Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34365 | |
Entity Registrant Name | COMMERCIAL VEHICLE GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-1990662 | |
Entity Address, Address Line One | 7800 Walton Parkway | |
Entity Address, City or Town | New Albany | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43054 | |
City Area Code | 614 | |
Local Phone Number | 289-5360 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CVGI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,377,823 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001290900 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 232,068 | $ 262,709 |
Cost of revenues | 205,403 | 227,500 |
Gross profit | 26,665 | 35,209 |
Selling, general and administrative expenses | 20,093 | 20,565 |
Operating income | 6,572 | 14,644 |
Other expense (income) | 212 | (202) |
Interest expense | 2,251 | 2,890 |
Income before provision for income taxes | 4,109 | 11,956 |
Provision for income taxes | 1,170 | 3,256 |
Net income | $ 2,939 | $ 8,700 |
Earnings per Common Share: | ||
Basic (in dollars per share) | $ 0.09 | $ 0.26 |
Diluted (in dollars per share) | $ 0.09 | $ 0.26 |
Weighted average shares outstanding: | ||
Basic (in shares) | 33,325 | 32,868 |
Diluted (in shares) | 33,403 | 33,182 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,939 | $ 8,700 |
Other comprehensive income (loss): | ||
Foreign currency exchange translation adjustments | (2,559) | 2,557 |
Minimum pension liability, net of tax | (467) | 140 |
Derivative instruments, net of tax | 2,032 | 1,343 |
Other comprehensive income (loss) | (994) | 4,040 |
Comprehensive income | $ 1,945 | $ 12,740 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash | $ 46,816 | $ 37,848 |
Accounts receivable, net of allowances of $225 and $208, respectively | 145,140 | 133,949 |
Inventories | 127,454 | 128,082 |
Other current assets | 36,786 | 27,863 |
Total current assets | 356,196 | 327,742 |
Property, plant and equipment, net | 73,865 | 73,468 |
Intangible assets, net | 8,453 | 11,222 |
Deferred income taxes | 33,016 | 33,568 |
Other assets, net | 37,715 | 37,214 |
Total assets | 509,245 | 483,214 |
Current liabilities: | ||
Accounts payable | 90,401 | 77,314 |
Accrued liabilities and other | 48,158 | 52,562 |
Current portion of long-term debt and short-term debt | 16,406 | 15,313 |
Total current liabilities | 154,965 | 145,189 |
Long-term debt | 139,330 | 126,201 |
Pension and other post-retirement benefits | 9,536 | 9,196 |
Other long-term liabilities | 29,875 | 29,696 |
Total liabilities | 333,706 | 310,282 |
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; 33,325,973 and 33,322,535 shares issued and outstanding respectively) | 333 | 333 |
Treasury stock, at cost: 2,136,635 and 2,134,604 shares, respectively | (16,152) | (16,150) |
Additional paid-in capital | 265,881 | 265,217 |
Retained deficit | (43,245) | (46,184) |
Accumulated other comprehensive loss | (31,278) | (30,284) |
Total stockholders’ equity | 175,539 | 172,932 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 509,245 | $ 483,214 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowances for credit losses | $ 225 | $ 208 |
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) | 33,325,973 | 33,322,535 |
Common stock, shares outstanding (in shares) | 33,325,973 | 33,322,535 |
Treasury stock, shares (in shares) | 2,136,635 | 2,134,604 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,939 | $ 8,700 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 4,472 | 4,262 |
Noncash amortization of debt financing costs | 76 | 76 |
Pension cash reversion | 0 | 2,942 |
Share-based compensation expense | 664 | 1,771 |
Deferred income taxes | (367) | (467) |
Non-cash loss (income) on derivative contracts | 18 | (658) |
Change in other operating items: | ||
Accounts receivable | (12,023) | (18,429) |
Inventories | (460) | 3,594 |
Prepaid expenses | (3,925) | (2,694) |
Accounts payable | 13,800 | (4,340) |
Other operating activities, net | (7,550) | 5,301 |
Net cash (used in) provided by operating activities | (2,356) | 58 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (5,059) | (3,321) |
Proceeds from sale of business | 3,200 | 0 |
Net cash used in investing activities | (1,859) | (3,321) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of term loan facility | (3,281) | (2,188) |
Borrowings under revolving credit facility | 17,500 | 11,000 |
Surrender of shares to pay withholding taxes | (2) | (764) |
Other financing activities | (41) | 4,329 |
Net cash provided by financing activities | 14,176 | 12,377 |
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | (993) | 545 |
NET INCREASE IN CASH | 8,968 | 9,659 |
CASH: | ||
Beginning of period | 37,848 | 31,825 |
End of period | $ 46,816 | $ 41,484 |
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, 2022 | 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 (loss) | 12,740 | 8,700 | 4,040 | |||
Ending balance (in shares) at Mar. 31, 2023 | 32,991,468 | |||||
Ending balance at Mar. 31, 2023 | $ 133,789 | $ 330 | (15,278) | 263,142 | (86,895) | (27,510) |
Beginning balance (in shares) at Dec. 31, 2023 | 33,322,535 | 33,322,535 | ||||
Beginning balance at Dec. 31, 2023 | $ 172,932 | $ 333 | (16,150) | 265,217 | (46,184) | (30,284) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense (in shares) | 3,438 | |||||
Share-based compensation expense | 662 | $ 0 | (2) | 664 | ||
Total comprehensive income (loss) | $ 1,945 | 2,939 | (994) | |||
Ending balance (in shares) at Mar. 31, 2024 | 33,325,973 | 33,325,973 | ||||
Ending balance at Mar. 31, 2024 | $ 175,539 | $ 333 | $ (16,152) | $ 265,881 | $ (43,245) | $ (31,278) |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 customers. 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, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition We had outstanding customer accounts receivable, net of allowances, of $145.1 million as of March 31, 2024 and $133.9 million as of December 31, 2023. We generally do not have material 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, 2024 Vehicle Solutions Electrical Systems Aftermarket and Accessories Industrial Automation Total Seats $ 63,454 $ — $ 16,814 $ — $ 80,268 Electrical wire harnesses, panels and assemblies 530 55,795 2,931 4,282 63,538 Plastic & Trim components 39,866 — 1,789 — 41,655 Industrial Automation — — — 20 20 Cab structures 32,701 — 438 — 33,139 Mirrors, wipers and controls 1,359 — 12,089 — 13,448 Total $ 137,910 $ 55,795 $ 34,061 $ 4,302 $ 232,068 Three Months Ended March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket and Accessories Industrial Automation Total Seats $ 76,990 $ — $ 19,164 $ — $ 96,154 Electrical wire harnesses, panels and assemblies — 54,749 3,786 — 58,535 Plastic & Trim components 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 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following: March 31, 2024 December 31, 2023 Term loan facility $ 138,281 $ 141,563 Revolving credit facility 17,500 — Unamortized issuance costs (45) (49) $ 155,736 $ 141,514 Less: current portion of long-term debt (16,406) (15,313) Total long-term debt, net of current portion $ 139,330 $ 126,201 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”). 