Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'NN INC | ' |
Entity Central Index Key | '0000918541 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 17,785,621 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $106,680 | $96,305 | $209,208 | $190,102 |
Cost of products sold (exclusive of depreciation and amortization shown separately below) | 84,285 | 75,751 | 164,569 | 150,268 |
Selling, general and administrative | 10,074 | 8,339 | 20,104 | 17,445 |
Depreciation and amortization | 4,084 | 4,294 | 7,961 | 8,825 |
Loss on disposal of assets | ' | 1 | ' | 5 |
Income from operations | 8,237 | 7,920 | 16,574 | 13,559 |
Interest expense | 551 | 709 | 1,115 | 1,494 |
Other expense (income), net | 129 | -214 | 212 | 365 |
Income before provision for income taxes | 7,557 | 7,425 | 15,247 | 11,700 |
Provision for income taxes | 2,357 | 2,655 | 4,809 | 4,059 |
Net income | 5,200 | 4,770 | 10,438 | 7,641 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation (loss) gain | -725 | 1,386 | -1,364 | -419 |
Comprehensive income | $4,475 | $6,156 | $9,074 | $7,222 |
Basic income per common share: | $0.29 | $0.28 | $0.59 | $0.45 |
Weighted average shares outstanding | 17,779 | 17,136 | 17,700 | 17,082 |
Diluted income per common share: | $0.29 | $0.28 | $0.58 | $0.45 |
Weighted average shares outstanding | 18,172 | 17,172 | 18,054 | 17,115 |
Cash dividends per common share | $0.07 | $0.06 | $0.14 | $0.06 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $5,812 | $3,039 |
Accounts receivable, net of allowance for doubtful accounts of $503 and $445, respectively | 80,740 | 58,929 |
Inventories | 61,541 | 54,530 |
Other current assets | 9,934 | 9,176 |
Total current assets | 158,027 | 125,674 |
Property, plant and equipment, net | 132,681 | 121,089 |
Goodwill, net | 9,384 | 8,624 |
Intangible asset, net | 2,724 | 900 |
Non-current deferred tax assets | 1,235 | 2,713 |
Other non-current assets | 3,369 | 3,402 |
Total assets | 307,420 | 262,402 |
Current liabilities: | ' | ' |
Accounts payable | 48,540 | 40,687 |
Accrued salaries, wages and benefits | 13,408 | 11,761 |
Current maturities of long-term debt | 4,000 | 10,477 |
Income taxes payable | 3,300 | 1,340 |
Other current liabilities | 6,088 | 5,119 |
Total current liabilities | 75,336 | 69,384 |
Non-current deferred tax liabilities | 3,962 | 3,844 |
Long-term debt, net of current portion | 53,500 | 26,000 |
Other non-current liabilities | 10,783 | 10,414 |
Total liabilities | 143,581 | 109,642 |
Total stockholders' equity | 163,839 | 152,760 |
Total liabilities and stockholders' equity | $307,420 | $262,402 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $503 | $445 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Non-controlling Interest [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2013 | $152,760 | $176 | $63,126 | $65,929 | $0 | $23,529 |
Beginning Balance, Shares at Dec. 31, 2013 | ' | 17,630 | ' | ' | ' | ' |
Net income | 10,438 | ' | ' | 10,438 | ' | ' |
Dividends declared | -2,480 | ' | ' | -2,480 | ' | ' |
Shares issued for option exercises | 640 | 1 | 639 | ' | ' | ' |
Shares issued for option exercises, Shares | 65 | 64 | ' | ' | ' | ' |
Stock option expense | 711 | ' | 711 | ' | ' | ' |
Restricted stock expense | 575 | ' | 575 | ' | ' | ' |
Restricted stock expense, Shares | ' | 92 | ' | ' | ' | ' |
Foreign currency translation loss | -1,364 | ' | ' | ' | ' | -1,364 |
Non-controlling interest | 2,559 | ' | ' | ' | 2,559 | ' |
Ending Balance at Jun. 30, 2014 | $163,839 | $177 | $65,051 | $73,887 | $2,559 | $22,165 |
Ending Balance, Shares at Jun. 30, 2014 | ' | 17,786 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $10,438 | $7,641 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 7,961 | 8,825 |
Amortization of debt issuance costs | 216 | 337 |
Loss on disposal of assets | ' | 5 |
Share-based compensation expense | 1,286 | 1,094 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -20,594 | -16,036 |
Inventories | -4,736 | -569 |
Accounts payable | 6,939 | 3,190 |
Other assets and liabilities | 4,191 | 4,357 |
Net cash provided by operating activities | 5,701 | 8,844 |
Investing Activities: | ' | ' |
Acquisition of property, plant and equipment | -5,812 | -4,923 |
Cash paid to acquire business, net of cash received | -16,217 | ' |
Proceeds from disposals of property, plant and equipment | ' | 17 |
Net cash used by investing activities | -22,029 | -4,906 |
Financing Activities: | ' | ' |
Repayment of short-term debt, net | -763 | -87 |
Principal payments on capital lease | -73 | -66 |
Proceeds from long-term debt, net | 21,786 | ' |
Repayment of long-term debt, net | ' | -17,715 |
Dividends paid | -2,480 | ' |
Proceeds from issuance of stock and exercise of stock options | 640 | 186 |
Net cash provided (used) by financing activities | 19,110 | -17,682 |
Effect of exchange rate changes on cash flows | -9 | -14 |
Net Change in Cash | 2,773 | -13,758 |
Cash at Beginning of Period | 3,039 | 18,990 |
Cash at End of Period | $5,812 | $5,232 |
Interim_Financial_Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ' |
Interim Financial Statements | ' |
Note 1. Interim Financial Statements | |
The accompanying condensed consolidated financial statements of NN, Inc. have not been audited, except that the condensed consolidated balance sheet at December 31, 2013 was derived from our audited consolidated financial statements. In our opinion, these financial statements reflect all adjustments necessary to fairly state the results of operations for the three and six month periods ended June 30, 2014 and 2013, our financial position at June 30, 2014 and December 31, 2013, and the cash flows for the six month periods ended June 30, 2014 and 2013 on a basis consistent with our audited financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary for fair statement of the financial position and operating results for the interim periods. As used in this Quarterly Report on Form 10-Q, the terms “NN”, “the Company”, “we”, “our”, or “us” mean NN, Inc. and its subsidiaries. | |
