Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | THRM | |
Entity Registrant Name | GENTHERM INC | |
Entity Central Index Key | 903129 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,904,826 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $79,581 | $85,700 |
Accounts receivable, less allowance of $2,858 and $2,847, respectively | 147,545 | 136,183 |
Inventory: | ||
Raw materials | 51,404 | 48,678 |
Work in process | 4,508 | 4,009 |
Finished goods | 24,233 | 24,956 |
Inventory, net | 80,145 | 77,643 |
Derivative financial instruments | 2,362 | 145 |
Deferred income tax assets | 5,532 | 6,247 |
Prepaid expenses and other assets | 31,510 | 29,107 |
Total current assets | 346,675 | 335,025 |
Property and equipment, net | 92,444 | 91,727 |
Goodwill | 27,673 | 30,398 |
Other intangible assets | 58,171 | 68,129 |
Deferred financing costs | 377 | 406 |
Deferred income tax assets | 22,007 | 18,843 |
Derivative financial instruments | 4,821 | 1,345 |
Other non-current assets | 11,126 | 12,019 |
Total assets | 563,294 | 557,892 |
Current Liabilities: | ||
Accounts payable | 84,544 | 71,434 |
Accrued liabilities | 55,496 | 68,387 |
Current maturities of long-term debt | 4,657 | 5,306 |
Derivative financial instruments | 4,817 | 2,466 |
Total current liabilities | 149,514 | 147,593 |
Pension benefit obligation | 9,515 | 10,321 |
Other liabilities | 5,460 | 2,788 |
Long-term debt, less current maturities | 81,126 | 85,469 |
Derivative financial instruments | 9,017 | 6,698 |
Deferred income tax liabilities | 11,026 | 10,804 |
Total liabilities | 265,658 | 263,673 |
Common Stock: | ||
No par value; 55,000,000 shares authorized, 35,890,326 and 35,696,334 issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 246,133 | 243,255 |
Paid-in capital | -8,185 | -8,224 |
Accumulated other comprehensive loss | -45,063 | -25,743 |
Accumulated earnings | 104,751 | 84,931 |
Total shareholders’ equity | 297,636 | 294,219 |
Total liabilities and shareholders’ equity | $563,294 | $557,892 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance | $2,858 | $2,847 |
Common Stock, par value | ||
Common Stock, shares authorized | 55,000,000 | 55,000,000 |
Common Stock, shares issued | 35,890,326 | 35,696,334 |
Common Stock, shares outstanding | 35,890,326 | 35,696,334 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Product revenues | $206,909 | $193,938 |
Cost of sales | 140,339 | 136,913 |
Gross margin | 66,570 | 57,025 |
Operating expenses: | ||
Net research and development expenses | 14,548 | 13,045 |
Acquisition transaction expenses | 1,075 | |
Selling, general and administrative | 24,945 | 17,867 |
Total operating expenses | 39,493 | 31,987 |
Operating income | 27,077 | 25,038 |
Interest expense | -564 | -931 |
Revaluation of derivatives loss | -964 | -247 |
Foreign currency gain (loss) | 435 | -1,523 |
Gain from equity investment | 785 | |
Other income (expense) | 195 | -241 |
Earnings before income tax | 26,179 | 22,881 |
Income tax expense | 6,359 | 6,302 |
Net income | $19,820 | $16,579 |
Basic earnings per share | $0.55 | $0.47 |
Diluted earnings per share | $0.55 | $0.47 |
Weighted average number of shares – basic | 35,769,190 | 35,063,671 |
Weighted average number of shares – diluted | 36,244,695 | 35,592,027 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $19,820 | $16,579 |
Other comprehensive income (loss), gross of tax: | ||
Foreign currency translation adjustments loss | -19,605 | -2,625 |
Unrealized gain (loss) on foreign currency derivative securities | -347 | 61 |
Unrealized gain on commodity derivative securities | 76 | |
Unrealized gain on interest rate derivative securities | 39 | |
Other comprehensive loss, gross of tax | -19,876 | -2,525 |
Other comprehensive income (loss), related tax effect: | ||
Foreign currency translation adjustments | 467 | 574 |
Unrealized gain on foreign currency derivative securities | 89 | |
Other comprehensive income, related tax effect | 556 | 574 |
Other comprehensive loss, net of tax | -19,320 | -1,951 |
Comprehensive income | $500 | $14,628 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net income | $19,820 | $16,579 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 7,459 | 7,473 |
Deferred income tax benefit | -2,483 | -1,804 |
Stock compensation | 1,358 | 870 |
Defined benefit plan (income) expense | -9 | 1 |
Provision of doubtful accounts | 125 | -4 |
Gain on revaluation of financial derivatives | -324 | -557 |
Gain from equity investment | -785 | |
Excess tax benefit from equity awards | -2,173 | |
(Gain) loss on sale of property and equipment | -8 | 24 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -15,994 | -21,153 |
Inventory | -5,762 | 457 |
Prepaid expenses and other assets | -3,905 | -5,786 |
Accounts payable | 15,522 | 2,798 |
Accrued liabilities | -6,970 | 904 |
Net cash provided by (used in) operating activities | 8,829 | -3,156 |
