Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 26, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Jason Industries, Inc. | ||
Entity Central Index Key | 1,579,252 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 22,309,615 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 130.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Predecessor | ||||
Net sales | $ 377,151 | $ 680,845 | ||
Cost of goods sold | 294,175 | 527,371 | ||
Gross profit | 82,976 | 153,474 | ||
Selling and administrative expenses | 54,974 | 108,889 | ||
Newcomerstown fire gain - net | 0 | (12,483) | ||
Impairment charges | 0 | 0 | ||
Loss on disposals of property, plant and equipment - net | 338 | 22 | ||
Restructuring | 2,554 | 2,950 | ||
Transaction-related expenses | 27,783 | 1,073 | ||
Multiemployer pension plan withdrawal gain | 0 | (696) | ||
Operating (loss) income | (2,673) | 53,719 | ||
Interest expense | (7,301) | (20,716) | ||
Equity income | 831 | 2,345 | ||
Gain from sale of joint ventures | 3,508 | 0 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 6,351 | ||
Other income - net | 107 | 636 | ||
(Loss) income before income taxes | (5,528) | 42,335 | ||
Tax (benefit) provision | (573) | 18,247 | ||
Net (loss) income | (4,955) | 24,088 | ||
Less net loss attributable to noncontrolling interests | 0 | 0 | ||
Net (loss) income attributable to Jason Industries | (4,955) | 24,088 | ||
Accretion of preferred stock dividends and redemption premium | 0 | 2,405 | ||
Net (loss) income available to common shareholders of Jason Industries | $ (4,955) | $ 21,683 | ||
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income per share available to common shareholders of Jason Industries: Basic and diluted (in dollars per share) | $ (4,955) | $ 21,683 | ||
Weighted average number of common shares outstanding: Basic and diluted (in shares) | 1 | 1 | ||
Cash dividends paid per common share (in dollars per share) | $ 0 | $ 43,055 | ||
Successor | ||||
Net sales | $ 325,335 | $ 708,366 | ||
Cost of goods sold | 270,676 | 561,076 | ||
Gross profit | 54,659 | 147,290 | ||
Selling and administrative expenses | 57,183 | 129,371 | ||
Newcomerstown fire gain - net | 0 | 0 | ||
Impairment charges | 0 | 94,126 | ||
Loss on disposals of property, plant and equipment - net | 57 | 109 | ||
Restructuring | 1,131 | 3,800 | ||
Transaction-related expenses | 2,533 | 886 | ||
Multiemployer pension plan withdrawal gain | 0 | 0 | ||
Operating (loss) income | (6,245) | (81,002) | ||
Interest expense | (16,172) | (31,835) | ||
Equity income | 381 | 884 | ||
Gain from sale of joint ventures | 0 | 0 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 0 | ||
Other income - net | 167 | 97 | ||
(Loss) income before income taxes | (21,869) | (111,856) | ||
Tax (benefit) provision | (7,889) | (22,255) | ||
Net (loss) income | (13,980) | (89,601) | ||
Less net loss attributable to noncontrolling interests | (2,362) | (15,143) | ||
Net (loss) income attributable to Jason Industries | (11,618) | (74,458) | ||
Accretion of preferred stock dividends and redemption premium | 1,810 | 3,600 | ||
Net (loss) income available to common shareholders of Jason Industries | $ (13,428) | $ (78,058) | ||
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income per share available to common shareholders of Jason Industries: Basic and diluted (in dollars per share) | $ (0.61) | $ (3.53) | ||
Weighted average number of common shares outstanding: Basic and diluted (in shares) | 21,991 | 22,145 | ||
Cash dividends paid per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Net (loss) income | $ (13,980) | $ (89,601) | ||
Other comprehensive (loss) income: | ||||
Employee retirement plan adjustments, net of tax $18, ($706), ($105), and $643, respectively | (1,726) | 461 | ||
Cumulative foreign currency translation adjustments associated with joint ventures sold | 0 | 0 | ||
Foreign currency translation adjustments | (12,792) | (11,560) | ||
Net change in unrealized gains on cash flow hedges, net of tax expense of ($126) | 0 | (202) | ||
Total other comprehensive (loss) income | (14,518) | (11,301) | ||
Comprehensive (loss) income | (28,498) | (100,902) | ||
Less: Comprehensive loss attributable to noncontrolling interests | (4,815) | (17,053) | ||
Comprehensive (loss) income attributable to Jason Industries | $ (23,683) | $ (83,849) | ||
Predecessor | ||||
Net (loss) income | $ (4,955) | $ 24,088 | ||
Other comprehensive (loss) income: | ||||
Employee retirement plan adjustments, net of tax $18, ($706), ($105), and $643, respectively | (687) | 1,002 | ||
Cumulative foreign currency translation adjustments associated with joint ventures sold | (591) | 0 | ||
Foreign currency translation adjustments | (465) | 1,731 | ||
Net change in unrealized gains on cash flow hedges, net of tax expense of ($126) | 0 | 0 | ||
Total other comprehensive (loss) income | (1,743) | 2,733 | ||
Comprehensive (loss) income | (6,698) | 26,821 | ||
Less: Comprehensive loss attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive (loss) income attributable to Jason Industries | $ (6,698) | $ 26,821 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Pension and other benefit plans, tax | $ (706) | $ 18 | ||
Cash flow hedges, tax | $ (126) | |||
Predecessor | ||||
Pension and other benefit plans, tax | $ (105) | $ 643 |
Consolidated Balance Sheets
Consolidated Balance Sheets - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 35,944 | $ 62,279 |
Accounts receivable - net of allowances for doubtful accounts of $2,524 and $2,415 at 2015 and 2014, respectively | 79,088 | 80,080 |
Inventories - net | 80,432 | 80,546 |
Other current assets | 30,903 | 23,087 |
Total current assets | 226,367 | 245,992 |
Property, plant and equipment - net | 196,150 | 176,478 |
Goodwill | 106,170 | 156,798 |
Other intangible assets - net | 157,915 | 198,683 |
Other assets - net | 19,577 | 21,453 |
Total assets | 706,179 | 799,404 |
Current liabilities | ||
Current portion of long-term debt | 6,186 | 5,375 |
Accounts payable | 56,838 | 58,176 |
Accrued compensation and employee benefits | 18,750 | 14,035 |
Accrued interest | 75 | 199 |
Other current liabilities | 28,733 | 21,471 |
Total current liabilities | 110,582 | 99,256 |
Long-term debt | 435,237 | 415,306 |
Deferred income taxes | 57,247 | 81,021 |
Other long-term liabilities | 18,119 | 21,146 |
Total liabilities | $ 621,185 | $ 616,729 |
Commitments and contingencies | ||
Equity | ||
Preferred stock, $0.0001 par value (5,000,000 shares authorized, 45,000 shares issued and outstanding at December 31, 2015 and December 31, 2014) | $ 45,000 | $ 45,000 |
Jason Industries (Successor) common stock, $0.0001 par value (120,000,000 shares authorized, 22,295,003 shares issued and outstanding at December 31, 2015 and 21,990,666 shares issued and outstanding at December 31, 2014) | 2 | 2 |
Additional paid-in capital | 143,533 | 140,312 |
Retained deficit | (95,997) | (21,539) |
Accumulated other comprehensive loss | (21,456) | (12,065) |
Shareholders' equity attributable to Jason Industries | 71,082 | 151,710 |
Noncontrolling interests | 13,912 | 30,965 |
Total equity | 84,994 | 182,675 |
Total liabilities and equity | $ 706,179 | $ 799,404 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 2,524 | $ 2,415 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 22,295,003 | 21,990,666 |
Common stock, shares outstanding (in shares) | 22,295,003 | 21,990,666 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 45,000 | 45,000 |
Preferred stock, shares outstanding (in shares) | 45,000 | 45,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Parent | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Beginning balance (Predecessor) at Dec. 31, 2012 | $ 48,916 | $ 48,916 | $ 0 | $ 0 | $ 37,919 | $ 13,256 | $ (2,259) | $ 0 |
Shares issued beginning of period (Predecessor) at Dec. 31, 2012 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock compensation expense | Predecessor | 195 | 195 | 195 | |||||
Accretion of redeemable preferred stock | Predecessor | (2,405) | (2,405) | (2,405) | |||||
Common stock dividend | Predecessor | (43,055) | (43,055) | (12,756) | (30,299) | ||||
Net (loss) income | Predecessor | 24,088 | 24,088 | 24,088 | |||||
Employee retirement plan adjustments, net of tax $18, ($706), ($105), and $643, respectively | Predecessor | 1,002 | 1,002 | 1,002 | |||||
Foreign currency translation adjustments | Predecessor | 1,731 | 1,731 | 1,731 | |||||
Dividends declared | Predecessor | (11,200) | |||||||
Ending balance (Predecessor) at Dec. 31, 2013 | 30,472 | 30,472 | $ 0 | $ 0 | 25,358 | 4,640 | 474 | 0 |
Shares issued ending of period (Predecessor) at Dec. 31, 2013 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock compensation expense | Predecessor | 7,661 | 7,661 | 7,661 | |||||
Net (loss) income | Predecessor | (4,955) | (4,955) | (4,955) | |||||
Employee retirement plan adjustments, net of tax $18, ($706), ($105), and $643, respectively | Predecessor | (687) | (687) | (687) | |||||
Foreign currency translation adjustments | Predecessor | (1,056) | (1,056) | (1,056) | |||||
Ending balance (Predecessor) at Jun. 29, 2014 | 31,435 | 31,435 | $ 0 | $ 0 | 33,019 | (315) | (1,269) | 0 |
Ending balance (Successor) at Jun. 29, 2014 | 215,463 | 179,683 | $ 45,000 | $ 2 | 144,602 | (9,921) | 0 | 35,780 |
Shares issued ending of period (Predecessor) at Jun. 29, 2014 | 0 | 0 | ||||||
Shares issued ending of period (Successor) at Jun. 29, 2014 | 45 | 21,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock compensation expense | Successor | 4,129 | 4,129 | 4,129 | |||||
Net (loss) income | Successor | (13,980) | (11,618) | (11,618) | (2,362) | ||||
Employee retirement plan adjustments, net of tax $18, ($706), ($105), and $643, respectively | Successor | (1,726) | (1,434) | (1,434) | (292) | ||||
Foreign currency translation adjustments | Successor | (12,792) | (10,631) | (10,631) | (2,161) | ||||
Warrant tender | Successor | (6,609) | (6,609) | (6,609) | |||||
Dividends declared | Successor | (1,810) | (1,810) | (1,810) | |||||
Ending balance (Successor) at Dec. 31, 2014 | 182,675 | 151,710 | $ 45,000 | $ 2 | 140,312 | (21,539) | (12,065) | 30,965 |
Shares issued ending of period (Successor) at Dec. 31, 2014 | 45 | 21,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock compensation expense | Successor | 7,969 | 7,969 | 7,969 | |||||
Stock compensation expense (in shares) | Successor | 515 | |||||||
Net (loss) income | Successor | (89,601) | (74,458) | (74,458) | (15,143) | ||||
Employee retirement plan adjustments, net of tax $18, ($706), ($105), and $643, respectively | Successor | 461 | 383 | 383 | 78 | ||||
Foreign currency translation adjustments | Successor | (11,560) | (9,606) | (9,606) | (1,954) | ||||
Tax withholding related to vesting of restricted stock units | Successor | (1,148) | (1,148) | (1,148) | |||||
Tax withholding related to vesting of restricted stock units (in shares) | Successor | (211) | |||||||
Dividends declared | Successor | (3,600) | (3,600) | (3,600) | |||||
Net change in unrealized gains on cash flow hedges, net of tax expense of ($126) | Successor | (202) | (168) | (168) | (34) | ||||
Ending balance (Successor) at Dec. 31, 2015 | $ 84,994 | $ 71,082 | $ 45,000 | $ 2 | $ 143,533 | $ (95,997) | $ (21,456) | $ 13,912 |
Shares issued ending of period (Successor) at Dec. 31, 2015 | 45 | 22,295 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2015 |
Successor | |||
Payments for redemption of common stock | $ 26,100 | $ 26,101 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Predecessor | ||||
Cash flows from operating activities | ||||
Net (loss) income | $ (4,955) | $ 24,088 | ||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||
Depreciation | 10,125 | 21,581 | ||
Amortization of intangible assets | 2,727 | 5,424 | ||
Amortization of deferred financing costs and debt discount | 426 | 935 | ||
Write-off of deferred financing costs due to debt extinguishment | 0 | 1,423 | ||
Multiemployer pension plan withdrawal gain | 0 | (696) | ||
Impairment charges | 0 | 0 | ||
Equity income, net of dividends | (831) | (1,345) | ||
Deferred income taxes | (5,156) | 4,597 | ||
Loss on disposals of property, plant and equipment - net | 338 | 22 | ||
Gain from sale of joint ventures | (3,508) | 0 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | (6,351) | ||
Non-cash stock compensation | 7,661 | 195 | ||
Net increase (decrease) in cash due to changes in: | ||||
Accounts receivable | (20,632) | (6,628) | ||
Inventories | (5,602) | 333 | ||
Insurance receivable | 0 | 2,634 | ||
Other current assets | (1,860) | 504 | ||
Accounts payable | 7,266 | 2,499 | ||
Accrued compensation and employee benefits | 5,535 | 451 | ||
Accrued interest | (2,634) | 2,849 | ||
Accrued transaction costs | 16,807 | 0 | ||
Other - net | (1,466) | 5,563 | ||
Total adjustments | 9,196 | 33,990 | ||
Net cash provided by (used in) operating activities | 4,241 | 58,078 | ||
Cash flows from investing activities | ||||
Acquisition of Jason, net of cash acquired | 0 | 0 | ||
Proceeds from disposals of property, plant and equipment | 159 | 1,035 | ||
Proceeds from sale of joint ventures | 11,500 | 0 | ||
Insurance proceeds related to property, plant and equipment | 0 | 6,512 | ||
Payments for property, plant and equipment | (10,998) | (25,609) | ||
Acquisitions of business, net of cash acquired | 0 | 0 | ||
Acquisitions of patents | (33) | (161) | ||
Other investing activities | (490) | 0 | ||
Net cash (used in) provided by investing activities | 138 | (18,223) | ||
Cash flows from financing activities | ||||
Payment of capitalized debt issuance costs | (444) | (3,995) | ||
Payments of deferred underwriters fees | 0 | 0 | ||
Redemption of redeemable common stock | 0 | 0 | ||
Proceeds on issuance of preferred stock | 0 | 0 | ||
Payments of preferred stock issuance costs | 0 | 0 | ||
Warrant tender offer | 0 | 0 | ||
Proceeds from U.S. revolving loans | 64,725 | 27,690 | ||
Payments of U.S. revolving loans | (53,725) | (27,690) | ||
Proceeds from other long-term debt | 1,383 | 3,202 | ||
Payments of other long-term debt | (3,868) | (11,882) | ||
Payments of preferred stock redemptions | 0 | (48,415) | ||
Payments of preferred stock dividends | 0 | 0 | ||
Payments of common stock dividends | 0 | (43,055) | ||
Net cash provided by (used in) financing activities | 6,896 | (53,242) | ||
Effect of exchange rate changes on cash and cash equivalents | (122) | 148 | ||
Net (decrease) increase in cash and cash equivalents | 11,153 | (13,239) | ||
Cash and cash equivalents, beginning of period | $ 27,471 | 16,318 | 29,557 | |
Cash and cash equivalents, end of period | 27,471 | 16,318 | ||
Supplemental disclosure of cash flow information | ||||
Interest | 9,994 | 10,681 | ||
Income taxes, net of refunds | 5,038 | 10,056 | ||
Noncash Investing and Financing Items [Abstract] | ||||
Accrued purchases of property, plant and equipment | 810 | 886 | ||
Accretion of preferred stock dividends and redemption premium | 0 | 2,405 | ||
Noncontrolling interest contribution of Jason Partners Holdings, Inc. to JPHI Holdings, Inc. | 0 | 0 | ||
Successor | ||||
Cash flows from operating activities | ||||
Net (loss) income | (13,980) | $ (89,601) | ||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||
Depreciation | 13,180 | 31,160 | ||
Amortization of intangible assets | 7,195 | 14,088 | ||
Amortization of deferred financing costs and debt discount | 1,508 | 3,008 | ||
Write-off of deferred financing costs due to debt extinguishment | 0 | 0 | ||
Multiemployer pension plan withdrawal gain | 0 | 0 | ||
Impairment charges | 0 | 94,126 | ||
Equity income, net of dividends | (381) | (884) | ||
Deferred income taxes | (9,784) | (28,223) | ||
Loss on disposals of property, plant and equipment - net | 57 | 109 | ||
Gain from sale of joint ventures | 0 | 0 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 0 | ||
Non-cash stock compensation | 4,129 | 7,969 | ||
Net increase (decrease) in cash due to changes in: | ||||
Accounts receivable | 15,015 | 1,954 | ||
Inventories | 556 | 5,034 | ||
Insurance receivable | 0 | 0 | ||
Other current assets | (5,067) | (3,820) | ||
Accounts payable | (7,332) | (1,473) | ||
Accrued compensation and employee benefits | (6,428) | 4,169 | ||
Accrued interest | 127 | (121) | ||
Accrued transaction costs | (9,821) | 0 | ||
Other - net | 3,420 | 391 | ||
Total adjustments | 6,374 | 127,487 | ||
Net cash provided by (used in) operating activities | (7,606) | 37,886 | ||
Cash flows from investing activities | ||||
Acquisition of Jason, net of cash acquired | (489,169) | 0 | ||
Proceeds from disposals of property, plant and equipment | 89 | 232 | ||
Proceeds from sale of joint ventures | 0 | 0 | ||
Insurance proceeds related to property, plant and equipment | 0 | 0 | ||
Payments for property, plant and equipment | (15,359) | (32,786) | ||
Acquisitions of business, net of cash acquired | 0 | (34,763) | ||
Acquisitions of patents | (121) | (247) | ||
Other investing activities | (444) | 0 | ||
Net cash (used in) provided by investing activities | (505,004) | (67,564) | ||
Cash flows from financing activities | ||||
Payment of capitalized debt issuance costs | (13,104) | 0 | ||
Payments of deferred underwriters fees | (5,175) | 0 | ||
Redemption of redeemable common stock | (26,101) | 0 | ||
Proceeds on issuance of preferred stock | 45,000 | 0 | ||
Payments of preferred stock issuance costs | (2,500) | 0 | ||
Warrant tender offer | (6,609) | 0 | ||
Proceeds from U.S. revolving loans | 0 | 0 | ||
Payments of U.S. revolving loans | 0 | 0 | ||
Proceeds from other long-term debt | 3,043 | 19,282 | ||
Payments of other long-term debt | (4,644) | (6,228) | ||
Payments of preferred stock redemptions | 0 | 0 | ||
Payments of preferred stock dividends | (910) | (3,600) | ||
Payments of common stock dividends | 0 | 0 | ||
Net cash provided by (used in) financing activities | 400,702 | 6,354 | ||
Effect of exchange rate changes on cash and cash equivalents | (2,890) | (3,011) | ||
Net (decrease) increase in cash and cash equivalents | (114,798) | (26,335) | ||
Cash and cash equivalents, beginning of period | 62,279 | |||
Cash and cash equivalents, end of period | 62,279 | 35,944 | ||
Supplemental disclosure of cash flow information | ||||
Interest | 15,399 | 28,969 | ||
Income taxes, net of refunds | 2,682 | 4,349 | ||
Noncash Investing and Financing Items [Abstract] | ||||
Accrued purchases of property, plant and equipment | 1,750 | 1,765 | ||
Accretion of preferred stock dividends and redemption premium | 900 | 900 | ||
Noncontrolling interest contribution of Jason Partners Holdings, Inc. to JPHI Holdings, Inc. | 35,780 | 0 | ||
Previous Term Loan | Secured Debt | Predecessor | ||||
Cash flows from financing activities | ||||
Payments of secured debt | 0 | (178,534) | ||
Previous Term Loan | Secured Debt | Successor | ||||
Cash flows from financing activities | ||||
Payments of secured debt | 0 | 0 | ||
Senior Secured Facility 2013 | Secured Debt | Predecessor | ||||
Cash flows from financing activities | ||||
Payments of secured debt | (1,175) | (5,563) | ||
Proceeds from issuance of secured debt | 0 | 235,000 | ||
Senior Secured Facility 2013 | Secured Debt | Successor | ||||
Cash flows from financing activities | ||||
Payments of secured debt | 0 | 0 | ||
Proceeds from issuance of secured debt | 0 | 0 | ||
Senior Secured Credit Facilities | Secured Debt | Predecessor | ||||
Cash flows from financing activities | ||||
Payments of secured debt | 0 | 0 | ||
Proceeds from issuance of secured debt | $ 0 | $ 0 | ||
Senior Secured Credit Facilities | Secured Debt | Successor | ||||
Cash flows from financing activities | ||||
Payments of secured debt | (775) | (3,100) | ||
Proceeds from issuance of secured debt | $ 412,477 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Description of Business: Jason Industries, Inc. and its subsidiaries (collectively, the “Company”) is a global industrial manufacturing company with four reportable segments: seating, finishing, acoustics, and components. The segments have operations within the United States and 14 foreign countries. Through these segments, the Company is a global or domestic leader in a number of product categories. The Company is a leading producer of seating for the motorcycle and off-road vehicle sectors, and a leading supplier of static seats to the commercial and residential lawn/turf sector. The Company is also a producer of non-woven acoustical fiber insulation for the automotive sector and a manufacturer of industrial consumables (brushes, buffing wheels and buffing compounds). The Company also manufactures precision components, expanded and perforated metal, and slip-resistant walking surfaces. The Company was originally incorporated in Delaware on May 31, 2013 as a blank check company, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. On June 30, 2014 (the “Closing Date”), the Company consummated its business combination with Jason Partners Holdings Inc. (“Jason”) pursuant to the stock purchase agreement, dated as of March 16, 2014, which provided for the acquisition of all of the capital stock of Jason by the Company (the “Business Combination”). In connection with the closing of the Business Combination, the Company changed its name from Quinpario Acquisition Corp. to Jason Industries, Inc. and commenced trading of its common stock and warrants under the symbols, “JASN” and “JASNW”, respectively, on Nasdaq. See Note 2 for a further discussion of the Business Combination. Prior to the consummation of the Business Combination, the Company’s efforts were limited to organizational activities, its initial public offering, and the search for suitable business acquisition transactions. Basis of Presentation: As a result of the Business Combination, the Company was identified as the acquirer for accounting purposes, and Jason is the acquiree and accounting predecessor. The Company’s financial statement presentation distinguishes a “Predecessor” for Jason for periods prior to the Closing Date. The Company was subsequently re-established as Jason Industries, Inc. and is the “Successor” for periods after the Closing Date, which includes consolidation of Jason subsequent to the Business Combination on June 30, 2014. The acquisition was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of net assets acquired. See Note 2 for further discussion of the Business Combination. As a result of the application of the acquisition method of accounting as of the effective date of the acquisition, the financial statements for the Predecessor period and for the Successor period are presented on a different basis and, therefore, are not comparable. The Company’s fiscal year ends on December 31 . Throughout the year, the Company reports its results using a fiscal calendar whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Friday. The exceptions are the first quarter, which begins on January 1 , and the fourth quarter, which ends on December 31 . For 2015 , the Company’s fiscal quarters were comprised of the three months ended March 27, June 26, September 25 , and December 31 . In 2014 , the Company’s fiscal quarters were comprised of the three months ended March 28, June 27, September 26, and December 31 . Principles of consolidation: The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of all wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Investments in partially owned affiliates are accounted for using the equity method when the Company’s interest is between 20% and 50% and the Company does not have a controlling interest, yet maintains significant influence. Cash and cash equivalents: The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. At December 31, 2015 and 2014 , book overdrafts of approximately $7.6 million and $6.3 million , respectively, are included in accounts payable within the accompanying consolidated balance sheets. These amounts are held in accounts in which the Company has no right of offset with other cash balances. Accounts receivable: The Company evaluates collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. Inventories: Inventories are comprised of material, direct labor and manufacturing overhead, and are valued at the lower of cost or market and adjusted for the value of inventory that is estimated to be excess, obsolete or otherwise unmarketable. The estimation of excess, obsolete and unmarketable inventory is based on a variety of factors, including material or product age, estimated usage and estimated market demand. The first-in, first-out (“FIFO”) method is used to determine cost for all of the Company’s inventories. Property, plant and equipment: Property, plant and equipment are stated at cost. Depreciation generally occurs using the straight-line method over 2 to 40 years for buildings and improvements, 7 to 10 years for machinery and equipment, and 20 years for land improvements. Leasehold improvements are amortized over the lesser of the term of the respective leases and the useful life of the related improvement using the straight-line method. The Company uses accelerated depreciation methods for income tax purposes. Expenditures which substantially increase value or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred. The Company records gains and losses on the disposition or retirement of property, plant and equipment based on the net book value and any proceeds received. Long-lived assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable based upon an estimate of the related future undiscounted cash flows. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset as compared to its carrying value. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less cost to sell. The Company conducts its long-lived asset impairment reviews at the lowest level in which identifiable cash flows are largely independent of cash flows of other assets and liabilities. Amortization is recorded for other intangible assets with determinable lives. Patents, customer relationships, and trademarks and other intangible assets are amortized on a straight-line basis over their estimated useful lives of 7 years, 10 to 15 years, and 5 to 18 years, respectively. Goodwill: Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is assessed for impairment at least annually and as triggering events or indicators of potential impairment occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. Goodwill has been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit. Impairment of goodwill is measured according to a two-step approach. In the first step, the fair value of a reporting unit is compared to the carrying value of the reporting unit, including goodwill. The estimated fair value represents the amount at which a reporting unit could be bought or sold in a current transaction between willing parties on an arms-length basis. In estimating the fair value, the Company uses a discounted cash flow model, which is dependent on a number of assumptions including estimated future revenues and expenses, weighted average cost of capital, capital expenditures and other variables. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied value of the goodwill is estimated as the fair value of the reporting unit less the fair value of all other tangible and identifiable intangible assets of the reporting unit. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The Company is subject to financial statement risk in the event that goodwill becomes impaired. See Note 8 for further discussion regarding the results of the Company’s goodwill impairment testing. Investments in partially-owned affiliates: The Company has investments in joint ventures located in Asia. These joint ventures are part of the Finishing segment and are accounted for using the equity method of accounting. As of December 31, 2015 and 2014 , the Company’s investment in these joint ventures was $7.4 million and $6.5 million , respectively, and is included in other assets-net in the consolidated balance sheets. Equity income is presented separately on the consolidated statements of operations. See Note 4 for further discussion of the sale of two of the Company’s joint ventures during 2014. Income taxes: The provision for income taxes includes federal, state, local and foreign taxes on income. Deferred taxes are recorded for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities, and net operating loss and credit carryforwards available to offset future taxable income. Future tax benefits are recognized to the extent that realization of those benefits is considered to be more likely than not. A valuation allowance is provided for net deferred tax assets when it is more likely than not that the Company will not realize the benefit of such net assets. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. Share-based payments: The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for equity instruments of the Company that may be settled by the issuance of such equity instruments. Share-based compensation cost for restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the date of grant. The Company recognizes share-based compensation cost over the award’s requisite service period on a straight-line basis for time-based RSUs and on a graded basis for RSUs that are contingent on the achievement of performance conditions. The Company recognizes a benefit from share-based compensation in the consolidated statements of shareholders’ equity if an excess tax benefit is realized. See Note 12 for further information regarding share-based compensation. Fair value of financial instruments: Current accounting guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. It also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with the guidance, fair value measurements are classified under the following hierarchy: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. • Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. The carrying amounts within the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. The Company assessed the amounts recorded under revolving loans, if any, and long-term debt and determined that the fair value of total debt was approximately $403.3 million as of December 31, 2015. As of December 31, 2014, the fair value of total debt approximated its recorded value. The Company considers the inputs related to these estimations to be Level 2 fair value measurements as they are primarily based on quoted prices for the Company’s Senior Secured Credit Facility. The valuation of the Company’s derivative financial instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, included interest rate curves. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Derivative Financial Instruments: The Company recognizes all derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income (loss) depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income (loss), net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in the same category as the item being hedged. The Company’s policy is to enter into derivatives with creditworthy institutions and not to enter into such derivatives for speculative purposes. Foreign currency translation: Assets and liabilities of the Company’s foreign subsidiaries, whose respective functional currencies are other than the U.S. dollar, are translated at year-end exchange rates while revenues and expenses are translated at average exchange rates. Resultant gains and losses are reflected as accumulated other comprehensive loss within the accompanying consolidated statements of shareholders’ equity. Pre-production costs related to long-term supply arrangements: The Company’s policy for engineering, research and development, and other design and development costs related to products that will be sold under long-term supply arrangements requires such costs to be expensed as incurred. Costs for molds, dies, and other tools used to manufacture products that will be sold under long-term supply arrangements are capitalized if the Company has title to the assets or when customer reimbursement is assured. Revenue recognition: Revenue is recognized from product sales at the time that title and risks and rewards of ownership are transferred to the customer, generally upon shipment. Customer sales are recorded net of allowances for returns and discounts. The Company provides for an allowance for doubtful accounts based on historical experience and review of its existing receivables. Shipping and handling fees and costs: The Company classifies all amounts invoiced to customers related to shipping and handling as sales. Expenses for transportation of products to customers are recorded as a component of cost of goods sold. Research and development costs: Research and development costs consist of engineering and development resources and are expensed as incurred. Such costs incurred in the development of new products or significant improvements to existing products were $5.0 million in the year ended December 31, 2015, $2.1 million in the period June 30, 2014 through December 31, 2014, $2.7 million in the period January 1, 2014 through June 29, 2014, and $5.0 million in the year ended December 31, 2013, and are included in selling and administrative expenses on the consolidated statements of operations. Advertising costs: Advertising costs are charged to selling, general and administrative expenses as incurred and were $2.7 million in the year ended December 31, 2015, $1.2 million in the period June 30, 2014 through December 31, 2014, $1.3 million in the period January 1, 2014 through June 29, 2014, and $2.6 million in the year ended December 31, 2013. Transaction-related expenses: The Company incurs transaction-related expenses primarily consisting of professional service fees and costs related to business acquisition activities, including the Business Combination in 2014. The Company recognized transaction-related expenses of $0.9 million in the year ended December 31, 2015, $2.5 million in the period June 30, 2014 through December 31, 2014, $27.8 million in the period January 1, 2014 through June 29, 2014 and $1.1 million in the year ended December 31, 2013. The transaction-related expenses were recognized as incurred in accordance with the applicable accounting guidance on business combinations. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration risks: The Company’s operations are geographically dispersed and it has a diverse customer base. Management believes bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have a material effect on the Company’s financial position, results of operations or cash flows. During the years ended December 31, 2015 , 2014 and 2013 the Company had no individual customers that accounted for greater than 10% of consolidated net sales. The largest individual customer during each of the years ended December 31, 2015 , 2014 and 2013 accounted for 10% , 7% , and 7% , respectively, of consolidated net sales. At December 31, 2015 , the Company had a certain customer whose accounts receivable balance individually represented 15% of consolidated accounts receivables. At December 31, 2014 , no customers accounted for greater than 7% of the Company’s consolidated accounts receivable balance. Reclassification: Certain prior period amounts within operating in the statements of cash flows have been reclassified to conform with the current period presentation. Revision: The Company has revised the December 31, 2014 financial statements to correct errors within accounts payable and deferred income taxes prior to the Business Combination for seating. The impact of these adjustments was to increase accounts payable, deferred income tax liabilities, and goodwill by $0.5 million , $0.2 million , and $0.7 million , respectively, at December 31, 2014. Management believes these adjustments are not material to the previously issued financial statements. Recently issued accounting standards On January 5, 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The amendment to the standard is effective for interim and annual periods beginning after December 15, 2017. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2016-01 will have on the Company's financial position or results of operations. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016. The new guidance is effective for the Company beginning on January 1, 2017, with early adoption permitted. The standard may be adopted prospectively or retrospectively to all periods presented. The Company has elected to retrospectively adopt the standard effective January 1, 2015. As such, certain prior period amounts have been reclassified to conform to the current presentation. In the consolidated balance sheets as of December 31, 2014, the Company has reclassified $11.1 million from deferred income taxes in current assets and $0.3 million from other current liabilities. The impact of this reclassification was to increase other assets-net within non-current assets by $0.4 million and to decrease long-term deferred income taxes within non-current liabilities by $10.4 million . In September 2015, the FASB issued Accounting Standards Update 2015-16, “Simplifying the Accounting for Measurement Period Adjustments” (“ASU 2015-16”). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements” (“ASU 2015-15”). ASU 2015-15 indicates that previously issued guidance did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance, the SEC staff has indicated that they would not object to an entity deferring and presenting debt issuance costs as assets and amortizing the deferred costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. Management has evaluated the provisions of this statement and has determined the adoption of ASU 2015-15 will have no impact on the Company’s financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”). Under ASU 2015-11, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, “Revenue From Contracts With Customers”, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU becomes effective for the Company at the beginning of its 2017 fiscal year; early adoption is not permitted. On July 9, 2015, the FASB voted to defer the effective date of this ASU by one year to December 15, 2017, for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the potential impact of this updated guidance on its consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends existing consolidation guidance for reporting organizations such as limited partnerships and other similar entities that are required to evaluate whether they should consolidate certain legal entities. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. Management has evaluated the provisions of this statement and has determined the adoption of ASU 2015-02 will have no impact on the Company’s financial position or results of operations. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. The ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter; early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Consummation of Business Combin
Consummation of Business Combination | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Consummation of Business Combination | 2. Consummation of Business Combination On June 30, 2014 , the Company and Jason completed the Business Combination in which JPHI Holdings Inc. (“JPHI”), a majority owned subsidiary of the Company, acquired 100 percent of the capital stock of Jason. The purchase price of $536.0 million was funded by the cash proceeds from the Company’s initial public offering, new debt, the issuance of 45,000 shares of 8% Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”) and rollover equity invested by Jason’s former owners and management of Jason (collectively the “Rollover Participants”). For the period January 1, 2014 through June 29, 2014 and the period June 30, 2014 through December 31, 2014, the Company incurred approximately $27.8 million and $1.2 million , respectively, of transaction expenses directly related to the Business Combination. Following the consummation of the Business Combination, Jason became an indirect majority-owned subsidiary of the Company, with the Company owning approximately 83.1 percent of JPHI and the Rollover Participants owning a noncontrolling interest of approximately 16.9 percent of JPHI. The Rollover Participants received 3,485,623 shares of JPHI, which are exchangeable on a one -for-one basis for shares of common stock of the Company. In connection with the consummation of the Business Combination, all indebtedness under Jason’s U.S. credit facility was repaid in full, and the Company replaced Jason’s existing credit agreement with a new $460.0 million senior secured credit facility. See Note 9 for further discussion of the senior secured credit facility. The following unaudited pro forma combined financial information presents the Company’s results as though Jason and the Company had combined at January 1, 2013 . Pro forma net earnings attributable to common shareholders were adjusted to exclude $38.4 million of transaction-related expenses incurred for the year ended December 31, 2014. Pro forma earnings attributable to common shareholders for the year ended December 31, 2013 were adjusted to include these transaction-related expenses, and were adjusted by $5.8 million of nonrecurring expense related to the fair value adjustment to acquisition date inventory. The unaudited pro forma condensed consolidated financial information has been prepared using the acquisition method of accounting in accordance with GAAP. (Unaudited pro forma) Year ended December 31, 2014 2013 Net sales $ 702,486 $ 680,845 Net loss attributable to common shareholders of Jason Industries $ (9,683 ) $ (19,391 ) The Company has recorded an allocation of the purchase price to Jason’s tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the June 30, 2014 acquisition date. The calculation of purchase price and purchase price allocation is as follows: Calculation of Cash consideration $ 500,218 Management rollover equity 35,780 Total purchase price $ 535,998 Purchase Price Allocation (1) Cash and cash equivalents $ 11,049 Accounts receivable 97,693 Inventories 83,538 Deferred income taxes - current (net) 8,095 Other current assets 18,973 Property, plant and equipment 179,871 Goodwill 158,955 Other intangible assets - net 208,450 Other assets - net 8,469 Current liabilities (111,623 ) Deferred income taxes (net) (97,266 ) Debt (11,277 ) Other long-term liabilities (18,929 ) Total purchase price $ 535,998 (1) The Company recorded an adjustment to correct accounts payable and deferred income taxes prior to the Business Combination resulting in a $0.7 million increase in Seating segment goodwill (See Note 1). The purchase price allocation resulted in goodwill of $159.0 million , of which $8.1 million is deductible for tax purposes. The values allocated to other intangible assets and the weighted average useful lives are as follows: Gross Carrying Amount Weighted Average Useful Life (years) Patents $ 2,720 7.0 Customer relationships 140,450 14.4 Trademarks and other intangibles 65,280 15.0 Total amortized other intangible assets $ 208,450 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions DRONCO GmbH (“DRONCO”) On May 29, 2015, the Company acquired all of the outstanding shares of DRONCO. DRONCO is a European manufacturer of bonded abrasives. These abrasives are being manufactured and distributed by the finishing segment. The Company paid cash consideration of $34.4 million , net of cash acquired, and, pursuant to the transaction, assumed certain liabilities. The related purchase agreement includes customary representations, warranties and covenants between the named parties. The acquisition was accounted for using the acquisition method. The operating results and cash flows of DRONCO are included in the Company’s consolidated financial statements from May 29, 2015, the date the Company entered into the purchase agreement. The Company has recorded a preliminary allocation of the purchase price for tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the May 29, 2015 acquisition date. The preliminary consideration and preliminary purchase price allocation is as follows: Calculation of Purchase Price Cash $ 34,938 Debt 11,031 Purchase consideration $ 45,969 Preliminary Purchase Price Allocation Cash and cash equivalents $ 524 Accounts receivable 3,430 Inventories - net 7,156 Other current assets 1,495 Property, plant and equipment 23,931 Goodwill 10,458 Other intangible assets - net 9,285 Other assets - net 42 Current liabilities (4,435 ) Deferred income taxes (net) (5,765 ) Other long-term liabilities (152 ) Total purchase price $ 45,969 The preliminary purchase price allocation resulted in goodwill of $10.5 million in the finishing segment, of which none is deductible for tax purposes. Goodwill generated from DRONCO is primarily attributable to expected synergies from leveraging the finishing segment’s global distribution and sales network and cross-selling of DRONCO’s product portfolio to the finishing segment’s customer base. The preliminary values allocated to other intangible assets and the weighted average useful lives are as follows: Gross Carrying Amount Weighted Average Useful Life (years) Customer relationships $ 6,130 15 Tradenames 3,155 15 $ 9,285 The preliminary allocation of the purchase price is based on the preliminary valuations performed to determine the fair value of the net assets as of the acquisition date. The amounts allocated to goodwill and intangible assets are based on preliminary valuations and are subject to final adjustments to reflect the final valuations. The Company recognized $0.9 million of acquisition-related costs that were expensed in the year ended December 31, 2015. These costs are included in the consolidated statements of operations as “Transaction-related expenses”. During the year ended December 31, 2015, $24.1 million of net sales from DRONCO were included in the Company’s consolidated statements of operations. Pro forma historical results of operations related to the acquisition of DRONCO have not been presented as they are not material to the Company’s consolidated statements of operations. Herold Partco On March 25, 2015, the Company acquired Herold Partco Manufacturing, Inc. for $0.4 million . Herold Partco Manufacturing, Inc. is a Cleveland-based manufacturer of industrial brushes. These brushes are now manufactured and distributed by the finishing segment and sold under the Osborn brand name. The purchase price allocation for this transaction resulted in goodwill of $0.1 million , other intangible assets of $0.2 million and inventory of $0.1 million . The acquisition of Herold Partco Manufacturing, Inc. was not material to the Company’s consolidated financial statements. |
Sale of Joint Ventures
Sale of Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Sale of Joint Ventures | 4. Sale of Joint Ventures At December 31, 2013, the Company had agreed to terms to sell its interest in two of its joint ventures. During the year ended December 31, 2013, equity income associated with this investment was $1.5 million . During the predecessor period, the Company completed the sale of these joint ventures for a total of $ 11.5 million . The sale of one of the joint ventures for $ 7.5 million was completed in January 2014 , and the sale of the second joint venture for$ 4.0 million was completed in March 2014 . The Company recorded a $ 3.5 million gain on the sale of the joint ventures, which is reported separately on the consolidated statements of operations. The gain includes the recognition of $ 0.6 million of cumulative translation adjustments which had been recorded in accumulated other comprehensive income (loss). The $ 0.6 million is reported separately in the consolidated statements of comprehensive (loss) income. Terms of the sale include a supply agreement that will allow the Company to purchase product at established prices over the agreement’s three -year term. |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | 5. Restructuring Costs The Company has continued to make changes to its worldwide manufacturing footprint. These actions resulted in charges relating to employee severance and other related charges, such as exit costs for consolidation and closure of plant facilities, employee relocation and lease termination costs. During the year ended December 31, 2015 , the Company incurred $3.8 million of restructuring charges. During the period from June 30, 2014 through December 31, 2014 , the Company incurred $1.1 million of restructuring charges. During the period January 1, 2014 through June 29, 2014, the Company incurred $2.6 million of restructuring charges. During the year ended December 31, 2013, the Company incurred $3.0 million of restructuring charges. These restructuring costs are presented separately on the consolidated statements of operations. Restructuring liabilities consisted of the following: Severance costs Lease termination costs Other costs Total Balance - December 31, 2013, Predecessor $ 1,112 $ 818 $ 65 $ 1,995 Current period restructuring charges 629 631 1,294 2,554 Cash payments (1,088 ) (104 ) (899 ) (2,091 ) Balance - June 29, 2014, Predecessor 653 1,345 460 2,458 Current period restructuring charges 829 — 302 1,131 Cash payments (1,394 ) (289 ) (665 ) (2,348 ) Balance - December 31, 2014, Successor 88 1,056 97 1,241 Current period restructuring charges 1,570 1,173 1,057 3,800 Cash payments (1,064 ) (1,191 ) (961 ) (3,216 ) Non-cash charges and other — — (193 ) (193 ) Balance - December 31, 2015, Successor $ 594 $ 1,038 $ — $ 1,632 The accruals for severance presented above relate to costs incurred in the finishing segment as of December 31, 2015. These accruals are expected to be utilized during the next year and are recorded within other current liabilities on the consolidated balance sheets. The accrual for lease termination costs of $1.0 million relates to restructuring costs within the acoustics segment due to the closure of the Norwalk facility. At December 31, 2015 and December 31, 2014 , $0.3 million and $ 0.6 million , respectively, are recorded within other long-term liabilities and $0.7 million and $ 0.5 million , respectively, are recorded within other current liabilities on the consolidated balance sheets. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories at December 31, 2015 and December 31, 2014 consisted of the following: Successor December 31, 2015 December 31, 2014 Raw material $ 40,310 $ 42,803 Work-in-process 4,809 5,572 Finished goods 35,313 32,171 Total Inventories $ 80,432 $ 80,546 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment Property, plant and equipment at December 31, 2015 and December 31, 2014 consisted of the following: Successor December 31, 2015 December 31, 2014 Land and improvements $ 10,908 $ 10,645 Buildings and improvements 41,082 37,411 Machinery and equipment 164,843 129,054 Construction-in-progress 23,571 12,288 240,404 189,398 Less: Accumulated depreciation (44,254 ) (12,920 ) Property, Plant and Equipment, net $ 196,150 $ 176,478 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill by reporting segment was as follows: Seating Finishing Acoustics Components Total Balance as of December 31, 2013 (Predecessor) $ 19,402 $ — $ — $ 14,796 $ 34,198 Elimination of predecessor goodwill (19,402 ) — — (14,796 ) (34,198 ) Acquisition of businesses (1) 58,831 36,613 30,667 33,183 159,294 Foreign currency impact — (2,005 ) (491 ) — (2,496 ) Balance as of December 31, 2014 (Successor) $ 58,831 $ 34,608 $ 30,176 $ 33,183 $ 156,798 Acquisition of businesses — 10,506 — — 10,506 Goodwill impairment (58,831 ) — — — (58,831 ) Foreign currency impact — (1,885 ) (418 ) — (2,303 ) Balance as of December 31, 2015 (Successor) $ — $ 43,229 $ 29,758 $ 33,183 $ 106,170 (1) The Company recorded an adjustment to correct accounts payable and deferred income taxes prior to the Business Combination resulting in a $0.7 million increase in Seating segment goodwill (See Note 1). In performing the first step of the annual goodwill impairment test in the fourth quarter of 2015, the Company determined that the estimated fair value of the seating reporting unit was lower than the carrying value of the reporting unit, requiring further analysis under the second step of the impairment test. The decline in the estimated fair value of the seating reporting unit was primarily due to lower long-term growth expectations resulting from projected long-term weakness in agriculture and heavy industry end-markets, and a strategic shift in capital allocation and investment priorities. In the remaining reporting units, the percentage by which estimated fair value exceeded carrying value was greater than 10 percent. In performing the second step of the impairment testing, the Company performed a theoretical purchase price allocation for the seating reporting unit to determine the implied fair value of goodwill which was compared to the recorded amount of goodwill. Upon completion of the second step of the goodwill impairment test the Company recorded a non-cash goodwill impairment charge of $58.8 million , representing a complete impairment of goodwill in the seating reporting unit. The goodwill impairment charge is recorded as impairment charges in the consolidated statements of operations. In connection with our goodwill impairment test, the Company engaged a third-party valuation firm to assist management with determining fair value estimates for the reporting units in the first step of the goodwill impairment test, and in estimating fair values of tangible and intangible assets used in the second step of the goodwill impairment test. In connection with obtaining an independent third-party valuation, management provided certain information and assumptions that were utilized in the fair value calculation. Assumptions critical to the process included forecasted financial information, discount rates, and terminal growth rates. This fair value determination was categorized as Level 3 in the fair value hierarchy. At December 31, 2015 goodwill included $58.8 million of accumulated impairment losses related to the seating reporting unit. Other Intangible Assets The Company’s other amortizable intangible assets consisted of the following: Successor December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 1,800 $ (62 ) $ 1,738 $ 2,841 $ (200 ) $ 2,641 Customer relationships 110,722 (8,745 ) 101,977 138,864 (4,846 ) 134,018 Trademarks and other intangibles 58,962 (4,762 ) 54,200 64,162 (2,138 ) 62,024 Total amortized other intangible assets $ 171,484 $ (13,569 ) $ 157,915 $ 205,867 $ (7,184 ) $ 198,683 In connection with the evaluation of the goodwill impairment in the seating reporting unit, the Company assessed tangible and intangible assets for impairment prior to performing the first step of the goodwill impairment test. As a result of this analysis, non-cash impairment charges of $27.7 million , $6.8 million , and $0.8 million were recorded for customer relationship, trademarks, and patents intangible assets, respectively, in the seating reporting unit during the fourth quarter of 2015. These intangible asset impairment charges are recorded as impairment charges in the consolidated statements of operations. The approximate weighted average remaining useful lives of the Company’s intangible assets are as follows: patents - 6.1 years; customer relationships - 12.9 years; and trademarks and other intangibles - 13.4 years. Amortization of intangible assets approximated $14.1 million , $7.2 million , $2.7 million , and $5.4 million for the year ended December 31, 2015, t he period June 30, 2014 through December 31, 2014, the period January 1, 2014 through June 29, 2014, and the year ended December 31, 2013, respectively. Excluding the impact of any future acquisitions, the Company anticipates the annual amortization for each of the next five years and thereafter to be the following: 2016 $ 12,556 2017 12,435 2018 12,408 2019 12,328 2020 12,248 Thereafter 95,940 $ 157,915 |
Debt and Hedging Instruments
Debt and Hedging Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Hedging Instruments | 9. Debt and Hedging Instruments The Company’s debt consisted of the following: Successor December 31, 2015 December 31, 2014 First Lien Term Loans $ 306,125 $ 309,225 Debt discount on First Lien Term Loans (2,994 ) (3,538 ) Second Lien Term Loans 110,000 110,000 Debt discount on Second Lien Term Loans (3,016 ) (3,480 ) Foreign debt 29,731 6,515 Capital lease obligations 1,577 1,959 Total outstanding indebtedness 441,423 420,681 Less: Current portion (6,186 ) (5,375 ) Total long-term debt $ 435,237 $ 415,306 Senior Secured Credit Facilities (Successor) In connection with the consummation of the Business Combination, all indebtedness under Jason’s U.S. credit facility was repaid in full. Jason Incorporated (“Jason Inc”), an indirect majority-owned subsidiary of the Company, as the borrower, replaced Jason’s existing credit agreement with a new $460.0 million U.S. credit facility (the “Senior Secured Credit Facilities”). The new facility included (i) term loans in an aggregate principal amount of $310.0 million (“First Lien Term Loans”) maturing in 2021, (ii) term loans in an aggregate principal amount of $110.0 million (“Second Lien Term Loans”) maturing in 2022, and (iii) a revolving loan of up to $40.0 million (“Revolving Credit Facility”) maturing in 2019. Upon the consummation of the Business Combination, the full amount of the First Lien Term Loans and Second Lien Term Loans were drawn, and no revolving loans were drawn. The Company capitalized debt issuance costs of $13.5 million in connection with the refinancing that are included in other long-term assets and will be amortized into interest expense over the life of the respective borrowings on a straight-line basis. The principal amount of the First Lien Term Loans amortizes in quarterly installments equal to $0.8 million , with the balance payable at maturity. At the Company’s election, the interest rate per annum applicable to the loans under the Senior Secured Credit Facilities is based on a fluctuating rate of interest determined by reference to either (i) a base rate determined by reference to the higher of (a) the “prime rate” of Deutsche Bank AG New York Branch, (b) the federal funds effective rate plus 0.50% and (c) the Eurocurrency rate applicable for an interest period of one month plus 1.00% , plus an applicable margin equal to (x) 3.50% in the case of the First Lien Term Loans, (y) 2.25% in the case of the Revolving Credit Facility or (z) 7.00% in the case of the Second Lien Term Loans or (ii) a Eurocurrency rate determined by reference to London Interbank Offered Rate (“LIBOR”), adjusted for statutory reserve requirements, plus an applicable margin equal to (x) 4.50% in the case of the First Lien Term Loans, (y) 3.25% in the case of the Revolving Credit Facility or (z) 8.00% in the case of the Second Lien Term Loans. Borrowings under the First Lien Term Facility and Second Lien Term Facility are subject to a floor of 1.00% in the case of Eurocurrency loans. The applicable margin for loans under the Revolving Credit Facility may be subject to adjustment based upon a consolidated first lien net leverage ratio. At December 31, 2015 , the interest rates on the outstanding balances of the First Lien Term Loans and Second Lien Term Loans were 5.5% and 9.0% , respectively. At December 31, 2015 , the Company had a total of $35.4 million of availability for additional borrowings under the Revolving Credit Facility as the Company had no outstanding borrowings and letters of credit outstanding of $4.6 million , which reduce availability under the facility. Under the Revolving Credit Facility, if the aggregate outstanding amount of all revolving loans, swingline loans and certain letter of credit obligations exceed 25 percent of the revolving credit commitments at the end of any fiscal quarter, Jason Inc and its restricted subsidiaries will be required to not exceed a consolidated first lien net leverage ratio, initially specified at 5.50 to 1.00 , with periodic decreases beginning on July 1, 2016 to 5.25 to 1.00 and decreasing to 4.50 to 1.00 on December 31, 2017 and remaining at that level thereafter. If such outstanding amounts do not exceed 25 percent of the revolving credit commitments at the end of any fiscal quarter, no financial covenants are applicable. The Company did not draw on its revolver during 2015. Jason Credit Facility (Predecessor) In February 2013 , Jason replaced its existing credit agreement with a $260.0 million senior secured credit facility. The new facility included a six -year, $225.0 million senior secured term loan and a five -year, $35.0 million revolving loan. The borrowings under the term loan, along with existing cash, were used to retire borrowings outstanding under a previous term loan of $178.5 million , redeem 17,757.7 shares of preferred stock for $24.8 million , pay a cash dividend to common shareholders of $25.0 million and pay various expenses associated with the refinancing. In November 2013 , the credit facility was amended to increase term loan borrowings by $10.0 million , as allowed by the agreement. The refinancing of the term loan portion of the former facility resulted in recognition of a significant portion of the debt as a debt extinguishment in the first quarter of 2013. The extinguishment was caused by the change in the projected present value of cash flows under the credit agreement, resulting in a loss on extinguishment of $5.4 million . This amount is included in interest expense for the year ended December 31, 2013 and includes $4.0 million of lender fees incurred through the refinancing as well as a $1.4 million write-off of unamortized deferred financing costs related to the former credit facility. In addition, the Company has included $0.2 million in interest expense related to other debt issuance costs that were allocated to a portion of the debt which the Company treated as a debt modification. The November 2013 amendment discussed above was deemed to be a debt modification. Total debt issuance costs of $0.6 million were incurred. These costs included $0.3 million of other third-party costs that were expensed and included in interest expense for the year ended December 31, 2013. Foreign debt At December 31, 2015 and December 31, 2014 , the Company has recorded $29.7 million and $6.5 million , respectively, in foreign debt obligations, including various overdraft facilities and term loans. The largest foreign debt balances are held by the Company’s subsidiaries in Germany (approximately $27.6 million and $5.2 million as of December 31, 2015 and December 31, 2014 , respectively), Mexico (approximately $1.5 million and $0.0 million as of December 31, 2015 and December 31, 2014 , respectively) and Brazil (approximately $0.4 million and $1.1 million as of December 31, 2015 and December 31, 2014 , respectively). These various foreign loans are comprised of individual outstanding obligations ranging from approximately $0.1 million to $13.1 million and $0.1 million to $2.6 million as of December 31, 2015 and December 31, 2014 , respectively. In connection with the acquisition of DRONCO, the Company assumed $11.0 million of debt comprised of term loan borrowings totaling $8.5 million and revolving line of credit borrowings totaling $2.5 million . Borrowings bear interest at fixed and variable rates ranging from 2.3% to 4.6% and are subject to repayment in varying amounts through 2030. During 2015, the Company entered into a new $13.5 million term loan in Germany. Borrowings bear interest at a fixed rate of 2.25% and are subject to repayment in equal quarterly payments of approximately $0.4 million beginning September 30, 2017 through June 30, 2025. Certain of the Company’s foreign borrowings contain financial covenants requiring maintenance of a minimum equity ratio and maximum leverage ratio, among others. The Company was in compliance with these covenants as of December 31, 2015. Future annual maturities of long-term debt outstanding at December 31, 2015 are as follows: 2016 $ 6,186 2017 5,858 2018 6,156 2019 11,584 2020 5,714 Thereafter 411,935 Total future annual maturities of long term debt outstanding 447,433 Less: Debt discounts (6,010 ) Total long-term debt $ 441,423 Interest Rate Hedge Contracts To manage exposure to fluctuations in interest rates, the Company entered into forward starting interest rate swap agreements (“Swaps”) in 2015 with notional values totaling $210 million at December 31, 2015. The Swaps have been designated by the Company as cash flow hedges, and effectively fix the variable portion of interest rates on variable rate term loan borrowings at a rate of approximately 2.08% prior to financing spreads and related fees. The Swaps have a forward start date of December 30, 2016 and have an expiration date of June 30, 2020. The fair values of the Swaps, which totaled $0.3 million at December 31, 2015, were recorded in other long-term liabilities and accumulated other comprehensive loss in the consolidated balance sheets. In 2015 there was no interest expense recognized. The Company will begin recognizing interest expense related to the interest rate hedge contracts in 2017. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Obligations | 10. Lease Obligations The Company leases machinery, transportation equipment and office, warehouse and manufacturing facilities under agreements which are accounted for as operating leases. Many of the leases include provisions that enable the Company to renew the lease, and certain leases are subject to various escalation clauses. Future minimum lease payments required under long-term operating leases in effect at December 31, 2015 are as follows: 2016 $ 7,971 2017 6,059 2018 5,374 2019 5,174 2020 5,059 Thereafter 21,071 $ 50,708 Total rental expense under operating leases was $9.8 million , $4.9 million , $4.8 million , and $9.3 million for the year ended December 31, 2015, the period June 30, 2014 through December 31, 2014, the period January 1, 2014 through June 29, 2014 and the year ended December 31, 2013, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 11. Shareholders' Equity On June 30, 2014 , the Company held a special meeting in lieu of the 2015 Annual Meeting of the Shareholders (the “Special Meeting”) where the Business Combination was approved by the Company’s shareholders. At the Special Meeting, 21,870,040 shares of the Company’s common stock were voted in favor of the proposal to approve the Business Combination and no shares of the Company’s common stock were voted against that proposal. In connection with the closing, the Company redeemed a total of 2,542,667 shares of its common stock pursuant to the terms of the Company’s amended and restated certificate of incorporation, resulting in a total payment to redeeming shareholders of $26.1 million . At the Special Meeting, the Company’s shareholders approved and adopted a proposal to increase the number of authorized shares of the Company’s common stock and preferred stock from 44,000,000 , consisting of 43,000,000 shares of common stock, and 1,000,000 shares of preferred stock, to 125,000,000 shares, consisting of 120,000,000 shares of common stock, and 5,000,000 shares of preferred stock. At December 31, 2015 , the Company had authorized for issuance 120,000,000 shares of $0.0001 par value common stock, of which 22,295,003 shares were issued and outstanding, and had authorized for issuance 5,000,000 shares of $0.0001 par value preferred stock, of which 45,000 shares were issued and outstanding. Series A Preferred Stock In connection with the consummation of the Business Combination, the Company issued 45,000 shares of Series A Preferred Stock with offering proceeds of $45.0 million and offering costs of $2.5 million . Holders of the Series A Preferred Stock are entitled to cumulative dividends at an 8.0% dividend rate per annum payable quarterly on January 1, April 1, July 1, and October 1 of each year in cash or by delivery of Series A Preferred Stock shares. Holders of the Series A Preferred Stock have the option to convert each share of Series A Preferred Stock initially into approximately 81.18 shares of the Company’s common stock, subject to certain adjustments in the conversion rate. On October 1, 2014, the Company paid a dividend on the Series A Preferred Stock of $20.22 per share to holders of record on August 15, 2014, totaling $0.9 million . On January 1, 2015, the Company paid a dividend on the Series A Preferred Stock of $20.00 per share to holders of record on November 15, 2014, totaling $0.9 million . On April 1, 2015, the Company paid a dividend on the Series A Preferred Stock of $20.00 per share to holders of record on February 15, 2015, totaling $0.9 million . On July 1, 2015, the Company paid a dividend on the Series A Preferred Stock of $20.00 per share to holders of record on May 15, 2015, totaling $0.9 million . On October 1, 2015, the Company paid a dividend on the Series A Preferred Stock of $20.00 per share to holders of record on August 15, 2015, totaling $0.9 million . On December 9, 2015, the Board of Directors declared a dividend of $20.00 per share to holders of record on November 15, 2015 of the Company’s Series A Preferred Stock, totaling $0.9 million which was paid on January 1, 2016. As of December 31, 2015 , the dividend payable of $0.9 million is included in other current liabilities in the consolidated balance sheet. Warrant Tender Offer On May 6, 2014, Jason commenced a tender offer to purchase up to 9,200,000 of its outstanding warrants subject to certain conditions, including the consummation of the Business Combination. On July 18, 2014, the tender offer expired and a total of 4,406,227 warrants were validly tendered at a purchase price of $ 1.50 per warrant, for a total purchase price of $6.6 million . After completion of the warrant tender offer, 13,993,773 warrants remain outstanding as of December 31, 2015. Each outstanding warrant entitles the registered holder to purchase one share of the Company’s common stock at a price of $ 12.00 per share, subject to adjustment, at any time commencing on July 30, 2014 . The warrants will expire on June 30, 2019 , or earlier upon redemption. In February 2015, the Company’s Board of Directors authorized the purchase of up to $5.0 million of the Company’s outstanding warrants. Management is authorized to effect purchases from time to time in the open market or through privately negotiated transactions. There is no expiration date to this authority. No warrants were repurchased during the 12 months ended December 31, 2015. Accumulated Other Comprehensive (Loss) Income The changes in the components of accumulated other comprehensive (loss) income, net of taxes, were as follows: Employee retirement plan adjustments Foreign currency translation adjustments Net unrealized gains (losses)on cash flow hedges Total Balance at December 31, 2013, Predecessor $ (156 ) $ 630 $ — $ 474 Other comprehensive loss before reclassifications (792 ) (465 ) — (1,257 ) Amount reclassified from accumulated other comprehensive income 105 — — 105 Cumulative foreign currency translation adjustments associated with joint ventures sold — (591 ) — (591 ) Balance at June 29, 2014, Predecessor (843 ) (426 ) — (1,269 ) Elimination of predecessor accumulated other comprehensive income 843 426 — 1,269 Other comprehensive loss before reclassifications (1,434 ) (10,631 ) — (12,065 ) Balance at December 31, 2014, Successor (1,434 ) (10,631 ) — (12,065 ) Other comprehensive loss before reclassifications 398 (9,606 ) (273 ) (9,481 ) Amount reclassified from accumulated other comprehensive income (15 ) — 105 90 Balance at December 31, 2015, Successor $ (1,051 ) $ (20,237 ) $ (168 ) $ (21,456 ) During the period January 1, 2014 through June 29, 2014, $0.6 million of cumulative foreign currency translation adjustments were recognized as part of the $3.5 million gain on the sale of joint ventures on the consolidated statement of operations. Jason Shareholders’ Equity (Predecessor) Common Stock (Predecessor) During the year ended December 31, 2013, Jason paid $ 43.1 million of dividends to common shareholders and $11.2 million to preferred shareholders. These payments included a dividend of $ 25.0 million in February 2013 in connection with the refinancing discussed in Note 9 . The common shareholder dividends were recorded as a reduction to retained earnings and additional paid-in capital. Redeemable Preferred Stock (Predecessor) During 2013 , Jason redeemed all of its 35,000 outstanding preferred shares at the end of 2012 . The redemption totaled $48.4 million , which included the $35.0 million original liquidation value, accumulated and unpaid dividends of $11.2 million and a redemption premium of $2.2 million . Dividends on the preferred stock had accrued each quarter on a cumulative basis at a rate of 10% per year and compounded quarterly through February 28, 2013 , and at a rate of 12% after that date through the final redemption on November 14, 2013 . Accretion of preferred stock dividends and redemption premium was $2.4 million for the year ended December 31, 2013, which is reported on the consolidated statements of operations and recorded as a reduction to retained earnings. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | 12. Share Based Compensation The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors, including restricted stock units and performance share units, which are restricted stock units with vesting conditions contingent upon achieving certain performance goals. The Company estimates the fair value of share-based awards based on assumptions as of the grant date. The Company recognizes these compensation costs for only those awards expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years for restricted stock awards and the performance period for performance share units. The Company estimates the number of awards expected to vest based, in part, on historical forfeiture rates and also based on management’s expectations of employee turnover within the specific employee groups receiving each type of award. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. 2014 Omnibus Incentive Plan In connection with the approval of the Business Combination, the 2014 Omnibus Incentive Plan (the “2014 Plan”) was approved by shareholders to provide incentives to key employees of the Company and its subsidiaries. Awards under the 2014 Plan are generally not restricted to any specific form or structure and could include, without limitation, stock options, stock appreciation rights, restricted stock awards (including restricted stock units), performance awards, other stock-based awards, and other cash-based awards. There were 3,473,435 shares of common stock reserved and authorized for issuance under the 2014 Plan. At December 31, 2015 , there were 807,278 shares of common stock authorized and available for grant under the 2014 Plan. Share Based Compensation Expense Upon completion of the Business Combination, the Compensation Committee of the Company’s Board of Directors approved an initial grant under the 2014 Plan to certain executive officers, senior management employees, and the Board of Directors. The Company recognized the following share based compensation: Successor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Compensation Expense: Restricted Stock Units $ 2,689 $ 1,570 Adjusted EBITDA Vesting Awards 899 1,416 Stock Price Vesting Awards 1,319 1,140 4,907 4,126 Impact of accelerated vesting (1) 3,062 — Total share-based compensation expense $ 7,969 $ 4,126 Total income tax benefit recognized $ 3,041 $ 1,348 (1) Mainly represents the impact of the acceleration of certain vesting schedules for restricted stock units and stock price vesting awards primarily related to the transition of the Company’s CEO and CFO. As of December 31, 2015 , $3.6 million of total unrecognized compensation expense related to share-based compensation plans is expected to be recognized over a weighted-average period of 1.2 years. The total unrecognized share-based compensation expense to be recognized in future periods as of December 31, 2015 does not consider the effect of share-based awards that may be issued in subsequent periods. General Terms of Awards The Compensation Committee of the Board of Directors has discretion to establish the terms and conditions for grants, including the number of shares, vesting and required service or other performance criteria. Restricted stock unit and performance share unit awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting, or continued eligibility for vesting, upon specified events, including death or permanent disability of the grantee, termination of the grantee’s employment under certain circumstances or a change in control of the Company. Dividend equivalents on common stock, if any, are accrued for restricted stock units and performance share units granted to employees and paid in the form of cash or stock depending on the form of the dividend, at the same time that the shares of common stock underlying the restricted stock unit are delivered to the employee. All restricted stock units and performance share units granted to employees are payable in shares of common stock and are classified as equity awards. The rights granted to the recipient of employee restricted stock unit awards generally vest annually in equal installments on the anniversary of the grant date over the restriction or vesting period, which is generally three years. Vested restricted stock units are payable in common stock within a thirty day period following the vesting date. The Company records compensation expense of restricted stock unit awards based on the fair value of the awards at the date of grant ratably over the period during which the restrictions lapse. Performance share unit awards based on cumulative performance metrics are payable at the end of their respective performance period in common stock. The number of share units awarded can range from zero to 150% depending on achievement of a targeted performance metric, and are payable in common stock within a thirty day period following the end of the performance period. The Company expenses the cost of the performance-based share unit awards based on the fair value of the awards at the date of grant and the estimated achievement of the performance metric, ratably over the performance period of three years. Performance share unit awards based on achievement of certain established stock price targets are payable in common stock as the last sales price of the Company’s common stock equals or exceeds established stock price targets in any twenty trading days within a thirty trading day period during the performance period. The Company expenses the cost of the stock price-based performance share unit awards based on the fair value of the awards at the date of grant ratably over the derived service period of the award. The Company also issues restricted stock units as share-based compensation for members of the Board of Directors. Director restricted stock units vest one year from the date of grant. In the event of termination of a member’s service on the Board of Directors prior to a vesting date, all unvested restricted stock units of such holder will be forfeited. Vested restricted stock units are delivered to members of the Board of Directors six months following the termination of their directorship. All awards granted are payable in shares of common stock or cash payment equal to the fair market value of the shares at the discretion of our Compensation Committee, and are classified as equity awards due to their expected settlement in common stock. Compensation expense for these awards is measured based upon the fair value of the awards at the date of grant. Dividend equivalents on common stock are accrued for restricted stock units awarded to the Board of Directors and paid in the form of cash or stock depending on the form of the dividend, at the same time that the shares of common stock underlying the restricted stock unit are delivered to a member of the Board of Directors following the termination of their directorship. Restricted Stock Units The following table summarizes restricted stock units activity: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Shares (thousands) Weighted-Average Grant Date Fair Value Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested balance - beginning 762 $ 10.50 — $ — Granted 216 6.39 762 10.50 Vested (515 ) 10.49 — — Forfeited (62 ) 7.84 — — Nonvested balance - end 401 $ 8.70 762 $ 10.50 As of December 31, 2015 , there was $2.3 million of unrecognized share-based compensation expense related to 401,364 restricted stock unit awards, with a weighted-average grant date fair value of $8.70 , that are expected to vest over a weighted-average period of 1.2 years. The total fair value of shares vesting during 2015 was $2.9 million . The fair value of these awards was determined based on the Company’s stock price on the grant date. Performance Share Units Adjusted EBITDA Vesting Awards The following table summarizes adjusted EBITDA vesting awards activity: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Shares (thousands) Weighted-Average Grant Date Fair Value Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested balance - beginning 1,216 $ 10.49 — $ — Granted 142 6.33 1,216 10.49 Vested — — — — Forfeited (487 ) 10.49 — — Nonvested balance - end 871 $ 9.81 1,216 $ 10.49 During the year ended December 31, 2015, 142,238 performance share unit awards were granted to certain executive officers with the same performance targets and vesting period as the awards granted during 2014. During the period June 30, 2014 through December 31, 2014, 1,215,704 performance share unit awards were granted to certain executive officers and senior management employees, payable upon the achievement of certain established cumulative adjusted EBITDA performance targets over a three year performance period. The performance period for the shares awarded during the period June 30, 2014 through December 31, 2014 is July 1, 2014 through June 30, 2017. Distributions under these awards are payable at the end of the performance period in common stock. The total potential payouts for awards granted during the period June 30, 2014 through December 31, 2014 range from zero to 1,215,704 shares, should certain performance targets be achieved. These awards are subject to forfeiture upon termination of employment prior to vesting, subject in some cases to early vesting or continued eligibility for vesting upon specified events, including death, permanent disability or retirement of the grantee or a change in control of the Company. Compensation expense for cumulative Adjusted EBITDA based performance share unit awards outstanding during the year ended December 31, 2015 is currently being recognized based on an estimated payout of 62.5% of target, or 363,041 shares. As of December 31, 2015 , there was $1.2 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted average period of 1.5 years. Stock Price Vesting Awards The following table summarizes stock price vesting awards activity: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Shares (thousands) Weighted-Average Grant Date Fair Value Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested balance - beginning 810 $ 3.54 — $ — Granted 95 1.08 810 3.54 Vested — — — — Forfeited (27 ) 3.54 — — Nonvested balance - end 878 $ 3.27 810 $ 3.54 During the year ended December 31, 2015, 94,825 performance share unit awards were granted to certain executive officers with the same established stock price targets and vesting period as the awards granted during 2014. During the period June 30, 2014 through December 31, 2014, 810,469 performance share unit awards were granted to certain executive officers and senior management employees and are payable upon the achievement of certain established stock price targets for the Company’s common stock during a three year performance period. The performance period for the shares awarded during the period June 30, 2014 through December 31, 2014 is July 1, 2014 through June 30, 2017. Distributions under these awards are payable in common stock as the last sales price of the Company’s common stock equals or exceeds established stock price targets in any twenty trading days within a thirty trading day period during the performance period. As of December 31, 2015 , there was $0.2 million of unrecognized compensation expense related to performance share unit awards, which is expected to be recognized over a weighted average period of 0.4 years. The following summarizes the assumptions used in the Monte Carlo option pricing model to value stock price vesting awards: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Risk-free interest rate 0.24% - 1.33% 0.88% Weighted average volatility 27 % 17 % Dividend yield — — The expected volatility was derived from the closing market price of the Company’s exchange traded warrants to purchase common stock as of the grant date using the Black-Scholes option pricing model. Share Based Compensation (Predecessor) Prior to the consummation of the Business Combination, Jason Partners Holdings LLC (“Jason LLC”), the former parent company of Jason, had granted various classes of its common units to certain executives and directors of Jason. In accordance with ASC 718, Compensation - Stock Compensation , compensation cost related to the units granted was recognized in Jason’s financial statements over the vesting period. During the year ended December 31, 2013 the Company recognized $0.2 million of compensation expense related to these units. Upon consummation of the Business Combination, all unvested units became fully vested and Jason recognized $7.6 million of compensation expense during the predecessor period. During the predecessor period from January 1, 2014 through June 29, 2014, Jason recognized $7.7 million of stock-based compensation expense, and the related income tax benefit was $2.5 million . |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 13. Earnings per Share Basic income (loss) per share is calculated by dividing net income (loss) available to Jason Industries’ common shareholders by the weighted average number of common shares outstanding for the period. In computing dilutive income (loss) per share, basic income (loss) per share is adjusted for the assumed issuance of all potentially diluted share-based awards, including warrants, restricted stock units, performance share units, convertible preferred stock, and Rollover Shares of JPHI convertible into shares of Jason Industries. The reconciliation of the numerator and denominator of the basic and diluted income (loss) per share calculation and the anti-dilutive shares is as follows: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Net (loss) income per share available to Jason Industries common shareholders Basic and diluted income (loss) per share $ (3.53 ) $ (0.61 ) $ (4,955 ) $ 21,683 Numerator: Net (loss) income available to common shareholders of Jason Industries $ (78,058 ) $ (13,428 ) $ (4,955 ) $ 21,683 Denominator: Basic and diluted weighted-average shares outstanding 22,145 21,991 1 1 Weighted average number of anti-dilutive shares excluded from denominator: Warrants to purchase Jason Industries common stock 13,994 13,994 — — Conversion of Series A 8% Perpetual Convertible Preferred 3,653 3,653 — — Conversion of JPHI Rollover Shares convertible to Jason Industries common stock 3,486 3,486 — — Restricted stock units 589 762 — — Performance share units 1,540 2,026 — — Total 23,262 23,921 — — Warrants are considered anti-dilutive and excluded when the exercise price exceeds the average market value of the Company’s common stock price during the applicable period. Performance share units are considered anti-dilutive if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Due to losses available to the Company’s common shareholders for each of the periods presented, potentially dilutive shares are excluded from the diluted net loss per share calculation because they were anti-dilutive under the treasury stock method, in accordance with ASC Topic 260. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The source of (loss) income before income taxes consisted of the following: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Domestic $ (126,334 ) $ (26,273 ) $ (19,647 ) $ 32,404 Foreign 14,478 4,404 14,119 9,931 (Loss) income before income taxes $ (111,856 ) $ (21,869 ) $ (5,528 ) $ 42,335 The consolidated (benefit) provision for income taxes included within the consolidated statements of operations consisted of the following: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Current Federal $ 161 $ (469 ) $ 1,157 $ 9,541 State 104 103 102 936 Foreign 5,703 2,261 3,278 3,173 Total current income tax provision 5,968 1,895 4,537 13,650 Deferred Federal (24,548 ) (8,023 ) (4,618 ) 2,963 State (3,196 ) (1,584 ) (598 ) 487 Foreign (479 ) (177 ) 106 1,147 Total deferred income tax (benefit) provision (28,223 ) (9,784 ) (5,110 ) 4,597 Total income tax (benefit) provision $ (22,255 ) $ (7,889 ) $ (573 ) $ 18,247 Income tax (benefit) expense recognized in the accompanying consolidated statements of operations differs from the amounts computed by applying the Federal income tax rate to (loss) income before income tax expense. A reconciliation of income taxes at the Federal statutory rate to the effective tax rate is summarized as follows: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Tax at Federal statutory rate of 35% 35.0 % 35.0 % 35.0 % 35.0 % State taxes - net of Federal benefit 2.7 3.9 8.0 2.3 Research and development incentives 0.4 1.5 2.1 (2.4 ) Manufacturer's deduction — — (0.8 ) (1.8 ) Foreign rate differential 0.8 1.2 23.3 (0.9 ) Non-deductible transaction costs — — (45.3 ) — Valuation allowances 0.2 0.8 (8.5 ) (1.2 ) Tax rate change (1.0 ) 0.4 (1.5 ) 1.6 Decrease (increase) in tax reserves (0.2 ) (2.0 ) 19.0 2.8 Stock compensation expense (0.7 ) (0.9 ) (7.6 ) 0.2 U.S. taxation of foreign earnings (1) (0.5 ) — (11.9 ) 5.2 Non-deductible meals and entertainment (0.1 ) (0.4 ) (0.7 ) 0.3 Non-deductible impairment charges (2) (16.2 ) — — — Other (0.5 ) (3.4 ) (0.7 ) 2.0 Effective tax rate 19.9 % 36.1 % 10.4 % 43.1 % (1) During the year ended December 31, 2013, the U.S. taxation of foreign earnings includes the recognition of a deferred tax liability for foreign earnings that are no longer considered permanently reinvested. (2) During the year ended December 31, 2015, the non-deductible impairment charges are related to the impairment of goodwill and other intangible assets. The Company’s temporary differences which gave rise to deferred tax assets and liabilities were as follows: Successor December 31, 2015 December 31, 2014 Deferred tax assets Accrued expenses and reserves $ 2,692 $ 3,186 Postretirement and postemployment benefits 3,031 3,498 Employee benefits 7,373 5,076 Inventories 2,826 2,644 Other assets (1) 2,647 2,027 Operating loss and credit carryforwards 12,219 10,121 Gross deferred tax assets 30,788 26,552 Less valuation allowance (3,703 ) (3,898 ) Deferred tax assets 27,085 22,654 Deferred tax liabilities Property, plant and equipment (32,551 ) (33,978 ) Intangible assets and other liabilities (51,374 ) (68,937 ) Foreign investments (259 ) (229 ) Deferred tax liabilities (84,184 ) (103,144 ) Net deferred tax liability $ (57,099 ) $ (80,490 ) Amounts recognized in the statement of financial position consist of: Other assets - net $ 430 $ 531 Deferred income taxes (57,529 ) (81,021 ) Net amount recognized $ (57,099 ) $ (80,490 ) (1) The Company recorded an adjustment to correct goodwill prior to the Business Combination resulting in a $0.2 million increase in deferred income taxes (See Note 1). At December 31, 2015 , the Company has U.S. federal and state net operating loss carryforwards, which expire at various dates through 2035, approximating $16.5 million and $64.1 million , respectively. In addition, the Company has U.S. state tax credit carryforwards of $1.4 million which expire between 2016 and 2030. The Company’s foreign net operating loss carryforwards total approximately $22.9 million (at December 31, 2015 exchange rates). The majority of these foreign net operating loss carryforwards are available for an indefinite period. Valuation allowances totaling $3.7 million and $3.9 million as of December 31, 2015 and 2014, respectively, have been established for deferred income tax assets primarily related to certain subsidiary loss carryforwards that may not be realized. Realization of the net deferred income tax assets is dependent on generating sufficient taxable income prior to their expiration. Although realization is not assured, management believes it is more-likely-than-not that the net deferred income tax assets will be realized. The amount of the net deferred income tax assets considered realizable, however, could change in the near term if future taxable income during the carryforward period fluctuates. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, are as follows for the years ended December 31, 2015 , 2014 and 2013: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Balance at beginning of period $ 2,743 $ 2,020 $ 3,691 $ 2,556 (Reductions) additions based on tax positions related to current year (28 ) 357 204 1,230 Additions based on tax positions related to prior years 55 — 271 29 Additions recognized in acquisition accounting 323 508 — — Reductions in tax positions - settlements (111 ) (106 ) (1,684 ) — Reductions related to lapses of statute of limitations (54 ) (36 ) (462 ) (124 ) Balance at end of period $ 2,928 $ 2,743 $ 2,020 $ 3,691 Of the $2.9 million , $2.7 million , and $3.7 million of unrecognized tax benefits as of December 31, 2015, 2014, and 2013, respectively, approximately $1.9 million , $1.0 million , and $2.3 million , respectively, would impact the effective income tax rate if recognized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as part of its income tax provision. During the year ended December 31, 2015 , the Company had an immaterial amount of interest and penalties that were recognized as a component of the income tax provision. During the period June 30, 2014 through December 31, 2014, the period January 1, 2014 through June 29, 2014 and the year ended December 31, 2013 , the Company did not have any interest or penalties that were recognized as a component of the income tax provision. At December 31, 2015 , the Company has an immaterial amount of accrued interest and penalties related to taxes included within the consolidated balance sheet. At December 31, 2014 , the Company has no accrued interest and penalties related to taxes included within the consolidated balance sheet. During the next twelve months, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits could decrease by $1.2 million . The Company, along with its subsidiaries, files returns in the U.S. Federal and various state and foreign jurisdictions. With certain exceptions, the Company is subject to examination by U.S. Federal and state taxing authorities for the taxable years in the following table. The Company does not expect the results of these examinations to have a material impact on the Company. Tax Jurisdiction Open Tax Years Brazil 2011 - 2015 France 2011 - 2015 Germany 2012 - 2015 Mexico 2010 - 2015 Sweden 2011 - 2015 United Kingdom 2013 - 2015 United States (federal) 2012 - 2015 United States (state and local) 2011 - 2015 The cumulative undistributed earnings of all non-U.S. subsidiaries totaled $57.8 million as of December 31, 2015 . The Company has not provided any deferred taxes on these undistributed earnings as it considers the undistributed earnings to be permanently reinvested. If all such undistributed earnings were remitted, an additional income tax provision of approximately $17.1 million would have been necessary as of December 31, 2015 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans Defined contribution plans The Company maintains a 401(k) Plan for substantially all full time U.S. employees (the “401(k) Plan”). Company contributions are allocated to accounts set aside for each employee’s retirement. Employees generally may contribute up to 50% of their compensation to individual accounts within the 401(k) Plan. During 2015, employer contributions changed to 50% on the first 6% of employee’s eligible annual cash compensation, subject to Internal Revenue Service limitations. Previous to the change during 2015, base contributions to employee accounts were equal to 1% of each employee’s eligible annual cash compensation, subject to Internal Revenue Service limitations, and the Company could elect to match up to 75% of the first 6% of each employee’s contribution to the 401(k) Plan, subject to Internal Revenue Service limitations. Expense recognized related to the 401(k) Plan totaled approximately $1.7 million , $0.6 million , $1.4 million , and $2.5 million for the year ended December 31, 2015, the period June 30, 2014 through December 31, 2014, the period January 1, 2014 through June 29, 2014, and the year ended December 31, 2013, respectively. Defined benefit pension plans The Company maintains defined benefit pension plans covering union and certain other employees. These plans are frozen to new participation. The table that follows contains the accumulated benefit obligation and reconciliations of the changes in projected benefit obligation, the changes in plan assets and funded status: U.S. Plans Non-U.S. Plans Successor Predecessor Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Accumulated benefit obligation $ 10,824 $ 11,508 $ 10,814 $ 12,988 $ 14,548 $ 14,710 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 11,508 $ 10,814 $ 10,324 $ 14,548 $ 14,710 $ 13,662 Service cost — — — 125 93 85 Interest cost 410 207 226 384 243 285 Actuarial (gain) loss (419 ) 818 567 (430 ) 1,294 938 Benefits paid (675 ) (331 ) (301 ) (596 ) (290 ) (413 ) Other — — (2 ) — — 15 Currency translation adjustment — — — (1,043 ) (1,502 ) 138 Projected benefit obligation at end of year $ 10,824 $ 11,508 $ 10,814 $ 12,988 $ 14,548 $ 14,710 Change in plan assets Fair value of plan assets at beginning of year 10,019 10,369 10,121 6,691 6,817 6,358 Actual return on plan assets (319 ) 15 549 94 489 299 Employer and employee contributions — — — 517 278 292 Benefits paid (675 ) (331 ) (301 ) (581 ) (275 ) (324 ) Other (40 ) (34 ) — — — — Currency translation adjustment — — — (328 ) (618 ) 192 Fair value of plan assets at end of year $ 8,985 $ 10,019 $ 10,369 $ 6,393 $ 6,691 $ 6,817 Funded Status $ (1,839 ) $ (1,489 ) $ (445 ) $ (6,595 ) $ (7,857 ) $ (7,893 ) Weighted-average assumptions Discount rates 3.87%-4.15% 3.52%-3.75% 3.73%-4.00% 2.20%-3.70% 2.10%-3.50% 2.80%-4.30% Rate of compensation increase N/A N/A N/A 2.00%-3.60% 2.00%-3.70% 2.00%-3.90% Amounts recognized in the statement of financial position consist of: Non-current assets 837 1,111 1,431 — — — Other current liabilities — — — (68 ) (75 ) (42 ) Other long-term liabilities (2,676 ) (2,600 ) (1,876 ) (6,527 ) (7,782 ) (7,851 ) Net amount recognized $ (1,839 ) $ (1,489 ) $ (445 ) $ (6,595 ) $ (7,857 ) $ (7,893 ) The following table contains the components of net periodic benefit cost: U.S. Plans Non-U.S. Plans Successor Predecessor Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ 125 $ 93 $ 85 $ 161 Interest cost 410 207 226 425 384 243 285 500 Expected return on plan assets (580 ) (311 ) (319 ) (592 ) (255 ) (6 ) (166 ) (257 ) Amortization of actuarial gain/loss — — — — — — 130 253 Recognized net actuarial loss/ settlements/curtailments — — (2 ) 11 — — (20 ) — Net periodic (benefit) cost $ (170 ) $ (104 ) $ (95 ) $ (156 ) $ 254 $ 330 $ 314 $ 657 Weighted-average assumptions Discount rates 3.52%-3.75% 3.73%-4.00% 4.50% 3.75%-4.00% 2.10%-3.50% 2.80%-4.30% 3.50%-4.60% 3.40%-4.40% Rate of compensation increase N/A N/A N/A N/A 2.00%-3.70% 2.00%-3.90% 2.00%-4.00% 2.00%-3.10% Expected long-term rates or return 5.00%-8.00% 5.25%-8.00% 5.25%-8.00% 5.25%-8.00% 3.90%-4.50% 4.50%-4.90% 4.50%-5.20% 4.50% The expected return on plan assets is based on the Company’s expectation of the long-term average rate of return of the capital markets in which the plans invest. The expected return reflects the target asset allocations and considers the historical returns earned for each asset category. The Company determines the discount rate assumptions by referencing high-quality long-term bond rates that are matched to the duration of our benefit obligations, with appropriate consideration of local market factors, participant demographics and benefit payment terms. The net amounts recognized in accumulated other comprehensive (loss) income related to the Company’s defined benefit pension plans consisted of the following: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Year Ended December 31, 2013 Unrecognized loss (gain) $ 1,364 $ 1,441 $ 606 $ (55 ) In the next fiscal year, no amounts in accumulated other comprehensive income (loss) are expected to be recognized as a component of net periodic (benefit) cost. The Company’s investment policies employ an approach whereby a mix of equities and fixed income investments are used to maximize the long-term return on plan assets for a prudent level of risk. The investment portfolio primarily contains a diversified blend of equity and fixed income investments. Equity investments are diversified across domestic and non-domestic stocks, and investment and market risk are measured and monitored on an ongoing basis. The Company’s actual asset allocations are in line with target allocations and the Company does not have concentration within individual or similar investments that would pose a significant concentration risk to the Company. The Company’s pension plan asset allocations by asset category at December 31, 2015 and 2014 are as follows: Successor U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Equity securities 52.2 % 49.5 % 45.9 % 44.4 % Debt securities 40.9 % 43.2 % 50.2 % 51.1 % Other 6.9 % 7.3 % 3.9 % 4.5 % The fair values of pension plan assets by asset category at December 31, 2015 and 2014 are as follows: Total as of December 31, 2015 Level 1 Level 2 Level 3 Cash and cash equivalents $ 635 $ 635 $ — $ — Accrued dividends 3 3 — — Global equities 7,626 7,626 — — Government bonds 804 — 804 — Corporate bonds 6,075 — 6,075 — Group annuity/insurance contracts 235 — — 235 Total $ 15,378 $ 8,264 $ 6,879 $ 235 Total as of December 31, 2014 Level 1 Level 2 Level 3 Cash and cash equivalents $ 757 $ 757 $ — $ — Accrued dividends 3 3 — — Global equities 7,931 7,931 — — Government bonds 876 — 876 — Corporate bonds 6,874 — 6,874 — Group annuity/insurance contracts 269 — — 269 Total $ 16,710 $ 8,691 $ 7,750 $ 269 The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2015 due to the following: Beginning balance, December 31, 2014 $ 269 Actual return on assets related to assets still held 7 Purchases, sales and settlements (41 ) Ending balance, December 31, 2015 $ 235 No assets were transferred between levels of the fair value hierarchy during the year ended December 31, 2015, the period June 30, 2014 through December 31, 2014, and the period January 1, 2014 through June 29, 2014. Quoted market prices are used to value investments when available. Investments in securities traded on exchanges are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. The Company’s cash contributions to its defined benefit pension plans in 2016 are estimated to be approximately $0.2 million . Estimated projected benefit payments from the plans as of December 31, 2015 are as follows: 2016 $ 1,181 2017 1,556 2018 1,193 2019 1,183 2020 1,343 2021-2025 6,549 Multiemployer plan Morton hourly union employees were covered under the National Shopmen Pension Fund (EIN 52-6122274, plan number 001), a union-sponsored and trusteed multiemployer plan which required the Company to contribute a negotiated amount per hour worked by the employees covered by the plan. The Company made the decision to withdraw from this plan in August 2012. In connection with the withdrawal the Company recorded an expense of $3.4 million during the year ended December 31, 2012. This represented the estimated present value of the Company’s obligation to the plan as of that date. This amount was included as a separate line item on the consolidated statements of operations. The withdrawal amount was finalized during 2013 and the Company reduced its liability by reversing expense of $0.7 million . As of December 31, 2015 and 2014, a liability of $2.1 million and $2.2 million , respectively, is recorded within other long-term liabilities on the consolidated balance sheets. The liability will be paid in equal monthly installments through April 2026 , and interest expense will be incurred associated with the discounting of this liability through that date. Postretirement health care and life insurance plans The Company also provides postretirement health care benefits and life insurance coverage to certain eligible former employees at one of its segments. The costs of retiree health care benefits and life insurance coverage are accrued over the employee benefit period. The table that follows contains the accumulated benefit obligation and reconciliations of the changes in projected benefit obligation, the changes in plan assets and funded status: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 January 1, 2014 Accumulated benefit obligation $ 2,094 $ 2,808 $ 2,627 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 2,808 $ 2,627 $ 2,614 Interest cost 92 44 54 Actuarial (gain) loss (634 ) 284 52 Benefits paid (172 ) (90 ) (93 ) Curtailment — (57 ) — Projected benefit obligation at end of year $ 2,094 $ 2,808 $ 2,627 Change in plan assets Employer contributions $ 172 $ 90 $ 93 Benefits paid (172 ) (90 ) (93 ) Fair value of plan assets at end of year $ — $ — $ — Funded Status $ (2,094 ) $ (2,808 ) $ (2,627 ) Weighted-average assumptions Discount rates 3.82 % 3.44 % 4.25 % Amounts recognized in the statement of financial position consist of: Other current liabilities $ (211 ) $ (234 ) $ (249 ) Other long-term liabilities (1,883 ) (2,574 ) (2,378 ) Net amount recognized $ (2,094 ) $ (2,808 ) $ (2,627 ) The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation was a blended rate of 5.70% and 5.50% at December 31, 2015 and 2014, respectively. It was assumed that these rates will decline by 1% to 2% every 5 years for the next 15 years. An increase or decrease in the medical trend rate of 1% would increase or decrease the accumulated postretirement benefit obligation by approximately $0.2 million and $0.2 million , respectively. The table that follows contains the components of net periodic benefit costs: Successor Predecessor Year ended December 31, 2015 June 30, 2014 January 1, 2014 Year ended December 31, 2013 Components of net periodic benefit cost Interest cost $ 92 $ 44 $ 54 $ 108 Amortization of the net loss from earlier periods 1 — 5 66 Net periodic benefit cost $ 93 $ 44 $ 59 $ 174 Weighted-average assumptions Discount rates 3.82 % 3.44 % 4.25 % 4.25 % The net amounts recognized in accumulated other comprehensive (loss) income related to the Company’s other postretirement healthcare and life insurance plans consisted of the following: Successor Predecessor Year ended December 31, 2015 June 30, 2014 January 1, 2014 Year ended December 31, 2013 Unrecognized (gain) loss $ (214 ) $ 174 $ 240 $ 210 The Company’s cash contributions to its postretirement benefit plan in 2015 are not yet determined but are expected to equal the projected benefits from the plan. Estimated projected benefit payments from the plan at December 31, 2015 are as follows: 2016 $ 215 2017 205 2018 194 2019 183 2020 173 2021-2025 719 |
Business Segments, Geographic a
Business Segments, Geographic and Customer Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments, Geographic and Customer Information | 16. Business Segments, Geographic and Customer Information The Company identifies its segments using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of the Company’s reportable segments. The Company is a global manufacturer of a broad range of industrial products and is organized into four reportable segments: seating, acoustics, finishing and components. The seating segment is a leading producer of seating for the motorcycle and off-road vehicle sectors, and a leading supplier of static seats to the commercial and residential lawn/turf sector. Industry segments served also include construction equipment, agricultural equipment, utility vehicles, material handling, and mobility. The acoustics segment is a global supplier of non-woven acoustical and thermal fiber insulation for the automotive and transportation sectors. The finishing segment is a global manufacturer of industrial consumables, including brushes, buffing wheels, and buffing compounds. Industry segments served include aerospace, engineering, plastic, finishing, building, leisure, steel, hardware, welding and naval, among others. The components segment manufactures precision components, expanded and perforated metal, and slip-resistant walking surfaces. These products are used by the rail, industrial, energy, and lawn/turf sectors. Net sales relating to the Company’s reportable segments are as follows: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Net sales Seating $ 176,792 $ 67,033 $ 104,878 $ 165,245 Finishing 191,394 90,895 96,692 180,406 Acoustics 218,047 108,807 109,930 204,494 Components 122,133 58,600 65,651 130,700 $ 708,366 $ 325,335 $ 377,151 $ 680,845 The Company uses “Adjusted EBITDA” as the primary measure of profit or loss for the purposes of assessing the operating performance of its segments. The Company defines EBITDA as net income (loss) before interest expense, provision (benefit) for income taxes, depreciation and amortization and (gain)/loss on disposal of property, plant and equipment. The Company defines Adjusted EBITDA as EBITDA, excluding the impact of non-cash or non-operational losses or gains, including long-lived asset impairment charges, integration and other operational restructuring charges, transactional legal fees, other professional fees and special employee bonuses, Newcomerstown fire losses and gains, multiemployer pension plan withdrawal expense (gain), purchase accounting adjustments, sponsor fees and expenses, and non-cash share based compensation expense. Management believes that Adjusted EBITDA provides a clear picture of the Company’s operating results by eliminating expenses and income that are not reflective of the underlying business performance. Certain corporate-level administrative expenses such as payroll and benefits, incentive compensation, travel, marketing, accounting, auditing and legal fees and certain other expenses are kept within its corporate results and not allocated to its business segments. Adjusted EBITDA is used to facilitate a comparison of the Company’s operating performance on a consistent basis from period to period and to analyze the factors and trends affecting its segments. The Company’s internal plans, budgets and forecasts use Adjusted EBITDA as a key metric. In addition, this measure is used to evaluate its operating performance and segment operating performance and to determine the level of incentive compensation paid to its employees. As the Company uses Adjusted EBITDA as its primary measure of segment performance, GAAP on segment reporting requires the Company to include this measure in its discussion of segment operating results. The Company must also reconcile Adjusted EBITDA to operating results presented on a GAAP basis. The Company’s total segment Adjusted EBITDA differs from consolidated Adjusted EBITDA due to unallocated corporate expenses and other corporate activities. Adjusted EBITDA information relating to the Company’s reportable segments is presented below followed by a reconciliation of total segment Adjusted EBITDA to consolidated income before taxes: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Segment Adjusted EBITDA Seating $ 19,766 $ 8,337 $ 17,668 $ 25,601 Finishing 25,799 12,542 13,732 17,619 Acoustics 27,515 8,912 9,676 23,426 Components 20,943 6,921 10,324 22,898 $ 94,023 $ 36,712 $ 51,400 $ 89,544 Interest expense, including intercompany (1,870 ) (1,022 ) (1,269 ) (2,696 ) Depreciation and amortization (44,938 ) (20,291 ) (12,796 ) (26,882 ) Impairment charges (94,126 ) — — — (Loss) gain on disposal of property, plant and equipment - net (109 ) (57 ) (336 ) 18 Restructuring (3,800 ) (1,131 ) (2,554 ) (2,950 ) Transaction-related expenses (789 ) (27 ) (242 ) — Integration and other restructuring costs (2,713 ) (9,921 ) (2,575 ) (1,039 ) Newcomerstown fire gain — — — 18,834 Adjustment for non-discrete fire costs — — — 1,419 Multiemployer pension plan withdrawal (loss) gain — — — 696 Gain on claim settlement — — — 455 Gain from sale of joint ventures — — 3,508 — Total segment income before income taxes (54,322 ) 4,263 35,136 77,399 Corporate general and administrative expenses (12,860 ) (4,263 ) (7,032 ) (15,808 ) Corporate interest expense, including intercompany (29,965 ) (15,150 ) (6,032 ) (18,020 ) Corporate depreciation (310 ) (84 ) (57 ) (123 ) Corporate transaction-related expenses (97 ) (2,506 ) (27,541 ) (1,073 ) Corporate integration and other restructuring (6,333 ) — — — Corporate loss on disposal of property, plant and equipment — — (2 ) (40 ) Corporate share based compensation (7,969 ) (4,129 ) — — (Loss) income before income taxes $ (111,856 ) $ (21,869 ) $ (5,528 ) $ 42,335 Other financial information relating to the Company’s reportable segments is as follows at December 31, 2015 and 2014 and for the year ended December 31, 2015, the periods June 30, 2014 through December 31, 2014 and January 1, 2014 through June 29, 2014, and the year ended December 31, 2013, respectively: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Depreciation and amortization Seating $ 13,693 $ 6,900 $ 3,571 $ 9,228 Finishing 11,407 4,711 2,824 5,631 Acoustics 11,251 4,859 2,838 4,950 Components 8,587 3,821 3,562 7,073 General Corporate 310 84 57 123 $ 45,248 $ 20,375 $ 12,852 $ 27,005 Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Capital expenditures Seating $ 3,804 $ 2,115 $ 1,060 $ 2,066 Finishing 9,090 3,990 3,151 5,824 Acoustics 14,881 6,063 4,098 14,855 Components 4,875 3,037 2,671 2,794 General Corporate 136 154 18 70 $ 32,786 $ 15,359 $ 10,998 $ 25,609 Successor December 31, 2015 December 31, 2014 Assets Seating $ 119,019 $ 219,907 Finishing 248,210 221,074 Acoustics 206,117 195,031 Components 124,480 137,354 Total segments 697,826 773,366 Corporate and eliminations 8,353 26,038 Consolidated $ 706,179 $ 799,404 Net sales and long-lived asset information by geographic area are as follows at December 31, 2015 and 2014 and for the year ended December 31, 2015, the periods June 30, 2014 through December 31, 2014 and January 1, 2014 through June 29, 2014, and the year ended December 31, 2013, respectively: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Net sales by region United States $ 510,526 $ 231,920 $ 273,868 $ 489,714 Europe 138,578 62,263 70,813 126,261 Mexico 48,242 23,728 25,258 51,542 Other 11,020 7,424 7,212 13,328 $ 708,366 $ 325,335 $ 377,151 $ 680,845 Successor December 31, 2015 December 31, 2014 Long-lived assets United States $ 245,307 $ 292,068 Europe 94,804 70,024 Mexico 10,434 9,792 Other 3,520 3,277 $ 354,065 $ 375,161 Net sales attributed to geographic locations are based on the locations producing the external sales. Long-lived assets by geographic location consist of the net book values of property, plant and equipment and amortizable intangible assets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies The Company is a party to various legal proceedings that have arisen in the normal course of its business. These legal proceedings typically include product liability, labor, and employment claims. The Company has recorded reserves for loss contingencies based on the specific circumstances of each case. Such reserves are recorded when it is probable that a loss has been incurred as of the balance sheet date, can be reasonably estimated and is not covered by insurance. In the opinion of management, the resolution of these contingencies will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. At December 31, 2015 and December 31, 2014 , the Company held reserves of $1.0 million and $1.1 million , respectively, for environmental matters at two locations. The ultimate cost of any remediation required will depend on the results of future investigation. Based upon available information, the Company believes that it has obtained and is in substantial compliance with those material environmental permits and approvals necessary to conduct its business. Based on the facts presently known, the Company does not expect environmental costs to have a material adverse effect on its financial condition, results of operations or cash flows. |
Newcomerstown Fire
Newcomerstown Fire | 12 Months Ended |
Dec. 31, 2015 | |
Extraordinary and Unusual Items [Abstract] | |
Newcomerstown Fire | 18. Newcomerstown Fire On November 27, 2011 , the Company experienced a fire at an acoustics segment facility in Newcomerstown, Ohio (“Newcomerstown”). No one was injured as a result of the fire. Newcomerstown was comprised of approximately 93,000 square feet in one leased building with an additional 38,000 square foot expansion in process. Newcomerstown employed 103 employees prior to the accident. The fire destroyed the entire leased facility and its contents. Newcomerstown manufactured non-woven acoustical fiber insulation for the automotive industry. During 2012 , the Company commenced a lease of a facility in Battle Creek, Michigan as a replacement for the Newcomerstown location and reached pre-accident production levels at this location during 2013. The Company did not incur significant losses of customer business or any long-term negative implications to its acoustics segment as a result of the fire. Additionally, the Company did not experience any material adverse impact to liquidity, cash, or its leverage profile as a result of the fire. For the year ended December 31, 2013, the Company recorded the following expenses (income) related to the incident: 2013 Insurance deductibles $ (100 ) Non-cash asset impairments Inventories, tooling and supplies — Property, plant and equipment - net — Losses of third-party property — Subtotal asset impairments and third-party property — Business interruption expenses 12,200 Subtotal prior to insurance recoveries 12,100 Less insurance recoveries Property (6,351 ) Business interruption (24,583 ) Subtotal insurance recoveries (30,934 ) Net fire loss (gain) $ (18,834 ) The Company has substantial property, casualty, liability, workers compensation and business interruption insurance. The property and business interruption insurance provides coverage of up to $150.0 million per incident with deductibles up to approximately $ 0.2 million. During 2013, the Company negotiated a final settlement with its insurance carrier. Through the date of the settlement mentioned above, the Company has recorded cumulative insurance recoveries in the amount of $61.9 million of which $26.9 million related to property and $35.0 million related to business interruption. The Company has no liability recorded for estimated expenses as of December 31, 2015 and $0.6 million of liabilities for estimated expenses to be paid as of December 31, 2014. The Company recorded a net gain of $12.5 million associated with business interruption expenses and recovery of lost margins for the year ended December 31, 2013, and a gain of $6.4 million from involuntary conversion of property, plant and equipment for the year ended December 31, 2013. The fire affected production and shipments from Newcomerstown, creating a business interruption. The Company recorded a gain of $ 7.6 million for the year ended December 31, 2013 associated with property and business interruption expenses, net of recovery. The net expenses predominantly relate to material and labor inefficiencies, outsourcing, temporary and permanent facility start-up costs and professional fees. In conjunction with the final settlement, the Company recorded a gain of $ 4.9 million for the year ended December 31, 2013 associated with lost margins since the fire. The Company made capital expenditures in connection with the replacement of property, plant and equipment of approximately $ 5.7 million for the year ended December 31, 2013. The Company recorded a gain from involuntary conversion of property, plant and equipment of $ 6.4 million for the year ended December 31, 2013. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. Related Party Transactions Jason was part of a Management Services Agreement with Saw Mill Capital LLC (“Saw Mill”) and Falcon Investment Advisors, LLC (“FIA”, together with Saw Mill, the “Service Providers”), affiliates of Jason’s majority shareholders, which terminated upon consummation of the Business Combination. Management fees and related expenses paid to the Service Providers under this agreement were approximately $0.6 million for the predecessor period ended June 29, 2014 . These costs were approximately $1.1 million in for the year ended December, 31 2013 . During the year ended December 31, 2013, the Company paid fees of $2.3 million to the Service Providers in connection with the refinancing discussed in Note 9 . In addition, during the period January 1, 2014 through June 29, 2014 the Company incurred sale transaction fees of $5.4 million which were paid to the Service Providers on June 30, 2014 upon completion of the Business Combination. |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Consolidated Valuation and Qualifying Accounts | SCHEDULE II. CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at beginning of year Charge to Costs and Expenses Utilization of Reserves Other (1) (2) Balance at end of year Year Ended December 31, 2015 (Successor) Allowance for doubtful accounts $ 2,415 $ 590 $ (374 ) $ (107 ) $ 2,524 Deferred tax valuation allowances $ 3,898 $ (243 ) $ — $ 48 $ 3,703 June 30, 2014 through December 31, 2014 (Successor) Allowance for doubtful accounts $ 2,459 $ 123 $ (152 ) $ (15 ) $ 2,415 Deferred tax valuation allowances $ 4,958 $ (173 ) $ — $ (887 ) $ 3,898 January 1, 2014 through June 29, 2014 (Predecessor) Allowance for doubtful accounts $ 2,227 $ 112 $ 19 $ 101 $ 2,459 Deferred tax valuation allowances $ 4,347 $ 472 $ — $ 139 $ 4,958 Year Ended December 31, 2013 (Predecessor) Allowance for doubtful accounts $ 2,255 $ 341 $ (304 ) $ (65 ) $ 2,227 Deferred tax valuation allowances $ 4,962 $ (504 ) $ — $ (111 ) $ 4,347 Year Ended December 31, 2012 (Predecessor) Allowance for doubtful accounts $ 2,803 $ 155 $ (739 ) $ 36 $ 2,255 Deferred tax valuation allowances $ 6,253 $ (1,333 ) $ — $ 42 $ 4,962 (1) The amounts included in the “other” column primarily relate to the impact of foreign currency exchange rates. (2) The successor period ended December 31, 2014 included an adjustment to the deferred tax valuation allowance in the “other” column in the amount of ( $655 ) related to acquisition accounting. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | As a result of the Business Combination, the Company was identified as the acquirer for accounting purposes, and Jason is the acquiree and accounting predecessor. The Company’s financial statement presentation distinguishes a “Predecessor” for Jason for periods prior to the Closing Date. The Company was subsequently re-established as Jason Industries, Inc. and is the “Successor” for periods after the Closing Date, which includes consolidation of Jason subsequent to the Business Combination on June 30, 2014. The acquisition was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of net assets acquired. See Note 2 for further discussion of the Business Combination. As a result of the application of the acquisition method of accounting as of the effective date of the acquisition, the financial statements for the Predecessor period and for the Successor period are presented on a different basis and, therefore, are not comparable. |
Fiscal period | The Company’s fiscal year ends on December 31 . Throughout the year, the Company reports its results using a fiscal calendar whereby each three month quarterly reporting period is approximately thirteen weeks in length and ends on a Friday. The exceptions are the first quarter, which begins on January 1 , and the fourth quarter, which ends on December 31 . For 2015 , the Company’s fiscal quarters were comprised of the three months ended March 27, June 26, September 25 , and December 31 . In 2014 , the Company’s fiscal quarters were comprised of the three months ended March 28, June 27, September 26, and December 31 . |
Principles of consolidation | The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of all wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Investments in partially owned affiliates are accounted for using the equity method when the Company’s interest is between 20% and 50% and the Company does not have a controlling interest, yet maintains significant influence. |
Cash and cash equivalents | The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. At December 31, 2015 and 2014 , book overdrafts of approximately $7.6 million and $6.3 million , respectively, are included in accounts payable within the accompanying consolidated balance sheets. These amounts are held in accounts in which the Company has no right of offset with other cash balances. |
Accounts receivable | The Company evaluates collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. |
Inventories | Inventories are comprised of material, direct labor and manufacturing overhead, and are valued at the lower of cost or market and adjusted for the value of inventory that is estimated to be excess, obsolete or otherwise unmarketable. The estimation of excess, obsolete and unmarketable inventory is based on a variety of factors, including material or product age, estimated usage and estimated market demand. The first-in, first-out (“FIFO”) method is used to determine cost for all of the Company’s inventories. |
Property, plant and equipment | Property, plant and equipment are stated at cost. Depreciation generally occurs using the straight-line method over 2 to 40 years for buildings and improvements, 7 to 10 years for machinery and equipment, and 20 years for land improvements. Leasehold improvements are amortized over the lesser of the term of the respective leases and the useful life of the related improvement using the straight-line method. The Company uses accelerated depreciation methods for income tax purposes. Expenditures which substantially increase value or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to operations as incurred. The Company records gains and losses on the disposition or retirement of property, plant and equipment based on the net book value and any proceeds received. |
Long-lived assets | Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable based upon an estimate of the related future undiscounted cash flows. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset as compared to its carrying value. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less cost to sell. The Company conducts its long-lived asset impairment reviews at the lowest level in which identifiable cash flows are largely independent of cash flows of other assets and liabilities. |
Goodwill | Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is assessed for impairment at least annually and as triggering events or indicators of potential impairment occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. Goodwill has been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit. Impairment of goodwill is measured according to a two-step approach. In the first step, the fair value of a reporting unit is compared to the carrying value of the reporting unit, including goodwill. The estimated fair value represents the amount at which a reporting unit could be bought or sold in a current transaction between willing parties on an arms-length basis. In estimating the fair value, the Company uses a discounted cash flow model, which is dependent on a number of assumptions including estimated future revenues and expenses, weighted average cost of capital, capital expenditures and other variables. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied value of the goodwill is estimated as the fair value of the reporting unit less the fair value of all other tangible and identifiable intangible assets of the reporting unit. If the carrying amount of the goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The Company is subject to financial statement risk in the event that goodwill becomes impaired. See Note 8 for further discussion regarding the results of the Company’s goodwill impairment testing. |
