Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 11, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'NN INC | ' | ' |
Entity Central Index Key | '0000918541 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,649,567 | ' |
Entity Public Float | ' | ' | $197,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $3,039 | $18,990 |
Accounts receivable, net | 58,929 | 51,628 |
Inventories | 54,530 | 46,150 |
Income tax receivable | 816 | 2,112 |
Current deferred tax assets | 2,119 | 2,104 |
Other current assets | 6,241 | 6,312 |
Total current assets | 125,674 | 127,296 |
Property, plant and equipment, net | 121,089 | 119,687 |
Goodwill, net | 8,624 | 8,254 |
Intangible assets, net | 900 | 900 |
Non-current deferred tax assets | 2,713 | 6,065 |
Other non-current assets | 3,402 | 3,141 |
Total assets | 262,402 | 265,343 |
Current liabilities: | ' | ' |
Accounts payable | 40,687 | 37,000 |
Accrued salaries, wages and benefits | 11,761 | 10,174 |
Income taxes payable | 1,340 | 543 |
Current maturities of long-term debt | 10,477 | 5,801 |
Current portion of obligation under capital lease | 493 | 479 |
Other current liabilities | 4,626 | 4,761 |
Total current liabilities | 69,384 | 58,758 |
Non-current deferred tax liabilities | 3,844 | 3,850 |
Long-term debt, net of current portion | 26,000 | 63,715 |
Accrued post-employment benefits | 6,920 | 6,930 |
Obligation under capital lease, net of current portion | 3,494 | 3,530 |
Total liabilities | 109,642 | 136,783 |
Commitments and Contingencies (Note 14) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock - $0.01 par value, authorized 45,000 shares, issued and outstanding 17,630 in 2013 and 17,044 in 2012. | 176 | 170 |
Additional paid-in capital | 63,126 | 56,880 |
Retained earnings | 65,929 | 51,880 |
Accumulated other comprehensive income | 23,529 | 19,630 |
Total stockholders' equity | 152,760 | 128,560 |
Total liabilities and stockholders' equity | $262,402 | $265,343 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 45,000 | 45,000 |
Common Stock, shares issued | 17,630 | 17,044 |
Common Stock, shares outstanding | 17,630 | 17,044 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $373,206 | $370,084 | $424,691 |
Cost of products sold (exclusive of depreciation and amortization shown separately below) | 295,136 | 294,859 | 347,622 |
Selling, general and administrative | 33,281 | 31,561 | 30,657 |
Depreciation and amortization | 16,957 | 17,643 | 17,016 |
(Gain) loss on disposal of assets | 5 | -17 | -36 |
Restructuring and impairment charges | ' | 967 | ' |
Income from operations | 27,827 | 25,071 | 29,432 |
Interest expense | 2,374 | 3,878 | 4,715 |
Other expense (income), net | 275 | 852 | -1,388 |
Income before provision (benefit) for income taxes | 25,178 | 20,341 | 26,105 |
Provision (benefit) for income taxes | 8,000 | -3,927 | 5,168 |
Net income | 17,178 | 24,268 | 20,937 |
Other comprehensive income: | ' | ' | ' |
Foreign currency translation gain (loss) | 3,899 | 2,806 | -2,578 |
Comprehensive income | $21,077 | $27,074 | $18,359 |
Basic income per share: | ' | ' | ' |
Net income | $1 | $1.43 | $1.24 |
Weighted average shares outstanding | 17,176 | 17,009 | 16,817 |
Diluted income per share: | ' | ' | ' |
Net income | $1 | $1.42 | $1.24 |
Weighted average shares outstanding | 17,260 | 17,114 | 16,953 |
Cash dividends per common share | $0.18 | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | |||||
Beginning Balance at Dec. 31, 2010 | $78,107 | $167 | $51,863 | $6,675 | $19,402 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 16,620 | ' | ' | ' |
Net income | 20,937 | ' | ' | 20,937 | ' |
Stock option expense | 480 | ' | 480 | ' | ' |
Shares issued for options | 2,382 | 2 | 2,380 | ' | ' |
Shares issued for options, Shares | ' | 254 | ' | ' | ' |
Restricted stock compensation expense | 348 | ' | 348 | ' | ' |
Restricted Stock compensation expense, Shares | ' | 75 | ' | ' | ' |
Foreign currency translation gain (loss) | -2,578 | ' | ' | ' | -2,578 |
Ending Balance at Dec. 31, 2011 | 99,676 | 169 | 55,071 | 27,612 | 16,824 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 16,949 | ' | ' | ' |
Net income | 24,268 | ' | ' | 24,268 | ' |
Stock option expense | 1,093 | ' | 1,093 | ' | ' |
Shares issued for options | 22 | ' | 22 | ' | ' |
Shares issued for options, Shares | ' | 17 | ' | ' | ' |
Restricted stock compensation expense | 695 | 1 | 694 | ' | ' |
Restricted Stock compensation expense, Shares | ' | 78 | ' | ' | ' |
Foreign currency translation gain (loss) | 2,806 | ' | ' | ' | 2,806 |
Ending Balance at Dec. 31, 2012 | 128,560 | 170 | 56,880 | 51,880 | 19,630 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 17,044 | ' | ' | ' |
Net income | 17,178 | ' | ' | 17,178 | ' |
Dividends Declared | -3,129 | ' | ' | -3,129 | ' |
Stock option expense | 1,437 | ' | 1,437 | ' | ' |
Shares issued for options | 4,013 | 4 | 4,009 | ' | ' |
Shares issued for options, Shares | 496 | 496 | ' | ' | ' |
Restricted stock compensation expense | 802 | 2 | 800 | ' | ' |
Restricted Stock compensation expense, Shares | ' | 90 | ' | ' | ' |
Foreign currency translation gain (loss) | 3,899 | ' | ' | ' | 3,899 |
Ending Balance at Dec. 31, 2013 | $152,760 | $176 | $63,126 | $65,929 | $23,529 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 17,630 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $17,178 | $24,268 | $20,937 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 16,957 | 17,643 | 17,016 |
Amortization of debt issue costs | 547 | 824 | 809 |
(Gain) loss on disposals of property, plant and equipment | 5 | -17 | -36 |
Allowance for doubtful accounts | 177 | 98 | 140 |
Compensation expense from issuance of restricted stock and incentive stock options | 2,239 | 1,788 | 828 |
Deferred income tax expense (benefit) | 3,331 | -7,067 | -968 |
Capitalized interest and non-cash interest | ' | -173 | -210 |
Non-cash restructuring and impairment charges | ' | 967 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -6,284 | 15,330 | -7,539 |
Inventories | -7,232 | 238 | -7,079 |
Other current assets | 1,577 | -1,568 | -2,077 |
Other non-current assets | -802 | -21 | 7 |
Accounts payable | 2,577 | -11,630 | -4,790 |
Other liabilities | 1,481 | -3,322 | -2,083 |
Net cash provided by operating activities | 31,751 | 37,358 | 14,955 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of property, plant and equipment | -15,250 | -17,089 | -20,329 |
Proceeds from disposals of property, plant and equipment | ' | 366 | 255 |
Cash lost in deconsolidation of Eltmann | ' | ' | -979 |
Proceeds received from long-term note receivable | ' | 1,945 | ' |
Net cash used by investing activities | -15,250 | -14,778 | -21,053 |
Cash flows from financing activities: | ' | ' | ' |
Debt issue costs paid | ' | -862 | -453 |
Dividends Paid | -3,129 | ' | ' |
Proceeds from long-term debt, net | ' | ' | 20,000 |
Repayment of long-term debt, net | -33,715 | -7,914 | -16,014 |
Proceeds (repayment) of short-term debt, net | 676 | -701 | 789 |
Proceeds from issuance of stock and exercise of stock options | 4,013 | 22 | 2,382 |
Principal payments on capital lease | -136 | -119 | -66 |
Net cash provided by (used by) financing activities | -32,291 | -9,574 | 6,638 |
Effect of exchange rate changes on cash flows | -161 | 1,448 | -1,560 |
Net change in cash and cash equivalents | -15,951 | 14,454 | -1,020 |
Cash and cash equivalents at beginning of year | 18,990 | 4,536 | 5,556 |
Cash and cash equivalents at end of year | 3,039 | 18,990 | 4,536 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' | ' |
Compensation expense for stock awards, ($802 in 2013, $695 in 2012, and $348 in 2011) and stock option expense ($1,437 in 2013, $1,093 in 2012, and $480 in 2011) included in stockholders' equity | 2,239 | 1,788 | 828 |
Acquired land and building through a 20 year capital lease not included in investing activities above | ' | ' | 1,948 |
Interest | 1,777 | 3,130 | 3,869 |
Income taxes | $3,986 | $5,882 | $6,516 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
Compensation expense for stock awards | $802 | $695 | $348 |
Stock option expense | $1,437 | $1,093 | $480 |
Capital lease obligation period | '20 years | ' | '20 years |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Practices | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies and Practices | ' | ||
1) | Summary of Significant Accounting Policies and Practices | ||
a) | Description of Business | ||
NN, Inc. (“NN”, “the Company”, “we”, “our” or “us”) is a manufacturer of precision balls, cylindrical and tapered rollers, bearing retainers, plastic injection molded products, precision bearing seals and precision metal components. Our balls, rollers, retainers, and bearing seals are used primarily in the domestic and international anti-friction bearing industry. Our plastic injection molded products are used in the bearing components, automotive components, electronic instrument cases and other molded components used in a variety of applications. The precision metal components products are used in the HVAC, automotive, fluid power and diesel engine industries. | |||
b) | Cash | ||
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. | |||
c) | Inventories | ||
Inventories are stated at the lower of cost or market. Cost is determined using the average costs method. Our policy is to expense abnormal amounts of idle facility expense, freight, handling cost, and waste. In addition, we allocate fixed production overheads based on the normal production capacity of our facilities. Inventory valuations were developed using normalized production capacities for each of our manufacturing locations and the costs from excess capacity or under-utilization of fixed production overheads were expensed in the period incurred and are not included as a component of inventory valuation. | |||
Inventories also include tools, molds and dies in progress that we are producing and will ultimately sell to our customers. This activity is principally related to our Plastic and Rubber Components and Precision Metal Components Segments. These inventories are carried at the lower of cost or market. | |||
d) | Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost less accumulated depreciation. Assets to be disposed of are stated at lower of depreciated cost or fair market value less estimated selling costs. Expenditures for maintenance and repairs are charged to expense as incurred. Major renewals and betterments are capitalized. When a property item is retired, its cost and related accumulated depreciation are removed from the property accounts and any gain or loss is recorded in the consolidated statements of income and comprehensive income. We review the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment includes tools, molds and dies principally used in our Plastic and Rubber Components and Precision Metal Components Segments that are our property. | |||
Depreciation is provided on the straight-line method over the estimated useful lives of the depreciable assets for financial reporting purposes. For leasehold improvements and buildings under capital lease, we depreciate these over the shorter of useful lives or the lease term. In the event we abandon and cease to use certain property, plant, and equipment, depreciation estimates are revised and, in most cases, depreciation expense will be accelerated to reflect the shortened useful life of the asset. | |||
e) | Revenue Recognition | ||
We recognize revenues based on the stated shipping terms with customers when these terms are satisfied and the risks of ownership are transferred to the customers. We have an inventory management program for certain Metal Bearing Components Segment customers whereby revenue is recognized when products are used by customers from consigned stock, rather than at the time of shipment. Under both circumstances, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sellers’ price is fixed and determinable and collectability is reasonably assured. | |||
f) | Accounts Receivable | ||
Accounts receivable are recorded upon recognition of a sale of goods and ownership and risk of loss is assumed by the customer. Substantially all of our accounts receivable are due primarily from the core served markets. In establishing allowances for doubtful accounts, we perform credit evaluations of our customers, considering numerous inputs when available including the customers’ financial position, past payment history, relevant industry trends, cash flows, management capability, historical loss experience and economic conditions and prospects. Accounts receivable are written off or allowances established when considered to be uncollectible or at risk of being uncollectible, respectively. | |||
g) | Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has not been made for income taxes on unremitted earnings of foreign subsidiaries as these earnings are deemed to be permanently reinvested. We recognize income tax positions that meet the more likely than not threshold and accrue interest and potential penalties related to unrecognized income tax positions which are recorded as a component of the provision (benefit) for income taxes. | |||
h) | Net Income Per Common Share | ||
Basic income per share reflects reported earnings divided by the weighted average number of common shares outstanding. Diluted income per share include the effect of dilutive stock options, unvested restricted stock (if any) and the respective tax benefits, unless inclusion would not be dilutive. | |||
i) | Share Based Compensation | ||
The cost of stock options and stock awards are expensed as compensation expense over the vesting periods based on the fair value at the grant date. (See Note 8 of the Notes to the Consolidated Financial Statements) We use the Black Scholes financial pricing model to determine the fair value of our stock options as our options are not traded in open markets. | |||
We account for stock awards by recognizing compensation expense ratably over the vesting period as specified in the award. Compensation expense to be recognized is based on the stock price at date of grant. | |||
j) | Principles of Consolidation | ||
Our consolidated financial statements include the accounts of NN, Inc. and its subsidiaries. All of our subsidiaries are 100% owned and all are included in the consolidated financial statements for the years end December 31, 2013, 2012, and 2011. All significant inter-company profits, transactions, and balances have been eliminated in consolidation. | |||
k) | Foreign Currency Translation | ||
Assets and liabilities of our foreign subsidiaries are translated at current exchange rates, while revenue, costs and expenses are translated at average rates prevailing during each reporting period. Translation adjustments arising from the translation of foreign subsidiary financial statements are reported as a component of other comprehensive income and accumulated other comprehensive income within stockholders’ equity. In addition, transactions denominated in foreign currencies, including intercompany transactions, are initially recorded at the current exchange rate at the date of the transaction. The balances are adjusted to the current exchange rate as of each balance sheet date and as of the date when the transaction is consummated. Transaction gains or losses, excluding intercompany loan transactions, are expensed in either cost of products sold or selling, general and administrative lines in the Consolidated Statements of Comprehensive Income as incurred and were immaterial to the years ended December 31, 2013, 2012 and 2011. Transaction gains or losses on intercompany loan transactions are recognized in the other income, net line in the Consolidated Statements of Comprehensive Income as incurred. | |||
l) | Goodwill and Other Indefinite Lived Intangible Assets | ||
We recognize the excess of the purchase price of an acquired entity over the fair value of the net identifiable assets as goodwill. Goodwill is tested for impairment on an annual basis as of October 1 and between annual tests if a triggering event occurs. The impairment procedures are performed at the reporting unit level for the one reporting unit that still has goodwill. In September 2011, the FASB issued a revised accounting standard, intended to reduce the cost and complexity of the annual goodwill impairment test by providing entities an option to perform a “qualitative” assessment to determine whether further impairment testing is necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step test. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. For the years ended, December 31, 2013 and 2012, we determined it was more appropriate to perform a full step 1 goodwill test. The decision to perform a qualitative assessment or a complete step 1 analysis is an annual decision made by management. Based on the result of the step 1 analysis fair value of the reporting unit exceeded the carrying value of the reporting unit at December 31, 2013 and 2012. | |||
