Document_and_Entity_Informatio
Document and Entity Information Statement | 9 Months Ended | |
Sep. 29, 2013 | Oct. 25, 2013 | |
Entity Registrant Name | 'SUPERIOR INDUSTRIES INTERNATIONAL INC | ' |
Entity Central Index Key | '0000095552 | ' |
Current Fiscal Year End Date | '--12-29 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 27,508,206 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
NET SALES | $191,619 | $193,926 | $597,053 | $611,436 |
Cost of sales | 176,201 | 178,906 | 551,880 | 563,592 |
GROSS PROFIT | 15,418 | 15,020 | 45,173 | 47,844 |
Selling, general and administrative expenses | 8,255 | 5,960 | 22,554 | 20,335 |
INCOME FROM OPERATIONS | 7,163 | 9,060 | 22,619 | 27,509 |
Interest income, net | 413 | 357 | 1,289 | 873 |
Other income (expense), net | 142 | 465 | 556 | 803 |
INCOME BEFORE INCOME TAXES | 7,718 | 9,882 | 24,464 | 29,185 |
Income tax (provision) benefit | -2,547 | 5,174 | -8,035 | -981 |
NET INCOME | $5,171 | $15,056 | $16,429 | $28,204 |
INCOME PER SHARE - BASIC | $0.19 | $0.55 | $0.60 | $1.04 |
INCOME PER SHARE - DILUTED | $0.19 | $0.55 | $0.60 | $1.03 |
DIVIDENDS DECLARED PER SHARE | $0.02 | $0.16 | $0.02 | $0.48 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Net income | $5,171 | $15,056 | $16,429 | $28,204 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation gain | 2,068 | 6,098 | 375 | 4,994 |
Defined benefit pension plan: | ' | ' | ' | ' |
Adjustment to unrealized loss for unvested termination | 522 | 0 | 522 | 0 |
Amortization of amounts resulting from changes in actuarial assumptions | 135 | 67 | 404 | 198 |
Tax provision | -233 | -24 | -333 | -76 |
Pension changes, net of tax | 424 | 43 | 593 | 122 |
Other comprehensive income, net of tax | 2,492 | 6,141 | 968 | 5,116 |
Comprehensive income | $7,663 | $21,197 | $17,397 | $33,320 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $182,724 | $203,364 |
Short term investments | 3,750 | 3,970 |
Accounts receivable, net | 120,009 | 98,467 |
Inventories | 67,665 | 71,948 |
Income taxes receivable | 5,575 | 4,925 |
Deferred income taxes, net | 7,945 | 7,935 |
Other current assets | 13,481 | 14,299 |
Total current assets | 401,149 | 404,908 |
Property, plant and equipment, net | 186,777 | 147,544 |
Investment in and advances to unconsolidated affiliate | 4,638 | 4,638 |
Non-current deferred income taxes, net | 17,289 | 17,038 |
Non-current assets | 29,133 | 25,473 |
Total assets | 638,986 | 599,601 |
Current liabilities: | ' | ' |
Accounts payable | 33,366 | 32,400 |
Accrued expenses | 48,916 | 34,178 |
Total current liabilities | 82,282 | 66,578 |
Non-current income tax liabilities | 12,255 | 11,328 |
Non-current deferred income tax liabilities, net | 18,969 | 18,876 |
Other non-current liabilities | 38,500 | 35,914 |
Commitments and contingencies (Note 14) | 0 | 0 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value, Authorized - 1,000,000 shares, Issued - none | 0 | 0 |
Common stock, no par value, Authorized - 100,000,000 shares, Issued and outstanding - 27,495,956 shares, (27,295,488 shares at December 30, 2012) | 75,046 | 71,819 |
Accumulated other comprehensive loss | -61,646 | -62,614 |
Retained earnings | 473,580 | 457,700 |
Total shareholders' equity | 486,980 | 466,905 |
Total liabilities and shareholders' equity | $638,986 | $599,601 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,495,956 | 27,295,488 |
Common stock, shares outstanding | 27,495,956 | 27,295,488 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $20,684 | $48,156 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant and equipment | -43,408 | -14,265 |
Proceeds from life insurance policy | 297 | 1,726 |
Proceeds from sales and maturities of investments | 3,970 | 4,092 |
Purchase of investments | -3,750 | -3,978 |
Proceeds from sale of property, plant and equipment | 13 | 2,061 |
Premiums paid for life insurance | -347 | -352 |
Other | 0 | 104 |
NET CASH USED IN INVESTING ACTIVITIES | -43,225 | -10,612 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash dividends paid | 0 | -13,063 |
Proceeds from exercise of stock options | 1,515 | 810 |
Excess tax benefits from exercise of stock options | 322 | 0 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,837 | -12,253 |
Effect of exchange rate changes on cash | 64 | 1,808 |
Net (decrease) increase in cash and cash equivalents | -20,640 | 27,099 |
Cash and cash equivalents at the beginning of the period | 203,364 | 187,795 |
Cash and cash equivalents at the end of period | $182,724 | $214,894 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock Including Additional Paid in Capital [Member] | Pension Plans, Defined Benefit [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 30, 2012 | $466,905 | $71,819 | ($5,030) | ($57,584) | $457,700 |
Share balance at Dec. 30, 2012 | 27,295,488 | 27,295,488 | ' | ' | ' |
Net income | 16,429 | ' | ' | ' | 16,429 |
Change in employee benefit plans, net of taxes | 593 | ' | 593 | ' | ' |
Net foreign currency translation adjustment | 375 | ' | ' | 375 | ' |
Stock Options Exercised, Shares | 117,503 | 117,503 | ' | ' | ' |
Stock Options Exercised, Value | 1,515 | 1,515 | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 82,965 | ' | ' | ' |
Stock Based Compensation Expense | 1,500 | 1,500 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 212 | 212 | ' | ' | ' |
Dividends, Cash | -549 | ' | ' | ' | -549 |
Balance at Sep. 29, 2013 | $486,980 | $75,046 | ($4,437) | ($57,209) | $473,580 |
Share balance at Sep. 29, 2013 | 27,495,956 | 27,495,956 | ' | ' | ' |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Sep. 29, 2013 | |
Nature of Operations [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Nature of Operations | |
Headquartered in Van Nuys, California, the principal business of Superior Industries International, Inc. (referred to herein as the “company” or in the first person notation “we,” “us” and “our”) is the design and manufacture of aluminum road wheels for sale to original equipment manufacturers ("OEMs"). We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with wheel manufacturing operations in the United States and Mexico. Customers in North America represent the principal market for our products. In addition, the majority of our net sales to international customers by our North American facilities are delivered primarily to such customers' assembly operations in North America. | |
Ford Motor Company ("Ford"), General Motors Company ("GM"), Toyota Motor Company ("Toyota") and Chrysler Group LLC ("Chrysler") were our customers individually accounting for more than 10 percent of our consolidated sales in the first three quarters of 2013 and together represented approximately 91 percent and 85 percent of our total sales during the first three quarters of 2013 and 2012, respectively. We also manufacture aluminum wheels for Nissan, BMW, Subaru, Mitsubishi, Volkswagen and Tesla. The loss of all or a substantial portion of our sales to Ford, GM, Toyota or Chrysler would have a significant adverse impact on our operating results and financial condition. This risk is partially mitigated by our long-term relationships with these OEM customers and our supply arrangements, which are generally for multi-year periods. | |