Investing Activities: | ||
Investment in subsidiary, net of cash acquired | -47 | -628 |
Proceeds from the sale of property and equipment | 181 | 44 |
Purchases of property and equipment | -10,403 | -6,769 |
Net cash used in investing activities | -10,269 | -7,353 |
Financing Activities: | ||
Borrowing of debt | 13,455 | |
Repayments of debt | -1,669 | -6,965 |
Excess tax benefit from equity awards | 2,173 | |
Cash paid for the cancellation of restricted stock | -467 | |
Proceeds from the exercise of Common Stock options | 2,026 | 1,634 |
Net cash provided by (used in) financing activities | -110 | 10,297 |
Foreign currency effect | -4,569 | 2,978 |
Net increase (decrease) in cash and cash equivalents | -6,119 | 2,766 |
Cash and cash equivalents at beginning of period | 85,700 | 54,885 |
Cash and cash equivalents at end of period | 79,581 | 57,651 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 14,768 | 4,689 |
Cash paid for interest | 515 | 725 |
Supplemental disclosure of non-cash transactions: | ||
Common Stock issued to Board of Directors and employees | $673 | $495 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Changes In Shareholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2014 | $294,219 | $243,255 | ($8,224) | $84,931 | ($25,743) |
Beginning Balance (in shares) at Dec. 31, 2014 | 35,696,334 | 35,697,000 | |||
Exercise of Common Stock options for cash | 2,026 | 2,672 | -646 | ||
Exercise of Common Stock options for cash (in shares) | 123,000 | ||||
Cancelation of restricted stock | -467 | -467 | |||
Cancelation of restricted stock (in shares) | -11,000 | ||||
Stock option compensation | 685 | 685 | |||
Common Stock issued to Board of Directors and employees | 673 | 673 | |||
Common Stock issued to Board of Directors and employees (in shares) | 81,000 | ||||
Currency translation, net | -19,138 | -19,138 | |||
Commodity hedge, net | 76 | 76 | |||
Foreign currency hedge, net | -258 | -258 | |||
Net income | 19,820 | 19,820 | |||
Ending Balance at Mar. 31, 2015 | $297,636 | $246,133 | ($8,185) | $104,751 | ($45,063) |
Ending Balance (in shares) at Mar. 31, 2015 | 35,890,326 | 35,890,000 |
The_Company_and_Subsequent_Eve
The Company and Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Company And Subsequent Events [Abstract] | |
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. Our products can be found on the vehicles of nearly all major automotive manufacturers, spanning all major automotive markets. 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 thermal technology 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 products and market opportunities for thermal comfort solutions. | |
Subsequent Events | |
We have evaluated subsequent events through the date that our consolidated condensed financial statements are issued. No events have occurred that would require adjustment to or disclosure in the consolidated condensed financial statements. |
Basis_of_Presentation_and_New_
Basis of Presentation and New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation And New Accounting Pronouncements [Abstract] | |
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 pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the audited annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted pursuant to those rules and regulations. 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, 2014 was derived from audited annual consolidated 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 months ended March 31, 2015 is not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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, 2014. | |
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 has developed 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. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per Share | Note 3 – Earnings per Share | |||||||
Basic earnings per 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 issued from the exercise of Common Stock equivalents. | ||||||||
Note 3 – Earning Per Share – Continued | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Weighted average number of shares for calculation of basic EPS | 35,769,190 | 35,063,671 | ||||||
Stock options under the 2006, 2011 and 2013 equity plans | 475,505 | 528,356 | ||||||
Weighted average number of shares for calculation of diluted EPS | 36,244,695 | 35,592,027 | ||||||
The accompanying table represents Common Stock issuable upon the exercise of certain stock options that have been excluded from the diluted shares calculation because the effect of their inclusion would be anti-dilutive. | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock options outstanding under the 2006, 2011 and 2013 Equity Incentive Plans | — | — | ||||||
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting | Note 4 – Segment Reporting | ||||||||||||||||