If the qualitative assessment indicates it is more likely than not that the fair value is less than the carrying value, U.S. GAAP prescribes a two-step process for testing for goodwill impairments. The first step is to determine if the carrying value of the reporting unit with goodwill is less than the related fair value of the reporting unit. The fair value of the reporting unit is determined through use of discounted cash flow methods and market based multiples of earning and sales methods obtained from a grouping of comparable publicly trading companies. We believe this methodology of valuation is consistent with how market participants would value reporting units. The discount rate and market based multiples used are specifically developed for the unit tested regarding the level of risk and end markets served. Even though we do use other observable inputs (Level 2 inputs) the calculation of fair value for goodwill would be most consistent with Level 3 inputs. | |||
If the carrying value of the reporting unit including goodwill is less than fair value of the reporting unit, the goodwill is not considered impaired. If the carrying value is greater than fair value then the potential for impairment of goodwill exists. The potential impairment is determined by allocating the fair value of the reporting unit among the assets and liabilities based on a purchase price allocation methodology as if the reporting unit was acquired in a business combination. The fair value of the goodwill is implied from this allocation and compared to the carrying value with an impairment loss recognized if the carrying value is greater than the implied fair value. | |||
We base our fair value estimates, in large part, on management business plans and projected financial information which are subject to a high degree of management judgment and complexity. Actual results may differ from these projections and the differences may be material. | |||
Our indefinite lived intangible asset is accounted for similarly to goodwill. This asset is tested for impairment at least annually by comparing the fair value to the carrying value, using the relief from royalty rate method, and if the fair value is less than the carrying value, an impairment charge is recognized for the difference. We elected to use Step 1 testing even though a qualitative approach was available to us. | |||
m) | Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||
Long-lived tangible and intangible assets subject to amortization are tested for recoverability when changes in circumstances indicate the carrying value of these assets may not be recoverable. A test for recoverability is also performed when management has committed to a plan to dispose of a reporting unit or asset group. Assets to be held and used are tested for recoverability when indications of impairment are evident. Recoverability of a long-lived tangible and intangible asset is evaluated by comparing its carrying value to the future estimated undiscounted cash flows expected to be generated by the asset or asset group. If the asset is not recoverable the asset is considered impaired and adjusted to fair value which is then depreciated/amortized over its remaining useful life. Assets to be disposed of are carried at the lesser of carrying value or fair value less costs of disposal. (See Note 2 of the Notes to Consolidated Financial Statements). | |||
n) | Use of Estimates in the Preparation of Financial Statements | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
o) | Fair Value Measurements | ||
Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. | |||
p) | Reclassifications | ||
Certain 2012 and 2011 amounts have been reclassified to conform with 2013 presentation. | |||
q) | Recently Issued Accounting Standards | ||
In February 2013, the Financial Accounting Standards Board issued accounting guidance to enhance the disclosure of amounts reclassified out of accumulated other comprehensive income. The new disclosure guidelines require the presentation of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income in the event the amount reclassified is required to be reclassified in its entirety in the same reporting period. The presentation can be on the face of the statement where net income is presented or in the notes and reported by component. For amounts not required to be reclassified in its entirety in the same reporting period to net income, an entity is required to cross-reference other required disclosures. This guidance is effective for reporting periods beginning after December 15, 2012. We have concluded that the new guidance did not have an impact on our financial position or results of operations. | |||
In March 2013, the Financial Accounting Standards Board issued amended accounting guidance that addresses the release of cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business (other than an in-substance real estate sale or oil/gas mineral rights) within a foreign entity. The cumulative translation adjustments should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, in the event of a step acquisition when the acquirer obtains control of an acquiree in which it held an equity interest immediately prior to the acquisition, the cumulative translation adjustments would be released into net income. This guidance is effective prospectively for reporting periods beginning after December 15, 2013. We have concluded that the new guidance will not have an impact on our financial position or results of operations. |
Impairment_Charges
Impairment Charges | 12 Months Ended | |
Dec. 31, 2013 | ||
Restructuring And Related Activities [Abstract] | ' | |
Impairment Charges | ' | |
2) | Impairment Charges | |
Impairments of Goodwill and Other Long-Lived Tangible and Intangible Assets | ||
For the year ended December 31, 2012, we recorded $967 of non-cash charges related to the further impairment of our former production facility in Kilkenny, Ireland. Based on updated market based information related to commercial property valuation in Ireland, management determined the market value of the building was less than book value and the book value was adjusted accordingly. This impairment charge was reported in the Restructuring and Impairment Charges line as a component of income from operations in 2012. |
Accounts_Receivable_and_Sales_
Accounts Receivable and Sales Concentrations | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||
Accounts Receivable and Sales Concentrations | ' | ||||||||||||||||||||
3) | Accounts Receivable and Sales Concentrations | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Trade | $ | 59,374 | $ | 51,939 | |||||||||||||||||
Less - allowance for doubtful accounts | 445 | 311 | |||||||||||||||||||
Accounts receivable, net | $ | 58,929 | $ | 51,628 | |||||||||||||||||
Activity in the allowance for doubtful accounts is as follows: | |||||||||||||||||||||
Description | Balance at | Additions | Write- | Currency | Balance at | ||||||||||||||||
Beginning | offs | Impacts | End of Year | ||||||||||||||||||
of Year | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 311 | $ | 177 | $ | (47 | ) | $ | 4 | $ | 445 | ||||||||||
December 31, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 438 | $ | 98 | $ | (224 | ) | $ | (1 | ) | $ | 311 | |||||||||
December 31, 2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 478 | $ | 140 | $ | (178 | ) | $ | (2 | ) | $ | 438 | |||||||||
For the years ended December 31, 2013, 2012 and 2011, sales to SKF amounted to $132,654, $124,349 and $159,668, respectively, or 36%, 34%, and 38% of consolidated revenues, respectively. None of our other customers accounted for more than 10% of our net sales in 2013, 2012 or 2011. SKF and NTN/SNR were the only customers with accounts receivable concentration in excess of 10% in 2013 and 2012. The outstanding balance as of December 31, 2013 and 2012 for SKF was $17,005 and $15,433, respectively. The outstanding balance as of December 31, 2013 for NTN/SNR was $6,893. All revenues and receivables related to SKF are in the Metal Bearing Components and Plastic and Rubber Components Segments. All revenues and receivables related to SNR are in the Metal Bearing Components Segment. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4) | Inventories | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 15,448 | $ | 13,013 | |||||
Work in process | 9,672 | 8,561 | |||||||
Finished goods | 29,410 | 24,576 | |||||||
Inventories | $ | 54,530 | $ | 46,150 | |||||
Inventory on consignment at customers’ sites at December 31, 2013 and 2012 was approximately $4,735 and $2,644, respectively. | |||||||||
The inventory valuations above were developed using normalized production capacities for each of our manufacturing locations. Any costs from abnormal excess capacity or under-utilization of fixed production overheads are expensed in the period incurred and are not included as a component of inventory valuation. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
5) | Property, Plant and Equipment | ||||||||||
December 31, | |||||||||||
Estimated | 2013 | 2012 | |||||||||
Useful Life | |||||||||||
Land owned | $ | 6,139 | $ | 5,937 | |||||||
Land under capital lease | 1,437 | 1,396 | |||||||||
Buildings and improvements owned | 15-40 years | 45,964 | 43,751 | ||||||||
Buildings under capital lease | 20 years | 3,172 | 3,082 | ||||||||
Machinery and equipment | 3-12 years | 261,842 | 244,138 | ||||||||
Construction in process | 20,745 | 20,283 | |||||||||
339,299 | 318,587 | ||||||||||
Less - accumulated depreciation | 218,210 | 198,900 | |||||||||
Property, plant and equipment, net | $ | 121,089 | $ | 119,687 | |||||||
For the years ended December 31, 2013, 2012, and 2011, depreciation expense was $16,957, $17, 643 and $17,016, respectively. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
6) | Debt | ||||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1875% at December 31, 2013) plus an applicable margin of 1.25%, expiring October 26, 2017. | $ | 10,763 | $ | 38,087 | |||||
Borrowings under our $40,000 aggregate principal amount notes bearing interest at a fixed rate of 4.89% maturing on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | 5,714 | 11,429 | |||||||
Borrowings under our $20,000 aggregate principal amount notes bearing interest at a fixed rate of 4.64% maturing on December 20, 2018. Annual principal payments of $4,000 will begin on December 22, 2014 and extend through the date of maturity. | 20,000 | 20,000 | |||||||
Total long-term debt | 36,477 | 69,516 | |||||||
Less current maturities of long-term debt | 10,477 | 5,801 | |||||||
Long-term debt, excluding current maturities | $ | 26,000 | $ | 63,715 | |||||
On October 26, 2012, we amended our $100,000 revolving credit facility agented by KeyBank and our fixed rate notes with Prudential Capital in order to take advantage of lower interest rates, to extend the maturity of the revolving credit facility to October 26, 2017, and to remove certain restrictions on acquisitions, payments of dividends and stock repurchases. The amended interest rates on our revolving credit facility are LIBOR plus an applicable margin ranging from 1.25% to 2.25% (depending on the level of debt to earnings before taxes, interest and depreciation (“EBITDA”)). Prior to the October 26, 2012 amendment, the $100 million revolving credit facility interest rates were LIBOR plus a margin ranging from 2.50% to 3.50% (depending on the level of debt to EBITDA). The interest rate on our $40,000 aggregate fixed rate notes, of which $5,714 was outstanding as of December 31, 2013, was reduced from 5.39% to 4.89%. The amended agreements allow us to undertake acquisitions, pay dividends, and repurchase stock provided we are in compliance with specified covenants. Additionally, the minimum fixed charge coverage ratio will remain at “not to be less than 1.00 to 1.00 as of the last day of any fiscal quarter” for the full terms of the amended agreements. | |||||||||
The $100,000 revolving credit facility may be expanded upon our request with approval of the lenders by up to $35,000 under the same terms and conditions. The loan agreement contains customary restrictions on, among other things, additional indebtedness, liens on our assets, sales or transfers of assets, investments, issuance of equity securities, and merger, acquisition and other fundamental changes in our business including a “material adverse change” clause, which if triggered would accelerate the maturity of the debt. The facility has a $10,000 swing line feature to meet short term cash flow needs. Any borrowings under this swing line are considered short term. Costs associated with entering into the revolving credit facility and the subsequent amendments were capitalized and will be amortized into interest expense over the life of the facility. As of December 31, 2013 and 2012, $1,617 and $2,012, respectively, of net capitalized loan origination costs related to the revolving credit facility were recorded on the consolidated balance sheet within other non-current assets. | |||||||||
The $40,000 and $20,000 fixed rate agreements contain customary restrictions on, among other things, additional indebtedness, liens on our assets, sales or transfers of assets, investments, issuance of equity securities, and mergers, acquisitions and other fundamental changes in our business including a “material adverse change” clause, which if triggered would accelerate the maturity of the debt. We incurred costs as a result of issuing these notes and the subsequent amendments which have been recorded as a component of other non-current assets and are being amortized over the term of the notes. The unamortized balance at December 31, 2013 and 2012 was $34 and $157, respectively. | |||||||||
The aggregate maturities of long-term debt including current portion for each of the five years subsequent to December 31, 2013 are as follows: | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 10,477 | |||||||
2015 | 4,000 | ||||||||
2016 | 4,000 | ||||||||
2017 | 14,000 | ||||||||
2018 | 4,000 | ||||||||
Thereafter | — | ||||||||
Total | $ | 36,477 | |||||||
On June 1, 2004, our wholly owned subsidiary, NN Asia, entered into a twenty year lease agreement with Kunshan Tian Li Steel Structure Co. LTD for the lease of land and building (approximately 110,000 square feet) in the Kunshan Economic and Technology Development Zone, Jiangsu, The People’s Republic of China. The fair value of the land and building were estimated to be approximately $545 and $2,016 (at current exchange rates), respectively and undiscounted annual lease payments are approximately $299 (approximately $5,988 aggregate non-discounted lease payments over the twenty year term). The lease is cancelable after the fifth, ninth, and fourteenth years without payment or penalty by us. In addition, after the end of year five and each succeeding year we can buy the land for a preset price per square meter value and the building for actual cost less depreciation. | |||||||||
On October 1, 2011, our wholly owned subsidiary, NN Asia, entered into a twenty year lease agreement with Kunshan Tian Li Steel Structure Co. LTD for the lease of land and building adjacent to the current leased facility (approximately 75,000 square feet) in the Kunshan Economic and Technology Development Zone, Jiangsu, The People’s Republic of China. This lease was entered into to expand the production capacity of our current leased facility. The fair value of the land and building were estimated to be approximately $892 and $1,156 (at current exchange rates), respectively and undiscounted annual lease payments are approximately $193 (approximately $3,850 aggregate non-discounted lease payments over the twenty year term). The lease is cancelable after the fifth, ninth, and fourteenth years without payment or penalty by us. In addition, after the end of year five and each succeeding year we can buy the land for a preset price per square meter value and the building for actual cost less depreciation. | |||||||||
