Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'NNBR | ' |
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 | ' | 18,957,249 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $125,632 | $93,023 | $334,840 | $283,125 |
Cost of products sold (exclusive of depreciation and amortization shown separately below) | 100,441 | 73,020 | 265,010 | 223,288 |
Selling, general and administrative | 11,124 | 8,099 | 29,799 | 25,544 |
Acquisition related costs excluded from selling, general and administrative | 5,651 | ' | 7,080 | ' |
Depreciation and amortization | 5,864 | 4,110 | 13,824 | 12,935 |
Loss on disposal of assets | ' | 0 | ' | 5 |
Income from operations | 2,552 | 7,794 | 19,127 | 21,353 |
Interest expense | 5,622 | 655 | 6,737 | 2,149 |
Other expense (income), net | 1,557 | -281 | 1,769 | 84 |
Income (loss) before provision (benefit) for income taxes and share of net income in joint venture | -4,627 | 7,420 | 10,621 | 19,120 |
Provision (benefit) for income taxes | -562 | 2,368 | 4,247 | 6,427 |
Share of net income from joint venture | 225 | ' | 225 | ' |
Net income (loss) | -3,840 | 5,052 | 6,599 | 12,693 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation (loss) gain | -9,068 | 2,478 | -10,432 | 2,059 |
Comprehensive income (loss) | ($12,908) | $7,530 | ($3,833) | $14,752 |
Basic income (loss) per common share: | ($0.21) | $0.29 | $0.36 | $0.74 |
Weighted average shares outstanding | 17,979 | 17,302 | 17,749 | 17,125 |
Diluted income (loss) per common share: | ($0.21) | $0.29 | $0.36 | $0.74 |
Weighted average shares outstanding | 17,979 | 17,450 | 18,120 | 17,180 |
Cash dividends per common share | $0.07 | $0.06 | $0.21 | $0.12 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $26,892 | $3,039 |
Accounts receivable, net of allowance for doubtful accounts of $933 and $445, respectively | 112,859 | 58,929 |
Inventories | 86,921 | 54,530 |
Other current assets | 20,053 | 9,176 |
Total current assets | 246,725 | 125,674 |
Property, plant and equipment, net | 274,600 | 121,089 |
Goodwill, net | 87,687 | 8,624 |
Intangible asset, net | 54,217 | 900 |
Non-current deferred tax assets | 3,554 | 2,713 |
Investment in joint venture | 33,348 | ' |
Other non-current assets | 13,008 | 3,402 |
Total assets | 713,139 | 262,402 |
Current liabilities: | ' | ' |
Accounts payable | 62,767 | 40,687 |
Accrued salaries, wages and benefits | 20,821 | 11,761 |
Current maturities of long-term debt | 24,048 | 10,477 |
Income taxes payable | 1,338 | 1,340 |
Other current liabilities | 18,052 | 5,119 |
Total current liabilities | 127,026 | 69,384 |
Non-current deferred tax liabilities | 49,980 | 3,844 |
Long-term debt, net of current portion | 331,201 | 26,000 |
Obligations under capital lease, net of current portion | 15,676 | 3,494 |
Other non-current liabilities | 9,000 | 6,920 |
Total liabilities | 532,883 | 109,642 |
Total stockholders' equity | 180,256 | 152,760 |
Total liabilities and stockholders' equity | $713,139 | $262,402 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $933 | $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 | ' | $23,529 |
Beginning Balance, Shares at Dec. 31, 2013 | ' | 17,630 | ' | ' | ' | ' |
Net income | 6,599 | ' | ' | 6,599 | ' | ' |
Dividends declared | -3,802 | ' | ' | -3,802 | ' | ' |
Shares issued for option exercises | 1,550 | 1 | 1,549 | ' | ' | ' |
Shares issued for option exercises, Shares | 149 | 64 | ' | ' | ' | ' |
Shares issues for acquisition | 31,717 | 11 | 31,706 | ' | ' | ' |
Shares issues for acquisition, Shares | ' | 1,087 | ' | ' | ' | ' |
Stock option expense | 997 | ' | 997 | ' | ' | ' |
Restricted stock expense | 829 | 1 | 828 | ' | ' | ' |
Restricted stock expense, Shares | ' | 92 | ' | ' | ' | ' |
Foreign currency translation loss | -10,432 | ' | ' | ' | ' | -10,432 |
Non-controlling interest | 38 | ' | ' | ' | 38 | ' |
Ending Balance at Sep. 30, 2014 | $180,256 | $189 | $98,206 | $68,726 | $38 | $13,097 |
Ending Balance, Shares at Sep. 30, 2014 | ' | 18,873 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $6,599 | $12,693 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 13,824 | 12,935 |
Amortization of debt issuance costs | 498 | 437 |
Debt issuance costs write-off | 1,398 | ' |
Loss on disposal of assets | ' | 5 |
Joint venture net income in excess of cash received | -225 | ' |
Share-based compensation expense | 1,825 | 1,666 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -17,838 | -13,412 |
Inventories | -4,462 | -1,408 |
Accounts payable | 493 | 5,591 |
Other assets and liabilities | -635 | 7,153 |
Net cash provided by operating activities | 1,477 | 25,660 |
Investing Activities: | ' | ' |
Acquisition of property, plant and equipment | -14,793 | -9,057 |
Cash paid to acquire business, net of cash received | -259,504 | ' |
Proceeds from disposals of property, plant and equipment | ' | 3 |
Dividend received from joint venture | 2,538 | ' |
Net cash used by investing activities | -271,759 | -9,054 |
Financing Activities: | ' | ' |
Repayment of short-term debt, net | -763 | -87 |
Debt issue costs | -9,380 | ' |
Principal payments on capital lease | -554 | -100 |
Proceeds from long-term debt, net | 344,750 | ' |
Repayment of long-term debt, net | -35,379 | -30,715 |
Payment for acquisition of non-controlling interest | -2,528 | ' |
Dividends paid | -3,802 | -2,073 |
Proceeds from issuance of stock and exercise of stock options | 1,550 | 1,948 |
Net cash provided (used) by financing activities | 293,894 | -31,027 |
Effect of exchange rate changes on cash flows | 241 | -101 |
Net Change in Cash | 23,853 | -14,522 |
Cash at Beginning of Period | 3,039 | 18,990 |
Cash at End of Period | $26,892 | $4,468 |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 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 nine month periods ended September 30, 2014 and 2013, our financial position at September 30, 2014 and December 31, 2013, and the cash flows for the nine month periods ended September 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 nine month periods ended September 30, 2014 are not necessarily indicative of results for the year ending December 31, 2014 or any other future periods. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
Note 2. Acquisitions | |||||||||||||||||
Autocam | |||||||||||||||||
On August 29, 2014, we completed our merger with Autocam Corporation (“Autocam”), for $256,837 in cash and $31,717 in NN stock. Additionally, we assumed $29,160 in Autocam debt and capital lease obligations. 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. With the completion of the transaction, NN becomes one of the top global manufacturers in the precision metal components space. 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. | |||||||||||||||||
The funding of the cash portion of the purchase price and acquisition costs was provided primarily from borrowings, including a $350,000 term loan entered into concurrent with the acquisition. (See Note 7 of the Notes to Condensed Consolidated Financial Statements). | |||||||||||||||||
The following table summarizes the preliminary purchase price allocation for the Autocam merger: | |||||||||||||||||
Preliminary fair value of assets acquired | |||||||||||||||||
and liabilities assumed on August 29, 2014 | |||||||||||||||||
Current assets | $ | 88,529 | |||||||||||||||
Property, plant, and equipment | 146,120 | ||||||||||||||||
Intangible assets subject to amortization | 51,098 | ||||||||||||||||
Investment in joint venture | 35,595 | ||||||||||||||||
Other non-current assets | 2,170 | ||||||||||||||||
Goodwill | 77,548 | ||||||||||||||||
Total assets acquired | $ | 401,060 | |||||||||||||||
Current liabilities | 34,320 | ||||||||||||||||
Current maturities of long-term debt | 6,547 | ||||||||||||||||
Non-current deferred tax liabilities | 46,998 | ||||||||||||||||
Obligations under capital lease | 18,350 | ||||||||||||||||
Long-term debt, net of current portion | 4,263 | ||||||||||||||||
Other non-current assets | 2,028 | ||||||||||||||||
Total liabilities assumed | $ | 112,506 | |||||||||||||||
Net asset acquired | $ | 288,554 | |||||||||||||||
