Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'THRM | ' |
Entity Registrant Name | 'GENTHERM INC | ' |
Entity Central Index Key | '0000903129 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 35,273,601 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash & cash equivalents | $57,651 | $54,885 |
Accounts receivable, less allowance of $1,833 and $1,807, respectively | 139,083 | 118,283 |
Inventory: | ' | ' |
Raw Materials | 43,243 | 33,783 |
Work in process | 2,870 | 2,864 |
Finished goods | 19,478 | 27,570 |
Inventory, net | 65,591 | 64,217 |
Derivative financial instruments | 345 | 67 |
Deferred income tax assets | 10,448 | 10,616 |
Prepaid expenses and other assets | 27,923 | 21,864 |
Total current assets | 301,041 | 269,932 |
Property and equipment, net | 78,901 | 79,234 |
Goodwill | 25,830 | 25,809 |
Other intangible assets | 81,637 | 83,431 |
Deferred financing costs | 1,059 | 1,072 |
Deferred income tax assets | 11,686 | 7,103 |
Derivative financial instruments | 1,704 | 1,969 |
Other non-current assets | 11,479 | 13,373 |
Total assets | 513,337 | 481,923 |
Current Liabilities: | ' | ' |
Accounts payable | 66,198 | 61,662 |
Accrued liabilities | 65,996 | 66,783 |
Current maturities of long-term debt | 20,566 | 21,439 |
Derivative financial instruments | 2,814 | 2,552 |
Deferred income tax liabilities | 710 | 710 |
Total current liabilities | 156,284 | 153,146 |
Pension benefit obligation | 7,036 | 6,868 |
Other liabilities | 2,770 | 1,601 |
Long-term debt, less current maturities | 69,762 | 60,881 |
Derivative financial instruments | 8,455 | 9,358 |
Deferred income tax liabilities | 17,480 | 17,975 |
Total liabilities | 261,787 | 249,829 |
Common Stock: | ' | ' |
No par value; 55,000,000 shares authorized, 35,260,144 and 34,929,334 issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 234,991 | 232,067 |
Paid-in capital | -7,678 | -9,582 |
Accumulated other comprehensive loss | -7,154 | -5,203 |
Accumulated earnings | 31,391 | 14,812 |
Total shareholders’ equity | 251,550 | 232,094 |
Total liabilities and shareholders’ equity | $513,337 | $481,923 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance | $1,833 | $1,807 |
Common Stock, par value | ' | ' |
Common Stock, shares authorized | 55,000,000 | 55,000,000 |
Common Stock, shares issued | 35,260,144 | 35,260,144 |
Common Stock, shares outstanding | 34,929,334 | 34,929,334 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Product revenues | $193,938 | $148,090 |
Cost of sales | 136,913 | 109,039 |
Gross margin | 57,025 | 39,051 |
Operating expenses: | ' | ' |
Net research and development expenses | 13,045 | 11,841 |
Acquisition transaction expenses | 1,075 | 1,163 |
Selling, general and administrative | 18,089 | 16,256 |
Total operating expenses | 32,209 | 29,260 |
Operating income | 24,816 | 9,791 |
Interest expense | -931 | -981 |
Revaluation of derivatives | -247 | 346 |
Foreign currency (loss) gain | -1,523 | 987 |
Gain realized from step acquisition of subsidiary | 785 | ' |
Income from equity investment | ' | 225 |
Other income (expense) | -19 | 336 |
Earnings before income tax | 22,881 | 10,704 |
Income tax expense | 6,302 | 795 |
Net income | 16,579 | 9,909 |
Income attributable to non-controlling interest | ' | -1,258 |
Net income attributable to Gentherm Incorporated | 16,579 | 8,651 |
Convertible preferred stock dividends | ' | -923 |
Net income attributable to common shareholders | $16,579 | $7,728 |
Basic earnings per share | $0.47 | $0.24 |
Diluted earnings per share | $0.47 | $0.24 |
Weighted average number of shares – basic | 35,063,671 | 31,606,986 |
Weighted average number of shares – diluted | 35,592,026 | 32,083,549 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $16,579 | $9,909 |
Other comprehensive income (loss), gross of tax: | ' | ' |
Foreign currency translation adjustments | -2,625 | -7,314 |
Unrealized gain on derivative securities | 100 | 39 |
Other comprehensive loss, gross of tax | -2,525 | -7,275 |
Other comprehensive loss, related tax effect: | ' | ' |
Foreign currency translation adjustments | 574 | 43 |
Other comprehensive loss, related tax effect | 574 | 43 |
Other comprehensive loss, net of tax | -1,951 | -7,232 |
Comprehensive income | 14,628 | 2,677 |
Less: comprehensive income attributable to the non-controlling interest | ' | 1,258 |
Comprehensive income attributable to Gentherm Incorporated | $14,628 | $1,419 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities: | ' | ' |
Net income | $16,579 | $9,909 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 7,473 | 7,934 |
Deferred tax provision | -1,804 | -740 |
Stock compensation | 870 | 491 |
Defined benefit plan (income) expense | 1 | -53 |
Provision of doubtful accounts | -4 | 434 |
Gain on revaluation of financial derivatives | -557 | -1,244 |
Gain on equity investment | ' | -176 |
Loss on sale of property, plant and equipment | 24 | 3 |
Excess tax benefit from equity awards | -2,173 | ' |