Below are the minimum future lease payments under both capital leases together with the present value of the net minimum lease payments as of December 31, 2013: | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 493 | |||||||
2015 | 493 | ||||||||
2016 | 493 | ||||||||
2017 | 493 | ||||||||
2018 | 493 | ||||||||
Thereafter | 4,503 | ||||||||
Total minimum lease payments | 6,968 | ||||||||
Less interest included in payments above | (2,981 | ) | |||||||
Present value of minimum lease payments | $ | 3,987 | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Employee Benefit Plans | ' | ||||||||
7) | Employee Benefit Plans | ||||||||
We have defined contribution 401(k) profit sharing plans covering substantially all U.S. employees. All employees are eligible for the plans on the first day of the month following their employment date. A participant may elect to contribute between 1% and 60% of their compensation to the plans, subject to Internal Revenue Service (“IRS”) dollar limitations. Participants age 50 and older may defer an additional amount up to the applicable IRS Catch Up Provision Limit. We provide a matching contribution which is determined on an individual, participating company basis. All participant contributions are immediately vested at 100%. Contributions for all U.S. employees were $349, $335 and $334 in 2013, 2012, and 2011, respectively. | |||||||||
Post-Employment Benefit Liabilities | |||||||||
We provide certain post-employment benefits to employees at our Pinerolo and Veenendaal plants that are either required by law or are local labor practice. There is a plan at our Pinerolo Plant and at our Veenendaal Plant which are described below. | |||||||||
In accordance with Italian law, the Company has an unfunded severance plan under which all Italian employees are entitled to receive severance indemnities (Trattamento di Fine Rapporto or “TFR”) upon termination of their employment. | |||||||||
Effective January 1, 2007, the amount payable based on salary paid is remitted to a pension fund managed by a third party. The severance indemnities paid to the pension fund accrue approximately at the rate of 1/13.5 of the gross salaries paid during the year. The amounts accrued become payable upon termination of the individual employee, for any reason, e.g., retirement, dismissal or reduction in work force. Employees are fully vested in TFR benefits after their first year of service. | |||||||||
We have a plan that covers our Veenendaal Plant employees that provides an award for employees who achieve 25 or 40 years of service and an award for employees upon retirement. The plan is unfunded and the benefits are based on years of service and rate of compensation at the time the award is paid. | |||||||||
The amounts shown in the table below represent the actual liabilities at December 31, 2013 and 2012 reported under accrued post-employment benefits in the Consolidated Balance Sheets for both plans combined. | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 6,930 | $ | 7,705 | |||||
Amounts accrued | 1,019 | 574 | |||||||
Payments to employees/government managed plan | (1,331 | ) | (1,477 | ) | |||||
Foreign currency impacts | 302 | 128 | |||||||
Ending balance | $ | 6,920 | $ | 6,930 | |||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
8) | Stock Based Compensation | ||||||||||||||||
We recognize compensation expense of all employee and non-employee director share-based compensation awards in the financial statements based upon the fair value of the awards over the requisite service or vesting period, less anticipated forfeitures. We account for stock awards by recognizing the fair value of the awarded stock at the grant date as compensation expense over the vesting period, less anticipated forfeitures. | |||||||||||||||||
In the years ended December 31, 2013, 2012, and 2011, approximately $2,239, $1,788, and $828, respectively of compensation expense was recognized in selling, general and administrative expense for all share-based awards. The compensation expense recognized in the years ended December 31, 2013, 2012 and 2011 related to stock options was $1,437, $1,093, and $480, respectively. The compensation expense related to stock awards in the years ended December 31, 2013, 2012 and 2011 was $802, $695, and $348, respectively. | |||||||||||||||||
During the year ended December 31, 2011, our shareholders approved a new stock based compensation plan totaling 2,500 shares that can be issued in the form of stock options, stock appreciation rights and/or other stock based awards. Any options issued count as the equivalent of one share under the plan. Any stock appreciation rights and/or other stock based awards count as the equivalent one and a half shares under the new plan. As of December 31, 2013, we have approximately 1,361 maximum shares that can be issued as options, stock appreciation rights, and/or other stock based awards. Under our previously approved plan, we still have 52 options available for issuance. | |||||||||||||||||
Stock Option Awards | |||||||||||||||||
Option awards are typically granted to non-employee directors and key employees on an annual basis. A single option grant is typically awarded to eligible employees and non-employee directors each year if and when granted by the Compensation Committee of the Board of Directors and occasionally individual grants are awarded to eligible employees. All employee and non-employee directors are awarded options at an exercise price equal to the closing price of our stock on the date of grant. The term life of options is ten years with vesting periods of generally three years for key employees and one year for non-employee directors. The fair value of our options cannot be determined by market value as they are not traded in an open market. Accordingly, the Black Scholes financial pricing model is utilized to determine fair value based on certain assumptions discussed below. | |||||||||||||||||
During 2013, 2012 and 2011, we granted 354, 285, and 216 options, respectively, to certain key employees and non-employee directors. The weighted average grant date fair value of the options granted during the years ended December 31, 2013, 2012 and 2011 was $5.17, $4.27, and $5.98, respectively. Upon exercise of stock options, new shares of our stock are issued. The weighted average assumptions relevant to determining the fair value at the dates of grant are below: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Term | 6 years | 6 years | 6 years | ||||||||||||||
Risk free interest rate | 0.87 | % | 1.16 | % | 1.72 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected volatility | 57 | % | 50.51 | % | 42.1 | % | |||||||||||
Expected forfeiture rate | 3 | % | 3 | % | 5 | % | |||||||||||
The expected volatility rate is derived from our actual common stock historical volatility over the same time period as the expected term. The volatility rate is derived by mathematical formula utilizing daily closing price data. | |||||||||||||||||
The expected dividend yield is derived by a mathematical formula which uses the expected annual dividends over the expected term divided by the fair market value of our common stock at the grant date. | |||||||||||||||||
The average risk-free interest rate is derived from United States Department of Treasury published interest rates of daily yield curves for the same time period as the expected term. | |||||||||||||||||
The forfeiture rate is determined from examining the historical pre-vesting forfeiture patterns of past option issuances to key employees. The forfeiture rate is estimated to be 0% for non-employee directors. While the forfeiture rate is not an input of the Black Scholes model for determining the fair value of the options, it is an important determinant of stock option compensation expense to be recorded. | |||||||||||||||||
The term is derived from using the “Simplified Method” of determining stock option terms as described under the Securities and Exchange Commission’s Staff Accounting Bulletin 107. | |||||||||||||||||
The following table provides a reconciliation of option activity for the year ended December 31, 2013: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | $0 | |||||||||||||||
Term | |||||||||||||||||
Outstanding at January 1, 2013 | 1,384 | $ | 9.94 | ||||||||||||||
Granted | 354 | $ | 9.81 | ||||||||||||||
Exercised | (496 | ) | $ | 8.1 | |||||||||||||
Forfeited or expired | (9 | ) | $ | 9.36 | |||||||||||||
Outstanding at December 31, 2013 | 1,233 | $ | 10.65 | 6.5 | $ | 11,762 | (1) | ||||||||||
Exercisable at December 31, 2013 | 687 | $ | 11.22 | 4.6 | $ | 6,168 | (1) | ||||||||||
(1) | The intrinsic value is the amount by which the market price of our stock was greater than the exercise price of any individual option grant at December 31, 2013. | ||||||||||||||||
As of December 31, 2013, there was approximately $1,151 and $633 of unrecognized compensation costs for stock options and restricted stock, respectively, to be recognized over approximately two years. | |||||||||||||||||
Cash proceeds from the exercise of options in the years ended December 31, 2013, 2012, and 2011 totaled approximately $4,013, $22, and $2,382, respectively. For the years ended December 31, 2013, 2012 and 2011, proceeds from stock options were presented exclusive of tax benefits in the Financing Activities section of the Consolidated Statements of Cash Flows. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $1,416, $107, and $1,283, respectively. | |||||||||||||||||
Stock Awards | |||||||||||||||||
During the year ended December 31, 2013, 2012 and 2011, we issued 90, 78 and 75 shares, respectively, of our common stock as awards to key employees and non-executive directors. The fair value of the shares issued was determined by using the grant date price of our common stock with a weighted average grant date value of $9.82. The recognized compensation expense for stock awards in the years ended December 31, 2013, 2012, and 2011 was approximately $802, $695, and $348, respectively. The shares issued in 2013, 2012 and 2011 vest over three years. |
Goodwill_Net
Goodwill, Net | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill, Net | ' | ||||
9) | Goodwill, Net | ||||
As of December 31, 2013, we have recorded goodwill at only one site, the Pinerolo Plant reporting unit of the Metal Bearing Components Segment. We completed our annual goodwill impairment review during the fourth quarters of 2013, 2012, and 2011. For the years ended December 31, 2013, 2012 and 2011, we concluded that there were no indicators of impairment at the Pinerolo Plant reporting unit. | |||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||
(In thousands) | Metal Bearing | ||||
Components | |||||
Segment | |||||
Balance as of January 1, 2011 | $ | 8,396 | |||
Currency impacts | (357 | ) | |||
Balance as of December 31, 2011 | $ | 8,039 | |||
Currency impacts | 215 | ||||
Balance as of December 31, 2012 | $ | 8,254 | |||
Currency impacts | 370 | ||||
Balance as of December 31, 2013 | $ | 8,624 | |||
The cumulative accumulated impairment charges included in the reported goodwill balances at December 31, 2013, 2012 and 2011 were $40,045 all of which were recorded during the years ended December 31, 2008 and 2007. |
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | |
Dec. 31, 2013 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |
Intangible Assets, Net | ' | |
10) | Intangible Assets, Net | |
The Precision Metal Components Segment has an intangible asset not subject to amortization of $900 related to the value of the trade names of Whirlaway. This indefinite lived intangible asset was tested for impairment as of December 31, 2013 and the fair value of this intangible asset exceeded its book value. We elected to use Step 1 testing even though a qualitative approach was available to us. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
11) | Segment Information | ||||||||||||||||||||||||
We determined our reportable segments under the provisions of U.S. GAAP related to disclosures about segments of an enterprise. Our three reportable segments are based on differences in product lines and are as follows: | |||||||||||||||||||||||||
Metal Bearing Components Segment | |||||||||||||||||||||||||
• | Erwin Plant | ||||||||||||||||||||||||
• | Mountain City Plant | ||||||||||||||||||||||||
• | Pinerolo Plant | ||||||||||||||||||||||||
• | Veenendaal Plant | ||||||||||||||||||||||||
• | Kysucke Plant | ||||||||||||||||||||||||
• | Kunshan Plant | ||||||||||||||||||||||||
Plastic and Rubber Components Segment | |||||||||||||||||||||||||
• | Danielson Plant | ||||||||||||||||||||||||
• | Lubbock Plant | ||||||||||||||||||||||||
Precision Metal Components Segment | |||||||||||||||||||||||||
• | Wellington Plant 1 | ||||||||||||||||||||||||
• | Wellington Plant 2 | ||||||||||||||||||||||||
All of the facilities in the Metal Bearing Components Segment are engaged in the production of precision steel balls, steel rollers, and metal retainers and automotive specialty products used primarily in the bearing industry. The Plastic and Rubber Components Segment facilities are engaged in the production of plastic retainers for bearing components, automotive components, electronic instrument cases and other molded components used in a variety of industrial and consumer applications and precision rubber bearing seals for the bearing, automotive, industrial, agricultural, and aerospace markets. The Precision Metal Components Segment is engaged in the production of highly engineered precision metal components and subassemblies including, highly engineered shafts, mechanical components, complex precision assembled and tested parts and fluid system components for the automotive, HVAC, fluid power, and diesel engine industries. | |||||||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. In order to enhance the analysis of segment operating performance, from the third quarter of 2013 interest costs that were previously allocated to certain segments will be reported under Corporate and Consolidations. The 2013, 2012 and 2011 segment information below has been amended for this change in segment reporting. We evaluate segment performance based on segment net income (loss). We account for inter-segment sales and transfers at current market prices. We did not have any individually material inter-segment transactions during 2013, 2012, or 2011. | |||||||||||||||||||||||||
Metal Bearing | Precision | Plastic and | Corporate and | Total | |||||||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Net sales | $ | 259,459 | $ | 78,756 | $ | 34,991 | $ | — | $ | 373,206 | |||||||||||||||
Interest expense | 349 | — | — | 2,025 | 2,374 | ||||||||||||||||||||
Depreciation and amortization | 11,334 | 4,313 | 1,347 | (37 | ) | 16,957 | |||||||||||||||||||
Income tax (benefit) expense | 8,345 | 3,261 | 216 | (3,822 | ) | 8,000 | |||||||||||||||||||
Net income (loss) | 18,519 | 5,799 | 383 | (7,523 | ) | 17,178 | |||||||||||||||||||
Assets | 197,980 | 39,432 | 16,638 | 8,352 | 262,402 | ||||||||||||||||||||
Expenditures for long-lived assets | 9,250 | 4,640 | 1,015 | 345 | 15,250 | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Net sales | $ | 252,241 | $ | 76,746 | $ | 41,097 | $ | — | $ | 370,084 | |||||||||||||||
Interest expense | 387 | — | — | 3,491 | 3,878 | ||||||||||||||||||||
Depreciation and amortization | 12,060 | 4,243 | 1,366 | (26 | ) | 17,643 | |||||||||||||||||||
Income tax (benefit) expense | 2,819 | (1,811 | ) | (2,244 | ) | (2,691 | ) | (3,927 | ) | ||||||||||||||||
Net income (loss) | 20,980 | 9,110 | 3,921 | (9,743 | ) | 24,268 | |||||||||||||||||||
Assets | 198,770 | 40,727 | 19,232 | 6,614 | 265,343 | ||||||||||||||||||||
Expenditures for long-lived assets | 14,875 | 1,511 | 703 | — | 17,089 | ||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
Net sales | $ | 308,883 | $ | 72,272 | $ | 43,536 | $ | — | $ | 424,691 | |||||||||||||||
Interest expense | 214 | — | — | 4,501 | 4,715 | ||||||||||||||||||||
Depreciation and amortization | 12,295 | 3,346 | 1,371 | 4 | 17,016 | ||||||||||||||||||||
Income tax (benefit) expense | 4,785 | — | — | 383 | 5,168 | ||||||||||||||||||||
Net income (loss) | 30,360 | (1,864 | ) | 2,879 | (10,438 | ) | 20,937 | ||||||||||||||||||
Assets | 188,872 | 47,027 | 19,740 | 3,822 | 259,461 | ||||||||||||||||||||
Expenditures for long-lived assets | 11,791 | 7,194 | 1,344 | — | 20,329 | ||||||||||||||||||||
