x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | 41-1990662 (I.R.S. Employer Identification No.) |
7800 Walton Parkway New Albany, Ohio (Address of principal executive offices) | 43054 (Zip Code) |
Large accelerated filer | ¨ | Accelerated filer | x | |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ | |
Emerging growth company | ¨ | |||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
PART I FINANCIAL INFORMATION | |
Part II OTHER INFORMATION | |
September 30, 2018 | December 31, 2017 | ||||||
(Unaudited) | (Unaudited) | ||||||
(In thousands) | |||||||
Assets | |||||||
Current Assets: | |||||||
Cash | $ | 57,525 | $ | 52,244 | |||
Accounts receivable, net of allowances of $6,039 and $5,242, respectively | 151,196 | 108,595 | |||||
Inventories | 93,195 | 99,015 | |||||
Other current assets | 14,137 | 14,792 | |||||
Total current assets | 316,053 | 274,646 | |||||
Property, plant and equipment, net of accumulated depreciation of $142,376 and $147,553, respectively | 63,000 | 64,630 | |||||
Goodwill | 7,374 | 8,045 | |||||
Intangible assets, net of accumulated amortization of $9,138 and $8,533, respectively | 12,987 | 14,548 | |||||
Deferred income taxes | 11,742 | 20,273 | |||||
Other assets, net | 3,814 | 2,246 | |||||
Total assets | $ | 414,970 | $ | 384,388 | |||
Liabilities and Stockholders’ Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 91,582 | $ | 86,608 | |||
Accrued liabilities and other | 34,400 | 33,944 | |||||
Current portion of long-term debt | 3,217 | 3,191 | |||||
Total current liabilities | 129,199 | 123,743 | |||||
Long-term debt | 161,340 | 163,758 | |||||
Pension and other post-retirement benefits | 14,534 | 15,450 | |||||
Other long-term liabilities | 4,582 | 6,695 | |||||
Total liabilities | 309,655 | 309,646 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, $0.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | — | — | |||||
Common stock, $0.01 par value (60,000,000 shares authorized; 30,219,278 shares issued and outstanding, as of September 2018 and December 2017, respectively) | 304 | 304 | |||||
Treasury stock, at cost: 1,175,795 shares, as of September 2018 and December 2017 | (9,114 | ) | (9,114 | ) | |||
Additional paid-in capital | 242,167 | 239,870 | |||||
Retained deficit | (79,452 | ) | (115,083 | ) | |||
Accumulated other comprehensive loss | (48,590 | ) | (41,235 | ) | |||
Total stockholders’ equity | 105,315 | 74,742 | |||||
Total liabilities and stockholders’ equity | $ | 414,970 | $ | 384,388 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) (In thousands, except per share amounts) | (Unaudited) (In thousands, except per share amounts) | ||||||||||||||
Revenues | $ | 225,010 | $ | 198,349 | $ | 674,135 | $ | 566,893 | |||||||
Cost of Revenues | 192,535 | 173,199 | 574,655 | 497,539 | |||||||||||
Gross Profit | 32,475 | 25,150 | 99,480 | 69,354 | |||||||||||
Selling, General and Administrative Expenses | 15,694 | 14,136 | 45,429 | 45,557 | |||||||||||
Amortization Expense | 321 | 332 | 980 | 990 | |||||||||||
Operating Income | 16,460 | 10,682 | 53,071 | 22,807 | |||||||||||
Interest and Other Expense | 3,659 | 3,482 | 9,047 | 14,786 | |||||||||||
Income Before Provision for Income Taxes | 12,801 | 7,200 | 44,024 | 8,021 | |||||||||||
Provision for Income Taxes | 218 | 2,437 | 8,393 | 2,498 | |||||||||||
Net Income | $ | 12,583 | $ | 4,763 | $ | 35,631 | $ | 5,523 | |||||||
Earnings per Common Share: | |||||||||||||||
Basic | $ | 0.42 | $ | 0.16 | $ | 1.18 | $ | 0.18 | |||||||
Diluted | $ | 0.41 | $ | 0.16 | $ | 1.17 | $ | 0.18 | |||||||
Weighted Average Shares Outstanding: | |||||||||||||||
Basic | 30,219 | 29,875 | 30,219 | 29,874 | |||||||||||
Diluted | 30,638 | 30,487 | 30,575 | 30,379 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Net income | $ | 12,583 | $ | 4,763 | $ | 35,631 | $ | 5,523 | |||||||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency exchange translation adjustments | (1,529 | ) | 1,130 | (5,363 | ) | 5,209 | |||||||||
Minimum pension liability, net of tax | (1,060 | ) | (546 | ) | (1,992 | ) | (1,830 | ) | |||||||
Other comprehensive (loss) income | (2,589 | ) | 584 | (7,355 | ) | 3,379 | |||||||||
Comprehensive income | $ | 9,994 | $ | 5,347 | $ | 28,276 | $ | 8,902 |
Common Stock | Treasury Stock | Additional Paid In Capital | Retained Deficit | Accumulated Other Comp. Loss | Total CVG Stockholders’ Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
(Unaudited) (In thousands) | ||||||||||||||||||||||||||
Balance - December 31, 2017 | 30,219 | $ | 304 | $ | (9,114 | ) | $ | 239,870 | $ | (115,083 | ) | $ | (41,235 | ) | $ | 74,742 | ||||||||||
Share-based compensation expense | — | — | — | 2,297 | — | — | 2,297 | |||||||||||||||||||
Total comprehensive income | — | — | — | — | 35,631 | (7,355 | ) | 28,276 | ||||||||||||||||||
Balance - September 30, 2018 | 30,219 | $ | 304 | $ | (9,114 | ) | $ | 242,167 | $ | (79,452 | ) | $ | (48,590 | ) | $ | 105,315 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
(Unaudited) | (Unaudited) | ||||||
(In thousands) | |||||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 35,631 | $ | 5,523 | |||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||
Depreciation and amortization | 11,787 | 11,431 | |||||
Allowance for accounts receivable | 6,448 | 3,739 | |||||
Non-cash amortization of debt financing costs | 1,054 | 891 | |||||
Shared-based compensation expense | 2,297 | 1,842 | |||||
Deferred income taxes | 9,042 | 88 | |||||
Non-cash gain on derivative contracts | (2,842 | ) | (979 | ) | |||
Change in other operating items: | |||||||
Accounts receivable | (51,076 | ) | (32,404 | ) | |||
Inventories | 4,507 | (15,086 | ) | ||||
Prepaid expenses | (4,462 | ) | (1,755 | ) | |||
Accounts payable | 6,653 | 28,751 | |||||
Other operating activities, net | 1,000 | (4,351 | ) | ||||
Net cash provided by (used in) operating activities | 20,039 | (2,310 | ) | ||||
Cash Flows from Investing Activities: | |||||||
Purchases of property, plant and equipment | (9,823 | ) | (10,290 | ) | |||
Proceeds from disposal/sale of property, plant and equipment | 18 | 254 | |||||
Net cash used in investing activities | (9,805 | ) | (10,036 | ) | |||
Cash Flows from Financing Activities: | |||||||
Borrowing of Revolving Credit Facility | 80,500 | — | |||||
Repayment of Revolving Credit Facility | (80,500 | ) | — | ||||
Repayment of Term Loan | (3,281 | ) | (1,094 | ) | |||
Borrowing of Term Loan | — | 175,000 | |||||
Repayment of 7.875% notes | — | (235,000 | ) | ||||
Prepayment charge for redemption of 7.875% notes | — | (1,543 | ) | ||||
Term Loan discount | — | (3,500 | ) | ||||
Payment of debt issuance cost | — | (4,242 | ) | ||||
Net cash used in financing activities | (3,281 | ) | (70,379 | ) | |||
Effect of Foreign Currency Exchange Rate Changes on Cash | (1,672 | ) | 2,797 | ||||
Net Increase (Decrease) in Cash | 5,281 | (79,928 | ) | ||||
Cash: | |||||||
Beginning of period | 52,244 | 130,160 | |||||
End of period | $ | 57,525 | $ | 50,232 | |||
Supplemental Cash Flow Information: | |||||||
Cash paid for interest | $ | 10,421 | $ | 13,767 | |||
Cash paid for income taxes, net | $ | 2,081 | $ | 2,568 | |||
Unpaid purchases of property and equipment included in accounts payable | $ | 132 | $ | 321 |
• | Seats, Trim, sleeper boxes, cab structures, structural components and body panels. These products are sold primarily to the MD/HD Truck markets in North America; |
• | Seats to the truck and bus markets in Asia-Pacific and Europe; |
• | Mirrors and wiper systems to the truck, bus, agriculture, construction, rail and military markets in North America; |
• | Trim to the recreational and specialty vehicle markets in North America; and |
• | Aftermarket seats and components in North America. |