Segment information is used by management for making operating decisions for the Company. 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 – this segment represents the design, development, manufacturing and sales of automotive seat comfort systems, specialized automotive cable systems and certain automotive and non-automotive thermal convenience products. | ||||||||||||||||
● | Industrial – the combined operating results of Gentherm Global Power Technologies and Gentherm’s advanced research and development division. Advanced research and development includes efforts focused on improving the efficiency of thermoelectric technologies and advanced heating wire technology as well as other applications. The segment includes government sponsored research projects, including those sponsored by the U.S. Department of Energy, the Germany Ministry of Economics and Technology and the European Union. | ||||||||||||||||
● | Reconciling Items – include corporate selling, general and administrative costs and acquisition transaction costs. | ||||||||||||||||
The table below presents segment information about the reported product revenues, depreciation and amortization and operating income (loss) of the Company for three months ended March 31, 2015 and 2014. Certain amounts for 2014 have been reclassified to conform with the current year presentation. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level. As of March 31, 2015, goodwill assigned to our Automotive and Industrial segments were $21,368 and $6,305, respectively. Goodwill as of March 31, 2014 pertained entirely to our Automotive segment. | |||||||||||||||||
Note 4 – Segment Reporting – Continued | |||||||||||||||||
Three Months Ended March 31, | Automotive | Industrial | Reconciling | Consolidated | |||||||||||||
Items | Total | ||||||||||||||||
2015:00:00 | |||||||||||||||||
Product revenues | $ | 199,443 | $ | 7,466 | $ | — | $ | 206,909 | |||||||||
Depreciation and amortization | 6,316 | 489 | 654 | 7,459 | |||||||||||||
Operating income (loss) | 40,682 | (1,106 | ) | (12,499 | ) | 27,077 | |||||||||||
2014:00:00 | |||||||||||||||||
Product revenues | $ | 193,938 | $ | — | $ | — | $ | 193,938 | |||||||||
Depreciation and amortization | 6,482 | 107 | 884 | 7,473 | |||||||||||||
Operating income (loss) | 35,174 | (1,550 | ) | (8,586 | ) | 25,038 | |||||||||||
Total product revenues information by geographic area is as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
United States | $ | 95,304 | 46 | % | $ | 85,067 | 44 | % | |||||||||
South Korea | 22,863 | 11 | % | 21,915 | 11 | % | |||||||||||
Germany | 18,840 | 9 | % | 22,476 | 12 | % | |||||||||||
China | 17,970 | 9 | % | 15,944 | 8 | % | |||||||||||
Japan | 11,185 | 5 | % | 10,465 | 6 | % | |||||||||||
United Kingdom | 6,988 | 3 | % | 6,600 | 3 | % | |||||||||||
Czech Republic | 6,159 | 3 | % | 6,086 | 3 | % | |||||||||||
Canada | 5,485 | 3 | % | 3,162 | 2 | % | |||||||||||
Mexico | 5,433 | 3 | % | 4,703 | 2 | % | |||||||||||
Other | 16,682 | 8 | % | 17,520 | 9 | % | |||||||||||
Total Non U.S. | 111,605 | 54 | % | 108,871 | 56 | % | |||||||||||
$ | 206,909 | 100 | % | $ | 193,938 | 100 | % | ||||||||||
Debt
Debt | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Note 5 – Debt | |||||||||||
Credit Agreement | ||||||||||||
The Company, together with certain direct and indirect subsidiaries have an outstanding Credit Agreement (the “Credit Agreement”) with a syndicate of banks led by Bank of America. | ||||||||||||
The Credit Agreement provides for a $50,000 secured term loan facility for Gentherm (the “US Term Loan”), and a €20,000 secured term loan facility for Gentherm GmbH (the “Europe Term Loan”), and a $100,000 secured revolving credit facility (the “US Revolving Note”) with specific borrowing limits for foreign subsidiaries party to such agreement. The Credit Agreement allows the Company to increase the revolving credit facility or incur additional secured term loans in an aggregate amount of $50,000, subject to specific conditions. | ||||||||||||
All obligations under the Credit Agreement (including all the obligations of any US or non-US loan party) are unconditionally guaranteed by Gentherm and specified US subsidiaries. Additionally, such parties entered into a pledge and security agreement, granting a security interest in substantially all of their personal property to secure their respective obligations under the Credit Agreement, including the stock and membership interests of specified subsidiaries (limited to 66% of the stock in the case of certain non-US subsidiaries). Further, specified foreign subsidiaries guarantee all obligations of the non-US loan parties under the Credit Agreement. | ||||||||||||
The Company must maintain certain financial ratios consisting of a minimum Consolidated Fixed Charge Coverage Ratio and a maximum Consolidated Leverage Ratio as defined by the Credit Agreement. The Credit Agreement places specific restrictions on the amount of dividend payments to shareholders. | ||||||||||||
