Document_and_Entity_Informatio
Document and Entity Information Statement (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Feb. 27, 2015 | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | |
Document and Entity Information [Abstract] | |||||
Common Stock, Par or Stated Value Per Share | $0 | $0 | |||
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL INC | ||||
Entity Central Index Key | 95552 | ||||
Current Fiscal Year End Date | -16 | ||||
Entity Filer Category | Accelerated Filer | ||||
Document Type | 10-K | ||||
Document Period End Date | 31-Dec-14 | ||||
Document Fiscal Year Focus | 2014 | ||||
Document Fiscal Period Focus | FY | ||||
Amendment Flag | FALSE | ||||
Entity Common Stock, Shares Outstanding | 26,942,748 | ||||
Entity Well-known Seasoned Issuer | No | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Public Float | $541,717,000 | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||
Common Stock, Shares, Issued | 26,730,247 | 27,155,550 | |||
Common Stock, Shares, Outstanding | 26,730,247 | 27,155,550 | |||
Preferred Stock, Par or Stated Value Per Share | $0 | $0 | |||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Preferred Stock, Shares Issued | 0 | 0 | |||
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
NET SALES | $745,447 | $789,564 | $821,454 |
Cost of sales | 686,796 | 725,503 | 760,847 |
Restructuring costs (Note 2) | 8,429 | 0 | 0 |
GROSS PROFIT | 50,222 | 64,061 | 60,607 |
Selling, general and administrative expenses | 32,309 | 29,468 | 27,727 |
INCOME FROM OPERATIONS | 17,913 | 34,593 | 32,880 |
Interest income, net | 1,095 | 1,691 | 1,252 |
Other income (expense), net | -3,306 | 557 | 357 |
INCOME BEFORE INCOME TAXES | 15,702 | 36,841 | 34,489 |
Income tax provision | 6,899 | 14,017 | 3,598 |
NET INCOME | $8,803 | $22,824 | $30,891 |
EARNINGS PER SHARE - BASIC | $0.33 | $0.83 | $1.13 |
EARNINGS PER SHARE - DILUTED | $0.33 | $0.83 | $1.13 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Net Income | $8,803 | $22,824 | $30,891 |
Foreign currency translation gain (loss) | -13,369 | -521 | 4,839 |
Change in fair value of derivatives | -7,598 | ||
Tax benefit | 2,833 | ||
Change in unrecognized gains (losses) on derivative instruments, net of tax | -4,765 | 0 | 0 |
Actuarial gains (losses) on pension obligations, net of curtailments and amortization | -4,686 | 4,477 | -2,994 |
Tax (provision) benefit | 1,758 | -1,705 | 1,141 |
Pension changes, net of tax | -2,928 | 2,772 | -1,853 |
Other comprehensive income (loss), net of tax | -21,062 | 2,251 | 2,986 |
Comprehensive income (loss) | ($12,259) | $25,075 | $33,877 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $62,451 | $199,301 |
Short term investments | 3,750 | 3,750 |
Accounts receivable, net | 102,493 | 89,623 |
Inventories | 74,677 | 67,193 |
Income taxes receivable | 3,740 | 7,584 |
Deferred income taxes | 9,897 | 7,917 |
Other current assets | 19,003 | 8,850 |
Total current assets | 276,011 | 384,218 |
Property, plant and equipment, net | 255,035 | 219,892 |
Investment in and advances to unconsolidated affiliate | 2,000 | 4,565 |
Non-current deferred income taxes, net | 17,852 | 14,664 |
Other non-current assets | 29,012 | 30,049 |
Total assets | 579,910 | 653,388 |
Current liabilities: | ||
Accounts payable | 23,938 | 34,494 |
Accrued liabilities | 48,024 | 64,936 |
Total current liabilities | 71,962 | 99,430 |
Non-current income tax liabilities | 13,621 | 15,050 |
Non-current deferred income tax liabilities, net | 15,122 | 21,070 |
Other non-current liabilities | 40,199 | 34,775 |
Commitments and contingent liabilities (Note 11) | 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 - 26,730,247 shares, (27,155,550 shares at December 31, 2013) | 81,473 | 75,305 |
Accumulated other comprehensive loss | -81,425 | -60,363 |
Retained earnings | 438,958 | 468,121 |
Total shareholders' equity | 439,006 | 483,063 |
Total liabilities and shareholders' equity | $579,910 | $653,388 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock Including Additional Paid in Capital [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2012 | $466,905 | $71,819 | ($5,030) | ($57,584) | $457,700 | |
Share balance at Dec. 31, 2012 | 27,295,488 | |||||
Net Income | 22,824 | 22,824 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 2,772 | 2,772 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -521 | -521 | ||||
Exercised | 198,296 | |||||
Stock Options Exercised, Value | 2,865 | 2,865 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 82,965 | |||||
Stock Based Compensation Expense | 2,685 | 2,685 | ||||
Tax Impact of Stock Options | -899 | -899 | ||||
Stock Repurchased and Retired During Period, Shares | -421,199 | |||||
Stock Repurchased and Retired During Period, Value | -8,133 | -1,165 | -6,968 | |||
Cash Dividends Declared | -5,435 | -5,435 | ||||
Balance at Dec. 31, 2013 | 483,063 | 75,305 | -2,258 | -58,105 | 468,121 | |
Share balance at Dec. 31, 2013 | 27,155,550 | |||||
Net Income | 8,803 | 8,803 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -4,765 | -4,765 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -2,928 | -2,928 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -13,369 | -13,369 | ||||
Exercised | 453,745 | 453,745 | ||||
Stock Options Exercised, Value | 7,423 | 7,423 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 210,512 | |||||
Stock Based Compensation Expense | 2,315 | 2,315 | ||||
Tax Impact of Stock Options | -416 | -416 | ||||
Stock Repurchased and Retired During Period, Shares | -1,089,560 | |||||
Stock Repurchased and Retired During Period, Value | -21,790 | -3,154 | -18,636 | |||
Cash Dividends Declared | -19,330 | -19,330 | ||||
Balance at Dec. 31, 2014 | $439,006 | $81,473 | ($4,765) | ($5,186) | ($71,474) | $438,958 |
Share balance at Dec. 31, 2014 | 26,730,247 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Net Income | $8,803 | $22,824 | $30,891 |
Depreciation | 35,582 | 28,466 | 26,362 |
Tax liabilities, non-cash changes | -581 | 3,730 | -26,275 |
Deferred income taxes | -5,190 | 1,900 | 13,626 |
Impairments of long-lived assets and other charges | 2,500 | 0 | 0 |
Stock-based compensation | 2,315 | 2,685 | 2,072 |
Other non-cash items | 2,560 | -1,095 | -256 |
Accounts receivable | -16,184 | 9,074 | 21,428 |
Inventories | -9,297 | 5,716 | -8,345 |
Other assets | -13,969 | -3,570 | -8,126 |
Accounts payable | -6,109 | -2,549 | 2,684 |
Income taxes | 6,366 | -4,780 | 3,786 |
Accrued expenses and other liabilities | 4,831 | 7,148 | 8,784 |
Non-current tax liabilities | 0 | -297 | -870 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 11,627 | 69,252 | 65,761 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | -112,556 | -67,980 | -23,145 |
Proceeds from sales and maturities of investments | 3,750 | 3,970 | 5,133 |
Purchase of investments | -3,750 | -3,750 | -3,977 |
Proceeds from sales of fixed assets | 1,873 | 16 | 1,981 |
Other | 248 | 320 | 1,476 |
NET CASH USED IN INVESTING ACTIVITIES | -110,435 | -67,424 | -18,532 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | -19,351 | -550 | -34,878 |
Cash paid for common stock repurchase | -21,790 | -8,133 | 0 |
Proceeds from exercise of stock options | 7,423 | 2,865 | 1,530 |
Excess tax benefits from exercise of stock options | 106 | 252 | 4 |
NET CASH USED IN FINANCING ACTIVITIES | -33,612 | -5,566 | -33,344 |
Effect of exchange rate changes on cash | -4,430 | -325 | 1,684 |
Net increase (decrease) in cash and cash equivalents | -136,850 | -4,063 | 15,569 |
Cash and cash equivalents at the beginning of the period | 199,301 | 203,364 | |
Cash and cash equivalents at the end of period | $62,451 | $199,301 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | Nature of Operations | ||||||||||||
Headquartered in Southfield, Michigan, 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. As described in Note 5 - Business Segments, the company operates as a single integrated business and, as such, has only one operating segment - automotive wheels. | |||||||||||||
Presentation of Consolidated Financial Statements | |||||||||||||
The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. The equity method of accounting is used for investments in non-controlled affiliates in which the company's ownership ranges from 20 to 50 percent, or in instances in which the company is able to exercise significant influence but not control (such as representation on the investee's Board of Directors.) | |||||||||||||
We have made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues and expenses to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as delineated by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification ("ASC"). Generally, assets and liabilities that are subject to estimation and judgment include the allowance for doubtful accounts, inventory valuation, amortization of preproduction costs, impairment of and the estimated useful lives of our long-lived assets, self-insurance portions of employee benefits, workers' compensation and general liability programs, fair value of stock-based compensation, income tax liabilities and deferred income taxes. While actual results could differ, we believe such estimates to be reasonable. | |||||||||||||
Our fiscal year is the 52- or 53-week period ending generally on the last Sunday of the calendar year. The fiscal years 2014 and 2013 comprised the 52-week periods ended on December 28, 2014, and December 29, 2013, respectively. The 2012 fiscal year comprised the 53-week period ended December 30, 2012. For convenience of presentation, all fiscal years are referred to as beginning as of January 1, and ending as of December 31, but actually reflect our financial position and results of operations for the periods described above. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments 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 consolidated balance sheets. The purchase of any certificates of deposit or fixed deposits that are classified as short-term investments or non-current assets appear in the investing section of our consolidated statements of cash flows. At times throughout the year and at year-end, cash balances held at financial institutions were in excess of federally insured limits. | |||||||||||||
Restricted Deposits | |||||||||||||
We purchase certificates of deposit that mature within twelve months and are used to secure or collateralize letters of credit securing our workers’ compensation obligations. At December 31, 2014 and 2013, certificates of deposit totaling $3.8 million and $3.8 million, respectively, were restricted in use and were classified as short-term investments on our consolidated balance sheet. | |||||||||||||
Derivative Financial Instruments and Hedging Activities | |||||||||||||
In order to hedge exposure related to fluctuations in foreign currency rates and the cost of certain commodities used in the manufacture of our products, we periodically may purchase derivative financial instruments such as forward contracts, options or collars to offset or mitigate the impact of such fluctuations. Programs to hedge currency rate exposure may address ongoing transactions including, foreign-currency-denominated receivables and payables, as well as specific transactions related to purchase obligations. Programs to hedge exposure to commodity cost fluctuations would be based on underlying physical consumption of such commodity. At December 31, 2014, we held forward currency exchange contracts and natural gas contracts discussed below. At December 31, 2013, we held no derivative financial instruments other than the natural gas contracts discussed below. | |||||||||||||
We account for our derivative instruments as either assets or liabilities and carry them at fair value. | |||||||||||||
For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income ("AOCI") in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For forward exchange contracts designated as cash flow hedges, changes in the time value are included in the definition of hedge effectiveness. Accordingly, any gains or losses related to this component are reported as a component of AOCI in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify as hedges are adjusted to fair value through current income. See Note 4 - Derivative Financial Instruments for additional information pertaining to our derivative instruments. | |||||||||||||
We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas, and other raw materials. Our natural gas contracts are considered to be derivative instruments under US GAAP. However, upon entering into these contracts, we expect to fulfill our purchase commitments and take full delivery of the contracted quantities of natural gas during the normal course of business. Accordingly, under U.S. GAAP, these purchase contracts are not accounted for as derivatives because we qualify for the normal purchase normal sale exception under US GAAP, unless there is a change in the facts or circumstances that causes management to believe that these commitments would not be used in the normal course of business. See Note 14 - Commitments and Contingent Liabilities for additional information pertaining to these purchase commitments. | |||||||||||||
Non-Cash Investing Activities | |||||||||||||
As of December 31, 2014, 2013 and 2012, $6.4 million, $32.4 million and $0.9 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued liabilities in our consolidated balance sheets. | |||||||||||||
During 2013 the company received a grant of a parcel of land valued at $0.7 million from the state of Chihuahua, Mexico, which is included in property, plant and equipment in our 2013 consolidated balance sheet. | |||||||||||||
Accounts Receivable | |||||||||||||
We maintain an allowance for doubtful accounts receivable based upon the expected collectability of all trade receivables. The allowance is reviewed continually and adjusted for amounts deemed uncollectible by management. | |||||||||||||
Inventories | |||||||||||||
Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or market using the first-in, first-out method. When necessary, management uses estimates of net realizable value to record inventory reserves for obsolete and/or slow-moving inventory. Aluminum is the primary material component in our inventories. Our aluminum requirements are supplied from two primary vendors, each accounting for more than 10 percent of our aluminum purchases during 2014. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. | |||||||||||||
Classification | Expected Useful Life | ||||||||||||
Computer equipment | 3 to 5 years | ||||||||||||
Production machinery and equipment | 7 to 10 years | ||||||||||||
Buildings | 25 years | ||||||||||||
When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed from the accounts. Property, plant and equipment no longer used in operations, which are generally insignificant in amount, are stated at the lower of cost or estimated net realizable value. Gains and losses, if any, are recorded as a component of operating income if the disposition relates to an operating asset. If a non-operating asset is disposed of, any gains and losses are recorded in other income or expense in the period of disposition or write down. | |||||||||||||
Preproduction Costs and Revenue Recognition 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 expense all preproduction engineering costs for which reimbursement is not contractually guaranteed by the customer or which are in excess of the contractually guaranteed reimbursement amount. 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 customer and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. Changes in the facts and circumstances of individual wheel programs may accelerate the amortization of both the cost of customer-owned tooling and the deferred tooling reimbursement revenues. Recognized tooling reimbursement revenues, which totaled $8.2 million, $9.3 million and $8.0 million in 2014, 2013 and 2012, respectively, are included in net sales in the consolidated income statements. The following tables summarize the unamortized customer-owned tooling costs included in our non-current other assets, and the deferred tooling revenues included in accrued liabilities and other non-current liabilities: | |||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Unamortized Preproduction Costs | |||||||||||||
Preproduction costs | $ | 65,621 | $ | 60,776 | |||||||||
Accumulated amortization | (53,408 | ) | (46,213 | ) | |||||||||
Net preproduction costs | $ | 12,213 | $ | 14,563 | |||||||||
Deferred Tooling Revenue | |||||||||||||
Accrued liabilities | $ | 4,833 | $ | 5,950 | |||||||||
Other non-current liabilities | 2,449 | 2,619 | |||||||||||
Total deferred tooling revenue | $ | 7,282 | $ | 8,569 | |||||||||
Impairment of Long-Lived Assets and Investments | |||||||||||||
In accordance with the Property, Plant and Equipment Topic of the ASC, management evaluates the recoverability and estimated remaining lives of long-lived assets. The company reviews long-lived assets for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable or the useful life has changed. | |||||||||||||
When facts and circumstances indicate that there may have been a loss in value, management will also evaluate its cost and equity method investments to determine whether there was an other-than-temporary impairment. If a loss in the value of the investment is determined to be other than temporary, then the decline in value is recognized as a loss. See Note 9 - Investment in Unconsolidated Affiliate, for discussion of investment impairment. | |||||||||||||
Foreign Currency Transactions and Translation | |||||||||||||
We have wholly-owned foreign subsidiaries with operations in Mexico whose functional currency is the peso. In addition, we have operations with U.S. dollar functional currencies with transactions denominated in pesos and other currencies. These operations had monetary assets and liabilities that were denominated in currencies that were different than their functional currency and were translated into the functional currency of the entity using the exchange rate in effect at the end of each accounting period. Any gains and losses recorded as a result of the remeasurement of monetary assets and liabilities into the functional currency are reflected as transaction gains and losses and included in other income (expense) in the consolidated income statements. We had foreign currency transaction losses of $1.0 million for the year ended December 31, 2014, while we had foreign currency gains of $0.2 million for the year ended December 31, 2013, and transaction losses of $0.1 million for the year ended December 31, 2012, which are included in other income (expense) in the consolidated income statements. In addition, we have a minority investment in India whose functional currency is the Indian rupee. | |||||||||||||