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. These unaudited, condensed and consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our most recent Annual Report on Form 10-K for the year ended December 31, 2013 which we filed with the Securities and Exchange Commission on March 14, 2014. The results for the three and six month periods ended June 30, 2014 are not necessarily indicative of results for the year ending December 31, 2014 or any other future periods. |
Acquisitions
Acquisitions | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
Note 2. Acquisitions | |||||||||||||
RFK Valjcici d. d. Konjic (“RFK”) | |||||||||||||
On June 20, 2014, we acquired 79.2% of the outstanding shares of RFK Valjcici d. d. Konjic (“RFK”) for $9,756 in cash. RFK is a manufacturer of tapered rollers with operations in Konjic, Bosnia & Herzegovina. Its products, while complementary to NN’s existing roller bearing components, will broaden the Company’s product offering and allow penetration into adjacent markets. NN expects to acquire the remaining shares of RFK in the near future. In addition, we incurred fees from third parties as part of the purchase of $102, which were expensed as incurred in Selling, general and administrative expense within the Condensed Consolidated Statements of Comprehensive Income. The results of the operations of RFK have been consolidated with NN, Inc. since the date of acquisition. RFK has contributed revenues and net income of approximately $210 and $22, respectively, from the date of acquisition to June 30, 2014. | |||||||||||||
RFK, a listed company on the Sarajevo Stock Exchange, was founded in 1984 and is expected to have sales of approximately $12.0 million in 2014. RFK currently exports all of its products, predominately to customers serving the European truck, industrial vehicle and railway markets. NN will continue operations at the existing facilities in Bosnia & Herzegovina and will roll up the operations under our Metal Bearing Components Segment. | |||||||||||||
The following table summarized the estimated fair values of assets acquired and liabilities assumed at the date of acquisition: | |||||||||||||
Assets acquired and liabilities assumed on June 20, 2014 | |||||||||||||
Current assets | $ | 3,940 | |||||||||||
Property, plant, and equipment | 7,684 | ||||||||||||
Intangible assets subject to amortization | 1,740 | ||||||||||||
Goodwill | 732 | ||||||||||||
Total assets acquired | $ | 14,096 | |||||||||||
Current liabilities | $ | 1,781 | |||||||||||
Total liabilities assumed | $ | 1,781 | |||||||||||
Net asset acquired | $ | 12,315 | |||||||||||
In addition, we have reported non-controlling interest of $2,559 for RFK representing the fair value of the 20.8% of the shares outstanding we do not own as of June 30, 2014. The accounting for the business combination is based on currently available information and is considered preliminary. We are in the process of finalizing fair market valuations of all the net assets acquired given the purchase was made very close to the end of the quarter. We expect this process to be complete during the third quarter of 2014 and plan to disclose the final allocation within our quarterly report on Form 10-Q for the third quarter of 2014. | |||||||||||||
The intangible assets subject to amortization are for customer contracts and trade names totaling $1,740 and have a weighted average useful life of approximately 10 years. Goodwill of $732 arising from the acquisition is attributable primarily to the assembled workforce of the acquired business and strategic opportunities that are expected to arise from the acquisition of RFK. | |||||||||||||
VS Assets Purchase | |||||||||||||
On January 30, 2014, we purchased the majority of the operating assets of V-S Industries, V-S Precision, LLC and V-S Precision SA de DV (collectively referred to as “VS”) from the secured creditors of V-S Industries for $5,580 in cash and paid $1,840 for certain assumed liabilities. In addition, we incurred fees from third parties as part of the purchase of $716, which were expensed as incurred in Selling, general and administrative expense within the Condensed Consolidated Statements of Comprehensive Income. Finally, we incurred non-recurring costs directly related to the acquisition of $341 for integration. The results of the operations of VS have been consolidated with NN, Inc. since the date of acquisition. VS has contributed revenues and net loss of approximately $5,919 and $(950), including the integration costs, respectively, from the date of acquisition to June 30, 2014. | |||||||||||||
VS is a precision metal components manufacturer that supplies customers in a variety of industries including electric motors, HVAC, power tools, automotive and medical. The acquisition of VS will provide us with a complementary, but broader product offering and will allow penetration into adjacent markets. VS has two locations in Wheeling, Illinois and Juarez, Mexico and will roll up under the Precision Metal Components Segment. | |||||||||||||
The following table summarized the fair values of assets acquired and liabilities assumed at the date of acquisition. We finalized the fair market valuations of all of the assets acquired and liabilities assumed at the acquisition date during the second quarter of 2014. The final allocation is disclosed below: | |||||||||||||