Demand for automobiles and light-duty trucks (including SUV's and crossover vehicles) in the North American market is subject to many unpredictable factors such as changes in the general economy, gasoline prices, consumer credit availability and interest rates. Demand for aluminum wheels can be further affected by other factors, including pricing and performance comparisons to competitive materials such as steel. Finally, the demand for our products is influenced by shifts of market share between vehicle manufacturers and the specific market penetration of individual vehicle platforms being sold by our customers. | |
While we historically have had long-term relationships with our customers and our supply arrangements generally are for multi-year periods, maintaining such long-term arrangements on terms acceptable to us has become increasingly difficult. Despite recovery of the market for our products since late in 2009, global competitive pricing pressures continue to affect our business negatively as our customers maintain and/or further develop alternative supplier options. Increasingly global procurement practices and competition, and the pressure for price reductions, may make it more difficult to maintain long-term supply arrangements with our customers. As a result, there can be no guarantees that we will be able to negotiate supply arrangements with our customers on terms acceptable to us in the future. | |
We are engaged in ongoing programs to reduce our own costs through improved operational and procurement practices in an attempt to mitigate the impact of these pricing pressures. However, these improvement programs may not be sufficient to offset the adverse impact of ongoing pricing pressures and potential reductions in customer demand in future periods. Additional factors such as inconsistent customer ordering patterns, increasing product complexity and heightened quality standards also are making it increasingly difficult to reduce our costs. It is also possible that as we incur costs to implement improvement strategies, the initial impact of these strategies on our financial position, results of operations and cash flow may be negative. | |
The raw materials used in producing our products are readily available and are obtained through suppliers with whom we have, in many cases, relatively long-standing trade relations. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
BasisOfPresentationSignificantAccountingPoliciesAndPriorPeriodAdjustments [Text Block] | ' |
Presentation of Condensed Consolidated Financial Statements | |
During interim periods, we follow the accounting policies set forth in our Annual Report on Form 10-K for the fiscal year ended December 30, 2012 (the "2012 Annual Report on Form 10K") and apply appropriate interim financial reporting standards for a fair statement of our operating results and financial position in conformity with accounting principles generally accepted in the United States of America, as codified by the Financial Accounting Standards Board ("FASB") in the Accounting Standards Codification ("ASC") (referred to herein as "U.S. GAAP"), as indicated below. Users of financial information produced for interim periods in 2013 are encouraged to read this Quarterly Report on Form 10-Q in conjunction with our consolidated financial statements and notes thereto filed with the Securities and Exchange Commission ("SEC") in our 2012 Annual Report on Form 10-K. | |
Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time, including the use of estimated effective tax rates. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. | |
We use a 4-4-5 convention for our fiscal quarters, which are thirteen week periods generally ending on the last Sunday of each calendar quarter. We refer to these thirteen week fiscal periods as “quarters” throughout this report. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the SEC’s requirements for Form 10-Q and, in our opinion, contain all adjustments, of a normal and recurring nature, which are necessary for a fair statement of (i) the condensed consolidated income statements for the thirty-nine week periods ended September 29, 2013 and September 23, 2012, (ii) the condensed consolidated statements of comprehensive income for the thirty-nine week periods ended September 29, 2013 and September 23, 2012, (iii) the condensed consolidated balance sheets at September 29, 2013 and December 30, 2012, (iv) the condensed consolidated statements of cash flows for the thirty-nine week periods ended September 29, 2013 and September 23, 2012, and (v) the condensed consolidated statement of shareholders’ equity for the thirty-nine week period ended September 29, 2013. However, the accompanying unaudited condensed consolidated financial statements do not include all information and notes required by U.S. GAAP. The condensed consolidated balance sheet as of December 30, 2012, included in this report, was derived from our 2012 audited financial statements, but does not include all disclosures required by U.S. GAAP. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 9 Months Ended |
Sep. 29, 2013 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
Investment in Unconsolidated Affiliate | |
On June 28, 2010, we executed a share subscription agreement with Synergies Castings Limited ("Synergies"), a private aluminum wheel manufacturer based in Visakhapatnam, India, providing for our acquisition of a minority interest in Synergies. As of September 29, 2013, the total cash investment in Synergies amounted to $4.5 million, representing 12.6 percent of the outstanding equity shares of Synergies. Our Synergies investment is accounted for using the cost method. During 2011, a group of existing equity holders, including the company, made a loan of $1.5 million to Synergies for working capital needs. The company's share of this unsecured advance was $450,000, with original terms including repayment over 24 months, and bearing interest at 7 percent per annum, payable quarterly. The principal balance as of September 29, 2013 was $346,000. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Our 2008 Equity Incentive Plan was amended and restated effective May 22, 2013 upon approval by our shareholders at our annual shareholders meeting. As amended, the plan authorizes us to issue up to 3.5 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock and performance units to our officers, key employees, non-employee directors and consultants. At September 29, 2013, there were 2.0 million shares available for future grants under this plan. No more than 600,000 shares may be used under the plan as “full value” awards, which include restricted stock and performance units. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options. Options are granted at not less than fair market value on the date of grant and expire no later than ten years after the date of grant. Options and restricted shares granted under the plan generally require no less than a three year ratable vesting period. | ||||||||||||||||
During the first three quarters of 2013 there were no option grants. During the first three quarters of 2012, we granted options for a total of 247,500 shares. The weighted average fair values at the grant dates for options issued during the first three quarters of 2012 was $5.10 per option share. The fair value of options at the grant date was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the first three quarters of 2012: (i) dividend yield on our common stock of 3.74 percent; (ii) expected stock price volatility of 41.2 percent; (iii) a risk-free interest rate of 1.36 percent; and (iv) an expected option term of 6.9 years. During the first three quarters of 2013, the number of stock options exercised totaled 117,503 and 75,550 options were canceled. During the first three quarters of 2012, stock options totaling 52,325 were exercised, and 146,750 options were canceled. | ||||||||||||||||