When our foreign subsidiaries translate their financial statements from the functional currency to the reporting currency, the balance sheet accounts are translated using the exchange rates in effect at the end of the accounting period and retained earnings is translated using historical rates. The income statement accounts are generally translated at the weighted average of exchange rates during the period and the cumulative effect of translation is recorded as a separate component of accumulated other comprehensive income (loss) in shareholders' equity, as reflected in the consolidated statements of shareholders' equity. The value of the Mexican peso decreased by 13 percent in relation to the U.S. dollar in 2014. | |||||||||||||
Revenue Recognition | |||||||||||||
Sales of products and any related costs are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Tooling reimbursement revenues related to initial tooling reimbursed by our customers are deferred and recognized over the expected life of the wheel program on a straight line basis, as discussed above. | |||||||||||||
Research and Development | |||||||||||||
Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. Amounts expensed during each of the three years in the period ended December 31, 2014, 2013 and 2012 were $4.4 million, $4.8 million, and $5.8 million, respectively. | |||||||||||||
Value-Added Taxes | |||||||||||||
Value-added taxes that are collected from customers and remitted to taxing authorities are excluded from sales and cost of sales. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We account for stock-based compensation using the fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs net of the applicable forfeiture rate and recognize the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three to four years. We estimate the forfeiture rate based on our historical experience. See Note 16 - Stock-Based Compensation for additional information concerning our share-based compensation awards. | |||||||||||||
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 for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability 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 tax assets 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. | |||||||||||||
In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax income and have reached sustained profitability, which we define as two consecutive one year periods of pre-tax income. | |||||||||||||
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 income from its foreign subsidiaries. | |||||||||||||
Earnings Per Share | |||||||||||||
As summarized below, basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. For purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect of our outstanding stock options under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP. | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars, except per share amounts) | |||||||||||||
Basic Earnings Per Share | |||||||||||||
Reported net income | $ | 8,803 | $ | 22,824 | $ | 30,891 | |||||||
Weighted average shares outstanding | 26,908 | 27,392 | 27,219 | ||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.83 | $ | 1.13 | |||||||
Diluted Earnings Per Share | |||||||||||||
Reported net income | $ | 8,803 | $ | 22,824 | $ | 30,891 | |||||||
Weighted average shares outstanding | 26,908 | 27,392 | 27,219 | ||||||||||
Weighted average dilutive stock options | 112 | 139 | 111 | ||||||||||
Weighted average shares outstanding - diluted | 27,020 | 27,531 | 27,330 | ||||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.83 | $ | 1.13 | |||||||
The following potential shares of common stock were excluded from the diluted earnings per share calculations because they would have been anti-dilutive due to their exercise prices exceeding the average market prices for the respective periods: for the year ended December 31, 2014, options to purchase 985,677 shares at prices ranging from $22.57 to $43.22; for the year ended December 31, 2013, options to purchase 1,291,427 shares at prices ranging from $19.19 to $43.22; and for the year ended December 31, 2012, options to purchase 1,828,727 shares at prices ranging from $18.37 to $43.22 per share. | |||||||||||||
New Accounting Pronouncement | |||||||||||||
In June 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") entitled "Compensation - Stock Compensation." The ASU provides guidance on when the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance becomes effective for annual reporting periods beginning after December 15, 2015, early adoption is permitted. We are currently evaluating the impact this guidance will have on our financial position and results of operations. | |||||||||||||
In May 2014, the FASB issued an ASU entitled “Revenue from Contracts with Customers.” The ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. | |||||||||||||
In July 2013, the FASB issued guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The guidance generally provides that an entity's unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The new guidance applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, early adoption is permitted. The new standard did not have a material effect on our consolidated results of operations and financial position, when adopted, on December 29, 2013. |
Restructuring_Notes
Restructuring (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING | |||||||||||||
On July 30, 2014, we announced the planned closure of our wheel manufacturing facility located in Rogers, Arkansas. During the fourth quarter of 2014, we shifted production to our other locations and closed operations at the Rogers facility. The closure resulted in a reduction of workforce of approximately 500 employees. The action was necessary in order to reduce costs and enhance our global competitive position. In addition, other measures were taken to reduce costs including the planned sale of the company's two aircraft. One airplane was sold for cash in September 2014 incurring a $0.2 million loss on sale. The remaining airplane is classified as held-for-sale with a carrying value of $0.9 million and is included in other current assets on our consolidated balance sheet at December 31, 2014. In February 2015, this airplane was also sold. | ||||||||||||||
Included in selling, general and administrative expense in the consolidated income statements for the year ended December 31, 2014 are charges totaling $1.1 million to reduce the carrying balance of the aircraft held for sale to its estimated fair value. Cost of sales for the year ended December 31, 2014 includes $5.4 million of depreciation accelerated due to shorter useful lives for assets to be retired after operations ceased at the Rogers facility. | ||||||||||||||
As noted above, the operations ceased at the Rogers facility during the fourth quarter of 2014. We are readying the property for sale and currently expect to actively market the property for sale in the near future. Based on the current carrying value of the land and building of $3.2 million, we do not expect a loss on sale at this time. In addition, after production ceased at the facility, machinery and equipment to be held and used at our other plants will be transferred, with the carrying values depreciated over the remaining estimated useful lives of these assets. | ||||||||||||||
The total cost expected to be incurred as a result of the Rogers facility closure is $10.6 million, of which $8.4 million has been recognized as of December 31, 2014. The following table summarizes the Rogers, Arkansas plant closure costs and classification in the consolidated income statement for the year ended December 31, 2014: | ||||||||||||||
Costs Incurred Through December 31, 2014 | Costs Remaining | Total Expected Costs | Classification | |||||||||||
(Dollars in thousands) | ||||||||||||||
Accelerated depreciation of assets abandoned | $ | 5,365 | $ | — | $ | 5,365 | Cost of sales, Restructuring costs | |||||||
Severance costs | 1,897 | 148 | 2,045 | Cost of sales, Restructuring costs | ||||||||||
Equipment removal, inventory written-down, lease termination and other costs | 1,167 | 1,997 | 3,164 | Cost of sales, Restructuring costs | ||||||||||
$ | 8,429 | $ | 2,145 | $ | 10,574 | |||||||||
Costs associated with the severance arrangements are being recognized ratably over the requisite service periods. | ||||||||||||||
Changes in the accrued expenses related to restructuring liabilities during the year ended December 31, 2014 are summarized as follows: | ||||||||||||||
Year Ended December 31, | 2014 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Balance January 1, 2014 | $ | — | ||||||||||||
Restructuring accruals - severance costs | 1,897 | |||||||||||||
Cash payments | (1,682 | ) | ||||||||||||
Balance December 31, 2014 | $ | 215 | ||||||||||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS | |||||||||||||||
The company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, while other assets and liabilities are measured at fair value on a nonrecurring basis, such as when we have an asset impairment. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | ||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||
Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
The carrying amounts for cash and cash equivalents, investments in certificates of deposit, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Included in Cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of acquisition. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as Cash and cash equivalents. Time deposits, certificates of deposit, and money market accounts that meet the above criteria are reported at par value on our balance sheet and are excluded from the table below. | ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Our derivatives are over-the-counter customized derivative transactions and are not exchange traded. We estimate the fair value of these instruments using industry-standard valuation models such as a discounted cash flow. These models project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates, foreign exchange rates, commodity prices, and the contractual terms of the derivative instruments. The discount rate used is the relevant interbank deposit rate (e.g., LIBOR) plus an adjustment for non-performance risk. In certain cases, market data may not be available and we may use broker quotes and models (e.g., Black-Scholes) to determine fair value. This includes situations where there is lack of liquidity for a particular currency or commodity or when the instrument is longer dated. | ||||||||||||||||
Investment in Unconsolidated Affiliate | ||||||||||||||||
In October 2014, a typhoon caused significant damage to the facilities and operations of Synergies Castings Limited ("Synergies"), a private aluminum wheel manufacturer based in Visakhapatnam, India, a company we hold an investment carried on the cost method of accounting (see Note 9 - Investment in Unconsolidated Subsidiary). In the fourth quarter of 2014 we tested the $4.5 million carrying value of our investment in Synergies for impairment. Based on our evaluation, we determined there was an other-than-temporary impairment and wrote the investment down to its estimated fair value of $2.0 million, with the $2.5 million loss recognized in income. The valuation was based on an income approach using current financial forecast data and rates and assumptions market participants would use in pricing the investment using level 3 inputs. | ||||||||||||||||
The following table categorizes items measured at fair value at December 31, 2014: | ||||||||||||||||
Fair Value Measurement at Reporting Date Using | ||||||||||||||||
Quoted Prices | Significant Other | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||
31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Certificates of deposit | $ | 3,750 | $ | — | $ | 3,750 | $ | — | ||||||||
Investment in unconsolidated affiliate | 2,000 | — | — | 2,000 | ||||||||||||
Total | 5,750 | — | 3,750 | 2,000 | ||||||||||||
Liabilities | ||||||||||||||||
Derivative contracts | 7,552 | — | 7,552 | — | ||||||||||||
Total | $ | 7,552 | $ | — | $ | 7,552 | $ | — | ||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
We use derivatives to partially offset our business exposure to foreign currency risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. | ||||||||||
To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries whose functional currency is the U.S. dollar hedge a portion of forecasted foreign currency costs. Generally, we may hedge portions of our forecasted foreign currency exposure associated with costs, typically for up to 24 months. | ||||||||||
We record all derivatives in the consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. | ||||||||||
Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. Our foreign currency transactions hedged with cash flow hedges as of December 31, 2014, are expected to occur within 1 month to 24 months. | ||||||||||
Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into other income and expense. Any subsequent changes in fair value of such derivative instruments are reflected in other income and expense unless they are re-designated as hedges of other transactions. We have not recognized any net gains or losses related to the loss of hedge designation on discontinued cash flow hedges. | ||||||||||
We had no gains or losses recognized in other income and expense for foreign currency forward and option contracts not designated as hedging instruments during 2014, 2013 and 2012. | ||||||||||
The following table displays the fair value of derivatives by balance sheet line item: | ||||||||||
31-Dec-14 | Accrued Liabilities | Other Non-current Liabilities | ||||||||
(Dollars in thousands) | ||||||||||
Foreign exchange forward contracts designated as hedging instruments | $ | 5,598 | $ | 1,954 | ||||||
Total derivative instruments | $ | 5,598 | $ | 1,954 | ||||||
The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: | ||||||||||
31-Dec-14 | Notional U.S. Dollar Amount | Fair Value | ||||||||
(Dollars in thousands) | ||||||||||
Foreign currency exchange contracts designated as cash flow hedges | $ | 115,442 | $ | 7,552 | ||||||
Total derivative financial instruments | $ | 115,442 | $ | 7,552 | ||||||
Notional amounts are presented on a gross basis. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, or commodity volumes and prices. | ||||||||||
The following tables provide the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: | ||||||||||
Year Ended December 31, 2014 | Amount of Gain or (Loss)Recognized in OCI on Derivatives, net of tax (Effective Portion) | Amount of Pre-tax Gain or(Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Pre-tax Gain or(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||
(Thousands of dollars) | ||||||||||
Foreign exchange contracts | $ | (4,765 | ) | $ | — | $ | — | |||
Total | $ | (4,765 | ) | $ | — | $ | — | |||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Segments [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | BUSINESS SEGMENTS | ||||||||||||
The company's Chief Executive Officer is the chief operating decision maker ("CODM") because he has final authority over performance assessment and resource allocation decisions. The CODM evaluates both consolidated and disaggregated financial information for each of the company's business units in deciding how to allocate resources and assess performance. Each manufacturing facility manufactures the same products, ships product to the same group of customers, utilizes the same cast manufacturing process and as a result, production can generally be transferred amongst our facilities. Accordingly, we operate as a single integrated business and, as such, have only one operating segment - automotive wheels. | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Net sales: | |||||||||||||
U.S. | $ | 261,478 | $ | 286,380 | $ | 316,238 | |||||||
Mexico | 483,969 | 503,184 | 505,216 | ||||||||||
Consolidated net sales | $ | 745,447 | $ | 789,564 | $ | 821,454 | |||||||
December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Property, plant and equipment, net: | |||||||||||||
U.S. | $ | 55,120 | $ | 62,821 | |||||||||
Mexico | 199,915 | 157,071 | |||||||||||
Consolidated property, plant and equipment, net | $ | 255,035 | $ | 219,892 | |||||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Receivable [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS RECEIVABLE | ||||||||
December 31, | 2014 | 2013 | |||||||
(Thousands of dollars) | |||||||||
Trade receivables | $ | 96,177 | $ | 82,809 | |||||
Other receivables | 6,830 | 7,724 | |||||||
103,007 | 90,533 | ||||||||
Allowance for doubtful accounts | (514 | ) | (910 | ) | |||||
Accounts receivable, net | $ | 102,493 | $ | 89,623 | |||||
The following percentages of our consolidated net sales were made to Ford, GM, Toyota and Fiat Chrysler Automobiles: 2014 - 44 percent, 24 percent, 12 percent and 10 percent; 2013 - 45 percent, 24 percent, 12 percent and 10 percent; and 2012 - 38 percent, 27 percent, 9 percent and 12 percent, respectively. These four customers represented 92 percent and 91 percent of trade receivables at December 31, 2014 and 2013, respectively. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventories [Abstract] | ||||||||
Inventory Disclosure [Text Block] | INVENTORIES | |||||||
December 31, | 2014 | 2013 | ||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 19,427 | $ | 15,631 | ||||
Work in process | 30,797 | 27,835 | ||||||
Finished goods | 24,453 | 23,727 | ||||||
Inventories | $ | 74,677 | $ | 67,193 | ||||
Service wheel and supplies inventory included in other non-current assets in the consolidated balance sheets totaled $6.4 million and $5.6 million at December 31, 2014 and 2013, respectively. Included in raw materials were operating supplies and spare parts totaling $8.8 million and $9.2 million at December 31, 2014 and 2013, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT | |||||||
December 31, | 2014 | 2013 | ||||||
(Dollars in thousands) | ||||||||
Land and buildings | $ | 91,209 | $ | 72,310 | ||||
Machinery and equipment | 447,880 | 421,219 | ||||||
Leasehold improvements and others | 6,865 | 9,152 | ||||||
Construction in progress | 59,600 | 78,442 | ||||||
605,554 | 581,123 | |||||||
Accumulated depreciation | (350,519 | ) | (361,231 | ) | ||||
Property, plant and equipment, net | $ | 255,035 | $ | 219,892 | ||||