• | Electrical wire harness assemblies and Seats to the construction, agricultural, industrial, automotive, mining and military markets in North America, Europe and Asia-Pacific; |
• | Seats to the truck and bus markets in Asia-Pacific and Europe; |
• | Wiper systems to the construction and agriculture markets in Europe; |
• | Office seating in Europe and Asia-Pacific; and |
• | Aftermarket seats and components in Europe and Asia-Pacific. |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Derivative assets | Foreign exchange contract 1 | $ | 168 | $ | — | $ | 168 | $ | — | $ | 20 | $ | — | $ | 20 | $ | — | ||||||||||||||||
Interest rate swap agreement 2 | $ | 2,343 | $ | — | $ | 2,343 | $ | — | $ | 515 | $ | — | $ | 515 | $ | — | |||||||||||||||||
Derivative liabilities | Foreign exchange contract 3 | $ | 7 | $ | — | $ | 7 | $ | — | $ | 627 | $ | — | $ | 627 | $ | — | ||||||||||||||||
Interest rate swap agreement 4 | $ | — | $ | — | $ | — | $ | — | $ | 246 | $ | — | $ | 246 | $ | — |
1 | Presented in the Condensed Consolidated Balance Sheets in other current assets and based on observable market transactions of spot and forward rates. |
2 | Presented in the Condensed Consolidated Balance Sheets in other assets and based on observable market transactions of forward rates. |
3 | Presented in the Condensed Consolidated Balance Sheets in accrued liabilities and other, and based on observable market transactions of spot and forward rates. |
4 | Presented in the Condensed Consolidated Balance Sheets in accrued liabilities and other, and based on observable market transactions of forward rates. |
September 30, 2018 | December 31, 2017 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Term loan and security agreement 1 | $ | 164,557 | $ | 166,252 | $ | 166,949 | $ | 169,972 |
1 | Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $3.2 million and long-term debt of $161.3 million as of September 30, 2018, and current portion of long-term debt of $3.2 million and long-term debt of $163.8 million as of December 31, 2017. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 12,583 | $ | 4,763 | $ | 35,631 | $ | 5,523 | |||||||
Weighted average number of common shares outstanding | 30,219 | 29,875 | 30,219 | 29,874 | |||||||||||
Dilutive effect of restricted stock grants after application of the Treasury Stock Method | 419 | 612 | 356 | 505 | |||||||||||
Dilutive shares outstanding | 30,638 | 30,487 | 30,575 | 30,379 | |||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.16 | $ | 1.18 | $ | 0.18 | |||||||
Diluted earnings per share | $ | 0.41 | $ | 0.16 | $ | 1.17 | $ | 0.18 |
Grant | Shares ('000) | Vesting Schedule | Unearned Compensation ('000) | Remaining Periods (in months) | |||||||
October 2015 | 596 | 3 equal annual installments commencing on October 20, 2016 | $ | 44.4 | 1 | ||||||
January/March 2016 | 63 | 3 equal annual installments commencing on October 20, 2016 | $ | 2.3 | 1 | ||||||
October 2016 | 411 | 3 equal annual installments commencing on October 20, 2017 | $ | 695.3 | 13 | ||||||
July 2017 | 6 | 3 equal annual installments commencing on October 20, 2017 | $ | 17.3 | 13 | ||||||
October 2017 | 303 | 3 equal annual installments commencing on October 20, 2018 | $ | 1,938.1 | 25 | ||||||
October 2017 | 46 | fully vests as of October 20, 2018 | $ | 37.5 | 1 | ||||||
May 2018 | 64 | fully vests as of May 20, 2019 | $ | 315.0 | 7 |
Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | ||||||||||||
Shares (000’s) | Weighted- Average Grant-Date Fair Value | Shares (000’s) | Weighted- Average Grant-Date Fair Value | ||||||||||
Nonvested at December 31 | 787 | $ | 6.84 | 981 | $ | 4.70 | |||||||
Granted | 64 | 8.41 | 6 | 8.77 | |||||||||
Vested | — | — | (6 | ) | 4.89 | ||||||||
Forfeited | (16 | ) | 7.12 | (39 | ) | 4.84 | |||||||
Nonvested at September 30 | 835 | $ | 6.96 | 942 | $ | 4.72 |
Grant Date | Grant Amount | Adjustments | Forfeitures | Payments | Adjusted Award Value at September 30, 2018 | Vesting Schedule | Remaining Periods (in Months) to Vesting | |||||||||||||||||
November 2015 | $ | 1,487 | $ | 645 | $ | (197 | ) | $ | — | $ | 1,935 | October 2018 | 1 | |||||||||||
November 2016 | 1,434 | (35 | ) | (37 | ) | — | 1,362 | October 2019 | 13 | |||||||||||||||
November 2017 | 1,584 | (85 | ) | — | — | 1,499 | October 2020 | 25 | ||||||||||||||||
$ | 4,505 | $ | 525 | $ | (234 | ) | $ | — | $ | 4,796 |
September 30, 2018 | December 31, 2017 | ||||||
Raw materials | $ | 66,646 | $ | 73,026 | |||
Work in process | 12,612 | 10,136 | |||||
Finished goods | 13,937 | 15,853 | |||||
$ | 93,195 | $ | 99,015 |
September 30, 2018 | December 31, 2017 | ||||||
Balance — Beginning | $ | 8,045 | $ | 7,703 | |||
Currency translation adjustment | (671 | ) | 342 | ||||
Balance — Ending | $ | 7,374 | $ | 8,045 |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||||
Weighted- Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademarks/Tradenames | 23 years | $ | 8,356 | $ | (3,792 | ) | $ | 4,564 | $ | 8,472 | $ | (3,585 | ) | $ | 4,887 | ||||||||||
Customer relationships | 15 years | 13,769 | (5,346 | ) | 8,423 | 14,609 | (4,948 | ) | 9,661 | ||||||||||||||||
$ | 22,125 | $ | (9,138 | ) | $ | 12,987 | $ | 23,081 | $ | (8,533 | ) | $ | 14,548 |
Balance — December 31, 2017 | $ | 3,490 | |
Provision for new warranty claims | 1,670 | ||
Change in provision for preexisting warranty claims | 974 | ||
Deduction for payments made | (2,012 | ) | |
Currency translation adjustment | (124 | ) | |
Balance — September 30, 2018 | $ | 3,998 |
Year Ending December 31, | |||
2018 | $ | 1,093 | |
2019 | $ | 4,375 | |
2020 | $ | 4,375 | |
2021 | $ | 4,375 | |
2022 | $ | 4,375 | |
Thereafter | $ | 150,938 |
September 30, 2018 | December 31, 2017 | ||||||
Term loan and security agreement (a) | $ | 164,557 | $ | 166,949 |
Level | Average Daily Availability | Base Rate Loans | LIBOR Revolver Loans | |||||
III | ≥ $24,000,000 | 0.50 | % | 1.50 | % | |||
II | > $12,000,000 but < $24,000,000 | 0.75 | % | 1.75 | % | |||
I | ≤ $12,000,000 | 1.00 | % | 2.00 | % |
Three Months Ended September 30, 2018 | |||||||||||||||
Global Truck & Bus | Global Construction & Agriculture | Corporate/ Other | Total | ||||||||||||
Revenues | |||||||||||||||
External Revenues | $ | 145,540 | $ | 79,470 | $ | — | $ | 225,010 | |||||||
Intersegment Revenues | 821 | 3,311 | (4,132 | ) | — | ||||||||||
Total Revenues | $ | 146,361 | $ | 82,781 | $ | (4,132 | ) | $ | 225,010 | ||||||
Gross Profit | $ | 20,486 | $ | 12,159 | $ | (170 | ) | $ | 32,475 | ||||||
Selling, General & Administrative Expenses | $ | 5,300 | $ | 4,554 | $ | 5,840 | $ | 15,694 | |||||||
Operating Income | $ | 14,899 | $ | 7,571 | $ | (6,010 | ) | $ | 16,460 | ||||||
Capital and Other Items: | |||||||||||||||
Capital Expenditures | $ | 2,536 | $ | 1,847 | $ | 281 | $ | 4,664 | |||||||
Depreciation and Amortization Expense | $ | 2,173 | $ | 1,291 | $ | 575 | $ | 4,039 |
Three Months Ended September 30, 2017 | |||||||||||||||
Global Truck & Bus | Global Construction & Agriculture | Corporate/ Other | Total | ||||||||||||
Revenues | |||||||||||||||
External Revenues | $ | 121,497 | $ | 76,852 | $ | — | $ | 198,349 | |||||||
Intersegment Revenues | 552 | 2,705 | (3,257 | ) | — | ||||||||||
Total Revenues | $ | 122,049 | $ | 79,557 | $ | (3,257 | ) | $ | 198,349 | ||||||
Gross Profit | $ | 17,180 | $ | 8,316 | $ | (346 | ) | $ | 25,150 | ||||||
Selling, General & Administrative Expenses | $ | 5,534 | $ | 4,160 | $ | 4,442 | $ | 14,136 | |||||||
Operating Income | $ | 11,350 | $ | 4,121 | $ | (4,789 | ) | $ | 10,682 | ||||||
Capital and Other Items: | |||||||||||||||
Capital Expenditures | $ | 1,097 | $ | 1,195 | $ | 476 | $ | 2,768 | |||||||
Depreciation and Amortization Expense | $ | 1,838 | $ | 1,117 | $ | 673 | $ | 3,628 | |||||||
Other Items 1 | $ | 373 | $ | 15 | $ | — | $ | 388 |
