Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | Tower International, Inc. | ||
Entity Central Index Key | 1,485,469 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | TOWR | ||
Entity Common Stock, Shares Outstanding | 21,111,610 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 527,349,271 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and cash equivalents | $ 142,640 | $ 148,561 | |
Accounts receivable, net of allowance of $1,287 and $1,181 | 250,933 | 230,377 | |
Inventories (Note 3) | 70,633 | 69,775 | |
Assets held for sale (Note 6) | 0 | 141,295 | |
Prepaid tooling, notes receivable, and other | 71,487 | 41,986 | |
Total current assets | 535,693 | 631,994 | |
Property, plant, and equipment, net (Note 3) | 473,159 | 451,126 | |
Goodwill (Note 3) | 59,340 | 56,691 | |
Investment in joint venture | 7,711 | 7,752 | |
Deferred tax asset | 127,633 | 4,641 | |
Other assets, net | 11,961 | 12,969 | |
Total assets | 1,215,497 | 1,165,173 | [1] |
LIABILITIES AND EQUITY | |||
Short-term debt and current maturities of capital lease obligations (Note 7) | 30,378 | 31,139 | |
Accounts payable | 297,665 | 257,011 | |
Accrued liabilities | 107,911 | 104,833 | |
Liabilities held for sale (Note 6) | 0 | 67,707 | |
Total current liabilities | 435,954 | 460,690 | |
Long-term debt, net of current maturities (Note 7) | 412,218 | 445,303 | |
Obligations under capital leases, net of current maturities (Note 7) | 5,984 | 7,740 | |
Deferred tax liability | 6,167 | 8,044 | |
Pension liability (Note 10) | 65,621 | 68,637 | |
Other non-current liabilities | 82,834 | 74,981 | |
Total non-current liabilities | 572,824 | 604,705 | |
Total liabilities | $ 1,008,778 | $ 1,065,395 | |
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, 22,003,820 issued and 21,111,610 outstanding at December 31, 2015, and 21,393,592 issued and 20,752,226 outstanding at December 31, 2014 | 220 | 214 | |
Additional paid in capital | 337,864 | 335,338 | |
Treasury stock, at cost, 892,210 and 641,366 shares as of December 31, 2015 and December 31, 2014 | (16,067) | (9,516) | |
Accumulated deficit | (44,030) | (235,971) | |
Accumulated other comprehensive loss (Note 3) | (80,492) | (46,914) | |
Total Tower International, Inc.'s stockholders' equity | 197,495 | 43,151 | |
Noncontrolling interests in subsidiaries | 9,224 | 56,627 | |
Total stockholders' equity | 206,719 | 99,778 | |
Total liabilities and stockholders' equity | $ 1,215,497 | $ 1,165,173 | |
[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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for accounts receivable (in dollars) | $ 1,287 | $ 1,181 |
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 | 22,003,820 | 21,393,592 |
Common stock, shares outstanding | 21,111,610 | 20,752,226 |
Treasury stock, shares | 892,210 | 641,366 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 1,955,709 | $ 2,067,771 | $ 1,966,492 |
Cost of sales | 1,737,232 | 1,838,578 | 1,736,176 |
Gross profit | 218,477 | 229,193 | 230,316 |
Selling, general, and administrative expenses | 130,650 | 132,635 | 132,804 |
Amortization expense (Note 3) | 249 | 1,544 | 2,793 |
Restructuring and asset impairment charges, net (Note 5) | 8,607 | 14,248 | 21,198 |
Operating income | 78,971 | 80,766 | 73,521 |
Interest expense | 24,290 | 34,767 | 51,405 |
Interest income | 642 | 534 | 739 |
Other expense | 0 | 87 | 48,448 |
Income/(loss) before provision for income taxes and equity in loss of joint venture | 55,323 | 46,446 | (25,593) |
Provision/(benefit) for income taxes (Note 9) | (123,001) | 9,272 | 178 |
Equity in loss of joint venture, net of tax | (46) | (651) | (558) |
Income/(loss) from continuing operations | 178,278 | 36,523 | (26,329) |
Income/(loss) from discontinued operations, net of tax (Note 6) | 17,513 | (9,436) | 10,265 |
Net income/(loss) | 195,791 | 27,087 | (16,064) |
Less: Net income attributable to the noncontrolling interests | 1,739 | 5,571 | 4,211 |
Net income/(loss) attributable to Tower International, Inc. | $ 194,052 | $ 21,516 | $ (20,275) |
Weighted average basic shares outstanding (in shares) | 21,093,387 | 20,662,425 | 20,387,168 |
Weighted average diluted shares outstanding (in shares) | 21,408,301 | 21,391,000 | 20,387,168 |
Basic income/(loss) per share attributable to Tower International, Inc.: | |||
Income/(loss) per share from continuing operations (Note 11) | $ 8.37 | $ 1.5 | $ (1.5) |
Income/(loss) per share from discontinued operations (Note 11) | 0.83 | (0.46) | 0.5 |
Income/(loss) per share (Note 11) | 9.2 | 1.04 | (0.99) |
Diluted income/(loss) per share attributable to Tower International, Inc.: | |||
Income/(loss) per share from continuing operations (Note 11) | 8.25 | 1.45 | (1.5) |
Income/(loss) per share from discontinued operations (Note 11) | 0.81 | (0.44) | 0.5 |
Income/(loss) per share (Note 11) | $ 9.06 | $ 1.01 | $ (0.99) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income/(loss) | $ 195,791 | $ 27,087 | $ (16,064) |
Other comprehensive income/(loss), net of tax: | |||
Foreign currency translation adjustments (net of tax expense/(benefit) of $7.8 million, $0 million, and $0 million) | (35,095) | (33,436) | 8,947 |
Change in defined benefit plans (net of tax expense/(benefit) of $(0.2) million, $0 million, and $10.8 million) | (312) | (26,857) | 17,517 |
Unrealized gain/(loss) on qualifying cash flow hedge (net of tax of $0 million) | 0 | (117) | 165 |
Other comprehensive income/(loss), net of tax: | (35,407) | (60,410) | 26,629 |
Comprehensive income/(loss) | 160,384 | (33,323) | 10,565 |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | (90) | 4,322 | 6,109 |
Comprehensive income/(loss) attributable to Tower International, Inc. | $ 160,474 | $ (37,645) | $ 4,456 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign currency translation adjustment, tax | $ 7.8 | $ 0 | $ 0 |
Defined benefit plans, net of tax | (0.2) | 0 | 10.8 |
Unrealized gain / (loss) on qualifying cash flow hedge, tax | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income/(loss) | $ 195,791 | $ 27,087 | $ (16,064) |
Less: Income/(loss) from discontinued operations, net of tax | 17,513 | (9,436) | 10,265 |
Income/(loss) from continuing operations | 178,278 | 36,523 | (26,329) |
Adjustments required to reconcile income from continuing operations to net cash provided by continuing operating activities: | |||
Asset impairment charges | 0 | 4,558 | 11,227 |
Term Loan re-pricing fees | 0 | 87 | 0 |
Premium on notes redemption and other fees | 0 | 0 | 48,448 |
Deferred income tax provision/(benefit) | (130,964) | (198) | (9,688) |
Depreciation and amortization | 79,747 | 87,241 | 88,838 |
Non-cash share-based compensation | 2,328 | 4,712 | 4,743 |
Pension loss, net of contributions | (14,116) | (11,275) | (17,131) |
Change in working capital and other operating items | (12,634) | (9,077) | 27,682 |
Net cash provided by continuing operating activities | 102,639 | 112,571 | 127,790 |
INVESTING ACTIVITIES: | |||
Cash disbursed for purchases of property, plant, and equipment, net | (124,641) | (98,440) | (78,034) |
Proceeds from disposition of Brazilian facility | 9,469 | 0 | 0 |
Net proceeds from sale of property, plant, and equipment | 0 | 0 | 12,040 |
Investment in joint venture | 0 | (760) | (6,293) |
Acquisition, net of cash | (21,740) | 0 | 0 |
Net cash used in continuing investing activities | (136,912) | (99,200) | (72,287) |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings | 128,799 | 131,313 | 547,944 |
Repayments of borrowings | (135,120) | (154,928) | (598,457) |
(Repayments)/borrowings on Term Loan Credit Facility | (25,000) | 33,145 | 417,900 |
Debt financing costs | 0 | (3,595) | (10,878) |
Redemption of notes | 0 | 0 | (361,992) |
Premium paid on notes redemption and other fees | 0 | 0 | (43,078) |
Premium paid on re-pricing of Term Loan Credit Facility and other fees | 0 | 0 | (4,318) |
Proceeds from termination of cross currency swaps | 32,377 | 0 | 0 |
Dividend payment to Tower shareholders | (2,111) | 0 | 0 |
Secondary stock offering transaction costs | 0 | (75) | (814) |
Proceeds from stock options exercised | 204 | 2,631 | 2,226 |
Purchase of treasury stock | (6,551) | (922) | (297) |
Noncontrolling interest dividends and other activity | (2,962) | (10,189) | (9,329) |
Net cash used in continuing financing activities | (10,364) | (2,620) | (61,093) |
Discontinued operations: | |||
Net cash from discontinued operating activities | 19,530 | 8,579 | 25,558 |
Net cash from discontinued investing activities | 37,232 | 554 | 1,732 |
Net cash from discontinued financing activities | (12,537) | (711) | (4,491) |
Net cash from discontinued operations | 44,225 | 8,422 | 22,799 |
Effect of exchange rate changes on continuing cash and cash equivalents | (5,508) | (5,492) | 3,728 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (5,921) | 13,681 | 20,937 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of period | 148,561 | 134,880 | 113,943 |
End of period | 142,640 | 148,561 | 134,880 |
Supplemental Cash Flow Information: | |||
Interest paid, net of amounts capitalized | 20,671 | 26,506 | 46,160 |
Income taxes paid | 7,714 | 9,904 | 9,586 |
Non-cash Investing Activities: | |||
Capital expenditures in liabilities for purchases of property, plant, and equipment | $ 18,648 | $ 4,755 | $ 3,802 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
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) | $ 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 |
Stock options exercised (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 |
Noncontrolling interest dividends - Wuhu | (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 | $ 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 |
Stock options exercised (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 |
Noncontrolling interest dividends - Wuhu | (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 | |||||||
Net income/(loss) | 195,791 | $ 0 | 0 | 0 | 194,052 | 0 | 194,052 | 1,739 |
Other comprehensive income/(loss) | (35,407) | 0 | 0 | 0 | 0 | (33,578) | (33,578) | (1,829) |
Total comprehensive income/(loss) | 160,384 | 0 | 0 | 0 | 0 | 0 | 160,474 | (90) |
Vesting of RSUs | 0 | $ 6 | (6) | 0 | 0 | 0 | 0 | 0 |
Vesting of RSUs (in Shares) | 592,907 | |||||||
Stock options exercised | 204 | $ 0 | 204 | 0 | 0 | 0 | 204 | 0 |
Stock options exercised (in shares) | 17,321 | |||||||
Treasury stock | (6,551) | $ 0 | 0 | (6,551) | 0 | 0 | (6,551) | 0 |
Treasury stock (in shares) | (250,844) | |||||||
Share-based compensation expense | 2,328 | $ 0 | 2,328 | 0 | 0 | 0 | 2,328 | 0 |
Dividend paid | (2,111) | 0 | 0 | 0 | (2,111) | 0 | (2,111) | 0 |
Noncontrolling interest sold | (46,984) | 0 | 0 | 0 | 0 | 0 | 0 | (46,984) |
Noncontrolling interest dividends - Wuhu | (329) | 0 | 0 | 0 | 0 | 0 | 0 | (329) |
Balance at Dec. 31, 2015 | $ 206,719 | $ 220 | $ 337,864 | $ (16,067) | $ (44,030) | $ (80,492) | $ 197,495 | $ 9,224 |
Balance (in shares) at Dec. 31, 2015 | 21,111,610 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2015 | |
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 Organ
Basis of Presentation and Organizational History | 12 Months Ended |
Dec. 31, 2015 | |
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 Changchun Tower Golden Ring Automotive Products Co., Ltd. (“TGR”) and Xiangtan DIT Automotive Products Co. 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 Accounting Pronouncements Presentation of Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest Imputation of Interest Simplifying the Presentation of Debt Issuance Costs Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standards update outlines a single comprehensive model for entities to utilize to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that will be received in exchange for the goods and services. Additional disclosures will also be required to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date of this standards update to fiscal years beginning after December 15, 2017, with early adoption permitted on the original effective date of fiscal years beginning after December 15, 2016. We are currently evaluating our significant contracts and assessing any impact of adopting this standards update on our consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 3. Significant Accounting Policies Financial Statement Presentation 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. 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. 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. Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. December December 31, Raw materials $ 33,989 $ 32,237 Work in process 14,495 15,136 Finished goods 22,149 22,402 Total inventory $ 70,633 $ 69,775 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. December December 31, Customer-owned tooling, net $ 59,901 $ 22,735 Company-owned tooling 16 174 Total tooling, net $ 59,917 $ 22,909 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 are recorded at cost, less accumulated depreciation. Depreciation expense was $79.5 million, $85.7 million, and $86 million for the years ended December 31, 2015, 2014, and 2013, respectively. 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. 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. December December 31, Cost: Land $ 17,460 $ 19,135 Buildings and improvements 192,350 208,055 Machinery and equipment 833,584 823,951 Construction in progress 95,638 52,391 Property, plant, and equipment, gross 1,139,032 1,103,532 Less: accumulated depreciation (665,873 ) (652,406 ) Property, plant, and equipment, net $ 473,159 $ 451,126 FASB ASC No. 410, Asset Retirement and Environmental Obligations, Asset retirement obligations are included in other non-current liabilities in the Consolidated Balance Sheets. December December 31, Beginning balance $ 17,136 $ 16,177 Accretion expense 549 1,371 Liabilities settled (1,209 ) (852 ) Change in estimate 324 440 Ending balance $ 16,800 $ 17,136 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 Long-lived assets held for sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell and depreciation is ceased. 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 The evaluation of goodwill for possible impairment includes estimating the fair market value of each of the reporting units which have goodwill associated with their operations using discounted cash flow and multiples of cash earnings valuation techniques, plus valuation comparisons to recent public sale transactions of similar businesses, if any. These valuation methods require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. Although the Company believes that the estimates and assumptions used were reasonable, actual results could differ from those estimates and assumptions. The results of the Company’s 2015 annual goodwill impairment analysis indicated that the fair value of the Europe and North America reporting units were substantially in excess of carrying value: thus, no impairment existed at December 31, 2015. 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. ) International Americas Consolidated 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 Goodwill from Mexico acquisition 8,956 8,956 Currency translation adjustment (5,801 ) (506 ) (6,307 ) Balance at December 31, 2015 $ 50,890 $ 8,450 $ 59,340 In the Americas segment, goodwill of $9 million was recorded during the third quarter of 2015, which represents the cost in excess of the net assets acquired related to the Mexican acquisition. 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. 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. In the Americas segment, an intangible asset of $3.5 million was recorded in 2015, as part of the acquisition of a facility in Mexico. This intangible asset has a definite life and will be amortized on a straight-line basis over seven years, the estimated life of the related asset, which approximates the recognition of related revenues. The Company incurred amortization expense of $0.2 million, $1.5 million, and $2.8 million for the years ended December 31, 2015, 2014, and 2013, respectively. The following table presents information about the Company’s intangible assets as of December 31, 2015 and 2014, respectively (in thousands): Weighted As of December 31, 2015 As of December 31, 2014 Gross Accumulated Gross Accumulated Amortized intangible: Europe 7 years $ 14,392 $ 14,392 $ 16,033 $ 16,033 Brazil 7 years 3,660 3,660 5,455 5,455 North America 7 years 3,498 248 Total $ 21,550 $ 18,300 $ 21,488 $ 21,488 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, 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. FASB ASC No. 820, Fair Value Measurements, 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, 2015, the carrying value and estimated fair value of the Company’s total debt was $450.6 million and $434.2 million, respectively. 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. The majority of the Company’s debt at December 31, 2015 and 2014 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 and an interest rate swap that were measured at fair value on a recurring basis at December 31, 2015 and 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, 2015, the foreign currency exchange hedge (net investment hedge of our European subsidiaries) had a liability fair value of $9 million. The interest rate swap (not designated for hedge accounting) had a liability fair value of $2.6 million. 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. Quoted prices in Significant other Significant Total gains/ Level 1 Level 2 Level 3 Long-lived assets held for sale Not applicable Not applicable $ 13.4 $ 4.1 For the year ended December 31, 2015, in accordance with FASB ASC No. 360, Property, Plant, & Equipment Quoted prices in Significant other Significant Total gains/ 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, 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. The fair value of the assets was determined based upon consideration of the negotiated sales price in the preliminary sales agreement. For the year ended December 31, 2014, in accordance with FASB ASC No. 360, 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 our 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 Quoted prices in Significant other Significant Total gains/ Level 1 Level 2 Level 3 Long-lived assets held for sale Not applicable Not applicable $ 12.0 $ (10.4 ) For the year ended December 31, 2013, in accordance with FASB ASC No. 360, 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 our Consolidated Statements of Operations which is included in restructuring and asset impairment charges, net for the year ended December 31, 2013. Fair value of the assets was determined using a third party appraisal based on current market conditions. In accordance with FASB ASC No. 605, Revenue Recognition, 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 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. 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 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. The Company determines its reportable segments based upon the guidance in FASB ASC No. 280, Segment Reporting 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 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. 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 12 for further discussion regarding share-based compensation. As of December 31, 2015 2014 Foreign currency translation adjustments, net of tax of $7.8 million $ (40,490 ) $ (7,224 ) Defined benefit plans, net of tax of $13.5 million and $13.7 million (40,002 ) (39,690 ) Accumulated other comprehensive loss $ (80,492 ) $ (46,914 ) Defined Foreign Total Balance at December 31, 2014 $ (39,690 ) $ (7,224 ) $ (46,914 ) Other comprehensive loss before reclassification (312 ) (33,266 ) (33,578 ) Net current-period other comprehensive loss (312 ) (33,266 ) (33,578 ) Balance at December 31, 2015 $ (40,002 ) $ (40,490 ) $ (80,492 ) The following table presents the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): Unrealized Defined Foreign Total Balance at December 31, 2013 $ 117 $ (12,833 ) $ 24,963 $ 12,247 Other comprehensive loss before reclassification (117 ) (26,857 ) (32,187 ) (59,161 ) Amounts reclassified from accumulated other comprehensive loss Net current-period other comprehensive loss (117 ) (26,857 ) (32,187 ) (59,161 ) Balance at December 31, 2014 $ $ (39,690 ) $ (7,224 ) $ (46,914 ) 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. |
