NN (NNBR) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	NNBR
Entity Registrant Name	NN INC
Entity Central Index Key	918,541
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		27,239,637

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 204,961	$ 154,824	$ 631,459	$ 483,425
Cost of products sold (exclusive of depreciation and amortization shown separately below)	152,538	120,195	469,086	378,220
Selling, general and administrative	18,347	11,949	60,651	37,910
Acquisition related costs excluded from selling, general and administrative		3,948		3,948
Depreciation and amortization	14,693	8,610	47,177	25,702
Restructuring and impairment charges	656		7,241
Income from operations	18,727	10,122	47,304	37,645
Interest expense	16,337	4,584	48,924	16,543
Write-off of unamortized debt issuance costs	2,589		2,589
Derivative payments on interest rate swap	609		609
Derivative losses on change in interest rate swap fair value	3,130		3,130
Other (income) expense, net	(235)	593	(2,188)	2,012
Income (loss) before provision (benefit) for income taxes and share of net income from joint venture	(3,703)	4,945	(5,760)	19,090
Provision (benefit) expense for income taxes	(6,423)	936	(6,469)	4,009
Share of net income from joint venture	1,427	621	4,170	2,503
Net income	4,147	4,630	4,879	17,584
Other comprehensive income (loss):
Change in fair value of interest rate swap	4,211	(1,419)	3,130	(3,044)
Foreign currency translation gain (loss)	382	(5,332)	4,176	(17,562)
Other comprehensive income (loss)	4,593	(6,751)	7,306	(20,606)
Comprehensive income (loss)	$ 8,740	$ (2,121)	$ 12,185	$ (3,022)
Basic net income per share:
Net income	$ 0.15	$ 0.17	$ 0.18	$ 0.87
Weighted average shares outstanding	27,159	26,839	26,973	20,122
Diluted net income per share:
Net income	$ 0.15	$ 0.17	$ 0.18	$ 0.86
Weighted average shares outstanding	27,322	27,167	27,103	20,467
Cash dividends per common share	$ 0.07	$ 0.07	$ 0.21	$ 0.21

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 14,788	$ 15,087
Accounts receivable, net	147,427	123,005
Inventories	118,834	119,836
Income tax receivable	682	3,989
Current deferred tax assets		6,696
Other current assets	13,758	11,568
Total current assets	295,489	280,181
Property, plant and equipment, net	325,969	318,968
Goodwill, net	448,254	449,898
Intangible assets, net	261,953	282,169
Non-current deferred tax assets		742
Investment in joint venture	38,925	38,462
Other non-current assets	11,058	10,147
Total assets	1,381,648	1,380,567
Current liabilities:
Accounts payable	69,730	69,101
Accrued salaries, wages and benefits	26,181	21,125
Income taxes payable		5,350
Current maturities of long-term debt	8,621	11,714
Current portion of obligation under capital lease	3,933	4,786
Other current liabilities	27,910	21,275
Total current liabilities	136,375	133,351
Non-current deferred tax liabilities	105,132	117,459
Long-term debt, net of current portion	795,692	795,400
Accrued post-employment benefits	6,091	6,157
Obligation under capital lease, net of current portion	6,792	9,573
Other	5,223	4,746
Total liabilities	1,055,305	1,066,686
Total stockholders' equity	326,343	313,881
Total liabilities and stockholders' equity	$ 1,381,648	$ 1,380,567

Condensed Consolidated Stateme4

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interest [Member]
Beginning Balance at Dec. 31, 2015	$ 313,881	$ 269	$ 277,582	$ 55,151	$ (19,153)	$ 32
Beginning Balance, Shares at Dec. 31, 2015		26,849
Net income	4,879			4,879
Dividends paid	(5,677)			(5,677)
Stock option expense	679		679
Shares issued for option exercises	$ 2,553	$ 2	2,551
Shares issued for option exercises, Shares	242	242
Restricted and performance based stock compensation expense	$ 2,881	$ 1	2,880
Restricted and performance based stock compensation expense,shares		152
Restricted shares forgiven for taxes and forfeited	(159)		(159)
Restricted shares forgiven for taxes and forfeited, shares		(21)
Foreign currency translation gain	4,176				4,176
Change in fair value of interest rate swap	3,130				3,130
Ending Balance at Sep. 30, 2016	$ 326,343	$ 272	$ 283,533	$ 54,353	$ (11,847)	$ 32
Ending Balance, Shares at Sep. 30, 2016		27,222

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 4,879	$ 17,584
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,177	25,702
Amortization of debt issuance costs	3,048	1,827
Interest rate swap:
Total derivative losses (gains), net	3,130
Write-off of unamortized debt issuance costs	2,589
Joint venture net income in excess of cash received	(463)	(2,503)
Compensation expense from issuance of restricted stock and incentive stock options	3,560	2,919
Non-cash restructuring and impairment charges	1,891
Changes in operating assets and liabilities:
Accounts receivable	(24,422)	(11,361)
Inventories	1,663	(3,940)
Accounts payable	629	(8,380)
Other assets and liabilities	2,451	(8,593)
Net cash provided by operating activities	46,132	13,255
Cash flows from investing activities:
Acquisition of property, plant and equipment	(32,166)	(26,318)
Proceeds from measurement period adjustments to previous acquisition	1,635
Proceeds from disposals of property, plant and equipment	366	441
Cash paid to acquire businesses, net of cash received		(9,017)
Capital contributions to joint venture		869
Net cash used by investing activities	(30,165)	(34,025)
Cash flows from financing activities:
Debt issue costs paid	(3,692)	(136)
Dividends Paid	(5,677)	(4,554)
Proceeds from long-term debt	39,000	8,517
Repayment of long-term debt	(39,562)	(149,530)
Repayments of short-term debt, net	(4,101)	(1,458)
Proceeds from shares issued		173,052
Proceeds from issuance of stock and exercise of stock options	2,553	1,831
Principal payments on capital lease	(3,465)	(3,990)
Net cash provided by (used in) financing activities	(14,944)	23,732
Effect of exchange rate changes on cash flows	(1,322)	(177)
Net change in cash and cash equivalents	(299)	2,785
Cash and cash equivalents at beginning of year	15,087	37,317
Cash and cash equivalents at end of year	$ 14,788	$ 40,102