Nine Months Ended September 30, 2018 | |||||||||||||||
Global Truck & Bus | Global Construction & Agriculture | Corporate/ Other | Total | ||||||||||||
Revenues | |||||||||||||||
External Revenues | $ | 421,014 | $ | 253,121 | $ | — | $ | 674,135 | |||||||
Intersegment Revenues | 2,394 | 9,524 | (11,918 | ) | — | ||||||||||
Total Revenues | $ | 423,408 | $ | 262,645 | $ | (11,918 | ) | $ | 674,135 | ||||||
Gross Profit | $ | 62,675 | $ | 37,736 | $ | (931 | ) | $ | 99,480 | ||||||
Selling, General & Administrative Expenses | $ | 16,522 | $ | 12,752 | $ | 16,155 | $ | 45,429 | |||||||
Operating Income | $ | 45,278 | $ | 24,879 | $ | (17,086 | ) | $ | 53,071 | ||||||
Capital and Other Items: | |||||||||||||||
Capital Expenditures | $ | 4,385 | $ | 3,924 | $ | 1,514 | $ | 9,823 | |||||||
Depreciation and Amortization Expense | $ | 5,930 | $ | 3,827 | $ | 2,030 | $ | 11,787 |
Nine Months Ended September 30, 2017 | |||||||||||||||
Global Truck & Bus | Global Construction & Agriculture | Corporate/ Other | Total | ||||||||||||
Revenues | |||||||||||||||
External Revenues | $ | 342,964 | $ | 223,929 | $ | — | $ | 566,893 | |||||||
Intersegment Revenues | 1,084 | 7,315 | (8,399 | ) | — | ||||||||||
Total Revenues | $ | 344,048 | $ | 231,244 | $ | (8,399 | ) | $ | 566,893 | ||||||
Gross Profit | $ | 48,288 | $ | 22,099 | $ | (1,033 | ) | $ | 69,354 | ||||||
Selling, General & Administrative Expenses | $ | 16,688 | $ | 12,619 | $ | 16,250 | $ | 45,557 | |||||||
Operating Income | $ | 30,716 | $ | 9,374 | $ | (17,283 | ) | $ | 22,807 | ||||||
Capital and Other Items: | |||||||||||||||
Capital Expenditures | $ | 5,145 | $ | 3,671 | $ | 1,795 | $ | 10,611 | |||||||
Depreciation and Amortization Expense | $ | 5,850 | $ | 3,530 | $ | 2,051 | $ | 11,431 | |||||||
Other Items 1 | $ | 1,341 | $ | 998 | $ | 2,377 | $ | 4,716 |
September 30, 2018 | December 31, 2017 | ||||||||||||||
U.S. $ Equivalent | U.S. $ Equivalent Fair Value | U.S. $ Equivalent | U.S. $ Equivalent Fair Value | ||||||||||||
Commitments to buy or sell currencies | $ | 3,783 | $ | 3,958 | $ | 17,491 | $ | 16,838 |
Asset Derivatives | |||||||||||
September 30, 2018 | December 31, 2017 | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Foreign exchange contracts | Other current assets | $ | 168 | Other current assets | $ | 20 | |||||
Interest rate swap agreement | Other assets, net | $ | 2,343 | Other assets, net | $ | 515 |
Liability Derivatives | |||||||||||
September 30, 2018 | December 31, 2017 | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Foreign exchange contracts | Accrued liabilities | $ | 7 | Accrued liabilities | $ | 627 | |||||
Interest rate swap agreement | Accrued liabilities | $ | — | Accrued liabilities | $ | 246 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||
Foreign exchange contracts | Cost of Revenues | $ | 334 | $ | (322 | ) | $ | 767 | $ | 1,438 | |||||||
Interest rate swap agreement | Interest and Other Expense | $ | 350 | $ | 38 | $ | 1,950 | $ | (485 | ) |
Foreign currency translation adjustment | Pension and post-retirement benefits plans | Accumulated other comprehensive loss | |||||||||
Ending balance, December 31, 2017 | $ | (17,172 | ) | $ | (24,063 | ) | $ | (41,235 | ) | ||
Net current period change | (5,363 | ) | — | (5,363 | ) | ||||||
Amortization of actuarial losses | — | (1,992 | ) | (1,992 | ) | ||||||
Ending balance, September 30, 2018 | $ | (22,535 | ) | $ | (26,055 | ) | $ | (48,590 | ) |
Foreign currency translation adjustment | Pension and post-retirement benefit plans | Accumulated other comprehensive loss | |||||||||
Ending balance, December 31, 2016 | $ | (24,313 | ) | $ | (24,532 | ) | $ | (48,845 | ) | ||
Net current period change | 5,209 | — | 5,209 | ||||||||
Amortization of actuarial losses | — | (1,830 | ) | (1,830 | ) | ||||||
Ending balance, September 30, 2017 | $ | (19,104 | ) | $ | (26,362 | ) | $ | (45,466 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2018 | September 30, 2018 | ||||||||||||||||||||||
Before Tax Amount | Tax Expense | After Tax Amount | Before Tax Amount | Tax Expense | After Tax Amount | ||||||||||||||||||
Cumulative translation adjustment | $ | (1,529 | ) | $ | — | $ | (1,529 | ) | $ | (5,363 | ) | $ | — | $ | (5,363 | ) | |||||||
Amortization of actuarial losses | (1,230 | ) | 170 | (1,060 | ) | (2,500 | ) | 508 | (1,992 | ) | |||||||||||||
Total other comprehensive (loss) income | $ | (2,759 | ) | $ | 170 | $ | (2,589 | ) | $ | (7,863 | ) | $ | 508 | $ | (7,355 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2017 | September 30, 2017 | ||||||||||||||||||||||
Before Tax Amount | Tax Expense | After Tax Amount | Before Tax Amount | Tax Expense | After Tax Amount | ||||||||||||||||||
Cumulative translation adjustment | $ | 1,130 | $ | — | $ | 1,130 | $ | 5,209 | $ | — | $ | 5,209 | |||||||||||
Amortization of actuarial losses | (763 | ) | 217 | (546 | ) | (2,481 | ) | 651 | (1,830 | ) | |||||||||||||
Total other comprehensive income | $ | 367 | $ | 217 | $ | 584 | $ | 2,728 | $ | 651 | $ | 3,379 |
U.S. Pension Plans and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Service cost | $ | — | $ | 33 | $ | — | $ | — | |||||||
Interest cost | 418 | 449 | 265 | 289 | |||||||||||
Expected return on plan assets | (787 | ) | (671 | ) | (310 | ) | (302 | ) | |||||||
Amortization of prior service cost | 2 | 2 | — | — | |||||||||||
Recognized actuarial loss | 69 | 89 | 126 | 122 | |||||||||||
Net (benefit) cost | $ | (298 | ) | $ | (98 | ) | $ | 81 | $ | 109 |
U.S. Pension Plans and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Service cost | $ | — | $ | 100 | $ | — | $ | — | |||||||
Interest cost | 1,254 | 1,346 | 821 | 845 | |||||||||||
Expected return on plan assets | (2,360 | ) | (2,013 | ) | (960 | ) | (882 | ) | |||||||
Amortization of prior service cost | 5 | 5 | — | — | |||||||||||
Recognized actuarial loss | 206 | 268 | 393 | 358 | |||||||||||
Net (benefit) cost | $ | (895 | ) | $ | (294 | ) | $ | 254 | $ | 321 |
18. | Restructuring |
Three Months Ended September 30, | |||||||||||||
(in thousands) | |||||||||||||
2018 | 2017 | ||||||||||||
Revenues | $ | 225,010 | 100.0 | % | $ | 198,349 | 100.0 | % | |||||
Cost of Revenues | 192,535 | 85.6 | 173,199 | 87.3 | |||||||||
Gross Profit | 32,475 | 14.4 | 25,150 | 12.7 | |||||||||
Selling, General and Administrative Expenses | 15,694 | 7.0 | 14,136 | 7.1 | |||||||||
Amortization Expense | 321 | 0.1 | 332 | 0.1 | |||||||||
Operating Income | 16,460 | 7.3 | 10,682 | 5.4 | |||||||||
Interest and Other Expense | 3,659 | 1.6 | 3,482 | 1.8 | |||||||||
Income Before Provision for Income Taxes | 12,801 | 5.7 | 7,200 | 3.6 | |||||||||
Provision for Income Taxes | 218 | 0.1 | 2,437 | 1.2 | |||||||||
Net Income | $ | 12,583 | 5.6 | % | $ | 4,763 | 2.4 | % |
• | a $22.0 million, or 25%, increase in OEM North American MD/HD Truck revenues; |
• | a $2.2 million, or 5%, increase in construction equipment revenues; and |
• | a $2.5 million, or 4%, increase in other revenues. |
Three Months Ended September 30, | |||||||||||||
(amounts in thousands) | |||||||||||||
2018 | 2017 | ||||||||||||
Revenues | $ | 146,361 | 100.0 | % | $ | 122,049 | 100.0 | % | |||||
Gross Profit | $ | 20,486 | 14.0 | % | $ | 17,180 | 14.1 | % | |||||
Selling, General & Administrative Expenses | $ | 5,300 | 3.6 | % | $ | 5,534 | 4.5 | % | |||||
Operating Income | $ | 14,899 | 10.2 | % | $ | 11,350 | 9.3 | % |
• | a $20.6 million, or 25%, increase in OEM North American MD/HD Truck revenues; and |
• | a $3.8 million, or 9%, increase in other revenues. |
Three Months Ended September 30, | |||||||||||||
(amounts in thousands) | |||||||||||||
2018 | 2017 | ||||||||||||
Revenues | $ | 82,781 | 100.0 | % | $ | 79,557 | 100.0 | % | |||||
Gross Profit | $ | 12,159 | 14.7 | % | $ | 8,316 | 10.5 | % | |||||