The combination of income, market, and cost approaches were used for the preliminary valuation where appropriate, depending on the asset or liability being valued. Valuation inputs in these models and analyses gave consideration to market participant assumptions. Acquired intangible assets are primarily customer relationships and trade names. The Autocam acquisition occurred late in the third quarter, and NN is still in the process of valuing the assets acquired and liabilities assumed. The allocation of the purchase price is preliminary and subject to change. Accordingly, adjustments may be made to the values of the acquired assets and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date. The final determination of the purchase price allocation is anticipated to be completed as soon as practicable and most likely by the filing of our 2014 annual report on Form 10-K in March 2015. | |||||||||||||||||
In connection with the purchase, we recorded goodwill, which represents the excess of the purchase price over the estimated preliminary fair value of tangible and intangible assets acquired, net of liabilities assumed. The goodwill is attributed primarily to Autocam as a going concern and the fair value of expected cost synergies and revenues growth from combining the NN and Autocam businesses. The going concern element represents the ability to earn a higher return on the combined assembled collection of assets and businesses of Autocam than if those assets and businesses were to be acquired and managed separately. Other relevant elements of goodwill are the benefits of access to certain markets and the assembled work force. None of the goodwill is expected to be deducted for tax purposes. | |||||||||||||||||
Property, plant and equipment acquired primarily included machinery and equipment for use in manufacturing operations. Additionally, a number of manufacturing sites and related facilities, land and leased manufacturing sites that include leasehold improvements were acquired. Property, plant and equipment has been preliminarily valued using the cost approach supported where available by observable market data which includes consideration of obsolescence. Intangible assets have been preliminarily valued using the relief from royalty and multi-period excess earnings methods, both forms of the income approach supported by observable market data. | |||||||||||||||||
Related to the acquisition of Autocam, in the third quarter and first nine months of 2014, we recognized $5,316 and $5,857, respectively, in transaction costs. During the third quarter and the first nine months of 2014, we expensed $2,974 of deferred financing costs and make whole interest payments related to the acquisition. Transaction costs were expensed as incurred and are included in the “Acquisition related costs excluded from selling, general and administrative expenses” line item and deferred financing costs are included in the interest expense line items in the Unaudited Condensed Consolidated Statements of Comprehensive Income. As required by purchase accounting, the acquired inventories were recorded at their preliminary estimated fair value. These inventories were sold in the third quarter 2014 resulting in a one-time $1,992 increase in cost of sales. Beginning September 1, 2014, the consolidated results of operations of NN include the results of the acquired Autocam businesses. Since the date of the acquisition, sales revenue of $21,639 and net income of $1,382 (excluding the non-recurring $1,274 for the one-time increase in cost of goods sold, net of tax) has been included in NN’s financial statements. | |||||||||||||||||
The unaudited pro forma financial results for three months ended September 30, 2014 and September 30, 2013 and nine months ended September 30, 2014 and September 30, 2013 combine the consolidated results of NN and Autocam giving effect to the acquisition of Autocam as if it had been completed on January 1, 2013, the beginning of the comparable prior annual reporting period presented. The unaudited pro forma financial results presented below do not include any anticipated synergies or other expected benefits of the acquisition. This unaudited pro forma financial information is presented for informational purposes only and is not indicative of future operations or results had the acquisition been completed as of January 1, 2013. | |||||||||||||||||
The unaudited pro forma financial results include certain adjustments for additional depreciation and amortization expense based upon the preliminary fair value step-up and estimated useful lives of Autocam depreciable fixed assets and definite-life amortizable assets acquired in the transaction. The unaudited pro forma results also include adjustments to net interest expense and early debt extinguishment costs related to the transaction. The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results. | |||||||||||||||||
Three Months ended | Nine Months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pro forma sales | $ | 166,979 | $ | 152,708 | $ | 505,891 | $ | 457,466 | |||||||||
Pro forma net income | $ | 4,867 | $ | 5,436 | $ | 19,815 | $ | (224 | ) | ||||||||
The pro forma net income for the nine months ended September 30, 2013 includes certain items, such as financing, integration, and transaction costs historically recorded by NN and Autocam directly attributable to the acquisition, which will not have an ongoing impact. These items include transaction, integration, and financing related costs incurred by NN and Autocam of $8,509 and $8,933, net of tax, and $3,010 and $3,125, net of tax, respectively during third quarter and first nine months of 2014, respectively, and reported in the nine months ended September 30, 2013 pro forma net income above. | |||||||||||||||||
Other Acquisitions | |||||||||||||||||
We made three other acquisitions during the first nine months of 2014 that aggregated to $20,995 in net assets acquired. Related to the acquisitions, we incurred transactions costs of $1,179 from third parties during the nine months ended September 30, 2014, which were expensed as incurred in acquisition related costs excluded from selling, general and administrative within the Condensed Consolidated Statements of Comprehensive Income. | |||||||||||||||||
The accounting for these business combinations 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. The final determination of the purchase price allocation is anticipated to be completed as soon as practicable and most likely by the filing of our 2014 annual report on Form 10-K in March 2015. Any adjustments to such allocations are not expected to have a material impact on our financial position or results of operations. | |||||||||||||||||
The following table summarizes the preliminary fair values of assets acquired and liabilities assumed at the date of acquisition with any adjustments to fair value since June 30, 2014. | |||||||||||||||||
Assets acquired and liabilities assumed | June 30, | Net Assets | 2014 | September | |||||||||||||
2014 | acquired | adjustments | 30, 2014 | ||||||||||||||
in third | to fair value | ||||||||||||||||
quarter | |||||||||||||||||
Current assets | $ | 5,347 | $ | 397 | $ | (56 | ) | $ | 5,688 | ||||||||
Property, plant, and equipment | 14,750 | 274 | 343 | 15,367 | |||||||||||||
Intangible assets subject to amortization | 1,815 | 1,140 | (250 | ) | 2,705 | ||||||||||||
Goodwill | 732 | 1,428 | (122 | ) | 2,038 | ||||||||||||
Total assets acquired | $ | 22,644 | $ | 3,239 | $ | (85 | ) | $ | 25,798 | ||||||||
Current liabilities | $ | 4,749 | $ | 139 | $ | (85 | ) | $ | 4,803 | ||||||||
Total liabilities assumed | $ | 4,749 | $ | 139 | $ | (85 | ) | $ | 4,803 | ||||||||
Net asset acquired | $ | 17,895 | $ | 3,100 | $ | — | $ | 20,995 | |||||||||
The intangible assets subject to amortization are for customer contracts and trade names totaling $2,705 and have weighted average useful lives of approximately 10 years. Goodwill of $2,038 arising from the acquisitions is attributable primarily to the assembled workforce of RFK and strategic market opportunities that are expected to arise from the acquisition of RFK and Chelsea. | |||||||||||||||||