Investments in partially-owned affiliates | The Company has investments in joint ventures located in Asia. These joint ventures are part of the Finishing segment and are accounted for using the equity method of accounting. As of December 31, 2015 and 2014 , the Company’s investment in these joint ventures was $7.4 million and $6.5 million , respectively, and is included in other assets-net in the consolidated balance sheets. Equity income is presented separately on the consolidated statements of operations. |
Income taxes | The provision for income taxes includes federal, state, local and foreign taxes on income. Deferred taxes are recorded for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities, and net operating loss and credit carryforwards available to offset future taxable income. Future tax benefits are recognized to the extent that realization of those benefits is considered to be more likely than not. A valuation allowance is provided for net deferred tax assets when it is more likely than not that the Company will not realize the benefit of such net assets. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. |
Share-based payments | The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for equity instruments of the Company that may be settled by the issuance of such equity instruments. Share-based compensation cost for restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the date of grant. The Company recognizes share-based compensation cost over the award’s requisite service period on a straight-line basis for time-based RSUs and on a graded basis for RSUs that are contingent on the achievement of performance conditions. The Company recognizes a benefit from share-based compensation in the consolidated statements of shareholders’ equity if an excess tax benefit is realized. |
Fair value of financial instruments | Current accounting guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. It also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with the guidance, fair value measurements are classified under the following hierarchy: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. • Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. The carrying amounts within the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. The Company assessed the amounts recorded under revolving loans, if any, and long-term debt and determined that the fair value of total debt was approximately $403.3 million as of December 31, 2015. As of December 31, 2014, the fair value of total debt approximated its recorded value. The Company considers the inputs related to these estimations to be Level 2 fair value measurements as they are primarily based on quoted prices for the Company’s Senior Secured Credit Facility. The valuation of the Company’s derivative financial instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, included interest rate curves. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. |
Derivative Financial Instruments | The Company recognizes all derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income (loss) depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income (loss), net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the consolidated statements of cash flows in the same category as the item being hedged. The Company’s policy is to enter into derivatives with creditworthy institutions and not to enter into such derivatives for speculative purposes. |
Foreign currency translation | Assets and liabilities of the Company’s foreign subsidiaries, whose respective functional currencies are other than the U.S. dollar, are translated at year-end exchange rates while revenues and expenses are translated at average exchange rates. Resultant gains and losses are reflected as accumulated other comprehensive loss within the accompanying consolidated statements of shareholders’ equity. |
Pre-production costs related to long-term supply agreements | The Company’s policy for engineering, research and development, and other design and development costs related to products that will be sold under long-term supply arrangements requires such costs to be expensed as incurred. Costs for molds, dies, and other tools used to manufacture products that will be sold under long-term supply arrangements are capitalized if the Company has title to the assets or when customer reimbursement is assured. |
Revenue recognition | Revenue is recognized from product sales at the time that title and risks and rewards of ownership are transferred to the customer, generally upon shipment. Customer sales are recorded net of allowances for returns and discounts. The Company provides for an allowance for doubtful accounts based on historical experience and review of its existing receivables. |
Shipping and handling fees and costs | The Company classifies all amounts invoiced to customers related to shipping and handling as sales. Expenses for transportation of products to customers are recorded as a component of cost of goods sold. |
Research and development costs | Research and development costs consist of engineering and development resources and are expensed as incurred. |
Advertising costs | Advertising costs are charged to selling, general and administrative expenses as incurred |
Transaction-related expenses | The Company incurs transaction-related expenses primarily consisting of professional service fees and costs related to business acquisition activities, including the Business Combination in 2014. The Company recognized transaction-related expenses of $0.9 million in the year ended December 31, 2015, $2.5 million in the period June 30, 2014 through December 31, 2014, $27.8 million in the period January 1, 2014 through June 29, 2014 and $1.1 million in the year ended December 31, 2013. The transaction-related expenses were recognized as incurred in accordance with the applicable accounting guidance on business combinations. |
Use of estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration risks | The Company’s operations are geographically dispersed and it has a diverse customer base. Management believes bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have a material effect on the Company’s financial position, results of operations or cash flows. |
Recently issued accounting standards | On January 5, 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The amendment to the standard is effective for interim and annual periods beginning after December 15, 2017. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2016-01 will have on the Company's financial position or results of operations. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016. The new guidance is effective for the Company beginning on January 1, 2017, with early adoption permitted. The standard may be adopted prospectively or retrospectively to all periods presented. The Company has elected to retrospectively adopt the standard effective January 1, 2015. As such, certain prior period amounts have been reclassified to conform to the current presentation. In the consolidated balance sheets as of December 31, 2014, the Company has reclassified $11.1 million from deferred income taxes in current assets and $0.3 million from other current liabilities. The impact of this reclassification was to increase other assets-net within non-current assets by $0.4 million and to decrease long-term deferred income taxes within non-current liabilities by $10.4 million . In September 2015, the FASB issued Accounting Standards Update 2015-16, “Simplifying the Accounting for Measurement Period Adjustments” (“ASU 2015-16”). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements” (“ASU 2015-15”). ASU 2015-15 indicates that previously issued guidance did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance, the SEC staff has indicated that they would not object to an entity deferring and presenting debt issuance costs as assets and amortizing the deferred costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. Management has evaluated the provisions of this statement and has determined the adoption of ASU 2015-15 will have no impact on the Company’s financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”). Under ASU 2015-11, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, “Revenue From Contracts With Customers”, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU becomes effective for the Company at the beginning of its 2017 fiscal year; early adoption is not permitted. On July 9, 2015, the FASB voted to defer the effective date of this ASU by one year to December 15, 2017, for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the potential impact of this updated guidance on its consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends existing consolidation guidance for reporting organizations such as limited partnerships and other similar entities that are required to evaluate whether they should consolidate certain legal entities. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. Management has evaluated the provisions of this statement and has determined the adoption of ASU 2015-02 will have no impact on the Company’s financial position or results of operations. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. The ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter; early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Consummation of Business Comb31
Consummation of Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Pro Forma Information | The unaudited pro forma condensed consolidated financial information has been prepared using the acquisition method of accounting in accordance with GAAP. (Unaudited pro forma) Year ended December 31, 2014 2013 Net sales $ 702,486 $ 680,845 Net loss attributable to common shareholders of Jason Industries $ (9,683 ) $ (19,391 ) |
Business Acquisitions, Purchase Price Allocation | The calculation of purchase price and purchase price allocation is as follows: Calculation of Cash consideration $ 500,218 Management rollover equity 35,780 Total purchase price $ 535,998 Purchase Price Allocation (1) Cash and cash equivalents $ 11,049 Accounts receivable 97,693 Inventories 83,538 Deferred income taxes - current (net) 8,095 Other current assets 18,973 Property, plant and equipment 179,871 Goodwill 158,955 Other intangible assets - net 208,450 Other assets - net 8,469 Current liabilities (111,623 ) Deferred income taxes (net) (97,266 ) Debt (11,277 ) Other long-term liabilities (18,929 ) Total purchase price $ 535,998 (1) The Company recorded an adjustment to correct accounts payable and deferred income taxes prior to the Business Combination resulting in a $0.7 million increase in Seating segment goodwill (See Note 1). The preliminary consideration and preliminary purchase price allocation is as follows: Calculation of Purchase Price Cash $ 34,938 Debt 11,031 Purchase consideration $ 45,969 Preliminary Purchase Price Allocation Cash and cash equivalents $ 524 Accounts receivable 3,430 Inventories - net 7,156 Other current assets 1,495 Property, plant and equipment 23,931 Goodwill 10,458 Other intangible assets - net 9,285 Other assets - net 42 Current liabilities (4,435 ) Deferred income taxes (net) (5,765 ) Other long-term liabilities (152 ) Total purchase price $ 45,969 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The values allocated to other intangible assets and the weighted average useful lives are as follows: Gross Carrying Amount Weighted Average Useful Life (years) Patents $ 2,720 7.0 Customer relationships 140,450 14.4 Trademarks and other intangibles 65,280 15.0 Total amortized other intangible assets $ 208,450 The preliminary values allocated to other intangible assets and the weighted average useful lives are as follows: Gross Carrying Amount Weighted Average Useful Life (years) Customer relationships $ 6,130 15 Tradenames 3,155 15 $ 9,285 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Acquisitions, Purchase Price Allocation | The calculation of purchase price and purchase price allocation is as follows: Calculation of Cash consideration $ 500,218 Management rollover equity 35,780 Total purchase price $ 535,998 Purchase Price Allocation (1) Cash and cash equivalents $ 11,049 Accounts receivable 97,693 Inventories 83,538 Deferred income taxes - current (net) 8,095 Other current assets 18,973 Property, plant and equipment 179,871 Goodwill 158,955 Other intangible assets - net 208,450 Other assets - net 8,469 Current liabilities (111,623 ) Deferred income taxes (net) (97,266 ) Debt (11,277 ) Other long-term liabilities (18,929 ) Total purchase price $ 535,998 (1) The Company recorded an adjustment to correct accounts payable and deferred income taxes prior to the Business Combination resulting in a $0.7 million increase in Seating segment goodwill (See Note 1). The preliminary consideration and preliminary purchase price allocation is as follows: Calculation of Purchase Price Cash $ 34,938 Debt 11,031 Purchase consideration $ 45,969 Preliminary Purchase Price Allocation Cash and cash equivalents $ 524 Accounts receivable 3,430 Inventories - net 7,156 Other current assets 1,495 Property, plant and equipment 23,931 Goodwill 10,458 Other intangible assets - net 9,285 Other assets - net 42 Current liabilities (4,435 ) Deferred income taxes (net) (5,765 ) Other long-term liabilities (152 ) Total purchase price $ 45,969 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The values allocated to other intangible assets and the weighted average useful lives are as follows: Gross Carrying Amount Weighted Average Useful Life (years) Patents $ 2,720 7.0 Customer relationships 140,450 14.4 Trademarks and other intangibles 65,280 15.0 Total amortized other intangible assets $ 208,450 The preliminary values allocated to other intangible assets and the weighted average useful lives are as follows: Gross Carrying Amount Weighted Average Useful Life (years) Customer relationships $ 6,130 15 Tradenames 3,155 15 $ 9,285 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring liabilities consisted of the following: Severance costs Lease termination costs Other costs Total Balance - December 31, 2013, Predecessor $ 1,112 $ 818 $ 65 $ 1,995 Current period restructuring charges 629 631 1,294 2,554 Cash payments (1,088 ) (104 ) (899 ) (2,091 ) Balance - June 29, 2014, Predecessor 653 1,345 460 2,458 Current period restructuring charges 829 — 302 1,131 Cash payments (1,394 ) (289 ) (665 ) (2,348 ) Balance - December 31, 2014, Successor 88 1,056 97 1,241 Current period restructuring charges 1,570 1,173 1,057 3,800 Cash payments (1,064 ) (1,191 ) (961 ) (3,216 ) Non-cash charges and other — — (193 ) (193 ) Balance - December 31, 2015, Successor $ 594 $ 1,038 $ — $ 1,632 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Current Inventory | Inventories at December 31, 2015 and December 31, 2014 consisted of the following: Successor December 31, 2015 December 31, 2014 Raw material $ 40,310 $ 42,803 Work-in-process 4,809 5,572 Finished goods 35,313 32,171 Total Inventories $ 80,432 $ 80,546 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at December 31, 2015 and December 31, 2014 consisted of the following: Successor December 31, 2015 December 31, 2014 Land and improvements $ 10,908 $ 10,645 Buildings and improvements 41,082 37,411 Machinery and equipment 164,843 129,054 Construction-in-progress 23,571 12,288 240,404 189,398 Less: Accumulated depreciation (44,254 ) (12,920 ) Property, Plant and Equipment, net $ 196,150 $ 176,478 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reporting segment was as follows: Seating Finishing Acoustics Components Total Balance as of December 31, 2013 (Predecessor) $ 19,402 $ — $ — $ 14,796 $ 34,198 Elimination of predecessor goodwill (19,402 ) — — (14,796 ) (34,198 ) Acquisition of businesses (1) 58,831 36,613 30,667 33,183 159,294 Foreign currency impact — (2,005 ) (491 ) — (2,496 ) Balance as of December 31, 2014 (Successor) $ 58,831 $ 34,608 $ 30,176 $ 33,183 $ 156,798 Acquisition of businesses — 10,506 — — 10,506 Goodwill impairment (58,831 ) — — — (58,831 ) Foreign currency impact — (1,885 ) (418 ) — (2,303 ) Balance as of December 31, 2015 (Successor) $ — $ 43,229 $ 29,758 $ 33,183 $ 106,170 (1) The Company recorded an adjustment to correct accounts payable and deferred income taxes prior to the Business Combination resulting in a $0.7 million increase in Seating segment goodwill (See Note 1). |
Schedule of Other Intangible Assets | The Company’s other amortizable intangible assets consisted of the following: Successor December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 1,800 $ (62 ) $ 1,738 $ 2,841 $ (200 ) $ 2,641 Customer relationships 110,722 (8,745 ) 101,977 138,864 (4,846 ) 134,018 Trademarks and other intangibles 58,962 (4,762 ) 54,200 64,162 (2,138 ) 62,024 Total amortized other intangible assets $ 171,484 $ (13,569 ) $ 157,915 $ 205,867 $ (7,184 ) $ 198,683 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Excluding the impact of any future acquisitions, the Company anticipates the annual amortization for each of the next five years and thereafter to be the following: 2016 $ 12,556 2017 12,435 2018 12,408 2019 12,328 2020 12,248 Thereafter 95,940 $ 157,915 |
Debt and Hedging Instruments (T
Debt and Hedging Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Loans and Other Long-Term Debt Instruments | The Company’s debt consisted of the following: Successor December 31, 2015 December 31, 2014 First Lien Term Loans $ 306,125 $ 309,225 Debt discount on First Lien Term Loans (2,994 ) (3,538 ) Second Lien Term Loans 110,000 110,000 Debt discount on Second Lien Term Loans (3,016 ) (3,480 ) Foreign debt 29,731 6,515 Capital lease obligations 1,577 1,959 Total outstanding indebtedness 441,423 420,681 Less: Current portion (6,186 ) (5,375 ) Total long-term debt $ 435,237 $ 415,306 |
Schedule of Maturities of Long-term Debt | Future annual maturities of long-term debt outstanding at December 31, 2015 are as follows: 2016 $ 6,186 2017 5,858 2018 6,156 2019 11,584 2020 5,714 Thereafter 411,935 Total future annual maturities of long term debt outstanding 447,433 Less: Debt discounts (6,010 ) Total long-term debt $ 441,423 |
Lease Obligations Lease Obligat
Lease Obligations Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments required under long-term operating leases in effect at December 31, 2015 are as follows: 2016 $ 7,971 2017 6,059 2018 5,374 2019 5,174 2020 5,059 Thereafter 21,071 $ 50,708 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of accumulated other comprehensive (loss) income, net of taxes, were as follows: Employee retirement plan adjustments Foreign currency translation adjustments Net unrealized gains (losses)on cash flow hedges Total Balance at December 31, 2013, Predecessor $ (156 ) $ 630 $ — $ 474 Other comprehensive loss before reclassifications (792 ) (465 ) — (1,257 ) Amount reclassified from accumulated other comprehensive income 105 — — 105 Cumulative foreign currency translation adjustments associated with joint ventures sold — (591 ) — (591 ) Balance at June 29, 2014, Predecessor (843 ) (426 ) — (1,269 ) Elimination of predecessor accumulated other comprehensive income 843 426 — 1,269 Other comprehensive loss before reclassifications (1,434 ) (10,631 ) — (12,065 ) Balance at December 31, 2014, Successor (1,434 ) (10,631 ) — (12,065 ) Other comprehensive loss before reclassifications 398 (9,606 ) (273 ) (9,481 ) Amount reclassified from accumulated other comprehensive income (15 ) — 105 90 Balance at December 31, 2015, Successor $ (1,051 ) $ (20,237 ) $ (168 ) $ (21,456 ) |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The Company recognized the following share based compensation: Successor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Compensation Expense: Restricted Stock Units $ 2,689 $ 1,570 Adjusted EBITDA Vesting Awards 899 1,416 Stock Price Vesting Awards 1,319 1,140 4,907 4,126 Impact of accelerated vesting (1) 3,062 — Total share-based compensation expense $ 7,969 $ 4,126 Total income tax benefit recognized $ 3,041 $ 1,348 (1) Mainly represents the impact of the acceleration of certain vesting schedules for restricted stock units and stock price vesting awards primarily related to the transition of the Company’s CEO and CFO. |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes restricted stock units activity: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Shares (thousands) Weighted-Average Grant Date Fair Value Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested balance - beginning 762 $ 10.50 — $ — Granted 216 6.39 762 10.50 Vested (515 ) 10.49 — — Forfeited (62 ) 7.84 — — Nonvested balance - end 401 $ 8.70 762 $ 10.50 |
Schedule of Nonvested Performance Share Unit Awards | The following table summarizes adjusted EBITDA vesting awards activity: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Shares (thousands) Weighted-Average Grant Date Fair Value Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested balance - beginning 1,216 $ 10.49 — $ — Granted 142 6.33 1,216 10.49 Vested — — — — Forfeited (487 ) 10.49 — — Nonvested balance - end 871 $ 9.81 1,216 $ 10.49 The following table summarizes stock price vesting awards activity: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Shares (thousands) Weighted-Average Grant Date Fair Value Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested balance - beginning 810 $ 3.54 — $ — Granted 95 1.08 810 3.54 Vested — — — — Forfeited (27 ) 3.54 — — Nonvested balance - end 878 $ 3.27 810 $ 3.54 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following summarizes the assumptions used in the Monte Carlo option pricing model to value stock price vesting awards: Successor For the Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 Risk-free interest rate 0.24% - 1.33% 0.88% Weighted average volatility 27 % 17 % Dividend yield — — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The reconciliation of the numerator and denominator of the basic and diluted income (loss) per share calculation and the anti-dilutive shares is as follows: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Net (loss) income per share available to Jason Industries common shareholders Basic and diluted income (loss) per share $ (3.53 ) $ (0.61 ) $ (4,955 ) $ 21,683 Numerator: Net (loss) income available to common shareholders of Jason Industries $ (78,058 ) $ (13,428 ) $ (4,955 ) $ 21,683 Denominator: Basic and diluted weighted-average shares outstanding 22,145 21,991 1 1 Weighted average number of anti-dilutive shares excluded from denominator: Warrants to purchase Jason Industries common stock 13,994 13,994 — — Conversion of Series A 8% Perpetual Convertible Preferred 3,653 3,653 — — Conversion of JPHI Rollover Shares convertible to Jason Industries common stock 3,486 3,486 — — Restricted stock units 589 762 — — Performance share units 1,540 2,026 — — Total 23,262 23,921 — — |
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 | The source of (loss) income before income taxes consisted of the following: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Domestic $ (126,334 ) $ (26,273 ) $ (19,647 ) $ 32,404 Foreign 14,478 4,404 14,119 9,931 (Loss) income before income taxes $ (111,856 ) $ (21,869 ) $ (5,528 ) $ 42,335 |
Schedule of Components of Income Tax Expense (Benefit) | The consolidated (benefit) provision for income taxes included within the consolidated statements of operations consisted of the following: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Current Federal $ 161 $ (469 ) $ 1,157 $ 9,541 State 104 103 102 936 Foreign 5,703 2,261 3,278 3,173 Total current income tax provision 5,968 1,895 4,537 13,650 Deferred Federal (24,548 ) (8,023 ) (4,618 ) 2,963 State (3,196 ) (1,584 ) (598 ) 487 Foreign (479 ) (177 ) 106 1,147 Total deferred income tax (benefit) provision (28,223 ) (9,784 ) (5,110 ) 4,597 Total income tax (benefit) provision $ (22,255 ) $ (7,889 ) $ (573 ) $ 18,247 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes at the Federal statutory rate to the effective tax rate is summarized as follows: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Tax at Federal statutory rate of 35% 35.0 % 35.0 % 35.0 % 35.0 % State taxes - net of Federal benefit 2.7 3.9 8.0 2.3 Research and development incentives 0.4 1.5 2.1 (2.4 ) Manufacturer's deduction — — (0.8 ) (1.8 ) Foreign rate differential 0.8 1.2 23.3 (0.9 ) Non-deductible transaction costs — — (45.3 ) — Valuation allowances 0.2 0.8 (8.5 ) (1.2 ) Tax rate change (1.0 ) 0.4 (1.5 ) 1.6 Decrease (increase) in tax reserves (0.2 ) (2.0 ) 19.0 2.8 Stock compensation expense (0.7 ) (0.9 ) (7.6 ) 0.2 U.S. taxation of foreign earnings (1) (0.5 ) — (11.9 ) 5.2 Non-deductible meals and entertainment (0.1 ) (0.4 ) (0.7 ) 0.3 Non-deductible impairment charges (2) (16.2 ) — — — Other (0.5 ) (3.4 ) (0.7 ) 2.0 Effective tax rate 19.9 % 36.1 % 10.4 % 43.1 % (1) During the year ended December 31, 2013, the U.S. taxation of foreign earnings includes the recognition of a deferred tax liability for foreign earnings that are no longer considered permanently reinvested. (2) During the year ended December 31, 2015, the non-deductible impairment charges are related to the impairment of goodwill and other intangible assets. |
Schedule of Deferred Tax Assets and Liabilities | The Company’s temporary differences which gave rise to deferred tax assets and liabilities were as follows: Successor December 31, 2015 December 31, 2014 Deferred tax assets Accrued expenses and reserves $ 2,692 $ 3,186 Postretirement and postemployment benefits 3,031 3,498 Employee benefits 7,373 5,076 Inventories 2,826 2,644 Other assets (1) 2,647 2,027 Operating loss and credit carryforwards 12,219 10,121 Gross deferred tax assets 30,788 26,552 Less valuation allowance (3,703 ) (3,898 ) Deferred tax assets 27,085 22,654 Deferred tax liabilities Property, plant and equipment (32,551 ) (33,978 ) Intangible assets and other liabilities (51,374 ) (68,937 ) Foreign investments (259 ) (229 ) Deferred tax liabilities (84,184 ) (103,144 ) Net deferred tax liability $ (57,099 ) $ (80,490 ) Amounts recognized in the statement of financial position consist of: Other assets - net $ 430 $ 531 Deferred income taxes (57,529 ) (81,021 ) Net amount recognized $ (57,099 ) $ (80,490 ) (1) The Company recorded an adjustment to correct goodwill prior to the Business Combination resulting in a $0.2 million increase in deferred income taxes (See Note 1). |
Schedule of Unrecognized Tax Benefits Roll Forward | Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, are as follows for the years ended December 31, 2015 , 2014 and 2013: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Balance at beginning of period $ 2,743 $ 2,020 $ 3,691 $ 2,556 (Reductions) additions based on tax positions related to current year (28 ) 357 204 1,230 Additions based on tax positions related to prior years 55 — 271 29 Additions recognized in acquisition accounting 323 508 — — Reductions in tax positions - settlements (111 ) (106 ) (1,684 ) — Reductions related to lapses of statute of limitations (54 ) (36 ) (462 ) (124 ) Balance at end of period $ 2,928 $ 2,743 $ 2,020 $ 3,691 |
Summary of Open Tax Years | The Company does not expect the results of these examinations to have a material impact on the Company. Tax Jurisdiction Open Tax Years Brazil 2011 - 2015 France 2011 - 2015 Germany 2012 - 2015 Mexico 2010 - 2015 Sweden 2011 - 2015 United Kingdom 2013 - 2015 United States (federal) 2012 - 2015 United States (state and local) 2011 - 2015 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments | Estimated projected benefit payments from the plans as of December 31, 2015 are as follows: 2016 $ 1,181 2017 1,556 2018 1,193 2019 1,183 2020 1,343 2021-2025 6,549 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Changes In Projected Benefit Obligations And Plan Assets | The table that follows contains the accumulated benefit obligation and reconciliations of the changes in projected benefit obligation, the changes in plan assets and funded status: U.S. Plans Non-U.S. Plans Successor Predecessor Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Accumulated benefit obligation $ 10,824 $ 11,508 $ 10,814 $ 12,988 $ 14,548 $ 14,710 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 11,508 $ 10,814 $ 10,324 $ 14,548 $ 14,710 $ 13,662 Service cost — — — 125 93 85 Interest cost 410 207 226 384 243 285 Actuarial (gain) loss (419 ) 818 567 (430 ) 1,294 938 Benefits paid (675 ) (331 ) (301 ) (596 ) (290 ) (413 ) Other — — (2 ) — — 15 Currency translation adjustment — — — (1,043 ) (1,502 ) 138 Projected benefit obligation at end of year $ 10,824 $ 11,508 $ 10,814 $ 12,988 $ 14,548 $ 14,710 Change in plan assets Fair value of plan assets at beginning of year 10,019 10,369 10,121 6,691 6,817 6,358 Actual return on plan assets (319 ) 15 549 94 489 299 Employer and employee contributions — — — 517 278 292 Benefits paid (675 ) (331 ) (301 ) (581 ) (275 ) (324 ) Other (40 ) (34 ) — — — — Currency translation adjustment — — — (328 ) (618 ) 192 Fair value of plan assets at end of year $ 8,985 $ 10,019 $ 10,369 $ 6,393 $ 6,691 $ 6,817 Funded Status $ (1,839 ) $ (1,489 ) $ (445 ) $ (6,595 ) $ (7,857 ) $ (7,893 ) Weighted-average assumptions Discount rates 3.87%-4.15% 3.52%-3.75% 3.73%-4.00% 2.20%-3.70% 2.10%-3.50% 2.80%-4.30% Rate of compensation increase N/A N/A N/A 2.00%-3.60% 2.00%-3.70% 2.00%-3.90% Amounts recognized in the statement of financial position consist of: Non-current assets 837 1,111 1,431 — — — Other current liabilities — — — (68 ) (75 ) (42 ) Other long-term liabilities (2,676 ) (2,600 ) (1,876 ) (6,527 ) (7,782 ) (7,851 ) Net amount recognized $ (1,839 ) $ (1,489 ) $ (445 ) $ (6,595 ) $ (7,857 ) $ (7,893 ) |
Schedule of Net Benefit Costs | The following table contains the components of net periodic benefit cost: U.S. Plans Non-U.S. Plans Successor Predecessor Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ 125 $ 93 $ 85 $ 161 Interest cost 410 207 226 425 384 243 285 500 Expected return on plan assets (580 ) (311 ) (319 ) (592 ) (255 ) (6 ) (166 ) (257 ) Amortization of actuarial gain/loss — — — — — — 130 253 Recognized net actuarial loss/ settlements/curtailments — — (2 ) 11 — — (20 ) — Net periodic (benefit) cost $ (170 ) $ (104 ) $ (95 ) $ (156 ) $ 254 $ 330 $ 314 $ 657 Weighted-average assumptions Discount rates 3.52%-3.75% 3.73%-4.00% 4.50% 3.75%-4.00% 2.10%-3.50% 2.80%-4.30% 3.50%-4.60% 3.40%-4.40% Rate of compensation increase N/A N/A N/A N/A 2.00%-3.70% 2.00%-3.90% 2.00%-4.00% 2.00%-3.10% Expected long-term rates or return 5.00%-8.00% 5.25%-8.00% 5.25%-8.00% 5.25%-8.00% 3.90%-4.50% 4.50%-4.90% 4.50%-5.20% 4.50% |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The net amounts recognized in accumulated other comprehensive (loss) income related to the Company’s defined benefit pension plans consisted of the following: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Year Ended December 31, 2013 Unrecognized loss (gain) $ 1,364 $ 1,441 $ 606 $ (55 ) |
Schedule of Allocation of Plan Assets | The Company’s pension plan asset allocations by asset category at December 31, 2015 and 2014 are as follows: Successor U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Equity securities 52.2 % 49.5 % 45.9 % 44.4 % Debt securities 40.9 % 43.2 % 50.2 % 51.1 % Other 6.9 % 7.3 % 3.9 % 4.5 % |
Schedule of Fair Value Of Pension Plan Assets By Asset Category | The fair values of pension plan assets by asset category at December 31, 2015 and 2014 are as follows: Total as of December 31, 2015 Level 1 Level 2 Level 3 Cash and cash equivalents $ 635 $ 635 $ — $ — Accrued dividends 3 3 — — Global equities 7,626 7,626 — — Government bonds 804 — 804 — Corporate bonds 6,075 — 6,075 — Group annuity/insurance contracts 235 — — 235 Total $ 15,378 $ 8,264 $ 6,879 $ 235 Total as of December 31, 2014 Level 1 Level 2 Level 3 Cash and cash equivalents $ 757 $ 757 $ — $ — Accrued dividends 3 3 — — Global equities 7,931 7,931 — — Government bonds 876 — 876 — Corporate bonds 6,874 — 6,874 — Group annuity/insurance contracts 269 — — 269 Total $ 16,710 $ 8,691 $ 7,750 $ 269 |