Due to the large number of countries in which we sell our products, sales to external customers and long-lived assets utilized by us are reported in the following geographical regions: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Net Sales | Property, | Net Sales | Property, | Net Sales | Property, | ||||||||||||||||||||
Plant and | Plant and | Plant and | |||||||||||||||||||||||
Equipment, | Equipment, | Equipment, | |||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||
United States | $ | 140,875 | $ | 42,573 | $ | 144,375 | $ | 42,884 | $ | 140,492 | $ | 46,959 | |||||||||||||
Europe | 149,649 | 57,505 | 140,208 | 54,768 | 193,948 | 56,442 | |||||||||||||||||||
Asia | 38,233 | 21,011 | 39,576 | 22,035 | 42,591 | 17,127 | |||||||||||||||||||
Canada | 9,415 | — | 7,464 | — | 6,172 | — | |||||||||||||||||||
Mexico | 21,963 | — | 24,030 | — | 23,024 | — | |||||||||||||||||||
S. America | 13,071 | — | 14,431 | — | 18,464 | — | |||||||||||||||||||
All foreign countries | 232,331 | 78,516 | 225,709 | 76,803 | 284,199 | 73,569 | |||||||||||||||||||
Total | $ | 373,206 | $ | 121,089 | $ | 370,084 | $ | 119,687 | $ | 424,691 | $ | 120,528 | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
12) | Income Taxes | ||||||||||||||||||||
Prior to December 31, 2012, we had full valuation allowances against all the deferred tax assets of our U.S. units as we had determined that it was more likely than not the U.S. locations would be unable to generate sufficient profits to allow realization of existing deferred tax assets at those period ends. The determination to place a valuation allowance on the tax benefits incurred by our U.S. based operations was made during 2009 due to the 2009 results of these entities being much more unfavorable than originally forecasted during the global economic recession of 2009. While our U.S. entities generated pre-tax income of $1,633 during the year ended December 31, 2011, the substantial cumulative losses in 2009 and 2010 outweighed the positive evidence of the 2011 taxable income. | |||||||||||||||||||||
For the year ended 2012, the pretax profit of our U.S. based companies increased to approximately $7,400 due in large part to the operational improvements in our Precision Metal Components Segment. This brought the combined 2012 and 2011 pre-tax incomes to approximately $9,000. Additionally, during the fourth quarter of 2012, we utilized approximately $9,000 of net operating losses to offset tax expense related to certain previously earned income of our foreign holding company, as discussed below. This positive evidence coupled with estimates within our U.S. based businesses of fully utilizing our net operating losses within the next two years provided enough positive evidence, in the opinion of management, to overcome the negative evidence of the cumulative pre-tax losses in 2009 and 2010. Accordingly in 2012, after considering all relevant factors and objectively verifiable evidence having an impact on the likelihood of future realization of our U.S. companies’ deferred tax assets, as of December 31, 2012, management concluded that it is more likely than not that the majority of our deferred tax assets will be realized in future years. Accordingly, we reversed $8,512 of the amount of the valuation allowance on our tax effected deferred tax assets, with a credit to the provision for income taxes of $8,512 in our Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||||||
A valuation allowance of $1,434 will remain offsetting certain deferred tax assets as of December 31, 2013. These assets represent the portion of our previously recognized foreign tax credits which management estimates will not be realized in the future due to their relatively short remaining carry-forward periods. During the year ended December 31, 2013, we reduced the valuation allowance against these credits by $818 related to credits which expired as of December 31, 2013. | |||||||||||||||||||||
The following tables reflect the effects of full valuation allowances on the net deferred tax assets of all U.S. based entities for the year ended December 31, 2011, the removal of $9,814 of these valuation allowances for the year ended December 31, 2012, and recognizing full tax expenses at all jurisdictions for the year ended December 31, 2013. | |||||||||||||||||||||
Income before provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income before provision (benefit) for income taxes: | |||||||||||||||||||||
United States | $ | 8,259 | $ | 7,385 | $ | 1,633 | |||||||||||||||
Foreign | 16,919 | 12,956 | 24,472 | ||||||||||||||||||
Total | $ | 25,178 | $ | 20,341 | $ | 26,105 | |||||||||||||||
Total income tax expense (benefit) for the years ended December 31, 2013, 2012, and 2011 was as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current: | |||||||||||||||||||||
U.S. Federal | $ | — | $ | (115 | ) | $ | — | ||||||||||||||
State | 179 | 345 | 113 | ||||||||||||||||||
Non-U.S. | 4,490 | 2,910 | 6,023 | ||||||||||||||||||
Total current expense | 4,669 | 3,140 | 6,136 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
U.S. Federal | 3,594 | 2,789 | 534 | ||||||||||||||||||
State | 145 | 12 | 170 | ||||||||||||||||||
U.S. deferred tax valuation allowance | (818 | ) | (9,814 | ) | (704 | ) | |||||||||||||||
Non-U.S. | 410 | (54 | ) | (968 | ) | ||||||||||||||||
Total deferred expense (benefit) | 3,331 | (7,067 | ) | (968 | ) | ||||||||||||||||
Total expense (benefit) | $ | 8,000 | $ | (3,927 | ) | $ | 5,168 | ||||||||||||||
A reconciliation of income taxes based on the U.S. federal statutory rate of 34% for each of the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income taxes at the federal statutory rate | $ | 8,561 | $ | 6,916 | $ | 8,876 | |||||||||||||||
Impact of incentive stock options | 261 | 371 | 163 | ||||||||||||||||||
Decrease in U.S. valuation allowance | (818 | ) | (12,740 | ) | (704 | ) | |||||||||||||||
Foreign tax credit expiration | 818 | — | — | ||||||||||||||||||
Decrease in foreign valuation allowance | — | — | (1,219 | ) | |||||||||||||||||
Capital gain on return of basis | — | 3,079 | — | ||||||||||||||||||
State income taxes, net of federal taxes | 198 | 334 | 75 | ||||||||||||||||||
Non-U.S. earnings taxed at different rates | (834 | ) | (1,606 | ) | (2,116 | ) | |||||||||||||||
Change in uncertain tax positions | 32 | (115 | ) | — | |||||||||||||||||
Other permanent differences, net | (218 | ) | (166 | ) | 93 | ||||||||||||||||
$ | 8,000 | $ | (3,927 | ) | $ | 5,168 | |||||||||||||||
During the year ended December 31, 2011, the decrease in the foreign valuation allowance was due to utilizing the net operating losses at certain foreign jurisdictions and to eliminating the valuation allowance on deferred tax assets at our Kysucke (Slovakia) Plant. | |||||||||||||||||||||
The tax effects of the temporary differences as of December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||
Tax in excess of book depreciation | $ | 6,673 | $ | 6,670 | $ | 5,099 | |||||||||||||||
Goodwill | 2,213 | 1,987 | 1,821 | ||||||||||||||||||
Allowance for bad debts | — | — | 18 | ||||||||||||||||||
Other deferred tax liabilities | 63 | 112 | 843 | ||||||||||||||||||
Gross deferred income tax liabilities | 8,949 | 8,769 | 7,781 | ||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||
Goodwill | 3,215 | 4,141 | 4,846 | ||||||||||||||||||
Inventories | 836 | 768 | 167 | ||||||||||||||||||
Pension/Personnel accruals | 856 | 921 | 503 | ||||||||||||||||||
Deductions for uncollectible Eltmann receivables | — | — | 310 | ||||||||||||||||||
Net operating loss carry forwards | 1,351 | 3,682 | 7,526 | ||||||||||||||||||
Foreign tax credits | 3,026 | 3,844 | 3,326 | ||||||||||||||||||
Guarantee claim deduction | 1,141 | 1,141 | — | ||||||||||||||||||
Accruals and reserves | 114 | 293 | — | ||||||||||||||||||
Other deferred tax assets | 832 | 550 | 421 | ||||||||||||||||||
Gross deferred income tax assets | 11,371 | 15,340 | 17,099 | ||||||||||||||||||
Valuation allowance on deferred tax assets | (1,434 | ) | (2,252 | ) | (12,066 | ) | |||||||||||||||
Net deferred income tax assets | 9,937 | 13,088 | 5,033 | ||||||||||||||||||
Net deferred income tax assets (liabilities) | $ | 988 | $ | 4,319 | $ | (2,748 | ) | ||||||||||||||
As realization of certain deferred tax assets is not assured, management has placed valuation allowances against deferred tax assets it believes are not recoverable, as discussed above. For the remainder, management believes it is more likely than not that those net deferred tax assets will be realized. However, the amount of the deferred tax assets considered realizable could be reduced based on changing conditions. Below is a summary of the activity in the total valuation allowances during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Total Valuation Allowance Activity | |||||||||||||||||||||
Balance at | Additions | Recoveries | Deconsolidation | Balance at End | |||||||||||||||||
Beginning of | of Eltmann | of Year | |||||||||||||||||||
Year | subsidiary | ||||||||||||||||||||
2013 | $ | 2,252 | $ | — | $ | (818 | ) | $ | — | $ | 1,434 | ||||||||||
2012 | $ | 12,066 | $ | — | $ | (9,814 | ) | $ | — | $ | 2,252 | ||||||||||
2011 | $ | 16,604 | $ | — | $ | (2,425 | ) | $ | (2,113 | ) | $ | 12,066 | |||||||||
The net operating loss carry forwards as of December 31, 2013, are composed of net operating losses at our U.S. operations during 2010, 2009 and 2008. The losses of the U.S. based entities can be carried forward 20 years. | |||||||||||||||||||||
The foreign tax credits relate to profits of certain foreign subsidiaries that were taxed as deemed dividends. These credits represent the foreign taxes paid by these subsidiaries at higher effective rates that will be used to offset future foreign source income. A full valuation allowance was placed against these credits as of December 31, 2008, based on estimates, at that time, of future levels of U.S. income tax and foreign source income to be generated that these credits could be used to offset. The valuation allowance will be periodically reviewed as our estimates of future foreign source income are revised based on actual foreign source income recognized in our tax returns and future changes in foreign source income. As of December 31, 2013 and 2012, management believed it was more likely than not we would only utilize $1,592 and $1,592, respectively, of these credits in the near future and placed a valuation allowance on the remaining $1,434 and $2,252, respectively. | |||||||||||||||||||||
As of December 31, 2006, all of the Company’s foreign earnings had been previously taxed in the U.S. due to the application of IRC Sec. 956. Accordingly, no deferred taxes have been provided for undistributed earnings up to that time. | |||||||||||||||||||||
On December 27, 2012, our foreign holding company declared a distribution of approximately $48,000 to its U.S. parent company NN, Inc. The vast majority of this distribution was a proportional return of investment basis in our Western European subsidiaries. Approximately $9,000 of the distribution pertained to earnings and profits earned by this holding company in previous years. The approximately $9,000 of earning and profits was included in our computation of year ended 2012 taxes and the tax rate resulting in an impact of $3,079. There were two main factors influencing our decision to consider this return of basis. First, there was a desire to reduce the amount of basis in our European subsidiaries recorded on the U.S. parent company’s financial statements considering the downsizing of our European production capacity over the last few years. The second factor was proposed federal tax legislation which, if enacted, could significantly increase the tax cost of returning this basis after 2012. Because there had been no change in our long term international expansion plans as of December 31, 2013, our intent to indefinitely reinvest foreign earnings accumulated through the year ended December 31, 2013 was not changed by these factors. As of the year ended December 31, 2013, we intend to keep indefinitely reinvesting our foreign earnings. We base this assertion on two factors. First, our intention to invest in foreign countries that are strategically important to our Metal Bearing Components Segment business and its customers. Second, we have sufficient access to funds in the U.S. through projected free cash flows and the availability of our credit facilities to fund currently anticipated domestic operational and investment needs. | |||||||||||||||||||||
As such, we do not expect unrepatriated foreign earnings to become subject to U.S. taxation in the foreseeable future. If such earnings were distributed beyond the amount for which taxes have been provided, foreign tax credits would substantially offset the incremental U.S. tax liability. A deferred tax liability will be recognized should we expect we will recover these undistributed earnings in a taxable manner, such as through the receipt of dividends or sale of the investments. As we presently plan to permanently reinvest foreign undistributed earnings, we have not provided for U.S. income tax liabilities that would be payable if such earnings were not reinvested indefinitely. It is not practicable to determine the amount of unrecognized deferred tax liability related to the unremitted earnings. | |||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Beginning balance | $ | 873 | $ | 988 | $ | 953 | |||||||||||||||
Additions for tax positions of prior years | — | 428 | 35 | ||||||||||||||||||
Reductions for tax positions of prior years | — | (543 | ) | — | |||||||||||||||||
Ending balance | $ | 873 | $ | 873 | $ | 988 | |||||||||||||||
As of December 31, 2013, the $873 of unrecognized tax benefits would, if recognized, impact our effective tax rate. | |||||||||||||||||||||
Interest and penalties related to federal, state, and foreign income tax matters are recorded as a component of the provision for income taxes in our statements of income. During 2013, we accrued $32 in foreign interest and penalties. During 2012, we had an increase in foreign interest and penalties of $443 and a decrease in federal and state interest and penalties of $245 as older uncertain items were eliminated due to the tax years being closed or risk being mitigated. During 2011, we had a net reduction in foreign interest and penalties of $43 as older uncertain items were eliminated and newer uncertain items added. As of December 31, 2013, the total amount accrued for interest and penalties was $1,020. | |||||||||||||||||||||
We or our subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various states and foreign jurisdictions. With few exceptions, we are no longer subject to federal, state and local income tax examinations by tax authorities for years before 2010. We are no longer subject to non-U.S. income tax examinations within various European Union countries for years before 2008. We do not foresee any significant changes to our unrecognized tax benefits within the next twelve months. |
Reconciliation_of_Net_Income_P
Reconciliation of Net Income Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of Net Income Per Share | ' | ||||||||||||
13) | Reconciliation of Net Income Per Share | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 17,178 | $ | 24,268 | $ | 20,937 | |||||||
Weighted average shares outstanding | 17,176 | 17,009 | 16,817 | ||||||||||
Effective of dilutive stock options | 84 | 105 | 136 | ||||||||||
Diluted shares outstanding | 17,260 | 17,114 | 16,953 | ||||||||||
Basic net income per share | $ | 1 | $ | 1.43 | $ | 1.24 | |||||||
Diluted net income per share | $ | 1 | $ | 1.42 | $ | 1.24 | |||||||
Excluded from the dilutive shares outstanding for the years ended December 31, 2013, 2012, and 2011 were 1,148, 1,187, and 792 of anti-dilutive options, respectively, which had per share exercise prices ranging from of $8.54 to $14.13 for the year ended December 31, 2013, $8.54 to $14.13 for the year ended December 31, 2012 and $11.50 to $14.13 for the year ended December 31, 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
14) | Commitments and Contingencies | ||||
We have operating lease commitments for machinery, office equipment, vehicles, manufacturing and office space which expire on varying dates. Rent expense for 2013, 2012 and 2011 was $2,325, $2,375, and $3,181, respectively. The following is a schedule by year of future minimum lease payments as of December 31, 2013 under operating leases that have initial or remaining non-cancelable lease terms in excess of one year. | |||||
Year ending December 31, | |||||
