 32,991,468 | 32,826,852 | |
Common stock, shares outstanding (in shares) | 32,991,468 | 32,826,852 | |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Restricted Stock | |||
Stockholders Equity Note Disclosure [Line Items] | |||
Antidilutive stock excluded from earning per share (in shares) | 134,000 | 0 |
Stockholders' Equity - Diluted
Stockholders' Equity - Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Net income | $ 8,700 | $ 3,982 |
Weighted average number of common shares outstanding (in shares) | 32,868 | 32,065 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 314 | 620 |
Dilutive shares outstanding (in shares) | 33,182 | 32,685 |
Basic earnings per share (in dollars per share) | $ 0.26 | $ 0.12 |
Diluted earnings per share (in dollars per share) | $ 0.26 | $ 0.12 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - After-tax Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 120,040 | $ 126,653 |
Net current period change | 4,040 | 3,112 |
Ending balance | 133,789 | 134,401 |
Foreign currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (24,811) | (20,445) |
Net current period change | 2,557 | 327 |
Ending balance | (22,254) | (20,118) |
Pension and post-retirement benefits plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (11,512) | (22,750) |
Net current period change | 140 | (29) |
Ending balance | (11,372) | (22,779) |
Derivative instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 4,773 | 757 |
Net current period change | 1,343 | 2,814 |
Ending balance | 6,116 | 3,571 |
Accumulated other comprehensive loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (31,550) | (42,438) |
Net current period change | 2,697 | 298 |
Ending balance | $ (27,510) | $ (39,326) |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Before Tax Amount | ||
Cumulative translation adjustment | $ 2,557 | $ 327 |
Amortization of actuarial gains (losses) | 137 | 1 |
Derivative instruments | 1,815 | 3,752 |
Total other comprehensive income | 4,509 | 4,080 |
Tax Expense | ||
Cumulative translation adjustment | 0 | 0 |
Amortization of actuarial gains (losses) | 3 | (30) |
Derivative instruments | (472) | (938) |
Total other comprehensive income | (469) | (968) |
After Tax Amount | ||
Cumulative translation adjustment | 2,557 | 327 |
Amortization of actuarial gains (losses) | 140 | (29) |
Derivative instruments | 1,343 | 2,814 |
Other comprehensive income | $ 4,040 | $ 3,112 |
Cost Reduction and Manufactur_3
Cost Reduction and Manufacturing Capacity Rationalization - Accrued Restructuring Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 453 | $ 486 |
New charges | 713 | 989 |
Payments and other adjustments | (455) | (1,092) |
Ending Balance | 711 | 383 |
Operating Segments | Vehicle Solutions | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | (5) | 230 |
New charges | 83 | 204 |
Payments and other adjustments | (78) | (309) |
Ending Balance | 0 | 125 |
Operating Segments | Electrical Systems | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 417 |
New charges | 8 | 0 |
Payments and other adjustments | (8) | (417) |
Ending Balance | 0 | 0 |
Operating Segments | Aftermarket & Accessories | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 0 |
New charges | 0 | 435 |
Payments and other adjustments | 0 | (435) |
Ending Balance | 0 | 0 |
Operating Segments | Industrial Automation | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 458 | 0 |
New charges | 622 | 350 |
Payments and other adjustments | (369) | (353) |
Ending Balance | 711 | (3) |
Corporate/Other | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | (161) |
New charges | 0 | 0 |
Payments and other adjustments | 0 | 422 |
Ending Balance | $ 0 | $ 261 |
Cost Reduction and Manufactur_4
Cost Reduction and Manufacturing Capacity Rationalization - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Employee costs | $ 713 | $ 989 |
Industrial Automation | Cost of revenues | ||
Restructuring Cost and Reserve [Line Items] | ||
Employee costs | 600 | |
Facility Exit and Other | Cost of revenues | ||
Restructuring Cost and Reserve [Line Items] | ||
Employee costs | 500 | |
Headcount Reduction | Cost of revenues | ||
Restructuring Cost and Reserve [Line Items] | ||
Employee costs | $ 200 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Warranty Provision (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance - Beginning of the year | $ 1,433 |
Provision for warranty claims | 393 |
Deduction for payments made and other adjustments | (227) |
Balance - End of period | $ 1,599 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2023 | $ 8,750 |
2024 | 15,313 |
2025 | 19,688 |
2026 | 24,063 |
2027 | 93,498 |
Thereafter | $ 0 |
Segment Reporting - Revenue for
Segment Reporting - Revenue for Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 262,709 | $ 244,374 |
Gross profit | 35,209 | 25,383 |
Selling, general & administrative expenses | 20,565 | 16,999 |
Operating income | 14,644 | 8,384 |
Vehicle Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 160,584 | 140,157 |
Electrical Systems | ||
Segment Reporting Information [Line Items] | ||
Revenues | 54,749 | 39,876 |
Aftermarket & Accessories | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,629 | 30,215 |
Industrial Automation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,747 | 34,126 |
Operating Segments | Vehicle Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 160,584 | 140,157 |
Gross profit | 19,471 | 12,907 |
Selling, general & administrative expenses | 6,077 | 6,588 |
Operating income | 13,394 | 6,319 |
Operating Segments | Electrical Systems | ||
Segment Reporting Information [Line Items] | ||
Revenues | 54,749 | 39,876 |
Gross profit | 8,297 | 3,401 |
Selling, general & administrative expenses | 2,227 | 1,640 |
Operating income | 6,070 | 1,761 |
Operating Segments | Aftermarket & Accessories | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,629 | 30,215 |
Gross profit | 7,227 | 4,086 |
Selling, general & administrative expenses | 1,650 | 1,465 |
Operating income | 5,577 | 2,621 |
Operating Segments | Industrial Automation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,747 | 34,126 |
Gross profit | 214 | 4,991 |
Selling, general & administrative expenses | 1,076 | 1,324 |
Operating income | (862) | 3,667 |
Corporate/Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Gross profit | 0 | (2) |
Selling, general & administrative expenses | 9,535 | 5,982 |
Operating income | $ (9,535) | $ (5,984) |
Other Financial Information - I
Other Financial Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Raw materials | $ 103,506 | $ 108,417 |
Work in process | 18,045 | 17,757 |
Finished goods | 18,002 | 16,368 |
Total Inventory | $ 139,553 | $ 142,542 |
Other Financial Information - P
Other Financial Information - Property, Plant, and Equipment Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 252,471 | $ 251,936 |
Less accumulated depreciation | (183,532) | (184,131) |
Property, plant and equipment, net | 68,939 | 67,805 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 32,599 | 32,267 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 214,324 | 212,352 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 5,548 | $ 7,317 |
Other Financial Information - A
Other Financial Information - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Compensation and benefits | $ 16,822 | $ 13,370 |
Taxes payable | 9,426 | 5,092 |
Operating lease liabilities | 6,537 | 7,421 |
Accrued freight | 4,298 | 4,225 |
Warranty costs | 1,599 | 1,433 |
Other | 8,658 | 11,268 |
Accrued liabilities and other | $ 47,340 | $ 42,809 |