Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Tower International, Inc. | ||
Entity Central Index Key | 1485469 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | TOWR | ||
Entity Common Stock, Shares Outstanding | 21,033,856 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $739,038,623 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
ASSETS | |||
Cash and cash equivalents | $148,561 | $134,880 | |
Accounts receivable, net of allowance of $1,181 and $2,071 | 230,377 | 255,674 | |
Inventories (Note 3) | 69,775 | 81,278 | |
Deferred tax asset - current | 6,900 | 8,649 | |
Assets held for sale (Note 5) | 141,295 | 0 | |
Prepaid tooling, notes receivable, and other | 41,986 | 44,896 | |
Total current assets | 638,894 | 525,377 | |
Property, plant, and equipment, net (Note 3) | 451,126 | 549,605 | |
Goodwill (Note 3) | 56,691 | 66,976 | |
Investment in joint venture (Note 14) | 7,752 | 8,624 | |
Deferred tax asset - non-current | 3,608 | 3,732 | |
Other assets, net | 24,845 | 28,679 | |
Total assets | 1,182,916 | [1] | 1,182,993 |
LIABILITIES AND EQUITY | |||
Short-term debt and current maturities of capital lease obligations (Note 6) | 31,139 | 39,704 | |
Accounts payable | 257,011 | 262,425 | |
Accrued liabilities | 105,772 | 129,167 | |
Liabilities held for sale (Note 5) | 67,707 | 0 | |
Total current liabilities | 461,629 | 431,296 | |
Long-term debt, net of current maturities (Note 6) | 457,179 | 454,073 | |
Obligations under capital leases, net of current maturities (Note 6) | 7,740 | 10,013 | |
Deferred tax liability - non-current | 12,972 | 14,381 | |
Pension liability (Note 9) | 68,637 | 54,915 | |
Other non-current liabilities | 74,981 | 81,446 | |
Total non-current liabilities | 621,509 | 614,828 | |
Total liabilities | 1,083,138 | 1,046,124 | |
Commitments and contingencies (Note 15) | |||
Tower International, Inc.’s stockholders’ equity | |||
Preferred stock, $0.01 par value, 50,000,000 authorized and 0 issued and outstanding | 0 | 0 | |
Common stock, $0.01 par value, 350,000,000 authorized, 21,393,592 issued and 20,752,226 outstanding at December 31, 2014 and 21,079,027 issued and 20,472,637 outstanding at December 31, 2013 | 214 | 211 | |
Additional paid in capital | 335,338 | 327,998 | |
Treasury stock, at cost, 641,366 and 606,390 shares as of December 31, 2014 and December 31, 2013 | -9,516 | -8,594 | |
Accumulated deficit | -235,971 | -257,487 | |
Accumulated other comprehensive income/(loss) (Note 3) | -46,914 | 12,247 | |
Total Tower International, Inc.’s stockholders’ equity | 43,151 | 74,375 | |
Noncontrolling interests in subsidiaries | 56,627 | 62,494 | |
Total stockholders’ equity | 99,778 | 136,869 | |
Total liabilities and stockholders’ equity | $1,182,916 | $1,182,993 | |
[1] | Total assets as of December 31, 2014 in the International segment include assets held for sale. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for accounts receivable (in dollars) | $1,181 | $2,071 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 21,393,592 | 21,079,027 |
Common stock, shares outstanding | 20,752,226 | 20,472,637 |
Treasury stock, shares | 641,366 | 606,390 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues | $2,067,771 | [1] | $1,966,492 | [1] | $1,925,803 |
Cost of sales | 1,838,578 | 1,736,176 | 1,729,521 | ||
Gross profit | 229,193 | [1] | 230,316 | [1] | 196,282 |
Selling, general, and administrative expenses | 132,635 | 132,804 | 133,185 | ||
Amortization expense | 1,544 | 2,793 | 4,579 | ||
Restructuring and asset impairment charges, net (Note 4) | 14,248 | 21,198 | 10,738 | ||
Operating income | 80,766 | 73,521 | 47,780 | ||
Interest expense | 34,767 | 51,405 | 55,191 | ||
Interest income | 534 | 739 | 569 | ||
Other expense (Note 6) | 87 | 48,448 | 0 | ||
Income/(loss) before provision for income taxes and equity in loss of joint venture | 46,446 | -25,593 | -6,842 | ||
Provision for income taxes (Note 8) | 9,272 | 178 | 13,752 | ||
Equity in loss of joint venture, net of tax (Note 14) | -651 | -558 | 0 | ||
Income/(loss) from continuing operations | 36,523 | -26,329 | -20,594 | ||
Income/(loss) from discontinued operations, net of tax (Note 5) | -9,436 | 10,265 | 45,602 | ||
Net income/(loss) | 27,087 | [1] | -16,064 | [1] | 25,008 |
Less: Net income attributable to the noncontrolling interests | 5,571 | 4,211 | 6,976 | ||
Net income/(loss) attributable to Tower International, Inc. | $21,516 | [1] | ($20,275) | [1] | $18,032 |
Weighted average basic shares outstanding | 20,662,425 | 20,387,168 | 20,080,839 | ||
Weighted average diluted shares outstanding | 21,391,000 | 20,387,168 | 20,080,839 | ||
Basic income/(loss) per share attributable to Tower International, Inc.: | |||||
Income/(loss) per share from continuing operations (Note 10) (in dollars per share) | $1.50 | ($1.50) | ($1.37) | ||
Income/(loss) per share from discontinued operations (Note 10) (in dollars per share) | ($0.46) | $0.50 | $2.27 | ||
Income/(loss) per share (Note 10) (in dollars per share) | $1.04 | ($0.99) | $0.90 | ||
Diluted income/(loss) per share attributable to Tower International, Inc.: | |||||
Income/(loss) per share from continuing operations (Note 10) (in dollars per share) | $1.45 | ($1.50) | ($1.37) | ||
Income/(loss) per share from discontinued operations (Note 10) (in dollars per share) | ($0.44) | $0.50 | $2.27 | ||
Income/(loss) per share (Note 10) (in dollars per share) | $1.01 | [1] | ($0.99) | [1] | $0.90 |
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net income / (loss) | $27,087 | [1] | ($16,064) | [1] | $25,008 |
Other comprehensive income / (loss), net of tax: | |||||
Foreign currency translation adjustments (net of tax of $0 million) | -33,436 | 8,947 | 1,298 | ||
Change in defined benefit plans (net of tax of $0 million, $10.8 million, and $0 million) | -26,857 | 17,517 | -1,375 | ||
Unrealized gain / (loss) on qualifying cash flow hedge (net of tax of $0 million) | -117 | 165 | -60 | ||
Other comprehensive income / (loss) | -60,410 | 26,629 | -137 | ||
Comprehensive income / (loss) | -33,323 | 10,565 | 24,871 | ||
Less: Comprehensive income attributable to the noncontrolling interests | 4,322 | 6,109 | 8,073 | ||
Comprehensive income / (loss) attributable to Tower International, Inc. | ($37,645) | $4,456 | $16,798 | ||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation adjustment, tax | $0 | $0 | $0 |
Defined benefit plans, net of tax | 0 | 10.8 | 0 |
Unrealized gain (loss) on qualiying cash flow hedge, tax | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
OPERATING ACTIVITIES: | |||||
Net income / (loss) | $27,087 | [1] | ($16,064) | [1] | $25,008 |
Less: Income / (loss) from discontinued operations, net of tax | -9,436 | 10,265 | 45,602 | ||
Income / (loss) from continuing operations | 36,523 | -26,329 | -20,594 | ||
Adjustments required to reconcile income / (loss) from continuing operations to net cash provided by operating activities: | |||||
Asset impairment charges | 4,558 | 11,227 | 575 | ||
Term Loan re-pricing fees | 87 | 0 | 0 | ||
Premium on notes redemption and other fees | 0 | 48,448 | 0 | ||
Deferred income tax provision / (benefit) | -198 | -9,688 | 10,156 | ||
Depreciation and amortization | 87,241 | 88,838 | 89,902 | ||
Non-cash share-based compensation | 4,712 | 4,743 | 9,613 | ||
Pension expense / (income), net of contributions | -11,275 | -17,131 | 2,568 | ||
Change in working capital and other operating items | -9,077 | 27,682 | 4,525 | ||
Net cash provided by continuing operating activities | 112,571 | 127,790 | 96,745 | ||
INVESTING ACTIVITIES: | |||||
Cash disbursed for purchases of property, plant, and equipment, net | -98,440 | -78,034 | -92,334 | ||
Net proceeds from sale of property, plant, and equipment | 0 | 12,040 | 0 | ||
Investment in joint venture | -760 | -6,293 | 0 | ||
Net cash used in continuing investing activities | -99,200 | -72,287 | -92,334 | ||
FINANCING ACTIVITIES: | |||||
Proceeds from borrowings | 131,313 | 547,944 | 634,650 | ||
Repayments of borrowings | -154,928 | -598,457 | -638,281 | ||
Proceeds from borrowings on Term Loan Credit Facility | 33,145 | 417,900 | 0 | ||
Debt financing costs | -3,595 | -10,878 | 0 | ||
Redemption of notes | 0 | -361,992 | 0 | ||
Premium paid on notes redemption and other fees | 0 | -43,078 | 0 | ||
Premium paid on re-pricing of Term Loan Credit Facility and other fees | 0 | -4,318 | 0 | ||
Secondary stock offering transaction costs | -75 | -814 | 0 | ||
Proceeds from stock options exercised | 2,631 | 2,226 | 0 | ||
Purchase of treasury stock | -922 | -297 | -3,167 | ||
Noncontrolling interest dividends | -10,189 | -9,329 | 0 | ||
Net cash used in continuing financing activities | -2,620 | -61,093 | -6,798 | ||
Discontinued operations: | |||||
Net cash from discontinued operating activities | 8,579 | 25,558 | -5,980 | ||
Net cash from discontinued investing activities | 554 | 1,732 | -78,789 | ||
Net cash from discontinued financing activities | -711 | -4,491 | 61,988 | ||
Net cash from discontinued operations | 8,422 | 22,799 | -22,781 | ||
Effect of exchange rate changes on continuing cash and cash equivalents | -5,492 | 3,728 | 4,127 | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 13,681 | 20,937 | -21,041 | ||
CASH AND CASH EQUIVALENTS: | |||||
Beginning of period | 134,880 | 113,943 | 134,984 | ||
End of period | 148,561 | 134,880 | 113,943 | ||
Supplemental Cash Flow Information: | |||||
Interest paid, net of amounts capitalized | 26,506 | 46,160 | 51,311 | ||
Income taxes paid | 9,904 | 9,586 | 6,372 | ||
Non-cash Investing Activities: | |||||
Capital expenditures in liabilities for purchases of property, plant, and equipment | 4,755 | 3,802 | 6,426 | ||
Contribution of joint venture | $0 | $0 | $12,097 | ||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY / (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings (Accumulated Deficit) (Member) | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | |
In Thousands, except Share data | |||||||||
Balance at Dec. 31, 2011 | $97,460 | $200 | $311,427 | ($5,130) | ($255,244) | ($11,250) | $40,003 | $57,457 | |
Balance (in shares) at Dec. 31, 2011 | 19,683,032 | ||||||||
Net income/(loss) | 25,008 | 0 | 0 | 0 | 18,032 | 0 | 18,032 | 6,976 | |
Other comprehensive income/(loss) | -137 | 0 | 0 | 0 | 0 | -1,234 | -1,234 | 1,097 | |
Total comprehensive income/(loss) | 24,871 | 0 | 0 | 0 | 0 | 0 | 16,798 | 8,073 | |
Vesting of RSUs | 0 | 8 | -8 | 0 | 0 | 0 | 0 | 0 | |
Vesting of RSUs (in shares) | 847,022 | ||||||||
Treasury stock | -3,167 | 0 | 0 | -3,167 | 0 | 0 | -3,167 | 0 | |
Treasury stock (in shares) | -282,920 | ||||||||
Share-based compensation expense | 9,613 | 0 | 9,613 | 0 | 0 | 0 | 9,613 | 0 | |
Formation of Chinese Joint Ventures | 12,097 | 0 | 0 | 0 | 0 | 0 | 0 | 12,097 | |
Balance at Dec. 31, 2012 | 140,874 | 208 | 321,032 | -8,297 | -237,212 | -12,484 | 63,247 | 77,627 | |
Balance (in shares) at Dec. 31, 2012 | 20,247,134 | ||||||||
Net income/(loss) | -16,064 | [1] | 0 | 0 | 0 | -20,275 | 0 | -20,275 | 4,211 |
Other comprehensive income/(loss) | 26,629 | 0 | 0 | 0 | 0 | 24,731 | 24,731 | 1,898 | |
Total comprehensive income/(loss) | 10,565 | 0 | 0 | 0 | 0 | 0 | 4,456 | 6,109 | |
Vesting of RSUs | 0 | 1 | -1 | 0 | 0 | 0 | 0 | 0 | |
Vesting of RSUs (in shares) | 69,858 | ||||||||
Stock options exercised | 2,226 | 2 | 2,224 | 0 | 0 | 0 | 2,226 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 178,744 | ||||||||
Treasury stock | -297 | 0 | 0 | -297 | 0 | 0 | -297 | 0 | |
Treasury stock (in shares) | -23,099 | ||||||||
Share-based compensation expense | 4,743 | 0 | 4,743 | 0 | 0 | 0 | 4,743 | 0 | |
Formation of Chinese Joint Ventures | 0 | ||||||||
Noncontrolling interest dividends | -9,329 | 0 | 0 | 0 | 0 | 0 | 0 | -9,329 | |
De-consolidation of Chinese joint venture | -11,913 | 0 | 0 | 0 | 0 | 0 | 0 | -11,913 | |
Balance at Dec. 31, 2013 | 136,869 | 211 | 327,998 | -8,594 | -257,487 | 12,247 | 74,375 | 62,494 | |
Balance (in shares) at Dec. 31, 2013 | 20,472,637 | ||||||||
Net income/(loss) | 27,087 | [1] | 0 | 0 | 0 | 21,516 | 0 | 21,516 | 5,571 |
Other comprehensive income/(loss) | -60,410 | 0 | 0 | 0 | 0 | -59,161 | -59,161 | -1,249 | |
Total comprehensive income/(loss) | -33,323 | 0 | 0 | 0 | 0 | 0 | -37,645 | 4,322 | |
Vesting of RSUs | 0 | 1 | -1 | 0 | 0 | 0 | 0 | 0 | |
Vesting of RSUs (in shares) | 106,214 | ||||||||
Stock options exercised | 2,631 | 2 | 2,629 | 0 | 0 | 0 | 2,631 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 208,351 | ||||||||
Treasury stock | -922 | 0 | 0 | -922 | 0 | 0 | -922 | 0 | |
Treasury stock (in shares) | -34,976 | ||||||||
Share-based compensation expense | 4,712 | 0 | 4,712 | 0 | 0 | 0 | 4,712 | 0 | |
Formation of Chinese Joint Ventures | 0 | ||||||||
Noncontrolling interest dividends | -10,189 | 0 | 0 | 0 | 0 | 0 | 0 | -10,189 | |
Balance at Dec. 31, 2014 | $99,778 | $214 | $335,338 | ($9,516) | ($235,971) | ($46,914) | $43,151 | $56,627 | |
Balance (in shares) at Dec. 31, 2014 | 20,752,226 | ||||||||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1. Nature of Business |
Tower International, Inc. and its subsidiaries (collectively referred to as the “Company” or “Tower International”), is a leading integrated global manufacturer of engineered automotive structural metal components and assemblies, primarily serving original equipment manufacturers (“OEMs”), including Ford, Volkswagen Group, Chrysler, Volvo, Nissan, Fiat, Daimler, Toyota, Chery, BMW, and Honda. Products include body structures, assemblies and other chassis, structures, and lower vehicle systems and suspension components for small and large cars, crossovers, pickups, and sport utility vehicles (“SUVs”). Including both wholly owned subsidiaries and majority owned subsidiaries, the Company has strategically located production facilities in the United States, Germany, Brazil, Belgium, Slovakia, China, Italy, Poland, Mexico, and the Czech Republic, supported by engineering and sales locations in the United States, Germany, Italy, Brazil, Japan, China, and India. | |
Basis_of_Presentation_and_Orga
Basis of Presentation and Organizational History | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 2. Basis of Presentation and Organizational History |
On October 14, 2010, the Company completed its initial public offering (the “IPO”), whereby Tower Automotive, LLC was converted into a Delaware corporation named Tower International, Inc. (the “Corporate Conversion”). | |
Pursuant to the Company’s IPO, the Company’s common stock began trading on the New York Stock Exchange on October 15, 2010. On October 20, 2010, in connection with the IPO the Company sold 6,250,000 shares of common stock and received $75.6 million of proceeds, after underwriting discounts and commissions. Pursuant to a partial exercise of the underwriters’ over-allotment option, the Company sold an additional 383,722 shares of common stock on November 8, 2010 and received proceeds of $4.6 million, after underwriting discounts and commissions. | |
All references to the Company in these notes for periods prior to the effective date of the Corporate Conversion are to Tower Automotive, LLC and its subsidiaries. All references to the Company in these notes for periods subsequent to the effective date of the Company’s Corporate Conversion are to Tower International, Inc. and its subsidiaries. | |
The results of the Company’s South Korean subsidiary and the results of its Changchun Tower Golden Ring Automotive Products Co., Ltd. (“TGR”) and Xiangtan DIT Automotive Products Co. and Ltd. (“Xiangtan”) joint ventures in China are presented as discontinued operations in the Company’s Consolidated Financial Statements, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 205, Discontinued Operations. Refer to Note 5 for additional information regarding the Company’s discontinued operations. | |
Accounting Pronouncements | |
Presentation of Financial Statements and Property, Plant, and Equipment | |
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 amends the definition of a discontinued operation in ASC No. 205-20 and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued-operations criteria. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, with early adoption permitted. As of December 31, 2014, the Company has not adopted ASU No. 2014-08. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the ASU provides a five step framework that should be applied to all contracts with customers. The Company is continuing to evaluate the effects, if any, that this ASU may have on its financial condition and results of operations. | |
Presentation of Financial Statements — Going Concern | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In connection with preparing financial statements for each annual and interim reporting period, ASU No. 2014-15 requires management to perform interim and annual evaluations of whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, or within one year after the date that the financial statements are available to be issued, when applicable. The ASU is effective for annual reporting periods ending after December 15, 2016 and interim periods within annual reporting periods after December 15, 2016, with early application permitted. As of December 31, 2014, the Company has not adopted ASU No. 2014-15. The adoption of ASU No. 2014-15 is not expected to have a material impact on the Company’s Consolidated Financial Statements. | |
Other Comprehensive Income | |
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. Under ASU No. 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes thereto, significant amounts reclassified out of AOCI, by the respective line items of net income, but, only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU No. 2013-02 did not change the existing requirements for reporting net income or other comprehensive income in the financial statements. The Company elected to present information about the amounts reclassified out of AOCI by component in the notes to the Company’s Consolidated Financial Statements. The Company’s adoption of the revised guidance on January 1, 2013 did not have a material impact on the Company’s Consolidated Financial Statements. Refer to Note 3 for information about the amounts reclassified out of AOCI, by component. | |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Significant Accounting Policies [Text Block] | Note 3. Significant Accounting Policies | ||||||||||||||||||||
Financial Statement Presentation | |||||||||||||||||||||
a. Principles of Consolidation | |||||||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and all subsidiaries over which the Company exercises control. The Company’s share of earnings or losses of nonconsolidated affiliates are included in the consolidated operating results using the equity method of accounting when the Company is able to exercise significant influence over the operating and financial decisions of the affiliates. All intercompany transactions and balances have been eliminated upon consolidation. | |||||||||||||||||||||
b. Cash and Cash Equivalents | |||||||||||||||||||||
All highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short maturity of these instruments. | |||||||||||||||||||||
c. Allowance for Doubtful Accounts | |||||||||||||||||||||
The Company maintains an allowance for doubtful accounts receivable, which represents its estimate of losses inherent in trade receivables. The Company provides an allowance for specific customer accounts where collection is doubtful based on historical collection and write-off experience. The Company will also take into consideration unique factors and provide an allowance, if necessary. Bad debt expense is not material for any period presented. | |||||||||||||||||||||
d. Inventories | |||||||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Maintenance, repair, and non-productive inventory, which are considered consumables, are expensed when acquired and included in the Consolidated Statements of Operations as cost of sales. Inventories consist of the following (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Raw materials | $ | 32,237 | $ | 36,139 | |||||||||||||||||
Work in process | 15,136 | 19,650 | |||||||||||||||||||
Finished goods | 22,402 | 25,489 | |||||||||||||||||||
Total inventory | $ | 69,775 | $ | 81,278 | |||||||||||||||||
e. Tooling | |||||||||||||||||||||
Tooling represents costs incurred by the Company in the development of new tooling used in the manufacture of the Company’s products. All pre-production tooling costs incurred for tools that the Company will not own and that will be used in producing products supplied under long-term supply agreements are expensed as incurred, unless the supply agreement provides the Company with the noncancellable right to use the tools or the reimbursement of such costs is contractually guaranteed by the customer. Generally, the customer agrees to reimburse the Company for certain of its tooling costs at the time the customer awards a contract to the Company. | |||||||||||||||||||||
When the part for which tooling has been developed reaches a production-ready status, the Company is reimbursed by its customer for the cost of the tooling, at which time the tooling becomes the property of the customer. The Company has certain other tooling costs related to tools the Company has the contractual right to use during the life of the supply arrangement, which are capitalized and amortized over the life of the related product program. Customer-owned tooling is included in the Consolidated Balance Sheets in prepaid tooling, notes receivable, and other, while company-owned and other tooling is included in other assets, net. | |||||||||||||||||||||
The components of capitalized tooling costs are as follows (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Customer-owned tooling, net | $ | 22,735 | $ | 13,111 | |||||||||||||||||
Company-owned tooling | 174 | 3,113 | |||||||||||||||||||
Total tooling, net | $ | 22,909 | $ | 16,224 | |||||||||||||||||
Any gain recognized, which is defined as the excess of reimbursement over cost, is amortized over the life of the program. If estimated costs are expected to be in excess of reimbursement, a loss is recorded in the period in which the loss is estimated. | |||||||||||||||||||||
f. Property, Plant, and Equipment | |||||||||||||||||||||
Property, plant, and equipment are recorded at cost, less accumulated depreciation. Depreciation expense was $85.7 million, $86 million, and $85.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. Depreciation is computed using the straight-line method over the following estimated useful lives of assets: | |||||||||||||||||||||
Buildings and improvements | 32 to 40 years | ||||||||||||||||||||
Machinery and equipment | 3 to 20 years | ||||||||||||||||||||
Leasehold improvements are amortized over the shorter of 10 years or the remaining lease term at the date of acquisition of the leasehold improvement. | |||||||||||||||||||||
Interest is capitalized during the preparation of facilities for product programs and is amortized over the estimated lives of the programs. Interest of $1.2 million, $0.9 million, and $1.4 million was capitalized in 2014, 2013, and 2012, respectively. | |||||||||||||||||||||
Costs of maintenance and repairs are charged to expense as incurred and included in cost of sales. Spare parts are considered capital in nature when purchased during the initial investment of a fixed asset. Amounts relating to significant improvements, which extend the useful life or utility of the related asset, are capitalized and depreciated over the remaining life of the asset. Upon disposal or retirement of property, plant, and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is recognized in cost of sales in the Consolidated Statements of Operations. | |||||||||||||||||||||
Property, plant, and equipment consist of the following (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cost: | |||||||||||||||||||||
Land | $ | 19,135 | $ | 20,966 | |||||||||||||||||
Buildings and improvements | 208,055 | 233,318 | |||||||||||||||||||
Machinery and equipment | 823,951 | 909,090 | |||||||||||||||||||
Construction in progress | 52,391 | 63,453 | |||||||||||||||||||
Property, plant, and equipment, gross | 1,103,532 | 1,226,827 | |||||||||||||||||||
Less: accumulated depreciation | (652,406 | ) | (677,222 | ) | |||||||||||||||||
Property, plant, and equipment, net | $ | 451,126 | $ | 549,605 | |||||||||||||||||
g. Asset Retirement Obligations | |||||||||||||||||||||
FASB ASC No. 410, Asset Retirement and Environmental Obligations, requires the recognition of a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal, or abandonment of tangible long-lived assets. The fair value of a conditional asset retirement obligation should be recognized when incurred, generally upon acquisition, construction, or development and through the normal operation of the asset. Uncertainty about the timing or method of settlement of a conditional asset retirement should be factored into the measurement of the liability. The liability is measured at fair value and is adjusted to its present value in subsequent periods. The Company’s asset retirement obligations are primarily associated with renovating, upgrading, and returning leased property to the lessor, in accordance with the requirements of the lease. | |||||||||||||||||||||
Asset retirement obligations are included in other non-current liabilities in the Consolidated Balance Sheets. The following table reconciles the Company’s asset retirement obligations as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 16,177 | $ | 13,793 | |||||||||||||||||
Accretion expense | 1,371 | 1,195 | |||||||||||||||||||
Liabilities settled | (852 | ) | (148 | ) | |||||||||||||||||
Change in estimate | 440 | 1,337 | |||||||||||||||||||
Ending balance | $ | 17,136 | $ | 16,177 | |||||||||||||||||
h. Impairment of Long-Lived Assets | |||||||||||||||||||||
The Company monitors its long-lived assets for impairment on an ongoing basis in accordance with FASB ASC No. 360, Property, Plant, and Equipment. If an impairment indicator exists, the Company will perform the required analysis and record an impairment charge, if necessary. In conducting its impairment analysis, the Company compares the undiscounted cash flows expected to be generated from a long-lived asset to its net book value. If the net book value of an asset exceeds its undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between net book value and fair value. Fair value is estimated based upon discounted cash flow analyses using cash flow projections based on recent sales data, and independent automotive production volume estimates, and customer commitments. Changes in economic or operating conditions impacting these estimates and assumptions could result in impairment of long-lived assets. Refer to Note 4 for a discussion regarding impairment charges for the periods presented. | |||||||||||||||||||||
Long-lived assets held for sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. | |||||||||||||||||||||
i. Goodwill and Other Intangible Assets | |||||||||||||||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired. Goodwill is not amortized, but it is tested for impairment on, at a minimum, an annual basis. In accordance with FASB ASC No. 350, Intangibles — Goodwill and Other, a two-step process is utilized in reviewing for impairment. The first step in the process requires the identification of reporting units and comparison of the fair value of each reporting unit to its respective carrying value. The Company has identified its reporting units as Europe, Asia, North America, and South America, however, goodwill only exists at the Europe and South America units. If the carrying value of a unit is less than its fair value, no impairment is deemed to exist and step two is not necessary. If the carrying value of a unit is greater than its fair value, step two is required. The second step in the impairment review process requires the computation of impairment by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of its goodwill. In accordance with FASB ASC No. 350, which requires goodwill be tested for impairment annually and at the same time each year, the Company performs an annual impairment review at year-end. The Company will also test goodwill for impairment when an event occurs or circumstances change such that it is reasonably possible that impairment may exist. | |||||||||||||||||||||
The Company utilizes an income approach to estimate the fair value of each of its reporting units. The income approach is based on the present value of projected debt free cash flow, discounted using factors that consider the timing and risk of cash flows. Fair value is estimated using automotive industry and specific platform production volume projections, which are based on internally-developed forecasts, as well as commercial, wage and benefit, inflation, and discount rate assumptions. Other significant assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures, known restructuring actions, and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions, the Company believes that the income approach is appropriate because it provides a reasonable estimate of the fair value of its reporting units, which is based upon the reporting units’ expected long-term operating cash flow performance, and because it mitigates the impact of cyclical industry-related trends. Due to the inherent uncertainties that exist in making and applying these assumptions, they may differ significantly from actual results. In addition to the income approach, the Company also utilizes the market multiple approach to test the reasonableness of the fair value estimate determined using the income approach. | |||||||||||||||||||||
The results of the Company’s 2014 annual goodwill impairment analysis, completed as of December 31 2014, coupled with continued automotive production and economic uncertainty, indicated that the carrying value of the South American reporting unit was more than its fair value and as a result, the Company recorded an impairment charge of $2.3 million. This impairment charge is presented in the Consolidated Statements of Operations as restructuring and asset impairment charges, net. The results of the Company’s 2014 annual goodwill impairment analysis indicated that the fair value of the Europe reporting unit was substantially in excess of its carrying value: thus, no impairment existed at December 31, 2014. | |||||||||||||||||||||
The results of the Company’s 2013 annual goodwill impairment analysis, completed as of December 31 2013, indicated that the carrying value of the Europe and South America reporting units was less than their respective fair values; thus, no impairment existed at either date. | |||||||||||||||||||||
The change in the carrying amount of goodwill is set forth below by reportable segment and on a consolidated basis (in thousands): | |||||||||||||||||||||
International | Americas | Consolidated | |||||||||||||||||||
Balance at December 31, 2012 | $ | 61,826 | $ | 2,967 | $ | 64,793 | |||||||||||||||
Currency translation adjustment | 2,577 | (394 | ) | 2,183 | |||||||||||||||||
Balance at December 31, 2013 | 64,403 | 2,573 | 66,976 | ||||||||||||||||||
Currency translation adjustment | (7,712 | ) | (281 | ) | (7,993 | ) | |||||||||||||||
Impairments | — | (2,292 | ) | (2,292 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 56,691 | $ | — | $ | 56,691 | |||||||||||||||
The Company had certain intangible assets that were related to customer relationships in Europe and Brazil. The intangible assets in Europe and Brazil had definite lives and were amortized on a straight-line basis over the estimated lives of the related assets, which approximated the recognition of related revenues. Intangible assets are recorded in the Consolidated Balance Sheets as other assets, net. The Company incurred amortization expense of $1.5 million, $2.8 million, and $4.6 million for the years ended December 31, 2014, 2013, and 2012, respectively. These intangible assets became fully amortized during the third quarter of 2014 and as such, no further amortization expense related to these intangibles will be incurred beyond 2014. | |||||||||||||||||||||
The following table presents information about the Company’s intangible assets as of December 31, 2014 and 2013, respectively (in thousands): | |||||||||||||||||||||
Weighted | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||
Average | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Amortized intangible: | |||||||||||||||||||||
Europe | 7 years | $ | 16,033 | $ | 16,033 | $ | 16,038 | $ | 14,866 | ||||||||||||
Brazil | 7 years | 5,455 | 5,455 | 5,443 | 5,078 | ||||||||||||||||
Total | $ | 21,488 | $ | 21,488 | $ | 21,481 | $ | 19,944 | |||||||||||||
j. Derivative Financial Instruments | |||||||||||||||||||||
Periodically, the Company uses derivative financial instruments to manage interest rate risk and net investment risk in foreign operations, and to limit exposure of foreign currency fluctuations related to certain intercompany payments. The Company is not a party to leveraged derivatives and does not enter into derivative financial instruments for trading or speculative purposes. Under FASB ASC No. 815, Derivatives and Hedging, all derivatives are recorded at fair value. | |||||||||||||||||||||
The Company formally documents hedge relationships, including the identification of the hedging instruments and the hedged items, as well as the risk management objectives and strategies for undertaking the hedge transaction. To the extent that derivative instruments qualify, and are designated as, cash flow or net investment hedges, the effective portion is recorded as a component of AOCI and the ineffective portion is recorded as interest expense. All hedges are presented in the Consolidated Balance Sheets at fair value as other assets, net or other non-current liabilities with a corresponding offset to AOCI. The Company also formally assesses whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or cash flows of the hedged item at inception and on a quarterly basis, thereafter. If the Company determines that a derivative ceases to be an effective hedge, it will discontinue hedge accounting. | |||||||||||||||||||||
k. Fair Value of Financial Instruments | |||||||||||||||||||||
FASB ASC No. 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants, at the measurement date (i.e. the exit price). The exit price is based upon the amount that the holder of the asset or liability would receive or need to pay in an actual transaction or in a hypothetical transaction if an actual transaction does not exist at the measurement date. In some circumstances, the entry and exit price may be the same; however, they are conceptually different. | |||||||||||||||||||||
The Company generally determines fair value based upon quoted market prices in active markets for identical assets or liabilities. If quoted market prices are not available, the Company uses valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. In measuring fair value, the Company may make adjustments for risks and uncertainties, if a market participant would include such an adjustment in its pricing. | |||||||||||||||||||||
FASB ASC No. 820 establishes a fair value hierarchy that distinguishes between assumptions based upon market data, referred to as observable inputs, and the Company’s assumptions, referred to as unobservable inputs. Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows: | |||||||||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets and liabilities; | ||||||||||||||||||||
Level 2: | Inputs, other than Level 1 inputs, that are either directly or indirectly observable; and | ||||||||||||||||||||
Level 3: | Unobservable inputs developed using estimates and assumptions that reflect those that market participants would use. | ||||||||||||||||||||
At December 31, 2014, the carrying value and estimated fair value of the Company’s total debt was $487.2 million and $481.7 million, respectively. At December 31, 2013, the carrying value and estimated fair value of the Company’s total debt was $492.6 million and $497.8 million, respectively. The majority of the Company’s debt at December 31, 2014 and 2013 was comprised of the Term Loan Credit Facility, which can be traded between financial institutions. Accordingly, this debt has been classified as Level 2. The fair value was determined based upon quoted values. The remainder of the Company’s debt, primarily consisting of foreign subsidiary indebtedness, is asset-backed and is classified as Level 3. As this debt carries variable rates and minimal credit risk, the book values approximate the fair values. | |||||||||||||||||||||
The Company has foreign currency exchange hedges that were measured at fair value on a recurring basis at December 31, 2014 and 2013 and an interest rate swap that was measured at fair value on a recurring basis at December 31, 2014. These instruments are recorded in other assets, net or other non-current liabilities in the Company’s Consolidated Balance Sheets and the fair value is measured using Level 2 observable inputs such as foreign currency exchange rates, swap rates, cross currency basis swap spreads and interest rate spreads. At December 31, 2014, the foreign currency exchange hedge (net investment hedge of our European subsidiaries) had an asset fair value of $3.6 million. The interest rate swap (not designated for hedge accounting) had a liability fair value of $0.3 million. Derivative financial instruments had an immaterial impact on the Consolidated Financial Statements for the year ended December 31, 2013. | |||||||||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2014 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | 58.8 | $ | (25.2 | ) | ||||||||||||||