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. At March 31, 2024, we had $17.5 million of borrowings under the Revolving Credit Facility, outstanding letters of credit of $1.1 million and availability of $131.4 million. Combined with availability under our China Credit Facility (described below) of approximately $11.1 million, total consolidated availability was $142.5 million at March 31, 2024. The unamortized deferred financing fees associated with the Revolving Credit Facility of $0.9 million and $1.0 million as of March 31, 2024 and December 31, 2023, respectively, are being amortized over the remaining life of the Credit Agreement. At December 31, 2023, we had no borrowings under the Revolving Credit Facility and we had outstanding letters of credit of $1.2 million. Covenants and other terms 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; 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 ending on and after September 30, 2023). We were in compliance with these covenants as of March 31, 2024. 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. See Note 15, Commitments and Contingencies, for the future minimum principal payments due on long-term debt for the next five years. Foreign Facility In the quarter ended March 31, 2023, we established a credit facility in China consisting of a line of credit which is subject to annual renewal (the "China Credit Facility"). China Credit Facility was renewed in the quarter ended December 31, 2023, with availability of approximately $11.3 million (denominated in the local currency). 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 no outstanding borrowings under the China Credit Facility as of March 31, 2024 and December 31, 2023. At March 31, 2024, we had $11.1 million (denominated in the local currency and this amount varies based on the currency conversion rate) of availability under the China Credit Facility. Cash Paid for Interest For the three months ended March 31, 2024 and 2023, cash payments for interest were $2.9 million and $3.2 million, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Our definite-lived intangible assets were comprised of the following: March 31, 2024 December 31, 2023 Weighted- Gross Accumulated Net Gross Accumulated Net Trademarks/tradenames 22 years $ 11,448 $ (5,838) $ 5,610 $ 11,485 $ (5,758) $ 5,727 Customer relationships 14 years 6,528 (4,613) 1,915 14,132 (10,071) 4,061 Technical know-how 5 years 9,790 (8,892) 898 9,790 (8,403) 1,387 Covenant not to compete 5 years 330 (300) 30 330 (283) 47 $ 28,096 $ (19,643) $ 8,453 $ 35,737 $ (24,515) $ 11,222 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, 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, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract designated as hedging instruments $ 3,573 $ — $ 3,573 $ — $ 1,318 $ — $ 1,318 $ — Interest rate swap agreement $ 1,884 $ — $ 1,884 $ — $ 1,073 $ — $ 1,073 $ — Liabilities: Foreign exchange contract not designated as hedging instruments $ 513 $ — $ 513 $ — $ 304 $ — $ 304 $ — The following table summarizes the notional amount of our open foreign exchange contracts: March 31, 2024 December 31, 2023 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments $ 70,607 $ 72,435 $ 56,741 $ 58,094 Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments $ 17,800 $ 18,442 $ 16,608 $ 16,806 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, 2024 December 31, 2023 Foreign exchange contract designated as hedging instruments Other current assets $ 3,244 $ 1,179 Foreign exchange contract designated as hedging instruments Other assets, net $ 329 $ 139 Interest rate swap agreement Other assets, net $ 1,884 $ 1,073 Derivative Liability Balance Sheet Fair Value March 31, 2024 December 31, 2023 Foreign exchange contracts not designated as hedging instruments Accrued liabilities and other $ 470 $ 304 Foreign exchange contracts not designated as hedging instruments Other long-term liabilities $ 43 $ — Derivative Equity Balance Sheet Fair Value March 31, 2024 December 31, 2023 Foreign exchange contracts designated as hedging instruments Accumulated other comprehensive loss $ 2,997 $ 1,354 Interest rate swap agreements Accumulated other comprehensive loss $ 3,874 $ 3,484 The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2024 2023 Location of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Foreign exchange contracts designated as hedging instruments Cost of revenues $ 89 $ 451 Interest rate swap agreement Interest expense $ 416 $ 265 Interest rate swap agreement settled in 2022 Interest expense $ 189 $ 189 Foreign exchange contracts Other (income) expense $ (206) $ 469 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, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 138,236 $ 136,335 $ 141,514 $ 139,213 Revolving credit facility $ 17,500 $ 17,500 $ — $ — 1. Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $16.4 million and long-term debt of $139.3 million as of March 31, 2024 and current portion of long-term debt of $15.3 million and long-term debt of $126.2 million as of December 31, 2023. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense are as follows: Three Months Ended March 31, 2024 2023 Operating lease cost $ 2,675 $ 2,348 Finance lease cost 34 47 Short-term lease cost 931 1,931 Total lease expense $ 3,640 $ 4,326 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location March 31, 2024 December 31, 2023 Operating Leases Right-of-use assets, net Other assets, net $ 30,732 $ 31,165 Current liabilities Accrued liabilities and other 7,044 7,502 Non-current liabilities Other long-term liabilities 24,271 24,417 Total operating lease liabilities $ 31,315 $ 31,919 Finance Leases Right-of-use assets, net Other assets, net $ 173 $ 205 Current liabilities Accrued liabilities and other 100 108 Non-current liabilities Other long-term liabilities 84 107 Total finance lease liabilities $ 184 $ 215 Cash payments on operating leases were $2.7 million for the three months ended March 31, 2024 and 2023. Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows: Operating Financing Total Remainder of 2024 $ 7,662 $ 84 $ 7,746 2025 9,545 78 9,623 2026 7,438 30 7,468 2027 4,491 7 4,498 2028 3,008 — 3,008 Thereafter 15,993 — 15,993 Total lease payments $ 48,137 $ 199 $ 48,336 Less: Imputed interest (16,822) (15) (16,837) Present value of lease liabilities $ 31,315 $ 184 $ 31,499 |