In the following paragraphs we will provide a brief description of the businesses acquired, reasons for the acquisition and relevant financial information about each business. | |||||||||||||||||
Chelsea Grinding (Chelsea) | |||||||||||||||||
On July 15, 2014, we purchased the assets of Chelsea Grinding for $3,100 in cash. Chelsea is a hydraulic component manufacturer. We acquired Chelsea to achieve access to the adjacent hydraulic component market. Chelsea, which has been completely integrated into our Erwin Plant of the Metal Bearing Components Segment, has contributed revenues of approximately $500 from the date of acquisition to September 30, 2014. | |||||||||||||||||
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 our product offering and allow penetration into adjacent markets. NN acquired up to 99.7% of the shares of RFK during the third quarter of 2014 for an additional $2,528 in cash. RFK has contributed revenues and net income of $2,564 and $88, respectively, from the date of acquisition to September 30, 2014. RFK was a listed company on the Sarajevo Stock Exchange 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. In addition, we have reported non-controlling interest of $38 for RFK representing the fair value of the 0.30% of the shares outstanding we do not own as of September 30, 2014. | |||||||||||||||||
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 assumed certain liabilities totaling $2,968. VS has contributed revenues and net loss of approximately $10,518 and $(957), including the integration costs, respectively, from the date of acquisition to September 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. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 3. Inventories | |||||||||
Inventories are comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 35,551 | $ | 15,448 | |||||
Work in process | 19,968 | 9,672 | |||||||
Finished goods | 31,402 | 29,410 | |||||||
$ | 86,921 | $ | 54,530 | ||||||
Inventories on consignment at customer locations as of September 30, 2014 and December 31, 2013 totaled $5,461 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 | 9 Months Ended |
Sep. 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 nine month period ended September 30, 2014 were 371. For the three month period ended September 30, 2014, 432 shares of common stock were excluded from the calculation of diluted loss per share because their effect would be antidilutive. The dilutive shares for the three and nine month periods ended September 30, 2013 were 148 and 55, respectively. There were no anti-dilutive options excluded from the dilutive shares outstanding for the three and nine month periods ended September 30, 2014. Excluded from the dilutive shares outstanding for the three and nine month periods ended September 30, 2013 were 1,390 of anti-dilutive options which had exercise prices ranging from $8.54 to $14.13. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 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. During the third quarter of 2014, we amended the metric we use to evaluate segment performance from net income (loss) to income from operations. The 2013 segment information has been changed to conform to this new presentation. Additionally, Autocam was added to the Precision Metal Components segment during the third quarter of 2014. 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 nine month periods ended September 30, 2014 and 2013. | |||||||||||||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate and | Total | ||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended September 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 69,575 | $ | 46,637 | $ | 9,420 | $ | — | $ | 125,632 | |||||||||||
Income from operations | $ | 7,644 | $ | 5,515 | $ | 178 | $ | (10,785 | ) | $ | 2,552 | ||||||||||
Interest expense | 5,622 | ||||||||||||||||||||
Other expense (income), net | 1,557 | ||||||||||||||||||||
Provision (benefit) for income taxes | (562 | ) | |||||||||||||||||||
Share of net income from joint venture | 225 | ||||||||||||||||||||
Net Loss | $ | (3,840 | ) | ||||||||||||||||||
Nine Months ended September 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 213,513 | $ | 95,642 | $ | 25,685 | $ | — | $ | 334,840 | |||||||||||
Income from operations | $ | 25,164 | $ | 10,724 | $ | 827 | $ | (17,588 | ) | $ | 19,127 | ||||||||||
Interest expense | 6,737 | ||||||||||||||||||||
Other expense (income) net | 1,769 | ||||||||||||||||||||
Provision for income taxes | 4,247 | ||||||||||||||||||||
Share of net income from joint venture | 225 | ||||||||||||||||||||
Net Income | $ | 6,599 | |||||||||||||||||||
Total assets | $ | 216,527 | $ | 447,946 | $ | 18,157 | $ | 30,509 | $ | 713,139 | |||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate and | Total | ||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 64,817 | $ | 18,790 | $ | 9,416 | $ | — | $ | 93,023 | |||||||||||
Income from operations | $ | 7,787 | $ | 2,135 | $ | 2 | $ | (2,130 | ) | $ | 7,794 | ||||||||||
Interest expense | 655 | ||||||||||||||||||||
Other expense (income) net | (281 | ) | |||||||||||||||||||
Provision for income taxes | 2,368 | ||||||||||||||||||||
Net income | $ | 5,052 | |||||||||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 194,374 | $ | 61,076 | $ | 27,675 | $ | — | $ | 283,125 | |||||||||||
Income from operations | $ | 20,952 | $ | 6,616 | $ | 717 | $ | (6,932 | ) | $ | 21,353 | ||||||||||
Interest Expense | 2,149 | ||||||||||||||||||||
Other expense (income) net | 84 | ||||||||||||||||||||
Provision for income taxes | 6,427 | ||||||||||||||||||||
Net income | $ | 12,693 | |||||||||||||||||||
Total assets | $ | 193,270 | $ | 39,440 | $ | 17,734 | $ | 10,986 | $ | 261,430 | |||||||||||
The vast majority of the non-recurring costs related to the merger with Autocam and the other three acquisitions discussed under Note 2 are reported under Corporate and Consolidations. These costs totaled $11,381 and $13,132, respectively, with $8,088 and $9,858, respectively, included in income from operations in the three and nine months ended September 30, 2014 |
PostEmployment_Benefit_Liabili
Post-Employment Benefit Liabilities | 9 Months Ended | ||||||||
Sep. 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 September 30, 2014 and December 31, 2013, reported as a component of other non-current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 6,920 | $ | 6,930 | |||||
Amounts accrued | 312 | 1,019 | |||||||
Payments to employees/government managed plan | (232 | ) | (1,331 | ) | |||||
Foreign currency impacts | (611 | ) | 302 | ||||||
Ending balance | $ | 6,389 | $ | 6,920 | |||||
LongTerm_Debt_and_ShortTerm_De
Long-Term Debt and Short-Term Debt | 9 Months Ended | ||||||||
Sep. 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 September 30, 2014 and December 31, 2013 consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Borrowings under our $350,000 Term Loan B bearing interest the greater of 1% or 3 month LIBOR (0.2318% at September 30, 2014) plus an applicable margin of 5.00% at September 30, 2014, expiring August 29, 2021, net of discount of $5,250. | $ | 344,750 | $ | — | |||||
Borrowings under our $100,000 ABL Revolver bearing interest at a floating rate equal to LIBOR (0.1565% at September 30, 2014) plus an applicable margin of 1.75% at September 30, 2014, expiring August 29, 2019. | — | — | |||||||
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1565% at September 30, 2014) plus an applicable margin of 1.25% at September 30, 2014, expiring October 26, 2017. | — | 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 | |||||||
French Safeguard Obligations (Autocam) | 2,935 | — | |||||||
Brazilian lines of credit and equipment notes (Autocam) | 6,265 | — | |||||||
Chinese line of credit (Autocam) | 1,299 | — | |||||||
Total debt | 355,249 | 36,477 | |||||||
Less current maturities of long-term debt | 24,048 | 10,477 | |||||||