Gain realized from step acquisition of subsidiary | -785 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -21,153 | -7,765 |
Inventory | 457 | 427 |
Prepaid expenses and other assets | -5,786 | -1,511 |
Accounts payable | 2,798 | -160 |
Accrued liabilities | 904 | 2,490 |
Net cash (used in) provided by operating activities | -3,156 | 10,039 |
Investing Activities: | ' | ' |
Purchase of non-controlling interest | ' | -40,302 |
Investment in subsidiary, net of cash acquired | -628 | ' |
Proceeds from the sale of property, plant and equipment | 44 | 1 |
Purchase of property and equipment | -6,769 | -6,116 |
Net cash used in investing activities | -7,353 | -46,417 |
Financing Activities: | ' | ' |
Borrowing of debt | 13,455 | 40,441 |
Repayments of debt | -6,965 | -5,182 |
Excess tax benefit from equity awards | 2,173 | ' |
Cash paid to Series C Preferred Stock Holders | ' | -8,268 |
Proceeds from the exercise of common stock options | 1,634 | 1,487 |
Net cash provided by financing activities | 10,297 | 28,478 |
Foreign currency effect | 2,978 | -2,275 |
Net increase (decrease) in cash and cash equivalents | 2,766 | -10,175 |
Cash and cash equivalents at beginning of period | 54,885 | 58,152 |
Cash and cash equivalents at end of period | 57,651 | 47,977 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for taxes | 4,689 | 1,519 |
Cash paid for interest | 725 | 474 |
Supplemental disclosure of non-cash transactions: | ' | ' |
Common stock issued to Board of Directors and employees | 495 | 269 |
Issuance of common stock to non-controlling interest | ' | 42,534 |
Issuance of common stock for Series C Preferred Stock conversion | ' | $1,655 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Changes In Shareholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands | |||||
Beginning Balance at Dec. 31, 2013 | $232,094 | $232,067 | ($9,582) | $14,812 | ($5,203) |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 34,929 | ' | ' | ' |
Exercise of Common Stock options for cash | 1,634 | 2,278 | -644 | ' | ' |
Exercise of Common Stock options for cash (in shares) | ' | 263 | ' | ' | ' |
Tax benefit from Exercises of Common Stock options | 2,324 | 151 | 2,173 | ' | ' |
Stock option compensation | 375 | ' | 375 | ' | ' |
Common Stock issued to Board of Directors and employees | 495 | 495 | ' | ' | ' |
Common Stock issued to Board of Directors and employees (in shares) | ' | 68 | ' | ' | ' |
Interest rate hedge, net | 39 | ' | ' | ' | 39 |
Currency translation, net | -2,051 | ' | ' | ' | -2,051 |
Net income | 16,579 | ' | ' | 16,579 | ' |
Foreign currency hedge, net | 61 | ' | ' | ' | 61 |
Ending Balance at Mar. 31, 2014 | $251,550 | $234,991 | ($7,678) | $31,391 | ($7,154) |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 35,260 | ' | ' | ' |
The_Company_and_Subsequent_Eve
The Company and Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
The Company and Subsequent Event | ' |
Note 1 – The Company and Subsequent Event | |
Gentherm Incorporated is a global technology and industry leader in the design, development, and manufacturing of innovative thermal management technologies. Unless the context otherwise requires, the terms “Company”, “we”, “us” and “our” used herein refer to Gentherm Incorporated and its consolidated subsidiaries. We operate in locations aligned with our major customers’ product strategies in order to provide locally enhanced design, integration and production capabilities and to identify future climatic comfort product opportunities in both automotive and other markets. We concentrate our research on the development of new technologies that will improve overall product effectiveness and customer satisfaction. We also focus on developing new design applications from our existing technologies to create new products and market opportunities for thermal comfort solutions. | |
Buyout of Joint Venture Partner | |
On February 12, 2014 we acquired all of the previously unowned shares in our North American electronics manufacturing joint venture which had previously been accounted for under the equity method. The purchase was accounted for using the acquisition method and resulted in a gain of $785. | |
Subsequent Event | |
We have evaluated subsequent events through the date that our consolidated financial statements are issued. On April 1, 2014, we acquired all the stock of privately-held Global Thermoelectric Inc. (“GTE”), in an all-cash transaction. Based in Calgary, GTE is the world’s market leader in industrial thermoelectric generator systems and remote power generation. Specializing in high reliability systems for remote industrial applications, GTE’s 2013 revenues were approximately $34,000 Canadian dollars. For the three months ended March 31, 2014, GTE’s revenues were $14,464 Canadian Dollars. | |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Note 2 – Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation of our results of operations, financial position and cash flows have been included. The balance sheet as of December 31, 2013 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Operating results for the three month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These consolidated condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share | ' | |||||||
