Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SUP | ||
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL INC | ||
Entity Central Index Key | 0000095552 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,128,158 | ||
Entity Public Float | $ 86,896,509 | ||
Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NYSE | ||
Entity Shell Company | false | ||
Entity File Number | 1-6615 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-2594729 | ||
Entity Address, Address Line One | 26600 Telegraph Road | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Southfield | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48033 | ||
City Area Code | 248 | ||
Local Phone Number | 352-7300 | ||
Document Annual Report | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s 2020 Proxy Statement, to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year, are incorporated by reference into Part III of this Form 10-K. |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
NET SALES | $ 1,372,487 | $ 1,501,827 | $ 1,108,055 |
Cost of sales: | |||
Cost of sales | 1,256,425 | 1,338,300 | 1,005,158 |
GROSS PROFIT | 116,062 | 163,527 | 102,897 |
Selling, general and administrative expenses | 63,883 | 77,722 | 81,379 |
Impairment of goodwill and indefinite-lived intangibles | 102,238 | ||
INCOME (LOSS) FROM OPERATIONS | (50,059) | 85,805 | 21,518 |
Interest expense, net | (47,011) | (50,097) | (40,004) |
Other (expense) income, net | 4,815 | (6,936) | 13,188 |
Change in fair value of redeemable preferred stock embedded derivative | (782) | 3,480 | 6,164 |
CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES | (93,037) | 32,252 | 866 |
Income tax provision | (3,423) | (6,291) | (6,875) |
CONSOLIDATED NET INCOME (LOSS) | (96,460) | 25,961 | (6,009) |
Less: net (loss) attributable to non-controlling interest | (194) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO SUPERIOR | $ (96,460) | $ 25,961 | $ (6,203) |
EARNINGS (LOSS) PER SHARE – BASIC | $ (5.10) | $ 0.29 | $ (1.01) |
EARNINGS (LOSS) PER SHARE – DILUTED | $ (5.10) | $ 0.29 | $ (1.01) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) attributable to Superior | $ (96,460) | $ 25,961 | $ (6,203) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation (loss) gain | (5,168) | (23,924) | 29,822 |
Change in unrecognized gains on derivative instruments: | |||
Change in fair value of derivatives | 17,515 | 7,221 | 14,067 |
Tax provision | (4,359) | (1,928) | (6,464) |
Change in unrecognized gains on derivative instruments, net of tax | 13,156 | 5,293 | 7,603 |
Defined benefit pension plan: | |||
Actuarial gains (losses) on pension obligation, net of curtailments and amortization | (4,086) | 2,924 | (1,931) |
Tax (provision) benefit | 1,515 | (667) | 310 |
Pension changes, net of tax | (2,571) | 2,257 | (1,621) |
Other comprehensive income (loss), net of tax | 5,417 | (16,374) | 35,804 |
Comprehensive income (loss) attributable to Superior | $ (91,043) | $ 9,587 | $ 29,601 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 77,927 | $ 47,464 |
Short-term investments | 750 | |
Accounts receivable, net | 76,786 | 104,649 |
Inventories, net | 168,470 | 175,578 |
Income taxes receivable | 4,630 | 6,791 |
Other current assets | 26,375 | 35,189 |
Total current assets | 354,188 | 370,421 |
Property, plant and equipment, net | 529,282 | 532,767 |
Non-current deferred income tax assets, net | 38,607 | 42,105 |
Goodwill | 184,832 | 291,434 |
Intangibles, net | 137,078 | 168,369 |
Other non-current assets | 67,880 | 46,520 |
Total assets | 1,311,867 | 1,451,616 |
Current liabilities: | ||
Accounts payable | 123,112 | 107,274 |
Short-term debt | 4,010 | 3,052 |
Accrued expenses | 60,845 | 65,662 |
Income taxes payable | 3,148 | 2,475 |
Total current liabilities | 191,115 | 178,463 |
Long-term debt (less current portion) | 611,025 | 661,426 |
Embedded derivative liability | 3,916 | 3,134 |
Non-current income tax liabilities | 6,523 | 9,046 |
Non-current deferred income tax liabilities, net | 12,369 | 18,664 |
Other non-current liabilities | 67,724 | 49,306 |
Commitments and contingent liabilities (Note 20) | ||
Mezzanine equity: | ||
Preferred stock, $0.01 par value Authorized - 1,000,000 shares issued and outstanding - 150,000 shares outstanding at December 31, 2019 and December 31, 2018 | 160,980 | 144,463 |
European non-controlling redeemable equity | 6,525 | 13,849 |
Shareholders’ equity: | ||
Common stock, $0.01 par value Authorized - 100,000,000 shares Issued and outstanding - 25,128,158 and 25,019,237 shares at December 31, 2019 and December 31, 2018 | 93,331 | 87,723 |
Accumulated other comprehensive loss | (100,078) | (105,495) |
Retained earnings | 258,437 | 391,037 |
Total shareholders’ equity | 251,690 | 373,265 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 1,311,867 | $ 1,451,616 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 150,000 | 150,000 |
Preferred stock, shares outstanding | 150,000 | 150,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,128,158 | 25,019,237 |
Common stock, shares outstanding | 25,128,158 | 25,019,237 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Unrecognized Gains (Losses) on Derivative Instruments | Pension Obligations | Cumulative Translation Adjustment | Retained Earnings | Non-Controlling Interest |
Beginning of period at Dec. 25, 2016 | $ 398,226 | $ 89,916 | $ (16,101) | $ (3,636) | $ (105,188) | $ 433,235 | |
Beginning of the period (in shares) at Dec. 25, 2016 | 25,143,950 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | (6,009) | (6,203) | $ 194 | ||||
Change in unrecognized gains/losses on derivative instruments, net of tax | 7,603 | 7,603 | |||||
Change in employee benefit plans, net of taxes | (1,621) | (1,621) | |||||
Net foreign currency translation adjustment | 34,089 | 29,822 | 4,267 | ||||
Stock options exercised | 41 | $ 41 | |||||
Stock options exercised (in shares) | 2,000 | ||||||
Common stock issued, net of shares withheld for employee taxes (in shares) | (13,084) | ||||||
Stock-based compensation | 889 | $ 889 | |||||
Common stock repurchased | (5,014) | $ (777) | (4,237) | ||||
Common stock repurchased (in shares) | (215,841) | ||||||
Cash dividends declared | (10,737) | (10,737) | |||||
Redeemable preferred dividend and accretion | (18,912) | (18,912) | |||||
Non-controlling interest | 63,200 | 63,200 | |||||
UNIWHEELS AG additional tenders | (16,032) | $ (314) | (15,718) | ||||
End of period at Dec. 31, 2017 | 445,723 | $ 89,755 | (8,498) | (5,257) | (75,366) | 393,146 | 51,943 |
End of the period (in shares) at Dec. 31, 2017 | 24,917,025 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 25,961 | 25,961 | |||||
Change in unrecognized gains/losses on derivative instruments, net of tax | 5,293 | 5,293 | |||||
Change in employee benefit plans, net of taxes | 2,257 | 2,257 | |||||
Net foreign currency translation adjustment | (23,924) | (23,924) | |||||
Stock options exercised | 68 | $ 68 | |||||
Stock options exercised (in shares) | 4,500 | ||||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 97,712 | ||||||
Stock-based compensation | 1,525 | $ 1,525 | |||||
Cash dividends declared | (9,353) | (9,353) | |||||
Redeemable preferred dividend and accretion | (32,462) | (32,462) | |||||
Preferred stock modification | 15,257 | 15,257 | |||||
Reclassification to European non-controlling redeemable equity | (51,943) | $ (51,943) | |||||
Adjust European non-controlling redeemable equity to redemption value | (3,625) | (3,625) | |||||
European non-controlling redeemable equity dividend | (1,512) | (1,512) | |||||
End of period at Dec. 31, 2018 | $ 373,265 | $ 87,723 | (3,205) | (3,000) | (99,290) | 391,037 | |
End of the period (in shares) at Dec. 31, 2018 | 25,019,237 | 25,019,237 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | $ (96,460) | (96,460) | |||||
Change in unrecognized gains/losses on derivative instruments, net of tax | 13,156 | 13,156 | |||||
Change in employee benefit plans, net of taxes | (2,571) | (2,571) | |||||
Net foreign currency translation adjustment | (5,168) | (5,168) | |||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 108,921 | ||||||
Stock-based compensation | 5,608 | $ 5,608 | |||||
Cash dividends declared | (4,597) | (4,597) | |||||
Redeemable preferred dividend and accretion | (30,977) | (30,977) | |||||
European non-controlling redeemable equity dividend | (566) | (566) | |||||
End of period at Dec. 31, 2019 | $ 251,690 | $ 93,331 | $ 9,951 | $ (5,571) | $ (104,458) | $ 258,437 | |
End of the period (in shares) at Dec. 31, 2019 | 25,128,158 | 25,128,158 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||||||||
Cash dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.36 | $ 0.45 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated net income (loss) | $ (96,460) | $ 25,961 | $ (6,009) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 100,722 | 95,056 | 69,335 |
Income tax, non-cash changes | (3,504) | (1,048) | (3,395) |
Impairment of goodwill and indefinite-lived intangibles | 102,238 | ||
Stock-based compensation | 5,716 | 2,131 | 2,576 |
Amortization of debt issuance costs | 4,843 | 3,868 | 7,328 |
Other non-cash items | (714) | 5,733 | 1,133 |
Accounts receivable | 26,737 | 42,829 | 4,599 |
Inventories | 5,262 | (6,125) | (1,264) |
Other assets and liabilities | 7,424 | (7,732) | (8,214) |
Accounts payable | 7,479 | (9,132) | 1,411 |
Income taxes | 3,099 | 4,575 | (3,790) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 162,842 | 156,116 | 63,710 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (64,294) | (77,697) | (70,937) |
Acquisition of Uniwheels, net of cash acquired | (706,733) | ||
Proceeds from sales and maturities of investments | 600 | ||
Other investing activities | 9,631 | 56 | |
NET CASH USED IN INVESTING ACTIVITIES | (54,663) | (77,097) | (777,614) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of long-term debt | 975,571 | ||
Proceeds from issuance of redeemable preferred shares | 150,000 | ||
Repayment of debt | (46,024) | (7,936) | (323,177) |
Cash dividends paid | (22,556) | (28,816) | (19,473) |
Purchase of non-controlling redeemable shares | (6,681) | (39,048) | |
Cash paid for common stock repurchase | (5,014) | ||
Payments related to tax withholdings for stock-based compensation | (108) | (606) | (1,687) |
Net decrease in short term debt | (10,877) | ||
Proceeds from borrowings on revolving credit facility | 114,040 | 324,450 | 71,750 |
Repayments of borrowings on revolving credit facility | (114,040) | (324,450) | (100,650) |
Proceeds from exercise of stock options | 68 | 41 | |
Redeemable preferred shares issuance costs | (3,737) | ||
Financing costs paid | (31,640) | ||
Other financing activities | (1,230) | ||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (76,599) | (76,338) | 701,107 |
Effect of exchange rate changes on cash | (1,117) | (1,577) | 1,371 |
Net increase (decrease) in cash and cash equivalents | 30,463 | 1,104 | (11,426) |
Cash and cash equivalents at the beginning of the period | 47,464 | 46,360 | 57,786 |
Cash and cash equivalents at the end of the period | $ 77,927 | $ 47,464 | $ 46,360 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Nature of Operations Superior Industries International, Inc. (referred to herein as the “Company”, “Superior”, or “we,” “us” and “our”) designs and manufactures aluminum wheels for sale to original equipment manufacturers (“OEMs”) and aftermarket customers. We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with manufacturing operations in Mexico, Germany and Poland. Our OEM aluminum wheels are sold primarily for factory installation, as either standard equipment or optional equipment, on vehicle models manufactured by BMW-Mini, Daimler AG Company (Mercedes-Benz, AMG, Smart), FCA, Ford, GM, Jaguar-Land Rover, Mazda, Mitsubishi, Nissan, PSA, Subaru, Suzuki, Toyota, VW Group (Volkswagen, Audi, Skoda, SEAT, Porsche, Bentley) and Volvo. We also sell aluminum wheels to the European aftermarket under the brands ATS, RIAL, ALUTEC and ANZIO. North America and Europe represent the principal markets for our products, but we have a global presence and influence with North American, European and Asian OEMs. We have determined that our North American and European operations should be treated as separate operating segments as further described in Note 6, “Business Segments.” 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. Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits and money market funds with original maturities of three months or less. 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. At December 31, 2018 certificates of deposit totaling $0.8 million were restricted in use (to collateralize letters of credit securing workers’ compensation obligations) and were classified as short-term investments on our consolidated balance sheet. There were no certificates of deposit at December 31, 2019. Derivative Financial Instruments and Hedging Activities 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 gain or loss on the derivative instrument (including changes in time value for forward contracts) is reported as a component of accumulated other comprehensive income or loss 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 or have not been designated as hedges are adjusted to fair value through current income. Refer to Note 5, “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. These contracts are considered to be derivative instruments under U.S. GAAP; however, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exemption. Accounts Receivable Accounts receivable primarily consists of amounts that are due and payable from our customers for the sale of aluminum wheels. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in selling, general and administrative expense. Inventory Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or net realizable value. The cost of inventories is measured using the FIFO (first-in, first-out) method or the average cost method. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Aluminum is the primary material component in our inventories. Currently our three primary vendors make up more than 10 percent of our aluminum purchases in 2019, 2018 and 2017. 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 technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recorded as a component of cost of sales or other income or expense. Impairment of Long-Lived Assets The carrying amount of long-lived assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Fair value is determined primarily using anticipated cash flows. Goodwill Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We conduct our annual impairment testing as of December 31. Impairment charges, if any, related to goodwill are recorded as a separate charge included in income from operations. In the fourth quarter of 2019, we recognized a goodwill impairment charge of $99.5 million relating to our European reporting unit Intangible Assets Intangible assets include both finite and indefinite-lived intangible assets. Finite-lived i ntangible assets consist of brand names, technology and customer relationships. Finite-lived intangible assets are amortized on a straight-line over their estimated useful lives (since the pattern in which the asset will be consumed cannot be reliably determined). Indefinite-lived intangible assets, excluding goodwill, consist of trade names associated with our aftermarket business. Impairment charges, if any, related to intangible assets are recorded as a separate charge included in income from operations. In the fourth quarter of 2019, we recognized an indefinite-lived intangible impairment charge of $2.7 million relating to trade names used in our European aftermarket busines . Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use local currency as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other comprehensive income (loss). The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented. Gains and losses arising from foreign currency transactions and the effects of remeasurement discussed in the preceding paragraph are recorded in other income (expense), net. We had foreign currency transaction gains (losses) of $0.5 million, ($1.0) million, and $12.9 million in 2019, 2018 and 2017, respectively. Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, Topic ASC 606, “Revenue from Contracts with Customers.” The Company maintains long term business relationships with our OEM customers and aftermarket distributors; however, there are no definitive long-term volume commitments under these arrangements. Volume commitments are limited to near-term customer requirements authorized under purchase orders or production releases generally with delivery periods of less than a month. Sales do not involve any significant financing component since customer payment is generally due 40-60 days after shipment. Contract assets and liabilities consist of customer receivables and deferred revenues related to tooling. At contract inception, the Company assesses goods and services promised in its contracts with customers and identifies a performance obligation for each promise to deliver a good or service (or bundle of goods or services) that is distinct. Principal performance obligations under our customer contracts consist of the manufacture and delivery of aluminum wheels, including production wheels, service wheels and replacement wheels. As a part of the manufacture of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized to cost of sales over the average life of the vehicle wheel program. Similarly, customer reimbursement for tooling costs is deferred and amortized to net sales over the average life of the vehicle wheel program. In the normal course of business, the Company’s warranties are limited to product specifications and the Company does not accept product returns unless the item is defective as manufactured. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Company establishes provisions for both estimated returns and warranties when revenue is recognized. In addition, the Company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement wheels are based on prices established in our customer purchase orders which represent the standalone selling price. Prices for service and replacement wheels are commensurate with production wheels with adjustment for any special packaging. In addition, prices are subject to adjustment for changes in commodity prices for certain raw materials, aluminum and silicon, as well as production efficiencies and wheel weight variations from specifications used in pricing. These price adjustments are treated as variable consideration. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity prices, initial estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored, and prices are adjusted as variations arise. Price adjustments due to production efficiencies are generally recognized as and when negotiated with customers. Customer contract prices are generally adjusted quarterly to incorporate price adjustments. Under the Company’s policies, shipping costs are treated as a cost of fulfillment. In addition, as permitted under a practical expedient relating to disclosure of performance obligations, the Company does not disclose remaining performance obligations under its contracts since contract terms are substantially less than a year (generally less than one month). Our revenue recognition practices and related transactions and balances are further described in Note 3, “Revenue.” Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method. We recognize these compensation costs net of the applicable forfeiture rate on a straight-line basis for only those shares expected to vest over the requisite service period of the award, which is generally the vesting term of three years. We estimate the forfeiture rate based on our historical experience. Refer to Note 19, “Stock-Based Compensation” for additional information concerning our stock-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 U.S. 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. We account for uncertain tax positions utilizing 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. Cash Paid for Interest and Taxes and Non-Cash Investing Activities Cash paid for interest was $42.3 million, $43.8 million and $24.3 million for the years ended December 31, 2019, 2018 and 2017. Cash paid for income taxes was $9.0 million, $6.5 million and $11.1 million for the years ended December 31, 2019, 2018, and 2017. As of December 31, 2019, 2018 and 2017, $15.6 million, $10.3 million, and $15.1 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. New Accounting Standards ASU 2016-02, Topic 842, “Leases.” Effective January 1, 2019, we adopted ASU 2016-02, ASC 842 using the optional transition approach. Adoption of the standard resulted in recognition of operating lease right-of-use (“ROU”) assets and lease liabilities of $18.2 million and $18.6 million, respectively, as well as a charge to eliminate previously deferred rent of $0.4 million, as of January 1, 2019. ASU 2016-02 also requires lessees to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Under the optional transition approach, financial statements for prior periods have not been restated and the disclosures applicable under the previous standard will be included for those periods. In adopting the standard, the Company has adopted the package of practical expedients. As a consequence, the Company has not reassessed (1) whether existing or expired contracts contain leases under the new definition of a lease, (2) lease classification for expired or existing leases (finance vs. operating) and (3) whether previously capitalized initial direct costs qualify for capitalization under the new standard. In addition, the Company has also adopted an accounting policy to exclude leases of less than one year from capitalization. ASU 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income : ” In January, 2018, the FASB issued ASU 2018-02 which gives entities the option to reclassify to retained earnings the tax effects resulting from the Tax Cut and Jobs Act (“the Act”) related to items in accumulated other comprehensive income (loss) (“AOCI”) that the FASB refers to as having been stranded in AOCI. The new guidance may be applied retrospectively to each period in which the effect of the Act is recognized in the period of adoption. The Company adopted this guidance in the first quarter of 2019. The guidance requires new disclosures regarding a company’s accounting policy for releasing tax effects in AOCI. The Company has elected to not reclassify the income tax effects of the Act from AOCI. ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350).” ASU 2017-04 amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of a two-step goodwill impairment test under previously existing guidance. Under ASU 2017-04, in determining the amount of a goodwill impairment an entity will no longer calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if the reporting unit had been acquired in a business combination (what is referred to as Step 2 under previously existing guidance). Under the new guidance, entities will perform their annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value of the reporting unit, an impairment will be recognized equal to the excess of the carrying amount over fair value not to exceed the total amount of goodwill. ASU 2017-04 is effective for annual periods beginning after December 15, 2019 with early adoption permitted. The Company early adopted this standard in conjunction with our annual goodwill impairment test conducted in the fourth quarter of 2019. Refer to Note 10, “Goodwill and Other Intangibles” for further discussion regarding the results of our annual goodwill impairment test for 2019. Accounting Standards Issued But Not Yet Adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016 the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on Current Expected Credit Losses (CECL) rather than incurred losses. Under CECL, estimated credit losses would incorporate relevant information about past events, current conditions and reasonable and supportable forecasts and any expected credit losses would be recognized at the time of sale. We plan to adopt ASU 2016-13 on January 1, 2020. The Company does not expect that adoption will have any significant effect on our financial statements or disclosures because we generally do not incur any significant credit losses due to the financial strength and credit worthiness of our customers. ASU 2018-13, “Fair Value Measurement .” In August 2018, the FASB issued an ASU entitled “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The ASU allows for early adoption in any interim period after issuance of the update. We are evaluating the impact this guidance will have on our financial statement disclosures. ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans.” In August 2018, the FASB issued an ASU entitled “Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans,” which is designed to improve the effectiveness of disclosures by removing and adding disclosures related to defined benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. The new standard allows for early adoption in any year after issuance of the update. We are evaluating the impact this new standard will have on our financial statement disclosures. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2 - ACQUISITION On May 30, 2017, the Company acquired 92.3 percent of the outstanding stock of UNIWHEELS AG (now referred to as our “Europe segment,” “Europe business”, “Europe operations” or “European operations”) for approximately $703.0 million (based on an exchange rate of 1.00 U.S. dollar = 3.74193 Polish Zloty) via a tender offer. On June 30, 2017, the Company commenced the delisting and associated tender process for the remaining outstanding shares of Uniwheels. Subsequently, Superior pursued a Domination and Profit and Loss Transfer Agreement (“DPLTA”) which became effective on January 17, 2018, with retroactive effect as of January 1, 2018. Under the DPLTA, the Company offered to purchase any further tendered shares for cash consideration of Euro 62.18. This cash consideration may be subject to change based on appraisal proceedings that the minority shareholders of UNIWHEELS AG have initiated. Because the aggregate equity purchase price of the Acquisition (assuming an exchange rate of 1.00 U.S. dollar = 3.74193 Polish Zloty) was determined at the time of the initial tender offer, any increase in the resulting price must be reflected as a reduction of paid in capital (common stock). Each year beginning in 2019, the Company must pay an annual dividend of Euro 3.23 on any outstanding shares as long as the DPLTA is in effect. For any shares tendered prior to payment of the dividend each year, the Company must pay interest at a statutory rate, currently 4.12 percent, at the time the shares are redeemed. As of December 31, 2019, a total of 12,310,000 shares have been tendered and the Company now owns 99.3 As a result of the effectiveness of the DPLTA as of January 1, 2018, the carrying value of the non-controlling interest related to UNIWHEELS AG common shares outstanding of $51.9 million, which was presented as a component of stockholders’ equity as of December 31, 2017, was reclassified to European non-controlling redeemable equity during the first quarter of 2018. The non-controlling interest shares may be tendered at any time and are, therefore, immediately redeemable and must be classified outside stockholders’ equity. For the period of time that the DPLTA is in effect, the non-controlling interest will continue to be presented in European non-controlling redeemable equity outside of stockholders’ equity in the consolidated balance sheets. The Company’s consolidated financial statements include the results of our European operations subsequent to May 30, 2017. The Company’s consolidated financial statements reflect the purchase accounting adjustments in accordance with ASC 805 “Business Combinations”, whereby the purchase price was allocated to the assets acquired and liabilities assumed based upon their fair values on the acquisition date. The following is the allocation of the purchase price: (Dollars in thousands) Estimated purchase price Cash consideration $ 703,000 Non-controlling interest 63,200 Preliminary purchase price allocation Cash and cash equivalents 12,296 Accounts receivable 60,580 Inventories 83,901 Prepaid expenses and other current assets 11,859 Total current assets 168,636 Property and equipment 259,784 Intangible assets 205,000 Goodwill 286,249 Other assets 32,987 Total assets acquired 952,656 Accounts payable 61,883 Other current liabilities 40,903 Total current liabilities 102,786 Other long-term liabilities 83,670 Total liabilities assumed 186,456 Net assets acquired $ 766,200 Acquired intangible assets were recorded at estimated fair value, as determined through the use of the income approach, specifically the relief from royalty and multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the Company and other market participants. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to our future cash flows. The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation are as follows: Estimated Fair Value Estimated Useful Life (in Years) (Dollars in thousands) Brand name $ 9,000 4-6 Technology 15,000 4-6 Customer relationships 167,000 7-11 Trade names 14,000 Indefinite $ 205,000 Goodwill represents future economic benefits expected to be recognized from the Company’s expansion into the European wheel market, as well as expected future synergies and operating efficiencies. The purchase price allocation of goodwill, which was finalized in the second quarter of 2018, yielding an amount of $286.2 million, was allocated to the Europe segment. In the fourth quarter of 2019, we recognized a goodwill impairment charge of $99.5 million, as well as an indefinite-lived intangible impairment charge of $2.7 million, relating to our European reporting unit (refer to Note 10, “Goodwill and Other Intangible Assets”). The following unaudited combined pro forma information is for informational purposes only. The pro forma information is not necessarily indicative of what the combined Company’s results actually would have been had the acquisition been completed as of the beginning of the periods as indicated. In addition, the unaudited pro forma information does not purport to project the future results of the combined Company. Twelve Months Ended December 31, 2017 Proforma (Dollars in thousands) Proforma combined sales $ 1,351,799 Proforma net income $ 17,692 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 3 - REVENUE In accordance with ASC 606, “Revenue from Contracts with Customers,” the Company disaggregates revenue from contracts with customers into our segments, North America and Europe. Revenues by segment for the year ended December 31, 2019 are summarized in Note 6, “Business Segments”. The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows (in thousands): December 31, 2019 December 31, 2018 Change Customer receivables $ 68,283 $ 97,566 $ (29,283 ) Contract liabilities—current 5,880 5,810 70 Contract liabilities—noncurrent 13,577 8,354 5,223 The changes in the contract liability balances primarily result from timing differences between our performance and customer payment while the decline in customer receivables is primarily due to the decline in sales. During the years ended December 31, 2019 and 2018, the Company recognized tooling reimbursement revenue of $10.7 million and $8.5 million, respectively, which had been deferred in prior periods and was previously included in the current portion of the contract liability (deferred revenue). During the year ended December 31, 2019 and 2018, the Company recognized revenue of $1.7 million and $2.8 million, respectively, |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4 - 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. 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. The fair value measurements of the redeemable preferred stock embedded derivative are based upon Level 3 unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the liability – refer to “Note 5, Derivative Financial Instruments.” Cash Surrender Value We have an unfunded salary continuation plan, which was closed to new participants effective February 3, 2011. We purchased life insurance policies on certain participants to provide, in part, for future liabilities. In the second quarter of 2019, we terminated our life insurance policies in exchange for the cash surrender value of $7.6 million. We also received $0.6 million for death benefit claims. The following tables categorize items measured at fair value at December 31, 2019 and 2018: Fair Value Measurement at Reporting Date Using December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets Derivative contracts $ 21,973 $ — $ 21,973 $ — Total 21,973 — 21,973 — Liabilities Derivative contracts 8,709 — 8,709 — Embedded derivative liability 3,916 — — 3,916 Total $ 12,625 $ — $ 8,709 $ 3,916 Fair Value Measurement at Reporting Date Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 8,057 — 8,057 — Derivative contracts 4,218 — 4,218 — Total 13,025 — 13,025 — Liabilities Derivative contracts 8,836 — 8,836 Embedded derivative liability 3,134 — — 3,134 Total $ 11,970 $ — $ 8,836 $ 3,134 The following table summarizes the changes during 2019, 2018 and 2017 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred stock issued May 22, 2017 in connection with the acquisition of our European operations: January 1, 2017 – December 31, 2019 (Dollars in thousands) Beginning fair value – January 1, 2017 $ — Change in fair value of redeemable preferred stock embedded derivative liability 4,685 Ending fair value – December 31, 2017 4,685 Change in fair value of redeemable preferred stock embedded derivative liability (3,480 ) Effect of redeemable preferred stock modification 1,929 Ending fair value – December 31, 2018 3,134 Change in fair value of redeemable preferred stock embedded derivative liability 782 Ending fair value – December 31, 2019 $ 3,916 Debt Instruments The carrying values of the Company’s debt instruments vary from their fair values. The fair values were determined by reference to transacted prices of these securities (Level 2). The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below (in thousands): December 31, 2019 December 31, 2018 (Dollars in thousands) Estimated aggregate fair value $ 606,093 $ 624,943 Aggregate carrying value (1) 630,635 684,922 (1) Long-term debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 5 - DERIVATIVE FINANCIAL INSTRUMENTS Derivative Instruments and Hedging Activities We use derivatives to partially offset our exposure to foreign currency, interest rates, aluminum and other commodity 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, interest rates, and aluminum and natural gas commodity prices. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 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 cash flow hedges that are designated as hedging instruments are recorded in Accumulated Other Comprehensive (Loss) Income (“AOCI”) until the hedged item is recognized in earnings, at which point accumulated gains or losses will be recognized in earnings and classified with the underlying hedged transaction. 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. The Company has derivatives that are designated as hedging instruments as well as derivatives that did not qualify for designation as hedging instruments. Redeemable Preferred Stock Embedded Derivative We have determined that the conversion option embedded in our redeemable preferred stock is required to be accounted for separately from the redeemable preferred stock as a derivative liability. Separation of the conversion option as a derivative liability is required because its economic characteristics are considered more akin to an equity instrument and therefore the conversion option is not considered to be clearly and closely related to the economic characteristics of the redeemable preferred stock. The economic characteristics of the redeemable preferred stock are considered more akin to a debt instrument due to the fact that the shares are redeemable at the holder’s option, the redemption value is significantly greater than the face amount, the shares carry a fixed mandatory dividend and the stock price necessary to make conversion more attractive than redemption ($56.324) is significantly greater than the price at the date of issuance ($19.05), all of which lead to the conclusion that redemption is more likely than conversion. We also have determined that the embedded early redemption option upon the occurrence of a redemption event must also be bifurcated and accounted for separately from the redeemable preferred stock, because the debt host contract involves a substantial discount (face of $150.0 million as compared to the redemption value of $300.0 million) and exercise of the early redemption option would accelerate the holder’s option to redeem the shares (refer to Note 12, “Redeemable Preferred Stock”). Accordingly, we have recorded an embedded derivative liability representing the combined fair value of the right of holders to receive common stock upon conversion of redeemable preferred stock at any time (the “conversion option”) and the right of the holders to exercise their early redemption option upon the occurrence of a redemption event (the “early redemption option”). The embedded derivative liability is adjusted to reflect fair value at each period end with changes in fair value recorded in the “Change in fair value of redeemable preferred stock embedded derivative” financial statement line item of the Company’s consolidated income statements (refer to Note 4, “Fair Value Measurements”). A binomial option pricing model is used to estimate the fair value of the conversion and early redemption options embedded in the redeemable preferred stock. The binomial model utilizes a “decision tree” whereby future movement in the Company’s common stock price is estimated based on a volatility factor. The binomial option pricing model requires the development and use of assumptions. These assumptions include estimated volatility of the value of our common stock, assumed possible conversion or early redemption dates, an appropriate risk-free interest rate, risky bond rate and dividend yield. The expected volatility of the Company’s common stock is estimated based on historical volatility. The assumed base case term used in the valuation model is the period remaining until September 14, 2025 (the earliest date at which the holder may exercise its unconditional redemption option). A number of other scenarios incorporate earlier redemption dates to address the possibility of early redemption upon the occurrence of a redemption event. The risk-free interest rate is based on the yield on the U.S. Treasury zero coupon yield curve with a remaining term equal to the expected term of the conversion and early redemption options. The significant assumptions utilized in the Company’s valuation of the embedded derivative at December 31, 2019 are as follows: valuation scenario terms between 2.00 and 5.71 years, volatility of 64 percent, risk-free rate of 1.6 percent to 1.7 percent related to the respective assumed terms, a risky bond rate of 19.5 percent and no dividend yield. The following tables display the fair value of derivatives by balance sheet line item at December 31, 2019 and December 31, 2018: December 31, 2019 Other Current Assets Other Non-current Assets Accrued Liabilities Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts designated as hedging instruments $ 7,808 $ 12,821 $ 60 $ 100 Foreign exchange forward contracts not designated as hedging instruments 1,196 — 554 — Aluminum forward contracts designated as hedging instruments 60 — 127 — Natural gas forward contracts designated as hedging instruments 81 7 1,312 727 Interest rate swap contracts designated as hedging instruments — — 2,304 3,525 Embedded derivative liability — — — 3,916 Total derivative financial instruments $ 9,145 $ 12,828 $ 4,357 $ 8,268 December 31, 2018 Other Current Assets Other Non-current Assets Accrued Liabilities Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts designated as hedging instruments $ 2,599 $ 1,011 $ 659 $ 6,202 Foreign exchange forward contracts not designated as hedging instruments 333 — 207 — Aluminum forward contracts designated as hedging instruments — — 927 — Cross currency swap not designated as hedging instrument — — 227 — Natural gas forward contracts designated as hedging instruments 275 — 355 — Interest rate swap contracts designated as hedging instruments — — 131 128 Embedded derivative liability — — — 3,134 Total derivative financial instruments $ 3,207 $ 1,011 $ 2,506 $ 9,464 The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: December 31, 2019 December 31, 2018 Notional U.S. Dollar Amount Fair Value Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 449,181 $ 20,469 $ 467,253 $ (3,251 ) Foreign exchange forward contracts not designated as hedging instruments 73,491 642 45,905 126 Aluminum forward contracts designated as hedging instruments 9,405 (67 ) 10,810 (927 ) Cross currency swap not designated as hedging instrument — — 12,151 (227 ) Natural gas forward contracts designated as hedging instruments 5,816 (1,951 ) 2,165 (80 ) Interest rate swap contracts designated as hedging instruments 260,000 (5,829 ) 90,000 (259 ) Total derivative financial instruments $ 797,893 $ 13,264 $ 628,284 $ (4,618 ) Notional amounts are presented on a net 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 summarize the gain or loss recognized in AOCI as of December 31, 2019, 2018 and 2017, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the years ended December 31, 2019, 2018 and 2017: Year ended December 31, 2019 Amount of Gain or (Loss) Recognized in AOCI on Derivatives Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Dollars in thousands) Derivative Contracts $ 13,156 $ 3,746 $ 4,320 Total $ 13,156 $ 3,746 $ 4,320 Year ended December 31, 2018 Amount of Gain or (Loss) Recognized in AOCI on Derivatives Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Dollars in thousands) Derivative Contracts $ 5,293 $ 728 $ (406 ) Total $ 5,293 $ 728 $ (406 ) Year ended December 31, 2017 Amount of Gain or (Loss) Recognized in AOCI on Derivatives (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 Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Derivative Contracts $ 7,603 $ (4,539 ) $ (538 ) Total $ 7,603 $ (4,539 ) $ (538 ) |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 6 - BUSINESS SEGMENTS In accordance with the requirements of ASC Topic 280, “Segment Reporting,” we have concluded that our North American and European businesses represent separate operating segments in view of significantly different markets, customers and products within each of these regions. Each operating segment has discrete financial information which is evaluated regularly by the Company’s CEO in determining resource allocation and assessing performance. Within each of these regions, markets, customers, products and production processes are similar and production can be readily transferred between production facilities. Moreover, our business within each region leverages common systems, processes and infrastructure. Accordingly, North America and Europe comprise the Company’s reportable segments for purposes of segment reporting. (Dollars in thousands) Net Sales Income from Operations 2019 2018 2017 2019 2018 2017 North America $ 704,320 $ 800,383 $ 732,418 $ 16,713 $ 29,702 $ 9,808 Europe 668,167 701,444 375,637 (66,772 ) 56,103 11,710 $ 1,372,487 $ 1,501,827 $ 1,108,055 $ (50,059 ) $ 85,805 $ 21,518 (Dollars in thousands) Depreciation and Amortization Capital Expenditures 2019 2018 2017 2019 2018 2017 North America $ 38,845 $ 33,588 $ 35,931 $ 22,464 $ 37,476 $ 47,493 Europe 61,877 61,468 33,404 41,830 40,221 23,444 $ 100,722 $ 95,056 $ 69,335 $ 64,294 $ 77,697 $ 70,937 (Dollars in thousands) Property, Plant, and Equipment, net Goodwill and Intangible Assets 2019 2018 2019 2018 North America $ 237,372 $ 249,791 $ — $ — Europe 291,910 282,976 321,910 459,803 $ 529,282 $ 532,767 $ 321,910 $ 459,803 (Dollars in thousands) Total Assets 2019 2018 North America $ 484,689 $ 484,682 Europe 827,178 966,934 $ 1,311,867 $ 1,451,616 Geographic information Net sales by geographic location: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Net sales: U.S. $ 104,476 $ 127,178 $ 124,711 Mexico 599,844 673,205 607,707 Germany 245,805 279,631 155,227 Poland 422,362 421,813 220,410 Consolidated net sales $ 1,372,487 $ 1,501,827 $ 1,108,055 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 7 - ACCOUNTS RECEIVABLE December 31, 2019 2018 (Dollars in thousands) Trade receivables $ 71,150 $ 101,864 Other receivables 8,503 7,083 79,653 108,947 Allowance for doubtful accounts (2,867 ) (4,298 ) Accounts receivable, net $ 76,786 $ 104,649 2019 Percent of Net Sales 2018 Percent of Net Sales 2017 Percent of Net Sales GM 22 % 18 % 20 % Ford 15 % 18 % 22 % VW Group 13 % 12 % 9 % The accounts receivable from GM, Ford and VW Group represented approximately 32 percent, 8 and 9 percent of the total accounts receivable, respectively, at December 31, 2019 and 24 percent, 11 percent, and 8 percent of the total accounts receivable, respectively, at December 31, 2018. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8 - INVENTORIES December 31, 2019 2018 (Dollars in thousands) Raw materials $ 44,245 $ 49,571 Work in process 40,344 42,886 Finished goods 83,881 83,121 Inventories, net $ 168,470 $ 175,578 Service wheel and supplies inventory included in other non-current assets in the consolidated balance sheets totaled $10.6 million and $8.9 million at December 31, 2019 and 2018, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 9 - PROPERTY, PLANT AND EQUIPMENT December 31, 2019 2018 (Dollars in thousands) Land and buildings $ 158,907 $ 140,471 Machinery and equipment 856,961 769,451 Leasehold improvements and others 12,173 12,883 Construction in progress 30,179 67,559 1,058,220 990,364 Accumulated depreciation (528,938 ) (457,597 ) Property, plant and equipment, net $ 529,282 $ 532,767 Depreciation expense was $75.8 million, $68.8 million and $54.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. Depreciation expense for the year ended December 31, 2019 included accelerated depreciation of $7.6 million related to excess equipment arising from the plan to reduce production at our Fayetteville, Arkansas manufacturing facility (refer to Note 23, “Restructuring”). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 10 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and indefinite-lived intangible assets, such as certain trade names, are not amortized, but are instead evaluated for impairment annually at the end of the fiscal year, or more frequently if events or circumstances indicate that impairment may be more likely than not. We conducted the annual goodwill impairment testing as of December 31, 2019 using a quantitative approach. Based on the results of our quantitative analysis, we recognized a non-cash goodwill impairment charge equal to the excess of the carrying value over the fair value of the European reporting unit at December 31, 2019 of $99.5 million. we recognized a non-cash impairment charge of $2.7 million related to our aftermarket trade name indefinite-lived intangible asset which was primarily attributable to the decline in forecasted aftermarket revenues. Total impairment charges of $102.2 million have been recognized as a separate charge and included in income from operations We utilized both an income and a market approach to determine the fair value of the European reporting unit as part of our goodwill impairment assessment. The income approach is based on projected debt-free cash flow, which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The discount rate used is the weighted average of an estimated cost of equity and of debt (“weighted average cost of capital”). The weighted average cost of capital is adjusted as necessary to reflect risk associated with the business of the European reporting unit. Financial projections are based on estimated production volumes, product prices and expenses, including raw material cost, wages, energy and other expenses. Other significant assumptions include terminal value cash flow and growth rates, future capital expenditures and changes in future working capital requirements. The market approach is based on the observed ratios of enterprise value to earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. The market approach fair value is determined by multiplying historical and anticipated financial metrics of the European reporting unit by the EBITDA pricing multiples derived from comparable, publicly traded companies. A considerable amount of management judgment and assumptions are required in the quantitative impairment test, principally related to determining the fair value of the reporting unit. While the Company believes its judgments and assumptions are reasonable, different assumptions could change the estimated fair value. At December 31, 2019, we determined that the carrying value of the European reporting unit exceeded its fair value. The decline in fair value was due to lower forecasted industry production volumes included in our long-range plan (completed in the fourth quarter of 2019), as compared to our prior year long-range plan. This was primarily due to softening of the Western and Central European automotive market. Industry forecasts for Western and Central European production volumes in 2020 to 2023 are lower than prior year forecasts by approximately The Company’s finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Following is a summary of the Company’s finite-lived and indefinite-lived intangible assets and goodwill as of December 31, 2019 and 2018. Year Ended December 31, 2019 Gross Carrying Amount Impairment Accumulated Amortization Currency Translation Net Carrying Amount Remaining Weighted Average Amortization Period (Dollars in thousands) Brand name $ 9,000 — $ (4,778 ) $ 110 $ 4,332 3-4 Technology 15,000 — (7,963 ) 183 7,220 2-4 Customer relationships 167,000 — (53,681 ) 954 114,273 4-9 Total finite 191,000 — (66,422 ) 1,247 125,825 Trade names 14,000 (2,733 ) — (14 ) 11,253 Indefinite Total intangibles $ 205,000 $ (2,733 ) $ (66,422 ) $ 1,233 $ 137,078 Year Ended December 31, 2019 Beginning Balance Impairment Currency Translation Ending Balance (Dollars in thousands) Goodwill $ 291,434 $ (99,505 ) $ (7,097 ) $ 184,832 Year Ended December 31, 2018 Gross Carrying Amount Accumulated Amortization Currency Translation Net Carrying Amount Remaining Weighted Average Amortization Period (Dollars in thousands) Brand name $ 9,000 $ (2,979 ) $ 237 $ 6,258 4-5 Technology 15,000 (4,964 ) 394 10,430 3-5 Customer relationships 167,000 (33,468 ) 3,823 137,355 5-10 Total finite 191,000 (41,411 ) 4,454 154,043 Trade names 14,000 — 326 14,326 Indefinite Total intangibles $ 205,000 $ (41,411 ) $ 4,780 $ 168,369 Beginning Balance Impairment Currency Translation Ending Balance Year Ended December 31, 2018 (Dollars in thousands) Goodwill $ 304,805 — $ (13,371 ) $ 291,434 Amortization expense for these intangible assets was $25.0 million, $26.3 million and $15.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The anticipated annual amortization expense for these intangible assets is $24.5 million for 2020 to 2021, $21.7 million for 2022, $19.8 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 11 - DEBT A summary of long-term debt and the related weighted average interest rates is shown below: December 31, 2019 (Dollars in Thousands) Debt Instrument Total Debt Debt Issuance Costs (1) Total Debt, Net Weighted Average Interest Rate Term Loan Facility $ 371,800 $ (10,192 ) $ 361,608 5.7 % 6.00% Senior Notes due 2025 243,074 (5,408 ) 237,666 6.0 % Other 12,693 — 12,693 2.2 % Finance Leases 3,068 — 3,068 2.9 % $ 630,635 $ (15,600 ) 615,035 Less: Current portion (4,010 ) Long-term debt $ 611,025 December 31, 2018 (Dollars in Thousands) Debt Instrument Total Debt Debt Issuance Costs (1) Total Debt, Net Weighted Average Interest Rate Term Loan Facility $ 382,800 $ (13,078 ) $ 369,722 6.3 % 6.00% Senior Notes due 2025 286,100 (7,366 ) 278,734 6.0 % Other 16,022 — 16,022 2.2 % $ 684,922 $ (20,444 ) 664,478 Less: Current portion (3,052 ) Long-term debt $ 661,426 (1) Unamortized portion Senior Notes On June 15, 2017, Superior issued Euro 250.0 million aggregate principal amount of 6.00% Senior Notes due June 15, 2025 (the “Notes”). Interest on the Notes is payable semiannually, on June 15 and December 15. Superior may redeem the Notes, in whole or in part, on or after June 15, 2020 at redemption prices of 103.000 percent and 101.500 percent of the principal amount thereof if the redemption occurs during the 12-month period beginning June 15, 2020 or 2021, respectively, and a redemption price of 100 percent of the principal amount thereof on or after June 15, 2022, in each case plus accrued and unpaid interest to, but not including, the applicable redemption date. In addition, the Company may redeem some or all of the Notes prior to June 15, 2020 at a price equal to 100.0 percent of the principal amount thereof plus a “make-whole” premium and accrued and unpaid interest, if any, up to, but not including, the redemption date. Prior to June 15, 2020, the Company may redeem up to 40 percent of the aggregate principal amount of the Notes using the proceeds of certain equity offerings at a certain redemption price. If we experience a change of control or sell certain assets, the Company may be required to offer to purchase the Notes from the holders. The Notes are senior unsecured obligations ranking equally in right of payment with all of its existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness. The Notes are effectively subordinated in right of payment to the existing and future secured indebtedness of the Company, including the Senior Secured Credit Facilities (as defined below), to the extent of the assets securing such indebtedness. During the year ended December 31, 2019 the Company opportunistically purchased Notes on the open market with face value of $36.8 million (33.0 million Euro) for $32.3 million. The associated carrying value of the Notes, net of allocable debt issuance costs, was $35.9 million, resulting in a net gain of $3.7 million, which was included in other (expense) income, net. Guarantee The Notes are unconditionally guaranteed by all material wholly-owned direct and indirect domestic restricted subsidiaries of the Company (the “Subsidiary Guarantors”), with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract or would result in adverse tax consequences. Covenants Subject to certain exceptions, the indenture governing the Notes contains restrictive covenants that, among other things, limit the ability of Superior and the Subsidiary Guarantors to: (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, their capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets or issue capital stock of restricted subsidiaries; (v) create liens; (vi) merge, consolidate, transfer or dispose of substantially all of their assets; and (vii) engage in certain transactions with affiliates. These covenants are subject to several important limitations and exceptions that are described in the indenture. The indenture provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) nonpayment of principal, premium, if any, and interest, when due; (ii) breach of covenants in the indenture; (iii) a failure to pay certain judgments; and (iv) certain events of bankruptcy and insolvency. If an event of default occurs and is continuing, the Bank of New York Mellon, London Branch (“the Trustee”) or holders of at least 30 percent in principal amount of the then outstanding Notes may declare the principal, premium, if any, and accrued and unpaid interest on all the Notes to be due and payable. These events of default are subject to several important qualifications, limitations and exceptions that are described in the indenture. At December 31, 2019, the Company was in compliance with all covenants under the indenture governing the Notes. Senior Secured Credit Facilities On March 22, 2017, Superior entered into a senior secured credit agreement (the “Credit Agreement”) with Citibank, N.A, as Administrative Agent, Collateral Agent and Issuing Bank, JP Morgan Chase N.A., Royal Bank of Canada and Deutsche Bank A.G. New York Branch as Joint Lead Arrangers and Joint Book Runners, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement consisted of a $400.0 million senior secured term loan facility (the “Term Loan Facility”), which matures on May 23, 2024, and a $160.0 million revolving credit facility (the “Revolving Credit Facility”) maturing on May 23, 2022, together with the Term Loan Facility, the USD Senior Secured Credit Facilities (“USD SSCF”). On June 29, 2018, the Company entered into an amendment to the Credit Agreement pursuant to which the interest rate under the Term Loan Facility was reduced to LIBOR plus 4.00 percent (from LIBOR plus 4.50 percent), subject to a LIBOR floor of 0.00 percent (in place of the previous LIBOR floor of 1.00 percent). Substantially all of the original loans under the Term Loan Facility were replaced with loans from existing lenders under terms that were not substantially different than those of the original loans. As a result, this transaction did not result in any debt extinguishment and the unamortized debt issuance costs associated with the original loans will continue to be amortized over the remaining term of the replacement loans (which is unchanged from the original term). Borrowings under the Term Loan Facility will bear interest at a rate equal to, at the Company’s option, either (a) LIBOR for the relevant interest period, adjusted for statutory reserve requirements, subject to a floor of 0.00 percent per annum, plus an applicable rate of 4.00 percent or (b) a base rate, subject to a floor of 2.00 percent per annum, equal to the highest of (1) the rate of interest in effect as publicly announced by the administrative agent as its prime rate, (2) the federal funds rate plus 0.50 percent and (3) LIBOR for an interest period of one month plus 1.00 percent, in each case, plus an applicable rate of 3.00 percent. Borrowings under the Revolving Credit Facility initially bear interest at a rate equal to, at the Company’s option, either (a) LIBOR for the relevant interest period, adjusted for statutory reserve requirements, subject to a floor of 1.00 percent per annum, plus an applicable rate of 3.50 percent or (b) a base rate, equal to the highest of (1) the rate of interest in effect as publicly announced by the administrative agent as its prime rate, (2) the federal funds effective rate plus 0.50 percent and (3) LIBOR for an interest period of one month plus 1.00 percent, in each case, plus an applicable rate of 2.50 percent provided such rate may not be less than zero. The initial commitment fee for unused commitments under the Revolving Credit Facility shall be 0.50 percent. The applicable rates for borrowings under the Revolving Credit Facility and commitment fees for unused commitments under the Revolving Credit Facility are based upon the First Lien Net Leverage Ratio effective for the preceding quarter with LIBOR applicable rates between 3.50 percent and 3.00 percent, base rate applicable rates between 2.50 percent and 2.00 percent and commitment fees between 0.50 percent and 0.25 percent. Commitment fees are included in our consolidated financial statements line, interest expense, net. As of December 31, 2019, the Company had repaid $28.2 million under the Term Loan Facility resulting in a balance of $371.8 million. As of December 31, 2019, the Company had no outstanding borrowings under the Revolving Credit Facility, had outstanding letters of credit of $3.6 million and had available unused commitments under the Revolving Credit Facility of $156.4 million. Guarantees and Collateral Security Our obligations under the Credit Agreement are unconditionally guaranteed by all material wholly-owned direct and indirect domestic restricted subsidiaries of the Company, with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract or would result in adverse tax consequences. The guarantees of such obligations, will be secured, subject to permitted liens and other exceptions, by substantially all of our assets and the Subsidiary Guarantors’ assets, including but not limited to: (i) a perfected pledge of all of the capital stock issued by each of the Company’s direct wholly-owned domestic restricted subsidiaries or any guarantor (subject to certain exceptions) and up to 65 percent of the capital stock issued by each direct wholly-owned foreign restricted subsidiary of the Company or any guarantor (subject to certain exceptions) and (ii) perfected security interests in and mortgages on substantially all tangible and intangible personal property and material fee-owned real property of the Company and the guarantors (subject to certain exceptions and exclusions). Covenants The Credit Agreement contains a number of restrictive covenants that, among other things, restrict, subject to certain exceptions, our ability to incur additional indebtedness and guarantee indebtedness, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make investments, acquisitions, loans or advances, pay dividends, distributions or other restricted payments, or repurchase our capital stock, prepay, redeem, or repurchase any subordinated indebtedness, enter into agreements which limit our ability to incur liens on our assets or that restrict the ability of restricted subsidiaries to pay dividends or make other restricted payments to us, and enter into certain transactions with our affiliates. In addition, the Credit Agreement contains customary default provisions, representations and warranties and other covenants. The Credit Agreement also contains a provision permitting the Lenders to accelerate the repayment of all loans outstanding under the USD SSCF during an event of default. At December 31, 2019, the Company was in compliance with all covenants under the Credit Agreement. European Debt In connection with the acquisition of UNIWHEELS AG, the Company assumed $70.7 million of outstanding debt. At December 31, 2019, $12.7 million of debt remained outstanding relating to an equipment loan of which $3.0 million was classified as current. During the second quarter of 2019, the Company amended its EUR Senior Secured Credit Facility (“EUR SSCF”), our European revolving credit facility, increasing the available borrowing limit from 30.0 million Euro to 45.0 million Euro and extending the term to May 22, 2022. At December 31, 2019, there was 44.6 million Euro of available funds under the EUR SSCF. The EUR SSCF bears interest at Euribor (with a floor of zero) plus a margin (ranging from 1.55 percent to 3.0 percent based on the net debt leverage ratio of Superior Industries Europe AG and its wholly owned subsidiaries, collectively “Superior Europe AG”), currently 1.55 percent. The annual commitment fee for unused commitments (ranging from 0.50 percent to 1.05 percent based on the net debt leverage ratio of Superior Europe AG), is currently 0.50 percent per annum. In addition, a management fee is assessed equal to 0.07 percent of borrowings outstanding at each month end. The commitment and management fees are both included in interest expense, net. Superior Europe AG has pledged substantially all of its assets, including land and buildings, receivables, inventory, and other moveable assets (other than collateral associated with the equipment loan) as collateral under the EUR SSCF. On January 31, 2020, the available borrowing limit of the EUR SSCF was increased from Euro 45.0 million to Euro 60.0 million. All other terms of the EUR SSCF remained unchanged. The EUR SSCF is subject to a number of restrictive covenants that, among other things, restrict, subject to certain exceptions, the ability of Superior Europe AG to incur additional indebtedness and guarantee indebtedness, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make investments, acquisitions, loans or advances, pay dividends or distributions, or repurchase our capital stock, prepay, redeem, or repurchase any subordinated indebtedness, and enter into agreements which limit our ability to incur liens on our assets. At December 31, 2019, Superior Europe AG was in compliance with all covenants under the EUR SSCF. During the fourth quarter of 2019, the Company entered into equipment loan agreements totaling $13.4 million (12.0 million Euro) which bear interest at 2.3 percent and mature on September 30, 2027. Interest and principal repayments are due quarterly. The funds will be used to finance certain property, plant and equipment at the Company’s Werdohl, Germany plant. The loans are secured with liens on the financed equipment and are subject to restrictive covenants that, among other things, restrict the ability of Superior Europe AG to reduce its ownership interest in Superior Industries Production Germany GmbH, its wholly-owned subsidiary and the borrower under the loan. At December 31, 2019, the Company had not yet drawn down on the loans. On January 15, 2020, the Company withdrew $11.9 million (10.6 million Euro) under the equipment loans, with the remaining available funds expected to be drawn in 2020. Quarterly installment payments of $479 thousand (427.7 thousand Euro) under the loan agreements will begin in December of 2020. At December 31, 2019, the Company was in compliance with all covenants under the loans. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Redeemable Preferred Stock | NOTE 12 - REDEEMABLE PREFERRED STOCK During 2017, we issued 150,000 shares of Series A (140,202 shares) and Series B (9,798 shares) Perpetual Convertible Preferred Stock, par value $0.01 per share to TPG Growth III Sidewall, L.P. (“TPG”) for an aggregate purchase price of $150.0 million. On August 30, 2017, the Series B shares were converted into Series A redeemable preferred stock, the “redeemable preferred stock” after approval by our shareholders. The redeemable preferred stock has an initial stated value of $1,000 per share, par value of $0.01 per share and liquidation preference over common stock. The redeemable preferred stock is convertible into shares of our common stock equal to the number of shares determined by dividing the sum of the stated value and any accrued and unpaid dividends by the conversion price of $28.162. The redeemable preferred stock accrues dividends at a rate of 9 percent per annum, payable at our election either in-kind or in cash and is also entitled to participate in dividends on common stock in an amount equal to that which would have been due had the shares been converted into common stock. We may mandate conversion of the redeemable preferred stock if the price of the common stock exceeds $84.49. TPG may redeem the shares upon the occurrence of any of the following events (referred to as a “redemption event”): a change in control, recapitalization, merger, sale of substantially all of the Company’s assets, liquidation or delisting of the Company’s common stock. In addition, as originally issued, TPG has the right, at its option, to unconditionally redeem the shares at any time after May 23, 2024, subsequently extended to September 14, 2025 (the “redemption date”). We may, at our option, redeem in whole at any time all of the shares of redeemable preferred stock outstanding. At redemption by either party, the redemption value will be the greater of two times the initial face value ($150.0 million) and any accrued unpaid dividends or dividends paid-in-kind, currently $300.0 million, or the product of the number of common shares into which the redeemable preferred stock could be converted (5.3 million shares currently) and the then current market price of the common stock. Since the redeemable preferred stock may be redeemed at the option of the holder, but is not mandatorily redeemable, the redeemable preferred stock has been classified as mezzanine equity and initially recognized at fair value of $150.0 million (the proceeds on the date of issuance) less issuance costs of $3.7 million, resulting in an initial value of $146.3 million. This amount had been further reduced by $10.9 million assigned to the embedded derivative liability at date of issuance, resulting in an adjusted initial value of $135.5 million. The difference between the adjusted initial value of $135.5 million and the redemption value of $300 million was being accreted over the seven-year period from the date of issuance through May 23, 2024 (the original date at which the holder had the unconditional right to redeem the shares, deemed to be the earliest likely redemption date) using the effective interest method. The accretion to the carrying value of the redeemable preferred stock is treated as a deemed dividend, recorded as a charge to retained earnings and deducted in computing earnings per share (analogous to the treatment for stated and participating dividends paid on the redeemable preferred shares). On November 7, 2018, the Company filed a Certificate of Correction to the Certificate of Designations for the preferred stock, which became effective upon filing and corrected the redemption date to September 14, 2025. This resulted in a modification of the redeemable preferred stock. As a result of the modification, the carrying value of the redeemable preferred stock decreased $17.2 million (which was credited to retained earnings, treated as a deemed dividend and added back to compute earnings per share) and the period for accretion of the carrying value to the redemption value has been extended to September 14, 2025. The accretion has been adjusted to amortize the excess of the redemption value over the carrying value over the period through September 14, 2025. The accumulated accretion net of the modification adjustment as of December 31, 2019 is $25.5 million resulting in an adjusted redeemable preferred stock balance of $161.0 million. |