Assets acquired and liabilities assumed on January 30, 2014 | March 31, | 2014 | June 30, | ||||||||||
2014 | adjustments | 2014 | |||||||||||
to fair value | |||||||||||||
Current assets | $ | 1,263 | $ | 144 | $ | 1,407 | |||||||
Property, plant, and equipment | 6,902 | 164 | 7,066 | ||||||||||
Intangible assets subject to amortization | 75 | — | 75 | ||||||||||
Goodwill | 244 | (244 | ) | — | |||||||||
Total assets acquired | $ | 8,484 | $ | 64 | $ | 8,548 | |||||||
Current liabilities | $ | 2,904 | $ | 64 | $ | 2,968 | |||||||
Total liabilities assumed | $ | 2,904 | $ | 64 | $ | 2,968 | |||||||
Net asset acquired | $ | 5,580 | $ | — | $ | 5,580 | |||||||
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 3. Inventories | |||||||||
Inventories are comprised of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 19,380 | $ | 15,448 | |||||
Work in process | 11,491 | 9,672 | |||||||
Finished goods | 30,670 | 29,410 | |||||||
$ | 61,541 | $ | 54,530 | ||||||
Inventories on consignment at customer locations as of June 30, 2014 and December 31, 2013 totaled $5,733 and $4,735, respectively. | |||||||||
Inventories are stated at the lower of cost or market. Cost is determined using the average cost method. 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. |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Income Per Share | ' |
Note 4. Net Income Per Share | |
The difference between the basic weighted average shares outstanding and the diluted weighted average shares outstanding for all periods reported are the effect of dilutive stock options calculated using the treasury stock method. The dilutive shares for the three and six month periods ended June 30, 2014 were 393 and 354, respectively. The dilutive shares for the three and six month periods ended June 30, 2013 were 36 and 33, respectively. There were no anti-dilutive options excluded from the dilutive shares outstanding for the three and six month periods ended June 30, 2014. Excluded from the dilutive shares outstanding for the three and six month periods ended June 30, 2013 were 1,027 of anti-dilutive options which had exercise prices ranging from $9.97 to $14.13. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
Note 5. Segment Information | |||||||||||||||||||||
The segment information and the accounting policies of each segment are the same as those described in the notes to the consolidated financial statements entitled “Segment Information” and “Summary of Significant Accounting Policies and Practices,” respectively, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. We evaluate segment performance based on segment net income (loss). The 2013 segment net income (loss) amounts were amended to remove interest costs, net of taxes formerly allocated to the segments prior to the third quarter of 2013. We account for inter-segment sales and transfers at current market prices. We did not have any significant inter-segment transactions during the three and six month periods ended June 30, 2014 and 2013. | |||||||||||||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate | Total | ||||||||||||||||
Components | Metal | Rubber | and | ||||||||||||||||||
Segment | Components | Components | Consolidations | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended June 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 73,038 | $ | 25,267 | $ | 8,375 | $ | — | $ | 106,680 | |||||||||||
Net income (loss) | $ | 5,808 | $ | 1,457 | $ | 267 | $ | (2,332 | ) | $ | 5,200 | ||||||||||
Six Months ended June 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 143,938 | $ | 49,005 | $ | 16,265 | $ | — | $ | 209,208 | |||||||||||
Net income (loss) | $ | 11,764 | $ | 3,098 | $ | 418 | $ | (4,842 | ) | $ | 10,438 | ||||||||||
Total assets | $ | 227,313 | $ | 54,529 | $ | 17,718 | $ | 7,860 | $ | 307,420 | |||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate and | Total | ||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended June 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 65,869 | $ | 21,543 | $ | 8,893 | $ | — | $ | 96,305 | |||||||||||
Net income (loss) | $ | 4,847 | $ | 1,819 | $ | 201 | $ | (2,097 | ) | $ | 4,770 | ||||||||||
Six Months ended June 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 129,557 | $ | 42,286 | $ | 18,259 | $ | — | $ | 190,102 | |||||||||||
Net income (loss) | $ | 8,871 | $ | 2,868 | $ | 460 | $ | (4,558 | ) | $ | 7,641 | ||||||||||
Total assets | $ | 189,756 | $ | 41,484 | $ | 19,909 | $ | 10,290 | $ | 261,439 |
PostEmployment_Benefit_Liabili
Post-Employment Benefit Liabilities | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Post-Employment Benefit Liabilities | ' | ||||||||
Note 6. 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. These plans are described below. | |||||||||
In accordance with Italian law, we have an unfunded severance plan covering our Pinerolo Plant employees under which all employees at that location are entitled to receive severance indemnities upon termination of their employment. | |||||||||
We have certain plans that cover our Veenendaal Plant employees that provide awards for employees who achieve 25 or 40 years of service and awards for employees upon retirement. The plans are 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 combined actual liabilities at June 30, 2014 and December 31, 2013, reported as a component of Other non-current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 6,920 | $ | 6,930 | |||||
Amounts accrued | 204 | 1,019 | |||||||
Payments to employees/government managed plan | (148 | ) | (1,331 | ) | |||||
Foreign currency impacts | (66 | ) | 302 | ||||||
Ending balance | $ | 6,910 | $ | 6,920 | |||||
LongTerm_Debt_and_ShortTerm_De
Long-Term Debt and Short-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Short-Term Debt | ' | ||||||||