Schedule of Changes in Fair Value of Plan Assets | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2015 due to the following: Beginning balance, December 31, 2014 $ 269 Actual return on assets related to assets still held 7 Purchases, sales and settlements (41 ) Ending balance, December 31, 2015 $ 235 |
Schedule of Expected Benefit Payments | The Company’s cash contributions to its postretirement benefit plan in 2015 are not yet determined but are expected to equal the projected benefits from the plan. Estimated projected benefit payments from the plan at December 31, 2015 are as follows: 2016 $ 215 2017 205 2018 194 2019 183 2020 173 2021-2025 719 |
Postretirement Health Coverage And Life Insurance Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Changes In Projected Benefit Obligations And Plan Assets | The table that follows contains the accumulated benefit obligation and reconciliations of the changes in projected benefit obligation, the changes in plan assets and funded status: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 January 1, 2014 Accumulated benefit obligation $ 2,094 $ 2,808 $ 2,627 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 2,808 $ 2,627 $ 2,614 Interest cost 92 44 54 Actuarial (gain) loss (634 ) 284 52 Benefits paid (172 ) (90 ) (93 ) Curtailment — (57 ) — Projected benefit obligation at end of year $ 2,094 $ 2,808 $ 2,627 Change in plan assets Employer contributions $ 172 $ 90 $ 93 Benefits paid (172 ) (90 ) (93 ) Fair value of plan assets at end of year $ — $ — $ — Funded Status $ (2,094 ) $ (2,808 ) $ (2,627 ) Weighted-average assumptions Discount rates 3.82 % 3.44 % 4.25 % Amounts recognized in the statement of financial position consist of: Other current liabilities $ (211 ) $ (234 ) $ (249 ) Other long-term liabilities (1,883 ) (2,574 ) (2,378 ) Net amount recognized $ (2,094 ) $ (2,808 ) $ (2,627 ) |
Schedule of Net Benefit Costs | The table that follows contains the components of net periodic benefit costs: Successor Predecessor Year ended December 31, 2015 June 30, 2014 January 1, 2014 Year ended December 31, 2013 Components of net periodic benefit cost Interest cost $ 92 $ 44 $ 54 $ 108 Amortization of the net loss from earlier periods 1 — 5 66 Net periodic benefit cost $ 93 $ 44 $ 59 $ 174 Weighted-average assumptions Discount rates 3.82 % 3.44 % 4.25 % 4.25 % |
Other Postretirement Benefit Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The net amounts recognized in accumulated other comprehensive (loss) income related to the Company’s other postretirement healthcare and life insurance plans consisted of the following: Successor Predecessor Year ended December 31, 2015 June 30, 2014 January 1, 2014 Year ended December 31, 2013 Unrecognized (gain) loss $ (214 ) $ 174 $ 240 $ 210 |
Business Segments, Geographic44
Business Segments, Geographic and Customer Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Reportable Segment | Net sales relating to the Company’s reportable segments are as follows: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Net sales Seating $ 176,792 $ 67,033 $ 104,878 $ 165,245 Finishing 191,394 90,895 96,692 180,406 Acoustics 218,047 108,807 109,930 204,494 Components 122,133 58,600 65,651 130,700 $ 708,366 $ 325,335 $ 377,151 $ 680,845 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Adjusted EBITDA information relating to the Company’s reportable segments is presented below followed by a reconciliation of total segment Adjusted EBITDA to consolidated income before taxes: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Segment Adjusted EBITDA Seating $ 19,766 $ 8,337 $ 17,668 $ 25,601 Finishing 25,799 12,542 13,732 17,619 Acoustics 27,515 8,912 9,676 23,426 Components 20,943 6,921 10,324 22,898 $ 94,023 $ 36,712 $ 51,400 $ 89,544 Interest expense, including intercompany (1,870 ) (1,022 ) (1,269 ) (2,696 ) Depreciation and amortization (44,938 ) (20,291 ) (12,796 ) (26,882 ) Impairment charges (94,126 ) — — — (Loss) gain on disposal of property, plant and equipment - net (109 ) (57 ) (336 ) 18 Restructuring (3,800 ) (1,131 ) (2,554 ) (2,950 ) Transaction-related expenses (789 ) (27 ) (242 ) — Integration and other restructuring costs (2,713 ) (9,921 ) (2,575 ) (1,039 ) Newcomerstown fire gain — — — 18,834 Adjustment for non-discrete fire costs — — — 1,419 Multiemployer pension plan withdrawal (loss) gain — — — 696 Gain on claim settlement — — — 455 Gain from sale of joint ventures — — 3,508 — Total segment income before income taxes (54,322 ) 4,263 35,136 77,399 Corporate general and administrative expenses (12,860 ) (4,263 ) (7,032 ) (15,808 ) Corporate interest expense, including intercompany (29,965 ) (15,150 ) (6,032 ) (18,020 ) Corporate depreciation (310 ) (84 ) (57 ) (123 ) Corporate transaction-related expenses (97 ) (2,506 ) (27,541 ) (1,073 ) Corporate integration and other restructuring (6,333 ) — — — Corporate loss on disposal of property, plant and equipment — — (2 ) (40 ) Corporate share based compensation (7,969 ) (4,129 ) — — (Loss) income before income taxes $ (111,856 ) $ (21,869 ) $ (5,528 ) $ 42,335 Other financial information relating to the Company’s reportable segments is as follows at December 31, 2015 and 2014 and for the year ended December 31, 2015, the periods June 30, 2014 through December 31, 2014 and January 1, 2014 through June 29, 2014, and the year ended December 31, 2013, respectively: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Depreciation and amortization Seating $ 13,693 $ 6,900 $ 3,571 $ 9,228 Finishing 11,407 4,711 2,824 5,631 Acoustics 11,251 4,859 2,838 4,950 Components 8,587 3,821 3,562 7,073 General Corporate 310 84 57 123 $ 45,248 $ 20,375 $ 12,852 $ 27,005 Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Capital expenditures Seating $ 3,804 $ 2,115 $ 1,060 $ 2,066 Finishing 9,090 3,990 3,151 5,824 Acoustics 14,881 6,063 4,098 14,855 Components 4,875 3,037 2,671 2,794 General Corporate 136 154 18 70 $ 32,786 $ 15,359 $ 10,998 $ 25,609 Successor December 31, 2015 December 31, 2014 Assets Seating $ 119,019 $ 219,907 Finishing 248,210 221,074 Acoustics 206,117 195,031 Components 124,480 137,354 Total segments 697,826 773,366 Corporate and eliminations 8,353 26,038 Consolidated $ 706,179 $ 799,404 |
Reconciliation of Assets from Segment to Consolidated | Net sales and long-lived asset information by geographic area are as follows at December 31, 2015 and 2014 and for the year ended December 31, 2015, the periods June 30, 2014 through December 31, 2014 and January 1, 2014 through June 29, 2014, and the year ended December 31, 2013, respectively: Successor Predecessor Year Ended December 31, 2015 June 30, 2014 Through December 31, 2014 January 1, 2014 Through June 29, 2014 Year Ended December 31, 2013 Net sales by region United States $ 510,526 $ 231,920 $ 273,868 $ 489,714 Europe 138,578 62,263 70,813 126,261 Mexico 48,242 23,728 25,258 51,542 Other 11,020 7,424 7,212 13,328 $ 708,366 $ 325,335 $ 377,151 $ 680,845 Successor December 31, 2015 December 31, 2014 Long-lived assets United States $ 245,307 $ 292,068 Europe 94,804 70,024 Mexico 10,434 9,792 Other 3,520 3,277 $ 354,065 $ 375,161 |
Newcomerstown Fire (Tables)
Newcomerstown Fire (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Extraordinary and Unusual Items [Abstract] | |
Schedule of Business Insurance Recoveries | For the year ended December 31, 2013, the Company recorded the following expenses (income) related to the incident: 2013 Insurance deductibles $ (100 ) Non-cash asset impairments Inventories, tooling and supplies — Property, plant and equipment - net — Losses of third-party property — Subtotal asset impairments and third-party property — Business interruption expenses 12,200 Subtotal prior to insurance recoveries 12,100 Less insurance recoveries Property (6,351 ) Business interruption (24,583 ) Subtotal insurance recoveries (30,934 ) Net fire loss (gain) $ (18,834 ) |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Jun. 29, 2014USD ($) | Dec. 31, 2015USD ($)segmentcountry | Dec. 31, 2014USD ($)Joint_Venture | Dec. 31, 2013USD ($)Joint_Venture | |
Predecessor | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of entities in disposal group | Joint_Venture | 2 | ||||
Advertising expense | $ 1,300 | $ 2,600 | |||
Transaction-related expenses | 27,783 | 1,073 | |||
Goodwill | 34,198 | ||||
Predecessor | Selling, General and Administrative Expenses | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Research and development expense | $ 2,700 | $ 5,000 | |||
Successor | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of reportable segments | segment | 4 | ||||
Number of countries Jason operates in | country | 14 | ||||
Quarterly period duration | 91 days | ||||
Number of entities in disposal group | Joint_Venture | 2 | ||||
Fair value of total debt | $ 403,300 | ||||
Advertising expense | $ 1,200 | 2,700 | |||
Transaction-related expenses | 2,533 | 886 | |||
Accounts payable | 58,176 | 56,838 | $ 58,176 | ||
Deferred income taxes | 81,021 | 57,247 | 81,021 | ||
Goodwill | 156,798 | 106,170 | 156,798 | ||
Successor | Immaterial Errors | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Accounts payable | 500 | 500 | |||
Deferred income taxes | 200 | 200 | |||
Goodwill | 700 | 700 | |||
Successor | Selling, General and Administrative Expenses | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Research and development expense | 2,100 | 5,000 | |||
Successor | Accounts Payable | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Bank overdrafts | 6,300 | 7,600 | 6,300 | ||
Successor | Other Assets - Net | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Equity method investments | 6,500 | $ 7,400 | 6,500 | ||
Successor | Other Assets - Net | New Accounting Pronouncement, Early Adoption, Effect | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Deferred income taxes, current | (11,100) | (11,100) | |||
Successor | Other Current Liabilities | New Accounting Pronouncement, Early Adoption, Effect | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Other current liabilities | (300) | (300) | |||
Successor | Other Noncurrent Assets | New Accounting Pronouncement, Early Adoption, Effect | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Other assets - net | 400 | 400 | |||
Successor | Other Noncurrent Liabilities | New Accounting Pronouncement, Early Adoption, Effect | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Other long-term liabilities | $ (10,400) | $ (10,400) |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Useful Lives of Assets) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer Concentration Risk | Sales Revenue, Net | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 10.00% | ||
Predecessor | Customer Concentration Risk | Sales Revenue, Net | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 7.00% | ||
Successor | Customer Concentration Risk | Sales Revenue, Net | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 7.00% | ||
Successor | Customer Concentration Risk | Accounts Receivable | |||
Property, Plant and Equipment [Line Items] | |||
Concentration risk, percentage | 15.00% | 7.00% | |
Successor | Patents | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset, useful life | 7 years | ||
Successor | Customer Relationships | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset, useful life | 10 years | ||
Successor | Customer Relationships | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset, useful life | 15 years | ||
Successor | Trademarks And Other Intangible Assets | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset, useful life | 5 years | ||
Successor | Trademarks And Other Intangible Assets | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Intangible asset, useful life | 18 years | ||
Successor | Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Successor | Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Successor | Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Successor | Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Successor | Land Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years |
Consummation of Business Comb48
Consummation of Business Combination (Details) | Jun. 30, 2014USD ($)shares | Nov. 14, 2013 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 29, 2014USD ($) | Feb. 28, 2013USD ($) |
Successor | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 106,170,000 | $ 156,798,000 | |||||
Successor | Seating | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 0 | 58,831,000 | |||||
Successor | Immaterial Errors | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 700,000 | ||||||
Successor | Immaterial Errors | Seating | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 700,000 | ||||||
Successor | Series A Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 8.00% | ||||||
Successor | Secured Debt | |||||||
Business Acquisition [Line Items] | |||||||
Maximum borrowing capacity | $ 460,000,000 | ||||||
Successor | Jason | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 535,998,000 | ||||||
Transaction costs | 1,200,000 | ||||||
Percentage of voting interests acquired | 83.10% | ||||||
Noncontrolling interest, percentage of voting interests following acquisition | 16.90% | ||||||
Rollover equity conversion ratio | 1 | ||||||
Pro forma revenue | 702,486,000 | ||||||
Goodwill | $ 158,955,000 | ||||||
Goodwill deductible for tax purposes | $ 8,100,000 | ||||||
Successor | Jason | Acquisition-related Costs | |||||||
Business Acquisition [Line Items] | |||||||
Pro forma revenue | $ 38,400,000 | ||||||
Successor | Jason | Series A Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, Ownership Of Shares By Noncontrolling Owners | shares | 45,000 | ||||||
Preferred stock, dividend rate, percentage | 8.00% | ||||||
Successor | Jason | JPHI Holdings, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 100.00% | ||||||
Noncontrolling Interest, Ownership Of Shares By Noncontrolling Owners | shares | 3,485,623 | ||||||
Predecessor | |||||||
Business Acquisition [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 12.00% | 10.00% | |||||
Goodwill | $ 34,198,000 | ||||||
Predecessor | Seating | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 19,402,000 | ||||||
Predecessor | Secured Debt | |||||||
Business Acquisition [Line Items] | |||||||
Maximum borrowing capacity | $ 260,000,000 | ||||||
Predecessor | Jason | |||||||
Business Acquisition [Line Items] | |||||||
Transaction costs | $ 27,800,000 | ||||||
Pro forma revenue | 680,845,000 | ||||||
Predecessor | Jason | Fair Value Adjustment to Inventory | |||||||
Business Acquisition [Line Items] | |||||||
Pro forma revenue | $ 5,800,000 |
Consummation of Business Comb49
Consummation of Business Combination (Additional Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Successor | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Goodwill | $ 106,170 | $ 156,798 | |||
Successor | Patents | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets acquired, weighted average useful life | 6 years 1 month 6 days | ||||
Successor | Customer Relationships | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets acquired, weighted average useful life | 12 years 10 months 21 days | ||||
Successor | Trademarks And Other Intangible Assets | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets acquired, weighted average useful life | 13 years 5 months 1 day | ||||
Predecessor | |||||
Business Combination, Provisional Information, Preliminary Consideration And Purchase Price Allocation [Abstract] | |||||
Noncontrolling interests in JPHI Holdings, Inc. | $ 35,780 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Goodwill | $ 34,198 | ||||
Jason | Successor | |||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Pro forma revenue | 702,486 | ||||
Net loss attributable to common shareholders of Jason Industries | $ (9,683) | ||||
Business Combination, Provisional Information, Preliminary Consideration And Purchase Price Allocation [Abstract] | |||||
Cash consideration | $ 500,218 | ||||
Noncontrolling interests in JPHI Holdings, Inc. | 35,780 | ||||
Total purchase price | 535,998 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Cash and cash equivalents | 11,049 | ||||
Accounts receivable | 97,693 | ||||
Inventories | 83,538 | ||||
Deferred income taxes - current (net) | 8,095 | ||||
Other current assets | 18,973 | ||||
Property, plant and equipment | 179,871 | ||||
Goodwill | 158,955 | ||||
Other intangible assets - net | 208,450 | ||||
Other assets - net | 8,469 | ||||
Current liabilities | (111,623) | ||||
Deferred income taxes (net) | (97,266) | ||||
Debt | (11,277) | ||||
Other long-term liabilities | (18,929) | ||||
Total purchase price | 535,998 | ||||
Finite-lived intangible assets acquired | 208,450 | ||||
Jason | Successor | Patents | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Finite-lived intangible assets acquired | $ 2,720 | ||||
Intangible assets acquired, weighted average useful life | 7 years | ||||
Jason | Successor | Customer Relationships | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Finite-lived intangible assets acquired | $ 140,450 | ||||
Intangible assets acquired, weighted average useful life | 14 years 4 months 24 days | ||||
Jason | Successor | Trademarks And Other Intangible Assets | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Finite-lived intangible assets acquired | $ 65,280 | ||||
Intangible assets acquired, weighted average useful life | 15 years | ||||
Jason | Predecessor | |||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Pro forma revenue | 680,845 | ||||
Net loss attributable to common shareholders of Jason Industries | $ (19,391) |
Acquisitions (Details)
Acquisitions (Details) - Successor - USD ($) | May. 29, 2015 | Mar. 25, 2015 | Dec. 31, 2014 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Cash consideration paid for acquisition | $ 0 | $ 34,763,000 | ||
Business Combination, Consideration Transferred [Abstract] | ||||
Goodwill | 156,798,000 | 106,170,000 | ||
Transaction-related expenses | 2,533,000 | 886,000 | ||
Net sales | 325,335,000 | $ 708,366,000 | ||
Customer Relationships | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Intangible assets acquired, weighted average useful life | 12 years 10 months 21 days | |||
Finishing | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Goodwill | 34,608,000 | $ 43,229,000 | ||
Net sales | $ 90,895,000 | 191,394,000 | ||
DRONCO | ||||
Business Acquisition [Line Items] | ||||
Cash consideration paid for acquisition | $ 34,400,000 | |||
Business Combination, Consideration Transferred [Abstract] | ||||
Cash consideration | 34,938,000 | |||
Debt | 11,031,000 | |||
Total purchase price | 45,969,000 | |||
Goodwill | 10,458,000 | |||
Finite-lived intangible assets acquired | 9,285,000 | |||
Transaction-related expenses | 900,000 | |||
Net sales | $ 24,100,000 | |||
Other intangible assets - net | 9,285,000 | |||
Inventories | 7,156,000 | |||
DRONCO | Customer Relationships | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Finite-lived intangible assets acquired | $ 6,130,000 | |||
Intangible assets acquired, weighted average useful life | 15 years | |||
DRONCO | Trade Names | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Finite-lived intangible assets acquired | $ 3,155,000 | |||
Intangible assets acquired, weighted average useful life | 15 years | |||
DRONCO | Finishing | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Goodwill | $ 10,500,000 | |||
Goodwill deductible for tax purposes | $ 0 | |||
Herold Partco Manufacturing, Inc. | ||||
Business Combination, Consideration Transferred [Abstract] | ||||
Total purchase price | $ 400,000 | |||
Goodwill | 100,000 | |||
Other intangible assets - net | 200,000 | |||
Inventories | $ 100,000 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | May. 29, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 106,170 | $ 156,798 | |
DRONCO | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 524 | ||
Accounts receivable | 3,430 | ||
Inventories | 7,156 | ||
Other current assets | 1,495 | ||
Property, plant and equipment | 23,931 | ||
Goodwill | 10,458 | ||
Other intangible assets - net | 9,285 | ||
Other assets - net | 42 | ||
Current liabilities | (4,435) | ||
Deferred income taxes (net) | (5,765) | ||
Other long-term liabilities | (152) | ||
Total purchase price | $ 45,969 |
Sale of Joint Ventures (Details
Sale of Joint Ventures (Details) - Predecessor $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2014USD ($) | Jan. 31, 2014USD ($) | Jun. 29, 2014USD ($) | Dec. 31, 2013USD ($)Joint_Venture | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of entities in disposal group | Joint_Venture | 2 | |||
Equity income | $ 831 | $ 2,345 | ||
Proceeds from sale of joint ventures | 11,500 | 0 | ||
Gain from sale of joint ventures | 3,508 | 0 | ||
Foreign currency transaction and translation reclassification adjustment from AOCI | $ 600 | |||
Supply agreement term (in years) | 3 years | |||
Joint Ventures A and B | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity income | $ 1,500 | |||
Joint Venture A | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of joint ventures | $ 7,500 | |||
Joint Venture B | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of joint ventures | $ 4,000 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Predecessor | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | $ 2,458 | $ 1,995 | ||
Current period restructuring charges | 2,554 | $ 2,950 | ||
Cash payments | (2,091) | |||
Restructuring Reserve Ending Balance | 2,458 | 1,995 | ||
Predecessor | Severance costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 653 | 1,112 | ||
Current period restructuring charges | 629 | |||
Cash payments | (1,088) | |||
Restructuring Reserve Ending Balance | 653 | 1,112 | ||
Predecessor | Lease termination costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 1,345 | 818 | ||
Current period restructuring charges | 631 | |||
Cash payments | (104) | |||
Restructuring Reserve Ending Balance | 1,345 | 818 | ||
Predecessor | Other costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 460 | 65 | ||
Current period restructuring charges | 1,294 | |||
Cash payments | (899) | |||
Restructuring Reserve Ending Balance | $ 460 | $ 65 | ||
Successor | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | $ 1,241 | |||
Current period restructuring charges | 1,131 | 3,800 | ||
Cash payments | (2,348) | (3,216) | ||
Non-cash charges and other | (193) | |||
Restructuring Reserve Ending Balance | 1,241 | 1,632 | ||
Successor | Severance costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 88 | |||
Current period restructuring charges | 829 | 1,570 | ||
Cash payments | (1,394) | (1,064) | ||
Non-cash charges and other | 0 | |||
Restructuring Reserve Ending Balance | 88 | 594 | ||
Successor | Lease termination costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 1,056 | |||
Current period restructuring charges | 0 | 1,173 | ||
Cash payments | (289) | (1,191) | ||
Non-cash charges and other | 0 | |||
Restructuring Reserve Ending Balance | 1,056 | 1,038 | ||
Successor | Lease termination costs | Components And Finishing | Other Noncurrent Liabilities | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 600 | |||
Restructuring Reserve Ending Balance | 600 | 300 | ||
Successor | Lease termination costs | Components And Finishing | Other Current Liabilities | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 500 | |||
Restructuring Reserve Ending Balance | 500 | 700 | ||
Successor | Other costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve Beginning Balance | 97 | |||
Current period restructuring charges | 302 | 1,057 | ||
Cash payments | (665) | (961) | ||
Non-cash charges and other | (193) | |||
Restructuring Reserve Ending Balance | $ 97 | $ 0 |
Inventories (Details)
Inventories (Details) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw material | $ 40,310 | $ 42,803 |
Work-in-process | 4,809 | 5,572 |
Finished goods | 35,313 | 32,171 |
Total Inventories | $ 80,432 | $ 80,546 |
Property, Plant and Equipment55
Property, Plant and Equipment (Details) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 240,404 | $ 189,398 |
Less: Accumulated depreciation | (44,254) | (12,920) |
Property, Plant and Equipment, net | 196,150 | 176,478 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,908 | 10,645 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 41,082 | 37,411 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 164,843 | 129,054 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 23,571 | $ 12,288 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | $ 34,198 | |
Predecessor | Seating | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 19,402 | |
Predecessor | Finishing | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 0 | |
Predecessor | Acoustics | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 0 | |
Predecessor | Components | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 14,796 | |
Successor | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | $ 156,798 | |
Elimination of predecessor goodwill | (34,198) | |
Acquisition of businesses (1) | 10,506 | 159,294 |
Goodwill impairment | (58,831) | |
Foreign currency impact | (2,303) | (2,496) |
Goodwill, End of Period | 106,170 | 156,798 |
Successor | Immaterial Errors | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 700 | |
Goodwill, End of Period | 700 | |
Successor | Seating | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 58,831 | |
Elimination of predecessor goodwill | (19,402) | |
Acquisition of businesses (1) | 0 | 58,831 |
Goodwill impairment | (58,831) | |
Foreign currency impact | 0 | 0 |
Goodwill, End of Period | 0 | 58,831 |
Accumulated impairment loss | 58,800 | |
Successor | Seating | Immaterial Errors | ||
Goodwill [Roll Forward] | ||
Goodwill, End of Period | 700 | |
Successor | Finishing | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 34,608 | |
Elimination of predecessor goodwill | 0 | |
Acquisition of businesses (1) | 10,506 | 36,613 |
Goodwill impairment | 0 | |
Foreign currency impact | (1,885) | (2,005) |
Goodwill, End of Period | 43,229 | 34,608 |
Successor | Acoustics | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 30,176 | |
Elimination of predecessor goodwill | 0 | |
Acquisition of businesses (1) | 0 | 30,667 |
Goodwill impairment | 0 | |
Foreign currency impact | (418) | (491) |
Goodwill, End of Period | 29,758 | 30,176 |
Successor | Components | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning of Period | 33,183 | |
Elimination of predecessor goodwill | (14,796) | |
Acquisition of businesses (1) | 0 | 33,183 |
Goodwill impairment | 0 | |
Foreign currency impact | 0 | 0 |
Goodwill, End of Period | $ 33,183 | $ 33,183 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets Disclosure (Intangible Assets) (Details) - Successor - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 171,484 | $ 171,484 | $ 205,867 |
Accumulated Amortization | (13,569) | (13,569) | (7,184) |
Net | 157,915 | 157,915 | 198,683 |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,800 | 1,800 | 2,841 |
Accumulated Amortization | (62) | (62) | (200) |
Net | 1,738 | $ 1,738 | 2,641 |
Impairment of intangible assets | 800 | ||
Intangible assets acquired, weighted average useful life | 6 years 1 month 6 days | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 110,722 | $ 110,722 | 138,864 |
Accumulated Amortization | (8,745) | (8,745) | (4,846) |
Net | 101,977 | $ 101,977 | 134,018 |
Impairment of intangible assets | 27,700 | ||
Intangible assets acquired, weighted average useful life | 12 years 10 months 21 days | ||
Trademarks And Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 58,962 | $ 58,962 | 64,162 |
Accumulated Amortization | (4,762) | (4,762) | (2,138) |
Net | 54,200 | $ 54,200 | $ 62,024 |
Impairment of intangible assets | $ 6,800 | ||
Intangible assets acquired, weighted average useful life | 13 years 5 months 1 day |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Amortization) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 7,195 | $ 14,088 | ||
2,016 | 12,556 | |||
2,017 | 12,435 | |||
2,018 | 12,408 | |||
2,019 | 12,328 | |||
2,020 | 12,248 | |||
Thereafter | 95,940 | |||
Net | $ 198,683 | $ 157,915 | ||
Predecessor | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 2,727 | $ 5,424 |
Debt and Hedging Instruments (D
Debt and Hedging Instruments (Details) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instruments [Abstract] | ||
Total outstanding indebtedness | $ 441,423 | $ 420,681 |
Less: Current portion | (6,186) | (5,375) |
Long-term debt | 435,237 | 415,306 |
Secured Debt | First Lien Term Loan | ||
Debt Instruments [Abstract] | ||
Long-term debt gross | 306,125 | 309,225 |
Debt Instrument, Unamortized Discount | (2,994) | (3,538) |
Secured Debt | Second Lien Term Loan | ||
Debt Instruments [Abstract] | ||
Long-term debt gross | 110,000 | 110,000 |
Debt Instrument, Unamortized Discount | (3,016) | (3,480) |
Secured Debt | Foreign Debt | ||
Debt Instruments [Abstract] | ||
Long-term debt gross | 29,731 | 6,515 |
Capital Lease Obligations | ||
Debt Instruments [Abstract] | ||
Capital lease obligations | $ 1,577 | $ 1,959 |
Debt and Hedging Instruments (N
Debt and Hedging Instruments (Narrative) (Details) | May. 29, 2015USD ($) | Jun. 30, 2014USD ($)shares | Nov. 30, 2013USD ($) | Feb. 28, 2013USD ($)shares | Dec. 31, 2014USD ($) | Jun. 29, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($)shares |
Successor | ||||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Stock redeemed or called during period, shares | shares | 2,542,667 | |||||||
Write-off of deferred financing costs due to debt extinguishment | $ 0 | $ 0 | ||||||
Successor | DRONCO | ||||||||
Business Combinations [Abstract] | ||||||||
Debt | $ 11,031,000 | |||||||
Successor | Minimum | DRONCO | ||||||||
Business Combinations [Abstract] | ||||||||
Stated interest rate | 2.30% | |||||||
Successor | Maximum | DRONCO | ||||||||
Business Combinations [Abstract] | ||||||||
Stated interest rate | 4.60% | |||||||
Successor | Revolving Credit Facility | DRONCO | ||||||||
Business Combinations [Abstract] | ||||||||
Long-term debt acquired | $ 2,500,000 | |||||||
Successor | Revolving Credit Facility | Eurodollar | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 2.25% | |||||||
Successor | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 3.25% | |||||||
Successor | Senior Secured Credit Facilities | Federal Funds Effective Swap Rate | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Successor | Senior Secured Credit Facilities | Eurodollar | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Successor | First Lien Term Loan | Eurodollar | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 3.50% | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.00% | |||||||
Successor | First Lien Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 4.50% | |||||||
Successor | Second Lien Term Loan | Eurodollar | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 7.00% | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.00% | |||||||
Successor | Second Lien Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Basis spread on variable rate | 8.00% | |||||||
Successor | Term Loan [Member] | DRONCO | ||||||||
Business Combinations [Abstract] | ||||||||
Long-term debt acquired | $ 8,500,000 | |||||||
Successor | Secured Debt | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 460,000,000 | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 460,000,000 | |||||||
Successor | Secured Debt | Other Noncurrent Assets | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Debt issuance cost, amount capitalized | 13,500,000 | |||||||
Successor | Secured Debt | Revolving Credit Facility | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |||||||