Goodwill | Not applicable | Not applicable | $ | — | $ | (2.3 | ) | ||||||||||||||
For the year ended December 31, 2014, in accordance with FASB ASC No. 360, Property, Plant, & Equipment, long-lived assets of one of the joint ventures held for sale, with a carrying amount of $78.2 million, were written down to their fair value of $56.3 million, less estimated costs to sell of $1 million, resulting in a loss of $22.9 million, which is included in income/(loss) from discontinued operations, net of tax for the year ended December 31, 2014. | |||||||||||||||||||||
For the year ended December 31, 2014, in accordance with FASB ASC No. 360, Property, Plant, & Equipment, long-lived assets held for sale, with a carrying amount of $4.8 million, were written down to their fair value of $2.5 million, less costs to sell, resulting in a loss of $2.3 million, which is included in restructuring and asset impairment charges, net, in the Company’s Consolidated Statements of Operations for the year ended December 31, 2014. Fair value of the assets was determined using a third party appraisal based on current market conditions. | |||||||||||||||||||||
For the year ended December 31, 2014, in accordance with FASB ASC No. 350, Intangibles — Goodwill and Other, goodwill with a carrying amount of $2.3 million was written down to its fair value of $0 million, resulting in a loss of $2.3 million, which is included in restructuring and asset impairment charges, net in the Company’s Consolidated Statements of Operations for the year ended December 31, 2014. Fair value of the assets was determined using the income approach based on projected debt free cash flow, which is discounted to the present value using discount factors that consider the timing and risk of cash flows. | |||||||||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2013 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | 12 | $ | (10.4 | ) | ||||||||||||||
For the year ended December 31, 2013, in accordance with FASB ASC No. 360, Property, Plant, & Equipment, long-lived assets held for sale with a carrying amount of $22.4 million were written down to their fair value of $12 million, resulting in a loss of $10.4 million, which was included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2013. Fair value of the assets was determined using a third party appraisal based on current market conditions. | |||||||||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2012 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | — | $ | (0.6 | ) | ||||||||||||||
For the year ended December 31, 2012, long-lived assets held for sale with a carrying amount of $0.6 million were written down to their fair value of $0 million, resulting in a loss of $0.6 million, which was included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2012. | |||||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrual liabilities approximate fair value because of the short maturity of these instruments. | |||||||||||||||||||||
l. Revenue Recognition | |||||||||||||||||||||
In accordance with FASB ASC No. 605, Revenue Recognition, the Company recognizes revenue once the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the Company’s price to the buyer is fixed or determinable; and collectability is reasonably assured. | |||||||||||||||||||||
The Company recognizes revenue when its products are shipped to its customers, at which time title and risk of loss pass to the customer. The Company participates in certain of its customers’ steel repurchase programs, under which it purchases steel directly from a customer’s designated steel supplier, for use in manufacturing products for that customer. The Company takes delivery and title to such steel and bears the risk of loss and obsolescence. The Company invoices its customers based upon annually negotiated selling prices, which inherently include a component for steel under such repurchase programs. Under guidance provided in FASB ASC No. 605-45, Principal Agent Considerations, the Company has risks and rewards of a principal and therefore, for sales transactions in which the Company participates in a customer’s steel resale program, revenue is recognized on a gross basis for the entire amount of the sales, including the component for purchases under that customer’s steel resale program. | |||||||||||||||||||||
The Company enters into agreements to produce products for its customers at the beginning of a given vehicle program’s life. Once such agreements are entered into by the Company, it is obligated to fulfill the customers’ purchasing requirements for the entire production period of the vehicle programs, which range from three to ten years, and generally, the Company has no provisions to terminate such contracts. Additionally, the Company monitors the aging of uncollected billings and adjusts its accounts receivable allowance on a quarterly basis, as necessary, based upon its evaluation of the probability of collection. The adjustments made by the Company due to the write-off of uncollectible amounts have been negligible for all periods presented. | |||||||||||||||||||||
m. Income Taxes | |||||||||||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the Consolidated Financial Statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes that these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Valuation allowances have been recorded where it has been determined that it is more likely than not that the Company will not be able to realize the net deferred tax assets. Previously established valuation allowances are reversed into income when there is compelling evidence, typically three or more consecutive years of cumulative profit or other positive evidence, that the future tax profitability will be sufficient to utilize the deferred tax asset. Due to the significant judgment involved in determining whether deferred tax assets will be realized, the ultimate resolution of these items may be materially different from the previously estimated outcome. | |||||||||||||||||||||
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows, or financial position. | |||||||||||||||||||||
The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company’s global operations. | |||||||||||||||||||||
FASB ASC No. 740, Income Taxes, provides that a tax benefit from an uncertain tax position be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. FASB ASC No. 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has elected to recognize interest and penalties related to unrecognized tax benefits as income tax expense. | |||||||||||||||||||||
The Company recognizes tax liabilities in accordance with FASB ASC No. 740 and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different than the Company’s current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | |||||||||||||||||||||
n. Segment Reporting | |||||||||||||||||||||
The Company determines its reportable segments based upon the guidance in FASB ASC No. 280, Segment Reporting. The Company defines its operating segments as components of its business where separate financial information is available. The Company is comprised of four operating segments that are routinely evaluated by management: Europe, Asia, North America, and South America. Consistent with the aggregation criteria in FASB ASC No. 280, the Company aggregates its four operating segments into two reportable segments, based upon the segments having similar economic characteristics and sharing fundamental characteristics, including the nature of the products, production processes, customers, margins, and distribution channels. The Company’s two reportable segments include the Americas, which consists of North America and South America, and International, which consists of Europe and Asia. Refer to Note 13 for further discussion regarding the Company’s segments. | |||||||||||||||||||||
o. Foreign Currency Translation | |||||||||||||||||||||
The functional currency of the Company’s foreign operations is the local currency in which they operate. Assets and liabilities of the Company’s foreign operations are translated into U.S. dollars using the applicable period-end exchange rates. Results of operations are translated at applicable average rates prevailing throughout the period. Gains or losses resulting from foreign currency translation are reported as foreign currency translation adjustments, a separate component of AOCI, in the Consolidated Statements of Comprehensive Income/(Loss). Gains and losses resulting from foreign currency transactions are recognized in net income/(loss) in the Consolidated Statements of Operations and were immaterial for all periods presented. | |||||||||||||||||||||
p. Exit or Disposal Activities | |||||||||||||||||||||
Costs to idle, consolidate, or close facilities and provide postemployment benefits to employees on an other than temporary basis are accrued based on management’s best estimate of the wage and benefit costs that will be incurred. Costs related to idling of employees that is expected to be temporary are expensed as incurred. Costs to terminate a contract without economic benefit to the Company are expensed at the time the contract is terminated. One-time termination benefits that are not subject to contractual arrangements, provided to employees who are involuntarily terminated, are recorded after management commits to a detailed plan of termination, communicates the plan to employees, and when actions required to complete the plan indicate that significant changes are not likely. If employees are required to render services until they are terminated in order to earn termination benefits, the benefits are recognized ratably over the future service period. | |||||||||||||||||||||
q. Share-based Compensation | |||||||||||||||||||||
The Company measures compensation cost arising from the grant of share-based awards to employees at fair value. The Company recognizes such costs in income over the period during which the requisite service is provided. Refer to Note 11 for further discussion regarding share-based compensation. | |||||||||||||||||||||
r. Accumulated Other Comprehensive Income/(Loss) | |||||||||||||||||||||
The following table presents the components of accumulated other comprehensive income/(loss) (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Foreign currency translation | $ | (7,224 | ) | $ | 24,963 | ||||||||||||||||
Defined benefit plans, net of tax of $13.7 million | (39,690 | ) | (12,833 | ) | |||||||||||||||||
Unrealized gain on qualifying cash flow hedge, net | — | 117 | |||||||||||||||||||
Accumulated other comprehensive income/(loss) | $ | (46,914 | ) | $ | 12,247 | ||||||||||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): | |||||||||||||||||||||
Unrealized Losses | Defined | Foreign | Total | ||||||||||||||||||
on Qualifying | Benefit Plan, | Currency | |||||||||||||||||||
Cash Flow Hedge | Net of Tax | Translation | |||||||||||||||||||
Adjustments | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 117 | $ | (12,833 | ) | $ | 24,963 | $ | 12,247 | ||||||||||||
Other comprehensive income/(loss) before reclassifications | (117 | ) | (26,857 | ) | (32,187 | ) | (59,161 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||||
Net current-period other comprehensive income/(loss) | (117 | ) | (26,857 | ) | (32,187 | ) | (59,161 | ) | |||||||||||||
Balance as of December 31, 2014 | $ | — | $ | (39,690 | ) | $ | (7,224 | ) | $ | (46,914 | ) | ||||||||||
The following table presents the changes in accumulated other comprehensive income by component for the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||
Unrealized | Defined | Foreign | Total | ||||||||||||||||||
Gains/(Losses) on | Benefit Plan, | Currency | |||||||||||||||||||
Qualifying Cash | Net of Tax | Translation | |||||||||||||||||||
Flow Hedge | Adjustments | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | (48 | ) | $ | (30,350 | ) | $ | 17,914 | $ | (12,484 | ) | ||||||||||
Other comprehensive income before reclassifications | 104 | 17,517 | 7,049 | 24,670 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 61 | — | — | 61 | |||||||||||||||||
Net current-period other comprehensive income | 165 | 17,517 | 7,049 | 24,731 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 117 | $ | (12,833 | ) | $ | 24,963 | $ | 12,247 | ||||||||||||
s. Estimates | |||||||||||||||||||||
The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures related to contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, fair value measurements, pension and other postretirement benefit plan assumptions, restructuring reserves, asset valuation reserves and accruals related to environmental remediation costs, asset retirement obligations, and income taxes. Actual results may differ from those estimates and assumptions and changes in such estimates and assumptions may affect amounts reported in future periods. | |||||||||||||||||||||
Restructuring_and_Asset_Impair
Restructuring and Asset Impairment Charges | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Note 4. Restructuring and Asset Impairment Charges | ||||||||||||
As of December 31, 2014, the Company has executed various restructuring plans and may execute additional plans in the future to realign manufacturing capacity to prevailing global automotive production and to improve the utilization of remaining facilities. Estimates of restructuring charges are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established reserves. | |||||||||||||
Restructuring Charges | |||||||||||||
Net restructuring and asset impairment charges for each of the Company’s segments include the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
International | $ | 3,995 | $ | 2,714 | $ | 2,149 | |||||||
Americas | 10,253 | 18,484 | 8,589 | ||||||||||
Consolidated | $ | 14,248 | $ | 21,198 | $ | 10,738 | |||||||
The following table sets forth the Company’s net restructuring and asset impairment charges by type for the periods presented (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Employee termination costs | $ | 1,609 | $ | 2,290 | $ | 2,586 | |||||||
Other exit costs | 8,081 | 7,672 | 7,577 | ||||||||||
Asset impairments | 4,558 | 11,236 | 575 | ||||||||||
Restructuring and asset impairment charges, net | $ | 14,248 | $ | 21,198 | $ | 10,738 | |||||||
The charges incurred during 2014, 2013, and 2012 primarily related to the following actions: | |||||||||||||
2014 Actions | |||||||||||||
During the year ended December 31, 2014, the charges incurred in the Americas segment related to the buyout of a lease on a previously closed facility, a goodwill impairment charge in Brazil, ongoing maintenance expense of facilities closed as a result of prior actions, and severance charges to reduce fixed costs. The charges incurred in the International segment related to an impairment charge on a facility in None, Italy and severance charges in Europe to reduce fixed costs. | |||||||||||||
2013 Actions | |||||||||||||
During the year ended December 31, 2013, the charges incurred in the Americas segment related to the closure of Tower Defense & Aerospace, LLC (“TD&A”) (described below), the ongoing maintenance expense of facilities closed as a result of prior actions, and an impairment charge on a facility in Romulus, Michigan that the Company ceased using during the first quarter of 2013 and sold during the third quarter of 2013. The charges incurred in the International segment related to an impairment charge on the Bergisch facility, which was classified as held for sale during the second quarter of 2013 and was sold during the third quarter of 2013, relocation of a facility, and severance charges to reduce fixed costs. | |||||||||||||
Tower Defense & Aerospace | |||||||||||||
In April 2013, the Company announced the closing of the operations of TD&A. In June 2013, the Company received $9.1 million in cash proceeds for the sale of substantially all of TD&A’s assets. In connection with such closure, the Company incurred $11.5 million of restructuring charges, of which $8.2 million represents an impairment charge, $2.8 million represents other exit costs, and $0.5 million represents severance charges. With respect to TD&A, the Company did not incur additional restructuring charges during the second half of 2013. | |||||||||||||
2012 Actions | |||||||||||||
During the year ended December 31, 2012, the charges incurred in the Americas segment related to the ongoing maintenance expense of facilities closed as a result of prior actions and the costs incurred to close two manufacturing facilities and relocate the operations to two of the Company’s existing manufacturing facilities. The charges incurred in the International segment related to severance charges in Europe to reduce fixed costs. | |||||||||||||
Restructuring Reserve | |||||||||||||
The following table summarizes the activity in the restructuring reserve, which is included in the Consolidated Balance Sheets in accrued liabilities, by segment, for the above-mentioned actions through December 31, 2014 (in thousands): | |||||||||||||
International | Americas | Consolidated | |||||||||||
Balance at December 31, 2012 | $ | 897 | $ | 1,634 | $ | 2,531 | |||||||
Payments | (1,267 | ) | (1,618 | ) | (2,885 | ) | |||||||
Increase | 929 | 1,361 | 2,290 | ||||||||||
Adjustment | — | (20 | ) | (20 | ) | ||||||||
Balance at December 31, 2013 | 559 | 1,357 | 1,916 | ||||||||||
Payments | — | (1,064 | ) | (1,064 | ) | ||||||||
Increase | 523 | 1,086 | 1,609 | ||||||||||
Adjustment | 50 | (22 | ) | 28 | |||||||||
Balance at December 31, 2014 | $ | 1,132 | $ | 1,357 | $ | 2,489 | |||||||
Except as disclosed in the table above, the Company does not anticipate incurring additional material cash charges associated with the actions described above. The increase in the restructuring reserve set forth in the table above does not agree with the restructuring charges for the period, as certain items are expensed as incurred related to the actions described. | |||||||||||||
The restructuring reserve increased during the year ended December 31, 2014, reflecting primarily accruals for severance, offset partially by payments of other exit costs made related to prior accruals. The liability decreased during the year ended December 31, 2013 primarily due to payments relating to prior accruals. | |||||||||||||
During the year ended December 31, 2014, the Company incurred payments related to prior accruals in North America of $1.1 million. During the year ended December 31, 2013, the Company incurred payments related to prior accruals in Europe of $1.3 million and in North America of $1.6 million. | |||||||||||||
Discontinued_Operations_and_As
Discontinued Operations and Assets Held for Sale | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 5. Discontinued Operations and Assets Held for Sale | ||||||||||||
During the fourth quarter of 2014, the Company’s Board of Directors approved a plan to sell the Company’s equity interest in its TGR, Xiangtan, and Ningbo joint ventures. At December 31, 2014, TGR and Xiangtan were considered held for sale in accordance with FASB ASC No. 360, Property, Plant, and Equipment, and presented as discontinued operations in the Consolidated Financial Statements, in accordance with FASB ASC No. 205, Discontinued Operations. The Company’s investment in the Ningbo joint venture is accounted for under the equity method and therefore does not qualify for held for sale treatment and does not fall under the scope of FASB ASC No. 205. | |||||||||||||
We have reached a preliminary agreement to sell our 60% equity interest in the TGR joint venture, subject to approval of the Chinese government; the sale is expected to close during the second half of 2015. We are in the early stages of discussions to sell our 51% equity interest in the Xiangtan joint venture. An impairment charge of $22.9 million was recorded in the fourth quarter of 2014 related to one of the sales and it is presented in income/(loss) from discontinued operations, net of tax. An anticipated gain on the other transaction, currently estimated at about $18 million, will be recognized when the sale closes. | |||||||||||||
The following table discloses select financial information of the discontinued operations of the Company’s Chinese joint ventures in its International Segment (in thousands): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 113,701 | $ | 135,527 | $ | 159,111 | |||||||
Income/(loss) from discontinued operations: | |||||||||||||
Income before provision for income taxes | $ | 15,696 | $ | 12,164 | $ | 17,315 | |||||||
Provision for income taxes | 2,218 | 1,899 | 1,503 | ||||||||||
Income from operations | 13,478 | 10,265 | 15,812 | ||||||||||
Loss on disposal, net of tax of $0 | (22,914 | ) | — | — | |||||||||
Income/(loss) from discontinued operations | $ | (9,436 | ) | $ | 10,265 | $ | 15,812 | ||||||
The following table summarizes assets and liabilities held for sale by category (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 59,937 | |||||||||||
Property, plant, and equipment, net | 76,123 | ||||||||||||
Other assets, net | 5,235 | ||||||||||||
Total assets held for sale | $ | 141,295 | |||||||||||
LIABILITIES | |||||||||||||
Short-term debt and current maturities of capital lease obligations | $ | 9,781 | |||||||||||
Accrued liabilities | 27,789 | ||||||||||||
Total current liabilities | 37,570 | ||||||||||||
Long-term debt, net of current maturities | 1,515 | ||||||||||||
Other non-current liabilities | 28,622 | ||||||||||||
Total non-current liabilities | 30,137 | ||||||||||||
Total liabilities held for sale | $ | 67,707 | |||||||||||
On December 28, 2012, the Company’s subsidiaries, Tower Automotive Holdings Asia B.V., and Tower Automotive International Holdings B.V. (the “Sellers”), entered into a Stock Purchase Agreement (“Agreement”) with SJ Holdings, Inc., a subsidiary of SECO (“Buyer”), and consummated the divestiture of its South Korean subsidiary, Seojin Industrial Company Ltd. (“Seojin”). Pursuant to the Agreement, the Buyer assumed the outstanding debt and acquired all of the outstanding capital stock of Seojin for a purchase price of fifty billion Korean Won (approximately $47 million), of which the Company received 50% on December 28, 2012, 40% on January 31, 2013, and the remaining 10% on December 30, 2013. In connection with the divestiture of Seojin, the Company received $23.4 million and paid transaction costs of $2.9 million during the year ended December 31, 2013. Seojin has been presented as a discontinued operation in the Company’s Consolidated Financial Statements, in accordance with FASB ASC No. 205, Discontinued Operations. In connection with the sale, accumulated foreign currency translation of $4 million was transferred out of AOCI and recognized in the gain from disposal during the year ended December 31, 2012. | |||||||||||||
The following table discloses select financial information of the discontinued operation of Seojin in the Company’s International Segment (in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Revenues | $ | 311,014 | |||||||||||
Income from discontinued operations: | |||||||||||||
Loss before provision for income taxes | $ | (448 | ) | ||||||||||
Provision for income taxes | 929 | ||||||||||||
Loss from operations | (1,377 | ) | |||||||||||
Gain from disposal, net of tax of $0 | 31,167 | ||||||||||||
Income from discontinued operations | $ | 29,790 | |||||||||||
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt Disclosure [Text Block] | Note 6. Debt | ||||||||||||||||
Long-Term Debt | |||||||||||||||||
Long-term debt consists of the following (in thousands): | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Term Loan Credit Facility (net of discount of $1,594 and $1,894) | $ | 445,031 | $ | 416,009 | |||||||||||||
Other foreign subsidiary indebtedness | 42,213 | 76,548 | |||||||||||||||
Total debt | 487,244 | 492,557 | |||||||||||||||
Less: Current maturities | (30,065 | ) | (38,484 | ) | |||||||||||||
Total long-term debt | $ | 457,179 | $ | 454,073 | |||||||||||||
Current maturities do not include capital lease obligations of $1.1 million and $1.2 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
Future maturities of long-term debt as of December 31, 2014 are as follows (in thousands): | |||||||||||||||||
2015 | $ | 30,065 | |||||||||||||||
2016 | 7,638 | ||||||||||||||||
2017 | 13,933 | ||||||||||||||||
2018 | 6,212 | ||||||||||||||||
2019 | 5,584 | ||||||||||||||||
Thereafter | 423,812 | ||||||||||||||||
Total | $ | 487,244 | |||||||||||||||
Term Loan Credit Facility | |||||||||||||||||
On April 23, 2013, the Company entered into a Term Loan and Guaranty Agreement (the “Term Loan Credit Agreement”) by and among Tower Automotive Holdings USA, LLC (the “Term Loan Borrower”), the Company, Tower Automotive Holdings I, LLC (“Term Loan Holdco”), Tower Automotive Holdings II(a), LLC, Tower Automotive Holdings II(b), LLC, the subsidiary guarantors named therein, the Lenders from time to time party thereto and Citibank, N.A., as administrative agent for the Lenders (the credit facility evidenced by the Term Loan Credit Agreement and related documentation, the “Term Loan Credit Facility”). | |||||||||||||||||
The Term Loan Credit Agreement provided for an initial term loan of $420 million and permitted the Term Loan Borrower to request, subject to the satisfaction of certain conditions set forth in the Term Loan Credit Agreement (including the agreement of one or more lenders to make incremental loans, which agreement may be granted or withheld in the sole discretion of any lender), future disbursements of incremental term loans in the aggregate principal amount of up to the greater of (i) $100 million and (ii) such other amount so long as Term Loan Holdco’s pro forma Total Net Leverage Ratio (as defined in the Term Loan Credit Agreement) does not exceed 2.00:1.00. The maturity date for the initial term loan disbursed under the Term Loan Credit Agreement was April 23, 2020. | |||||||||||||||||
The proceeds of the initial term loan disbursed under the Term Loan Credit Agreement were used upon the closing of the Term Loan Credit Facility to redeem all of the outstanding 10.625% Senior Secured Notes due 2017 (the “10.625% Senior Secured Notes” or the “notes”) previously issued pursuant to that certain Indenture, dated as of August 24, 2010, by and among the Term Loan Borrower and TA Holdings Finance, Inc., as issuers, the Company and certain of its direct and indirect subsidiaries as guarantors, and Wilmington Trust FSB as trustee, and to pay all accrued and unpaid interest thereon and related fees and expenses, including a tender premium, in connection with the tender offer described below. | |||||||||||||||||
The initial term loans made under the Term Loan Credit Agreement bore interest at (i) an alternate base rate (the “Alternate Base Rate”) (which is the highest of the Prime Rate, the Federal Funds Effective Rate plus 0.50% and the Adjusted LIBO Rate (as each such term is defined in the Term Loan Credit Agreement) for a one month interest period plus 1.00%) plus a margin of 3.50% or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR by a statutory reserve rate, with a floor of 1.25%) plus a margin of 4.50%. | |||||||||||||||||
On July 29, 2013, the Company amended the Term Loan Credit Agreement by entering into the First Refinancing Term Loan Amendment to Term Loan Credit Agreement (the “First Term Loan Amendment”). The purpose of the First Term Loan Amendment was to re-price the Term Loan Credit Facility to bear interest at (i) the Alternate Base Rate plus a margin of 2.75%; or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR rate by a statutory reserve rate, with a floor of 1.00%) plus a margin of 3.75%. | |||||||||||||||||
On January 31, 2014, the Company further amended the Term Loan Credit Agreement by entering into the Second Refinancing Term Loan Amendment and Additional Term Loan Amendment (“Second Term Loan Amendment”), pursuant to which, among other things, the outstanding term loans under the Term Loan Credit Agreement were refinanced in full and additional term loans in an aggregate principal amount of approximately $33 million (the “Additional Term Loans”) were disbursed, resulting in an increase in cash and cash equivalents. After giving effect to the disbursement of the Additional Term Loans, there are term loans (the “Term Loans”) in the aggregate principal amount of $450 million outstanding under the Term Loan Credit Agreement. The maturity date of the Term Loan Credit Facility remains April 23, 2020 and the Term Loans bear interest at (i) the Alternate Base Rate plus a margin of 2.00% or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR rate by a statutory reserve rate, with a floor of 1.00%) plus a margin of 3.00%. | |||||||||||||||||
The Term Loan Borrower’s obligations under the Term Loan Credit Facility are guaranteed by the Company on an unsecured basis and guaranteed by Term Loan Holdco and certain of the Company’s other direct and indirect domestic subsidiaries on a secured basis (the “Subsidiary Guarantors”). The Term Loan Credit Facility is secured by (i) a first priority security interest in certain assets of the Term Loan Borrower and the Subsidiary Guarantors, other than, inter alia, accounts, chattel paper, inventory, cash deposit accounts, securities accounts, machinery, equipment and real property and all contract rights, and records and proceeds relating to the foregoing and (ii) on a second priority basis to all other assets of the Term Loan Borrower and the Subsidiary Guarantor which have been pledged on a first priority basis to the agent for the benefit of the lenders under the Amended Revolving Credit Facility described below. | |||||||||||||||||
The Term Loan Credit Agreement includes customary covenants applicable to certain of the Company’s subsidiaries and includes customary events of default and amounts due there under may be accelerated upon the occurrence of an event of default. | |||||||||||||||||
As of December 31, 2014, the outstanding principal balance of the Term Loan Credit Facility was $445 million (net of a remaining $1.6 million original issue discount) and the effective interest rate was 4.00% per annum. | |||||||||||||||||
Amended Revolving Credit Facility | |||||||||||||||||
On June 19, 2013, the Company entered into a Second Amended and Restated Revolving Credit and Guaranty Agreement (the “Second Amended Revolving Credit Facility Agreement”). The Second Amended Revolving Credit Facility Agreement amended and restated, in its entirety, the Amended and Restated Revolving Credit and Guaranty Agreement, dated as of June 13, 2011. The Second Amended Revolving Credit Facility Agreement provided for an asset-based revolving credit facility (the “Amended ABL Revolver”) in the aggregate amount of up to $150 million, subject to a borrowing base limitation. The Second Amended Revolving Credit Facility Agreement also provided for the issuance of letters of credit in an aggregate amount not to exceed $50 million, provided that the total amount of credit (inclusive of revolving loans and letters of credit) extended under the Second Amended Revolving Credit Facility Agreement was subject to an overall cap, on any date, equal to the lesser of $150 million or the amount of the borrowing base on such date. | |||||||||||||||||
In connection with the Second Amended Revolving Credit Facility Agreement, the Company paid debt issue costs of $1.7 million and accelerated the amortization of the debt issue costs associated with the Amended and Restated Revolving Credit and Guaranty Agreement by $0.3 million in the second quarter of 2013. These costs are recorded in the Consolidated Statements of Operations as interest expense. | |||||||||||||||||
On September 17, 2014, the Company entered into a Third Amended and Restated Revolving Credit and Guaranty Agreement (“Third Amended Revolving Credit Facility Agreement”), by and among Tower Automotive Holdings USA, LLC, the Company, Tower Automotive Holdings I, LLC, Tower Automotive Holdings II(a), LLC, Tower Automotive Holdings II(b), LLC, the subsidiary guarantors named therein, the financial institutions from time to time party thereto as Lenders, and JPMorgan Chase Bank, N.A. as Issuing Lender, as Swing Line Lender, and as Administrative Agent for the Lenders. The Third Amended Revolving Credit Facility Agreement amended and restated, in its entirety, the Second Amended Revolving Credit Facility Agreement, dated as of June 19, 2013, by and among the Borrower, its domestic affiliate and domestic subsidiary guarantors named therein, and the lenders party thereto, and the Agent. | |||||||||||||||||
The Third Amended Revolving Credit Facility Agreement provides for a cash flow revolving credit facility (the “Amended Revolving Credit Facility”) in the aggregate amount of up to $200 million. The Third Amended Revolving Credit Facility Agreement also provides for the issuance of letters of credit in an aggregate amount not to exceed $50 million, provided that the total amount of credit (inclusive of revolving loans and letters of credit) extended under the Third Amended Revolving Credit Facility Agreement is subject to an overall cap, on any date, of $200 million. The Company may request the issuance of Letters of Credit denominated in Dollars or Euros. The expiration date for the Amended Revolving Credit Facility is September 17, 2019. | |||||||||||||||||
Advances under the Amended Revolving Credit Facility bear interest at an alternate base rate plus a base rate margin or LIBOR plus a Eurodollar margin. The applicable margins are determined by the Company’s Total Net Leverage Ratio (as defined in the Third Amended Revolving Credit Facility Agreement). The applicable margin for the base rate based borrowings as of December 31, 2014 was 1.50%. The applicable margin for the LIBOR based borrowings as of December 31, 2014 was 2.50%. The Company will pay a commitment fee at a rate equal to 0.50% per annum on the average daily unused total revolving credit commitment. | |||||||||||||||||
The Amended Revolving Credit Facility is guaranteed by the Company on an unsecured basis and is guaranteed by certain of the Company’s direct and indirect domestic subsidiaries on a secured basis. The Amended Revolving Credit Facility is secured by the same assets of the Borrower and the subsidiary guarantors that secured the obligations under the prior Amended ABL Revolver. The Borrower’s and each subsidiary guarantor’s pledge of such assets as security for the obligations under the Amended Revolving Credit Facility is evidenced by a Revolving Credit Security Agreement dated as of September 17, 2014, among the Borrower, the guarantors party thereto, and the Agent. | |||||||||||||||||
The Third Amended Revolving Credit Facility Agreement contains customary covenants applicable to certain of the Company’s subsidiaries and includes customary events of default and amounts due there under may be accelerated upon the occurrence of an event of default. | |||||||||||||||||
In connection with the Third Amended Revolving Credit Facility Agreement, the Company paid debt issue costs of $1.6 million in the third quarter of 2014. These costs were capitalized and are recorded in the Consolidated Balance Sheets as other assets, net. | |||||||||||||||||
As of December 31, 2014, there was $188.3 million of borrowing availability under the Amended Revolving Credit Facility, of which no borrowings were outstanding and $11.7 million letters of credit were outstanding. | |||||||||||||||||
Tender Offer and Senior Secured Notes | |||||||||||||||||
On August 24, 2010, the Company’s subsidiaries, Tower Automotive Holdings USA, LLC, and TA Holdings Finance, Inc., issued $430 million of 10.625% Senior Secured Notes. The notes were issued at an original issue discount of $12.8 million and bore an annual interest rate of 10.625%. The original issue discount was being amortized on a straight-line basis, which approximated the effective interest method, through interest expense over the term of the notes, which increased the effective annual interest rate to 11.25%. The notes were scheduled to mature on September 1, 2017. | |||||||||||||||||