Selling, General & Administrative Expenses | $ | 4,554 | 5.5 | % | $ | 4,160 | 5.2 | % | |||||
Operating Income | $ | 7,571 | 9.1 | % | $ | 4,121 | 5.2 | % |
• | a $1.2 million, or 3%, increase in OEM construction equipment revenues; |
• | a $2.2 million, or 24% increase in aftermarket; and |
• | a $0.2 million, or 0.4%, decrease in other revenues. |
Nine Months Ended September 30, | |||||||||||||
(in thousands) | |||||||||||||
2018 | 2017 | ||||||||||||
Revenues | $ | 674,135 | 100.0 | % | $ | 566,893 | 100.0 | % | |||||
Cost of Revenues | 574,655 | 85.2 | 497,539 | 87.8 | |||||||||
Gross Profit | 99,480 | 14.8 | 69,354 | 12.2 | |||||||||
Selling, General and Administrative Expenses | 45,429 | 6.7 | 45,557 | 8.0 | |||||||||
Amortization Expense | 980 | 0.2 | 990 | 0.2 | |||||||||
Operating Income | 53,071 | 7.9 | 22,807 | 4.0 | |||||||||
Interest and Other Expense | 9,047 | 1.3 | 14,786 | 2.6 | |||||||||
Income Before Provision for Income Taxes | 44,024 | 6.6 | 8,021 | 1.4 | |||||||||
Provision for Income Taxes | 8,393 | 1.3 | 2,498 | 0.4 | |||||||||
Net Income | $ | 35,631 | 5.3 | % | $ | 5,523 | 1.0 | % |
• | a $77.8 million, or 33%, increase in OEM North American MD/HD Truck revenues; |
• | a $22.0 million, or 17%, increase in construction equipment revenues; and |
• | a $7.4 million, or 4%, increase in other revenues. |
Nine Months Ended September 30, | |||||||||||||
(amounts in thousands) | |||||||||||||
2018 | 2017 | ||||||||||||
Revenues | $ | 423,408 | 100.0 | % | $ | 344,048 | 100.0 | % | |||||
Gross Profit | $ | 62,675 | 14.8 | % | $ | 48,288 | 14.0 | % | |||||
Selling, General & Administrative Expenses | $ | 16,522 | 3.9 | % | $ | 16,688 | 4.9 | % | |||||
Operating Income | $ | 45,278 | 10.7 | % | $ | 30,716 | 8.9 | % |
• | a $72.9 million, or 33%, increase in OEM North American MD/HD Truck revenues; and |
• | a $6.5 million, or 5%, increase in other revenues. |
Nine Months Ended September 30, | |||||||||||||
(amounts in thousands) | |||||||||||||
2018 | 2017 | ||||||||||||
Revenues | $ | 262,645 | 100.0 | % | $ | 231,244 | 100.0 | % | |||||
Gross Profit | $ | 37,736 | 14.4 | % | $ | 22,099 | 9.6 | % | |||||
Selling, General & Administrative Expenses | $ | 12,752 | 4.9 | % | $ | 12,619 | 5.5 | % | |||||
Operating Income | $ | 24,879 | 9.5 | % | $ | 9,374 | 4.1 | % |
• | a $19.8 million, or 17%, increase in OEM construction equipment revenues; |
• | a $9.1 million, or 34% increase in aftermarket; and |
• | a $2.5 million, or 3%, increase in other revenues. |
302 Certification by Patrick E. Miller, President and Chief Executive Officer. | |
302 Certification by C. Timothy Trenary, Chief Financial Officer. | |
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | Interactive Data Files |
COMMERCIAL VEHICLE GROUP, INC. | ||||
Date: | November 5, 2018 | By | /s/ C. Timothy Trenary | |
C. Timothy Trenary | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) |
Date: | November 5, 2018 | By | /s/ Stacie N. Fleming | |
Stacie N. Fleming | ||||
Chief Accounting Officer | ||||
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Commercial Vehicle Group, Inc. and Subsidiaries; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
3. | Based on my knowledge, the financial statements, and other information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Patrick E. Miller |
Patrick E. Miller |
President and Chief Executive Officer |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Commercial Vehicle Group, Inc. and Subsidiaries; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
3. | Based on my knowledge, the financial statements, and other information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ C. Timothy Trenary |
C. Timothy Trenary |
Chief Financial Officer |
(Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Patrick E. Miller |
Patrick E. Miller |
President and Chief Executive Officer |
(Principal Executive Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ C. Timothy Trenary |
C. Timothy Trenary |
Chief Financial Officer |
(Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 05, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CVGI | |
Entity Registrant Name | Commercial Vehicle Group, Inc. | |
Entity Central Index Key | 0001290900 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 30,895,366 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 6,039 | $ 5,242 |
Property, plant and equipment, accumulated depreciation | 142,376 | 147,553 |
Accumulated amortization on intangible assets | $ 9,138 | $ 8,533 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 30,219,278 | 30,219,278 |
Common stock, shares outstanding (in shares) | 30,219,278 | 30,219,278 |
Treasury stock, shares (in shares) | 1,175,795 | 1,175,795 |
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Statement [Abstract] | ||||
Revenues | $ 225,010 | $ 198,349 | $ 674,135 | $ 566,893 |
Cost of Revenues | 192,535 | 173,199 | 574,655 | 497,539 |
Gross Profit | 32,475 | 25,150 | 99,480 | 69,354 |
Selling, General and Administrative Expenses | 15,694 | 14,136 | 45,429 | 45,557 |
Amortization Expense | 321 | 332 | 980 | 990 |
Operating Income | 16,460 | 10,682 | 53,071 | 22,807 |
Interest and Other Expense | 3,659 | 3,482 | 9,047 | 14,786 |
Income Before Provision for Income Taxes | 12,801 | 7,200 | 44,024 | 8,021 |
Provision for Income Taxes | 218 | 2,437 | 8,393 | 2,498 |
Net Income | $ 12,583 | $ 4,763 | $ 35,631 | $ 5,523 |
Earnings per Common Share: | ||||
Basic (in dollars per share) | $ 0.42 | $ 0.16 | $ 1.18 | $ 0.18 |
Diluted (in dollars per share) | $ 0.41 | $ 0.16 | $ 1.17 | $ 0.18 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 30,219 | 29,875 | 30,219 | 29,874 |
Diluted (in shares) | 30,638 | 30,487 | 30,575 | 30,379 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,583 | $ 4,763 | $ 35,631 | $ 5,523 |
Other comprehensive (loss) income: | ||||
Foreign currency exchange translation adjustments | (1,529) | 1,130 | (5,363) | 5,209 |
Minimum pension liability, net of tax | (1,060) | (546) | (1,992) | (1,830) |
Other comprehensive (loss) income | (2,589) | 584 | (7,355) | 3,379 |
Comprehensive income | $ 9,994 | $ 5,347 | $ 28,276 | $ 8,902 |
Condensed Consolidated Statements of Stockholders' Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands |
Total |
Common Stock |
Treasury Stock |
Additional Paid In Capital |
Retained Deficit |
Accumulated Other Comp. Loss |
---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2017 | 30,219,278 | 30,219,000 | ||||
Beginning balance at Dec. 31, 2017 | $ 74,742 | $ 304 | $ (9,114) | $ 239,870 | $ (115,083) | $ (41,235) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation expense | 2,297 | 2,297 | ||||
Total comprehensive income | $ 28,276 | 35,631 | (7,355) | |||
Ending balance (in shares) at Sep. 30, 2018 | 30,219,278 | 30,219,000 | ||||
Ending balance at Sep. 30, 2018 | $ 105,315 | $ 304 | $ (9,114) | $ 242,167 | $ (79,452) | $ (48,590) |
Condensed Consolidated Statements of Cash Flows - Parenthetical |
Sep. 30, 2018 |
---|---|
Statement of Cash Flows [Abstract] | |
Stated interest rate (as a percent) | 7.875% |