Acquisition of Operations in Me
Acquisition of Operations in Mexico City, Mexico | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 4. Acquisition of Operations in Mexico City, Mexico On July 24, 2015, a subsidiary of the Company acquired 100% of the issued and outstanding shares of Herrajes y Acabados Metálicos, S.A. de C.V. (“Hamsa”). The acquisition, which continues the expansion of our Mexican operations, was accounted for as a purchase under the acquisition method in accordance with FASB ASC No. 805, Business Combinations The allocation of the purchase price for the acquisition was made to the following major opening balance sheet categories (in thousands): Assets Acquired Current assets $ 13,939 Property, plant and equipment 5,589 Intangibles 3,640 Other non-current assets 115 Total assets acquired 23,283 Liabilities assumed (10,499 ) Net assets acquired $ 12,784 Total cash to seller $ 26,110 Less: cash on hand (4,370 ) Purchase price, net 21,740 Less: net assets acquired 12,784 Goodwill $ 8,956 |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Note 5. Restructuring and Asset Impairment Charges As of December 31, 2015, 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, 2015 2014 2013 International $ 231 $ 3,995 $ 2,714 Americas 8,376 10,253 18,484 Consolidated $ 8,607 $ 14,248 $ 21,198 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, 2015 2014 2013 Employee termination costs $ 1,048 $ 1,609 $ 2,290 Other exit costs 7,559 8,081 7,672 Asset impairments 4,558 11,236 Restructuring and asset impairment charges, net $ 8,607 $ 14,248 $ 21,198 The charges incurred during 2015, 2014, and 2013 primarily related to the following actions: 2015 Actions During the year ended December 31, 2015, the charges incurred in the Americas segment related to a liability established to reflect a change in estimated future rents on a previously closed facility, 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 severance charges to reduce fixed costs and a revision of a previous estimate. 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. 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, 2015 (in thousands): International Americas Consolidated Balance at December 31, 2013 $ 559 $ 1,357 $ 1,916 Payments (1,064 ) (1,064 ) Increase in liability 523 1,086 1,609 Adjustment 50 (22 ) 28 Balance at December 31, 2014 $ 1,132 $ 1,357 $ 2,489 Payments (1,248 ) (604 ) (1,852 ) Increase in liability 231 817 1,048 Adjustment (16 ) (1,357 ) (1,373 ) Balance at December 31, 2015 $ 99 $ 213 $ 312 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 decreased during the year ended December 31, 2015, reflecting primarily payments of other exit costs related to prior accruals and an adjustment of other exit costs related to prior accruals for the Americas, offset partially by accruals for severance. The liability increased during the year ended December 31, 2014 primarily due to accruals for severance, offset partially by payments of other exit costs made related to prior accruals. During the year ended December 31, 2015, the Company incurred payments related to prior accruals in Europe of $1.2 million and in North America of $0.6 million. In addition, the Americas restructuring reserve was reduced by $1.4 million to reflect that certain lease obligations, on a previously closed facility, are no longer required. During the year ended December 31, 2014, the Company incurred payments related to prior accruals in North America of $1.1 million. |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 6. 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, Discontinued Operations Year Ended December 31, 2015 2014 2013 Revenues $ 86,074 $ 113,701 $ 135,527 Gain from sale of Xiangtan/TGR discontinued operations 18,806 Income/(loss) from discontinued operations: Income/(loss) before provision for income taxes 18,064 (7,218 ) 12,164 Provision for income taxes 551 2,218 1,899 Income/(loss) from discontinued operations $ 17,513 $ (9,436 ) $ 10,265 On July 28, 2015, the Company entered into an agreement to sell Xiangtan to Xiangtan Ditong Automotive Industrial Machinery Co., Limited, our joint venture partner in the Xiangtan operations. The sale agreement provided for the repayment of $9.9 million of the Company’s shareholder loans to the joint venture, and the purchase of the Company’s equity in the joint venture for $3.5 million, net of tax, which results in a total sales price in excess of the current carrying value of the net assets of Xiangtan; therefore a gain on the sale of $3.6 million was recorded in the period ended December 31, 2015. This gain represents the reversal of a portion of the impairment loss recorded in 2014. During 2015, net proceeds of $13.4 million were received by the Company under the agreement. On December 31, 2015, the Company completed the sale of the TGR joint venture to the Y-Tec Corporation and Fawer Automotive Parts Co., Ltd. The sale agreement provided for the purchase of the Company’s equity in the joint venture for $29.4 million, and the payment of a dividend of $14.8 million, net of tax, which results in a total sales price in excess of the current carrying value of the net assets of TGR; therefore a gain on the sale of $15.3 million was recorded in the period ended December 31, 2015. During 2015, net proceeds of $44.2 million were received by the Company under the agreement, net of tax. As of December 31, 2015 the Company has no assets that are considered held for sale in accordance with FASB ASC No. 360, Property, Plant, and Equipment. December 31, 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 Accounts payable 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 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 7. Debt Short-Term Debt Short-term debt consists of the following (in thousands): December 31, December 31, Current maturities of debts (excluding capital leases) $ 29,414 $ 30,065 Current maturities of capital leases 964 1,074 Total $ 30,378 $ 31,139 Long-Term Debt Long-term debt consists of the following (in thousands): December 31, December 31, Term Loan Credit Facility (net of discount of $1,222 and $1,594) $ 415,903 $ 445,031 Other foreign subsidiary indebtedness 34,691 42,213 Debt issue costs (8,962 ) (11,876 ) Total debt 441,632 475,368 Less: Current maturities (excluding capital leases) (29,414 ) (30,065 ) Total long-term debt $ 412,218 $ 445,303 Future maturities of long-term debt as of December 31, 2015 are as follows (in thousands): 2016 $ 29,414 2017 12,310 2018 5,444 2019 5,023 2020 398,176 Thereafter 227 Total $ 450,594 Less: Debt issue costs (8,962 ) Total, net of debt issue costs $ 441,632 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”). On January 31, 2014, the Company 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 were 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. On February 2, 2015, the Company paid $25 million on its Term Loan Credit Facility. In connection with this prepayment, the Company accelerated the amortization of the original issue discount and the associated debt issue costs by $0.4 million in the first quarter of 2015. As of December 31, 2015, the outstanding principal balance of the Term Loan Credit Facility was $415.9 million (net of a remaining $1.2 million original issue discount) and the effective interest rate was 4.00% per annum. Amended Revolving Credit Facility 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 Tower Automotive Holdings USA, LLC (“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, 2015 was 1.25%. The applicable margin for the LIBOR based borrowings as of December 31, 2015 was 2.25%. 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 other direct and indirect domestic subsidiaries on a secured basis. The Amended Revolving Credit Facility is secured (i) by a first priority security interest in certain assets of the Borrower and the Subsidiary Guarantors, including accounts, inventory, chattel paper, 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 Borrower and the Subsidiary Guarantors. 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 2014. These costs were capitalized and are recorded in the Consolidated Balance Sheets as other assets, net. As of December 31, 2015, there was $190.4 million of borrowing availability under the Amended Revolving Credit Facility, of which no borrowings were outstanding and $9.6 million letters of credit were 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. Other Foreign Subsidiary Indebtedness As of December 31, 2015, other foreign subsidiary indebtedness of $34.7 million consisted primarily of receivables factoring in Europe of $22.7 million, other indebtedness in Europe of $8 million, and borrowings in Brazil of $4 million. The change in foreign subsidiary indebtedness from December 31, 2014 to December 31, 2015 is explained by the following (in thousands): Europe Brazil Total Balance at December 31, 2014 $ 33,470 $ 8,743 $ 42,213 Maturities of indebtedness (4,073 ) (1,879 ) (5,952 ) Change in borrowings on credit facilities, net 4,732 4,732 Foreign exchange impact (3,425 ) (2,877 ) (6,302 ) Balance at December 31, 2015 $ 30,704 $ 3,987 $ 34,691 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, 2015, the receivables factoring facilities balance available to the Company was $22.7 million (€20.9 million), of which the entire amount 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 3.00%. The effective annual interest rates as of December 31, 2015 ranged from 2.37% to 2.87%, with a weighted average interest rate of 2.70% 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, 2015, the secured line of credit balance available to the Company was $10.9 million (€10 million), of which no borrowings were outstanding. The facility bears an interest rate based on the EURIBOR plus a spread of 2.15% and has a maturity date of October 2016. The effective annual interest rate as of December 31, 2015 was 1.97% per annum. The facility is 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, 2015, the Company’s European subsidiaries had borrowings of $8 million (€7.4 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, 2015, the Company’s European subsidiaries had an asset-based revolving credit facility balance available to the Company of $27.7 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, 2015, the Company’s Brazilian subsidiary had borrowings of $4 million (R$15.8 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, 2015, the weighted average interest rate on the borrowings in Brazil was 5.68% 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. Covenants As of December 31, 2015, the Company was in compliance with all financial covenants that govern its credit agreements. Capital Leases The Company had the following capital lease obligations as of the dates presented (in thousands). These capital lease obligations expire in March 2018: December 31, 2015 December 31, 2014 Capital leases: Current maturities of capital leases $ 964 $ 1,074 Non-current maturities of capital leases 5,984 7,740 Total capital leases $ 6,948 $ 8,814 Debt Issue Costs The Company had debt issuance costs, net of amortization, of $9 million and $11.9 million as of December 31, 2015 and December 31, 2014, respectively. These amounts are reflected in the Consolidated Balance Sheets as a direct deduction from long-term debt, net of current maturities, rather than as an asset, in accordance with ASU No. 2015-03. The Company incurred interest expense related to the amortization of debt issue costs of $2.4 million, $3 million, and $6.5 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 8. 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 was April 16, 2020. On January 23, 2015, the Company terminated the cross currency swap entered into on October 17, 2014 and received $21.9 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 €157.1 million to €178 million and the interest rate was lowered from 3.97% to 3.70% per annum. Using the proceeds received from the swap termination transaction, the Company made a $25 million voluntary repayment on its Term Loan Credit Facility on February 2, 2015. On March 13, 2015, the Company terminated the cross currency swap entered into on January 23, 2015 and received $10.5 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 $1.0480). The Euro notional amount remained the same but the interest rate was lowered from 3.70% to 3.40% per annum. On April 16, 2015, the U.S. dollar notional amount on the interest rate swap was reduced from $200 million to $186.1 million, but the 5.09% interest rate per annum and the maturity date of April 16, 2020 remained the same. The interest rate is fixed at 5.09% per annum, but the fair value of the swap will fluctuate with changes in interest rates. At December 31, 2015 (when the U.S. dollar/Euro exchange spot rate was $1.0906) and December 31, 2014, 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 Location December 31, December 31, Assets Net investment hedge Other assets, net $ $ 3,642 Interest rate swap Other assets, net Liabilities Net investment hedge Other non-current liabilities $ 9,005 $ Interest rate swap Other non-current liabilities 2,592 301 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, 2015 and December 31, 2014, respectively (in thousands): Deferred gain in AOCI 2015 2014 Net investment hedge $ 29,139 $ 9,094 Total $ 29,139 $ 9,094 Derivative instruments held during the period resulted in the following expense recorded in income during the year ended December 31, 2015 and December 31, 2014, respectively (in thousands): Expense recognized 2015 2014 Net investment hedge $ 314 $ 5,453 Interest rate swap 2,291 301 Total $ 2,605 $ 5,754 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9. 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. Year Ended December 31, 2015 2014 2013 Domestic $ 33,414 $ 42,841 $ (32,347 ) Foreign 21,909 3,605 6,754 Total $ 55,323 $ 46,446 $ (25,593 ) The provision/(benefit) for income taxes consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: Domestic Federal $ 487 $ 350 $ Domestic State 346 33 43 Foreign 7,130 9,086 9,823 Total 7,963 9,470 9,866 Tax benefit with offset in OCI: Domestic Federal (9,897 ) Domestic State (931 ) Total (10,828 ) Deferred and other: Domestic Federal (117,582 ) Domestic State (11,540 ) Foreign (1,842 ) (198 ) 1,140 Total (130,964 ) (198 ) 1,140 Total provision/(benefit) for income taxes $ (123,001 ) $ 9,272 $ 178 Year Ended December 31, 2015 2014 2013 Taxes at U.S. federal statutory rate $ 19,363 $ 16,256 $ (8,957 ) State tax expense 1,036 33 110 Foreign tax rate differential (2,779 ) (522 ) (1,907 ) Valuation allowance (117,452 ) (10,298 ) 20,552 Permanent differences 128 1,823 208 Foreign withholding taxes 765 932 4,014 Increase/(decrease) in uncertain tax positions 458 320 (1,191 ) Tax benefit in OCI (10,828 ) U.S taxes on foreign earnings (3,500 ) Tax credits (23,136 ) Other 2,116 728 (1,823 ) Total income tax expense/(benefit) $ (123,001 ) $ 9,272 $ 178 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. December 31, December 31, Deferred income tax assets are attributable to: Net operating loss carryforwards and tax credits $ 120,644 $ 116,564 Non-deductible reserves and other accruals 37,004 46,098 Accrued pension and postretirement benefit obligations 25,123 28,153 Capitalized leases 8,626 8,530 Other 5,161 1,974 Total gross deferred income tax assets 196,557 201,319 Less: valuation allowance (47,355 ) (178,974 ) Net deferred income tax assets $ 149,202 $ 22,345 Deferred income tax liabilities are attributable to: Deferred cancellation of indebtedness income (10,360 ) (14,255 ) Long lived assets (17,164 ) (4,498 ) Other (212 ) (6,995 ) Total gross deferred income tax liabilities (27,736 ) (25,748 ) Net deferred income tax asset/(liability) $ 121,466 $ (3,403 ) As of December 31, 2015, the amount of valuation allowances that existed was $47.4 million. The valuation allowances decreased $131.6 million during 2015 primarily due to the release of valuation allowance in the United States. 