On April 23, 2013, the Company completed a cash tender offer (the “Tender Offer”) to purchase up to $276 million of the outstanding notes. An aggregate principal amount of $362 million of the notes was validly tendered in the Tender Offer and not validly withdrawn. The Company accepted for purchase $276 million in aggregate principal amount of the notes at an aggregate purchase price of 113.58% of the principal amount thereof, plus accrued and unpaid interest, which resulted in a premium of $37.5 million and a tender fee of $0.7 million that were both recognized in the Consolidated Statements of Operations as other expense. Because the maximum aggregate principal amount of $276 million for the notes was exceeded, the Company did not accept all of the notes tendered for purchase. The notes that were tendered but not accepted were promptly returned to the tendering parties. In connection with such repurchase, the Company accelerated the amortization of the original issue discount by $5.2 million and the associated debt issue costs by $3.1 million in the second quarter of 2013. The accelerated amortization of the original issue discount and associated debt issue costs are recorded in the Consolidated Statements of Operations as interest expense. | |||||||||||||||||
On May 24, 2013, the Company redeemed $43 million of the notes at 105% of the principal amount thereof, plus accrued and unpaid interest, which resulted in a premium of $2.2 million that was recognized in the Consolidated Statements of Operations as other expense. In connection with the redemption, the Company accelerated the amortization of the original issue discount by $0.8 million and associated debt issue costs by $0.5 million in the second quarter of 2013. | |||||||||||||||||
On August 26, 2013, the Company redeemed the remaining $43 million of the notes at 105% of the principal amount thereof, plus accrued and unpaid interest, which resulted in a premium of $2.2 million that was recognized in the Consolidated Statements of Operations as other expense. In connection with the redemption, the Company accelerated the amortization of the original issue discount by $0.8 million and associated debt issue costs by $0.5 million in the third quarter of 2013. Per the Term Loan Credit Agreement, the Company used the $45.2 million that was being held in an escrow account to cover this redemption and associated premium. As of December 31, 2013, the notes had been repaid in full and no balance remained outstanding. | |||||||||||||||||
Letter of Credit Facility | |||||||||||||||||
On June 13, 2011, the Company entered into a Letter of Credit Facility Agreement, by and among Tower Automotive Holdings USA, LLC (the “L/C Borrower”), the Company, JPMorgan Chase Bank, N.A. in its capacity as participant in respect of letters of credit issued there under, and JPMorgan Chase Bank, N.A. as Administrative Agent and Issuing Lender. | |||||||||||||||||
The Letter of Credit Facility Agreement originally provided for a Letter of Credit Facility for the issuance of up to $38 million of letters of credit, with a sublimit for Euro dominated letters of credit (with an option to increase the Letter of Credit Facility to $44.5 million in the future). The Company amended the Letter of Credit Facility Agreement to reduce the Letter of Credit Facility on multiple occasions. In addition, on June 13, 2014, the Company amended the Letter of Credit Facility Agreement to increase the Letter of Credit Facility from $8.5 million to $8.7 million and reduce the per annum fee to 7.5%. | |||||||||||||||||
The Letter of Credit Facility matured on September 20, 2014 and the Company did not renew this facility. | |||||||||||||||||
Detroit Investment Fund | |||||||||||||||||
The Company assumed an unsecured debt instrument of $1 million owed to the Detroit Investment Fund, L.P. upon the acquisition of substantially all of the assets of W Industries (refer to Note 14). The debt instrument requires monthly principal and interest payments with an annual interest rate of 8.5%. During the second quarter of 2013, the remaining balance on the debt instrument was repaid in full. As of December 31, 2013, no balance remained outstanding. | |||||||||||||||||
Debt Issue Costs | |||||||||||||||||
The Company incurred interest expense related to the amortization of debt issue costs of $3 million, $6.5 million, and $1.9 million during the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
Other Foreign Subsidiary Indebtedness | |||||||||||||||||
As of December 31, 2014, other foreign subsidiary indebtedness of $42.2 million consisted primarily of receivables factoring in Europe of $20 million, other indebtedness in Europe of $13.5 million, and borrowings in Brazil of $8.7 million. | |||||||||||||||||
The change in foreign subsidiary indebtedness from December 31, 2013 to December 31, 2014 is explained by the following (in thousands): | |||||||||||||||||
Europe | Brazil | China | Total | ||||||||||||||
Balance as of December 31, 2013 | $ | 37,749 | $ | 26,461 | $ | 12,338 | $ | 76,548 | |||||||||
Maturities of indebtedness | (7,562 | ) | (15,996 | ) | (3,223 | ) | (26,781 | ) | |||||||||
New/renewed indebtedness | — | 1,217 | 2,870 | 4,087 | |||||||||||||
Change in borrowings on credit facilities | 7,803 | — | (393 | ) | 7,410 | ||||||||||||
Foreign exchange impact | (4,520 | ) | (2,939 | ) | (297 | ) | (7,756 | ) | |||||||||
Liabilities held for sale | — | — | (11,295 | ) | (11,295 | ) | |||||||||||
Balance as of December 31, 2014 | $ | 33,470 | $ | 8,743 | $ | — | $ | 42,213 | |||||||||
Generally, borrowings of foreign subsidiaries are made under credit agreements with commercial lenders and are used to fund working capital and other operating requirements. | |||||||||||||||||
Europe | |||||||||||||||||
As of December 31, 2014, the receivables factoring facilities balance available to the Company was $20 million (€16.5 million), of which $20 million (€16.5 million) was drawn. These are uncommitted demand facilities which are subject to termination at the discretion of the banks and bear interest rates based upon the average three month EURIBOR plus a spread ranging from 2.50% to 3.75%. The effective annual interest | |||||||||||||||||
rates as of December 31, 2014 ranged from 2.58% to 3.83%, with a weighted average interest rate of 3.28% per annum. Any receivables factoring under these facilities is with recourse and is secured by the accounts receivable factored. These receivables factoring transactions are recorded in the Company’s Consolidated Balance Sheets in short-term debt and current maturities of capital lease obligations. | |||||||||||||||||
As of December 31, 2014, the secured lines of credit balance available to the Company was $15.1 million (€12.5 million), of which $3 million (€2.5 million) was outstanding. The facilities bear an interest rate based on the EURIBOR plus a spread ranging from 2.40% to 4.00% and have maturity dates ranging from April 2015 to October 2015. The effective annual interest rate as of December 31, 2014 was 4.02% per annum. The facilities are secured by certain accounts receivable related to customer funded tooling, real estate, and other assets and are subject to negotiated prepayments upon the receipt of funds from completed customer projects. | |||||||||||||||||
As of December 31, 2014, the Company’s European subsidiaries had borrowings of $10.5 million (€8.6 million) under a term loan, which had an annual interest rate of 6.25% and a maturity date of November 2017. This term loan is secured by certain machinery and equipment. | |||||||||||||||||
As of December 31, 2014, the Company’s European subsidiaries had an asset-based revolving credit facility balance available to the Company of $30.8 million, of which no borrowings were outstanding. This facility bears an interest rate based upon the one month LIBOR plus a spread of 4.00% and has a maturity date of October 2017. The Company will pay a commitment fee at a rate equal to 0.50% per annum on the average daily unused total revolving credit commitment. Availability on the credit facility is determined based upon the appraised value of certain machinery, equipment, and real estate, subject to a borrowing base availability limitation and customary covenants. | |||||||||||||||||
Brazil | |||||||||||||||||
As of December 31, 2014, the Company’s Brazilian subsidiary had borrowings of $8.7 million (R$23.2 million), which have annual interest rates ranging from 3.00% to 8.70% and maturity dates ranging from February 2018 to July 2022. As of December 31, 2014, the weighted average interest rate on the borrowings in Brazil was 6.39% per annum. The loans are provided through bilateral agreements with two local banks and are secured by certain fixed and current assets. Periodic interest and principal payments are required. During the third quarter of 2014, the Company made prepayments in the aggregate of $18.8 million on its higher interest debt in Brazil. | |||||||||||||||||
During the fourth quarter of 2014, the Company obtained a term loan of $1.2 million (R$3.2 million) with a maturity date of November 2019 and an interest rate of 6.00%. | |||||||||||||||||
Covenants | |||||||||||||||||
As of December 31, 2014, the Company was in compliance with all financial covenants that govern its credit agreements. | |||||||||||||||||
Capital Leases | |||||||||||||||||
The Company had capital lease obligations of $8.8 million and $11.2 million as of December 31, 2014 and December 31, 2013, respectively. These obligations expire in March 2018. Property under capital leases was $28.5 million and $31.7 million with $14.1 million and $15 million of accumulated depreciation as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 7. Derivative Financial Instruments | ||||||||||||||||||||||||
The Company’s derivative financial instruments include interest rate and cross currency swaps. The Company does not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, the Company monitors counterparty credit ratings. The Company considers credit non-performance risk to be low because the Company enters into agreements with commercial institutions that have at least an S&P, or equivalent, investment grade credit rating. On October 17, 2014, the Company entered into a $200 million variable rate to fixed rate interest rate swap for a portion of the Company’s Term Loan and a €157.1 million cross currency swap based on the U.S. dollar/Euro exchange spot rate of $1.2733 which was the prevailing rate at the time of the transaction. The maturity date for both swap instruments is April 16, 2020. At December 31, 2014 (when the U.S. dollar/Euro exchange spot rate was $1.2154), the following amounts were recorded in the Consolidated Balance Sheets as being receivable from or payable to counterparties under FASB ASC No. 815, Derivatives and Hedging (in thousands): | |||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||
Location | December 31, | December 31, | Location | December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net investment hedge | Other assets, net | $ | 3,642 | N/A | Other non-current liabilities | $ | — | N/A | |||||||||||||||||
Interest rate | Other assets, net | $ | — | N/A | Other non-current liabilities | $ | 301 | N/A | |||||||||||||||||
swap | |||||||||||||||||||||||||
All derivative instruments are recorded at fair value. Effectiveness for net investment and cash flow hedges is initially assessed at the inception of the hedging relationship and on a quarterly basis thereafter. To the extent that derivative instruments are deemed to be effective, changes in the fair value of derivatives are recognized in the Consolidated Balance Sheets as AOCI, and to the extent they are ineffective or were not designated as part of a hedge transaction, they are recorded in the Consolidated Statements of Operations as interest expense, net. The cross currency swap qualifies as a net investment hedge of the Company’s European subsidiaries and is accounted for under FASB ASC No. 815. The interest rate swap was not designated as part of a hedge transaction; therefore all changes in fair value are recognized in the Consolidated Statements of Operations as interest expense, net. | |||||||||||||||||||||||||
The following table presents deferred gains/(losses) reported in AOCI at December 31, 2014, respectively (in thousands): | |||||||||||||||||||||||||
Deferred gain (loss) in AOCI at | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Net investment hedge | $ | 9,094 | N/A | ||||||||||||||||||||||
Derivative instruments held during the period resulted in the following expense recorded in income during the year ended December 31, 2014, respectively (in thousands): | |||||||||||||||||||||||||
Expense recognized (ineffective portion) | |||||||||||||||||||||||||
Location | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Net investment hedge | Interest expense | $ | 5,453 | N/A | |||||||||||||||||||||
Interest rate swap | Interest expense | $ | 301 | N/A | |||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | Note 8. Income Taxes | ||||||||||||
Tax Summary | |||||||||||||
The Company’s income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessments of estimated current and future taxes to be paid. The Company is subject to income taxes in numerous foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | |||||||||||||
The summary of income/(loss) before provision for income taxes and noncontrolling interests consisted of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 42,841 | $ | (32,347 | ) | $ | (7,093 | ) | |||||
Foreign | 3,605 | 6,754 | 251 | ||||||||||
Total | $ | 46,446 | $ | (25,593 | ) | $ | (6,842 | ) | |||||
The provision/(benefit) for income taxes consisted of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Domestic – Federal | $ | 350 | $ | — | $ | — | |||||||
Domestic – State | 33 | 43 | 8 | ||||||||||
Foreign | 9,086 | 9,823 | 3,588 | ||||||||||
Total | 9,470 | 9,866 | 3,596 | ||||||||||
Tax Benefit with offset in OCI: | |||||||||||||
Domestic – Federal | — | (9,897 | ) | — | |||||||||
Domestic – State | — | (931 | ) | — | |||||||||
Total | — | (10,828 | ) | — | |||||||||
Deferred and Other: | |||||||||||||
Foreign | (198 | ) | 1,140 | 10,156 | |||||||||
Total | (198 | ) | 1,140 | 10,156 | |||||||||
Total provision for income taxes: | $ | 9,272 | $ | 178 | $ | 13,752 | |||||||
A reconciliation of income tax expense from continuing operations and the U.S. federal statutory income tax expense were as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes at U.S. federal statutory rate | $ | 16,256 | $ | (8,957 | ) | $ | (2,395 | ) | |||||
State tax expense/(benefit) | 33 | 110 | 88 | ||||||||||
Foreign tax rate differential | (522 | ) | (1,907 | ) | 724 | ||||||||
Valuation allowance | (10,298 | ) | 20,552 | 14,684 | |||||||||
Permanent differences | 1,823 | 208 | 2,260 | ||||||||||
Foreign withholding taxes | 932 | 4,014 | 1,099 | ||||||||||
Increase/(decrease) in uncertain tax positions | 320 | (1,191 | ) | (2,110 | ) | ||||||||
Tax benefit in OCI | — | (10,828 | ) | — | |||||||||
Other | 728 | (1,823 | ) | (598 | ) | ||||||||
Total income tax expense | $ | 9,272 | $ | 178 | $ | 13,752 | |||||||
Deferred income taxes are primarily provided for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of each type of temporary difference and carryforward that give rise to a significant portion of deferred tax assets/(liabilities) are summarized as follows (in thousands): | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets are attributable to: | |||||||||||||
Net operating loss carryforwards and tax credits | $ | 116,564 | $ | 168,769 | |||||||||
Non-deductible reserves and other accruals | 46,098 | 39,254 | |||||||||||
Accrued pension and postretirement benefit obligations | 28,153 | 19,629 | |||||||||||
Capitalized Leases | 8,530 | 9,435 | |||||||||||
MRO inventory reserves | 1,974 | 10,760 | |||||||||||
Total gross deferred assets | 201,319 | 247,847 | |||||||||||
Less: valuation allowance | (178,974 | ) | (219,421 | ) | |||||||||
Net deferred income tax assets | $ | 22,345 | $ | 28,426 | |||||||||
Deferred tax liabilities are attributable to: | |||||||||||||
Deferred cancellation of indebtedness income | (14,255 | ) | (18,672 | ) | |||||||||
Long lived assets | (4,498 | ) | (13,179 | ) | |||||||||
Withholding and other taxes on foreign earnings and other | (6,995 | ) | — | ||||||||||
Total gross deferred liabilities | (25,748 | ) | (31,851 | ) | |||||||||
Net deferred tax asset/(liability) | $ | (3,403 | ) | $ | (3,425 | ) | |||||||
As of December 31, 2014, the amount of valuation allowance that existed was $179 million. The valuation allowance decreased $40.4 million during 2014 primarily due to the expiration of Mexican net operating loss (“NOL”) and utilization of U.S. NOLs. The Company continually monitors all available evidence to determine if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this assessment, the Company continues to record a full valuation allowance against its deferred tax assets in the U.S. and certain international jurisdictions, primarily the Netherlands, Brazil, and Italy. If the Company’s operating performance and automotive production volumes remain stable in the U.S., it is probable that most of the U.S. valuation allowance could be released in 2015. | |||||||||||||
As of December 31, 2013, the amount of valuation allowance that existed was $219.4 million. The valuation allowance increased $11.7 million during 2013 primarily as a result of the Company recording a new valuation allowance against its deferred tax assets in Italy and not recognizing tax benefits from the increases in U.S. NOLs. | |||||||||||||
The Company has U.S. NOL carryforwards of $168.3 million that expire during the years 2027 through 2033, state NOL carryforwards of $72.6 million and state credit carryforwards of $22 million that expire during the years 2020 through 2033. The Company has recorded deferred tax assets of $59 million and $27.5 million related to federal NOL carryforwards and state NOL and credit carryforwards, respectively. During 2013 the Company had an ownership change that limits the annual utilization of the federal and some state NOLs. The annual federal limitation is based on the value of the Company at the time of the change times the long-term tax exempt rate, plus additional adjustments for unrealized built in gains like deferred cancellation of indebtedness that are realized after the change. We do not expect the annual limitation will have a material effect on U.S. federal and state current tax expense and payments through 2018. | |||||||||||||
The Company’s international subsidiaries have NOL carryforwards of $175.8 million at December 31, 2014, many of which are unlimited, while others expire as soon as 2016. The Company has recorded deferred tax assets of $34 million related to the foreign NOL and credit carryforwards. | |||||||||||||
As of December 31, 2014, the Company has provided for U.S. deferred income taxes and foreign withholding taxes primarily for the unremitted earnings of the Company’s Chinese joint ventures held for sale. The Company has not provided for U.S. deferred income taxes on its other international subsidiaries because such earnings are considered permanently reinvested and it is not practical to estimate the amount of income taxes that may be payable upon distribution. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefit – January 1 | $ | 18,223 | $ | 19,242 | $ | 20,503 | |||||||
Increase in prior year tax positions | 646 | — | 172 | ||||||||||
Decrease in prior year tax positions | — | (567 | ) | (558 | ) | ||||||||
Increase in current year tax positions | 1,180 | 2,656 | 917 | ||||||||||
Audit settlements | (489 | ) | (3,336 | ) | (1,789 | ) | |||||||
Lapse in statute of limitations | (161 | ) | (198 | ) | (302 | ) | |||||||
Foreign currency translation | (1,312 | ) | 426 | 299 | |||||||||
Liabilities held for sale | (5,869 | ) | — | — | |||||||||
Total | $ | 12,218 | $ | 18,223 | $ | 19,242 | |||||||
Included in the balance of unrecognized tax benefits at December 31, 2014, 2013, and 2012 are $8.4 million, $15.4 million, and $17.4 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. These amounts are primarily associated with international tax issues such as the deductibility of management charges and interest expenses. Also included in the balance of unrecognized tax benefits at December 31, 2014, 2013 and 2012 are $3.8 million, $2.8 million, and $1.8 million, respectively, of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes. In 2015, the Company expects it will receive a final court decision on interest deductions taken on its 2004 and 2005 German tax returns. The Company believes it is reasonably possible that a decrease of $5.1 million in unrecognized tax benefits related to the German court decision may be necessary during 2015. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2014 and 2013, the Company accrued for the payment of income tax related interest and penalties $1.1 million and $1.4 million, respectively. The amount of interest and penalty expense/(benefit) was $0.3 million, $(0.1) million and $(1.7) million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
The Company is currently under IRS audit for the 2011, 2012, and 2013 tax years. The Company is not currently under U.S. state income tax examination for any tax year. The U.S. statute of limitation extends to the 2007 tax year. The Company is under examination in some international jurisdictions for tax years 2007 – 2012. The Company believes appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. | |||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 9. Employee Benefit Plans | ||||||||||||||||
The Company sponsors a pension and various other postretirement benefit plans for its employees. | |||||||||||||||||
In accordance with FASB ASC No. 805, Business Combinations, on August 1, 2007, the Company recorded a liability for the total projected benefit obligation in excess of plan assets for the Tower International Consolidated Pension Plan (“Pension Plan”) and a liability for the total accumulated postretirement benefit obligation in excess of the fair value of plan assets for other postretirement benefit plans and for postretirement benefit settlement agreements. | |||||||||||||||||
Defined Benefit Retirement Plans | |||||||||||||||||
The Pension Plan provides benefits for certain current and former U.S. employees. Benefits under the Pension Plan are based on years of service and compensation, as well as other factors. Effective October 1, 2006, the Pension Plan was frozen and the Company ceased accruing any additional benefits. Contributions by the Company are intended to fund benefits that accrued through October 1, 2006. | |||||||||||||||||
The Company’s funding policy is to annually contribute amounts to the Pension Plan’s related trust, sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code of 1986 (the “Code”). The Company expects minimum contribution requirements to the Pension Plan of $9.4 million during 2015. Benefit payments under the Pension Plan are estimated to be $18.4 million, $18.1 million, $17.3 million, $17.2 million, and $17.3 million for the years ending December 31, 2015, 2016, 2017, 2018, and 2019, respectively, for a total of $88.3 million during that five-year period. Aggregate benefit payments under the Pension Plan for the years 2020 through 2024 are estimated to be $85.1 million. | |||||||||||||||||
The following table provides a reconciliation of the changes in the fair value of Pension Plan of assets and the change in the projected benefit obligation (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Reconciliation of Fair Value of Pension Plan Assets: | |||||||||||||||||
Fair value, beginning of period | $ | 199,043 | $ | 189,472 | |||||||||||||
Actual return | 9,100 | 14,607 | |||||||||||||||
Employer contributions | 13,232 | 15,005 | |||||||||||||||
Expenses paid from Pension Plan assets | (1,536 | ) | (1,248 | ) | |||||||||||||
Benefits paid | (18,262 | ) | (18,793 | ) | |||||||||||||
Fair value, end of period | $ | 201,577 | $ | 199,043 | |||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||
Projected benefit obligation, beginning of period | $ | 253,958 | $ | 290,252 | |||||||||||||
Service cost | 28 | 53 | |||||||||||||||
Interest cost | 10,882 | 10,126 | |||||||||||||||
Actuarial (gain)/loss | 23,608 | (25,635 | ) | ||||||||||||||
Benefits paid | (18,262 | ) | (18,793 | ) | |||||||||||||
Plan amendments* | — | (2,045 | ) | ||||||||||||||
Projected benefit obligation, end of period | $ | 270,214 | $ | 253,958 | |||||||||||||
Funded status of the Pension Plan | $ | (68,637 | ) | $ | (54,915 | ) | |||||||||||
* | The Company transferred certain benefits from the Pension Plan to the Company’s life insurance plan. | ||||||||||||||||
At December 31, 2014 and 2013, the funded status of the Pension Plan is recorded as pension liability in the Consolidated Balance Sheets. | |||||||||||||||||
At the December 31, 2014 and 2013 measurement dates, the accumulated benefit obligation of the Pension Plan was approximately $269 million and $253 million, respectively. | |||||||||||||||||
The following table presents the components of the net periodic pension benefit cost/(income) of the Pension Plan (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 28 | $ | 53 | $ | 44 | |||||||||||
Interest cost | 10,882 | 10,126 | 11,690 | ||||||||||||||
Expected return on plan assets | (13,017 | ) | (12,305 | ) | (11,215 | ) | |||||||||||
Amortization of prior service credit | (95 | ) | — | — | |||||||||||||
Actuarial loss | 4,160 | — | 19,157 | ||||||||||||||
Net periodic benefit cost/(income) | $ | 1,958 | $ | (2,126 | ) | $ | 19,676 | ||||||||||
Pre-tax amounts recognized in other comprehensive income/(loss) for the years ended December 31, 2014, 2013, and 2012 consist of the following (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Unrecognized gain/(loss) | $ | (24,901 | ) | $ | 26,689 | $ | (1,989 | ) | |||||||||
New prior service credit | — | 2,045 | — | ||||||||||||||
Amortization of prior service credit | (95 | ) | — | — | |||||||||||||
Amount recognized | $ | (24,996 | ) | $ | 28,734 | $ | (1,989 | ) | |||||||||
The following table summarizes the amounts included in accumulated other comprehensive loss, net of tax, related to the Pension Plan: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrecognized loss | $ | (25,328 | ) | $ | (427 | ) | |||||||||||
Net prior service credit | 1,950 | 2,045 | |||||||||||||||
Deferred tax impact | (13,132 | ) | (13,132 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (36,510 | ) | $ | (11,514 | ) | |||||||||||
The significant assumptions used in measuring the Company’s projected benefit obligation at the December 31, 2014 and 2013 measurement dates are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 3.65 | % | 4.5 | % | |||||||||||||
Annual rate of increase in compensation | 4.5 | % | 4.5 | % | |||||||||||||
The assumptions used in determining net periodic benefit cost are shown below: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.5 | % | 3.65 | % | 4.5 | % | |||||||||||
Expected long-term rate of return on plan assets | 7.4 | % | 7.4 | % | 7.4 | % | |||||||||||
Annual rate of increase in compensation | 4.5 | % | 4.5 | % | 4.5 | % | |||||||||||
The present value of the Company’s projected benefit obligation is calculated annually with the assistance of third party actuaries. The discount rates used in the calculations are established based upon the results of a yield curve analysis, which calculates a yield to maturity that mirrors the timing and amounts of future benefit payments. | |||||||||||||||||
The Company invests the assets of the Pension Plan in a diversified portfolio, which consists of an array of asset classes and attempts to maximize returns while minimizing volatility. The allocation of Pension Plan assets at December 31, 2014 and 2013, as well as the Company’s 2014 target allocations, are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2014 Target | |||||||||||||||
Fixed income investments | 46 | % | 45 | % | 45 | % | |||||||||||
Equity securities | 32 | % | 33 | % | 30 | % | |||||||||||
Non-equity investments | 20 | % | 19 | % | 20 | % | |||||||||||
Real estate | 2 | % | 3 | % | 5 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||
The expected long-term rate of return on the Pension Plan’s assets assumptions are based upon modeling studies completed with the assistance of the Company’s actuaries and investment consultants. The models take into account inflation, asset class returns, and bond yields for both domestic and foreign markets. These studies, along with the history of returns for the Pension Plan, indicate that expected future returns, weighted by asset allocation, supported an expected long-term asset return assumption of 7.4% for 2014 and 2013. | |||||||||||||||||
The Company’s investment goals are to achieve returns in excess of the Pension Plan’s actuarial assumptions, commensurate with the Pension Plan’s risk tolerance; to invest in a prudent manner in accordance with fiduciary requirements of ERISA and to ensure that Pension Plan assets will meet the obligations of the Pension Plan as they come due. | |||||||||||||||||
Investment management of the Pension Plan is delegated to a professional investment management firm that must adhere to policy guidelines and objectives. An independent investment consultant is used to measure and report on investment performance, perform asset/liability modeling studies, recommend changes to objectives, guidelines, managers, or asset class structure, and keep the Company informed of current investment trends and issues. | |||||||||||||||||
The investment policy, as established by the Company’s Benefit Plans Committee (the “Committee”), allows for effective supervision, monitoring, and evaluating of the investment of the Company’s retirement plan assets. This includes setting forth an investment structure for managing assets and providing guidelines for each portfolio to control the level of overall risk and liquidity. The cash inflows and outflows of the Pension Plan will be deployed in a manner consistent with the above target allocations. If the Committee determines cash flows to be insufficient within the strategic allocation target ranges, the Committee shall decide whether to effect transactions to bring the strategic allocation within the threshold ranges. Pension Plan assets do not include equity securities of the Company. | |||||||||||||||||
Based on consideration of the Pension Plan’s projected benefit obligation, the Pension Plan’s ability to tolerate risk is in the moderate range. Asset allocation is consistent with this level of risk, with assets being a mix of equities and fixed income. Equity investments are diversified across U.S. and non-U.S. stocks. Minimum and maximum ranges are established for each asset class to control risk and maximize the effectiveness of the Pension Plan’s asset allocation strategy. Asset allocation is reviewed quarterly and rebalanced if necessary. Specific investment guidelines, restrictions, and investment return objectives exist for each asset class and corresponding investment manager. | |||||||||||||||||
Pension Plan assets are recorded at fair value. Fixed income and equity securities may each be combined into commingled fund investments, which are valued to reflect the Company’s interest in the fund, based upon the reported year-end net asset value. The estimated fair values of debt securities held are based upon quoted market prices and/or market data for the same or comparable instruments. Because of the nature of these fixed income securities and commingled fixed income funds, some of these instruments are classified as Level 2 or Level 3 investments within the fair value hierarchy, as defined in Note 3. Fair value estimates for publicly-traded equity securities are based upon quoted market prices and/or other market data for the same or comparable instruments. Collective trusts that hold securities directly are stated at fair value of the underlying securities, as determined by the administrator, based on readily determinable market values and as such, are classified as Level 2 or Level 3 investments. Non-equity investments include investments in hedge funds and are valued based upon their year-end reported net asset values. The funded status of the Pension Plan represents the difference between the Company’s projected benefit obligation and fair value of Pension Plan assets and is presented as pension liability in the Consolidated Balance Sheets. | |||||||||||||||||
The following table summarizes the Pension Plan assets measured at fair value as of December 31, 2014 and 2013 (in millions). Refer to Note 3 for definitions of Level 1, 2, and 3 financial instruments within the fair value hierarchy and the methods and assumptions used to estimate the fair value of marketable securities. | |||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||
Asset Classes | Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash | $ | 3 | $ | 3 | $ | — | $ | — | |||||||||
Equity securities | 18 | 18 | — | — | |||||||||||||
Mutual funds(a) | 83 | 72 | 11 | — | |||||||||||||
Corporate bonds | 47 | — | 47 | — | |||||||||||||
Equity long/short hedge funds(b) | 47 | — | 18 | 29 | |||||||||||||
Real estate investment funds | 4 | — | — | 4 | |||||||||||||
Total | $ | 202 | $ | 93 | $ | 76 | $ | 33 | |||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Asset Classes | Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash | $ | 4 | $ | 4 | $ | — | $ | — | |||||||||
Equity securities | 15 | 15 | — | — | |||||||||||||
Mutual funds(a) | 87 | 76 | 11 | — | |||||||||||||
Corporate bonds | 41 | — | 41 | — | |||||||||||||
Equity long/short hedge funds(b) | 45 | — | — | 45 | |||||||||||||
Real estate investment funds | 7 | — | — | 7 | |||||||||||||
Total | $ | 199 | $ | 95 | $ | 52 | $ | 52 | |||||||||
(a) | This category consists of mutual fund investments that are focused on fixed income and international equity securities. | ||||||||||||||||
(b) | This category includes hedge funds that invest both long and short in a variety of U.S. and international equities and currencies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks, and from a net long position to a net short position. | ||||||||||||||||
For Pension Plan assets with fair value measurements using significant unobservable inputs (Level 3), reconciliations of beginning and ending balances are as follows (in millions): | |||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Equity Long/Short | |||||||||||||||||
Hedge Funds | |||||||||||||||||
Balance at December 31, 2012 | $ | 47 | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Relating to assets still held at the reporting date | 2 | ||||||||||||||||
Purchases | 1 | ||||||||||||||||
Redemptions | (5 | ) | |||||||||||||||
Balance at December 31, 2013 | $ | 45 | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Relating to assets still held at the reporting date | 1 | ||||||||||||||||
Purchases | — | ||||||||||||||||
Redemptions | (17 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 29 | |||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Real Estate | |||||||||||||||||
Investment Funds | |||||||||||||||||
Balance at December 31, 2012 | $ | — | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Purchases | 7 | ||||||||||||||||
Balance at December 31, 2013 | $ | 7 | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Redemptions | (3 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 4 | |||||||||||||||
Defined Contribution Retirement Plans | |||||||||||||||||
The Company sponsors various qualified defined contribution retirement plans. Each plan serves a defined group of employees and has varying levels of Company contributions. The Company’s contributions to certain plans may be required by the terms of the Company’s collective bargaining agreements. During 2014, 2013, and 2012, the Company contributed $5 million, $4.6 million, and $4.4 million, respectively, to its defined contribution retirement plans. | |||||||||||||||||
Retirement Plans of Non-U.S. Operations | |||||||||||||||||
The Company has no defined benefit pension plans associated with its non-U.S. operations. In certain circumstances, the Company may provide severance benefits to employees whose employment is terminated under a written agreement. The amount of benefits depends upon the length of service of the employee and whether the termination was voluntary or at the request of the Company. During 2014, 2013, and 2012, the Company recorded expenses associated with these non-U.S. plans of $1.4 million, $1.6 million, and $1.6 million, respectively. | |||||||||||||||||
Other Postretirement Plans | |||||||||||||||||
Life Insurance Plans | |||||||||||||||||
As of July 31, 2007, the Company assumed life insurance benefits for certain U.S. retirees and the benefit plans pursuant to which such life insurance benefits are provided. Expected future life insurance benefit payments amount to $0.5 million, $0.9 million, $0.9 million, $1 million, and $1 million for the years ending December 31, 2015, 2016, 2017, 2018, and 2019, respectively, for a total of $4.2 million during the five-year period. Aggregate expected benefit payments for the years 2020 through 2024 are $5 million. | |||||||||||||||||
The following table provides a reconciliation of the changes in the benefit obligation and funded status of the Company’s life insurance plans (in thousands): | |||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Reconciliation of fair value of life insurance plan assets: | |||||||||||||||||
Fair value of assets, beginning of period | $ | — | $ | — | |||||||||||||
Employer contributions | 515 | 431 | |||||||||||||||
Benefits paid | (515 | ) | (431 | ) | |||||||||||||