Description of Business and Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Commercial Vehicle Group, Inc. (through its subsidiaries) is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the medium- and heavy-duty truck (“MD/HD Truck”) market, the medium- and heavy-duty construction vehicle market, and the bus, agriculture, military, specialty transportation, mining, industrial equipment and off-road recreational markets. References herein to the "Company", "CVG", "we", "our", or "us" refer to Commercial Vehicle Group, Inc. and its subsidiaries. We have manufacturing operations in the United States, Mexico, United Kingdom, Czech Republic, Ukraine, China, India and Australia. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. Our products include seats and seating systems (“Seats”); trim systems and components (“Trim”); cab structures, sleeper boxes, body panels and structural components; mirrors, wipers and controls; and electrical wire harness and panel assemblies designed for applications primarily in commercial vehicles. We are differentiated from automotive industry suppliers by our ability to manufacture low volume, customized products on a sequenced basis to meet the requirements of our customers. We believe our products are used by a majority of the North American MD/HD Truck and certain leading global construction and agriculture original equipment manufacturers (“OEMs”). We have prepared the unaudited condensed consolidated financial statements included herein pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The information furnished in the unaudited condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with our fiscal 2017 consolidated financial statements and the notes thereto included in Part II, Item 8 of our Annual Report on Form 10-K ("2017 Form 10-K") as filed with the SEC on March 12, 2018. Unless otherwise indicated, all amounts are in thousands, except share and per share amounts. Certain immaterial reclassifications in the Statements of Cash Flows have been made to prior year amounts to conform to current year presentation. SEGMENTS Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker, which is our President and Chief Executive Officer. The Company has two reportable segments: the Global Truck and Bus Segment (“GTB Segment”) and the Global Construction and Agriculture Segment (“GCA Segment”). Each of these segments consists of a number of manufacturing facilities. Certain of our facilities manufacture and sell products through both of our segments. Each manufacturing facility that sells products through both segments is reflected in the financial results of the segment that has the greatest amount of sales from that manufacturing facility. Our segments are more specifically described below. The GTB Segment manufactures and sells the following products:
The GCA Segment manufactures and sells the following products:
Corporate expenses consist of certain overhead and shared costs that are not directly attributable to the operations of a segment. For purposes of business segment performance measurement, some of these costs that are for the benefit of the operations are allocated based on a combination of methodologies. The costs that are not allocated to a segment are considered stewardship costs and remain at corporate in our segment reporting. |
Recently Issued Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2018 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." ASU 2018-15 aligns the capitalization of implementation costs incurred in a hosting arrangement that is a service contract consistent with the capitalization of implementation costs incurred to develop internal-use software. The Company will adopt ASU 2018-15 as of the fourth quarter of 2018 on a prospective basis and does not expect a material impact. In August 2018 the FASB issued ASU No. 2018-14, "Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The Company will adopt ASU 2018-14 as of December 31, 2018 and does not expect a material impact. In August 2018 the FASB issued ASU No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement," which modifies disclosure requirements on fair value measurements by removing some disclosures around transfers within Level 1 and 2 assets, modifications to disclosures pertaining to investments that calculate net asset value and additional disclosures pertaining to Level 3 investments. The Company will adopt ASU 2018-13 as of December 31, 2018 and does not expect a material impact. In July 2018 the FASB issued ASU No. 2018-09, "Codification Improvements," which clarified reporting of comprehensive income, extinguishment of debt when the fair value option is elected, accounting for freestanding derivatives, recognition of excess tax benefits for compensation expense, allocation of the consolidated tax provision to an acquired entity post-acquisition, offsetting of derivatives and clarifications in measurement of fair value. In accordance with ASU 2018-09, the Company will adopt portions of the guidance immediately and other portions as of January 1, 2019. We do not expect a material impact. In August 2017 the FASB issued ASU No. 2017-12, "Targeted Improvements to Accounting for Hedging Activities," which simplifies hedge accounting to better align risk management activities and financial reporting for hedging relationships and clarifies the presentation of recognized gains and losses from derivatives. The Company anticipates early adoption of ASU 2017-12 as of the fourth quarter of 2018. As we do not currently use hedge accounting for our derivatives, we will begin reporting gains and losses in interim periods in Other Comprehensive Income and will recognize gains and losses in the same line item as the hedged transaction when the derivatives settle. In February 2016 the FASB issued ASU No. 2016-02, "Leases (Topic 842)" followed by ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" in July 2018. ASU 2016-02 is intended to increase transparency and comparability among companies by recognizing lease assets and liabilities and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. In accordance with ASU 2016-02, we plan to elect not to recognize lease assets and lease liabilities for leases with a term of twelve months or less. The ASU requires a modified retrospective transition method, or a transition method option under ASU 2018-11, with the option to elect a package of practical expedients that permits the Company to: a. not reassess whether expired or existing contracts contain leases, b. not reassess lease classification for existing or expired leases and c. not consider whether previously capitalized initial direct costs would be appropriate under the new standard. The Company will elect to apply the package of practical expedients. ASU 2018-11 provides another transition method option by allowing entities to apply the new leasing standard on the date of adoption and recognizing a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to implement the transition method option in ASU 2018-11. The Company is assessing the impact of this pronouncement and anticipates it will impact the presentation of our lease assets and liabilities and associated disclosures by the recognition of lease assets and liabilities that are not included in the Consolidated Balance Sheets under existing accounting guidance. We are reviewing our lease arrangements, including facility leases and machinery and equipment leases. The lease terms generally are not complex in nature. We are reviewing other arrangements which could contain embedded lease arrangements to be considered under the revised guidance. We have not finalized our assessment but believe this standard will have a significant impact on our consolidated balance sheets. The standard is not expected to have a material impact on the Company's results of operations or cash flows. Accounting Pronouncements Implemented in the Current Year Revenue Recognition Guidance In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” followed by a series of standards and clarifications, including: ASU No. 2016-08, "Principal Versus Agent Considerations (Reporting Revenue Gross versus Net)", ASU No. 2016-10, "Identifying Performance Obligations and Licensing" and ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients". These ASUs supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. Under previous and current guidance, we typically recognize revenue when products are shipped