During the first three quarters of 2013 and 2012, we granted restricted shares, or “full value” awards, totaling 92,631 and 33,550 shares, respectively. The fair values of each issued restricted share on the applicable date of grant averaged $17.61 and $16.92 for the first three quarters of 2013 and 2012, respectively. Restricted share awards, which are generally subject to forfeiture if employment terminates prior to the shares vesting, are expensed ratably over the vesting period. Shares of restricted stock are considered issued and outstanding shares at the date of grant and have the same dividend and voting rights as other common stock. Dividends paid on the restricted shares are non-forfeitable if the restricted shares do not ultimately vest. | ||||||||||||||||
Stock-based compensation expense related to our unvested stock options and restricted share awards was allocated as follows: | ||||||||||||||||
(Dollars in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of sales | $ | 50 | $ | 49 | $ | 168 | $ | 187 | ||||||||
Selling, general and administrative expenses | 464 | 456 | 1,332 | 1,319 | ||||||||||||
Stock-based compensation expense before income taxes | 514 | 505 | 1,500 | 1,506 | ||||||||||||
Income tax benefit | (132 | ) | (133 | ) | (360 | ) | (385 | ) | ||||||||
Total stock-based compensation expense after income taxes | $ | 382 | $ | 372 | $ | 1,140 | $ | 1,121 | ||||||||
As of September 29, 2013, a total of $2.7 million of unrecognized compensation cost related to non-vested awards is expected to be recognized over a weighted average period of approximately 1.7 years. There were no significant capitalized stock-based compensation costs at September 29, 2013 and December 30, 2012. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
Business Segments | ||||||||||||||||
Our Chairman and Chief Executive Officer is our chief operating decision maker ("CODM"). Our CODM evaluates both consolidated and disaggregated financial information at each manufacturing facility in deciding how to allocate resources and assess performance. Each manufacturing facility functions as a separate cost center, manufactures the same products, ships product to the same group of customers, and utilizes the same cast manufacturing process and, as a result, production can be transferred among our facilities. Accordingly, we operate as a single integrated business and, as such, have only one operating segment - original equipment aluminum automotive wheels. Net sales and net property, plant and equipment by geographic area are summarized below. | ||||||||||||||||
(Dollars in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
Net sales: | September 29, | September 23, | September 29, | September 23, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. (1) | $ | 65,090 | $ | 66,994 | $ | 219,228 | $ | 233,935 | ||||||||
Mexico (1) | 126,529 | 126,932 | 377,825 | 377,501 | ||||||||||||
Consolidated net sales | $ | 191,619 | $ | 193,926 | $ | 597,053 | $ | 611,436 | ||||||||
Property, plant and equipment, net: | September 29, | December 30, | ||||||||||||||
2013 | 2012 | |||||||||||||||
U.S. | $ | 60,028 | $ | 52,458 | ||||||||||||
Mexico | 126,749 | 95,086 | ||||||||||||||
Consolidated property, plant and equipment, net | $ | 186,777 | $ | 147,544 | ||||||||||||
(1) For the thirteen and thirty-nine weeks ended September 23, 2012, net sales totaling $1.5 million and $2.3 million, respectively, were reclassified from the U.S. to Mexico as a result of reallocating intercompany sales transactions that eliminate in consolidation. |
PreProduction_Costs_Related_to
Pre-Production Costs Related to Long-Term Supply Arrangements | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Pre-Production Costs and Deferred Revenue Related to Long-Term Supply Arrangements [Abstract] | ' | ||||||||
PreProductionCostsandDeferredRevenueRelatedtoLongTermSupplyArrangements [Text Block] | ' | ||||||||
Pre-Production Costs Related to Long-Term Supply Arrangements | |||||||||
We incur preproduction engineering and tooling costs related to the products produced for our customers under long-term supply agreements. We amortize the cost of the customer-owned tooling over the expected life of the wheel program on a straight line basis. Also, we defer any reimbursements made to us by our customers and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. Recognized deferred tooling revenues included in net sales in the condensed consolidated income statements totaled $2.3 million and $2.1 million for the thirteen weeks ended September 29, 2013 and September 23, 2012, respectively, and $7.2 million and $6.1 million for the thirty-nine weeks ended September 29, 2013 and September 23, 2012, respectively. The following table summarizes the unamortized customer-owned tooling costs included in our non-current assets, and the deferred tooling revenues included in accrued expenses and other non-current liabilities. | |||||||||
(Dollars in Thousands) | September 29, 2013 | December 30, 2012 | |||||||
Unamortized Preproduction Costs | |||||||||
Preproduction costs | $ | 57,971 | $ | 51,638 | |||||
Accumulated amortization | (44,253 | ) | (38,667 | ) | |||||
Net preproduction costs | $ | 13,718 | $ | 12,971 | |||||
Deferred Tooling Revenues | |||||||||
Accrued expenses | $ | 5,821 | $ | 5,688 | |||||
Other non-current liabilities | 2,919 | 3,443 | |||||||
Total deferred tooling revenues | $ | 8,740 | $ | 9,131 | |||||
Income_Per_Share
Income Per Share | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Income Per Share | ||||||||||||||||
In accordance with U.S. GAAP, basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of outstanding stock options calculated using the treasury stock method. | ||||||||||||||||
The computation of diluted earnings per share does not include stock option awards that were outstanding and anti-dilutive (i.e., including such awards would result in higher earnings per share), since the exercise prices of these awards exceeded the average market price of the company’s common stock during the respective periods. For the thirteen and thirty-nine week periods ended September 29, 2013, 1.8 million and 1.6 million shares issuable under outstanding stock options were excluded from the computations, respectively. For the thirteen and thirty-nine week periods ended September 23, 2012, 2.5 million and 2.1 million shares issuable under outstanding stock options were excluded from the computations, respectively. Summarized below are the calculations of basic and diluted earnings per share. | ||||||||||||||||
(In thousands, except per share amounts) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic Income Per Share: | ||||||||||||||||
Reported net income | $ | 5,171 | $ | 15,056 | $ | 16,429 | $ | 28,204 | ||||||||
Basic income per share | $ | 0.19 | $ | 0.55 | $ | 0.6 | $ | 1.04 | ||||||||
Weighted average shares outstanding - Basic | 27,453 | 27,234 | 27,370 | 27,205 | ||||||||||||
Diluted Income Per Share: | ||||||||||||||||
Reported net income | $ | 5,171 | $ | 15,056 | $ | 16,429 | $ | 28,204 | ||||||||
Diluted income per share | $ | 0.19 | $ | 0.55 | $ | 0.6 | $ | 1.03 | ||||||||
Weighted average shares outstanding | 27,453 | 27,234 | 27,370 | 27,205 | ||||||||||||
Weighted average dilutive stock options | 83 | 87 | 144 | 108 | ||||||||||||