Note 3 – Earnings per Share | ||||||||
Basic earnings per common share are computed by dividing net income by the weighted average number of shares of stock outstanding during the period. The Company’s diluted earnings per share give effect to all potential common shares outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be purchased from the conversion of Common Stock equivalents. | ||||||||
The following summarizes the common shares included in the basic and diluted shares, as disclosed on the face of the consolidated condensed statements of income: | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
Weighted average number of shares for calculation of basic EPS – Common Stock | 35,063,671 | 31,606,986 | ||||||
Stock option under the 2006 and 2011 Equity Incentive Plans | 528,356 | 476,563 | ||||||
Weighted average number of shares for calculation of diluted EPS | 35,592,026 | 32,083,549 | ||||||
Note 3 – Earnings per Share – Continued | ||||||||
The accompanying table represents Common Stock issuable upon the exercise of certain stock options and Series C Convertible Preferred Stock that have been excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive. There were no issued and outstanding Series C Convertible Preferred Stock during the three months ended March 31, 2014. | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
Stock options outstanding under the 2006 and 2011 Equity Incentive Plans | — | 124,000 | ||||||
Series C Convertible Preferred Stock | — | 910,021 | ||||||
— | 1,034,021 | |||||||
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 4 – Segment Reporting | |||||||||||||||||
Segment information is used by management for making operating decisions and assessing the performance of the Company. As part of the initiative to integrate the operations of historical Gentherm and W.E.T. Automotive Systems AG (“W.E.T.”) (now known as Gentherm GmbH), changes were made to Gentherm’s structure of internal organization. The financial information used by our chief operating decision maker to assess performance and allocate resources reflects the changes brought about through this initiative. | |||||||||||||||||
Gentherm’s internal structure of organization no longer treats the operations of historical Gentherm and W.E.T. separately. The integration initiative also expanded the scope of research and development activities classified within the advanced technology segment. In addition to research and development efforts to improve the efficiency and application of thermoelectric devices, the new advanced technology segment includes research and development spent on Gentherm’s advanced heating wire technology, which had previously been reflected in the W.E.T. segment. Corporate reconciling items include certain selling, general and administrative costs previously reflected in the W.E.T. segment. | |||||||||||||||||
Management evaluates the performance of the Company’s segments based primarily on operating income or loss. | |||||||||||||||||
The Company’s reportable segments are as follows: | |||||||||||||||||
— | Automotive – the aggregated operating results from Gentherm’s three geographic operating segments: North America, Europe and Asia. | ||||||||||||||||
— | Advanced Technology – a division engaged in research and development efforts to improve the efficiency of thermoelectric devices, advanced heating wire technology and other applications, and to develop, market and distribute products based on these technologies. The segment includes governmental sponsored research projects, including those sponsored by the U.S. Department of Energy, the German Ministry of Economics and Technology and the European Union. | ||||||||||||||||
— | Reconciling Items – include corporate selling, general and administrative costs and acquisition transaction costs. | ||||||||||||||||
Note 4 – Segment Reporting – Continued | |||||||||||||||||
The following table presents segment information about the reported product revenues and operating income of the Company for the three-month periods ended March 31, 2014 and 2013. Information presented for March 31, 2013 has been restated to conform with our new segment reporting structure. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level at this time. Goodwill as of March 31, 2014 and 2013 pertained entirely to our automotive segment. | |||||||||||||||||
Three Months Ended March 31, | Automotive | Advanced | Reconciling | Consolidated | |||||||||||||
Technology | Items | Total | |||||||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 193,938 | $ | — | $ | — | $ | 193,938 | |||||||||
Depreciation and amortization | 6,655 | 177 | 641 | 7,473 | |||||||||||||
Operating income (loss) | 30,704 | (1,713 | ) | (4,175 | ) | 24,816 | |||||||||||