Note 5 – Debt – Continued | ||||||||||||
Under the Credit Agreement, U.S. Dollar denominated loans bear interest at either a base rate (“Base Rate Loans”) or Eurocurrency rate (“Eurocurrency Rate Loans”), plus a margin (“Applicable Rate”). Base Rate Loans are equal to the highest of the Federal Funds Rate (0.06% at March 31, 2015) plus 0.50%, Bank of America’s prime rate (3.25% as of March 31, 2015), or a one month Eurocurrency rate plus 1.00%. Eurocurrency Rate Loans denominated in US Dollars or European Euros (“Euros”) are equal to the London Interbank Offered Rate and the Canadian Dealer Offered Rate for Canadian Dollar denominations. All loans denominated in a currency other than the US Dollar, including the Europe Term Loan, must be Eurocurrency Rate Loans. Interest is payable at least quarterly. | ||||||||||||
The Applicable Rate varies based on the Consolidated Leverage Ratio of the Company, as defined by the Credit Agreement. As long as the Company is not in default of the terms and conditions of the Credit Agreement, the lowest and highest possible Applicable Rate is 1.50% and 2.00%, respectively, for Eurocurrency Rate Loans and 0.50% and 1.00%, respectively, for Base Rate Loans. Our leverage ratio as of March 31, 2015 qualified us for the lowest Applicable Rate available. | ||||||||||||
DEG Loan | ||||||||||||
The Company has a fixed interest rate loan with the German Investment Corporation, a subsidiary of KfW banking group (“DEG”), 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 Gentherm’s wholly owned subsidiary, Gentherm Automotive Systems (China) Limited, as defined by the DEG Loan agreement. | ||||||||||||
The following table summarizes the Company’s debt at March 31, 2015 and at December 31, 2014. | ||||||||||||
March 31, 2015 | December 31, | |||||||||||
2014 | ||||||||||||
Interest | Principal | Principal | ||||||||||
Rate | Balance | Balance | ||||||||||
Credit Agreement: | ||||||||||||
US Term Loan | 1.78 | % | $ | 48,750 | $ | 49,375 | ||||||
Europe Term Loan | 1.51 | % | 20,943 | 23,963 | ||||||||
US Revolving Note | 1.68 | % | 12,000 | 12,000 | ||||||||
DEG Loan | 4.25 | % | 3,866 | 4,805 | ||||||||
Capital leases | 4.2 | % | 224 | 632 | ||||||||
Total debt | 85,783 | 90,775 | ||||||||||
Current portion | (4,657 | ) | (5,306 | ) | ||||||||
Long-term debt, less current maturities | $ | 81,126 | $ | 85,469 | ||||||||
As of March 31, 2015, we were in compliance with all terms as outlined in the Credit Agreement, the DEG Loan and the capital lease agreement. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||
Derivative Financial Instruments | Note 6 – Derivative Financial Instruments | ||||||||||||||||||||||
We are exposed to market risk from changes in foreign currency exchange rates, short-term interest rates and price fluctuations of certain material commodities such as copper. Market risks for changes in interest rates relate primarily to our debt obligations under our Credit Agreement and obligations from currency related interest rate swaps. 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 intercompany investments and include exposures to the Euro, Mexican Peso, Canadian Dollar, Hungarian Forint, Ukrainian Hryvnia, Japanese Yen, Chinese Renminbi, Vietnamese Dong and Korean Won. | |||||||||||||||||||||||
Note 6 – Derivative Financial Instruments – Continued | |||||||||||||||||||||||
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. The maximum length of time over which we hedge our exposure to foreign currency exchange risks is one year. 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 foreign currency hedging instruments, if any, to foreign currency gain (loss) 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. | |||||||||||||||||||||||
In March, 2008, Gentherm GmbH, entered into a 10 year currency related interest rate swap (“CRS”) having a notional value of €10,000, or $10,740 as of March 31, 2015, in order to offset the interest rate risk associated with a debt financing which was repaid prior to our acquisition of Gentherm GmbH in 2011. The counterparty to the CRS was HypoVereinsbank AG (now UniCredit Bank AG, “UniCredit”), its main bank at the time. Under this agreement, Gentherm GmbH receives interest equal to the six month Euro Interbank Offered Rate (“EURIBOR”), 0.09% at March 31, 2015, plus 1.40% and pays interest equal to the six month EURIBOR when the exchange rate between the European Euro (“EUR”) and the Swiss Franc (“CHF”) equals or exceeds 1.46 EUR to the CHF. When the exchange rate is less than 1.46 (it was 1.05 at March 31, 2015), Gentherm GmbH pays interest equal to the six month EURIBOR plus a premium. The premium is calculated as [(1.46 – current EUR/CHF rate)/current EUR/CHF rate] x 100. | |||||||||||||||||||||||