Long-term debt, excluding current maturities of long-term debt | $ | 331,201 | $ | 26,000 | |||||
On August 29, 2014, concurrent with the Autocam acquisition, we entered into two new credit facilities consisting of a $350 million term loan facility and a $100 million asset backed revolver (“ABL”). These new facilities were utilized to fund the Autocam acquisition and to provide for short-term cash flow needs. Additionally, these new facilities replaced the $100 million revolving credit facility and the $20 million fixed rate agreement both of which were paid off with proceeds from the term loan. $1,368 in net capitalized loan origination costs related to the $100 million facility was written off as of August 29, 2014. $30 in net capitalized loan origination costs related to the $20 million fixed rate agreements was also written off as of August 29, 2014. | |||||||||
The $350,000 term loan revolving credit facility may be expanded upon our request with approval of the lenders by up to $50,000 under the same terms and conditions. The term loan has a seven year maturity with a 5% per annum repayment. The term loan agreement is a covenant lite agreement with no financial covenants. The loan agreement does contain 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. 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 September 30, 2014, $8,243 of net capitalized loan origination costs related to the term loan credit facility were recorded on the condensed consolidated balance sheet within other non-current assets. | |||||||||
The $100,000 ABL may be expanded upon our request with approval of the lenders by up to $50,000 under the same terms and conditions. The ABL has a five year maturity and has one springing financial covenant in the event our availability on the ABL is less than $8,000. The ABL contains 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. The facility has a swing line feature to meet short term cash flow needs. Any borrowings under this swing line are considered short term. We incurred costs as a result of issuing the ABL 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 September 30, 2014 was $1,020. | |||||||||
We believe the book values of the above credit facilities approximate their fair values given the interest rates are variable and we entered into these facilities very close to the quarter ended September 30, 2014, at the then market rates for a company with our credit profile. | |||||||||
As part of the merger with Autocam, NN assumed certain foreign credit facilities. These facilities relate to local borrowings in France, Brazil and China. These facilities are with financial institutions in the countries in which foreign plants operate and are meant to fund working capital and equipment purchases in those countries. Below is a description of the credit facilities. | |||||||||
In 2008, Autocam filed “Procedure de Sauvegarde” (“Safeguard”) on behalf of each of their French subsidiaries, Autocam France, SARL and Bouverat Industries, SAS (“Bouverat”). They reached agreement with their creditors with claims subject to Safeguard protection in 2009. Provisions of the agreements allowed, at each creditor’s option, for the payment of a portion of the obligation in January 2010, or the entire obligation over a 10-year period. The liabilities carry a zero percent interest rate and are being paid annually until 2019. Amounts due as of September 30, 2014, to those creditors opting to be paid over a 10-year period totaled $2,935 and are included in Current Maturities of Long-Term debt ($259) and long-term debt excluding current maturities of long-term debt ($2,676). | |||||||||
The Brazilian lines of credit include facilities with certain Brazilian banks to funding working capital and equipment purchases for the Brazilian plants of Autocam. The lines of credit have interest rates of 2.5% to 13.3%. The Chinese line of credit is a working capital line of credit with a Chinese bank with an interest rate of 4.95%. |
Obligations_Under_Capital_Leas
Obligations Under Capital Lease | 9 Months Ended |
Sep. 30, 2014 | |
Leases [Abstract] | ' |
Obligations Under Capital Lease | ' |
Note 8. Obligations under capital lease | |
With the acquisition of Autocam, we assumed capital lease obligations used by Autocam to purchase fixed assets at US and foreign operations. The September 30, 2014 balance of those leases assumed was $17,696 of which $5,356 was current and $12,340 was long term. The leases range in terms from 2 years to 5 years and have interest rates from 3.0% to 5% per annum. |
Goodwill_net
Goodwill, net | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill, net | ' | ||||||||||||
Note 9. Goodwill, net | |||||||||||||
The changes in the carrying amount of goodwill, net for the nine month period ended September 30, 2014 are as follows: | |||||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Total | ||||||||||
Components | Metal | ||||||||||||
Segment | Components | ||||||||||||
Segment | |||||||||||||
Balance as of January 1, 2014 | $ | 8,624 | $ | — | $ | 8,624 | |||||||
Currency translation impacts | (523 | ) | — | (523 | ) | ||||||||
Goodwill acquired in acquisition | 2,038 | 77,548 | 79,586 | ||||||||||
Balance as of September 30, 2014 | $ | 10,139 | $ | 77,548 | $ | 87,687 | |||||||
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 September 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 with the acquisitions of RFK and Chelsea (see Note 2 of the Notes to Condensed Consolidated Financial Statements). | |||||||||||||
The goodwill acquired in acquisition during 2014 within the Precision Metal Components segment was acquired during the three months ended September 30, 2014 with the acquisition of Autocam (see Note 2 of the Notes to Condensed Consolidated Financial Statements). |
Intangible_Assets_Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Intangible Assets, Net | ' |
Note 10. 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 September 30, 2014. | |
With the Autocam acquisition the Precision Metal Components Segment acquired a customer contract intangible asset of $46,200, a trade name intangible asset of $4,100, a developed technology intangible asset of $798. The intangible assets have preliminary estimated useful lives of twelve years, fifteen years and five years, respectively and are subject to amortization of approximately $4,283 a year. (See Note 2 of the Notes to Condensed Consolidated Financial Statements). | |
The Metal Bearing Components Segment acquired two customer contract intangible assets related to the acquisition of RKF and Chelsea and a trade name intangible asset related to the acquisition of RFK with an aggregate estimated fair value of $2,630. These intangible assets have weighted average useful lives of 10 years and are subject to amortization of $263 per year. (See Note 2 of the Notes to Condensed Consolidated Financial Statements). |
SharedBased_Compensation
Shared-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Shared-Based Compensation | ' | ||||||||||||||||
Note 11. Shared-Based Compensation | |||||||||||||||||
During the three and nine month periods ended September 30, 2014 and 2013, approximately $661 and $1,948 in 2014 and $573 and $1,666 in 2013, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. During the nine month period ended September 30, 2014, there were 98 share awards and 98 options awards to non-executive directors, officers and certain other key employees. During the nine month period ended September 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 nine month periods ended September 30, 2014 and 2013, vest pro-rata over three years. During the nine month periods ended September 30, 2014 and 2013, we incurred $951 and $606, 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 $997 and $1,060 of stock option expense in the nine month periods ended September 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 nine month period ended September 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 | (149 | ) | $ | 10.67 | |||||||||||||
Forfeited or expired | (8 | ) | $ | 12.62 | |||||||||||||