2013:00:00 | |||||||||||||||||
Product revenues | $ | 148,090 | $ | — | $ | — | $ | 148,090 | |||||||||
Depreciation and amortization | 7,432 | 133 | 369 | 7,934 | |||||||||||||
Operating income (loss) | 17,008 | (2,257 | ) | (4,960 | ) | 9,791 | |||||||||||
Total product revenues information by geographic area is as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
United States | $ | 85,067 | 44 | % | $ | 63,312 | 43 | % | |||||||||
Germany | 22,476 | 12 | % | 19,985 | 13 | % | |||||||||||
South Korea | 21,915 | 11 | % | 11,488 | 8 | % | |||||||||||
China | 15,944 | 8 | % | 14,129 | 10 | % | |||||||||||
Japan | 10,465 | 6 | % | 9,007 | 6 | % | |||||||||||
United Kingdom | 6,600 | 3 | % | 4,131 | 3 | % | |||||||||||
Czech Republic | 6,086 | 3 | % | 3,658 | 2 | % | |||||||||||
Mexico | 4,703 | 2 | % | 3,441 | 2 | % | |||||||||||
Canada | 3,162 | 2 | % | 3,518 | 2 | % | |||||||||||
Other | 17,520 | 9 | % | 15,421 | 11 | % | |||||||||||
Total Foreign | 108,871 | 56 | % | 84,778 | 57 | % | |||||||||||
$ | 193,938 | 100 | % | $ | 148,090 | 100 | % | ||||||||||
Debt
Debt | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt | ' | |||||||||||
Note 5 – Debt | ||||||||||||
We have outstanding credit agreements with a syndicate of banks led by Bank of America (the “US Bank of America credit facility” and the “W.E.T. Bank of America credit facility”). | ||||||||||||
The US Bank of America credit facility includes two term notes (referred to as the “US Term Note and Europe Term Note”) and a revolving line of credit note (“US Revolving Note”). The W.E.T. Bank of America credit facility includes a term note (“W.E.T. Term Note”) and a revolving line of credit note (“W.E.T. Revolving Note”). | ||||||||||||
In March 2014, Gentherm borrowed $13,455 against the US Revolving Note to partially finance the purchase of GTE on April 1, 2014. No amounts have been borrowed under W.E.T. Revolving Note as of March 31, 2014. As of March 31, 2014, $16,545 and €20,000 were available under the US Revolving Note and the WET Revolving Note, respectively. See Note 1 – The Company and Subsequent Event for additional information about the acquisition of GTE. | ||||||||||||
Principal outstanding under these credit facilities is due and payable in full on March 30, 2016. Interest is payable quarterly. The Company must maintain a minimum Consolidated Fixed Charge Coverage Ratio and a maximum Leverage Ratio, as defined by the Bank of America credit agreement. The loans are secured by all of the Company’s assets. | ||||||||||||
Note 5 – Debt – Continued | ||||||||||||
The Company has a fixed interest rate loan with the German Investment Corporation, a subsidiary of KfW banking group, a German government-owned development bank (“DEG Loan”). The DEG Loan is subject to semi-annual principal payments beginning March, 2015 and ending September, 2019. Under the terms of the DEG Loan, the Company must maintain a minimum Debt-to-Equity Ratio, Current Ratio and Debt Service Coverage Ratio based on the financial statements of W.E.T. Automotive Systems (China) Limited, as defined by the DEG Loan agreement. | ||||||||||||
The Company has a capital lease agreement for an enterprise resource planning system. Under the terms of the lease, the Company must maintain certain financial covenants. Ownership of the system will be transferred to the Company at the end of the agreement. | ||||||||||||
The following table summarizes the Company’s debt at March 31, 2014 and at December 31, 2013. | ||||||||||||
March 31, 2014 | December 31, | |||||||||||
2013 | ||||||||||||
Interest | Principal | Principal | ||||||||||
Rate | Balance | Balance | ||||||||||
US Term Note | 2.5 | % | $ | 23,188 | $ | 24,500 | ||||||
US Revolving Note | 3.47 | % | 13,561 | — | ||||||||
Europe Term Note | 2.5 | % | 37,211 | 38,899 | ||||||||
W.E.T. Term Note | 2.01 | % | 8,841 | 10,920 | ||||||||
DEG Loan | 4.25 | % | 5,516 | 5,561 | ||||||||
Capital Leases | 4.2 | % | 2,011 | 2,440 | ||||||||
Total debt | 90,328 | 82,320 | ||||||||||
Current portion | (20,566 | ) | (21,439 | ) | ||||||||
Long-term debt, less current maturities | $ | 69,762 | $ | 60,881 | ||||||||
As of March 31, 2014, we were in compliance with all terms as outlined in the credit agreement for each of the US Bank of America credit facility, the W.E.T. Bank of America credit facility, the DEG loan and the capital lease agreement. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||
Note 6 – Derivative Financial Instruments | |||||||||||||||||||||||