Weighted average shares outstanding - Diluted | 27,536 | 27,321 | 27,514 | 27,313 | ||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Income Taxes | |
We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. | |
The effect on deferred taxes of a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the likelihood of realization of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income taxes when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. We believe that the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in the United States and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. The valuation allowances carried against our deferred tax assets totaled $3.4 million as of September 29, 2013 and December 30, 2012. | |
The company adopted the U.S. GAAP method of accounting for uncertain tax positions during 2007. The purpose of this method is to clarify accounting for uncertain tax positions recognized. The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. | |
Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time, the company does not have any plans to repatriate additional income from its foreign subsidiaries. | |
For the thirteen weeks ended September 29, 2013 the provision for income taxes was $2.5 million, which was an effective income tax rate of 33 percent. The effective tax rate was favorably affected by income tax credits and foreign income taxes that are taxed at rates lower than the U. S. statutory rates, partially offset by unfavorable non-deductible expenses incurred during the quarter, interest on unrecognized tax benefits and state income taxes (net of federal tax benefit). The provision for income taxes for the thirty-nine weeks ended September 29, 2013 was $8.0 million, which was an effective income tax rate of 33 percent. The effective tax rate was favorably impacted by foreign income taxes (taxed at rates lower than the U. S. statutory rates) and tax credits, including credits recognized as a result of the 2013 enactment of the American Taxpayer Relief Act of 2012 and the settlement of a tax audit at our Mexican subsidiary discussed below, partially offset by state income taxes (net of federal tax benefit). | |
For the thirteen weeks ended September 23, 2012 the benefit from income taxes was $5.2 million, which was a negative effective income tax rate of 52 percent. For the thirty-nine weeks ended September 23, 2012 the provision for income taxes was $1.0 million, which was an effective income tax rate of 3 percent. During the third quarter of 2012, the Mexican taxing authorities finalized their audit of the 2004 tax year of Superior Industries de Mexico S.A. de C.V. (SIM), our wholly-owned Mexican subsidiary. As a result of this settlement, the company paid $0.9 million and reversed approximately $21.7 million of liabilities for uncertain tax positions, which was partially offset by the reversal of competent authority deferred tax assets of $12.7 million that were recorded in the U.S. The reversals recorded during the third quarter of 2012 caused the negative effective income tax rate for the thirteen week period ended September 23, 2012 and caused the effective tax rate for the thirty-nine week period ended September 23, 2012 to be substantially lower than the U.S. federal tax rate of 35 percent. The effective tax rates for the thirteen week period and the thirty-nine week period ended September 23, 2012 were also impacted by increases in unrecognized tax benefit positions, foreign income taxes (taxed at rates lower than the U. S. statutory rates) and state income taxes (net of federal tax benefit). | |
Within the next twelve month period ending September 28, 2014, we do not expect any of the yet unrecognized tax benefits to be recognized due to the expiration of related statutes of limitations or completion of any income tax examinations. Mexico's Tax Administration Service (Servicio de Administracion Tributaria, or "SAT"), finalized its examination of the 2007 tax year of Superior Industries de Mexico S.A. de C.V., our wholly-owned Mexican subsidiary, during February 2013. As a result, we reached a settlement with SAT for the 2007 tax year and made a cash payment of $0.3 million. During the first three quarters of 2013, the liability for uncertain tax positions increased by $1.0 million to $12.3 million from $11.3 million at December 30, 2012. The increase primarily resulted from $1.3 million of liabilities established against tax credits recognized during the first three quarters of 2013 and $0.5 million of interest and penalties which were recognized in income tax expense, partially offset by a $0.9 million reduction resulting from the settlement of the 2007 tax year described above and $0.1 million of foreign currency translation adjustments. In September 2013 the Executive Branch of the Mexican government presented a 2014 tax reform proposal to the Congress of Mexico. In addition, the lower house of the Congress of Mexico approved a tax bill which was sent to the upper house of Congress in October 2013. The proposed bill contains provisions that could have a significant impact on our future foreign income tax expense. However, we do not know which provisions, if any, in the current proposal will ultimately be enacted into law. | |
We conduct business internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities throughout the world, including taxing authorities in Mexico, the Netherlands, India and the United States. We are no longer open for examination by taxing authorities regarding any U.S. federal income tax returns for years before 2010 while the years open for examination under various state and local jurisdictions vary. |
ShortTerm_Investments
Short-Term Investments | 9 Months Ended |
Sep. 29, 2013 | |
Short-term Investments [Abstract] | ' |
Cash, Cash Equivalents, and Short-term Investments [Text Block] | ' |
Short-Term Investments | |
The company's short-term investments include certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less. Certificates of deposit and fixed deposits whose original maturity is three months or less are classified as cash equivalents and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current assets in our condensed consolidated balance sheet. The purchase of any certificate of deposit or fixed deposit that is classified as a short-term investment or non-current asset appears in the investing section of our condensed consolidated statement of cash flows. Included in cash and cash equivalents are money market funds of $28.5 million at December 30, 2012. Our money market funds are categorized as Level 1 in the fair value hierarchy with fair value measurements based on quoted prices in active markets for identical assets. | |
Restricted Deposits | |
We purchase certificates of deposit with maturity dates that expire within twelve months that are used to directly secure or collateralize letters of credit securing our workers’ compensation obligations. At September 29, 2013 and December 30, 2012, certificates of deposit totaling $3.8 million and $4.0 million, respectively, were restricted in use and were classified as short-term investments on our condensed consolidated balance sheets. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |||||||
Accounts Receivable | ||||||||
(Dollars in thousands) | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Trade receivables | $ | 114,584 | $ | 91,747 | ||||
Other receivables | 6,397 | 7,293 | ||||||
120,981 | 99,040 | |||||||
Allowance for doubtful accounts | (972 | ) | (573 | ) | ||||