Fair value of assets, end of period | $ | — | $ | — | |||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation, beginning of period | $ | 15,144 | $ | 14,648 | |||||||||||||
Plan amendments* | — | 1,974 | |||||||||||||||
Service cost | 8 | — | |||||||||||||||
Interest cost | 698 | 541 | |||||||||||||||
Actuarial loss/(gain) | 1,993 | (1,588 | ) | ||||||||||||||
Benefits paid | (515 | ) | (431 | ) | |||||||||||||
Benefit obligation, end of period | $ | 17,328 | $ | 15,144 | |||||||||||||
Funded status of life insurance plans | $ | (17,328 | ) | $ | (15,144 | ) | |||||||||||
* | The Company transferred certain benefits to the Company’s life insurance plan from the Pension Plan. | ||||||||||||||||
At December 31, 2014 and 2013, the funded status of the Company’s life insurance plans is recorded as accrued liabilities and other non-current liabilities in the Consolidated Balance Sheets. | |||||||||||||||||
The following table provides the components of the net periodic benefit cost of the Company’s life insurance plans (in thousands): | |||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 8 | $ | — | $ | — | |||||||||||
Interest cost | 698 | 541 | 650 | ||||||||||||||
Expected return on plan assets | — | — | — | ||||||||||||||
Amortization of prior service credit | 132 | — | — | ||||||||||||||
Net periodic benefit cost | $ | 838 | $ | 541 | $ | 650 | |||||||||||
Pre-tax amounts recognized in other comprehensive income/(loss) at December 31, 2014, 2013, and 2012 consist of the following (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Net actuarial gain/(loss) | $ | (1,993 | ) | $ | 1,588 | $ | 614 | ||||||||||
New prior service cost | — | (1,974 | ) | — | |||||||||||||
Amortization of prior service cost | 132 | — | — | ||||||||||||||
Amount recognized | $ | (1,861 | ) | $ | (386 | ) | $ | 614 | |||||||||
The following table summarizes the amounts included in accumulated other comprehensive loss, net of tax, related to the Company’s life insurance plans (in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrecognized gain/(loss) | $ | (730 | ) | $ | 1,263 | ||||||||||||
Net prior service cost | (1,842 | ) | (1,974 | ) | |||||||||||||
Deferred tax impact | (608 | ) | (608 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (3,180 | ) | $ | (1,319 | ) | |||||||||||
The present value of the Company’s postretirement benefit obligation is calculated annually with the assistance of third party actuaries. The discount rates used in the calculations are established based upon the results of a yield curve analysis, which calculates a yield to maturity that mirrors the timing and amounts of future benefit payments. The discount rates used to measure the Company’s postretirement benefit obligation in 2014 and 2013 was 3.75% and 4.70%, respectively. The discount rates used to determine the net periodic benefit cost was 4.70%, 3.75%, and 4.50% in 2014, 2013, and 2012, respectively. The measurement dates of the Company’s post retirement plans are December 31 of each year. | |||||||||||||||||
Earnings_per_Share_EPS
Earnings per Share ("EPS") | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | Note 10. Earnings per Share (“EPS”) | ||||||||||||
Basic earnings/(loss) per share is calculated by dividing the net income/(loss) attributable to Tower International, Inc. by the weighted average number of common shares outstanding. | |||||||||||||
The share count for diluted earnings/(loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the effects of dilutive common stock equivalents (“CSEs”) outstanding during the period. CSEs, which are securities that may entitle the holder to obtain common stock, include outstanding stock options and restricted stock units. When the average price of the common stock during the period exceeds the exercise price of a stock option, the options are considered potentially dilutive CSEs. When there is a loss from continuing operations, potentially dilutive shares are excluded from the computation of earnings per share, as their effect would be anti-dilutive. | |||||||||||||
The Company excluded 1.2 million, 1.5 million, and 1 million of potentially anti-dilutive shares for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
A summary of the information used to compute basic and diluted net income/(loss) per share attributable to Tower International, Inc. is shown below (in thousands — except share and per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income/(loss) from continuing operations | $ | 36,523 | $ | (26,329 | ) | $ | (20,594 | ) | |||||
Income/(loss) from discontinued operations, net of tax | (9,436 | ) | 10,265 | 45,602 | |||||||||
Net income/(loss) | 27,087 | (16,064 | ) | 25,008 | |||||||||
Less: Net income attributable to the noncontrolling interests | 5,571 | 4,211 | 6,976 | ||||||||||
Net income/(loss) attributable to Tower International, Inc. | $ | 21,516 | $ | (20,275 | ) | $ | 18,032 | ||||||
Basic income/(loss) per share | |||||||||||||
Continuing operations | $ | 1.5 | $ | (1.50 | ) | $ | (1.37 | ) | |||||
Discontinued operations | (0.46 | ) | 0.5 | 2.27 | |||||||||
Net income/(loss) attributable to Tower International, Inc. | 1.04 | (0.99 | ) | 0.9 | |||||||||
Basic weighted average shares outstanding | 20,662,425 | 20,387,168 | 20,080,839 | ||||||||||
Diluted income/(loss) per share | |||||||||||||
Continuing operations | $ | 1.45 | $ | (1.50 | ) | $ | (1.37 | ) | |||||
Discontinued operations | (0.44 | ) | 0.5 | 2.27 | |||||||||
Net income/(loss) attributable to Tower International, Inc. | 1.01 | (0.99 | ) | 0.9 | |||||||||
Diluted weighted average shares outstanding | 21,391,000 | 20,387,168 | 20,080,839 | ||||||||||
ShareBased_and_LongTerm_Compen
Share-Based and Long-Term Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 11. Share-Based and Long-Term Compensation | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
2010 Equity Incentive Plan (“the Plan”) | |||||||||||||||||
The Company adopted an equity incentive plan in connection with its 2010 initial public offering that allows for the grant of stock options, restricted stock awards, other equity-based awards, and certain cash-based awards to be made pursuant to the Plan. The eligibility requirements and terms governing the allocation of any common stock and the receipt of other consideration under the Plan are determined by the Board of Directors and/or its Compensation Committee. | |||||||||||||||||
On April 25, 2014, the Plan was amended and restated. The number of shares of common stock available for issuance pursuant to new awards under the 2010 Equity Incentive Plan was reduced to 850,000 shares. At December 31, 2014, 787,927 shares were available for future grants of options and other types of awards under the 2010 Equity Incentive Plan. Forfeited shares, in addition to certain other shares, as defined by the Plan, may be re-issued under the Plan up to the maximum amount to be issued. | |||||||||||||||||
The following table summarizes the Company’s award activity during the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||
Options | Restricted Stock Units | ||||||||||||||||
Outstanding at: | Shares | Weighted | Shares | Weighted | |||||||||||||
Average | Average | ||||||||||||||||
Exercise | Grant Date | ||||||||||||||||
Price | Fair Value | ||||||||||||||||
31-Dec-11 | 429,440 | $ | 13.14 | 1,406,024 | $ | 12.25 | |||||||||||
Granted | 615,804 | 11.75 | 135,911 | 11.75 | |||||||||||||
Options exercised or RSUs vested | — | — | (847,022 | ) | 13.14 | ||||||||||||
Forfeited or expired | (71,499 | ) | 12.58 | (12,498 | ) | 14.63 | |||||||||||
31-Dec-12 | 973,745 | 12.3 | 682,415 | 11 | |||||||||||||
Granted | — | — | 120,873 | 13 | |||||||||||||
Options exercised or RSUs vested | (178,744 | ) | 12.44 | (69,858 | ) | 13.68 | |||||||||||
Forfeited or expired | (52,617 | ) | 12.13 | (13,526 | ) | 13.15 | |||||||||||
31-Dec-13 | 742,384 | 12.28 | 719,904 | 11.04 | |||||||||||||
Granted | — | — | 87,810 | 26.36 | |||||||||||||
Options exercised or RSUs vested | (208,351 | ) | 12.62 | (599,310 | ) | 10.73 | |||||||||||
Forfeited or expired | (16,574 | ) | 11.95 | (8,064 | ) | 15.37 | |||||||||||
31-Dec-14 | 517,459 | $ | 12.15 | 200,340 | $ | 18.51 | |||||||||||
Stock options | |||||||||||||||||
The exercise price of each stock option equals the market price of the Company’s common stock on its grant date. Compensation expense is recorded at the grant date fair value, less an estimated forfeiture amount, and is recognized on a straight-line basis over the applicable vesting periods. The Company’s stock options generally vest over three years, with a maximum term of ten years. | |||||||||||||||||
The Company calculates the weighted average grant date fair value of each option granted using a Black-Scholes valuation model. During the years ended December 31, 2014, 2013, and 2012, the Company recognized an expense relating to the options of $1.2 million, $1.8 million, and $1.7 million, respectively. The Company did not recognize any tax benefit related to the compensation expense during any of the periods presented. As of December 31, 2014, the Company had $0.2 million of unrecognized compensation expense associated with these stock options, which will be amortized on a straight-line basis over the next two months, on a weighted average basis. | |||||||||||||||||
As of December 31, 2014, the Company had an aggregate of 517,459 stock options that had been granted, but had not yet been exercised. As of December 31, 2014, the remaining average contractual life for these options is approximately seven years. During the year ended December 31, 2014, 208,351 options were exercised, which had an aggregate intrinsic value of $3.5 million. As of December 31, 2014, 341,636 stock options were exercisable, which had an aggregate intrinsic value of $4.5 million. During the year ended December 31, 2014, no stock options were granted and 16,574 stock options were forfeited or expired. | |||||||||||||||||
Restricted stock units (“RSUs”) | |||||||||||||||||
The grant date fair value of each RSU equals the market price of the Company’s common stock on its date of grant. Compensation expense is recorded at the grant date fair value, less an estimated forfeiture amount, and is recognized on a straight-line basis over the applicable vesting periods. | |||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company recognized an expense of $3.5 million, $3 million, and $2.5 million, respectively, relating to all of the RSUs granted thus far, excluding the RSUs granted in connection with the Company’s IPO. The Company did not recognize any tax benefit related to this compensation expense. As of December 31, 2014, the Company had $1.7 million of unrecognized compensation expense associated with these RSUs, which will be amortized on a straight-line basis over the next 17 months, on a weighted average basis. The Company’s RSUs generally vest over a three year period. | |||||||||||||||||
The Company did not recognize an expense relating to the RSUs granted in connection with the Company’s IPO during the years ended December 31, 2014 or 2013 because all compensation expense associated with these RSUs had been recorded as of April 30, 2012. During the year ended December 31, 2012, the Company recognized an expense of $5.5 million relating to these RSUs. The Company did not recognize any tax benefit related to this compensation expense. | |||||||||||||||||
As of December 31, 2014, the Company had an aggregate of 200,340 RSUs that have been granted, but have not yet vested. During the year ended December 31, 2014, 87,810 RSUs were granted and 8,064 RSUs were forfeited or expired. | |||||||||||||||||
During 2012, a total of 847,022 RSUs vested, resulting in the issuance of 847,022 shares at a fair value of $9.5 million. After offsets for withholding taxes, a total of 564,102 shares of common stock were issued in connection these vestings. This total is net of shares repurchased to provide payment for certain individuals’ minimum statutory withholding tax. The Company paid $3.2 million to acquire 282,920 vested shares to cover the minimum statutory withholding taxes. | |||||||||||||||||
During 2013, a total of 69,858 RSUs vested, resulting in the issuance of 69,858 shares at a fair value of $0.9 million. After offsets for withholding taxes, a total of 46,759 shares of common stock were issued in connection with these vestings. This total is net of shares repurchased to provide payment for certain individuals’ minimum statutory withholding tax. The Company paid $0.3 million to acquire 23,099 vested shares to cover the minimum statutory withholding taxes. | |||||||||||||||||
During 2014, a total of 599,310 RSUs vested, resulting in the issuance of 106,214 shares at a fair value of $2.8 million. The remaining 493,096 shares were issued in January 2015. In connection with the 2014 issuances, a total of 71,238 shares of common stock were issued, after offsets for withholding taxes. This total is net of shares repurchased to provide payment for certain individuals’ minimum statutory withholding tax. The Company paid $0.9 million to acquire 34,976 vested shares to cover the minimum statutory withholding taxes. | |||||||||||||||||
Long-Term Compensation | |||||||||||||||||
Amended and Restated CEO Employment Agreement | |||||||||||||||||
On July 28, 2014, Mark M. Malcolm, the Company’s President and Chief Executive Officer, entered into an amended and restated employment agreement (the “Agreement”), by which Mr. Malcolm’s employment was extended through December 31, 2016 (the “Retirement Date”). The Agreement provides for a $3 million transition bonus for the successful delivery to Tower’s board of directors of a comprehensive chief executive officer succession and officer transition plan and a $3 million retention bonus. These bonus awards, if earned, will be paid in cash on January 16, 2017, and fall under the guidance of FASB ASC No. 450, “Contingencies”. Per ASC No. 450, a liability should be recorded when a future event is both probable and the amount of the commitment is reasonably estimable. | |||||||||||||||||
The Agreement also provides for a stock appreciation bonus of up to $20 million, payable in cash or shares of common stock, as determined by the Company, if certain price targets related to the per share closing price of the Company’s common stock are achieved during the term of the Agreement. This stock appreciation bonus falls under the scope of FASB ASC No. 718, “Compensation — Stock Compensation”, because it is a share-based payment transaction in which the Company acquires Mr. Malcolm’s services by incurring a liability to Mr. Malcolm and because the amount of the award is based upon the price of the Company’s common stock. The Company utilizes the assistance of a third party valuation firm to perform a valuation of the award at the end of each quarterly reporting period which is used to adjust the current and future expense based on changes in the fair value of the obligation, accordingly. | |||||||||||||||||
The retention bonus and stock appreciation bonus awards are also subject to payment upon a change in control or termination of employment, if certain criteria are met. The transition bonus would not be paid upon a change in control that is consummated prior to the Retirement Date, but is subject to payment upon a termination of employment, if certain conditions are met. Each of these bonus awards are being accrued and expensed ratably through the Retirement Date. | |||||||||||||||||
During the year ended December 31, 2014, the Company recorded an expense related to these awards of $1.6 million. At December 31, 2014, the Company had a liability of $1.6 million related to these awards. This liability is presented in the Balance Sheets as other non-current liabilities. | |||||||||||||||||
Performance Award Agreements | |||||||||||||||||
Under the provisions of the 2010 Equity Incentive Plan, the Company granted certain awards pursuant to Performance Award Agreements to approximately 80 executives on March 5, 2013. Additional awards were granted on March 6, 2014. These awards were designed to provide the executives with an incentive to participate in the long-term success and growth of the Company. The Performance Award Agreements provide for cash-based awards that vest upon payment. If certain performance conditions are met, the awards granted on March 5, 2013 will be paid after December 31, 2015 and the awards granted on March 6, 2014 will be paid after December 31, 2016. These awards are also subject to payment upon a change in control or termination of employment, if certain criteria are met. One half of the awards will be based upon the Company’s Adjusted EPS Growth Rate, which is defined as the Company’s cumulative Adjusted EPS for the performance period of the awards, stated in terms of a percentage growth rate. The performance period of the awards granted on March 5, 2013, is January 1, 2013 through December 31, 2015, and the performance period of the awards granted on March 6, 2014, is January 1, 2014 through December 31, 2016. The Company’s EPS will be adjusted to exclude the effect of extraordinary, unusual, and/or nonrecurring items and then will be divided by the number of fiscal years in the specified period, stated in terms of a percentage growth rate. The other half of the awards will be based upon the Company’s percentile ranking of total shareholder return, compared to a peer group of companies, for the performance period. These awards represent unfunded, unsecured obligations of the Company. | |||||||||||||||||
During the years ended December 31, 2014 and 2013, the Company recorded expense related to these awards of $3.9 million and $0.9 million, respectively. At December 31, 2014, the Company had a liability of $4.8 million related to these awards. This liability is presented in the Consolidated Balance Sheets as other non-current liabilities. | |||||||||||||||||
Supplemental Value Creation Program | |||||||||||||||||
The Supplemental Value Creation Program was created in 2010 and provided a $7.5 million cash bonus to approximately 70 executives, subject to vesting requirements of nine and 18 months, upon the retirement of the Company’s First Lien Term Loan in full. The Company began recording a liability related to this program in August 2010 when the First Lien Term Loan was retired. The Company recorded an expense of $0.7 million for the year ended December 31, 2012. The Company paid $3.1 million upon the 18 month vesting of this Program during the first quarter of 2012. There was no remaining liability as of the year ended December 31, 2012. | |||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 12. Related Party Transactions |
The Company sells certain products from its Asian operations to its joint venture partner, Chery. The sales of these products to Chery were $73.7 million, $47.5 million, and $24.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company’s accounts receivable with Chery at December 31, 2014 and 2013 was $21.8 million and $11 million, respectively. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 13. Segment Information | ||||||||||||||||||||||||
The Company defines its operating segments as components of its business where separate financial information is available. The Company’s operating segments are routinely evaluated by management. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. | |||||||||||||||||||||||||
The Company produces engineered structural metal components and assemblies primarily serving the global automotive industry. The Company’s operations have similar economic characteristics and share fundamental characteristics, including the nature of the products, production processes, margins, customers, and distribution channels. The Company’s products include body structures stampings, chassis structures (including frames), and complex welded assemblies for small and large cars, crossovers, pickups, and SUVs. The Company is comprised of four operating segments: Europe, Asia, North America, and South America. These operating segments are aggregated into two reportable segments. The International segment consists of Europe and Asia while the Americas segment consists of North and South America. | |||||||||||||||||||||||||
The Company measures segment operating performance based on Adjusted EBITDA. The Company uses segment Adjusted EBITDA as the basis for the CODM to evaluate the performance of each of the Company’s reportable segments. | |||||||||||||||||||||||||
The following is a summary of select data for each of the Company’s reportable segments (in thousands): | |||||||||||||||||||||||||
International | Americas | Total | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 842,269 | $ | 1,225,502 | $ | 2,067,771 | |||||||||||||||||||
Adjusted EBITDA | 64,400 | 139,782 | 204,182 | ||||||||||||||||||||||
Capital expenditures | 33,531 | 65,862 | 99,393 | ||||||||||||||||||||||
Total assets(a) | 654,614 | 528,302 | 1,182,916 | ||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Revenues | $ | 815,492 | $ | 1,151,000 | $ | 1,966,492 | |||||||||||||||||||
Adjusted EBITDA | 63,868 | 130,060 | 193,928 | ||||||||||||||||||||||
Capital expenditures | 26,155 | 49,255 | 75,410 | ||||||||||||||||||||||
Total assets | 736,272 | 446,721 | 1,182,993 | ||||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Revenues | $ | 786,794 | $ | 1,139,009 | $ | 1,925,803 | |||||||||||||||||||
Adjusted EBITDA | 67,705 | 110,719 | 178,424 | ||||||||||||||||||||||
Capital expenditures | 35,466 | 45,637 | 81,103 | ||||||||||||||||||||||
Total assets | 769,321 | 468,801 | 1,238,122 | ||||||||||||||||||||||
(a) | Total assets as of December 31, 2014 in the International segment include assets held for sale. | ||||||||||||||||||||||||
Inter-segment sales are not significant for any period presented. Capital expenditures do not equal cash disbursed for purchases of property, plant, and equipment, as presented in the accompanying Consolidated Statements of Cash Flows, as capital expenditures above include amounts paid and accrued during the periods presented. | |||||||||||||||||||||||||
The following is a reconciliation of Adjusted EBITDA to income/(loss) before provision for income taxes and equity in loss of joint venture (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 204,182 | $ | 193,928 | $ | 178,424 | |||||||||||||||||||
Restructuring and asset impairment charges, net | (14,248 | ) | (21,198 | ) | (10,738 | ) | |||||||||||||||||||
Depreciation and amortization | (87,241 | ) | (88,838 | ) | (89,902 | ) | |||||||||||||||||||
Acquisition costs and other | (445 | ) | (906 | ) | (431 | ) | |||||||||||||||||||
Long-term compensation expense | (11,313 | ) | (6,630 | ) | (10,416 | ) | |||||||||||||||||||
Interest expense, net | (34,233 | ) | (50,666 | ) | (54,622 | ) | |||||||||||||||||||
Other expense | (87 | ) | (48,448 | ) | — | ||||||||||||||||||||
Pension actuarial loss | (4,160 | ) | — | (19,157 | ) | ||||||||||||||||||||
Commercial settlement related to 2010-13 scrap* | (6,009 | ) | — | — | |||||||||||||||||||||
Closure of Tower Defense & Aerospace | — | (2,835 | ) | — | |||||||||||||||||||||
Income/(loss) before provision for income taxes and equity in loss of joint venture | $ | 46,446 | $ | (25,593 | ) | $ | (6,842 | ) | |||||||||||||||||
* | Represents a one-time retroactive commercial settlement in the current period related to 2010 – 2013 scrap. | ||||||||||||||||||||||||
The following is a summary of revenues and long-lived assets by geographic location (in thousands): | |||||||||||||||||||||||||
Year Ended and End of Year December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenues | Long-Lived | Revenues | Long-Lived | Revenues | Long-Lived | ||||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||||||||
Germany | $ | 347,417 | $ | 68,860 | $ | 338,712 | $ | 71,696 | $ | 358,736 | $ | 68,632 | |||||||||||||
Belgium | 190,103 | 25,378 | 188,932 | 30,314 | 148,026 | 30,430 | |||||||||||||||||||
Slovakia | 159,954 | 56,788 | 181,421 | 72,158 | 208,865 | 79,443 | |||||||||||||||||||
Italy | 91,531 | 25,989 | 90,541 | 32,765 | 101,887 | 33,026 | |||||||||||||||||||
Other Europe | 79,836 | 12,575 | 68,989 | 13,856 | 51,094 | 17,154 | |||||||||||||||||||
China | 77,547 | 21,838 | 53,704 | 98,641 | 28,400 | 84,200 | |||||||||||||||||||
U.S. | 1,070,119 | 187,531 | 958,009 | 173,848 | 925,677 | 208,605 | |||||||||||||||||||
Brazil | 155,383 | 54,107 | 193,469 | 59,440 | 215,471 | 52,625 | |||||||||||||||||||
Intercompany eliminations | (104,119 | ) | — | (107,285 | ) | — | (112,353 | ) | — | ||||||||||||||||
Total | $ | 2,067,771 | $ | 453,066 | $ | 1,966,492 | $ | 552,718 | $ | 1,925,803 | $ | 574,115 | |||||||||||||
Revenues are attributed to geographic locations based on the location of specific production. Long-lived assets consist of net property, plant, and equipment and company-owned tooling. | |||||||||||||||||||||||||
The following is a summary of the approximate composition of the Company’s revenues, by product category (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Body structures and assemblies | 59 | % | 57 | % | 58 | % | |||||||||||||||||||
Complex body-in-white assemblies | 25 | % | 27 | % | 26 | % | |||||||||||||||||||
Chassis, lower vehicle systems, and suspension components | 16 | % | 16 | % | 16 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
The Company sells its products directly to automotive manufacturers. The following table presents a summary of customers that accounted for 10% or more of consolidated revenues in any of the three years ended December 31: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Ford | 22 | % | 24 | % | 23 | % | |||||||||||||||||||
VW | 15 | % | 17 | % | 18 | % | |||||||||||||||||||
Chrysler | 14 | % | 11 | % | 10 | % | |||||||||||||||||||
All customers that accounted for 10% or more of consolidated revenues from the table above are customers in the automotive industry; therefore, the Company is subject to a concentration of credit risk. | |||||||||||||||||||||||||
Acquisitions_and_Joint_Venture
Acquisitions and Joint Ventures | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 14. Acquisitions and Joint Ventures |
Ningbo Joint Venture | |
In February 2012, a foreign subsidiary of the Company reached an agreement with Ningbo Beilun Ditong Auto Parts Co., Ltd. (a subsidiary of Ditong Automotive Products Co., Ltd.) and Zhejiang Jirun Automobile Co. Ltd. (a subsidiary of Geely Automobile Co., Ltd.) (“joint venture partners”) to form a joint venture (“Ningbo” or “Ningbo joint venture”) located in Ningbo, China. At inception, the joint venture partners contributed a facility located in Ningbo, China and the associated land rights in exchange for 64% ownership, which resulted in a $12.1 million noncontrolling interest for the Company. | |
During the second quarter of 2013, the Company reached an agreement with the parties to the Ningbo joint venture, whereby the Company agreed to acquire an additional 6% equity interest in Ningbo for $0.8 million. In connection with the agreement, certain other agreements were modified during the second quarter of 2013, resulting in the Company no longer having the ability to exert control over the operating and financial affairs of Ningbo. Accordingly, the financial results of Ningbo are not consolidated within the Company’s financial statements for the quarterly periods beginning after the first quarter of 2013; rather, the Company’s proportionate share of the earnings/(loss) of the joint venture have been presented in the Consolidated Statements of Operations as equity in earnings/(loss) of joint venture, net of tax. During the year ended December 31, 2013, the Company recognized a gain in connection with the de-consolidation of Ningbo in the amount of $1.5 million, in accordance with FASB ASC No. 810, Consolidation, which is recorded in the Consolidated Statements of Operations as cost of sales. The Company also incurred direct costs of $0.4 million during the year ended December 31, 2013 related to the revised agreements, which have been recorded in the Consolidated Statements of Operations as selling, general, and administrative expenses. The Company made the $0.8 million payment to acquire the additional 6% interest during March 2014. The Company had an accrual of $0.8 million recorded at December 31, 2013 related to the payment made in March 2014. | |
During the fourth quarter of 2014, the Company’s Board of Directors approved a plan to sell the Company’s equity interest in Ningbo. The Company’s investment in the Ningbo joint venture was $7.8 million at December 31, 2014. This investment is presented in the Company’s Consolidated Balance Sheets as investment in joint venture. | |
During the years ended December 31, 2014 and 2013, the Company recorded equity in the losses of Ningbo, net of tax, of $0.7 million and $0.6 million, respectively. | |
Xiangtan Joint Venture | |
In July 2011, a foreign subsidiary of the Company reached an agreement with Xiangtan Ditong Automotive Industrial Machinery Co., Ltd. (“DIT”) to form a joint venture, in which the Company exercises control, which was approved by the Chinese government in September 2011. At inception, the joint venture partner contributed its facility located in Xiangtan, Hunan Province, China in exchange for 50% ownership, which resulted in a $5.9 million noncontrolling interest for the Company. As part of the original transaction, the Company contributed additional capital to the joint venture in March 2012, resulting in an accumulated ownership of 51%. During the fourth quarter of 2014, the Company’s Board of Directors approved a plan to sell the Company’s equity interest in its Xiangtan joint venture. At December 31, 2014, Xiangtan was considered held for sale and presented as discontinued operations in the Consolidated Financial Statements. Refer to Note 5 for additional information. | |
W Industries | |
On April 11, 2011, TD&A, a wholly owned subsidiary of the Company, acquired substantially all of the assets of W Industries, Inc. located in Detroit, Michigan. The Company exchanged its ownership in the W Industries secured debt acquired during the first quarter of 2011 (fair value of $11.3 million) and cash for substantially all of the assets of W Industries and agreed to assume certain liabilities. The acquisition was accounted for as a purchase under the acquisition method in accordance with FASB ASC No. 805, Business Combinations. The total purchase price was approximately $22.3 million, which did not include direct acquisition costs of approximately $1.1 million. The acquisition was recorded by allocating the purchase price to the assets acquired, including identifiable intangible assets and liabilities assumed, based on their estimated fair values at the date of acquisition. There was no goodwill recorded in connection with the acquisition. Supplemental pro forma disclosures are not included as the amounts are deemed immaterial. Revenues and earnings of TD&A since the acquisition date are included in the Company’s Consolidated Statement of Operations and are immaterial for all periods presented. | |
In April 2013 the Company announced the closing of the operations of TD&A and in June 2013, substantially all of the assets of TD&A were sold. Refer to Note 4 for further information regarding the closure of TD&A. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | Note 15. Commitments and Contingencies | ||||||||
Leases | |||||||||
The Company leases office space, manufacturing space, and certain equipment under noncancellable lease agreements, which require the Company to pay maintenance, insurance, taxes, and other expenses, in addition to rental payments. The Company has entered into leasing commitments with lease terms expiring between the years 2015 and 2021. The Company has options to extend the terms of certain leases in future periods. The properties covered under these leases include manufacturing and office equipment and facilities. Rent expense for all operating leases totaled $23.4 million, $20.8 million, and $21 million during the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||
Future minimum capital and operating lease payments at December 31, 2014 are as follows (in thousands): | |||||||||
Year | Operating | Capital | |||||||
Leases | Leases | ||||||||
2015 | $ | 22,161 | $ | 1,562 | |||||
2016 | 19,120 | 1,497 | |||||||
2017 | 17,779 | 1,433 | |||||||
2018 | 14,510 | 5,660 | |||||||
2019 | 12,679 | — | |||||||
Thereafter | 11,016 | — | |||||||
Total future lease payments | $ | 97,265 | 10,152 | ||||||
Less: amount representing interest | (1,338 | ) | |||||||
Present value of minimum lease payments | $ | 8,814 | |||||||
Purchase Commitments | |||||||||
As of December 31, 2014, the Company was obligated under executory purchase orders for approximately $48.9 million of tooling, $21.8 million of capital expenditures, and $7.6 million of other expenditures. | |||||||||
Environmental Matters | |||||||||
The Company owns properties which have been affected by environmental releases. The Company is actively involved in investigation and/or remediation at several of these locations. | |||||||||
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The established liability for environmental matters is based upon management’s best estimates, on an undiscounted basis, of expected investigation/remediation costs related to environmental contamination. It is possible that actual costs associated with these matters will exceed the environmental reserves established by the Company. Inherent uncertainties exist in the estimates, primarily due to unknown environmental conditions, changing governmental regulations, and legal standards regarding liability and evolving technologies for handling site remediation and restoration. At December 31, 2014 and 2013, the Company had approximately $1.7 million and $1.7 million, respectively, accrued for environmental matters. | |||||||||
Contingent Matters | |||||||||
The Company will establish an accrual for matters in which losses are probable and can be reasonably estimated. These types of matters may involve additional claims that, if granted, could require the Company to pay penalties or make other expenditures in amounts that will not be estimable at the time of discovery of the matter. In these cases, a liability will be recorded at the low end of the range if no amount within the range is a better estimate in accordance with FASB ASC No. 450, Accounting for Contingencies. | |||||||||
Litigation | |||||||||
The Company is subject to various legal actions and claims incidental to its business, including potential lawsuits with customers or suppliers. Litigation is subject to many uncertainties and the outcome of individual litigated matters is not probable or estimable. After discussions with counsel litigating these matters, it is the opinion of management that the outcome of such matters will not have a material impact on the Company’s financial position, results of operations, or cash flows. | |||||||||
Change_in_Working_Capital_and_
Change in Working Capital and Other Operating Items | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Change in Working Capital and Other Operating Items [Abstract] | |||||||||||||
Change in Working Capital and Other Operating Items [Text Block] | Note 16. Change in Working Capital and Other Operating Items | ||||||||||||
The following table summarizes the sources/(uses) of cash provided by changes in working capital and other operating items (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accounts receivable | $ | (15,319 | ) | $ | 22,771 | $ | 49,519 | ||||||
Inventories | (812 | ) | (2,052 | ) | (154 | ) | |||||||
Prepaid tooling and other current assets | (8,629 | ) | 42,954 | (37,310 | ) | ||||||||
Accounts payable and accrued liabilities | 9,573 | (22,183 | ) | (60,222 | ) | ||||||||
Net investment hedge and interest rate swap | 3,341 | — | — | ||||||||||
Other assets and liabilities | 2,769 | (13,808 | ) | 52,692 | |||||||||
Change in working capital | $ | (9,077 | ) | $ | 27,682 | $ | 4,525 | ||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Information [Text Block] | Note 17. Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
The following table summarizes select quarterly financial data (in thousands): | |||||||||||||||||||||
Quarter | Net Sales | Gross Profit | Net Income/ | Net Income/(Loss) | Diluted | ||||||||||||||||
(Loss) | Attributable | Earnings/ | |||||||||||||||||||
to Tower | (Loss) per | ||||||||||||||||||||
International, Inc. | Share | ||||||||||||||||||||
2014(a) | |||||||||||||||||||||
1st(f) | $ | 519,263 | $ | 60,789 | $ | 15,278 | $ | 14,855 | $ | 0.7 | |||||||||||
2nd(g) | 548,467 | 62,349 | 16,950 | 16,096 | 0.75 | ||||||||||||||||
3rd(h) | 497,722 | 52,937 | 12,902 | 11,161 | 0.52 | ||||||||||||||||
4th(i) | 502,319 | 53,118 | (18,043 | ) | (20,596 | ) | (0.99 | ) | |||||||||||||
Full Year | $ | 2,067,771 | $ | 229,193 | $ | 27,087 | $ | 21,516 | $ | 1.01 | |||||||||||
2013(a) | |||||||||||||||||||||
1st(b) | $ | 491,838 | $ | 51,658 | $ | 4,534 | $ | 2,548 | $ | 0.12 | |||||||||||
2nd(c) | 528,869 | 69,080 | (45,348 | ) | (45,111 | ) | (2.22 | ) | |||||||||||||
3rd(d) | 464,938 | 53,310 | 4,216 | 3,318 | 0.16 | ||||||||||||||||
4th(e) | 480,847 | 56,268 | 20,534 | 18,970 | 0.9 | ||||||||||||||||