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Statements	Note 1. Interim Financial Statements We are a diversified industrial company and a leading global manufacturer of high precision bearing components, industrial plastic products and precision metal components to a variety of markets on a global basis. We have 41 manufacturing plants in North America, Western Europe, Eastern Europe, South America and China. Our business is aggregated into three reportable segments, the Precision Bearing Components Group (formerly known as our Metal Bearing Components Group), the Precision Engineered Products Group (formerly known as our Plastics and Rubber Components Group) and the Autocam Precision Components Group. 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. The accompanying Condensed Consolidated Financial Statements of NN, Inc. have not been audited, except that the Condensed Consolidated Balance Sheet at December 31, 2015 was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Annual Report”), which was filed with the U.S. Securities and Exchange Commission, or the SEC, on March 15, 2016. In our opinion, these Condensed Consolidated Financial Statements reflect all adjustments necessary to fairly state the results of operations for the three and nine month periods ended September 30, 2016 and 2015, our financial position at September 30, 2016 and December 31, 2015, and the cash flows for the nine month periods ended September 30, 2016 and 2015 on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to present fairly our financial position and operating results for the interim periods. Included in the Selling, general and administrative expense line item in the Condensed Consolidated Statement of Net Income during the nine months ended September 30, 2016 is an out of period adjustment in the amount of $0.4 million, to correct compensation expense recorded with respect to share-based awards previously granted to executives who, either at the time of such grant or during the applicable vesting period, were eligible to retire from the Company, upon which the vesting of all or a portion of these awards would be accelerated. Included in the Derivative losses on change in interest rate swap fair value line item in the Condensed Consolidated Statement of Net Income during the three months ended September 30, 2016 is an out of period adjustment in the amount of $0.5 million, related to the second quarter of 2016. The adjustment was recorded to correct other comprehensive income that should have been recorded to earnings in second quarter because the third quarter forecasted hedged transaction was no longer probable of occurring. 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 Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2015 Annual Report. The results for the nine months ended September 30, 2016 are not necessarily indicative of results for the year ending December 31, 2016 or any other future periods. Newly Adopted Accounting Standards During the first quarter of 2016, we adopted the following Accounting Standard Updates (“ASU”), and as necessary, certain reclassifications have been made to conform to the current year presentation: We adopted ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which provides guidance on simplifying the presentation of debt issuance costs on the balance sheet. To simplify presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. In accordance with ASU 2015-03, we are applying the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented was adjusted to reflect the period-specific effects of applying the new guidance. We adopted ASU No. 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory (“ASU 2015-11”), which simplifies the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The subsequent measurement of inventory test, historically three measurements under lower of cost or market, is replaced by lower of cost and net realizable value test. Thus, we will compare the cost of inventory to only one measure, its net realizable value. When evidence exists that the net realizable value of inventory is less than its cost (due to damage, physical deterioration, obsolescence, changes in price levels or other causes), we will recognize the difference as a loss in earnings in the period in which it occurs. In accordance with ASU 2015-11, we are applying the new guidance on a prospective basis. We adopted ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, we will recognize a measurement-period adjustment during the period in which we determine the amount of the adjustment, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date. In accordance with ASU 2015-16, we are applying the new guidance on a prospective basis to adjustments to provisional amounts that occur after December 31, 2015. That is, ASU 2015-16 applies to open measurement periods, regardless of the acquisition date. We adopted ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). We will classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, we will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowances also will be classified as noncurrent. We have elected to apply ASU 2015-17 on a prospective basis. Therefore, the prior periods were not retroactively adjusted. Issuance of New Accounting Standards In 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued the joint revenue recognition standard. Since its release, there have been multiple proposed and finalized amendments made to the revenue recognition standard. The revenue recognition standard is effective for public companies beginning January 1, 2018 with full retrospective or modified retrospective adoption permitted. This standard will change current revenue practices, processes, systems, controls, and disclosures and take time and resources to adopt. Factors that will affect pre and post-implementation include, but are not limited to, identifying all the contracts that exist and whether incidental obligations or marketing incentives included in those contracts are performance obligations. The revenue recognition standard will impact the timing of when revenue received under these performance obligations is recognized. On February 25, 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 creates Topic 842, Leases, in the FASB Accounting Standards Codification (“FASB ASC”) and supersedes FASB ASC 840, Leases. Entities that hold numerous equipment and real estate leases, in particular those with numerous operating leases, will be most affected by the new guidance. The leasing accounting standard is effective for public companies beginning January 1, 2019 with modified retrospective adoption required and early adoption permitted. The amendments in ASU 2016-02 are expected to impact balance sheets at many companies by adding lease-related assets and liabilities. This may affect compliance with contractual agreements and loan covenants. We are currently evaluating the impacts of the lease accounting standards on our financial position or results of operations and related disclosures. On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern, (“ASU 2014-15”) which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We will be adopting ASU 2014-15 beginning December 31, 2016, which will involve adding policies and procedures around our assessments to continue as a going concern. The FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides clarification on how certain cash receipts and cash payments are presented and classified on the statement of cash flows. ASU 2016-15 is effective for annual and interim periods beginning in 2018 and is required to be adopted using a retrospective approach if practicable, with early adoption permitted. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its Consolidated Statement of Cash Flows. Except for per share data or as otherwise indicated, all dollar amounts presented in the tables in these Notes to the Condensed Consolidated Financial Statements are in thousands.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
PEP [Member]
Acquisitions	Note 2. Acquisitions PEP As reported in our 2015 Annual Report, we completed the acquisition of Precision Engineered Products Holdings, Inc. (“PEP”) on October 19, 2015. During the nine months ended September 30, 2016, we finalized all issues related to customary working capital adjustments, fixed assets and income taxes. The changes primarily arose from differences noted during acquisition integration and finalizing return to provision adjustments. As a result, we adjusted the preliminary allocation of the purchase price initially recorded at the PEP acquisition date to reflect these measurement period adjustments. The following table summarizes the final purchase price allocation for the PEP acquisition: As Reported Subsequent value Restated as of Consideration: Cash paid $ 621,196 $ — $ 621,196 Cash adjustment — (1,635 ) (1,635 ) Total consideration $ 621,196 $ (1,635 ) $ 619,561 Fair value of assets acquired and liabilities assumed on October 19, 2015: Current assets $ 69,331 $ 452 $ 69,783 Property, plant and equipment 56,163 (962 ) 55,201 Intangible assets subject to amortization 240,490 — 240,490 Other non-current assets 1,500 — 1,500 Goodwill 364,450 (1,805 ) 362,645 Total assets acquired 731,934 (2,315 ) 729,619 Current liabilities 21,131 — 21,131 Non-current deferred tax liabilities 87,578 (680 ) 86,898 Other non-current liabilities 2,029 — 2,029 Total liabilities assumed 110,738 (680 ) 110,058 Net assets acquired $ 621,196 $ (1,635 ) $ 619,561 In accordance with ASU 2015-16 as noted above in Note 1, we have recognized measurement-period adjustments during the period in which we determine the amount of the adjustment, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Note 3. Inventories Inventories are comprised of the following: September 30, December 31, Raw materials $ 50,862 $ 50,204 Work in process 33,857 30,604 Finished goods 34,115 39,028 Inventories $ 118,834 $ 119,836 Inventories on consignment at customer locations as of September 30, 2016 and December 31, 2015 totaled $4.8 million and $5.1 million, respectively, for both dates. Inventories are stated at the lower of cost or net realizable value. 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, 2016
Earnings Per Share [Abstract]
Net Income Per Share	Note 4. Net Income Per Share Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net income $ 4,147 $ 4,630 $ 4,879 $ 17,584 Weighted average shares outstanding 27,159 26,839 26,973 20,122 Effect of dilutive stock options 163 328 130 345 Diluted shares outstanding 27,322 27,167 27,103 20,467 Basic net income per share $ 0.15 $ 0.17 $ 0.18 $ 0.87 Diluted net income per share $ 0.15 $ 0.17 $ 0.18 $ 0.86 For both the three and nine month periods ended September 30, 2016, approximately 0.6 million and 0.7 million potentially dilutive stock options, respectively, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share. For both the three and nine month periods ended September 30, 2015, approximately 0.7 million potentially dilutive stock options had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
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 2015 Annual Report. Our business is aggregated into three reportable segments, the Precision Bearing Components Group (formerly known as our Metal Bearing Components Group), the Precision Engineered Products Group (formerly known as our Plastics and Rubber Components Group) and the Autocam Precision Components Group. 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, 2016 and 2015. Precision Bearing Components Group Autocam Precision Components Group Precision Engineered Components Corporate and Consolidations Total Three Months ended September 30, 2016 Revenues from external customers $ 58,247 $ 80,492 $ 66,222 $ — $ 204,961 Income (loss) from operations $ 5,840 $ 8,464 $ 9,913 $ (5,490 ) $ 18,727 Nine Months ended September 30, 2016 Revenues from external customers $ 188,149 $ 247,473 $ 195,837 $ — $ 631,459 Income (loss) from operations $ 18,639 $ 22,761 $ 26,116 $ (20,212 ) $ 47,304 Total assets $ 224,531 $ 421,946 $ 727,656 $ 7,515 $ 1,381,648 Three Months ended September 30, 2015 Revenues from external customers $ 60,545 $ 83,243 $ 11,036 $ — $ 154,824 Income (loss) from operations $ 6,633 $ 10,894 $ 595 $ (8,000 ) $ 10,122 Nine Months ended September 30, 2015 Revenues from external customers $ 203,041 $ 252,336 $ 28,048 $ — $ 483,425 Income (loss) from operations $ 25,125 $ 27,707 $ 1,309 $ (16,496 ) $ 37,645 Total assets $ 209,120 $ 431,478 $ 28,808 $ 50,070 $ 719,476