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 concluded that the Company’s U.S. and Italy business will generate sufficient future taxable income to enable it to realize the tax benefits of its deferred tax assets. The Company also continues to maintain valuation allowances in certain international jurisdictions, primarily the Netherlands and Brazil, and certain state tax credits which we anticipate will expire before we can utilize them. As of December 31, 2015, there is not any amount of the valuation allowance for which subsequently recognized benefits will be allocated to reduce goodwill or other intangible assets. As of December 31, 2014, the amount of valuation allowances that existed was $178.9 million. The valuation allowances decreased $40.4 million in 2014 primarily due the expiration of Mexican net operating losses and some utilization of U.S. NOL’s. The Company has U.S. net operating loss (“NOLs”) carryforwards of $146.3 million that expire during the years 2029 through 2034, and state and local NOL carryforwards of $42.8 million, and state credit carryforwards of $22.0 million that expire during the years 2016 through 2034. The Company has recorded deferred tax assets of $45.9 million related to federal NOL carryforwards. The Company has also recorded deferred tax assets of $23.6 million related to federal research and foreign tax credits. During 2013, the Company had an ownership change that limits the annual utilization of the Federal and some state net operating losses. We do not expect the annual limitation will have a material effect on U.S. Federal tax payments or the Company’s ability to fully utilize its NOL carryforwards. The Company’s international subsidiaries have NOL carryforwards of $108.6 million and other local income tax NOL carryforwards of $26.2 million at December 31, 2015, many of which are unlimited, while others expire as soon as 2016. The Company has recorded deferred tax assets of $27.1 million related to the foreign NOL and credit carryforwards. As of December 31, 2015, the Company considers the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested and, accordingly, no U.S. income taxes have been provided thereon. As of December 31, 2015, the amount of undistributed earnings associated with indefinitely reinvested foreign earnings was approximately $88 million. We have not, nor do we anticipate the need to, repatriate funds to the United States to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements. The Company has recorded a deferred income tax liability of $0.2 million for the expected future taxes primarily related to periodic distributions, in the form of dividends, from our Chinese subsidiaries. Unrecognized Tax Benefits Year Ended December 31, 2015 2014 2013 Unrecognized tax benefit January 1 $ 12,218 $ 18,223 $ 19,242 Increase in prior year tax positions 646 Decrease in prior year tax positions (567 ) Increase in current year tax positions 2,866 1,180 2,656 Audit settlements (2,504 ) (489 ) (3,336 ) Lapse in statute of limitations (296 ) (161 ) (198 ) Foreign currency translation (905 ) (1,312 ) 426 Liabilities held for sale (5,869 ) Total $ 11,379 $ 12,218 $ 18,223 Included in the balance of unrecognized tax benefits at December 31, 2015, 2014, and 2013 are $11.4 million, $8.4 million, and $15.4 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 interest expenses. Also included in the balance of unrecognized tax benefits at December 31, 2015, 2014 and 2013 are $0 million, $3.8 million, and $2.8 million, respectively, of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes. The Company recognizes interest and penalties related to tax benefits as income tax expense. As of December 31, 2015, 2014 and 2013, the Company accrued for the payment of income tax related interest and penalties of $1.4 million, $1.1 million, and $1.4 million, respectively. The amount of interest and penalty expense/(benefit) was $0.4 million, $0.3 million, and $(0.1) million for the years ended December 31, 2015, 2014, and 2013, respectively. The Company is currently under IRS audit for the 2011, 2012, and 2013 tax years. The U.S. statute of limitation extends to the 2007 tax year. The Company is under examination in some international jurisdictions for tax years 2010 2012. The Company has appealed German audit assessments for tax years 2004 and 2005. 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, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10. 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 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 $7.6 million during 2016. Benefit payments under the Pension Plan are estimated to be $18 million, $17.2 million, $17 million, $17 million, and $16.7 million for the years ending December 31, 2016, 2017, 2018, 2019, and 2020, respectively, for a total of $85.9 million during that five-year period. Aggregate benefit payments under the Pension Plan for the years 2021 through 2025 are estimated to be $81.7 million. Year Ended Year Ended Reconciliation of fair value of Pension Plan assets: Fair value of assets, beginning of period $ 201,577 $ 199,043 Actual return (5,280 ) 9,100 Employer contributions 9,614 13,232 Expenses paid from Pension Plan assets (2,208 ) (1,536 ) Benefits paid (18,245 ) (18,262 ) Fair value of assets, end of period $ 185,458 $ 201,577 Change in projected benefit obligation: Projected benefit obligation, beginning of period $ 270,214 $ 253,958 Service cost 27 28 Interest cost 7,624 10,882 Actuarial (gain)/loss (8,541 ) 23,608 Benefits paid (18,245 ) (18,262 ) Projected benefit obligation, end of period $ 251,079 $ 270,214 Funded status of the Pension Plan $ (65,621 ) $ (68,637 ) At December 31, 2015 and 2014, the funded status of the Pension Plan is recorded as pension liability in the Consolidated Balance Sheets. At the December 31, 2015 and 2014 measurement dates, the accumulated benefit obligation of the Pension Plan was approximately $251 million and $270 million, respectively. 2015 2014 2013 Service cost $ 27 $ 28 $ 53 Interest cost 7,624 10,882 10,126 Expected return on plan assets (12,056 ) (13,017 ) (12,305 ) Amortization of prior service credit (95 ) (95 ) Actuarial loss 9,066 4,160 Net periodic benefit cost/(income) $ 4,566 $ 1,958 $ (2,126 ) Year Ended December 31, 2015 2014 2013 Unrecognized gain/(loss) $ (1,938 ) $ (24,901 ) $ 26,689 New prior service credit 2,045 Amortization of prior service credit (95 ) (95 ) Amount recognized $ (2,033 ) $ (24,996 ) $ 28,734 As of December 31, 2015 2014 Unrecognized loss $ (27,266 ) $ (25,328 ) Net prior service credit 1,855 1,950 Deferred tax impact (12,381 ) (13,132 ) Accumulated other comprehensive loss $ (37,792 ) $ (36,510 ) Year Ended December 31, 2015 2014 Discount rate 4.01 % 3.65 % Annual rate of increase in compensation 4.50 % 4.50 % Year Ended December 31, 2015 2014 2013 Discount rate 3.65 % 4.50 % 3.65 % 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 % 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. In 2015, we changed the method we use to estimate the service and interest components of net periodic benefit cost for pension and other postretirement benefits. This change compared to the previous method resulted in a decrease in the service and interest components for pension cost. Historically, we estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to utilize a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We have made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change does not affect the measurement of our total benefit obligations or our annual net periodic benefit cost as the change in the service and interest costs is completely offset in the actuarial (gain) loss reported. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly have accounted for it prospectively. During the year ended December 31, 2015, the Company adopted a new mortality table to better reflect expected lifetimes of its U.S. plan participants. The table used is based on a historical demographic study of the plans and increased the projected benefit obligation by $2.5 million. 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. Year Ended December 31, Asset Classes: 2015 2014 2016 Target Equity securities 56 % 32 % 50 % Non-equity investments 8 % 20 % 5 % Fixed income investments 15 % 46 % 40 % Cash and cash equivalents 14 % Real estate 7 % 2 % 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 2015 and 2014. 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. Fair Value Measurements at December 31, 2015 Asset Classes Total Quoted Prices in Significant Significant Cash and cash equivalents (a) $ 25 $ 1 $ 24 $ Equity securities 65 65 Mutual funds (b) 15 9 6 Corporate bonds 17 17 Government bonds 10 10 Equity long/short hedge funds (c) 40 8 32 Real estate investment funds 14 14 Total $ 186 $ 10 $ 130 $ 46 Fair Value Measurements at December 31, 2014 Asset Classes Total Quoted Prices in Significant Significant Cash $ 3 $ 3 $ $ Equity securities 18 18 Mutual funds (b) 83 72 11 Corporate bonds 47 47 Equity long/short hedge funds (c) 47 18 29 Real estate investment funds 4 4 Total $ 202 $ 93 $ 76 $ 33 (a) Includes $22 million of accounts receivable for unsettled trades. (b) This category consists of mutual fund investments that are focused on fixed income and international equity securities. (c) 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. Fair Value Measurements Using Significant Equity Balance at December 31, 2013 $ 45 Return on plan assets held at the reporting date 1 Redemptions (17 ) Balance at December 31, 2014 $ 29 Return on plan assets held at the reporting date 1 Transfers in (a) 9 Redemptions (7 ) Balance at December 31, 2015 $ 32 Fair Value Measurements Using Significant Real Estate Balance at December 31, 2013 $ 7 Redemptions (3 ) Balance at December 31, 2014 $ 4 Purchases 10 Balance at December 31, 2015 $ 14 (a) The underlying assets in the fund changed from the prior year. 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 2015, 2014, and 2013, the Company contributed $5.4 million, $5 million, and $4.6 million, respectively, to its defined contribution retirement plans. Retirement Plans of 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 2015, 2014, and 2013, the Company recorded expenses associated with these non-U.S. plans of $1.0 million, $1.4 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 $0.8 million, $0.7 million, $0.7 million, $1 million, and $1 million for the years ending December 31, 2016, 2017, 2018, 2019, and 2020, respectively, for a total of $4.2 million during the five-year period. Aggregate expected benefit payments for the years 2021 through 2025 are $5.1 million. Year Ended Year Ended Reconciliation of fair value of life insurance plan assets: Fair value of assets, beginning of period $ $ Employer contributions 503 515 Benefits paid (503 ) (515 ) Fair value of assets, end of period $ $ Change in benefit obligation: Benefit obligation, beginning of period $ 17,328 $ 15,144 Service cost 7 8 Interest cost 529 698 Actuarial loss/(gain) (1,349 ) 1,993 Benefits paid (503 ) (515 ) Benefit obligation, end of period $ 16,012 $ 17,328 Funded status of life insurance plans $ (16,012 ) $ (17,328 ) At December 31, 2015 and 2014, 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. Year Ended Year Ended Year Ended Service cost $ 7 $ 8 $ Interest cost 529 698 541 Expected return on plan assets Amortization of prior service credit 132 132 Net periodic benefit cost $ 668 $ 838 $ 541 2015 2014 2013 Net actuarial gain/(loss) $ 1,349 $ (1,993 ) $ 1,588 New prior service cost (1,974 ) Amortization of prior service cost 132 132 Amount recognized $ 1,481 $ (1,861 ) $ (386 ) As of December 31, 2015 2014 Unrecognized gain/(loss) $ 619 $ (730 ) Net prior service credit (1,710 ) (1,842 ) Deferred tax impact (1,119 ) (608 ) Accumulated other comprehensive loss $ (2,210 ) $ (3,180 ) 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 rate used to measure the Company’s postretirement benefit obligation in 2015 and 2014 was 4.14% and 3.75%, respectively. The discount rates used to determine the net periodic benefit cost was 3.76%, 4.70%, and 3.75% in 2015, 2014, and 2013, 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, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 11. 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 0 million, 1.2 million, and 1.5 million of potentially anti-dilutive shares for the years ended December 31, 2015, 2014, and 2013, respectively. Year Ended December 31, 2015 2014 2013 Income/(loss) from continuing operations $ 178,278 $ 36,523 $ (26,329 ) Income/(loss) from discontinued operations, net of tax 17,513 (9,436 ) 10,265 Net income/(loss) 195,791 27,087 (16,064 ) Less: Net income attibutable to the noncontrolling interests 1,739 5,571 4,211 Net income/(loss) attibutable to $ 194,052 $ 21,516 $ (20,275 ) Basic income/(loss) per share: Continuing operations $ 8.37 $ 1.50 $ (1.50 ) Discontinued operations 0.83 (0.46 ) 0.50 Net income/(loss) attibutable to 9.20 1.04 (0.99 ) Basic weighted average shares outstanding 21,093,387 20,662,425 20,387,168 Diluted income/(loss) per share: Continuing operations $ 8.25 $ 1.45 $ (1.50 ) Discontinued operations 0.81 (0.44 ) 0.50 Net income/(loss) attibutable to 9.06 1.01 (0.99 ) Diluted weighted average shares outstanding 21,408,301 21,391,000 20,387,168 On October 16, 2015, our Board of Directors declared a regular quarterly dividend of $0.10 per common share, which was paid on December 10, 2015 to shareholders of record as of close of business on November 10, 2015. On January 29, 2016 our Board of Directors declared a quarterly dividend of $0.10 per common share, which was paid on February 29, 2016. We did not declare or pay any common stock dividends during 2014. |
Share-Based and Long-Term Compe
Share-Based and Long-Term Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 12. 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, 2015, 951,802 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, 2015, 2014, and 2013: Options Restricted Stock Units Outstanding at: Shares Weighted Shares Weighted December 31, 2012 973,745 $ 12.30 682,415 $ 11.00 Granted 120,873 13.00 Options exercised or RSUs vested (178,744 ) 12.44 (69,858 ) 13.68 Forfeited (52,617 ) 12.13 (13,526 ) 13.15 December 31, 2013 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 (16,574 ) 11.95 (8,064 ) 15.37 December 31, 2014 517,459 12.15 200,340 18.51 Granted 89,178 26.16 Options exercised or RSUs vested (17,321 ) 11.75 (99,811 ) 15.67 Forfeited (2,209 ) 24.42 December 31, 2015 500,138 $ 12.17 187,498 $ 23.59 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, 2015, 2014, and 2013, the Company recognized an expense relating to the options of $0.2 million, $1.2 million, and $1.8 million, respectively. As of December 31, 2015, the Company had recognized all of the compensation expense associated with these stock options. As of December 31, 2015, the Company had an aggregate of 500,138 stock options that had been granted, but had not yet been exercised. As of December 31, 2015, the remaining average contractual life for these options is approximately six years. During the year ended December 31, 2015, 17,321 options were exercised, which had an aggregate intrinsic value of $0.3 million. As of December 31, 2015, 500,138 stock options were exercisable, which had an aggregate intrinsic value of $8.2 million. During the year ended December 31, 2015, no stock options were granted and no 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, 2015, 2014, and 2013, the Company recognized an expense of $2.1 million, $3.5 million, and $3 million, respectively, relating to all of the RSUs granted. As of December 31, 2015, the Company had $2.4 million of unrecognized compensation expense associated with these RSUs, which will be amortized on a straight-line basis over the next 18 months, on a weighted average basis. The Company’s RSUs generally vest over a three year period. As of December 31, 2015, the Company had an aggregate of 187,498 RSUs that have been granted, but have not yet vested. During the year ended December 31, 2015, 89,178 RSUs were granted and 2,209 RSUs were forfeited or expired. 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. During 2015, a total of 99,811 RSUs vested, resulting in the issuance of 99,811 shares at a fair value of $2.6 million. Additionally, 493,096 shares that vested on December 31, 2014 were issued in January 2015. This total was reduced by shares repurchased to provide payment for certain individuals’ minimum statutory withholding tax. The Company paid $6.5 million to acquire 250,844 vested shares to cover the minimum statutory withholding taxes. After offsets for withholding taxes, a net total of 342,063 shares of common stock were issued. The RSUs held on and after November 10, 2015 earn dividend equivalents at the same rate as dividends paid on common stock. Dividend equivalents are subject to the same vesting conditions as the underlying RSUs and, therefore, are not considered participating securities. 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 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. The Agreement also provides for a stock appreciation bonus 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. The minimum price of the Company’s common stock per share needed to achieve the bonus is $40.59 per share which would result in a payment of $5 million. The maximum bonus of $20 million would be achieved if the share price of the Company’s common stock exceeded $55.58 per share. This stock appreciation bonus falls under the scope of FASB ASC No. 718, Compensation Stock Compensation 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 years ended December 31, 2015 and 2014, the Company recorded an expense related to these awards of $3.1 million and $1.6 million, respectively. At December 31, 2015, the Company had a liability of $4.7 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. The awards granted on March 5, 2013 will be paid after December 31, 2015 as they have met the performance conditions contained in the awards. The awards granted on March 6, 2014 will be paid after December 31, 2016 if certain performance conditions are met. The awards granted on March 6, 2015 will be paid after December 31, 2017 if certain performance conditions are met. 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, 2015, 2014, and 2013, the Company recorded expense related to these awards of $5.9 million, $3.9 million, and $0.9 million, respectively. At December 31, 2015, the Company had a liability of $10.7 million related to these awards. $6.0 million of this liability is payable in March 2016 and presented as other current liabilities in the Consolidated Balance Sheet, while the remaining $4.7 million of this liability is presented as other non-current liabilities in the Consolidated Balance Sheet. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13. 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 $72.1 million, $73.7 million, and $47.