and control has transferred to the customer. We assessed the timing of revenue recognition in light of the customized nature of some of our products and provisions of some of our customer contracts and generally did not note an enforceable right to payment that would require us to recognize revenue prior to the product being shipped to the customer. We assessed certain pricing provisions contained in some of our customer contracts and determined they do not represent a material right to the customer. We evaluated how we account for customer owned tooling, engineering and design services, and pre-production costs and determined this accounting should not change under the new guidance. Finally, we evaluated our standard warranties and determined they did not represent a material right to the customer. We did not record a transition adjustment as a result of the implementation and there was no impact on the quarter ending September 30, 2018. We adopted ASC 606, Revenue from Contracts with Customers, with an effective date of January 1, 2018. As a result, the Company expanded its disclosure regarding our accounting policy for revenue recognition and disaggregation of revenue as detailed in Note 3. Income Tax Guidance In March 2018, the FASB issued ASU No. 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin ("SAB") No. 118". ASU No. 2018-05 amends Topic 740 for income tax accounting implications resulting from the Tax Cuts and Jobs Act ("U.S. Tax Reform") as discussed in SAB 118. ASU 2018-05 was effective December 22, 2017. The measurement period to finalize our calculations as they relate to U.S. Tax Reform cannot extend beyond one year of the enactment date. In December 2017, the Company determined the U.S. Tax Reform gave rise to a provision of $4.0 million on the deemed repatriation of accumulated untaxed earnings of foreign subsidiaries which was recorded in that period. At December 31, 2017, the assessment of the $4.0 million tax provision on the accumulated untaxed earnings of foreign subsidiaries was estimated. Any adjustments to provisional amounts are included in income from operations as an adjustment to tax expense in the period the amounts are determined. During the quarter ended September 30, 2018, a $2.9 million adjustment was made to reduce the provisional $4.0 million tax expense recorded for the year ended December 31, 2017. The adjustment represents our best estimate at this time and will remain provisional in nature as the Company continues to refine its calculation based on, among other things, its evaluation of recently issued and expected future guidance. Consequently, the Company may record further adjustments to this provisional tax amount during the quarter ending December 31, 2018. |
Revenue Recognition |
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Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Contractual Arrangements Revenue is measured based on terms and considerations specified in contracts with customers. We have long-term contracts with some customers that govern overall terms and conditions accompanied by individual purchase orders that define specific order quantities and/or price. We have many customers that operate under terms outlined in purchase orders without a long-term contract. We generally do not have customer contracts with minimum order quantity requirements. Amount and Timing of Revenue Recognition The transaction price is based on the consideration to which the Company will be entitled in exchange for transferring control of a product to the customer. This is defined in a purchase order or in a separate pricing arrangement and represents the stand-alone selling price. Our payment terms vary by the type and location of our customer and the products offered. None of the Company's contracts as of September 30, 2018, contained a significant financing component. We typically do not have multiple performance obligations requiring us to allocate a transaction price. We recognize revenue at the point in time when we satisfy a performance obligation by transferring control of a product to a customer, usually at a designated shipping point and in accordance with customer specifications. We make estimates for potential customer returns or adjustments based on historical experience, which reduce revenues. Other Matters Shipping and handling costs billed to customers are recorded in revenues and costs associated with outbound freight are generally accounted for as a fulfillment cost and are included in cost of revenues. We generally do not provide for extended warranties or material customer incentives. Our customers typically do not have a general right of return for our products. We had outstanding customer accounts receivable, net of allowances of $151.2 million as of September 30, 2018 and $108.6 million as of December 31, 2017. We generally do not have other assets or liabilities associated with customer contracts. In general, we do not make significant judgments or have variable consideration that impact our recognition of revenue. Our products include Seats, Trim, structures, electrical wire harness assemblies, cab structures, mirrors, wipers and controls. We sell these products into multiple geographic regions including North America, Europe and Asia-Pacific and to multiple customer end markets including medium- and heavy-duty Truck OEMs, Bus OEMs, Construction OEMs, the aftermarket and other markets. The nature, timing and uncertainty of our recognition of revenue and associated cash flows across the varying product lines, geographic regions and customer end markets are substantially consistent. Refer to Note 14 for revenue disclosures by reportable segments. |
Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 - Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 - Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 - Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability. Our financial instruments consist of cash, accounts receivable, accounts payable and accrued liabilities. The carrying value of these instruments approximates fair value as a result of the short duration of such instruments. Our derivative assets and liabilities represent foreign exchange contracts and an interest rate swap agreement that are measured at fair value using observable market inputs. Based on these inputs, the derivative assets and liabilities are classified as Level 2. The fair values of our derivative assets and liabilities are categorized as follows:
The fair value of long-term debt obligations is based on a fair value model utilizing observable inputs. Based on these inputs, our long-term debt is classified as Level 2. The carrying amounts and fair values of our long-term debt obligations are as follows:
There are no fair value measurements of our long-lived assets and definite-lived intangible assets measured on a non-recurring basis as of September 30, 2018 and 2017. |
Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Common Stock — Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share; of which, 30,219,278 shares were issued and outstanding as of September 30, 2018 and as of December 31, 2017. Preferred Stock — Our authorized capital stock also consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share; no preferred shares were outstanding as of September 30, 2018 and December 31, 2017. Earnings Per Share — Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share, and all other diluted per share amounts presented, is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the Treasury Stock Method. Diluted earnings per share for the three and nine months ended September 30, 2018 and 2017 includes the effects of potential common shares issuable upon the vesting of restricted stock, when dilutive.