Leases | Leases The components of lease expense are as follows: Three Months Ended March 31, 2024 2023 Operating lease cost $ 2,675 $ 2,348 Finance lease cost 34 47 Short-term lease cost 931 1,931 Total lease expense $ 3,640 $ 4,326 Supplemental balance sheet information related to leases is as follows: Balance Sheet Location March 31, 2024 December 31, 2023 Operating Leases Right-of-use assets, net Other assets, net $ 30,732 $ 31,165 Current liabilities Accrued liabilities and other 7,044 7,502 Non-current liabilities Other long-term liabilities 24,271 24,417 Total operating lease liabilities $ 31,315 $ 31,919 Finance Leases Right-of-use assets, net Other assets, net $ 173 $ 205 Current liabilities Accrued liabilities and other 100 108 Non-current liabilities Other long-term liabilities 84 107 Total finance lease liabilities $ 184 $ 215 Cash payments on operating leases were $2.7 million for the three months ended March 31, 2024 and 2023. Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows: Operating Financing Total Remainder of 2024 $ 7,662 $ 84 $ 7,746 2025 9,545 78 9,623 2026 7,438 30 7,468 2027 4,491 7 4,498 2028 3,008 — 3,008 Thereafter 15,993 — 15,993 Total lease payments $ 48,137 $ 199 $ 48,336 Less: Imputed interest (16,822) (15) (16,837) Present value of lease liabilities $ 31,315 $ 184 $ 31,499 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For three months ended March 31, 2024, we recorded a $1.2 million tax provision, or 28% effective tax rate for the period, compared to a $3.3 million, or 27% effective tax rate for the three months ended March 31, 2023. Income tax expense is based on an estimated annual effective tax rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which the Company operates based on changes in factors such as prices, shipments, product mix, material inflation and manufacturing operations. To the extent that actual 2024 pretax results for U.S. and foreign income or loss vary from estimates, the actual income tax expense recognized in 2024 could be different from the forecasted amount used to estimate the income tax expense for the three months ended March 31, 2024. For the three months ended March 31, 2024 and 2023, cash paid for taxes, net of refunds received, were $1.9 million and $2.0 million, respectively. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Interest cost $ 349 $ 347 Expected return on plan assets (317) (295) Amortization of prior service cost 13 12 Recognized actuarial loss 200 185 Net cost $ 245 $ 249 Net periodic 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, 2024 | |
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, 2023 $ 1,901 New grants — Forfeitures — Adjustments 11 Payments (324) Adjusted Award Value at March 31, 2024 $ 1,588 Unrecognized compensation expense was $4.2 million and $5.0 million as of March 31, 2024 and 2023, respectively. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, there was approximately $7.8 million of unrecognized compensation expense related to non-vested share-based compensation arrangements granted under our equity incentive plans. This expense is subject to future adjustments and forfeitures and will be recognized on a straight-line basis over the remaining period listed above for each grant. A summary of the status of our restricted stock awards as of March 31, 2024 and changes during the three months ended March 31, 2024, are presented below: 2024 Shares Weighted- Nonvested - December 31, 2023 591 $ 7.66 Granted — — Vested (5) 9.94 Forfeited (27) 6.88 Nonvested - March 31, 2024 559 $ 7.67 As of March 31, 2024, a total of 2.0 million shares were available for future grants from the shares authorized for award under our 2020 Equity Incentive Plan, including cumulative forfeitures. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
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, 33,325,973 and 33,322,535 shares were issued and outstanding as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023. 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, 2024 and 2023 includes the effect of potential common shares issuable when dilutive, and is as follows: Three Months Ended March 31, 2024 2023 Net income $ 2,939 $ 8,700 Weighted average number of common shares outstanding (in '000s) 33,325 32,868 Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) 78 314 Dilutive shares outstanding 33,403 33,182 Basic earnings per share $ 0.09 $ 0.26 Diluted earnings per share $ 0.09 $ 0.26 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 $ (23,227) $ (11,896) $ 4,839 $ (30,284) Net current period change (2,559) (712) 2,726 (545) Amounts reclassified into earnings — 245 (694) (449) Balance - March 31, 2024 $ (25,786) $ (12,363) $ 6,871 $ (31,278) 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 (109) (905) 1,543 Amounts reclassified into earnings — 249 2,248 2,497 Balance - March 31, 2023 $ (22,254) $ (11,372) $ 6,116 $ (27,510) The related tax effects allocated to each component of other comprehensive income (loss) are as follows: Three Months Ended March 31, 2024 Before Tax Tax Expense After Tax Amount Net current period change Cumulative translation adjustment $ (2,559) $ — $ (2,559) Net actuarial gain and prior service credit (713) 1 (712) Derivative instruments 3,748 (1,022) 2,726 Net unrealized gain (loss) 476 (1,021) (545) Amounts reclassified into earnings: Actuarial loss and prior service cost 245 — 245 Derivative instruments (875) 181 (694) Net realized gain (loss) $ (630) $ 181 $ (449) Total other comprehensive income (loss) $ (154) $ (840) $ (994) Three Months Ended March 31, 2023 Before Tax Tax Expense After Tax Net current period change Cumulative translation adjustment $ 2,557 $ — $ 2,557 Net actuarial gain and prior service credit (112) 3 (109) Derivative instruments (1,222) 317 (905) Net unrealized gain (loss) 1,223 320 1,543 Amounts reclassified into earnings: Actuarial loss and prior service cost 249 — 249 Derivative instruments 3,037 (789) 2,248 Net realized gain (loss) $ 3,286 $ (789) $ 2,497 Total other comprehensive income (loss) $ 4,509 $ (469) $ 4,040 As of March 31, 2024, the Company estimates that net pre-tax derivative gains of $5.5 million included in Accumulated other |
Cost Reduction and Manufacturin
Cost Reduction and Manufacturing Capacity Rationalization | 3 Months Ended |
Mar. 31, 2024 | |
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/Other Total December 31, 2023 $ 128 $ — $ — $ — $ 983 $ 1,111 New charges 533 1,090 34 75 164 1,896 Payments and other adjustments (533) (1,090) (34) (75) (540) (2,272) March 31, 2024 $ 128 $ — $ — $ — $ 607 $ 735 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/Other 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 Of the $1.9 million costs incurred in the three months ended March 31, 2024 for restructuring, $1.5 million related to headcount reductions and $0.4 million related to facility exit and other; $1.7 million were recorded in cost of revenue and $0.2 million were recorded in selling, general and administrative expenses. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, 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, 2024 and 2023, 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, 2024 and December 31, 2023, are included within accrued liabilities and other in the accompanying Condensed Consolidated Balance Sheets. On July 24, 2023, one of our customers issued a voluntary safety recall related to certain wiper system components supplied by us. To the extent a loss occurs that is attributed to us, we believe that we have reasonable levels of insurance coverage to mitigate recall exposure risk. It is reasonably possible that we will incur additional losses and fees above the amount accrued for warranty claims but we cannot estimate a range of such reasonably possible losses or fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts normally accrued. The following presents a summary of the warranty provision for the three months ended March 31, 2024: Balance - December 31, 2023 $ 1,458 Provision for warranty claims 362 Deduction for payments made and other adjustments (494) Balance - March 31, 2024 $ 1,326 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 2024 $ 12,031 2025 $ 19,687 2026 $ 24,063 2027 $ 100,000 2028 $ — Thereafter $ — |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
