Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 35,466,806 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash & cash equivalents | $43,154 | $54,885 |
Accounts receivable, less allowance of $1,601 and $1,807, respectively | 145,957 | 118,283 |
Inventory: | ' | ' |
Raw materials | 43,409 | 33,783 |
Work in process | 2,943 | 2,864 |
Finished goods | 21,671 | 27,570 |
Inventory, net | 68,023 | 64,217 |
Derivative financial instruments | 325 | 67 |
Deferred income tax assets | 10,700 | 10,616 |
Prepaid expenses and other assets | 29,042 | 21,864 |
Total current assets | 297,201 | 269,932 |
Property and equipment, net | 84,158 | 79,234 |
Goodwill | 32,247 | 25,809 |
Other intangible assets | 87,239 | 83,431 |
Deferred financing costs | 945 | 1,072 |
Deferred income tax assets | 20,104 | 7,103 |
Derivative financial instruments | 1,343 | 1,969 |
Other non-current assets | 11,599 | 13,373 |
Total assets | 534,836 | 481,923 |
Current Liabilities: | ' | ' |
Accounts payable | 64,907 | 61,662 |
Accrued liabilities | 68,394 | 66,783 |
Current maturities of long-term debt | 19,519 | 21,439 |
Derivative financial instruments | 2,776 | 2,552 |
Deferred income tax liabilities | 705 | 710 |
Total current liabilities | 156,301 | 153,146 |
Pension benefit obligation | 7,189 | 6,868 |
Other liabilities | 4,533 | 1,601 |
Long-term debt, less current maturities | 65,727 | 60,881 |
Derivative financial instruments | 8,288 | 9,358 |
Deferred income tax liabilities | 20,218 | 17,975 |
Total liabilities | 262,256 | 249,829 |
Common Stock: | ' | ' |
No par value; 55,000,000 shares authorized, 35,451,435 and 34,929,334 issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 238,091 | 232,067 |
Paid-in capital | -5,820 | -9,582 |
Accumulated other comprehensive loss | -7,505 | -5,203 |
Accumulated earnings | 47,814 | 14,812 |
Total shareholders’ equity | 272,580 | 232,094 |
Total liabilities and shareholders’ equity | $534,836 | $481,923 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance | $1,601 | $1,807 |
Common Stock, par value | ' | ' |
Common Stock, shares authorized | 55,000,000 | 55,000,000 |
Common Stock, shares issued | 35,451,435 | 34,929,334 |
Common Stock, shares outstanding | 35,451,435 | 34,929,334 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Product revenues | $206,182 | $160,520 | $400,120 | $308,610 |
Cost of sales | 145,425 | 120,368 | 282,338 | 229,407 |
Gross margin | 60,757 | 40,152 | 117,782 | 79,203 |
Operating expenses: | ' | ' | ' | ' |
Net research and development expenses | 14,550 | 12,403 | 27,595 | 24,244 |
Acquisition transaction expenses | ' | 422 | 1,075 | 1,585 |
Selling, general and administrative | 21,972 | 18,908 | 40,061 | 35,164 |
Total operating expenses | 36,522 | 31,733 | 68,731 | 60,993 |
Operating income | 24,235 | 8,419 | 49,051 | 18,210 |
Interest expense | -970 | -873 | -1,901 | -1,854 |
Revaluation of derivatives | -340 | 638 | -587 | 984 |
Foreign currency (loss) gain | -320 | -889 | -1,843 | 98 |
Gain realized from step acquisition of subsidiary | ' | ' | 785 | ' |
Income from equity investment | ' | 17 | ' | 242 |
Other income (expense) | 320 | 164 | 301 | 500 |
Earnings before income tax | 22,925 | 7,476 | 45,806 | 18,180 |
Income tax expense | 6,502 | 1,948 | 12,804 | 2,743 |
Net income | 16,423 | 5,528 | 33,002 | 15,437 |
Income attributable to non-controlling interest | ' | -19 | ' | -1,277 |
Net income attributable to Gentherm Incorporated | 16,423 | 5,509 | 33,002 | 14,160 |
Convertible preferred stock dividends | ' | -540 | ' | -1,463 |
Net income attributable to common shareholders | $16,423 | $4,969 | $33,002 | $12,697 |
Basic earnings per share | $0.46 | $0.15 | $0.94 | $0.38 |
Diluted earnings per share | $0.46 | $0.15 | $0.92 | $0.37 |
Weighted average number of shares – basic | 35,360,957 | 32,658,311 | 35,213,135 | 33,698,083 |
Weighted average number of shares – diluted | 36,093,600 | 33,167,228 | 35,841,228 | 34,143,258 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $16,423 | $5,528 | $33,002 | $15,437 |
Other comprehensive income (loss), gross of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -730 | 286 | -3,355 | -6,794 |
Unrealized gain on derivative securities | 99 | 36 | 199 | 75 |
Other comprehensive income (loss), gross of tax | -631 | 322 | -3,156 | -6,719 |
Other comprehensive income (loss), related tax effect: | ' | ' | ' | ' |
Foreign currency translation adjustments | 280 | 82 | 854 | -109 |
Other comprehensive income (loss), related tax effect | 280 | 82 | 854 | -109 |
Other comprehensive income (loss), net of tax | -351 | 404 | -2,302 | -6,828 |
Comprehensive income | 16,072 | 5,932 | 30,700 | 8,609 |
Less: comprehensive income attributable to the non-controlling interest | ' | 19 | ' | 1,277 |
Comprehensive income attributable to Gentherm Incorporated | $16,072 | $5,913 | $30,700 | $7,332 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $33,002 | $15,437 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15,931 | 15,730 |
Deferred tax provision | -6,309 | -1,414 |
Stock compensation | 2,225 | 998 |
Defined benefit plan (income) expense | 28 | -105 |
Provision of doubtful accounts | -330 | -8 |
Gain on revaluation of financial derivatives | -217 | -1,878 |
Gain on equity investment | ' | -197 |
(Gain) loss on sale of property, plant and equipment | 28 | -16 |
Gain realized from step acquisition of subsidiary | -785 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -17,456 | -12,028 |
Inventory | 5,024 | -2,835 |
Prepaid expenses and other assets | -6,959 | -4,091 |
Accounts payable | -1,312 | 14,470 |
Accrued liabilities | 1,496 | 2,372 |
Net cash provided by operating activities | 24,366 | 26,435 |
Investing Activities: | ' | ' |
Purchase of non-controlling interest | ' | -46,827 |
Acquisition and investment in subsidiary, net of cash acquired | -31,739 | ' |
Proceeds from the sale of property, plant and equipment | 44 | 9 |
Purchase of property and equipment | -15,489 | -18,032 |
Net cash used in investing activities | -47,184 | -64,850 |
Financing Activities: | ' | ' |
Borrowing of debt | 13,455 | 46,280 |
Repayments of debt | -12,470 | -10,286 |
Excess tax benefit from equity awards | 4,155 | 204 |
Cash paid to Series C Preferred Stock Holders | ' | -8,945 |
Proceeds from the exercise of common stock options | 3,406 | 2,411 |
Net cash provided by financing activities | 8,546 | 29,664 |
Foreign currency effect | 2,541 | ' |
Net decrease in cash and cash equivalents | -11,731 | -8,751 |
Cash and cash equivalents at beginning of period | 54,885 | 58,152 |