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Note 6. Long-Term Debt Long-term debt at September 30, 2016 and December 31, 2015 consisted of the following: September 30, Restated 2016 2015 Borrowings under our $545.0 million Senior Secured Term Loan B bearing interest at the greater of 0.75% or 1 month LIBOR (0.53% at September 30, 2016) plus an applicable margin of 4.25% at September 30, 2016, expiring October 19, 2022, net of debt issuance costs of $21.1 million at September 30, 2016 and $20.6 million at December 31, 2015. $ 525,203 $ 552,957 Borrowings under our $133.0 million Senior Secured Revolver bearing interest at LIBOR (0.53% at September 30, 2016) plus an applicable margin of 3.50% at September 30, 2016, expiring October 19, 2020, net of debt issuance costs of $2.6 million at September 30, 2016 and $2.9 million at December 31, 2015. 30,405 3,547 Borrowings under our $250.0 million Senior Notes bearing interest at 10.25%, maturing on November 1, 2020, net of debt issuance costs of $5.2 million at September 30, 2016 and $5.9 million at December 31, 2015. 244,822 244,088 French Safeguard Obligations (Autocam) 496 2,000 Brazilian lines of credit and equipment notes (Autocam) 681 826 Chinese line of credit (Autocam) 2,706 3,696 Total debt 804,313 807,114 Less current maturities of long-term debt 8,621 11,714 Long-term debt, excluding current maturities of long-term debt $ 795,692 $ 795,400 On September 30, 2016, we amended and restated our credit facility, which lowered the interest rate and rate floor on the Company’s Senior Secured Term Loan B (the “Term Loan B”). The new applicable rate for the Term Loan B is London Inter Bank Offering Rate (“LIBOR”), subject to a 0.75% rate floor, plus 4.25%, which in combination is 75 basis points lower (or 0.75%) than the previous rate. There were no changes to the maturities or covenants under the Term Loan B. Concurrent with the amended and restated Term Loan B, the Senior Secured Revolving Credit Facility (the “Senior Secured Revolver”) was upsized from $100 million to $133 million. Proceeds were drawn under the Senior Secured Revolver to pay down debt under the Term Loan B, reducing the debt under the Term Loan B to $545 million. There were no changes to the Senior Secured Revolver maturities, and the covenant threshold was increased from $30 million to $39.9 million (30% drawn threshold). The refinancing and debt transactions resulted in lower principal amounts outstanding on the Term Loan B, increased borrowings under the Senior Secured Revolver and a lower effective interest rate for the overall debt holdings. In conjunction with the amended and restated credit facility, we incurred $3.7 million in debt issuance costs. We wrote off a total of $2.6 million in debt issuance costs related to the modification and extinguishment of debt. As part of the merger with Autocam Corporation (“Autocam”) in 2014, we 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 used to fund working capital and equipment purchases in those countries. The following paragraphs describe these foreign credit facilities. Our French operation (acquired with Autocam) has liabilities with certain creditors subject to Safeguard protection. The liabilities are being paid annually over a 10-year period until 2019 and carry a zero percent interest rate. Amounts due as of September 30, 2016 to those creditors opting to be paid over a 10-year period totaled $0.5 million, of which $0.1 million is included in current maturities of long-term debt and $0.4 million is included in long-term debt, net of current portion, on the Condensed Consolidated Balance Sheet. The Brazilian equipment notes represent borrowings from certain Brazilian banks to fund equipment purchases for Autocam’s Brazilian plants. These credit facilities have annual interest rates ranging from 2.5% to 9.1%. The Chinese line of credit is a working capital line of credit with a Chinese bank bearing an annual interest rate ranging from 1.35% to 4.88%. As discussed in Note 1, we have adopted ASU 2015-03, which provides guidance on simplifying the presentation of debt issuance costs on the balance sheet. To simplify presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The following table displays the debt amounts reported as of December 31, 2015, restated for the adoption of ASU 2015-03. The debt issuance costs were reclassified from other non-current assets and directly applied to the associated liability. Reported ASU 2015-13 Reclass Restated Borrowings under our $575.0* million Senior Secured Term Loan B $ 562,580 $ (9,623 ) $ 552,957 Borrowings under our $100.0** million Senior Secured Revolver 6,462 (2,915 ) 3,547 Borrowings under our $250.0 million Senior Notes 244,509 (421 ) 244,088 French Safeguard Obligations (Autocam) 2,000 2,000 Brazilian lines of credit and equipment notes (Autocam) 826 826 Chinese line of credit (Autocam) 3,696 3,696 Total debt 820,073 807,114 Less current maturities of long-term debt 11,714 11,714 Long-term debt, excluding current maturities of long-term debt $ 808,359 $ 795,400 * Amended from $575 million down to $545 million on September 30, 2016. ** Amended from $100 million up to $133 million on September 30, 2016.

Goodwill, Net

Goodwill, Net	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Net	Note 7. Goodwill, Net The changes in the carrying amount of goodwill, net, for the nine months ended September 30, 2016 are as follows: Precision Autocam Precision Total Balance as of December 31, 2015 $ 9,111 $ 73,992 $ 366,795 $ 449,898 Currency impacts 161 — — 161 Goodwill changes from measurement period — — (1,805 ) (1,805 ) Balance as of September 30, 2016 $ 9,272 $ 73,992 $ 364,990 $ 448,254 The goodwill balances are tested for impairment on an annual basis during the fourth quarter and more often if a triggering event occurs. As noted in Note 2. Acquisitions, some measurement period adjustments to goodwill were made for the PEP acquisition. As of September 30, 2016, there were no indications of impairment at the reporting units with goodwill balances.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Note 8. Intangible Assets, Net The changes in the carrying amount of intangible assets, net, for the nine months ended September 30, 2016 are as follows: Precision Autocam Precision Bearing Precision Engineered Components Components Products Group Group Group Total Balance as of December 31, 2015 $ 1,952 $ 46,417 $ 233,800 $ 282,169 Amortization (156 ) (2,721 ) (17,488 ) (20,365 ) Currency impacts 24 125 — 149 Balance as of September 30, 2016 $ 1,820 $ 43,821 $ 216,312 $ 261,953

Shared-Based Compensation

Shared-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shared-Based Compensation	Note 9. Shared-Based Compensation During the three and nine months ended September 30, 2016 and 2015, approximately $0.9 million and $3.6 million in 2016 and $1.1 million and $2.9 million in 2015, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. During the nine months ended September 30, 2016, we granted 152,510 restricted stock awards, 167,000 option awards, and 202,330 performance based awards to non-executive directors, officers and certain other key employees. During the nine months ended September 30, 2015, we granted 114,475 restricted stock awards, 54,600 option awards and 71,550 performance based awards to non-executive directors, officers and certain other key employees. The shares of restricted stock granted during the nine months ended September 30, 2016, vest pro-rata over three years for officers and certain other key employees and over one year for non-executive directors. During the three and nine months ended September 30, 2016 and 2015, we incurred $0.4 million and $2.0 million in 2016 and $0.6 million and $1.7 million in 2015, 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. The performance share units granted during the nine months ended September 30, 2016 will be satisfied in the form of shares of common stock during 2019 if certain performance and/or market conditions are met. We are recognizing the compensation expense over the three-year period in which the performance and market conditions are measured. During the three and nine months ended September 30, 2016 and 2015, we incurred $0.3 million and $0.9 million in 2016, and $0.3 million and $0.5 million in 2015, respectively, in expense related to performance share units. The fair value of the performance share units issued was determined by using the grant date closing price of our common stock for the units with a performance condition and a Monte Carlo valuation model for the units that have a market condition. We incurred $0.2 million and $0.7 million in 2016 and $0.2 million and $0.7 million in 2015 of stock option expense in the three and nine months ended September 30, 2016 and 2015, respectively. The weighted average grant date fair value of options granted during the nine months ended September 30, 2016, was $5.02. The fair value of our options cannot be determined by market value, because our options are not traded in an open market. Accordingly, we utilized the Black Scholes financial pricing model to estimate the fair value. The weighted average assumptions relevant to determining the fair value of the 2016 stock option grants are below: 2016 Stock Option Awards Term 6 years Risk free interest rate 1.43 % Dividend yield 2.48 % Expected volatility 59.23 % Expected forfeiture rate 3.00 % The following table provides a reconciliation of option activity for the nine months ended September 30, 2016: Weighted- Weighted- Average Average Remaining Exercise Contractual Aggregate Options Shares (000) Price Term (years) Intrinsic Value Outstanding at January 1, 2016 1,034 $ 12.09 Granted 167 $ 11.31 Exercised (242 ) $ 10.54 Forfeited or expired (33 ) $ 17.38 Outstanding at September 30, 2016 926 $ 12.16 6.1 $ 6,092 (1) Exercisable at September 30, 2016 714 $ 11.54 5.2 $ 1,086 (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, 2016.

Provision for Income Taxes

Provision for Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Provision for Income Taxes	Note 10. Provision for Income Taxes The Company’s effective income tax rate for the three months ended September 30, 2016 and 2015 was 173% and 19%, respectively. The Company’s effective income tax rate for the nine months ended September 30, 2016 and 2015 was 112% and 21%, respectively. The higher effective income tax rate for the three months and nine months ended September 30, 2016 was driven by an increase in the full year effective income tax rate. The increase in full year effective income tax rate was primarily due to a mix of higher U.S. losses with lower earnings attributed to foreign subsidiaries. The full year effective income tax rate applied to our consolidated year-to-date loss increased from 10% to 112%, resulting in a $6 million decrease in income tax expense in the third quarter. Excluding this increase, the tax rate for the third quarter would have been 15% (versus 173%).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. Commitments and Contingencies Brazil ICMS Tax Matter Prior to our acquisition of Autocam, Autocam’s Brazilian subsidiary received notification from the Brazilian tax authorities regarding ICMS (state value added tax or VAT) tax credits claimed on intermediary materials (tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing process. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. While we believe a loss is not probable, we estimate the range of possible losses related to this assessment is from $0 to $6.0 million. No amount was accrued at September 30, 2016 for this matter. There was no material change in the status of this matter from December 31, 2015 to September 30, 2016. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to our acquisition of Autocam. Management believes the indemnification would include amounts owed for the tax, interest and penalties related to this matter. All Other Legal Matters All other legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes.