In 2011, Gentherm GmbH brought forth a lawsuit against UniCredit, because of the recommendation to enter into the CRS. On March 25, 2013, the District Court in Munich, Germany ruled in favor of Gentherm GmbH, asserting that UniCredit had a conflict of interest as financial advisor and counterparty to the CRS and violated its duty to disclose the initial negative market value of the CRS. The Munich District Court ruled that UniCredit must (1) pay €144 to Gentherm GmbH and (2) bear the costs of all future obligations under the CRS, which were €12,413 or $13,332 as of March 31, 2015, plus additional accrued liabilities for past due payments under the CRS of approximately €8,978, or $9,642 as of March 31, 2015. UniCredit has appealed the decision. The appeal is pending. As a result, the Company cannot be certain that any portion of the award by the Munich District Court will be upheld. Gentherm GmbH has entered into an offsetting derivative contract designed to limit the market risk of payments due under the CRS through the end of the CRS agreement, in 2018. | |||||||||||||||||||||||
Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of March 31, 2015 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 | $ | (4,315 | ) | |||||||||||||||||
Non-current | (9,017 | ) | |||||||||||||||||||||
liabilities | |||||||||||||||||||||||
Total CRS | $ | (13,332 | ) | $ | (13,332 | ) | |||||||||||||||||
Foreign currency derivatives | Cash flow hedge | Level 2 | Current assets | $ | 158 | Current liabilities | $ | (502 | ) | $ | (344 | ) | |||||||||||
Foreign currency derivatives | Not a hedge | Level 2 | Current assets | $ | 2,128 | $ | 2,128 | ||||||||||||||||
Non-current | 4,821 | 4,821 | |||||||||||||||||||||
assets | |||||||||||||||||||||||
Total foreign currency derivatives | $ | 7,107 | $ | (502 | ) | $ | 6,605 | ||||||||||||||||
Commodity derivatives | Cash flow hedge | Level 2 | Current assets | $ | 76 | $ | 76 | ||||||||||||||||
Note 6 – Derivative Financial Instruments – Continued | |||||||||||||||||||||||
Information relating to the effect of derivative instruments on our consolidated condensed statements of income is as follows: | |||||||||||||||||||||||
Location | Three Months | Three Months | |||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Foreign currency derivatives | Revaluation of derivatives | $ | 6,197 | $ | 262 | ||||||||||||||||||
Cost of sales | (128 | ) | (53 | ) | |||||||||||||||||||
Selling, general and administrative | 21 | (48 | ) | ||||||||||||||||||||
Other comprehensive income | (347 | ) | 61 | ||||||||||||||||||||
Foreign currency gain (loss) | 207 | (453 | ) | ||||||||||||||||||||
Total foreign currency derivatives | $ | 5,950 | $ | (231 | ) | ||||||||||||||||||
CRS | Revaluation of derivatives | $ | (7,161 | ) | $ | (509 | ) | ||||||||||||||||
Interest rate derivatives | Other comprehensive income | $ | — | $ | 39 | ||||||||||||||||||
Commodity derivatives | Other comprehensive income | $ | 76 | $ | — | ||||||||||||||||||
We did not incur any hedge ineffectiveness during the three months ended March 31, 2015 and 2014. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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 that 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 (see Note 6), pension liabilities and pension plan assets, the Company has no financial assets and liabilities that are carried at fair value at March 31, 2015 and December 31, 2014. The carrying amounts of financial instruments comprising cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the relatively short maturity of such instruments. The fair values of the Company’s debt instruments are based on the amount of future cash flows associated with each instrument discounted using the Company’s borrowing rate. As of March 31, 2015 and December 31, 2014, the carrying value of debt instruments was not materially different than its fair value because the interest rates on variable rate debt approximated rates currently available to the Company (see Note 5). | |
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, 2015 and 2014, the Company did not realize any changes to the fair value of these assets due to the non-occurrence of events or circumstances that could negatively impact their recoverability. |
Basis_of_Presentation_and_New_1
Basis of Presentation and New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation And New Accounting Pronouncements [Abstract] | |
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 has developed 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. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Weighted average number of shares for calculation of basic EPS | 35,769,190 | 35,063,671 | ||||||
Stock options under the 2006, 2011 and 2013 equity plans | 475,505 | 528,356 | ||||||
Weighted average number of shares for calculation of diluted EPS | 36,244,695 | 35,592,027 | ||||||
