Document_and_Entity_Informatio
Document and Entity Information Statement | 3 Months Ended | |
Mar. 30, 2014 | Apr. 25, 2014 | |
Entity Registrant Name | 'SUPERIOR INDUSTRIES INTERNATIONAL INC | ' |
Entity Central Index Key | '0000095552 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 27,135,288 |
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 | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
NET SALES | $183,390 | $206,441 |
Cost of sales | 167,754 | 192,923 |
GROSS PROFIT | 15,636 | 13,518 |
Selling, general and administrative expenses | 7,934 | 7,209 |
INCOME FROM OPERATIONS | 7,702 | 6,309 |
Interest income, net | 348 | 435 |
Other income (expense), net | 9 | 131 |
INCOME BEFORE INCOME TAXES | 8,059 | 6,875 |
Provision for income taxes | -3,237 | -1,941 |
NET INCOME | $4,822 | $4,934 |
INCOME PER SHARE - BASIC | $0.18 | $0.18 |
INCOME PER SHARE - DILUTED | $0.18 | $0.18 |
DIVIDENDS DECLARED PER SHARE | $0.18 | $0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Net income | $4,822 | $4,934 |
Other comprehensive income (loss), net of tax: | ' | ' |
Foreign currency translation (loss) gain | -111 | 5,940 |
Defined benefit pension plan: | ' | ' |
Amortization of amounts resulting from changes in actuarial assumptions | 30 | 135 |
Tax provision | -11 | -50 |
Pension changes, net of tax | 19 | 85 |
Other comprehensive income (loss), net of tax | -92 | 6,025 |
Comprehensive income | $4,730 | $10,959 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $157,799 | $199,301 |
Short term investments | 3,750 | 3,750 |
Accounts receivable, net | 108,190 | 89,623 |
Inventories | 65,880 | 67,193 |
Income taxes receivable | 4,450 | 7,584 |
Deferred income taxes, net | 7,914 | 7,917 |
Other current assets | 16,499 | 8,850 |
Total current assets | 364,482 | 384,218 |
Property, plant and equipment, net | 245,276 | 219,892 |
Investment in and advances to unconsolidated affiliate | 4,559 | 4,565 |
Non-current deferred income taxes, net | 14,878 | 14,664 |
Non-current assets | 31,916 | 30,049 |
Total assets | 661,111 | 653,388 |
Current liabilities: | ' | ' |
Accounts payable | 32,632 | 34,494 |
Accrued expenses | 74,851 | 64,936 |
Total current liabilities | 107,483 | 99,430 |
Non-current income tax liabilities | 15,568 | 15,050 |
Non-current deferred income tax liabilities, net | 21,003 | 21,070 |
Other non-current liabilities | 34,422 | 34,775 |
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) | 76,612 | 75,305 |
Accumulated other comprehensive loss | -60,455 | -60,363 |
Retained earnings | 466,478 | 468,121 |
Total shareholders' equity | 482,635 | 483,063 |
Total liabilities and shareholders' equity | $661,111 | $653,388 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,133,382 | 27,155,550 |
Common stock, shares outstanding | 27,133,382 | 27,155,550 |
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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
NET CASH USED IN OPERATING ACTIVITIES | ($10,686) | ($12,631) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant and equipment | -25,423 | -7,753 |
Proceeds from life insurance policy | 352 | 297 |
Proceeds from sales and maturities of investments | 200 | 200 |
Purchase of investments | -200 | -200 |
Other | 72 | 4 |
NET CASH USED IN INVESTING ACTIVITIES | -24,999 | -7,452 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash dividends paid | -4,886 | 0 |
Cash paid for common stock repurchase | -1,840 | 0 |
Proceeds from exercise of stock options | 1,015 | 431 |
Excess tax benefits from exercise of stock options | 3 | 0 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -5,708 | 431 |
Effect of exchange rate changes on cash | -109 | 2,458 |
Net decrease in cash and cash equivalents | -41,502 | -17,194 |
Cash and cash equivalents at the beginning of the period | 199,301 | 203,364 |
Cash and cash equivalents at the end of period | $157,799 | $186,170 |
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. 29, 2013 | $483,063 | $75,305 | ($2,258) | ($58,105) | $468,121 |
Share balance at Dec. 29, 2013 | 27,155,550 | 27,155,550 | ' | ' | ' |
Net income | 4,822 | ' | ' | ' | 4,822 |
Change in employee benefit plans, net of taxes | 19 | ' | 19 | ' | ' |
Net foreign currency translation adjustment | -111 | ' | ' | -111 | ' |
Stock Options Exercised, Shares | 59,817 | 59,817 | ' | ' | ' |