We are exposed to market risk from changes in foreign currency exchange rates and short term interest rates. Market risks for changes in interest rates relate primarily to our debt obligations under our Bank of America credit facilities. Foreign currency exchange risks are attributable to sales to foreign customers and purchases from foreign suppliers not denominated in the location’s functional currency, foreign plant operations, intercompany indebtedness and include exposures to the European Euro, Mexican Peso, Canadian Dollar, Hungarian Forint, Ukraine Hryvnia and Korean Won. The Company regularly enters into derivative contracts with the objective of managing its financial and operational exposure arising from this risk by offsetting gains and losses on the underlying exposures with gains and losses on the financial instruments used to hedge them. We do not enter into derivative financial instruments for speculative or trading purposes. Our hedging relationships are formally documented at the inception of the hedge, and hedges must be highly effective in offsetting changes to future cash flows on hedged transactions both at the inception of a hedge and on an ongoing basis to be designated for hedge accounting treatment. We record the ineffective portion of hedging instruments, if any, to other income (expense) in the consolidated condensed statements of income. Though we continuously monitor the hedging program, derivative positions and hedging strategies, foreign currency forward exchange agreements have not always been designated as hedging instruments for accounting purposes. | |||||||||||||||||||||||
The Company uses a market approach to value derivative instruments, analyzing observable benchmark rates at commonly quoted intervals for the instrument’s full term. | |||||||||||||||||||||||
Note 6 – Derivative Financial Instruments – Continued | |||||||||||||||||||||||
Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of March 31, 2014 is as follows: | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Net Asset/ | |||||||||||||||||||||
(Liabilities) | |||||||||||||||||||||||
Hedge | Fair Value | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||
Designation | Hierarchy | Location | Value | Location | Value | ||||||||||||||||||
CRS | Not a hedge | Level 2 | Current liabilities | $ | 2,771 | ||||||||||||||||||
Non current | 8,306 | ||||||||||||||||||||||
liabilities | |||||||||||||||||||||||
Total CRS | $ | 11,077 | $ | 11,077 | |||||||||||||||||||
Foreign currency derivatives | Cash flow hedge | Level 2 | Current assets | $ | 211 | Non current | $ | 149 | $ | 62 | |||||||||||||
liabilities | |||||||||||||||||||||||
Foreign currency derivatives | Not a hedge | Level 2 | Current assets | $ | 134 | $ | 134 | ||||||||||||||||
Non current | 1,704 | $ | 1,704 | ||||||||||||||||||||
assets | |||||||||||||||||||||||
Total foreign currency derivatives | $ | 2,049 | $ | 149 | $ | 1,900 | |||||||||||||||||
Interest rate swap derivatives | Cash flow hedge | Level 2 | Current liabilities | $ | 43 | $ | 43 | ||||||||||||||||
Information relating to the effect of derivative instruments on our consolidated condensed income statements is as follows: | |||||||||||||||||||||||
Location | Three Months | Three Months | |||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Foreign currency derivatives | Revaluation of derivatives | $ | 262 | (974 | ) | ||||||||||||||||||
Cost of Sales | 53 | — | |||||||||||||||||||||
Selling, general and administrative | 48 | — | |||||||||||||||||||||
Other Comprehensive Income | 61 | — | |||||||||||||||||||||
Foreign currency gain (loss) | (453 | ) | (291 | ) | |||||||||||||||||||
Total foreign currency derivatives | $ | (29 | ) | $ | (1,265 | ) | |||||||||||||||||
CRS | Revaluation of derivatives | $ | (509 | ) | $ | 1,320 | |||||||||||||||||
Interest Rate Swap | Interest Expense | $ | — | $ | (1 | ) | |||||||||||||||||
Other Comprehensive Income | 39 | 39 | |||||||||||||||||||||
We did not incur any hedge ineffectiveness during the three months ended March 31, 2014 and 2013. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Measurement | ' |
Note 7 – Fair Value Measurement | |
The Company bases fair value on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We have adopted a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | |
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |
Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | |
Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |
Note 7 – Fair Value Measurement – Continued | |
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value. | |
Except for derivative instruments, pension liabilities and pension plan assets, the Company has no financial assets and liabilities that are carried at fair value at March 31, 2014 and 2013. The carrying amounts of financial instruments comprising cash and cash equivalents and accounts receivable approximate their fair values due to their short-term nature. The carrying value of the Company’s long-term debt approximates its fair value because interest charged on the loan balance is variable. See Note 6 regarding the fair value of derivative instruments and hedging activities. | |
Certain Company assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. As of March 31, 2014 and 2013, the Company did not realize any changes to the fair value of these assets due to events that negatively impacted their recoverability. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Basic and Diluted Shares of Consolidated Condensed Statements of Income | ' | |||||||