Property, plant and equipment, net includes $119.4 million of costs related to our new wheel plant in Mexico at December 31, 2014. Construction in progress includes approximately $47.8 million and $66.3 million of costs related to our new wheel plant in Mexico at December 31, 2014 and 2013, respectively. Depreciation expense was $35.6 million, $28.5 million and $26.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. In 2014, depreciation expense includes $6.5 million of accelerated depreciation charges as a result of shortened estimated useful lives due to restructuring activities described in Note 2 - Restructuring. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2014 | |
Investments in Unconsolidated Affiliates [Abstract] | |
Equity Method Investments Disclosure [Text Block] | INVESTMENT IN UNCONSOLIDATED AFFILIATE |
On June 28, 2010, we executed a share subscription agreement (the "Agreement") with Synergies, a private aluminum wheel manufacturer based in Visakhapatnam, India, providing for our acquisition of a minority interest in Synergies. As of December 31, 2014, the total cash investment in Synergies amounted to $4.5 million, representing 12.6 percent of the outstanding equity shares of Synergies. The investment in Synergies is accounted for under the cost method of accounting. 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 and the terms and conditions of the loan were substantially the same for all equity holders involved in the transaction. The principal balance of the unsecured advance as of December 31, 2014 was not material. | |
In October 2014, a typhoon caused significant damage to the facilities and operations of Synergies, and in the fourth quarter of 2014 we tested the $4.5 million carrying value of our investment for impairment. Based on our evaluation, we determined there was an other-than-temporary impairment and wrote the investment down to its estimated fair value of $2.0 million, with the $2.5 million loss recognized in income. The valuation was based on an income approach using current financial forecast data, and rates and assumptions market participants would use in pricing the investment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Income before income taxes and equity earnings: | |||||||||||||
Domestic | $ | 8,328 | $ | 27,981 | $ | 26,661 | |||||||
International | 7,374 | 8,860 | 7,828 | ||||||||||
$ | 15,702 | $ | 36,841 | $ | 34,489 | ||||||||
The (provision) benefit for income taxes is comprised of the following: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Current taxes | |||||||||||||
Federal | $ | (2,976 | ) | $ | (9,951 | ) | $ | (7,629 | ) | ||||
State | (453 | ) | (859 | ) | (554 | ) | |||||||
Foreign (1) | (8,660 | ) | (1,307 | ) | 18,211 | ||||||||
Total current taxes | (12,089 | ) | (12,117 | ) | 10,028 | ||||||||
Deferred taxes | |||||||||||||
Federal | 657 | 183 | (10,589 | ) | |||||||||
State | (109 | ) | 277 | (4,023 | ) | ||||||||
Foreign | 4,642 | (2,360 | ) | 986 | |||||||||
Total deferred taxes | 5,190 | (1,900 | ) | (13,626 | ) | ||||||||
Income tax (provision) benefit | $ | (6,899 | ) | $ | (14,017 | ) | $ | (3,598 | ) | ||||
(1) Included in the current foreign tax provision is a $23.9 million net reversal of liabilities for uncertain tax positions for the year ending December 31, 2012. | |||||||||||||
The following is a reconciliation of the United States federal tax rate to our effective income tax rate: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Statutory rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | |||||||
State tax provisions, net of federal income tax benefit | (0.5 | ) | (1.0 | ) | (0.6 | ) | |||||||
Permanent differences | (5.3 | ) | (0.1 | ) | 5.3 | ||||||||
Tax credits | 2.8 | 6 | 3.3 | ||||||||||
Foreign income taxed at rates other than the statutory rate | (0.5 | ) | 0.7 | 0.5 | |||||||||
Valuation allowance and other | (8.4 | ) | — | (9.8 | ) | ||||||||
Changes in tax liabilities, net | 4.2 | (5.7 | ) | 22 | |||||||||
Other | (1.2 | ) | (2.9 | ) | 3.9 | ||||||||
Effective income tax rate | (43.9 | )% | (38.0 | )% | (10.4 | )% | |||||||
Our effective income tax rate for 2014 was 44 percent. The effective tax rate was higher than the federal statutory rate primarily as a result of valuation allowances established for foreign deferred tax assets and a $0.8 million write-down of deferred tax assets that are not recoverable, permanent differences including non-deductible expenses related to recent tax law changes in Mexico and compensation deduction limitations and increases in uncertain tax positions and related interest and penalties. These unfavorable factors impacting the effective tax rate were partially offset by the release of reserves due to the expiration of a statute of limitations and the closure of an open tax year in the U.S., as well as federal and state tax credits. | |||||||||||||
Our effective income tax rate for 2013 was 38 percent. The effective rate was unfavorably affected by increases in unrecognized tax benefits, changes in tax laws in Mexico that increased our long-term deferred tax liabilities by $1.0 million and state income taxes (net of federal tax benefit). Our effective tax rate was favorably impacted by income tax credits, including $1.0 million credit recognized as a result of the 2013 enactment of the American Taxpayer Relief Act of 2012 and foreign income that is taxed at rates lower than the U.S. statutory rates. | |||||||||||||
Our effective income tax rate for 2012 was 10 percent. Our effective income tax rate differed from the U.S. federal tax rate of 35 percent during 2012 primarily due to changes in our tax liability for uncertain tax positions resulting from the Mexican taxing authorities finalizing their audit of the 2004 tax year of Superior Industries de Mexico S.A. de C.V., our wholly-owned Mexican subsidiary. As a result of the 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 $12.7 million reversal of related deferred tax assets established for the indirect benefit in the U.S. for the potential non-deductibility of expenses in Mexico. Additional factors favorably impacting the 2012 effective tax rate include the net release of foreign tax liabilities for the 2006 tax year of $2.1 million as a result of the expiration of the statute of limitations, permanent differences including income from the reversal of a $3.5 million reserve established for an uncertainty related to certain non-deductible VAT tax credits, and income tax credits. The 2012 effective tax rate was unfavorably impacted by valuation allowance increases of approximately $3.4 million related primarily to state deferred tax assets for net operating loss ("NOL") and tax credit carryforwards that are no longer expected to be realized due to changes in tax law and cessation of business in Kansas. | |||||||||||||
We are a multinational company subject to taxation in many jurisdictions. We record liabilities dealing with uncertainty in the application of complex tax laws and regulations in the various taxing jurisdictions in which we operate. If we determine that payment of these liabilities will be unnecessary, we reverse the liability and recognize the tax benefit during the period in which we determine the liability no longer applies. Conversely, we record additional tax liabilities or valuation allowances in a period in which we determine that a recorded liability is less than we expect the ultimate assessment to be or that a tax asset is impaired. | |||||||||||||
Income taxes are accounted for pursuant to U.S. GAAP, which requires the use of the liability method and the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. The effect on deferred taxes for a change in tax rates is recognized in the provision for income taxes in the period of enactment. U.S. income taxes on undistributed earnings of our international subsidiaries have not been provided as such earnings are considered permanently reinvested. Tax credits and special deductions are accounted for as a reduction of the provision for income taxes in the period in which the credits arise. | |||||||||||||
Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities at December 31, 2014 and 2013, are as follows: | |||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Liabilities deductible in the future | $ | 10,424 | $ | 8,164 | |||||||||
Deferred compensation | 14,023 | 13,026 | |||||||||||
Net loss carryforward | 2,377 | 2,359 | |||||||||||
Tax credit carryforward | 1,018 | 1,040 | |||||||||||
Competent authority deferred tax assets and other foreign timing differences | 8,603 | 6,426 | |||||||||||
Other | 1,430 | 1,091 | |||||||||||
Total before valuation allowances | 37,875 | 32,106 | |||||||||||
Valuation allowances | (3,911 | ) | (3,398 | ) | |||||||||
Net deferred income tax assets | 33,964 | 28,708 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Differences between the book and tax basis of property, plant and equipment | (21,337 | ) | (27,197 | ) | |||||||||
Deferred income tax liabilities | (21,337 | ) | (27,197 | ) | |||||||||
Net deferred income tax assets | $ | 12,627 | $ | 1,511 | |||||||||
Realization of any of our deferred tax assets at December 31, 2014 is dependent on the company generating sufficient taxable income in the future. The determination of whether or not to record a full or partial valuation allowance on our deferred tax assets is a critical accounting estimate requiring a significant amount of judgment on the part of management. In determining when to release the valuation allowance established against our deferred income tax assets, we consider all available evidence, both positive and negative. We perform our analysis on a jurisdiction by jurisdiction basis at the end of each reporting period. | |||||||||||||
As of December 31, 2014, we have cumulative state NOL carryforwards of $47.4 million that begin to expire in 2016. Also, we have $1.6 million of state tax credit carryforwards which are available indefinitely. | |||||||||||||
We have not provided for deferred income taxes or foreign withholding tax on basis differences in our non-U.S. subsidiaries that result from undistributed earnings of $112.9 million which the company has the intent and the ability to reinvest in its foreign operations. Generally, the U.S. income taxes imposed upon repatriation of undistributed earnings would be reduced by foreign tax credits from foreign income taxes paid on the earnings. Determination of the deferred income tax liability on these basis differences is not reasonably estimable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. | |||||||||||||
We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits for the three years ended December 31, 2014 is as follows: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Beginning balance | $ | 9,462 | $ | 6,310 | $ | 12,637 | |||||||
Increases (decreases) due to foreign currency translations | (244 | ) | — | 632 | |||||||||
Increases (decreases) as a result of positions taken during: | |||||||||||||
Prior periods | (2,553 | ) | (197 | ) | (6,362 | ) | |||||||
Current period | 956 | 3,655 | 2,700 | ||||||||||
Settlements with taxing authorities | — | (306 | ) | (870 | ) | ||||||||
Expiration of applicable statutes of limitation | (428 | ) | — | (2,427 | ) | ||||||||
Ending balance (1) | $ | 7,193 | $ | 9,462 | $ | 6,310 | |||||||
(1) Excludes $6.4 million, $5.8 million and $5.0 million of potential interest and penalties associated with uncertain tax positions in 2014, 2013 and 2012, respectively. | |||||||||||||
Our policy regarding interest and penalties related to unrecognized tax benefits is to record interest and penalties as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The balance sheet at December 31, 2014 includes the unrecognized tax benefits, cumulative interest and penalties accrued on the liabilities totaling $13.6 million. During 2014, we accrued net potential interest and penalties of $0.5 million and $0.1 million, respectively, related to unrecognized tax benefits. As of December 31, 2014, we have cumulative recorded liabilities for potential interest and penalties of $4.3 million and $2.1 million, respectively. Included in the unrecognized tax benefits of $13.6 million at December 31, 2014, was $5.9 million of tax benefit that, if recognized, would affect our annual effective tax rate. Within the next twelve-month period ending December 31, 2015, we do not expect any of the unrecognized tax benefits to be recognized due to the expiration of certain statute of limitations or settlements with tax authorities, except as described below. | |||||||||||||
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 Mexico, the Netherlands, India, Cyprus and the United States. We are no longer under examination by the taxing authority regarding any U.S. federal income tax returns for years before 2012 while the years open for examination under various state and local jurisdictions vary. In 2014, the Internal Revenue Service ("IRS") completed its audit of the 2011 tax year of Superior Industries International and subsidiaries. We expect approximately $2.9 million of unrecognized tax benefits related to our U.S. and Mexico operations will be recognized in 2015 due to the expiration of statutes of limitations. | |||||||||||||
Mexico's Tax Administration Service (Servicio de Administracion Tributaria, or "SAT"), finalized their examination of the 2007 tax year of Superior Industries de Mexico S.A. de C.V., our wholly-owned Mexican subsidiary, during February 2013. In February 2013 we reached a settlement with SAT for the 2007 tax year and made a cash payment of $0.3 million. The closure of the 2007 tax year audit resulted in an immaterial decrease in the liability for uncertain tax positions. | |||||||||||||
Total income tax payments net of refunds were $9.9 million in 2014, $13.7 million in 2013 and $11.0 million in 2012. |
Leases_and_Related_Parties
Leases and Related Parties | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases and Related Parties [Abstract] | |||||
Leases and Related Parties [Text Block] | We lease certain land, facilities and equipment under long-term operating leases expiring at various dates through 2019. Total lease expense for all operating leases amounted to $1.9 million in 2014, $1.8 million in 2013 and $1.5 million in 2012. | ||||
Our administrative office in Van Nuys, California was leased from the Louis L. Borick Trust and the Nita A. Borick Management Trust. During 2013 the Louis L. Borick Foundation (the "Foundation") replaced the Louis L. Borick Trust as a landlord for the company's administrative office facility. The Foundation is controlled by Mr. Steven J. Borick, the former Chairman and Chief Executive Officer of the company, as President and Director of the Foundation. The Nita A. Borick Management Trust is controlled by Nita A. Borick and Mr. Steven J. Borick as trustees. | |||||
The lease provides for annual lease payments of approximately $427,000, through March 2015. In November 2014, the lease was amended to extend the lease term from March 2015 to March 2017, and to reduce the amount of office space and annual rent. As amended, beginning April 2015, the annual lease payment will approximate $225,000, and the company has the option to extend the lease term for six month periods beyond March 2017. The future minimum lease payments that are payable to the Foundation and Trust for the Van Nuys administrative office lease total $0.6 million. Total lease payments to these related entities were $0.4 million in 2014, $0.4 million in 2013 and $0.4 million for 2012. | |||||
The following are summarized future minimum payments under all leases. The table below contains annual lease payments for the Van Nuys, California administrative office of approximately $275,000 in 2015, and $225,000 thereafter, through March 2017. | |||||
Year Ended December 31, | Operating Leases | ||||
(Thousands of dollars) | |||||
2015 | $ | 1,459 | |||
2016 | 979 | ||||
2017 | 458 | ||||
2018 | 153 | ||||
2019 | 5 | ||||
Thereafter | — | ||||
$ | 3,054 | ||||
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Retirement Plans [Abstract] | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | RETIREMENT PLANS | ||||||||||||
We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. We purchase life insurance policies on certain participants to provide in part for future liabilities. Cash surrender value of these policies, totaling $6.6 million and $6.1 million at December 31, 2014 and 2013, respectively, are included in other non-current assets in the company's consolidated balance sheets. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee's death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011. We have measured the plan assets and obligations of our salary continuation plan as of our fiscal year end for all periods presented. | |||||||||||||
The following table summarizes the changes in plan benefit obligations: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Change in benefit obligation | |||||||||||||
Beginning benefit obligation | $ | 25,145 | $ | 29,075 | |||||||||
Service cost | 84 | 230 | |||||||||||
Interest cost | 1,171 | 1,159 | |||||||||||
Actuarial loss (gain) | 5,014 | (3,526 | ) | ||||||||||
Curtailment | — | (521 | ) | ||||||||||
Benefit payments | (1,367 | ) | (1,272 | ) | |||||||||
Ending benefit obligation | $ | 30,047 | $ | 25,145 | |||||||||
Year Ended December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||
Employer contribution | 1,367 | 1,272 | |||||||||||
Benefit payments | (1,367 | ) | (1,272 | ) | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||
Funded Status | $ | (30,047 | ) | $ | (25,145 | ) | |||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||
Accrued liabilities | $ | (1,507 | ) | $ | (1,461 | ) | |||||||
Other non-current liabilities | (28,540 | ) | (23,684 | ) | |||||||||
Net amount recognized | $ | (30,047 | ) | $ | (25,145 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||
Net actuarial loss | $ | 8,399 | $ | 3,713 | |||||||||
Prior service cost | (1 | ) | (1 | ) | |||||||||
Net amount recognized, before tax effect | $ | 8,398 | $ | 3,712 | |||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||
Discount rate | 4.2 | % | 4.8 | % | |||||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||
Components of net periodic pension cost are described in the following table: | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Components of net periodic pension cost: | |||||||||||||
Service cost | $ | 84 | $ | 230 | $ | 249 | |||||||
Interest cost | 1,171 | 1,159 | 1,242 | ||||||||||
Amortization of actuarial loss | 328 | 430 | 268 | ||||||||||
Net periodic pension cost | $ | 1,583 | $ | 1,819 | $ | 1,759 | |||||||
Weighted average assumptions used to determine net periodic pension cost: | |||||||||||||
Discount rate | 4.8 | % | 4 | % | 5 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||