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company’s accounts receivable with Chery at December 31, 2015 and 2014 was $24 million and $21.8 million, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 14. 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. International Americas Total 2015: Revenues $ 724,928 $ 1,230,781 $ 1,955,709 Adjusted EBITDA 61,200 129,473 190,673 Capital Expenditures 37,152 101,382 138,534 Total Assets 524,396 691,101 1,215,497 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) 652,407 512,766 1,165,173 2013: 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 (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. Year Ended December 31, 2015 2014 2013 Adjusted EBITDA $ 190,673 $ 204,182 $ 193,928 Restructuring (8,607 ) (14,248 ) (21,198 ) Depreciation and amortization (79,747 ) (87,241 ) (88,838 ) Acquisition costs and other (835 ) (445 ) (906 ) Long-term compensation expense (12,680 ) (11,313 ) (6,630 ) Interest expense, net (23,648 ) (34,233 ) (50,666 ) Other expense (87 ) (48,448 ) Loss from sale of Brazil facility (a) (715 ) Pension actuarial loss (9,118 ) (4,160 ) Commercial settlement related to 2010-13 scrap (b) (6,009 ) Closure of Tower Defense & Aerospace (2,835 ) Net income/(loss) before provision for income taxes and equity in loss of joint venture $ 55,323 $ 46,446 $ (25,593 ) (a) Represents the loss on the sale of one of our two operations in Brazil. Net cash proceeds from this sale were $9.5 million. This operation did not meet the criteria to be considered held for sale in accordance with FASB ASC No. 360 Property, Plant, and Equipment Discontinued Operations (b) Represents a one-time retroactive commercial settlement in 2014 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, 2015 2014 2013 Revenues Long-Lived Assets Revenues Long-Lived Assets Revenues Long-Lived Assets Germany $ 288,081 $ 67,154 $ 347,417 $ 68,860 $ 338,712 $ 71,696 Belgium 141,835 20,382 190,103 25,378 188,932 30,314 Slovakia 127,750 45,036 159,954 56,788 181,421 72,158 Italy 106,382 34,368 91,531 25,989 90,541 32,765 Other Europe 73,918 12,412 79,836 12,575 68,989 13,856 China 75,475 19,756 77,547 21,838 53,704 98,641 U.S. 1,115,763 243,324 1,070,119 187,523 958,009 173,848 Mexico 27,686 4,985 8 Brazil 87,316 25,758 155,383 54,107 193,469 59,440 Intercompany eliminations (88,497 ) (104,119 ) (107,285 ) Total $ 1,955,709 $ 473,175 $ 2,067,771 $ 453,066 $ 1,966,492 $ 552,718 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. Year Ended December 31, 2015 2014 2013 Body structures and assemblies 60 % 59 % 57 % Complex body-in-white assemblies 24 % 25 % 27 % Chassis, lower vehicle structures, and suspension components 16 % 16 % 16 % Total 100 % 100 % 100 % 2015 2014 2013 Ford 25 % 22 % 24 % Chrysler 16 % 14 % 11 % VW Group 12 % 15 % 17 % 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 2017 and 2026. 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 $24.3 million, $23.4 million, and $20.8 million during the years ended December 31, 2015, 2014, and 2013, respectively. Year Operating Capital 2016 $ 24,760 $ 1,339 2017 23,880 1,282 2018 20,755 5,081 2019 16,410 2020 10,636 Thereafter 12,301 Total future lease payments $ 108,742 7,702 Less: amount representing interest (754 ) Present value of minimum lease payments $ 6,948 Purchase Commitments As of December 31, 2015, the Company was obligated under executory purchase orders for approximately $111.7 million of tooling, $62.6 million of capital expenditures, and $8.4 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, 2015 and 2014, the Company had approximately $1.4 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 O
Change in Working Capital and Other Operating Items | 12 Months Ended |
Dec. 31, 2015 | |
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 for continuing operations (in thousands): Year Ended December 31, 2015 2014 2013 Accounts receivable $ (14,597 ) $ (15,319 ) $ 22,771 Inventories 2,299 (812 ) (2,052 ) Prepaid tooling and other current assets (24,779 ) (8,629 ) 42,954 Accounts payable and accrued liabilities 46,790 9,573 (22,183 ) Net investment hedge and interest rate swap 3,341 Other assets and liabilities (22,347 ) 2,769 (13,808 ) Change in working capital $ (12,634 ) $ (9,077 ) $ 27,682 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 17. Quarterly Financial Data (Unaudited) Quarter Net Sales Gross Profit Net Income/ Net Income/(Loss) Diluted 2015 1 st $ 496,628 $ 56,490 $ 14,121 $ 14,041 $ 0.66 2 nd 490,268 62,320 19,139 18,646 0.87 3rd 475,249 52,813 16,872 16,283 0.76 4 th (a) 493,564 46,854 145,659 145,082 6.76 Full Year $ 1,955,709 $ 218,477 $ 195,791 $ 194,052 $ 9.06 2014 1 st $ 519,263 $ 60,789 $ 15,278 $ 14,855 $ 0.70 2 nd 548,467 62,349 16,950 16,096 0.75 3 rd 497,722 52,937 12,902 11,161 0.52 4 th (b) 502,319 53,118 (18,043 ) (20,596 ) (0.99 ) Full Year $ 2,067,771 $ 229,193 $ 27,087 $ 21,516 $ 1.01 (a) During the fourth quarter of 2015, net income included a $131 million deferred tax benefit primarily due to the release of the valuation allowance in the United States and Italy, and the Company recorded an actuarial pension loss of $9.1 million. (b) During the fourth quarter of 2014, the Company recorded a loss in discontinued operations of $22.9 million (net of tax) and an actuarial pension loss of $4.2 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 18. Subsequent Events On January 15, 2016, the Company paid $50 million on its Term Loan Credit Facility. In connection with this prepayment, the Company accelerated the amortization of the original issue discount and the associated debt issue costs by $0.7 million. |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. December December 31, Raw materials $ 33,989 $ 32,237 Work in process 14,495 15,136 Finished goods 22,149 22,402 Total inventory $ 70,633 $ 69,775 |
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. December December 31, Customer-owned tooling, net $ 59,901 $ 22,735 Company-owned tooling 16 174 Total tooling, net $ 59,917 $ 22,909 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 $79.5 million, $85.7 million, and $86 million for the years ended December 31, 2015, 2014, and 2013, respectively. 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. 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. December December 31, Cost: Land $ 17,460 $ 19,135 Buildings and improvements 192,350 208,055 Machinery and equipment 833,584 823,951 Construction in progress 95,638 52,391 Property, plant, and equipment, gross 1,139,032 1,103,532 Less: accumulated depreciation (665,873 ) (652,406 ) Property, plant, and equipment, net $ 473,159 $ 451,126 |
Asset Retirement Obligations, Policy [Policy Text Block] | g. Asset Retirement Obligations FASB ASC No. 410, Asset Retirement and Environmental Obligations, Asset retirement obligations are included in other non-current liabilities in the Consolidated Balance Sheets. December December 31, Beginning balance $ 17,136 $ 16,177 Accretion expense 549 1,371 Liabilities settled (1,209 ) (852 ) Change in estimate 324 440 Ending balance $ 16,800 $ 17,136 |
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 Long-lived assets held for sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell and depreciation is ceased. |
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 The evaluation of goodwill for possible impairment includes estimating the fair market value of each of the reporting units which have goodwill associated with their operations using discounted cash flow and multiples of cash earnings valuation techniques, plus valuation comparisons to recent public sale transactions of similar businesses, if any. These valuation methods require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. Although the Company believes that the estimates and assumptions used were reasonable, actual results could differ from those estimates and assumptions. The results of the Company’s 2015 annual goodwill impairment analysis indicated that the fair value of the Europe and North America reporting units were substantially in excess of carrying value: thus, no impairment existed at December 31, 2015. 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. ) International Americas Consolidated 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 Goodwill from Mexico acquisition 8,956 8,956 Currency translation adjustment (5,801 ) (506 ) (6,307 ) Balance at December 31, 2015 $ 50,890 $ 8,450 $ 59,340 In the Americas segment, goodwill of $9 million was recorded during the third quarter of 2015, which represents the cost in excess of the net assets acquired related to the Mexican acquisition. 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. 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. In the Americas segment, an intangible asset of $3.5 million was recorded in 2015, as part of the acquisition of a facility in Mexico. This intangible asset has a definite life and will be amortized on a straight-line basis over seven years, the estimated life of the related asset, which approximates the recognition of related revenues. The Company incurred amortization expense of $0.2 million, $1.5 million, and $2.8 million for the years ended December 31, 2015, 2014, and 2013, respectively. The following table presents information about the Company’s intangible assets as of December 31, 2015 and 2014, respectively (in thousands): Weighted As of December 31, 2015 As of December 31, 2014 Gross Accumulated Gross Accumulated Amortized intangible: Europe 7 years $ 14,392 $ 14,392 $ 16,033 $ 16,033 Brazil 7 years 3,660 3,660 5,455 5,455 North America 7 years 3,498 248 Total $ 21,550 $ 18,300 $ 21,488 $ 21,488 |
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, 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, 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, 2015, the carrying value and estimated fair value of the Company’s total debt was $450.6 million and $434.2 million, respectively. 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. The majority of the Company’s debt at December 31, 2015 and 2014 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 and an interest rate swap that were measured at fair value on a recurring basis at December 31, 2015 and 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, 2015, the foreign currency exchange hedge (net investment hedge of our European subsidiaries) had a liability fair value of $9 million. The interest rate swap (not designated for hedge accounting) had a liability fair value of $2.6 million. 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. Quoted prices in Significant other Significant Total gains/ Level 1 Level 2 Level 3 Long-lived assets held for sale Not applicable Not applicable $ 13.4 $ 4.1 For the year ended December 31, 2015, in accordance with FASB ASC No. 360, Property, Plant, & Equipment Quoted prices in Significant other Significant Total gains/ 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, 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. The fair value of the assets was determined based upon consideration of the negotiated sales price in the preliminary sales agreement. For the year ended December 31, 2014, in accordance with FASB ASC No. 360, 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 our 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 Quoted prices in Significant other Significant Total gains/ Level 1 Level 2 Level 3 Long-lived assets held for sale Not applicable Not applicable $ 12.0 $ (10.4 ) For the year ended December 31, 2013, in accordance with FASB ASC No. 360, 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 our Consolidated Statements of Operations which is included in restructuring and asset impairment charges, net for the year ended December 31, 2013. Fair value of the assets was determined using a third party appraisal based on current market conditions. |
Revenue Recognition, Policy [Policy Text Block] | l. Revenue Recognition In accordance with FASB ASC No. 605, Revenue Recognition, 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 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 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 |
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 12 for further discussion regarding share-based compensation. |
Accumulated Other Comprehensive Income Loss [Policy Text Block] | r. Accumulated Other Comprehensive Income/(Loss) As of December 31, 2015 2014 Foreign currency translation adjustments, net of tax of $7.8 million $ (40,490 ) $ (7,224 ) Defined benefit plans, net of tax of $13.5 million and $13.7 million (40,002 ) (39,690 ) Accumulated other comprehensive loss $ (80,492 ) $ (46,914 ) Defined Foreign Total Balance at December 31, 2014 $ (39,690 ) $ (7,224 ) $ (46,914 ) Other comprehensive loss before reclassification (312 ) (33,266 ) (33,578 ) Net current-period other comprehensive loss (312 ) (33,266 ) (33,578 ) Balance at December 31, 2015 $ (40,002 ) $ (40,490 ) $ (80,492 ) The following table presents the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): Unrealized Defined Foreign Total Balance at December 31, 2013 $ 117 $ (12,833 ) $ 24,963 $ 12,247 Other comprehensive loss before reclassification (117 ) (26,857 ) (32,187 ) (59,161 ) Amounts reclassified from accumulated other comprehensive loss Net current-period other comprehensive loss (117 ) (26,857 ) (32,187 ) (59,161 ) Balance at December 31, 2014 $ $ (39,690 ) $ (7,224 ) $ (46,914 ) |
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 Polici28
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, Raw materials $ 33,989 $ 32,237 Work in process 14,495 15,136 Finished goods 22,149 22,402 Total inventory $ 70,633 $ 69,775 |
Schedule Of Capitalized Tooling Costs [Table Text Block] | The components of capitalized tooling costs are as follows (in thousands): December December 31, Customer-owned tooling, net $ 59,901 $ 22,735 Company-owned tooling 16 174 Total tooling, net $ 59,917 $ 22,909 |
Estimated Useful Lives Of Property Plant And Equipment [Table Text Block] | 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 December 31, Cost: Land $ 17,460 $ 19,135 Buildings and improvements 192,350 208,055 Machinery and equipment 833,584 823,951 Construction in progress 95,638 52,391 Property, plant, and equipment, gross 1,139,032 1,103,532 Less: accumulated depreciation (665,873 ) (652,406 ) Property, plant, and equipment, net $ 473,159 $ 451,126 |
Schedule of Asset Retirement Obligations [Table Text Block] | The following table reconciles the Company’s asset retirement obligations as of December 31, 2015 and 2014 (in thousands): December December 31, Beginning balance $ 17,136 $ 16,177 Accretion expense 549 1,371 Liabilities settled (1,209 ) (852 ) Change in estimate 324 440 Ending balance $ 16,800 $ 17,136 |
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, 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 Goodwill from Mexico acquisition 8,956 8,956 Currency translation adjustment (5,801 ) (506 ) (6,307 ) Balance at December 31, 2015 $ 50,890 $ 8,450 $ 59,340 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table presents information about the Company’s intangible assets as of December 31, 2015 and 2014, respectively (in thousands): Weighted As of December 31, 2015 As of December 31, 2014 Gross Accumulated Gross Accumulated Amortized intangible: Europe 7 years $ 14,392 $ 14,392 $ 16,033 $ 16,033 Brazil 7 years 3,660 3,660 5,455 5,455 North America 7 years 3,498 248 Total $ 21,550 $ 18,300 $ 21,488 $ 21,488 |
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, 2015 (in millions): Quoted prices in Significant other Significant Total gains/ Level 1 Level 2 Level 3 Long-lived assets held for sale Not applicable Not applicable $ 13.4 $ 4.1 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 gains/ 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 gains/ Level 1 Level 2 Level 3 Long-lived assets held for sale Not applicable Not applicable $ 12.0 $ (10.4 ) |
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, 2015 2014 Foreign currency translation adjustments, net of tax of $7.8 million $ (40,490 ) $ (7,224 ) Defined benefit plans, net of tax of $13.5 million and $13.7 million (40,002 ) (39,690 ) Accumulated other comprehensive loss $ (80,492 ) $ (46,914 ) |
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, 2015 (in thousands): Defined Foreign Total Balance at December 31, 2014 $ (39,690 ) $ (7,224 ) $ (46,914 ) Other comprehensive loss before reclassification (312 ) (33,266 ) (33,578 ) Net current-period other comprehensive loss (312 ) (33,266 ) (33,578 ) Balance at December 31, 2015 $ (40,002 ) $ (40,490 ) $ (80,492 ) The following table presents the changes in accumulated other comprehensive loss by component for the year ended December 31, 2014 (in thousands): Unrealized Defined Foreign Total Balance at December 31, 2013 $ 117 $ (12,833 ) $ 24,963 $ 12,247 Other comprehensive loss before reclassification (117 ) (26,857 ) (32,187 ) (59,161 ) Amounts reclassified from accumulated other comprehensive loss Net current-period other comprehensive loss (117 ) (26,857 ) (32,187 ) (59,161 ) Balance at December 31, 2014 $ $ (39,690 ) $ (7,224 ) $ (46,914 ) |
Acquisition of Operations in 29
Acquisition of Operations in Mexico City, Mexico (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The allocation of the purchase price for the acquisition was made to the following major opening balance sheet categories (in thousands): Assets Acquired Current assets $ 13,939 Property, plant and equipment 5,589 Intangibles 3,640 Other non-current assets 115 Total assets acquired 23,283 Liabilities assumed (10,499 ) Net assets acquired $ 12,784 Total cash to seller $ 26,110 Less: cash on hand (4,370 ) Purchase price, net 21,740 Less: net assets acquired 12,784 Goodwill $ 8,956 |
Restructuring and Asset Impai30
Restructuring and Asset Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 International $ 231 $ 3,995 $ 2,714 Americas 8,376 10,253 18,484 Consolidated $ 8,607 $ 14,248 $ 21,198 |
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, 2015 2014 2013 Employee termination costs $ 1,048 $ 1,609 $ 2,290 Other exit costs 7,559 8,081 7,672 Asset impairments 4,558 11,236 Restructuring and asset impairment charges, net $ 8,607 $ 14,248 $ 21,198 |