Stock Options Exercised, Value | 1,015 | 1,015 | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 10,500 | ' | ' | ' |
Stock Based Compensation Expense | 619 | 619 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | -66 | -66 | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | -92,485 | -92,485 | ' | ' | ' |
Stock Repurchased and Retired During Period, Value | -1,840 | -261 | ' | ' | -1,579 |
Dividends, Cash | -4,886 | ' | ' | ' | -4,886 |
Balance at Mar. 30, 2014 | $482,635 | $76,612 | ($2,239) | ($58,216) | $466,478 |
Share balance at Mar. 30, 2014 | 27,133,382 | 27,133,382 | ' | ' | ' |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 30, 2014 | |
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 quarter of 2014 and together represented approximately 89 percent and 92 percent of our total sales during the first quarter of 2014 and 2013, 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. 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 | 3 Months Ended |
Mar. 30, 2014 | |
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 29, 2013 (the "2013 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 2014 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 2013 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 thirteen week periods ended March 30, 2014 and March 31, 2013, (ii) the condensed consolidated statements of comprehensive income for the thirteen week periods ended March 30, 2014 and March 31, 2013, (iii) the condensed consolidated balance sheets at March 30, 2014 and December 29, 2013, (iv) the condensed consolidated statements of cash flows for the thirteen week periods ended March 30, 2014 and March 31, 2013, and (v) the condensed consolidated statement of shareholders’ equity for the thirteen week period ended March 30, 2014. 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 29, 2013, included in this report, was derived from our 2013 audited financial statements, but does not include all disclosures required by U.S. GAAP. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 3 Months Ended |
Mar. 30, 2014 | |
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 March 30, 2014, 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. The principal balance as of March 30, 2014 was $239,000 and is scheduled to be repaid over the next 19 months. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 March 30, 2014, 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 quarter of 2014 no stock options were granted, 59,817 stock options were exercised and 2,000 options were canceled. | ||||||||
During the first quarter of 2014 we granted restricted shares, or “full value” awards, totaling 10,500 shares. The fair values of each issued restricted share on the applicable date of grant averaged $18.23 for the first quarter of 2014. 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 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 | |||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
Cost of sales | $ | 49 | $ | 59 | ||||
Selling, general and administrative expenses | 570 | 480 | ||||||
Stock-based compensation expense before income taxes | 619 | 539 | ||||||
Income tax benefit | (183 | ) | (128 | ) | ||||
Total stock-based compensation expense after income taxes | $ | 436 | $ | 411 | ||||
As of March 30, 2014, a total of $1.9 million of unrecognized compensation cost related to non-vested awards is expected to be recognized over a weighted average period of approximately 1.8 years. There were no significant capitalized stock-based compensation costs at March 30, 2014 and December 29, 2013. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
Business Segments | |||||||||
Our Co-Chief Executive Officers are our chief operating decision makers ("CODMs"). Our CODMs evaluate 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 | ||||||||
Net sales: | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
U.S. | $ | 64,485 | $ | 76,883 | |||||
Mexico | 118,905 | 129,558 | |||||||
Consolidated net sales | $ | 183,390 | $ | 206,441 | |||||
Property, plant and equipment, net: | March 30, | December 29, | |||||||
2014 | 2013 | ||||||||
U.S. | $ | 65,292 | $ | 62,821 | |||||
Mexico | 179,984 | 157,071 | |||||||
Consolidated property, plant and equipment, net | $ | 245,276 | $ | 219,892 | |||||
PreProduction_Costs_Related_to
Pre-Production Costs Related to Long-Term Supply Arrangements | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