Note 7. Long-Term Debt and Short-Term Debt | |||||||||
Long-term debt and short-term debt at June 30, 2014 and December 31, 2013 consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1875% at June 30, 2014) plus an applicable margin of 1.25% at June 30, 2014, expiring October 26, 2017. | $ | 37,500 | $ | 10,763 | |||||
Borrowings under our $40,000 aggregate principal amount of fixed rate notes bore interest at a fixed rate of 4.89% and matured on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | — | 5,714 | |||||||
Borrowings under our $20,000 aggregate principal amount of fixed rate 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 debt | 57,500 | 36,477 | |||||||
Less current maturities of long-term debt | 4,000 | 10,477 | |||||||
Long-term debt, excluding current maturities of long-term debt | $ | 53,500 | $ | 26,000 | |||||
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 give the lenders the right to 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 were capitalized and will be amortized into interest expense over the life of the facility. As of June 30, 2014 and December 31, 2013, $1,404 and $1,617, respectively of net capitalized loan origination costs related to the revolving credit facility were recorded on the condensed consolidated balance sheet within other non-current assets. | |||||||||
The $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 give the lenders the right to accelerate the maturity of the debt. We incurred costs as a result of issuing these notes which have been recorded on the condensed consolidated balance sheet within other non-current assets and are being amortized over the term of the notes. The unamortized balance at June 30, 2014 and December 31, 2013 was $30 and $34, respectively. |
Goodwill_net
Goodwill, net | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill, net | ' | ||||
Note 8. Goodwill, net | |||||
The changes in the carrying amount of goodwill, net for the six month period ended June 30, 2014 are as follows: | |||||
(In Thousands of Dollars) | Metal Bearing | ||||
Components | |||||
Segment | |||||
Balance as of January 1, 2014 | $ | 8,624 | |||
Currency translation impacts | 28 | ||||
Goodwill acquired in acquisition | 732 | ||||
Balance as of June 30, 2014 | $ | 9,384 | |||
The goodwill balance is tested for impairment on an annual basis during the fourth quarter and between annual tests if a triggering event occurs. As of June 30, 2014, there are no indications of impairment at the reporting units with a goodwill balance. | |||||
The goodwill acquired in acquisition during 2014 within the Metal Bearing Components segment was acquired during the three months ended June 30, 2014 with the acquisition of RFK (see Note 2 of the Notes to Condensed Consolidated Financial Statements). |
Intangible_Assets_Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Intangible Assets, Net | ' |
Note 9. Intangible Assets, Net | |
The Precision Metal Components Segment has an indefinite lived intangible asset not subject to amortization of $900 related to the value of the trade names of Whirlaway. The intangible asset balance is tested for impairment on an annual basis during the fourth quarter and between annual tests if a triggering event occurs. There are no indicators of impairment for the intangible asset as of June 30, 2014. | |
Additionally, the Precision Metal Components Segment acquired a customer contract intangible asset and proprietary software intangible assets related to the acquisition of VS during the six months ended of June 30, 2014 of $75. These intangible assets have a weighted average useful life of 10 years and are subject to amortization of approximately $8 a year (See Note 2 of the Notes to Condensed Consolidated Financial Statements). | |
The Metal Bearing Components Segment acquired a customer contract intangible asset and a trade name intangible asset related to the acquisition of RFK during the six months ended June 30, 2014 of $1,749. These intangible assets have a weighted average useful life of 10 years and is subject to amortization of $175 per year. (See Note 2 of the Notes to Condensed Consolidated Financial Statements). |
SharedBased_Compensation
Shared-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Shared-Based Compensation | ' | ||||||||||||||||
Note 10. Shared-Based Compensation | |||||||||||||||||
During the three and six month periods ended June 30, 2014 and 2013, approximately $714 and $1,286 in 2014 and $664 and $1,094 in 2013, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. During the six month period ended June 30, 2014, there were 97 share awards and 98 options awards to non-executive directors, officers and certain other key employees. During the six month period ended June 30, 2013, there were 95 share awards and 354 options awards to non-executive directors, officers and certain other key employees. | |||||||||||||||||
The restricted shares granted during the six month periods ended June 30, 2014 and 2013, vest pro-rata over three years. During the six month periods ended June 30, 2014 and 2013, we incurred $575 and $411, respectively, in expense related to restricted stock. The fair value of the shares issued was determined by using the grant date closing price of our common stock. | |||||||||||||||||
We incurred $711 and $683 of stock option expense in the six month periods ended June 30, 2014 and 2013, respectively. The fair value of our options cannot be determined by market value, as our options are not traded in an open market. Accordingly, the Black Scholes financial pricing model is utilized to estimate the fair value. | |||||||||||||||||