Investment in Non-Consolidated

Investment in Non-Consolidated Joint Venture	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Non-Consolidated Joint Venture	Note 12. Investment in Non-Consolidated Joint Venture As part of the Autocam Precision Components Group, we own a 49% investment in a joint venture with an unrelated entity called Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a Chinese company located in Wuxi, China. Below are the components of our JV investment balance at September 30, 2016: Balance as of December 31, 2015 $ 38,462 Our share of cumulative earnings 4,545 Dividends declared and paid by joint venture (3,707 ) Accretion of basis difference from purchase accounting (375 ) Balance as of September 30, 2016 $ 38,925 The following table summarizes balance sheet information for the JV: September 30, 2016 December 31, 2015 Current assets $ 32,425 $ 24,663 Non-current assets 22,875 22,847 Total assets $ 55,300 $ 47,510 Current liabilities $ 16,540 $ 11,171 Total liabilities $ 16,540 $ 11,171 Dividends of $3.7 million were declared and paid by the JV during the three months ended September 30, 2016. We had sales to the JV of approximately $0.1 million during the three and nine months ended September 30, 2016. Amounts due to us from the JV were $0.2 million as of September 30, 2016.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13. Fair Value Measurements We present fair value measurements and disclosures applicable to both our financial and nonfinancial assets and liabilities that are measured and reported on a fair value basis. Fair value is an exit price representing the expected amount we would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We have followed consistent methods and assumptions to estimate the fair values as more fully described in our 2015 Annual Report. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and long-term debt. At September 30, 2016, the carrying values of all of these financial instruments, except the long-term debt with fixed interest rates, approximated fair value. The fair value of floating-rate debt approximates the carrying amount because the interest rates paid are based on short-term maturities. The fair value of our fixed-rate long-term debt is estimated based on the Bloomberg algorithm, which takes into account similar sized and industry debt (a Level 2 category fair value measurement). As of September 30, 2016, the fair value of our fixed-rate debt was $263.8 million, and $258.6 net of debt issuance costs. Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The following table summarizes the assets and liabilities measured at fair value on a recurring basis for our interest rate swap derivative financial instrument: Fair Value Measurements at September 30, 2016 Quoted Prices in Active Markets Significant Other Significant September 30, for Identical Observable Inputs Unobservable Description 2016 Assets (Level 1) (Level 2) Inputs (Level 3) Derivative asset - current $ 22 $ — $ 22 $ — Derivative asset - noncurrent 198 — 198 — Derivative liability - current (1,956 ) — (1,956 ) — Derivative liability - noncurrent (2,164 ) — (2,164 ) — $ (3,900 ) $ — $ (3,900 ) $ — Fair Value Measurements at December 31, 2015 Quoted Prices in Active Markets Significant Other Significant December 31, for Identical Observable Inputs Unobservable Description 2015 Assets (Level 1) (Level 2) Inputs (Level 3) Derivative asset - current $ 388 $ — $ 388 $ — Derivative asset - noncurrent 368 — 368 — Derivative liability - current (2,098 ) — (2,098 ) — Derivative liability - noncurrent (1,673 ) — (1,673 ) — $ (3,015 ) $ — $ (3,015 ) $ — Our policy is to manage interest expense using a mix of fixed and variable rate debt. To manage this mix effectively, we may enter into interest rate swaps in which we agree to exchange the difference between fixed and variable interest amounts calculated by reference to an agreed upon notional principal amount. Our $150 million interest rate swap went into effect on December 29, 2015, at which time our interest rate was effectively 6.966%. The objective of the hedge was to eliminate the variability of cash flows in interest payments on the first $150 million of variable interest rate debt (the Term Loan B). The variable rate benchmark was the three month LIBOR rate for both the Term Loan B and the interest rate swap. The changes in cash flows of the interest rate swap were expected to exactly offset the changes in cash flows of the Term Loan B. The hedged risk was the interest rate risk exposure to changes in the interest payments, attributable to changes in the benchmark three-month LIBOR interest rates (subject to a 1.0% LIBOR index floor) from December 29, 2015 through December 31, 2018. As disclosed in Note 6. Long-Term Debt, the LIBOR floor index was lowered to 0.75% on September 30, 2016, and our intent regarding future interest rate resets changed. Three-month LIBOR was above the floor, and it was more economical to use one-month LIBOR. Based upon these facts we chose to discontinue Hodge Accounting. Therefore, we assessed the amounts deferred in accumulated other comprehensive income (“AOCI”) as the forecasted transactions would not be probable that the company would use the three-month LIBOR through the remainder of the derivative duration. As a result, all amounts of AOCI were reclassified to earnings. Prospectively, we will account for the interest rate swap on a mark-to-market basis. The change in reporting will have no impact on our reported cash flows, although future results of operations on a GAAP basis will be affected by the potential volatility of mark-to-market gains and losses which fluctuate with changes in interest rates. The inputs for determining fair value of the interest rate swap are classified as Level 2 inputs. Level 2 fair value is based on estimates using standard pricing models. These standard pricing models use inputs which are derived from or corroborated by observable market data such as interest rate yield curves, index forward curves, discount curves, and volatility surfaces. Counterparties to these derivative contracts are highly rated financial institutions which we believe carry only a minimal risk of nonperformance. We have elected to present the derivative contracts on a gross basis in the Condensed Consolidated Balance Sheet included within other current assets and other non-current assets and other current liabilities and other non-current liabilities. Had we chosen to present the derivative contract on a net basis, we would have a derivative in a net liability position of $3.9 million as of September 30, 2016. We do not have any cash collateral due under such agreements. As of September 30, 2016, we reported no gains or losses in AOCI related to the interest rate swaps. In connection with lowering the LIBOR index floor from 1.0% to 0.75% within the $150 million interest rate swap, we received a $0.3 million payment that increased the net liability position on the $150 million interest rate swap. The payment was reported as a reduction to derivative asset (other current assets) on the Condensed Consolidated Balance Sheets. Additionally, during the nine months ended September 30, 2016 when the interest rate swap was accounted for in accordance with hedge accounting, the periodic settlements and related reclassification of other comprehensive income was $1.4 million of net hedging losses on the interest rate swap in the interest expense line on the Condensed Consolidated Statements of Net Income. We recognized $0.6 million of interest rate swap settlements for the third quarter of 2016 in the Derivative payments on interest rate swap line on the Condensed Consolidated Statements of Net Income. If there are no changes in the interest rates for the next twelve months, we expect to make $1.9 million in cash payments related to the interest rates swap. See the following “Derivatives’ Hedging Relationships” section of this Note 13 for more information regarding the impact of the interest rate swaps on our Condensed Consolidated Financial Statements. Derivatives’ Hedging Relationships Amount Pre-tax amount of gain/(loss) recognized in Other Location of gain/(loss) reclassified from Comprehensive Income reclassified from AOCI into Net Income (effective portion) AOCI into (effective portion) September 30, December 31, Net Income (effective September 30, December 31, Derivatives’ Cash Flow Hedging Relationships 2016 2015 portion) 2016 2015 Forward starting interest rate swap contract $ — $ (3,015 ) Interest Expense $ 1,393 $ — $ — $ (3,015 ) $ 1,393 $ — As of September 30, 2016, we did not own derivative instruments that were classified as fair value hedges or trading securities. In addition, as of September 30, 2016, we did not own derivative instruments containing credit risk contingencies.

Restructuring and Impairment Ch

Restructuring and Impairment Charges	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Impairment Charges	Note 14. Restructuring and Impairment Charges Severance and restructuring costs totaling $0.7 million and $7.2 million were recognized in the three and nine months ended September 30, 2016, comprised of initiatives impacting each of our segments. Of the amounts presented as restructuring costs for Precision Engineered Products, $0.9 million, relate primarily to integration costs. Within the Precision Bearing Components Group, restructuring initiatives to optimize operations in the U.S., Italy, the Netherlands, Mexico and at segment headquarters resulted in a charge of $2.4 million, which consisted of severance costs relating to headcount reductions. Within the Autocam Precision Components Group, certain restructuring programs, including the closure of one facility, the Wheeling Plant, resulted in a charge of $3.9 million. The following table summarizes severance and restructuring activity related to actions incurred for the three and nine months ended September 30, 2016 and 2015: Three Months Ended Nine Months Ended September 30, September 30, 2016 2016 Severance and other employee costs $ 497 $ 4,315 Site closure and other associated cost 159 2,926 Restructuring and impairment charges $ 656 $ 7,241 Reserve Reserve Balance at Paid in Balance at December 31, 2015 Charges 2016 September 30 2016 Severance and other employee costs $ 2,464 $ 4,315 $ (4,145 ) $ 2,634 Site closure and other associated cost 1,845 2,926 (3,519 ) 1,252 Total $ 4,309 $ 7,241 $ (7,664 ) $ 3,886

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Note 15. Subsequent Event Subsequent to September 30, 2016, an additional bank was added to our Senior Secured Revolver, increasing our borrowing capacity from $133 million to $143 million, which also increased our covenant threshold to $42.9 million (30% drawn threshold). Additional debt issuance costs of approximately $0.3 million were incurred related to debt issuance costs.