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 $2.0 million for each of the thirteen week periods ended March 30, 2014 and March 31, 2013. 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) | March 30, 2014 | December 29, 2013 | |||||||
Unamortized Preproduction Costs | |||||||||
Preproduction costs | $ | 63,536 | $ | 60,776 | |||||
Accumulated amortization | (48,006 | ) | (46,213 | ) | |||||
Net preproduction costs | $ | 15,530 | $ | 14,563 | |||||
Deferred Tooling Revenues | |||||||||
Accrued expenses | $ | 5,838 | $ | 5,950 | |||||
Other non-current liabilities | 2,486 | 2,619 | |||||||
Total deferred tooling revenues | $ | 8,324 | $ | 8,569 | |||||
Income_Per_Share
Income Per Share | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 week periods ended March 30, 2014 and March 31, 2013, there were 1.3 million and 1.6 million shares issuable under outstanding stock options 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 | |||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
Basic Income Per Share: | ||||||||
Reported net income | $ | 4,822 | $ | 4,934 | ||||
Basic income per share | $ | 0.18 | $ | 0.18 | ||||
Weighted average shares outstanding - Basic | 27,115 | 27,311 | ||||||
Diluted Income Per Share: | ||||||||
Reported net income | $ | 4,822 | $ | 4,934 | ||||
Diluted income per share | $ | 0.18 | $ | 0.18 | ||||
Weighted average shares outstanding | 27,115 | 27,311 | ||||||
Weighted average dilutive stock options | 129 | 263 | ||||||
Weighted average shares outstanding - Diluted | 27,244 | 27,574 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
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. Our valuation allowances totaled $3.4 million as of March 30, 2014 and December 29, 2013, and primarily relate to state deferred tax assets for net operating loss and tax credit carryforwards that are not expected to be realized due to changes in tax law and cessation of business in Kansas. | |
We record uncertain tax positions in accordance with US GAAP on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. 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 March 30, 2014 the provision for income taxes was $3.2 million, which was an effective income tax rate of 40 percent. The effective tax rate was unfavorably affected by non-deductible expenses primarily resulting from recent tax law changes in Mexico, state income taxes (net of federal tax benefit) and interest and penalties on unrecognized tax benefits, partially offset by foreign income taxed at rates that are lower than the U. S. statutory rates. | |
For the thirteen weeks ended March 31, 2013 the provision for income taxes was $1.9 million, which was an effective income tax rate of 28 percent. The effective tax rate was favorably impacted by the settlement of a tax audit at our Mexican subsidiary discussed below, foreign income taxes (taxed at rates lower than the U. S. statutory rates) and tax credits recognized as a result of the 2013 enactment of the "American Taxpayer Relief Act of 2012," partially offset by state income taxes (net of federal tax benefit). | |
During the first quarter of 2014, the liability for uncertain tax positions increased by $0.5 million to $15.6 million from $15.1 million at December 29, 2013. The increase primarily resulted from $0.4 million of interest and penalties which were recognized in income tax expense during the first quarter of 2014 and a $0.1 million increase for tax positions taken in the current period. During February 2013, 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. 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 quarter of 2013. | |
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. The Internal Revenue Service ("IRS") is currently conducting an audit of the 2011 tax year of Superior Industries International and subsidiaries. We expect this IRS audit to be completed in 2014. We expect approximately $8.1 million of unrecognized tax benefits related to our U.S. and Mexico operations will be recognized in the twelve month period ending March 29, 2015 due to the expiration of certain statutes of limitations or due to settlement of uncertain tax positions. |
ShortTerm_Investments
Short-Term Investments | 3 Months Ended |
Mar. 30, 2014 | |
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. | |