2014 | $ | 2,802 | |||
2015 | 2,519 | ||||
2016 | 2,239 | ||||
2017 | 1,304 | ||||
2018 | 905 | ||||
Thereafter | 18 | ||||
Total minimum lease payments | $ | 9,787 | |||
All legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes. The procedures performed include reviewing attorney and plaintiff correspondence, reviewing any filings made and discussing the facts of the case with local management and legal counsel We have recognized loss contingencies of approximately $200 and $500 at December 31, 2013 and December 31, 2012, respectively, which we believe are adequate to cover all probable liabilities to be incurred by all of the cases in the aggregate. | |||||
Due to the impacts of the global economic recession and the resulting reduction in revenue and operating losses, our wholly owned German subsidiary Kugelfertigung Eltmann GbmH (“Eltmann” or “Eltmann Plant”) sustained a significant weakening of its financial condition and as a result, became technically insolvent at which point it was required to file for bankruptcy under German bankruptcy law. The filing was made in the bankruptcy court in Germany on January 20, 2011. As of this date, NN lost the ability to control or manage Eltmann as a result of the bankruptcy court trustee taking over effective control and day to day management of this subsidiary. As a result of loss of control of this subsidiary, NN deconsolidated the assets and liabilities of Eltmann from our Consolidated Financial Statements effective January 20, 2011. Although the bankruptcy trustee released us from all claims related to the Eltmann bankruptcy, effective October 15, 2013, until such court proceedings are finalized, we will not be able to determine definitively if any related liabilities and contingent obligations will remain our responsibility. The ultimate impact on NN of Eltmann filing for bankruptcy will depend on the findings of the bankruptcy court. However, until such court proceedings are finalized, we will not be able to determine what liabilities and contingent obligations, if any, might remain as the responsibility of NN. Under advice from legal counsel, NN does not expect any further significant impacts on our consolidated financial statements as a result of the liquidation of this subsidiary. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
15) | Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following summarizes the unaudited quarterly results of operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||
Net sales | $ | 93,797 | $ | 96,305 | $ | 93,023 | $ | 90,081 | |||||||||
Income from operations | 5,639 | 7,920 | 7,794 | 6,474 | |||||||||||||
Net income | 2,871 | 4,770 | 5,052 | 4,485 | |||||||||||||
Basic net income per share | 0.17 | 0.28 | 0.29 | 0.25 | |||||||||||||
Diluted net income per share | 0.17 | 0.28 | 0.29 | 0.25 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic number of shares | 17,055 | 17,136 | 17,302 | 17,527 | |||||||||||||
Effect of dilutive stock options | 107 | 36 | 148 | 290 | |||||||||||||
Diluted number of shares | 17,162 | 17,172 | 17,450 | 17,817 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||
Net sales | $ | 104,519 | $ | 98,824 | $ | 86,586 | $ | 80,155 | |||||||||
Income from operations | 9,033 | 8,275 | 5,917 | 1,846 | |||||||||||||
Net income | 5,909 | 7,038 | 3,115 | 8,206 | |||||||||||||
Basic net income per share | 0.35 | 0.41 | 0.18 | 0.48 | |||||||||||||
Diluted net income per share | 0.35 | 0.41 | 0.18 | 0.48 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic number of shares | 16,961 | 17,026 | 17,044 | 17,044 | |||||||||||||
Effect of dilutive stock options | 114 | 113 | 106 | 106 | |||||||||||||
Diluted number of shares | 17,075 | 17,139 | 17,150 | 17,150 | |||||||||||||
The first quarter of 2013 was unfavorably impacted by $350 of after tax foreign exchange losses on intercompany loans and by $399 in after tax restructuring and non-operating items. | |||||||||||||||||
The first quarter of 2012 was unfavorably impacted by $734 of after tax foreign exchange losses on intercompany loans. The second quarter of 2012 was favorably impacted by $1,109 of after tax foreign exchange gains on intercompany loans. The third quarter of 2012 was unfavorably impacted by $659 of after tax foreign exchange gains on intercompany loans. | |||||||||||||||||
The fourth quarter of 2012 was impacted by favorable tax expense adjustments netting to $7,257 related to removing U.S. deferred tax valuation allowances applied to all U.S. deferred tax assets, partially offset by taxes related to an international distribution and increases in our uncertain tax positions. Additionally, the fourth quarter was unfavorably impacted by $967 in impairment charges related to our former Kilkenny Plant and $826 of after tax foreign exchange losses on intercompany loans. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
16) | Fair Value of Financial Instruments | ||||||||||||||||
We believe the fair value of financial instruments with maturities of less than a year approximate their carrying value due to the short maturity of these instruments or in the case of our variable rate debt, due to the variable interest rates. We elected not to measure any of our financial instruments at fair value and as such will continue to show the fair value of our financial instruments for disclosure purposes only. The fair value of our fixed rate long-term borrowings is calculated using significant other observable inputs (Level 2 inputs). The fair value is calculated using a discounted cash flow analysis factoring in current market borrowing rates for similar types of borrowing arrangements under our credit profile. The carrying amounts and fair values of our long-term debt are in the table below (for disclosure purposes only): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Variable rate long-term debt | $ | 10,763 | $ | 10,763 | $ | 38,087 | $ | 38,087 | |||||||||
Fixed rate long-term debt | $ | 25,714 | $ | 26,507 | $ | 31,429 | $ | 32,818 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Accumulated Other Comprehensive Income | ' | |
17) | Accumulated Other Comprehensive Income | |
The majority of our Accumulated Other Comprehensive Income balance relates to foreign currency translation of our foreign subsidiary balances. During the year ended December 31, 2013, we had other comprehensive income $3,899 due to foreign currency translations. During the year ended December 31, 2012, we had other comprehensive income $2,923 due to foreign currency translations. During the year ended December 31, 2011, we had other comprehensive loss of ($2,578) due to foreign currency translations. Income taxes on the foreign currency translation adjustments in other comprehensive income were not recognized because the earnings are intended to be indefinitely reinvested in those operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Description of Business | ' | ||
a) | Description of Business | ||
NN, Inc. (“NN”, “the Company”, “we”, “our” or “us”) is a manufacturer of precision balls, cylindrical and tapered rollers, bearing retainers, plastic injection molded products, precision bearing seals and precision metal components. Our balls, rollers, retainers, and bearing seals are used primarily in the domestic and international anti-friction bearing industry. Our plastic injection molded products are used in the bearing components, automotive components, electronic instrument cases and other molded components used in a variety of applications. The precision metal components products are used in the HVAC, automotive, fluid power and diesel engine industries. | |||
Cash | ' | ||
b) | Cash | ||
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. | |||
Inventories | ' | ||
c) | Inventories | ||
Inventories are stated at the lower of cost or market. Cost is determined using the average costs method. Our policy is to expense abnormal amounts of idle facility expense, freight, handling cost, and waste. In addition, we allocate fixed production overheads based on the normal production capacity of our facilities. Inventory valuations were developed using normalized production capacities for each of our manufacturing locations and the costs from excess capacity or under-utilization of fixed production overheads were expensed in the period incurred and are not included as a component of inventory valuation. | |||
Inventories also include tools, molds and dies in progress that we are producing and will ultimately sell to our customers. This activity is principally related to our Plastic and Rubber Components and Precision Metal Components Segments. These inventories are carried at the lower of cost or market. | |||
Property, Plant and Equipment | ' | ||
d) | Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost less accumulated depreciation. Assets to be disposed of are stated at lower of depreciated cost or fair market value less estimated selling costs. Expenditures for maintenance and repairs are charged to expense as incurred. Major renewals and betterments are capitalized. When a property item is retired, its cost and related accumulated depreciation are removed from the property accounts and any gain or loss is recorded in the consolidated statements of income and comprehensive income. We review the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment includes tools, molds and dies principally used in our Plastic and Rubber Components and Precision Metal Components Segments that are our property. | |||
Depreciation is provided on the straight-line method over the estimated useful lives of the depreciable assets for financial reporting purposes. For leasehold improvements and buildings under capital lease, we depreciate these over the shorter of useful lives or the lease term. In the event we abandon and cease to use certain property, plant, and equipment, depreciation estimates are revised and, in most cases, depreciation expense will be accelerated to reflect the shortened useful life of the asset. | |||
Revenue Recognition | ' | ||
e) | Revenue Recognition | ||
We recognize revenues based on the stated shipping terms with customers when these terms are satisfied and the risks of ownership are transferred to the customers. We have an inventory management program for certain Metal Bearing Components Segment customers whereby revenue is recognized when products are used by customers from consigned stock, rather than at the time of shipment. Under both circumstances, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sellers’ price is fixed and determinable and collectability is reasonably assured. | |||
Accounts Receivable | ' | ||
f) | Accounts Receivable | ||
Accounts receivable are recorded upon recognition of a sale of goods and ownership and risk of loss is assumed by the customer. Substantially all of our accounts receivable are due primarily from the core served markets. In establishing allowances for doubtful accounts, we perform credit evaluations of our customers, considering numerous inputs when available including the customers’ financial position, past payment history, relevant industry trends, cash flows, management capability, historical loss experience and economic conditions and prospects. Accounts receivable are written off or allowances established when considered to be uncollectible or at risk of being uncollectible, respectively. | |||
Income Taxes | ' | ||
g) | Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has not been made for income taxes on unremitted earnings of foreign subsidiaries as these earnings are deemed to be permanently reinvested. We recognize income tax positions that meet the more likely than not threshold and accrue interest and potential penalties related to unrecognized income tax positions which are recorded as a component of the provision (benefit) for income taxes. | |||
Net Income Per Common Share | ' | ||
h) | Net Income Per Common Share | ||
Basic income per share reflects reported earnings divided by the weighted average number of common shares outstanding. Diluted income per share include the effect of dilutive stock options, unvested restricted stock (if any) and the respective tax benefits, unless inclusion would not be dilutive. | |||
Share Based Compensation | ' | ||
i) | Share Based Compensation | ||
The cost of stock options and stock awards are expensed as compensation expense over the vesting periods based on the fair value at the grant date. (See Note 8 of the Notes to the Consolidated Financial Statements) We use the Black Scholes financial pricing model to determine the fair value of our stock options as our options are not traded in open markets. | |||
We account for stock awards by recognizing compensation expense ratably over the vesting period as specified in the award. Compensation expense to be recognized is based on the stock price at date of grant. | |||
Principles of Consolidation | ' | ||
j) | Principles of Consolidation | ||
Our consolidated financial statements include the accounts of NN, Inc. and its subsidiaries. All of our subsidiaries are 100% owned and all are included in the consolidated financial statements for the years end December 31, 2013, 2012, and 2011. All significant inter-company profits, transactions, and balances have been eliminated in consolidation. | |||
Foreign Currency Translation | ' | ||
k) | Foreign Currency Translation | ||
Assets and liabilities of our foreign subsidiaries are translated at current exchange rates, while revenue, costs and expenses are translated at average rates prevailing during each reporting period. Translation adjustments arising from the translation of foreign subsidiary financial statements are reported as a component of other comprehensive income and accumulated other comprehensive income within stockholders’ equity. In addition, transactions denominated in foreign currencies, including intercompany transactions, are initially recorded at the current exchange rate at the date of the transaction. The balances are adjusted to the current exchange rate as of each balance sheet date and as of the date when the transaction is consummated. Transaction gains or losses, excluding intercompany loan transactions, are expensed in either cost of products sold or selling, general and administrative lines in the Consolidated Statements of Comprehensive Income as incurred and were immaterial to the years ended December 31, 2013, 2012 and 2011. Transaction gains or losses on intercompany loan transactions are recognized in the other income, net line in the Consolidated Statements of Comprehensive Income as incurred. | |||
Goodwill and Other Indefinite Lived Intangible Assets | ' | ||
l) | Goodwill and Other Indefinite Lived Intangible Assets | ||
We recognize the excess of the purchase price of an acquired entity over the fair value of the net identifiable assets as goodwill. Goodwill is tested for impairment on an annual basis as of October 1 and between annual tests if a triggering event occurs. The impairment procedures are performed at the reporting unit level for the one reporting unit that still has goodwill. In September 2011, the FASB issued a revised accounting standard, intended to reduce the cost and complexity of the annual goodwill impairment test by providing entities an option to perform a “qualitative” assessment to determine whether further impairment testing is necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step test. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. For the years ended, December 31, 2013 and 2012, we determined it was more appropriate to perform a full step 1 goodwill test. The decision to perform a qualitative assessment or a complete step 1 analysis is an annual decision made by management. Based on the result of the step 1 analysis fair value of the reporting unit exceeded the carrying value of the reporting unit at December 31, 2013 and 2012. | |||
If the qualitative assessment indicates it is more likely than not that the fair value is less than the carrying value, U.S. GAAP prescribes a two-step process for testing for goodwill impairments. The first step is to determine if the carrying value of the reporting unit with goodwill is less than the related fair value of the reporting unit. The fair value of the reporting unit is determined through use of discounted cash flow methods and market based multiples of earning and sales methods obtained from a grouping of comparable publicly trading companies. We believe this methodology of valuation is consistent with how market participants would value reporting units. The discount rate and market based multiples used are specifically developed for the unit tested regarding the level of risk and end markets served. Even though we do use other observable inputs (Level 2 inputs) the calculation of fair value for goodwill would be most consistent with Level 3 inputs. | |||