Interim Financial Statements (P

Interim Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Interest - Imputation of Interest	We adopted ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which provides guidance on simplifying the presentation of debt issuance costs on the balance sheet. To simplify presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. In accordance with ASU 2015-03, we are applying the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented was adjusted to reflect the period-specific effects of applying the new guidance.
Inventory	We adopted ASU No. 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory (“ASU 2015-11”), which simplifies the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The subsequent measurement of inventory test, historically three measurements under lower of cost or market, is replaced by lower of cost and net realizable value test. Thus, we will compare the cost of inventory to only one measure, its net realizable value. When evidence exists that the net realizable value of inventory is less than its cost (due to damage, physical deterioration, obsolescence, changes in price levels or other causes), we will recognize the difference as a loss in earnings in the period in which it occurs. In accordance with ASU 2015-11, we are applying the new guidance on a prospective basis.
Business Combinations	We adopted ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, we will recognize a measurement-period adjustment during the period in which we determine the amount of the adjustment, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date. In accordance with ASU 2015-16, we are applying the new guidance on a prospective basis to adjustments to provisional amounts that occur after December 31, 2015. That is, ASU 2015-16 applies to open measurement periods, regardless of the acquisition date.
Income Taxes	We adopted ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). We will classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, we will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowances also will be classified as noncurrent. We have elected to apply ASU 2015-17 on a prospective basis. Therefore, the prior periods were not retroactively adjusted.
Recently Issued Accounting Standards	Issuance of New Accounting Standards In 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued the joint revenue recognition standard. Since its release, there have been multiple proposed and finalized amendments made to the revenue recognition standard. The revenue recognition standard is effective for public companies beginning January 1, 2018 with full retrospective or modified retrospective adoption permitted. This standard will change current revenue practices, processes, systems, controls, and disclosures and take time and resources to adopt. Factors that will affect pre and post-implementation include, but are not limited to, identifying all the contracts that exist and whether incidental obligations or marketing incentives included in those contracts are performance obligations. The revenue recognition standard will impact the timing of when revenue received under these performance obligations is recognized. On February 25, 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 creates Topic 842, Leases, in the FASB Accounting Standards Codification (“FASB ASC”) and supersedes FASB ASC 840, Leases. Entities that hold numerous equipment and real estate leases, in particular those with numerous operating leases, will be most affected by the new guidance. The leasing accounting standard is effective for public companies beginning January 1, 2019 with modified retrospective adoption required and early adoption permitted. The amendments in ASU 2016-02 are expected to impact balance sheets at many companies by adding lease-related assets and liabilities. This may affect compliance with contractual agreements and loan covenants. We are currently evaluating the impacts of the lease accounting standards on our financial position or results of operations and related disclosures. On August 27, 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern, (“ASU 2014-15”) which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We will be adopting ASU 2014-15 beginning December 31, 2016, which will involve adding policies and procedures around our assessments to continue as a going concern. The FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides clarification on how certain cash receipts and cash payments are presented and classified on the statement of cash flows. ASU 2016-15 is effective for annual and interim periods beginning in 2018 and is required to be adopted using a retrospective approach if practicable, with early adoption permitted. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its Consolidated Statement of Cash Flows. Except for per share data or as otherwise indicated, all dollar amounts presented in the tables in these Notes to the Condensed Consolidated Financial Statements are in thousands.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
PEP [Member]
Summary of Final Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the final purchase price allocation for the PEP acquisition: As Reported Subsequent value Restated as of Consideration: Cash paid $ 621,196 $ — $ 621,196 Cash adjustment — (1,635 ) (1,635 ) Total consideration $ 621,196 $ (1,635 ) $ 619,561 Fair value of assets acquired and liabilities assumed on October 19, 2015: Current assets $ 69,331 $ 452 $ 69,783 Property, plant and equipment 56,163 (962 ) 55,201 Intangible assets subject to amortization 240,490 — 240,490 Other non-current assets 1,500 — 1,500 Goodwill 364,450 (1,805 ) 362,645 Total assets acquired 731,934 (2,315 ) 729,619 Current liabilities 21,131 — 21,131 Non-current deferred tax liabilities 87,578 (680 ) 86,898 Other non-current liabilities 2,029 — 2,029 Total liabilities assumed 110,738 (680 ) 110,058 Net assets acquired $ 621,196 $ (1,635 ) $ 619,561

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories are comprised of the following: September 30, December 31, Raw materials $ 50,862 $ 50,204 Work in process 33,857 30,604 Finished goods 34,115 39,028 Inventories $ 118,834 $ 119,836

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Summary of Net Income Per Share	Three Months Ended Nine Months Ended 2016 2015 2016 2015 Net income $ 4,147 $ 4,630 $ 4,879 $ 17,584 Weighted average shares outstanding 27,159 26,839 26,973 20,122 Effect of dilutive stock options 163 328 130 345 Diluted shares outstanding 27,322 27,167 27,103 20,467 Basic net income per share $ 0.15 $ 0.17 $ 0.18 $ 0.87 Diluted net income per share $ 0.15 $ 0.17 $ 0.18 $ 0.86

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	Precision Bearing Components Group Autocam Precision Components Group Precision Engineered Components Corporate and Consolidations Total Three Months ended September 30, 2016 Revenues from external customers $ 58,247 $ 80,492 $ 66,222 $ — $ 204,961 Income (loss) from operations $ 5,840 $ 8,464 $ 9,913 $ (5,490 ) $ 18,727 Nine Months ended September 30, 2016 Revenues from external customers $ 188,149 $ 247,473 $ 195,837 $ — $ 631,459 Income (loss) from operations $ 18,639 $ 22,761 $ 26,116 $ (20,212 ) $ 47,304 Total assets $ 224,531 $ 421,946 $ 727,656 $ 7,515 $ 1,381,648 Three Months ended September 30, 2015 Revenues from external customers $ 60,545 $ 83,243 $ 11,036 $ — $ 154,824 Income (loss) from operations $ 6,633 $ 10,894 $ 595 $ (8,000 ) $ 10,122 Nine Months ended September 30, 2015 Revenues from external customers $ 203,041 $ 252,336 $ 28,048 $ — $ 483,425 Income (loss) from operations $ 25,125 $ 27,707 $ 1,309 $ (16,496 ) $ 37,645 Total assets $ 209,120 $ 431,478 $ 28,808 $ 50,070 $ 719,476

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt at September 30, 2016 and December 31, 2015 consisted of the following: September 30, Restated 2016 2015 Borrowings under our $545.0 million Senior Secured Term Loan B bearing interest at the greater of 0.75% or 1 month LIBOR (0.53% at September 30, 2016) plus an applicable margin of 4.25% at September 30, 2016, expiring October 19, 2022, net of debt issuance costs of $21.1 million at September 30, 2016 and $20.6 million at December 31, 2015. $ 525,203 $ 552,957 Borrowings under our $133.0 million Senior Secured Revolver bearing interest at LIBOR (0.53% at September 30, 2016) plus an applicable margin of 3.50% at September 30, 2016, expiring October 19, 2020, net of debt issuance costs of $2.6 million at September 30, 2016 and $2.9 million at December 31, 2015. 30,405 3,547 Borrowings under our $250.0 million Senior Notes bearing interest at 10.25%, maturing on November 1, 2020, net of debt issuance costs of $5.2 million at September 30, 2016 and $5.9 million at December 31, 2015. 244,822 244,088 French Safeguard Obligations (Autocam) 496 2,000 Brazilian lines of credit and equipment notes (Autocam) 681 826 Chinese line of credit (Autocam) 2,706 3,696 Total debt 804,313 807,114 Less current maturities of long-term debt 8,621 11,714 Long-term debt, excluding current maturities of long-term debt $ 795,692 $ 795,400
Schedule of Debt Restated for Adoption of New Accounting Standard	The debt issuance costs were reclassified from other non-current assets and directly applied to the associated liability. Reported ASU 2015-13 Reclass Restated Borrowings under our $575.0* million Senior Secured Term Loan B $ 562,580 $ (9,623 ) $ 552,957 Borrowings under our $100.0** million Senior Secured Revolver 6,462 (2,915 ) 3,547 Borrowings under our $250.0 million Senior Notes 244,509 (421 ) 244,088 French Safeguard Obligations (Autocam) 2,000 2,000 Brazilian lines of credit and equipment notes (Autocam) 826 826 Chinese line of credit (Autocam) 3,696 3,696 Total debt 820,073 807,114 Less current maturities of long-term debt 11,714 11,714 Long-term debt, excluding current maturities of long-term debt $ 808,359 $ 795,400 * Amended from $575 million down to $545 million on September 30, 2016. ** Amended from $100 million up to $133 million on September 30, 2016.