Cash and cash equivalents at end of period | 43,154 | 49,401 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for taxes | 9,889 | 3,360 |
Cash paid for interest | 1,308 | 1,368 |
Supplemental disclosure of non-cash transactions: | ' | ' |
Common stock issued to Board of Directors and employees | 1,330 | 374 |
Issuance of common stock to non-controlling interest | ' | 42,517 |
Issuance of common stock for Series C Preferred Stock conversion | ' | $8,276 |
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, except Share data | |||||
Beginning Balance at Dec. 31, 2013 | $232,094 | $232,067 | ($9,582) | $14,812 | ($5,203) |
Beginning Balance (in shares) at Dec. 31, 2013 | 34,929,334 | 34,929,000 | ' | ' | ' |
Exercise of Common Stock options for cash | 3,406 | 4,694 | -1,288 | ' | ' |
Exercise of Common Stock options for cash (in shares) | ' | 440,000 | ' | ' | ' |
Tax benefit from exercises of Common Stock options | 4,155 | ' | 4,155 | ' | ' |
Stock option compensation | 895 | ' | 895 | ' | ' |
Common Stock issued to Board of Directors and employees | 1,330 | 1,330 | ' | ' | ' |
Common Stock issued to Board of Directors and employees (in shares) | ' | 82,000 | ' | ' | ' |
Interest rate hedge, net | 39 | ' | ' | ' | 39 |
Foreign currency hedge, net | 160 | ' | ' | ' | 160 |
Currency translation, net | -2,501 | ' | ' | ' | -2,501 |
Net income | 33,002 | ' | ' | 33,002 | ' |
Ending Balance at Jun. 30, 2014 | $272,580 | $238,091 | ($5,820) | $47,814 | ($7,505) |
Ending Balance (in shares) at Jun. 30, 2014 | 35,451,435 | 35,451,000 | ' | ' | ' |
The_Company_and_Subsequent_Eve
The Company and Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
The Company and Subsequent Events | ' |
Note 1 – The Company and Subsequent Events | |
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. | |
Global Thermoelectric | |
On April 1, 2014, we acquired all of the stock of privately-held Global Thermoelectric Inc. (“GTE”), in an all-cash transaction. GTE is the global market leader and developer of thermoelectric generators. GTE’s world headquarters and manufacturing operations are located in Alberta, Canada. See Note 3, “Global Thermoelectric Acquisition” for additional information regarding GTE. | |
Subsequent Events | |
We have evaluated subsequent events through the date that our consolidated financial statements are issued. No events have taken place that meet the definition of a subsequent event requiring adjustments to or disclosures in this filing. |
Basis_of_Presentation_and_New_
Basis of Presentation and New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation and New Accounting Pronouncements | ' |
Note 2 – Basis of Presentation and New Accounting Pronouncements | |
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 and six month periods ended June 30, 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. | |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principal is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies are to use a five-step contract review model to ensure revenue gets recognized, measured and disclosed in accordance with this principal. | |
ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016. The amendments in this update should be applied retrospectively either to each prior reporting period presented or to disclose the cumulative effect recognized at the date of initial application. Gentherm is developing a plan to complete the five-step contract review process for all existing contracts with customers. We are still in the process of determining the impact the implementation of ASU 2014-09 will have on the Company’s financial statements. | |
Note 2 – Basis of Presentation and New Accounting Pronouncements – Continued | |
Share-Based Payments | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This update provides guidance on the treatment of awards containing performance targets that affect vesting and that could be achieved after an employee’s requisite service period. The update states that these types of performance targets should be treated as a performance condition and, therefore, not reflected in estimating the fair value of the award at the grant date. Compensation cost shall be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service period has been rendered. Should the probability of achievement occur before the end of the requisite service period, the remaining unrecognized compensation cost shall be recognized prospectively over the remaining requisite service period. The total compensation cost reflects the number of awards expected to vest and shall be adjusted to reflect when those awards ultimately vest. | |
ASU 2014-12 is effective for fiscal years and interim periods beginning after December 15, 2015. Gentherm has not assigned specific performance targets to share-based awards that are currently outstanding and, therefore, it is unlikely this update will materially impact the Company’s financial statements. |
Global_Thermoelectric_Acquisit
Global Thermoelectric Acquisition | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Global Thermoelectric Acquisition | ' | ||||||||||||||
Note 3 – Global Thermoelectric Acquisition | |||||||||||||||
GTE develops, manufactures and sells thermoelectric and non-thermoelectric systems and related products. The principal application for these technologies include natural gas well and pipeline protection systems and remote power generation for instrumentation, automation and telecommunication systems. | |||||||||||||||
Results of operations for GTE are included in the Company’s consolidated condensed financial statements beginning April 1, 2014. GTE contributed $8,174 in product revenues and an operating loss of $42 for the three and six month periods ended June 30, 2014. | |||||||||||||||
Purchase Price Allocation | |||||||||||||||
The purchase price of approximately $34,163, net of cash acquired of $3,061, has been allocated to the values of assets acquired and liabilities assumed as of April 1, 2014. The allocation of the purchase price is preliminary. The Company is in the process of obtaining additional information required to finalize the valuation. An appraisal will be completed to assist management in determining the fair value of acquired assets and assumed liabilities, including identifiable intangible assets. The final purchase price allocation may be materially different than the preliminary allocation recorded. The purchase price allocation is expected to be finalized by December 31, 2014. The preliminary allocation as of April 1, 2014 was as follows: | |||||||||||||||