If the carrying value of the reporting unit including goodwill is less than fair value of the reporting unit, the goodwill is not considered impaired. If the carrying value is greater than fair value then the potential for impairment of goodwill exists. The potential impairment is determined by allocating the fair value of the reporting unit among the assets and liabilities based on a purchase price allocation methodology as if the reporting unit was acquired in a business combination. The fair value of the goodwill is implied from this allocation and compared to the carrying value with an impairment loss recognized if the carrying value is greater than the implied fair value. | |||
We base our fair value estimates, in large part, on management business plans and projected financial information which are subject to a high degree of management judgment and complexity. Actual results may differ from these projections and the differences may be material. | |||
Our indefinite lived intangible asset is accounted for similarly to goodwill. This asset is tested for impairment at least annually by comparing the fair value to the carrying value, using the relief from royalty rate method, and if the fair value is less than the carrying value, an impairment charge is recognized for the difference. We elected to use Step 1 testing even though a qualitative approach was available to us. | |||
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ' | ||
m) | Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||
Long-lived tangible and intangible assets subject to amortization are tested for recoverability when changes in circumstances indicate the carrying value of these assets may not be recoverable. A test for recoverability is also performed when management has committed to a plan to dispose of a reporting unit or asset group. Assets to be held and used are tested for recoverability when indications of impairment are evident. Recoverability of a long-lived tangible and intangible asset is evaluated by comparing its carrying value to the future estimated undiscounted cash flows expected to be generated by the asset or asset group. If the asset is not recoverable the asset is considered impaired and adjusted to fair value which is then depreciated/amortized over its remaining useful life. Assets to be disposed of are carried at the lesser of carrying value or fair value less costs of disposal. (See Note 2 of the Notes to Consolidated Financial Statements). | |||
Use of Estimates in the Preparation of Financial Statements | ' | ||
n) | Use of Estimates in the Preparation of Financial Statements | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Fair Value Measurements | ' | ||
o) | Fair Value Measurements | ||
Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. | |||
Reclassifications | ' | ||
p) | Reclassifications | ||
Certain 2012 and 2011 amounts have been reclassified to conform with 2013 presentation. | |||
Recently Issued Accounting Standards | ' | ||
q) | Recently Issued Accounting Standards | ||
In February 2013, the Financial Accounting Standards Board issued accounting guidance to enhance the disclosure of amounts reclassified out of accumulated other comprehensive income. The new disclosure guidelines require the presentation of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income in the event the amount reclassified is required to be reclassified in its entirety in the same reporting period. The presentation can be on the face of the statement where net income is presented or in the notes and reported by component. For amounts not required to be reclassified in its entirety in the same reporting period to net income, an entity is required to cross-reference other required disclosures. This guidance is effective for reporting periods beginning after December 15, 2012. We have concluded that the new guidance did not have an impact on our financial position or results of operations. | |||
In March 2013, the Financial Accounting Standards Board issued amended accounting guidance that addresses the release of cumulative translation adjustments into net income when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a business (other than an in-substance real estate sale or oil/gas mineral rights) within a foreign entity. The cumulative translation adjustments should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, in the event of a step acquisition when the acquirer obtains control of an acquiree in which it held an equity interest immediately prior to the acquisition, the cumulative translation adjustments would be released into net income. This guidance is effective prospectively for reporting periods beginning after December 15, 2013. We have concluded that the new guidance will not have an impact on our financial position or results of operations. |
Accounts_Receivable_and_Sales_1
Accounts Receivable and Sales Concentrations (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||
Summary of Accounts Receivables | ' | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Trade | $ | 59,374 | $ | 51,939 | |||||||||||||||||
Less - allowance for doubtful accounts | 445 | 311 | |||||||||||||||||||
Accounts receivable, net | $ | 58,929 | $ | 51,628 | |||||||||||||||||
Summary of Activity in the Allowance for Doubtful Accounts | ' | ||||||||||||||||||||
Activity in the allowance for doubtful accounts is as follows: | |||||||||||||||||||||
Description | Balance at | Additions | Write- | Currency | Balance at | ||||||||||||||||
Beginning | offs | Impacts | End of Year | ||||||||||||||||||
of Year | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 311 | $ | 177 | $ | (47 | ) | $ | 4 | $ | 445 | ||||||||||
December 31, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 438 | $ | 98 | $ | (224 | ) | $ | (1 | ) | $ | 311 | |||||||||
December 31, 2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 478 | $ | 140 | $ | (178 | ) | $ | (2 | ) | $ | 438 | |||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 15,448 | $ | 13,013 | |||||
Work in process | 9,672 | 8,561 | |||||||
Finished goods | 29,410 | 24,576 | |||||||
Inventories | $ | 54,530 | $ | 46,150 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Summary of Property, Plant and Equipment | ' | ||||||||||
December 31, | |||||||||||
Estimated | 2013 | 2012 | |||||||||
Useful Life | |||||||||||
Land owned | $ | 6,139 | $ | 5,937 | |||||||
Land under capital lease | 1,437 | 1,396 | |||||||||
Buildings and improvements owned | 15-40 years | 45,964 | 43,751 | ||||||||
Buildings under capital lease | 20 years | 3,172 | 3,082 | ||||||||
Machinery and equipment | 3-12 years | 261,842 | 244,138 | ||||||||
Construction in process | 20,745 | 20,283 | |||||||||
339,299 | 318,587 | ||||||||||
Less - accumulated depreciation | 218,210 | 198,900 | |||||||||
Property, plant and equipment, net | $ | 121,089 | $ | 119,687 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1875% at December 31, 2013) plus an applicable margin of 1.25%, expiring October 26, 2017. | $ | 10,763 | $ | 38,087 | |||||
Borrowings under our $40,000 aggregate principal amount notes bearing interest at a fixed rate of 4.89% maturing on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | 5,714 | 11,429 | |||||||
Borrowings under our $20,000 aggregate principal amount notes bearing interest at a fixed rate of 4.64% maturing on December 20, 2018. Annual principal payments of $4,000 will begin on December 22, 2014 and extend through the date of maturity. | 20,000 | 20,000 | |||||||
Total long-term debt | 36,477 | 69,516 | |||||||
Less current maturities of long-term debt | 10,477 | 5,801 | |||||||
Long-term debt, excluding current maturities | $ | 26,000 | $ | 63,715 | |||||
Aggregate Maturities of Long-Term Debt Including Current Portion | ' | ||||||||
The aggregate maturities of long-term debt including current portion for each of the five years subsequent to December 31, 2013 are as follows: | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 10,477 | |||||||
2015 | 4,000 | ||||||||
2016 | 4,000 | ||||||||
2017 | 14,000 | ||||||||
2018 | 4,000 | ||||||||
Thereafter | — | ||||||||
Total | $ | 36,477 | |||||||
Minimum Future Lease Payments Under Both Capital Leases Together with the Present Value of the Net Minimum Lease Payments | ' | ||||||||
Below are the minimum future lease payments under both capital leases together with the present value of the net minimum lease payments as of December 31, 2013: | |||||||||
Year ending December 31, | |||||||||
2014 | $ | 493 | |||||||
2015 | 493 | ||||||||
2016 | 493 | ||||||||
2017 | 493 | ||||||||
2018 | 493 | ||||||||
Thereafter | 4,503 | ||||||||
Total minimum lease payments | 6,968 | ||||||||
Less interest included in payments above | (2,981 | ) | |||||||
Present value of minimum lease payments | $ | 3,987 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Changes to Post-Employment Benefits | ' | ||||||||
The amounts shown in the table below represent the actual liabilities at December 31, 2013 and 2012 reported under accrued post-employment benefits in the Consolidated Balance Sheets for both plans combined. | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 6,930 | $ | 7,705 | |||||
Amounts accrued | 1,019 | 574 | |||||||
Payments to employees/government managed plan | (1,331 | ) | (1,477 | ) | |||||
Foreign currency impacts | 302 | 128 | |||||||
Ending balance | $ | 6,920 | $ | 6,930 | |||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant | ' | ||||||||||||||||
The weighted average assumptions relevant to determining the fair value at the dates of grant are below: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Term | 6 years | 6 years | 6 years | ||||||||||||||
Risk free interest rate | 0.87 | % | 1.16 | % | 1.72 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected volatility | 57 | % | 50.51 | % | 42.1 | % | |||||||||||
Expected forfeiture rate | 3 | % | 3 | % | 5 | % | |||||||||||
Reconciliation of Option Activity | ' | ||||||||||||||||
The following table provides a reconciliation of option activity for the year ended December 31, 2013: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
(000’s) | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | $0 | |||||||||||||||
Term | |||||||||||||||||
Outstanding at January 1, 2013 | 1,384 | $ | 9.94 | ||||||||||||||
Granted | 354 | $ | 9.81 | ||||||||||||||
Exercised | (496 | ) | $ | 8.1 | |||||||||||||
Forfeited or expired | (9 | ) | $ | 9.36 | |||||||||||||
Outstanding at December 31, 2013 | 1,233 | $ | 10.65 | 6.5 | $ | 11,762 | (1) | ||||||||||
Exercisable at December 31, 2013 | 687 | $ | 11.22 | 4.6 | $ | 6,168 | (1) | ||||||||||
(1) | The intrinsic value is the amount by which the market price of our stock was greater than the exercise price of any individual option grant at December 31, 2013. |
Goodwill_Net_Tables
Goodwill, Net (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Changes in Carrying Amount of Goodwill | ' | ||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||
(In thousands) | Metal Bearing | ||||
Components | |||||
Segment | |||||
Balance as of January 1, 2011 | $ | 8,396 | |||
Currency impacts | (357 | ) | |||
Balance as of December 31, 2011 | $ | 8,039 | |||
Currency impacts | 215 | ||||
Balance as of December 31, 2012 | $ | 8,254 | |||
Currency impacts | 370 | ||||
Balance as of December 31, 2013 | $ | 8,624 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Metal Bearing | Precision | Plastic and | Corporate and | Total | |||||||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Net sales | $ | 259,459 | $ | 78,756 | $ | 34,991 | $ | — | $ | 373,206 | |||||||||||||||
Interest expense | 349 | — | — | 2,025 | 2,374 | ||||||||||||||||||||
Depreciation and amortization | 11,334 | 4,313 | 1,347 | (37 | ) | 16,957 | |||||||||||||||||||
Income tax (benefit) expense | 8,345 | 3,261 | 216 | (3,822 | ) | 8,000 | |||||||||||||||||||
Net income (loss) | 18,519 | 5,799 | 383 | (7,523 | ) | 17,178 | |||||||||||||||||||
Assets | 197,980 | 39,432 | 16,638 | 8,352 | 262,402 | ||||||||||||||||||||
Expenditures for long-lived assets | 9,250 | 4,640 | 1,015 | 345 | 15,250 | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Net sales | $ | 252,241 | $ | 76,746 | $ | 41,097 | $ | — | $ | 370,084 | |||||||||||||||
Interest expense | 387 | — | — | 3,491 | 3,878 | ||||||||||||||||||||
Depreciation and amortization | 12,060 | 4,243 | 1,366 | (26 | ) | 17,643 | |||||||||||||||||||
Income tax (benefit) expense | 2,819 | (1,811 | ) | (2,244 | ) | (2,691 | ) | (3,927 | ) | ||||||||||||||||
Net income (loss) | 20,980 | 9,110 | 3,921 | (9,743 | ) | 24,268 | |||||||||||||||||||
Assets | 198,770 | 40,727 | 19,232 | 6,614 | 265,343 | ||||||||||||||||||||
Expenditures for long-lived assets | 14,875 | 1,511 | 703 | — | 17,089 | ||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||
Net sales | $ | 308,883 | $ | 72,272 | $ | 43,536 | $ | — | $ | 424,691 | |||||||||||||||
Interest expense | 214 | — | — | 4,501 | 4,715 | ||||||||||||||||||||
Depreciation and amortization | 12,295 | 3,346 | 1,371 | 4 | 17,016 | ||||||||||||||||||||
Income tax (benefit) expense | 4,785 | — | — | 383 | 5,168 | ||||||||||||||||||||
Net income (loss) | 30,360 | (1,864 | ) | 2,879 | (10,438 | ) | 20,937 | ||||||||||||||||||
Assets | 188,872 | 47,027 | 19,740 | 3,822 | 259,461 | ||||||||||||||||||||
Expenditures for long-lived assets | 11,791 | 7,194 | 1,344 | — | 20,329 | ||||||||||||||||||||
Revenue from External Customers and Long-lived Assets | ' | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Net Sales | Property, | Net Sales | Property, | Net Sales | Property, | ||||||||||||||||||||
Plant and | Plant and | Plant and | |||||||||||||||||||||||
Equipment, | Equipment, | Equipment, | |||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||
United States | $ | 140,875 | $ | 42,573 | $ | 144,375 | $ | 42,884 | $ | 140,492 | $ | 46,959 | |||||||||||||
Europe | 149,649 | 57,505 | 140,208 | 54,768 | 193,948 | 56,442 | |||||||||||||||||||
Asia | 38,233 | 21,011 | 39,576 | 22,035 | 42,591 | 17,127 | |||||||||||||||||||
Canada | 9,415 | — | 7,464 | — | 6,172 | — | |||||||||||||||||||
Mexico | 21,963 | — | 24,030 | — | 23,024 | — | |||||||||||||||||||
S. America | 13,071 | — | 14,431 | — | 18,464 | — | |||||||||||||||||||
All foreign countries | 232,331 | 78,516 | 225,709 | 76,803 | 284,199 | 73,569 | |||||||||||||||||||
Total | $ | 373,206 | $ | 121,089 | $ | 370,084 | $ | 119,687 | $ | 424,691 | $ | 120,528 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Before Provision (Benefit) for Income Taxes | ' | ||||||||||||||||||||
Income before provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income before provision (benefit) for income taxes: | |||||||||||||||||||||
United States | $ | 8,259 | $ | 7,385 | $ | 1,633 | |||||||||||||||
Foreign | 16,919 | 12,956 | 24,472 | ||||||||||||||||||
Total | $ | 25,178 | $ | 20,341 | $ | 26,105 | |||||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||||||||||
Total income tax expense (benefit) for the years ended December 31, 2013, 2012, and 2011 was as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current: | |||||||||||||||||||||
U.S. Federal | $ | — | $ | (115 | ) | $ | — | ||||||||||||||
State | 179 | 345 | 113 | ||||||||||||||||||
Non-U.S. | 4,490 | 2,910 | 6,023 | ||||||||||||||||||
Total current expense | 4,669 | 3,140 | 6,136 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
U.S. Federal | 3,594 | 2,789 | 534 | ||||||||||||||||||
State | 145 | 12 | 170 | ||||||||||||||||||
U.S. deferred tax valuation allowance | (818 | ) | (9,814 | ) | (704 | ) | |||||||||||||||
Non-U.S. | 410 | (54 | ) | (968 | ) | ||||||||||||||||
Total deferred expense (benefit) | 3,331 | (7,067 | ) | (968 | ) | ||||||||||||||||
Total expense (benefit) | $ | 8,000 | $ | (3,927 | ) | $ | 5,168 | ||||||||||||||
Reconciliation of Income Taxes Based on the U.S. Federal Statutory Rate | ' | ||||||||||||||||||||
A reconciliation of income taxes based on the U.S. federal statutory rate of 34% for each of the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income taxes at the federal statutory rate | $ | 8,561 | $ | 6,916 | $ | 8,876 | |||||||||||||||
Impact of incentive stock options | 261 | 371 | 163 | ||||||||||||||||||