There are no antidilutive outstanding restrictive stock awards impacting the diluted earnings per shares for the three and nine months ended September 30, 2018 and 2017. Dividends — We have not declared or paid any cash dividends in the past. The terms of our debt and credit facilities (as described in Note 12) restrict the payment or distribution of our cash or other assets, including cash dividend payments. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation The company's outstanding share-based compensation is comprised solely of restricted stock awards. Restricted Stock Awards –- Restricted stock awards are a grant of shares of common stock that may not be sold, encumbered or disposed of and that may be forfeited in the event of certain terminations of employment prior to the end of a restricted period set by the Compensation Committee of the Board of Directors. A participant granted restricted stock generally has all of the rights of a stockholder, unless the Compensation Committee determines otherwise. The following table summarizes information about outstanding restricted stock grants as of September 30, 2018:
As of September 30, 2018, there was approximately $3.0 million of unearned compensation expense related to non-vested restricted stock awards granted under our equity incentive plans. We have elected to report forfeitures as they occur as opposed to estimating future forfeitures in our share-based compensation expense. The following table summarizes information about the non-vested restricted stock grants for the nine months ended September 30, 2018 and 2017:
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Performance Awards |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Awards | Performance Awards Awards, defined as cash, shares or other awards, may be granted to employees under the Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (the “2014 EIP”). The cash award is earned and payable based upon the Company’s relative Total Shareholder Return in terms of ranking as compared to the Peer Group over a three-year period (the “Performance Period”). Total Shareholder Return is determined by the percentage change in value (positive or negative) over the applicable measurement period as measured by dividing (A) the sum of (i) the cumulative value of dividends and other distributions paid on the Common Stock for the applicable measurement period, and (ii) the difference (positive or negative) between each such company’s starting stock price and ending stock price, by (B) the starting stock price. The award is to be paid out at the end of the Performance Period in cash only if the employee is employed through the end of the Performance Period. If the employee is not employed during the entire Performance Period, the award will be forfeited. These grants are accounted for as cash settlement awards for which the fair value of the award fluctuates based on the change in Total Shareholder Return in relation to the Peer Group. The following table summarizes performance awards granted in the form of cash awards under the 2014 EIP in November 2017, 2016 and 2015:
Compensation expense of $1.0 million and compensation benefit of $0.3 million was recognized for the three months ended September 30, 2018 and 2017, respectively. Compensation expense totaling $1.6 million and $0.4 million was recognized for the nine months ended September 30, 2018 and 2017, respectively. Unrecognized compensation expense was $1.6 million and $1.4 million as of September 30, 2018 and 2017, respectively. |
Accounts Receivable |
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Sep. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Trade accounts receivable are stated at current value less an allowances, which approximates fair value. This allowance is estimated based primarily on management’s evaluation of specific balances as the balances become past due, commercial adjustments, the financial condition of our customers and our historical experience with write-offs. If not reserved through specific identification procedures, our general policy for potentially uncollectible accounts is to reserve at a certain percentage based upon the aging categories of accounts receivable and our historical experience with write-offs. Past due status is based upon the due date of the original amounts outstanding. When items are ultimately deemed uncollectible they are charged off against the reserve previously established in the allowance. |
Inventories |
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Inventories | Inventories Inventories are valued at the lower of first-in, first-out cost or market. Cost includes applicable material, labor and overhead. Inventories consisted of the following:
Inventories on-hand are regularly reviewed and, when necessary, provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements, which reflect expected market volumes. Excess and obsolete provisions may vary by product depending upon future potential use of the product. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of acquisition purchase price over the fair value of net assets acquired. We review goodwill for impairment annually, initially utilizing a qualitative assessment, in the second fiscal quarter and whenever events or changes in circumstances indicate the carrying value may not be recoverable. Our goodwill is attributable to the GTB Segment. In conducting the qualitative assessment, we consider relevant events and circumstances that affect the fair value or carrying amount of the reporting unit. Such events and circumstances could include macroeconomic conditions, industry and market considerations, overall financial performance, entity and reporting unit specific events, cost factors and capital market pricing. We consider the extent to which each of the adverse events and circumstances identified affect the comparison of the reporting unit’s fair value with its carrying amount. We place more weight on the events and circumstances that most affect the reporting unit’s fair value or the carrying amount of its net assets. We consider positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform the first step of the impairment test. No impairment was recorded as a result of our second quarter 2018 assessment. The changes in the carrying amounts of goodwill are as follows:
Our definite-lived intangible assets were comprised of the following:
The aggregate intangible asset amortization expense was approximately $0.3 million for the three months ended September 30, 2018 and 2017 and $1.0 million for the nine months ended September 30, 2018 and 2017. Intangible assets accumulated amortization was positively impacted by foreign currency translation of $0.4 million for the nine months ended September 30, 2018. The estimated intangible asset amortization expense for the fiscal year ending December 31, 2018 and for each of the five succeeding years is $1.3 million per year through 2019 and $1.1 million per year from 2020 through 2023. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Warranty — We are subject to warranty claims for products that fail to perform as expected due to design or manufacturing deficiencies. Customers generally require their outside suppliers to guarantee or warrant their products and bear the cost of repair or replacement of such products. Depending on the terms under which we supply products to our customers, a customer may hold us responsible for some or all of the repair or replacement costs of defective products when the product supplied did not perform as represented. Our policy is to reserve for estimated future customer warranty costs based on historical trends and current economic factors. The following represents a summary of the warranty provision for the nine months ended September 30, 2018:
Leases — We lease office, warehouse and manufacturing space and certain equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. The anticipated future lease costs are based in part on certain assumptions and we monitor these costs to determine if the estimates need to be revised in the future. As of September 30, 2018, our equipment leases did not provide for any material guarantee of a specified portion of residual values. Litigation — We are subject to various legal proceedings and claims arising in the ordinary course of business, including but not limited to workers' compensation claims, OSHA investigations, employment disputes, unfair labor practice charges, customer and supplier disputes, service provider disputes, product liability claims, intellectual property disputes, and environmental claims arising out of the conduct of our businesses and examinations by the Internal Revenue Service. Management believes that the Company maintains adequate insurance or that we have established reserves for issues that are probable and estimable in amounts that are adequate to cover reasonable adverse judgments not covered by insurance. Based upon the information available to management and discussions with legal counsel, it is the opinion of management that the ultimate outcome of the various legal actions and claims that are incidental to our business are not expected to have a material adverse impact on the consolidated financial position, results of operations, equity or cash flows; however, such matters are subject to many uncertainties and the outcomes of individual matters are not predictable with any degree of assurance. Debt Payments — As disclosed in Note 12, the TLS Agreement requires the Company to repay a fixed amount of principal on a quarterly basis, make mandatory prepayments of excess cash flows and voluntary prepayments that coincide with certain events. The following table provides future minimum principal payments due on long-term debt for the next five fiscal years and the remaining years thereafter:
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Debt and Credit Facilities |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Facilities | Debt and Credit Facilities Debt consisted of the following:
(a) Presented in the Condensed Consolidated Balance Sheets as of September 30, 2018 as current portion of long-term debt of $3.2 million, net of deferred financing costs and original issue discount each of $0.6 million; and long-term debt of $161.3 million, net of deferred financing costs and original issue discount of $1.8 million and $2.0 million, respectively. Term Loan and Security Agreement On April 12, 2017, the Company entered into a $175.0 million senior secured Term Loan and Security Agreement (the “TLS Agreement”) maturing on April 12, 2023, the terms of which are described in Note 6 in our 2017 Form 10-K. The unamortized deferred financing fees of $2.4 million and original issue discount of $2.6 million are netted against the aggregate book value of the outstanding debt resulting in a balance of $164.6 million as of September 30, 2018 and are being amortized over the remaining life of the agreement. The TLS Agreement contains customary restrictive, financial maintenance and reporting covenants that are described in Note 6 in our 2017 Form 10-K. We were in compliance with the covenants as of September 30, 2018. Revolving Credit Facility On April 12, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (the "Third ARLS Agreement"), the terms of which are described in Note 6 in our 2017 Form 10-K. The applicable margin, which is set at Level III as of September 30, 2018, is based on average daily availability under the revolving credit facility as follows:
We had borrowing availability of $63.3 million at September 30, 2018. At September 30, 2018 we had no borrowings under the revolving credit facility and the outstanding letters of credit were $1.7 million. The unamortized deferred financing fees associated with our revolving credit facility of $0.8 million and $0.9 million as of September 30, 2018 and December 31, 2017, respectively, were being amortized over the remaining life of the agreement. At December 31, 2017 we did not have borrowings under the revolving credit facility and had outstanding letters of credit $2.1 million. The Third ARLS Agreement contains customary restrictive, financial maintenance and reporting covenants that are described in Note 6 in our 2017 Form 10-K. Since the Company had borrowing availability in excess of the greater of (i) $5,000,000 or (ii) ten percent (10%) of the revolving commitments, from December 31, 2017 through September 30, 2018, the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the quarter ended September 30, 2018. The Company was in compliance with all applicable covenants as of September 30, 2018. |
Income Taxes |
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Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We file federal and state income tax returns in the U.S. and income tax returns in foreign jurisdictions. With a few exceptions, we are no longer subject to income tax examinations by the taxing jurisdictions for years prior to 2014. As of September 30, 2018 and December 31, 2017, the Company had $0.5 million in unrecognized tax benefits related to U.S. federal, state and foreign jurisdictions which may impact our effective tax rate, if recognized. The domestic unrecognized tax benefits are netted against their related long-term deferred tax assets. We accrue penalties and interest related to unrecognized tax benefits through income tax expense. Included in the unrecognized tax benefits is $0.3 million of interest and penalties as of September 30, 2018 and December 31, 2017. We are not aware of any events that could occur within the next twelve months that would have an impact on the amount of unrecognized tax benefits that would require a reserve. At September 30, 2018, due to cumulative losses and other factors, we continue to carry valuation allowances against certain deferred tax assets, primarily in the United Kingdom and Luxembourg. Additionally, we continue to carry valuation allowances related to certain state deferred tax assets that we believe are more likely than not to expire before they can be utilized. We evaluate the need for valuation allowances in each of our jurisdictions on a quarterly basis. The enactment of U.S. Tax Reform brought about significant changes to the U.S. tax code, including implementing a new provision designed to tax global intangible low-taxed income (“GILTI”) of foreign subsidiaries but allowing for the possibility to utilize foreign tax credits to offset the associated tax liability (subject to certain limitations). Pursuant to Staff Accounting Bulletin No. 118 ("SAB 118") issued by the SEC, the Company is allowed to make an accounting policy of either (1) treating taxes due on future U.S. taxable income inclusions related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into the measurement of the Company’s deferred taxes (the “deferred method”). Although we included an estimate of the current period impact of GILTI in our tax provision for the period ended September 30, 2018, we are still in the process of evaluating and have not yet made a policy decision as to how the Company will account for the tax implications of GILTI in future periods. Under SAB 118, we have until December 22, 2018, to formalize our policy. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The following tables present segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items for the three and nine months ended September 30, 2018 and 2017:
1 Other items include costs associated with plant closures, including employee severance and retention costs, lease cancellation costs, building repairs and costs to transfer equipment.