Accounts receivable | $ | 10,200 | |||||||||||||
Inventory | 6,487 | ||||||||||||||
Deferred income tax assets, net | 3,499 | ||||||||||||||
Order backlog | 815 | ||||||||||||||
Prepaid expenses and other assets | 258 | ||||||||||||||
Property and equipment | 716 | ||||||||||||||
Customer relationships | 5,524 | ||||||||||||||
Technology | 2,807 | ||||||||||||||
Trade name | 725 | ||||||||||||||
Goodwill | 6,601 | ||||||||||||||
Assumed liabilities | (6,530 | ) | |||||||||||||
Net assets acquired | 31,102 | ||||||||||||||
Cash acquired | 3,061 | ||||||||||||||
Purchase price | $ | 34,163 | |||||||||||||
The gross contractual amount due of accounts receivable is $10,306 of which $106 is expected to be uncollectible. | |||||||||||||||
Note 3 – Global Thermoelectric Acquisition – Continued | |||||||||||||||
Supplemental Pro Forma Information | |||||||||||||||
The unaudited pro forma combined historical results for the amounts of GTE’s revenue and earnings that would have been included in the Company’s consolidated condensed statements of income had the acquisition date been January 1, 2014 or January 1, 2013 are as follows: | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2014 | 2013 | |||||||||||||
Product revenues | $ | 170,846 | $ | 413,131 | $ | 325,084 | |||||||||
Net income | 4,533 | 34,880 | 11,824 | ||||||||||||
The pro forma information includes adjustments for the effect of the amortization of intangible assets recognized in the acquisition. This pro forma information is not necessarily indicative of future operating results. | |||||||||||||||
Goodwill | |||||||||||||||
We recorded goodwill of approximately $6,601 arising from the acquisition. It is estimated that none of the goodwill recognized will be deductible for income tax purposes. | |||||||||||||||
Intangible Assets | |||||||||||||||
In conjunction with the acquisition, intangible assets of $9,871 were recorded. The Company’s estimate of the fair value of these assets at the time of the acquisition is preliminary and will be determined with the assistance of an independent third-party valuation firm. As part of the estimated valuation, an estimated useful life for the assets was determined. | |||||||||||||||
Intangible assets, net consisted of the following (balances are higher as of June 30, 2014 than as of April 1, 2014, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $362): | |||||||||||||||
30-Jun-14 | |||||||||||||||
Gross Value | Accumulated | Net Value | Useful Life | ||||||||||||
Amortization | |||||||||||||||
Customer relationships | $ | 5,727 | $ | (119 | ) | $ | 5,608 | 12 yrs | |||||||
Order backlog | 845 | (422 | ) | 423 | 0.5 yrs | ||||||||||
Technology | 2,910 | (73 | ) | 2,837 | 10 yrs | ||||||||||
Trade name | 751 | (54 | ) | 697 | 3.5 yrs | ||||||||||
Total | $ | 10,233 | $ | (668 | ) | $ | 9,565 | ||||||||
Amortization expense of $649 for the three and six months ended June 30, 2014 respectively, was recorded as follows: | |||||||||||||||
Three and Six Months Ended | |||||||||||||||
30-Jun-14 | |||||||||||||||
Product revenues | $ | (116 | ) | ||||||||||||
Selling, general and administrative expense | 533 | ||||||||||||||
Note 3 – Global Thermoelectric Acquisition – Continued | |||||||||||||||
Amortization expense for the prospective five years is estimated to be as follows: | |||||||||||||||
July 1, 2014 through December 31, 2014 | $ | 914 | |||||||||||||
2015 | 983 | ||||||||||||||
2016 | 983 | ||||||||||||||
2017 | 929 | ||||||||||||||
2018 | 768 | ||||||||||||||
Property, Plant & Equipment | |||||||||||||||
Property and equipment consist of the following: | |||||||||||||||
Asset category | Useful life | Amount | |||||||||||||
Land | Indefinite | $ | 15 | ||||||||||||
Buildings | 20 yrs | 81 | |||||||||||||
Leasehold improvements | 5-7 yrs | 28 | |||||||||||||
Machinery and equipment | 2-5 yrs | 423 | |||||||||||||
Computer hardware and software | 3-5 yrs | 169 | |||||||||||||
$ | 716 | ||||||||||||||
Earnings_per_Share
Earnings per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings per Share | ' | |||||||||||||||
Note 4 – 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 | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average number of shares for calculation of basic EPS – Common Stock | 35,360,957 | 32,658,311 | 35,213,135 | 33,698,083 | ||||||||||||
Stock option under the 2006, 2011 and 2013 Equity Incentive Plans | 732,643 | 508,917 | 628,093 | 445,175 | ||||||||||||
Weighted average number of shares for calculation of diluted EPS | 36,093,600 | 33,167,228 | 35,841,228 | 34,143,258 | ||||||||||||
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 and six months ended June 30, 2014. | ||||||||||||||||
Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options outstanding under the 2006, 2011 and 2013 Equity Incentive Plans | — | 58,000 | — | 58,000 | ||||||||||||
Series C Convertible Preferred Stock | — | 444,953 | — | 444,953 | ||||||||||||
— | 502,953 | — | 502,953 | |||||||||||||
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 5 – Segment Reporting | |||||||||||||||||
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 during the first quarter of 2014 to Gentherm’s structure of internal organization. Gentherm no longer treats the operations of historical Gentherm and W.E.T. as separate segments. | |||||||||||||||||
As discussed in Note 3, Gentherm acquired GTE on April 1, 2014. The acquisition enhances key elements of the Company’s business strategy by expanding the breadth of products derived from core thermal technologies as well as the markets in which they are applied. The chief operating decision maker evaluates Company resources and analyzes the operational performance of GTE separate from the automotive segment. The Company evaluated the significance of the GTE acquisition and determined it did not meet the thresholds to be presented in a separate and distinct segment. Therefore, the combined results of GTE and the advanced research and product development division (formally known as the Advanced Technology segment) represent a reporting segment for the Company. These changes to the internal organization structure are reflected in the financial information used by our chief operating decision maker to allocate Company resources and assess operating performance. | |||||||||||||||||
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. | ||||||||||||||||