Full Year | $ | 1,966,492 | $ | 230,316 | $ | (16,064 | ) | $ | (20,275 | ) | $ | (0.99 | ) | ||||||||
(a) | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
(b) | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. | ||||||||||||||||||||
(c) | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
(d) | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
(e) | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
(f) | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
(g) | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
(h) | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
(i) | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 18. Subsequent Events |
On January 23, 2015, the Company terminated the $200 million U.S. dollar/Euro cross currency swap entered into on October 17, 2014 and received approximately $22 million in cash proceeds. The Company then entered into a new cross currency swap to hedge its net investment in Europe (U.S. dollar/Euro exchange spot rate was $1.1265). The Euro notional amount was increased from €157 million to €178 million but the interest rate was lowered from 3.97% to 3.70% per annum. The U.S. dollar notional amount of $200 million and 5.09% per annum remain the same. Using the proceeds received from the swap termination transaction, the Company paid $25 million on its Term Loan Credit Facility on February 2, 2015. | |
SCHEDULE_1_CONDENSED_FINANCIAL
SCHEDULE 1 - CONDENSED FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | TOWER INTERNATIONAL, INC. | ||||||||||||
SCHEDULE 1 — CONDENSED BALANCE SHEETS | |||||||||||||
(Amounts in thousands, except share data) | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
ASSETS | |||||||||||||
Intercompany receivables | $ | 174,214 | $ | 167,957 | |||||||||
Total assets | $ | 174,214 | $ | 167,957 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Intercompany payables | $ | 87,104 | $ | 86,347 | |||||||||
Loss in excess of investment in subsidiaries | 43,959 | 7,235 | |||||||||||
Total liabilities | 131,063 | 93,582 | |||||||||||
Stockholders' equity: | |||||||||||||
Preferred stock, $0.01 par value, 50,000,000 authorized and 0 issued and outstanding | — | — | |||||||||||
Common stock, $0.01 par value, 350,000,000 authorized, 21,393,592 issued and 20,752,226 outstanding at December 31, 2014 and 21,079,027 issued and 20,472,637 outstanding at December 31, 2013 | 214 | 211 | |||||||||||
Additional paid in capital | 335,338 | 327,998 | |||||||||||
Treasury stock, at cost, 641,366 and 606,390 shares as of December 31, 2014 and December 31, 2013 | (9,516 | ) | (8,594 | ) | |||||||||
Accumulated deficit | (235,971 | ) | (257,487 | ) | |||||||||
Accumulated other comprehensive income/(loss) | (46,914 | ) | 12,247 | ||||||||||
Total stockholders' equity | 43,151 | 74,375 | |||||||||||
Total liabilities and stockholders' equity | $ | 174,214 | $ | 167,957 | |||||||||
TOWER INTERNATIONAL, INC. | |||||||||||||
SCHEDULE 1 — CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
(Amounts in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
OPERATING EXPENSES | |||||||||||||
General and administrative expenses | $ | (4,712 | ) | $ | (4,743 | ) | $ | (9,627 | ) | ||||
Total operating expenses | (4,712 | ) | (4,743 | ) | (9,627 | ) | |||||||
OTHER INCOME | |||||||||||||
Intercompany interest income | 3,791 | 3,891 | 4,442 | ||||||||||
Total other income | 3,791 | 3,891 | 4,442 | ||||||||||
Equity income/(loss) of subsidiaries | 22,437 | (19,423 | ) | 23,217 | |||||||||
Income/(loss) available to common shareholders | $ | 21,516 | $ | (20,275 | ) | $ | 18,032 | ||||||
TOWER INTERNATIONAL, INC. | |||||||||||||
SCHEDULE 1 — CONDENSED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||||||||||||
(Amounts in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income/(loss) | $ | 21,516 | $ | (20,275 | ) | $ | 18,032 | ||||||
Other comprehensive income/(loss), net of tax | (59,161 | ) | 24,731 | (1,234 | ) | ||||||||
Comprehensive income/(loss) | $ | (37,645 | ) | $ | 4,456 | $ | 16,798 | ||||||
TOWER INTERNATIONAL, INC. | |||||||||||||
SCHEDULE 1 — CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
(Amounts in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
OPERATING ACTIVITIES: | |||||||||||||
Net income/(loss) | $ | 21,516 | $ | (20,275 | ) | $ | 18,032 | ||||||
Adjustments required to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||||||||||||
Non-cash share-based compensation | 4,712 | 4,743 | 9,613 | ||||||||||
Equity (income)/loss of subsidiaries | (22,437 | ) | 19,423 | (23,217 | ) | ||||||||
Change in working capital and other operating items | — | (5,818 | ) | (1,261 | ) | ||||||||
Net cash provided by/(used in) operating activities | $ | 3,791 | $ | (1,927 | ) | $ | 3,167 | ||||||
INVESTING ACTIVITIES: | |||||||||||||
Intercompany advances, net | $ | (6,257 | ) | $ | — | $ | — | ||||||
Net cash provided by/(used in) investing activities | $ | (6,257 | ) | $ | — | $ | — | ||||||
FINANCING ACTIVITIES: | |||||||||||||
Purchase of treasury stock | $ | (922 | ) | $ | (297 | ) | $ | (3,167 | ) | ||||
Proceeds from stock options exercised | 2,629 | 2,224 | — | ||||||||||
Intercompany advances, net | 759 | — | — | ||||||||||
Net cash provided by/(used in) financing activities | $ | 2,466 | $ | 1,927 | $ | (3,167 | ) | ||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | — | $ | — | $ | — | |||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||
Beginning of period | $ | — | $ | — | $ | — | |||||||
End of period | $ | — | $ | — | $ | — | |||||||
Basis_of_presentation
Basis of presentation (Parent Company [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Parent Company [Member] | |
Basis of Accounting [Text Block] | 1. Basis of presentation |
Certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted. The Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. | |
Restricted_net_assets
Restricted net assets (Parent Company [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Parent Company [Member] | |
Restricted Assets Disclosure [Text Block] | 2. Restricted net assets |
Schedule I of Article 5-04 of Regulation S-X requires the condensed financial information of a registrant be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.). | |
The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the subsidiaries of Tower International, Inc. exceed 25% of the consolidated net assets of Tower International, Inc. The ability of the Company’s Chinese subsidiary to pay dividends may be restricted because dividends are subject to approval by the Company’s joint venture partner and the Chinese government. As a result, the Company may be unable to distribute any dividends outside of China. However, the Company has been able to remit dividends from its Chinese subsidiary in 2014 and in prior periods and plans to do so in the future. | |
As of December 31, 2014, the amount of the Company’s restricted net assets was $26.2 million. | |
SCHEDULE_II_Valuation_and_Qual
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II | ||||||||||||||||||||
Valuation and Qualifying Accounts for the years ended December 31, 2014, 2013, and 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Description | Additions | ||||||||||||||||||||
Balance | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||
at | Costs and | Other | End of | ||||||||||||||||||
Beginning | Expenses | Accounts | Year | ||||||||||||||||||
of Year | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 2,071 | $ | 436 | $ | — | $ | (1,326 | )(a) | $ | 1,181 | ||||||||||
Deferred tax asset valuation allowance | 219,421 | (10,298 | ) | (30,149 | ) | — | 178,974 | ||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,105 | $ | 600 | $ | — | $ | (2,634 | )(a) | $ | 2,071 | ||||||||||
Deferred tax asset valuation allowance | 207,659 | 19,841 | (8,079 | ) | — | 219,421 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,612 | $ | 1,919 | $ | — | $ | (1,425 | )(a) | $ | 4,105 | ||||||||||
Deferred tax asset valuation allowance | 188,336 | 13,985 | 5,338 | — | 207,659 | ||||||||||||||||
(a) | Write off of uncollectible accounts and collections of past due accounts. | ||||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | a. Principles of Consolidation | ||||||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and all subsidiaries over which the Company exercises control. The Company’s share of earnings or losses of nonconsolidated affiliates are included in the consolidated operating results using the equity method of accounting when the Company is able to exercise significant influence over the operating and financial decisions of the affiliates. All intercompany transactions and balances have been eliminated upon consolidation. | |||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | b. Cash and Cash Equivalents | ||||||||||||||||||||
All highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short maturity of these instruments. | |||||||||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | c. Allowance for Doubtful Accounts | ||||||||||||||||||||
The Company maintains an allowance for doubtful accounts receivable, which represents its estimate of losses inherent in trade receivables. The Company provides an allowance for specific customer accounts where collection is doubtful based on historical collection and write-off experience. The Company will also take into consideration unique factors and provide an allowance, if necessary. Bad debt expense is not material for any period presented. | |||||||||||||||||||||
Inventory, Policy [Policy Text Block] | d. Inventories | ||||||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Maintenance, repair, and non-productive inventory, which are considered consumables, are expensed when acquired and included in the Consolidated Statements of Operations as cost of sales. Inventories consist of the following (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Raw materials | $ | 32,237 | $ | 36,139 | |||||||||||||||||
Work in process | 15,136 | 19,650 | |||||||||||||||||||
Finished goods | 22,402 | 25,489 | |||||||||||||||||||
Total inventory | $ | 69,775 | $ | 81,278 | |||||||||||||||||
Tooling [Policy Text Block] | e. Tooling | ||||||||||||||||||||
Tooling represents costs incurred by the Company in the development of new tooling used in the manufacture of the Company’s products. All pre-production tooling costs incurred for tools that the Company will not own and that will be used in producing products supplied under long-term supply agreements are expensed as incurred, unless the supply agreement provides the Company with the noncancellable right to use the tools or the reimbursement of such costs is contractually guaranteed by the customer. Generally, the customer agrees to reimburse the Company for certain of its tooling costs at the time the customer awards a contract to the Company. | |||||||||||||||||||||
When the part for which tooling has been developed reaches a production-ready status, the Company is reimbursed by its customer for the cost of the tooling, at which time the tooling becomes the property of the customer. The Company has certain other tooling costs related to tools the Company has the contractual right to use during the life of the supply arrangement, which are capitalized and amortized over the life of the related product program. Customer-owned tooling is included in the Consolidated Balance Sheets in prepaid tooling, notes receivable, and other, while company-owned and other tooling is included in other assets, net. | |||||||||||||||||||||
The components of capitalized tooling costs are as follows (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Customer-owned tooling, net | $ | 22,735 | $ | 13,111 | |||||||||||||||||
Company-owned tooling | 174 | 3,113 | |||||||||||||||||||
Total tooling, net | $ | 22,909 | $ | 16,224 | |||||||||||||||||
Any gain recognized, which is defined as the excess of reimbursement over cost, is amortized over the life of the program. If estimated costs are expected to be in excess of reimbursement, a loss is recorded in the period in which the loss is estimated. | |||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | f. Property, Plant, and Equipment | ||||||||||||||||||||
Property, plant, and equipment are recorded at cost, less accumulated depreciation. Depreciation expense was $85.7 million, $86 million, and $85.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. Depreciation is computed using the straight-line method over the following estimated useful lives of assets: | |||||||||||||||||||||
Buildings and improvements | 32 to 40 years | ||||||||||||||||||||
Machinery and equipment | 3 to 20 years | ||||||||||||||||||||
Leasehold improvements are amortized over the shorter of 10 years or the remaining lease term at the date of acquisition of the leasehold improvement. | |||||||||||||||||||||
Interest is capitalized during the preparation of facilities for product programs and is amortized over the estimated lives of the programs. Interest of $1.2 million, $0.9 million, and $1.4 million was capitalized in 2014, 2013, and 2012, respectively. | |||||||||||||||||||||
Costs of maintenance and repairs are charged to expense as incurred and included in cost of sales. Spare parts are considered capital in nature when purchased during the initial investment of a fixed asset. Amounts relating to significant improvements, which extend the useful life or utility of the related asset, are capitalized and depreciated over the remaining life of the asset. Upon disposal or retirement of property, plant, and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is recognized in cost of sales in the Consolidated Statements of Operations. | |||||||||||||||||||||
Property, plant, and equipment consist of the following (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cost: | |||||||||||||||||||||
Land | $ | 19,135 | $ | 20,966 | |||||||||||||||||
Buildings and improvements | 208,055 | 233,318 | |||||||||||||||||||
Machinery and equipment | 823,951 | 909,090 | |||||||||||||||||||
Construction in progress | 52,391 | 63,453 | |||||||||||||||||||
Property, plant, and equipment, gross | 1,103,532 | 1,226,827 | |||||||||||||||||||
Less: accumulated depreciation | (652,406 | ) | (677,222 | ) | |||||||||||||||||
Property, plant, and equipment, net | $ | 451,126 | $ | 549,605 | |||||||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | g. Asset Retirement Obligations | ||||||||||||||||||||
FASB ASC No. 410, Asset Retirement and Environmental Obligations, requires the recognition of a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated. An asset retirement obligation is a legal obligation to perform certain activities in connection with the retirement, disposal, or abandonment of tangible long-lived assets. The fair value of a conditional asset retirement obligation should be recognized when incurred, generally upon acquisition, construction, or development and through the normal operation of the asset. Uncertainty about the timing or method of settlement of a conditional asset retirement should be factored into the measurement of the liability. The liability is measured at fair value and is adjusted to its present value in subsequent periods. The Company’s asset retirement obligations are primarily associated with renovating, upgrading, and returning leased property to the lessor, in accordance with the requirements of the lease. | |||||||||||||||||||||
Asset retirement obligations are included in other non-current liabilities in the Consolidated Balance Sheets. The following table reconciles the Company’s asset retirement obligations as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 16,177 | $ | 13,793 | |||||||||||||||||
Accretion expense | 1,371 | 1,195 | |||||||||||||||||||
Liabilities settled | (852 | ) | (148 | ) | |||||||||||||||||
Change in estimate | 440 | 1,337 | |||||||||||||||||||
Ending balance | $ | 17,136 | $ | 16,177 | |||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | h. Impairment of Long-Lived Assets | ||||||||||||||||||||
The Company monitors its long-lived assets for impairment on an ongoing basis in accordance with FASB ASC No. 360, Property, Plant, and Equipment. If an impairment indicator exists, the Company will perform the required analysis and record an impairment charge, if necessary. In conducting its impairment analysis, the Company compares the undiscounted cash flows expected to be generated from a long-lived asset to its net book value. If the net book value of an asset exceeds its undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between net book value and fair value. Fair value is estimated based upon discounted cash flow analyses using cash flow projections based on recent sales data, and independent automotive production volume estimates, and customer commitments. Changes in economic or operating conditions impacting these estimates and assumptions could result in impairment of long-lived assets. Refer to Note 4 for a discussion regarding impairment charges for the periods presented. | |||||||||||||||||||||
Long-lived assets held for sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. | |||||||||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | i. Goodwill and Other Intangible Assets | ||||||||||||||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired. Goodwill is not amortized, but it is tested for impairment on, at a minimum, an annual basis. In accordance with FASB ASC No. 350, Intangibles — Goodwill and Other, a two-step process is utilized in reviewing for impairment. The first step in the process requires the identification of reporting units and comparison of the fair value of each reporting unit to its respective carrying value. The Company has identified its reporting units as Europe, Asia, North America, and South America, however, goodwill only exists at the Europe and South America units. If the carrying value of a unit is less than its fair value, no impairment is deemed to exist and step two is not necessary. If the carrying value of a unit is greater than its fair value, step two is required. The second step in the impairment review process requires the computation of impairment by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of its goodwill. In accordance with FASB ASC No. 350, which requires goodwill be tested for impairment annually and at the same time each year, the Company performs an annual impairment review at year-end. The Company will also test goodwill for impairment when an event occurs or circumstances change such that it is reasonably possible that impairment may exist. | |||||||||||||||||||||
The Company utilizes an income approach to estimate the fair value of each of its reporting units. The income approach is based on the present value of projected debt free cash flow, discounted using factors that consider the timing and risk of cash flows. Fair value is estimated using automotive industry and specific platform production volume projections, which are based on internally-developed forecasts, as well as commercial, wage and benefit, inflation, and discount rate assumptions. Other significant assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures, known restructuring actions, and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions, the Company believes that the income approach is appropriate because it provides a reasonable estimate of the fair value of its reporting units, which is based upon the reporting units’ expected long-term operating cash flow performance, and because it mitigates the impact of cyclical industry-related trends. Due to the inherent uncertainties that exist in making and applying these assumptions, they may differ significantly from actual results. In addition to the income approach, the Company also utilizes the market multiple approach to test the reasonableness of the fair value estimate determined using the income approach. | |||||||||||||||||||||
The results of the Company’s 2014 annual goodwill impairment analysis, completed as of December 31 2014, coupled with continued automotive production and economic uncertainty, indicated that the carrying value of the South American reporting unit was more than its fair value and as a result, the Company recorded an impairment charge of $2.3 million. This impairment charge is presented in the Consolidated Statements of Operations as restructuring and asset impairment charges, net. The results of the Company’s 2014 annual goodwill impairment analysis indicated that the fair value of the Europe reporting unit was substantially in excess of its carrying value: thus, no impairment existed at December 31, 2014. | |||||||||||||||||||||
The results of the Company’s 2013 annual goodwill impairment analysis, completed as of December 31 2013, indicated that the carrying value of the Europe and South America reporting units was less than their respective fair values; thus, no impairment existed at either date. | |||||||||||||||||||||
The change in the carrying amount of goodwill is set forth below by reportable segment and on a consolidated basis (in thousands): | |||||||||||||||||||||
International | Americas | Consolidated | |||||||||||||||||||
Balance at December 31, 2012 | $ | 61,826 | $ | 2,967 | $ | 64,793 | |||||||||||||||
Currency translation adjustment | 2,577 | (394 | ) | 2,183 | |||||||||||||||||
Balance at December 31, 2013 | 64,403 | 2,573 | 66,976 | ||||||||||||||||||
Currency translation adjustment | (7,712 | ) | (281 | ) | (7,993 | ) | |||||||||||||||
Impairments | — | (2,292 | ) | (2,292 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 56,691 | $ | — | $ | 56,691 | |||||||||||||||
The Company had certain intangible assets that were related to customer relationships in Europe and Brazil. The intangible assets in Europe and Brazil had definite lives and were amortized on a straight-line basis over the estimated lives of the related assets, which approximated the recognition of related revenues. Intangible assets are recorded in the Consolidated Balance Sheets as other assets, net. The Company incurred amortization expense of $1.5 million, $2.8 million, and $4.6 million for the years ended December 31, 2014, 2013, and 2012, respectively. These intangible assets became fully amortized during the third quarter of 2014 and as such, no further amortization expense related to these intangibles will be incurred beyond 2014. | |||||||||||||||||||||
The following table presents information about the Company’s intangible assets as of December 31, 2014 and 2013, respectively (in thousands): | |||||||||||||||||||||
Weighted | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||
Average | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Amortized intangible: | |||||||||||||||||||||
Europe | 7 years | $ | 16,033 | $ | 16,033 | $ | 16,038 | $ | 14,866 | ||||||||||||
Brazil | 7 years | 5,455 | 5,455 | 5,443 | 5,078 | ||||||||||||||||
Total | $ | 21,488 | $ | 21,488 | $ | 21,481 | $ | 19,944 | |||||||||||||
Derivatives, Reporting of Derivative Activity [Policy Text Block] | j. Derivative Financial Instruments | ||||||||||||||||||||
Periodically, the Company uses derivative financial instruments to manage interest rate risk and net investment risk in foreign operations, and to limit exposure of foreign currency fluctuations related to certain intercompany payments. The Company is not a party to leveraged derivatives and does not enter into derivative financial instruments for trading or speculative purposes. Under FASB ASC No. 815, Derivatives and Hedging, all derivatives are recorded at fair value. | |||||||||||||||||||||
The Company formally documents hedge relationships, including the identification of the hedging instruments and the hedged items, as well as the risk management objectives and strategies for undertaking the hedge transaction. To the extent that derivative instruments qualify, and are designated as, cash flow or net investment hedges, the effective portion is recorded as a component of AOCI and the ineffective portion is recorded as interest expense. All hedges are presented in the Consolidated Balance Sheets at fair value as other assets, net or other non-current liabilities with a corresponding offset to AOCI. The Company also formally assesses whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or cash flows of the hedged item at inception and on a quarterly basis, thereafter. If the Company determines that a derivative ceases to be an effective hedge, it will discontinue hedge accounting. | |||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | k. Fair Value of Financial Instruments | ||||||||||||||||||||
FASB ASC No. 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants, at the measurement date (i.e. the exit price). The exit price is based upon the amount that the holder of the asset or liability would receive or need to pay in an actual transaction or in a hypothetical transaction if an actual transaction does not exist at the measurement date. In some circumstances, the entry and exit price may be the same; however, they are conceptually different. | |||||||||||||||||||||
The Company generally determines fair value based upon quoted market prices in active markets for identical assets or liabilities. If quoted market prices are not available, the Company uses valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. In measuring fair value, the Company may make adjustments for risks and uncertainties, if a market participant would include such an adjustment in its pricing. | |||||||||||||||||||||
FASB ASC No. 820 establishes a fair value hierarchy that distinguishes between assumptions based upon market data, referred to as observable inputs, and the Company’s assumptions, referred to as unobservable inputs. Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows: | |||||||||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets and liabilities; | ||||||||||||||||||||
Level 2: | Inputs, other than Level 1 inputs, that are either directly or indirectly observable; and | ||||||||||||||||||||
Level 3: | Unobservable inputs developed using estimates and assumptions that reflect those that market participants would use. | ||||||||||||||||||||
At December 31, 2014, the carrying value and estimated fair value of the Company’s total debt was $487.2 million and $481.7 million, respectively. At December 31, 2013, the carrying value and estimated fair value of the Company’s total debt was $492.6 million and $497.8 million, respectively. The majority of the Company’s debt at December 31, 2014 and 2013 was comprised of the Term Loan Credit Facility, which can be traded between financial institutions. Accordingly, this debt has been classified as Level 2. The fair value was determined based upon quoted values. The remainder of the Company’s debt, primarily consisting of foreign subsidiary indebtedness, is asset-backed and is classified as Level 3. As this debt carries variable rates and minimal credit risk, the book values approximate the fair values. | |||||||||||||||||||||
The Company has foreign currency exchange hedges that were measured at fair value on a recurring basis at December 31, 2014 and 2013 and an interest rate swap that was measured at fair value on a recurring basis at December 31, 2014. These instruments are recorded in other assets, net or other non-current liabilities in the Company’s Consolidated Balance Sheets and the fair value is measured using Level 2 observable inputs such as foreign currency exchange rates, swap rates, cross currency basis swap spreads and interest rate spreads. At December 31, 2014, the foreign currency exchange hedge (net investment hedge of our European subsidiaries) had an asset fair value of $3.6 million. The interest rate swap (not designated for hedge accounting) had a liability fair value of $0.3 million. Derivative financial instruments had an immaterial impact on the Consolidated Financial Statements for the year ended December 31, 2013. | |||||||||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2014 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | 58.8 | $ | (25.2 | ) | ||||||||||||||
Goodwill | Not applicable | Not applicable | $ | — | $ | (2.3 | ) | ||||||||||||||
For the year ended December 31, 2014, in accordance with FASB ASC No. 360, Property, Plant, & Equipment, long-lived assets of one of the joint ventures held for sale, with a carrying amount of $78.2 million, were written down to their fair value of $56.3 million, less estimated costs to sell of $1 million, resulting in a loss of $22.9 million, which is included in income/(loss) from discontinued operations, net of tax for the year ended December 31, 2014. | |||||||||||||||||||||
For the year ended December 31, 2014, in accordance with FASB ASC No. 360, Property, Plant, & Equipment, long-lived assets held for sale, with a carrying amount of $4.8 million, were written down to their fair value of $2.5 million, less costs to sell, resulting in a loss of $2.3 million, which is included in restructuring and asset impairment charges, net, in the Company’s Consolidated Statements of Operations for the year ended December 31, 2014. Fair value of the assets was determined using a third party appraisal based on current market conditions. | |||||||||||||||||||||
For the year ended December 31, 2014, in accordance with FASB ASC No. 350, Intangibles — Goodwill and Other, goodwill with a carrying amount of $2.3 million was written down to its fair value of $0 million, resulting in a loss of $2.3 million, which is included in restructuring and asset impairment charges, net in the Company’s Consolidated Statements of Operations for the year ended December 31, 2014. Fair value of the assets was determined using the income approach based on projected debt free cash flow, which is discounted to the present value using discount factors that consider the timing and risk of cash flows. | |||||||||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2013 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | 12 | $ | (10.4 | ) | ||||||||||||||
For the year ended December 31, 2013, in accordance with FASB ASC No. 360, Property, Plant, & Equipment, long-lived assets held for sale with a carrying amount of $22.4 million were written down to their fair value of $12 million, resulting in a loss of $10.4 million, which was included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2013. Fair value of the assets was determined using a third party appraisal based on current market conditions. | |||||||||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2012 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | — | $ | (0.6 | ) | ||||||||||||||
For the year ended December 31, 2012, long-lived assets held for sale with a carrying amount of $0.6 million were written down to their fair value of $0 million, resulting in a loss of $0.6 million, which was included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2012. | |||||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrual liabilities approximate fair value because of the short maturity of these instruments. | |||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | l. Revenue Recognition | ||||||||||||||||||||
In accordance with FASB ASC No. 605, Revenue Recognition, the Company recognizes revenue once the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the Company’s price to the buyer is fixed or determinable; and collectability is reasonably assured. | |||||||||||||||||||||
The Company recognizes revenue when its products are shipped to its customers, at which time title and risk of loss pass to the customer. The Company participates in certain of its customers’ steel repurchase programs, under which it purchases steel directly from a customer’s designated steel supplier, for use in manufacturing products for that customer. The Company takes delivery and title to such steel and bears the risk of loss and obsolescence. The Company invoices its customers based upon annually negotiated selling prices, which inherently include a component for steel under such repurchase programs. Under guidance provided in FASB ASC No. 605-45, Principal Agent Considerations, the Company has risks and rewards of a principal and therefore, for sales transactions in which the Company participates in a customer’s steel resale program, revenue is recognized on a gross basis for the entire amount of the sales, including the component for purchases under that customer’s steel resale program. | |||||||||||||||||||||
The Company enters into agreements to produce products for its customers at the beginning of a given vehicle program’s life. Once such agreements are entered into by the Company, it is obligated to fulfill the customers’ purchasing requirements for the entire production period of the vehicle programs, which range from three to ten years, and generally, the Company has no provisions to terminate such contracts. Additionally, the Company monitors the aging of uncollected billings and adjusts its accounts receivable allowance on a quarterly basis, as necessary, based upon its evaluation of the probability of collection. The adjustments made by the Company due to the write-off of uncollectible amounts have been negligible for all periods presented. | |||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | m. Income Taxes | ||||||||||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the Consolidated Financial Statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes that these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Valuation allowances have been recorded where it has been determined that it is more likely than not that the Company will not be able to realize the net deferred tax assets. Previously established valuation allowances are reversed into income when there is compelling evidence, typically three or more consecutive years of cumulative profit or other positive evidence, that the future tax profitability will be sufficient to utilize the deferred tax asset. Due to the significant judgment involved in determining whether deferred tax assets will be realized, the ultimate resolution of these items may be materially different from the previously estimated outcome. | |||||||||||||||||||||
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows, or financial position. | |||||||||||||||||||||
The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company’s global operations. | |||||||||||||||||||||
FASB ASC No. 740, Income Taxes, provides that a tax benefit from an uncertain tax position be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. FASB ASC No. 740 also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has elected to recognize interest and penalties related to unrecognized tax benefits as income tax expense. | |||||||||||||||||||||
The Company recognizes tax liabilities in accordance with FASB ASC No. 740 and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different than the Company’s current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | |||||||||||||||||||||
Segment Reporting, Policy [Policy Text Block] | n. Segment Reporting | ||||||||||||||||||||
The Company determines its reportable segments based upon the guidance in FASB ASC No. 280, Segment Reporting. The Company defines its operating segments as components of its business where separate financial information is available. The Company is comprised of four operating segments that are routinely evaluated by management: Europe, Asia, North America, and South America. Consistent with the aggregation criteria in FASB ASC No. 280, the Company aggregates its four operating segments into two reportable segments, based upon the segments having similar economic characteristics and sharing fundamental characteristics, including the nature of the products, production processes, customers, margins, and distribution channels. The Company’s two reportable segments include the Americas, which consists of North America and South America, and International, which consists of Europe and Asia. Refer to Note 13 for further discussion regarding the Company’s segments. | |||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | o. Foreign Currency Translation | ||||||||||||||||||||
The functional currency of the Company’s foreign operations is the local currency in which they operate. Assets and liabilities of the Company’s foreign operations are translated into U.S. dollars using the applicable period-end exchange rates. Results of operations are translated at applicable average rates prevailing throughout the period. Gains or losses resulting from foreign currency translation are reported as foreign currency translation adjustments, a separate component of AOCI, in the Consolidated Statements of Comprehensive Income/(Loss). Gains and losses resulting from foreign currency transactions are recognized in net income/(loss) in the Consolidated Statements of Operations and were immaterial for all periods presented. | |||||||||||||||||||||
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | p. Exit or Disposal Activities | ||||||||||||||||||||