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 March 30, 2014 and December 29, 2013, certificates of deposit totaling $3.8 million were restricted in use and were classified as short-term investments on our condensed consolidated balance sheets. |
Accounts_Receivable
Accounts Receivable | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |||||||
Accounts Receivable | ||||||||
(Dollars in thousands) | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Trade receivables | $ | 101,854 | $ | 82,809 | ||||
Other receivables | 7,315 | 7,724 | ||||||
109,169 | 90,533 | |||||||
Allowance for doubtful accounts | (979 | ) | (910 | ) | ||||
Accounts receivable, net | $ | 108,190 | $ | 89,623 | ||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Inventories | ||||||||
(Dollars in thousands) | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Raw materials | $ | 15,817 | $ | 15,631 | ||||
Work in process | 26,124 | 27,835 | ||||||
Finished goods | 23,939 | 23,727 | ||||||
Inventories | $ | 65,880 | $ | 67,193 | ||||
Service wheel and supplies inventory included in other non-current assets in the condensed consolidated balance sheets totaled $6.4 million and $5.6 million at March 30, 2014 and December 29, 2013, respectively. Included in raw materials was supplies inventory totaling $9.6 million and $9.2 million at March 30, 2014 and December 29, 2013, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
(Dollars in thousands) | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Land and buildings | $ | 72,439 | $ | 72,310 | ||||
Machinery and equipment | 426,315 | 421,219 | ||||||
Leasehold improvements and others | 9,793 | 9,152 | ||||||
Construction in progress | 104,430 | 78,442 | ||||||
612,977 | 581,123 | |||||||
Accumulated depreciation | (367,701 | ) | (361,231 | ) | ||||
Property, plant and equipment, net | $ | 245,276 | $ | 219,892 | ||||
Construction in progress includes $90.4 million and $66.3 million of costs related to our new wheel plant under construction in Mexico, at March 30, 2014 and December 29, 2013, respectively. Depreciation expense was $7.1 million and $7.0 million for the thirteen weeks ended March 30, 2014 and March 31, 2013, respectively. |
Retirement_Plans
Retirement Plans | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 thirteen weeks ended March 30, 2014, payments to retirees or their beneficiaries totaled approximately $344,000. We presently anticipate benefit payments in 2014 to total approximately $1.5 million. The following table summarizes the components of net periodic pension cost for the first quarter of 2014 and 2013. | ||||||||
(Dollars in thousands) | Thirteen Weeks Ended | |||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
Service cost | $ | 21 | $ | 67 | ||||
Interest cost | 293 | 284 | ||||||
Net amortization | 30 | 135 | ||||||
Net periodic pension cost | $ | 344 | $ | 486 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
Commitments and Contingencies | ||
Steven J. Borick Separation Agreement | ||
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. Mr. Borick’s separation was effective March 31, 2014. | ||
In accordance with the Separation Agreement, in addition to payment of his salary and accrued vacation through his separation date, the company will pay or provided Mr. Borick with the following upon his separation: | ||
• | A lump-sum cash payment of $1,345,833, | |
• | Mr. Borick’s 2013 annual incentive bonus, | |
• | 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 divided by the company's closing stock price on the separation date, and | |
• | Vesting of all of Mr. Borick's unvested stock options and unvested restricted stock. | |
In the first quarter of 2014, the company accrued and additional $1.1 million of compensation expense in connection with the Separation Agreement. | ||
Stock Repurchase Program | ||
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. Shares repurchased under the program totaled 513,684 at a cost of $10.0 million through March 30, 2014, including 92,485 shares repurchased at a cost of $1.8 million in the first quarter of 2014. | ||
Mexico Facility | ||
In June 2013 we entered into a contract for the construction of the facility for our new wheel plant in Mexico and we subsequently 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 at March 30, 2014 of approximately $108.7 million, of which $52.8 million was paid in cash in 2013 and 2014, with the remaining payments expected to be made over the next 9 months. | ||