Accounts receivable, net | $ | 120,009 | $ | 98,467 | ||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Inventories | ||||||||
(Dollars in thousands) | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Raw materials | $ | 13,333 | $ | 18,325 | ||||
Work in process | 29,952 | 31,525 | ||||||
Finished goods | 24,380 | 22,098 | ||||||
Inventories | $ | 67,665 | $ | 71,948 | ||||
Service wheel and supplies inventory included in other non-current assets in the condensed consolidated balance sheets totaled $5.6 million and $6.5 million at September 29, 2013 and December 30, 2012, respectively. Included in raw materials was supplies inventory totaling $8.7 million and $10.2 million at September 29, 2013 and December 30, 2012, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
(Dollars in thousands) | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Land and buildings | $ | 71,345 | $ | 70,235 | ||||
Machinery and equipment | 420,126 | 408,620 | ||||||
Leasehold improvements and others | 8,798 | 8,374 | ||||||
Construction in progress | 48,135 | 7,565 | ||||||
548,404 | 494,794 | |||||||
Accumulated depreciation | (361,627 | ) | (347,250 | ) | ||||
Property, plant and equipment, net | $ | 186,777 | $ | 147,544 | ||||
Depreciation expense was $7.3 million and $6.5 million for the thirteen weeks ended September 29, 2013 and September 23, 2012, respectively. Depreciation expense was $21.4 million and $19.5 million for the thirty-nine weeks ended September 29, 2013 and September 23, 2012, respectively. |
Retirement_Plans
Retirement Plans | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||
Retirement Plans | ||||||||||||||||
We have an unfunded supplemental executive retirement plan covering certain officers, key members of management and our non-employee directors. Subject to certain vesting requirements, the plan provides for retirement benefits based on the average of the final thirty-six months of base salary. Such benefits become payable upon attaining age sixty-five, or upon retirement, if later. The benefits are paid biweekly and continue for the retiree’s remaining life or for a minimum of ten years. The plan was closed to new participants effective February 3, 2011. | ||||||||||||||||
For the thirty-nine weeks ended September 29, 2013, payments to retirees or their beneficiaries totaled approximately $973,000. We presently anticipate benefit payments in 2013 to total approximately $1.3 million. The following table summarizes the components of net periodic pension cost for the first three quarters of 2013 and 2012. | ||||||||||||||||
(Dollars in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 67 | $ | 61 | $ | 201 | $ | 183 | ||||||||
Interest cost | 283 | 304 | 851 | 914 | ||||||||||||
Net amortization | 135 | 66 | 404 | 197 | ||||||||||||
Net periodic pension cost | $ | 485 | $ | 431 | $ | 1,456 | $ | 1,294 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
In March 2013, our board of directors approved a new stock repurchase program authorizing the repurchase of up to $30.0 million of our common stock. This new repurchase program replaced the previously existing share repurchase program. Under the repurchase program, we may repurchase common stock from time to time on the open market or in private transactions. Currently, we expect to fund the repurchases through available cash, although credit options are being evaluated in the context of total capital needs. The timing and extent of the repurchases will depend upon market conditions and other corporate considerations at the company's sole discretion. | |
In June 2013 we entered into a contract for the construction of the facility for our new wheel plant in Mexico and in the third quarter of 2013 we entered into non-cancellable contracts for the purchase of equipment for the new facility. These contracts are denominated in U.S. dollars, Mexican pesos and euros with a U.S. dollar value of approximately $83.1 million, which is expected to be paid out over the next 12 months. As of September 29, 2013, cash payments made under the contracts related to the new facility totaled $19.7 million. | |
During the quarter ended June 30, 2013 we reached a settlement of an issue with the customs authorities relating to our operations in Mexico, during a period of time in 2010 when we did not timely file required customs forms. The settlement did not have a significant impact on our results of operations for the period. | |
We are party to various legal and environmental proceedings incidental to our business. Certain claims, suits and complaints arising in the ordinary course of business have been filed or are pending against us. Based on facts now known, we believe all such matters are adequately provided for, covered by insurance, are without merit and/or involve such amounts that would not materially adversely affect our consolidated results of operations, cash flows or financial position. For additional information concerning contingencies, risks and uncertainties, see Note 15 – Risk Management. |
Risk_Management
Risk Management | 9 Months Ended |
Sep. 29, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
Risk Management | |
We are subject to various risks and uncertainties in the ordinary course of business due, in part, to the competitive global nature of the industry in which we operate, changing commodity prices for the materials used in the manufacture of our products and the development of new products. | |
The functional currency of certain foreign operations in Mexico is the Mexican peso. The settlement of accounts receivable and accounts payable for our operations in Mexico requires the transfer of funds denominated in the Mexican peso, the value of which was unchanged in relation to the U.S. dollar in the first three quarters of 2013. Foreign currency transaction losses totaled $0.2 million in the third quarter of 2013 and transaction gains totaled $0.5 million in the third quarter of 2012. Foreign currency transaction gains totaled $0.2 million and $0.6 million in the first three quarters of 2013 and 2012, respectively. All transaction gains and losses are included in other income (expense) in the condensed consolidated income statements. | |
As it relates to foreign currency translation gains and losses, however, since 1990, the Mexican peso has experienced periods of relative stability followed by periods of major declines in value. The impact of these changes in value relative to our Mexico operations resulted in a cumulative unrealized translation loss at September 29, 2013 of $56.2 million. Translation gains and losses are included in other comprehensive income in the condensed consolidated statements of comprehensive income. | |