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, 2015 (in thousands): International Americas Consolidated Balance at December 31, 2013 $ 559 $ 1,357 $ 1,916 Payments (1,064 ) (1,064 ) Increase in liability 523 1,086 1,609 Adjustment 50 (22 ) 28 Balance at December 31, 2014 $ 1,132 $ 1,357 $ 2,489 Payments (1,248 ) (604 ) (1,852 ) Increase in liability 231 817 1,048 Adjustment (16 ) (1,357 ) (1,373 ) Balance at December 31, 2015 $ 99 $ 213 $ 312 |
Discontinued Operations and A31
Discontinued Operations and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 2014 2013 Revenues $ 86,074 $ 113,701 $ 135,527 Gain from sale of Xiangtan/TGR discontinued operations 18,806 Income/(loss) from discontinued operations: Income/(loss) before provision for income taxes 18,064 (7,218 ) 12,164 Provision for income taxes 551 2,218 1,899 Income/(loss) from discontinued operations $ 17,513 $ (9,436 ) $ 10,265 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following table summarizes assets and liabilities held for sale by category as of December 31, 2014 (in thousands): December 31, 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 Accounts payable 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 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term debt consists of the following (in thousands): December 31, December 31, Current maturities of debts (excluding capital leases) $ 29,414 $ 30,065 Current maturities of capital leases 964 1,074 Total $ 30,378 $ 31,139 |
Schedule of Debt [Table Text Block] | Long-term debt consists of the following (in thousands): December 31, December 31, Term Loan Credit Facility (net of discount of $1,222 and $1,594) $ 415,903 $ 445,031 Other foreign subsidiary indebtedness 34,691 42,213 Debt issue costs (8,962 ) (11,876 ) Total debt 441,632 475,368 Less: Current maturities (excluding capital leases) (29,414 ) (30,065 ) Total long-term debt $ 412,218 $ 445,303 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future maturities of long-term debt as of December 31, 2015 are as follows (in thousands): 2016 $ 29,414 2017 12,310 2018 5,444 2019 5,023 2020 398,176 Thereafter 227 Total $ 450,594 Less: Debt issue costs (8,962 ) Total, net of debt issue costs $ 441,632 |
Schedule of Foreign Subsidiary Indebtedness [Table Text Block] | The change in foreign subsidiary indebtedness from December 31, 2014 to December 31, 2015 is explained by the following (in thousands): Europe Brazil Total Balance at December 31, 2014 $ 33,470 $ 8,743 $ 42,213 Maturities of indebtedness (4,073 ) (1,879 ) (5,952 ) Change in borrowings on credit facilities, net 4,732 4,732 Foreign exchange impact (3,425 ) (2,877 ) (6,302 ) Balance at December 31, 2015 $ 30,704 $ 3,987 $ 34,691 |
Derivative Financial Instrume33
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | At December 31, 2015 (when the U.S. dollar/Euro exchange spot rate was $1.0906) and December 31, 2014, 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 Location December 31, December 31, Assets Net investment hedge Other assets, net $ $ 3,642 Interest rate swap Other assets, net Liabilities Net investment hedge Other non-current liabilities $ 9,005 $ Interest rate swap Other non-current liabilities 2,592 301 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents deferred gains/(losses) reported in AOCI at December 31, 2015 and December 31, 2014, respectively (in thousands): Deferred gain in AOCI 2015 2014 Net investment hedge $ 29,139 $ 9,094 Total $ 29,139 $ 9,094 Derivative instruments held during the period resulted in the following expense recorded in income during the year ended December 31, 2015 and December 31, 2014, respectively (in thousands): Expense recognized 2015 2014 Net investment hedge $ 314 $ 5,453 Interest rate swap 2,291 301 Total $ 2,605 $ 5,754 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Domestic $ 33,414 $ 42,841 $ (32,347 ) Foreign 21,909 3,605 6,754 Total $ 55,323 $ 46,446 $ (25,593 ) |
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, 2015 2014 2013 Current: Domestic Federal $ 487 $ 350 $ Domestic State 346 33 43 Foreign 7,130 9,086 9,823 Total 7,963 9,470 9,866 Tax benefit with offset in OCI: Domestic Federal (9,897 ) Domestic State (931 ) Total (10,828 ) Deferred and other: Domestic Federal (117,582 ) Domestic State (11,540 ) Foreign (1,842 ) (198 ) 1,140 Total (130,964 ) (198 ) 1,140 Total provision/(benefit) for income taxes $ (123,001 ) $ 9,272 $ 178 |
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, 2015 2014 2013 Taxes at U.S. federal statutory rate $ 19,363 $ 16,256 $ (8,957 ) State tax expense 1,036 33 110 Foreign tax rate differential (2,779 ) (522 ) (1,907 ) Valuation allowance (117,452 ) (10,298 ) 20,552 Permanent differences 128 1,823 208 Foreign withholding taxes 765 932 4,014 Increase/(decrease) in uncertain tax positions 458 320 (1,191 ) Tax benefit in OCI (10,828 ) U.S taxes on foreign earnings (3,500 ) Tax credits (23,136 ) Other 2,116 728 (1,823 ) Total income tax expense/(benefit) $ (123,001 ) $ 9,272 $ 178 |
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, Deferred income tax assets are attributable to: Net operating loss carryforwards and tax credits $ 120,644 $ 116,564 Non-deductible reserves and other accruals 37,004 46,098 Accrued pension and postretirement benefit obligations 25,123 28,153 Capitalized leases 8,626 8,530 Other 5,161 1,974 Total gross deferred income tax assets 196,557 201,319 Less: valuation allowance (47,355 ) (178,974 ) Net deferred income tax assets $ 149,202 $ 22,345 Deferred income tax liabilities are attributable to: Deferred cancellation of indebtedness income (10,360 ) (14,255 ) Long lived assets (17,164 ) (4,498 ) Other (212 ) (6,995 ) Total gross deferred income tax liabilities (27,736 ) (25,748 ) Net deferred income tax asset/(liability) $ 121,466 $ (3,403 ) |
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, 2015 2014 2013 Unrecognized tax benefit January 1 $ 12,218 $ 18,223 $ 19,242 Increase in prior year tax positions 646 Decrease in prior year tax positions (567 ) Increase in current year tax positions 2,866 1,180 2,656 Audit settlements (2,504 ) (489 ) (3,336 ) Lapse in statute of limitations (296 ) (161 ) (198 ) Foreign currency translation (905 ) (1,312 ) 426 Liabilities held for sale (5,869 ) Total $ 11,379 $ 12,218 $ 18,223 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 assets and the change in the projected benefit obligation (in thousands): Year Ended Year Ended Reconciliation of fair value of Pension Plan assets: Fair value of assets, beginning of period $ 201,577 $ 199,043 Actual return (5,280 ) 9,100 Employer contributions 9,614 13,232 Expenses paid from Pension Plan assets (2,208 ) (1,536 ) Benefits paid (18,245 ) (18,262 ) Fair value of assets, end of period $ 185,458 $ 201,577 Change in projected benefit obligation: Projected benefit obligation, beginning of period $ 270,214 $ 253,958 Service cost 27 28 Interest cost 7,624 10,882 Actuarial (gain)/loss (8,541 ) 23,608 Benefits paid (18,245 ) (18,262 ) Projected benefit obligation, end of period $ 251,079 $ 270,214 Funded status of the Pension Plan $ (65,621 ) $ (68,637 ) |
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): 2015 2014 2013 Service cost $ 27 $ 28 $ 53 Interest cost 7,624 10,882 10,126 Expected return on plan assets (12,056 ) (13,017 ) (12,305 ) Amortization of prior service credit (95 ) (95 ) Actuarial loss 9,066 4,160 Net periodic benefit cost/(income) $ 4,566 $ 1,958 $ (2,126 ) |
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, 2015, 2014, and 2013 consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 Unrecognized gain/(loss) $ (1,938 ) $ (24,901 ) $ 26,689 New prior service credit 2,045 Amortization of prior service credit (95 ) (95 ) Amount recognized $ (2,033 ) $ (24,996 ) $ 28,734 |
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 (in thousands): As of December 31, 2015 2014 Unrecognized loss $ (27,266 ) $ (25,328 ) Net prior service credit 1,855 1,950 Deferred tax impact (12,381 ) (13,132 ) Accumulated other comprehensive loss $ (37,792 ) $ (36,510 ) |
Schedule of Assumptions Used [Table Text Block] | The significant assumptions used in measuring the Company’s projected benefit obligation at the December 31, 2015 and 2014 measurement dates are as follows: Year Ended December 31, 2015 2014 Discount rate 4.01 % 3.65 % Annual rate of increase in compensation 4.50 % 4.50 % |
Schedule of Net Benefit Costs [Table Text Block] | The assumptions used in determining net periodic benefit cost are shown below: Year Ended December 31, 2015 2014 2013 Discount rate 3.65 % 4.50 % 3.65 % 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 % |
Schedule of Allocation of Plan Assets [Table Text Block] | The allocation of Pension Plan assets at December 31, 2015 and 2014, as well as the Company’s 2015 target allocations, are as follows: Year Ended December 31, Asset Classes: 2015 2014 2016 Target Equity securities 56 % 32 % 50 % Non-equity investments 8 % 20 % 5 % Fixed income investments 15 % 46 % 40 % Cash and cash equivalents 14 % Real estate 7 % 2 % 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, 2015 and 2014 (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, 2015 Asset Classes Total Quoted Prices in Significant Significant Cash and cash equivalents (a) $ 25 $ 1 $ 24 $ Equity securities 65 65 Mutual funds (b) 15 9 6 Corporate bonds 17 17 Government bonds 10 10 Equity long/short hedge funds (c) 40 8 32 Real estate investment funds 14 14 Total $ 186 $ 10 $ 130 $ 46 Fair Value Measurements at December 31, 2014 Asset Classes Total Quoted Prices in Significant Significant Cash $ 3 $ 3 $ $ Equity securities 18 18 Mutual funds (b) 83 72 11 Corporate bonds 47 47 Equity long/short hedge funds (c) 47 18 29 Real estate investment funds 4 4 Total $ 202 $ 93 $ 76 $ 33 (a) Includes $22 million of accounts receivable for unsettled trades. (b) This category consists of mutual fund investments that are focused on fixed income and international equity securities. (c) 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 Equity Balance at December 31, 2013 $ 45 Return on plan assets held at the reporting date 1 Redemptions (17 ) Balance at December 31, 2014 $ 29 Return on plan assets held at the reporting date 1 Transfers in (a) 9 Redemptions (7 ) Balance at December 31, 2015 $ 32 Fair Value Measurements Using Significant Real Estate Balance at December 31, 2013 $ 7 Redemptions (3 ) Balance at December 31, 2014 $ 4 Purchases 10 Balance at December 31, 2015 $ 14 (a) The underlying assets in the fund changed from the prior year. |
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 Reconciliation of fair value of life insurance plan assets: Fair value of assets, beginning of period $ $ Employer contributions 503 515 Benefits paid (503 ) (515 ) Fair value of assets, end of period $ $ Change in benefit obligation: Benefit obligation, beginning of period $ 17,328 $ 15,144 Service cost 7 8 Interest cost 529 698 Actuarial loss/(gain) (1,349 ) 1,993 Benefits paid (503 ) (515 ) Benefit obligation, end of period $ 16,012 $ 17,328 Funded status of life insurance plans $ (16,012 ) $ (17,328 ) |
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 for the years ended December 31, 2015, 2014, and 2013 (in thousands): Year Ended Year Ended Year Ended Service cost $ 7 $ 8 $ Interest cost 529 698 541 Expected return on plan assets Amortization of prior service credit 132 132 Net periodic benefit cost $ 668 $ 838 $ 541 |
Amounts Recognized In Other Comprehensive Income Pre Tax [Table Text Block] | Pre-tax amounts recognized in other comprehensive income/(loss) at December 31, 2015, 2014, and 2013 consist of the following (in thousands): 2015 2014 2013 Net actuarial gain/(loss) $ 1,349 $ (1,993 ) $ 1,588 New prior service cost (1,974 ) Amortization of prior service cost 132 132 Amount recognized $ 1,481 $ (1,861 ) $ (386 ) |
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, 2015 2014 Unrecognized gain/(loss) $ 619 $ (730 ) Net prior service credit (1,710 ) (1,842 ) Deferred tax impact (1,119 ) (608 ) Accumulated other comprehensive loss $ (2,210 ) $ (3,180 ) |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Income/(loss) from continuing operations $ 178,278 $ 36,523 $ (26,329 ) Income/(loss) from discontinued operations, net of tax 17,513 (9,436 ) 10,265 Net income/(loss) 195,791 27,087 (16,064 ) Less: Net income attibutable to the noncontrolling interests 1,739 5,571 4,211 Net income/(loss) attibutable to $ 194,052 $ 21,516 $ (20,275 ) Basic income/(loss) per share: Continuing operations $ 8.37 $ 1.50 $ (1.50 ) Discontinued operations 0.83 (0.46 ) 0.50 Net income/(loss) attibutable to 9.20 1.04 (0.99 ) Basic weighted average shares outstanding 21,093,387 20,662,425 20,387,168 Diluted income/(loss) per share: Continuing operations $ 8.25 $ 1.45 $ (1.50 ) Discontinued operations 0.81 (0.44 ) 0.50 Net income/(loss) attibutable to 9.06 1.01 (0.99 ) Diluted weighted average shares outstanding 21,408,301 21,391,000 20,387,168 |
Share-Based and Long-Term Com37
Share-Based and Long-Term Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014, and 2013: Options Restricted Stock Units Outstanding at: Shares Weighted Shares Weighted December 31, 2012 973,745 $ 12.30 682,415 $ 11.00 Granted 120,873 13.00 Options exercised or RSUs vested (178,744 ) 12.44 (69,858 ) 13.68 Forfeited (52,617 ) 12.13 (13,526 ) 13.15 December 31, 2013 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 (16,574 ) 11.95 (8,064 ) 15.37 December 31, 2014 517,459 12.15 200,340 18.51 Granted 89,178 26.16 Options exercised or RSUs vested (17,321 ) 11.75 (99,811 ) 15.67 Forfeited (2,209 ) 24.42 December 31, 2015 500,138 $ 12.17 187,498 $ 23.59 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015: Revenues $ 724,928 $ 1,230,781 $ 1,955,709 Adjusted EBITDA 61,200 129,473 190,673 Capital Expenditures 37,152 101,382 138,534 Total Assets 524,396 691,101 1,215,497 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) 652,407 512,766 1,165,173 2013: 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 (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] | Year Ended December 31, 2015 2014 2013 Adjusted EBITDA $ 190,673 $ 204,182 $ 193,928 Restructuring (8,607 ) (14,248 ) (21,198 ) Depreciation and amortization (79,747 ) (87,241 ) (88,838 ) Acquisition costs and other (835 ) (445 ) (906 ) Long-term compensation expense (12,680 ) (11,313 ) (6,630 ) Interest expense, net (23,648 ) (34,233 ) (50,666 ) Other expense (87 ) (48,448 ) Loss from sale of Brazil facility (a) (715 ) Pension actuarial loss (9,118 ) (4,160 ) Commercial settlement related to 2010-13 scrap (b) (6,009 ) Closure of Tower Defense & Aerospace (2,835 ) Net income/(loss) before provision for income taxes and equity in loss of joint venture $ 55,323 $ 46,446 $ (25,593 ) (a) Represents the loss on the sale of one of our two operations in Brazil. Net cash proceeds from this sale were $9.5 million. This operation did not meet the criteria to be considered held for sale in accordance with FASB ASC No. 360 Property, Plant, and Equipment Discontinued Operations (b) Represents a one-time retroactive commercial settlement in 2014 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, 2015 2014 2013 Revenues Long-Lived Revenues Long-Lived Revenues Long-Lived Germany $ 288,081 $ 67,154 $ 347,417 $ 68,860 $ 338,712 $ 71,696 Belgium 141,835 20,382 190,103 25,378 188,932 30,314 Slovakia 127,750 45,036 159,954 56,788 181,421 72,158 Italy 106,382 34,368 91,531 25,989 90,541 32,765 Other Europe 73,918 12,412 79,836 12,575 68,989 13,856 China 75,475 19,756 77,547 21,838 53,704 98,641 U.S. 1,115,763 243,324 1,070,119 187,523 958,009 173,848 Mexico 27,686 4,985 8 Brazil 87,316 25,758 155,383 54,107 193,469 59,440 Intercompany eliminations (88,497 ) (104,119 ) (107,285 ) Total $ 1,955,709 $ 473,175 $ 2,067,771 $ 453,066 $ 1,966,492 $ 552,718 |
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, 2015 2014 2013 Body structures and assemblies 60 % 59 % 57 % Complex body-in-white assemblies 24 % 25 % 27 % Chassis, lower vehicle structures, 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: 2015 2014 2013 Ford 25 % 22 % 24 % Chrysler 16 % 14 % 11 % VW Group 12 % 15 % 17 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 are as follows (in thousands): Year Operating Capital 2016 $ 24,760 $ 1,339 2017 23,880 1,282 2018 20,755 5,081 2019 16,410 2020 10,636 Thereafter 12,301 Total future lease payments $ 108,742 7,702 Less: amount representing interest (754 ) Present value of minimum lease payments $ 6,948 |
Change In Working Capital and40
Change In Working Capital and Other Operating Items (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 for continuing operations (in thousands): Year Ended December 31, 2015 2014 2013 Accounts receivable $ (14,597 ) $ (15,319 ) $ 22,771 Inventories 2,299 (812 ) (2,052 ) Prepaid tooling and other current assets (24,779 ) (8,629 ) 42,954 Accounts payable and accrued liabilities 46,790 9,573 (22,183 ) Net investment hedge and interest rate swap 3,341 Other assets and liabilities (22,347 ) 2,769 (13,808 ) Change in working capital $ (12,634 ) $ (9,077 ) $ 27,682 |
Quarterly Financial Data (Una41
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 1 st $ 496,628 $ 56,490 $ 14,121 $ 14,041 $ 0.66 2 nd 490,268 62,320 19,139 18,646 0.87 3rd 475,249 52,813 16,872 16,283 0.76 4 th (a) 493,564 46,854 145,659 145,082 6.76 Full Year $ 1,955,709 $ 218,477 $ 195,791 $ 194,052 $ 9.06 2014 1 st $ 519,263 $ 60,789 $ 15,278 $ 14,855 $ 0.70 2 nd 548,467 62,349 16,950 16,096 0.75 3 rd 497,722 52,937 12,902 11,161 0.52 4 th (b) 502,319 53,118 (18,043 ) (20,596 ) (0.99 ) Full Year $ 2,067,771 $ 229,193 $ 27,087 $ 21,516 $ 1.01 (a) During the fourth quarter of 2015, net income included a $131 million deferred tax benefit primarily due to the release of the valuation allowance in the United States and Italy, and the Company recorded an actuarial pension loss of $9.1 million. (b) During the fourth quarter of 2014, the Company recorded a loss in discontinued operations of $22.9 million (net of tax) and an actuarial pension loss of $4.2 million. |
Basis of Presentation and Org42
Basis of Presentation and Organizational History (Details Textual) - USD ($) $ in Millions | Nov. 08, 2010 | Oct. 20, 2010 | Dec. 31, 2015 | Dec. 31, 2014 |
Basis Of Presentation And Organizational History [Line Items] | ||||
Deferred Tax Assets, Gross, Current | $ 6.9 | |||
Deferred Tax Liabilities, Gross, Current | 0.9 | |||
Amortization of Debt Discount (Premium) | $ 9 | $ 11.9 | ||
Common Stock [Member] | ||||
Basis Of Presentation And Organizational History [Line Items] | ||||
Proceeds from Issuance Initial Public Offering | $ 4.6 | $ 75.6 | ||
Stock Issued During Period, Shares, New Issues | 383,722 | 6,250,000 |