— | Industrial – the combined operating results of GTE and Gentherm’s advanced research and development division. Advanced research and development includes efforts focused on improving the efficiency of thermoelectric devices and advanced heating wire technology as well as other applications. 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. | ||||||||||||||||
The following table presents segment information about the reported product revenues and operating income of the Company for the three and six month periods ended June 30, 2014 and 2013. Information presented for 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. As of June 30, 2014, goodwill assigned to our automotive and industrial segments were $25,646 and $6,601, respectively. Goodwill as of December 31, 2013 pertained entirely to our automotive segment. | |||||||||||||||||
Three Months Ended June 30, | Automotive | Industrial | Reconciling | Consolidated | |||||||||||||
Items | Total | ||||||||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 198,008 | $ | 8,174 | $ | — | $ | 206,182 | |||||||||
Depreciation and amortization | 7,073 | 773 | 612 | 8,458 | |||||||||||||
Operating income (loss) | 38,237 | (2,144 | ) | (11,858 | ) | 24,235 | |||||||||||
2013:00:00 | |||||||||||||||||
Product revenues | $ | 160,520 | $ | — | $ | — | $ | 160,520 | |||||||||
Depreciation and amortization | 7,322 | 92 | 382 | 7,796 | |||||||||||||
Operating income (loss) | 22,037 | (2,374 | ) | (11,244 | ) | 8,419 | |||||||||||
Note 5 – Segment Reporting – Continued | |||||||||||||||||
Six Months Ended June 30, | Automotive | Industrial | Reconciling | Consolidated | |||||||||||||
Items | Total | ||||||||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 391,946 | $ | 8,174 | $ | — | $ | 400,120 | |||||||||
Depreciation and amortization | 13,728 | 950 | 1,253 | 15,931 | |||||||||||||
Operating income (loss) | 76,016 | (3,857 | ) | (23,108 | ) | 49,051 | |||||||||||
2013:00:00 | |||||||||||||||||
Product revenues | $ | 308,610 | $ | — | $ | — | $ | 308,610 | |||||||||
Depreciation and amortization | 14,754 | 225 | 751 | 15,730 | |||||||||||||
Operating income (loss) | 43,686 | (4,631 | ) | (20,845 | ) | 18,210 | |||||||||||
Total product revenues information by geographic area is as follows: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
United States | $ | 88,850 | 43 | % | $ | 71,569 | 45 | % | |||||||||
Germany | 25,486 | 12 | % | 20,492 | 13 | % | |||||||||||
South Korea | 24,039 | 12 | % | 14,028 | 9 | % | |||||||||||
China | 17,349 | 8 | % | 15,548 | 10 | % | |||||||||||
Japan | 11,856 | 6 | % | 9,299 | 6 | % | |||||||||||
Czech Republic | 6,855 | 3 | % | 4,118 | 2 | % | |||||||||||
United Kingdom | 6,199 | 3 | % | 4,007 | 3 | % | |||||||||||
Mexico | 5,058 | 2 | % | 4,023 | 2 | % | |||||||||||
Canada | 4,569 | 2 | % | 3,582 | 2 | % | |||||||||||
Other | 15,921 | 8 | % | 13,854 | 8 | % | |||||||||||
Total Foreign | 117,332 | 57 | % | 88,951 | 55 | % | |||||||||||
$ | 206,182 | 100 | % | $ | 160,520 | 100 | % | ||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
United States | $ | 173,917 | 43 | % | $ | 134,627 | 44 | % | |||||||||
Germany | 47,962 | 12 | % | 40,365 | 13 | % | |||||||||||
South Korea | 45,954 | 11 | % | 25,487 | 8 | % | |||||||||||
China | 33,293 | 8 | % | 29,600 | 10 | % | |||||||||||
Japan | 22,321 | 6 | % | 18,272 | 6 | % | |||||||||||
Czech Republic | 12,941 | 3 | % | 7,756 | 2 | % | |||||||||||
United Kingdom | 12,799 | 3 | % | 8,131 | 3 | % | |||||||||||
Mexico | 9,761 | 2 | % | 7,450 | 2 | % | |||||||||||
Canada | 7,731 | 2 | % | 7,085 | 2 | % | |||||||||||
Other | 33,441 | 10 | % | 29,837 | 10 | % | |||||||||||
Total Foreign | 226,203 | 57 | % | 173,983 | 56 | % | |||||||||||
$ | 400,120 | 100 | % | $ | 308,610 | 100 | % | ||||||||||
Debt
Debt | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Debt | ' | |||||||||||
Note 6 – 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”). | ||||||||||||
Note 6 – Debt – Continued | ||||||||||||
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 June 30, 2014. As of June 30, 2014, $16,545 and €20,000 were available under the US Revolving Note and the WET Revolving Note, respectively. See Note 3, “Global Thermoelectric Acquisition” for additional information regarding 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. | ||||||||||||
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 June 30, 2014 and at December 31, 2013. | ||||||||||||
June 30, 2014 | December 31, | |||||||||||
2013 | ||||||||||||
Interest | Principal | Principal | ||||||||||
Rate | Balance | Balance | ||||||||||
US Term Note | 1.9 | % | $ | 21,875 | $ | 24,500 | ||||||
US Revolving Note | 3.47 | % | 14,082 | — | ||||||||
Europe Term Note | 1.89 | % | 35,493 | 38,899 | ||||||||
W.E.T. Term Note | 1.89 | % | 6,750 | 10,920 | ||||||||
DEG Loan | 4.25 | % | 5,477 | 5,561 | ||||||||
Capital Leases | 4.2 | % | 1,569 | 2,440 | ||||||||
Total debt | 85,246 | 82,320 | ||||||||||
Current portion | (19,519 | ) | (21,439 | ) | ||||||||
Long-term debt, less current maturities | $ | 65,727 | $ | 60,881 | ||||||||
As of June 30, 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 | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||
Note 7 – 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 these risks 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. | |||||||||||||||||||||||
Note 7 – Derivative Financial Instruments – Continued | |||||||||||||||||||||||
The Company uses a market approach to value derivative instruments, analyzing observable benchmark rates at commonly quoted intervals for the instrument’s full term. For information about notional values and expected maturities of derivative instruments, see Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk” included in this Report. | |||||||||||||||||||||||
Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of June 30, 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 | $ | 2,630 | ||||||||||||||||||
Non-current | 8,288 | ||||||||||||||||||||||
liabilities | |||||||||||||||||||||||
Total CRS | $ | 10,918 | $ | (10,918 | ) | ||||||||||||||||||
Foreign currency derivatives | Cash flow hedge | Level 2 | Current assets | $ | 264 | Current liabilities | $ | 103 | $ | 161 | |||||||||||||
Foreign currency derivatives | Not a hedge | Level 2 | Current assets | $ | 61 | $ | 61 | ||||||||||||||||
Non-current | 1,343 | $ | 1,343 | ||||||||||||||||||||
assets | |||||||||||||||||||||||
Total foreign currency derivatives | $ | 1,668 | $ | 103 | $ | 1,565 | |||||||||||||||||
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 | Six Months | Three Months | Six Months | |||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||||||||||||