Goodwill, Net (Tables)

Goodwill, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, net, for the nine months ended September 30, 2016 are as follows: Precision Autocam Precision Total Balance as of December 31, 2015 $ 9,111 $ 73,992 $ 366,795 $ 449,898 Currency impacts 161 — — 161 Goodwill changes from measurement period — — (1,805 ) (1,805 ) Balance as of September 30, 2016 $ 9,272 $ 73,992 $ 364,990 $ 448,254

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Intangible Assets, Net	The changes in the carrying amount of intangible assets, net, for the nine months ended September 30, 2016 are as follows: Precision Autocam Precision Bearing Precision Engineered Components Components Products Group Group Group Total Balance as of December 31, 2015 $ 1,952 $ 46,417 $ 233,800 $ 282,169 Amortization (156 ) (2,721 ) (17,488 ) (20,365 ) Currency impacts 24 125 — 149 Balance as of September 30, 2016 $ 1,820 $ 43,821 $ 216,312 $ 261,953

Shared-Based Compensation (Tabl

Shared-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant	The weighted average assumptions relevant to determining the fair value of the 2016 stock option grants are below: 2016 Stock Option Awards Term 6 years Risk free interest rate 1.43 % Dividend yield 2.48 % Expected volatility 59.23 % Expected forfeiture rate 3.00 %
Reconciliation of Option Activity	The following table provides a reconciliation of option activity for the nine months ended September 30, 2016: Weighted- Weighted- Average Average Remaining Exercise Contractual Aggregate Options Shares (000) Price Term (years) Intrinsic Value Outstanding at January 1, 2016 1,034 $ 12.09 Granted 167 $ 11.31 Exercised (242 ) $ 10.54 Forfeited or expired (33 ) $ 17.38 Outstanding at September 30, 2016 926 $ 12.16 6.1 $ 6,092 (1) Exercisable at September 30, 2016 714 $ 11.54 5.2 $ 1,086 (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, 2016.

Investment in Non-Consolidate30

Investment in Non-Consolidated Joint Venture (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Components of Joint Venture Investment	Below are the components of our JV investment balance at September 30, 2016: Balance as of December 31, 2015 $ 38,462 Our share of cumulative earnings 4,545 Dividends declared and paid by joint venture (3,707 ) Accretion of basis difference from purchase accounting (375 ) Balance as of September 30, 2016 $ 38,925
Summarized Balance Sheet Information for Joint Venture	The following table summarizes balance sheet information for the JV: September 30, 2016 December 31, 2015 Current assets $ 32,425 $ 24,663 Non-current assets 22,875 22,847 Total assets $ 55,300 $ 47,510 Current liabilities $ 16,540 $ 11,171 Total liabilities $ 16,540 $ 11,171

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Effect of Financial Assets and Liabilities Valued on Recurring Basis	The following table summarizes the assets and liabilities measured at fair value on a recurring basis for our interest rate swap derivative financial instrument: Fair Value Measurements at September 30, 2016 Quoted Prices in Active Markets Significant Other Significant September 30, for Identical Observable Inputs Unobservable Description 2016 Assets (Level 1) (Level 2) Inputs (Level 3) Derivative asset - current $ 22 $ — $ 22 $ — Derivative asset - noncurrent 198 — 198 — Derivative liability - current (1,956 ) — (1,956 ) — Derivative liability - noncurrent (2,164 ) — (2,164 ) — $ (3,900 ) $ — $ (3,900 ) $ — Fair Value Measurements at December 31, 2015 Quoted Prices in Active Markets Significant Other Significant December 31, for Identical Observable Inputs Unobservable Description 2015 Assets (Level 1) (Level 2) Inputs (Level 3) Derivative asset - current $ 388 $ — $ 388 $ — Derivative asset - noncurrent 368 — 368 — Derivative liability - current (2,098 ) — (2,098 ) — Derivative liability - noncurrent (1,673 ) — (1,673 ) — $ (3,015 ) $ — $ (3,015 ) $ —
Effect of Derivatives' Hedging Relationships	Amount Pre-tax amount of gain/(loss) recognized in Other Location of gain/(loss) reclassified from Comprehensive Income reclassified from AOCI into Net Income (effective portion) AOCI into (effective portion) September 30, December 31, Net Income (effective September 30, December 31, Derivatives’ Cash Flow Hedging Relationships 2016 2015 portion) 2016 2015 Forward starting interest rate swap contract $ — $ (3,015 ) Interest Expense $ 1,393 $ — $ — $ (3,015 ) $ 1,393 $ —

Restructuring and Impairment 32

Restructuring and Impairment Charges (Tables)	9 Months Ended
	Sep. 30, 2016
Wheeling Plant [Member]
Summary of Impairment and Restructuring Charges	The following table summarizes severance and restructuring activity related to actions incurred for the three and nine months ended September 30, 2016 and 2015: Three Months Ended Nine Months Ended September 30, September 30, 2016 2016 Severance and other employee costs $ 497 $ 4,315 Site closure and other associated cost 159 2,926 Restructuring and impairment charges $ 656 $ 7,241 Reserve Reserve Balance at Paid in Balance at December 31, 2015 Charges 2016 September 30 2016 Severance and other employee costs $ 2,464 $ 4,315 $ (4,145 ) $ 2,634 Site closure and other associated cost 1,845 2,926 (3,519 ) 1,252 Total $ 4,309 $ 7,241 $ (7,664 ) $ 3,886

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)SegmentManufacturingPlants	Sep. 30, 2015USD ($)
Interim Reporting [Line Items]
Number of manufacturing plants | ManufacturingPlants			41
Number of reportable segments | Segment			3
Share based compensation expense			$ 3,560	$ 2,919
Forward Starting Interest Rate Swap Contract [Member] | Restated [Member]
Interim Reporting [Line Items]
Other comprehensive income, tax	$ 500
Selling, General and Administrative Expense [Member]
Interim Reporting [Line Items]
Share based compensation expense	$ 900	$ 1,100	3,600	$ 2,900
Selling, General and Administrative Expense [Member] | Executive Officer [Member]
Interim Reporting [Line Items]
Share based compensation expense			$ 400

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
PEP [Member]
Business Acquisition [Line Items]
Date of acquisition	Oct. 19, 2015

Acquisitions - Summary of Final

Acquisitions - Summary of Final Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Oct. 19, 2015	Sep. 30, 2016	Dec. 31, 2015
Consideration:
Goodwill		$ 448,254	$ 449,898
PEP [Member]
Consideration:
Cash paid		621,196	621,196
Cash adjustment		(1,635)
Total consideration		619,561	621,196
Current assets		69,783	69,331
Property, plant and equipment		55,201	56,163
Intangible assets subject to amortization		240,490	240,490
Other non-current assets		1,500	1,500
Goodwill		362,645	364,450
Total assets acquired		729,619	731,934
Current liabilities		21,131	21,131
Non-current deferred tax liabilities		86,898	87,578
Other non-current liabilities		2,029	2,029
Total liabilities assumed		110,058	110,738
Net assets acquired		$ 619,561	$ 621,196
PEP [Member] | Subsequent Adjustments to Fair Value [Member]
Consideration:
Cash adjustment	$ (1,635)
Total consideration	(1,635)
Current assets	452
Property, plant and equipment	(962)
Goodwill	(1,805)
Total assets acquired	(2,315)
Non-current deferred tax liabilities	(680)
Total liabilities assumed	(680)
Net assets acquired	$ (1,635)

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 50,862	$ 50,204
Work in process	33,857	30,604
Finished goods	34,115	39,028
Inventories	$ 118,834	$ 119,836

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory on consignment at customers' location	$ 4.8	$ 5.1

Net Income Per Share - Summary

Net Income Per Share - Summary of Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income	$ 4,147	$ 4,630	$ 4,879	$ 17,584
Weighted average shares outstanding	27,159	26,839	26,973	20,122
Effect of dilutive stock options	163	328	130	345
Diluted shares outstanding	27,322	27,167	27,103	20,467
Basic net income per share	$ 0.15	$ 0.17	$ 0.18	$ 0.87
Diluted net income per share	$ 0.15	$ 0.17	$ 0.18	$ 0.86

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock Option [Member]
Net Income Per Share [Line Items]
Anti-dilutive securities excluded from the calculation of diluted earnings per share	0.6	0.7	0.7	0.7

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Segment I

Segment Information - Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues from external customers	$ 204,961	$ 154,824	$ 631,459	$ 483,425
Income (loss) from operations	18,727	10,122	47,304	37,645
Total assets	1,381,648	719,476	1,381,648	719,476	$ 1,380,567
Corporate and Consolidations [Member]
Segment Reporting Information [Line Items]
Income (loss) from operations	(5,490)	(8,000)	(20,212)	(16,496)
Total assets	7,515	50,070	7,515	50,070
Precision Bearing Components Group [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	58,247	60,545	188,149	203,041
Income (loss) from operations	5,840	6,633	18,639	25,125
Total assets	224,531	209,120	224,531	209,120
Autocam Precision Components Group [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	80,492	83,243	247,473	252,336
Income (loss) from operations	8,464	10,894	22,761	27,707
Total assets	421,946	431,478	421,946	431,478
PEP [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	66,222	11,036	195,837	28,048
Income (loss) from operations	9,913	595	26,116	1,309
Total assets	$ 727,656	$ 28,808	$ 727,656	$ 28,808