Costs to idle, consolidate, or close facilities and provide postemployment benefits to employees on an other than temporary basis are accrued based on management’s best estimate of the wage and benefit costs that will be incurred. Costs related to idling of employees that is expected to be temporary are expensed as incurred. Costs to terminate a contract without economic benefit to the Company are expensed at the time the contract is terminated. One-time termination benefits that are not subject to contractual arrangements, provided to employees who are involuntarily terminated, are recorded after management commits to a detailed plan of termination, communicates the plan to employees, and when actions required to complete the plan indicate that significant changes are not likely. If employees are required to render services until they are terminated in order to earn termination benefits, the benefits are recognized ratably over the future service period. | |||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | q. Share-based Compensation | ||||||||||||||||||||
The Company measures compensation cost arising from the grant of share-based awards to employees at fair value. The Company recognizes such costs in income over the period during which the requisite service is provided. Refer to Note 11 for further discussion regarding share-based compensation. | |||||||||||||||||||||
Accumulated Other Comprehensive Income Loss [Policy Text Block] | r. Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||
The following table presents the components of accumulated other comprehensive income/(loss) (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Foreign currency translation | $ | (7,224 | ) | $ | 24,963 | ||||||||||||||||
Defined benefit plans, net of tax of $13.7 million | (39,690 | ) | (12,833 | ) | |||||||||||||||||
Unrealized gain on qualifying cash flow hedge, net | — | 117 | |||||||||||||||||||
Accumulated other comprehensive income/(loss) | $ | (46,914 | ) | $ | 12,247 | ||||||||||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): | |||||||||||||||||||||
Unrealized Losses | Defined | Foreign | Total | ||||||||||||||||||
on Qualifying | Benefit Plan, | Currency | |||||||||||||||||||
Cash Flow Hedge | Net of Tax | Translation | |||||||||||||||||||
Adjustments | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 117 | $ | (12,833 | ) | $ | 24,963 | $ | 12,247 | ||||||||||||
Other comprehensive income/(loss) before reclassifications | (117 | ) | (26,857 | ) | (32,187 | ) | (59,161 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||||
Net current-period other comprehensive income/(loss) | (117 | ) | (26,857 | ) | (32,187 | ) | (59,161 | ) | |||||||||||||
Balance as of December 31, 2014 | $ | — | $ | (39,690 | ) | $ | (7,224 | ) | $ | (46,914 | ) | ||||||||||
The following table presents the changes in accumulated other comprehensive income by component for the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||
Unrealized | Defined | Foreign | Total | ||||||||||||||||||
Gains/(Losses) on | Benefit Plan, | Currency | |||||||||||||||||||
Qualifying Cash | Net of Tax | Translation | |||||||||||||||||||
Flow Hedge | Adjustments | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | (48 | ) | $ | (30,350 | ) | $ | 17,914 | $ | (12,484 | ) | ||||||||||
Other comprehensive income before reclassifications | 104 | 17,517 | 7,049 | 24,670 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 61 | — | — | 61 | |||||||||||||||||
Net current-period other comprehensive income | 165 | 17,517 | 7,049 | 24,731 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 117 | $ | (12,833 | ) | $ | 24,963 | $ | 12,247 | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | s. Estimates | ||||||||||||||||||||
The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures related to contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, fair value measurements, pension and other postretirement benefit plan assumptions, restructuring reserves, asset valuation reserves and accruals related to environmental remediation costs, asset retirement obligations, and income taxes. Actual results may differ from those estimates and assumptions and changes in such estimates and assumptions may affect amounts reported in future periods. | |||||||||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Maintenance, repair, and non-productive inventory, which are considered consumables, are expensed when acquired and included in the Consolidated Statements of Operations as cost of sales. Inventories consist of the following (in thousands): | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Raw materials | $ | 32,237 | $ | 36,139 | |||||||||||||||||
Work in process | 15,136 | 19,650 | |||||||||||||||||||
Finished goods | 22,402 | 25,489 | |||||||||||||||||||
Total inventory | $ | 69,775 | $ | 81,278 | |||||||||||||||||
Schedule Of Capitalized Tooling Costs [Table Text Block] | The components of capitalized tooling costs are as follows (in thousands): | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Customer-owned tooling, net | $ | 22,735 | $ | 13,111 | |||||||||||||||||
Company-owned tooling | 174 | 3,113 | |||||||||||||||||||
Total tooling, net | $ | 22,909 | $ | 16,224 | |||||||||||||||||
Estimated Useful Lives of Property, Plant and Equipment [Table Text Block] | Depreciation expense was $85.7 million, $86 million, and $85.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. Depreciation is computed using the straight-line method over the following estimated useful lives of assets: | ||||||||||||||||||||
Buildings and improvements | 32 to 40 years | ||||||||||||||||||||
Machinery and equipment | 3 to 20 years | ||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment consist of the following (in thousands): | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cost: | |||||||||||||||||||||
Land | $ | 19,135 | $ | 20,966 | |||||||||||||||||
Buildings and improvements | 208,055 | 233,318 | |||||||||||||||||||
Machinery and equipment | 823,951 | 909,090 | |||||||||||||||||||
Construction in progress | 52,391 | 63,453 | |||||||||||||||||||
Property, plant, and equipment, gross | 1,103,532 | 1,226,827 | |||||||||||||||||||
Less: accumulated depreciation | (652,406 | ) | (677,222 | ) | |||||||||||||||||
Property, plant, and equipment, net | $ | 451,126 | $ | 549,605 | |||||||||||||||||
Schedule of Asset Retirement Obligations [Table Text Block] | Asset retirement obligations are included in other non-current liabilities in the Consolidated Balance Sheets. The following table reconciles the Company’s asset retirement obligations as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | 16,177 | $ | 13,793 | |||||||||||||||||
Accretion expense | 1,371 | 1,195 | |||||||||||||||||||
Liabilities settled | (852 | ) | (148 | ) | |||||||||||||||||
Change in estimate | 440 | 1,337 | |||||||||||||||||||
Ending balance | $ | 17,136 | $ | 16,177 | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | The change in the carrying amount of goodwill is set forth below by reportable segment and on a consolidated basis (in thousands): | ||||||||||||||||||||
International | Americas | Consolidated | |||||||||||||||||||
Balance at December 31, 2012 | $ | 61,826 | $ | 2,967 | $ | 64,793 | |||||||||||||||
Currency translation adjustment | 2,577 | (394 | ) | 2,183 | |||||||||||||||||
Balance at December 31, 2013 | 64,403 | 2,573 | 66,976 | ||||||||||||||||||
Currency translation adjustment | (7,712 | ) | (281 | ) | (7,993 | ) | |||||||||||||||
Impairments | — | (2,292 | ) | (2,292 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 56,691 | $ | — | $ | 56,691 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table presents information about the Company’s intangible assets as of December 31, 2014 and 2013, respectively (in thousands): | ||||||||||||||||||||
Weighted | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||
Average | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Amortized intangible: | |||||||||||||||||||||
Europe | 7 years | $ | 16,033 | $ | 16,033 | $ | 16,038 | $ | 14,866 | ||||||||||||
Brazil | 7 years | 5,455 | 5,455 | 5,443 | 5,078 | ||||||||||||||||
Total | $ | 21,488 | $ | 21,488 | $ | 21,481 | $ | 19,944 | |||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2014 (in millions): | ||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | 58.8 | $ | (25.2 | ) | ||||||||||||||
Goodwill | Not applicable | Not applicable | $ | — | $ | (2.3 | ) | ||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2013 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | 12 | $ | (10.4 | ) | ||||||||||||||
The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2012 (in millions): | |||||||||||||||||||||
Quoted prices in | Significant other | Significant | Total | ||||||||||||||||||
active markets for | observable inputs | unobservable | gains/(losses) | ||||||||||||||||||
identical assets | inputs | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Long-lived assets held for sale | Not applicable | Not applicable | $ | — | $ | (0.6 | ) | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of accumulated other comprehensive income/(loss) (in thousands): | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Foreign currency translation | $ | (7,224 | ) | $ | 24,963 | ||||||||||||||||
Defined benefit plans, net of tax of $13.7 million | (39,690 | ) | (12,833 | ) | |||||||||||||||||
Unrealized gain on qualifying cash flow hedge, net | — | 117 | |||||||||||||||||||
Accumulated other comprehensive income/(loss) | $ | (46,914 | ) | $ | 12,247 | ||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): | ||||||||||||||||||||
Unrealized Losses | Defined | Foreign | Total | ||||||||||||||||||
on Qualifying | Benefit Plan, | Currency | |||||||||||||||||||
Cash Flow Hedge | Net of Tax | Translation | |||||||||||||||||||
Adjustments | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 117 | $ | (12,833 | ) | $ | 24,963 | $ | 12,247 | ||||||||||||
Other comprehensive income/(loss) before reclassifications | (117 | ) | (26,857 | ) | (32,187 | ) | (59,161 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||||
Net current-period other comprehensive income/(loss) | (117 | ) | (26,857 | ) | (32,187 | ) | (59,161 | ) | |||||||||||||
Balance as of December 31, 2014 | $ | — | $ | (39,690 | ) | $ | (7,224 | ) | $ | (46,914 | ) | ||||||||||
The following table presents the changes in accumulated other comprehensive income by component for the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||
Unrealized | Defined | Foreign | Total | ||||||||||||||||||
Gains/(Losses) on | Benefit Plan, | Currency | |||||||||||||||||||
Qualifying Cash | Net of Tax | Translation | |||||||||||||||||||
Flow Hedge | Adjustments | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | (48 | ) | $ | (30,350 | ) | $ | 17,914 | $ | (12,484 | ) | ||||||||||
Other comprehensive income before reclassifications | 104 | 17,517 | 7,049 | 24,670 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 61 | — | — | 61 | |||||||||||||||||
Net current-period other comprehensive income | 165 | 17,517 | 7,049 | 24,731 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 117 | $ | (12,833 | ) | $ | 24,963 | $ | 12,247 | ||||||||||||
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairment Charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Costs [Table Text Block] | Net restructuring and asset impairment charges for each of the Company’s segments include the following (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
International | $ | 3,995 | $ | 2,714 | $ | 2,149 | |||||||
Americas | 10,253 | 18,484 | 8,589 | ||||||||||
Consolidated | $ | 14,248 | $ | 21,198 | $ | 10,738 | |||||||
Schedule of Restructuring Charges and Asset Impairment Charges [Table Text Block] | The following table sets forth the Company’s net restructuring and asset impairment charges by type for the periods presented (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Employee termination costs | $ | 1,609 | $ | 2,290 | $ | 2,586 | |||||||
Other exit costs | 8,081 | 7,672 | 7,577 | ||||||||||
Asset impairments | 4,558 | 11,236 | 575 | ||||||||||
Restructuring and asset impairment charges, net | $ | 14,248 | $ | 21,198 | $ | 10,738 | |||||||
Schedule of Restructuring Liability by Segment [Table Text Block] | The following table summarizes the activity in the restructuring reserve, which is included in the Consolidated Balance Sheets in accrued liabilities, by segment, for the above-mentioned actions through December 31, 2014 (in thousands): | ||||||||||||
International | Americas | Consolidated | |||||||||||
Balance at December 31, 2012 | $ | 897 | $ | 1,634 | $ | 2,531 | |||||||
Payments | (1,267 | ) | (1,618 | ) | (2,885 | ) | |||||||
Increase | 929 | 1,361 | 2,290 | ||||||||||
Adjustment | — | (20 | ) | (20 | ) | ||||||||
Balance at December 31, 2013 | 559 | 1,357 | 1,916 | ||||||||||
Payments | — | (1,064 | ) | (1,064 | ) | ||||||||
Increase | 523 | 1,086 | 1,609 | ||||||||||
Adjustment | 50 | (22 | ) | 28 | |||||||||
Balance at December 31, 2014 | $ | 1,132 | $ | 1,357 | $ | 2,489 | |||||||
Discontinued_Operations_and_As1
Discontinued Operations and Assets Held for Sale (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following table summarizes assets and liabilities held for sale by category (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 59,937 | |||||||||||
Property, plant, and equipment, net | 76,123 | ||||||||||||
Other assets, net | 5,235 | ||||||||||||
Total assets held for sale | $ | 141,295 | |||||||||||
LIABILITIES | |||||||||||||
Short-term debt and current maturities of capital lease obligations | $ | 9,781 | |||||||||||
Accrued liabilities | 27,789 | ||||||||||||
Total current liabilities | 37,570 | ||||||||||||
Long-term debt, net of current maturities | 1,515 | ||||||||||||
Other non-current liabilities | 28,622 | ||||||||||||
Total non-current liabilities | 30,137 | ||||||||||||
Total liabilities held for sale | $ | 67,707 | |||||||||||
Chinese Joint Ventures [Member] | |||||||||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table discloses select financial information of the discontinued operations of the Company’s Chinese joint ventures in its International Segment (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 113,701 | $ | 135,527 | $ | 159,111 | |||||||
Income/(loss) from discontinued operations: | |||||||||||||
Income before provision for income taxes | $ | 15,696 | $ | 12,164 | $ | 17,315 | |||||||
Provision for income taxes | 2,218 | 1,899 | 1,503 | ||||||||||
Income from operations | 13,478 | 10,265 | 15,812 | ||||||||||
Loss on disposal, net of tax of $0 | (22,914 | ) | — | — | |||||||||
Income/(loss) from discontinued operations | $ | (9,436 | ) | $ | 10,265 | $ | 15,812 | ||||||
Seojin Industrial Company Ltd [Member] | |||||||||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table discloses select financial information of the discontinued operation of Seojin in the Company’s International Segment (in thousands): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Revenues | $ | 311,014 | |||||||||||
Income from discontinued operations: | |||||||||||||
Loss before provision for income taxes | $ | (448 | ) | ||||||||||
Provision for income taxes | 929 | ||||||||||||
Loss from operations | (1,377 | ) | |||||||||||
Gain from disposal, net of tax of $0 | 31,167 | ||||||||||||
Income from discontinued operations | $ | 29,790 | |||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Debt [Table Text Block] | Long-term debt consists of the following (in thousands): | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Term Loan Credit Facility (net of discount of $1,594 and $1,894) | $ | 445,031 | $ | 416,009 | |||||||||||||
Other foreign subsidiary indebtedness | 42,213 | 76,548 | |||||||||||||||
Total debt | 487,244 | 492,557 | |||||||||||||||
Less: Current maturities | (30,065 | ) | (38,484 | ) | |||||||||||||
Total long-term debt | $ | 457,179 | $ | 454,073 | |||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Future maturities of long-term debt as of December 31, 2014 are as follows (in thousands): | ||||||||||||||||
2015 | $ | 30,065 | |||||||||||||||
2016 | 7,638 | ||||||||||||||||
2017 | 13,933 | ||||||||||||||||
2018 | 6,212 | ||||||||||||||||
2019 | 5,584 | ||||||||||||||||
Thereafter | 423,812 | ||||||||||||||||
Total | $ | 487,244 | |||||||||||||||
Schedule of Foreign Subsidiary Indebtedness [Table Text Block] | The change in foreign subsidiary indebtedness from December 31, 2013 to December 31, 2014 is explained by the following (in thousands): | ||||||||||||||||
Europe | Brazil | China | Total | ||||||||||||||
Balance as of December 31, 2013 | $ | 37,749 | $ | 26,461 | $ | 12,338 | $ | 76,548 | |||||||||
Maturities of indebtedness | (7,562 | ) | (15,996 | ) | (3,223 | ) | (26,781 | ) | |||||||||
New/renewed indebtedness | — | 1,217 | 2,870 | 4,087 | |||||||||||||
Change in borrowings on credit facilities | 7,803 | — | (393 | ) | 7,410 | ||||||||||||
Foreign exchange impact | (4,520 | ) | (2,939 | ) | (297 | ) | (7,756 | ) | |||||||||
Liabilities held for sale | — | — | (11,295 | ) | (11,295 | ) | |||||||||||
Balance as of December 31, 2014 | $ | 33,470 | $ | 8,743 | $ | — | $ | 42,213 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The maturity date for both swap instruments is April 16, 2020. At December 31, 2014 (when the U.S. dollar/Euro exchange spot rate was $1.2154), the following amounts were recorded in the Consolidated Balance Sheets as being receivable from or payable to counterparties under FASB ASC No. 815, Derivatives and Hedging (in thousands): | ||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||
Location | December 31, | December 31, | Location | December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net investment hedge | Other assets, net | $ | 3,642 | N/A | Other non-current liabilities | $ | — | N/A | |||||||||||||||||
Interest rate | Other assets, net | $ | — | N/A | Other non-current liabilities | $ | 301 | N/A | |||||||||||||||||
swap | |||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents deferred gains/(losses) reported in AOCI at December 31, 2014, respectively (in thousands): | ||||||||||||||||||||||||
Deferred gain (loss) in AOCI at | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Net investment hedge | $ | 9,094 | N/A | ||||||||||||||||||||||
Derivative instruments held during the period resulted in the following expense recorded in income during the year ended December 31, 2014, respectively (in thousands): | |||||||||||||||||||||||||
Expense recognized (ineffective portion) | |||||||||||||||||||||||||
Location | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Net investment hedge | Interest expense | $ | 5,453 | N/A | |||||||||||||||||||||
Interest rate swap | Interest expense | $ | 301 | N/A | |||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The summary of income/(loss) before provision for income taxes and noncontrolling interests consisted of the following (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 42,841 | $ | (32,347 | ) | $ | (7,093 | ) | |||||
Foreign | 3,605 | 6,754 | 251 | ||||||||||
Total | $ | 46,446 | $ | (25,593 | ) | $ | (6,842 | ) | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision/(benefit) for income taxes consisted of the following (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Domestic – Federal | $ | 350 | $ | — | $ | — | |||||||
Domestic – State | 33 | 43 | 8 | ||||||||||
Foreign | 9,086 | 9,823 | 3,588 | ||||||||||
Total | 9,470 | 9,866 | 3,596 | ||||||||||
Tax Benefit with offset in OCI: | |||||||||||||
Domestic – Federal | — | (9,897 | ) | — | |||||||||
Domestic – State | — | (931 | ) | — | |||||||||
Total | — | (10,828 | ) | — | |||||||||
Deferred and Other: | |||||||||||||
Foreign | (198 | ) | 1,140 | 10,156 | |||||||||
Total | (198 | ) | 1,140 | 10,156 | |||||||||
Total provision for income taxes: | $ | 9,272 | $ | 178 | $ | 13,752 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense from continuing operations and the U.S. federal statutory income tax expense were as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes at U.S. federal statutory rate | $ | 16,256 | $ | (8,957 | ) | $ | (2,395 | ) | |||||
State tax expense/(benefit) | 33 | 110 | 88 | ||||||||||
Foreign tax rate differential | (522 | ) | (1,907 | ) | 724 | ||||||||
Valuation allowance | (10,298 | ) | 20,552 | 14,684 | |||||||||
Permanent differences | 1,823 | 208 | 2,260 | ||||||||||
Foreign withholding taxes | 932 | 4,014 | 1,099 | ||||||||||
Increase/(decrease) in uncertain tax positions | 320 | (1,191 | ) | (2,110 | ) | ||||||||
Tax benefit in OCI | — | (10,828 | ) | — | |||||||||
Other | 728 | (1,823 | ) | (598 | ) | ||||||||
Total income tax expense | $ | 9,272 | $ | 178 | $ | 13,752 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of each type of temporary difference and carryforward that give rise to a significant portion of deferred tax assets/(liabilities) are summarized as follows (in thousands): | ||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets are attributable to: | |||||||||||||
Net operating loss carryforwards and tax credits | $ | 116,564 | $ | 168,769 | |||||||||
Non-deductible reserves and other accruals | 46,098 | 39,254 | |||||||||||
Accrued pension and postretirement benefit obligations | 28,153 | 19,629 | |||||||||||
Capitalized Leases | 8,530 | 9,435 | |||||||||||
MRO inventory reserves | 1,974 | 10,760 | |||||||||||
Total gross deferred assets | 201,319 | 247,847 | |||||||||||
Less: valuation allowance | (178,974 | ) | (219,421 | ) | |||||||||
Net deferred income tax assets | $ | 22,345 | $ | 28,426 | |||||||||
Deferred tax liabilities are attributable to: | |||||||||||||
Deferred cancellation of indebtedness income | (14,255 | ) | (18,672 | ) | |||||||||
Long lived assets | (4,498 | ) | (13,179 | ) | |||||||||
Withholding and other taxes on foreign earnings and other | (6,995 | ) | — | ||||||||||
Total gross deferred liabilities | (25,748 | ) | (31,851 | ) | |||||||||
Net deferred tax asset/(liability) | $ | (3,403 | ) | $ | (3,425 | ) | |||||||
Schedule Of Unrecognized Income Before Income Tax Domestic And Foreign [Table Text Block] | A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefit – January 1 | $ | 18,223 | $ | 19,242 | $ | 20,503 | |||||||
Increase in prior year tax positions | 646 | — | 172 | ||||||||||
Decrease in prior year tax positions | — | (567 | ) | (558 | ) | ||||||||
Increase in current year tax positions | 1,180 | 2,656 | 917 | ||||||||||
Audit settlements | (489 | ) | (3,336 | ) | (1,789 | ) | |||||||
Lapse in statute of limitations | (161 | ) | (198 | ) | (302 | ) | |||||||
Foreign currency translation | (1,312 | ) | 426 | 299 | |||||||||
Liabilities held for sale | (5,869 | ) | — | — | |||||||||
Total | $ | 12,218 | $ | 18,223 | $ | 19,242 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table provides a reconciliation of the changes in the fair value of Pension Plan of assets and the change in the projected benefit obligation (in thousands): | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Reconciliation of Fair Value of Pension Plan Assets: | |||||||||||||||||
Fair value, beginning of period | $ | 199,043 | $ | 189,472 | |||||||||||||
Actual return | 9,100 | 14,607 | |||||||||||||||
Employer contributions | 13,232 | 15,005 | |||||||||||||||
Expenses paid from Pension Plan assets | (1,536 | ) | (1,248 | ) | |||||||||||||
Benefits paid | (18,262 | ) | (18,793 | ) | |||||||||||||
Fair value, end of period | $ | 201,577 | $ | 199,043 | |||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||
Projected benefit obligation, beginning of period | $ | 253,958 | $ | 290,252 | |||||||||||||
Service cost | 28 | 53 | |||||||||||||||
Interest cost | 10,882 | 10,126 | |||||||||||||||
Actuarial (gain)/loss | 23,608 | (25,635 | ) | ||||||||||||||
Benefits paid | (18,262 | ) | (18,793 | ) | |||||||||||||
Plan amendments* | — | (2,045 | ) | ||||||||||||||
Projected benefit obligation, end of period | $ | 270,214 | $ | 253,958 | |||||||||||||
Funded status of the Pension Plan | $ | (68,637 | ) | $ | (54,915 | ) | |||||||||||
* | The Company transferred certain benefits from the Pension Plan to the Company’s life insurance plan. | ||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | The following table presents the components of the net periodic pension benefit cost/(income) of the Pension Plan (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 28 | $ | 53 | $ | 44 | |||||||||||
Interest cost | 10,882 | 10,126 | 11,690 | ||||||||||||||
Expected return on plan assets | (13,017 | ) | (12,305 | ) | (11,215 | ) | |||||||||||
Amortization of prior service credit | (95 | ) | — | — | |||||||||||||
Actuarial loss | 4,160 | — | 19,157 | ||||||||||||||
Net periodic benefit cost/(income) | $ | 1,958 | $ | (2,126 | ) | $ | 19,676 | ||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pre-tax amounts recognized in other comprehensive income/(loss) for the years ended December 31, 2014, 2013, and 2012 consist of the following (in thousands): | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Unrecognized gain/(loss) | $ | (24,901 | ) | $ | 26,689 | $ | (1,989 | ) | |||||||||
New prior service credit | — | 2,045 | — | ||||||||||||||
Amortization of prior service credit | (95 | ) | — | — | |||||||||||||
Amount recognized | $ | (24,996 | ) | $ | 28,734 | $ | (1,989 | ) | |||||||||
Schedule Of Defined Benefit Plan Amounts Recognized In Accumulated Other Comprehensive Income Loss [Table Text Block] | The following table summarizes the amounts included in accumulated other comprehensive loss, net of tax, related to the Pension Plan: | ||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrecognized loss | $ | (25,328 | ) | $ | (427 | ) | |||||||||||
Net prior service credit | 1,950 | 2,045 | |||||||||||||||
Deferred tax impact | (13,132 | ) | (13,132 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (36,510 | ) | $ | (11,514 | ) | |||||||||||
Schedule of Assumptions Used [Table Text Block] | The significant assumptions used in measuring the Company’s projected benefit obligation at the December 31, 2014 and 2013 measurement dates are as follows: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 3.65 | % | 4.5 | % | |||||||||||||
Annual rate of increase in compensation | 4.5 | % | 4.5 | % | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The assumptions used in determining net periodic benefit cost are shown below: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.5 | % | 3.65 | % | 4.5 | % | |||||||||||
Expected long-term rate of return on plan assets | 7.4 | % | 7.4 | % | 7.4 | % | |||||||||||
Annual rate of increase in compensation | 4.5 | % | 4.5 | % | 4.5 | % | |||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The allocation of Pension Plan assets at December 31, 2014 and 2013, as well as the Company’s 2014 target allocations, are as follows: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2014 Target | |||||||||||||||
Fixed income investments | 46 | % | 45 | % | 45 | % | |||||||||||
Equity securities | 32 | % | 33 | % | 30 | % | |||||||||||
Non-equity investments | 20 | % | 19 | % | 20 | % | |||||||||||
Real estate | 2 | % | 3 | % | 5 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table summarizes the Pension Plan assets measured at fair value as of December 31, 2014 and 2013 (in millions). Refer to Note 3 for definitions of Level 1, 2, and 3 financial instruments within the fair value hierarchy and the methods and assumptions used to estimate the fair value of marketable securities. | ||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||
Asset Classes | Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash | $ | 3 | $ | 3 | $ | — | $ | — | |||||||||
Equity securities | 18 | 18 | — | — | |||||||||||||
Mutual funds(a) | 83 | 72 | 11 | — | |||||||||||||
Corporate bonds | 47 | — | 47 | — | |||||||||||||
Equity long/short hedge funds(b) | 47 | — | 18 | 29 | |||||||||||||
Real estate investment funds | 4 | — | — | 4 | |||||||||||||
Total | $ | 202 | $ | 93 | $ | 76 | $ | 33 | |||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Asset Classes | Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash | $ | 4 | $ | 4 | $ | — | $ | — | |||||||||
Equity securities | 15 | 15 | — | — | |||||||||||||
Mutual funds(a) | 87 | 76 | 11 | — | |||||||||||||
Corporate bonds | 41 | — | 41 | — | |||||||||||||
Equity long/short hedge funds(b) | 45 | — | — | 45 | |||||||||||||
Real estate investment funds | 7 | — | — | 7 | |||||||||||||
Total | $ | 199 | $ | 95 | $ | 52 | $ | 52 | |||||||||
(a) | This category consists of mutual fund investments that are focused on fixed income and international equity securities. | ||||||||||||||||
(b) | This category includes hedge funds that invest both long and short in a variety of U.S. and international equities and currencies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks, and from a net long position to a net short position. | ||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | For Pension Plan assets with fair value measurements using significant unobservable inputs (Level 3), reconciliations of beginning and ending balances are as follows (in millions): | ||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Equity Long/Short | |||||||||||||||||
Hedge Funds | |||||||||||||||||
Balance at December 31, 2012 | $ | 47 | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Relating to assets still held at the reporting date | 2 | ||||||||||||||||
Purchases | 1 | ||||||||||||||||
Redemptions | (5 | ) | |||||||||||||||
Balance at December 31, 2013 | $ | 45 | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Relating to assets still held at the reporting date | 1 | ||||||||||||||||
Purchases | — | ||||||||||||||||
Redemptions | (17 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 29 | |||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Real Estate | |||||||||||||||||
Investment Funds | |||||||||||||||||
Balance at December 31, 2012 | $ | — | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Purchases | 7 | ||||||||||||||||
Balance at December 31, 2013 | $ | 7 | |||||||||||||||
Actual return on plan assets: | |||||||||||||||||
Redemptions | (3 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 4 | |||||||||||||||
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | The following table provides a reconciliation of the changes in the benefit obligation and funded status of the Company’s life insurance plans (in thousands): | ||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Reconciliation of fair value of life insurance plan assets: | |||||||||||||||||
Fair value of assets, beginning of period | $ | — | $ | — | |||||||||||||
Employer contributions | 515 | 431 | |||||||||||||||
Benefits paid | (515 | ) | (431 | ) | |||||||||||||
Fair value of assets, end of period | $ | — | $ | — | |||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation, beginning of period | $ | 15,144 | $ | 14,648 | |||||||||||||
Plan amendments* | — | 1,974 | |||||||||||||||
Service cost | 8 | — | |||||||||||||||
Interest cost | 698 | 541 | |||||||||||||||
Actuarial loss/(gain) | 1,993 | (1,588 | ) | ||||||||||||||
Benefits paid | (515 | ) | (431 | ) | |||||||||||||
Benefit obligation, end of period | $ | 17,328 | $ | 15,144 | |||||||||||||
Funded status of life insurance plans | $ | (17,328 | ) | $ | (15,144 | ) | |||||||||||
* | The Company transferred certain benefits to the Company’s life insurance plan from the Pension Plan. | ||||||||||||||||
Components Of Net Periodic Benefit Cost [Table Text Block] | The following table provides the components of the net periodic benefit cost of the Company’s life insurance plans (in thousands): | ||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 8 | $ | — | $ | — | |||||||||||
Interest cost | 698 | 541 | 650 | ||||||||||||||
Expected return on plan assets | — | — | — | ||||||||||||||
Amortization of prior service credit | 132 | — | — | ||||||||||||||
Net periodic benefit cost | $ | 838 | $ | 541 | $ | 650 | |||||||||||
Amounts Recognized In Other Comprehensive Income Pre Tax [Table Text Block] | Pre-tax amounts recognized in other comprehensive income/(loss) at December 31, 2014, 2013, and 2012 consist of the following (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Net actuarial gain/(loss) | $ | (1,993 | ) | $ | 1,588 | $ | 614 | ||||||||||
New prior service cost | — | (1,974 | ) | — | |||||||||||||
Amortization of prior service cost | 132 | — | — | ||||||||||||||
Amount recognized | $ | (1,861 | ) | $ | (386 | ) | $ | 614 | |||||||||
Amount Recognized In Accumulated Other Comprehensive Income Loss Net Of Tax [Table Text Block] | The following table summarizes the amounts included in accumulated other comprehensive loss, net of tax, related to the Company’s life insurance plans (in thousands): | ||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unrecognized gain/(loss) | $ | (730 | ) | $ | 1,263 | ||||||||||||
Net prior service cost | (1,842 | ) | (1,974 | ) | |||||||||||||
Deferred tax impact | (608 | ) | (608 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (3,180 | ) | $ | (1,319 | ) | |||||||||||
Earnings_per_Share_EPS_Tables
Earnings per Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A summary of the information used to compute basic and diluted net income/(loss) per share attributable to Tower International, Inc. is shown below (in thousands — except share and per share amounts): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income/(loss) from continuing operations | $ | 36,523 | $ | (26,329 | ) | $ | (20,594 | ) | |||||
Income/(loss) from discontinued operations, net of tax | (9,436 | ) | 10,265 | 45,602 | |||||||||
Net income/(loss) | 27,087 | (16,064 | ) | 25,008 | |||||||||
Less: Net income attributable to the noncontrolling interests | 5,571 | 4,211 | 6,976 | ||||||||||
Net income/(loss) attributable to Tower International, Inc. | $ | 21,516 | $ | (20,275 | ) | $ | 18,032 | ||||||
Basic income/(loss) per share | |||||||||||||
Continuing operations | $ | 1.5 | $ | (1.50 | ) | $ | (1.37 | ) | |||||
Discontinued operations | (0.46 | ) | 0.5 | 2.27 | |||||||||
Net income/(loss) attributable to Tower International, Inc. | 1.04 | (0.99 | ) | 0.9 | |||||||||
Basic weighted average shares outstanding | 20,662,425 | 20,387,168 | 20,080,839 | ||||||||||
Diluted income/(loss) per share | |||||||||||||
Continuing operations | $ | 1.45 | $ | (1.50 | ) | $ | (1.37 | ) | |||||
Discontinued operations | (0.44 | ) | 0.5 | 2.27 | |||||||||
Net income/(loss) attributable to Tower International, Inc. | 1.01 | (0.99 | ) | 0.9 | |||||||||
Diluted weighted average shares outstanding | 21,391,000 | 20,387,168 | 20,080,839 | ||||||||||
ShareBased_and_LongTerm_Compen1
Share-Based and Long-Term Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes the Company’s award activity during the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||
Options | Restricted Stock Units | ||||||||||||||||
Outstanding at: | Shares | Weighted | Shares | Weighted | |||||||||||||
Average | Average | ||||||||||||||||
Exercise | Grant Date | ||||||||||||||||
Price | Fair Value | ||||||||||||||||
31-Dec-11 | 429,440 | $ | 13.14 | 1,406,024 | $ | 12.25 | |||||||||||
Granted | 615,804 | 11.75 | 135,911 | 11.75 | |||||||||||||
Options exercised or RSUs vested | — | — | (847,022 | ) | 13.14 | ||||||||||||
Forfeited or expired | (71,499 | ) | 12.58 | (12,498 | ) | 14.63 | |||||||||||
31-Dec-12 | 973,745 | 12.3 | 682,415 | 11 | |||||||||||||
Granted | — | — | 120,873 | 13 | |||||||||||||
Options exercised or RSUs vested | (178,744 | ) | 12.44 | (69,858 | ) | 13.68 | |||||||||||
Forfeited or expired | (52,617 | ) | 12.13 | (13,526 | ) | 13.15 | |||||||||||
31-Dec-13 | 742,384 | 12.28 | 719,904 | 11.04 | |||||||||||||
Granted | — | — | 87,810 | 26.36 | |||||||||||||
Options exercised or RSUs vested | (208,351 | ) | 12.62 | (599,310 | ) | 10.73 | |||||||||||
Forfeited or expired | (16,574 | ) | 11.95 | (8,064 | ) | 15.37 | |||||||||||
31-Dec-14 | 517,459 | $ | 12.15 | 200,340 | $ | 18.51 | |||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following is a summary of select data for each of the Company’s reportable segments (in thousands): | ||||||||||||||||||||||||
International | Americas | Total | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 842,269 | $ | 1,225,502 | $ | 2,067,771 | |||||||||||||||||||
Adjusted EBITDA | 64,400 | 139,782 | 204,182 | ||||||||||||||||||||||
Capital expenditures | 33,531 | 65,862 | 99,393 | ||||||||||||||||||||||
Total assets(a) | 654,614 | 528,302 | 1,182,916 | ||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Revenues | $ | 815,492 | $ | 1,151,000 | $ | 1,966,492 | |||||||||||||||||||
Adjusted EBITDA | 63,868 | 130,060 | 193,928 | ||||||||||||||||||||||
Capital expenditures | 26,155 | 49,255 | 75,410 | ||||||||||||||||||||||
Total assets | 736,272 | 446,721 | 1,182,993 | ||||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Revenues | $ | 786,794 | $ | 1,139,009 | $ | 1,925,803 | |||||||||||||||||||
Adjusted EBITDA | 67,705 | 110,719 | 178,424 | ||||||||||||||||||||||
Capital expenditures | 35,466 | 45,637 | 81,103 | ||||||||||||||||||||||
Total assets | 769,321 | 468,801 | 1,238,122 | ||||||||||||||||||||||
(a) | Total assets as of December 31, 2014 in the International segment include assets held for sale. | ||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to Income loss Before Income Taxes [Table Text Block] | The following is a reconciliation of Adjusted EBITDA to income/(loss) before provision for income taxes and equity in loss of joint venture (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 204,182 | $ | 193,928 | $ | 178,424 | |||||||||||||||||||