The following table provides a reconciliation of option activity for the six month period ended June 30, 2014: | |||||||||||||||||
Options | Shares (000) | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise | Remaining | $0 | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at January 1, 2014 | 1,233 | $ | 10.65 | ||||||||||||||
Granted | 98 | $ | 19.69 | ||||||||||||||
Exercised | (65 | ) | $ | 11.84 | |||||||||||||
Forfeited or expired | (8 | ) | $ | 12.62 | |||||||||||||
Outstanding at June 30, 2014 | 1,258 | $ | 11.24 | 6.5 | $ | 17,995 | (1) | ||||||||||
Exercisable at June 30, 2014 | 882 | $ | 10.89 | 5.5 | $ | 12,964 | (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 June 30, 2014. |
Provision_for_Income_Taxes
Provision for Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Provision for Income Taxes | ' |
Note 11. Provision for Income Taxes | |
For the six month periods ended June 30, 2014 and 2013, our effective tax rates were 32% and 35%, respectively. The difference between the U.S. federal statutory tax rate of 34% and our effective tax rates for the six months ended June 30, 2014 was primarily due to the effective tax rate being impacted by non-U.S. based earnings being taxed at lower rates. | |
As of June 30, 2014, we do not foresee any significant changes to our unrecognized tax benefits within the next twelve months. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12. Commitments and Contingencies | |
All legal proceedings, with the exception of the bankruptcy of our German subsidiary discussed below, 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 $0 and $200 at June 30, 2014 and December 31, 2013, respectively, which we believe are adequate to cover all probable liabilities to be incurred by all of the cases in the aggregate. | |
As discussed more fully in our Annual Report on Form 10-K filed March 14, 2014, the ultimate impact on NN of our wholly owned German subsidiary Kugelfertigung Eltmann GbmH (“Eltmann” or “Eltmann Plant”) filing for bankruptcy will depend on the findings of the bankruptcy court. We do not expect any further significant impacts on our condensed consolidated financial statements as a result of the liquidation of this subsidiary. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 13. Fair Value of Financial Instruments | |||||||||||||||||
The fair values of our fixed rate long-term borrowings are calculated by using a discounted cash flow analysis factoring in current market borrowing rates for similar types of borrowing arrangements considering our credit profile. The carrying value of our variable rate long-term borrowings is a reasonable approximation of fair value due to the variable interest rates. The fair value of our fixed rate and variable rate borrowings is determined using Level 2 inputs under the U.S. GAAP fair value hierarchy. The carrying amounts and fair values of our long-term debt are in the table below: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
(In Thousands of Dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Variable rate long-term debt | $ | 37,500 | $ | 37,500 | $ | 10,763 | $ | 10,763 | |||||||||
Fixed rate long-term debt | $ | 20,000 | $ | 20,712 | $ | 25,714 | $ | 26,507 |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 14. Subsequent Events | |
On July 21, 2014, we announced the signing of a definitive agreement to acquire Autocam Corporation (“Autocam”) for $244,500 in cash, $25,000 in stock and the assumption of $30,500 in debt. Autocam is a global leader in the engineering, manufacture and assembly of highly complex, system critical components for fuel systems, engines and transmission, power steering and electric motors. This transaction is expected to contribute over $250,000 to our revenues on a pro forma full year basis. Additionally, this acquisition will leverage NN’s and Autocam’s complementary core strengths and values and will position our Precision Metal Components business segment to outgrow its end markets by taking advantage of global market trends in fuel efficient technologies such as gasoline direct injection systems, high-pressure diesel injection systems and variable valve timing. We anticipate the transaction to close in the third quarter, subject to customary closing conditions and regulatory approval. | |
We expect to finance the acquisition of Autocam by obtaining a term loan facility in the aggregate principal amount of $350,000, and an asset-based credit facility in the aggregate principal amount of $100,000, each of which will be guaranteed by our existing and future domestic subsidiaries. Additional details regarding the acquisition of Autocam or the financing for the transaction may be found in our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2014. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
RFK [Member] | ' | ||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarized the estimated fair values of assets acquired and liabilities assumed at the date of acquisition: | |||||||||||||
Assets acquired and liabilities assumed on June 20, 2014 | |||||||||||||
Current assets | $ | 3,940 | |||||||||||
Property, plant, and equipment | 7,684 | ||||||||||||
Intangible assets subject to amortization | 1,740 | ||||||||||||
Goodwill | 732 | ||||||||||||
Total assets acquired | $ | 14,096 | |||||||||||
Current liabilities | $ | 1,781 | |||||||||||
Total liabilities assumed | $ | 1,781 | |||||||||||
Net asset acquired | $ | 12,315 | |||||||||||
VS [Member] | ' | ||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarized the fair values of assets acquired and liabilities assumed at the date of acquisition. | |||||||||||||
Assets acquired and liabilities assumed on January 30, 2014 | March 31, | 2014 | June 30, | ||||||||||
2014 | adjustments | 2014 | |||||||||||