Other | ||
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 | 3 Months Ended |
Mar. 30, 2014 | |
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 quarter of 2014. Foreign currency transaction gains and losses were immaterial during the first quarter of 2014 and 2013. 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 March 30, 2014 of $57.2 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 March 30, 2014 we have several purchase commitments in place for the delivery of natural gas in 2014 through 2015 for a total cost of $2.6 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 March 30, 2014 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. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
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 29, 2013 (the "2013 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 2014 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 2013 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 thirteen week periods ended March 30, 2014 and March 31, 2013, (ii) the condensed consolidated statements of comprehensive income for the thirteen week periods ended March 30, 2014 and March 31, 2013, (iii) the condensed consolidated balance sheets at March 30, 2014 and December 29, 2013, (iv) the condensed consolidated statements of cash flows for the thirteen week periods ended March 30, 2014 and March 31, 2013, and (v) the condensed consolidated statement of shareholders’ equity for the thirteen week period ended March 30, 2014. 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 29, 2013, included in this report, was derived from our 2013 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] | ' |
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) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 | |||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
Cost of sales | $ | 49 | $ | 59 | ||||
Selling, general and administrative expenses | 570 | 480 | ||||||
Stock-based compensation expense before income taxes | 619 | 539 | ||||||
Income tax benefit | (183 | ) | (128 | ) | ||||
Total stock-based compensation expense after income taxes | $ | 436 | $ | 411 | ||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
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 | ||||||||
Net sales: | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
U.S. | $ | 64,485 | $ | 76,883 | |||||
Mexico | 118,905 | 129,558 | |||||||
Consolidated net sales | $ | 183,390 | $ | 206,441 | |||||
Property, plant and equipment, net: | March 30, | December 29, | |||||||
2014 | 2013 | ||||||||
U.S. | $ | 65,292 | $ | 62,821 | |||||
Mexico | 179,984 | 157,071 | |||||||
Consolidated property, plant and equipment, net | $ | 245,276 | $ | 219,892 | |||||
PreProduction_Costs_Related_to1
Pre-Production Costs Related to Long-Term Supply Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
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) | March 30, 2014 | December 29, 2013 | |||||||
Unamortized Preproduction Costs | |||||||||
Preproduction costs | $ | 63,536 | $ | 60,776 | |||||
Accumulated amortization | (48,006 | ) | (46,213 | ) | |||||
Net preproduction costs | $ | 15,530 | $ | 14,563 | |||||
Deferred Tooling Revenues | |||||||||
Accrued expenses | $ | 5,838 | $ | 5,950 | |||||
Other non-current liabilities | 2,486 | 2,619 | |||||||
Total deferred tooling revenues | $ | 8,324 | $ | 8,569 | |||||
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 | |||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
Basic Income Per Share: | ||||||||
Reported net income | $ | 4,822 | $ | 4,934 | ||||
Basic income per share | $ | 0.18 | $ | 0.18 | ||||
Weighted average shares outstanding - Basic | 27,115 | 27,311 | ||||||
Diluted Income Per Share: | ||||||||
Reported net income | $ | 4,822 | $ | 4,934 | ||||
Diluted income per share | $ | 0.18 | $ | 0.18 | ||||
Weighted average shares outstanding | 27,115 | 27,311 | ||||||
Weighted average dilutive stock options | 129 | 263 | ||||||
Weighted average shares outstanding - Diluted | 27,244 | 27,574 | ||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
(Dollars in thousands) | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Trade receivables | $ | 101,854 | $ | 82,809 | ||||
Other receivables | 7,315 | 7,724 | ||||||
109,169 | 90,533 | |||||||