The decrease in the 2014 net periodic pension cost compared to the 2013 cost was primarily due to decreased service cost from terminations and retirements, as well as decreased amortization of actuarial losses. The increase in the 2013 cost compared to the 2012 cost was primarily due to increases in amortization of actuarial losses. | |||||||||||||
Benefit payments during the next ten years, which reflect applicable future service, are as follows: | |||||||||||||
Year Ended December 31, | Amount | ||||||||||||
(Thousands of dollars) | |||||||||||||
2015 | $ | 1,538 | |||||||||||
2016 | $ | 1,524 | |||||||||||
2017 | $ | 1,210 | |||||||||||
2018 | $ | 1,429 | |||||||||||
2019 | $ | 1,403 | |||||||||||
Years 2020 to 2024 | $ | 7,311 | |||||||||||
The following is an estimate of the components of net periodic pension cost in 2015: | |||||||||||||
Estimated Year Ended December 31, | 2015 | ||||||||||||
(Thousands of dollars) | |||||||||||||
Service cost | $ | 44 | |||||||||||
Interest cost | 1,230 | ||||||||||||
Amortization of actuarial loss | 535 | ||||||||||||
Estimated 2015 net periodic pension cost | $ | 1,809 | |||||||||||
Other Retirement Plans | |||||||||||||
We also have a contributory employee retirement savings plan (a 401k plan) covering substantially all of our employees. The employer contribution totaled $2.0 million, $2.1 million and $1.8 million for the three years ended December 31, 2014, 2013 and 2012, respectively. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Expenses [Abstract] | |||||||||
Accrued Liabilities [Text Block] | ACCRUED LIABILITIES | ||||||||
December 31, | 2014 | 2013 | |||||||
(Thousands of dollars) | |||||||||
Construction in progress | $ | 4,090 | $ | 27,669 | |||||
Payroll and related benefits | 13,202 | 14,615 | |||||||
Current portion of derivative liability | 5,598 | — | |||||||
Dividends | 4,862 | 4,884 | |||||||
Taxes, other than income taxes | 6,961 | 5,730 | |||||||
Current portion of executive retirement liabilities | 1,507 | 1,461 | |||||||
Other | 11,804 | 10,577 | |||||||
Accrued liabilities | $ | 48,024 | $ | 64,936 | |||||
Line_of_Credit_Notes
Line of Credit (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | LINE OF CREDIT |
On December 19, 2014, we entered into a senior secured credit agreement (the "Credit Agreement") with J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. (“JPMCB”) and Wells Fargo Bank, National Association (together with JPMCB, the “Lenders”). | |
The Credit Agreement consists of a senior secured revolving credit facility in an initial aggregate principal amount of $100.0 million (the “Facility”). In addition, the company is entitled to request, subject to certain terms and conditions and the agreement of the Lenders, an increase in the aggregate revolving commitments under the Facility or to obtain incremental term loans in an aggregate amount not to exceed $50.0 million. We intend to use the proceeds of the Facility to finance the working capital needs, and for the general corporate purposes, of the company and its subsidiaries. | |
The Credit Agreement expires on December 19, 2019 and borrowings under the Facility accrue interest at (i) a London interbank offered rate plus a margin of between 0.75 percent and 1.25 percent based on the total leverage ratio of Superior and its subsidiaries on a consolidated basis, (ii) a rate based on JPMCB’s prime rate plus a margin of between 0.00 percent and 0.25 percent based on the total leverage ratio of company and its subsidiaries on a consolidated basis or (iii) a combination thereof. Commitment fees are 0.2 percent on the unused portion of the facility. The commitment fees are included as interest expense in our consolidated financial statements. | |
Generally, all amounts under the Facility are guaranteed by certain of the U.S. subsidiaries of the company and are secured by a first priority security interest in and lien on the personal property of the company and the U.S. guarantors (as defined in the Credit Agreement) and a pledge of and first perfected security interest in the equity interests of the company’s existing and future U.S. subsidiaries and 65 percent of the equity interests in certain non-U.S. direct material subsidiaries of the company and the U.S. guarantors under the Facility. | |
The Credit Agreement contains certain customary restrictive covenants, including, among others, financial covenants requiring the maintenance of a maximum total leverage ratio and a minimum fixed charge coverage ratio, and also includes, without limitation, covenants, in each case with certain exceptions and allowances, limiting the ability of company and its subsidiaries to incur indebtedness, grant liens, make investments, dispose of assets, make certain restrictive payments, make optional payments and modifications of subordinated debt instruments, enter into certain transactions with affiliates, enter into swap agreements, make capital expenditures or make changes to its lines of business. At December 31, 2014, we were in compliance with all covenants contained in the Credit Agreement. | |
The Credit Agreement contains customary default provisions, representations and warranties and restrictive covenants. The Credit Agreement also contains a provision permitting the lenders to accelerate the repayment of all loans outstanding under the Facility during an event of default. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES | |
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 paid or provided Mr. Borick with the following upon his separation: | ||
• | A lump-sum cash payment in an amount equal to $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 (See Note 16 - Stock-Based Compensation), and | |
• | Vesting of all of Mr. Borick's unvested stock options and unvested restricted stock. | |
In addition, we entered into an agreement providing for Mr. Borick to consult with the company for a twelve-month period beginning on the date on which he ceased to be a member of the board of directors of the company, which date was April 28, 2014, in exchange for monthly payments of $5,000. During the years ended December 31, 2014 and 2013, we recorded $1.1 million and $1.8 million, respectively, of compensation expense in connection with Mr. Borick's Separation Agreement. | ||
Donald J. Stebbins, Executive Employment Agreement | ||
On April 30, 2014, we entered into an Executive Employment Agreement (the “Employment Agreement”) with Donald J. Stebbins in connection with his appointment as President and Chief Executive Officer of the company. The Employment Agreement became effective May 5, 2014 and is for a three year term that expires on April 30, 2017, with additional one-year automatic renewals unless either Mr. Stebbins or the company provides advance notice of nonrenewal of the Employment Agreement. The Employment Agreement provides for an annual base salary of $900,000. Mr. Stebbins may receive annual bonuses based on attainment of performance goals, determined by the company’s independent compensation committee, in the amount of 80 percent of annual base salary at threshold level performance, 100 percent of annual base salary at target level performance, and up to 200 percent of annual base salary for performance substantially above target level. | ||
Mr. Stebbins received inducement grants of restricted stock for 50,000 shares vesting April 30, 2017, and an additional number of shares of 82,455 determined by dividing $1,602,920 by the per share value of the company’s common stock on May 5, 2014, with the additional shares vesting on December 31, 2016. Beginning in 2015, Mr. Stebbins will be granted restricted stock unit awards each year under Superior's 2008 Equity Incentive Plan, or any successor equity plan. Under the Employment Agreement, Mr. Stebbins is to be granted time-vested restricted stock units each year, cliff vesting at the third fiscal year end following grant, for a number of shares equal to 66.7 percent of his annual base salary divided by the per share value of Superior’s common stock on the date of grant. In addition, Mr. Stebbins is to be granted performance-vested restricted stock units each year, vesting based on company performance goals established by the independent compensation committee during the three fiscal years following grant, for a maximum number of shares equal to 200 percent of his annual base salary divided by the per share value of Superior’s common stock on the date of grant. In general, the equity awards vest only if Mr. Stebbins continues in employment with the company through the vesting date or end of the performance period. | ||
The Employment Agreement also contains provisions for severance benefits including lump sum payments calculated based on Mr. Stebbins' base salary and bonus, as well as health care continuation, if he is terminated without “cause” or resigns for “good reason." In addition, if Mr. Stebbins is terminated without “cause” or resigns for “good reason” within one year following a change in control of the company, the severance benefits are increased 100 percent. | ||
Stock Repurchase Program | ||
As discussed in Note17 - Common Stock Purchase Program, in October 2014, our Board of Directors approved a new stock repurchase program authorizing the repurchase of up to $30.0 million of our common stock. As of December 31, 2014, additional shares of our common stock with a total cost of $30.0 million may be repurchased under the new stock repurchase program. | ||
Foreign Consumption Tax | ||
The 2012 cost of sales includes a $3.5 million benefit from the release of a contingency reserve, established in a prior year, for an uncertainty related to a foreign consumption tax that was resolved during 2012. | ||
Derivatives and Purchase Commitments | ||
In order to hedge exposure related to fluctuations in foreign currency rates and the cost of certain commodities used in the manufacture of our products, we periodically may purchase derivative financial instruments such as forward contracts, options or collars to offset or mitigate the impact of such fluctuations. Programs to hedge currency rate exposure may address ongoing transactions including, foreign-currency-denominated receivables and payables, as well as, specific transactions related to purchase obligations. Programs to hedge exposure to commodity cost fluctuations would be based on underlying physical consumption of such commodities. | ||
Historically, we have not actively engaged in substantial exchange rate hedging activities and, prior to 2014, we had not entered into any significant foreign exchange contracts. However, as a result of customer requirements, a significant shift is occurring in the currency denominated in our contracts with our customers. As a result of this change, we currently project that in 2015 and beyond the vast majority of our revenues will be denominated in the U.S. dollar, rather than a more balanced mix of U.S. dollar and Mexican peso. In the past we have relied upon significant revenues denominated in the Mexican peso to provide a "natural hedge" against foreign exchange rate changes impacting our peso denominated costs incurred at our facilities in Mexico. Accordingly, the foreign exchange exposure associated with peso denominated costs is a growing risk factor that could have a material adverse effect on our operating results. | ||
In accordance with our corporate risk management policies, we may enter into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks associated with certain existing assets and liabilities, certain firmly committed transactions and forecasted future cash flows. We have implemented a program to hedge a portion of our material foreign exchange exposures, typically for up to 24 months. We do not use derivative contracts for trading, market-making, or speculative purposes. For additional information on our derivatives, see Note 4 - Derivative Financial Instruments. | ||
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. We currently have several purchase commitments in place for the delivery of natural gas through 2015. These natural gas contracts are considered to be derivatives under U.S. GAAP, and when entering into these contracts, it was expected that we would 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 December 31, 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. | ||
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. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Stock Based Compensation [Abstract] | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION | |||||||||||||||||||||||
2008 Equity Incentive Plan | ||||||||||||||||||||||||
Our 2008 Equity Incentive Plan (the "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. No more than 600,000 shares may be used under such plan as “full value” awards, which include restricted stock and performance units. Stock 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 granted under this plan generally require no less than a three years ratable vesting period if vesting is based on continuous service. Vesting periods may be shorter than three years if performance based. | ||||||||||||||||||||||||
Restricted stock, or “full value” awards, generally vest ratably over no less than a three year period. Shares of restricted stock granted under the Plan are considered issued and outstanding at the date of grant, have the same dividend and voting rights as other outstanding common stock, are subject to forfeiture if employment terminates prior to vesting, and are expensed ratably over the vesting period. Dividends paid on the restricted shares under the Plan are non-forfeitable. | ||||||||||||||||||||||||
During 2014, we granted 225,205 shares of restricted stock, with original vesting periods of one to three years. During 2013, we granted 92,631 shares of restricted stock, which vest ratably over a three year period. In addition, in 2014, we granted 35,081 restricted shares in connection with Mr. Steven J. Borick's, our former company President and Chief Executive Officer's, separation agreement (see Note 15 - Commitments and Contingencies). These shares fully vested on the grant date (March 31, 2014) and the cost was recognized from the date of the separation agreement (October 14, 2013) through March 31, 2014, the separation date. The shares issued also were net of an amount equal to required tax withholdings. The cash equivalent of the withheld shares was remitted by the company to the tax authorities. | ||||||||||||||||||||||||
Other Awards | ||||||||||||||||||||||||
During 2014 we granted 132,455 restricted shares, including 50,000 shares vesting April 30, 2017, and 82,455 shares vesting on December 31, 2016. The fair value of each of these restricted shares was $19.44. These grants were made outside of the Plan as inducement grants in connection with the appointment of our new CEO and company President (see Note 15 - Commitments and Contingencies). | ||||||||||||||||||||||||
We received cash proceeds of $7.4 million, $2.9 million and $1.5 million from stock options exercised in 2014, 2013 and 2012, respectively. The total intrinsic value of options exercised was $1.5 million and $0.9 million, during the years ended December 31, 2014 and 2013, respectively. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options and upon the issuance of restricted stock awards. At December 31, 2014, there were 1.9 million shares available for future grants under this plan. | ||||||||||||||||||||||||
We have elected to adopt the alternative transition method for calculating the initial pool of excess tax benefits and to determine the subsequent impact of the tax effects of employee stock-based compensation awards that are outstanding on shareholders' equity and the consolidated statements of cash flows. | ||||||||||||||||||||||||
Stock option activity in 2014: | ||||||||||||||||||||||||
Outstanding | Weighted | Remaining | Aggregate | |||||||||||||||||||||
Average | Contractual | Intrinsic | ||||||||||||||||||||||
Exercise | Life in Years | Value | ||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2013 | 2,466,606 | $ | 20.31 | |||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||
Exercised | (453,745 | ) | $ | 16.36 | ||||||||||||||||||||
Canceled | (72,167 | ) | $ | 22.37 | ||||||||||||||||||||
Expired | (121,250 | ) | $ | 34.18 | ||||||||||||||||||||
Balance at December 31, 2014 | 1,819,444 | $ | 20.28 | 1.9 | $ | 2,101,753 | ||||||||||||||||||
Options vested or expected to vest | 1,818,111 | $ | 20.28 | 1.9 | $ | 2,097,663 | ||||||||||||||||||
Exercisable at December 31, 2014 | 1,788,774 | $ | 20.34 | 1.8 | $ | 2,007,672 | ||||||||||||||||||
Included in the total stock options outstanding at December 31, 2014 are 1.2 million options that were granted under prior stock option plans that have expired. The aggregate intrinsic value represents the total pretax difference between the closing stock price on the last trading day of the reporting period and the option exercise price, multiplied by the number of in-the-money options. This is the amount that would have been received by the option holders had they exercised and sold their options on that day. This amount varies based on changes in the fair market value of our common stock. The closing price of our common stock on the last trading day of our fiscal year was $20.00. | ||||||||||||||||||||||||
Stock options outstanding at December 31, 2014: | ||||||||||||||||||||||||
Range of | Options | Weighted | Weighted | Options | Weighted | |||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||
at 12/31/2014 | Remaining | Exercise | at 12/31/2014 | Exercise | ||||||||||||||||||||
Contractual Life (in Years) | Price | Price | ||||||||||||||||||||||
$ | 15.17 | — | $ | 17.63 | 436,600 | 3.8 | $ | 16.72 | 407,597 | $ | 16.71 | |||||||||||||
$ | 17.64 | — | $ | 19.36 | 397,167 | 1.3 | $ | 18.43 | 395,500 | $ | 18.43 | |||||||||||||
$ | 19.37 | — | $ | 21.78 | 240,000 | 0.6 | $ | 20.63 | 240,000 | $ | 20.63 | |||||||||||||
$ | 21.79 | — | $ | 22.54 | 360,377 | 1.8 | $ | 21.91 | 360,377 | $ | 21.91 | |||||||||||||
$ | 22.55 | — | $ | 25 | 385,300 | 1.5 | $ | 24.48 | 385,300 | $ | 24.48 | |||||||||||||
1,819,444 | 1.9 | $ | 20.28 | 1,788,774 | $ | 20.34 | ||||||||||||||||||
Restricted stock activity in 2014: | ||||||||||||||||||||||||
Number of Awards | Weighted Average Grant Date Fair Value | Weighted Average Remaining Amortization Period (in Years) | ||||||||||||||||||||||
Balance at December 31, 2013 | 124,163 | $ | 17.7 | |||||||||||||||||||||
Granted | 225,205 | $ | 19.35 | |||||||||||||||||||||
Vested | (82,199 | ) | $ | 17.88 | ||||||||||||||||||||
Canceled | (14,693 | ) | $ | 18.18 | ||||||||||||||||||||
Balance at December 31, 2014 | 252,476 | $ | 18.93 | 2.1 | ||||||||||||||||||||