Foreign currency derivatives | Revaluation of derivatives | $ | (421 | ) | (159 | ) | (301 | ) | (1,275 | ) | |||||||||||||
Cost of Sales | 83 | 30 | — | — | |||||||||||||||||||
Selling, general and administrative | (20 | ) | (68 | ) | — | — | |||||||||||||||||
Other Comprehensive Income | 99 | 160 | — | — | |||||||||||||||||||
Foreign currency gain (loss) | 5 | (448 | ) | (127 | ) | (418 | ) | ||||||||||||||||
Total foreign currency derivatives | $ | (254 | ) | (485 | ) | $ | (428 | ) | (1,693 | ) | |||||||||||||
CRS | Revaluation of derivatives | $ | 81 | (428 | ) | $ | 940 | 2,260 | |||||||||||||||
Interest Rate Swap | Interest Expense | $ | (1 | ) | (1 | ) | $ | 2 | 2 | ||||||||||||||
Other Comprehensive Income | — | 39 | 36 | 75 | |||||||||||||||||||
We did not incur any hedge ineffectiveness during the six months ended June 30, 2014 and 2013. |
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Measurement | ' |
Note 8 – 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. | |
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 June 30, 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 7, “Derivative Financial Instruments” for information 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 June 30, 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. |
Basis_of_Presentation_and_New_1
Basis of Presentation and New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Revenue from Contracts with Customers | ' |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principal is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies are to use a five-step contract review model to ensure revenue gets recognized, measured and disclosed in accordance with this principal. | |
ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016. The amendments in this update should be applied retrospectively either to each prior reporting period presented or to disclose the cumulative effect recognized at the date of initial application. Gentherm is developing a plan to complete the five-step contract review process for all existing contracts with customers. We are still in the process of determining the impact the implementation of ASU 2014-09 will have on the Company’s financial statements. | |
Share-Based Payments | ' |
Share-Based Payments | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This update provides guidance on the treatment of awards containing performance targets that affect vesting and that could be achieved after an employee’s requisite service period. The update states that these types of performance targets should be treated as a performance condition and, therefore, not reflected in estimating the fair value of the award at the grant date. Compensation cost shall be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service period has been rendered. Should the probability of achievement occur before the end of the requisite service period, the remaining unrecognized compensation cost shall be recognized prospectively over the remaining requisite service period. The total compensation cost reflects the number of awards expected to vest and shall be adjusted to reflect when those awards ultimately vest. | |
ASU 2014-12 is effective for fiscal years and interim periods beginning after December 15, 2015. Gentherm has not assigned specific performance targets to share-based awards that are currently outstanding and, therefore, it is unlikely this update will materially impact the Company’s financial statements. |
Global_Thermoelectric_Acquisit1
Global Thermoelectric Acquisition (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Summary of Purchase Price Allocation | ' | ||||||||||||||
The preliminary allocation as of April 1, 2014 was as follows: | |||||||||||||||
Accounts receivable | $ | 10,200 | |||||||||||||
Inventory | 6,487 | ||||||||||||||
Deferred income tax assets, net | 3,499 | ||||||||||||||
Order backlog | 815 | ||||||||||||||
Prepaid expenses and other assets | 258 | ||||||||||||||
Property and equipment | 716 | ||||||||||||||
Customer relationships | 5,524 | ||||||||||||||
Technology | 2,807 | ||||||||||||||
Trade name | 725 | ||||||||||||||
Goodwill | 6,601 | ||||||||||||||
Assumed liabilities | (6,530 | ) | |||||||||||||
Net assets acquired | 31,102 | ||||||||||||||
Cash acquired | 3,061 | ||||||||||||||
Purchase price | $ | 34,163 | |||||||||||||
Supplemental Pro Forma Information | ' | ||||||||||||||
The unaudited pro forma combined historical results for the amounts of GTE’s revenue and earnings that would have been included in the Company’s consolidated condensed statements of income had the acquisition date been January 1, 2014 or January 1, 2013 are as follows: | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2014 | 2013 | |||||||||||||
Product revenues | $ | 170,846 | $ | 413,131 | $ | 325,084 | |||||||||
Net income | 4,533 | 34,880 | 11,824 | ||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||
Intangible assets, net consisted of the following (balances are higher as of June 30, 2014 than as of April 1, 2014, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $362): | |||||||||||||||
30-Jun-14 | |||||||||||||||
Gross Value | Accumulated | Net Value | Useful Life | ||||||||||||
Amortization | |||||||||||||||
Customer relationships | $ | 5,727 | $ | (119 | ) | $ | 5,608 | 12 yrs | |||||||
Order backlog | 845 | (422 | ) | 423 | 0.5 yrs | ||||||||||
Technology | 2,910 | (73 | ) | 2,837 | 10 yrs | ||||||||||
Trade name | 751 | (54 | ) | 697 | 3.5 yrs | ||||||||||
Total | $ | 10,233 | $ | (668 | ) | $ | 9,565 | ||||||||
Summary of Amortization Expense | ' | ||||||||||||||
Amortization expense of $649 for the three and six months ended June 30, 2014 respectively, was recorded as follows: | |||||||||||||||
Three and Six Months Ended | |||||||||||||||
30-Jun-14 | |||||||||||||||
Product revenues | $ | (116 | ) | ||||||||||||
Selling, general and administrative expense | 533 | ||||||||||||||
Summary of Amortization Expense for Prospective Five Years | ' | ||||||||||||||
Amortization expense for the prospective five years is estimated to be as follows: | |||||||||||||||
July 1, 2014 through December 31, 2014 | $ | 914 | |||||||||||||
2015 | 983 | ||||||||||||||
2016 | 983 | ||||||||||||||
2017 | 929 | ||||||||||||||
2018 | 768 | ||||||||||||||
Summary of Property, Plant and Equipment | ' | ||||||||||||||
Property and equipment consist of the following: | |||||||||||||||
Asset category | Useful life | Amount | |||||||||||||
Land | Indefinite | $ | 15 | ||||||||||||
Buildings | 20 yrs | 81 | |||||||||||||
Leasehold improvements | 5-7 yrs | 28 | |||||||||||||