Allowance for doubtful accounts | (979 | ) | (910 | ) | ||||
Accounts receivable, net | $ | 108,190 | $ | 89,623 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories | ||||||||
(Dollars in thousands) | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Raw materials | $ | 15,817 | $ | 15,631 | ||||
Work in process | 26,124 | 27,835 | ||||||
Finished goods | 23,939 | 23,727 | ||||||
Inventories | $ | 65,880 | $ | 67,193 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
(Dollars in thousands) | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Land and buildings | $ | 72,439 | $ | 72,310 | ||||
Machinery and equipment | 426,315 | 421,219 | ||||||
Leasehold improvements and others | 9,793 | 9,152 | ||||||
Construction in progress | 104,430 | 78,442 | ||||||
612,977 | 581,123 | |||||||
Accumulated depreciation | (367,701 | ) | (361,231 | ) | ||||
Property, plant and equipment, net | $ | 245,276 | $ | 219,892 | ||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 quarter of 2014 and 2013. | ||||||||
(Dollars in thousands) | Thirteen Weeks Ended | |||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
Service cost | $ | 21 | $ | 67 | ||||
Interest cost | 293 | 284 | ||||||
Net amortization | 30 | 135 | ||||||
Net periodic pension cost | $ | 344 | $ | 486 | ||||
Nature_of_Operations_Details
Nature of Operations (Details) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member], Ford, GM, Toyota, Chrysler Companies [Member]) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Ford, GM, Toyota, Chrysler Companies [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of total revenue | 89.00% | 92.00% |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 30, 2014 | 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 |
Investments in and Advances to Affiliates, Balance, Principal Amount | $239,000 | ' |
Advance to affiliate, repayment term | '19 months | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Option Activity (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
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 | ' | ' |
Stock Options Exercised, Shares | 59,817 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 2,000 | ' | ' |
Stock Option Award, Fair Value Assumptions, Expected Term | ' | ' | ' |
Restricted Stock, Grants in Period | 10,500 | ' | ' |
Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $18.23 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $1,900,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 9 months | ' | ' |
Capitalized share based compensation cost | $0 | ' | $0 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $619 | $539 |
Income tax benefit | -183 | -128 |
Total stock-based compensation expense after income taxes | 436 | 411 |
Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 49 | 59 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $570 | $480 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | $183,390 | $206,441 | ' |
Property, plant and equipment, net | 245,276 | ' | 219,892 |
UNITED STATES | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 64,485 | 76,883 | ' |
Property, plant and equipment, net | 65,292 | ' | 62,821 |
MEXICO | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 118,905 | 129,558 | ' |
Property, plant and equipment, net | $179,984 | ' | $157,071 |
PreProduction_Costs_Related_to2
Pre-Production Costs Related to Long-Term Supply Arrangements (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Unamortized Preproduction Costs [Abstract] | ' | ' | ' |
Preproduction costs | $63,536,000 | ' | $60,776,000 |
Accumulated amortization | -48,006,000 | ' | -46,213,000 |
Net preproduction costs | 15,530,000 | ' | 14,563,000 |
Deferred Revenue [Abstract] | ' | ' | ' |
Accrued expenses | 5,838,000 | ' | 5,950,000 |
Other non-current liabilities | 2,486,000 | ' | 2,619,000 |
Total deferred tooling revenues | 8,324,000 | ' | 8,569,000 |
Deferred Revenue, Revenue Recognized | $2,000,000 | $2,000,000 | ' |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,300,000 | 1,600,000 |
Net income | $4,822 | $4,934 |
Basic income per share | $0.18 | $0.18 |
Weighted average shares outstanding, basic | 27,115,000 | 27,311,000 |
Diluted income per share | $0.18 | $0.18 |
Weighted average dilutive stock options | 129,000 | 263,000 |
Weighted average shares outstanding, diluted | 27,244,000 | 27,574,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $3,400,000 | ' | $3,400,000 |