Decrease in U.S. valuation allowance | (818 | ) | (12,740 | ) | (704 | ) | |||||||||||||||
Foreign tax credit expiration | 818 | — | — | ||||||||||||||||||
Decrease in foreign valuation allowance | — | — | (1,219 | ) | |||||||||||||||||
Capital gain on return of basis | — | 3,079 | — | ||||||||||||||||||
State income taxes, net of federal taxes | 198 | 334 | 75 | ||||||||||||||||||
Non-U.S. earnings taxed at different rates | (834 | ) | (1,606 | ) | (2,116 | ) | |||||||||||||||
Change in uncertain tax positions | 32 | (115 | ) | — | |||||||||||||||||
Other permanent differences, net | (218 | ) | (166 | ) | 93 | ||||||||||||||||
$ | 8,000 | $ | (3,927 | ) | $ | 5,168 | |||||||||||||||
The Tax Effects of the Temporary Differences | ' | ||||||||||||||||||||
The tax effects of the temporary differences as of December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||
Tax in excess of book depreciation | $ | 6,673 | $ | 6,670 | $ | 5,099 | |||||||||||||||
Goodwill | 2,213 | 1,987 | 1,821 | ||||||||||||||||||
Allowance for bad debts | — | — | 18 | ||||||||||||||||||
Other deferred tax liabilities | 63 | 112 | 843 | ||||||||||||||||||
Gross deferred income tax liabilities | 8,949 | 8,769 | 7,781 | ||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||
Goodwill | 3,215 | 4,141 | 4,846 | ||||||||||||||||||
Inventories | 836 | 768 | 167 | ||||||||||||||||||
Pension/Personnel accruals | 856 | 921 | 503 | ||||||||||||||||||
Deductions for uncollectible Eltmann receivables | — | — | 310 | ||||||||||||||||||
Net operating loss carry forwards | 1,351 | 3,682 | 7,526 | ||||||||||||||||||
Foreign tax credits | 3,026 | 3,844 | 3,326 | ||||||||||||||||||
Guarantee claim deduction | 1,141 | 1,141 | — | ||||||||||||||||||
Accruals and reserves | 114 | 293 | — | ||||||||||||||||||
Other deferred tax assets | 832 | 550 | 421 | ||||||||||||||||||
Gross deferred income tax assets | 11,371 | 15,340 | 17,099 | ||||||||||||||||||
Valuation allowance on deferred tax assets | (1,434 | ) | (2,252 | ) | (12,066 | ) | |||||||||||||||
Net deferred income tax assets | 9,937 | 13,088 | 5,033 | ||||||||||||||||||
Net deferred income tax assets (liabilities) | $ | 988 | $ | 4,319 | $ | (2,748 | ) | ||||||||||||||
Summary of the Activity in the Total Valuation Allowances | ' | ||||||||||||||||||||
Below is a summary of the activity in the total valuation allowances during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Total Valuation Allowance Activity | |||||||||||||||||||||
Balance at | Additions | Recoveries | Deconsolidation | Balance at End | |||||||||||||||||
Beginning of | of Eltmann | of Year | |||||||||||||||||||
Year | subsidiary | ||||||||||||||||||||
2013 | $ | 2,252 | $ | — | $ | (818 | ) | $ | — | $ | 1,434 | ||||||||||
2012 | $ | 12,066 | $ | — | $ | (9,814 | ) | $ | — | $ | 2,252 | ||||||||||
2011 | $ | 16,604 | $ | — | $ | (2,425 | ) | $ | (2,113 | ) | $ | 12,066 | |||||||||
Summary of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits, Excluding Interest and Penalties | ' | ||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Beginning balance | $ | 873 | $ | 988 | $ | 953 | |||||||||||||||
Additions for tax positions of prior years | — | 428 | 35 | ||||||||||||||||||
Reductions for tax positions of prior years | — | (543 | ) | — | |||||||||||||||||
Ending balance | $ | 873 | $ | 873 | $ | 988 | |||||||||||||||
Reconciliation_of_Net_Income_P1
Reconciliation of Net Income Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Summary of Reconciliation of Net Income (Loss) Per Share | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 17,178 | $ | 24,268 | $ | 20,937 | |||||||
Weighted average shares outstanding | 17,176 | 17,009 | 16,817 | ||||||||||
Effective of dilutive stock options | 84 | 105 | 136 | ||||||||||
Diluted shares outstanding | 17,260 | 17,114 | 16,953 | ||||||||||
Basic net income per share | $ | 1 | $ | 1.43 | $ | 1.24 | |||||||
Diluted net income per share | $ | 1 | $ | 1.42 | $ | 1.24 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule by Year of Future Minimum Lease Payments | ' | ||||
The following is a schedule by year of future minimum lease payments as of December 31, 2013 under operating leases that have initial or remaining non-cancelable lease terms in excess of one year. | |||||
Year ending December 31, | |||||
2014 | $ | 2,802 | |||
2015 | 2,519 | ||||
2016 | 2,239 | ||||
2017 | 1,304 | ||||
2018 | 905 | ||||
Thereafter | 18 | ||||
Total minimum lease payments | $ | 9,787 | |||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Unaudited Quarterly Results of Operations | ' | ||||||||||||||||
The following summarizes the unaudited quarterly results of operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||
Net sales | $ | 93,797 | $ | 96,305 | $ | 93,023 | $ | 90,081 | |||||||||
Income from operations | 5,639 | 7,920 | 7,794 | 6,474 | |||||||||||||
Net income | 2,871 | 4,770 | 5,052 | 4,485 | |||||||||||||
Basic net income per share | 0.17 | 0.28 | 0.29 | 0.25 | |||||||||||||
Diluted net income per share | 0.17 | 0.28 | 0.29 | 0.25 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic number of shares | 17,055 | 17,136 | 17,302 | 17,527 | |||||||||||||
Effect of dilutive stock options | 107 | 36 | 148 | 290 | |||||||||||||
Diluted number of shares | 17,162 | 17,172 | 17,450 | 17,817 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||
Net sales | $ | 104,519 | $ | 98,824 | $ | 86,586 | $ | 80,155 | |||||||||
Income from operations | 9,033 | 8,275 | 5,917 | 1,846 | |||||||||||||
Net income | 5,909 | 7,038 | 3,115 | 8,206 | |||||||||||||
Basic net income per share | 0.35 | 0.41 | 0.18 | 0.48 | |||||||||||||
Diluted net income per share | 0.35 | 0.41 | 0.18 | 0.48 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic number of shares | 16,961 | 17,026 | 17,044 | 17,044 | |||||||||||||
Effect of dilutive stock options | 114 | 113 | 106 | 106 | |||||||||||||
Diluted number of shares | 17,075 | 17,139 | 17,150 | 17,150 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Carrying Amounts and Fair Values of Long-term Debt | ' | ||||||||||||||||
The carrying amounts and fair values of our long-term debt are in the table below (for disclosure purposes only): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Variable rate long-term debt | $ | 10,763 | $ | 10,763 | $ | 38,087 | $ | 38,087 | |||||||||
Fixed rate long-term debt | $ | 25,714 | $ | 26,507 | $ | 31,429 | $ | 32,818 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Maturity period of highly liquid investments | 'Three months or less | ' | ' |
Percentage of subsidiaries owned | 100.00% | 100.00% | 100.00% |
Impairment_Charges_Additional_
Impairment Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 |
Kilkenny Plant [Member] | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Non-cash impairment charges | $967 | $967 |
Accounts_Receivable_and_Sales_2
Accounts Receivable and Sales Concentrations - Summary of Accounts Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ' | ' | ' | ' |
Trade | $59,374 | $51,939 | ' | ' |
Less - allowance for doubtful accounts | 445 | 311 | 438 | 478 |
Accounts receivable, net | $58,929 | $51,628 | ' | ' |
Accounts_Receivable_and_Sales_3
Accounts Receivable and Sales Concentrations - Activity in the Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance at Beginning of Year | $311 | $438 | $478 |
Additions | 177 | 98 | 140 |
Write- offs | -47 | -224 | -178 |
Currency Impacts | 4 | -1 | -2 |
Balance at End of Year | $445 | $311 | $438 |
Accounts_Receivable_and_Sales_4
Accounts Receivable and Sales Concentrations - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Net sales | $373,206 | $370,084 | $424,691 |
Accounts receivable, net | 58,929 | 51,628 | ' |
SKF [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Net sales | 132,654 | 124,349 | 159,668 |
Accounts receivable concentrations in excess | 10.00% | 10.00% | ' |
Accounts receivable, net | 17,005 | 15,433 | ' |
SNR [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts receivable concentrations in excess | 10.00% | 10.00% | ' |
Accounts receivable, net | $6,893 | ' | ' |
Sales [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Percentage of consolidated revenue | 10.00% | 10.00% | 10.00% |
Sales [Member] | SKF [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Percentage of consolidated revenue | 36.00% | 34.00% | 38.00% |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $15,448 | $13,013 |
Work in process | 9,672 | 8,561 |
Finished goods | 29,410 | 24,576 |
Inventories | $54,530 | $46,150 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory on consignment at customers' sites | $4,735 | $2,644 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Land Owned [Member] | Land Owned [Member] | Land Under Capital Lease [Member] | Land Under Capital Lease [Member] | Buildings and Improvements Owned [Member] | Buildings and Improvements Owned [Member] | Buildings and Improvements Owned [Member] | Buildings and Improvements Owned [Member] | Buildings Under Capital Lease [Member] | Buildings Under Capital Lease [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Construction in Progress [Member] | Construction in Progress [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '40 years | '20 years | ' | ' | ' | '3 years | '12 years | ' | ' |
Property, plant and equipment, Gross | $339,299 | $318,587 | ' | $6,139 | $5,937 | $1,437 | $1,396 | $45,964 | $43,751 | ' | ' | $3,172 | $3,082 | $261,842 | $244,138 | ' | ' | $20,745 | $20,283 |
Less - accumulated depreciation | 218,210 | 198,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $121,089 | $119,687 | $120,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $16,957 | $17,643 | $17,016 |
Debt_Summary_of_LongTerm_Debt_
Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Borrowings under our $40,000 aggregate principal amount notes bearing interest at a fixed rate of 4.89% maturing on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | $5,714 | ' |
Total long-term debt | 36,477 | 69,516 |
Less current maturities of long-term debt | 10,477 | 5,801 |
Long-term debt, excluding current maturities | 26,000 | 63,715 |
October 26, 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1875% at December 31, 2013) plus an applicable margin of 1.25%, expiring October 26, 2017. | 10,763 | 38,087 |
April 26, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under our $40,000 aggregate principal amount notes bearing interest at a fixed rate of 4.89% maturing on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | 5,714 | 11,429 |
December 20, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under our $20,000 aggregate principal amount notes bearing interest at a fixed rate of 4.64% maturing on December 20, 2018. Annual principal payments of $4,000 will begin on December 22, 2014 and extend through the date of maturity. | $20,000 | $20,000 |
Debt_Summary_of_LongTerm_Debt_1
Debt - Summary of Long-Term Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' |
Borrowings | $100,000 |
Line of credit LIBOR rate | 0.19% |
Applicable margin added to the interest rate post amendment | 1.25% |
April 26, 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage of fixed interest rate bearing | 4.89% |
December 20, 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage of fixed interest rate bearing | 4.64% |
Fixed Rate Notes [Member] | April 26, 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Fixed rate notes payable | 40,000 |
Annual principal payment of fixed rate notes | 5,714 |
Fixed Rate Notes [Member] | December 20, 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Fixed rate notes payable | 20,000 |
Annual principal payment of fixed rate notes | $4,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Oct. 02, 2011 | Jun. 01, 2004 | Dec. 31, 2013 | Oct. 02, 2011 | Jun. 01, 2004 | Oct. 02, 2011 | Jun. 01, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
sqft | sqft | Land Owned [Member] | Land Owned [Member] | Building [Member] | Building [Member] | December 20, 2018 [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
October 26th Fixed Rate Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Seven Year Fixed Rate Notes [Member] | ||||||||||||||||
October 26th Fixed Rate Debt [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' |
Applicable margin added to the interest rate post amendment | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 2.25% | ' |
Method of determining interest rate under revolving credit facility | ' | ' | 'LIBOR plus an applicable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin added to the interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | 3.50% | ' | ' |
Other notes payable | ' | ' | 5,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fixed interest rate bearing pre amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.39% | ' | ' | ' | ' |
Percentage of fixed interest rate bearing post amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.89% |
Fixed charge coverage ratio current required minimum | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential to expand credit facility under credit agreement | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of credit facility to meet short term cash flow needs | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized balance | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 157 | 1,617 | 2,012 | ' | ' | ' | ' | ' | ' | ' |
Fixed rate notes payable | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of lease agreement | '20 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease of land and building | 75,000 | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | 892 | 545 | 1,156 | 2,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undiscounted annual lease payments | 193 | 299 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate non discounted lease payments over the twenty year term | $3,850 | $5,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Aggregate_Maturities_of_L
Debt - Aggregate Maturities of Long-Term Debt including Current Portion (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $10,477 | ' |
2015 | 4,000 | ' |
2016 | 4,000 | ' |
2017 | 14,000 | ' |
2018 | 4,000 | ' |
Thereafter | ' | ' |
Total long-term debt | $36,477 | $69,516 |
Debt_Minimum_Future_Lease_Paym
Debt - Minimum Future Lease Payments Under Both Capital Leases Together with the Present Value of the Net Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $493 |
2015 | 493 |
2016 | 493 |
2017 | 493 |
2018 | 493 |
Thereafter | 4,503 |
Total minimum lease payments | 6,968 |
Less interest included in payments above | -2,981 |
Present value of minimum lease payments | $3,987 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Compensation to the plans | 60.00% | ' | ' |
Minimum age for IRS catch up provision limit | '50 years | ' | ' |
Vesting percentage | 100.00% | ' | ' |
Matching contribution, Amount | $349 | $335 | $334 |
Severance indemnities paid to the pension fund | '1/13.5 of the gross salary | ' | ' |
Minimum [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Compensation to the plans | 1.00% | ' | ' |
Award for employees | '25 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Award for employees | '40 years | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Changes to Post-Employment Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' |
Ending balance | $6,920 | $6,930 |
Employee Severance [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' |
Beginning balance | 6,930 | 7,705 |
Amounts accrued | 1,019 | 574 |
Payments to employees/government managed plan | -1,331 | -1,477 |
Foreign currency impacts | 302 | 128 |
Ending balance | $6,920 | $6,930 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Stock Option Activity [Line Items] | ' | ' | ' |
Allocated share-based compensation expense | $2,239 | $1,788 | $828 |
Compensation expense related with stock options | 1,437 | 1,093 | 480 |
Compensation expense for stock awards | 802 | 695 | 348 |
Total number of shares in stock based compensation plan | ' | ' | 2,500,000 |
Maximum number of shares authorized to issued as options | 1,361,000 | ' | ' |
Maximum number of shares issued as Options | 52,000 | ' | ' |
Shares issuable upon exercise of each stock option | ' | ' | 1 |
Shares issuable upon exercise of each stock Appreciation right | ' | ' | 1.5 |
Term life of options | '10 years | ' | ' |
Vesting period of stock issue | '3 years | '3 years | '3 years |
Number of options, granted | 354,000 | 285,000 | 216,000 |
Weighted average grant date fair value of the options granted | $5.17 | $4.27 | $5.98 |