Machinery and equipment | 2-5 yrs | 423 | |||||||||||||
Computer hardware and software | 3-5 yrs | 169 | |||||||||||||
$ | 716 | ||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average number of shares for calculation of basic EPS – Common Stock | 35,360,957 | 32,658,311 | 35,213,135 | 33,698,083 | ||||||||||||
Stock option under the 2006, 2011 and 2013 Equity Incentive Plans | 732,643 | 508,917 | 628,093 | 445,175 | ||||||||||||
Weighted average number of shares for calculation of diluted EPS | 36,093,600 | 33,167,228 | 35,841,228 | 34,143,258 | ||||||||||||
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 and six months ended June 30, 2014. | ||||||||||||||||
Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options outstanding under the 2006, 2011 and 2013 Equity Incentive Plans | — | 58,000 | — | 58,000 | ||||||||||||
Series C Convertible Preferred Stock | — | 444,953 | — | 444,953 | ||||||||||||
— | 502,953 | — | 502,953 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 and six month periods ended June 30, 2014 and 2013. Information presented for 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. As of June 30, 2014, goodwill assigned to our automotive and industrial segments were $25,646 and $6,601, respectively. Goodwill as of December 31, 2013 pertained entirely to our automotive segment. | |||||||||||||||||
Three Months Ended June 30, | Automotive | Industrial | Reconciling | Consolidated | |||||||||||||
Items | Total | ||||||||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 198,008 | $ | 8,174 | $ | — | $ | 206,182 | |||||||||
Depreciation and amortization | 7,073 | 773 | 612 | 8,458 | |||||||||||||
Operating income (loss) | 38,237 | (2,144 | ) | (11,858 | ) | 24,235 | |||||||||||
2013:00:00 | |||||||||||||||||
Product revenues | $ | 160,520 | $ | — | $ | — | $ | 160,520 | |||||||||
Depreciation and amortization | 7,322 | 92 | 382 | 7,796 | |||||||||||||
Operating income (loss) | 22,037 | (2,374 | ) | (11,244 | ) | 8,419 | |||||||||||
Note 5 – Segment Reporting – Continued | |||||||||||||||||
Six Months Ended June 30, | Automotive | Industrial | Reconciling | Consolidated | |||||||||||||
Items | Total | ||||||||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 391,946 | $ | 8,174 | $ | — | $ | 400,120 | |||||||||
Depreciation and amortization | 13,728 | 950 | 1,253 | 15,931 | |||||||||||||
Operating income (loss) | 76,016 | (3,857 | ) | (23,108 | ) | 49,051 | |||||||||||
2013:00:00 | |||||||||||||||||
Product revenues | $ | 308,610 | $ | — | $ | — | $ | 308,610 | |||||||||
Depreciation and amortization | 14,754 | 225 | 751 | 15,730 | |||||||||||||
Operating income (loss) | 43,686 | (4,631 | ) | (20,845 | ) | 18,210 | |||||||||||
Product Revenues Information by Geographic Area | ' | ||||||||||||||||
Total product revenues information by geographic area is as follows: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
United States | $ | 88,850 | 43 | % | $ | 71,569 | 45 | % | |||||||||
Germany | 25,486 | 12 | % | 20,492 | 13 | % | |||||||||||
South Korea | 24,039 | 12 | % | 14,028 | 9 | % | |||||||||||
China | 17,349 | 8 | % | 15,548 | 10 | % | |||||||||||
Japan | 11,856 | 6 | % | 9,299 | 6 | % | |||||||||||
Czech Republic | 6,855 | 3 | % | 4,118 | 2 | % | |||||||||||
United Kingdom | 6,199 | 3 | % | 4,007 | 3 | % | |||||||||||
Mexico | 5,058 | 2 | % | 4,023 | 2 | % | |||||||||||
Canada | 4,569 | 2 | % | 3,582 | 2 | % | |||||||||||
Other | 15,921 | 8 | % | 13,854 | 8 | % | |||||||||||
Total Foreign | 117,332 | 57 | % | 88,951 | 55 | % | |||||||||||
$ | 206,182 | 100 | % | $ | 160,520 | 100 | % | ||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
United States | $ | 173,917 | 43 | % | $ | 134,627 | 44 | % | |||||||||
Germany | 47,962 | 12 | % | 40,365 | 13 | % | |||||||||||
South Korea | 45,954 | 11 | % | 25,487 | 8 | % | |||||||||||
China | 33,293 | 8 | % | 29,600 | 10 | % | |||||||||||
Japan | 22,321 | 6 | % | 18,272 | 6 | % | |||||||||||
Czech Republic | 12,941 | 3 | % | 7,756 | 2 | % | |||||||||||
United Kingdom | 12,799 | 3 | % | 8,131 | 3 | % | |||||||||||
Mexico | 9,761 | 2 | % | 7,450 | 2 | % | |||||||||||
Canada | 7,731 | 2 | % | 7,085 | 2 | % | |||||||||||
Other | 33,441 | 10 | % | 29,837 | 10 | % | |||||||||||
Total Foreign | 226,203 | 57 | % | 173,983 | 56 | % | |||||||||||
$ | 400,120 | 100 | % | $ | 308,610 | 100 | % | ||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Summary of Company's Debt | ' | |||||||||||
The following table summarizes the Company’s debt at June 30, 2014 and at December 31, 2013. | ||||||||||||
June 30, 2014 | December 31, | |||||||||||
2013 | ||||||||||||
Interest | Principal | Principal | ||||||||||
Rate | Balance | Balance | ||||||||||
US Term Note | 1.9 | % | $ | 21,875 | $ | 24,500 | ||||||
US Revolving Note | 3.47 | % | 14,082 | — | ||||||||
Europe Term Note | 1.89 | % | 35,493 | 38,899 | ||||||||
W.E.T. Term Note | 1.89 | % | 6,750 | 10,920 | ||||||||
DEG Loan | 4.25 | % | 5,477 | 5,561 | ||||||||
Capital Leases | 4.2 | % | 1,569 | 2,440 | ||||||||
Total debt | 85,246 | 82,320 | ||||||||||
Current portion | (19,519 | ) | (21,439 | ) | ||||||||
Long-term debt, less current maturities | $ | 65,727 | $ | 60,881 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 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 June 30, 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 | $ | 2,630 | ||||||||||||||||||
Non-current | 8,288 | ||||||||||||||||||||||
liabilities | |||||||||||||||||||||||
Total CRS | $ | 10,918 | $ | (10,918 | ) | ||||||||||||||||||
Foreign currency derivatives | Cash flow hedge | Level 2 | Current assets | $ | 264 | Current liabilities | $ | 103 | $ | 161 | |||||||||||||
Foreign currency derivatives | Not a hedge | Level 2 | Current assets | $ | 61 | $ | 61 | ||||||||||||||||
Non-current | 1,343 | $ | 1,343 | ||||||||||||||||||||
assets | |||||||||||||||||||||||
Total foreign currency derivatives | $ | 1,668 | $ | 103 | $ | 1,565 | |||||||||||||||||
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 | Six Months | Three Months | Six Months | |||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||||||||||||
Foreign currency derivatives | Revaluation of derivatives | $ | (421 | ) | (159 | ) | (301 | ) | (1,275 | ) | |||||||||||||
Cost of Sales | 83 | 30 | — | — | |||||||||||||||||||
Selling, general and administrative | (20 | ) | (68 | ) | — | — | |||||||||||||||||
Other Comprehensive Income | 99 | 160 | — | — | |||||||||||||||||||
Foreign currency gain (loss) | 5 | (448 | ) | (127 | ) | (418 | ) | ||||||||||||||||