Common Stock Issuable upon Exercise of Certain Stock Options | The accompanying table represents Common Stock issuable upon the exercise of certain stock options that have been excluded from the diluted shares calculation because the effect of their inclusion would be anti-dilutive. | |||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock options outstanding under the 2006, 2011 and 2013 Equity Incentive Plans | — | — | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information about Reported Product Revenues, Depreciation and Amortization and Operating Income (Loss) | The table below presents segment information about the reported product revenues, depreciation and amortization and operating income (loss) of the Company for three months ended March 31, 2015 and 2014. Certain amounts for 2014 have been reclassified to conform with the current year presentation. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level. As of March 31, 2015, goodwill assigned to our Automotive and Industrial segments were $21,368 and $6,305, respectively. Goodwill as of March 31, 2014 pertained entirely to our Automotive segment. | |||||||||||||||
Product Revenues Information by Geographic Area | Total product revenues information by geographic area is as follows: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
United States | $ | 95,304 | 46 | % | $ | 85,067 | 44 | % | ||||||||
South Korea | 22,863 | 11 | % | 21,915 | 11 | % | ||||||||||
Germany | 18,840 | 9 | % | 22,476 | 12 | % | ||||||||||
China | 17,970 | 9 | % | 15,944 | 8 | % | ||||||||||
Japan | 11,185 | 5 | % | 10,465 | 6 | % | ||||||||||
United Kingdom | 6,988 | 3 | % | 6,600 | 3 | % | ||||||||||
Czech Republic | 6,159 | 3 | % | 6,086 | 3 | % | ||||||||||
Canada | 5,485 | 3 | % | 3,162 | 2 | % | ||||||||||
Mexico | 5,433 | 3 | % | 4,703 | 2 | % | ||||||||||
Other | 16,682 | 8 | % | 17,520 | 9 | % | ||||||||||
Total Non U.S. | 111,605 | 54 | % | 108,871 | 56 | % | ||||||||||
$ | 206,909 | 100 | % | $ | 193,938 | 100 | % | |||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of Company's Debt | The following table summarizes the Company’s debt at March 31, 2015 and at December 31, 2014. | |||||||||||
March 31, 2015 | December 31, | |||||||||||
2014 | ||||||||||||
Interest | Principal | Principal | ||||||||||
Rate | Balance | Balance | ||||||||||
Credit Agreement: | ||||||||||||
US Term Loan | 1.78 | % | $ | 48,750 | $ | 49,375 | ||||||
Europe Term Loan | 1.51 | % | 20,943 | 23,963 | ||||||||
US Revolving Note | 1.68 | % | 12,000 | 12,000 | ||||||||
DEG Loan | 4.25 | % | 3,866 | 4,805 | ||||||||
Capital leases | 4.2 | % | 224 | 632 | ||||||||
Total debt | 85,783 | 90,775 | ||||||||||
Current portion | (4,657 | ) | (5,306 | ) | ||||||||
Long-term debt, less current maturities | $ | 81,126 | $ | 85,469 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||
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, 2015 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 | $ | (4,315 | ) | |||||||||||||||||
Non-current | (9,017 | ) | |||||||||||||||||||||
liabilities | |||||||||||||||||||||||
Total CRS | $ | (13,332 | ) | $ | (13,332 | ) | |||||||||||||||||
Foreign currency derivatives | Cash flow hedge | Level 2 | Current assets | $ | 158 | Current liabilities | $ | (502 | ) | $ | (344 | ) | |||||||||||
Foreign currency derivatives | Not a hedge | Level 2 | Current assets | $ | 2,128 | $ | 2,128 | ||||||||||||||||
Non-current | 4,821 | 4,821 | |||||||||||||||||||||
assets | |||||||||||||||||||||||
Total foreign currency derivatives | $ | 7,107 | $ | (502 | ) | $ | 6,605 | ||||||||||||||||
Commodity derivatives | Cash flow hedge | Level 2 | Current assets | $ | 76 | $ | 76 | ||||||||||||||||
Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income | Information relating to the effect of derivative instruments on our consolidated condensed statements of income is as follows: | ||||||||||||||||||||||
Location | Three Months | Three Months | |||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Foreign currency derivatives | Revaluation of derivatives | $ | 6,197 | $ | 262 | ||||||||||||||||||
Cost of sales | (128 | ) | (53 | ) | |||||||||||||||||||
Selling, general and administrative | 21 | (48 | ) | ||||||||||||||||||||
Other comprehensive income | (347 | ) | 61 | ||||||||||||||||||||
Foreign currency gain (loss) | 207 | (453 | ) | ||||||||||||||||||||
Total foreign currency derivatives | $ | 5,950 | $ | (231 | ) | ||||||||||||||||||
CRS | Revaluation of derivatives | $ | (7,161 | ) | $ | (509 | ) | ||||||||||||||||
Interest rate derivatives | Other comprehensive income | $ | — | $ | 39 | ||||||||||||||||||
Commodity derivatives | Other comprehensive income | $ | 76 | $ | — | ||||||||||||||||||
Earnings_per_Share_Detail
Earnings per Share (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average number of shares for calculation of basic EPS | 35,769,190 | 35,063,671 |