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 & Trim components primarily for the North America commercial vehicle market and power sports markets; and Cab structures for the North American 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, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation 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 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, 2024 Vehicle Solutions Electrical Systems Aftermarket and Accessories Industrial Automation Corporate/Other Total Revenues $ 137,910 $ 55,795 $ 34,061 $ 4,302 $ — $ 232,068 Gross profit 16,229 4,553 6,439 (556) — 26,665 Selling, general & administrative expenses 5,877 2,542 1,907 1,439 8,328 20,093 Operating income (loss) $ 10,352 $ 2,011 $ 4,532 $ (1,995) $ (8,328) $ 6,572 Three Months Ended March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket and 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 (loss) $ 13,394 $ 6,070 $ 5,577 $ (862) $ (9,535) $ 14,644 |
Other Financial Information
Other Financial Information | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Other Financial Information | Other Financial Information Items reported in inventories consisted of the following: March 31, 2024 December 31, 2023 Raw materials $ 98,174 $ 98,371 Work in process 12,135 12,855 Finished goods 17,145 16,856 Inventories $ 127,454 $ 128,082 Items reported in property, plant, and equipment, net consisted of the following: March 31, 2024 December 31, 2023 Land and buildings $ 34,257 $ 34,072 Machinery and equipment 220,709 220,901 Construction in progress 7,318 6,536 Property, plant, and equipment, gross 262,284 261,509 Less accumulated depreciation (188,419) (188,041) Property, plant and equipment, net $ 73,865 $ 73,468 Items reported in accrued expenses and other liabilities consisted of the following: March 31, 2024 December 31, 2023 Compensation and benefits $ 17,925 $ 23,659 Operating lease liabilities 7,044 7,502 Taxes payable 6,163 5,018 Accrued freight 2,716 2,679 Accrued legal and professional fees 2,015 1,535 Warranty costs 1,326 1,458 Other 10,969 10,711 Accrued liabilities and other $ 48,158 $ 52,562 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 2,939 | $ 8,700 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Vehicle Solutions Electrical Systems Aftermarket and Accessories Industrial Automation Total Seats $ 63,454 $ — $ 16,814 $ — $ 80,268 Electrical wire harnesses, panels and assemblies 530 55,795 2,931 4,282 63,538 Plastic & Trim components 39,866 — 1,789 — 41,655 Industrial Automation — — — 20 20 Cab structures 32,701 — 438 — 33,139 Mirrors, wipers and controls 1,359 — 12,089 — 13,448 Total $ 137,910 $ 55,795 $ 34,061 $ 4,302 $ 232,068 Three Months Ended March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket and Accessories Industrial Automation Total Seats $ 76,990 $ — $ 19,164 $ — $ 96,154 Electrical wire harnesses, panels and assemblies — 54,749 3,786 — 58,535 Plastic & Trim components 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 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following: March 31, 2024 December 31, 2023 Term loan facility $ 138,281 $ 141,563 Revolving credit facility 17,500 — Unamortized issuance costs (45) (49) $ 155,736 $ 141,514 Less: current portion of long-term debt (16,406) (15,313) Total long-term debt, net of current portion $ 139,330 $ 126,201 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Our definite-lived intangible assets were comprised of the following: March 31, 2024 December 31, 2023 Weighted- Gross Accumulated Net Gross Accumulated Net Trademarks/tradenames 22 years $ 11,448 $ (5,838) $ 5,610 $ 11,485 $ (5,758) $ 5,727 Customer relationships 14 years 6,528 (4,613) 1,915 14,132 (10,071) 4,061 Technical know-how 5 years 9,790 (8,892) 898 9,790 (8,403) 1,387 Covenant not to compete 5 years 330 (300) 30 330 (283) 47 $ 28,096 $ (19,643) $ 8,453 $ 35,737 $ (24,515) $ 11,222 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Foreign exchange contract designated as hedging instruments $ 3,573 $ — $ 3,573 $ — $ 1,318 $ — $ 1,318 $ — Interest rate swap agreement $ 1,884 $ — $ 1,884 $ — $ 1,073 $ — $ 1,073 $ — Liabilities: Foreign exchange contract not designated as hedging instruments $ 513 $ — $ 513 $ — $ 304 $ — $ 304 $ — |
Summary of Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts: March 31, 2024 December 31, 2023 U.S. $ U.S. $ U.S. $ U.S. $ Commitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments $ 70,607 $ 72,435 $ 56,741 $ 58,094 Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments $ 17,800 $ 18,442 $ 16,608 $ 16,806 |
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, 2024 December 31, 2023 Foreign exchange contract designated as hedging instruments Other current assets $ 3,244 $ 1,179 Foreign exchange contract designated as hedging instruments Other assets, net $ 329 $ 139 Interest rate swap agreement Other assets, net $ 1,884 $ 1,073 Derivative Liability Balance Sheet Fair Value March 31, 2024 December 31, 2023 Foreign exchange contracts not designated as hedging instruments Accrued liabilities and other $ 470 $ 304 Foreign exchange contracts not designated as hedging instruments Other long-term liabilities $ 43 $ — Derivative Equity Balance Sheet Fair Value March 31, 2024 December 31, 2023 Foreign exchange contracts designated as hedging instruments Accumulated other comprehensive loss $ 2,997 $ 1,354 Interest rate swap agreements Accumulated other comprehensive loss $ 3,874 $ 3,484 |
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, 2024 2023 Location of Gain (Loss) on Derivatives Amount of Gain (Loss) on Derivatives Foreign exchange contracts designated as hedging instruments Cost of revenues $ 89 $ 451 Interest rate swap agreement Interest expense $ 416 $ 265 Interest rate swap agreement settled in 2022 Interest expense $ 189 $ 189 Foreign exchange contracts Other (income) expense $ (206) $ 469 |
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, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Term loan and security agreement 1 $ 138,236 $ 136,335 $ 141,514 $ 139,213 Revolving credit facility $ 17,500 $ 17,500 $ — $ — 1. Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $16.4 million and long-term debt of $139.3 million as of March 31, 2024 and current portion of long-term debt of $15.3 million and long-term debt of $126.2 million as of December 31, 2023. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Lease Costs | The components of lease expense are as follows: Three Months Ended March 31, 2024 2023 Operating lease cost $ 2,675 $ 2,348 Finance lease cost 34 47 Short-term lease cost 931 1,931 Total lease expense $ 3,640 $ 4,326 |