Restructuring and asset impairment charges, net | (14,248 | ) | (21,198 | ) | (10,738 | ) | |||||||||||||||||||
Depreciation and amortization | (87,241 | ) | (88,838 | ) | (89,902 | ) | |||||||||||||||||||
Acquisition costs and other | (445 | ) | (906 | ) | (431 | ) | |||||||||||||||||||
Long-term compensation expense | (11,313 | ) | (6,630 | ) | (10,416 | ) | |||||||||||||||||||
Interest expense, net | (34,233 | ) | (50,666 | ) | (54,622 | ) | |||||||||||||||||||
Other expense | (87 | ) | (48,448 | ) | — | ||||||||||||||||||||
Pension actuarial loss | (4,160 | ) | — | (19,157 | ) | ||||||||||||||||||||
Commercial settlement related to 2010-13 scrap* | (6,009 | ) | — | — | |||||||||||||||||||||
Closure of Tower Defense & Aerospace | — | (2,835 | ) | — | |||||||||||||||||||||
Income/(loss) before provision for income taxes and equity in loss of joint venture | $ | 46,446 | $ | (25,593 | ) | $ | (6,842 | ) | |||||||||||||||||
* | Represents a one-time retroactive commercial settlement in the current period related to 2010 – 2013 scrap. | ||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following is a summary of revenues and long-lived assets by geographic location (in thousands): | ||||||||||||||||||||||||
Year Ended and End of Year December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenues | Long-Lived | Revenues | Long-Lived | Revenues | Long-Lived | ||||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||||||||
Germany | $ | 347,417 | $ | 68,860 | $ | 338,712 | $ | 71,696 | $ | 358,736 | $ | 68,632 | |||||||||||||
Belgium | 190,103 | 25,378 | 188,932 | 30,314 | 148,026 | 30,430 | |||||||||||||||||||
Slovakia | 159,954 | 56,788 | 181,421 | 72,158 | 208,865 | 79,443 | |||||||||||||||||||
Italy | 91,531 | 25,989 | 90,541 | 32,765 | 101,887 | 33,026 | |||||||||||||||||||
Other Europe | 79,836 | 12,575 | 68,989 | 13,856 | 51,094 | 17,154 | |||||||||||||||||||
China | 77,547 | 21,838 | 53,704 | 98,641 | 28,400 | 84,200 | |||||||||||||||||||
U.S. | 1,070,119 | 187,531 | 958,009 | 173,848 | 925,677 | 208,605 | |||||||||||||||||||
Brazil | 155,383 | 54,107 | 193,469 | 59,440 | 215,471 | 52,625 | |||||||||||||||||||
Intercompany eliminations | (104,119 | ) | — | (107,285 | ) | — | (112,353 | ) | — | ||||||||||||||||
Total | $ | 2,067,771 | $ | 453,066 | $ | 1,966,492 | $ | 552,718 | $ | 1,925,803 | $ | 574,115 | |||||||||||||
Schedule of Product Information [Table Text Block] | The following is a summary of the approximate composition of the Company’s revenues, by product category (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Body structures and assemblies | 59 | % | 57 | % | 58 | % | |||||||||||||||||||
Complex body-in-white assemblies | 25 | % | 27 | % | 26 | % | |||||||||||||||||||
Chassis, lower vehicle systems, and suspension components | 16 | % | 16 | % | 16 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following table presents a summary of customers that accounted for 10% or more of consolidated revenues in any of the three years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Ford | 22 | % | 24 | % | 23 | % | |||||||||||||||||||
VW | 15 | % | 17 | % | 18 | % | |||||||||||||||||||
Chrysler | 14 | % | 11 | % | 10 | % | |||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] | Future minimum capital and operating lease payments at December 31, 2014 are as follows (in thousands): | ||||||||
Year | Operating | Capital | |||||||
Leases | Leases | ||||||||
2015 | $ | 22,161 | $ | 1,562 | |||||
2016 | 19,120 | 1,497 | |||||||
2017 | 17,779 | 1,433 | |||||||
2018 | 14,510 | 5,660 | |||||||
2019 | 12,679 | — | |||||||
Thereafter | 11,016 | — | |||||||
Total future lease payments | $ | 97,265 | 10,152 | ||||||
Less: amount representing interest | (1,338 | ) | |||||||
Present value of minimum lease payments | $ | 8,814 | |||||||
Change_in_Working_Capital_and_1
Change in Working Capital and Other Operating Items (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Change in Working Capital and Other Operating Items [Abstract] | |||||||||||||
Cash Flow, Operating Capital [Table Text Block] | The following table summarizes the sources/(uses) of cash provided by changes in working capital and other operating items (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accounts receivable | $ | (15,319 | ) | $ | 22,771 | $ | 49,519 | ||||||
Inventories | (812 | ) | (2,052 | ) | (154 | ) | |||||||
Prepaid tooling and other current assets | (8,629 | ) | 42,954 | (37,310 | ) | ||||||||
Accounts payable and accrued liabilities | 9,573 | (22,183 | ) | (60,222 | ) | ||||||||
Net investment hedge and interest rate swap | 3,341 | — | — | ||||||||||
Other assets and liabilities | 2,769 | (13,808 | ) | 52,692 | |||||||||
Change in working capital | $ | (9,077 | ) | $ | 27,682 | $ | 4,525 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following table summarizes select quarterly financial data (in thousands): | ||||||||||||||||||||
Quarter | Net Sales | Gross Profit | Net Income/ | Net Income/(Loss) | Diluted | ||||||||||||||||
(Loss) | Attributable | Earnings/ | |||||||||||||||||||
to Tower | (Loss) per | ||||||||||||||||||||
International, Inc. | Share | ||||||||||||||||||||
2014(a) | |||||||||||||||||||||
1st(f) | $ | 519,263 | $ | 60,789 | $ | 15,278 | $ | 14,855 | $ | 0.7 | |||||||||||
2nd(g) | 548,467 | 62,349 | 16,950 | 16,096 | 0.75 | ||||||||||||||||
3rd(h) | 497,722 | 52,937 | 12,902 | 11,161 | 0.52 | ||||||||||||||||
4th(i) | 502,319 | 53,118 | (18,043 | ) | (20,596 | ) | (0.99 | ) | |||||||||||||
Full Year | $ | 2,067,771 | $ | 229,193 | $ | 27,087 | $ | 21,516 | $ | 1.01 | |||||||||||
2013(a) | |||||||||||||||||||||
1st(b) | $ | 491,838 | $ | 51,658 | $ | 4,534 | $ | 2,548 | $ | 0.12 | |||||||||||
2nd(c) | 528,869 | 69,080 | (45,348 | ) | (45,111 | ) | (2.22 | ) | |||||||||||||
3rd(d) | 464,938 | 53,310 | 4,216 | 3,318 | 0.16 | ||||||||||||||||
4th(e) | 480,847 | 56,268 | 20,534 | 18,970 | 0.9 | ||||||||||||||||
Full Year | $ | 1,966,492 | $ | 230,316 | $ | (16,064 | ) | $ | (20,275 | ) | $ | (0.99 | ) | ||||||||
(a) | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
(b) | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. | ||||||||||||||||||||
(c) | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
(d) | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
(e) | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
(f) | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
(g) | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
(h) | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
(i) | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
Basis_of_Presentation_and_Orga1
Basis of Presentation and Organizational History (Details Textual) (Common Stock [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Nov. 08, 2010 | Oct. 20, 2010 |
Common Stock [Member] | ||
Basis Of Presentation And Organizational History [Line Items] | ||
Net proceeds from initial public offering | $4.60 | $75.60 |
Initial public offering (in shares) | 383,722 | 6,250,000 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials | $32,237 | $36,139 |
Work in process | 15,136 | 19,650 |
Finished goods | 22,402 | 25,489 |
Total inventory | $69,775 | $81,278 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Capitalized Tooling Costs [Line Items] | ||
Customer-owned tooling, net | $22,735 | $13,111 |
Company-owned tooling | 174 | 3,113 |
Total tooling, net | $22,909 | $16,224 |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2014 | |
Land, Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 32 years |
Land, Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Significant_Accounting_Policie6
Significant Accounting Policies (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cost: | ||
Land | $19,135 | $20,966 |
Buildings and improvements | 208,055 | 233,318 |
Machinery and equipment | 823,951 | 909,090 |
Construction in progress | 52,391 | 63,453 |
Property, plant, and equipment, gross | 1,103,532 | 1,226,827 |
Less: accumulated depreciation | -652,406 | -677,222 |
Property, plant, and equipment, net | $451,126 | $549,605 |
Significant_Accounting_Policie7
Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligations [Line Items] | ||
Beginning balance | $16,177 | $13,793 |
Accretion expense | 1,371 | 1,195 |
Liabilities settled | -852 | -148 |
Change in estimate | 440 | 1,337 |
Ending balance | $17,136 | $16,177 |
Significant_Accounting_Policie8
Significant Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Balance | $66,976 | $64,793 | |
Currency translation adjustment | -7,993 | 2,183 | |
Impairments | 4,558 | 11,227 | 575 |
Balance | 56,691 | 66,976 | 64,793 |
International [Member] | |||
Goodwill [Line Items] | |||
Balance | 64,403 | 61,826 | |
Currency translation adjustment | -7,712 | 2,577 | |
Impairments | 0 | ||
Balance | 56,691 | 64,403 | |
Americas [Member] | |||
Goodwill [Line Items] | |||
Balance | 2,573 | 2,967 | |
Currency translation adjustment | -281 | -394 | |
Impairments | -2,292 | ||
Balance | $0 | $2,573 |
Significant_Accounting_Policie9
Significant Accounting Policies (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amortized intangible: | ||
Gross Carrying Amount | $21,488 | $21,481 |
Accumulated Amortization | 21,488 | 19,944 |
Europe [Member] | ||
Amortized intangible: | ||
Weighted Average Life | 7 years | |
Gross Carrying Amount | 16,033 | 16,038 |
Accumulated Amortization | 16,033 | 14,866 |
Brazil [Member] | ||
Amortized intangible: | ||
Weighted Average Life | 7 years | |
Gross Carrying Amount | 5,455 | 5,443 |
Accumulated Amortization | $5,455 | $5,078 |
Recovered_Sheet1
Significant Accounting Policies (Details 7) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | |||
Total Gains / (losses) | ($25.20) | ($10.40) | ($0.60) |
Long-lived assets held for sale | 0 | ||
Goodwill | -2.3 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-lived assets held for sale | 12 | 0 | |
Goodwill | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held For Sale One [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-lived assets held for sale | $58.80 |
Recovered_Sheet2
Significant Accounting Policies (Details 8) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation | ($7,224) | $24,963 | $17,914 |
Defined benefit plans, net of tax of $13.7 million | -39,690 | -12,833 | 30,350 |
Unrealized gain on qualifying cash flow hedge, net | 0 | 117 | -48 |
Accumulated other comprehensive income / (loss) | ($46,914) | $12,247 | ($12,484) |
Recovered_Sheet3
Significant Accounting Policies (Details 9) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unrealized Gains / (loss) on Qualifying Cash Flow Hedge, Beginning Balance | $117 | ($48) | |
Unrealized Gains / (Losses) on Qualifying Cash Flow Hedge, Other comprehensive income / (loss) before reclassifications | -117 | 165 | -60 |
Unrealized Gains / (Losses) on Qualifying Cash Flow Hedge, Amounts reclassified from accumulated other comprehensive loss | 0 | 61 | |
Unrealized Gains / (Losses) on Qualifying Cash Flow Hedge, Net current-period other comprehensive income / (loss) | -117 | 165 | |
Unrealized Gains / (loss) on Qualifying Cash Flow Hedge, Ending balance | 0 | 117 | -48 |
Defined Benefit Plan, Net, Beginning Balance | 12,833 | -30,350 | |
Defined Benefit Plan, Net of Tax, Other comprehensive income / (loss) before reclassifications | -26,857 | 17,517 | |
Defined Benefit Plan, Net of Tax, Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Defined Benefit Plan, Net of Tax, Net current-period other comprehensive income | 26,857 | -17,517 | 1,375 |
Defined Benefit Plan, Net, Ending balance | 39,690 | 12,833 | -30,350 |
Foreign Currency Translation Adjustments, Beginning Balance | 24,963 | 17,914 | |
Foreign Currency Translation Adjustments, Other comprehensive income / (loss) before reclassifications | -32,187 | 7,049 | |
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Foreign Currency Translation Adjustments, Net current-period other comprehensive income / (loss) | -32,187 | 7,049 | |
Foreign Currency Translation Adjustments, Ending balance | -7,224 | 24,963 | 17,914 |
Beginning Balance | 12,247 | -12,484 | |
Other comprehensive income/(loss) before reclassifications | -59,161 | 24,670 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 61 | |
Net current-period other comprehensive income / (loss) | -60,410 | 26,629 | -137 |
Ending balance | ($46,914) | $12,247 | ($12,484) |
Recovered_Sheet4
Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2013 | |
Significant Accounting Policies [Line Items] | ||||
Depreciation | $85,700,000 | $86,000,000 | $85,300,000 | |
Interest Costs Capitalized | 1,200,000 | 900,000 | 1,400,000 | |
Amortization Of Intangible Assets | 1,544,000 | 2,793,000 | 4,579,000 | |
Long-term Debt, Total | 487,244,000 | 492,557,000 | ||
Long-term Debt, Fair Value | 481,700,000 | 497,800,000 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 4,800,000 | 22,400,000 | ||
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 600,000 | |||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 0 | |||
Impairment of Long-Lived Assets to be Disposed of | 600,000 | |||
Accumulated Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax | 13,700,000 | |||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 3,600,000 | |||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 300,000 | |||
Goodwill, Fair Value Disclosure | 0 | |||
Goodwill, Impairment Loss | 2,300,000 | |||
Goodwill | 56,691,000 | 66,976,000 | 64,793,000 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 76,123,000 | |||
Restructuring Costs and Asset Impairment Charges | 14,248,000 | 21,198,000 | 10,738,000 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -9,436,000 | 10,265,000 | 45,602,000 | |
Corporate Joint Venture [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 22,900,000 | |||
Estimated Cost Of Sale Of Asset | 1,000,000 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 78,200,000 | |||
Assets Held-for-sale [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 2,500,000 | 12,000,000 | ||
Restructuring Costs and Asset Impairment Charges | 2,300,000 | 10,400,000 | ||
Assets Held-for-sale [Member] | Corporate Joint Venture [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 56,300,000 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $22,900,000 | |||
Leasehold Improvements [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairment Charges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments | $14,248 | $21,198 | $10,738 |
International [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments | 3,995 | 2,714 | 2,149 |
Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments | $10,253 | $18,484 | $8,589 |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairment Charges (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $1,609 | $2,290 | $2,586 |
Other exit costs | 8,081 | 7,672 | 7,577 |
Asset impairments | 4,558 | 11,227 | 575 |
Restructuring and asset impairment charges, net | $14,248 | $21,198 | $10,738 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairment Charges (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $1,916 | $2,531 |
Payments | -1,064 | -2,885 |
Increase | 1,609 | 2,290 |
Adjustment | 28 | -20 |
Ending Balance | 2,489 | 1,916 |
International [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 559 | 897 |
Payments | 0 | -1,267 |
Increase | 523 | 929 |
Adjustment | 50 | 0 |
Ending Balance | 1,132 | 559 |
Americas [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 1,357 | 1,634 |
Payments | -1,064 | -1,618 |
Increase | 1,086 | 1,361 |
Adjustment | -22 | -20 |
Ending Balance | $1,357 | $1,357 |
Restructuring_and_Asset_Impair5
Restructuring and Asset Impairment Charges (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $0 | $12,040,000 | $0 | |
Restructuring Costs and Asset Impairment Charges, Total | 14,248,000 | 21,198,000 | 10,738,000 | |
Other Restructuring Costs | 8,081,000 | 7,672,000 | 7,577,000 | |
Severance Costs | 1,609,000 | 2,290,000 | 2,586,000 | |
Payments for Restructuring | 1,064,000 | 2,885,000 | ||
Tower Defense & Aerospace, LLC [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 9,100,000 | |||
Restructuring Charges, Total | 11,500,000 | |||
Restructuring Costs and Asset Impairment Charges, Total | 8,200,000 | |||
Other Restructuring Costs | 2,800,000 | |||
Severance Costs | 500,000 | |||
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | 1,300,000 | |||
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | $1,100,000 | $1,600,000 |
Discontinued_Operations_and_As2
Discontinued Operations and Assets Held for Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | $31,600 | $24,900 | $28,100 | $29,100 | $36,000 | $30,300 | $27,000 | $42,300 | |||
Income/(loss) from discontinued operations: | |||||||||||
Income/(loss) from discontinued operations | -9,436 | 10,265 | 45,602 | ||||||||
Chinese Joint Ventures [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 113,701 | 135,527 | 159,111 | ||||||||
Income/(loss) from discontinued operations: | |||||||||||
Income before provision for income taxes | 15,696 | 12,164 | 17,315 | ||||||||
Provision for income taxes | 2,218 | 1,899 | 1,503 | ||||||||
Income from operations | 13,478 | 10,265 | 15,812 | ||||||||
Loss on disposal, net of tax of $0 | -22,914 | 0 | 0 | ||||||||
Income/(loss) from discontinued operations | -9,436 | 10,265 | 15,812 | ||||||||
Seojin Industrial Company Ltd [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 311,014 | ||||||||||
Income/(loss) from discontinued operations: | |||||||||||
Income before provision for income taxes | -448 | ||||||||||
Provision for income taxes | 929 | ||||||||||
Income from operations | -1,377 | ||||||||||
Loss on disposal, net of tax of $0 | 31,167 | ||||||||||
Income/(loss) from discontinued operations | $29,790 |
Discontinued_Operations_and_As3
Discontinued Operations and Assets Held for Sale (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Current assets | $59,937 | |
Property, plant, and equipment, net | 76,123 | |
Other assets, net | 5,235 | |
Total assets held for sale | 141,295 | 0 |
LIABILITIES | ||
Short-term debt and current maturities of capital lease obligations | 9,781 | |
Accrued liabilities | 27,789 | |
Total current liabilities | 37,570 | |
Long-term debt, net of current maturities | 1,515 | |
Other non-current liabilities | 28,622 | |
Total non-current liabilities | 30,137 | |
Total liabilities held for sale | $67,707 | $0 |
Discontinued_Operations_and_As4
Discontinued Operations and Assets Held for Sale (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||
Purchase Price Of Outstanding Capital | $47,000,000 | ||||||
Accumulated Foreign Currency Translation Adjustment Net Of Tax | 4,000,000 | ||||||
Amount Gain To Be Obtained In Sale Of Equity Interest | 18,000,000 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 600,000 | ||||||
Sj Holdings Inc [Member] | Stock Purchase Agreement [Member] | |||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||
Percentage Of Purchase Price Received | 50.00% | 10.00% | 40.00% | ||||
Date of Purchase Price | 28-Dec-12 | 30-Dec-13 | 31-Jan-13 | ||||
Proceeds From Sale Of Interest In Subsidiary | 23,400,000 | ||||||
Transaction Costs Paid | 2,900,000 | ||||||
Chinese Joint Ventures [Member] | |||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 0 | -22,914,000 | ||||
Seojin Industrial Company Ltd [Member] | |||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 31,167,000 | ||||||
TGR Joint Venture [Member] | |||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||
Percentage Of Equity Interest To Be Sold Discontinued Operations | 60.00% | ||||||
Xiangtan Joint Venture [Member] | |||||||
Discontinued Operations and Assets Held for Sale [Line Items] | |||||||
Percentage Of Equity Interest To Be Sold Discontinued Operations | 51.00% | ||||||
Impairment of Long-Lived Assets to be Disposed of | $22,900,000 |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $487,244 | $492,557 |
Less: Current maturities | -30,065 | -38,484 |
Total long-term debt | 457,179 | 454,073 |
Term Loan Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 445,031 | 416,009 |
Other foreign subsidiary indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $42,213 | $76,548 |
Debt_Details_1
Debt (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Maturities Of Long Term Debt [Line Items] | ||
2015 | $30,065 | |
2016 | 7,638 | |
2017 | 13,933 | |
2018 | 6,212 | |
2019 | 5,584 | |
Thereafter | 423,812 | |
Total | $487,244 | $492,557 |
Debt_Details_2
Debt (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance as of December 31, 2013 | $76,548 |
Maturities of indebtedness | -26,781 |
New/renewed indebtedness | 4,087 |
Change in borrowings on credit facilities | 7,410 |
Foreign exchange impact | -7,756 |
Liabilities held for sale | -11,295 |
Balance as of December 31, 2014 | 42,213 |
Europe Subsidiary [Member] | |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance as of December 31, 2013 | 37,749 |
Maturities of indebtedness | -7,562 |
New/renewed indebtedness | 0 |
Change in borrowings on credit facilities | 7,803 |
Foreign exchange impact | -4,520 |
Liabilities held for sale | 0 |
Balance as of December 31, 2014 | 33,470 |
Brazil Subsidiary [Member] | |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance as of December 31, 2013 | 26,461 |
Maturities of indebtedness | -15,996 |
New/renewed indebtedness | 1,217 |
Change in borrowings on credit facilities | 0 |
Foreign exchange impact | -2,939 |
Liabilities held for sale | 0 |
Balance as of December 31, 2014 | 8,743 |
China Subsidiary [Member] | |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance as of December 31, 2013 | 12,338 |
Maturities of indebtedness | -3,223 |
New/renewed indebtedness | 2,870 |
Change in borrowings on credit facilities | -393 |
Foreign exchange impact | -297 |
Liabilities held for sale | -11,295 |
Balance as of December 31, 2014 | $0 |
Debt_Details_Textual
Debt (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||
Aug. 26, 2013 | 24-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 24, 2010 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 29, 2013 | Apr. 23, 2013 | Apr. 23, 2013 | Jun. 30, 2013 | Apr. 23, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 13, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 13, 2011 | Jun. 13, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2013 | Jun. 13, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Assets Held under Capital Leases [Member] | Assets Held under Capital Leases [Member] | Senior Secured Notes [Member] | Term Loans [Member] | Additional Term Loan [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Agreement [Member] | Term Loan Credit Agreement [Member] | Tender Offer [Member] | Tender Offer [Member] | Tender Offer [Member] | Brazil Subsidiary [Member] | Brazil Subsidiary [Member] | Brazil Subsidiary [Member] | Brazil Subsidiary [Member] | Brazil | Europe [Member] | Europe [Member] | Europe [Member] | Other Foreign Subsidiary [Member] | Europe Subsidiary [Member] | Revolving Credit and Guaranty Agreement [Member] | Amended ABL [Member] | Detroit Investment Fund [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Factoring Finance [Member] | Factoring Finance [Member] | Secured Line of Credit [Member] | Secured Line of Credit [Member] | Third Amended Revolving Credit Facility [Member] | Third Amended Revolving Credit Facility [Member] | Second Amended Revolving Credit Facility [Member] | Second Amended Revolving Credit Facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Secured Notes [Member] | USD ($) | BRL | USD ($) | BRL | USD ($) | USD ($) | Term Loans [Member] | Term Loans [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||||||||||||||||||||||||||||||||
Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Capital Lease Obligations, Current | $1,100,000 | $1,200,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Initial Term Loan | 420,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Aggregate Principal Amount | 100,000,000 | 276,000,000 | 362,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 12,800,000 | 1,594,000 | 1,894,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | 1-Sep-17 | 23-Apr-20 | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | 50,000,000 | 20,000,000 | 16,500,000 | 50,000,000 | 150,000,000 | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 30,800,000 | 188,300,000 | 38,000,000 | 8,700,000 | 15,100,000 | 12,500,000 | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Alternate Base Rate Interest, Description | Advances under the Amended Revolving Credit Facility bear interest at an alternate base rate plus a base rate margin or LIBOR plus a Eurodollar margin. The applicable margins are determined by the Companys Total Net Leverage Ratio (as defined in the Third Amended Revolving Credit Facility Agreement). The applicable margin for the base rate based borrowings as of December 31, 2014 was 1.50%. The applicable margin for the LIBOR based borrowings as of December 31, 2014 was 2.50%. The Company will pay a commitment fee at a rate equal to 0.50% per annum on the average daily unused total revolving credit commitment. | ||||||||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | 11,700,000 | 3,000,000 | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Future Increase in Borrowing Limit | 44,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | 30-Nov-17 | 30-Nov-17 | 20-Sep-14 | 17-Sep-19 | |||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Before Amended Borrowing Capacity | 8,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest Expenses, Related to Amortization of Debt Issue Cost | 3,000,000 | 6,500,000 | 1,900,000 | ||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 487,244,000 | 492,557,000 | 445,031,000 | 416,009,000 | 8,700,000 | 23,200,000 | 8,700,000 | 23,200,000 | 10,500,000 | 8,600,000 | 42,200,000 | 13,500,000 | 20,000,000 | ||||||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 6.39% | 6.39% | 6.39% | 6.39% | 3.28% | 3.28% | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 11.25% | 4.00% | 6.25% | 6.25% | 8.50% | 7.50% | 4.02% | 4.02% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 3.00% | 3.00% | 2.58% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 8.70% | 8.70% | 3.83% | ||||||||||||||||||||||||||||||||||||||||
Capital Lease Obligations | 8,800,000 | 11,200,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant Description | such other amount so long as Term Loan Holdcos pro forma Total Net Leverage Ratio (as defined in the Term Loan Credit Agreement) does not exceed 2.00:1.00. | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate Terms | Term Loansbear interest at (i) the Alternate Base Rate plus a margin of 2.00% or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR rate by a statutory reserve rate, with a floor of 1.00%) plus a margin of 3.00%. | Term Loan Credit Facility to bear interest at (i) the Alternate Base Rate plus a margin of 2.75%; or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR rate by a statutory reserve rate, with a floor of 1.00%) plus a margin of 3.75%. | Term Loan Credit Agreement bore interest at (i) an alternate base rate (the Alternate Base Rate) (which is the highest of the Prime Rate, the Federal Funds Effective Rate plus 0.50% and the Adjusted LIBO Rate (as each such term is defined in the Term Loan Credit Agreement) for a one month interest period plus 1.00%) plus a margin of 3.50% or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR by a statutory reserve rate, with a floor of 1.25%) plus a margin of 4.50%. | interest rate based upon the one month LIBOR plus a spread of 4.00% and has a maturity date of October 2017. | interest rates based upon the average three month EURIBOR plus a spread ranging from 2.50% to 3.75%. | interest rates based upon the average three month EURIBOR plus a spread ranging from 2.50% to 3.75%. | interest rate based on the EURIBOR plus a spread ranging from 2.40% to 4.00% and have maturity dates ranging from April 2015 to October 2015. | interest rate based on the EURIBOR plus a spread ranging from 2.40% to 4.00% and have maturity dates ranging from April 2015 to October 2015. | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | 450,000,000 | 33,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date Range, Start | 28-Feb-18 | 28-Feb-18 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date Range, End | 31-Jul-22 | 31-Jul-22 | |||||||||||||||||||||||||||||||||||||||||
Payments of Debt Issuance Costs | 1,600,000 | 1,700,000 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Financing Costs | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Business Acquisition Debt Acquired | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 43,000,000 | 43,000,000 | 430,000,000 | 276,000,000 | |||||||||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 10.63% | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Aggregate Purchase Price | 113.58% | ||||||||||||||||||||||||||||||||||||||||||
Redemption Premium | 2,200,000 | 2,200,000 | 37,500,000 | ||||||||||||||||||||||||||||||||||||||||
Other General Expense | 700,000 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | 800,000 | 800,000 | 5,200,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Issuance Cost | 500,000 | 500,000 | 3,100,000 | ||||||||||||||||||||||||||||||||||||||||
Redemption Of Notes Price Percentage Of Principal Two | 105.00% | 105.00% | |||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current | 45,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | 154,928,000 | 598,457,000 | 638,281,000 | 18,800,000 | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net, Total | 451,126,000 | 549,605,000 | 28,500,000 | 31,700,000 | |||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 652,406,000 | 677,222,000 | 14,100,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $131,313,000 | $547,944,000 | $634,650,000 | $1,200,000 | 3,200,000 | ||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | Nov-19 | Nov-19 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | |
Derivative Liability | $301 |
Other Noncurrent Liabilities [Member] | Net Investment Hedging [Member] | |
Derivative Liability | 0 |
Other Assets [Member] | Interest Rate Swap [Member] | |
Derivative Asset | 0 |
Other Assets [Member] | Investment Hedge [Member] | |
Derivative Asset | $3,642 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (Net Investment Hedging [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Net Investment Hedging [Member] | |
Net investment hedge | $9,094 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (Interest Expense [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Interest Rate Swap [Member] | |
Expense recognized (ineffective portion) | $301 |
Net Investment Hedging [Member] | |
Expense recognized (ineffective portion) | $5,453 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Detail Textual)(Interest Rate Swap [Member]) | 1 Months Ended | ||
In Millions, unless otherwise specified | Oct. 17, 2014 | Oct. 17, 2014 | Dec. 31, 2014 |
USD ($) | EUR (€) | ||
Derivative, Notional Amount | $200 | € 157.10 | |
Derivative, Forward Exchange Rate | 1.2733 | 1.2733 | 1.2154 |
Derivative, Maturity Date | 16-Apr-20 | 16-Apr-20 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total | $46,446 | ($25,593) | ($6,842) |
Domestic Tax Authority [Member] | |||
Total | 42,841 | -32,347 | -7,093 |
Foreign Tax Authority [Member] | |||
Total | $3,605 | $6,754 | $251 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Domestic - Federal | $350 | $0 | $0 |
Domestic - State | 33 | 43 | 8 |
Foreign | 9,086 | 9,823 | 3,588 |
Total | 9,470 | 9,866 | 3,596 |
Tax Benefit with offset in OCI: | |||
Domestic - Federal | 0 | -9,897 | 0 |
Domestic - State | 0 | -931 | 0 |
Total | 0 | -10,828 | 0 |
Deferred and Other: | |||
Foreign | -198 | 1,140 | 10,156 |
Total | -198 | -9,688 | 10,156 |
Total income tax expense | $9,272 | $178 | $13,752 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Taxes at U.S. federal statutory rate | $16,256 | ($8,957) | ($2,395) |
State tax expense/(benefit) | 33 | 110 | 88 |
Foreign tax rate differential | -522 | -1,907 | 724 |
Valuation allowance | -10,298 | 20,552 | 14,684 |
Permanent differences | 1,823 | 208 | 2,260 |
Foreign withholding taxes | 932 | 4,014 | 1,099 |
Increase/(decrease) in uncertain tax positions | 320 | -1,191 | -2,110 |
Tax benefit in OCI | 0 | -10,828 | 0 |
Other | 728 | -1,823 | -598 |
Total income tax expense | $9,272 | $178 | $13,752 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets are attributable to: | ||
Net operating loss carryforwards and tax credits | $116,564 | $168,769 |
Non-deductible reserves and other accruals | 46,098 | 39,254 |
Accrued pension and postretirement benefit obligations | 28,153 | 19,629 |
Capitalized Leases | 8,530 | 9,435 |
MRO inventory reserves | 1,974 | 10,760 |
Total gross deferred assets | 201,319 | 247,847 |
Less: valuation allowance | -178,974 | -219,421 |
Net deferred income tax assets | 22,345 | 28,426 |
Deferred tax liabilities are attributable to: | ||
Deferred cancellation of indebtedness income | -14,255 | -18,672 |
Long lived assets | -4,498 | -13,179 |
Withholding and other taxes on foreign earnings and other | -6,995 | 0 |
Total gross deferred liabilities | -25,748 | -31,851 |
Net deferred tax asset/(liability) | ($3,403) | ($3,425) |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized tax benefit - January 1 | $18,223 | $19,242 | $20,503 |
Increase in prior year tax positions | 646 | 0 | 172 |
Decrease in prior year tax positions | 0 | -567 | -558 |
Increase in current year tax positions | 1,180 | 2,656 | 917 |
Audit settlements | -489 | -3,336 | -1,789 |
Lapse in statute of limitations | -161 | -198 | -302 |
Foreign currency translation | -1,312 | 426 | 299 |
Liabilities held for sale | -5,869 | 0 | 0 |
Total | $12,218 | $18,223 | $19,242 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $178,974,000 | $219,421,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 40,400,000 | ||
Operating Loss Carryforwards | 168,300,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 116,564,000 | 168,769,000 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 489,000 | 3,336,000 | 1,789,000 |
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 5,100,000 | ||
Unrecognized Tax Benefits [Member] | |||
Income Taxes [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 11,700,000 | ||
Expected Recognized Tax Benefits | 3,800,000 | 2,800,000 | 1,800,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8,400,000 | 15,400,000 | 17,400,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,100,000 | 1,400,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 300,000 | -100,000 | -1,700,000 |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | 72,600,000 | ||
Tax Credit Carryforward, Amount | 22,000,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 59,000,000 | ||
Tax Credit Carryforward, Deferred Tax Asset | 27,500,000 | ||
Operating Loss Carryforwards Expiration Date One | expire during the years 2020 through 2033 | ||
Other Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | 175,800,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | $34,000,000 | ||
Operating Loss Carryforwards Expiration Date One | others expire as soon as 2016 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reconciliation of Fair Value of Pension Plan Assets: | |||||
Fair value, end of period | $202,000 | $199,000 | |||
Pension Plan [Member] | |||||
Reconciliation of Fair Value of Pension Plan Assets: | |||||
Fair value, beginning of period | 199,043 | 189,472 | |||
Actual return | 9,100 | 14,607 | |||
Employer contributions | 13,232 | 15,005 | |||
Expenses paid from Pension Plan assets | -1,536 | -1,248 | |||
Benefits paid | -18,262 | -18,793 | |||
Fair value, end of period | 201,577 | 199,043 | 189,472 | ||
Change in Projected Benefit Obligation: | |||||
Projected benefit obligation, beginning of period | 253,958 | 290,252 | |||
Service cost | 28 | 53 | 44 | ||
Interest cost | 10,882 | 10,126 | 11,690 | ||
Actuarial (gain)/loss | 23,608 | -25,635 | |||
Benefits paid | -18,262 | -18,793 | |||
Plan amendments* | 0 | [1] | -2,045 | [1] | |
Projected benefit obligation, end of period | 270,214 | 253,958 | 290,252 | ||
Funded status of the Pension Plan | ($68,637) | ($54,915) | |||
[1] | The Company transferred certain benefits from the Pension Plan to the Company's life insurance plan. |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial loss | $4,160 | [1] | $0 | $19,157 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 28 | 53 | 44 | |
Interest cost | 10,882 | 10,126 | 11,690 | |
Expected return on plan assets | -13,017 | -12,305 | -11,215 | |
Amortization of prior service credit | -95 | 0 | 0 | |
Actuarial loss | 4,160 | 0 | 19,157 | |
Net periodic benefit cost/(income) | $1,958 | ($2,126) | $19,676 | |
[1] | Write off of uncollectible accounts and collections of past due accounts. |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (Pension Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized gain/(loss) | ($24,901) | $26,689 | ($1,989) |
New prior service credit | 0 | 2,045 | 0 |
Amortization of prior service credit | -95 | 0 | 0 |
Amount recognized | ($24,996) | $28,734 | ($1,989) |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized loss | ($25,328) | ($427) |
Net prior service credit | 1,950 | 2,045 |