Stock-based compensation expense related to our equity incentive plans in accordance with U.S. GAAP was allocated as follows: | ||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||||||||
Cost of sales | $ | 113 | $ | 214 | $ | 248 | ||||||||||||||||||
Selling, general and administrative expenses | 2,202 | 2,471 | 1,824 | |||||||||||||||||||||
Stock-based compensation expense before income taxes | 2,315 | 2,685 | 2,072 | |||||||||||||||||||||
Income tax benefit | (740 | ) | (762 | ) | (513 | ) | ||||||||||||||||||
Total stock-based compensation expense after income taxes | $ | 1,575 | $ | 1,923 | $ | 1,559 | ||||||||||||||||||
The 2013 compensation expense includes $0.7 million of costs primarily for accrued and accelerated share-based payment costs associated with the company CEO's Separation Agreement, see Note 15 - Commitments and Contingent Liabilities. There were no significant capitalized stock-based compensation costs at December 31, 2014 or 2013. As of December 31, 2014, there was $2.8 million of unrecognized stock-based compensation expense expected to be recognized related to unvested stock-based awards. That cost is expected to be recognized over a weighted-average period of 2.1 years. | ||||||||||||||||||||||||
The fair value of each option grant was estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||||||||||
Year Ended December 31, | 2012 | |||||||||||||||||||||||
Expected dividend yield (a) | 3.70% | |||||||||||||||||||||||
Expected stock price volatility (b) | 41.20% | |||||||||||||||||||||||
Risk-free interest rate (c) | 1.40% | |||||||||||||||||||||||
Expected option lives (d) | 6.9 years | |||||||||||||||||||||||
Weighted average grant date fair value of options granted during the period | $5.10 | |||||||||||||||||||||||
(a) | This assumed that cash dividends of $0.16 per share would be paid each quarter on our common stock. | |||||||||||||||||||||||
(b) | Expected volatility is based on the historical volatility of our stock price, over the expected term of the option. | |||||||||||||||||||||||
(c) | The risk-free rate is based upon the rate on a U.S. Treasury note for the period representing the expected term of the option. | |||||||||||||||||||||||
(d) | The expected term of the option is based on historical employee exercise behavior, a contractual life of ten years and employees' post-vesting employment termination behavior. |
Common_Stock_Purchase_Programs
Common Stock Purchase Programs | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock Repurchase Programs [Abstract] | |
Common Stock Purchase Program [Text Block] | COMMON STOCK PURCHASE PROGRAM |
In March 2013, our Board of Directors approved a new stock repurchase program (the "2013 Repurchase Program") authorizing the repurchase of up to $30.0 million of our common stock. This 2013 Repurchase Program replaced the previously existing share repurchase program. Shares repurchased under the 2013 Repurchase Program totaled 1,510,759 at a cost of $30.0 million, including 1,089,560 shares repurchased at a cost of $21.8 million in 2014. Accordingly, no additional shares may be repurchased under the 2013 Repurchase Program. All repurchased shares described above were canceled and retired. | |
In October 2014, our Board of Directors approved a new stock repurchase program (the "2014 Repurchase Program") authorizing the repurchase of up to $30.0 million of our common stock. Under the 2014 Repurchase Program, we may repurchase common stock from time to time on the open market or in private transactions. The timing and extent of the repurchases under the 2014 Repurchase Program will depend upon market conditions and other corporate considerations in our sole discretion. As of December 31, 2014, additional shares with a total cost of $30.0 million may be purchased under the 2014 Repurchase Program authorization. During the three months ended December 31, 2014 we did not repurchase any shares of our common stock. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
(Thousands of dollars, except per share amounts) | |||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||
Year 2014 | Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Net sales | $ | 183,390 | $ | 198,966 | $ | 176,419 | $ | 186,672 | $ | 745,447 | |||||||||||
Gross profit | $ | 15,636 | $ | 15,732 | $ | 7,318 | $ | 11,536 | $ | 50,222 | |||||||||||
Income (loss) from operations | $ | 7,702 | $ | 8,444 | $ | (2,637 | ) | $ | 4,404 | $ | 17,913 | ||||||||||
Income (loss) before income taxes | $ | 8,059 | $ | 8,662 | $ | (2,740 | ) | $ | 1,721 | $ | 15,702 | ||||||||||
Income tax (provision) benefit | $ | (3,237 | ) | $ | (3,623 | ) | $ | 321 | $ | (360 | ) | $ | (6,899 | ) | |||||||
Net income (loss) | $ | 4,822 | $ | 5,039 | $ | (2,419 | ) | $ | 1,361 | $ | 8,803 | ||||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.19 | $ | (0.09 | ) | $ | 0.05 | $ | 0.33 | ||||||||||
Diluted | $ | 0.18 | $ | 0.18 | $ | (0.09 | ) | $ | 0.05 | $ | 0.33 | ||||||||||
Dividends declared per share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.72 | |||||||||||
First | Second | Third | Fourth | ||||||||||||||||||
Year 2013 | Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Net sales | $ | 206,441 | $ | 198,993 | $ | 191,619 | $ | 192,511 | $ | 789,564 | |||||||||||
Gross profit | $ | 13,518 | $ | 16,237 | $ | 15,418 | $ | 18,888 | $ | 64,061 | |||||||||||
Income from operations | $ | 6,309 | $ | 9,147 | $ | 7,163 | $ | 11,974 | $ | 34,593 | |||||||||||
Income before income taxes | $ | 6,875 | $ | 9,871 | $ | 7,718 | $ | 12,377 | $ | 36,841 | |||||||||||
Income tax provision | $ | (1,941 | ) | $ | (3,547 | ) | $ | (2,547 | ) | $ | (5,982 | ) | $ | (14,017 | ) | ||||||
Net income | $ | 4,934 | $ | 6,324 | $ | 5,171 | $ | 6,395 | $ | 22,824 | |||||||||||
Income per share: | |||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.23 | $ | 0.19 | $ | 0.23 | $ | 0.83 | |||||||||||
Diluted | $ | 0.18 | $ | 0.23 | $ | 0.19 | $ | 0.23 | $ | 0.83 | |||||||||||
Dividends declared per share | $ | — | $ | — | $ | 0.02 | $ | 0.18 | $ | 0.2 | |||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charge to | Other | Deductions | Balance at | |||||||||||||||||
Beginning of | Costs and | Comprehensive | From | End of | |||||||||||||||||
Year | Expenses | Income (Loss) | Reserves | Year | |||||||||||||||||
2014 | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 910 | $ | (426 | ) | $ | — | $ | 30 | $ | 514 | ||||||||||
Valuation allowances for deferred tax assets | $ | 3,398 | $ | 473 | $ | 40 | $ | — | $ | 3,911 | |||||||||||
2013 | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 573 | $ | 838 | $ | — | $ | (501 | ) | $ | 910 | ||||||||||
Valuation allowances for deferred tax assets | $ | 3,394 | $ | 4 | $ | — | $ | — | $ | 3,398 | |||||||||||
2012 | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 339 | $ | 234 | $ | — | $ | — | $ | 573 | |||||||||||
Valuation allowances for deferred tax assets | $ | — | $ | 3,394 | $ | — | $ | — | $ | 3,394 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Fair Value Measurement, Policy [Policy Text Block] | The company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, while other assets and liabilities are measured at fair value on a nonrecurring basis, such as when we have an asset impairment. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |
Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. | ||
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | Our accounting treatment for these instruments is based on the hedge designation. The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. | |
Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. | ||
Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into other income and expense. Any subsequent changes in fair value of such derivative instruments are reflected in other income and expense unless they are re-designated as hedges of other transactions. | ||
Derivatives, Policy [Policy Text Block] | We account for our derivative instruments as either assets or liabilities and carry them at fair value. | |
For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income ("AOCI") in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For forward exchange contracts designated as cash flow hedges, changes in the time value are included in the definition of hedge effectiveness. Accordingly, any gains or losses related to this component are reported as a component of AOCI in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify as hedges are adjusted to fair value through current income. | ||
Segment Reporting, Policy [Policy Text Block] | As described in Note 5 - Business Segments, the company operates as a single integrated business and, as such, has only one operating segment - automotive wheels. | |
Basis of Accounting, Policy [Policy Text Block] | Our fiscal year is the 52- or 53-week period ending generally on the last Sunday of the calendar year. The fiscal years 2014 and 2013 comprised the 52-week periods ended on December 28, 2014, and December 29, 2013, respectively. The 2012 fiscal year comprised the 53-week period ended December 30, 2012. For convenience of presentation, all fiscal years are referred to as beginning as of January 1, and ending as of December 31, but actually reflect our financial position and results of operations for the periods described above. | |
The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. The equity method of accounting is used for investments in non-controlled affiliates in which the company's ownership ranges from 20 to 50 percent, or in instances in which the company is able to exercise significant influence but not control (such as representation on the investee's Board of Directors.) | ||
Use of Estimates, Policy [Policy Text Block] | We have made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues and expenses to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as delineated by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification ("ASC"). Generally, assets and liabilities that are subject to estimation and judgment include the allowance for doubtful accounts, inventory valuation, amortization of preproduction costs, impairment of and the estimated useful lives of our long-lived assets, self-insurance portions of employee benefits, workers' compensation and general liability programs, fair value of stock-based compensation, income tax liabilities and deferred income taxes. While actual results could differ, we believe such estimates to be reasonable. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments 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 consolidated balance sheets. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable | |
We maintain an allowance for doubtful accounts receivable based upon the expected collectability of all trade receivables. | ||
Inventory, Policy [Policy Text Block] | Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or market using the first-in, first-out method. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. | |
Classification | Expected Useful Life | |
Computer equipment | 3 to 5 years | |
Production machinery and equipment | 7 to 10 years | |
Buildings | 25 years | |
When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed from the accounts. Property, plant and equipment no longer used in operations, which are generally insignificant in amount, are stated at the lower of cost or estimated net realizable value. Gains and losses, if any, are recorded as a component of operating income if the disposition relates to an operating asset. If a non-operating asset is disposed of, any gains and losses are recorded in other income or expense in the period of disposition or write down. | ||
Amortization Policy, Pre-production Costs [Policy Text Block] | We expense all preproduction engineering costs for which reimbursement is not contractually guaranteed by the customer or which are in excess of the contractually guaranteed reimbursement amount. 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 customer and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | When facts and circumstances indicate that there may have been a loss in value, management will also evaluate its cost and equity method investments to determine whether there was an other-than-temporary impairment. If a loss in the value of the investment is determined to be other than temporary, then the decline in value is recognized as a loss. | |
In accordance with the Property, Plant and Equipment Topic of the ASC, management evaluates the recoverability and estimated remaining lives of long-lived assets. The company reviews long-lived assets for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable or the useful life has changed. | ||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | When our foreign subsidiaries translate their financial statements from the functional currency to the reporting currency, the balance sheet accounts are translated using the exchange rates in effect at the end of the accounting period and retained earnings is translated using historical rates. The income statement accounts are generally translated at the weighted average of exchange rates during the period and the cumulative effect of translation is recorded as a separate component of accumulated other comprehensive income (loss) in shareholders' equity | |
Any gains and losses recorded as a result of the remeasurement of monetary assets and liabilities into the functional currency are reflected as transaction gains and losses and included in other income (expense) in the consolidated income statements. | ||
Revenue Recognition, Sales of Goods [Policy Text Block] | Sales of products and any related costs are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Tooling reimbursement revenues related to initial tooling reimbursed by our customers are deferred and recognized over the expected life of the wheel program on a straight line basis, as discussed above. | |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. | |
Value Added Tax, Policy [Policy Text Block] | Value-added taxes that are collected from customers and remitted to taxing authorities are excluded from sales and cost of sales. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | We account for stock-based compensation using the fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs net of the applicable forfeiture rate and recognize the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three to four years. We estimate the forfeiture rate based on our historical experience. | |
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 for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability 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 tax assets 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. | ||
In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax income and have reached sustained profitability, which we define as two consecutive one year periods of pre-tax income. | ||
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. | ||
Our policy regarding interest and penalties related to unrecognized tax benefits is to record interest and penalties as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. | ||
The determination of whether or not to record a full or partial valuation allowance on our deferred tax assets is a critical accounting estimate requiring a significant amount of judgment on the part of management. In determining when to release the valuation allowance established against our deferred income tax assets, we consider all available evidence, both positive and negative. We perform our analysis on a jurisdiction by jurisdiction basis at the end of each reporting period. | ||
We are a multinational company subject to taxation in many jurisdictions. We record liabilities dealing with uncertainty in the application of complex tax laws and regulations in the various taxing jurisdictions in which we operate. If we determine that payment of these liabilities will be unnecessary, we reverse the liability and recognize the tax benefit during the period in which we determine the liability no longer applies. Conversely, we record additional tax liabilities or valuation allowances in a period in which we determine that a recorded liability is less than we expect the ultimate assessment to be or that a tax asset is impaired. | ||
Income taxes are accounted for pursuant to U.S. GAAP, which requires the use of the liability method and the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. The effect on deferred taxes for a change in tax rates is recognized in the provision for income taxes in the period of enactment. U.S. income taxes on undistributed earnings of our international subsidiaries have not been provided as such earnings are considered permanently reinvested. Tax credits and special deductions are accounted for as a reduction of the provision for income taxes in the period in which the credits arise. | ||
Earnings Per Share, Policy [Policy Text Block] | basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. For purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect of our outstanding stock options under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP. | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement | |
In June 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") entitled "Compensation - Stock Compensation." The ASU provides guidance on when the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance becomes effective for annual reporting periods beginning after December 15, 2015, early adoption is permitted. We are currently evaluating the impact this guidance will have on our financial position and results of operations. | ||
In May 2014, the FASB issued an ASU entitled “Revenue from Contracts with Customers.” The ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. | ||
In July 2013, the FASB issued guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The guidance generally provides that an entity's unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The new guidance applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, early adoption is permitted. The new standard did not have a material effect on our consolidated results of operations and financial position, when adopted, on December 29, 2013. | ||
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | |||||||||||||
Classification | Expected Useful Life | ||||||||||||
Computer equipment | 3 to 5 years | ||||||||||||
Production machinery and equipment | 7 to 10 years | ||||||||||||
Buildings | 25 years | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Land and buildings | $ | 91,209 | $ | 72,310 | |||||||||
Machinery and equipment | 447,880 | 421,219 | |||||||||||