The following summarizes the common shares included in the basic and diluted shares, as disclosed on the face of the consolidated condensed statements of income: | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
Weighted average number of shares for calculation of basic EPS – Common Stock | 35,063,671 | 31,606,986 | ||||||
Stock option under the 2006 and 2011 Equity Incentive Plans | 528,356 | 476,563 | ||||||
Weighted average number of shares for calculation of diluted EPS | 35,592,026 | 32,083,549 | ||||||
Common Stock Issuable upon Exercise of Certain Stock Options | ' | |||||||
The accompanying table represents Common Stock issuable upon the exercise of certain stock options and Series C Convertible Preferred Stock that have been excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive. There were no issued and outstanding Series C Convertible Preferred Stock during the three months ended March 31, 2014. | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2014 | 2013 | |||||||
Stock options outstanding under the 2006 and 2011 Equity Incentive Plans | — | 124,000 | ||||||
Series C Convertible Preferred Stock | — | 910,021 | ||||||
— | 1,034,021 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Information about Reported Product Revenues and Operating Income | ' | ||||||||||||||||
The following table presents segment information about the reported product revenues and operating income of the Company for the three-month periods ended March 31, 2014 and 2013. Information presented for March 31, 2013 has been restated to conform with our new segment reporting structure. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level at this time. Goodwill as of March 31, 2014 and 2013 pertained entirely to our automotive segment. | |||||||||||||||||
Three Months Ended March 31, | Automotive | Advanced | Reconciling | Consolidated | |||||||||||||
Technology | Items | Total | |||||||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 193,938 | $ | — | $ | — | $ | 193,938 | |||||||||
Depreciation and amortization | 6,655 | 177 | 641 | 7,473 | |||||||||||||
Operating income (loss) | 30,704 | (1,713 | ) | (4,175 | ) | 24,816 | |||||||||||
2013:00:00 | |||||||||||||||||
Product revenues | $ | 148,090 | $ | — | $ | — | $ | 148,090 | |||||||||
Depreciation and amortization | 7,432 | 133 | 369 | 7,934 | |||||||||||||
Operating income (loss) | 17,008 | (2,257 | ) | (4,960 | ) | 9,791 | |||||||||||
Product Revenues Information by Geographic Area | ' | ||||||||||||||||
Total product revenues information by geographic area is as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
United States | $ | 85,067 | 44 | % | $ | 63,312 | 43 | % | |||||||||
Germany | 22,476 | 12 | % | 19,985 | 13 | % | |||||||||||
South Korea | 21,915 | 11 | % | 11,488 | 8 | % | |||||||||||
China | 15,944 | 8 | % | 14,129 | 10 | % | |||||||||||
Japan | 10,465 | 6 | % | 9,007 | 6 | % | |||||||||||
United Kingdom | 6,600 | 3 | % | 4,131 | 3 | % | |||||||||||
Czech Republic | 6,086 | 3 | % | 3,658 | 2 | % | |||||||||||
Mexico | 4,703 | 2 | % | 3,441 | 2 | % | |||||||||||
Canada | 3,162 | 2 | % | 3,518 | 2 | % | |||||||||||
Other | 17,520 | 9 | % | 15,421 | 11 | % | |||||||||||
Total Foreign | 108,871 | 56 | % | 84,778 | 57 | % | |||||||||||
$ | 193,938 | 100 | % | $ | 148,090 | 100 | % | ||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Summary of Company's Debt | ' | |||||||||||
The following table summarizes the Company’s debt at March 31, 2014 and at December 31, 2013. | ||||||||||||
March 31, 2014 | December 31, | |||||||||||
2013 | ||||||||||||
Interest | Principal | Principal | ||||||||||
Rate | Balance | Balance | ||||||||||
US Term Note | 2.5 | % | $ | 23,188 | $ | 24,500 | ||||||
US Revolving Note | 3.47 | % | 13,561 | — | ||||||||
Europe Term Note | 2.5 | % | 37,211 | 38,899 | ||||||||
W.E.T. Term Note | 2.01 | % | 8,841 | 10,920 | ||||||||
DEG Loan | 4.25 | % | 5,516 | 5,561 | ||||||||
Capital Leases | 4.2 | % | 2,011 | 2,440 | ||||||||
Total debt | 90,328 | 82,320 | ||||||||||
Current portion | (20,566 | ) | (21,439 | ) | ||||||||
Long-term debt, less current maturities | $ | 69,762 | $ | 60,881 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet | ' | ||||||||||||||||||||||
Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of March 31, 2014 is as follows: | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Net Asset/ | |||||||||||||||||||||
(Liabilities) | |||||||||||||||||||||||
Hedge | Fair Value | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||
Designation | Hierarchy | Location | Value | Location | Value | ||||||||||||||||||
CRS | Not a hedge | Level 2 | Current liabilities | $ | 2,771 | ||||||||||||||||||
Non current | 8,306 | ||||||||||||||||||||||
liabilities | |||||||||||||||||||||||
Total CRS | $ | 11,077 | $ | 11,077 | |||||||||||||||||||