European Non-Controlling Redeem
European Non-Controlling Redeemable Equity | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
European Non-Controlling Redeemable Equity | NOTE 13 - EUROPEAN NON-CONTROLLING REDEEMABLE EQUITY On January 17, 2018, the Company entered into a Domination and Profit and Loss Transfer agreement (“DPLTA”) retroactively effective as of January 1, 2018. As a result, non-controlling interests with a carrying value of $51.9 million were reclassified from stockholders’ equity to mezzanine equity as of January 1, 2018 because non-controlling interests with redemption rights (not within the Company’s control) are considered redeemable and must be classified outside shareholders’ equity. In addition, the carrying value of the non-controlling interests must be adjusted to redemption value since the shares are currently redeemable. The following table summarizes the European non-controlling redeemable equity activity for the two year period ended December 31, 2019: Balance at December 31, 2017 $ — Reclassification of non-controlling interests 51,943 Redemption value adjustment 3,625 Dividends accrued 1,512 Dividends paid (964 ) Translation adjustment (3,219 ) Purchase of shares (39,048 ) Balance at December 31, 2018 13,849 Dividends accrued 566 Dividends paid (848 ) Translation adjustment (361 ) Purchase of shares (6,681 ) Balance at December 31, 2019 $ 6,525 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic earnings per share is computed by dividing net income (loss) attributable to Superior, after adjusting for redeemable preferred stock dividend and accretion, European non-controlling redeemable equity dividends and, with respect to 2018, the preferred stock modification (consisting of the preferred stock reduction of $17.2 million, net of the increase in the embedded derivative liability of $1.9 million), by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares discussed in Note 12, “Redeemable Preferred Stock” are not included in the diluted earnings per share because the conversion would be anti-dilutive. Year Ended December 31, 2019 2018 2017 (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Reported net income (loss) attributable to Superior $ (96,460 ) $ 25,961 $ (6,203 ) Less: Redeemable preferred stock dividends and accretion (30,977 ) (32,462 ) (18,912 ) Add: Preferred stock modification — 15,257 — Less: European non-controlling redeemable equity dividend (566 ) (1,512 ) — Basic numerator $ (128,003 ) $ 7,244 $ (25,115 ) Basic earnings (loss) per share $ (5.10 ) $ 0.29 $ (1.01 ) Weighted average shares outstanding-Basic 25,099 24,994 24,929 Diluted Earnings Per Share: Reported net income (loss) attributable to Superior $ (96,460 ) $ 25,961 $ (6,203 ) Less: Redeemable preferred stock dividends and accretion (30,977 ) (32,462 ) (18,912 ) Add: Preferred stock modification — 15,257 — Less: European non-controlling redeemable equity dividend (566 ) (1,512 ) — Diluted numerator $ (128,003 ) $ 7,244 $ (25,115 ) Diluted earnings (loss) per share $ (5.10 ) $ 0.29 $ (1.01 ) Weighted average shares outstanding-Basic 25,099 24,994 24,929 Dilutive effect of common share equivalents — 161 — Weighted average shares outstanding-Diluted 25,099 25,155 24,929 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15 - INCOME TAXES Income/(loss) before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Income/(loss) before income taxes: Domestic $ (60,170 ) $ (44,058 ) $ (63,716 ) Foreign (32,867 ) 76,310 64,582 $ (93,037 ) $ 32,252 $ 866 The benefit/(provision) for income taxes is comprised of the following: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Current taxes Federal $ 3,834 $ 3,714 $ 6,121 State (146 ) 127 (390 ) Foreign (10,615 ) (11,180 ) (12,564 ) Total current taxes (6,927 ) (7,339 ) (6,833 ) Deferred taxes Federal (3,174 ) (919 ) (4,387 ) State 1,014 521 1,492 Foreign 5,664 1,446 2,853 Total deferred taxes 3,504 1,048 (42 ) Income tax benefit (provision) $ (3,423 ) $ (6,291 ) $ (6,875 ) The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2019 2018 2017 Statutory rate (21.0 )% (21.0 )% (35.0 )% State tax provisions, net of federal income tax benefit (2.7 ) 6.4 263.4 Tax credits (6.6 ) 1.3 88.9 Foreign income taxes at rates other than the statutory rate (17.7 ) 16.8 1,206.6 Valuation allowance and other 6.9 (28.0 ) (138.0 ) Changes in tax liabilities, net 0.3 (0.6 ) (11.3 ) Share based compensation 1.8 (1.0 ) (61.5 ) Transaction costs — — (372.2 ) US Tax Reform implementation — 10.9 (1,918.7 ) US tax on non-US income 6.7 (16.1 ) — Non taxable income (2.4 ) 16.3 152.6 Impairment of goodwill 34.0 — — Other 4.4 (4.5 ) 31.3 Effective income tax rate 3.7 % (19.5 )% (793.9 )% Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: December 31, 2019 2018 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 4,695 $ 8,117 Hedging and foreign currency losses 2,386 (1,163 ) Deferred compensation 8,018 8,021 Inventory reserves 4,609 3,984 Net loss carryforwards and credits 38,342 51,552 Interest carryforwards 19,632 11,269 Competent authority deferred tax assets and other foreign timing differences 3,954 6,749 Other 782 (3,921 ) Total before valuation allowance 82,418 84,608 Valuation allowance (22,879 ) (16,576 ) Net deferred income tax assets 59,539 68,032 Deferred income tax liabilities: Intangibles, property, plant and equipment and other (33,301 ) (44,591 ) Deferred income tax liabilities (33,301 ) (44,591 ) Net deferred income tax assets $ 26,238 $ 23,441 The classification of our net deferred tax asset is shown below: December 31, 2019 2018 (Dollars in thousands) Long-term deferred income tax assets $ 38,607 $ 42,105 Long-term deferred income tax liabilities (12,369 ) (18,664 ) Net deferred tax asset $ 26,238 $ 23,441 Realization of any of our deferred tax assets at December 31, 2019 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. The increase in the valuation allowance of $6.3 million relates to interest expense carryforwards and state net operating loss carryforwards the Company is not more likely than not to utilize prior to expiration. The Tax Cut and Jobs Act (“the Act”) was enacted on December 22, 2017. The Act contains significant changes to corporate taxation, including the reduction of the corporate tax rate from 35 percent to 21 percent, a one-time transition tax on offshore earnings at reduced tax rates regardless of whether earnings are repatriated, the elimination of U.S. tax on foreign dividends (subject to certain important exceptions), new tax on U.S. shareholders of certain foreign subsidiaries earnings — Global Intangible Low-Tax Income (“GILTI”), limitations on deductibility of interest expense, immediate deductions for certain new investments and the modification or repeal of many business deductions and credits. The Company had recorded a provisional amount of $16.6 million expense for enactment-date income tax effects of the Act at December 31, 2017. Following the guidance in SAB 118, at December 31, 2018, the Company has completed the accounting for all enactment-date income tax effects of the Act and recorded a benefit of $3.9 million as an adjustment to the provisional amounts. As of December 31, 2019, we have cumulative tax effected U.S. state and Germany NOL carryforwards of $12.2 million that expire in the years 2020 to 2038. Also, we have $26.0 million of tax credit carryforwards, primarily in Poland, which expire in the years 2021 to 2026. The transition tax substantially eliminated the basis difference on foreign subsidiaries that existed previously for purposes of accounting standards codification topic 740. However, there are limited other taxes that could continue to apply such as foreign withholding and certain state taxes. Taxes have not been provided on basis differences in investments of $227 million that are deemed indefinitely reinvested. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. 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 is as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Beginning balance $ 31,036 $ 33,054 $ 3,446 Increases (decreases) due to foreign currency translations (632 ) (2,018 ) — Increases (decreases) as a result of positions taken during: — — — Prior periods (36 ) — — Current period — — 29,773 Expiration of applicable statutes of limitation — — (165 ) Ending balance $ 30,368 $ 31,036 $ 33,054 Our policy regarding interest and penalties related to uncertain tax positions is to record interest and penalties as an element of income tax expense. At the end of 2019, 2018 and 2017, the Company had liabilities of $3.9 million, $3.3 million and $2.4 million of potential interest and penalties associated with uncertain tax positions. Included in the unrecognized tax benefits is $2.6 million that, if recognized, would favorably affect our annual effective tax rate. Within the next twelve-month period we expect no decrease in unrecognized tax benefits. Income tax returns are filed in multiple jurisdictions and are subject to examination by tax authorities in various jurisdictions where the Company operates. The Company has open tax years from 2014 to 2018 with various significant tax jurisdictions, including ongoing tax audits in the U.S. for 2015 to 2017 and Germany for 2017 and 2018 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 16 - Effective January 1, 2019, we adopted ASU 2016-02, ASC 842, “Leases,” the new lease accounting standard, using the optional transition approach resulting in recognition of operating lease right-of-use (“ROU”) assets and lease liabilities of $18.2 million and $18.6 million, respectively, as well as a charge to eliminate previously deferred rent of $0.4 million. The Company determines whether an arrangement is or contains a lease at the inception of the arrangement. Operating leases are included in other non-current assets, accrued expenses and other non-current liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, net, short-term debt and long-term debt (less current portion) in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Since we generally do not have access to the interest rate implicit in the lease, the Company uses our incremental borrowing rate (for fully collateralized debt) at the inception of the lease in determining the present value of the lease payments. The implicit rate is, however, used where readily available. Lease expense under operating leases is recognized on a straight-line basis over the term of the lease. Certain of our leases contain both lease and non-lease components, which are accounted for separately. The Company has operating and finance leases for office facilities, a data center and certain equipment. The remaining terms of our leases range from over one year to just under nine years. Certain leases include options to extend the lease term for up to ten years, as well as options to terminate both of which have been excluded from the term of the lease since exercise of these options is not reasonably certain. Lease expense, cash flow, operating and finance lease assets and liabilities, average lease term and average discount rate are as follows: December 31, 2019 Twelve Months Ended Lease Expense Finance lease expense: Amortization of right-of-use assets $ 1,691 Interest on lease liabilities 83 Operating lease expense 3,509 Total lease expense $ 5,283 Cash Flow Components Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from finance leases $ 83 Operating cash outflows from operating leases 3,463 Financing cash outflows from finance leases 1,230 Right-of-use assets obtained in exchange for new finance lease liabilities, net of terminations and disposals 2,573 Right-of-use assets obtained in exchange for operating lease liabilities (including adoption impact of $18.2 million) net of terminations and disposals 18,961 December 31, 2019 Balance Sheet Information Operating leases: Other non-current assets $ 15,201 Accrued liabilities $ (2,949 ) Other non-current liabilities (13,282 ) Total operating lease liabilities $ (16,231 ) Finance leases: Property and equipment gross $ 4,821 Accumulated depreciation (2,118 ) Property and equipment, net $ 2,703 Current portion of long-term debt $ (1,023 ) Long-term debt (2,045 ) Total finance lease liabilities $ (3,068 ) Lease Term and Discount Rates Weighted-average remaining lease term - finance leases (years) 4.1 Weighted-average remaining lease term - operating leases (years) 6.4 Weighted-average discount rate - finance leases 2.9 % Weighted-average discount rate - operating leases 3.9 % Summarized future minimum payments under our leases are as follows: December 31, 2019 Finance Leases Operating Leases Lease Maturities (in thousands) 2020 $ 1,175 $ 3,508 2021 908 3,034 2022 502 2,505 2023 128 2,185 2024 123 2,030 Thereafter 434 4,941 Total 3,270 18,203 Less: Imputed interest (202 ) (1,972 ) Total lease liabilities, net of interest $ 3,068 $ 16,231 Summarized future minimum payments for our leases under ASC 840 are as follows: December 31, 2018 Operating Leases Lease Maturities (in thousands) 2019 $ 4,249 2020 3,232 2021 2,870 2022 2,635 2023 2,346 Thereafter 7,647 Total $ 22,979 The 2018 disclosure includes certain non-lease components that have been excluded from our ASC 842 accounting and disclosures for 2019. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | NOTE 17 - RETIREMENT PLANS We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. 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 purchased life insurance policies on certain participants to provide in part for future liabilities. Cash surrender value of these policies, totaling $8.1 million, are included in other non-current assets in the Company’s condensed consolidated balance sheets at December 31, 2018. In the second quarter of 2019, we terminated our life insurance policies in exchange for the cash surrender value of $7.6 million. We also received $0.6 million for death benefit claims. The following table summarizes the changes in plan assets and plan benefit obligations: Year Ended December 31, 2019 2018 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 26,953 $ 29,759 Interest cost 1,144 1,086 Actuarial (gain) loss 4,295 (2,486 ) Benefit payments (1,391 ) (1,406 ) Ending benefit obligation $ 31,001 $ 26,953 Year Ended December 31, 2019 2018 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,391 1,406 Benefit payments (1,391 ) (1,406 ) Fair value of plan assets at end of year $ — $ — Funded status $ (31,001 ) $ (26,953 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses $ (1,478 ) $ (1,392 ) Other non-current liabilities (29,523 ) (25,561 ) Net amount recognized $ (31,001 ) $ (26,953 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 8,940 $ 4,799 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 8,939 $ 4,798 Weighted average assumptions used to determine benefit obligations: Discount rate 3.3 % 4.4 % Rate of compensation increase 3.0 % 3.0 % Components of net periodic pension cost are described in the following table: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Components of net periodic pension cost: Interest cost $ 1,144 $ 1,086 $ 1,189 Amortization of actuarial loss 209 438 369 Net periodic pension cost $ 1,353 $ 1,524 $ 1,558 Weighted average assumptions used to determine net periodic pension cost: Discount rate 4.4 % 3.7 % 4.4 % Rate of compensation increase 3.0 % 3.0 % 3.0 % Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2020 $ 1,502 2021 $ 1,478 2022 $ 1,518 2023 $ 1,497 2024 $ 1,535 Years 2025 to 2029 $ 8,870 The following is an estimate of the components of net periodic pension cost in 2020: Estimated Year Ended December 31, 2020 (Dollars in thousands) Interest cost 1,004 Amortization of actuarial loss 289 Estimated 2020 net periodic pension cost $ 1,293 Other Retirement Plans We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees in those countries. The employer contribution totaled $1.5 million, $1.8 million and $1.7 million for the three years ended December 31, 2019, 2018 and 2017, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Accrued Expenses | NOTE 18 - ACCRUED EXPENSES December 31, 2019 2018 (Dollars in thousands) Payroll and related benefits $ 25,048 $ 23,503 Insurance reserves 840 1,120 Taxes, other than income taxes 12,096 8,115 Current portion of derivative liability 4,357 2,506 Dividends and interest 1,247 4,197 Deferred tooling revenue 5,880 5,810 Current portion of executive retirement liabilities 1,478 1,392 Professional fees 2,216 4,750 Warranty liability 143 437 Other 7,540 13,832 Accrued liabilities $ 60,845 $ 65,662 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 19 - STOCK-BASED COMPENSATION Equity Incentive Plan Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018 and amended and restated the 2008 Equity Incentive Plan. The Plan authorizes us to issue up to 4.35 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock and performance units to our officers, key employees, non-employee directors and consultants. At December 31, 2019, there were 1.6 million shares available for future grants under this Plan. No more than 1.2 million shares may be used under the Plan as “full value” awards, which include restricted stock and performance stock units. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options. Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year time period, and performance restricted stock units (“PSUs”), with a three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the Company’s common stock, with accrued dividends. Other Awards On May 16, 2019 the Company granted the following equity awards to Majdi B. Abulaban, our President and Chief Executive Officer, in connection with his entering into employment with the Company and the 2019 Inducement Grant Plan (the “Inducement Plan”): (i) an initial award consisting of (a) 666,667 PSUs at target, vesting in three approximately equal installments, to the extent the performance metrics are satisfied, during each of three performance periods and (b) 333,333 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022; (ii) a 2019-2021 PSU grant, with the target number of 316,832 PSUs, which will vest to the extent the performance metrics are satisfied; and (iii) a 2019 RSU grant of 158,416 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022. The PSU awards may be earned at up to 200 percent of target depending on the level of achievement of the performance metrics. Equity Incentive Awards Restricted Stock Units Weighted Average Grant Date Fair Value Performance Shares Weighted Average Grant Date Fair Value Options Weighted Average Exercise Price Balance at December 31, 2018 183,726 $ 17.26 296,523 $ 19.10 59,000 $ 18.33 Granted 1,083,999 4.88 1,548,098 6.01 — — Settled (103,681 ) 17.12 (31,081 ) 22.81 — — Forfeited or expired (116,788 ) 8.92 (264,747 ) 11.92 (8,750 ) 15.30 Balance at December 31, 2019 1,047,256 $ 5.39 1,548,793 $ 7.17 50,250 $ 18.86 Vested or expected to vest at December 31, 2019 933,826 $ 5.44 1,340,263 $ 6.20 50,250 $ 18.86 Stock-based compensation expense was $5.7 million, $2.1 million and $1.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. Unrecognized stock-based compensation expense related to non-vested awards of $7.7 million is expected to be recognized over a weighted average period of approximately 1.8 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 20 - COMMITMENTS AND CONTINGENCIES Purchase Commitments When market conditions warrant, we may 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. Prices under our aluminum contracts are based on a market index, the London Mercantile Exchange (LME), and regional premiums for processing, transportation and alloy components which are adjusted quarterly for purchases in the ensuing quarter. Changes in aluminum prices are generally passed through to our OEM customers and adjusted on a quarterly basis. Certain of our purchase agreements include volume commitments, however any excess commitments are generally negotiated with suppliers and those which have occurred in the past have been carried over to future periods. Contingencies 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. |
Receivables Securitization
Receivables Securitization | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables Securitization | NOTE 21 - RECEIVABLES SECURITIZATION The Company sells certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash provided by operating activities. Factoring arrangements incorporate customary representations and warranties, including representations as to validity of amounts due, completeness of performance obligations and absence of commercial disputes. During the year ended December 31, 2019 and 2018, the Company sold trade receivables totaling $334.1 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 22 - RELATED PARTIES Purchase Agreement In the first quarter of 2015, we entered into an agreement to purchase a subscription to online software provided by NGS Inc. Our former Senior Vice President, Business Operations and our Vice President of Information Technology are passive investors in NGS. We made payments to NGS of $479,520, $479,520, and $376,920 during 2019, 2018 and 2017, respectively. The transaction was entered into in the ordinary course of business and is an arms-length agreement. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | NOTE 23 - RESTRUCTURING During the third quarter of 2019, the Company initiated a plan to significantly reduce production and manufacturing operations at its Fayetteville, Arkansas location. As a result, the Company recognized a non-cash charge of $13.0 million in cost of sales, comprised of (1) $7.6 million of accelerated depreciation for excess equipment, (2) $3.2 million relating to the write-down of certain supplies inventory to net salvage value, (3) $1.6 million of employee severance and (4) $0.6 million of accelerated amortization of right of use assets under operating leases. In addition, relocation costs for redeployment of machinery and equipment of $1.8 million were recognized in the fourth quarter of 2019. Additional relocation costs are expected to be incurred over the next 12-18 months. As of December 31, 2019, $1.1 million of the restructuring severance accrual remains and is expected to be paid in full by the end of the second quarter of 2020. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE 24 - QUARTERLY FINANCIAL DATA (UNAUDITED) (Dollars in thousands, except per share amounts) Year 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 357,693 $ 352,499 $ 352,014 $ 310,281 $ 1,372,487 Gross profit $ 33,122 $ 39,995 $ 16,047 $ 26,898 $ 116,062 Income (loss) from operations $ 18,639 $ 24,031 $ (243 ) $ (92,486 ) $ (50,059 ) Consolidated income (loss) before income taxes $ 6,893 $ 14,811 $ (11,416 ) $ (103,325 ) $ (93,037 ) Income tax (provision) benefit $ (4,943 ) $ (7,541 ) $ 4,785 $ 4,276 $ (3,423 ) Consolidated net income (loss) $ 1,950 $ 7,270 $ (6,631 ) $ (99,049 ) $ (96,460 ) Earnings (loss) per share Basic $ (0.24 ) $ (0.04 ) $ (0.57 ) $ (4.25 ) $ (5.10 ) Diluted $ (0.24 ) $ (0.04 ) $ (0.57 ) $ (4.25 ) $ (5.10 ) Dividends declared per share $ 0.09 $ 0.09 $ - $ - $ 0.18 Year 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 386,448 $ 388,944 $ 347,612 $ 378,823 $ 1,501,827 Gross profit $ 49,991 $ 53,559 $ 23,673 $ 36,304 $ 163,527 Income from operations $ 27,634 $ 31,270 $ 7,688 $ 19,213 $ 85,805 Consolidated income (loss) before income taxes $ 13,687 $ 12,930 $ (7,714 ) $ 13,349 $ 32,252 Income tax (provision) benefit $ (3,370 ) $ (4,795 ) $ 7,051 $ (5,177 ) $ (6,291 ) Consolidated net income (loss) $ 10,317 $ 8,135 $ (663 ) $ 8,172 $ 25,961 Earnings (loss) per share Basic $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Diluted $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Dividends declared per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (Dollars in thousands) Additions Balance at Beginning of Year Charge to Costs and Expenses Other Deductions From Reserves Balance at End of Year 2019 Allowance for doubtful accounts receivable $ 4,298 $ 919 $ 56 $ (2,406 ) $ 2,867 Valuation allowances for deferred tax assets $ 16,576 $ 6,822 $ — $ (519 ) $ 22,879 2018 Allowance for doubtful accounts receivable $ 2,325 $ 2,311 $ — $ (338 ) $ 4,298 Valuation allowances for deferred tax assets $ 7,634 $ 9,036 $ — $ (94 ) $ 16,576 2017 Allowance for doubtful accounts receivable $ 919 $ 1,127 $ 1,162 $ (883 ) $ 2,325 Valuation allowances for deferred tax assets $ 3,123 $ 1,005 $ 3,506 $ — $ 7,634 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Superior Industries International, Inc. (referred to herein as the “Company”, “Superior”, or “we,” “us” and “our”) designs and manufactures aluminum wheels for sale to original equipment manufacturers (“OEMs”) and aftermarket customers. We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with manufacturing operations in Mexico, Germany and Poland. Our OEM aluminum wheels are sold primarily for factory installation, as either standard equipment or optional equipment, on vehicle models manufactured by BMW-Mini, Daimler AG Company (Mercedes-Benz, AMG, Smart), FCA, Ford, GM, Jaguar-Land Rover, Mazda, Mitsubishi, Nissan, PSA, Subaru, Suzuki, Toyota, VW Group (Volkswagen, Audi, Skoda, SEAT, Porsche, Bentley) and Volvo. We also sell aluminum wheels to the European aftermarket under the brands ATS, RIAL, ALUTEC and ANZIO. North America and Europe represent the principal markets for our products, but we have a global presence and influence with North American, European and Asian OEMs. We have determined that our North American and European operations should be treated as separate operating segments as further described in Note 6, “Business Segments.” |