Significant Accounting Polici43
Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 33,989 | $ 32,237 |
Work in process | 14,495 | 15,136 |
Finished goods | 22,149 | 22,402 |
Total inventory | $ 70,633 | $ 69,775 |
Significant Accounting Polici44
Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components Of Capitalized Tooling Costs [Line Items] | ||
Customer-owned tooling, net | $ 59,901 | $ 22,735 |
Company-owned tooling | 16 | 174 |
Total tooling, net | $ 59,917 | $ 22,909 |
Significant Accounting Polici45
Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2015 | |
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 Polici46
Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cost: | ||
Land | $ 17,460 | $ 19,135 |
Buildings and improvements | 192,350 | 208,055 |
Machinery and equipment | 833,584 | 823,951 |
Construction in progress | 95,638 | 52,391 |
Property, plant, and equipment, gross | 1,139,032 | 1,103,532 |
Less: accumulated depreciation | (665,873) | (652,406) |
Property, plant, and equipment, net | $ 473,159 | $ 451,126 |
Significant Accounting Polici47
Significant Accounting Policies (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligations [Line Items] | ||
Beginning balance | $ 17,136 | $ 16,177 |
Accretion expense | 549 | 1,371 |
Liabilities settled | (1,209) | (852) |
Change in estimate | 324 | 440 |
Ending balance | $ 16,800 | $ 17,136 |
Significant Accounting Polici48
Significant Accounting Policies (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Balance | $ 56,691 | $ 66,976 |
Goodwill from Mexico acquisition | 59,340 | 56,691 |
Currency translation adjustment | (6,307) | (7,993) |
Impairments | (2,300) | (2,292) |
Balance | 59,340 | 56,691 |
Mexico Acquisition [Member] | ||
Goodwill [Line Items] | ||
Goodwill from Mexico acquisition | 8,956 | |
Balance | 8,956 | |
Americas [Member] | ||
Goodwill [Line Items] | ||
Balance | 0 | 2,573 |
Goodwill from Mexico acquisition | 0 | 2,573 |
Currency translation adjustment | (506) | (281) |
Impairments | (2,292) | |
Balance | 8,450 | 0 |
Americas [Member] | Mexico Acquisition [Member] | ||
Goodwill [Line Items] | ||
Goodwill from Mexico acquisition | 8,956 | |
Balance | 8,956 | |
International [Member] | ||
Goodwill [Line Items] | ||
Balance | 56,691 | 64,403 |
Goodwill from Mexico acquisition | 56,691 | 64,403 |
Currency translation adjustment | (5,801) | (7,712) |
Impairments | 0 | |
Balance | 50,890 | $ 56,691 |
International [Member] | Mexico Acquisition [Member] | ||
Goodwill [Line Items] | ||
Goodwill from Mexico acquisition | 0 | |
Balance | $ 0 |
Significant Accounting Polici49
Significant Accounting Policies (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Amortized intangible: | ||
Finite-Lived Intangible Assets, Gross | $ 21,550 | $ 21,488 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 18,300 | 21,488 |
Europe [Member] | ||
Amortized intangible: | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 14,392 | 16,033 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 14,392 | 16,033 |
BRAZIL | ||
Amortized intangible: | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 3,660 | 5,455 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 3,660 | 5,455 |
North America [Member] | ||
Amortized intangible: | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 3,498 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 248 | $ 0 |
Significant Accounting Polici50
Significant Accounting Policies (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Non Recurring Basis Asset Gain Loss [Line Items] | |||
Goodwill | $ (2,300) | $ (2,292) | |
Total Gains / (losses) | 4,100 | (25,200) | $ (10,400) |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Non Recurring Basis Asset Gain Loss [Line Items] | |||
Long-lived assets held for sale | $ 13,400 | 58,800 | $ 12,000 |
Goodwill | $ 0 |
Significant Accounting Polici51
Significant Accounting Policies (Details 8) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustments, net of tax of $7.8 million and $0 million | $ (40,490) | $ (7,224) | $ 24,963 |
Defined benefit plans, net of tax of $13.5 million and $13.7 million | (40,002) | (39,690) | 12,833 |
Accumulated other comprehensive loss | $ (80,492) | $ (46,914) | $ 12,247 |
Significant Accounting Polici52
Significant Accounting Policies (Details 9) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unrealized Gains on Qualifying Cash Flow Hedge, Beginning Balance | $ 0 | $ 117 | |
Other comprehensive loss before reclassification | 0 | (117) | $ 165 |
Amounts reclassified from accumulated other comprehensive income/loss | 0 | ||
Net current-period other comprehensive loss | (117) | ||
Unrealized Gains on Qualifying Cash Flow Hedge, Ending balance | 0 | 117 | |
Defined Benefit Plan, Net, Beginning Balance | 39,690 | (12,833) | |
Other comprehensive loss before reclassification | (312) | (26,857) | |
Amounts reclassified from accumulated other comprehensive income/loss | 0 | ||
Net current-period other comprehensive loss | 312 | 26,857 | (17,517) |
Defined Benefit Plan, Net, Ending balance | 40,002 | 39,690 | (12,833) |
Foreign Currency Translation Adjustments, Beginning Balance | (7,224) | 24,963 | |
Other comprehensive loss before reclassification | (33,266) | (32,187) | |
Amounts reclassified from accumulated other comprehensive income/loss | 0 | ||
Net current-period other comprehensive loss | (33,266) | (32,187) | |
Foreign Currency Translation Adjustments, Ending balance | (40,490) | (7,224) | 24,963 |
Beginning Balance | (46,914) | 12,247 | |
Other comprehensive loss before reclassification | (33,578) | (59,161) | |
Amounts reclassified from accumulated other comprehensive income/loss | 0 | ||
Net current-period other comprehensive loss | (35,407) | (60,410) | 26,629 |
Ending balance | $ (80,492) | $ (46,914) | $ 12,247 |
Significant Accounting Polici53
Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Depreciation, Total | $ 79,500 | $ 85,700 | $ 86,000 |
Goodwill, Impairment Loss | 2,300 | 2,292 | |
Amortization Of Intangible Assets | 249 | 1,544 | 2,793 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 76,123 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 17,513 | (9,436) | 10,265 |
Restructuring Costs and Asset Impairment Charges, Total | 8,607 | 14,248 | 21,198 |
Goodwill, Fair Value Disclosure | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | 9,000 | ||
Goodwill | 59,340 | 56,691 | 66,976 |
Long-term Debt, Total | 441,632 | 475,368 | |
Long-term Debt, Fair Value | 434,200 | 481,700 | |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 9,000 | 3,600 | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 2,600 | 300 | |
Accumulated Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax | 13,500 | 13,700 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | 7,800 | 0 | 0 |
Goodwill [Member] | |||
Significant Accounting Policies [Line Items] | |||
Restructuring Costs and Asset Impairment Charges, Total | 2,300 | ||
MEXICO | |||
Significant Accounting Policies [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,500 | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Corporate Joint Venture [Member] | |||
Significant Accounting Policies [Line Items] | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 9,300 | 78,200 | |
Estimated Cost Of Sale Of Asset | 1,000 | ||
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 22,400 | ||
Asset Held For Sale [Member] | |||
Significant Accounting Policies [Line Items] | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 4,800 | ||
Property, Plant, and Equipment, Fair Value Disclosure | 2,500 | ||
Restructuring Costs and Asset Impairment Charges, Total | 2,300 | ||
Asset Held For Sale [Member] | Corporate Joint Venture [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 13,400 | 56,300 | 12,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 4,100 | $ 22,900 | $ 10,400 |
Leasehold Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Acquisition of Operations in 54
Acquisition of Operations in Mexico City, Mexico (Details) - Xiangtan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Assets Acquired | |
Current assets | $ 13,939 |
Property, plant and equipment | 5,589 |
Intangibles | 3,640 |
Other non-current assets | 115 |
Total assets acquired | 23,283 |
Liabilities assumed | (10,499) |
Net assets acquired | 12,784 |
Total cash to seller | 26,110 |
Less: cash on hand | (4,370) |
Purchase price, net | 21,740 |
Less: Net assets acquired | 12,784 |
Goodwill | $ 8,956 |
Acquisition of Operations in 55
Acquisition of Operations in Mexico City, Mexico (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jul. 24, 2015 | Dec. 31, 2015 | |
Hamsa [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Payments to Acquire Businesses, Gross | $ 26,100 | |
Business Acquisition, Transaction Costs | 400 | |
Goodwill, Acquired During Period | $ 9,000 | |
Xiangtan [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 26,110 | |
Goodwill, Acquired During Period | 8,956 | |
Intangibles Assets | $ 3,640 |
Restructuring and Asset Impai56
Restructuring and Asset Impairment Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments | $ 8,607 | $ 14,248 | $ 21,198 |
International [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments | 231 | 3,995 | 2,714 |
Americas [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments | $ 8,376 | $ 10,253 | $ 18,484 |
Restructuring and Asset Impai57
Restructuring and Asset Impairment Charges (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Employee termination costs | $ 1,048 | $ 1,609 | $ 2,290 |
Other exit costs | 7,559 | 8,081 | 7,672 |
Asset impairments | 0 | 4,558 | 11,227 |
Restructuring and asset impairment charges, net | $ 8,607 | $ 14,248 | $ 21,198 |
Restructuring and Asset Impai58
Restructuring and Asset Impairment Charges (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Begnning Balance | $ 2,489 | $ 1,916 |
Payments | (1,852) | (1,064) |
Increase in liability | 1,048 | 1,609 |
Adjustment | (1,373) | 28 |
Ending Balance | 312 | 2,489 |
International [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Begnning Balance | 1,132 | 559 |
Payments | (1,248) | 0 |
Increase in liability | 231 | 523 |
Adjustment | (16) | 50 |
Ending Balance | 99 | 1,132 |
Americas [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Begnning Balance | 1,357 | 1,357 |
Payments | (604) | (1,064) |
Increase in liability | 817 | 1,086 |
Adjustment | (1,357) | (22) |
Ending Balance | $ 213 | $ 1,357 |
Restructuring and Asset Impai59
Restructuring and Asset Impairment Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 0 | $ 0 | $ 12,040 | |
Restructuring Costs and Asset Impairment Charges, Total | 8,607 | 14,248 | 21,198 | |
Other Restructuring Costs | 7,559 | 8,081 | 7,672 | |
Severance Costs | 1,048 | 1,609 | 2,290 | |
Payments for Restructuring | 1,852 | 1,064 | ||
Restructuring Reserve, Period Increase (Decrease) | 1,048 | 1,609 | ||
Tower Defense & Aerospace, LLC [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 9,100 | |||
Restructuring Charges, Total | 11,500 | |||
Restructuring Costs and Asset Impairment Charges, Total | 8,200 | |||
Other Restructuring Costs | 2,800 | |||
Severance Costs | $ 500 | |||
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | 1,200 | |||
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | 600 | 1,100 | ||
Americas [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges, Total | 8,376 | 10,253 | $ 18,484 | |
Payments for Restructuring | 604 | 1,064 | ||
Restructuring Reserve, Period Increase (Decrease) | 817 | $ 1,086 | ||
Americas [Member] | Leasehold Improvements [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Period Increase (Decrease) | $ 1,400 |
Discontinued Operations and A60
Discontinued Operations and Assets Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income/(loss) from discontinued operations: | |||
Income/(loss) from discontinued operations | $ 17,513 | $ (9,436) | $ 10,265 |
Chinese Joint Ventures [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 86,074 | 113,701 | 135,527 |
Gain from sale of Xiangtan/TGR discontinued operations | 18,806 | 0 | 0 |
Income/(loss) from discontinued operations: | |||
Income/(loss) before provision for income taxes | 18,064 | (7,218) | 12,164 |
Provision for income taxes | 551 | 2,218 | 1,899 |
Income/(loss) from discontinued operations | $ 17,513 | $ (9,436) | $ 10,265 |
Discontinued Operations and A61
Discontinued Operations and Assets Held for Sale (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Current assets | $ 59,937 | |
Property, plant, and equipment, net | 76,123 | |
Other assets, net | 5,235 | |
Total assets held for sale | $ 0 | 141,295 |
LIABILITIES | ||
Short-term debt and current maturities of capital lease obligations | 9,781 | |
Accounts payable | 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 | $ 0 | $ 67,707 |
Discontinued Operations and A62
Discontinued Operations and Assets Held for Sale (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jul. 28, 2015 | Dec. 31, 2015 | |
Xiangtan [Member] | ||
Discontinued Operations and Assets Held for Sale [Line Items] | ||
Proceeds from Divestiture of Interest in Joint Venture | $ 9.9 | $ 13.4 |
Proceeds from Issuance or Sale of Equity, Total | $ 3.5 | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 3.6 | |
TGR [Member] | ||
Discontinued Operations and Assets Held for Sale [Line Items] | ||
Proceeds from Divestiture of Interest in Joint Venture | 44.2 | |
Proceeds from Issuance or Sale of Equity, Total | 29.4 | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 15.3 | |
Dividends, Total | $ 14.8 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Current maturities of debts (excluding capital leases) | $ 29,414 | $ 30,065 |
Current maturities of capital leases | 964 | 1,074 |
Total | $ 30,378 | $ 31,139 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 441,632 | $ 475,368 |
Less: Current maturities (excluding capital leases) | (29,414) | (30,065) |
Total long-term debt | 412,218 | 445,303 |
Term Loan Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 415,903 | 445,031 |
Other foreign subsidiary indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 34,691 | 42,213 |
Debt Issue Cost [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ (8,962) | $ (11,876) |
Debt (Details 2)
Debt (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Maturities Of Long Term Debt [Line Items] | ||
2,016 | $ 29,414 | |
2,017 | 12,310 | |
2,018 | 5,444 | |
2,019 | 5,023 | |
2,020 | 398,176 | |
Thereafter | 227 | |
Total | 450,594 | |
Less: Debt issue costs | (8,962) | |
Total, net of debt issue costs | $ 441,632 | $ 475,368 |
Debt (Details 3)
Debt (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance at December 31, 2014 | $ 42,213 |
Maturities of indebtedness | (5,952) |
Change in borrowings on credit facilities, net | 4,732 |
Foreign exchange impact | (6,302) |
Balance at December 31, 2015 | 34,691 |
Europe [Member] | |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance at December 31, 2014 | 33,470 |
Maturities of indebtedness | (4,073) |
Change in borrowings on credit facilities, net | 4,732 |
Foreign exchange impact | (3,425) |
Balance at December 31, 2015 | 30,704 |
Brazil [Member] | |
Foreign Subsidiary Indebtedness [Line Items] | |
Balance at December 31, 2014 | 8,743 |
Maturities of indebtedness | (1,879) |
Change in borrowings on credit facilities, net | 0 |
Foreign exchange impact | (2,877) |
Balance at December 31, 2015 | $ 3,987 |
Debt (Details 4)
Debt (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital leases: | ||
Current maturities of capital leases | $ 964 | $ 1,074 |
Non-current maturities of capital leases | 5,984 | 7,740 |
Total capital leases | $ 6,948 | $ 8,814 |
Debt (Details Textual)
Debt (Details Textual) $ in Thousands, € in Millions, BRL in Millions | Jun. 13, 2011USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015BRL | Dec. 31, 2015EUR (€) | Feb. 02, 2015USD ($) | Jun. 13, 2014USD ($) | Jan. 31, 2014USD ($) |
Debt [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||||
Interest Expenses, Related to Amortization of Debt Issue Cost | 2,400 | $ 3,000 | $ 6,500 | |||||||
Long-term Debt | 441,632 | 475,368 | ||||||||
Payments of Debt Issuance Costs | $ 400 | |||||||||
Deferred Finance Costs, Net | 9,000 | 11,900 | ||||||||
Term Loans [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt, Gross | $ 450,000 | |||||||||
Additional Term Loan [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt, Gross | $ 33,000 | |||||||||
Term Loan Credit Facility [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Initial Term Loan | $ 25,000 | |||||||||
Debt Instrument, Unamortized Discount | 1,200 | 1,594 | ||||||||
Long-term Debt | $ 415,903 | 445,031 | ||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 4.00% | 4.00% | 4.00% | |||||||
Brazil Subsidiary [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt | $ 4,000 | BRL 15.8 | ||||||||
Debt, Weighted Average Interest Rate | 5.68% | 5.68% | 5.68% | |||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 3.00% | |||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 8.70% | |||||||||
Brazil [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt | $ 4,000 | |||||||||
Europe [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 27,700 | |||||||||
Debt, Weighted Average Interest Rate | 2.70% | 2.70% | 2.70% | |||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.37% | |||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 2.87% | |||||||||
Europe [Member] | Term Loans [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt | $ 8,000 | € 7.4 | ||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 6.25% | 6.25% | 6.25% | |||||||
Other Europe Subsidiary [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt | $ 34,700 | |||||||||
Europe Subsidiary [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt | 8,000 | |||||||||
Amended ABL [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | 190,400 | |||||||||
Long-term Line of Credit | $ 9,600 | |||||||||
Letter of Credit [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 38,000 | $ 8,700 | ||||||||
Line of Credit Facility, Future Increase in Borrowing Limit | $ 44,500 | |||||||||
Line of Credit Facility, Expiration Date | Sep. 20, 2014 | |||||||||
Line of Credit Facility, Before Amended Borrowing Capacity | $ 8,500 | |||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 7.50% | |||||||||
Factoring Finance [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | interest rates based upon the average three month EURIBOR plus a spread ranging from 2.50% to 3.00%. | |||||||||