Leasehold improvements and others | 6,865 | 9,152 | |||||||||||
Construction in progress | 59,600 | 78,442 | |||||||||||
605,554 | 581,123 | ||||||||||||
Accumulated depreciation | (350,519 | ) | (361,231 | ) | |||||||||
Property, plant and equipment, net | $ | 255,035 | $ | 219,892 | |||||||||
Pre-Production Costs and Deferred Revenue Related to Long-Term Supply Arrangements [Table Text Block] | The following tables summarize the unamortized customer-owned tooling costs included in our non-current other assets, and the deferred tooling revenues included in accrued liabilities and other non-current liabilities: | ||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Unamortized Preproduction Costs | |||||||||||||
Preproduction costs | $ | 65,621 | $ | 60,776 | |||||||||
Accumulated amortization | (53,408 | ) | (46,213 | ) | |||||||||
Net preproduction costs | $ | 12,213 | $ | 14,563 | |||||||||
Deferred Tooling Revenue | |||||||||||||
Accrued liabilities | $ | 4,833 | $ | 5,950 | |||||||||
Other non-current liabilities | 2,449 | 2,619 | |||||||||||
Total deferred tooling revenue | $ | 7,282 | $ | 8,569 | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars, except per share amounts) | |||||||||||||
Basic Earnings Per Share | |||||||||||||
Reported net income | $ | 8,803 | $ | 22,824 | $ | 30,891 | |||||||
Weighted average shares outstanding | 26,908 | 27,392 | 27,219 | ||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.83 | $ | 1.13 | |||||||
Diluted Earnings Per Share | |||||||||||||
Reported net income | $ | 8,803 | $ | 22,824 | $ | 30,891 | |||||||
Weighted average shares outstanding | 26,908 | 27,392 | 27,219 | ||||||||||
Weighted average dilutive stock options | 112 | 139 | 111 | ||||||||||
Weighted average shares outstanding - diluted | 27,020 | 27,531 | 27,330 | ||||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.83 | $ | 1.13 | |||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Changes in the accrued expenses related to restructuring liabilities during the year ended December 31, 2014 are summarized as follows: | |||||||||||||
Year Ended December 31, | 2014 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Balance January 1, 2014 | $ | — | ||||||||||||
Restructuring accruals - severance costs | 1,897 | |||||||||||||
Cash payments | (1,682 | ) | ||||||||||||
Balance December 31, 2014 | $ | 215 | ||||||||||||
Restructuring and Related Costs [Table Text Block] | The following table summarizes the Rogers, Arkansas plant closure costs and classification in the consolidated income statement for the year ended December 31, 2014: | |||||||||||||
Costs Incurred Through December 31, 2014 | Costs Remaining | Total Expected Costs | Classification | |||||||||||
(Dollars in thousands) | ||||||||||||||
Accelerated depreciation of assets abandoned | $ | 5,365 | $ | — | $ | 5,365 | Cost of sales, Restructuring costs | |||||||
Severance costs | 1,897 | 148 | 2,045 | Cost of sales, Restructuring costs | ||||||||||
Equipment removal, inventory written-down, lease termination and other costs | 1,167 | 1,997 | 3,164 | Cost of sales, Restructuring costs | ||||||||||
$ | 8,429 | $ | 2,145 | $ | 10,574 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table categorizes items measured at fair value at December 31, 2014: | |||||||||||||||
Fair Value Measurement at Reporting Date Using | ||||||||||||||||
Quoted Prices | Significant Other | Significant | ||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||
31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Certificates of deposit | $ | 3,750 | $ | — | $ | 3,750 | $ | — | ||||||||
Investment in unconsolidated affiliate | 2,000 | — | — | 2,000 | ||||||||||||
Total | 5,750 | — | 3,750 | 2,000 | ||||||||||||
Liabilities | ||||||||||||||||
Derivative contracts | 7,552 | — | 7,552 | — | ||||||||||||
Total | $ | 7,552 | $ | — | $ | 7,552 | $ | — | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table displays the fair value of derivatives by balance sheet line item: | |||||||||
31-Dec-14 | Accrued Liabilities | Other Non-current Liabilities | ||||||||
(Dollars in thousands) | ||||||||||
Foreign exchange forward contracts designated as hedging instruments | $ | 5,598 | $ | 1,954 | ||||||
Total derivative instruments | $ | 5,598 | $ | 1,954 | ||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: | |||||||||
31-Dec-14 | Notional U.S. Dollar Amount | Fair Value | ||||||||
(Dollars in thousands) | ||||||||||
Foreign currency exchange contracts designated as cash flow hedges | $ | 115,442 | $ | 7,552 | ||||||
Total derivative financial instruments | $ | 115,442 | $ | 7,552 | ||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables provide the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: | |||||||||
Year Ended December 31, 2014 | Amount of Gain or (Loss)Recognized in OCI on Derivatives, net of tax (Effective Portion) | Amount of Pre-tax Gain or(Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Pre-tax Gain or(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||
(Thousands of dollars) | ||||||||||
Foreign exchange contracts | $ | (4,765 | ) | $ | — | $ | — | |||
Total | $ | (4,765 | ) | $ | — | $ | — | |||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Segments [Abstract] | |||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Net sales: | |||||||||||||
U.S. | $ | 261,478 | $ | 286,380 | $ | 316,238 | |||||||
Mexico | 483,969 | 503,184 | 505,216 | ||||||||||
Consolidated net sales | $ | 745,447 | $ | 789,564 | $ | 821,454 | |||||||
December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Property, plant and equipment, net: | |||||||||||||
U.S. | $ | 55,120 | $ | 62,821 | |||||||||
Mexico | 199,915 | 157,071 | |||||||||||
Consolidated property, plant and equipment, net | $ | 255,035 | $ | 219,892 | |||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Receivable [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ACCOUNTS RECEIVABLE | ||||||||
December 31, | 2014 | 2013 | |||||||
(Thousands of dollars) | |||||||||
Trade receivables | $ | 96,177 | $ | 82,809 | |||||
Other receivables | 6,830 | 7,724 | |||||||
103,007 | 90,533 | ||||||||
Allowance for doubtful accounts | (514 | ) | (910 | ) | |||||
Accounts receivable, net | $ | 102,493 | $ | 89,623 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventories [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | INVENTORIES | |||||||
December 31, | 2014 | 2013 | ||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 19,427 | $ | 15,631 | ||||
Work in process | 30,797 | 27,835 | ||||||
Finished goods | 24,453 | 23,727 | ||||||
Inventories | $ | 74,677 | $ | 67,193 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | ||||||||
Classification | Expected Useful Life | |||||||
Computer equipment | 3 to 5 years | |||||||
Production machinery and equipment | 7 to 10 years | |||||||
Buildings | 25 years | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
December 31, | 2014 | 2013 | ||||||
(Dollars in thousands) | ||||||||
Land and buildings | $ | 91,209 | $ | 72,310 | ||||
Machinery and equipment | 447,880 | 421,219 | ||||||
Leasehold improvements and others | 6,865 | 9,152 | ||||||
Construction in progress | 59,600 | 78,442 | ||||||
605,554 | 581,123 | |||||||
Accumulated depreciation | (350,519 | ) | (361,231 | ) | ||||
Property, plant and equipment, net | $ | 255,035 | $ | 219,892 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Income before income taxes and equity earnings: | |||||||||||||
Domestic | $ | 8,328 | $ | 27,981 | $ | 26,661 | |||||||
International | 7,374 | 8,860 | 7,828 | ||||||||||
$ | 15,702 | $ | 36,841 | $ | 34,489 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The (provision) benefit for income taxes is comprised of the following: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Current taxes | |||||||||||||
Federal | $ | (2,976 | ) | $ | (9,951 | ) | $ | (7,629 | ) | ||||
State | (453 | ) | (859 | ) | (554 | ) | |||||||
Foreign (1) | (8,660 | ) | (1,307 | ) | 18,211 | ||||||||
Total current taxes | (12,089 | ) | (12,117 | ) | 10,028 | ||||||||
Deferred taxes | |||||||||||||
Federal | 657 | 183 | (10,589 | ) | |||||||||
State | (109 | ) | 277 | (4,023 | ) | ||||||||
Foreign | 4,642 | (2,360 | ) | 986 | |||||||||
Total deferred taxes | 5,190 | (1,900 | ) | (13,626 | ) | ||||||||
Income tax (provision) benefit | $ | (6,899 | ) | $ | (14,017 | ) | $ | (3,598 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | reconciliation of the United States federal tax rate to our effective income tax rate: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Statutory rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | |||||||
State tax provisions, net of federal income tax benefit | (0.5 | ) | (1.0 | ) | (0.6 | ) | |||||||
Permanent differences | (5.3 | ) | (0.1 | ) | 5.3 | ||||||||
Tax credits | 2.8 | 6 | 3.3 | ||||||||||
Foreign income taxed at rates other than the statutory rate | (0.5 | ) | 0.7 | 0.5 | |||||||||
Valuation allowance and other | (8.4 | ) | — | (9.8 | ) | ||||||||
Changes in tax liabilities, net | 4.2 | (5.7 | ) | 22 | |||||||||
Other | (1.2 | ) | (2.9 | ) | 3.9 | ||||||||
Effective income tax rate | (43.9 | )% | (38.0 | )% | (10.4 | )% | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities at December 31, 2014 and 2013, are as follows: | ||||||||||||
December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Liabilities deductible in the future | $ | 10,424 | $ | 8,164 | |||||||||
Deferred compensation | 14,023 | 13,026 | |||||||||||
Net loss carryforward | 2,377 | 2,359 | |||||||||||
Tax credit carryforward | 1,018 | 1,040 | |||||||||||
Competent authority deferred tax assets and other foreign timing differences | 8,603 | 6,426 | |||||||||||
Other | 1,430 | 1,091 | |||||||||||
Total before valuation allowances | 37,875 | 32,106 | |||||||||||
Valuation allowances | (3,911 | ) | (3,398 | ) | |||||||||
Net deferred income tax assets | 33,964 | 28,708 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Differences between the book and tax basis of property, plant and equipment | (21,337 | ) | (27,197 | ) | |||||||||
Deferred income tax liabilities | (21,337 | ) | (27,197 | ) | |||||||||
Net deferred income tax assets | $ | 12,627 | $ | 1,511 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits for the three years ended December 31, 2014 is as follows: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Beginning balance | $ | 9,462 | $ | 6,310 | $ | 12,637 | |||||||
Increases (decreases) due to foreign currency translations | (244 | ) | — | 632 | |||||||||
Increases (decreases) as a result of positions taken during: | |||||||||||||
Prior periods | (2,553 | ) | (197 | ) | (6,362 | ) | |||||||
Current period | 956 | 3,655 | 2,700 | ||||||||||
Settlements with taxing authorities | — | (306 | ) | (870 | ) | ||||||||
Expiration of applicable statutes of limitation | (428 | ) | — | (2,427 | ) | ||||||||
Ending balance (1) | $ | 7,193 | $ | 9,462 | $ | 6,310 | |||||||
Leases_and_Related_Parties_Lea
Leases and Related Parties Leases and Related Parties (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | summarized future minimum payments under all leases. The table below contains annual lease payments for the Van Nuys, California administrative office of approximately $275,000 in 2015, and $225,000 thereafter, through March 2017. | ||||
Year Ended December 31, | Operating Leases | ||||
(Thousands of dollars) | |||||
2015 | $ | 1,459 | |||
2016 | 979 | ||||
2017 | 458 | ||||
2018 | 153 | ||||
2019 | 5 | ||||
Thereafter | — | ||||
$ | 3,054 | ||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Retirement Plans [Abstract] | |||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments during the next ten years, which reflect applicable future service, are as follows: | ||||||||||||
Year Ended December 31, | Amount | ||||||||||||
(Thousands of dollars) | |||||||||||||
2015 | $ | 1,538 | |||||||||||
2016 | $ | 1,524 | |||||||||||
2017 | $ | 1,210 | |||||||||||
2018 | $ | 1,429 | |||||||||||
2019 | $ | 1,403 | |||||||||||
Years 2020 to 2024 | $ | 7,311 | |||||||||||
Periodic Pension Cost, Next Fiscal Year [Table Text Block] | The following is an estimate of the components of net periodic pension cost in 2015: | ||||||||||||
Estimated Year Ended December 31, | 2015 | ||||||||||||
(Thousands of dollars) | |||||||||||||
Service cost | $ | 44 | |||||||||||
Interest cost | 1,230 | ||||||||||||
Amortization of actuarial loss | 535 | ||||||||||||
Estimated 2015 net periodic pension cost | $ | 1,809 | |||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table summarizes the changes in plan benefit obligations: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Change in benefit obligation | |||||||||||||
Beginning benefit obligation | $ | 25,145 | $ | 29,075 | |||||||||
Service cost | 84 | 230 | |||||||||||
Interest cost | 1,171 | 1,159 | |||||||||||
Actuarial loss (gain) | 5,014 | (3,526 | ) | ||||||||||
Curtailment | — | (521 | ) | ||||||||||
Benefit payments | (1,367 | ) | (1,272 | ) | |||||||||
Ending benefit obligation | $ | 30,047 | $ | 25,145 | |||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | |||||||||||||
Year Ended December 31, | 2014 | 2013 | |||||||||||
(Thousands of dollars) | |||||||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||
Employer contribution | 1,367 | 1,272 | |||||||||||
Benefit payments | (1,367 | ) | (1,272 | ) | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||
Funded Status | $ | (30,047 | ) | $ | (25,145 | ) | |||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||
Accrued liabilities | $ | (1,507 | ) | $ | (1,461 | ) | |||||||
Other non-current liabilities | (28,540 | ) | (23,684 | ) | |||||||||
Net amount recognized | $ | (30,047 | ) | $ | (25,145 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||
Net actuarial loss | $ | 8,399 | $ | 3,713 | |||||||||
Prior service cost | (1 | ) | (1 | ) | |||||||||
Net amount recognized, before tax effect | $ | 8,398 | $ | 3,712 | |||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||
Discount rate | 4.2 | % | 4.8 | % | |||||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic pension cost are described in the following table: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
(Thousands of dollars) | |||||||||||||
Components of net periodic pension cost: | |||||||||||||
Service cost | $ | 84 | $ | 230 | $ | 249 | |||||||
Interest cost | 1,171 | 1,159 | 1,242 | ||||||||||
Amortization of actuarial loss | 328 | 430 | 268 | ||||||||||
Net periodic pension cost | $ | 1,583 | $ | 1,819 | $ | 1,759 | |||||||
Weighted average assumptions used to determine net periodic pension cost: | |||||||||||||
Discount rate | 4.8 | % | 4 | % | 5 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % |
Accrued_Expenses_Accrued_liabi
Accrued Expenses Accrued liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities, Current [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | |||||||||
December 31, | 2014 | 2013 | |||||||
(Thousands of dollars) | |||||||||
Construction in progress | $ | 4,090 | $ | 27,669 | |||||
Payroll and related benefits | 13,202 | 14,615 | |||||||
Current portion of derivative liability | 5,598 | — | |||||||
Dividends | 4,862 | 4,884 | |||||||
Taxes, other than income taxes | 6,961 | 5,730 | |||||||
Current portion of executive retirement liabilities | 1,507 | 1,461 | |||||||
Other | 11,804 | 10,577 | |||||||
Accrued liabilities | $ | 48,024 | $ | 64,936 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity in 2014: | |||||||||||||||||||||||
Outstanding | Weighted | Remaining | Aggregate | |||||||||||||||||||||
Average | Contractual | Intrinsic | ||||||||||||||||||||||
Exercise | Life in Years | Value | ||||||||||||||||||||||
Price | ||||||||||||||||||||||||
Balance at December 31, 2013 | 2,466,606 | $ | 20.31 | |||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||
Exercised | (453,745 | ) | $ | 16.36 | ||||||||||||||||||||
Canceled | (72,167 | ) | $ | 22.37 | ||||||||||||||||||||
Expired | (121,250 | ) | $ | 34.18 | ||||||||||||||||||||
Balance at December 31, 2014 | 1,819,444 | $ | 20.28 | 1.9 | $ | 2,101,753 | ||||||||||||||||||
Options vested or expected to vest | 1,818,111 | $ | 20.28 | 1.9 | $ | 2,097,663 | ||||||||||||||||||
Exercisable at December 31, 2014 | 1,788,774 | $ | 20.34 | 1.8 | $ | 2,007,672 | ||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock options outstanding at December 31, 2014: | |||||||||||||||||||||||
Range of | Options | Weighted | Weighted | Options | Weighted | |||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||
at 12/31/2014 | Remaining | Exercise | at 12/31/2014 | Exercise | ||||||||||||||||||||
Contractual Life (in Years) | Price | Price | ||||||||||||||||||||||
$ | 15.17 | — | $ | 17.63 | 436,600 | 3.8 | $ | 16.72 | 407,597 | $ | 16.71 | |||||||||||||
$ | 17.64 | — | $ | 19.36 | 397,167 | 1.3 | $ | 18.43 | 395,500 | $ | 18.43 | |||||||||||||
$ | 19.37 | — | $ | 21.78 | 240,000 | 0.6 | $ | 20.63 | 240,000 | $ | 20.63 | |||||||||||||
$ | 21.79 | — | $ | 22.54 | 360,377 | 1.8 | $ | 21.91 | 360,377 | $ | 21.91 | |||||||||||||
$ | 22.55 | — | $ | 25 | 385,300 | 1.5 | $ | 24.48 | 385,300 | $ | 24.48 | |||||||||||||
1,819,444 | 1.9 | $ | 20.28 | 1,788,774 | $ | 20.34 | ||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock activity in 2014: | |||||||||||||||||||||||
Number of Awards | Weighted Average Grant Date Fair Value | Weighted Average Remaining Amortization Period (in Years) | ||||||||||||||||||||||
Balance at December 31, 2013 | 124,163 | $ | 17.7 | |||||||||||||||||||||
Granted | 225,205 | $ | 19.35 | |||||||||||||||||||||
Vested | (82,199 | ) | $ | 17.88 | ||||||||||||||||||||
Canceled | (14,693 | ) | $ | 18.18 | ||||||||||||||||||||
Balance at December 31, 2014 | 252,476 | $ | 18.93 | 2.1 | ||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense related to our equity incentive plans in accordance with U.S. GAAP was allocated as follows: | |||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||||||||
Cost of sales | $ | 113 | $ | 214 | $ | 248 | ||||||||||||||||||
Selling, general and administrative expenses | 2,202 | 2,471 | 1,824 | |||||||||||||||||||||
Stock-based compensation expense before income taxes | 2,315 | 2,685 | 2,072 | |||||||||||||||||||||
Income tax benefit | (740 | ) | (762 | ) | (513 | ) | ||||||||||||||||||
Total stock-based compensation expense after income taxes | $ | 1,575 | $ | 1,923 | $ | 1,559 | ||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option grant was estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||
Year Ended December 31, | 2012 | |||||||||||||||||||||||
Expected dividend yield (a) | 3.70% | |||||||||||||||||||||||
Expected stock price volatility (b) | 41.20% | |||||||||||||||||||||||
Risk-free interest rate (c) | 1.40% | |||||||||||||||||||||||