Total foreign currency derivatives | $ | (254 | ) | (485 | ) | $ | (428 | ) | (1,693 | ) | |||||||||||||
CRS | Revaluation of derivatives | $ | 81 | (428 | ) | $ | 940 | 2,260 | |||||||||||||||
Interest Rate Swap | Interest Expense | $ | (1 | ) | (1 | ) | $ | 2 | 2 | ||||||||||||||
Other Comprehensive Income | — | 39 | 36 | 75 | |||||||||||||||||||
The_Company_and_Subsequent_Eve1
The Company and Subsequent Events - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Feb. 12, 2014 |
North American Electronics Manufacturing Joint Venture | ||
Nature Of Company [Line Items] | ' | ' |
Gain realized from step acquisition of subsidiary | $785 | $785 |
Global_Thermoelectric_Acquisit2
Global Thermoelectric Acquisition - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Global Thermoelectric Inc | Global Thermoelectric Inc | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Product revenues | ' | ' | $8,174 | $8,174 |
Operating loss | ' | ' | -42 | -42 |
Purchase price | ' | ' | ' | 34,163 |
Cash acquired on acquisition | ' | ' | ' | 3,061 |
Accounts receivable, gross contractual amount | ' | ' | 10,306 | 10,306 |
Accounts receivable expected to be uncollectible | ' | ' | 106 | 106 |
Goodwill | 32,247 | 25,809 | 6,601 | 6,601 |
Intangible Assets before Foreign Currency Adjustment | ' | ' | 9,871 | 9,871 |
Increase in intangible assets, net, fluctuations in foreign currency exchange rates | ' | ' | ' | 362 |
Amortization expense | ' | ' | $649 | $649 |
Summary_of_Purchase_Price_Allo
Summary of Purchase Price Allocation (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Global Thermoelectric Inc | Order backlog | Customer Relationships | Technology | Trade Names | ||
Global Thermoelectric Inc | Global Thermoelectric Inc | Global Thermoelectric Inc | Global Thermoelectric Inc | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | $10,200 | ' | ' | ' | ' |
Inventory | ' | ' | 6,487 | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | 815 | 5,524 | 2,807 | 725 |
Prepaid expenses and other assets | ' | ' | 258 | ' | ' | ' | ' |
Property and equipment | ' | ' | 716 | ' | ' | ' | ' |
Goodwill | 32,247 | 25,809 | 6,601 | ' | ' | ' | ' |
Assumed liabilities | ' | ' | -6,530 | ' | ' | ' | ' |
Net assets acquired | ' | ' | 31,102 | ' | ' | ' | ' |
Cash acquired on acquisition | ' | ' | 3,061 | ' | ' | ' | ' |
Purchase price | ' | ' | $34,163 | ' | ' | ' | ' |
Supplemental_Pro_Forma_Informa
Supplemental Pro Forma Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' | ' |
Product revenues | $170,846 | $413,131 | $325,084 |
Net income | $4,533 | $34,880 | $11,824 |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Global Thermoelectric Inc | Customer Relationships | Order backlog | Technology | Trade Names | ||
Global Thermoelectric Inc | Global Thermoelectric Inc | Global Thermoelectric Inc | Global Thermoelectric Inc | ||||
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Gross Value | ' | ' | $10,233 | $5,727 | $845 | $2,910 | $751 |
Accumulated Amortization | ' | ' | -668 | -119 | -422 | -73 | -54 |
Net Value | $87,239 | $83,431 | $9,565 | $5,608 | $423 | $2,837 | $697 |
Useful Life | ' | ' | ' | '12 years | '6 months | '10 years | '3 years 6 months |
Summary_of_Amortization_Expens
Summary of Amortization Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Product Revenues | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Amortization | ($116) | ($116) |
Amortization expense | 116 | 116 |
Selling, General and Administrative Expense | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Amortization | -533 | -533 |
Amortization expense | $533 | $533 |
Summary_of_Amortization_Expens1
Summary of Amortization Expense for Prospective Years (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets [Line Items] | ' |
July 1, 2014 through December 31, 2014 | $914 |
2015 | 983 |
2016 | 983 |
2017 | 929 |
2018 | $768 |
Summary_of_Property_Plant_and_
Summary of Property, Plant and Equipment (Detail) (Global Thermoelectric Inc, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Property Plant And Equipment [Line Items] | ' |
Property and equipment | $716 |
Land | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment | 15 |
Property and equipment, Useful life | 'Indefinite |
Buildings | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment | 81 |
Property and equipment, Useful life | '20 years |
Leasehold Improvements | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment | 28 |
Leasehold Improvements | Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment, Useful life | '5 years |
Leasehold Improvements | Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment, Useful life | '7 years |
Machinery and Equipment | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment | 423 |
Machinery and Equipment | Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment, Useful life | '2 years |
Machinery and Equipment | Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment, Useful life | '5 years |
Computer Hardware and Software | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment | $169 |
Computer Hardware and Software | Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment, Useful life | '3 years |
Computer Hardware and Software | Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Property and equipment, Useful life | '5 years |
Earnings_per_Share_Detail
Earnings per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average number of shares for calculation of basic EPS – Common Stock | 35,360,957 | 32,658,311 | 35,213,135 | 33,698,083 |
Stock option under the 2006, 2011 and 2013 Equity Incentive Plans | 732,643 | 508,917 | 628,093 | 445,175 |
Weighted average number of shares for calculation of diluted EPS | 36,093,600 | 33,167,228 | 35,841,228 | 34,143,258 |
Common stock that have been excluded from the diluted shares calculation | ' | 502,953 | ' | 502,953 |
Stock options outstanding under the 2006, 2011 and 2013 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 | ' | 58,000 | ' | 58,000 |
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 | ' | 444,953 | ' | 444,953 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (Series C Convertible Preferred Stock) | Jun. 30, 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_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $32,247 | $25,809 |
Automotive | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 25,646 | ' |
Industrial | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $6,601 | ' |
Segment_Information_about_Repo
Segment Information about Reported Product Revenues and Operating Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | $206,182 | $160,520 | $400,120 | $308,610 |