Line of credit facility, remaining borrowing capacity | $ 35,400,000 | |||||||
Outstanding letters of credit | $ 4,600,000 | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |||||||
Successor | Secured Debt | First Lien Term Loan | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 310,000,000 | |||||||
Amortization of debt discount (premium) | 800,000 | |||||||
Interest rate, effective percentage | 5.50% | |||||||
Consolidated net leverage ratio | 5.5 | |||||||
Consolidated net leverage ratio, first periodic decrease | 5.25 | |||||||
Consolidated net leverage ratio, second periodic decrease | 4.5 | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 310,000,000 | |||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 309,225,000 | $ 306,125,000 | ||||||
Successor | Secured Debt | Revolving Credit Facility | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Restrictive covenant, qualification percentage for net leverage ratio | 25.00% | |||||||
Successor | Secured Debt | Second Lien Term Loan | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 110,000,000 | |||||||
Interest rate, effective percentage | 9.00% | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 110,000,000 | |||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 110,000,000 | $ 110,000,000 | ||||||
Successor | Secured Debt | Foreign Debt | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 6,515,000 | 29,731,000 | ||||||
Successor | Secured Debt | Individual Foreign Loans | Minimum | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 100,000 | 100,000 | ||||||
Successor | Secured Debt | Individual Foreign Loans | Maximum | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 2,600,000 | 13,100,000 | ||||||
Successor | Foreign Debt | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 6,500,000 | 29,700,000 | ||||||
Successor | Foreign Debt | Germany | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 5,200,000 | $ 27,600,000 | ||||||
Business Combinations [Abstract] | ||||||||
Stated interest rate | 2.25% | |||||||
Debt instrument, face amount | $ 13,500,000 | |||||||
Periodic payment | 400,000 | |||||||
Successor | Foreign Debt | Mexico | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | 0 | 1,500,000 | ||||||
Successor | Foreign Debt | Brazil | ||||||||
Foreign Debt [Abstract] | ||||||||
Long-term debt | $ 1,100,000 | $ 400,000 | ||||||
Predecessor | ||||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, fair value of amount outstanding | $ 178,500,000 | |||||||
Stock redeemed or called during period, shares | shares | 35,000 | |||||||
Dividends, common stock, cash | $ 25,000,000 | $ 43,100,000 | ||||||
Write-off of deferred financing costs due to debt extinguishment | $ 0 | 1,423,000 | ||||||
Predecessor | Redeemable Preferred Stock | ||||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Stock redeemed or called during period, shares | shares | 17,757.7 | |||||||
Stock redeemed or called during period, value | $ 24,800,000 | |||||||
Predecessor | Secured Debt | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 260,000,000 | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | 260,000,000 | |||||||
Predecessor | Secured Debt | Senior Secured Facility 2013 | ||||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Debt issuance cost, amount expensed | $ 600,000 | |||||||
Predecessor | Secured Debt | Senior Secured Facility 2013 | Interest Expense | ||||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Lender fees associated with refinancing | 300,000 | |||||||
Predecessor | Secured Debt | Senior Secured Term Loan | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | |||||||
Debt instrument term | 6 years | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | |||||||
Debt instrument term | 6 years | |||||||
Increase in term loan borrowings | $ 10,000,000 | |||||||
Allocated other interest expense related to debt modification | 200,000 | |||||||
Predecessor | Secured Debt | Senior Secured Term Loan | Interest Expense | ||||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Gains (Losses) on extinguishment of debt | 5,400,000 | |||||||
Lender fees associated with refinancing | 4,000,000 | |||||||
Write-off of deferred financing costs due to debt extinguishment | $ 1,400,000 | |||||||
Predecessor | Secured Debt | Revolving Loan | ||||||||
Long-term Debt, Successor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | |||||||
Debt instrument term | 5 years | |||||||
Long-term Debt, Predecessor [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | |||||||
Debt instrument term | 5 years |
Debt and Hedging Instruments (F
Debt and Hedging Instruments (Future Maturities of Long-Term Debt) (Details) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 6,186 | |
2,017 | 5,858 | |
2,018 | 6,156 | |
2,019 | 11,584 | |
2,020 | 5,714 | |
Thereafter | 411,935 | |
Long-term Debt | 447,433 | |
Less: Debt discounts | (6,010) | |
Total outstanding indebtedness | $ 441,423 | $ 420,681 |
Debt and Hedging Instruments -
Debt and Hedging Instruments - Interest Rate Hedge Contracts (Details) - Successor - Forward Contracts - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument $ in Millions | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |
Derivative, notional amount | $ 210 |
Derivative, fixed interest rate | 2.08% |
Derivative liability, fair value | $ 0.3 |
Lease Obligations (Details)
Lease Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Operating Leased Assets [Line Items] | ||||
2,016 | $ 7,971 | |||
2,017 | 6,059 | |||
2,018 | 5,374 | |||
2,019 | 5,174 | |||
2,020 | 5,059 | |||
Thereafter | 21,071 | |||
Total operating lease payments | 50,708 | |||
Operating leases, rent expense | $ 4,900 | $ 9,800 | ||
Predecessor | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, rent expense | $ 4,800 | $ 9,300 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | |
Predecessor | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss) Beginning Balance | $ (1,269) | $ 474 | |
Other comprehensive loss before reclassifications | (1,257) | ||
Accumulated other comprehensive income (loss) Ending Balance | (1,269) | ||
Predecessor | Employee retirement plan adjustments | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss) Beginning Balance | (843) | (156) | |
Other comprehensive loss before reclassifications | (792) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 105 | ||
Accumulated other comprehensive income (loss) Ending Balance | (843) | ||
Predecessor | Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss) Beginning Balance | (426) | 630 | |
Other comprehensive loss before reclassifications | (465) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (591) | ||
Accumulated other comprehensive income (loss) Ending Balance | $ (426) | ||
Successor | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss) Beginning Balance | $ (12,065) | ||
Other comprehensive loss before reclassifications | (12,065) | (9,481) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 90 | ||
Elimination of predecessor accumulated other comprehensive income | 1,269 | ||
Accumulated other comprehensive income (loss) Ending Balance | (12,065) | (21,456) | |
Successor | Employee retirement plan adjustments | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss) Beginning Balance | (1,434) | ||
Other comprehensive loss before reclassifications | (1,434) | 398 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (15) | ||
Elimination of predecessor accumulated other comprehensive income | 843 | ||
Accumulated other comprehensive income (loss) Ending Balance | (1,434) | (1,051) | |
Successor | Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss) Beginning Balance | (10,631) | ||
Other comprehensive loss before reclassifications | (10,631) | (9,606) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Elimination of predecessor accumulated other comprehensive income | 426 | ||
Accumulated other comprehensive income (loss) Ending Balance | $ (10,631) | (20,237) | |
Successor | Net unrealized gains (losses)on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
Other comprehensive loss before reclassifications | (273) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 105 | ||
Accumulated other comprehensive income (loss) Ending Balance | $ (168) |
Shareholders' Equity (Successor
Shareholders' Equity (Successor Narrative) (Details) - USD ($) | Dec. 09, 2015 | Oct. 01, 2015 | Jul. 01, 2015 | Apr. 01, 2015 | Jan. 01, 2015 | Oct. 01, 2014 | Jul. 18, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 29, 2014 | Nov. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2013 | Feb. 28, 2015 | Jul. 30, 2014 | May. 06, 2014 |
Successor | ||||||||||||||||
Class of Stock Disclosures [Abstract] | ||||||||||||||||
Shares voting in favor of proposal | 21,870,040 | |||||||||||||||
Shares voting against proposal | 0 | |||||||||||||||
Stock redeemed or called during period, shares | 2,542,667 | |||||||||||||||
Payments for redemption of common stock | $ 26,100,000 | $ 26,101,000 | $ 0 | |||||||||||||
Common stock and preferred stock, shares authorized | 125,000,000 | |||||||||||||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 | 120,000,000 | |||||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||
Common stock, shares outstanding (in shares) | 21,990,666 | 22,295,003 | ||||||||||||||
Common stock, shares issued (in shares) | 21,990,666 | 22,295,003 | ||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||
Preferred stock, shares outstanding (in shares) | 45,000 | 45,000 | ||||||||||||||
Preferred stock, shares issued (in shares) | 45,000 | 45,000 | ||||||||||||||
Preferred stock, shares issued, value | $ 45,000,000 | $ 0 | ||||||||||||||
Payments of stock issuance costs | 2,500,000 | 0 | ||||||||||||||
Preferred stock cash dividends | 1,810,000 | 3,600,000 | ||||||||||||||
Warrants and Rights Note Disclosure [Abstract] | ||||||||||||||||
Number of shares validly tendered | 4,406,227 | |||||||||||||||
Purchase price per warrant | $ 1.5 | |||||||||||||||
Total purchase price | $ 6,600,000 | 6,609,000 | $ 0 | |||||||||||||
Warrants outstanding | 13,993,773 | |||||||||||||||
Warrant exercise price | $ 12 | |||||||||||||||
Warrants authorized for repurchase | $ 5,000,000 | |||||||||||||||
Cumulative foreign currency translation adjustments associated with joint ventures sold | 0 | $ 0 | ||||||||||||||
Gain from sale of joint ventures | $ 0 | $ 0 | ||||||||||||||
Successor | Series A Preferred Stock | ||||||||||||||||
Class of Stock Disclosures [Abstract] | ||||||||||||||||
Preferred stock, shares issued, value | $ 45,000,000 | |||||||||||||||
Payments of stock issuance costs | $ 2,500,000 | |||||||||||||||
Preferred stock, dividend rate, percentage | 8.00% | |||||||||||||||
Shares issued upon conversion | 81.18 | |||||||||||||||
Preferred stock, dividends declared per share | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | $ 20.22 | ||||||||||
Preferred stock cash dividends | $ 900,000 | $ 900,000 | $ 900,000 | $ 900,000 | $ 900,000 | $ 900,000 | ||||||||||
Dividends payable | $ 900,000 | |||||||||||||||
Successor | Jason | Series A Preferred Stock | ||||||||||||||||
Class of Stock Disclosures [Abstract] | ||||||||||||||||
Equity interest issued as consideration, shares | 45,000 | |||||||||||||||
Preferred stock, dividend rate, percentage | 8.00% | |||||||||||||||
Predecessor | ||||||||||||||||
Class of Stock Disclosures [Abstract] | ||||||||||||||||
Stock redeemed or called during period, shares | 35,000 | |||||||||||||||
Payments for redemption of common stock | $ 0 | $ 0 | ||||||||||||||
Common stock and preferred stock, shares authorized | 44,000,000 | |||||||||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | |||||||||||||||
Common stock, shares authorized (in shares) | 43,000,000 | |||||||||||||||
Preferred stock, shares issued, value | $ 0 | 0 | ||||||||||||||
Payments of stock issuance costs | 0 | $ 0 | ||||||||||||||
Preferred stock, dividend rate, percentage | 12.00% | 10.00% | ||||||||||||||
Preferred stock cash dividends | $ 11,200,000 | |||||||||||||||
Dividends payable | 11,200,000 | |||||||||||||||
Warrants and Rights Note Disclosure [Abstract] | ||||||||||||||||
Shares authorized to be purchased | 9,200,000 | |||||||||||||||
Total purchase price | 0 | 0 | ||||||||||||||
Cumulative foreign currency translation adjustments associated with joint ventures sold | 591,000 | 0 | ||||||||||||||
Gain from sale of joint ventures | $ 3,508,000 | $ 0 |
Shareholders' Equity (Predecess
Shareholders' Equity (Predecessor Narrative) (Details) - Predecessor - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended |
Feb. 28, 2013 | Jun. 29, 2014 | Nov. 14, 2013 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Cumulative foreign currency translation adjustments associated with joint ventures sold | $ 591 | $ 0 | ||
Gain from sale of joint ventures | 3,508 | 0 | ||
Dividends, common stock, cash | $ 25,000 | 43,100 | ||
Preferred stock cash dividends | $ 11,200 | |||
Stock redeemed or called during period, shares | 35,000 | |||
Preferred stock, redemption amount | $ 48,400 | |||
Preferred stock, liquidation value | 35,000 | |||
Dividends payable | 11,200 | |||
Preferred stock, redemption premium | $ 2,200 | |||
Preferred stock, dividend rate, percentage | 12.00% | 10.00% | ||
Temporary equity, accretion of dividends | $ 2,400 | |||
Foreign currency translation adjustments | ||||
Class of Stock [Line Items] | ||||
Cumulative foreign currency translation adjustments associated with joint ventures sold | $ 600 |
Share Based Compensation - Comp
Share Based Compensation - Components of Compensation Expense (Details) - Successor - USD ($) $ in Thousands | Jun. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 7,600 | $ 4,126 | $ 4,907 |
Impact of accelerated vesting | 0 | 3,062 | |
Total share-based compensation expense | 4,126 | 7,969 | |
Tax benefit from compensation expense during period | 1,348 | 3,041 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 1,570 | 2,689 | |
Adjusted EBITDA Based Performance | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 1,416 | 899 | |
Stock Price Based Performance | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 1,140 | $ 1,319 |
Share Based Compensation (Detai
Share Based Compensation (Details) - Successor - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested at Beginning of Period | 0 | 762,000 |
Granted | 762,000 | 216,000 |
Vested | 0 | (515,000) |
Forfeited | 0 | (62,000) |
Nonvested at End of Period | 762,000 | 401,364 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested at Beginning of Period (in dollars per share) | $ 0 | $ 10.50 |
Granted (in dollars per share) | 10.50 | 6.39 |
Vested (in dollars per share) | 0 | 10.49 |
Forfeited (in dollars per share) | 0 | 7.84 |
Nonvested at End of Period (in dollars per share) | $ 10.50 | $ 8.70 |
Adjusted EBITDA Based Performance | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested at Beginning of Period | 0 | 1,216,000 |
Granted | 1,215,704 | 142,238 |
Vested | 0 | 0 |
Forfeited | 0 | (487,000) |
Nonvested at End of Period | 1,216,000 | 871,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested at Beginning of Period (in dollars per share) | $ 0 | $ 10.49 |
Granted (in dollars per share) | 10.49 | 6.33 |
Vested (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 0 | 10.49 |
Nonvested at End of Period (in dollars per share) | $ 10.49 | $ 9.81 |
Stock Price Based Performance | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested at Beginning of Period | 0 | 810,000 |
Granted | 810,469 | 94,825 |
Vested | 0 | 0 |
Forfeited | 0 | (27,000) |
Nonvested at End of Period | 810,000 | 878,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested at Beginning of Period (in dollars per share) | $ 0 | $ 3.54 |
Granted (in dollars per share) | 3.54 | 1.08 |
Vested (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 0 | 3.54 |
Nonvested at End of Period (in dollars per share) | $ 3.54 | $ 3.27 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Jun. 29, 2014USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Jun. 29, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)d$ / sharesshares | Dec. 31, 2013USD ($) |
Predecessor | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation expense | $ 7,700 | ||||
Tax benefit from compensation expense during period | $ 2,500 | ||||
Predecessor | Executives and Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation expense | $ 200 | ||||
Successor | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance trading period | 30 days | ||||
Risk free interest rate | 0.88% | ||||
Weighted average volatility rate | 17.00% | 27.00% | |||
Expected dividend yield | 0.00% | 0.00% | |||
Allocated share-based compensation expense | $ 7,600 | $ 4,126 | $ 4,907 | ||
Tax benefit from compensation expense during period | $ 1,348 | $ 3,041 | |||
Successor | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period measurement duration | d | 20 | ||||
Risk free interest rate | 0.24% | ||||
Successor | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk free interest rate | 1.33% | ||||
Successor | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Unrecognized share-based compensation expense to be recognized in future periods | $ 2,300 | ||||
Units payable period duration | 30 days | ||||
Nonvested shares | shares | 0 | 762,000 | 0 | 401,364 | |
Weighted average grant date fair value | $ / shares | $ 0 | $ 10.50 | $ 0 | $ 8.70 | |
Restricted stock outstanding, weighted average period for vesting | 1 year 2 months 12 days | ||||
Fair value of equity instruments other than options vested during period | $ 2,900 | ||||
Equity instruments granted during period | shares | 762,000 | 216,000 | |||
Allocated share-based compensation expense | $ 1,570 | $ 2,689 | |||
Successor | Adjusted EBITDA Based Performance | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation expense to be recognized in future periods | $ 1,200 | ||||
Weighted average period for recognition of compensation expense related to share based compensation plans | 1 year 6 months | ||||
Nonvested shares | shares | 0 | 1,216,000 | 0 | 871,000 | |
Weighted average grant date fair value | $ / shares | $ 0 | $ 10.49 | $ 0 | $ 9.81 | |
Equity instruments granted during period | shares | 1,215,704 | 142,238 | |||
Award requisite service period | 3 years | ||||
Estimated payout percentage for calculation of compensation expense | 62.50% | ||||
Target shares for calculation of compensation expense | shares | 363,041 | ||||
Allocated share-based compensation expense | $ 1,416 | $ 899 | |||
Successor | Stock Price Based Performance | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation expense to be recognized in future periods | $ 200 | ||||
Weighted average period for recognition of compensation expense related to share based compensation plans | 4 months 24 days | ||||
Nonvested shares | shares | 0 | 810,000 | 0 | 878,000 | |
Weighted average grant date fair value | $ / shares | $ 0 | $ 3.54 | $ 0 | $ 3.27 | |
Equity instruments granted during period | shares | 810,469 | 94,825 | |||
Allocated share-based compensation expense | $ 1,140 | $ 1,319 | |||
Successor | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 3 years | ||||
Successor | Performance Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance shares awarded, target performance threshold percentage | 0.00% | ||||
Successor | Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance shares awarded, target performance threshold percentage | 150.00% | ||||
Successor | Director | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Successor | Executive Officer | Adjusted EBITDA Based Performance | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares for potential payout | shares | 0 | ||||
Successor | Executive Officer | Adjusted EBITDA Based Performance | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares for potential payout | shares | 1,215,704 | ||||
Successor | 2014 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Capital shares reserved for future issuance | shares | 3,473,435 | 807,278 | |||
Unrecognized share-based compensation expense to be recognized in future periods | $ 3,600 | ||||
Weighted average period for recognition of compensation expense related to share based compensation plans | 1 year 2 months 12 days |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Nov. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income per share available to common shareholders: Basic and diluted (in dollars per share) | $ (0.61) | $ (3.53) | |||
Net income (loss) available to common stockholders, basic (in dollars) | $ (13,428) | $ (78,058) | |||
Basic and diluted weighted-average shares outstanding | 21,991 | 22,145 | |||
Weighted average number of anti-dilutive shares excluded from denominator: | 23,921 | 23,262 | |||
Successor | Series A Preferred Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Preferred stock, dividend rate, percentage | 8.00% | ||||
Successor | Warrant | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average number of anti-dilutive shares excluded from denominator: | 13,994 | 13,994 | |||
Successor | Convertible Preferred Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average number of anti-dilutive shares excluded from denominator: | 3,653 | 3,653 | |||
Successor | Convertible Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average number of anti-dilutive shares excluded from denominator: | 3,486 | 3,486 | |||
Successor | Restricted Stock Units (RSUs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average number of anti-dilutive shares excluded from denominator: | 762 | 589 | |||
Successor | Performance Shares | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average number of anti-dilutive shares excluded from denominator: | 2,026 | 1,540 | |||
Predecessor | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income per share available to common shareholders: Basic and diluted (in dollars per share) | $ (4,955) | $ 21,683 | |||
Net income (loss) available to common stockholders, basic (in dollars) | $ (4,955) | $ 21,683 | |||
Basic and diluted weighted-average shares outstanding | 1 | 1 | |||
Weighted average number of anti-dilutive shares excluded from denominator: | 0 | 0 | |||
Preferred stock, dividend rate, percentage | 12.00% | 10.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Successor | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred income taxes | $ (57,247) | $ (81,021) | ||||
Deferred tax assets, valuation allowance | 3,703 | 3,898 | ||||
Unrecognized tax benefits | 2,928 | 2,743 | $ 2,020 | |||
Unrecognized tax benefits that would impact effective tax rate | 1,900 | 1,000 | ||||
Amount of reasonably possible decrease in unrecognized tax benefits | 1,200 | |||||
Undistributed earnings of foreign subsidiaries | 57,800 | |||||
Deferred tax liability , not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries | 17,100 | |||||
Successor | Immaterial Errors | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred income taxes | $ (200) | |||||
Successor | Domestic Tax Authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 16,500 | |||||
Successor | State and Local Jurisdiction | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 64,100 | |||||
Tax credit carryforward, amount | 1,400 | |||||
Successor | Foreign Tax Authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | $ 22,900 | |||||
Predecessor | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized tax benefits | $ 2,020 | $ 3,691 | $ 2,556 | |||
Unrecognized tax benefits that would impact effective tax rate | $ 2,300 |
Income Taxes (Source of Income
Income Taxes (Source of Income Before Taxes) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Income Tax Contingency [Line Items] | ||||
Domestic | $ (26,273) | $ (126,334) | ||
Foreign | 4,404 | 14,478 | ||
(Loss) income before income taxes | $ (21,869) | $ (111,856) | ||
Predecessor | ||||
Income Tax Contingency [Line Items] | ||||
Domestic | $ (19,647) | $ 32,404 | ||
Foreign | 14,119 | 9,931 | ||
(Loss) income before income taxes | $ (5,528) | $ 42,335 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Current | ||||
Federal | $ (469) | $ 161 | ||
State | 103 | 104 | ||
Foreign | 2,261 | 5,703 | ||
Total current income tax provision | 1,895 | 5,968 | ||
Deferred | ||||
Federal | (8,023) | (24,548) | ||
State | (1,584) | (3,196) | ||
Foreign | (177) | (479) | ||
Total deferred income tax (benefit) provision | (9,784) | (28,223) | ||
Total income tax (benefit) provision | $ (7,889) | $ (22,255) | ||
Predecessor | ||||
Current | ||||
Federal | $ 1,157 | $ 9,541 | ||
State | 102 | 936 | ||
Foreign | 3,278 | 3,173 | ||
Total current income tax provision | 4,537 | 13,650 | ||
Deferred | ||||
Federal | (4,618) | 2,963 | ||
State | (598) | 487 | ||
Foreign | 106 | 1,147 | ||
Total deferred income tax (benefit) provision | (5,110) | 4,597 | ||
Total income tax (benefit) provision | $ (573) | $ 18,247 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Income Tax Contingency [Line Items] | ||||
Tax at Federal statutory rate of 35% | 35.00% | 35.00% | ||
State taxes - net of Federal benefit | 3.90% | 2.70% | ||
Research and development incentives | 1.50% | 0.40% | ||
Manufacturer's deduction | (0.00%) | (0.00%) | ||
Foreign rate differential | 1.20% | 0.80% | ||
Non-deductible transaction costs | (0.00%) | (0.00%) | ||
Valuation allowances | 0.80% | 0.20% | ||
Tax rate change | 0.40% | (1.00%) | ||
Decrease (increase) in tax reserves | (2.00%) | (0.20%) | ||
Stock compensation expense | (0.90%) | (0.70%) | ||
U.S. taxation of foreign earnings | 0.00% | (0.50%) | ||
Non-deductible meals and entertainment | (0.40%) | (0.10%) | ||
Nondeductible impairment charge | 0.00% | (16.20%) | ||
Other | (3.40%) | (0.50%) | ||
Effective tax rate | 36.10% | 19.90% | ||
Predecessor | ||||
Income Tax Contingency [Line Items] | ||||
Tax at Federal statutory rate of 35% | 35.00% | 35.00% | ||
State taxes - net of Federal benefit | 8.00% | 2.30% | ||
Research and development incentives | 2.10% | (2.40%) | ||
Manufacturer's deduction | (0.80%) | (1.80%) | ||
Foreign rate differential | 23.30% | (0.90%) | ||
Non-deductible transaction costs | (45.30%) | (0.00%) | ||
Valuation allowances | (8.50%) | (1.20%) | ||
Tax rate change | (1.50%) | 1.60% | ||
Decrease (increase) in tax reserves | 19.00% | 2.80% | ||
Stock compensation expense | (7.60%) | 0.20% | ||
U.S. taxation of foreign earnings | (11.90%) | 5.20% | ||
Non-deductible meals and entertainment | (0.70%) | 0.30% | ||
Nondeductible impairment charge | 0.00% | 0.00% | ||
Other | (0.70%) | 2.00% | ||
Effective tax rate | 10.40% | 43.10% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Accrued expenses and reserves | $ 2,692 | $ 3,186 |
Postretirement and postemployment benefits | 3,031 | 3,498 |
Employee benefits | 7,373 | 5,076 |
Inventories | 2,826 | 2,644 |
Other assets (1) | 2,647 | 2,027 |
Operating loss and credit carryforwards | 12,219 | 10,121 |
Gross deferred tax assets | 30,788 | 26,552 |
Less valuation allowance | (3,703) | (3,898) |
Deferred tax assets | 27,085 | 22,654 |
Deferred tax liabilities | ||
Property, plant and equipment | (32,551) | (33,978) |
Intangible assets and other liabilities | (51,374) | (68,937) |
Foreign investments | (259) | (229) |
Deferred tax liabilities | (84,184) | (103,144) |
Net deferred tax liability | (57,099) | (80,490) |
Other Assets, Net | ||
Deferred tax liabilities | ||
Net deferred tax liability | 430 | 531 |
Deferred Income Taxes [Member] | ||
Deferred tax liabilities | ||
Net deferred tax liability | $ (57,529) | $ (81,021) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at beginning of period | $ 2,743 | |||
(Reductions) additions based on tax positions related to current year | $ 357 | (28) | ||
Additions based on tax positions related to prior years | 0 | 55 | ||
Additions recognized in acquisition accounting | 508 | 323 | ||
Reductions in tax positions - settlements | (106) | (111) | ||
Reductions related to lapses of statute of limitations | (36) | (54) | ||
Balance at end of period | 2,743 | $ 2,928 | ||
Predecessor | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at beginning of period | $ 2,020 | $ 3,691 | $ 2,556 | |
(Reductions) additions based on tax positions related to current year | 204 | 1,230 | ||
Additions based on tax positions related to prior years | 271 | 29 | ||
Additions recognized in acquisition accounting | 0 | 0 | ||
Reductions in tax positions - settlements | (1,684) | 0 | ||
Reductions related to lapses of statute of limitations | (462) | (124) | ||
Balance at end of period | $ 2,020 | $ 3,691 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Pension Plan | Successor | ||||
Change in plan assets | ||||
Fair value of plan assets at beginning of year | $ 16,710 | |||
Fair value of plan assets at end of year | $ 16,710 | 15,378 | ||
US Pension Plan | Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 11,508 | 10,824 | ||
Change in projected benefit obligation | ||||
Projected benefit obligation at beginning of year | 10,814 | 11,508 | ||
Service cost | 0 | 0 | ||
Interest cost | 207 | 410 | ||
Actuarial (gain) loss | 818 | (419) | ||
Benefits paid | (331) | (675) | ||
Other | 0 | 0 | ||
Currency translation adjustment | 0 | 0 | ||
Projected benefit obligation at end of year | 11,508 | $ 10,814 | 10,824 | |
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 10,369 | 10,019 | ||
Actual return on plan assets | 15 | (319) | ||
Employer and employee contributions | 0 | 0 | ||
Benefits paid | (331) | (675) | ||
Other | (34) | (40) | ||
Currency translation adjustment | 0 | 0 | ||
Fair value of plan assets at end of year | 10,019 | 10,369 | 8,985 | |
Funded Status | (1,489) | (1,839) | ||
Amounts recognized in the statement of financial position consist of: | ||||
Non-current assets | 1,111 | 837 | ||
Other current liabilities | 0 | 0 | ||
Other long-term liabilities | (2,600) | (2,676) | ||
Net amount recognized | $ (1,489) | $ (1,839) | ||
US Pension Plan | Successor | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.52% | 3.87% | ||
US Pension Plan | Successor | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.75% | 4.15% | ||
US Pension Plan | Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 10,814 | |||
Change in projected benefit obligation | ||||
Projected benefit obligation at beginning of year | $ 10,814 | 10,324 | ||
Service cost | 0 | $ 0 | ||
Interest cost | 226 | 425 | ||
Actuarial (gain) loss | 567 | |||
Benefits paid | (301) | |||
Other | (2) | |||
Currency translation adjustment | 0 | |||
Projected benefit obligation at end of year | 10,814 | 10,324 | ||
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 10,369 | 10,121 | ||
Actual return on plan assets | 549 | |||
Employer and employee contributions | 0 | |||
Benefits paid | (301) | |||
Other | 0 | |||
Currency translation adjustment | 0 | |||
Fair value of plan assets at end of year | 10,369 | 10,121 | ||
Funded Status | (445) | |||
Amounts recognized in the statement of financial position consist of: | ||||
Non-current assets | 1,431 | |||
Other current liabilities | 0 | |||
Other long-term liabilities | (1,876) | |||
Net amount recognized | $ (445) | |||
US Pension Plan | Predecessor | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.73% | |||
US Pension Plan | Predecessor | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 4.00% | |||
Foreign Pension Plan | Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 14,548 | $ 12,988 | ||
Change in projected benefit obligation | ||||
Projected benefit obligation at beginning of year | 14,710 | 14,548 | ||
Service cost | 93 | 125 | ||
Interest cost | 243 | 384 | ||
Actuarial (gain) loss | 1,294 | (430) | ||
Benefits paid | (290) | (596) | ||
Other | 0 | 0 | ||
Currency translation adjustment | (1,502) | (1,043) | ||
Projected benefit obligation at end of year | 14,548 | $ 14,710 | 12,988 | |
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 6,817 | 6,691 | ||
Actual return on plan assets | 489 | 94 | ||
Employer and employee contributions | 278 | 517 | ||
Benefits paid | (275) | (581) | ||
Other | 0 | 0 | ||
Currency translation adjustment | (618) | (328) | ||
Fair value of plan assets at end of year | 6,691 | 6,817 | 6,393 | |