Factoring Finance [Member] | Europe [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,700 | € 20.9 | ||||||||
Debt Instrument, Interest Rate Terms | interest rates based upon the average three month EURIBOR plus a spread ranging from 2.50% to 3.00%. | |||||||||
Factoring Finance [Member] | Europe Subsidiary [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Long-term Debt | $ 22,700 | |||||||||
Secured Line of Credit [Member] | Europe [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 10,900 | € 10 | ||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 1.97% | 1.97% | 1.97% | |||||||
Debt Instrument, Interest Rate Terms | interest rate based on the EURIBOR plus a spread of 2.15% and has a maturity date of October 2016. | |||||||||
Third Amended Revolving Credit Facility [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||||||
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, 2015 was 1.25%. The applicable margin for the LIBOR based borrowings as of December 31, 2015 was 2.25%. 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. | |||||||||
Line of Credit Facility, Expiration Date | Sep. 17, 2019 | |||||||||
Payments of Debt Issuance Costs | $ 1,600 |
Derivative Financial Instrume69
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivative Liability | $ 2,592 | $ 301 |
Other Noncurrent Liabilities [Member] | Net Investment Hedging [Member] | ||
Derivative Liability | 9,005 | 0 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Derivative Asset | 0 | 0 |
Other Assets [Member] | Net Investment Hedging [Member] | ||
Derivative Asset | $ 0 | $ 3,642 |
Derivative Financial Instrume70
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net investment hedge | $ 29,139 | $ 9,094 |
Net Investment Hedging [Member] | ||
Net investment hedge | $ 29,139 | $ 9,094 |
Derivative Financial Instrume71
Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Expense recognized (ineffective portion) | $ 2,605 | $ 5,754 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Expense recognized (ineffective portion) | 2,291 | 301 |
Interest Expense [Member] | Net Investment Hedging [Member] | ||
Expense recognized (ineffective portion) | $ 314 | $ 5,453 |
Derivative Financial Instrume72
Derivative Financial Instruments (Details Textual) € in Millions, $ in Millions | 1 Months Ended | |||||||
Mar. 13, 2015USD ($) | Feb. 02, 2015USD ($) | Jan. 23, 2015USD ($) | Oct. 17, 2014USD ($) | Dec. 31, 2015 | Apr. 16, 2015USD ($) | Jan. 23, 2015EUR (€) | Oct. 17, 2014EUR (€) | |
Derivative, Notional Amount | € | € 157.1 | |||||||
Derivative, Fixed Interest Rate | 5.09% | |||||||
Foreign Currency Exchange Rate, Remeasurement | 1.0906 | |||||||
Minimum [Member] | ||||||||
Derivative, Notional Amount | $ 186.1 | |||||||
Maximum [Member] | ||||||||
Derivative, Notional Amount | $ 200 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Notional Amount | $ 200 | |||||||
Derivative, Forward Exchange Rate | 1.0480 | 1.2733 | 1.1265 | 1.2733 | ||||
Derivative, Maturity Date | Apr. 16, 2020 | |||||||
Derivative, Higher Fixed Interest Rate Range | 3.70% | 3.97% | ||||||
Derivative, Lower Fixed Interest Rate Range | 3.40% | 3.70% | ||||||
Termination Of Derivative Notional Amount | $ 10.5 | $ 21.9 | ||||||
Interest Rate Swap [Member] | Minimum [Member] | ||||||||
Derivative, Notional Amount | € | € 157.1 | |||||||
Interest Rate Swap [Member] | Maximum [Member] | ||||||||
Derivative, Notional Amount | € | € 178 | |||||||
Interest Rate Swap [Member] | Term Loan Credit Facility [Member] | ||||||||
Repayments of Long-term Lines of Credit | $ 25 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total | $ 55,323 | $ 46,446 | $ (25,593) |
Domestic Country [Member] | |||
Total | 33,414 | 42,841 | (32,347) |
Foreign Country [Member] | |||
Total | $ 21,909 | $ 3,605 | $ 6,754 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Domestic - Federal | $ 487 | $ 350 | $ 0 |
Domestic - State | 346 | 33 | 43 |
Foreign | 7,130 | 9,086 | 9,823 |
Total | 7,963 | 9,470 | 9,866 |
Tax benefit with offset in OCI: | |||
Domestic - Federal | 0 | 0 | (9,897) |
Domestic - State | 0 | 0 | (931) |
Total | 0 | 0 | (10,828) |
Deferred and other: | |||
Domestic - Federal | (117,582) | 0 | 0 |
Domestic - State | (11,540) | 0 | 0 |
Foreign | (1,842) | (198) | 1,140 |
Total | (130,964) | (198) | 1,140 |
Total provision/(benefit) for income taxes | $ (123,001) | $ 9,272 | $ 178 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Taxes at U.S. federal statutory rate | $ 19,363 | $ 16,256 | $ (8,957) |
State tax expense | 1,036 | 33 | 110 |
Foreign tax rate differential | (2,779) | (522) | (1,907) |
Valuation allowance | (117,452) | (10,298) | 20,552 |
Permanent differences | 128 | 1,823 | 208 |
Foreign withholding taxes | 765 | 932 | 4,014 |
Increase/(decrease) in uncertain tax positions | 458 | 320 | (1,191) |
Tax benefit in OCI | 0 | 0 | (10,828) |
U.S taxes on foreign earnings | (3,500) | 0 | 0 |
Tax credits | (23,136) | 0 | 0 |
Other | 2,116 | 728 | (1,823) |
Total income tax expense/(benefit) | $ (123,001) | $ 9,272 | $ 178 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets are attributable to: | ||
Net operating loss carryforwards and tax credits | $ 120,644 | $ 116,564 |
Non-deductible reserves and other accruals | 37,004 | 46,098 |
Accrued pension and postretirement benefit obligations | 25,123 | 28,153 |
Capitalized leases | 8,626 | 8,530 |
Other | 5,161 | 1,974 |
Total gross deferred income tax assets | 196,557 | 201,319 |
Less: valuation allowance | (47,355) | (178,974) |
Net deferred income tax assets | 149,202 | 22,345 |
Deferred income tax liabilities are attributable to: | ||
Deferred cancellation of indebtedness income | (10,360) | (14,255) |
Long lived assets | (17,164) | (4,498) |
Other | (212) | (6,995) |
Total gross deferred income tax liabilities | (27,736) | (25,748) |
Net deferred income tax asset/(liability) | $ 121,466 | $ (3,403) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized tax benefit - January 1 | $ 12,218 | $ 18,223 | $ 19,242 |
Increase in prior year tax positions | 0 | 646 | 0 |
Decrease in prior year tax positions | 0 | 0 | (567) |
Increase in current year tax positions | 2,866 | 1,180 | 2,656 |
Audit settlements | (2,504) | (489) | (3,336) |
Lapse in statute of limitations | (296) | (161) | (198) |
Foreign currency translation | (905) | (1,312) | 426 |
Liabilities held for sale | 0 | (5,869) | 0 |
Total | $ 11,379 | $ 12,218 | $ 18,223 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 47,355 | $ 178,974 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 131,600 | ||
Operating Loss Carryforwards | 146,300 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 120,644 | 116,564 | |
Operating Loss Carryforwards Expiration Date One | expire during the years 2029 through 2034 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Total | $ 23,600 | ||
Deferred Income Tax Liabilities, Net | 200 | ||
Undistributed Earnings of Foreign Subsidiaries | 88,000 | ||
Unrecognized Tax Benefits [Member] | |||
Income Taxes [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 40,400 | ||
Expected Recognized Tax Benefits | 0 | 3,800 | $ 2,800 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 11,400 | 8,400 | 15,400 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,400 | 1,100 | 1,400 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 400 | $ 300 | $ 100 |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | 42,800 | ||
Tax Credit Carryforward, Amount | 22,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 45,900 | ||
Operating Loss Carryforwards Expiration Date One | expire during the years 2016 through 2034 | ||
Other Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 108,600 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 27,100 | ||
Operating Loss Carryforwards Expiration Date One | others expire as soon as 2016 | ||
Other Local Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 26,200 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of fair value of Pension Plan assets: | |||
Fair value of assets, beginning of period | $ 202,000 | ||
Benefits paid | (18,245) | $ (18,262) | |
Fair value of assets, end of period | 186,000 | 202,000 | |
Change in projected benefit obligation: | |||
Benefits paid | (18,245) | (18,262) | |
Pension Plan [Member] | |||
Reconciliation of fair value of Pension Plan assets: | |||
Fair value of assets, beginning of period | 201,577 | 199,043 | |
Actual return | (5,280) | 9,100 | |
Employer contributions | 9,614 | 13,232 | |
Expenses paid from Pension Plan assets | (2,208) | (1,536) | |
Benefits paid | (18,245) | (18,262) | |
Fair value of assets, end of period | 185,458 | 201,577 | $ 199,043 |
Change in projected benefit obligation: | |||
Projected benefit obligation, beginning of period | 270,214 | 253,958 | |
Service cost | 27 | 28 | 53 |
Interest cost | 7,624 | 10,882 | 10,126 |
Actuarial (gain)/loss | (8,541) | 23,608 | |
Benefits paid | (18,245) | (18,262) | |
Projected benefit obligation, end of period | 251,079 | 270,214 | $ 253,958 |
Funded status of the Pension Plan | $ (65,621) | $ (68,637) |
Employee Benefit Plans (Detai80
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Actuarial loss | $ (9,100) | $ (4,200) | $ 9,118 | $ 4,160 | $ 0 |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 27 | 28 | 53 | ||
Interest cost | 7,624 | 10,882 | 10,126 | ||
Expected return on plan assets | (12,056) | (13,017) | (12,305) | ||
Amortization of prior service credit | (95) | (95) | 0 | ||
Actuarial loss | 9,066 | 4,160 | 0 | ||
Net periodic benefit cost/(income) | $ 4,566 | $ 1,958 | $ (2,126) |
Employee Benefit Plans (Detai81
Employee Benefit Plans (Details 2) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized gain/(loss) | $ (1,938) | $ (24,901) | $ 26,689 |
New prior service credit | 0 | 0 | 2,045 |
Amortization of prior service credit | (95) | (95) | 0 |
Amount recognized | $ (2,033) | $ (24,996) | $ 28,734 |
Employee Benefit Plans (Detai82
Employee Benefit Plans (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized loss | $ (27,266) | $ (25,328) |
Net prior service credit | 1,855 | 1,950 |
Deferred tax impact | (12,381) | (13,132) |
Accumulated other comprehensive loss | $ (37,792) | $ (36,510) |
Employee Benefit Plans (Detai83
Employee Benefit Plans (Details 4) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.01% | 3.65% | 3.75% |
Annual rate of increase in compensation | 4.50% | 4.50% |
Employee Benefit Plans (Detai84
Employee Benefit Plans (Details 5) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.65% | 4.50% | 3.65% |
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 (Detai85
Employee Benefit Plans (Details 6) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
2016 Target [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 14.00% | 0.00% |
Cash and Cash Equivalents [Member] | 2016 Target [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.00% | 46.00% |
Fixed Income Funds [Member] | 2016 Target [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 56.00% | 32.00% |
Equity Securities [Member] | 2016 Target [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 7.00% | 2.00% |
Real Estate [Member] | 2016 Target [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | |
Non Equity Investment [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | 20.00% |
Non Equity Investment [Member] | 2016 Target [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% |
Employee Benefit Plans (Detai86
Employee Benefit Plans (Details 7) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 186 | $ 202 | ||||
Equity long/short hedge funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 40 | 47 | |||
Real Estate Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 14 | 4 | ||||
Corporate bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 17 | 47 | ||||
Government bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | |||||
Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 65 | 18 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 93 | ||||
Fair Value, Inputs, Level 1 [Member] | Equity long/short hedge funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Corporate bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Government bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 18 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 130 | 76 | ||||
Fair Value, Inputs, Level 2 [Member] | Equity long/short hedge funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 8 | 18 | |||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 17 | 47 | ||||
Fair Value, Inputs, Level 2 [Member] | Government bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | |||||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 65 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 33 | ||||
Fair Value, Inputs, Level 3 [Member] | Equity long/short hedge funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 32 | [1] | 29 | [1] | $ 45 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 14 | 4 | $ 7 | |||
Fair Value, Inputs, Level 3 [Member] | Corporate bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Government bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Cash and Cash Equivalents [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 25 | [2] | 3 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | [2] | 3 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 24 | [2] | 0 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [2] | 0 | |||
Mutual Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [3] | 15 | 83 | |||
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [3] | 9 | 72 | |||
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [3] | 6 | 11 | |||
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [3] | $ 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] | Includes $22 million of accounts receivable for unsettled trades. | |||||
[3] | This category consists of mutual fund investments that are focused on fixed income and international equity securities. |
Employee Benefit Plans (Detai87
Employee Benefit Plans (Details 8) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets, beginning of period | $ 202 | |||
Purchases | 2.5 | |||
Fair value of assets, end of period | 186 | $ 202 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets, beginning of period | 33 | |||
Fair value of assets, end of period | 46 | 33 | ||
Hedge Funds, Equity Long (Short) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets, beginning of period | [1] | 47 | ||
Fair value of assets, end of period | [1] | 40 | 47 | |
Hedge Funds, Equity Long (Short) [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets, beginning of period | 29 | [1] | 45 | |
Return on plan assets held at the reporting date | 1 | 1 | ||
Transfers in | [2] | 9 | ||
Redemptions | (7) | (17) | ||
Fair value of assets, end of period | [1] | 32 | 29 | |
Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets, beginning of period | 4 | |||
Fair value of assets, end of period | 14 | 4 | ||
Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets, beginning of period | 4 | 7 | ||
Redemptions | (3) | |||
Purchases | 10 | |||
Fair value of assets, end of period | $ 14 | $ 4 | ||
[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] | The underlying assets in the fund changed from the prior year. |
Employee Benefit Plans (Detai88
Employee Benefit Plans (Details 9) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of fair value of life insurance plan assets: | |||||
Fair value of assets, beginning of period | $ 202,000 | ||||
Benefits paid | (18,245) | $ (18,262) | |||
Fair value of assets, end of period | $ 186,000 | $ 202,000 | 186,000 | 202,000 | |
Change in benefit obligation: | |||||
Actuarial loss/(gain) | 9,100 | 4,200 | (9,118) | (4,160) | $ 0 |
Benefits paid | (18,245) | (18,262) | |||
Life Insurance Plans [Member] | |||||
Reconciliation of fair value of life insurance plan assets: | |||||
Fair value of assets, beginning of period | 0 | 0 | |||
Employer contributions | 503 | 515 | |||
Benefits paid | (503) | (515) | |||
Fair value of assets, end of period | 0 | 0 | 0 | 0 | 0 |
Change in benefit obligation: | |||||
Projected benefit obligation, beginning of period | 17,328 | 15,144 | |||
Service cost | 7 | 8 | 0 | ||
Interest cost | 529 | 698 | 541 | ||
Actuarial loss/(gain) | (1,349) | 1,993 | 1,588 | ||
Benefits paid | (503) | (515) | |||
Projected benefit obligation, end of period | 16,012 | 17,328 | 16,012 | 17,328 | $ 15,144 |
Funded status of life insurance plans | $ (16,012) | $ (17,328) | $ (16,012) | $ (17,328) |
Employee Benefit Plans (Detai89
Employee Benefit Plans (Details 10) - Life Insurance Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 7 | $ 8 | $ 0 |
Interest cost | 529 | 698 | 541 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | 132 | 132 | 0 |
Net periodic benefit cost | $ 668 | $ 838 | $ 541 |
Employee Benefit Plans (Detai90
Employee Benefit Plans (Details 11) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) | $ 9,100 | $ 4,200 | $ (9,118) | $ (4,160) | $ 0 |
Life Insurance Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net actuarial gain/(loss) | (1,349) | 1,993 | 1,588 | ||
New prior service cost | 0 | 0 | (1,974) | ||
Amortization of prior service cost | 132 | 132 | 0 | ||
Amount recognized | $ 1,481 | $ (1,861) | $ (386) |
Employee Benefit Plans (Detai91
Employee Benefit Plans (Details 12) - Life Insurance Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized gain/(loss) | $ 619 | $ (730) |
Net prior service credit | (1,710) | (1,842) |
Deferred tax impact | (1,119) | (608) |
Accumulated other comprehensive loss | $ (2,210) | $ (3,180) |
Employee Benefit Plans (Detai92
Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 4.01% | 3.65% | 3.75% |
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | $ 2.5 | ||
Accounts Receivable On Unsettled Trades | $ 22 | ||
Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.14% | 3.75% | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 7.6 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 18 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 17.2 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 17 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 17 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 16.7 | ||
Defined Benefit Plan Expected Future Benefit Payments Next Five Fiscal Years Aggregate | 85.9 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 81.7 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 251 | $ 270 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 5.4 | 5 | $ 4.6 |