Summary of Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Location March 31, 2024 December 31, 2023 Operating Leases Right-of-use assets, net Other assets, net $ 30,732 $ 31,165 Current liabilities Accrued liabilities and other 7,044 7,502 Non-current liabilities Other long-term liabilities 24,271 24,417 Total operating lease liabilities $ 31,315 $ 31,919 Finance Leases Right-of-use assets, net Other assets, net $ 173 $ 205 Current liabilities Accrued liabilities and other 100 108 Non-current liabilities Other long-term liabilities 84 107 Total finance lease liabilities $ 184 $ 215 |
Summary of Finance Lease, Liability, Maturity | Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows: Operating Financing Total Remainder of 2024 $ 7,662 $ 84 $ 7,746 2025 9,545 78 9,623 2026 7,438 30 7,468 2027 4,491 7 4,498 2028 3,008 — 3,008 Thereafter 15,993 — 15,993 Total lease payments $ 48,137 $ 199 $ 48,336 Less: Imputed interest (16,822) (15) (16,837) Present value of lease liabilities $ 31,315 $ 184 $ 31,499 |
Summary of Lessee, Operating Lease, Liability, Maturity | Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows: Operating Financing Total Remainder of 2024 $ 7,662 $ 84 $ 7,746 2025 9,545 78 9,623 2026 7,438 30 7,468 2027 4,491 7 4,498 2028 3,008 — 3,008 Thereafter 15,993 — 15,993 Total lease payments $ 48,137 $ 199 $ 48,336 Less: Imputed interest (16,822) (15) (16,837) Present value of lease liabilities $ 31,315 $ 184 $ 31,499 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Interest cost $ 349 $ 347 Expected return on plan assets (317) (295) Amortization of prior service cost 13 12 Recognized actuarial loss 200 185 Net cost $ 245 $ 249 |
Performance Awards (Tables)
Performance Awards (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary 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, 2023 $ 1,901 New grants — Forfeitures — Adjustments 11 Payments (324) Adjusted Award Value at March 31, 2024 $ 1,588 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Awards Activity | A summary of the status of our restricted stock awards as of March 31, 2024 and changes during the three months ended March 31, 2024, are presented below: 2024 Shares Weighted- Nonvested - December 31, 2023 591 $ 7.66 Granted — — Vested (5) 9.94 Forfeited (27) 6.88 Nonvested - March 31, 2024 559 $ 7.67 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Diluted Earnings per Share | Diluted earnings per share for the three months ended March 31, 2024 and 2023 includes the effect of potential common shares issuable when dilutive, and is as follows: Three Months Ended March 31, 2024 2023 Net income $ 2,939 $ 8,700 Weighted average number of common shares outstanding (in '000s) 33,325 32,868 Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) 78 314 Dilutive shares outstanding 33,403 33,182 Basic earnings per share $ 0.09 $ 0.26 Diluted earnings per share $ 0.09 $ 0.26 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 $ (23,227) $ (11,896) $ 4,839 $ (30,284) Net current period change (2,559) (712) 2,726 (545) Amounts reclassified into earnings — 245 (694) (449) Balance - March 31, 2024 $ (25,786) $ (12,363) $ 6,871 $ (31,278) 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 (109) (905) 1,543 Amounts reclassified into earnings — 249 2,248 2,497 Balance - March 31, 2023 $ (22,254) $ (11,372) $ 6,116 $ (27,510) |
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, 2024 Before Tax Tax Expense After Tax Amount Net current period change Cumulative translation adjustment $ (2,559) $ — $ (2,559) Net actuarial gain and prior service credit (713) 1 (712) Derivative instruments 3,748 (1,022) 2,726 Net unrealized gain (loss) 476 (1,021) (545) Amounts reclassified into earnings: Actuarial loss and prior service cost 245 — 245 Derivative instruments (875) 181 (694) Net realized gain (loss) $ (630) $ 181 $ (449) Total other comprehensive income (loss) $ (154) $ (840) $ (994) Three Months Ended March 31, 2023 Before Tax Tax Expense After Tax Net current period change Cumulative translation adjustment $ 2,557 $ — $ 2,557 Net actuarial gain and prior service credit (112) 3 (109) Derivative instruments (1,222) 317 (905) Net unrealized gain (loss) 1,223 320 1,543 Amounts reclassified into earnings: Actuarial loss and prior service cost 249 — 249 Derivative instruments 3,037 (789) 2,248 Net realized gain (loss) $ 3,286 $ (789) $ 2,497 Total other comprehensive income (loss) $ 4,509 $ (469) $ 4,040 |
Cost Reduction and Manufactur_2
Cost Reduction and Manufacturing Capacity Rationalization (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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/Other Total December 31, 2023 $ 128 $ — $ — $ — $ 983 $ 1,111 New charges 533 1,090 34 75 164 1,896 Payments and other adjustments (533) (1,090) (34) (75) (540) (2,272) March 31, 2024 $ 128 $ — $ — $ — $ 607 $ 735 Vehicle Solutions Electrical Systems Aftermarket & Accessories Industrial Automation Corporate/Other 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: Balance - December 31, 2023 $ 1,458 Provision for warranty claims 362 Deduction for payments made and other adjustments (494) Balance - March 31, 2024 $ 1,326 |
Summary 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 2024 $ 12,031 2025 $ 19,687 2026 $ 24,063 2027 $ 100,000 2028 $ — Thereafter $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Vehicle Solutions Electrical Systems Aftermarket and Accessories Industrial Automation Corporate/Other Total Revenues $ 137,910 $ 55,795 $ 34,061 $ 4,302 $ — $ 232,068 Gross profit 16,229 4,553 6,439 (556) — 26,665 Selling, general & administrative expenses 5,877 2,542 1,907 1,439 8,328 20,093 Operating income (loss) $ 10,352 $ 2,011 $ 4,532 $ (1,995) $ (8,328) $ 6,572 Three Months Ended March 31, 2023 Vehicle Solutions Electrical Systems Aftermarket and 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 (loss) $ 13,394 $ 6,070 $ 5,577 $ (862) $ (9,535) $ 14,644 |
Other Financial Information (Ta
Other Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Inventories | Items reported in inventories consisted of the following: March 31, 2024 December 31, 2023 Raw materials $ 98,174 $ 98,371 Work in process 12,135 12,855 Finished goods 17,145 16,856 Inventories $ 127,454 $ 128,082 |
Summary of Property, Plant and Equipment Net | Items reported in property, plant, and equipment, net consisted of the following: March 31, 2024 December 31, 2023 Land and buildings $ 34,257 $ 34,072 Machinery and equipment 220,709 220,901 Construction in progress 7,318 6,536 Property, plant, and equipment, gross 262,284 261,509 Less accumulated depreciation (188,419) (188,041) Property, plant and equipment, net $ 73,865 $ 73,468 |
Summary of Accrued Expenses and Other Liabilities | Items reported in accrued expenses and other liabilities consisted of the following: March 31, 2024 December 31, 2023 Compensation and benefits $ 17,925 $ 23,659 Operating lease liabilities 7,044 7,502 Taxes payable 6,163 5,018 Accrued freight 2,716 2,679 Accrued legal and professional fees 2,015 1,535 Warranty costs 1,326 1,458 Other 10,969 10,711 Accrued liabilities and other $ 48,158 $ 52,562 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowances | $ 145,140 | $ 133,949 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Contract Cost [Line Items] | ||
Revenues | $ 232,068 | $ 262,709 |
Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 80,268 | 96,154 |
Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 63,538 | 58,535 |
Plastic & Trim components | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 41,655 | 49,296 |
Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 20 | 9,747 |
Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 33,139 | 34,901 |
Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 13,448 | 14,076 |
Vehicle Solutions | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 137,910 | 160,584 |
Vehicle Solutions | Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 63,454 | 76,990 |
Vehicle Solutions | Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 530 | 0 |
Vehicle Solutions | Plastic & Trim components | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 39,866 | 46,423 |
Vehicle Solutions | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Vehicle Solutions | Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 32,701 | 33,903 |
Vehicle Solutions | Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 1,359 | 3,268 |
Electrical Systems | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 55,795 | 54,749 |
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 | 55,795 | 54,749 |
Electrical Systems | Plastic & Trim components | ||
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 and Accessories | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 34,061 | 37,629 |
Aftermarket and Accessories | Seats | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 16,814 | 19,164 |
Aftermarket and Accessories | Electrical wire harnesses, panels and assemblies | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 2,931 | 3,786 |
Aftermarket and Accessories | Plastic & Trim components | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 1,789 | 2,873 |
Aftermarket and Accessories | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Aftermarket and Accessories | Cab structures | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 438 | 998 |
Aftermarket and Accessories | Mirrors, wipers and controls | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 12,089 | 10,808 |
Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 4,302 | 9,747 |
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 | 4,282 | 0 |
Industrial Automation | Plastic & Trim components | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 0 | 0 |
Industrial Automation | Industrial Automation | ||
Capitalized Contract Cost [Line Items] | ||
Revenues | 20 | 9,747 |
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, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Unamortized issuance costs | $ (45) | $ (49) |
Carrying amount | 155,736 | 141,514 |
Current portion of long-term debt and short-term debt | (16,406) | (15,313) |
Total long-term debt, net of current portion | 139,330 | 126,201 |
Domestic Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,500 | 0 |
Term loan facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of current portion | 139,300 | |
Term loan facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 138,281 | $ 141,563 |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | ||||
May 12, 2022 USD ($) | Apr. 30, 2021 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 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 | $ 2,900,000 | $ 3,200,000 | |||
Domestic Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 150,000,000 | $ 125,000,000 | |||
Increase in the size of revolving credit facility | 25,000,000 | ||||
Outstanding borrowings | 17,500,000 | $ 0 | |||
Availability of borrowing | 131,400,000 | ||||
Debt instrument fee | 900,000 | 1,000,000 | |||
Domestic Line of Credit | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Outstanding borrowings | 1,100,000 | 1,200,000 | |||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Availability of borrowing | 142,500,000 | ||||
Term loan facility | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 175,000,000 | $ 150,000,000 | |||
China credit facility | Foreign Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 11,300,000 | ||||
Outstanding borrowings | 0 | $ 0 | |||
Availability of borrowing | $ 11,100,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 28,096 | $ 35,737 |
Accumulated Amortization | (19,643) | (24,515) |
Net Carrying Amount | $ 8,453 | 11,222 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 22 years | |
Gross Carrying Amount | $ 11,448 | 11,485 |
Accumulated Amortization | (5,838) | (5,758) |
Net Carrying Amount | $ 5,610 | 5,727 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 14 years | |
Gross Carrying Amount | $ 6,528 | 14,132 |
Accumulated Amortization | (4,613) | (10,071) |
Net Carrying Amount | $ 1,915 | 4,061 |
Technical know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 9,790 | 9,790 |
Accumulated Amortization | (8,892) | (8,403) |
Net Carrying Amount | $ 898 | 1,387 |
Covenant not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 5 years | |
Gross Carrying Amount | $ 330 | 330 |
Accumulated Amortization | (300) | (283) |
Net Carrying Amount | $ 30 | $ 47 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible asset amortization expense | $ 0.8 | $ 0.8 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | Mar. 31, 2024 |
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, 2024 | Dec. 31, 2023 |
Foreign exchange contracts | Designated as Hedging Instrument | ||
Assets: | ||
Derivative assets | $ 3,573 | $ 1,318 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative liabilities | 513 | 304 |
Interest rate swap agreement | ||
Assets: | ||
Derivative assets | 1,884 | 1,073 |
Level 1 | Foreign exchange contracts | Designated as Hedging Instrument | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Interest rate swap agreement | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 2 | Foreign exchange contracts | Designated as Hedging Instrument | ||
Assets: | ||
Derivative assets | 3,573 | 1,318 |
Level 2 | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative liabilities | 513 | 304 |
Level 2 | Interest rate swap agreement | ||
Assets: | ||
Derivative assets | 1,884 | 1,073 |
Level 3 | Foreign exchange contracts | Designated as Hedging Instrument | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 3 | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Interest rate swap agreement | ||
Assets: | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurement - Notion
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Details) - Foreign exchange contracts - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. $ Equivalent | $ 70,607 | $ 56,741 |
U.S. $ Equivalent Fair Value | 72,435 | 58,094 |
Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. $ Equivalent | 17,800 | 16,608 |
U.S. $ Equivalent Fair Value | $ 18,442 | $ 16,806 |
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, 2024 | Dec. 31, 2023 | |
Foreign exchange contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, current | $ 3,244 | $ 1,179 |
Derivative asset, noncurrent | 329 | 139 |
Derivative Equity | 2,997 | 1,354 |
Interest rate swap agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, noncurrent | 1,884 | 1,073 |
Derivative Equity | 3,874 | 3,484 |