Outstanding at September 30, 2014 | 1,174 | $ | 11.29 | 6.3 | $ | 18,065 | (1) | ||||||||||
Exercisable at September 30, 2014 | 819 | $ | 10.88 | 5.2 | $ | 12,965 | (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 September 30, 2014. |
Provision_for_Income_Taxes
Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Provision for Income Taxes | ' |
Note 12. Provision for Income Taxes | |
For the nine month periods ended September 30, 2014 and 2013, our effective tax rates were 40% and 34%, respectively. The difference between the U.S. federal statutory tax rate of 34% and our effective tax rate was due to the impact of non-deductible merger and acquisition expenses increasing the tax rate 12% during 2014. The non-deductible merger costs were partially offset by non-U.S. based earnings being taxed at lower rates reducing the effective rate 6%. | |
As of September 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 | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 13. 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 September 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. |
Investment_in_NonConsolidated_
Investment in Non-Consolidated Joint Venture | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Investment in Non-Consolidated Joint Venture | ' | ||||||||
Note 14. Investment in Non-Consolidated Joint Venture | |||||||||
As part of the Autocam acquisition, we acquired a 49% investment in a joint venture with an unrelated entity called Wuxi Weifu Autocam Precision Machinery Company, Ltd. (“JV”), a Chinese company located in the city of Wuxi, China. As part of the purchase price allocation, the joint venture investment has been stated at a preliminary fair value of $35,595 determined by a market based multiple of earnings before interest, taxes, depreciation and amortization and a discounted cash flows analysis. The JV is jointly controlled and managed and is being accounted for under the equity method. | |||||||||
Below are the components of our JV investment balance at September 30, 2014 since the date of acquisition August 29, 2014: | |||||||||
Beginning Balance | $ | 35,595 | |||||||
Dividends received | (2,538 | ) | |||||||
Our share of cumulative earnings | 291 | ||||||||
Ending Balance | $ | 33,348 | |||||||
Set forth below is summarized balance sheet information for the JV: | |||||||||
September | December | ||||||||
30, 2014 | 31, 2013 | ||||||||
Current assets | $ | 21,366 | $ | 21,488 | |||||
Non-current assets | 20,176 | 19,106 | |||||||
Total assets | $ | 41,542 | $ | 40,594 | |||||
Current liabilities | $ | 12,387 | $ | 13,477 | |||||
Total liabilities | $ | 12,387 | $ | 13,477 | |||||
There were no amounts due to us from the JV or sales made to the JV since the acquisition of Autocam on August 29, 2014. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Autocam [Member] | ' | ||||||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||
The following table summarizes the preliminary purchase price allocation for the Autocam merger: | |||||||||||||||||
Preliminary fair value of assets acquired | |||||||||||||||||
and liabilities assumed on August 29, 2014 | |||||||||||||||||
Current assets | $ | 88,529 | |||||||||||||||
Property, plant, and equipment | 146,120 | ||||||||||||||||
Intangible assets subject to amortization | 51,098 | ||||||||||||||||
Investment in joint venture | 35,595 | ||||||||||||||||
Other non-current assets | 2,170 | ||||||||||||||||
Goodwill | 77,548 | ||||||||||||||||
Total assets acquired | $ | 401,060 | |||||||||||||||
Current liabilities | 34,320 | ||||||||||||||||
Current maturities of long-term debt | 6,547 | ||||||||||||||||
Non-current deferred tax liabilities | 46,998 | ||||||||||||||||
Obligations under capital lease | 18,350 | ||||||||||||||||
Long-term debt, net of current portion | 4,263 | ||||||||||||||||
Other non-current assets | 2,028 | ||||||||||||||||
Total liabilities assumed | $ | 112,506 | |||||||||||||||
Net asset acquired | $ | 288,554 | |||||||||||||||
Summary of Unaudited Proforma Information | ' | ||||||||||||||||
The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results. | |||||||||||||||||
Three Months ended | Nine Months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pro forma sales | $ | 166,979 | $ | 152,708 | $ | 505,891 | $ | 457,466 | |||||||||
Pro forma net income | $ | 4,867 | $ | 5,436 | $ | 19,815 | $ | (224 | ) | ||||||||
Other Acquisitions [Member] | ' | ||||||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||
The following table summarizes the preliminary fair values of assets acquired and liabilities assumed at the date of acquisition with any adjustments to fair value since June 30, 2014. | |||||||||||||||||
Assets acquired and liabilities assumed | June 30, | Net Assets | 2014 | September | |||||||||||||
2014 | acquired | adjustments | 30, 2014 | ||||||||||||||
in third | to fair value | ||||||||||||||||
quarter | |||||||||||||||||
Current assets | $ | 5,347 | $ | 397 | $ | (56 | ) | $ | 5,688 | ||||||||
Property, plant, and equipment | 14,750 | 274 | 343 | 15,367 | |||||||||||||
Intangible assets subject to amortization | 1,815 | 1,140 | (250 | ) | 2,705 | ||||||||||||
Goodwill | 732 | 1,428 | (122 | ) | 2,038 | ||||||||||||
Total assets acquired | $ | 22,644 | $ | 3,239 | $ | (85 | ) | $ | 25,798 | ||||||||
Current liabilities | $ | 4,749 | $ | 139 | $ | (85 | ) | $ | 4,803 | ||||||||
Total liabilities assumed | $ | 4,749 | $ | 139 | $ | (85 | ) | $ | 4,803 | ||||||||
Net asset acquired | $ | 17,895 | $ | 3,100 | $ | — | $ | 20,995 | |||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories are comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 35,551 | $ | 15,448 | |||||
Work in process | 19,968 | 9,672 | |||||||
Finished goods | 31,402 | 29,410 | |||||||
$ | 86,921 | $ | 54,530 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
We did not have any significant inter-segment transactions during the three and nine month periods ended September 30, 2014 and 2013. | |||||||||||||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate and | Total | ||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended September 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 69,575 | $ | 46,637 | $ | 9,420 | $ | — | $ | 125,632 | |||||||||||
Income from operations | $ | 7,644 | $ | 5,515 | $ | 178 | $ | (10,785 | ) | $ | 2,552 | ||||||||||
Interest expense | 5,622 | ||||||||||||||||||||
Other expense (income), net | 1,557 | ||||||||||||||||||||
Provision (benefit) for income taxes | (562 | ) | |||||||||||||||||||
Share of net income from joint venture | 225 | ||||||||||||||||||||
Net Loss | $ | (3,840 | ) | ||||||||||||||||||
Nine Months ended September 30, 2014 | |||||||||||||||||||||
Revenues from external customers | $ | 213,513 | $ | 95,642 | $ | 25,685 | $ | — | $ | 334,840 | |||||||||||
Income from operations | $ | 25,164 | $ | 10,724 | $ | 827 | $ | (17,588 | ) | $ | 19,127 | ||||||||||
Interest expense | 6,737 | ||||||||||||||||||||
Other expense (income) net | 1,769 | ||||||||||||||||||||
Provision for income taxes | 4,247 | ||||||||||||||||||||
Share of net income from joint venture | 225 | ||||||||||||||||||||
Net Income | $ | 6,599 | |||||||||||||||||||
Total assets | $ | 216,527 | $ | 447,946 | $ | 18,157 | $ | 30,509 | $ | 713,139 | |||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Plastic and | Corporate and | Total | ||||||||||||||||
Components | Metal | Rubber | Consolidations | ||||||||||||||||||
Segment | Components | Components | |||||||||||||||||||
Segment | Segment | ||||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 64,817 | $ | 18,790 | $ | 9,416 | $ | — | $ | 93,023 | |||||||||||
Income from operations | $ | 7,787 | $ | 2,135 | $ | 2 | $ | (2,130 | ) | $ | 7,794 | ||||||||||
Interest expense | 655 | ||||||||||||||||||||
Other expense (income) net | (281 | ) | |||||||||||||||||||
Provision for income taxes | 2,368 | ||||||||||||||||||||
Net income | $ | 5,052 | |||||||||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||||
Revenues from external customers | $ | 194,374 | $ | 61,076 | $ | 27,675 | $ | — | $ | 283,125 | |||||||||||