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 804,313	$ 807,114
Less current maturities of long-term debt	8,621	11,714
Long-term debt, excluding current maturities of long-term debt	795,692	795,400
Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes	244,822	244,088
French Safeguard [Member]
Debt Instrument [Line Items]
French Safeguard Obligations	496	2,000
Brazilian [Member]
Debt Instrument [Line Items]
Borrowings under line of credit	681	826
Chinese [Member]
Debt Instrument [Line Items]
Borrowings under line of credit	2,706	3,696
Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes	525,203	552,957
Senior Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Borrowings under line of credit	$ 30,405	$ 3,547

Long-Term Debt - Summary of L43

Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) - USD ($)	Sep. 30, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt issuance costs	$ 258,600,000	$ 258,600,000
Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings	$ 250,000,000	$ 250,000,000
Interest rate	10.25%	10.25%
Debt maturity date		Nov. 1, 2020
Debt issuance costs	$ 5,200,000	$ 5,200,000		$ 5,900,000
Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Borrowings	$ 545,000,000	$ 545,000,000	$ 575,000,000
Interest rate	0.75%	0.75%
Interest rate	0.53%	0.53%
Applicable margin	4.25%	4.25%
Debt issuance costs	$ 21,100,000	$ 21,100,000		20,600,000
LIBOR Period		1 month
Debt maturity date		Oct. 19, 2022
Senior Secured Term Loan B [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	0.75%	0.75%
Senior Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 2,600,000	$ 2,600,000		$ 2,900,000
Borrowings	$ 133,000,000	$ 133,000,000	$ 100,000,000
Debt maturity date		Oct. 19, 2020
Senior Secured Revolving Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate	0.53%	0.53%
Applicable margin		3.50%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Debt issuance costs wrote off		$ 2,589,000	$ 2,589,000
Senior Secured Term Loan B [Member]
Line of Credit Facility [Line Items]
Debt instrument interest rate stated percentage	0.75%	0.75%	0.75%
Debt instrument, applicable margin	4.25%		4.25%
Borrowings	$ 545,000,000	$ 545,000,000	$ 545,000,000	$ 575,000,000
New Senior Credit Facilities [Member]
Line of Credit Facility [Line Items]
Senior secured revolving credit facility current borrowing capacity	100,000,000	100,000,000	100,000,000
Senior secured revolving credit facility maximum borrowing capacity	133,000,000	133,000,000	133,000,000
Debt threshold limit	30,000,000	30,000,000	30,000,000
Debt threshold limit after amendment	$ 39,900,000	39,900,000	39,900,000
Percentage of borrowings under line of credit facility to be exceeded aggregate commitments to maintain net leverage ratio	30.00%
Debt issuance costs	$ 3,700,000	$ 3,700,000	$ 3,700,000
Debt issuance costs wrote off	$ 2,600,000
French Safeguard [Member]
Line of Credit Facility [Line Items]
Debt instrument interest rate stated percentage	0.00%	0.00%	0.00%
French Safeguard Obligations	$ 496,000	$ 496,000	$ 496,000		$ 2,000,000
Current maturities of French Safeguard obligations	100,000	100,000	100,000
Noncurrent maturities of French Safeguard obligations	$ 400,000	$ 400,000	$ 400,000
Minimum [Member] | Senior Secured Term Loan B [Member]
Line of Credit Facility [Line Items]
Debt instrument interest rate stated percentage	0.75%	0.75%	0.75%
Minimum [Member] | French Safeguard [Member]
Line of Credit Facility [Line Items]
Creditor's claim period			10 years
Minimum [Member] | Brazilian [Member]
Line of Credit Facility [Line Items]
Lines of credit annual interest rate			2.50%
Minimum [Member] | Chinese [Member]
Line of Credit Facility [Line Items]
Lines of credit annual interest rate			1.35%
Maximum [Member] | Brazilian [Member]
Line of Credit Facility [Line Items]
Lines of credit annual interest rate			9.10%
Maximum [Member] | Chinese [Member]
Line of Credit Facility [Line Items]
Lines of credit annual interest rate			4.88%

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt Restated for Adoption of New Accounting Standard (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 804,313	$ 807,114
Less current maturities of long-term debt	8,621	11,714
Long-term debt, excluding current maturities of long-term debt	795,692	795,400
Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes	244,822	244,088
French Safeguard [Member]
Debt Instrument [Line Items]
French Safeguard Obligations	496	2,000
Brazilian [Member]
Debt Instrument [Line Items]
Borrowings under line of credit	681	826
Chinese [Member]
Debt Instrument [Line Items]
Borrowings under line of credit	2,706	3,696
Audited [Member]
Debt Instrument [Line Items]
Total debt		820,073
Less current maturities of long-term debt		11,714
Long-term debt, excluding current maturities of long-term debt		808,359
Audited [Member] | Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes		244,509
Audited [Member] | French Safeguard [Member]
Debt Instrument [Line Items]
French Safeguard Obligations		2,000
Audited [Member] | Brazilian [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		826
Audited [Member] | Chinese [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		3,696
Restated [Member]
Debt Instrument [Line Items]
Total debt		807,114
Less current maturities of long-term debt		11,714
Long-term debt, excluding current maturities of long-term debt		795,400
Restated [Member] | Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes		244,088
Restated [Member] | French Safeguard [Member]
Debt Instrument [Line Items]
French Safeguard Obligations		2,000
Restated [Member] | Brazilian [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		826
Restated [Member] | Chinese [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		3,696
Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes	525,203	552,957
Senior Secured Term Loan B [Member] | Audited [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes		562,580
Senior Secured Term Loan B [Member] | Restated [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes		552,957
Senior Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Borrowings under line of credit	$ 30,405	3,547
Senior Secured Revolving Facility [Member] | Audited [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		6,462
Senior Secured Revolving Facility [Member] | Restated [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		3,547
ASU 2015-13 Reclass [Member] | Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes		(421)
ASU 2015-13 Reclass [Member] | Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Borrowings under Senior Notes		(9,623)
ASU 2015-13 Reclass [Member] | Senior Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Borrowings under line of credit		$ (2,915)

Long-Term Debt - Schedule of 46

Long-Term Debt - Schedule of Debt Restated for Adoption of New Accounting Standard (Parenthetical) (Detail) - USD ($)	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings	$ 250,000,000
Senior Notes Due 2020 [Member] | Audited [Member]
Debt Instrument [Line Items]
Borrowings			$ 250,000,000
Senior Notes Due 2020 [Member] | Restated [Member]
Debt Instrument [Line Items]
Borrowings			250,000,000
Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Borrowings	545,000,000	$ 575,000,000
Senior Secured Term Loan B [Member] | Audited [Member]
Debt Instrument [Line Items]
Borrowings			575,000,000
Senior Secured Term Loan B [Member] | Restated [Member]
Debt Instrument [Line Items]
Borrowings			575,000,000
Senior Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Borrowings	$ 133,000,000	$ 100,000,000
Senior Secured Revolving Facility [Member] | Audited [Member]
Debt Instrument [Line Items]
Borrowings			100,000,000
Senior Secured Revolving Facility [Member] | Restated [Member]
Debt Instrument [Line Items]
Borrowings			100,000,000
ASU 2015-13 Reclass [Member] | Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Borrowings			250,000,000
ASU 2015-13 Reclass [Member] | Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
Borrowings			575,000,000
ASU 2015-13 Reclass [Member] | Senior Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Borrowings			$ 100,000,000

Goodwill, Net - Changes in Carr

Goodwill, Net - Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill [Line Items]
Beginning Balance	$ 449,898
Currency impacts	161
Goodwill changes from measurement period	(1,805)
Ending Balance	448,254
Precision Bearing Components Group [Member]
Goodwill [Line Items]
Beginning Balance	9,111
Currency impacts	161
Ending Balance	9,272
Autocam Precision Components Group [Member]
Goodwill [Line Items]
Beginning Balance	73,992
Ending Balance	73,992
Precision Engineered Products Group [Member]
Goodwill [Line Items]
Beginning Balance	366,795
Goodwill changes from measurement period	(1,805)
Ending Balance	$ 364,990

Goodwill, Net - Additional Info

Goodwill, Net - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Changes in Carrying Amount of Intangible Assets, Net (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Balance as of December 31, 2015	$ 282,169
Amortization	(20,365)
Currency impacts	149
Balance as of September 30, 2016	261,953
Precision Bearing Components Group [Member]
Finite-Lived Intangible Assets [Line Items]
Balance as of December 31, 2015	1,952
Amortization	(156)
Currency impacts	24
Balance as of September 30, 2016	1,820
Autocam Precision Components Group [Member]
Finite-Lived Intangible Assets [Line Items]
Balance as of December 31, 2015	46,417
Amortization	(2,721)
Currency impacts	125
Balance as of September 30, 2016	43,821
Precision Engineered Products Group [Member]
Finite-Lived Intangible Assets [Line Items]
Balance as of December 31, 2015	233,800
Amortization	(17,488)
Balance as of September 30, 2016	$ 216,312