Funded Status | (7,857) | (6,595) | ||
Amounts recognized in the statement of financial position consist of: | ||||
Non-current assets | 0 | 0 | ||
Other current liabilities | (75) | (68) | ||
Other long-term liabilities | (7,782) | (6,527) | ||
Net amount recognized | $ (7,857) | $ (6,595) | ||
Foreign Pension Plan | Successor | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 2.10% | 2.20% | ||
Rate of compensation increase | 2.00% | 2.00% | ||
Foreign Pension Plan | Successor | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.50% | 3.70% | ||
Rate of compensation increase | 3.70% | 3.60% | ||
Foreign Pension Plan | Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 14,710 | |||
Change in projected benefit obligation | ||||
Projected benefit obligation at beginning of year | $ 14,710 | 13,662 | ||
Service cost | 85 | 161 | ||
Interest cost | 285 | 500 | ||
Actuarial (gain) loss | 938 | |||
Benefits paid | (413) | |||
Other | 15 | |||
Currency translation adjustment | 138 | |||
Projected benefit obligation at end of year | 14,710 | 13,662 | ||
Change in plan assets | ||||
Fair value of plan assets at beginning of year | $ 6,817 | 6,358 | ||
Actual return on plan assets | 299 | |||
Employer and employee contributions | 292 | |||
Benefits paid | (324) | |||
Other | 0 | |||
Currency translation adjustment | 192 | |||
Fair value of plan assets at end of year | 6,817 | $ 6,358 | ||
Funded Status | (7,893) | |||
Amounts recognized in the statement of financial position consist of: | ||||
Non-current assets | 0 | |||
Other current liabilities | (42) | |||
Other long-term liabilities | (7,851) | |||
Net amount recognized | $ (7,893) | |||
Foreign Pension Plan | Predecessor | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 2.80% | |||
Rate of compensation increase | 2.00% | |||
Foreign Pension Plan | Predecessor | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 4.30% | |||
Rate of compensation increase | 3.90% |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | US Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | ||
Interest cost | 207 | 410 | ||
Expected return on plan assets | (311) | (580) | ||
Amortization of actuarial gain/loss | 0 | 0 | ||
Recognized net actuarial loss/ settlements/curtailments | 0 | 0 | ||
Net periodic (benefit) cost | $ (104) | $ (170) | ||
Successor | US Pension Plan | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.73% | 3.52% | ||
Expected long-term rates or return | 5.25% | 5.00% | ||
Successor | US Pension Plan | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 4.00% | 3.75% | ||
Expected long-term rates or return | 8.00% | 8.00% | ||
Successor | Foreign Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 93 | $ 125 | ||
Interest cost | 243 | 384 | ||
Expected return on plan assets | (6) | (255) | ||
Amortization of actuarial gain/loss | 0 | 0 | ||
Recognized net actuarial loss/ settlements/curtailments | 0 | 0 | ||
Net periodic (benefit) cost | $ 330 | $ 254 | ||
Successor | Foreign Pension Plan | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 2.80% | 2.10% | ||
Rate of compensation increase | 2.00% | 2.00% | ||
Expected long-term rates or return | 4.50% | 3.90% | ||
Successor | Foreign Pension Plan | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 4.30% | 3.50% | ||
Rate of compensation increase | 3.90% | 3.70% | ||
Expected long-term rates or return | 4.90% | 4.50% | ||
Predecessor | US Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | ||
Interest cost | 226 | 425 | ||
Expected return on plan assets | (319) | (592) | ||
Amortization of actuarial gain/loss | 0 | 0 | ||
Recognized net actuarial loss/ settlements/curtailments | (2) | 11 | ||
Net periodic (benefit) cost | $ (95) | $ (156) | ||
Weighted-average assumptions | ||||
Discount rates | 4.50% | |||
Predecessor | US Pension Plan | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.75% | |||
Expected long-term rates or return | 5.25% | 5.25% | ||
Predecessor | US Pension Plan | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 4.00% | |||
Expected long-term rates or return | 8.00% | 8.00% | ||
Predecessor | Foreign Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 85 | $ 161 | ||
Interest cost | 285 | 500 | ||
Expected return on plan assets | (166) | (257) | ||
Amortization of actuarial gain/loss | 130 | 253 | ||
Recognized net actuarial loss/ settlements/curtailments | (20) | 0 | ||
Net periodic (benefit) cost | $ 314 | $ 657 | ||
Weighted-average assumptions | ||||
Expected long-term rates or return | 4.50% | |||
Predecessor | Foreign Pension Plan | Minimum | ||||
Weighted-average assumptions | ||||
Discount rates | 3.50% | 3.40% | ||
Rate of compensation increase | 2.00% | 2.00% | ||
Expected long-term rates or return | 4.50% | |||
Predecessor | Foreign Pension Plan | Maximum | ||||
Weighted-average assumptions | ||||
Discount rates | 4.60% | 4.40% | ||
Rate of compensation increase | 4.00% | 3.10% | ||
Expected long-term rates or return | 5.20% |
Employee Benefit Plans (AOCI) (
Employee Benefit Plans (AOCI) (Details) - Pension Plan - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized loss (gain) | $ 1,441 | $ 1,364 | ||
Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized loss (gain) | $ 606 | $ (55) |
Employee Benefit Plans (Asset A
Employee Benefit Plans (Asset Allocation) (Details) - Successor | Dec. 31, 2015 | Dec. 31, 2014 |
US Pension Plan | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 52.20% | 49.50% |
US Pension Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 40.90% | 43.20% |
US Pension Plan | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 6.90% | 7.30% |
Foreign Pension Plan | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 45.90% | 44.40% |
Foreign Pension Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 50.20% | 51.10% |
Foreign Pension Plan | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 3.90% | 4.50% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value of Pension Plan Assets) (Details) - Pension Plan - Successor - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 15,378 | $ 16,710 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 8,264 | 8,691 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 6,879 | 7,750 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 235 | 269 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 635 | 757 |
Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 635 | 757 |
Accrued Dividends | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 3 | 3 |
Accrued Dividends | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 3 | 3 |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 7,626 | 7,931 |
Equity Securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 7,626 | 7,931 |
US Treasury and Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 804 | 876 |
US Treasury and Government | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 804 | 876 |
Corporate Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 6,075 | 6,874 |
Corporate Debt Securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 6,075 | 6,874 |
Group Annuity Insurance Contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 235 | 269 |
Group Annuity Insurance Contracts | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 235 | $ 269 |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation of Changes in Plan Assets) (Details) - Pension Plan - Successor $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Change in plan assets | |
Fair value of plan assets at beginning of year | $ 16,710 |
Fair value of plan assets at end of year | 15,378 |
Level 3 | |
Change in plan assets | |
Fair value of plan assets at beginning of year | 269 |
Actual return on plan assets | 7 |
Purchases, sales and settlements | (41) |
Fair value of plan assets at end of year | $ 235 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Future Benefit Payments) (Details) - Successor $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 1,181 |
2,017 | 1,556 |
2,018 | 1,193 |
2,019 | 1,183 |
2,020 | 1,343 |
2021-2025 | $ 6,549 |
Employee Benefit Plans (Postret
Employee Benefit Plans (Postretirement Health Coverage and Life Insurance) (Details) - Postretirement Health Coverage And Life Insurance Plan - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 2,808 | $ 2,094 | ||
Change in projected benefit obligation | ||||
Projected benefit obligation at beginning of year | 2,627 | 2,808 | ||
Interest cost | 44 | 92 | ||
Actuarial (gain) loss | 284 | (634) | ||
Benefits paid | (90) | (172) | ||
Curtailment | (57) | 0 | ||
Projected benefit obligation at end of year | 2,808 | $ 2,627 | 2,094 | |
Change in plan assets | ||||
Employer contributions | 90 | 172 | ||
Benefits paid | (90) | (172) | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Funded Status | $ (2,808) | $ (2,094) | ||
Weighted-average assumptions | ||||
Discount rates | 3.44% | 3.82% | ||
Other current liabilities | $ (234) | $ (211) | ||
Other long-term liabilities | (2,574) | (1,883) | ||
Net amount recognized | (2,808) | $ (2,094) | ||
Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 2,627 | |||
Change in projected benefit obligation | ||||
Projected benefit obligation at beginning of year | $ 2,627 | 2,614 | ||
Interest cost | 54 | $ 108 | ||
Actuarial (gain) loss | 52 | |||
Benefits paid | (93) | |||
Curtailment | 0 | |||
Projected benefit obligation at end of year | 2,627 | $ 2,614 | ||
Change in plan assets | ||||
Employer contributions | 93 | |||
Benefits paid | (93) | |||
Fair value of plan assets at end of year | 0 | |||
Funded Status | $ (2,627) | |||
Weighted-average assumptions | ||||
Discount rates | 4.25% | |||
Other current liabilities | $ (249) | |||
Other long-term liabilities | (2,378) | |||
Net amount recognized | $ (2,627) |
Employee Benefit Plans (Postr85
Employee Benefit Plans (Postretirement Health Coverage and Life Insurance Components of Expense) (Details) - Postretirement Health Coverage And Life Insurance Plan - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 44 | $ 92 | ||
Amortization of the net loss from earlier periods | 0 | 1 | ||
Net periodic (benefit) cost | $ 44 | $ 93 | ||
Discount rates | 3.44% | 3.82% | ||
Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 54 | $ 108 | ||
Amortization of the net loss from earlier periods | 5 | 66 | ||
Net periodic (benefit) cost | $ 59 | $ 174 | ||
Discount rates | 4.25% | 4.25% |
Employee Benefit Plans (Other P
Employee Benefit Plans (Other Postretirement Benefits AOCI) (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized (gain) loss | $ 174 | $ (214) | ||
Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized (gain) loss | $ 240 | $ 210 |
Employee Benefit Plans (Multi-e
Employee Benefit Plans (Multi-employer Expected Future Benefit Payments) (Details) - Successor $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 1,181 |
2,017 | 1,556 |
2,018 | 1,193 |
2,019 | 1,183 |
2,020 | 1,343 |
2021-2025 | 6,549 |
Other Postretirement Benefit Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 215 |
2,017 | 205 |
2,018 | 194 |
2,019 | 183 |
2,020 | 173 |
2021-2025 | $ 719 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Successor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Maximum annual contributions per employee, percent | 50.00% | 50.00% | ||||
Employer matching contribution, percent of match | 6.00% | |||||
Employer matching contribution, percent of employees' gross pay | 1.00% | |||||
Employer matching contribution, maximum threshold | 75.00% | |||||
Defined contribution plan, cost recognized | $ 600 | $ 1,700 | ||||
Multiemployer pension plan reversing expense | 0 | $ 0 | ||||
Successor | Postretirement Health Coverage And Life Insurance Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Health care cost trend rate assumed for next fiscal year | 5.70% | 5.50% | ||||
Measurement period for assumptions | 5 years | |||||
Rolling measurement period For assumptions | 15 years | |||||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $ 200 | |||||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ 200 | |||||
Successor | Postretirement Health Coverage And Life Insurance Plan | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Ultimate health care cost trend rate | 1.00% | |||||
Successor | Postretirement Health Coverage And Life Insurance Plan | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Ultimate health care cost trend rate | 2.00% | |||||
Successor | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected contributions in current fiscal year | $ 200 | |||||
Predecessor | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined contribution plan, cost recognized | $ 1,400 | $ 2,500 | ||||
Multiemployer pension plan reversing expense | $ 0 | 696 | ||||
Predecessor | Multiemployer Plans, Pension | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Multiemployer pension plan withdrawal liability | $ 3,400 | |||||
Multiemployer pension plan reversing expense | $ 700 | |||||
Employee-related liabilities | $ 2,200 | $ 2,100 | $ 2,200 |
Business Segments, Geographic89
Business Segments, Geographic and Customer Information (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Jun. 29, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2013USD ($) | |
Successor | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 4 | |||
Net sales | $ 325,335 | $ 708,366 | ||
Successor | Seating | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 67,033 | 176,792 | ||
Successor | Finishing | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 90,895 | 191,394 | ||
Successor | Acoustics | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 108,807 | 218,047 | ||
Successor | Components | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 58,600 | $ 122,133 | ||
Predecessor | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 377,151 | $ 680,845 | ||
Predecessor | Seating | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 104,878 | 165,245 | ||
Predecessor | Finishing | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 96,692 | 180,406 | ||
Predecessor | Acoustics | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 109,930 | 204,494 | ||
Predecessor | Components | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 65,651 | $ 130,700 |
Business Segments, Geographic90
Business Segments, Geographic and Customer Information (EBITDA Reconciliation) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Interest expense | $ (16,172) | $ (31,835) | ||
Depreciation and amortization | (20,375) | (45,248) | ||
Impairment of long-lived assets | 0 | (94,126) | ||
(Loss) gain on disposal of property, plant and equipment - net | (57) | (109) | ||
Restructuring | (1,131) | (3,800) | ||
Transaction-related expenses | (2,533) | (886) | ||
Multiemployer pension plan withdrawal (loss) gain | 0 | 0 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 0 | ||
Gain from sale of joint ventures | 0 | 0 | ||
Non-cash stock compensation | 4,129 | 7,969 | ||
(Loss) income before income taxes | (21,869) | (111,856) | ||
Successor | Operating Segments | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 36,712 | 94,023 | ||
Interest expense | (1,022) | (1,870) | ||
Depreciation and amortization | (20,291) | (44,938) | ||
Impairment of long-lived assets | 0 | (94,126) | ||
(Loss) gain on disposal of property, plant and equipment - net | (57) | (109) | ||
Restructuring | (1,131) | (3,800) | ||
Transaction-related expenses | (27) | (789) | ||
Integration and other restructuring costs | (9,921) | (2,713) | ||
Newcomerstown fire gain | 0 | 0 | ||
Adjustment for non-discrete fire costs | 0 | 0 | ||
Multiemployer pension plan withdrawal (loss) gain | 0 | 0 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 0 | ||
Gain from sale of joint ventures | 0 | 0 | ||
(Loss) income before income taxes | 4,263 | (54,322) | ||
Successor | Operating Segments | Seating | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 8,337 | 19,766 | ||
Depreciation and amortization | (6,900) | (13,693) | ||
Successor | Operating Segments | Finishing | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 12,542 | 25,799 | ||
Depreciation and amortization | (4,711) | (11,407) | ||
Successor | Operating Segments | Acoustics | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 8,912 | 27,515 | ||
Depreciation and amortization | (4,859) | (11,251) | ||
Successor | Operating Segments | Components | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 6,921 | 20,943 | ||
Depreciation and amortization | (3,821) | (8,587) | ||
Successor | Corporate, Non-Segment | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Interest expense | 15,150 | 29,965 | ||
Depreciation and amortization | (84) | (310) | ||
(Loss) gain on disposal of property, plant and equipment - net | 0 | 0 | ||
Transaction-related expenses | (2,506) | (97) | ||
Integration and other restructuring costs | 0 | (6,333) | ||
General and Administrative Expense | (4,263) | (12,860) | ||
Non-cash stock compensation | $ (4,129) | $ (7,969) | ||
Predecessor | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Interest expense | $ (7,301) | $ (20,716) | ||
Depreciation and amortization | (12,852) | (27,005) | ||
Impairment of long-lived assets | 0 | 0 | ||
(Loss) gain on disposal of property, plant and equipment - net | (338) | (22) | ||
Restructuring | (2,554) | (2,950) | ||
Transaction-related expenses | (27,783) | (1,073) | ||
Newcomerstown fire gain | 18,834 | |||
Multiemployer pension plan withdrawal (loss) gain | 0 | 696 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 6,351 | ||
Gain from sale of joint ventures | 3,508 | 0 | ||
Non-cash stock compensation | 7,661 | 195 | ||
(Loss) income before income taxes | (5,528) | 42,335 | ||
Predecessor | Operating Segments | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 51,400 | 89,544 | ||
Interest expense | (1,269) | (2,696) | ||
Depreciation and amortization | (12,796) | (26,882) | ||
Impairment of long-lived assets | 0 | 0 | ||
(Loss) gain on disposal of property, plant and equipment - net | (336) | 18 | ||
Restructuring | (2,554) | (2,950) | ||
Transaction-related expenses | (242) | 0 | ||
Integration and other restructuring costs | (2,575) | (1,039) | ||
Newcomerstown fire gain | 0 | 18,834 | ||
Adjustment for non-discrete fire costs | 0 | 1,419 | ||
Multiemployer pension plan withdrawal (loss) gain | 0 | 696 | ||
Gain from involuntary conversion of property, plant and equipment | 0 | 455 | ||
Gain from sale of joint ventures | 3,508 | 0 | ||
(Loss) income before income taxes | 35,136 | 77,399 | ||
Predecessor | Operating Segments | Seating | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 17,668 | 25,601 | ||
Depreciation and amortization | (3,571) | (9,228) | ||
Predecessor | Operating Segments | Finishing | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 13,732 | 17,619 | ||
Depreciation and amortization | (2,824) | (5,631) | ||
Predecessor | Operating Segments | Acoustics | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 9,676 | 23,426 | ||
Depreciation and amortization | (2,838) | (4,950) | ||
Predecessor | Operating Segments | Components | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Income Before Income Taxes, Depreciation And Amortization | 10,324 | 22,898 | ||
Depreciation and amortization | (3,562) | (7,073) | ||
Predecessor | Corporate, Non-Segment | ||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ||||
Interest expense | 6,032 | 18,020 | ||
Depreciation and amortization | (57) | (123) | ||
(Loss) gain on disposal of property, plant and equipment - net | (2) | (40) | ||
Transaction-related expenses | (27,541) | (1,073) | ||
Integration and other restructuring costs | 0 | 0 | ||
General and Administrative Expense | (7,032) | (15,808) | ||
Non-cash stock compensation | $ 0 | $ 0 |
Business Segments, Geographic91
Business Segments, Geographic and Customer Information (Other Information by Segment) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 20,375 | $ 45,248 | ||
Payments to Acquire Productive Assets | 15,359 | 32,786 | ||
Assets | 799,404 | 706,179 | ||
Successor | Operating Segments | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 20,291 | 44,938 | ||
Assets | 773,366 | 697,826 | ||
Successor | Operating Segments | Seating | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 6,900 | 13,693 | ||
Payments to Acquire Productive Assets | 2,115 | 3,804 | ||
Assets | 219,907 | 119,019 | ||
Successor | Operating Segments | Finishing | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 4,711 | 11,407 | ||
Payments to Acquire Productive Assets | 3,990 | 9,090 | ||
Assets | 221,074 | 248,210 | ||
Successor | Operating Segments | Acoustics | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 4,859 | 11,251 | ||
Payments to Acquire Productive Assets | 6,063 | 14,881 | ||
Assets | 195,031 | 206,117 | ||
Successor | Operating Segments | Components | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 3,821 | 8,587 | ||
Payments to Acquire Productive Assets | 3,037 | 4,875 | ||
Assets | 137,354 | 124,480 | ||
Successor | Corporate Segment And Eliminations | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 84 | 310 | ||
Payments to Acquire Productive Assets | 154 | 136 | ||
Assets | $ 26,038 | $ 8,353 | ||
Predecessor | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 12,852 | $ 27,005 | ||
Payments to Acquire Productive Assets | 10,998 | 25,609 | ||
Predecessor | Operating Segments | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 12,796 | 26,882 | ||
Predecessor | Operating Segments | Seating | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 3,571 | 9,228 | ||
Payments to Acquire Productive Assets | 1,060 | 2,066 | ||
Predecessor | Operating Segments | Finishing | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 2,824 | 5,631 | ||
Payments to Acquire Productive Assets | 3,151 | 5,824 | ||
Predecessor | Operating Segments | Acoustics | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 2,838 | 4,950 | ||
Payments to Acquire Productive Assets | 4,098 | 14,855 | ||
Predecessor | Operating Segments | Components | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 3,562 | 7,073 | ||
Payments to Acquire Productive Assets | 2,671 | 2,794 | ||
Predecessor | Corporate Segment And Eliminations | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Depreciation and amortization | 57 | 123 | ||
Payments to Acquire Productive Assets | $ 18 | $ 70 |
Business Segments, Geographic92
Business Segments, Geographic and Customer Information (Geographical Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Successor | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 325,335 | $ 708,366 | ||
Assets, Noncurrent | 375,161 | 354,065 | ||
Successor | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 231,920 | 510,526 | ||
Assets, Noncurrent | 292,068 | 245,307 | ||
Successor | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 62,263 | 138,578 | ||
Assets, Noncurrent | 70,024 | 94,804 | ||
Successor | Mexico | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 23,728 | 48,242 | ||
Assets, Noncurrent | 9,792 | 10,434 | ||
Successor | Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 7,424 | 11,020 | ||
Assets, Noncurrent | $ 3,277 | $ 3,520 | ||
Predecessor | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 377,151 | $ 680,845 | ||
Predecessor | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 273,868 | 489,714 | ||
Predecessor | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 70,813 | 126,261 | ||
Predecessor | Mexico | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 25,258 | 51,542 | ||
Predecessor | Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 7,212 | $ 13,328 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Successor $ in Millions | Dec. 31, 2015USD ($)site | Dec. 31, 2014USD ($)site |
Site Contingency [Line Items] | ||
Reserve for environmental loss contingencies | $ | $ 1 | $ 1.1 |
Number of sites with reserves for environmental matters | site | 2 | 2 |
Newcomerstown Fire (Details)
Newcomerstown Fire (Details) - Predecessor $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | $ 12,100 |
Less insurance recoveries | (30,934) |
Net fire loss (gain) | (18,834) |
Insurance Deductibles | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | (100) |
Asset Impairments And Third Party Property | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | 0 |
Non-cash Asset Impairments, Inventories, Tooling And Supplies | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | 0 |
Non-cash Asset Impairments, Property, Plant And Equipment, Net | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | 0 |
Losses Of Third Party Property | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | 0 |
Business Interruption Expenses | |
Business Interruption Loss [Line Items] | |
Expenses (income) related to fire incident | 12,200 |
Property Insurance | |
Business Interruption Loss [Line Items] | |
Less insurance recoveries | (6,351) |
Business Interruption Insurance | |
Business Interruption Loss [Line Items] | |
Less insurance recoveries | $ (24,583) |
Newcomerstown Fire (Narrative)
Newcomerstown Fire (Narrative) (Details) ft² in Thousands | 6 Months Ended | 12 Months Ended | 25 Months Ended | |||
Dec. 31, 2014USD ($) | Jun. 29, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Nov. 27, 2011ft²employeeproperty | |
Predecessor | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Gain from involuntary conversion of property, plant and equipment | $ 0 | $ 6,351,000 | ||||
Payments for property, plant and equipment | $ 10,998,000 | 25,609,000 | ||||
Predecessor | Production And Shipments | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Business interruption insurance recoveries | 7,600,000 | |||||
Predecessor | Lost Profit Margins | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Business interruption insurance recoveries | 4,900,000 | |||||
Predecessor | Newcomerstown, OH Facility Fire | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Number of employees | employee | 103 | |||||
Proceeds From Insurance Settlement | $ 61,900,000 | |||||
Business interruption insurance recoveries | 12,500,000 | |||||
Gain from involuntary conversion of property, plant and equipment | 6,400,000 | |||||
Predecessor | Newcomerstown, OH Facility Fire | Property Insurance | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Proceeds From Insurance Settlement | 26,900,000 | |||||
Predecessor | Newcomerstown, OH Facility Fire | Business Interruption Insurance | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Proceeds From Insurance Settlement | $ 35,000,000 | |||||
Predecessor | Newcomerstown, OH | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Area of property involved | ft² | 93 | |||||
Number of properties involved | property | 1 | |||||
Area of property involved, expansion in progress | ft² | 38 | |||||
Payments for property, plant and equipment | $ 5,700,000 | |||||
Successor | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Gain from involuntary conversion of property, plant and equipment | $ 0 | $ 0 | ||||
Payments for property, plant and equipment | 15,359,000 | 32,786,000 | ||||
Successor | Newcomerstown, OH Facility Fire | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Accrued liabilities related to unusual or infrequent item | $ 600,000 | |||||
Successor | Property And Business Interruption Insurance | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Insurance coverage | 150,000,000 | |||||
Insurance deductible | $ 200,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Jun. 30, 2014 | Jun. 29, 2014 | Dec. 31, 2013 |
Predecessor | Limited Liability Company | |||
Related Party Transaction [Line Items] | |||
Payments of financing costs | $ 2.3 | ||
Predecessor | Management Fee | |||
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | $ 0.6 | $ 1.1 | |
Successor | Limited Liability Company | |||
Related Party Transaction [Line Items] | |||
Transaction-related expenses | $ 5.4 |
Schedule II - Consolidated Va97
Schedule II - Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | |
Successor | Allowance for doubtful accounts | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of year | $ 2,459 | $ 2,415 | |||
Charge to Costs and Expenses | 123 | 590 | |||
Utilization of Reserves | (152) | (374) | |||
Other | (15) | (107) | |||
Balance at end of year | 2,415 | $ 2,459 | 2,524 | ||
Successor | Deferred tax valuation allowances | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of year | 4,958 | 3,898 | |||
Charge to Costs and Expenses | (173) | (243) | |||
Utilization of Reserves | 0 | 0 | |||
Other | (887) | 48 | |||
Balance at end of year | 3,898 | 4,958 | $ 3,703 | ||
Successor | Deferred tax valuation allowances | Jason | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Other | (655) | ||||
Predecessor | Allowance for doubtful accounts | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of year | 2,459 | 2,227 | $ 2,255 | $ 2,803 | |
Charge to Costs and Expenses | 112 | 341 | 155 | ||
Utilization of Reserves | 19 | (304) | (739) | ||
Other | 101 | (65) | 36 | ||
Balance at end of year | 2,459 | 2,227 | 2,255 | ||
Predecessor | Deferred tax valuation allowances | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of year | $ 4,958 | 4,347 | 4,962 | 6,253 | |
Charge to Costs and Expenses | 472 | (504) | (1,333) | ||
Utilization of Reserves | 0 | 0 | 0 | ||
Other | 139 | (111) | 42 | ||
Balance at end of year | $ 4,958 | $ 4,347 | $ 4,962 |
Uncategorized Items - jasn-2015
Label | Element | Value | |
Predecessor [Member] | |||
Stockholders' Equity, Adjustment for Business Combination | jasn_StockholdersEquityAdjustmentforBusinessCombination | $ 137,183,000 | [1] |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 42,500,000 | |
Stockholders' Equity, Elimination as Part of Business Combination | jasn_StockholdersEquityEliminationasPartofBusinessCombination | 31,435,000 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Predecessor [Member] | |||
Stockholders' Equity, Elimination as Part of Business Combination | jasn_StockholdersEquityEliminationasPartofBusinessCombination | (1,269,000) | |
Additional Paid-in Capital [Member] | Predecessor [Member] | |||
Stockholders' Equity, Adjustment for Business Combination | jasn_StockholdersEquityAdjustmentforBusinessCombination | 147,102,000 | [1] |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | (2,500,000) | |
Stockholders' Equity, Elimination as Part of Business Combination | jasn_StockholdersEquityEliminationasPartofBusinessCombination | 33,019,000 | |
Common Stock [Member] | Predecessor [Member] | |||
Stockholders' Equity, Adjustment for Business Combination | jasn_StockholdersEquityAdjustmentforBusinessCombination | $ 2,000 | [1] |
Stockholders' Equity, Adjustment for Business Combination, Shares | jasn_StockholdersEquityAdjustmentforBusinessCombinationShares | 21,991,000 | [1] |
Noncontrolling Interest [Member] | Predecessor [Member] | |||
Noncontrolling Interest, Increase from Business Combination | us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination | $ 35,780,000 | |
Parent [Member] | Predecessor [Member] | |||
Stockholders' Equity, Adjustment for Business Combination | jasn_StockholdersEquityAdjustmentforBusinessCombination | 137,183,000 | [1] |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 42,500,000 | |
Stockholders' Equity, Elimination as Part of Business Combination | jasn_StockholdersEquityEliminationasPartofBusinessCombination | 31,435,000 | |
Preferred Stock [Member] | Predecessor [Member] | |||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 45,000,000 | |
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 45,000 | |
Retained Earnings [Member] | Predecessor [Member] | |||
Stockholders' Equity, Adjustment for Business Combination | jasn_StockholdersEquityAdjustmentforBusinessCombination | $ (9,921,000) | [1] |
Stockholders' Equity, Elimination as Part of Business Combination | jasn_StockholdersEquityEliminationasPartofBusinessCombination | $ (315,000) | |
[1] | Adjustment to reflect Jason Industries common stock, additional paid-in capital, and retained deficit is net of common stock redeemed on June 30, 2014, which reduced additional paid in capital by $26,101 (See Note 11). |