Stock options under the 2006, 2011 and 2013 equity plans | 475,505 | 528,356 |
Weighted average number of shares for calculation of diluted EPS | 36,244,695 | 35,592,027 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $27,673 | $30,398 |
Automotive Segments | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 21,368 | |
Industrial Segments | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $6,305 |
Segment_Information_about_Repo
Segment Information about Reported Product Revenues, Depreciation and Amortization and Operating Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Product revenues | $206,909 | $193,938 |
Depreciation and amortization | 7,459 | 7,473 |
Operating income (loss) | 27,077 | 25,038 |
Operating Segments | Automotive Segments | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 199,443 | 193,938 |
Depreciation and amortization | 6,316 | 6,482 |
Operating income (loss) | 40,682 | 35,174 |
Operating Segments | Industrial Segments | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 7,466 | |
Depreciation and amortization | 489 | 107 |
Operating income (loss) | -1,106 | -1,550 |
Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 654 | 884 |
Operating income (loss) | ($12,499) | ($8,586) |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Product revenues | $206,909 | $193,938 |
Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 100.00% | 100.00% |
United States | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 95,304 | 85,067 |
United States | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 46.00% | 44.00% |
South Korea | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 22,863 | 21,915 |
South Korea | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 11.00% | 11.00% |
Germany | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 18,840 | 22,476 |
Germany | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 9.00% | 12.00% |
China | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 17,970 | 15,944 |
China | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 9.00% | 8.00% |
Japan | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 11,185 | 10,465 |
Japan | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 5.00% | 6.00% |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 6,988 | 6,600 |
United Kingdom | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 3.00% | 3.00% |
Czech Republic | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 6,159 | 6,086 |
Czech Republic | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 3.00% | 3.00% |
Canada | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 5,485 | 3,162 |
Canada | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 3.00% | 2.00% |
Mexico | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 5,433 | 4,703 |
Mexico | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 3.00% | 2.00% |
Other | ||
Segment Reporting Information [Line Items] | ||
Product revenues | 16,682 | 17,520 |
Other | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 8.00% | 9.00% |
Non U.S. | ||
Segment Reporting Information [Line Items] | ||
Product revenues | $111,605 | $108,871 |
Non U.S. | Sales Revenue, Net | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Total product revenues in percentage | 54.00% | 56.00% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 3 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
Federal Funds Rate | Federal Funds Rate | Revolving Credit Facility | US Term Note | Europe Term Loan | United State Bank Of America Credit Facility | Euro Currency Rate Loans | Euro Currency Rate Loans | Euro Currency Rate Loans | Base Rate Loans | Base Rate Loans | ||
Minimum | Maximum | USD ($) | USD ($) | EUR (€) | Minimum | Maximum | Minimum | Maximum | ||||
Debt Instrument [Line Items] | ||||||||||||
Secured term loan facility borrowing capacity | $50,000 | € 20,000 | ||||||||||
Secured long-term debt | 100,000 | |||||||||||
Line of credit facility | $50,000 | |||||||||||
Maximum percentage of stock of non US subsidiaries pledge to secure obligation | 66.00% | |||||||||||
Interest rate | 0.06% | 0.50% | 3.25% | 1.00% | 1.50% | 2.00% | 0.50% | 1.00% | ||||
Semi-annual principal payments earliest date | 2015-03 | |||||||||||
Semi-annual principal payments latest date | 2019-09 |
Summary_of_Companys_Debt_Detai
Summary of Company's Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $85,783 | $90,775 |
Current portion | -4,657 | -5,306 |
Long-term debt, less current maturities | 81,126 | 85,469 |
US Term Note | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.78% | |
Total debt | 48,750 | 49,375 |
Europe Term Loan | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.51% | |
Total debt | 20,943 | 23,963 |
US Revolving Note | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.68% | |
Total debt | 12,000 | 12,000 |
DEG Loan | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.25% | |
Total debt | 3,866 | 4,805 |