Deferred tax impact | -13,132 | -13,132 |
Accumulated other comprehensive loss | ($36,510) | ($11,514) |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 4) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.65% | 4.50% |
Annual rate of increase in compensation | 4.50% | 4.50% |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 5) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 3.65% | 4.50% |
Expected long-term rate of return on plan assets | 7.40% | 7.40% | 7.40% |
Annual rate of increase in compensation | 4.50% | 4.50% | 4.50% |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 6) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Fixed income investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 46.00% | 45.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 32.00% | 33.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | |
Real estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 3.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | |
Non-equity investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 19.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% |
Employee_Benefit_Plans_Details7
Employee Benefit Plans (Details 7) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $202,000 | $199,000 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 93,000 | 95,000 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76,000 | 52,000 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 33,000 | 52,000 | |||
Equity Long/Short Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 47,000 | [1] | 45,000 | [1] | |
Equity Long/Short Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [1] | 0 | [1] | |
Equity Long/Short Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 18,000 | [1] | 0 | [1] | |
Equity Long/Short Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 29,000 | [1] | 45,000 | [1] | 47,000 |
Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,000 | 7,000 | |||
Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,000 | 7,000 | 0 | ||
Cash [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,000 | 4,000 | |||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,000 | 4,000 | |||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Mutual Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 83,000 | [2] | 87,000 | [2] | |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 72,000 | [2] | 76,000 | [2] | |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 11,000 | [2] | 11,000 | [2] | |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 18,000 | 15,000 | |||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 18,000 | 15,000 | |||
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Corporate Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 47,000 | 41,000 | |||
Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 47,000 | 41,000 | |||
Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $0 | $0 | |||
[1] | This category includes hedge funds that invest both long and short in a variety of U.S. and international equities and currencies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks, and from a net long position to a net short position. | ||||
[2] | This category consists of mutual fund investments that are focused on fixed income and international equity securities. |
Employee_Benefit_Plans_Details8
Employee Benefit Plans (Details 8) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, end of period | $202,000,000 | $199,000,000 | ||
Hedge Funds, Equity Long (Short) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, end of period | 47,000,000 | [1] | 45,000,000 | [1] |
Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, end of period | 4,000,000 | 7,000,000 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, end of period | 33,000,000 | 52,000,000 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Equity Long (Short) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, beginning of period | 45,000,000 | [1] | 47,000,000 | |
Relating to assets still held at the reporting date | 1,000,000 | |||
Purchases | 0 | 1,000,000 | ||
Redemptions | -17,000,000 | -5,000,000 | ||
Fair value, end of period | 29,000,000 | [1] | 45,000,000 | [1] |
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value, beginning of period | 7,000,000 | 0 | ||
Purchases | 7,000,000 | |||
Redemptions | -3,000,000 | |||
Fair value, end of period | $4,000,000 | $7,000,000 | ||
[1] | This category includes hedge funds that invest both long and short in a variety of U.S. and international equities and currencies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks, and from a net long position to a net short position. |
Employee_Benefit_Plans_Details9
Employee Benefit Plans (Details 9) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reconciliation of fair value of life insurance plan assets: | |||||
Fair value, beginning of period | $199,000 | ||||
Fair value, end of period | 202,000 | 199,000 | |||
Change in benefit obligation: | |||||
Actuarial (gain)/loss | 4,160 | [1] | 0 | 19,157 | |
Life Insurance Plans [Member] | |||||
Reconciliation of fair value of life insurance plan assets: | |||||
Fair value, beginning of period | 0 | 0 | |||
Employer contributions | 515 | 431 | |||
Benefits paid | -515 | -431 | |||
Fair value, end of period | 0 | 0 | 0 | ||
Change in benefit obligation: | |||||
Projected benefit obligation, beginning of period | 15,144 | 14,648 | |||
Plan amendments | 0 | [2] | 1,974 | [2] | 0 |
Service cost | 8 | 0 | 0 | ||
Interest cost | 698 | 541 | 650 | ||
Actuarial (gain)/loss | 1,993 | -1,588 | -614 | ||
Benefits paid | -515 | -431 | |||
Projected benefit obligation, end of period | 17,328 | 15,144 | 14,648 | ||
Funded status of life insurance plans | ($17,328) | ($15,144) | |||
[1] | Write off of uncollectible accounts and collections of past due accounts. | ||||
[2] | The Company transferred certain benefits to the Company's life insurance plan from the Pension Plan. |
Recovered_Sheet5
Employee Benefit Plans (Details 10) (Life Insurance Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $8 | $0 | $0 |
Interest cost | 698 | 541 | 650 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 132 | 0 | 0 |
Net periodic benefit cost/(income) | $838 | $541 | $650 |
Recovered_Sheet6
Employee Benefit Plans (Details 11) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) | ($4,160) | [1] | $0 | ($19,157) | |
Life Insurance Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) | -1,993 | 1,588 | 614 | ||
New prior service cost | 0 | [2] | 1,974 | [2] | 0 |
Amortization of prior service cost | 132 | 0 | 0 | ||
Amount recognized | ($1,861) | ($386) | $614 | ||
[1] | Write off of uncollectible accounts and collections of past due accounts. | ||||
[2] | The Company transferred certain benefits to the Company's life insurance plan from the Pension Plan. |
Recovered_Sheet7
Employee Benefit Plans (Details 12) (Life Insurance Plans [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized gain / (loss) | ($730) | $1,263 |
Net prior service cost | -1,842 | -1,974 |
Deferred tax impact | -608 | -608 |
Accumulated other comprehensive loss | ($3,180) | ($1,319) |
Recovered_Sheet8
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.40% | 7.40% | 7.40% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.65% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.50% | 3.65% | 4.50% |
Domestic Pension Plan of Foreign Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 1.4 | 1.6 | 1.6 |
Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.75% | 4.70% | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 9.4 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 18.4 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 18.1 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 17.3 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 17.2 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 17.3 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 85.1 | ||
Defined Benefit Plan Expected Future Benefit Payments Next Five Fiscal Years Aggregate | 88.3 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 269 | 253 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 5 | 4.6 | 4.4 |
LifeInsurance Benefits For United States Retirees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.5 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.9 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 0.9 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 5 | ||
Defined Benefit Plan Expected Future Benefit Payments Next Five Fiscal Years Aggregate | 4.2 |
Earnings_per_Share_EPS_Details
Earnings per Share ("EPS") (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||
Income/(loss) from continuing operations | $36,523 | ($26,329) | ($20,594) | ||||||||||||||||||
Income/(loss) from discontinued operations, net of tax | -9,436 | 10,265 | 45,602 | ||||||||||||||||||
Net income/(loss) | -18,043 | [1],[2] | 12,902 | [1],[3] | 16,950 | [1],[4] | 15,278 | [1],[5] | 20,534 | [1],[6] | 4,216 | [1],[7] | -45,348 | [1],[8] | 4,534 | [1],[9] | 27,087 | [1] | -16,064 | [1] | 25,008 |
Less: Net income attributable to the noncontrolling interests | 5,571 | 4,211 | 6,976 | ||||||||||||||||||
Net income/(loss) attributable to Tower International, Inc. | ($20,596) | [1],[2] | $11,161 | [1],[3] | $16,096 | [1],[4] | $14,855 | [1],[5] | $18,970 | [1],[6] | $3,318 | [1],[7] | ($45,111) | [1],[8] | $2,548 | [1],[9] | $21,516 | [1] | ($20,275) | [1] | $18,032 |
Basic income/(loss) per share | |||||||||||||||||||||
Continuing operations | $1.50 | ($1.50) | ($1.37) | ||||||||||||||||||
Discontinued operations | ($0.46) | $0.50 | $2.27 | ||||||||||||||||||
Net income/(loss) attributable to Tower International, Inc. | $1.04 | ($0.99) | $0.90 | ||||||||||||||||||
Basic weighted average shares outstanding | 20,662,425 | 20,387,168 | 20,080,839 | ||||||||||||||||||
Diluted income/(loss) per share | |||||||||||||||||||||
Continuing operations | $1.45 | ($1.50) | ($1.37) | ||||||||||||||||||
Discontinued operations | ($0.44) | $0.50 | $2.27 | ||||||||||||||||||
Net income/(loss) attributable to Tower International, Inc. | ($0.99) | [1],[2] | $0.52 | [1],[3] | $0.75 | [1],[4] | $0.70 | [1],[5] | $0.90 | [1],[6] | $0.16 | [1],[7] | ($2.22) | [1],[8] | $0.12 | [1],[9] | $1.01 | [1] | ($0.99) | [1] | $0.90 |
Diluted weighted average shares outstanding | 21,391,000 | 20,387,168 | 20,080,839 | ||||||||||||||||||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
[3] | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
[4] | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
[5] | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
[6] | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
[7] | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
[8] | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
[9] | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. |
Earnings_per_Share_EPS_Details1
Earnings per Share ("EPS") (Details Textual) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2 | 1.5 | 1 |
ShareBased_and_LongTerm_Compen2
Share-Based and Long-Term Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Outstanding, Beginning (in shares) | 742,384 | 973,745 | 429,440 |
Options, Granted (in shares) | 0 | 0 | 615,804 |
Options, Options exercised or RSUs vested (in shares) | -208,351 | -178,744 | 0 |
Options, Forfeited or expired (in shares) | -16,574 | -52,617 | -71,499 |
Options, Outstanding, Ending (in shares) | 517,459 | 742,384 | 973,745 |
Options, Weighted Average Exercise Price, Outstanding, Beginning (in dollars per share) | $12.28 | $12.30 | $13.14 |
Options, Weighted Average Exercise Price, Granted (in dollars per share) | $0 | $11.75 | |
Options, Weighted Average Exercise Price, Options exercised or RSUs vested (in dollars per share) | $12.62 | $12.44 | $0 |
Options, Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | $11.95 | $12.13 | $12.58 |
Options, Weighted Average Exercise Price, Outstanding, Ending (in dollars per share) | $12.15 | $12.28 | $12.30 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units, Outstanding, Beginning (in shares) | 719,904 | 682,415 | 1,406,024 |
Restricted Stock Units, Granted (in shares) | 87,810 | 120,873 | 135,911 |
Restricted Stock Units, Options exercised or RSUs vested (in shares) | -599,310 | -69,858 | -847,022 |
Restricted Stock Units, Forfeited or expired (in shares) | -8,064 | -13,526 | -12,498 |
Restricted Stock Units, Outstanding, Ending (in shares) | 200,340 | 719,904 | 682,415 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Outstanding, Beginning (in dollars per share) | $11.04 | $11 | $12.25 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $26.36 | $13 | $11.75 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Options exercised or RSUs vested (in dollars per share) | $10.73 | $13.68 | $13.14 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Forfeited or expired (in dollars per share) | $15.37 | $13.15 | $14.63 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Outstanding, Ending (in dollars per share) | $18.51 | $11.04 | $11 |
ShareBased_and_LongTerm_Compen3
Share-Based and Long-Term Compensation (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 05, 2013 | Mar. 31, 2012 | Apr. 25, 2014 | Dec. 31, 2011 | Jul. 28, 2014 |
Scenario, Forecast [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Other than Stock Options Exercised | 493,096 | |||||||
Equity Incentive Plan 2010 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 787,927 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 850,000 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock or Unit Option Plan Expense | 1.2 | $1.80 | $1.70 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0.2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in shares) | 517,459 | 742,384 | 973,745 | 429,440 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 208,351 | 178,744 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3.5 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 341,636 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 4.5 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 16,574 | 52,617 | 71,499 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 1.7 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 17 months | |||||||
Restricted Stock or Unit Expense | 3.5 | 3 | 2.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 200,340 | 719,904 | 682,415 | 1,406,024 | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period | 8,064 | 13,526 | 12,498 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 599,310 | 69,858 | 847,022 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 2.8 | 0.9 | 9.5 | |||||
Stock Issued During Period, Shares, Stock Options Exercised Net of Offsets for Withholding Taxes (in shares) | 71,238 | 46,759 | 564,102 | |||||
Payments to Acquire Vested Shares | 0.9 | 0.3 | 3.2 | |||||
Vested Shares Acquired to Cover Minimum Withholding Taxes One (in shares) | 34,976 | 23,099 | 282,920 | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period | 87,810 | 120,873 | 135,911 | |||||
Performance Award Agreements [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards Granted to Executives Under Performance Award Agreement | approximately 80 executives | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 3.9 | 0.9 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | 4.8 | |||||||
Supplemental Value Creation Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock or Unit Option Plan Expense | 0.7 | 3.1 | ||||||
Awards Granted to Executives Under Performance Award Agreement | approximately 70 executives | |||||||
Payments to Employees | 7.5 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | nine and 18 months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 18 years | |||||||
Amended And Restated CEO Employment Agreement [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 1.6 | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1.6 | |||||||
Amended And Restated CEO Employment Agreement [Member] | Retention Bonus [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 3 | |||||||
Amended And Restated CEO Employment Agreement [Member] | Transition Bonus [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 3 | |||||||
IPO [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Stock or Unit Expense | $5.50 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (Chery [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Chery [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $73.70 | $47.50 | $24.40 |
Accounts Receivable, Related Parties | $21.80 | $11 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | $502,319 | [1],[2] | $497,722 | [1],[3] | $548,467 | [1],[4] | $519,263 | [1],[5] | $480,847 | [1],[6] | $464,938 | [1],[7] | $528,869 | [1],[8] | $491,838 | [1],[9] | $2,067,771 | [1] | $1,966,492 | [1] | $1,925,803 |
Adjusted EBITDA | 204,182 | 193,928 | 178,424 | ||||||||||||||||||
Capital expenditures | 99,393 | 75,410 | 81,103 | ||||||||||||||||||
Total assets | 1,182,916 | [10] | 1,182,993 | 1,182,916 | [10] | 1,182,993 | 1,238,122 | ||||||||||||||
International [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 842,269 | 815,492 | 786,794 | ||||||||||||||||||
Adjusted EBITDA | 64,400 | 63,868 | 67,705 | ||||||||||||||||||
Capital expenditures | 33,531 | 26,155 | 35,466 | ||||||||||||||||||
Total assets | 654,614 | [10] | 736,272 | 654,614 | [10] | 736,272 | 769,321 | ||||||||||||||
Americas [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 1,225,502 | 1,151,000 | 1,139,009 | ||||||||||||||||||
Adjusted EBITDA | 139,782 | 130,060 | 110,719 | ||||||||||||||||||
Capital expenditures | 65,862 | 49,255 | 45,637 | ||||||||||||||||||
Total assets | $528,302 | [10] | $446,721 | $528,302 | [10] | $446,721 | $468,801 | ||||||||||||||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
[3] | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
[4] | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
[5] | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
[6] | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
[7] | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
[8] | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
[9] | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. | ||||||||||||||||||||
[10] | Total assets as of December 31, 2014 in the International segment include assets held for sale. |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | $204,182 | $193,928 | $178,424 | |||
Restructuring and asset impairment charges, net | -14,248 | -21,198 | -10,738 | |||
Depreciation and amortization | -87,241 | -88,838 | -89,902 | |||
Acquisition costs and other | -445 | -906 | -431 | |||
Long-term compensation expense | -11,313 | -6,630 | -10,416 | |||
Interest expense, net | -34,233 | -50,666 | -54,622 | |||
Other expense | -87 | -48,448 | 0 | |||
Pension actuarial loss | -4,160 | [1] | 0 | -19,157 | ||
Income/(loss) before provision for income taxes and equity in loss of joint venture | 46,446 | -25,593 | -6,842 | |||
Commercial settlement related to 2010-13 scrap | -6,009 | [2] | 0 | [2] | 0 | [2] |
Closure of Tower Defense & Aerospace | $0 | ($2,835) | $0 | |||
[1] | Write off of uncollectible accounts and collections of past due accounts. | |||||
[2] | Represents a one-time commercial settlement in the third quarter related to 2010-2013 scrap. |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | $502,319 | [1],[2] | $497,722 | [1],[3] | $548,467 | [1],[4] | $519,263 | [1],[5] | $480,847 | [1],[6] | $464,938 | [1],[7] | $528,869 | [1],[8] | $491,838 | [1],[9] | $2,067,771 | [1] | $1,966,492 | [1] | $1,925,803 |
Long-Lived Assets | 453,066 | 552,718 | 453,066 | 552,718 | 574,115 | ||||||||||||||||
GERMANY | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 347,417 | 338,712 | 358,736 | ||||||||||||||||||
Long-Lived Assets | 68,860 | 71,696 | 68,860 | 71,696 | 68,632 | ||||||||||||||||
BELGIUM | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 190,103 | 188,932 | 148,026 | ||||||||||||||||||
Long-Lived Assets | 25,378 | 30,314 | 25,378 | 30,314 | 30,430 | ||||||||||||||||
SLOVAKIA | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 159,954 | 181,421 | 208,865 | ||||||||||||||||||
Long-Lived Assets | 56,788 | 72,158 | 56,788 | 72,158 | 79,443 | ||||||||||||||||
ITALY | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 91,531 | 90,541 | 101,887 | ||||||||||||||||||
Long-Lived Assets | 25,989 | 32,765 | 25,989 | 32,765 | 33,026 | ||||||||||||||||
Other Europe [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 79,836 | 68,989 | 51,094 | ||||||||||||||||||
Long-Lived Assets | 12,575 | 13,856 | 12,575 | 13,856 | 17,154 | ||||||||||||||||
CHINA | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 77,547 | 53,704 | 28,400 | ||||||||||||||||||
Long-Lived Assets | 21,838 | 98,641 | 21,838 | 98,641 | 84,200 | ||||||||||||||||
UNITED STATES | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 1,070,119 | 958,009 | 925,677 | ||||||||||||||||||
Long-Lived Assets | 187,531 | 173,848 | 187,531 | 173,848 | 208,605 | ||||||||||||||||
BRAZIL | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | 155,383 | 193,469 | 215,471 | ||||||||||||||||||
Long-Lived Assets | 54,107 | 59,440 | 54,107 | 59,440 | 52,625 | ||||||||||||||||
Intercompany liminations [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenues | -104,119 | -107,285 | -112,353 | ||||||||||||||||||
Long-Lived Assets | $0 | $0 | $0 | $0 | $0 | ||||||||||||||||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
[3] | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
[4] | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
[5] | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
[6] | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
[7] | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
[8] | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
[9] | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. |
Segment_Information_Details_3
Segment Information (Details 3) (Sales Revenue, Net [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Body Structures and Assemblies [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 59.00% | 57.00% | 58.00% |
Complex Body in White Assemblies [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 27.00% | 26.00% |
Chassis Lower Vehicle Systems and Suspension Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 16.00% | 16.00% |
Segment_Information_Details_4
Segment Information (Details 4) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Concentration Risk, Customer | All customers that accounted for 10% or more of consolidated revenues | ||
Ford [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 24.00% | 23.00% |
Vw [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 17.00% | 18.00% |
Chrysler [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 11.00% | 10.00% |
Acquisitions_and_Joint_Venture1
Acquisitions and Joint Ventures (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2012 | Jul. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Apr. 11, 2011 | |
Business Acquisition [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 64.00% | ||||||||
Noncontrolling Interest in Joint Ventures | $5,900,000 | $12,100,000 | |||||||
Additional Ownership Percentage In Subsidiary | 6.00% | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | 800,000 | ||||||||
Joint Ventures Investment Accrual Amount | 800,000 | ||||||||
Income (Loss) from Equity Method Investments | -651,000 | -558,000 | 0 | ||||||
Joint Ventures Investment Direct Cost | 400,000 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 7,752,000 | 8,624,000 | |||||||
Deconsolidation, Gain (Loss), Amount | 1,500,000 | ||||||||
Ownership Percentage of Subsidiary | 51.00% | 50.00% | |||||||
Fair Value of Debt Acquired | 11,300,000 | ||||||||
Business Acquisition Purchase Price Allocation Assets Acquired Liabilities Assumed Net1 | 22,300,000 | ||||||||
Business Acquisition, Transaction Costs | $1,100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
Operating Leases 2015 | $22,161 |
Operating Leases 2016 | 19,120 |
Operating Leases 2017 | 17,779 |
Operating Leases 2018 | 14,510 |
Operating Leases 2019 | 12,679 |
Operating Leases Thereafter | 11,016 |
Total future lease payments for operating leases | 97,265 |
Capital Leases 2015 | 1,562 |
Capital Leases 2016 | 1,497 |
Capital Leases 2017 | 1,433 |
Capital Leases 2018 | 5,660 |
Capital Leases 2019 | 0 |
Capital Leases Thereafter | 0 |
Total future lease payments for capital leases | 10,152 |
Less: amount representing interest for capital leases | -1,338 |
Present value of minimum lease payments for capital leases | $8,814 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Commitments [Line Items] | |||
Operating Leases, Rent Expense | $23.40 | $20.80 | $21 |
Tooling Expenditures | 48.9 | ||
Executory Purchase Capital Expenditures | 21.8 | ||
Executory Purchase Other Expenditures | 7.6 | ||
Environmental Exit Costs, Costs Accrued to Date | $1.70 | $1.70 |
Change_in_Working_Capital_and_2
Change in Working Capital and Other Operating Items (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Working Capital and Other Operating Items [Line Items] | |||
Accounts receivable | ($15,319) | $22,771 | $49,519 |
Inventories | -812 | -2,052 | -154 |
Prepaid tooling and other current assets | -8,629 | 42,954 | -37,310 |
Accounts payable and accrued liabilities | 9,573 | -22,183 | -60,222 |
Net investment hedge and interest rate swap | 3,341 | 0 | 0 |
Other assets and liabilities | 2,769 | -13,808 | 52,692 |
Change in working capital | ($9,077) | $27,682 | $4,525 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||||
Net Sales | $502,319 | [1],[2] | $497,722 | [1],[3] | $548,467 | [1],[4] | $519,263 | [1],[5] | $480,847 | [1],[6] | $464,938 | [1],[7] | $528,869 | [1],[8] | $491,838 | [1],[9] | $2,067,771 | [1] | $1,966,492 | [1] | $1,925,803 |
Gross Profit | 53,118 | [1],[2] | 52,937 | [1],[3] | 62,349 | [1],[4] | 60,789 | [1],[5] | 56,268 | [1],[6] | 53,310 | [1],[7] | 69,080 | [1],[8] | 51,658 | [1],[9] | 229,193 | [1] | 230,316 | [1] | 196,282 |
Net income/(loss) | -18,043 | [1],[2] | 12,902 | [1],[3] | 16,950 | [1],[4] | 15,278 | [1],[5] | 20,534 | [1],[6] | 4,216 | [1],[7] | -45,348 | [1],[8] | 4,534 | [1],[9] | 27,087 | [1] | -16,064 | [1] | 25,008 |
Net income/(loss) attributable to Tower International, Inc. | ($20,596) | [1],[2] | $11,161 | [1],[3] | $16,096 | [1],[4] | $14,855 | [1],[5] | $18,970 | [1],[6] | $3,318 | [1],[7] | ($45,111) | [1],[8] | $2,548 | [1],[9] | $21,516 | [1] | ($20,275) | [1] | $18,032 |
Diluted Earnings/(Loss) per Share | ($0.99) | [1],[2] | $0.52 | [1],[3] | $0.75 | [1],[4] | $0.70 | [1],[5] | $0.90 | [1],[6] | $0.16 | [1],[7] | ($2.22) | [1],[8] | $0.12 | [1],[9] | $1.01 | [1] | ($0.99) | [1] | $0.90 |
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
[3] | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
[4] | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
[5] | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
[6] | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
[7] | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
[8] | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
[9] | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Quarterly Financial Data [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | $31,600,000 | $24,900,000 | $28,100,000 | $29,100,000 | $36,000,000 | $30,300,000 | $27,000,000 | $42,300,000 | ||||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 4,500,000 | 200,000 | 2,100,000 | 1,000,000 | 3,700,000 | 2,700,000 | 400,000 | 6,400,000 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | ($4,160,000) | [1] | $0 | ($19,157,000) | ||||||||
[1] | Write off of uncollectible accounts and collections of past due accounts. |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) | Jan. 23, 2015 | Dec. 31, 2014 | Oct. 17, 2014 | Oct. 17, 2014 | Jan. 23, 2015 | Jan. 23, 2015 | Feb. 02, 2015 |
In Millions, unless otherwise specified | USD ($) | EUR (€) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] |
USD ($) | EUR (€) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Term Loan Credit Facility [Member] | |||
USD ($) | EUR (€) | Interest Rate Swap [Member] | |||||
USD ($) | |||||||
Subsequent Event [Line Items] | |||||||
Derivative, Notional Amount | € 157 | $200 | € 157.10 | $200 | € 178 | ||
Derivative, Fixed Interest Rate | 5.09% | ||||||
Derivative, Lower Fixed Interest Rate Range | 3.70% | ||||||
Derivative, Higher Fixed Interest Rate Range | 3.97% | ||||||
Derivative, Cash Received on Hedge | 22 | ||||||
Repayments of Long-term Lines of Credit | 25 | ||||||
Termination Of Derivative Notional Amount | $200 | ||||||
Foreign Currency Exchange Rate, Remeasurement | 1.1265 |
SCHEDULE_1_CONDENSED_BALANCE_S
SCHEDULE 1 - CONDENSED BALANCE SHEETS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | |||||
ASSETS | |||||
Intercompany receivables | $230,377 | $255,674 | |||
Total assets | 1,182,916 | [1] | 1,182,993 | 1,238,122 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Intercompany payables | 257,011 | 262,425 | |||
Total liabilities | 1,083,138 | 1,046,124 | |||
Stockholders' equity: | |||||
Preferred stock, $0.01 par value, 50,000,000 authorized and 0 issued and outstanding | 0 | 0 | |||
Common stock, $0.01 par value, 350,000,000 authorized, 21,393,592 issued and 20,752,226 outstanding at December 31, 2014 and 21,079,027 issued and 20,472,637 outstanding at December 31, 2013 | 214 | 211 | |||
Additional paid in capital | 335,338 | 327,998 | |||
Treasury stock, at cost, 641,366 and 606,390 shares as of December 31, 2014 and December 31, 2013 | -9,516 | -8,594 | |||
Accumulated deficit | -235,971 | -257,487 | |||
Accumulated other comprehensive income / (loss) | -46,914 | 12,247 | -12,484 | ||
Total stockholders' equity | 99,778 | 136,869 | 140,874 | 97,460 | |
Total liabilities and stockholders' equity | 1,182,916 | 1,182,993 | |||
Parent Company [Member] | |||||
ASSETS | |||||
Intercompany receivables | 174,214 | 167,957 | |||
Total assets | 174,214 | 167,957 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Intercompany payables | 87,104 | 86,347 | |||
Loss in excess of investment in subsidiaries | 43,959 | 7,235 | |||
Total liabilities | 131,063 | 93,582 | |||
Stockholders' equity: | |||||
Preferred stock, $0.01 par value, 50,000,000 authorized and 0 issued and outstanding | 0 | 0 | |||
Common stock, $0.01 par value, 350,000,000 authorized, 21,393,592 issued and 20,752,226 outstanding at December 31, 2014 and 21,079,027 issued and 20,472,637 outstanding at December 31, 2013 | 214 | 211 | |||
Additional paid in capital | 335,338 | 327,998 | |||
Treasury stock, at cost, 641,366 and 606,390 shares as of December 31, 2014 and December 31, 2013 | -9,516 | -8,594 | |||
Accumulated deficit | -235,971 | -257,487 | |||
Accumulated other comprehensive income / (loss) | -46,914 | 12,247 | |||
Total stockholders' equity | 43,151 | 74,375 | |||
Total liabilities and stockholders' equity | $174,214 | $167,957 | |||
[1] | Total assets as of December 31, 2014 in the International segment include assets held for sale. |
SCHEDULE_1_CONDENSED_BALANCE_S1
SCHEDULE 1 - CONDENSED BALANCE SHEETS (Details) (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 350,000,000 | 350,000,000 |
Common Stock, Shares Issued | 21,393,592 | 21,079,027 |
Common Stock, Shares Outstanding | 20,752,226 | 20,472,637 |
Treasury Stock, Shares | 641,366 | 606,390 |
Parent Company [Member] | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 350,000,000 | 350,000,000 |
Common Stock, Shares Issued | 21,393,592 | 21,079,027 |
Common Stock, Shares Outstanding | 20,752,226 | 20,472,637 |
Treasury Stock, Shares | 641,366 | 606,390 |
SCHEDULE_1_CONDENSED_STATEMENT
SCHEDULE 1 - CONDENSED STATEMENTS OF OPERATIONS (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OTHER INCOME | |||
Intercompany interest income | $534 | $739 | $569 |
Parent Company [Member] | |||
OPERATING EXPENSES | |||
General and administrative expenses | -4,712 | -4,743 | -9,627 |
Total operating expenses | -4,712 | -4,743 | -9,627 |
OTHER INCOME | |||
Intercompany interest income | 3,791 | 3,891 | 4,442 |
Total other income | 3,791 | 3,891 | 4,442 |
Equity income/(loss) of subsidiaries | 22,437 | -19,423 | 23,217 |
Income/(loss) available to common shareholders | $21,516 | ($20,275) | $18,032 |
SCHEDULE_1_CONDENSED_STATEMENT1
SCHEDULE 1 - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Net income/(loss) | ($20,596) | [1],[2] | $11,161 | [1],[3] | $16,096 | [1],[4] | $14,855 | [1],[5] | $18,970 | [1],[6] | $3,318 | [1],[7] | ($45,111) | [1],[8] | $2,548 | [1],[9] | $21,516 | [1] | ($20,275) | [1] | $18,032 |
Other comprehensive income/(loss), net of tax | -60,410 | 26,629 | -137 | ||||||||||||||||||
Comprehensive income/(loss) | -33,323 | 10,565 | 24,871 | ||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||
Net income/(loss) | 21,516 | -20,275 | 18,032 | ||||||||||||||||||
Other comprehensive income/(loss), net of tax | -59,161 | 24,731 | -1,234 | ||||||||||||||||||
Comprehensive income/(loss) | ($37,645) | $4,456 | $16,798 | ||||||||||||||||||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). | ||||||||||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded an actuarial pension loss of $4.2 million. The discontinued operations decreased net sales by $31.6 million and decreased gross profit by $4.5 million. | ||||||||||||||||||||
[3] | The discontinued operations decreased net sales by $24.9 million and increased gross profit by $0.2 million. | ||||||||||||||||||||
[4] | The discontinued operations decreased net sales by $28.1 million and decreased gross profit by $2.1 million. | ||||||||||||||||||||
[5] | The discontinued operations decreased net sales by $29.1 million and decreased gross profit by $1 million. | ||||||||||||||||||||
[6] | The discontinued operations decreased net sales by $36 million and decreased gross profit by $3.7 million. | ||||||||||||||||||||
[7] | The discontinued operations decreased net sales by $30.3 million and decreased gross profit by $2.7 million. | ||||||||||||||||||||
[8] | The discontinued operations decreased net sales by $27 million and decreased gross profit by $0.4 million. | ||||||||||||||||||||
[9] | The discontinued operations decreased net sales by $42.3 million and decreased gross profit by $6.4 million. |
SCHEDULE_1_CONDENSED_STATEMENT2
SCHEDULE 1 - CONDENSED STATEMENTS OF CASH FLOWS (Details 3) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
OPERATING ACTIVITIES: | |||||
Net income/(loss) | $27,087 | [1] | ($16,064) | [1] | $25,008 |
Adjustments required to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||||
Non-cash share-based compensation | 4,712 | 4,743 | 9,613 | ||
Change in working capital and other operating items | 9,077 | -27,682 | -4,525 | ||
Net cash provided by/(used in) operating activities | 112,571 | 127,790 | 96,745 | ||
INVESTING ACTIVITIES: | |||||
Net cash provided by/(used in) investing activities | -99,200 | -72,287 | -92,334 | ||
FINANCING ACTIVITIES: | |||||
Purchase of treasury stock | -922 | -297 | -3,167 | ||
Proceeds from stock options exercised | 2,631 | 2,226 | 0 | ||
Net cash provided by/(used in) financing activities | -2,620 | -61,093 | -6,798 | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 13,681 | 20,937 | -21,041 | ||
CASH AND CASH EQUIVALENTS: | |||||
Beginning of period | 134,880 | 113,943 | 134,984 | ||
End of period | 148,561 | 134,880 | 113,943 | ||
Parent Company [Member] | |||||
OPERATING ACTIVITIES: | |||||
Net income/(loss) | 21,516 | -20,275 | 18,032 | ||
Adjustments required to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||||
Non-cash share-based compensation | 4,712 | 4,743 | 9,613 | ||
Equity (income)/loss of subsidiaries | -22,437 | 19,423 | -23,217 | ||
Change in working capital and other operating items | 0 | -5,818 | -1,261 | ||
Net cash provided by/(used in) operating activities | 3,791 | -1,927 | 3,167 | ||
INVESTING ACTIVITIES: | |||||
Intercompany advances, net | -6,257 | 0 | 0 | ||
Net cash provided by/(used in) investing activities | -6,257 | 0 | 0 | ||
FINANCING ACTIVITIES: | |||||
Purchase of treasury stock | -922 | -297 | -3,167 | ||
Proceeds from stock options exercised | 2,629 | 2,224 | 0 | ||
Intercompany advances, net | 759 | 0 | 0 | ||
Net cash provided by/(used in) financing activities | 2,466 | 1,927 | -3,167 | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ||
CASH AND CASH EQUIVALENTS: | |||||
Beginning of period | 0 | 0 | 0 | ||
End of period | $0 | $0 | $0 | ||
[1] | Amounts differ from previously filed quarterly reports to reflect discontinued operations (refer to Note 5). |
SCHEDULE_II_Valuation_and_Qual1
SCHEDULE II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Balance at Beginning of Year | $2,071 | $4,105 | $3,612 | |||
Additions Charged to Costs and Expenses | 436 | 600 | 1,919 | |||
Additions Charged to other Accounts | 0 | 0 | 0 | |||
Deductions | -1,326 | [1] | -2,634 | [1] | -1,425 | [1] |
Balance at End of Year | 1,181 | 2,071 | 4,105 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Balance at Beginning of Year | 219,421 | 207,659 | 188,336 | |||
Additions Charged to Costs and Expenses | -10,298 | 19,841 | 13,985 | |||
Additions Charged to other Accounts | -30,149 | -8,079 | 5,338 | |||
Deductions | 0 | 0 | 0 | |||
Balance at End of Year | $178,974 | $219,421 | $207,659 | |||
[1] | Write off of uncollectible accounts and collections of past due accounts. |