When market conditions warrant, we may also enter into purchase commitments to secure the supply of certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. At September 29, 2013 we have several purchase commitments in place for the delivery of natural gas in 2013 through 2015 for a total cost of $3.9 million. These natural gas contracts are considered to be derivatives under U.S. GAAP, and when entering into these contracts, we expected to take full delivery of the contracted quantities of natural gas over the normal course of business. Accordingly, at inception, these contracts qualified for the normal purchase, normal sale ("NPNS") exemption provided for under U.S. GAAP. As such, we do not account for these purchase commitments as derivatives unless there is a change in facts or circumstances in regard to the company's intent or ability to use the contracted quantities of natural gas over the normal course of business. Based on the quarterly analysis of our estimated future production levels, we believe that our remaining natural gas purchase commitments that were in effect as of September 29, 2013 will continue to qualify for the NPNS exemption since we can assert that it is probable we will take full delivery of the contracted quantities. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Sep. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On October 14, 2013, the company and Steven J. Borick entered into a Separation Agreement (the "Separation Agreement"), providing for Mr. Borick's separation from employment as the company's President and Chief Executive Officer, effective upon the earlier of March 31, 2014 or the announcement of the hiring of a successor to either of these offices (the "Separation Date"). Mr. Borick remains the Chairman of the Board of Directors of the Company. | |
Under the Separation Agreement, in addition to payment of his salary and accrued vacation through the Separation Date, the Company will pay or provide Mr. Borick with the following: | |
(a) A lump-sum cash payment in an amount equal to (i) $1,345,833 (eighteen months of Mr. Borick's current base salary and an amount equal to an additional 30 days of compensation at Mr. Borick's current salary rate), plus (ii) if the Separation Date occurs prior to March 31, 2014, the amount of base salary that would have been payable to Mr. Borick during the period beginning on the Separation Date and ending on March 31, 2014; | |
(b) A lump-sum cash payment in an amount equal to that which Mr. Borick is eligible to receive under the Company's CEO Annual Incentive Performance Plan (described in the Company's most recent proxy statement) for 2013, calculated as though Mr. Borick remains employed by the Company as of the end of the calendar year; | |
(c) A grant of a number of shares of Company common stock equal to the Black-Scholes value of an annual award of 120,000 stock options that Mr. Borick would have been eligible to receive under the Company's Equity Incentive Plan, divided by the Company's closing stock price as reported on the New York Stock Exchange on the Separation Date (or if no price is reported on that day, then the last day prior to such day on which a price is reported); and | |
(d) Vesting of all of Mr. Borick's unvested stock options and unvested restricted stock. | |
In addition, the Company and Mr. Borick entered a Consulting Agreement, dated the same date as the Separation Agreement, providing for Mr. Borick to consult with the Company for a twelve-month period beginning on the later of the Separation Date or the date on which he ceases being a member of the board of directors of the Company (provided, such period shall begin no later than the date of the Company's annual meeting of stockholders in 2015), in exchange for monthly payments of $5,000. | |
In the third quarter of 2013, the company accrued $0.9 million of compensation expense in connection with Mr. Borick's employment agreement. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
During interim periods, we follow the accounting policies set forth in our Annual Report on Form 10-K for the fiscal year ended December 30, 2012 (the "2012 Annual Report on Form 10K") and apply appropriate interim financial reporting standards for a fair statement of our operating results and financial position in conformity with accounting principles generally accepted in the United States of America, as codified by the Financial Accounting Standards Board ("FASB") in the Accounting Standards Codification ("ASC") (referred to herein as "U.S. GAAP"), as indicated below. Users of financial information produced for interim periods in 2013 are encouraged to read this Quarterly Report on Form 10-Q in conjunction with our consolidated financial statements and notes thereto filed with the Securities and Exchange Commission ("SEC") in our 2012 Annual Report on Form 10-K. | |
We use a 4-4-5 convention for our fiscal quarters, which are thirteen week periods generally ending on the last Sunday of each calendar quarter. We refer to these thirteen week fiscal periods as “quarters” throughout this report. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the SEC’s requirements for Form 10-Q and, in our opinion, contain all adjustments, of a normal and recurring nature, which are necessary for a fair statement of (i) the condensed consolidated income statements for the thirty-nine week periods ended September 29, 2013 and September 23, 2012, (ii) the condensed consolidated statements of comprehensive income for the thirty-nine week periods ended September 29, 2013 and September 23, 2012, (iii) the condensed consolidated balance sheets at September 29, 2013 and December 30, 2012, (iv) the condensed consolidated statements of cash flows for the thirty-nine week periods ended September 29, 2013 and September 23, 2012, and (v) the condensed consolidated statement of shareholders’ equity for the thirty-nine week period ended September 29, 2013. However, the accompanying unaudited condensed consolidated financial statements do not include all information and notes required by U.S. GAAP. The condensed consolidated balance sheet as of December 30, 2012, included in this report, was derived from our 2012 audited financial statements, but does not include all disclosures required by U.S. GAAP. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time, including the use of estimated effective tax rates. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
In accordance with U.S. GAAP, basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of outstanding stock options calculated using the treasury stock method. | |
The computation of diluted earnings per share does not include stock option awards that were outstanding and anti-dilutive (i.e., including such awards would result in higher earnings per share), since the exercise prices of these awards exceeded the average market price of the company’s common stock during the respective periods. | |
Amortization Policy, Pre-production Costs [Policy Text Block] | ' |
We amortize the cost of the customer-owned tooling over the expected life of the wheel program on a straight line basis. | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | ' |
Also, we defer any reimbursements made to us by our customers and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
The company's short-term investments include certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less. Certificates of deposit and fixed deposits whose original maturity is three months or less are classified as cash equivalents and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current assets in our condensed consolidated balance sheet. | |
Income Tax, Policy [Policy Text Block] | ' |
We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. | |
The effect on deferred taxes of a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the likelihood of realization of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income taxes when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. We believe that the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in the United States and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. | |
Income Tax Uncertainties, Policy [Policy Text Block] | ' |
The company adopted the U.S. GAAP method of accounting for uncertain tax positions during 2007. The purpose of this method is to clarify accounting for uncertain tax positions recognized. The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||