Shared-Based Compensation - Add

Shared-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 3,560	$ 2,919
Number of options granted			167	54,600
Expenses related to issuance of restricted stock	$ 400	$ 600	$ 2,000	$ 1,700
Non-Executive Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock issue			1 year
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued			152,510	114,475
Restricted Stock [Member] | Officers and Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock issue			3 years
Performance Based Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	300	300	$ 900	$ 500
Stock units issued			202,330	71,550
Compensation expense period			3 years
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	200	200	$ 700	$ 700
Weighted average grant date fair value of the options granted			$ 5.02
Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 900	$ 1,100	$ 3,600	$ 2,900

Shared-Based Compensation - Wei

Shared-Based Compensation - Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant (Detail) - Stock Option [Member]	9 Months Ended
	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	6 years
Risk free interest rate	1.43%
Dividend yield	2.48%
Expected volatility	59.23%
Expected forfeiture rate	3.00%

Shared-Based Compensation - Rec

Shared-Based Compensation - Reconciliation of Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of options, Outstanding, Beginning Balance		1,034
Number of Options, Granted		167	54,600
Number of Options, Exercised		(242)
Number of Options, Forfeited or expired		(33)
Number of Options, Outstanding, Ending Balance		926
Number of Options, Options Exercisable		714
Weighted-Average Exercise Price, Outstanding, Beginning Balance		$ 12.09
Weighted-Average Exercise Price, Granted		11.31
Weighted-Average Exercise Price, Exercised		10.54
Weighted-Average Exercise Price, Forfeited or expired		17.38
Weighted-Average Exercise Price, Outstanding, Ending Balance		12.16
Weighted-Average Exercise Price, Options exercisable		$ 11.54
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance		6 years 1 month 6 days
Weighted- Average Remaining Contractual Term, Options exercisable		5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	[1]	$ 6,092
Aggregate Intrinsic Value, Options exercisable	[1]	$ 1,086
[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, 2016

Provision for Income Taxes - Ad

Provision for Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax [Line Items]
Effective income tax rate	173.00%	19.00%	112.00%	21.00%
Provision (benefit) expense for income taxes	$ (6,423)	$ 936	$ (6,469)	$ 4,009
Change in effective tax rate	15.00%
Maximum [Member]
Income Tax [Line Items]
Increase in tax rate due to adjusting tax rates	112.00%
Minimum [Member]
Income Tax [Line Items]
Increase in tax rate due to adjusting tax rates	10.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Sep. 30, 2016USD ($)
Contingencies And Commitments [Line Items]
Amount accrued for estimation of loss	$ 0
Minimum [Member]
Contingencies And Commitments [Line Items]
Possible loss estimated	0
Maximum [Member]
Contingencies And Commitments [Line Items]
Possible loss estimated	$ 6,000,000

Investment in Non-Consolidate55

Investment in Non-Consolidated Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Dividends declared and paid by the joint venture	$ 3,700
Net sales	$ 204,961	$ 154,824	$ 631,459	$ 483,425
Wuxi Weifu Autocam Precision Machinery Company, Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	49.00%		49.00%
Autocam [Member] | Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Net sales	$ 100		$ 100
Amount due from joint venture	$ 200		$ 200

Investment in Non-Consolidate56

Investment in Non-Consolidated Joint Venture - Components of Joint Venture Investment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Beginning Balance			$ 38,462
Our share of cumulative earnings	$ 1,427	$ 621	4,170	$ 2,503
Ending Balance	38,925		38,925
Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Beginning Balance			38,462
Our share of cumulative earnings			4,545
Dividends declared and paid by joint venture	(3,707)		(3,707)
Accretion of basis difference from purchase accounting			(375)
Ending Balance	$ 38,925		$ 38,925

Investment in Non-Consolidate57

Investment in Non-Consolidated Joint Venture - Summarized Balance Sheet Information for Joint Venture (Detail) - Joint Venture [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Current assets	$ 32,425	$ 24,663
Non-current assets	22,875	22,847
Total assets	55,300	47,510
Current liabilities	16,540	11,171
Total liabilities	$ 16,540	$ 11,171

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value of fixed-rate debt	$ 263,800,000	$ 263,800,000
Debt issuance costs	258,600,000	258,600,000
Amount of interest rate swap	$ 150,000,000	$ 150,000,000
Description of term of interest rate swap		Our $150 million interest rate swap went into effect on December 29, 2015, at which time our interest rate was effectively 6.966%.
Locked interest rate	6.966%	6.966%
Derivative maturity date		Dec. 31, 2018
Derivative inception date		Dec. 29, 2015
Derivative in Net liability position	$ 3,900,000	$ 3,900,000
Gain or loss related to interest rate swaps	600,000	1,400,000	$ (3,015,000)
Interest Rate cash flow hedge liability at fair value	150,000,000	150,000,000
Gain or loss related to interest rate swaps		300,000
Amount to be reclassified from accumulated and other comprehensive income in next twelve months	0	0
Cash payments related to the interest rates swap		1,900,000
Accumulated Other Comprehensive Income (Loss) [Member]
Derivatives, Fair Value [Line Items]
Gain or loss related to interest rate swaps		0
Senior Secured Term Loan B [Member]
Derivatives, Fair Value [Line Items]
Debt issuance costs	$ 21,100,000	$ 21,100,000	$ 20,600,000
Interest rate	0.75%	0.75%
Minimum [Member] | Senior Secured Term Loan B [Member]
Derivatives, Fair Value [Line Items]
Interest rate	0.75%	0.75%
Minimum [Member] | Senior Secured Term Loan B [Member] | Benchmark [Member]
Derivatives, Fair Value [Line Items]
Interest rate	0.75%	0.75%
Maximum [Member] | Senior Secured Term Loan B [Member] | Benchmark [Member]
Derivatives, Fair Value [Line Items]
Interest rate	1.00%	1.00%

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Valued on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative asset - current	$ 22	$ 388
Derivative asset - noncurrent	198	368
Derivative liability - current	(1,956)	(2,098)
Derivative liability - noncurrent	(2,164)	(1,673)
Derivative assets and liabilities, Total	(3,900)	(3,015)
Significant Other Observable Inputs Level 2 Member
Derivatives, Fair Value [Line Items]
Derivative asset - current	22	388
Derivative asset - noncurrent	198	368
Derivative liability - current	(1,956)	(2,098)
Derivative liability - noncurrent	(2,164)	(1,673)
Derivative assets and liabilities, Total	$ (3,900)	$ (3,015)

Fair Value Measurements - Deriv

Fair Value Measurements - Derivatives' Cash Flow Hedging Relationships (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount recognized in Other Comprehensive Income (effective portion)	$ 600	$ 1,400	$ (3,015)
Pre-tax amount of gain/(loss) reclassified from AOCI into Net Income (effective portion)		1,393
Interest Expense [Member] | Forward Starting Interest Rate Swap Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount recognized in Other Comprehensive Income (effective portion)			$ (3,015)
Pre-tax amount of gain/(loss) reclassified from AOCI into Net Income (effective portion)		$ 1,393

Restructuring and Impairment 61

Restructuring and Impairment Charges - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Severance and restructuring cost	$ 700	$ 7,200
Precision Engineered Products Group [Member]
Restructuring Cost and Reserve [Line Items]
Severance and restructuring cost		900
Precision Bearing Components Group [Member]
Restructuring Cost and Reserve [Line Items]
Severance and restructuring cost		2,400
Wheeling Plant [Member]
Restructuring Cost and Reserve [Line Items]
Severance and restructuring cost		7,241
Wheeling Plant [Member] | Autocam Precision Components Group [Member]
Restructuring Cost and Reserve [Line Items]
Severance and restructuring cost		$ 3,900

Restructuring and Impairment 62

Restructuring and Impairment Charges - Summary of Impairment and Restructuring Charges (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges		$ 1,891
Charges	$ 700	7,200
Wheeling Plant [Member]
Restructuring Cost and Reserve [Line Items]
Severance and other employee costs	497	4,315
Site closure and other associated cost	159	2,926
Restructuring and impairment charges	656	7,241
Reserve beginning balance		4,309
Charges		7,241
Paid in 2016		(7,664)
Reserve ending balance	3,886	3,886
Wheeling Plant [Member] | Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Reserve beginning balance		2,464
Charges		4,315
Paid in 2016		(4,145)
Reserve ending balance	2,634	2,634
Wheeling Plant [Member] | Site Closure and Other Associated Cost [Member]
Restructuring Cost and Reserve [Line Items]
Reserve beginning balance		1,845
Charges		2,926
Paid in 2016		(3,519)
Reserve ending balance	$ 1,252	$ 1,252

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - New Senior Credit Facilities [Member] - USD ($)	Oct. 01, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Senior secured revolving credit facility current borrowing capacity		$ 100,000,000
Senior secured revolving credit facility maximum borrowing capacity		133,000,000
Debt threshold limit after amendment		39,900,000
Debt issuance costs		$ 3,700,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Senior secured revolving credit facility current borrowing capacity	$ 133,000,000
Senior secured revolving credit facility maximum borrowing capacity	143,000,000
Debt threshold limit after amendment	42,900,000
Debt issuance costs	$ 300,000
Debt instrument threshold drawn percentage	30.00%