Expected option lives (d) | 6.9 years | |||||||||||||||||||||||
Weighted average grant date fair value of options granted during the period | $5.10 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||||||||||||
Year 2014 | Quarter | Quarter | Quarter | Quarter | Year | Year 2013 | Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||||||||||||
Net sales | $ | 183,390 | $ | 198,966 | $ | 176,419 | $ | 186,672 | $ | 745,447 | Net sales | $ | 206,441 | $ | 198,993 | $ | 191,619 | $ | 192,511 | $ | 789,564 | |||||||||||||||||||||
Gross profit | $ | 15,636 | $ | 15,732 | $ | 7,318 | $ | 11,536 | $ | 50,222 | Gross profit | $ | 13,518 | $ | 16,237 | $ | 15,418 | $ | 18,888 | $ | 64,061 | |||||||||||||||||||||
Income (loss) from operations | $ | 7,702 | $ | 8,444 | $ | (2,637 | ) | $ | 4,404 | $ | 17,913 | Income from operations | $ | 6,309 | $ | 9,147 | $ | 7,163 | $ | 11,974 | $ | 34,593 | ||||||||||||||||||||
Income (loss) before income taxes | $ | 8,059 | $ | 8,662 | $ | (2,740 | ) | $ | 1,721 | $ | 15,702 | Income before income taxes | $ | 6,875 | $ | 9,871 | $ | 7,718 | $ | 12,377 | $ | 36,841 | ||||||||||||||||||||
Income tax (provision) benefit | $ | (3,237 | ) | $ | (3,623 | ) | $ | 321 | $ | (360 | ) | $ | (6,899 | ) | Income tax provision | $ | (1,941 | ) | $ | (3,547 | ) | $ | (2,547 | ) | $ | (5,982 | ) | $ | (14,017 | ) | ||||||||||||
Net income | $ | 4,934 | $ | 6,324 | $ | 5,171 | $ | 6,395 | $ | 22,824 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,822 | $ | 5,039 | $ | (2,419 | ) | $ | 1,361 | $ | 8,803 | |||||||||||||||||||||||||||||||
Income per share: | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) per share: | ||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.23 | $ | 0.19 | $ | 0.23 | $ | 0.83 | ||||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.19 | $ | (0.09 | ) | $ | 0.05 | $ | 0.33 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.18 | $ | 0.23 | $ | 0.19 | $ | 0.23 | $ | 0.83 | ||||||||||||||||||||||||||||||||
Diluted | $ | 0.18 | $ | 0.18 | $ | (0.09 | ) | $ | 0.05 | $ | 0.33 | |||||||||||||||||||||||||||||||
Dividends declared per share | $ | — | $ | — | $ | 0.02 | $ | 0.18 | $ | 0.2 | ||||||||||||||||||||||||||||||||
Dividends declared per share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.72 | ||||||||||||||||||||||||||||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charge to | Other | Deductions | Balance at | |||||||||||||||||
Beginning of | Costs and | Comprehensive | From | End of | |||||||||||||||||
Year | Expenses | Income (Loss) | Reserves | Year | |||||||||||||||||
2014 | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 910 | $ | (426 | ) | $ | — | $ | 30 | $ | 514 | ||||||||||
Valuation allowances for deferred tax assets | $ | 3,398 | $ | 473 | $ | 40 | $ | — | $ | 3,911 | |||||||||||
2013 | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 573 | $ | 838 | $ | — | $ | (501 | ) | $ | 910 | ||||||||||
Valuation allowances for deferred tax assets | $ | 3,394 | $ | 4 | $ | — | $ | — | $ | 3,398 | |||||||||||
2012 | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 339 | $ | 234 | $ | — | $ | — | $ | 573 | |||||||||||
Valuation allowances for deferred tax assets | $ | — | $ | 3,394 | $ | — | $ | — | $ | 3,394 | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Accounting Policies [Abstract] | |||
Restricted Cash and Investments, Current | $3.80 | $3.80 | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 6.4 | 32.4 | 0.9 |
Contribution of Land | 0.7 | ||
Foreign Currency Transaction Gain (Loss), before Tax | -1 | 0.2 | 0.1 |
Foreign currency exchange rate, Mexican peso to U.S. dollar, percentage change in period | -13.00% | ||
Research and Development Expense | $4.40 | $4.80 | $5.80 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Concentration (Details) (Supplier Concentration Risk [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Vendors Accounting for More Than Ten Percent of Aluminum Purchases | 2 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
PreProduction_Costs_Related_to
Pre-Production Costs Related to Long-Term Supply Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | |
Accounting Policies [Abstract] | |||
Deferred tooling revenue, revenue recognized | $8,200,000 | $9,300,000 | $8,000,000 |
Unamortized Preproduction Costs [Abstract] | |||
Preproduction costs | 65,621,000 | 60,776,000 | |
Accumulated amortization | -53,408,000 | -46,213,000 | |
Net preproduction costs | 12,213,000 | 14,563,000 | |
Deferred Revenue [Abstract] | |||
Accrued expenses | 4,833,000 | 5,950,000 | |
Other non-current liabilities | 2,449,000 | 2,619,000 | |
Total deferred tooling revenues | $7,282,000 | $8,569,000 |
Income_Per_Share_Details
Income Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Accounting Policies [Abstract] | |||||||||||
Net Income | $1,361 | ($2,419) | $5,039 | $4,822 | $6,395 | $5,171 | $6,324 | $4,934 | $8,803 | $22,824 | $30,891 |
Weighted average shares outstanding, basic | 26,908,000 | 27,392,000 | 27,219,000 | ||||||||
Earnings Per Share, Basic | $0.05 | ($0.09) | $0.19 | $0.18 | $0.23 | $0.19 | $0.23 | $0.18 | $0.33 | $0.83 | $1.13 |
Weighted average dilutive stock options | 112,000 | 139,000 | 111,000 | ||||||||
Weighted average shares outstanding, diluted | 27,020,000 | 27,531,000 | 27,330,000 | ||||||||
Diluted income per share | $0.05 | ($0.09) | $0.18 | $0.18 | $0.23 | $0.19 | $0.23 | $0.18 | $0.33 | $0.83 | $1.13 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 985,677 | 1,291,427 | 1,828,727 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Price Range, Lower Range Limit | $22.57 | $19.19 | $18.37 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Price Range, Upper Range Limit | $43.22 | $43.22 | $43.22 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $215 | $0 | |
Restructuring Charges | 8,429 | 0 | 0 |
Rogers, Arkansas facility closure [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 500 | ||
Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Accelerated Depreciation | 5,365 | ||
Restructuring and Related Cost, Incurred Cost | 8,429 | ||
Restructuring and Related Cost, Expected Cost Remaining | 2,145 | ||
Expected Restructuring Charges | 10,574 | ||
Accelerated Depreciation [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost Remaining | 0 | ||
Expected Restructuring Charges | 5,365 | ||
One-time Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1,897 | ||
Payments for Restructuring | -1,682 | ||
One-time Termination Benefits [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,897 | ||
Restructuring and Related Cost, Expected Cost Remaining | 148 | ||
Expected Restructuring Charges | 2,045 | ||
Other Restructuring [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected Restructuring Charges | 10,600 | ||
Other Restructuring [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,167 | ||
Restructuring and Related Cost, Expected Cost Remaining | 1,997 | ||
Expected Restructuring Charges | $3,164 |
Restructuring_Property_plant_a
Restructuring Property, plant and equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Other Depreciation and Amortization | $6,500,000 | |
Property, plant and equipment, net | 255,035,000 | 219,892,000 |
Air Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 200,000 | |
Air Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment, Owned, Net | 900,000 | |
Rogers, Arkansas facility closure [Member] | Rogers, Arkansas facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 3,200,000 | |
Selling, General and Administrative Expenses [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Other Depreciation and Amortization | $1,100,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | ||
Dec. 28, 2014 | Dec. 31, 2014 | Sep. 28, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments | $2,000,000 | $4,500,000 | |
Cost-method Investments, Other than Temporary Impairment | 2,500,000 | ||
Assets, Fair Value Disclosure | 5,750,000 | ||
Financial Liabilities Fair Value Disclosure | 7,552,000 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Financial Liabilities Fair Value Disclosure | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3,750,000 | ||
Financial Liabilities Fair Value Disclosure | 7,552,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 2,000,000 | ||
Financial Liabilities Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 7,552,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 7,552,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments, Fair Value Disclosure | 2,000,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments, Fair Value Disclosure | 2,000,000 | ||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Restricted | 3,750,000 | ||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Restricted | 0 | ||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Restricted | 3,750,000 | ||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Restricted | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $4,765 |
Maximum Remaining Maturity of Foreign Currency Derivatives | 24 months |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 |
Derivative Liability, Notional Amount | 115,442 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 7,552 |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 7,552 |
Accrued Liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 5,598 |
Other Noncurrent Liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 1,954 |
Foreign Exchange Forward [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 4,765 |
Derivative, Lower Remaining Maturity Range | 1 month |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 |
Derivative, Higher Remaining Maturity Range | 24 months |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 5,598 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $1,954 |
Business_Segments_Details
Business Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $745,447 | $789,564 | $821,454 |
Property, plant and equipment, net | 255,035 | 219,892 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 261,478 | 286,380 | 316,238 |
Property, plant and equipment, net | 55,120 | 62,821 | |
MEXICO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 483,969 | 503,184 | 505,216 |
Property, plant and equipment, net | $199,915 | $157,071 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Accounts Receivable [Abstract] | |||
Trade receivables | 96,177 | 82,809 | |
Other receivables | 6,830 | 7,724 | |
Receivables, current | 103,007 | 90,533 | |
Allowance for doubtful accounts | -514 | -910 | |
Accounts receivable, net | 102,493 | 89,623 | |
Ford [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 44.00% | 45.00% | 38.00% |
General Motors [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 24.00% | 27.00% |
Toyota [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 12.00% | 9.00% |
Fiat Chrysler Automobiles [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
Chrysler [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
Ford, GM, Toyota, Fiat Chrysler Companies [Member] [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 92.00% | 91.00% |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventories [Abstract] | ||
Raw materials | $19,427,000 | $15,631,000 |
Work in process | 30,797,000 | 27,835,000 |
Finished goods | 24,453,000 | 23,727,000 |
Inventories | 74,677,000 | 67,193,000 |
Inventory, noncurrent | 6,400,000 | 5,600,000 |
Materials, Supplies, and Other | $8,800,000 | $9,200,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Land and buildings | $91,209,000 | $72,310,000 | |
Machinery and equipment | 447,880,000 | 421,219,000 | |
Leasehold improvements and others | 6,865,000 | 9,152,000 | |
Construction in progress | 59,600,000 | 78,442,000 | |
Property, plant and equipment, gross | 605,554,000 | 581,123,000 | |
Accumulated depreciation | -350,519,000 | -361,231,000 | |
Property, plant and equipment, net | 255,035,000 | 219,892,000 | |
Depreciation expense | 35,600,000 | 28,500,000 | 26,400,000 |
Other Depreciation and Amortization | 6,500,000 | ||
236210 Industrial Building Construction [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in progress | 47,800,000 | 66,300,000 | |
Property, plant and equipment, net | $119,400,000 |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliates Investment in Synergies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 25, 2011 | Dec. 31, 2014 | Sep. 28, 2014 | |
Investments, All Other Investments [Abstract] | ||||
Investment Owned, at Cost | $4,500,000 | |||
investment owned, percent of shares outstanding | 12.60% | |||
affiliate borrowings | 1,500,000 | |||
Payments for Advance to Affiliate | 450,000 | |||
Cost Method Investments | 2,000,000 | 4,500,000 | ||
Cost-method Investments, Other than Temporary Impairment | $2,500,000 |
Income_Taxes_Schedule_of_Incom
Income Taxes Schedule of Income Before Income Tax (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $8,328 | $27,981 | $26,661 | ||||||||
International | 7,374 | 8,860 | 7,828 | ||||||||
INCOME BEFORE INCOME TAXES | $1,721 | ($2,740) | $8,662 | $8,059 | $12,377 | $7,718 | $9,871 | $6,875 | $15,702 | $36,841 | $34,489 |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | ||
Income Tax Disclosure [Abstract] | ||||||||||||
Federal | ($2,976,000) | ($9,951,000) | ($7,629,000) | |||||||||
State | -453,000 | -859,000 | -554,000 | |||||||||
Foreign (1) | -8,660,000 | -1,307,000 | 18,211,000 | [1] | ||||||||
Total current taxes | -12,089,000 | -12,117,000 | 10,028,000 | |||||||||
Federal | 657,000 | 183,000 | -10,589,000 | |||||||||
State | -109,000 | 277,000 | -4,023,000 | |||||||||
Foreign | 4,642,000 | -2,360,000 | 986,000 | |||||||||
Total deferred taxes | 5,190,000 | -1,900,000 | -13,626,000 | |||||||||
Income tax (provision) benefit | -360,000 | 321,000 | -3,623,000 | -3,237,000 | -5,982,000 | -2,547,000 | -3,547,000 | -1,941,000 | -6,899,000 | -14,017,000 | -3,598,000 | |
Decrease in Liability for Uncertain Tax Positions, Mexico | $23,900,000 | |||||||||||
[1] | Included in the current foreign tax provision is a $23.9 million net reversal of liabilities for uncertain tax positions for the year ending December 31, 2012. |
Income_Taxes_Income_Tax_Reconc
Income Taxes Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Income Tax Reconciliation [Line Items] | |||
Statutory rate | -35.00% | -35.00% | -35.00% |
State tax provisions, net of federal income tax benefit | -0.50% | -1.00% | -0.60% |
Permanent differences | -5.30% | -0.10% | 5.30% |
Tax credits | 2.80% | 6.00% | 3.30% |
Foreign income taxed at rates other than the statutory rate | -0.50% | 0.70% | 0.50% |
Valuation allowance and other | -8.40% | 0.00% | -9.80% |
Changes in tax liabilities, net | 4.20% | -5.70% | 22.00% |
Other | -1.20% | -2.90% | 3.90% |
Effective income tax rate | -43.90% | -38.00% | -10.40% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $0.80 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 1 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 1 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 3.4 | ||
2006 Tax Year, Mexico Operations [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Income Tax Reconciliation, Tax Contingencies, Foreign | -2.1 | ||
MEXICO | 2004 Mexico Tax Audit Settlement [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Income Tax Reconciliation, Tax Settlements, Foreign | 0.9 | ||
Income Tax Reconciliation, Tax Contingencies, Foreign | -21.7 | ||
MEXICO | Foreign Tax Authority [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Effective Tax Rate Reconciliation, Permanent Difference From Reversal of Reserve, Dollar Value | 3.5 | ||
UNITED STATES | 2004 Mexico Tax Audit Settlement [Member] | |||
Income Tax Reconciliation [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 12.7 |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | |
Income Tax Examination [Line Items] | |||||||||||
Liabilities deductible in the future | $10,424,000 | $8,164,000 | |||||||||
Deferred compensation | 14,023,000 | 13,026,000 | |||||||||
Net loss carryforward | 2,377,000 | 2,359,000 | |||||||||
Tax credit carryforward | 1,018,000 | 1,040,000 | |||||||||
Competent authority deferred tax assets and other foreign timing differences | 8,603,000 | 6,426,000 | |||||||||
Other | 1,430,000 | 1,091,000 | |||||||||
Total before valuation allowances | 37,875,000 | 32,106,000 | |||||||||
Valuation allowances | -3,911,000 | -3,398,000 | |||||||||
Net deferred income tax assets | 33,964,000 | 28,708,000 | |||||||||
Differences between the book and tax basis of property, plant and equipment | -21,337,000 | -27,197,000 | |||||||||
Deferred income tax liabilities | -21,337,000 | -27,197,000 | |||||||||
Net deferred income tax assets | 12,627,000 | 1,511,000 | |||||||||
Income before income taxes | 1,721,000 | -2,740,000 | 8,662,000 | 8,059,000 | 12,377,000 | 7,718,000 | 9,871,000 | 6,875,000 | 15,702,000 | 36,841,000 | 34,489,000 |
Undistributed Earnings of Foreign Subsidiaries | 112,900,000 | ||||||||||
State and Local Jurisdiction [Member] | |||||||||||
Income Tax Examination [Line Items] | |||||||||||
Operating Loss Carryforwards | 47,400,000 | ||||||||||
Operating Loss Carryforwards, Expiration Dates | 1-Jan-16 | ||||||||||
Tax Credit Carryforward, Amount | $1,600,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Examination [Line Items] | |||||||
Beginning balance | $9,462,000 | [1] | $6,310,000 | [1] | $12,637,000 | ||
Increases (decreases) due to foreign currency translations | 632,000 | ||||||
Unrecognized Tax Benefits, Decreases Resulting from Foreign Currency Translation | -244,000 | 0 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -2,553,000 | -197,000 | -6,362,000 | ||||
Current period | 956,000 | 3,655,000 | 2,700,000 | ||||
Settlements with taxing authorities | 0 | -306,000 | -870,000 | ||||
Income Taxes Paid, Net | 9,900,000 | ||||||
Expiration of applicable statutes of limitation | -428,000 | 0 | -2,427,000 | ||||
Ending balance (1) | 7,193,000 | [1] | 9,462,000 | [1] | 12,637,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6,400,000 | 5,800,000 | 5,000,000 | ||||
Liability for Uncertain Tax Positions, Noncurrent | 13,621,000 | 15,050,000 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 500,000 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 100,000 | ||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 4,300,000 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 2,100,000 | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,900,000 | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2,900,000 | ||||||
Income Taxes Paid | 13,700,000 | 11,000,000 | |||||
MEXICO | |||||||
Income Tax Examination [Line Items] | |||||||
Settlements with taxing authorities | ($300,000) | ||||||
Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Open Tax Year | 2012 | ||||||