Foreign currency derivatives | Cash flow hedge | Level 2 | Current assets | $ | 211 | Non current | $ | 149 | $ | 62 | |||||||||||||
liabilities | |||||||||||||||||||||||
Foreign currency derivatives | Not a hedge | Level 2 | Current assets | $ | 134 | $ | 134 | ||||||||||||||||
Non current | 1,704 | $ | 1,704 | ||||||||||||||||||||
assets | |||||||||||||||||||||||
Total foreign currency derivatives | $ | 2,049 | $ | 149 | $ | 1,900 | |||||||||||||||||
Interest rate swap derivatives | Cash flow hedge | Level 2 | Current liabilities | $ | 43 | $ | 43 | ||||||||||||||||
Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Income Statements | ' | ||||||||||||||||||||||
Information relating to the effect of derivative instruments on our consolidated condensed income statements is as follows: | |||||||||||||||||||||||
Location | Three Months | Three Months | |||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Foreign currency derivatives | Revaluation of derivatives | $ | 262 | (974 | ) | ||||||||||||||||||
Cost of Sales | 53 | — | |||||||||||||||||||||
Selling, general and administrative | 48 | — | |||||||||||||||||||||
Other Comprehensive Income | 61 | — | |||||||||||||||||||||
Foreign currency gain (loss) | (453 | ) | (291 | ) | |||||||||||||||||||
Total foreign currency derivatives | $ | (29 | ) | $ | (1,265 | ) | |||||||||||||||||
CRS | Revaluation of derivatives | $ | (509 | ) | $ | 1,320 | |||||||||||||||||
Interest Rate Swap | Interest Expense | $ | — | $ | (1 | ) | |||||||||||||||||
Other Comprehensive Income | 39 | 39 | |||||||||||||||||||||
The_Company_and_Subsequent_Eve1
The Company and Subsequent Event - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Feb. 12, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
USD ($) | North American Electronics Manufacturing Joint Venture | GTE | GTE | |
USD ($) | CAD | CAD | ||
Nature Of Company [Line Items] | ' | ' | ' | ' |
Gain realized from step acquisition of subsidiary | $785 | $785 | ' | ' |
Revenues | ' | ' | 14,464 | 34,000 |
Earnings_per_Share_Detail
Earnings per Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Weighted average number of shares for calculation of basic EPS – Common Stock | 35,063,671 | 31,606,986 |
Stock option under the 2006 and 2011 Equity Incentive Plans | 528,356 | 476,563 |
Weighted average number of shares for calculation of diluted EPS | 35,592,026 | 32,083,549 |
Common stock that have been excluded from the diluted shares calculation | ' | 1,034,021 |
Stock options outstanding under the 2006 and 2011 Equity Incentive Plans | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Common stock that have been excluded from the diluted shares calculation | ' | 124,000 |
Series C Convertible Preferred Stock | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Common stock that have been excluded from the diluted shares calculation | ' | 910,021 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (Series C Convertible Preferred Stock) | Mar. 31, 2014 |
Series C Convertible Preferred Stock | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Segment_Information_about_Repo
Segment Information about Reported Product Revenues and Operating Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | $193,938 | $148,090 |
Depreciation and amortization | 7,473 | 7,934 |
Operating income (loss) | 24,816 | 9,791 |
Automotive | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 193,938 | 148,090 |
Depreciation and amortization | 6,655 | 7,432 |
Operating income (loss) | 30,704 | 17,008 |
Advanced Technology | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation and amortization | 177 | 133 |
Operating income (loss) | -1,713 | -2,257 |
Reconciling Items | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation and amortization | 641 | 369 |
Operating income (loss) | ($4,175) | ($4,960) |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | $193,938 | $148,090 |
Total product revenues in percentage | 100.00% | 100.00% |
United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 85,067 | 63,312 |
Total product revenues in percentage | 44.00% | 43.00% |
Germany | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 22,476 | 19,985 |
Total product revenues in percentage | 12.00% | 13.00% |
South Korea | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 21,915 | 11,488 |
Total product revenues in percentage | 11.00% | 8.00% |
China | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 15,944 | 14,129 |
Total product revenues in percentage | 8.00% | 10.00% |
Japan | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 10,465 | 9,007 |
Total product revenues in percentage | 6.00% | 6.00% |
United Kingdom | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 6,600 | 4,131 |
Total product revenues in percentage | 3.00% | 3.00% |
Czech Republic | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 6,086 | 3,658 |
Total product revenues in percentage | 3.00% | 2.00% |
Mexico | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 4,703 | 3,441 |