Capital Lease | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.20% | |
Total debt | $224 | $632 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2008 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 25, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | |
Interest Rate Swap | Interest Rate Swap | Automotive Segments | Automotive Segments | Automotive Segments | Automotive Segments | Unicredit Bank | Unicredit Bank | Unicredit Bank | ||
USD ($) | USD ($) | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | EUR (€) | USD ($) | EUR (€) | |||
USD ($) | EUR (€) | |||||||||
Derivative [Line Items] | ||||||||||
Maximum length of time to hedge exposure to foreign currency exchange risk | 1 year | |||||||||
Derivative maturity period | 10 years | |||||||||
Notional Value | $10,740,000 | € 10,000,000 | ||||||||
Variable Rate | six month EURIBOR | |||||||||
Fixed interest rate | 0.09% | |||||||||
Basis spread on variable rate | 1.40% | |||||||||
Exchange rate | 1.05 | |||||||||
Derivative exchange rate | 1.46 | |||||||||
Legal settlement for CRS | 144,000 | |||||||||
Costs of all future obligations under CRS | 13,332,000 | 12,413,000 | ||||||||
Past due payments under CRS | 9,642,000 | 8,978,000 | ||||||||
Hedge Ineffectiveness Incurred | $0 | $0 |
Information_Related_to_Recurri
Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Foreign Currency Derivatives | Not a hedge | |
Derivatives Fair Value [Line Items] | |
Asset Derivatives, Fair Value, Total | $7,107 |
Fair Value, Inputs, Level 2 | Currency Related Swap | |
Derivatives Fair Value [Line Items] | |
Net Asset/(Liabilities) | -13,332 |
Fair Value, Inputs, Level 2 | Currency Related Swap | Not a hedge | |
Derivatives Fair Value [Line Items] | |
Liability Derivatives, Fair value | -13,332 |
Fair Value, Inputs, Level 2 | Currency Related Swap | Not a hedge | Current Liabilities | |
Derivatives Fair Value [Line Items] | |
Liability Derivatives, Fair value | -4,315 |
Fair Value, Inputs, Level 2 | Currency Related Swap | Not a hedge | Non-current Liabilities | |
Derivatives Fair Value [Line Items] | |
Liability Derivatives, Fair value | -9,017 |
Fair Value, Inputs, Level 2 | Foreign Currency Derivatives | Designated as Hedging Instrument | Current Liabilities | |
Derivatives Fair Value [Line Items] | |
Liability Derivatives, Fair value | -502 |
Fair Value, Inputs, Level 2 | Foreign Currency Derivatives | Not a hedge | |
Derivatives Fair Value [Line Items] | |
Net Asset/(Liabilities) | 6,605 |
Liability Derivatives, Fair value | -502 |
Fair Value, Inputs, Level 2 | Foreign Currency Derivatives | Not a hedge | Non-current Assets | |
Derivatives Fair Value [Line Items] | |
Net Asset/(Liabilities) | 4,821 |
Asset Derivatives, Fair Value, Total | 4,821 |
Fair Value, Inputs, Level 2 | Commodity derivatives | Designated as Hedging Instrument | Current Assets | |
Derivatives Fair Value [Line Items] | |
Net Asset/(Liabilities) | 76 |
Asset Derivatives, Fair Value, Total | 76 |
Fair Value, Inputs, Level 2 | Contract One | Foreign Currency Derivatives | Designated as Hedging Instrument | Current Liabilities | |
Derivatives Fair Value [Line Items] | |
Net Asset/(Liabilities) | -344 |
Fair Value, Inputs, Level 2 | Contract One | Foreign Currency Derivatives | Designated as Hedging Instrument | Current Assets | |
Derivatives Fair Value [Line Items] | |
Asset Derivatives, Fair Value, Total | 158 |
Fair Value, Inputs, Level 2 | Contract Two | Foreign Currency Derivatives | Not a hedge | Current Assets | |
Derivatives Fair Value [Line Items] | |
Net Asset/(Liabilities) | 2,128 |
Asset Derivatives, Fair Value, Total | $2,128 |
Information_Related_to_Effect_
Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | $5,950 | ($231) |
Other Comprehensive Income (Loss) | Foreign Currency Derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | -347 | 61 |
Other Comprehensive Income (Loss) | Interest Rate Swap | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | 39 | |
Other Comprehensive Income (Loss) | Commodity derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | 76 | |
Revaluation of Derivatives | Foreign Currency Derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | 6,197 | 262 |
Revaluation of Derivatives | Currency Related Swap | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | -7,161 | -509 |
Cost of Sales | Foreign Currency Derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | -128 | -53 |
Selling, General and Administrative Expense | Foreign Currency Derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | 21 | -48 |
Foreign Currency Gain (Loss) | Foreign Currency Derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (loss) on derivatives | $207 | ($453) |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Financial assets, fair value | $0 | $0 |
Financial liabilities, fair value | 0 | 0 |
Changes to fair value of assets, realized | $0 | $0 |