Accrued liabilities and other | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 470 | 304 |
Other long-term liabilities | Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 43 | $ 0 |
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, 2024 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | $ (18) | $ 658 |
Foreign exchange contract designated as hedging instruments | Other (income) expense | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | (206) | 469 |
Foreign exchange contract designated as hedging instruments | Designated as Hedging Instrument | Cost of revenues | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | 89 | 451 |
Interest rate swap agreement | Interest expense | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | 416 | 265 |
Interest rate swap agreement settled in 2022 | Interest expense | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | $ 189 | $ 189 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amounts and Fair Values of Long-Term Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 155,736 | $ 141,514 |
Current portion of long-term debt | 16,406 | 15,313 |
Long-term debt | 139,330 | 126,201 |
Line of Credit | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 17,500 | 0 |
Line of Credit | Revolving Credit Facility | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,500 | 0 |
Term Loan and security agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 139,300 | |
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 | 16,400 | 15,300 |
Long-term debt | 126,200 | |
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 | 138,236 | 141,514 |
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 | $ 136,335 | $ 139,213 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,675 | $ 2,348 |
Finance lease cost | 34 | 47 |
Short-term lease cost | 931 | 1,931 |
Total lease expense | $ 3,640 | $ 4,326 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leases | ||
Right-of-use assets, net | $ 30,732 | $ 31,165 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Current liabilities | $ 7,044 | $ 7,502 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Non-current liabilities | $ 24,271 | $ 24,417 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Total operating lease liabilities | $ 31,315 | $ 31,919 |
Finance Leases | ||
Right-of-use assets, net | $ 173 | $ 205 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Current liabilities | $ 100 | $ 108 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Non-current liabilities | $ 84 | $ 107 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Total finance lease liabilities | $ 184 | $ 215 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease payments | $ 2.7 | $ 2.7 |
Leases - Maturities of Operatin
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating | ||
Remainder of 2024 | $ 7,662 | |
2025 | 9,545 | |
2026 | 7,438 | |
2027 | 4,491 | |
2028 | 3,008 | |
Thereafter | 15,993 | |
Total lease payments | 48,137 | |
Less: Imputed interest | (16,822) | |
Present value of lease liabilities | 31,315 | $ 31,919 |
Financing | ||
Remainder of 2024 | 84 | |
2025 | 78 | |
2026 | 30 | |
2027 | 7 | |
2028 | 0 | |
Thereafter | 0 | |
Total lease payments | 199 | |
Less: Imputed interest | (15) | |
Present value of lease liabilities | 184 | $ 215 |
Total | ||
Remainder of 2024 | 7,746 | |
2025 | 9,623 | |
2026 | 7,468 | |
2027 | 4,498 | |
2028 | 3,008 | |
Thereafter | 15,993 | |
Total lease payments | 48,336 | |
Less: Imputed interest | (16,837) | |
Present value of lease liabilities | $ 31,499 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 1,170 | $ 3,256 |
Effective tax rate | 28% | 27% |
Cash paid for taxes | $ 1,900 | $ 2,000 |
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, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 349 | $ 347 |
Expected return on plan assets | (317) | (295) |
Amortization of prior service cost | 13 | 12 |
Recognized actuarial loss | 200 | 185 |
Net cost | $ 245 | $ 249 |
Performance Awards - Schedule o
Performance Awards - Schedule of Performance Activity (Details) - Performance Awards $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Adjusted Award Value at Beginning | $ 1,901 |
New grants | 0 |
Forfeitures | 0 |
Adjustments | 11 |
Payments | (324) |
Adjusted Award Value at Ending | $ 1,588 |
Performance Awards - Additional
Performance Awards - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Unrecognized compensation expense | $ 7.8 | |
Performance Awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Unrecognized compensation expense | $ 4.2 | $ 5 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) shares in Millions, $ in Millions | Mar. 31, 2024 USD ($) shares |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized compensation expense | $ | $ 7.8 |
Restricted Stock | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Authorized shares available for issuance (in shares) | shares | 2 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Nonvested Restricted Stock Shares | |
Nonvested - beginning of year (in shares) | shares | 591 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (5) |
Forfeited (in shares) | shares | (27) |
Nonvested - end of period (in shares) | shares | 559 |
Weighted- Average Grant-Date Fair Value | |
Nonvested - beginning of year (in dollars per share) | $ / shares | $ 7.66 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 9.94 |
Forfeited (in dollars per share) | $ / shares | 6.88 |
Nonvested - end of period (in dollars per share) | $ / shares | $ 7.67 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
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) | 33,325,973 | 33,322,535 | |
Common stock, shares outstanding (in shares) | 33,325,973 | 33,322,535 | |
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 outstanding (in shares) | 0 | 0 | |
Restricted Stock | |||
Stockholders Equity Note Disclosure [Line Items] | |||
Antidilutive stock excluded from earning per share (in shares) | 408,000 | 134,000 |
Stockholders' Equity - Diluted
Stockholders' Equity - Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Net income | $ 2,939 | $ 8,700 |
Weighted average number of common shares outstanding (in shares) | 33,325 | 32,868 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 78 | 314 |
Dilutive shares outstanding (in shares) | 33,403 | 33,182 |
Basic earnings per share (in dollars per share) | $ 0.09 | $ 0.26 |
Diluted earnings per share (in dollars per share) | $ 0.09 | $ 0.26 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - After-tax Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 172,932 | $ 120,040 |
Net current period change | (545) | 1,543 |
Amounts reclassified into earnings | (449) | 2,497 |
Ending balance | 175,539 | 133,789 |
Foreign currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (23,227) | (24,811) |
Net current period change | (2,559) | 2,557 |
Amounts reclassified into earnings | 0 | 0 |
Ending balance | (25,786) | (22,254) |
Pension and post-retirement benefits plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (11,896) | (11,512) |
Net current period change | (712) | (109) |
Amounts reclassified into earnings | 245 | 249 |
Ending balance | (12,363) | (11,372) |