to fair value | |||||||||||||
Current assets | $ | 1,263 | $ | 144 | $ | 1,407 | |||||||
Property, plant, and equipment | 6,902 | 164 | 7,066 | ||||||||||
Intangible assets subject to amortization | 75 | — | 75 | ||||||||||
Goodwill | 244 | (244 | ) | — | |||||||||
Total assets acquired | $ | 8,484 | $ | 64 | $ | 8,548 | |||||||
Current liabilities | $ | 2,904 | $ | 64 | $ | 2,968 | |||||||
Total liabilities assumed | $ | 2,904 | $ | 64 | $ | 2,968 | |||||||
Net asset acquired | $ | 5,580 | $ | — | $ | 5,580 | |||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories are comprised of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 19,380 | $ | 15,448 | |||||
Work in process | 11,491 | 9,672 | |||||||
Finished goods | 30,670 | 29,410 | |||||||
$ | 61,541 | $ | 54,530 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
We did not have any significant inter-segment transactions during the three and six month periods ended June 30, 2014 and 2013. | |||||||||||||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate | Total | ||||||||||||||||
Components | Metal | Rubber | and | ||||||||||||||||||
Segment | Components | Components | Consolidations | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended June 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 73,038 | $ | 25,267 | $ | 8,375 | $ | — | $ | 106,680 | |||||||||||
Net income (loss) | $ | 5,808 | $ | 1,457 | $ | 267 | $ | (2,332 | ) | $ | 5,200 | ||||||||||
Six Months ended June 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 143,938 | $ | 49,005 | $ | 16,265 | $ | — | $ | 209,208 | |||||||||||
Net income (loss) | $ | 11,764 | $ | 3,098 | $ | 418 | $ | (4,842 | ) | $ | 10,438 | ||||||||||
Total assets | $ | 227,313 | $ | 54,529 | $ | 17,718 | $ | 7,860 | $ | 307,420 | |||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate and | Total | ||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended June 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 65,869 | $ | 21,543 | $ | 8,893 | $ | — | $ | 96,305 | |||||||||||
Net income (loss) | $ | 4,847 | $ | 1,819 | $ | 201 | $ | (2,097 | ) | $ | 4,770 | ||||||||||
Six Months ended June 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 129,557 | $ | 42,286 | $ | 18,259 | $ | — | $ | 190,102 | |||||||||||
Net income (loss) | $ | 8,871 | $ | 2,868 | $ | 460 | $ | (4,558 | ) | $ | 7,641 | ||||||||||
Total assets | $ | 189,756 | $ | 41,484 | $ | 19,909 | $ | 10,290 | $ | 261,439 |
PostEmployment_Benefit_Liabili1
Post-Employment Benefit Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Changes to Post-Employment Benefits | ' | ||||||||
The amounts shown in the table below represent the combined actual liabilities at June 30, 2014 and December 31, 2013, reported as a component of Other non-current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 6,920 | $ | 6,930 | |||||
Amounts accrued | 204 | 1,019 | |||||||
Payments to employees/government managed plan | (148 | ) | (1,331 | ) | |||||
Foreign currency impacts | (66 | ) | 302 | ||||||
Ending balance | $ | 6,910 | $ | 6,920 | |||||
LongTerm_Debt_and_ShortTerm_De1
Long-Term Debt and Short-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt and Short-Term Debt | ' | ||||||||
Long-term debt and short-term debt at June 30, 2014 and December 31, 2013 consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1875% at June 30, 2014) plus an applicable margin of 1.25% at June 30, 2014, expiring October 26, 2017. | $ | 37,500 | $ | 10,763 | |||||
Borrowings under our $40,000 aggregate principal amount of fixed rate notes bore interest at a fixed rate of 4.89% and matured on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | — | 5,714 | |||||||
Borrowings under our $20,000 aggregate principal amount of fixed rate 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 debt | 57,500 | 36,477 | |||||||
Less current maturities of long-term debt | 4,000 | 10,477 | |||||||
Long-term debt, excluding current maturities of long-term debt | $ | 53,500 | $ | 26,000 | |||||
Goodwill_net_Tables
Goodwill, net (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Changes in Carrying Amount of Goodwill | ' | ||||
The changes in the carrying amount of goodwill, net for the six month period ended June 30, 2014 are as follows: | |||||
(In Thousands of Dollars) | Metal Bearing | ||||
Components | |||||
Segment | |||||
Balance as of January 1, 2014 | $ | 8,624 | |||
Currency translation impacts | 28 | ||||
Goodwill acquired in acquisition | 732 | ||||
Balance as of June 30, 2014 | $ | 9,384 | |||
SharedBased_Compensation_Table
Shared-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Reconciliation of Option Activity | ' | ||||||||||||||||
The following table provides a reconciliation of option activity for the six month period ended June 30, 2014: | |||||||||||||||||
Options | Shares (000) | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise | Remaining | $0 | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at January 1, 2014 | 1,233 | $ | 10.65 | ||||||||||||||
Granted | 98 | $ | 19.69 | ||||||||||||||
Exercised | (65 | ) | $ | 11.84 | |||||||||||||
Forfeited or expired | (8 | ) | $ | 12.62 | |||||||||||||
Outstanding at June 30, 2014 | 1,258 | $ | 11.24 | 6.5 | $ | 17,995 | (1) | ||||||||||
Exercisable at June 30, 2014 | 882 | $ | 10.89 | 5.5 | $ | 12,964 | (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 June 30, 2014. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
(In Thousands of Dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Variable rate long-term debt | $ | 37,500 | $ | 37,500 | $ | 10,763 | $ | 10,763 | |||||||||
Fixed rate long-term debt | $ | 20,000 | $ | 20,712 | $ | 25,714 | $ | 26,507 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 20, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