Income tax provision | ($3,237,000) | ($1,941,000) | ' |
Effective Income Tax Rate, Continuing Operations | 40.00% | 28.00% | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefits (Details) (USD $) | 3 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 |
MEXICO | |||
Income Tax Examination [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | $0.50 | ' | ' |
Unrecognized Tax Benefits | 15.6 | 15.1 | ' |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 0.1 | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | ' | ' | 0.3 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0.4 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $8.10 | ' | ' |
Income_Taxes_Tax_Jurisdictions
Income Taxes Tax Jurisdictions (Details) | 3 Months Ended |
Mar. 30, 2014 | |
Internal Revenue Service (IRS) [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest Open Tax Year | '2010 |
Internal Revenue Service, 2011 Tax Year [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2011 |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Short-term Investments [Abstract] | ' | ' |
Restricted Cash and Investments, Current | $3.80 | $3.80 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade receivables | $101,854 | $82,809 |
Other receivables | 7,315 | 7,724 |
Receivables, current | 109,169 | 90,533 |
Allowance for doubtful accounts | -979 | -910 |
Accounts receivable, net | $108,190 | $89,623 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $15,817,000 | $15,631,000 |
Work in process | 26,124,000 | 27,835,000 |
Finished goods | 23,939,000 | 23,727,000 |
Inventories | 65,880,000 | 67,193,000 |
Inventory, noncurrent | 6,400,000 | 5,600,000 |
Supplies inventory | $9,600,000 | $9,200,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $612,977,000 | ' | $581,123,000 |
Accumulated depreciation | -367,701,000 | ' | -361,231,000 |
Property, plant and equipment, net | 245,276,000 | ' | 219,892,000 |
Depreciation expense | 7,100,000 | 7,000,000 | ' |
Land and buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 72,439,000 | ' | 72,310,000 |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 426,315,000 | ' | 421,219,000 |
Leasehold improvements and others [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 9,793,000 | ' | 9,152,000 |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 104,430,000 | ' | 78,442,000 |
236210 Industrial Building Construction [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Construction in Progress, Gross | $90,400,000 | ' | $66,300,000 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Benefits paid | $344,000 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 1,500,000 | ' |
Service cost | 21,000 | 67,000 |
Interest cost | 293,000 | 284,000 |
Net amortization | 30,000 | 135,000 |
Net periodic pension cost | $344,000 | $486,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Oct. 14, 2013 | Mar. 30, 2014 | |
MEXICO | MEXICO | Severance Payment Commitment [Member] | Severance Accrual [Member] | ||||
New Plant [Member] | New Plant [Member] | ||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other Commitment | ' | ' | ' | ' | ' | $1,345,833 | ' |
Annual Option Grant, Value, Basis For Share Grant | ' | ' | ' | ' | ' | 120,000 | ' |
Other Accrued Liabilities, Current | ' | ' | ' | ' | ' | ' | 1,100,000 |
Stock Repurchase Program, Authorized Amount | 30,000,000 | ' | ' | ' | ' | ' | ' |
Common Shares Purchased and Retired Under Repurchase Program, Total | 513,684 | ' | ' | ' | ' | ' | ' |
Shares Purchased Under Repurchase Program, Total Value | 10,000,000 | ' | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | ' | 92,485 | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | 1,840,000 | 0 | ' | ' | ' | ' |
Purchase Obligations Since Project Inception | ' | ' | ' | 108,700,000 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | $25,423,000 | $7,753,000 | $52,800,000 | $52,800,000 | ' | ' |
Term of Cash Payments for Unconditional Purchase Obligations for New Plant | ' | ' | ' | '9 months | ' | ' | ' |
Risk_Management_Details
Risk Management (Details) (USD $) | Mar. 30, 2014 |
In Millions, unless otherwise specified | |
Risks and Uncertainties [Abstract] | ' |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $2.60 |
MEXICO | ' |
Concentration Risk [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $57.20 |