Estimated forfeiture rate for non employee directors | ' | 0.00% | ' |
Unrecognized compensation costs to be recognized for stock options | 1,151 | ' | ' |
Unrecognized compensation costs to be recognized for restricted stocks | 633 | ' | ' |
Unrecognized compensation costs, period for recognition | '2 years | ' | ' |
Cash proceeds from the exercise of options | 4,013 | 22 | 2,382 |
Total intrinsic value of options exercised | $1,416 | $107 | $1,283 |
Common stock issued | 90,000 | 78,000 | 75,000 |
Weighted average grant date fair value Per Share of the Stock Award | $9.82 | ' | ' |
Key Employees [Member] | ' | ' | ' |
Schedule Of Stock Option Activity [Line Items] | ' | ' | ' |
Vesting period of stock issue | '3 years | ' | ' |
Non-employee Directors [Member] | ' | ' | ' |
Schedule Of Stock Option Activity [Line Items] | ' | ' | ' |
Vesting period of stock issue | '1 year | ' | ' |
Stock_Based_Compensation_Weigh
Stock Based Compensation - Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Term | '6 years | '6 years | '6 years |
Risk free interest rate | 0.87% | 1.16% | 1.72% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 57.00% | 50.51% | 42.10% |
Expected forfeiture rate | 3.00% | 3.00% | 5.00% |
Stock_Based_Compensation_Recon
Stock Based Compensation - Reconciliation of Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of options, Outstanding, Beginning Balance | 1,384 | ' | ' |
Number of options, granted | 354 | 285 | 216 |
Number of Options, Exercised | -496 | ' | ' |
Number of Options, Forfeited or expired | -9 | ' | ' |
Number of options, Outstanding, Ending Balance | 1,233 | 1,384 | ' |
Number of Options, Options Exercisable | 687 | ' | ' |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $9.94 | ' | ' |
Weighted-Average Exercise Price, Granted | $9.81 | ' | ' |
Weighted-Average Exercise Price, Exercised | $8.10 | ' | ' |
Weighted-Average Exercise Price, Forfeited or expired | $9.36 | ' | ' |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $10.65 | $9.94 | ' |
Weighted-Average Exercise Price, Options exercisable | $11.22 | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | '6 years 6 months | ' | ' |
Weighted- Average Remaining Contractual Term, Options exercisable | '4 years 7 months 6 days | ' | ' |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $11,762 | ' | ' |
Aggregate Intrinsic Value, Options exercisable | $6,168 | ' | ' |
Goodwill_Net_Additional_Inform
Goodwill, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Impairment of goodwill | $0 | $0 | $0 |
Accumulated Impairment of goodwill | $40,045 | $40,045 | $40,045 |
Goodwill_Net_Changes_in_Carryi
Goodwill, Net - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Ending Balance | $8,624 | $8,254 | ' |
Metal Bearing Components Segment [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Beginning Balance | 8,254 | 8,039 | 8,396 |
Currency impacts | 370 | 215 | -357 |
Ending Balance | $8,624 | $8,254 | $8,039 |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Indefinite lived intangible asset not subject to amortization | $900 | $900 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Segment_Information_Segment_In
Segment Information - Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $373,206 | $370,084 | $424,691 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,374 | 3,878 | 4,715 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,957 | 17,643 | 17,016 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | -3,927 | 5,168 |
Net income (loss) | 4,485 | 5,052 | 4,770 | 2,871 | 8,206 | 3,115 | 7,038 | 5,909 | 17,178 | 24,268 | 20,937 |
Assets | 262,402 | ' | ' | ' | 265,343 | ' | ' | ' | 262,402 | 265,343 | 259,461 |
Expenditures for long- lived assets | 15,250 | ' | ' | ' | 17,089 | ' | ' | ' | 15,250 | 17,089 | 20,329 |
Operating Segments [Member] | Metal Bearing Components Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 259,459 | 252,241 | 308,883 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 349 | 387 | 214 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,334 | 12,060 | 12,295 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,345 | 2,819 | 4,785 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 18,519 | 20,980 | 30,360 |
Assets | 197,980 | ' | ' | ' | 198,770 | ' | ' | ' | 197,980 | 198,770 | 188,872 |
Expenditures for long- lived assets | 9,250 | ' | ' | ' | 14,875 | ' | ' | ' | 9,250 | 14,875 | 11,791 |
Operating Segments [Member] | Precision Metal Components Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 78,756 | 76,746 | 72,272 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,313 | 4,243 | 3,346 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,261 | -1,811 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,799 | 9,110 | -1,864 |
Assets | 39,432 | ' | ' | ' | 40,727 | ' | ' | ' | 39,432 | 40,727 | 47,027 |
Expenditures for long- lived assets | 4,640 | ' | ' | ' | 1,511 | ' | ' | ' | 4,640 | 1,511 | 7,194 |
Operating Segments [Member] | Plastic and Rubber Components Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 34,991 | 41,097 | 43,536 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,347 | 1,366 | 1,371 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 216 | -2,244 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 383 | 3,921 | 2,879 |
Assets | 16,638 | ' | ' | ' | 19,232 | ' | ' | ' | 16,638 | 19,232 | 19,740 |
Expenditures for long- lived assets | 1,015 | ' | ' | ' | 703 | ' | ' | ' | 1,015 | 703 | 1,344 |
Corporate and Consolidations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,025 | 3,491 | 4,501 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -37 | -26 | 4 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,822 | -2,691 | 383 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,523 | -9,743 | -10,438 |
Assets | 8,352 | ' | ' | ' | 6,614 | ' | ' | ' | 8,352 | 6,614 | 3,822 |
Expenditures for long- lived assets | $345 | ' | ' | ' | ' | ' | ' | ' | $345 | ' | ' |
Segment_Information_Revenue_fr
Segment Information - Revenue from External Customers and Long Lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | $373,206 | $370,084 | $424,691 |
Property, plant and equipment, net | 121,089 | 119,687 | 120,528 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 140,875 | 144,375 | 140,492 |
Property, plant and equipment, net | 42,573 | 42,884 | 46,959 |
Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 149,649 | 140,208 | 193,948 |
Property, plant and equipment, net | 57,505 | 54,768 | 56,442 |
Asia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 38,233 | 39,576 | 42,591 |
Property, plant and equipment, net | 21,011 | 22,035 | 17,127 |
Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 9,415 | 7,464 | 6,172 |
Property, plant and equipment, net | ' | ' | ' |
Mexico [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 21,963 | 24,030 | 23,024 |
Property, plant and equipment, net | ' | ' | ' |
South America [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 13,071 | 14,431 | 18,464 |
Property, plant and equipment, net | ' | ' | ' |
All Foreign Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 232,331 | 225,709 | 284,199 |
Property, plant and equipment, net | $78,516 | $76,803 | $73,569 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 27, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2010 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-tax income | ' | ' | $8,259 | $7,385 | $1,633 | ' | ' |
2012 and 2011 Combined pre tax income | ' | ' | ' | 9,000 | ' | ' | ' |
Net operating losses used to offset tax expenses | ' | 9,000 | ' | ' | ' | ' | ' |
Fully utilization period of net operating losses | ' | ' | ' | '2 years | ' | ' | ' |
Reversal of Deferred tax assets valuation allowance | ' | ' | ' | 8,512 | ' | ' | ' |
Valuation allowance for deferred tax assets of US units | ' | 2,252 | 1,434 | 2,252 | 12,066 | ' | 16,604 |
Foreign tax credit expiration | ' | ' | 818 | ' | ' | ' | ' |
U.S. deferred tax valuation allowance | ' | ' | 818 | 9,814 | 704 | ' | ' |
U.S. federal statutory rate | ' | ' | 34.00% | 34.00% | 34.00% | ' | ' |
Carry forward year of losses | ' | ' | '20 years | ' | ' | ' | ' |
Utilization of foreign tax credits | ' | 1,592 | 1,592 | 1,592 | ' | ' | ' |
Foreign tax credit carryforward | ' | 2,252 | 1,434 | 2,252 | ' | ' | ' |
Deferred taxes for undistributed earnings | ' | ' | ' | ' | ' | 0 | ' |
Distribution to US Parent company | 48,000 | ' | ' | ' | ' | ' | ' |
Distribution pertained to earnings and profits earned | ' | ' | ' | 9,000 | ' | ' | ' |
Impact of tax in earnings and profits | ' | ' | ' | 3,079 | ' | ' | ' |
Unrecognized tax benefits | ' | ' | 873 | ' | ' | ' | ' |
Additional foreign interest and penalties | ' | ' | 1,020 | ' | ' | ' | ' |
Net reduction in foreign interest and penalties | ' | ' | ' | ' | 43 | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Additional foreign interest and penalties | ' | ' | 32 | ' | ' | ' | ' |
Increase decrease in interest and penalties | ' | 443 | ' | 443 | ' | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase decrease in interest and penalties | ' | $245 | ' | $245 | ' | ' | ' |
Income_Taxes_Income_Loss_befor
Income Taxes - Income (Loss) before Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before provision (benefit) for income taxes: | ' | ' | ' |
United States | $8,259 | $7,385 | $1,633 |
Foreign | 16,919 | 12,956 | 24,472 |
Income before provision (benefit) for income taxes | $25,178 | $20,341 | $26,105 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. Federal | ' | ($115) | ' |
State | 179 | 345 | 113 |
Non-U.S. | 4,490 | 2,910 | 6,023 |
Total current expense | 4,669 | 3,140 | 6,136 |
Deferred: | ' | ' | ' |
U.S. Federal | 3,594 | 2,789 | 534 |
State | 145 | 12 | 170 |
U.S. deferred tax valuation allowance | -818 | -9,814 | -704 |
Non-U.S. | 410 | -54 | -968 |
Total deferred expense (benefit) | 3,331 | -7,067 | -968 |
Total expense (benefit) | $8,000 | ($3,927) | $5,168 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Taxes Based on U.S. Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Line Items] | ' | ' | ' |
Income taxes at the federal statutory rate | $8,561 | $6,916 | $8,876 |
Impact of incentive stock options | 261 | 371 | 163 |
Foreign tax credit expiration | 818 | ' | ' |
Capital gain on return of basis | ' | 3,079 | ' |
State income taxes, net of federal taxes | 198 | 334 | 75 |
Non-U.S. earnings taxed at different rates | -834 | -1,606 | -2,116 |
Change in uncertain tax positions | 32 | -115 | ' |
Other permanent differences, net | -218 | -166 | 93 |
Total expense (benefit) | 8,000 | -3,927 | 5,168 |
Domestic Tax Authority [Member] | ' | ' | ' |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Line Items] | ' | ' | ' |
Decrease in valuation allowance | -818 | -12,740 | -704 |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Line Items] | ' | ' | ' |
Decrease in valuation allowance | ' | ' | ($1,219) |
Income_Taxes_The_Tax_Effects_o
Income Taxes - The Tax Effects of the Temporary Differences (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Deferred income tax liabilities: | ' | ' | ' | ' |
Tax in excess of book depreciation | $6,673 | $6,670 | $5,099 | ' |
Goodwill | 2,213 | 1,987 | 1,821 | ' |
Allowance for bad debts | ' | ' | 18 | ' |
Other deferred tax liabilities | 63 | 112 | 843 | ' |
Gross deferred income tax liabilities | 8,949 | 8,769 | 7,781 | ' |
Deferred income tax assets: | ' | ' | ' | ' |
Goodwill | 3,215 | 4,141 | 4,846 | ' |
Inventories | 836 | 768 | 167 | ' |
Pension/Personnel accruals | 856 | 921 | 503 | ' |
Deductions for uncollectible Eltmann receivables | ' | ' | 310 | ' |
Net operating loss carry forwards | 1,351 | 3,682 | 7,526 | ' |
Foreign tax credits | 3,026 | 3,844 | 3,326 | ' |
Guarantee claim deduction | 1,141 | 1,141 | ' | ' |
Accruals and reserves | 114 | 293 | ' | ' |
Other deferred tax assets | 832 | 550 | 421 | ' |
Gross deferred income tax assets | 11,371 | 15,340 | 17,099 | ' |
Valuation allowance on deferred tax assets | -1,434 | -2,252 | -12,066 | -16,604 |
Net deferred income tax assets | 9,937 | 13,088 | 5,033 | ' |
Net deferred income tax assets (liabilities) | $988 | $4,319 | ($2,748) | ' |
Income_Taxes_Summary_of_Activi
Income Taxes - Summary of Activity in Total Valuation Allowances (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Valuation Allowances and Reserves, Balance at Beginning of Year | $2,252 | $12,066 | $16,604 |
Additions | ' | ' | ' |
Recoveries | -818 | -9,814 | -2,425 |
Deconsolidation of Eltmann subsidiary | ' | ' | -2,113 |
Valuation Allowances and Reserves, Balance at End of Year | $1,434 | $2,252 | $12,066 |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning balance | $873 | $988 | $953 |
Additions for tax positions of prior years | ' | 428 | 35 |
Reductions for tax positions of prior years | ' | -543 | ' |
Ending balance | $873 | $873 | $988 |
Reconciliation_of_Net_Income_P2
Reconciliation of Net Income Per Share - Summary of Reconciliation of Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $4,485 | $5,052 | $4,770 | $2,871 | $8,206 | $3,115 | $7,038 | $5,909 | $17,178 | $24,268 | $20,937 |
Weighted average shares outstanding | 17,527 | 17,302 | 17,136 | 17,055 | 17,044 | 17,044 | 17,026 | 16,961 | 17,176 | 17,009 | 16,817 |
Effective of dilutive stock options | 290 | 148 | 36 | 107 | 106 | 106 | 113 | 114 | 84 | 105 | 136 |
Diluted shares outstanding | 17,817 | 17,450 | 17,172 | 17,162 | 17,150 | 17,150 | 17,139 | 17,075 | 17,260 | 17,114 | 16,953 |
Basic net income per share | $0.25 | $0.29 | $0.28 | $0.17 | $0.48 | $0.18 | $0.41 | $0.35 | $1 | $1.43 | $1.24 |
Diluted net income per share | $0.25 | $0.29 | $0.28 | $0.17 | $0.48 | $0.18 | $0.41 | $0.35 | $1 | $1.42 | $1.24 |
Reconciliation_of_Net_Income_P3
Reconciliation of Net Income Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive options | 1,148 | 1,187 | 792 |
Anti-dilutive securities excluded from computation of earnings per share minimum price range | $8.54 | $8.54 | $11.50 |
Anti-dilutive securities excluded from computation of earnings per share maximum price range one | $14.13 | $14.13 | $14.13 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expenses | $2,325 | $2,375 | $3,181 |
Recognized loss contingency | $200 | $500 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule by Year of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $2,802 |
2015 | 2,519 |
2016 | 2,239 |
2017 | 1,304 |
2018 | 905 |
Thereafter | 18 |
Total minimum lease payments | $9,787 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $90,081 | $93,023 | $96,305 | $93,797 | $80,155 | $86,586 | $98,824 | $104,519 | ' | ' | ' |
Income from operations | 6,474 | 7,794 | 7,920 | 5,639 | 1,846 | 5,917 | 8,275 | 9,033 | 27,827 | 25,071 | 29,432 |
Net income | $4,485 | $5,052 | $4,770 | $2,871 | $8,206 | $3,115 | $7,038 | $5,909 | $17,178 | $24,268 | $20,937 |
Basic net income per share | $0.25 | $0.29 | $0.28 | $0.17 | $0.48 | $0.18 | $0.41 | $0.35 | $1 | $1.43 | $1.24 |
Diluted net income per share | $0.25 | $0.29 | $0.28 | $0.17 | $0.48 | $0.18 | $0.41 | $0.35 | $1 | $1.42 | $1.24 |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic number of shares | 17,527 | 17,302 | 17,136 | 17,055 | 17,044 | 17,044 | 17,026 | 16,961 | 17,176 | 17,009 | 16,817 |
Effect of dilutive stock options | 290 | 148 | 36 | 107 | 106 | 106 | 113 | 114 | 84 | 105 | 136 |
Diluted number of shares | 17,817 | 17,450 | 17,172 | 17,162 | 17,150 | 17,150 | 17,139 | 17,075 | 17,260 | 17,114 | 16,953 |
Quarterly_Results_of_Operation3
Quarterly Results of Operations (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' |
Foreign exchange gains or losses on intercompany loans after tax | $350 | $826 | $659 | $1,109 | $734 |
Restructuring and non-operating charges | 399 | ' | ' | ' | ' |
Elimination of Valuation allowances of deferred assets after tax | ' | 7,257 | ' | ' | ' |
Impairment charges | ' | $967 | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Carrying Amounts and Fair Values of Long-term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Variable Rate Long-Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt carrying amount | $10,763 | $38,087 |
Long-term debt fair value | 10,763 | 38,087 |
Fixed Rate Long-Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt carrying value | 25,714 | 31,429 |
Long-term debt fair value | $26,507 | $32,818 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Equity [Abstract] | ' | ' | ' |
Other comprehensive income (loss) due to foreign currency translations | $3,899 | $2,923 | ($2,578) |