Income from operations | $ | 20,952 | $ | 6,616 | $ | 717 | $ | (6,932 | ) | $ | 21,353 | ||||||||||
Interest Expense | 2,149 | ||||||||||||||||||||
Other expense (income) net | 84 | ||||||||||||||||||||
Provision for income taxes | 6,427 | ||||||||||||||||||||
Net income | $ | 12,693 | |||||||||||||||||||
Total assets | $ | 193,270 | $ | 39,440 | $ | 17,734 | $ | 10,986 | $ | 261,430 |
PostEmployment_Benefit_Liabili1
Post-Employment Benefit Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 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 September 30, 2014 and December 31, 2013, reported as a component of other non-current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 6,920 | $ | 6,930 | |||||
Amounts accrued | 312 | 1,019 | |||||||
Payments to employees/government managed plan | (232 | ) | (1,331 | ) | |||||
Foreign currency impacts | (611 | ) | 302 | ||||||
Ending balance | $ | 6,389 | $ | 6,920 | |||||
LongTerm_Debt_and_ShortTerm_De1
Long-Term Debt and Short-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt and Short-Term Debt | ' | ||||||||
Long-term debt and short-term debt at September 30, 2014 and December 31, 2013 consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Borrowings under our $350,000 Term Loan B bearing interest the greater of 1% or 3 month LIBOR (0.2318% at September 30, 2014) plus an applicable margin of 5.00% at September 30, 2014, expiring August 29, 2021, net of discount of $5,250. | $ | 344,750 | $ | — | |||||
Borrowings under our $100,000 ABL Revolver bearing interest at a floating rate equal to LIBOR (0.1565% at September 30, 2014) plus an applicable margin of 1.75% at September 30, 2014, expiring August 29, 2019. | — | — | |||||||
Borrowings under our $100,000 revolving credit facility bearing interest at a floating rate equal to LIBOR (0.1565% at September 30, 2014) plus an applicable margin of 1.25% at September 30, 2014, expiring October 26, 2017. | — | 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 | |||||||
French Safeguard Obligations (Autocam) | 2,935 | — | |||||||
Brazilian lines of credit and equipment notes (Autocam) | 6,265 | — | |||||||
Chinese line of credit (Autocam) | 1,299 | — | |||||||
Total debt | 355,249 | 36,477 | |||||||
Less current maturities of long-term debt | 24,048 | 10,477 | |||||||
Long-term debt, excluding current maturities of long-term debt | $ | 331,201 | $ | 26,000 | |||||
Goodwill_net_Tables
Goodwill, net (Tables) | 9 Months Ended | ||||||||||||
Sep. 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 nine month period ended September 30, 2014 are as follows: | |||||||||||||
(In Thousands of Dollars) | Metal Bearing | Precision | Total | ||||||||||
Components | Metal | ||||||||||||
Segment | Components | ||||||||||||
Segment | |||||||||||||
Balance as of January 1, 2014 | $ | 8,624 | $ | — | $ | 8,624 | |||||||
Currency translation impacts | (523 | ) | — | (523 | ) | ||||||||
Goodwill acquired in acquisition | 2,038 | 77,548 | 79,586 | ||||||||||
Balance as of September 30, 2014 | $ | 10,139 | $ | 77,548 | $ | 87,687 | |||||||
SharedBased_Compensation_Table
Shared-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Reconciliation of Option Activity | ' | ||||||||||||||||
The following table provides a reconciliation of option activity for the nine month period ended September 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 | (149 | ) | $ | 10.67 | |||||||||||||
Forfeited or expired | (8 | ) | $ | 12.62 | |||||||||||||
Outstanding at September 30, 2014 | 1,174 | $ | 11.29 | 6.3 | $ | 18,065 | (1) | ||||||||||
Exercisable at September 30, 2014 | 819 | $ | 10.88 | 5.2 | $ | 12,965 | (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 September 30, 2014. |
Investment_in_NonConsolidated_1
Investment in Non-Consolidated Joint Venture (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Components of Joint Venture Investment | ' | ||||||||
Below are the components of our JV investment balance at September 30, 2014 since the date of acquisition August 29, 2014: | |||||||||
Beginning Balance | $ | 35,595 | |||||||
Dividends received | (2,538 | ) | |||||||
Our share of cumulative earnings | 291 | ||||||||
Ending Balance | $ | 33,348 | |||||||
Summarized Balance Sheet Information for Joint Venture | ' | ||||||||
Set forth below is summarized balance sheet information for the JV: | |||||||||
September | December | ||||||||
30, 2014 | 31, 2013 | ||||||||
Current assets | $ | 21,366 | $ | 21,488 | |||||
Non-current assets | 20,176 | 19,106 | |||||||
Total assets | $ | 41,542 | $ | 40,594 | |||||
Current liabilities | $ | 12,387 | $ | 13,477 | |||||
Total liabilities | $ | 12,387 | $ | 13,477 | |||||
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 15, 2014 | Sep. 30, 2014 | Jun. 20, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 30, 2014 | Sep. 30, 2014 |
Autocam [Member] | Autocam [Member] | Autocam [Member] | Autocam [Member] | Autocam [Member] | Autocam [Member] | Rfk And Chelsea Grinding [Member] | Rfk And Chelsea Grinding [Member] | Chelsea Grinding [Member] | Chelsea Grinding [Member] | RFK [Member] | RFK [Member] | RFK [Member] | VS [Member] | VS [Member] | |||||
Third Quarter [Member] | First Nine Months [Member] | Customer Contracts and Trade Names [Member] | Metal Bearing Components Segment [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | ' | 29-Aug-14 | ' | ' | ' | ' | ' | 15-Jul-14 | ' | ' | 20-Jun-14 | ' | 30-Jan-14 |
Payments to acquire | ' | ' | ' | ' | $256,837 | ' | ' | ' | ' | ' | ' | ' | $3,100 | ' | $9,756 | $2,528 | ' | ' | ' |
Debt and capital lease obligations | ' | ' | ' | ' | 29,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, consideration transferred in NN stock | ' | ' | ' | ' | 31,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility | ' | ' | ' | ' | ' | 350,000 | 350,000 | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, transaction costs | 8,509 | ' | 8,933 | ' | ' | ' | 3,010 | 3,125 | 5,316 | 5,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, deferred financing costs write off | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,974 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,992 | 1,274 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combinations revenue during period from acquired business | ' | ' | ' | ' | ' | 21,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,564 | ' | 10,518 |
Business combinations net income during period from acquired business | -3,840 | 5,052 | 6,599 | 12,693 | ' | 1,382 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88 | ' | -957 |
Payments to Acquire Businesses | 20,995 | ' | 20,995 | ' | 401,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, transaction costs | 1,179 | ' | 1,179 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets subject to amortization | ' | ' | ' | ' | 51,098 | ' | ' | ' | ' | ' | 2,705 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill from acquisition | ' | ' | 79,586 | ' | ' | ' | ' | ' | ' | ' | ' | 2,038 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Weighted-Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue during period from acquired business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' |
Percentage of shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.20% | 99.70% | 99.70% | ' | ' |
Expected sales of acquired entity | 166,979 | 152,708 | 505,891 | 457,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' |
Non-controlling interest | ' | ' | -38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' |
Percentage of shares owned by non controlling owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.30% | ' | ' |
Operating assets acquired in cash | ' | ' | 259,504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,580 | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,968 | ' |
Acquisitions_Summary_of_Estima
Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Autocam [Member] | Autocam [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | Other Acquisitions [Member] | ||