[1] | Excludes $6.4 million, $5.8 million and $5.0 million of potential interest and penalties associated with uncertain tax positions in 2014, 2013 and 2012, respectively. |
Leases_and_Related_Parties_Fut
Leases and Related Parties Future Minimum Lease Payments (Details) (USD $) | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | Dec. 31, 2015 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Annual Lease Payments, Related Parties | $427,000 | ||||
Future Minimum Lease Payments, Related Parties | 600,000 | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 427,000 | 425,000 | 425,000 | ||
Operating Leases, Rent Expense, Net | 1,900,000 | 1,800,000 | 1,500,000 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,459,000 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 979,000 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 458,000 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 153,000 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 5,000 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | ||||
Operating Leases, Future Minimum Payments Due | 3,054,000 | ||||
Scenario, Forecast [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual Lease Payments, Related Parties | $275,000 | $225,000 |
Retirement_Plans_Retirement_Pl
Retirement Plans Retirement Plans Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 27, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ||||
Cash Surrender Value of Life Insurance | $6.60 | $6.10 | ||
Benefits Payable, Age | 65 | |||
Plan Closed to New Members, Date | 3-Feb-11 | |||
Defined Contribution Plan, Cost Recognized | $2 | $2.10 | $1.80 |
Retirement_Plans_Projected_Ben
Retirement Plans Projected Benefit Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Benefit Obligation, Beginning | $25,145 | $29,075 | |
Service cost | 84 | 230 | 249 |
Interest cost | 1,171 | 1,159 | 1,242 |
Defined Benefit Plan, Actuarial Gain (Loss) | 5,014 | -3,526 | |
Defined Benefit Plan, Curtailments | 0 | -521 | |
Benefit payments | -1,367 | -1,272 | |
Benefit Obligation, Ending | $30,047 | $25,145 |
Retirement_Plans_Defined_Benef
Retirement Plans Defined Benefit Plan Disclosures (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Fair Value of Plan Assets | $0 | |
Employer contribution | 1,367 | 1,272 |
Benefit payments | -1,367 | -1,272 |
Fair Value of Plan Assets | 0 | 0 |
Funded Status | -30,047 | -25,145 |
Accrued liabilities | -1,507 | -1,461 |
Other non-current liabilities | -28,540 | -23,684 |
Net amount recognized | -30,047 | -25,145 |
Net actuarial loss | 8,399 | 3,713 |
Prior service cost | -1 | -1 |
Net amount recognized, before tax effect | $8,398 | $3,712 |
Discount rate | 4.20% | 4.80% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement_Plans_Net_Periodic_
Retirement Plans Net Periodic Pension Cost (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $44 | |||
Defined Benefit Plan, Service Cost | 84 | 230 | 249 | |
Defined Benefit Plan, Interest Cost | 1,171 | 1,159 | 1,242 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 535 | |||
Defined Benefit Plan, Amortization of Gains (Losses) | 328 | 430 | 268 | |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,583 | 1,819 | 1,759 | |
Discount rate | 4.80% | 4.00% | 5.00% | |
Rate of compensation increase | 3.00% | 3.00% | 3.00% | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Interest Cost | 1,230 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | $1,809 |
Retirement_Plans_Expected_Bene
Retirement Plans Expected Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Rolling Twelve Months | $1,538 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,524 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,210 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,429 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,403 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $7,311 |
Recovered_Sheet1
Accrued Expenses Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Construction Payable, Current | $4,090 | $27,669 |
Payroll and related benefits | 13,202 | 14,615 |
Derivative Liability, Current | 5,598 | 0 |
Dividends | 4,862 | 4,884 |
Taxes, other than income taxes | 6,961 | 5,730 |
Current portion of executive retirement liabilities | 1,507 | 1,461 |
Other | 11,804 | 10,577 |
Accrued liabilities | $48,024 | $64,936 |
Line_of_Credit_Details
Line of Credit (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 14, 2014 | Dec. 19, 2014 |
Debt Instrument [Line Items] | ||
Debt Intrument, Collateral, Percent of non US equity | 65.00% | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | JPMCBbs prime rate | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |
Revolving Credit Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | London interbank | |
J.P. Morgan Chase Bank N.A. and Wells Fargo Bank N.A. [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit, Accordian Feature, Increase Limit | $50 | |
Line of Credit Facility, Maximum Borrowing Capacity | $100 | |
Minimum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Minimum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
Maximum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Maximum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | 25-May-14 | Oct. 14, 2013 | 5-May-14 | Oct. 26, 2014 | |
Other Commitments [Line Items] | |||||||
Granted | 225,205 | 92,631 | |||||
Loss Contingency [Abstract] | |||||||
Loss Contingency Accrual, Period Increase (Decrease) | ($3,500,000) | ||||||
Severance Payment Commitment [Member] | |||||||
Other Commitments [Line Items] | |||||||
Other Commitment | 1,345,833 | ||||||
Annual Option Grant, Value, Basis For Share Grant | 120,000 | ||||||
Other | 1,100,000 | 1,800,000 | |||||
541618 Other Management Consulting Services [Member] | |||||||
Other Commitments [Line Items] | |||||||
Other Commitment | 5,000 | ||||||
Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Employment agreement term, years | 3 years | ||||||
Base salary, annual | 900,000 | ||||||
Annual bonus as a percent of annual base salary | 100.00% | ||||||
Granted | 132,455 | ||||||
Maximum [Member] | |||||||
Other Commitments [Line Items] | |||||||
Derivative, Term of Contract | 24 months | ||||||
Maximum [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Annual bonus as a percent of annual base salary | 200.00% | ||||||
Minimum [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Annual bonus as a percent of annual base salary | 80.00% | ||||||
December 31, 2016 [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Granted | 82,455 | 82,455 | |||||
Restricted share grant, value on grant date | 1,602,920 | ||||||
April 30, 2017 [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Granted | 50,000 | 50,000 | |||||
Time vested shares [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Annual Restricted Stock Unit Grants, value as a percentage of annual salary | 66.70% | ||||||
Performance Shares [Member] | Maximum [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Annual Restricted Stock Unit Grants, value as a percentage of annual salary | 200.00% | ||||||
2014 Program [Member] | |||||||
Other Commitments [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 30,000,000 | 30,000,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 30,000,000 | ||||||
Change of control related [Member] | Employment agreement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Severance Benefit Increase, Percent | 100.00% |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Based Compensation, Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | Dec. 14, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,819,444 | 2,466,606 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,500,000 | |||
Full Value Awards, Maximum Number of Shares Authorized Under Plan | 600,000 | |||
Proceeds from Stock Options Exercised | $7,423,000 | $2,865,000 | $1,530,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 1,500,000 | 900,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,900,000 | |||
Share Price | $20 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,800,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 26 days | |||
capitalized share based compensation cost | $0 | $0 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||
Maximum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10 years | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | |||
Expired plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,200,000 |
StockBased_Compensation_Stock_1
Stock-Based Compensation Stock Option Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Based Compensation [Abstract] | |
Balance at December 31, 2013 | 2,466,606 |
Granted | 0 |
Exercised | -453,745 |
Canceled | -72,167 |
Expired | -121,250 |
Balance at December 31, 2014 | 1,819,444 |
Options vested or expected to vest | 1,818,111 |
Exercisable at December 31, 2014 | 1,788,774 |
Balance Weighted Average Exercise Price | $20.31 |
Grants in Period, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $16.36 |
Canceled, Weighted Average Exercise Price | $22.37 |
Expired, Weighted Average Exercise Price | $34.18 |
Balance Weighted Average Exercise Price | $20.28 |
Options, Vested and Expected to Vest, Weighted Average Exercise Price | $20.28 |
Exercisable, Weighted Average Exercise Price | $20.34 |
Outstanding, Weighted Average Remaining Contractual Term | 1 year 10 months 11 days |
Vested and Expected to Vest, Weighted Average Remaining Contractual Term | 1 year 10 months 10 days |
Exercisable, Weighted Average Remaining Contractual Term | 1 year 9 months 7 days |
Options, Outstanding, Intrinsic Value | $2,101,753 |
Options Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 2,097,663 |
Exercisable, Intrinsic Value | $2,007,672 |
Expired plans [Member] | |
Stock Based Compensation [Abstract] | |
Balance at December 31, 2014 | 1,200,000 |
StockBased_Compensation_Stock_2
Stock-Based Compensation Stock Option Awards Outstanding (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 1,819,444 |
Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 10 months 23 days |
Outstanding Options, Weighted Average Exercise Price | $20.28 |
Options Exercisable | 1,788,774 |
Exercisable Options, Weighted Average Exercise Price | $20.34 |
Option Range 1 Of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $15.17 |
Exercise Price Range, Upper Range Limit | $17.63 |
Options Outstanding | 436,600 |
Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 9 months 6 days |
Outstanding Options, Weighted Average Exercise Price | $16.72 |
Options Exercisable | 407,597 |
Exercisable Options, Weighted Average Exercise Price | $16.71 |
Option Range 2 Of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $17.64 |
Exercise Price Range, Upper Range Limit | $19.36 |
Options Outstanding | 397,167 |
Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 3 months 16 days |
Outstanding Options, Weighted Average Exercise Price | $18.43 |
Options Exercisable | 395,500 |
Exercisable Options, Weighted Average Exercise Price | $18.43 |
Option Range 3 Of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $19.37 |
Exercise Price Range, Upper Range Limit | $21.78 |
Options Outstanding | 240,000 |
Outstanding Options, Weighted Average Remaining Contractual Term | 0 years 6 months 19 days |
Outstanding Options, Weighted Average Exercise Price | $20.63 |
Options Exercisable | 240,000 |
Exercisable Options, Weighted Average Exercise Price | $20.63 |
Option Range 4 Of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $21.79 |
Exercise Price Range, Upper Range Limit | $22.54 |
Options Outstanding | 360,377 |
Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 9 months 24 days |
Outstanding Options, Weighted Average Exercise Price | $21.91 |
Options Exercisable | 360,377 |
Exercisable Options, Weighted Average Exercise Price | $21.91 |
Option Range 5 Of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $22.55 |
Exercise Price Range, Upper Range Limit | $25 |
Options Outstanding | 385,300 |
Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 5 months 29 days |
Outstanding Options, Weighted Average Exercise Price | $24.48 |
Options Exercisable | 385,300 |
Exercisable Options, Weighted Average Exercise Price | $24.48 |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Activity (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | 25-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Balance at December 31, 2013 | 124,163 | ||
Granted | 225,205 | 92,631 | |
Vested | -82,199 | ||
Canceled | -14,693 | ||
Balance at December 31, 2014 | 252,476 | 124,163 | |
Balance, Weighted Average Grant Date Fair Value | $17.70 | ||
Grants in Period, Weighted Average Grant Date Fair Value | $19.35 | ||
Vested in Period, Weighted Average Grant Date Fair Value | $17.88 | ||
Canceled, Weighted Average Grant Date Fair Value | $18.18 | ||
Balance, Weighted Average Grant Date Fair Value | $18.93 | $17.70 | |
Weighted Average Remaining Amortization Period | 2 years 1 month 2 days | ||
Employment agreement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 132,455 | ||
Grants in Period, Weighted Average Grant Date Fair Value | $19.44 | ||
Employment agreement [Member] | April 30, 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 50,000 | 50,000 | |
Employment agreement [Member] | December 31, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 82,455 | 82,455 |
StockBased_Compensation_Stock_3
Stock-Based Compensation Stock Based Compensation Expense Allocation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $2,315,000 | $2,685,000 | $2,072,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | -740,000 | -762,000 | -513,000 |
Allocated Share-based Compensation Expense, Net of Tax | 1,575,000 | 1,923,000 | 1,559,000 |
Share-based Compensation Expense, Executive Separation Agreement | 700,000 | ||
Cost of Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 113,000 | 214,000 | 248,000 |
Selling, General and Administrative Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $2,202,000 | $2,471,000 | $1,824,000 |
StockBased_Compensation_Stock_4
Stock-Based Compensation Stock Based Compensation Fair Value Assumptions (Details) (USD $) | 12 Months Ended | |||
Dec. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,819,444 | 2,466,606 | ||
Expected dividend yield (a) | 3.70% | [1] | ||
Expected stock price volatility (b) | 41.20% | [2] | ||
Risk-free interest rate (c) | 1.40% | [3] | ||
Expected option lives (d) | 6 years 10 months 24 days | [4] | ||
Weighted average grant date fair value of options granted during the period | $5.10 | |||
Quarterly Dividend Expected [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Expected Quarterly Dividend | $0.16 | |||
Expired plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,200,000 | |||
[1] | This assumed that cash dividends of $0.16 per share would be paid each quarter on our common stock. | |||
[2] | Expected volatility is based on the historical volatility of our stock price, over the expected term of the option. | |||
[3] | The risk-free rate is based upon the rate on a U.S. Treasury note for the period representing the expected term of the option | |||
[4] | The expected term of the option is based on historical employee exercise behavior, a contractual life of ten years and employees' post-vesting employment termination behavior. |
Common_Stock_Purchase_Programs1
Common Stock Purchase Programs Common Stock Purchase Programs Narrative (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | Oct. 26, 2014 | |
Entity Information [Line Items] | |||||||
Stock Repurchased and Retired During Period, Shares | -1,089,560 | ||||||
Common Shares Purchased and Retired Under Repurchase Program, Total | 1,510,759 | ||||||
Payments for Repurchase of Common Stock | $21,790,000 | $21,790,000 | $30,000,000 | $8,133,000 | $0 | ||
2013 Program [Member] | |||||||
Entity Information [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 30,000,000 | ||||||
2014 Program [Member] | |||||||
Entity Information [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | 30,000,000 | 30,000,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $30,000,000 |
Quarterly_Financial_Data_Quart1
Quarterly Financial Data Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $186,672 | $176,419 | $198,966 | $183,390 | $192,511 | $191,619 | $198,993 | $206,441 | $745,447 | $789,564 | $821,454 |
Gross profit | 11,536 | 7,318 | 15,732 | 15,636 | 18,888 | 15,418 | 16,237 | 13,518 | 50,222 | 64,061 | 60,607 |
Income from operations | 4,404 | -2,637 | 8,444 | 7,702 | 11,974 | 7,163 | 9,147 | 6,309 | 17,913 | 34,593 | 32,880 |
Income before income taxes | 1,721 | -2,740 | 8,662 | 8,059 | 12,377 | 7,718 | 9,871 | 6,875 | 15,702 | 36,841 | 34,489 |
Income tax (provision) benefit | -360 | 321 | -3,623 | -3,237 | -5,982 | -2,547 | -3,547 | -1,941 | -6,899 | -14,017 | -3,598 |
Net Income | $1,361 | ($2,419) | $5,039 | $4,822 | $6,395 | $5,171 | $6,324 | $4,934 | $8,803 | $22,824 | $30,891 |
Basic | $0.05 | ($0.09) | $0.19 | $0.18 | $0.23 | $0.19 | $0.23 | $0.18 | $0.33 | $0.83 | $1.13 |
Diluted | $0.05 | ($0.09) | $0.18 | $0.18 | $0.23 | $0.19 | $0.23 | $0.18 | $0.33 | $0.83 | $1.13 |
Dividends declared per share | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.02 | $0 | $0 | $0.72 | $0.20 |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | $514 | $910 | $573 | $339 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | -426 | 838 | 234 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | -30 | -501 | 0 | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 3,911 | 3,398 | 3,394 | 0 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 473 | 4 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 40 | 0 | 0 | ||
Valuation Allowances and Reserves, Deductions | $0 | $0 | $0 |
Uncategorized_Items
Uncategorized Items | 12/26/2011 - 12/30/2012 | ||||||||||
USD ($) | |||||||||||
[us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition] | 2,072,000 | 2,072,000 | |||||||||
[us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation] | -558,000 | -558,000 | |||||||||
[us-gaap_CommonStockSharesOutstanding] | 27,164,013 | ||||||||||
[us-gaap_DividendsCommonStockCash] | 30,531,000 | 30,531,000 | |||||||||
[us-gaap_NetIncomeLoss] | 30,891,000 | ||||||||||
[us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax] | -1,853,000 | -1,853,000 | |||||||||
[us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax] | 4,839,000 | ||||||||||
[us-gaap_StockholdersEquity] | -3,177,000 | -62,423,000 | 68,775,000 | 457,340,000 | |||||||
[us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures] | 32,800 | ||||||||||
[us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised] | 98,675 | ||||||||||
[us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised] | 1,530,000 | 1,530,000 |