Derivative instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 4,839 | 4,773 |
Net current period change | 2,726 | (905) |
Amounts reclassified into earnings | (694) | 2,248 |
Ending balance | 6,871 | 6,116 |
Accumulated other comprehensive income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (30,284) | (31,550) |
Ending balance | $ (31,278) | $ (27,510) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Before Tax Amount | ||
Cumulative translation adjustment | $ (2,559) | $ 2,557 |
Net actuarial gain and prior service credit | (713) | (112) |
Derivative instruments | 3,748 | (1,222) |
Net unrealized gain (loss) | 476 | 1,223 |
Net actuarial gain and prior service credit | 245 | 249 |
Derivative instruments | (875) | 3,037 |
Net realized gain (loss) | (630) | 3,286 |
Total other comprehensive income (loss) | (154) | 4,509 |
Tax Expense | ||
Cumulative translation adjustment | 0 | 0 |
Net actuarial gain and prior service credit | 1 | 3 |
Derivative instruments | (1,022) | 317 |
Net unrealized gain (loss) | (1,021) | 320 |
Actuarial loss and prior service cost | 0 | 0 |
Derivative instruments | 181 | (789) |
Net realized gain (loss) | 181 | (789) |
Total other comprehensive income (loss) | (840) | (469) |
After Tax Amount | ||
Cumulative translation adjustment | (2,559) | 2,557 |
Net actuarial gain and prior service credit | (712) | (109) |
Derivative instruments | 2,726 | (905) |
Net unrealized gain (loss) | (545) | 1,543 |
Actuarial loss and prior service cost | 245 | 249 |
Derivative instruments | (694) | 2,248 |
Net realized gain (loss) | (449) | 2,497 |
Other comprehensive income (loss) | $ (994) | $ 4,040 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Equity [Abstract] | |
Derivative gain to be reclassified into earnings within the next 12 months | $ 5.5 |
Cost Reduction and Manufactur_3
Cost Reduction and Manufacturing Capacity Rationalization - Accrued Restructuring Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 1,111 | $ 453 |
New charges | 1,896 | 713 |
Payments and other adjustments | (2,272) | (455) |
Ending Balance | 735 | 711 |
Operating Segments | Vehicle Solutions | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 128 | (5) |
New charges | 533 | 83 |
Payments and other adjustments | (533) | (78) |
Ending Balance | 128 | 0 |
Operating Segments | Electrical Systems | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 0 |
New charges | 1,090 | 8 |
Payments and other adjustments | (1,090) | (8) |
Ending Balance | 0 | 0 |
Operating Segments | Aftermarket & Accessories | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 0 |
New charges | 34 | 0 |
Payments and other adjustments | (34) | 0 |
Ending Balance | 0 | 0 |
Operating Segments | Industrial Automation | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 458 |
New charges | 75 | 622 |
Payments and other adjustments | (75) | (369) |
Ending Balance | 0 | 711 |
Corporate/Other | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 983 | 0 |
New charges | 164 | 0 |
Payments and other adjustments | (540) | 0 |
Ending Balance | $ 607 | $ 0 |
Cost Reduction and Manufactur_4
Cost Reduction and Manufacturing Capacity Rationalization - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring cost | $ 1,896 | $ 713 |
Cost of revenues | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring cost | 1,700 | |
Selling, general and administrative expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring cost | 200 | |
Headcount Reduction | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring cost | 1,500 | |
Facility Exit and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring cost | $ 400 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Jul. 24, 2023 customer |
Mirrors, wipers and controls | |
Loss Contingencies [Line Items] | |
Number of customers with voluntary safety recall | 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Warranty Provision (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance - Beginning of the year | $ 1,458 |
Provision for warranty claims | 362 |
Deduction for payments made and other adjustments | (494) |
Balance - End of period | $ 1,326 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2024 | $ 12,031 |
2025 | 19,687 |
2026 | 24,063 |
2027 | 100,000 |
2028 | 0 |
Thereafter | $ 0 |
Segment Reporting - Segment Res
Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 232,068 | $ 262,709 |
Gross profit | 26,665 | 35,209 |
Selling, general & administrative expenses | 20,093 | 20,565 |
Operating income (loss) | 6,572 | 14,644 |
Vehicle Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 137,910 | 160,584 |
Electrical Systems | ||
Segment Reporting Information [Line Items] | ||
Revenues | 55,795 | 54,749 |
Aftermarket and Accessories | ||
Segment Reporting Information [Line Items] | ||
Revenues | 34,061 | 37,629 |
Industrial Automation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,302 | 9,747 |
Operating Segments | Vehicle Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 137,910 | 160,584 |
Gross profit | 16,229 | 19,471 |
Selling, general & administrative expenses | 5,877 | 6,077 |
Operating income (loss) | 10,352 | 13,394 |
Operating Segments | Electrical Systems | ||
Segment Reporting Information [Line Items] | ||
Revenues | 55,795 | 54,749 |
Gross profit | 4,553 | 8,297 |
Selling, general & administrative expenses | 2,542 | 2,227 |
Operating income (loss) | 2,011 | 6,070 |
Operating Segments | Aftermarket and Accessories | ||
Segment Reporting Information [Line Items] | ||
Revenues | 34,061 | 37,629 |
Gross profit | 6,439 | 7,227 |
Selling, general & administrative expenses | 1,907 | 1,650 |
Operating income (loss) | 4,532 | 5,577 |
Operating Segments | Industrial Automation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,302 | 9,747 |
Gross profit | (556) | 214 |
Selling, general & administrative expenses | 1,439 | 1,076 |
Operating income (loss) | (1,995) | (862) |
Corporate/Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general & administrative expenses | 8,328 | 9,535 |
Operating income (loss) | $ (8,328) | $ (9,535) |
Other Financial Information - I
Other Financial Information - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Raw materials | $ 98,174 | $ 98,371 |
Work in process | 12,135 | 12,855 |
Finished goods | 17,145 | 16,856 |
Inventories | $ 127,454 | $ 128,082 |
Other Financial Information - P
Other Financial Information - Property, Plant, and Equipment Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 262,284 | $ 261,509 |
Less accumulated depreciation | (188,419) | (188,041) |
Property, plant and equipment, net | 73,865 | 73,468 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 34,257 | 34,072 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 220,709 | 220,901 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 7,318 | $ 6,536 |
Other Financial Information - A
Other Financial Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Compensation and benefits | $ 17,925 | $ 23,659 |
Operating lease liabilities | 7,044 | 7,502 |
Taxes payable | 6,163 | 5,018 |
Accrued freight | 2,716 | 2,679 |
Accrued legal and professional fees | 2,015 | 1,535 |
Warranty costs | 1,326 | 1,458 |
Other | 10,969 | 10,711 |
Accrued liabilities and other | $ 48,158 | $ 52,562 |