RFK [Member] | RFK [Member] | RFK [Member] | VS [Member] | VS [Member] | VS [Member] | ||||||
Customer Contracts and Trade Names [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | 20-Jun-14 | ' | ' | 30-Jan-14 | ' |
Percentage of shares acquired | ' | ' | ' | ' | ' | 79.20% | ' | ' | ' | ' | ' |
Payments to acquire businesses | ' | ' | ' | ' | ' | $9,756 | ' | ' | ' | ' | ' |
Fees incurred from third parties as part of acquisition | ' | ' | ' | ' | ' | 102 | ' | ' | 716 | ' | ' |
Business combinations revenue during period from acquired business | ' | ' | ' | ' | ' | ' | 210 | ' | ' | 5,919 | ' |
Business combinations net income during period from acquired business | 5,200 | 4,770 | 10,438 | 7,641 | ' | ' | 22 | ' | ' | -950 | ' |
Expected sales of acquired entity | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' |
Non-controlling interest | ' | ' | -2,559 | ' | ' | ' | 2,559 | ' | ' | ' | ' |
Percentage of shares owned by non controlling owners | ' | ' | ' | ' | ' | ' | 20.80% | ' | ' | ' | ' |
Intangible assets subject to amortization | ' | ' | ' | ' | ' | 1,740 | ' | 1,740 | ' | 75 | 75 |
Weighted average life of intangible assets subject to amortization | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Goodwill arising from acquisition | 9,384 | ' | 9,384 | ' | 8,624 | 732 | 732 | ' | ' | ' | 244 |
Operating assets acquired in cash | ' | ' | 16,217 | ' | ' | ' | ' | ' | 5,580 | ' | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | 1,840 | ' | ' |
Integration costs incurred as part of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $341 | ' | ' |
Acquisitions_Summary_of_Estima
Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 20, 2014 |
In Thousands, unless otherwise specified | VS [Member] | VS [Member] | VS [Member] | RFK [Member] | RFK [Member] | ||
Adjustments to Fair Value [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | $1,407 | $1,263 | $144 | ' | $3,940 |
Property, plant, and equipment | ' | ' | 7,066 | 6,902 | 164 | ' | 7,684 |
Intangible assets subject to amortization | ' | ' | 75 | 75 | ' | ' | 1,740 |
Goodwill | 9,384 | 8,624 | ' | 244 | -244 | 732 | 732 |
Total assets acquired | ' | ' | 8,548 | 8,484 | 64 | ' | 14,096 |
Current liabilities | ' | ' | 2,968 | 2,904 | 64 | ' | 1,781 |
Total liabilities assumed | ' | ' | 2,968 | 2,904 | 64 | ' | 1,781 |
Net asset acquired | ' | ' | $5,580 | $5,580 | ' | ' | $12,315 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $19,380 | $15,448 |
Work in process | 11,491 | 9,672 |
Finished goods | 30,670 | 29,410 |
Inventories | $61,541 | $54,530 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory on consignment at customers' location | $5,733 | $4,735 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Dilutive shares | 393 | 36 | 354 | 33 |
Anti-dilutive options | 0 | 1,027 | 0 | 1,027 |
Anti-dilutive securities excluded from computation of earnings per share minimum price range | ' | $9.97 | ' | $9.97 |
Anti-dilutive securities excluded from computation of earnings per share maximum price range | ' | $14.13 | ' | $14.13 |
Segment_Information_Segment_In
Segment Information - Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | $106,680 | $96,305 | $209,208 | $190,102 | ' |
Net income (loss) | 5,200 | 4,770 | 10,438 | 7,641 | ' |
Total assets | 307,420 | 261,439 | 307,420 | 261,439 | 262,402 |
Metal Bearing Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 73,038 | 65,869 | 143,938 | 129,557 | ' |
Net income (loss) | 5,808 | 4,847 | 11,764 | 8,871 | ' |
Total assets | 227,313 | 189,756 | 227,313 | 189,756 | ' |
Precision Metal Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 25,267 | 21,543 | 49,005 | 42,286 | ' |
Net income (loss) | 1,457 | 1,819 | 3,098 | 2,868 | ' |
Total assets | 54,529 | 41,484 | 54,529 | 41,484 | ' |
Plastic and Rubber Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 8,375 | 8,893 | 16,265 | 18,259 | ' |
Net income (loss) | 267 | 201 | 418 | 460 | ' |
Total assets | 17,718 | 19,909 | 17,718 | 19,909 | ' |
Corporate and Consolidations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' |
Net income (loss) | -2,332 | -2,097 | -4,842 | -4,558 | ' |
Total assets | $7,860 | $10,290 | $7,860 | $10,290 | ' |
PostEmployment_Benefit_Liabili2
Post-Employment Benefit Liabilities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Minimum [Member] | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' |
Awards for employees | '25 years |
Maximum [Member] | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' |
Awards for employees | '40 years |
PostEmployment_Benefit_Liabili3
Post-Employment Benefit Liabilities - Schedule of Changes to Post-Employment Benefits (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Beginning balance | $6,920 | $6,930 |
Amounts accrued | 204 | 1,019 |
Payments to employees/government managed plan | -148 | -1,331 |
Foreign currency impacts | -66 | 302 |
Ending balance | $6,910 | $6,920 |
LongTerm_Debt_and_ShortTerm_De2
Long-Term Debt and Short-Term Debt - Summary of Long-Term Debt and Short-Term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $57,500 | $36,477 |
Less current maturities of long-term debt | 4,000 | 10,477 |
Long-term debt, excluding current maturities of long-term debt | 53,500 | 26,000 |
Total debt | 57,500 | 36,477 |
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 June 30, 2014) plus an applicable margin of 1.25% at June 30, 2014, expiring October 26, 2017. | 37,500 | 10,763 |
April 26, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under our $40,000 aggregate principal amount of fixed rate notes bore interest at a fixed rate of 4.89% and matured on April 26, 2014. Annual principal payments of $5,714 began on April 26, 2008 and extend through the date of maturity. | ' | 5,714 |