Presentation of Consolidated Financial Statements | 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. Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits and money market funds with original maturities of three months or less. 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. At December 31, 2018 certificates of deposit totaling $0.8 million were restricted in use (to collateralize letters of credit securing workers’ compensation obligations) and were classified as short-term investments on our consolidated balance sheet. There were no certificates of deposit at December 31, 2019. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities 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 gain or loss on the derivative instrument (including changes in time value for forward contracts) is reported as a component of accumulated other comprehensive income or loss 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 or have not been designated as hedges are adjusted to fair value through current income. Refer to Note 5, “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. These contracts are considered to be derivative instruments under U.S. GAAP; however, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exemption. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of amounts that are due and payable from our customers for the sale of aluminum wheels. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in selling, general and administrative expense. |
Inventory | Inventory Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or net realizable value. The cost of inventories is measured using the FIFO (first-in, first-out) method or the average cost method. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Aluminum is the primary material component in our inventories. Currently our three primary vendors make up more than 10 percent of our aluminum purchases in 2019, 2018 and 2017. |
Property, Plant and Equipment | 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 technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recorded as a component of cost of sales or other income or expense. |
Impairment of Long-Lived Assets | Impairment of Intangible Assets – Intangible assets include both finite and indefinite-lived intangible assets. Finite-lived i ntangible assets consist of brand names, technology and customer relationships. Finite-lived intangible assets are amortized on a straight-line over their estimated useful lives (since the pattern in which the asset will be consumed cannot be reliably determined). Indefinite-lived intangible assets, excluding goodwill, consist of trade names associated with our aftermarket business. In the fourth quarter of 2019, we recognized an indefinite-lived intangible impairment charge of $2.7 million relating to trade names used in our European aftermarket business (refer to Not e 1, “Summary of Significant Accounting Policies” and Note 10, “Goodwill and Other Intangible Assets” in the Notes to Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data” in this Annual Report for further discussion of asset impairments). Impairment of Long-Lived Assets The carrying amount of long-lived assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Fair value is determined primarily using anticipated cash flows. |
Goodwill | Goodwill Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We conduct our annual impairment testing as of December 31. Impairment charges, if any, related to goodwill are recorded as a separate charge included in income from operations. In the fourth quarter of 2019, we recognized a goodwill impairment charge of $99.5 million relating to our European reporting unit |
Intangible Assets | Intangible Assets Intangible assets include both finite and indefinite-lived intangible assets. Finite-lived i ntangible assets consist of brand names, technology and customer relationships. Finite-lived intangible assets are amortized on a straight-line over their estimated useful lives (since the pattern in which the asset will be consumed cannot be reliably determined). Indefinite-lived intangible assets, excluding goodwill, consist of trade names associated with our aftermarket business. Impairment charges, if any, related to intangible assets are recorded as a separate charge included in income from operations. In the fourth quarter of 2019, we recognized an indefinite-lived intangible impairment charge of $2.7 million relating to trade names used in our European aftermarket busines . |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use local currency as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other comprehensive income (loss). The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented. Gains and losses arising from foreign currency transactions and the effects of remeasurement discussed in the preceding paragraph are recorded in other income (expense), net. We had foreign currency transaction gains (losses) of $0.5 million, ($1.0) million, and $12.9 million in 2019, 2018 and 2017, respectively. |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, Topic ASC 606, “Revenue from Contracts with Customers.” The Company maintains long term business relationships with our OEM customers and aftermarket distributors; however, there are no definitive long-term volume commitments under these arrangements. Volume commitments are limited to near-term customer requirements authorized under purchase orders or production releases generally with delivery periods of less than a month. Sales do not involve any significant financing component since customer payment is generally due 40-60 days after shipment. Contract assets and liabilities consist of customer receivables and deferred revenues related to tooling. At contract inception, the Company assesses goods and services promised in its contracts with customers and identifies a performance obligation for each promise to deliver a good or service (or bundle of goods or services) that is distinct. Principal performance obligations under our customer contracts consist of the manufacture and delivery of aluminum wheels, including production wheels, service wheels and replacement wheels. As a part of the manufacture of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized to cost of sales over the average life of the vehicle wheel program. Similarly, customer reimbursement for tooling costs is deferred and amortized to net sales over the average life of the vehicle wheel program. In the normal course of business, the Company’s warranties are limited to product specifications and the Company does not accept product returns unless the item is defective as manufactured. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Company establishes provisions for both estimated returns and warranties when revenue is recognized. In addition, the Company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement wheels are based on prices established in our customer purchase orders which represent the standalone selling price. Prices for service and replacement wheels are commensurate with production wheels with adjustment for any special packaging. In addition, prices are subject to adjustment for changes in commodity prices for certain raw materials, aluminum and silicon, as well as production efficiencies and wheel weight variations from specifications used in pricing. These price adjustments are treated as variable consideration. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity prices, initial estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored, and prices are adjusted as variations arise. Price adjustments due to production efficiencies are generally recognized as and when negotiated with customers. Customer contract prices are generally adjusted quarterly to incorporate price adjustments. Under the Company’s policies, shipping costs are treated as a cost of fulfillment. In addition, as permitted under a practical expedient relating to disclosure of performance obligations, the Company does not disclose remaining performance obligations under its contracts since contract terms are substantially less than a year (generally less than one month). Our revenue recognition practices and related transactions and balances are further described in Note 3, “Revenue.” |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method. We recognize these compensation costs net of the applicable forfeiture rate on a straight-line basis for only those shares expected to vest over the requisite service period of the award, which is generally the vesting term of three years. We estimate the forfeiture rate based on our historical experience. Refer to Note 19, “Stock-Based Compensation” for additional information concerning our stock-based compensation awards. |
Income Taxes | 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 U.S. 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. We account for uncertain tax positions utilizing 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. |
Cash Paid for Interest and Taxes and Non-Cash Investing Activities | Cash Paid for Interest and Taxes and Non-Cash Investing Activities Cash paid for interest was $42.3 million, $43.8 million and $24.3 million for the years ended December 31, 2019, 2018 and 2017. Cash paid for income taxes was $9.0 million, $6.5 million and $11.1 million for the years ended December 31, 2019, 2018, and 2017. As of December 31, 2019, 2018 and 2017, $15.6 million, $10.3 million, and $15.1 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. |
New Accounting Standards | New Accounting Standards ASU 2016-02, Topic 842, “Leases.” Effective January 1, 2019, we adopted ASU 2016-02, ASC 842 using the optional transition approach. Adoption of the standard resulted in recognition of operating lease right-of-use (“ROU”) assets and lease liabilities of $18.2 million and $18.6 million, respectively, as well as a charge to eliminate previously deferred rent of $0.4 million, as of January 1, 2019. ASU 2016-02 also requires lessees to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Under the optional transition approach, financial statements for prior periods have not been restated and the disclosures applicable under the previous standard will be included for those periods. In adopting the standard, the Company has adopted the package of practical expedients. As a consequence, the Company has not reassessed (1) whether existing or expired contracts contain leases under the new definition of a lease, (2) lease classification for expired or existing leases (finance vs. operating) and (3) whether previously capitalized initial direct costs qualify for capitalization under the new standard. In addition, the Company has also adopted an accounting policy to exclude leases of less than one year from capitalization. ASU 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income : ” In January, 2018, the FASB issued ASU 2018-02 which gives entities the option to reclassify to retained earnings the tax effects resulting from the Tax Cut and Jobs Act (“the Act”) related to items in accumulated other comprehensive income (loss) (“AOCI”) that the FASB refers to as having been stranded in AOCI. The new guidance may be applied retrospectively to each period in which the effect of the Act is recognized in the period of adoption. The Company adopted this guidance in the first quarter of 2019. The guidance requires new disclosures regarding a company’s accounting policy for releasing tax effects in AOCI. The Company has elected to not reclassify the income tax effects of the Act from AOCI. ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350).” ASU 2017-04 amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of a two-step goodwill impairment test under previously existing guidance. Under ASU 2017-04, in determining the amount of a goodwill impairment an entity will no longer calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if the reporting unit had been acquired in a business combination (what is referred to as Step 2 under previously existing guidance). Under the new guidance, entities will perform their annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value of the reporting unit, an impairment will be recognized equal to the excess of the carrying amount over fair value not to exceed the total amount of goodwill. ASU 2017-04 is effective for annual periods beginning after December 15, 2019 with early adoption permitted. The Company early adopted this standard in conjunction with our annual goodwill impairment test conducted in the fourth quarter of 2019. Refer to Note 10, “Goodwill and Other Intangibles” for further discussion regarding the results of our annual goodwill impairment test for 2019. Accounting Standards Issued But Not Yet Adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016 the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on Current Expected Credit Losses (CECL) rather than incurred losses. Under CECL, estimated credit losses would incorporate relevant information about past events, current conditions and reasonable and supportable forecasts and any expected credit losses would be recognized at the time of sale. We plan to adopt ASU 2016-13 on January 1, 2020. The Company does not expect that adoption will have any significant effect on our financial statements or disclosures because we generally do not incur any significant credit losses due to the financial strength and credit worthiness of our customers. ASU 2018-13, “Fair Value Measurement .” In August 2018, the FASB issued an ASU entitled “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The ASU allows for early adoption in any interim period after issuance of the update. We are evaluating the impact this guidance will have on our financial statement disclosures. ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans.” In August 2018, the FASB issued an ASU entitled “Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans,” which is designed to improve the effectiveness of disclosures by removing and adding disclosures related to defined benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. The new standard allows for early adoption in any year after issuance of the update. We are evaluating the impact this new standard will have on our financial statement disclosures. |
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. |
Derivatives, Methods of Accounting, Hedging Derivatives | Derivative Instruments and Hedging Activities We use derivatives to partially offset our exposure to foreign currency, interest rates, aluminum and other commodity 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, interest rates, and aluminum and natural gas commodity prices. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 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 cash flow hedges that are designated as hedging instruments are recorded in Accumulated Other Comprehensive (Loss) Income (“AOCI”) until the hedged item is recognized in earnings, at which point accumulated gains or losses will be recognized in earnings and classified with the underlying hedged transaction. 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. The Company has derivatives that are designated as hedging instruments as well as derivatives that did not qualify for designation as hedging instruments. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges | 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 Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of the Assets | Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation | The following is the allocation of the purchase price: (Dollars in thousands) Estimated purchase price Cash consideration $ 703,000 Non-controlling interest 63,200 Preliminary purchase price allocation Cash and cash equivalents 12,296 Accounts receivable 60,580 Inventories 83,901 Prepaid expenses and other current assets 11,859 Total current assets 168,636 Property and equipment 259,784 Intangible assets 205,000 Goodwill 286,249 Other assets 32,987 Total assets acquired 952,656 Accounts payable 61,883 Other current liabilities 40,903 Total current liabilities 102,786 Other long-term liabilities 83,670 Total liabilities assumed 186,456 Net assets acquired $ 766,200 Acquired intangible assets were recorded at estimated fair value, as determined through the use of the income approach, specifically the relief from royalty and multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the Company and other market participants. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to our future cash flows. The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation are as follows: Estimated Fair Value Estimated Useful Life (in Years) (Dollars in thousands) Brand name $ 9,000 4-6 Technology 15,000 4-6 Customer relationships 167,000 7-11 Trade names 14,000 Indefinite $ 205,000 |
Summary of Unaudited Pro Forma Information | The following unaudited combined pro forma information is for informational purposes only. The pro forma information is not necessarily indicative of what the combined Company’s results actually would have been had the acquisition been completed as of the beginning of the periods as indicated. In addition, the unaudited pro forma information does not purport to project the future results of the combined Company. Twelve Months Ended December 31, 2017 Proforma (Dollars in thousands) Proforma combined sales $ 1,351,799 Proforma net income $ 17,692 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities | The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows (in thousands): December 31, 2019 December 31, 2018 Change Customer receivables $ 68,283 $ 97,566 $ (29,283 ) Contract liabilities—current 5,880 5,810 70 Contract liabilities—noncurrent 13,577 8,354 5,223 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measured at Fair Value | The following tables categorize items measured at fair value at December 31, 2019 and 2018: Fair Value Measurement at Reporting Date Using December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets Derivative contracts $ 21,973 $ — $ 21,973 $ — Total 21,973 — 21,973 — Liabilities Derivative contracts 8,709 — 8,709 — Embedded derivative liability 3,916 — — 3,916 Total $ 12,625 $ — $ 8,709 $ 3,916 Fair Value Measurement at Reporting Date Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 8,057 — 8,057 — Derivative contracts 4,218 — 4,218 — Total 13,025 — 13,025 — Liabilities Derivative contracts 8,836 — 8,836 Embedded derivative liability 3,134 — — 3,134 Total $ 11,970 $ — $ 8,836 $ 3,134 |
Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability | The following table summarizes the changes during 2019, 2018 and 2017 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred stock issued May 22, 2017 in connection with the acquisition of our European operations: January 1, 2017 – December 31, 2019 (Dollars in thousands) Beginning fair value – January 1, 2017 $ — Change in fair value of redeemable preferred stock embedded derivative liability 4,685 Ending fair value – December 31, 2017 4,685 Change in fair value of redeemable preferred stock embedded derivative liability (3,480 ) Effect of redeemable preferred stock modification 1,929 Ending fair value – December 31, 2018 3,134 Change in fair value of redeemable preferred stock embedded derivative liability 782 Ending fair value – December 31, 2019 $ 3,916 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below (in thousands): December 31, 2019 December 31, 2018 (Dollars in thousands) Estimated aggregate fair value $ 606,093 $ 624,943 Aggregate carrying value (1) 630,635 684,922 (1) Long-term debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivatives by Balance Sheet Line Item | The following tables display the fair value of derivatives by balance sheet line item at December 31, 2019 and December 31, 2018: December 31, 2019 Other Current Assets Other Non-current Assets Accrued Liabilities Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts designated as hedging instruments $ 7,808 $ 12,821 $ 60 $ 100 Foreign exchange forward contracts not designated as hedging instruments 1,196 — 554 — Aluminum forward contracts designated as hedging instruments 60 — 127 — Natural gas forward contracts designated as hedging instruments 81 7 1,312 727 Interest rate swap contracts designated as hedging instruments — — 2,304 3,525 Embedded derivative liability — — — 3,916 Total derivative financial instruments $ 9,145 $ 12,828 $ 4,357 $ 8,268 December 31, 2018 Other Current Assets Other Non-current Assets Accrued Liabilities Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts designated as hedging instruments $ 2,599 $ 1,011 $ 659 $ 6,202 Foreign exchange forward contracts not designated as hedging instruments 333 — 207 — Aluminum forward contracts designated as hedging instruments — — 927 — Cross currency swap not designated as hedging instrument — — 227 — Natural gas forward contracts designated as hedging instruments 275 — 355 — Interest rate swap contracts designated as hedging instruments — — 131 128 Embedded derivative liability — — — 3,134 Total derivative financial instruments $ 3,207 $ 1,011 $ 2,506 $ 9,464 |
Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments | The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: December 31, 2019 December 31, 2018 Notional U.S. Dollar Amount Fair Value Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 449,181 $ 20,469 $ 467,253 $ (3,251 ) Foreign exchange forward contracts not designated as hedging instruments 73,491 642 45,905 126 Aluminum forward contracts designated as hedging instruments 9,405 (67 ) 10,810 (927 ) Cross currency swap not designated as hedging instrument — — 12,151 (227 ) Natural gas forward contracts designated as hedging instruments 5,816 (1,951 ) 2,165 (80 ) Interest rate swap contracts designated as hedging instruments 260,000 (5,829 ) 90,000 (259 ) Total derivative financial instruments $ 797,893 $ 13,264 $ 628,284 $ (4,618 ) |
Summary of Gain or Loss Recognized in AOCI (Loss) | The following tables summarize the gain or loss recognized in AOCI as of December 31, 2019, 2018 and 2017, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the years ended December 31, 2019, 2018 and 2017: Year ended December 31, 2019 Amount of Gain or (Loss) Recognized in AOCI on Derivatives Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Dollars in thousands) Derivative Contracts $ 13,156 $ 3,746 $ 4,320 Total $ 13,156 $ 3,746 $ 4,320 Year ended December 31, 2018 Amount of Gain or (Loss) Recognized in AOCI on Derivatives Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Dollars in thousands) Derivative Contracts $ 5,293 $ 728 $ (406 ) Total $ 5,293 $ 728 $ (406 ) Year ended December 31, 2017 Amount of Gain or (Loss) Recognized in AOCI on Derivatives (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 Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Derivative Contracts $ 7,603 $ (4,539 ) $ (538 ) Total $ 7,603 $ (4,539 ) $ (538 ) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment | (Dollars in thousands) Net Sales Income from Operations 2019 2018 2017 2019 2018 2017 North America $ 704,320 $ 800,383 $ 732,418 $ 16,713 $ 29,702 $ 9,808 Europe 668,167 701,444 375,637 (66,772 ) 56,103 11,710 $ 1,372,487 $ 1,501,827 $ 1,108,055 $ (50,059 ) $ 85,805 $ 21,518 (Dollars in thousands) Depreciation and Amortization Capital Expenditures 2019 2018 2017 2019 2018 2017 North America $ 38,845 $ 33,588 $ 35,931 $ 22,464 $ 37,476 $ 47,493 Europe 61,877 61,468 33,404 41,830 40,221 23,444 $ 100,722 $ 95,056 $ 69,335 $ 64,294 $ 77,697 $ 70,937 (Dollars in thousands) Property, Plant, and Equipment, net Goodwill and Intangible Assets 2019 2018 2019 2018 North America $ 237,372 $ 249,791 $ — $ — Europe 291,910 282,976 321,910 459,803 $ 529,282 $ 532,767 $ 321,910 $ 459,803 (Dollars in thousands) Total Assets 2019 2018 North America $ 484,689 $ 484,682 Europe 827,178 966,934 $ 1,311,867 $ 1,451,616 |
Net Sales by Geographic Location | Net sales by geographic location: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Net sales: U.S. $ 104,476 $ 127,178 $ 124,711 Mexico 599,844 673,205 607,707 Germany 245,805 279,631 155,227 Poland 422,362 421,813 220,410 Consolidated net sales $ 1,372,487 $ 1,501,827 $ 1,108,055 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | December 31, 2019 2018 (Dollars in thousands) Trade receivables $ 71,150 $ 101,864 Other receivables 8,503 7,083 79,653 108,947 Allowance for doubtful accounts (2,867 ) (4,298 ) Accounts receivable, net $ 76,786 $ 104,649 |
Schedule of Revenues by Major Customers | 2019 Percent of Net Sales 2018 Percent of Net Sales 2017 Percent of Net Sales GM 22 % 18 % 20 % Ford 15 % 18 % 22 % VW Group 13 % 12 % 9 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | December 31, 2019 2018 (Dollars in thousands) Raw materials $ 44,245 $ 49,571 Work in process 40,344 42,886 Finished goods 83,881 83,121 Inventories, net $ 168,470 $ 175,578 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | December 31, 2019 2018 (Dollars in thousands) Land and buildings $ 158,907 $ 140,471 Machinery and equipment 856,961 769,451 Leasehold improvements and others 12,173 12,883 Construction in progress 30,179 67,559 1,058,220 990,364 Accumulated depreciation (528,938 ) (457,597 ) Property, plant and equipment, net $ 529,282 $ 532,767 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets | Following is a summary of the Company’s finite-lived and indefinite-lived intangible assets and goodwill as of December 31, 2019 and 2018. Year Ended December 31, 2019 Gross Carrying Amount Impairment Accumulated Amortization Currency Translation Net Carrying Amount Remaining Weighted Average Amortization Period (Dollars in thousands) Brand name $ 9,000 — $ (4,778 ) $ 110 $ 4,332 3-4 Technology 15,000 — (7,963 ) 183 7,220 2-4 Customer relationships 167,000 — (53,681 ) 954 114,273 4-9 Total finite 191,000 — (66,422 ) 1,247 125,825 Trade names 14,000 (2,733 ) — (14 ) 11,253 Indefinite Total intangibles $ 205,000 $ (2,733 ) $ (66,422 ) $ 1,233 $ 137,078 Year Ended December 31, 2019 Beginning Balance Impairment Currency Translation Ending Balance (Dollars in thousands) Goodwill $ 291,434 $ (99,505 ) $ (7,097 ) $ 184,832 Year Ended December 31, 2018 Gross Carrying Amount Accumulated Amortization Currency Translation Net Carrying Amount Remaining Weighted Average Amortization Period (Dollars in thousands) Brand name $ 9,000 $ (2,979 ) $ 237 $ 6,258 4-5 Technology 15,000 (4,964 ) 394 10,430 3-5 Customer relationships 167,000 (33,468 ) 3,823 137,355 5-10 Total finite 191,000 (41,411 ) 4,454 154,043 Trade names 14,000 — 326 14,326 Indefinite Total intangibles $ 205,000 $ (41,411 ) $ 4,780 $ 168,369 Beginning Balance Impairment Currency Translation Ending Balance Year Ended December 31, 2018 (Dollars in thousands) Goodwill $ 304,805 — $ (13,371 ) $ 291,434 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt and Related Weighted Average Interest Rates | A summary of long-term debt and the related weighted average interest rates is shown below: December 31, 2019 (Dollars in Thousands) Debt Instrument Total Debt Debt Issuance Costs (1) Total Debt, Net Weighted Average Interest Rate Term Loan Facility $ 371,800 $ (10,192 ) $ 361,608 5.7 % 6.00% Senior Notes due 2025 243,074 (5,408 ) 237,666 6.0 % Other 12,693 — 12,693 2.2 % Finance Leases 3,068 — 3,068 2.9 % $ 630,635 $ (15,600 ) 615,035 Less: Current portion (4,010 ) Long-term debt $ 611,025 December 31, 2018 (Dollars in Thousands) Debt Instrument Total Debt Debt Issuance Costs (1) Total Debt, Net Weighted Average Interest Rate Term Loan Facility $ 382,800 $ (13,078 ) $ 369,722 6.3 % 6.00% Senior Notes due 2025 286,100 (7,366 ) 278,734 6.0 % Other 16,022 — 16,022 2.2 % $ 684,922 $ (20,444 ) 664,478 Less: Current portion (3,052 ) Long-term debt $ 661,426 (1) Unamortized portion |
European Non-Controlling Rede_2
European Non-Controlling Redeemable Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Noncontrolling Interests | The following table summarizes the European non-controlling redeemable equity activity for the two year period ended December 31, 2019: Balance at December 31, 2017 $ — Reclassification of non-controlling interests 51,943 Redemption value adjustment 3,625 Dividends accrued 1,512 Dividends paid (964 ) Translation adjustment (3,219 ) Purchase of shares (39,048 ) Balance at December 31, 2018 13,849 Dividends accrued 566 Dividends paid (848 ) Translation adjustment (361 ) Purchase of shares (6,681 ) Balance at December 31, 2019 $ 6,525 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, 2019 2018 2017 (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Reported net income (loss) attributable to Superior $ (96,460 ) $ 25,961 $ (6,203 ) Less: Redeemable preferred stock dividends and accretion (30,977 ) (32,462 ) (18,912 ) Add: Preferred stock modification — 15,257 — Less: European non-controlling redeemable equity dividend (566 ) (1,512 ) — Basic numerator $ (128,003 ) $ 7,244 $ (25,115 ) Basic earnings (loss) per share $ (5.10 ) $ 0.29 $ (1.01 ) Weighted average shares outstanding-Basic 25,099 24,994 24,929 Diluted Earnings Per Share: Reported net income (loss) attributable to Superior $ (96,460 ) $ 25,961 $ (6,203 ) Less: Redeemable preferred stock dividends and accretion (30,977 ) (32,462 ) (18,912 ) Add: Preferred stock modification — 15,257 — Less: European non-controlling redeemable equity dividend (566 ) (1,512 ) — Diluted numerator $ (128,003 ) $ 7,244 $ (25,115 ) Diluted earnings (loss) per share $ (5.10 ) $ 0.29 $ (1.01 ) Weighted average shares outstanding-Basic 25,099 24,994 24,929 Dilutive effect of common share equivalents — 161 — Weighted average shares outstanding-Diluted 25,099 25,155 24,929 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes From Domestic and International Jurisdictions | Income/(loss) before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Income/(loss) before income taxes: Domestic $ (60,170 ) $ (44,058 ) $ (63,716 ) Foreign (32,867 ) 76,310 64,582 $ (93,037 ) $ 32,252 $ 866 |
Benefit (Provision) for Income Taxes | The benefit/(provision) for income taxes is comprised of the following: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Current taxes Federal $ 3,834 $ 3,714 $ 6,121 State (146 ) 127 (390 ) Foreign (10,615 ) (11,180 ) (12,564 ) Total current taxes (6,927 ) (7,339 ) (6,833 ) Deferred taxes Federal (3,174 ) (919 ) (4,387 ) State 1,014 521 1,492 Foreign 5,664 1,446 2,853 Total deferred taxes 3,504 1,048 (42 ) Income tax benefit (provision) $ (3,423 ) $ (6,291 ) $ (6,875 ) |
Reconciliation of the U.S. Federal Tax Rate | The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2019 2018 2017 Statutory rate (21.0 )% (21.0 )% (35.0 )% State tax provisions, net of federal income tax benefit (2.7 ) 6.4 263.4 Tax credits (6.6 ) 1.3 88.9 Foreign income taxes at rates other than the statutory rate (17.7 ) 16.8 1,206.6 Valuation allowance and other 6.9 (28.0 ) (138.0 ) Changes in tax liabilities, net 0.3 (0.6 ) (11.3 ) Share based compensation 1.8 (1.0 ) (61.5 ) Transaction costs — — (372.2 ) US Tax Reform implementation — 10.9 (1,918.7 ) US tax on non-US income 6.7 (16.1 ) — Non taxable income (2.4 ) 16.3 152.6 Impairment of goodwill 34.0 — — Other 4.4 (4.5 ) 31.3 Effective income tax rate 3.7 % (19.5 )% (793.9 )% |
Summary of Deferred Income Tax Assets and Liabilities | Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: December 31, 2019 2018 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 4,695 $ 8,117 Hedging and foreign currency losses 2,386 (1,163 ) Deferred compensation 8,018 8,021 Inventory reserves 4,609 3,984 Net loss carryforwards and credits 38,342 51,552 Interest carryforwards 19,632 11,269 Competent authority deferred tax assets and other foreign timing differences 3,954 6,749 Other 782 (3,921 ) Total before valuation allowance 82,418 84,608 Valuation allowance (22,879 ) (16,576 ) Net deferred income tax assets 59,539 68,032 Deferred income tax liabilities: Intangibles, property, plant and equipment and other (33,301 ) (44,591 ) Deferred income tax liabilities (33,301 ) (44,591 ) Net deferred income tax assets $ 26,238 $ 23,441 The classification of our net deferred tax asset is shown below: December 31, 2019 2018 (Dollars in thousands) Long-term deferred income tax assets $ 38,607 $ 42,105 Long-term deferred income tax liabilities (12,369 ) (18,664 ) Net deferred tax asset $ 26,238 $ 23,441 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Beginning balance $ 31,036 $ 33,054 $ 3,446 Increases (decreases) due to foreign currency translations (632 ) (2,018 ) — Increases (decreases) as a result of positions taken during: — — — Prior periods (36 ) — — Current period — — 29,773 Expiration of applicable statutes of limitation — — (165 ) Ending balance $ 30,368 $ 31,036 $ 33,054 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount Rate | Lease expense, cash flow, operating and finance lease assets and liabilities, average lease term and average discount rate are as follows: December 31, 2019 Twelve Months Ended Lease Expense Finance lease expense: Amortization of right-of-use assets $ 1,691 Interest on lease liabilities 83 Operating lease expense 3,509 Total lease expense $ 5,283 Cash Flow Components Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from finance leases $ 83 Operating cash outflows from operating leases 3,463 Financing cash outflows from finance leases 1,230 Right-of-use assets obtained in exchange for new finance lease liabilities, net of terminations and disposals 2,573 Right-of-use assets obtained in exchange for operating lease liabilities (including adoption impact of $18.2 million) net of terminations and disposals 18,961 December 31, 2019 Balance Sheet Information Operating leases: Other non-current assets $ 15,201 Accrued liabilities $ (2,949 ) Other non-current liabilities (13,282 ) Total operating lease liabilities $ (16,231 ) Finance leases: Property and equipment gross $ 4,821 Accumulated depreciation (2,118 ) Property and equipment, net $ 2,703 Current portion of long-term debt $ (1,023 ) Long-term debt (2,045 ) Total finance lease liabilities $ (3,068 ) Lease Term and Discount Rates Weighted-average remaining lease term - finance leases (years) 4.1 Weighted-average remaining lease term - operating leases (years) 6.4 Weighted-average discount rate - finance leases 2.9 % Weighted-average discount rate - operating leases 3.9 % |
Schedule of Future Minimum Rental Payments Under Finance and Operating Leases | Summarized future minimum payments under our leases are as follows: December 31, 2019 Finance Leases Operating Leases Lease Maturities (in thousands) 2020 $ 1,175 $ 3,508 2021 908 3,034 2022 502 2,505 2023 128 2,185 2024 123 2,030 Thereafter 434 4,941 Total 3,270 18,203 Less: Imputed interest (202 ) (1,972 ) Total lease liabilities, net of interest $ 3,068 $ 16,231 Summarized future minimum payments for our leases under ASC 840 are as follows: December 31, 2018 Operating Leases Lease Maturities (in thousands) 2019 $ 4,249 2020 3,232 2021 2,870 2022 2,635 2023 2,346 Thereafter 7,647 Total $ 22,979 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Changes in Plan Assets and Plan Benefit Obligations | The following table summarizes the changes in plan assets and plan benefit obligations: Year Ended December 31, 2019 2018 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 26,953 $ 29,759 Interest cost 1,144 1,086 Actuarial (gain) loss 4,295 (2,486 ) Benefit payments (1,391 ) (1,406 ) Ending benefit obligation $ 31,001 $ 26,953 |
Summary of Defined Benefit Plans | Year Ended December 31, 2019 2018 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,391 1,406 Benefit payments (1,391 ) (1,406 ) Fair value of plan assets at end of year $ — $ — Funded status $ (31,001 ) $ (26,953 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses $ (1,478 ) $ (1,392 ) Other non-current liabilities (29,523 ) (25,561 ) Net amount recognized $ (31,001 ) $ (26,953 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 8,940 $ 4,799 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 8,939 $ 4,798 Weighted average assumptions used to determine benefit obligations: Discount rate 3.3 % 4.4 % Rate of compensation increase 3.0 % 3.0 % |
Summary of Components of Net Periodic Pension Cost | Components of net periodic pension cost are described in the following table: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Components of net periodic pension cost: Interest cost $ 1,144 $ 1,086 $ 1,189 Amortization of actuarial loss 209 438 369 Net periodic pension cost $ 1,353 $ 1,524 $ 1,558 Weighted average assumptions used to determine net periodic pension cost: Discount rate 4.4 % 3.7 % 4.4 % Rate of compensation increase 3.0 % 3.0 % 3.0 % |
Summary of Expected Benefit Payments | Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2020 $ 1,502 2021 $ 1,478 2022 $ 1,518 2023 $ 1,497 2024 $ 1,535 Years 2025 to 2029 $ 8,870 |
Periodic Pension Cost, Next Fiscal Year | The following is an estimate of the components of net periodic pension cost in 2020: Estimated Year Ended December 31, 2020 (Dollars in thousands) Interest cost 1,004 Amortization of actuarial loss 289 Estimated 2020 net periodic pension cost $ 1,293 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Accrued Liabilities | December 31, 2019 2018 (Dollars in thousands) Payroll and related benefits $ 25,048 $ 23,503 Insurance reserves 840 1,120 Taxes, other than income taxes 12,096 8,115 Current portion of derivative liability 4,357 2,506 Dividends and interest 1,247 4,197 Deferred tooling revenue 5,880 5,810 Current portion of executive retirement liabilities 1,478 1,392 Professional fees 2,216 4,750 Warranty liability 143 437 Other 7,540 13,832 Accrued liabilities $ 60,845 $ 65,662 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Performance Stock Unit and Equity Incentive Activity | Equity Incentive Awards Restricted Stock Units Weighted Average Grant Date Fair Value Performance Shares Weighted Average Grant Date Fair Value Options Weighted Average Exercise Price Balance at December 31, 2018 183,726 $ 17.26 296,523 $ 19.10 59,000 $ 18.33 Granted 1,083,999 4.88 1,548,098 6.01 — — Settled (103,681 ) 17.12 (31,081 ) 22.81 — — Forfeited or expired (116,788 ) 8.92 (264,747 ) 11.92 (8,750 ) 15.30 Balance at December 31, 2019 1,047,256 $ 5.39 1,548,793 $ 7.17 50,250 $ 18.86 Vested or expected to vest at December 31, 2019 933,826 $ 5.44 1,340,263 $ 6.20 50,250 $ 18.86 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (Dollars in thousands, except per share amounts) Year 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 357,693 $ 352,499 $ 352,014 $ 310,281 $ 1,372,487 Gross profit $ 33,122 $ 39,995 $ 16,047 $ 26,898 $ 116,062 Income (loss) from operations $ 18,639 $ 24,031 $ (243 ) $ (92,486 ) $ (50,059 ) Consolidated income (loss) before income taxes $ 6,893 $ 14,811 $ (11,416 ) $ (103,325 ) $ (93,037 ) Income tax (provision) benefit $ (4,943 ) $ (7,541 ) $ 4,785 $ 4,276 $ (3,423 ) Consolidated net income (loss) $ 1,950 $ 7,270 $ (6,631 ) $ (99,049 ) $ (96,460 ) Earnings (loss) per share Basic $ (0.24 ) $ (0.04 ) $ (0.57 ) $ (4.25 ) $ (5.10 ) Diluted $ (0.24 ) $ (0.04 ) $ (0.57 ) $ (4.25 ) $ (5.10 ) Dividends declared per share $ 0.09 $ 0.09 $ - $ - $ 0.18 Year 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 386,448 $ 388,944 $ 347,612 $ 378,823 $ 1,501,827 Gross profit $ 49,991 $ 53,559 $ 23,673 $ 36,304 $ 163,527 Income from operations $ 27,634 $ 31,270 $ 7,688 $ 19,213 $ 85,805 Consolidated income (loss) before income taxes $ 13,687 $ 12,930 $ (7,714 ) $ 13,349 $ 32,252 Income tax (provision) benefit $ (3,370 ) $ (4,795 ) $ 7,051 $ (5,177 ) $ (6,291 ) Consolidated net income (loss) $ 10,317 $ 8,135 $ (663 ) $ 8,172 $ 25,961 Earnings (loss) per share Basic $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Diluted $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Dividends declared per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Restricted cash and investments, current | $ 0 | $ 0 | $ 800,000 | ||
Goodwill impairment charge | 99,505,000 | ||||
Indefinite-lived intangible impairment charge | 2,733,000 | ||||
Foreign currency transaction gain (loss), before tax | 500,000 | (1,000,000) | $ 12,900,000 | ||
Cash paid for interest | 42,300,000 | 43,800,000 | 24,300,000 | ||
Cash paid for income taxes | 9,000,000 | 6,500,000 | 11,100,000 | ||
Noncash or part noncash acquisition, fixed assets acquired | 15,600,000 | $ 10,300,000 | $ 15,100,000 | ||
Operating lease, right-of-use asset | 15,201,000 | 15,201,000 | |||
Operating lease, liability | 16,231,000 | 16,231,000 | |||
Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Operating lease, right-of-use asset | $ 18,200,000 | ||||
Operating lease, liability | 18,600,000 | ||||
Deferred rent write off | $ 400,000 | ||||
Trade Names [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Indefinite-lived intangible impairment charge | 2,700,000 | $ 2,700,000 | |||
European Operations [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Goodwill impairment charge | $ 99,500,000 | ||||
Supplier Concentration Risk [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Vendors accounting for more than ten percent of aluminum purchases | 3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets. (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Production Machinery and Technical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 15 years |
Minimum [Member] | Other Equipment, Operating and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Maximum [Member] | Production Machinery and Technical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 50 years |
Maximum [Member] | Other Equipment, Operating and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Thousands | May 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)€ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019€ / shares | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||
Percentage of voting interest acquired | 92.30% | |||||||
Exchange rate (dollar per polish zloty) | 3.74193 | |||||||
Statutory rate | 21.00% | 21.00% | 35.00% | |||||
Goodwill | $ 184,832 | $ 184,832 | $ 184,832 | $ 291,434 | $ 304,805 | |||
Goodwill impairment charge | 99,505 | |||||||
Indefinite-lived intangible impairment charge | $ 2,733 | |||||||
Domination and Profit Loss Transfer Agreement [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Exchange rate (dollar per polish zloty) | 3.74193 | 3.74193 | 3.74193 | |||||
Share price per share | € / shares | € 62.18 | |||||||
Guaranteed annual dividend for each share that is not tendered | € / shares | $ 3.23 | |||||||
Statutory rate | 4.12% | |||||||
UNIWHEELS AG Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash consideration | $ 703,000 | |||||||
Goodwill | $ 286,249 | |||||||
UNIWHEELS AG Acquisition [Member] | Europe [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 286,200 | |||||||
Superior Industries Europe AG [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Remaining shares tendered | shares | 12,310,000 | |||||||
Business acquisition, percentage of ownership interests acquired | 99.30% | |||||||
Superior Industries Europe AG [Member] | Europe [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill impairment charge | $ 99,500 | |||||||
Indefinite-lived intangible impairment charge | 2,700 | |||||||
Domination and Profit Loss Transfer Agreement [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling interests | $ 51,900 | $ 51,900 | $ 51,900 |
Acquisition - Schedule of Asset
Acquisition - Schedule of Assets and Liabilities Acquired (Detail) - USD ($) $ in Thousands | May 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 184,832 | $ 291,434 | $ 304,805 | |
UNIWHEELS AG Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 703,000 | |||
Non-controlling interest | 63,200 | |||
Cash and cash equivalents | 12,296 | |||
Accounts receivable | 60,580 | |||
Inventories | 83,901 | |||
Prepaid expenses and other current assets | 11,859 | |||
Total current assets | 168,636 | |||
Property and equipment | 259,784 | |||
Intangible assets | 205,000 | |||
Goodwill | 286,249 | |||
Other assets | 32,987 | |||
Total assets acquired | 952,656 | |||
Accounts payable | 61,883 | |||