Stock-based compensation expense related to our unvested stock options and restricted share awards was allocated as follows: | ||||||||||||||||
(Dollars in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of sales | $ | 50 | $ | 49 | $ | 168 | $ | 187 | ||||||||
Selling, general and administrative expenses | 464 | 456 | 1,332 | 1,319 | ||||||||||||
Stock-based compensation expense before income taxes | 514 | 505 | 1,500 | 1,506 | ||||||||||||
Income tax benefit | (132 | ) | (133 | ) | (360 | ) | (385 | ) | ||||||||
Total stock-based compensation expense after income taxes | $ | 382 | $ | 372 | $ | 1,140 | $ | 1,121 | ||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||||||||||
Net sales and net property, plant and equipment by geographic area are summarized below. | ||||||||||||||||
(Dollars in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
Net sales: | September 29, | September 23, | September 29, | September 23, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. (1) | $ | 65,090 | $ | 66,994 | $ | 219,228 | $ | 233,935 | ||||||||
Mexico (1) | 126,529 | 126,932 | 377,825 | 377,501 | ||||||||||||
Consolidated net sales | $ | 191,619 | $ | 193,926 | $ | 597,053 | $ | 611,436 | ||||||||
Property, plant and equipment, net: | September 29, | December 30, | ||||||||||||||
2013 | 2012 | |||||||||||||||
U.S. | $ | 60,028 | $ | 52,458 | ||||||||||||
Mexico | 126,749 | 95,086 | ||||||||||||||
Consolidated property, plant and equipment, net | $ | 186,777 | $ | 147,544 | ||||||||||||
PreProduction_Costs_Related_to1
Pre-Production Costs Related to Long-Term Supply Arrangements (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Pre-Production Costs and Deferred Revenue Related to Long-Term Supply Arrangements [Abstract] | ' | ||||||||
Pre-Production Costs and Deferred Revenue Related to Long-Term Supply Arrangements [Table Text Block] | ' | ||||||||
The following table summarizes the unamortized customer-owned tooling costs included in our non-current assets, and the deferred tooling revenues included in accrued expenses and other non-current liabilities. | |||||||||
(Dollars in Thousands) | September 29, 2013 | December 30, 2012 | |||||||
Unamortized Preproduction Costs | |||||||||
Preproduction costs | $ | 57,971 | $ | 51,638 | |||||
Accumulated amortization | (44,253 | ) | (38,667 | ) | |||||
Net preproduction costs | $ | 13,718 | $ | 12,971 | |||||
Deferred Tooling Revenues | |||||||||
Accrued expenses | $ | 5,821 | $ | 5,688 | |||||
Other non-current liabilities | 2,919 | 3,443 | |||||||
Total deferred tooling revenues | $ | 8,740 | $ | 9,131 | |||||
Income_Per_Share_Tables
Income Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
Summarized below are the calculations of basic and diluted earnings per share. | ||||||||||||||||
(In thousands, except per share amounts) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic Income Per Share: | ||||||||||||||||
Reported net income | $ | 5,171 | $ | 15,056 | $ | 16,429 | $ | 28,204 | ||||||||
Basic income per share | $ | 0.19 | $ | 0.55 | $ | 0.6 | $ | 1.04 | ||||||||
Weighted average shares outstanding - Basic | 27,453 | 27,234 | 27,370 | 27,205 | ||||||||||||
Diluted Income Per Share: | ||||||||||||||||
Reported net income | $ | 5,171 | $ | 15,056 | $ | 16,429 | $ | 28,204 | ||||||||
Diluted income per share | $ | 0.19 | $ | 0.55 | $ | 0.6 | $ | 1.03 | ||||||||
Weighted average shares outstanding | 27,453 | 27,234 | 27,370 | 27,205 | ||||||||||||
Weighted average dilutive stock options | 83 | 87 | 144 | 108 | ||||||||||||
Weighted average shares outstanding - Diluted | 27,536 | 27,321 | 27,514 | 27,313 | ||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
(Dollars in thousands) | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Trade receivables | $ | 114,584 | $ | 91,747 | ||||
Other receivables | 6,397 | 7,293 | ||||||
120,981 | 99,040 | |||||||
Allowance for doubtful accounts | (972 | ) | (573 | ) | ||||
Accounts receivable, net | $ | 120,009 | $ | 98,467 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories | ||||||||
(Dollars in thousands) | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Raw materials | $ | 13,333 | $ | 18,325 | ||||
Work in process | 29,952 | 31,525 | ||||||
Finished goods | 24,380 | 22,098 | ||||||
Inventories | $ | 67,665 | $ | 71,948 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
(Dollars in thousands) | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Land and buildings | $ | 71,345 | $ | 70,235 | ||||
Machinery and equipment | 420,126 | 408,620 | ||||||
Leasehold improvements and others | 8,798 | 8,374 | ||||||
Construction in progress | 48,135 | 7,565 | ||||||
548,404 | 494,794 | |||||||
Accumulated depreciation | (361,627 | ) | (347,250 | ) | ||||
Property, plant and equipment, net | $ | 186,777 | $ | 147,544 | ||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||
The following table summarizes the components of net periodic pension cost for the first three quarters of 2013 and 2012. | ||||||||||||||||
(Dollars in thousands) | Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 67 | $ | 61 | $ | 201 | $ | 183 | ||||||||
Interest cost | 283 | 304 | 851 | 914 | ||||||||||||
Net amortization | 135 | 66 | 404 | 197 | ||||||||||||
Net periodic pension cost | $ | 485 | $ | 431 | $ | 1,456 | $ | 1,294 | ||||||||
Nature_of_Operations_Details
Nature of Operations (Details) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member], Ford, GM, Toyota, Chrysler Companies [Member]) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Ford, GM, Toyota, Chrysler Companies [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of total revenue | 91.00% | 85.00% |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Dec. 25, 2011 | |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Investment Owned, at Cost | $4,500,000 | ' |
Investment owned, percent of shares outstanding | 12.60% | ' |
Affiliate borrowings from all parties | ' | 1,500,000 |
Advances to Affiliate | ' | 450,000 |
Advance to affiliate, agreement term | '24 months | ' |
Advance to affiliate, stated annual interest rate | 7.00% | ' |
Frequency of Interest Payment | 'quarterly | ' |
Investments in and Advances to Affiliates, Balance, Principal Amount | $346,000 | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Option Activity (Details) (USD $) | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Share-based Compensation [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,500,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,000,000 | ' | ' |
Full Value Awards, Maximum Number of Shares Authorized Under Plan | 600,000 | ' | ' |
Award expiration term | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 247,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $5.10 | ' |
Stock Option Award, Fair Value Assumptions, Expected Dividend Rate | ' | 3.74% | ' |
Stock Option Award, Fair Value Assumptions, Expected Volatility Rate | ' | 41.20% | ' |
Stock Option Award, Fair Value Assumptions, Risk Free Interest Rate | ' | 1.36% | ' |
Stock Option Award, Fair Value Assumptions, Expected Term | ' | '6 years 11 months | ' |
Stock Options Exercised, Shares | 117,503 | 52,325 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 75,550 | 146,750 | ' |
Restricted Stock, Grants in Period | 92,631 | 33,550 | ' |
Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $17.61 | $16.92 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $2,700,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months | ' | ' |