Third Quarter [Member] | Adjustments to Fair Value [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | $88,529 | $5,688 | $5,347 | $397 | ($56) |
Property, plant, and equipment | ' | ' | ' | 146,120 | 15,367 | 14,750 | 274 | 343 |
Intangible assets subject to amortization | ' | ' | ' | 51,098 | 2,705 | 1,815 | 1,140 | -250 |
Investment in joint venture | 33,348 | ' | ' | 35,595 | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | 2,170 | ' | ' | ' | ' |
Goodwill | 87,687 | 8,624 | ' | 77,548 | 2,038 | 732 | 1,428 | -122 |
Total assets acquired | 20,995 | ' | ' | 401,060 | 25,798 | 22,644 | 3,239 | -85 |
Current liabilities | ' | ' | ' | 34,320 | 4,803 | 4,749 | 139 | -85 |
Current maturities of long-term debt | ' | ' | ' | 6,547 | ' | ' | ' | ' |
Non-current deferred tax liabilities | ' | ' | ' | 46,998 | ' | ' | ' | ' |
Obligations under capital lease | ' | ' | 17,696 | 18,350 | ' | ' | ' | ' |
Long-term debt, net of current portion | ' | ' | ' | 4,263 | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | 2,028 | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | 112,506 | 4,803 | 4,749 | 139 | -85 |
Net asset acquired | ' | ' | ' | $288,554 | $20,995 | $17,895 | $3,100 | ' |
Acquisitions_Summary_of_Unaudi
Acquisitions - Summary of Unaudited Proforma Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | ' | ' | ' | ' |
Pro forma sales | $166,979 | $152,708 | $505,891 | $457,466 |
Pro forma net income | $4,867 | $5,436 | $19,815 | ($224) |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $35,551 | $15,448 |
Work in process | 19,968 | 9,672 |
Finished goods | 31,402 | 29,410 |
Inventories | $86,921 | $54,530 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory on consignment at customers' location | $5,461 | $4,735 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Income Per Share [Line Items] | ' | ' | ' | ' |
Dilutive shares | ' | 148,000 | 371,000 | 55,000 |
Anti-dilutive options | 432 | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share minimum price range | ' | $8.54 | ' | $8.54 |
Anti-dilutive securities excluded from computation of earnings per share maximum price range | ' | $14.13 | ' | $14.13 |
Equity Option [Member] | ' | ' | ' | ' |
Net Income Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive options | 0 | 1,390,000 | 0 | 1,390,000 |
Segment_Information_Segment_In
Segment Information - Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | $125,632,000 | $93,023,000 | $334,840,000 | $283,125,000 | ' |
Income from operations | 2,552,000 | 7,794,000 | 19,127,000 | 21,353,000 | ' |
Interest expense | 5,622,000 | 655,000 | 6,737,000 | 2,149,000 | ' |
Other expense (income) net | 1,557,000 | -281,000 | 1,769,000 | 84,000 | ' |
Provision (benefit) for income taxes | -562,000 | 2,368,000 | 4,247,000 | 6,427,000 | ' |
Share of net income from joint venture | 225,000 | ' | 225,000 | ' | ' |
Net income (loss) | -3,840,000 | 5,052,000 | 6,599,000 | 12,693,000 | ' |
Total assets | 713,139,000 | 261,430,000 | 713,139,000 | 261,430,000 | 262,402,000 |
Metal Bearing Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 69,575,000 | 64,817,000 | 213,513,000 | 194,374,000 | ' |
Income from operations | 7,644,000 | 7,787,000 | 25,164,000 | 20,952,000 | ' |
Total assets | 216,527,000 | 193,270,000 | 216,527,000 | 193,270,000 | ' |
Precision Metal Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 46,637,000 | 18,790,000 | 95,642,000 | 61,076,000 | ' |
Income from operations | 5,515,000 | 2,135,000 | 10,724,000 | 6,616,000 | ' |
Total assets | 447,946,000 | 39,440,000 | 447,946,000 | 39,440,000 | ' |
Plastic and Rubber Components Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 9,420,000 | 9,416,000 | 25,685,000 | 27,675,000 | ' |
Income from operations | 178,000 | 2,000 | 827,000 | 717,000 | ' |
Total assets | 18,157,000 | 17,734,000 | 18,157,000 | 17,734,000 | ' |
Corporate and Consolidations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income from operations | -10,785,000 | -2,130,000 | -17,588,000 | -6,932,000 | ' |
Total assets | $30,509,000 | $10,986,000 | $30,509,000 | $10,986,000 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Segment Reporting Information [Line Items] | ' | ' |
Non-recurring costs related to the merger with Autocam and the other three acquisitions | $8,509 | $8,933 |
Autocam [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Non-recurring costs related to the merger with Autocam and the other three acquisitions | 3,010 | 3,125 |
Corporate and Consolidations [Member] | Autocam [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Non-recurring costs related to the merger with Autocam and the other three acquisitions | 11,381 | 13,132 |
Corporate and Consolidations [Member] | Acquisitions [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Non-recurring costs related to the merger with Autocam and the other three acquisitions | $8,088 | $9,858 |
PostEmployment_Benefit_Liabili2
Post-Employment Benefit Liabilities - Additional Information (Detail) | 9 Months Ended |
Sep. 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 $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Beginning balance | $6,920 | $6,930 |
Amounts accrued | 312 | 1,019 |
Payments to employees/government managed plan | -232 | -1,331 |
Foreign currency impacts | -611 | 302 |
Ending balance | $6,389 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | French Safeguard [Member] | Brazilian [Member] | Chinese [Member] | 4.89% Fixed Rate Notes [Member] | 4.64% Fixed Rate Notes [Member] | Term Loan B [Member] | Term Loan B [Member] | ABL Revolver [Member] | ABL Revolver [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under our $350,000 Term Loan B bearing interest the greater of 1% or 3 month LIBOR (0.2318% at September 30, 2014) plus an applicable margin of 5.00% at September 30, 2014, expiring August 29, 2021, net of discount of $5,250. | ' | ' | ' | ' | ' | ' | ' | $344,750 | $350,000 | ' | ' | ' |
Borrowings under line of credit | ' | ' | ' | 6,265 | 1,299 | ' | ' | ' | ' | ' | ' | 10,763 |
Borrowings fixed rate notes | ' | ' | ' | ' | ' | 5,714 | 20,000 | ' | ' | ' | ' | ' |
French Safeguard Obligations (Autocam) | ' | ' | 2,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 355,249 | 36,477 | 2,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 355,249 | 36,477 | 2,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities of long-term debt | 24,048 | 10,477 | 259 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current maturities of long-term debt | $331,201 | $26,000 | $2,676 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_ShortTerm_De3
Long-Term Debt and Short-Term Debt - Summary of Long-Term Debt and Short-Term Debt (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Aug. 29, 2014 |
Debt Instrument [Line Items] | ' | ' |
LIBOR rate | 0.00% | ' |
4.89% Fixed Rate Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings | $40,000 | ' |
Percentage of fixed interest rate bearing | 4.89% | ' |
Annual principal payment of fixed rate notes | 5,714 | ' |
Debt maturity date | 26-Apr-14 | ' |
4.64% Fixed Rate Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings | 20,000 | 20,000 |
Percentage of fixed interest rate bearing | 4.64% | ' |
Annual principal payment of fixed rate notes | 4,000 | ' |
Debt maturity date | 20-Dec-18 | ' |
Term Loan B [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings | 350,000 | ' |
LIBOR rate | 0.23% | ' |
Applicable margin added to the interest rate post amendment | 5.00% | ' |
Interest bearing rate | 1.00% | ' |
Libor Period | '3 months | ' |
Debt maturity date | 29-Aug-21 | ' |
Debt discount | 5,250 | ' |
ABL Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings | 100,000 | 100,000 |
LIBOR rate | 0.16% | ' |
Applicable margin | 1.75% | ' |
Debt maturity date | 29-Aug-19 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings | $100,000 | ' |
Line of credit LIBOR rate | 0.16% | ' |
Applicable margin | 1.25% | ' |
Debt maturity date | 26-Oct-17 | ' |
LongTerm_Debt_and_ShortTerm_De4