Other current liabilities | 40,903 | |||
Total current liabilities | 102,786 | |||
Other long-term liabilities | 83,670 | |||
Total liabilities assumed | 186,456 | |||
Net assets acquired | $ 766,200 |
Acquisition - Schedule of Intan
Acquisition - Schedule of Intangibles Acquired (Detail) $ in Thousands | May 30, 2017USD ($) |
UNIWHEELS AG Acquisition [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | $ 205,000 |
Brand Name [Member] | UNIWHEELS AG Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 9,000 |
Technology [Member] | UNIWHEELS AG Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 15,000 |
Customer Relationships [Member] | UNIWHEELS AG Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 167,000 |
Trade Names [Member] | UNIWHEELS AG Acquisition [Member] | |
Business Acquisition [Line Items] | |
Indefinite-lived intangibles acquired | $ 14,000 |
Minimum [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 4 years |
Minimum [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 4 years |
Minimum [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 7 years |
Maximum [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 6 years |
Maximum [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 6 years |
Maximum [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 11 years |
Acquisition - Acquisition Pro F
Acquisition - Acquisition Pro Forma (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Combinations [Abstract] | |
Proforma combined sales | $ 1,351,799 |
Proforma net income | $ 17,692 |
Revenue - Summary of Opening an
Revenue - Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Customer receivables | $ 68,283 | $ 97,566 |
Contract liabilities—current | 5,880 | 5,810 |
Contract liabilities—noncurrent | 13,577 | $ 8,354 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Customer receivables | (29,283) | |
Contract liabilities—current | 70 | |
Contract liabilities—noncurrent | $ 5,223 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tooling Reimbursement [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Deferred revenue, revenue recognized | $ 10.7 | $ 8.5 |
Price Adjustments [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Deferred revenue, revenue recognized | $ 1.7 | $ 2.8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Cash surrender value | $ 7.6 | $ 8.1 |
Life insurance death benefit claims received | $ 0.6 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | |||
Embedded derivative liability | $ 3,916 | $ 3,134 | $ 10,900 |
Recurring [Member] | |||
Assets | |||
Cash surrender value | 8,057 | ||
Derivative contracts | 21,973 | 4,218 | |
Total | 21,973 | 13,025 | |
Liabilities | |||
Derivative contracts | 8,709 | 8,836 | |
Embedded derivative liability | 3,916 | 3,134 | |
Total | 12,625 | 11,970 | |
Recurring [Member] | Certificates of Deposit [Member] | |||
Assets | |||
Certificates of deposit | 750 | ||
Recurring [Member] | Level 2 [Member] | |||
Assets | |||
Cash surrender value | 8,057 | ||
Derivative contracts | 21,973 | 4,218 | |
Total | 21,973 | 13,025 | |
Liabilities | |||
Derivative contracts | 8,709 | 8,836 | |
Total | 8,709 | 8,836 | |
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member] | |||
Assets | |||
Certificates of deposit | 750 | ||
Recurring [Member] | Level 3 [Member] | |||
Liabilities | |||
Embedded derivative liability | 3,916 | 3,134 | |
Total | $ 3,916 | $ 3,134 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability (Detail) - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in fair value: | |||
Beginning balance | $ 3,134 | $ 4,685 | |
Change in fair value of redeemable preferred stock embedded derivative liability | 782 | (3,480) | $ 4,685 |
Effect of redeemable preferred stock modification | 1,929 | ||
Ending balance | $ 3,916 | $ 3,134 | $ 4,685 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instrument Detail [Abstract] | ||
Estimated aggregate fair value | $ 606,093 | $ 624,943 |
Aggregate carrying value | $ 630,635 | $ 684,922 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | May 22, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Derivative instruments objectives | We use derivatives to partially offset our exposure to foreign currency, interest rates, aluminum and other commodity 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. | |
Maximum length of time, foreign currency cash flow hedge | 48 months | |
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | |
Embedded derivative, volatility rate | 64.00% | |
Expected Dividend Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Dividend yield rate | 0 | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Embedded derivative, risk free interest rate | 1.60% | |
Minimum [Member] | Expected Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Valuation scenario term | 2 years | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Embedded derivative, risk free interest rate | 1.70% | |
Maximum [Member] | Expected Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Valuation scenario term | 5 years 8 months 15 days | |
Embedded derivative liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Redemption per share | $ 56.324 | |
Common stock price per share | $ 19.05 | |
Debt instrument face value | $ 150,000,000 | |
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | |
Risky bond rate | 19.50% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 9,145 | $ 3,207 |
Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 12,828 | 1,011 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 4,357 | 2,506 |
Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 8,268 | 9,464 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 81 | 275 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 7 | |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 1,312 | 355 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 727 | |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 7,808 | 2,599 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 12,821 | 1,011 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 60 | 659 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 100 | 6,202 |
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,196 | 333 |
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 554 | 207 |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 60 | |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 127 | 927 |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 2,304 | 131 |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 3,525 | 128 |
Embedded derivative liability [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 3,916 | 3,134 |
Cross Currency Swap Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 227 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 797,893 | $ 628,284 |
Derivative, Fair Value, Net | 13,264 | (4,618) |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 5,816 | 2,165 |
Derivative, Fair Value, Net | (1,951) | (80) |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 449,181 | 467,253 |
Derivative, Fair Value, Net | 20,469 | (3,251) |
Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 9,405 | 10,810 |
Derivative, Fair Value, Net | (67) | (927) |
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 260,000 | 90,000 |
Derivative, Fair Value, Net | (5,829) | (259) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 73,491 | 45,905 |
Derivative, Fair Value, Net | $ 642 | 126 |
Not Designated as Hedging Instrument [Member] | Cross Currency Swap Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 12,151 | |
Derivative, Fair Value, Net | $ (227) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Gain or Loss Recognized in AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion), Net of Tax | $ 13,156 | $ 5,293 | $ 7,603 |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 3,746 | 728 | (4,539) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | 4,320 | (406) | (538) |
Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion), Net of Tax | 13,156 | 5,293 | 7,603 |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 3,746 | 728 | (4,539) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | $ 4,320 | $ (406) | $ (538) |
Business Segments - Summary of
Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 310,281 | $ 352,014 | $ 352,499 | $ 357,693 | $ 378,823 | $ 347,612 | $ 388,944 | $ 386,448 | $ 1,372,487 | $ 1,501,827 | $ 1,108,055 |
Income from Operations | (92,486) | $ (243) | $ 24,031 | $ 18,639 | $ 19,213 | $ 7,688 | $ 31,270 | $ 27,634 | (50,059) | 85,805 | 21,518 |
Depreciation and Amortization | 100,722 | 95,056 | 69,335 | ||||||||
Capital Expenditures | 64,294 | 77,697 | 70,937 | ||||||||
Property, Plant and Equipment, net | 529,282 | 529,282 | 532,767 | ||||||||
Goodwill and Intangible Assets | 459,803 | 321,910 | |||||||||
Total assets | 1,311,867 | 1,311,867 | 1,451,616 | ||||||||
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 704,320 | 800,383 | 732,418 | ||||||||
Income from Operations | 16,713 | 29,702 | 9,808 | ||||||||
Depreciation and Amortization | 38,845 | 33,588 | 35,931 | ||||||||
Capital Expenditures | 22,464 | 37,476 | 47,493 | ||||||||
Property, Plant and Equipment, net | 237,372 | 237,372 | 249,791 | ||||||||
Total assets | 484,689 | 484,689 | 484,682 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 668,167 | 701,444 | 375,637 | ||||||||
Income from Operations | (66,772) | 56,103 | 11,710 | ||||||||
Depreciation and Amortization | 61,877 | 61,468 | 33,404 | ||||||||
Capital Expenditures | 41,830 | 40,221 | 23,444 | ||||||||
Property, Plant and Equipment, net | 291,910 | 291,910 | 282,976 | ||||||||
Goodwill and Intangible Assets | 459,803 | $ 321,910 | |||||||||
Total assets | $ 827,178 | $ 827,178 | $ 966,934 |
Business Segments - Net Sales b
Business Segments - Net Sales by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 310,281 | $ 352,014 | $ 352,499 | $ 357,693 | $ 378,823 | $ 347,612 | $ 388,944 | $ 386,448 | $ 1,372,487 | $ 1,501,827 | $ 1,108,055 |
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 104,476 | 127,178 | 124,711 | ||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 599,844 | 673,205 | 607,707 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 245,805 | 279,631 | 155,227 | ||||||||
Poland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 422,362 | $ 421,813 | $ 220,410 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | ||
Trade receivables | $ 71,150 | $ 101,864 |
Other receivables | 8,503 | 7,083 |
Accounts receivable, gross | 79,653 | 108,947 |
Allowance for doubtful accounts | (2,867) | (4,298) |
Accounts receivable, net | $ 76,786 | $ 104,649 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Revenues by Major Customers (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ford [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 18.00% | 22.00% |
General Motors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 18.00% | 20.00% |
Volkswagen [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 12.00% | 9.00% |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
General Motors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 18.00% | 20.00% |
General Motors [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 32.00% | 24.00% | |
Ford [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 18.00% | 22.00% |
Ford [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 8.00% | 11.00% | |
Volkswagen [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 12.00% | 9.00% |
Volkswagen [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 9.00% | 8.00% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 44,245 | $ 49,571 |
Work in process | 40,344 | 42,886 |
Finished goods | 83,881 | 83,121 |
Inventories, net | $ 168,470 | $ 175,578 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, non-current | $ 10.6 | $ 8.9 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,058,220 | $ 990,364 |
Accumulated depreciation | (528,938) | (457,597) |
Property, plant and equipment, net | 529,282 | 532,767 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 158,907 | 140,471 |
Production Machinery and Technical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 856,961 | 769,451 |
Leasehold Improvements and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,173 | 12,883 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 30,179 | $ 67,559 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 75.8 | $ 68.8 | $ 54.2 | |
Fayetteville, Arkansas Manufacturing Facility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Accelerated depreciation | $ 7.6 | $ 7.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Non-cash impairment charge recognized | $ 2,733 | |||||||
Impairment charges | $ 102,200 | |||||||
Weighted Income approach to determine the fair value of the Company's reporting units | 75.00% | 75.00% | ||||||
Weighted Market approach to determine the fair value of the Company's reporting units | 25.00% | 25.00% | ||||||
Amortization of intangible assets | $ 25,000 | $ 26,300 | $ 15,200 | |||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||||
2020 | $ 24,500 | 24,500 | ||||||
2021 | 24,500 | 24,500 | ||||||
2022 | 21,700 | 21,700 | ||||||
2023 | 19,800 | $ 19,800 | ||||||
Scenario, Forecast [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Percentage of sales volume lower than prior year forecasts | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Measurement Input, Discount Rate [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Discount rate | 10.00% | |||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Long-term growth rate | 2.00% | |||||||
Trade Names [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Non-cash impairment charge recognized | 2,700 | $ 2,700 | ||||||
European Operations [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amount of fair value in excess of carrying value | $ 99,500 | $ 99,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Finite-Lived and Indefinite-Lived Intangible Assets (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 191,000 | $ 191,000 |
Accumulated Amortization | (66,422) | (41,411) |
Finite-lived Intangible Assets, Currency Translation | 1,247 | 4,454 |
Finite lived Intangible Assets, Net | 125,825 | 154,043 |
Indefinite lived Intangible Assets, Gross Carrying Amount | 14,000 | 14,000 |
Indefinite lived Intangible Assets, Gross Carrying Amount, Impairment | (2,733) | |
Indefinite lived Intangible Assets, Currency Translation | (14) | 326 |
Indefinite lived Intangible Assets, Net | 11,253 | 14,326 |
Gross Carrying Amount | 205,000 | 205,000 |
Impairment | (2,733) | |
Currency Translation | 1,233 | 4,780 |
Intangibles, net | 137,078 | 168,369 |
Beginning Balance | 291,434 | 304,805 |
Impairment | (99,505) | |
Currency Translation | (7,097) | (13,371) |
Ending Balance | 184,832 | 291,434 |
Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 9,000 | 9,000 |
Accumulated Amortization | (4,778) | (2,979) |
Finite-lived Intangible Assets, Currency Translation | 110 | 237 |
Finite lived Intangible Assets, Net | $ 4,332 | $ 6,258 |
Brand Name [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 3 years | 4 years |
Brand Name [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 4 years | 5 years |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 15,000 | $ 15,000 |
Accumulated Amortization | (7,963) | (4,964) |
Finite-lived Intangible Assets, Currency Translation | 183 | 394 |
Finite lived Intangible Assets, Net | $ 7,220 | $ 10,430 |
Technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 2 years | 3 years |
Technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 4 years | 5 years |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 167,000 | $ 167,000 |
Accumulated Amortization | (53,681) | (33,468) |
Finite-lived Intangible Assets, Currency Translation | 954 | 3,823 |
Finite lived Intangible Assets, Net | $ 114,273 | $ 137,355 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 4 years | 5 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 9 years | 10 years |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total Debt | $ 630,635 | $ 684,922 |
Debt Issuance Costs | (15,600) | (20,444) |
Total Debt, Net | 615,035 | 664,478 |
Less: Current portion | (4,010) | (3,052) |
Long-term debt | 611,025 | 661,426 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 371,800 | 382,800 |
Debt Issuance Costs | (10,192) | (13,078) |
Total Debt, Net | $ 361,608 | $ 369,722 |
Weighted Average Interest Rate | 5.70% | 6.30% |
Senior Notes [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 243,074 | $ 286,100 |
Debt Issuance Costs | (5,408) | (7,366) |
Total Debt, Net | $ 237,666 | $ 278,734 |
Weighted Average Interest Rate | 6.00% | 6.00% |
Long-term debt | $ 32,300 | |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 12,693 | $ 16,022 |
Total Debt, Net | $ 12,693 | $ 16,022 |
Weighted Average Interest Rate | 2.20% | 2.20% |
Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 3,068 | |
Total Debt, Net | $ 3,068 | |
Weighted Average Interest Rate | 2.90% |
Debt - Summary of Long-Term D_2
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 15, 2017 |
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate stated, percentage | 6.00% | 6.00% | 6.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jan. 15, 2020USD ($) | Jan. 15, 2020EUR (€) | Jun. 29, 2018 | Sep. 30, 2017 | Jun. 15, 2017EUR (€) | Mar. 22, 2017USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019EUR (€) | Dec. 31, 2019USD ($) | Jan. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Mar. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | May 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, non-current | $ 611,025,000 | $ 611,025,000 | $ 661,426,000 | |||||||||||
Debt default, holder percent to declare all notes due, minimum | 30.00% | 30.00% | 30.00% | |||||||||||
Term loan facility balance | $ 630,635,000 | $ 630,635,000 | 684,922,000 | |||||||||||
Long-term debt | 615,035,000 | 615,035,000 | 664,478,000 | |||||||||||
Long-term debt, current | 4,010,000 | 4,010,000 | $ 3,052,000 | |||||||||||
European Operations [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 70,700,000 | |||||||||||||
Long-term debt, current | 3,000,000 | 3,000,000 | ||||||||||||
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | € 250,000,000 | $ 36,800,000 | $ 36,800,000 | € 33,000,000 | ||||||||||
Debt instrument, interest rate stated, percentage | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||
Debt instrument, repurchase amount | $ 35,900,000 | $ 35,900,000 | ||||||||||||
Long-term debt, non-current | 32,300,000 | 32,300,000 | ||||||||||||
Net gain on extinguishment of debt | 3,700,000 | |||||||||||||
Term loan facility balance | 243,074,000 | 243,074,000 | $ 286,100,000 | |||||||||||
Long-term debt | 237,666,000 | 237,666,000 | $ 278,734,000 | |||||||||||
Senior Secured Term Loan Facility [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount of term loan facility | $ 400,000,000 | |||||||||||||
Line of credit facility maturity date | May 23, 2024 | |||||||||||||
Repayments under term loan facility | 28,200,000 | |||||||||||||
Term loan facility balance | 371,800,000 | 371,800,000 | ||||||||||||
Amount outstanding | $ 3,600,000 | $ 3,600,000 | ||||||||||||
Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||||||
Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 4.00% | |||||||||||||
Senior Secured Term Loan Facility [Member] | Base Rate [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||||||
Senior Secured Term Loan Facility [Member] | Federal Funds Effective Swap Rate [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||||
Senior Secured Term Loan Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||||
Senior Secured Term Loan Facility [Member] | One Month LIBOR Plus Margin [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||||||||||
Equipment Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate stated, percentage | 2.30% | 2.30% | 2.30% | |||||||||||
Long-term debt | $ 13,400,000 | $ 13,400,000 | € 12,000,000 | |||||||||||
Equipment Loan [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from long term debt | $ 11,900,000 | € 10,600,000 | ||||||||||||
Debt Instrument Redemption Period One [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption percentage | 103.00% | |||||||||||||
Debt Instrument Redemption Period Two [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption percentage | 101.50% | 40.00% | ||||||||||||
Debt Instrument Redemption Period Three [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption percentage | 100.00% | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fees percentage | 0.50% | |||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fees percentage | 0.50% | |||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fees percentage | 0.25% | |||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | 1.00% | ||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | 3.50% | ||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||||||
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||||
Revolving Credit Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||||
Revolving Credit Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount of term loan facility | $ 160,000,000 | |||||||||||||
Line of credit facility maturity date | May 23, 2022 | |||||||||||||
Outstanding borrowings | 0 | $ 0 | ||||||||||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount of availability | $ 156,400,000 | $ 156,400,000 | ||||||||||||
Term Loan Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of capital stock issued | 65.00% | 65.00% | 65.00% | |||||||||||
Equipment Loan [Member] | European Operations [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 12,700,000 | $ 12,700,000 | ||||||||||||
EUR Senior Secured Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity under line of credit | € | € 44,600,000 | |||||||||||||
Percentage of management fee | 0.07% | |||||||||||||
Debt instrument expiry date | May 22, 2022 | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity under line of credit | € | € 30,000,000 | |||||||||||||
Annual commitment fee | 0.50% | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity under line of credit | € | € 45,000,000 | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity under line of credit | € | € 45,000,000 | |||||||||||||
Annual commitment fee | 1.05% | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current borrowing capacity under line of credit | € | € 60,000,000 | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Euribor [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Euribor [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 1.55% | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Euribor [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Equipment Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument expiry date | Sep. 30, 2027 | |||||||||||||
EUR Senior Secured Credit Facility [Member] | Equipment Loan [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Quarterly payment | $ 479,000 | € 427,700 | ||||||||||||
Quarterly payment, start date | Dec. 31, 2020 | Dec. 31, 2020 |
Redeemable Preferred Stock - Ad
Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2018 | Aug. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 |
Temporary Equity [Line Items] | |||||
Temporary equity, stock issued during period, shares, new issues | 150,000 | 150,000 | 150,000 | ||