Total product revenues in percentage | 2.00% | 2.00% |
Canada | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 3,162 | 3,518 |
Total product revenues in percentage | 2.00% | 2.00% |
Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | 17,520 | 15,421 |
Total product revenues in percentage | 9.00% | 11.00% |
Total Foreign | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Product revenues | $108,871 | $84,778 |
Total product revenues in percentage | 56.00% | 57.00% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | US Revolving Note | W.E.T. Revolving Note | W.E.T. Revolving Note |
USD ($) | USD ($) | EUR (€) | |
Debt Disclosure [Line Items] | ' | ' | ' |
Debt instrument face amount | $13,455 | $0 | ' |
Line of credit available amount | $16,545 | ' | € 20,000 |
Summary_of_Companys_Debt_Detai
Summary of Company's Debt (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total debt | $90,328 | $82,320 |
Current portion | -20,566 | -21,439 |
Long-term debt, less current maturities | 69,762 | 60,881 |
US Term Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 2.50% | ' |
Total debt | 23,188 | 24,500 |
US Revolving Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 3.47% | ' |
Total debt | 13,561 | ' |
Europe Term Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 2.50% | ' |
Total debt | 37,211 | 38,899 |
W.E.T. Term Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 2.01% | ' |
Total debt | 8,841 | 10,920 |
DEG Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.25% | ' |
Total debt | 5,516 | 5,561 |
Capital Leases | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.20% | ' |
Total debt | $2,011 | $2,440 |
Information_Related_to_Recurri
Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Asset Derivatives, Fair Value, Total | $2,049 |
Fair Value, Inputs, Level 2 | Foreign Currency Derivatives | Noncurrent Assets | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Asset Derivatives, Fair Value, Total | 1,704 |
Fair Value, Inputs, Level 2 | Currency Related Swap | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Net Asset/(Liabilities) | 11,077 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign Currency Derivatives | Noncurrent Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 149 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Interest Rate Swap | Current Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 43 |
Net Asset/(Liabilities) | 43 |
Fair Value, Inputs, Level 2 | Not a hedge | Foreign Currency Derivatives | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 149 |
Net Asset/(Liabilities) | 1,900 |
Fair Value, Inputs, Level 2 | Not a hedge | Foreign Currency Derivatives | Noncurrent Assets | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Net Asset/(Liabilities) | 1,704 |
Fair Value, Inputs, Level 2 | Not a hedge | Currency Related Swap | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 11,077 |
Fair Value, Inputs, Level 2 | Not a hedge | Currency Related Swap | Current Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 2,771 |
Fair Value, Inputs, Level 2 | Not a hedge | Currency Related Swap | Noncurrent Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 8,306 |
Fair Value, Inputs, Level 2 | Contract One | Designated as Hedging Instrument | Foreign Currency Derivatives | Current Assets | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Asset Derivatives, Fair Value, Total | 211 |
Fair Value, Inputs, Level 2 | Contract One | Designated as Hedging Instrument | Foreign Currency Derivatives | Noncurrent Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Net Asset/(Liabilities) | 62 |
Fair Value, Inputs, Level 2 | Contract Two | Not a hedge | Foreign Currency Derivatives | Current Assets | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Asset Derivatives, Fair Value, Total | 134 |
Net Asset/(Liabilities) | $134 |
Information_Related_to_Effect_
Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Income Statements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | ($29) | ($1,265) |
Revaluation Of Derivatives | Foreign Currency Derivatives | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | 262 | -974 |
Revaluation Of Derivatives | Currency Related Swap | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | -509 | 1,320 |
Cost of Sales | Foreign Currency Derivatives | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | 53 | ' |
Selling General And Administrative | Foreign Currency Derivatives | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | 48 | ' |
Other Comprehensive Income (Loss) | Foreign Currency Derivatives | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | 61 | ' |
Other Comprehensive Income (Loss) | Interest Rate Swap | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | 39 | 39 |
Foreign Currency Gain (Loss) | Foreign Currency Derivatives | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | -453 | -291 |
Interest Expense | Interest Rate Swap | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' |
Gain (loss) on derivatives | ' | ($1) |