Long-Term Debt and Short-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Aug. 29, 2014 | Dec. 31, 2013 | Aug. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Facilities | 4.64% Fixed Rate Notes [Member] | 4.64% Fixed Rate Notes [Member] | French Safeguard [Member] | Chinese [Member] | Term Loan B [Member] | Term Loan B [Member] | ABL Revolver [Member] | ABL Revolver [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | |||
French Safeguard [Member] | Brazilian [Member] | Brazilian [Member] | ||||||||||||||
Credit Facilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of credit facilities | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | ' | ' | ' | ' | ' | ' | ' | $344,750 | $350,000 | ' | ' | ' | ' | ' | ' | ' |
Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | 100,000 | ' | ' | ' |
Borrowings | ' | ' | ' | 20,000 | 20,000 | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net capitalized loan origination costs | 1,398 | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | 1,368 | ' | ' | ' | ' |
Maturity period | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | '5 years | ' | ' | ' | ' | ' | ' |
Repayment of term loan, percentage | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Potential to expand credit facility under credit agreement | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | 50,000 | ' | ' | ' | ' | ' | ' |
Unamortized balance | ' | ' | ' | ' | ' | ' | ' | 8,243 | ' | 1,020 | ' | ' | ' | ' | ' | ' |
ABL borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' |
Interest rate | 0.00% | ' | ' | ' | ' | ' | ' | 0.23% | ' | 0.16% | ' | ' | ' | ' | ' | ' |
Creditor's claim period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Total debt | 355,249 | ' | 36,477 | ' | ' | 2,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Maturities of Long-Term debt | -24,048 | ' | -10,477 | ' | ' | -259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt excluding current maturities of long-term debt | ($331,201) | ' | ($26,000) | ' | ' | ($2,676) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lines of credit interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 13.30% |
Interest rate | ' | ' | ' | ' | ' | ' | 4.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligations_Under_Capital_Leas1
Obligations Under Capital Lease - Additional Information (Detail) (Autocam [Member], USD $) | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Schedule Of Capital Leases [Line Items] | ' | ' | ' | ' |
Capital lease assumed | $17,696 | $18,350 | ' | ' |
Capital lease current | 5,356 | ' | ' | ' |
Capital lease long term | $12,340 | ' | ' | ' |
Lease period | ' | ' | '2 years | '5 years |
Lease interest rate | ' | ' | 3.00% | 5.00% |
Goodwill_Net_Changes_in_Carryi
Goodwill, Net - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Line Items] | ' |
Beginning Balance | $8,624 |
Currency translation impacts | -523 |
Goodwill acquired in acquisition | 79,586 |
Ending Balance | 87,687 |
Metal Bearing Components Segment [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 8,624 |
Currency translation impacts | -523 |
Goodwill acquired in acquisition | 2,038 |
Ending Balance | 10,139 |
Precision Metal Components Segment [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill acquired in acquisition | 77,548 |
Ending Balance | $77,548 |
Goodwill_Net_Additional_Inform
Goodwill, Net - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Impairment of goodwill | $0 |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Precision Metal Components Segment [Member] | Precision Metal Components Segment [Member] | Precision Metal Components Segment [Member] | Precision Metal Components Segment [Member] | Precision Metal Components Segment [Member] | Metal Bearing Components Segment [Member] | ||
Customer Contracts [Member] | Trade Names [Member] | Developed Technology [Member] | Whirlaway | Customer Contracts [Member] | ||||
Contracts | ||||||||
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite lived intangible asset not subject to amortization | $54,217 | $900 | ' | ' | ' | ' | $900 | ' |
Intangible assets subject to amortization | ' | ' | ' | 46,200 | 4,100 | 798 | ' | ' |
Finite lived intangible asset, useful life | ' | ' | ' | '12 years | '15 years | '5 years | ' | '10 years |
Amortization of intangible assets | ' | ' | 4,283 | ' | ' | ' | ' | 263 |
Intangible assets subject to amortization | ' | ' | ' | ' | ' | ' | ' | $2,630 |
Customer contract intangible assets related to the acquisition of RKF and Chelsea | ' | ' | ' | ' | ' | ' | ' | 2 |
SharedBased_Compensation_Addit
Shared-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Share-based compensation expense | $661 | $573 | $1,948 | $1,666 |
Number of options granted | ' | ' | 98 | 354 |
Shares granted other than options | ' | ' | 98 | 95 |
Expenses related to issuance of restricted stock | ' | ' | 951 | 606 |
Vesting period of stock issue | ' | ' | '3 years | '3 years |
Stock or unit option plan expense | ' | ' | $997 | $1,060 |
SharedBased_Compensation_Recon
Shared-Based Compensation - Reconciliation of Option Activity (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Number of options, Outstanding, Beginning Balance | 1,233 | ' |
Number of Options, Granted | 98 | 354 |
Number of Options, Exercised | -149 | ' |
Number of Options, Forfeited or expired | -8 | ' |
Number of Options, Outstanding, Ending Balance | 1,174 | ' |
Number of Options, Options Exercisable | 819 | ' |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $10.65 | ' |
Weighted-Average Exercise Price, Granted | $19.69 | ' |
Weighted-Average Exercise Price, Exercised | $10.67 | ' |
Weighted-Average Exercise Price, Forfeited or expired | $12.62 | ' |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $11.29 | ' |
Weighted-Average Exercise Price, Options exercisable | $10.88 | ' |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | '6 years 3 months 18 days | ' |
Weighted- Average Remaining Contractual Term, Options exercisable | '5 years 2 months 12 days | ' |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $18,065 | ' |
Aggregate Intrinsic Value, Options exercisable | $12,965 | ' |
Provision_for_Income_Taxes_Add
Provision for Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
State and Local effective income tax rate | 40.00% | 34.00% |
U.S. federal statutory rate | 34.00% | ' |
Impact of non-deductible merger and acquisition expenses increasing the tax rate | 12.00% | ' |
Non-U.S. based earnings being taxed at lower rates reducing the effective rate | -6.00% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Recognized loss contingency | $0 | $200 |
Investment_in_NonConsolidated_2
Investment in Non-Consolidated Joint Venture - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Aug. 29, 2014 | Aug. 29, 2014 | |
Joint Venture [Member] | Joint Venture [Member] | Income Approach Valuation Technique [Member] | |||||
Equity Method Investments [Member] | |||||||
Joint Venture [Member] | |||||||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquired investment in joint venture | ' | ' | ' | ' | ' | 49.00% | ' |
Joint venture investment, fair value | ' | ' | ' | ' | ' | ' | $35,595,000 |
Amount due from joint venture | ' | ' | ' | ' | 0 | ' | ' |
Net sales | $125,632,000 | $93,023,000 | $334,840,000 | $283,125,000 | $0 | ' | ' |
Investment_in_NonConsolidated_3
Investment in Non-Consolidated Joint Venture - Components of Joint Venture Investment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Joint Venture [Member] | |||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' |
Beginning Balance | ' | ' | $35,595 |
Dividends received | ' | 2,538 | -2,538 |
Our share of cumulative earnings | -225 | -225 | 291 |
Ending Balance | $33,348 | $33,348 | $33,348 |
Investment_in_NonConsolidated_4
Investment in Non-Consolidated Joint Venture - Summarized Balance Sheet Information for Joint Venture (Detail) (Joint Venture [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Joint Venture [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Current assets | $21,366 | $21,488 |
Non-current assets | 20,176 | 19,106 |
Total assets | 41,542 | 40,594 |
Current liabilities | 12,387 | 13,477 |
Total liabilities | $12,387 | $13,477 |