Temporary equity, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of redeemable preferred shares | $ 150,000 | ||||
Convertible Preferred Stock, Redemption Value | $ 300,000 | ||||
Issuance costs | 3,737 | ||||
Proceeds from issuance of redeemable preferred shares, net of issuance costs | 146,300 | ||||
Embedded derivative liability | $ 3,916 | 10,900 | $ 3,134 | ||
Adjusted proceeds from issuance of redeemable preferred shares | $ 135,500 | ||||
Redemption period | 7 years | ||||
Carrying value of redeemable preferred stock | $ 17,200 | 17,200 | |||
Preferred stock redemption extended date | Sep. 14, 2025 | ||||
Accumulated accretion value net of modification adjustment | $ 25,500 | ||||
Redeemable preferred stock | 160,980 | $ 144,463 | |||
Convertible Preferred Stock Redemption Period Two [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible Preferred Stock, Redemption Value | 300,000 | ||||
Convertible preferred stock, face value | $ 150,000 | ||||
Common stock, shares issued upon conversion of preferred stock | 5,300,000 | ||||
Series A Redeemable Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity, stock issued during period, shares, new issues | 140,202 | ||||
Temporary equity, par value | $ 0.01 | ||||
Temporary equity, liquidation preference per share | 1,000 | ||||
Temporary equity, conversion price | $ 28.162 | ||||
Preferred stock, dividend rate, percentage | 9.00% | ||||
Convertible preferred stock, threshold stock price trigger | $ 84.49 | ||||
Series B Redeemable Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity, stock issued during period, shares, new issues | 9,798 |
European Non-Controlling Rede_3
European Non-Controlling Redeemable Equity - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Domination and Profit Loss Transfer Agreement [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Non-controlling interests with carrying value reclassified from stockholders' equity to mezzanine equity | $ 51.9 |
European Non-Controlling Rede_4
European Non-Controlling Redeemable Equity - Summary of Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Redemption value adjustment | $ 3,625 | |
Dividends accrued | $ 566 | 1,512 |
Redeemable Noncontrolling Interest [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Beginning balance | 13,849 | |
Reclassification of non-controlling interests | 51,943 | |
Redemption value adjustment | 3,625 | |
Dividends accrued | 566 | 1,512 |
Dividends paid | (848) | (964) |
Translation adjustment | (361) | (3,219) |
Purchase of shares | (6,681) | (39,048) |
Ending Balance | $ 6,525 | $ 13,849 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Nov. 07, 2018 | |
Earnings Per Share [Abstract] | ||
Reduction in carrying value of redeemable preferred stock | $ (17.2) | $ (17.2) |
Net increase in embedded derivative liability | $ 1.9 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic Earnings Per Share: | |||||||||||
Reported net income (loss) attributable to Superior | $ (96,460) | $ 25,961 | $ (6,203) | ||||||||
Less: Redeemable preferred stock dividends and accretion | (30,977) | (32,462) | (18,912) | ||||||||
Add: Preferred stock modification | 15,257 | ||||||||||
Less: European non-controlling redeemable equity dividend | (566) | (1,512) | |||||||||
Basic numerator | $ (128,003) | $ 7,244 | $ (25,115) | ||||||||
Basic earnings (loss) per share | $ (4.25) | $ (0.57) | $ (0.04) | $ (0.24) | $ 0.61 | $ (0.37) | $ (0.02) | $ 0.07 | $ (5.10) | $ 0.29 | $ (1.01) |
Weighted average shares outstanding-Basic | 25,099 | 24,994 | 24,929 | ||||||||
Diluted Earnings Per Share: | |||||||||||
Reported net income (loss) attributable to Superior | $ (96,460) | $ 25,961 | $ (6,203) | ||||||||
Less: Redeemable preferred stock dividends and accretion | (30,977) | (32,462) | (18,912) | ||||||||
Add: Preferred stock modification | 15,257 | ||||||||||
Less: European non-controlling redeemable equity dividend | (566) | (1,512) | |||||||||
Diluted numerator | $ (128,003) | $ 7,244 | $ (25,115) | ||||||||
Diluted earnings (loss) per share | $ (4.25) | $ (0.57) | $ (0.04) | $ (0.24) | $ 0.61 | $ (0.37) | $ (0.02) | $ 0.07 | $ (5.10) | $ 0.29 | $ (1.01) |
Weighted average shares outstanding-Basic | 25,099 | 24,994 | 24,929 | ||||||||
Dilutive effect of common share equivalents | 161 | ||||||||||
Weighted average shares outstanding-Diluted | 25,099 | 25,155 | 24,929 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes From Domestic and International Jurisdictions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (60,170) | $ (44,058) | $ (63,716) | ||||||||
Foreign | (32,867) | 76,310 | 64,582 | ||||||||
Consolidated income (loss) before income taxes | $ (103,325) | $ (11,416) | $ 14,811 | $ 6,893 | $ 13,349 | $ (7,714) | $ 12,930 | $ 13,687 | $ (93,037) | $ 32,252 | $ 866 |
Income Taxes - Benefit (Provisi
Income Taxes - Benefit (Provision) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $ 3,834 | $ 3,714 | $ 6,121 | ||||||||
State | (146) | 127 | (390) | ||||||||
Foreign | (10,615) | (11,180) | (12,564) | ||||||||
Total current taxes | (6,927) | (7,339) | (6,833) | ||||||||
Federal | (3,174) | (919) | (4,387) | ||||||||
State | 1,014 | 521 | 1,492 | ||||||||
Foreign | 5,664 | 1,446 | 2,853 | ||||||||
Total deferred taxes | 3,504 | 1,048 | (42) | ||||||||
Income tax benefit (provision) | $ 4,276 | $ 4,785 | $ (7,541) | $ (4,943) | $ (5,177) | $ 7,051 | $ (4,795) | $ (3,370) | $ (3,423) | $ (6,291) | $ (6,875) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the U.S. Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | (21.00%) | (21.00%) | (35.00%) |
State tax provisions, net of federal income tax benefit | (2.70%) | 6.40% | 263.40% |
Tax credits | (6.60%) | 1.30% | 88.90% |
Foreign income taxes at rates other than the statutory rate | (17.70%) | 16.80% | 1206.60% |
Valuation allowance and other | 6.90% | (28.00%) | (138.00%) |
Changes in tax liabilities, net | 0.30% | (0.60%) | (11.30%) |
Share based compensation | 1.80% | (1.00%) | (61.50%) |
Transaction costs | (372.20%) | ||
US Tax Reform implementation | 10.90% | (1918.70%) | |
US tax on non-US income | 6.70% | (16.10%) | |
Non taxable income | (2.40%) | 16.30% | 152.60% |
Impairment of goodwill | 34.00% | ||
Other | 4.40% | (4.50%) | 31.30% |
Effective income tax rate | 3.70% | (19.50%) | (793.90%) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Accrued liabilities | $ 4,695 | $ 8,117 |
Hedging and foreign currency losses | 2,386 | (1,163) |
Deferred compensation | 8,018 | 8,021 |
Inventory reserves | 4,609 | 3,984 |
Net loss carryforwards and credits | 38,342 | 51,552 |
Interest carryforwards | 19,632 | 11,269 |
Competent authority deferred tax assets and other foreign timing differences | 3,954 | 6,749 |
Other | 782 | (3,921) |
Total before valuation allowance | 82,418 | 84,608 |
Valuation allowance | (22,879) | (16,576) |
Net deferred income tax assets | 59,539 | 68,032 |
Deferred income tax liabilities: | ||
Intangibles, property, plant and equipment and other | (33,301) | (44,591) |
Deferred income tax liabilities | (33,301) | (44,591) |
Net deferred income tax assets | 26,238 | 23,441 |
Long-term deferred income tax assets | 38,607 | 42,105 |
Long-term deferred income tax liabilities | (12,369) | (18,664) |
Net deferred tax asset | $ 26,238 | $ 23,441 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | |
Unrecognized Tax Benefits Summary [Line Items] | ||||
Valuation allowance | $ 6,300,000 | |||
Statutory rate | 21.00% | 21.00% | 35.00% | |
Income tax effects provisional amount | $ 16,600,000 | |||
Income tax effects adjustment to provisional amounts | $ 3,900,000 | |||
Operating Loss Carryforwards | $ 12,200,000 | |||
Tax credit carryforward, amount | 26,000,000 | |||
Unremitted earnings of foreign subsidiaries | 227,000,000 | |||
Unrecognized tax benefits that would favorably impact effective tax rate | 2,600,000 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 3,900,000 | $ 3,300,000 | $ 2,400,000 | $ 2,400,000 |
Decrease in unrecognized tax benefits in next twelve months | $ 0 | |||
Earliest Tax Year [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Operating loss carryforwards, expiration year | 2020 | |||
State tax credit carryforwards, expiration year | 2021 | |||
Open tax year | 2014 | |||
Earliest Tax Year [Member] | U.S. [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Ongoing tax audits period | 2015 | |||
Earliest Tax Year [Member] | Germany [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Ongoing tax audits period | 2017 | |||
Latest Tax Year [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Operating loss carryforwards, expiration year | 2038 | |||
State tax credit carryforwards, expiration year | 2026 | |||
Open tax year | 2018 | |||
Latest Tax Year [Member] | U.S. [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Ongoing tax audits period | 2017 | |||
Latest Tax Year [Member] | Germany [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Ongoing tax audits period | 2018 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 31,036 | $ 33,054 | $ 3,446 |
Increases (decreases) due to foreign currency translations | (632) | (2,018) | |
Increases (decreases) as a result of positions taken during: Prior periods | (36) | ||
Current period | 29,773 | ||
Expiration of applicable statutes of limitation | (165) | ||
Ending balance | $ 30,368 | $ 31,036 | $ 33,054 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 |
Operating Leased Assets [Line Items] | ||
Operating lease, right-of-use asset | $ 15,201 | |
Operating lease, liability | $ 16,231 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, right-of-use asset | $ 18,200 | |
Operating lease, liability | 18,600 | |
Deferred rent write off | $ 400 | |
Lessee, operating lease, option to extend | Certain leases include options to extend the lease term for up to ten years | |
Accounting Standards Update 2016-02 [Member] | Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, operating lease, term of contract | 1 year | |
Accounting Standards Update 2016-02 [Member] | Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, operating lease, term of contract | 9 years |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount Rate (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance lease expense: | |
Amortization of right-of-use assets | $ 1,691 |
Interest on lease liabilities | 83 |
Operating lease expense | 3,509 |
Total lease expense | 5,283 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash outflows from finance leases | 83 |
Operating cash outflows from operating leases | 3,463 |
Financing cash outflows from finance leases | 1,230 |
Right-of-use assets obtained in exchange for new finance lease liabilities, net of terminations and disposals | 2,573 |
Right-of-use assets obtained in exchange for operating lease liabilities (including adoption impact of $18.2 million) net of terminations and disposals | 18,961 |
Operating leases: | |
Other non-current assets | 15,201 |
Accrued liabilities | (2,949) |
Other non-current liabilities | (13,282) |
Total operating lease liabilities | (16,231) |
Property and equipment gross | 4,821 |
Accumulated depreciation | (2,118) |
Property and equipment, net | 2,703 |
Current portion of long-term debt | (1,023) |
Long-term debt | (2,045) |
Total finance lease liabilities | $ (3,068) |
Weighted-average remaining lease term - finance leases (years) | 4 years 1 month 6 days |
Weighted-average remaining lease term - operating leases (years) | 6 years 4 months 24 days |
Weighted-average discount rate - finance leases | 2.90% |
Weighted-average discount rate - operating leases | 3.90% |
Leases - Schedule of Lease Ex_2
Leases - Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount Rate (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Lessee Lease Description [Line Items] | ||
Operating lease, right-of-use asset | $ 15,201 | |
Accounting Standards Update 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease, right-of-use asset | $ 18,200 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments For Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Finance Leases, 2020 | $ 1,175 | |
Finance Leases, 2021 | 908 | |
Finance Leases, 2022 | 502 | |
Finance Leases, 2023 | 128 | |
Finance Leases, 2024 | 123 | |
Finance Leases, Thereafter | 434 | |
Finance Leases, Total | 3,270 | |
Finance Leases, Less: Imputed interest | (202) | |
Finance Leases, Total lease liabilities, net of interest | 3,068 | |
Operating Leases, 2020 | 3,508 | |
Operating Leases, 2021 | 3,034 | |
Operating Leases, 2022 | 2,505 | |
Operating Leases, 2023 | 2,185 | |
Operating Leases, 2024 | 2,030 | |
Operating Leases, Thereafter | 4,941 | |
Operating Leases, Total | 18,203 | |
Operating Leases, Less: Imputed interest | (1,972) | |
Operating Leases, Total lease liabilities, net of interest | $ 16,231 | |
2019 | $ 4,249 | |
2020 | 3,232 | |
2021 | 2,870 | |
2022 | 2,635 | |
2023 | 2,346 | |
Thereafter | 7,647 | |
Total | $ 22,979 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)Age | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Compensation And Retirement Disclosure [Abstract] | ||||
Cash surrender value | $ 7.6 | $ 8.1 | ||
Age for benefits | Age | 65 | |||
Life insurance death benefit claims received | $ 0.6 | |||
Defined contribution plan, cost recognized | $ 1.5 | $ 1.8 | $ 1.7 |
Retirement Plans - Summary of C
Retirement Plans - Summary of Changes in Plan Assets and Plan Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Beginning benefit obligation | $ 26,953 | $ 29,759 | |
Interest cost | 1,144 | 1,086 | $ 1,189 |
Actuarial (gain) loss | 4,295 | (2,486) | |
Benefit payments | (1,391) | (1,406) | |
Ending benefit obligation | $ 31,001 | $ 26,953 | $ 29,759 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Defined Benefit Plans Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Fair value of plan assets at beginning of year | $ 0 | $ 0 |
Employer contribution | 1,391 | 1,406 |
Benefit payments | (1,391) | (1,406) |
Fair value of plan assets at end of year | 0 | 0 |
Funded status | (31,001) | (26,953) |
Accrued expenses | (1,478) | (1,392) |
Other non-current liabilities | (29,523) | (25,561) |
Net amount recognized | (31,001) | (26,953) |
Net actuarial loss | 8,940 | 4,799 |
Prior service cost | (1) | (1) |
Net amount recognized, before tax effect | $ 8,939 | $ 4,798 |
Discount rate | 3.30% | 4.40% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Interest cost | $ 1,144 | $ 1,086 | $ 1,189 |
Amortization of actuarial loss | 209 | 438 | 369 |
Net periodic pension cost | $ 1,353 | $ 1,524 | $ 1,558 |
Discount rate | 4.40% | 3.70% | 4.40% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2020 | $ 1,502 |
2021 | 1,478 |
2022 | 1,518 |
2023 | 1,497 |
2024 | 1,535 |
Years 2025 to 2029 | $ 8,870 |
Retirement Plans - Periodic Pen
Retirement Plans - Periodic Pension Cost, Next Fiscal Year (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,144 | $ 1,086 | $ 1,189 | |
Estimated 2020 net periodic pension cost | $ 1,353 | $ 1,524 | $ 1,558 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,004 | |||
Amortization of actuarial loss | 289 | |||
Estimated 2020 net periodic pension cost | $ 1,293 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Payroll and related benefits | $ 25,048 | $ 23,503 |
Insurance reserves | 840 | 1,120 |
Taxes, other than income taxes | 12,096 | 8,115 |
Current portion of derivative liability | 4,357 | 2,506 |
Dividends and interest | 1,247 | 4,197 |
Deferred tooling revenue | 5,880 | 5,810 |
Current portion of executive retirement liabilities | 1,478 | 1,392 |
Professional fees | 2,216 | 4,750 |
Warranty liability | 143 | 437 |
Other | 7,540 | 13,832 |
Accrued liabilities | $ 60,845 | $ 65,662 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | May 16, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorizes issuance of common stock | 4,350,000 | |||
Number of shares available for grant | 1,600,000 | |||
Maximum shares that may be used as full value awards | 1,200,000 | |||
Stock-based compensation expense | $ 5.7 | $ 2.1 | $ 1.6 | |
Amount of unrecognized stock-based compensation expense | $ 7.7 | |||
Weighted average period for recognition | 1 year 9 months 18 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Grants in period | 1,083,999 | |||
Restricted Stock Units [Member] | President and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period | 333,333 | |||
Performance Shares Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Grants in period | 1,548,098 | |||
PSU awards earnings expected target | 200.00% | |||
Performance Shares Unit [Member] | President and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Grants in period | 666,667 | |||
Shares awarded under the plan, vesting description | (a) 666,667 PSUs at target, vesting in three approximately equal installments, to the extent the performance metrics are satisfied, during each of three performance periods and (b) 333,333 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022; (ii) a 2019-2021 PSU grant, with the target number of 316,832 PSUs, which will vest to the extent the performance metrics are satisfied; and (iii) a 2019 RSU grant of 158,416 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022. The PSU awards may be earned at up to 200 percent of target depending on the level of achievement of the performance metrics | |||
2019-2021 PSU [Member] | President and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period | 316,832 | |||
2019 RSU [Member] | President and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period | 158,416 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Performance Stock Unit and Equity Incentive Activity (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Options Outstanding | |
Number of Options Outstanding, Beginning balance (in shares) | shares | 59,000 |
Forfeited or expired (in shares) | shares | (8,750) |
Number of Options Outstanding, Ending balance (in shares) | shares | 50,250 |
Options vested or expected to vest, Outstanding (in shares) | shares | 50,250 |
Weighted Average Exercise Price | |
Weighted Average Exercise Price, Beginning balance (in dollars per share) | $ / shares | $ 18.33 |
Forfeited or expired (in dollars per share) | $ / shares | 15.30 |
Weighted Average Exercise Price, Ending balance (in dollars per share) | $ / shares | 18.86 |
Vested or expected to vest (in dollar per share) | $ / shares | $ 18.86 |
Restricted Stock Units [Member] | |
Number of Awards | |
Number of Awards, Beginning balance (in shares) | shares | 183,726 |
Granted (in shares) | shares | 1,083,999 |
Settled (in shares) | shares | (103,681) |
Forfeited or expired (in shares) | shares | (116,788) |
Number of Awards, Ending balance (in shares) | shares | 1,047,256 |
Number of Awards, vested or expected to vest, Outstanding (in shares) | shares | 933,826 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 17.26 |
Granted (in dollars per share) | $ / shares | 4.88 |
Settled (in dollars per share) | $ / shares | 17.12 |
Forfeited or expired (in dollars per share) | $ / shares | 8.92 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | 5.39 |
Vested or expected to vest (in dollar per share) | $ / shares | $ 5.44 |
Performance Shares Unit [Member] | |
Number of Awards | |
Number of Awards, Beginning balance (in shares) | shares | 296,523 |
Granted (in shares) | shares | 1,548,098 |
Settled (in shares) | shares | (31,081) |
Forfeited or expired (in shares) | shares | (264,747) |
Number of Awards, Ending balance (in shares) | shares | 1,548,793 |
Number of Awards, vested or expected to vest, Outstanding (in shares) | shares | 1,340,263 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 19.10 |
Granted (in dollars per share) | $ / shares | 6.01 |
Settled (in dollars per share) | $ / shares | 22.81 |
Forfeited or expired (in dollars per share) | $ / shares | 11.92 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | 7.17 |
Vested or expected to vest (in dollar per share) | $ / shares | $ 6.20 |
Receivables Securitization - Ad
Receivables Securitization - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable [Line Items] | ||
Trade receivables | $ 334,100,000 | $ 276,800,000 |
Collective limit under factoring arrangements | 117,300,000 | 80,900,000 |
Factored receivables yet not collected | 49,600,000 | 53,800,000 |
Other (Expense) Income, Net [Member] | ||
Accounts Receivable [Line Items] | ||
Factoring fees | $ 1,000,000 | $ 900,000 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |||
Related party transaction, amounts of transaction | $ 479,520 | $ 479,520 | $ 376,920 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - Fayetteville, Arkansas Manufacturing Facility [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | |||
Accelerated depreciation | $ 7.6 | $ 7.6 | |
Restructuring charge, write-down of inventory to net salvage value | 3.2 | ||
Restructuring charge, employee severance | 1.6 | ||
Restructuring charge, accelerated amortization of right of use assets | 0.6 | ||
Relocation costs | $ 1.8 | ||
Restructuring severance accrual | $ 1.1 | $ 1.1 | |
Minimum [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Relocation costs recognition period | 12 months | ||
Maximum [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Relocation costs recognition period | 18 months | ||
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Non-cash restructuring charge | $ 13 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 310,281 | $ 352,014 | $ 352,499 | $ 357,693 | $ 378,823 | $ 347,612 | $ 388,944 | $ 386,448 | $ 1,372,487 | $ 1,501,827 | $ 1,108,055 |
Gross profit | 26,898 | 16,047 | 39,995 | 33,122 | 36,304 | 23,673 | 53,559 | 49,991 | 116,062 | 163,527 | 102,897 |
Income (loss) from operations | (92,486) | (243) | 24,031 | 18,639 | 19,213 | 7,688 | 31,270 | 27,634 | (50,059) | 85,805 | 21,518 |
Consolidated income (loss) before income taxes | (103,325) | (11,416) | 14,811 | 6,893 | 13,349 | (7,714) | 12,930 | 13,687 | (93,037) | 32,252 | 866 |
Income tax (provision) benefit | 4,276 | 4,785 | (7,541) | (4,943) | (5,177) | 7,051 | (4,795) | (3,370) | (3,423) | (6,291) | (6,875) |
Consolidated net income (loss) | $ (99,049) | $ (6,631) | $ 7,270 | $ 1,950 | $ 8,172 | $ (663) | $ 8,135 | $ 10,317 | (96,460) | 25,961 | (6,009) |
Less: Net loss (income) attributable to non-controlling interest | (194) | ||||||||||
Net income (loss) attributable to Superior | $ (96,460) | $ 25,961 | $ (6,203) | ||||||||
Basic earnings (loss) per share | $ (4.25) | $ (0.57) | $ (0.04) | $ (0.24) | $ 0.61 | $ (0.37) | $ (0.02) | $ 0.07 | $ (5.10) | $ 0.29 | $ (1.01) |
Diluted earnings (loss) per share | $ (4.25) | $ (0.57) | (0.04) | (0.24) | 0.61 | (0.37) | (0.02) | 0.07 | (5.10) | 0.29 | (1.01) |
Dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.36 | $ 0.45 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts Receivable [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 4,298 | $ 2,325 | $ 919 |
Additions, Charge to Costs and Expenses | 919 | 2,311 | 1,127 |
Additions, Other | 56 | 1,162 | |
Deductions From Reserves | (2,406) | (338) | (883) |
Balance at End of Year | 2,867 | 4,298 | 2,325 |
Valuation Allowances for Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 16,576 | 7,634 | 3,123 |
Additions, Charge to Costs and Expenses | 6,822 | 9,036 | 1,005 |
Additions, Other | 3,506 | ||
Deductions From Reserves | (519) | (94) | |
Balance at End of Year | $ 22,879 | $ 16,576 | $ 7,634 |