December 20, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under our $20,000 aggregate principal amount of fixed rate 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 |
LongTerm_Debt_and_ShortTerm_De3
Long-Term Debt and Short-Term Debt - Summary of Long-Term Debt and Short-Term Debt (Parenthetical) (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
October 26, 2017 [Member] | ' |
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% |
April 26, 2014 [Member] | Fixed Rate Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Fixed rate notes payable | 40,000 |
Annual principal payment of fixed rate notes | 5,714 |
December 20, 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage of fixed interest rate bearing | 4.64% |
December 20, 2018 [Member] | Fixed Rate Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Fixed rate notes payable | 20,000 |
Annual principal payment of fixed rate notes | $4,000 |
LongTerm_Debt_and_ShortTerm_De4
Long-Term Debt and Short-Term Debt - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Potential to expand credit facility under credit agreement | $35,000 | ' |
Amount of credit facility to meet short term cash flow needs | 10,000 | ' |
December 20, 2018 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable | 20,000 | ' |
Fixed Rate Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unamortized balance | 30 | 34 |
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Borrowings | 100,000 | ' |
Unamortized balance | $1,404 | $1,617 |
Goodwill_Net_Changes_in_Carryi
Goodwill, Net - Changes in Carrying Amount of Goodwill (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Metal Bearing Components Segment [Member] | ||
Goodwill [Line Items] | ' | ' | ' |
Beginning Balance | $9,384 | $8,624 | $8,624 |
Currency translation impacts | ' | ' | 28 |
Goodwill acquired in acquisition | ' | ' | 732 |
Ending Balance | $9,384 | $8,624 | $9,384 |
Goodwill_Net_Additional_Inform
Goodwill, Net - Additional Information (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Impairment of goodwill | $0 |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Whirlaway [Member] | VS [Member] | VS [Member] | RFK [Member] | ||
Customer Contracts [Member] | Customer Contracts [Member] | |||||
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Indefinite lived intangible asset not subject to amortization | $2,724 | $900 | $900 | ' | ' | ' |
Finite-lived intangible assets, net | ' | ' | ' | 75 | ' | 1,749 |
Finite-lived intangible asset, useful life | ' | ' | ' | ' | '10 years | '10 years |
Amortization of intangible assets | ' | ' | ' | ' | $8 | $175 |
SharedBased_Compensation_Addit
Shared-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Share-based compensation expense | $714 | $664 | $1,286 | $1,094 |
Number of options granted | ' | ' | 98 | 354 |
Shares granted other than options | ' | ' | 97 | 95 |
Expenses related to issuance of restricted stock | ' | ' | 575 | 411 |
Vesting period of stock issue | ' | ' | '3 years | '3 years |
Stock or unit option plan expense | ' | ' | $711 | $683 |
SharedBased_Compensation_Recon
Shared-Based Compensation - Reconciliation of Option Activity (Detail) (USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of options, Outstanding, Beginning Balance | 1,233 | ' |
Number of Options, Granted | 98 | 354 |
Number of Options, Exercised | -65 | ' |
Number of Options, Forfeited or expired | -8 | ' |
Number of Options, Outstanding, Ending Balance | 1,258 | ' |
Number of Options, Options Exercisable | 882 | ' |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $10.65 | ' |
Weighted-Average Exercise Price, Granted | $19.69 | ' |
Weighted-Average Exercise Price, Exercised | $11.84 | ' |
Weighted-Average Exercise Price, Forfeited or expired | $12.62 | ' |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $11.24 | ' |
Weighted-Average Exercise Price, Options exercisable | $10.89 | ' |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | '6 years 6 months | ' |
Weighted- Average Remaining Contractual Term, Options exercisable | '5 years 6 months | ' |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $17,995 | ' |
Aggregate Intrinsic Value, Options exercisable | $12,964 | ' |
Provision_for_Income_Taxes_Add
Provision for Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
State and Local effective income tax rate | 32.00% | 35.00% |
U.S. federal statutory rate | 34.00% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Recognized loss contingency | $0 | $200 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Carrying Amounts and Fair Values of Long-term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Rate Long-Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt carrying amount | $37,500 | $10,763 |
Long-term debt fair value | 37,500 | 10,763 |
Fixed Rate Long-Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt carrying value | 20,000 | 25,714 |
Long-term debt fair value | $20,712 | $26,507 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Autocam Corporation [Member], USD $) | 6 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jul. 21, 2014 | Jun. 30, 2014 |
Subsequent Event [Member] | Scenario, Forecast [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Business acquisition, date of agreement | 21-Jul-14 | ' | ' |
Business acquisition, consideration transferred in cash | ' | $244,500 | ' |
Business acquisition, consideration transferred in stock | ' | 25,000 | ' |
Business acquisition, consideration in assumption of debt | ' | 30,500 | ' |
Business acquisition, proforma revenue | ' | 250,000 | ' |
Term loan facility | ' | ' | 350,000 |
Asset based credit facility | ' | ' | $100,000 |