Capitalized share based compensation cost | $0 | ' | $0 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $514 | $505 | $1,500 | $1,506 |
Income tax benefit | -132 | -133 | -360 | -385 |
Total stock-based compensation expense after income taxes | 382 | 372 | 1,140 | 1,121 |
Cost of Sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 50 | 49 | 168 | 187 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $464 | $456 | $1,332 | $1,319 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||
Intercompany sales reclassification | ' | $1,500,000 | ' | $2,300,000 | ' | ||
Net sales | 191,619,000 | 193,926,000 | 597,053,000 | 611,436,000 | ' | ||
Property, plant and equipment, net | 186,777,000 | ' | 186,777,000 | ' | 147,544,000 | ||
UNITED STATES | ' | ' | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||
Net sales | 65,090,000 | 66,994,000 | [1] | 219,228,000 | 233,935,000 | [1] | ' |
Property, plant and equipment, net | 60,028,000 | ' | 60,028,000 | ' | 52,458,000 | ||
MEXICO | ' | ' | ' | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||
Net sales | 126,529,000 | 126,932,000 | [1] | 377,825,000 | 377,501,000 | [1] | ' |
Property, plant and equipment, net | $126,749,000 | ' | $126,749,000 | ' | $95,086,000 | ||
[1] | For the thirteen and thirty-nine weeks ended September 23, 2012, net sales totaling $1.5 million and $2.3 million, respectively, were reclassified from the U.S. to Mexico as a result of reallocating intercompany sales transactions that eliminate in consolidation. |
PreProduction_Costs_Related_to2
Pre-Production Costs Related to Long-Term Supply Arrangements (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Unamortized Preproduction Costs [Abstract] | ' | ' | ' | ' | ' |
Preproduction costs | $57,971,000 | ' | $57,971,000 | ' | $51,638,000 |
Accumulated amortization | -44,253,000 | ' | -44,253,000 | ' | -38,667,000 |
Net preproduction costs | 13,718,000 | ' | 13,718,000 | ' | 12,971,000 |
Deferred Revenue [Abstract] | ' | ' | ' | ' | ' |
Accrued expenses | 5,821,000 | ' | 5,821,000 | ' | 5,688,000 |
Other non-current liabilities | 2,919,000 | ' | 2,919,000 | ' | 3,443,000 |
Total deferred tooling revenues | 8,740,000 | ' | 8,740,000 | ' | 9,131,000 |
Deferred Revenue, Revenue Recognized | $2,300,000 | $2,100,000 | $7,200,000 | $6,100,000 | ' |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,800,000 | 2,500,000 | 1,600,000 | 2,100,000 |
Net income | $5,171 | $15,056 | $16,429 | $28,204 |
Basic income per share | $0.19 | $0.55 | $0.60 | $1.04 |
Weighted average shares outstanding, basic | 27,453,000 | 27,234,000 | 27,370,000 | 27,205,000 |
Diluted income per share | $0.19 | $0.55 | $0.60 | $1.03 |
Weighted average dilutive stock options | 83,000 | 87,000 | 144,000 | 108,000 |
Weighted average shares outstanding, diluted | 27,536,000 | 27,321,000 | 27,514,000 | 27,313,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $3,400,000 | ' | $3,400,000 | ' | $3,400,000 |
Income tax provision | -2,547,000 | 5,174,000 | -8,035,000 | -981,000 | ' |
Effective Income Tax Rate, Continuing Operations | 33.00% | 52.00% | 33.00% | 3.00% | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | ' | 35.00% | ' | ' | ' |
2004 Mexico Tax Audit Settlement [Member] | MEXICO | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | ' | 900,000 | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | ' | 21,700,000 | ' | ' | ' |
2004 Mexico Tax Audit Settlement [Member] | UNITED STATES | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | ' | ($12,700,000) | ' | ' | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefits (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Feb. 15, 2013 |
MEXICO | MEXICO | |||
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | ' | ' | $0.30 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 1 | ' | ' | ' |
Unrecognized Tax Benefits | 12.3 | 11.3 | ' | ' |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 1.3 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0.5 | ' | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0.9 | ' | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Foreign Currency Translation | ' | ' | $0.10 | ' |
Income_Taxes_Tax_Jurisdictions
Income Taxes Tax Jurisdictions (Details) (Internal Revenue Service (IRS) [Member]) | 9 Months Ended |
Sep. 29, 2013 | |
Internal Revenue Service (IRS) [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest Open Tax Year | '2010 |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Short-term Investments [Abstract] | ' | ' |
Money Market Funds, at Carrying Value | ' | $28.50 |
Restricted Cash and Investments, Current | $3.80 | $4 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade receivables | $114,584 | $91,747 |
Other receivables | 6,397 | 7,293 |
Receivables, current | 120,981 | 99,040 |
Allowance for doubtful accounts | -972 | -573 |
Accounts receivable, net | $120,009 | $98,467 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $13,333,000 | $18,325,000 |
Work in process | 29,952,000 | 31,525,000 |
Finished goods | 24,380,000 | 22,098,000 |
Inventories | 67,665,000 | 71,948,000 |
Inventory, noncurrent | 5,600,000 | 6,500,000 |
Supplies inventory | $8,700,000 | $10,200,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Land and buildings | $71,345,000 | ' | $71,345,000 | ' | $70,235,000 |
Machinery and equipment | 420,126,000 | ' | 420,126,000 | ' | 408,620,000 |
Leasehold improvements and others | 8,798,000 | ' | 8,798,000 | ' | 8,374,000 |
Construction in progress | 48,135,000 | ' | 48,135,000 | ' | 7,565,000 |
Property, plant and equipment, gross | 548,404,000 | ' | 548,404,000 | ' | 494,794,000 |
Accumulated depreciation | -361,627,000 | ' | -361,627,000 | ' | -347,250,000 |
Property, plant and equipment, net | 186,777,000 | ' | 186,777,000 | ' | 147,544,000 |
Depreciation expense | $7,300,000 | $6,500,000 | $21,400,000 | $19,500,000 | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Benefits paid | ' | ' | $973,000 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 1,300,000 | ' |
Service cost | 67,000 | 61,000 | 201,000 | 183,000 |
Interest cost | 283,000 | 304,000 | 851,000 | 914,000 |
Net amortization | 135,000 | 66,000 | 404,000 | 197,000 |
Net periodic pension cost | $485,000 | $431,000 | $1,456,000 | $1,294,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Stock Repurchase Program, Authorized Amount | $30,000,000 | ' |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 43,408,000 | 14,265,000 |
New Plant [Member] | MEXICO | ' | ' |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' |
Purchase Obligation | 83,100,000 | ' |
Payments to Acquire Property, Plant, and Equipment | $19,700,000 | ' |
Risk_Management_Details
Risk Management (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Risks and Uncertainties [Abstract] | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ($0.20) | $0.50 | $0.20 | $0.60 |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 3.9 | ' | 3.9 | ' |
MEXICO | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($56.20) | ' | ($56.20) | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Oct. 14, 2013 | Sep. 29, 2013 | Oct. 14, 2013 | Oct. 14, 2013 |
Severance Accrual [Member] | Severance Payment Commitment [Member] | Consulting Fee, Monthly Amount | ||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Other Accrued Liabilities, Current | ' | $900,000 | ' | ' |
Other Commitment | ' | ' | $1,345,833 | $5,000 |
Option Grant, Value, Basis for Share Grant | 120,000 | ' | ' | ' |