Domestic Pension Plan of Foreign Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 1 | $ 1.4 | $ 1.6 |
Lifeinsurance Benefits For United States Retirees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.8 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.7 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 0.7 | ||
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 Next Five Fiscal Years Aggregate | 4.2 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 5.1 |
Earnings per Share ("EPS") (Det
Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [2] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Income/(loss) from continuing operations | $ 178,278 | $ 36,523 | $ (26,329) | ||||||||||
Income/(loss) from discontinued operations, net of tax | 17,513 | (9,436) | 10,265 | ||||||||||
Net income/(loss) | $ 145,659 | $ 16,872 | $ 19,139 | $ 14,121 | $ (18,043) | $ 12,902 | $ 16,950 | $ 15,278 | 195,791 | 27,087 | (16,064) | ||
Less: Net income attibutable to the noncontrolling interests | 1,739 | 5,571 | 4,211 | ||||||||||
Net income/(loss) attibutable to Tower International, Inc. | $ 145,082 | $ 16,283 | $ 18,646 | $ 14,041 | $ (20,596) | $ 11,161 | $ 16,096 | $ 14,855 | $ 194,052 | $ 21,516 | $ (20,275) | ||
Basic income/(loss) per share: | |||||||||||||
Continuing operations (in dollars per share) | $ 8.37 | $ 1.5 | $ (1.5) | ||||||||||
Discontinued operations (in dollars per share) | 0.83 | (0.46) | 0.5 | ||||||||||
Net income/(loss) attibutable to Tower International, Inc. (in dollars per share) | $ 9.2 | $ 1.04 | $ (0.99) | ||||||||||
Basic weighted average shares outstanding (in shares) | 21,093,387 | 20,662,425 | 20,387,168 | ||||||||||
Diluted income/(loss) per share: | |||||||||||||
Continuing operations (in dollars per share) | $ 8.25 | $ 1.45 | $ (1.5) | ||||||||||
Discontinued operations (in dollars per share) | 0.81 | (0.44) | 0.5 | ||||||||||
Net income/(loss) attibutable to Tower International, Inc. (in dollars per share) | $ 6.76 | $ 0.76 | $ 0.87 | $ 0.66 | $ (0.99) | $ 0.52 | $ 0.75 | $ 0.70 | $ 9.06 | $ 1.01 | $ (0.99) | ||
Diluted weighted average shares outstanding (in shares) | 21,408,301 | 21,391,000 | 20,387,168 | ||||||||||
[1] | During the fourth quarter of 2015, net income included a $131 million deferred tax benefit primarily due to the release of the valuation allowance in the United States and Italy, and the Company recorded an actuarial pension loss of $9.1 million. | ||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded a loss in discontinued operations of $22.9 million (net of tax) and an actuarial pension loss of $4.2 million. |
Earnings per Share ("EPS") (D94
Earnings per Share ("EPS") (Details Textual) - $ / shares shares in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 29, 2016 | Oct. 16, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1.2 | 1.5 | ||
Board of Directors [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Dividends Payable, Date Declared | Oct. 16, 2015 | ||||
Dividends Payable, Nature | quarterly | ||||
Dividends Payable, Amount Per Share | $ 0.10 | ||||
Dividends Payable, Date to be Paid | Dec. 10, 2015 | ||||
Dividends Payable, Date of Record | Nov. 10, 2015 | ||||
Subsequent Event [Member] | Board of Directors [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Dividends Payable, Date Declared | Jan. 29, 2016 | ||||
Dividends Payable, Nature | quarterly | ||||
Dividends Payable, Amount Per Share | $ 0.10 | ||||
Dividends Payable, Date to be Paid | Feb. 29, 2016 |
Share-Based and Long-Term Com95
Share-Based and Long-Term Compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units, Options exercised or RSUs vested | (99,811) | (106,214) | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Outstanding, Beginning | 517,459 | 742,384 | 973,745 |
Options, Granted | 0 | 0 | 0 |
Options, Options exercised or RSUs vested | (17,321) | (208,351) | (178,744) |
Options, Forfeited | 0 | (16,574) | (52,617) |
Options, Outstanding, Ending | 500,138 | 517,459 | 742,384 |
Options, Weighted Average Exercise Price, Outstanding, Beginning (in dollars per share) | $ 12.15 | $ 12.28 | $ 12.30 |
Options, Weighted Average Exercise Price, Granted (in dollars per share) | 0 | 0 | 0 |
Options, Weighted Average Exercise Price, Options exercised or RSUs vested (in dollars per share) | 11.75 | 12.62 | 12.44 |
Options, Weighted Average Exercise Price, Forfeited (in dollars per share) | 0 | 11.95 | 12.13 |
Options, Weighted Average Exercise Price, Outstanding, Ending (in dollars per share) | $ 12.17 | $ 12.15 | $ 12.28 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units, Outstanding, Beginning | 200,340 | 719,904 | 682,415 |
Restricted Stock Units, Granted | 89,178 | 87,810 | 120,873 |
Restricted Stock Units, Options exercised or RSUs vested | (99,811) | (599,310) | (69,858) |
Restricted Stock Units, Forfeited | (2,209) | (8,064) | (13,526) |
Restricted Stock Units, Outstanding, Ending | 187,498 | 200,340 | 719,904 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Outstanding, Beginning (in dollars per share) | $ 18.51 | $ 11.04 | $ 11 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 26.16 | 26.36 | 13 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Options exercised or RSUs vested (in dollars per share) | 15.67 | 10.73 | 13.68 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 24.42 | 15.37 | 13.15 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Outstanding, Ending (in dollars per share) | $ 23.59 | $ 18.51 | $ 11.04 |
Share-Based and Long-Term Com96
Share-Based and Long-Term Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 05, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 28, 2014 | Apr. 25, 2014 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 99,811 | 106,214 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 5 | ||||||
Common Stock, Par or Stated Value Per Share | $ 40.59 | ||||||
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 20 | ||||||
Common Stock, Par or Stated Value Per Share | $ 55.58 | ||||||
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) | 951,802 | ||||||
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 | $ 0.2 | $ 1.2 | $ 1.8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in shares) | 500,138 | 517,459 | 742,384 | 973,745 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 17,321 | 208,351 | 178,744 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.3 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 500,138 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 8.2 | ||||||
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 | $ 2.4 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 18 months | ||||||
Restricted Stock or Unit Expense | $ 2.1 | $ 3.5 | $ 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 187,498 | 200,340 | 719,904 | 682,415 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period | 2,209 | 8,064 | 13,526 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 99,811 | 599,310 | 69,858 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 2.6 | $ 2.8 | $ 0.9 | ||||
Stock Issued During Period, Shares, Stock Options Exercised Net of Offsets for Withholding Taxes (in shares) | 342,063 | 71,238 | 46,759 | ||||
Payments to Acquire Vested Shares | $ 6.5 | $ 0.9 | $ 0.3 | ||||
Vested Shares Acquired to Cover Minimum Withholding Taxes One (in shares) | 250,844 | 34,976 | 23,099 | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period | 89,178 | 87,810 | 120,873 | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 599,310 | ||||||
Stock Issued During Period, Shares, Stock Options Exercised Net of Offsets for Withholding Taxes (in shares) | 493,096 | ||||||
Performance Award Agreements [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 5.9 | $ 3.9 | $ 0.9 | ||||
Deferred Compensation Share-based Arrangements, Liability, Current | 6 | ||||||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | 4.7 | ||||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 10.7 | ||||||
Supplemental Value Creation Program [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards Granted to Executives Under Performance Award Agreement | approximately 80 executives | ||||||
Amended And Restated CEO Employment Agreement [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 3.1 | $ 1.6 | |||||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 4.7 | ||||||
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 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - Chery [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 72.1 | $ 73.7 | $ 47.5 |
Accounts Receivable, Related Parties | $ 24 | $ 21.8 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 493,564 | [1] | $ 475,249 | $ 490,268 | $ 496,628 | $ 502,319 | [2] | $ 497,722 | $ 548,467 | $ 519,263 | $ 1,955,709 | $ 2,067,771 | $ 1,966,492 | |
Adjusted EBITDA | 190,673 | 204,182 | 193,928 | |||||||||||
Capital Expenditures | 138,534 | 99,393 | 75,410 | |||||||||||
Total assets | 1,215,497 | 1,165,173 | [3] | 1,215,497 | 1,165,173 | [3] | ||||||||
International [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 724,928 | 842,269 | 815,492 | |||||||||||
Adjusted EBITDA | 61,200 | 64,400 | 63,868 | |||||||||||
Capital Expenditures | 37,152 | 33,531 | 26,155 | |||||||||||
Total assets | 524,396 | 652,407 | [3] | 524,396 | 652,407 | [3] | ||||||||
Americas [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,230,781 | 1,225,502 | 1,151,000 | |||||||||||
Adjusted EBITDA | 129,473 | 139,782 | 130,060 | |||||||||||
Capital Expenditures | 101,382 | 65,862 | $ 49,255 | |||||||||||
Total assets | $ 691,101 | $ 512,766 | [3] | $ 691,101 | $ 512,766 | [3] | ||||||||
[1] | During the fourth quarter of 2015, net income included a $131 million deferred tax benefit primarily due to the release of the valuation allowance in the United States and Italy, and the Company recorded an actuarial pension loss of $9.1 million. | |||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded a loss in discontinued operations of $22.9 million (net of tax) and an actuarial pension loss of $4.2 million. | |||||||||||||
[3] | Total assets as of December 31, 2014 in the International segment include assets held for sale. |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | $ 190,673 | $ 204,182 | $ 193,928 | |||
Restructuring | (8,607) | (14,248) | (21,198) | |||
Depreciation and amortization | (79,747) | (87,241) | (88,838) | |||
Acquisition costs and other | (835) | (445) | (906) | |||
Long-term compensation expense | (12,680) | (11,313) | (6,630) | |||
Interest expense, net | (23,648) | (34,233) | (50,666) | |||
Other expense | 0 | (87) | (48,448) | |||
Loss from sale of Brazil facility | [1] | (715) | 0 | 0 | ||
Pension actuarial loss | $ 9,100 | $ 4,200 | (9,118) | (4,160) | 0 | |
Commercial settlement related to 2010-13 scrap | [2] | 0 | (6,009) | 0 | ||
Closure of Tower Defense & Aerospace | 0 | 0 | (2,835) | |||
Net income/(loss) before provision for income taxes and equity in loss of joint venture | $ 55,323 | $ 46,446 | $ (25,593) | |||
[1] | Represents the loss on the sale of one of our two operations in Brazil. Net cash proceeds from this sale were $9.5 million. This operation did not meet the criteria to be considered held for sale in accordance with FASB ASC No. 360 Property, Plant, and Equipment, and was not presented as discontinued operations in our Consolidated Financial Statements, in accordance with FASB ASC No. 205, Discontinued Operations. | |||||
[2] | Represents a one-time retroactive commercial settlement in 2014 related to 2010 2013 scrap. |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Revenues | $ 493,564 | [1] | $ 475,249 | $ 490,268 | $ 496,628 | $ 502,319 | [2] | $ 497,722 | $ 548,467 | $ 519,263 | $ 1,955,709 | $ 2,067,771 | $ 1,966,492 |
Long-Lived Assets | 473,175 | 453,066 | 473,175 | 453,066 | 552,718 | ||||||||
Germany [Member] | |||||||||||||
Revenues | 288,081 | 347,417 | 338,712 | ||||||||||
Long-Lived Assets | 67,154 | 68,860 | 67,154 | 68,860 | 71,696 | ||||||||
Belgium [Member] | |||||||||||||
Revenues | 141,835 | 190,103 | 188,932 | ||||||||||
Long-Lived Assets | 20,382 | 25,378 | 20,382 | 25,378 | 30,314 | ||||||||
Slovakia [Member] | |||||||||||||
Revenues | 127,750 | 159,954 | 181,421 | ||||||||||
Long-Lived Assets | 45,036 | 56,788 | 45,036 | 56,788 | 72,158 | ||||||||
Italy [Member] | |||||||||||||
Revenues | 106,382 | 91,531 | 90,541 | ||||||||||
Long-Lived Assets | 34,368 | 25,989 | 34,368 | 25,989 | 32,765 | ||||||||
Other Europe [Member] | |||||||||||||
Revenues | 73,918 | 79,836 | 68,989 | ||||||||||
Long-Lived Assets | 12,412 | 12,575 | 12,412 | 12,575 | 13,856 | ||||||||
China [Member] | |||||||||||||
Revenues | 75,475 | 77,547 | 53,704 | ||||||||||
Long-Lived Assets | 19,756 | 21,838 | 19,756 | 21,838 | 98,641 | ||||||||
U.S. [Member] | |||||||||||||
Revenues | 1,115,763 | 1,070,119 | 958,009 | ||||||||||
Long-Lived Assets | 243,324 | 187,523 | 243,324 | 187,523 | 173,848 | ||||||||
Mexico [Member] | |||||||||||||
Revenues | 27,686 | 0 | 0 | ||||||||||
Long-Lived Assets | 4,985 | 8 | 4,985 | 8 | 0 | ||||||||
Brazil [Member] | |||||||||||||
Revenues | 87,316 | 155,383 | 193,469 | ||||||||||
Long-Lived Assets | 25,758 | 54,107 | 25,758 | 54,107 | 59,440 | ||||||||
Intercompany eliminations [Member] | |||||||||||||
Revenues | (88,497) | (104,119) | (107,285) | ||||||||||
Long-Lived Assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
[1] | During the fourth quarter of 2015, net income included a $131 million deferred tax benefit primarily due to the release of the valuation allowance in the United States and Italy, and the Company recorded an actuarial pension loss of $9.1 million. | ||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded a loss in discontinued operations of $22.9 million (net of tax) and an actuarial pension loss of $4.2 million. |
Segment Information (Details 3)
Segment Information (Details 3) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Body Structures And Assemblies [Member] | |||
Concentration Risk, Percentage | 60.00% | 59.00% | 57.00% |
Complex Body In White Assemblies [Member] | |||
Concentration Risk, Percentage | 24.00% | 25.00% | 27.00% |
Chassis Lower Vehicle Structures And Suspension Components [Member] | |||
Concentration Risk, Percentage | 16.00% | 16.00% | 16.00% |
Segment Information (Details 4)
Segment Information (Details 4) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Ford [Member] | |||
Concentration Risk, Percentage | 25.00% | 22.00% | 24.00% |
Chrysler [Member] | |||
Concentration Risk, Percentage | 16.00% | 14.00% | 11.00% |
VW Group [Member] | |||
Concentration Risk, Percentage | 12.00% | 15.00% | 17.00% |
Segment Information (Details Te
Segment Information (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Concentration Risk, Customer | All customers that accounted for 10% or more of consolidated revenues |
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 9.5 |
Commitments and Contingencie104
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Lease 2016 | $ 24,760 |
Operating Lease 2017 | 23,880 |
Operating Lease 2018 | 20,755 |
Operating Lease 2019 | 16,410 |
Operating Lease 2020 | 10,636 |
Thereafter | 12,301 |
Total future lease payments | 108,742 |
Capital Leases 2016 | 1,339 |
Capital Leases 2017 | 1,282 |
Capital Leases 2018 | 5,081 |
Capital Leases 2019 | 0 |
Capital Leases 2020 | 0 |
Thereafter | 0 |
Total future lease payments | 7,702 |
Less: amount representing interest | (754) |
Present value of minimum lease payments | $ 6,948 |
Commitments and Contingencie105
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Commitments [Line Items] | |||
Tooling Expenditures | $ 111.7 | ||
Executory Purchase Capital Expenditures | 62.6 | ||
Operating Leases, Rent Expense | 24.3 | $ 23.4 | $ 20.8 |
Executory Purchase Other Expenditures | 8.4 | ||
Environmental Exit Costs, Costs Accrued to Date | $ 1.4 | $ 1.7 |
Change in Working Capital an106
Change in Working Capital and Other Operating Items (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts receivable | $ (14,597) | $ (15,319) | $ 22,771 |
Inventories | 2,299 | (812) | (2,052) |
Prepaid tooling and other current assets | (24,779) | (8,629) | 42,954 |
Accounts payable and accrued liabilities | 46,790 | 9,573 | (22,183) |
Net investment hedge and interest rate swap | 0 | 3,341 | 0 |
Other assets and liabilities | (22,347) | 2,769 | (13,808) |
Change in working capital | $ (12,634) | $ (9,077) | $ 27,682 |
Quarterly Financial Data (Un107
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [2] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 493,564 | $ 475,249 | $ 490,268 | $ 496,628 | $ 502,319 | $ 497,722 | $ 548,467 | $ 519,263 | $ 1,955,709 | $ 2,067,771 | $ 1,966,492 | ||
Gross Profit | 46,854 | 52,813 | 62,320 | 56,490 | 53,118 | 52,937 | 62,349 | 60,789 | 218,477 | 229,193 | 230,316 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 145,659 | 16,872 | 19,139 | 14,121 | (18,043) | 12,902 | 16,950 | 15,278 | 195,791 | 27,087 | (16,064) | ||
Net Income (Loss) Attributable to Parent, Total | $ 145,082 | $ 16,283 | $ 18,646 | $ 14,041 | $ (20,596) | $ 11,161 | $ 16,096 | $ 14,855 | $ 194,052 | $ 21,516 | $ (20,275) | ||
Earnings Per Share, Diluted | $ 6.76 | $ 0.76 | $ 0.87 | $ 0.66 | $ (0.99) | $ 0.52 | $ 0.75 | $ 0.70 | $ 9.06 | $ 1.01 | $ (0.99) | ||
[1] | During the fourth quarter of 2015, net income included a $131 million deferred tax benefit primarily due to the release of the valuation allowance in the United States and Italy, and the Company recorded an actuarial pension loss of $9.1 million. | ||||||||||||
[2] | During the fourth quarter of 2014, the Company recorded a loss in discontinued operations of $22.9 million (net of tax) and an actuarial pension loss of $4.2 million. |
Quarterly Financial Data (Un108
Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Actuarial Gain (Loss) | $ 9,100 | $ 4,200 | $ (9,118) | $ (4,160) | $ 0 |
Valuation Allowances and Reserves, Period Increase (Decrease), Total | $ 131,000 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 22,900 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jan. 15, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Debt Issuance Cost | $ 8,962 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt Issuance Cost | $ 700 | |
Subsequent Event [Member] | Term Loan Credit Facility [Member] | Interest Rate Swap [Member] | ||
Subsequent Event [Line Items] | ||
Repayments of Long-term Lines of Credit | $ 50,000 |