Depreciation and amortization | 8,458 | 7,796 | 15,931 | 15,730 |
Operating income (loss) | 24,235 | 8,419 | 49,051 | 18,210 |
Automotive | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 198,008 | 160,520 | 391,946 | 308,610 |
Depreciation and amortization | 7,073 | 7,322 | 13,728 | 14,754 |
Operating income (loss) | 38,237 | 22,037 | 76,016 | 43,686 |
Industrial | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 8,174 | ' | 8,174 | ' |
Depreciation and amortization | 773 | 92 | 950 | 225 |
Operating income (loss) | -2,144 | -2,374 | -3,857 | -4,631 |
Reconciling Items | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 612 | 382 | 1,253 | 751 |
Operating income (loss) | ($11,858) | ($11,244) | ($23,108) | ($20,845) |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | $206,182 | $160,520 | $400,120 | $308,610 |
Total product revenues in percentage | 100.00% | 100.00% | 100.00% | 100.00% |
United States | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 88,850 | 71,569 | 173,917 | 134,627 |
Total product revenues in percentage | 43.00% | 45.00% | 43.00% | 44.00% |
Germany | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 25,486 | 20,492 | 47,962 | 40,365 |
Total product revenues in percentage | 12.00% | 13.00% | 12.00% | 13.00% |
South Korea | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 24,039 | 14,028 | 45,954 | 25,487 |
Total product revenues in percentage | 12.00% | 9.00% | 11.00% | 8.00% |
China | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 17,349 | 15,548 | 33,293 | 29,600 |
Total product revenues in percentage | 8.00% | 10.00% | 8.00% | 10.00% |
Japan | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 11,856 | 9,299 | 22,321 | 18,272 |
Total product revenues in percentage | 6.00% | 6.00% | 6.00% | 6.00% |
Czech Republic | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 6,855 | 4,118 | 12,941 | 7,756 |
Total product revenues in percentage | 3.00% | 2.00% | 3.00% | 2.00% |
United Kingdom | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 6,199 | 4,007 | 12,799 | 8,131 |
Total product revenues in percentage | 3.00% | 3.00% | 3.00% | 3.00% |
Mexico | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 5,058 | 4,023 | 9,761 | 7,450 |
Total product revenues in percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Canada | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 4,569 | 3,582 | 7,731 | 7,085 |
Total product revenues in percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | 15,921 | 13,854 | 33,441 | 29,837 |
Total product revenues in percentage | 8.00% | 8.00% | 10.00% | 10.00% |
Total Foreign | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product revenues | $117,332 | $88,951 | $226,203 | $173,983 |
Total product revenues in percentage | 57.00% | 55.00% | 57.00% | 56.00% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
US Revolving Note | US Revolving Note | W.E.T. Revolving Note | W.E.T. Revolving Note | ||
USD ($) | USD ($) | USD ($) | EUR (€) | ||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | $13,455 | $0 | ' |
Line of credit available amount | ' | $16,545 | ' | ' | € 20,000 |
Credit facility due date | 30-Mar-16 | ' | ' | ' | ' |
Summary_of_Companys_Debt_Detai
Summary of Company's Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $85,246 | $82,320 |
Current portion | -19,519 | -21,439 |
Long-term debt, less current maturities | 65,727 | 60,881 |
US Term Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 1.90% | ' |
Total debt | 21,875 | 24,500 |
US Revolving Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 3.47% | ' |
Total debt | 14,082 | ' |
Europe Term Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 1.89% | ' |
Total debt | 35,493 | 38,899 |
W.E.T. Term Note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 1.89% | ' |
Total debt | 6,750 | 10,920 |
DEG Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.25% | ' |
Total debt | 5,477 | 5,561 |
Capital Leases | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.20% | ' |
Total debt | $1,569 | $2,440 |
Information_Related_to_Recurri
Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Asset Derivatives, Fair Value, Total | $1,668 |
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 | 1,343 |
Fair Value, Inputs, Level 2 | Currency Related Swap | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Net Asset/(Liabilities) | -10,918 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign Currency Derivatives | Current Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Liability Derivatives, Fair value | 103 |
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 | 103 |
Net Asset/(Liabilities) | 1,565 |
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) | 1,343 |
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 | 10,918 |
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 | 2,630 |
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 | 8,288 |
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 | 264 |
Fair Value, Inputs, Level 2 | Contract One | Designated as Hedging Instrument | Foreign Currency Derivatives | Current Liabilities | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Net Asset/(Liabilities) | 161 |
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 | 61 |
Net Asset/(Liabilities) | $61 |
Information_Related_to_Effect_
Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Income Statements (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | ($254) | ($428) | ($485) | ($1,693) |
Other Comprehensive Income | Foreign Currency Derivatives | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | 99 | ' | 160 | ' |
Other Comprehensive Income | Interest Rate Swap | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | ' | 36 | 39 | 75 |
Revaluation Of Derivatives | Foreign Currency Derivatives | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | -421 | -301 | -159 | -1,275 |
Revaluation Of Derivatives | Currency Related Swap | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | 81 | 940 | -428 | 2,260 |
Cost of Sales | Foreign Currency Derivatives | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | 83 | ' | 30 | ' |
Selling, General and Administrative Expense | Foreign Currency Derivatives | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | -20 | ' | -68 | ' |
Foreign Currency Gain (Loss) | Foreign Currency Derivatives | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | 5 | -127 | -448 | -418 |
Interest Expense | Interest Rate Swap | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives | ($1) | $2 | ($1) | $2 |