1 Other items include costs associated with plant closures, including employee severance and retention costs, lease cancellation costs, building repairs, costs to transfer equipment, and settlement costs associated with a consulting contract litigation. |
Derivative Contracts |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | Derivative Contracts We use foreign exchange contracts to hedge some of our foreign currency transaction exposures. We estimate our projected revenues and purchases in certain foreign currencies and may hedge a portion of the anticipated long or short positions. The contracts typically run from one month up to eighteen months. As of September 30, 2018, we did not have any derivatives designated as hedging instruments; therefore, our foreign exchange contracts have been marked-to-market and the fair value of contracts recorded in the Condensed Consolidated Balance Sheets with the offsetting non-cash gain or loss recorded in cost of revenues in our Condensed Consolidated Statements of Income. We do not hold or issue foreign exchange options or foreign exchange contracts for trading purposes. Our foreign exchange contracts are subject to a master netting agreement. We record assets and liabilities relating to our foreign exchange contracts on a gross basis in our Condensed Consolidated Balance Sheets. The following table summarizes the notional amount of our open foreign exchange contracts:
We consider the impact of our credit risk on the fair value of the contracts, as well as our ability to honor obligations under the contract. On June 30, 2017, the Company entered into an interest rate swap agreement to fix the interest rate on an initial aggregate amount of $80.0 million of the Term Loan Facility thereby reducing exposure to interest rate changes. The interest rate swap has a floor rate of 2.07% and an all-in rate of 8.07%, with a maturity date of April 30, 2022. As of September 30, 2018, the interest rate swap agreement was not designated as a hedging instrument; therefore, our interest rate swap agreement has been marked-to-market and the fair value of the agreement recorded in the Condensed Consolidated Balance Sheets with the offsetting gain or loss recorded in interest and other expense in our Condensed Consolidated Statements of Income. The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheets for derivatives, none of which are designated as accounting hedges:
The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Income for derivatives not designated as hedging instruments:
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Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | Other Comprehensive Loss The after-tax changes in accumulated other comprehensive loss are as follows:
The related tax effects allocated to each component of other comprehensive (loss) income are as follows:
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Pension and Other Post-Retirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Post-Retirement Benefit Plans | Pension and Other Post-Retirement Benefit Plans We sponsor pension and other post-retirement benefit plans that cover certain hourly and salaried employees in the United States and United Kingdom. Each of the plans are frozen to new participants. Our policy is to make annual contributions to the plans to fund the normal cost as required by local regulations. The components of net periodic (benefit) cost related to pension and other post-retirement benefit plans is as follows:
We expect to contribute approximately $3.1 million to our pension plans and our other post-retirement benefit plans in 2018. As of September 30, 2018, $2.5 million of contributions have been made. |
Restructuring |
9 Months Ended |
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Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring We did not incur any restructuring charges in the nine months ended September 30, 2018. For the nine months ended September 30, 2017, we incurred in cost of revenues totaling $2 million of restructuring charges in our Monona and Shadyside facilities. As of September 30, 2017, our remaining provision of for restructuring was $0.8 million. |
Recently Issued Accounting Pronouncements (Policies) |
9 Months Ended |
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Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | In August 2018 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." ASU 2018-15 aligns the capitalization of implementation costs incurred in a hosting arrangement that is a service contract consistent with the capitalization of implementation costs incurred to develop internal-use software. The Company will adopt ASU 2018-15 as of the fourth quarter of 2018 on a prospective basis and does not expect a material impact. In August 2018 the FASB issued ASU No. 2018-14, "Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The Company will adopt ASU 2018-14 as of December 31, 2018 and does not expect a material impact. In August 2018 the FASB issued ASU No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement," which modifies disclosure requirements on fair value measurements by removing some disclosures around transfers within Level 1 and 2 assets, modifications to disclosures pertaining to investments that calculate net asset value and additional disclosures pertaining to Level 3 investments. The Company will adopt ASU 2018-13 as of December 31, 2018 and does not expect a material impact. In July 2018 the FASB issued ASU No. 2018-09, "Codification Improvements," which clarified reporting of comprehensive income, extinguishment of debt when the fair value option is elected, accounting for freestanding derivatives, recognition of excess tax benefits for compensation expense, allocation of the consolidated tax provision to an acquired entity post-acquisition, offsetting of derivatives and clarifications in measurement of fair value. In accordance with ASU 2018-09, the Company will adopt portions of the guidance immediately and other portions as of January 1, 2019. We do not expect a material impact. In August 2017 the FASB issued ASU No. 2017-12, "Targeted Improvements to Accounting for Hedging Activities," which simplifies hedge accounting to better align risk management activities and financial reporting for hedging relationships and clarifies the presentation of recognized gains and losses from derivatives. The Company anticipates early adoption of ASU 2017-12 as of the fourth quarter of 2018. As we do not currently use hedge accounting for our derivatives, we will begin reporting gains and losses in interim periods in Other Comprehensive Income and will recognize gains and losses in the same line item as the hedged transaction when the derivatives settle. In February 2016 the FASB issued ASU No. 2016-02, "Leases (Topic 842)" followed by ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" in July 2018. ASU 2016-02 is intended to increase transparency and comparability among companies by recognizing lease assets and liabilities and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. In accordance with ASU 2016-02, we plan to elect not to recognize lease assets and lease liabilities for leases with a term of twelve months or less. The ASU requires a modified retrospective transition method, or a transition method option under ASU 2018-11, with the option to elect a package of practical expedients that permits the Company to: a. not reassess whether expired or existing contracts contain leases, b. not reassess lease classification for existing or expired leases and c. not consider whether previously capitalized initial direct costs would be appropriate under the new standard. The Company will elect to apply the package of practical expedients. ASU 2018-11 provides another transition method option by allowing entities to apply the new leasing standard on the date of adoption and recognizing a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to implement the transition method option in ASU 2018-11. The Company is assessing the impact of this pronouncement and anticipates it will impact the presentation of our lease assets and liabilities and associated disclosures by the recognition of lease assets and liabilities that are not included in the Consolidated Balance Sheets under existing accounting guidance. We are reviewing our lease arrangements, including facility leases and machinery and equipment leases. The lease terms generally are not complex in nature. We are reviewing other arrangements which could contain embedded lease arrangements to be considered under the revised guidance. We have not finalized our assessment but believe this standard will have a significant impact on our consolidated balance sheets. The standard is not expected to have a material impact on the Company's results of operations or cash flows. Accounting Pronouncements Implemented in the Current Year Revenue Recognition Guidance In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” followed by a series of standards and clarifications, including: ASU No. 2016-08, "Principal Versus Agent Considerations (Reporting Revenue Gross versus Net)", ASU No. 2016-10, "Identifying Performance Obligations and Licensing" and ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients". These ASUs supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. Under previous and current guidance, we typically recognize revenue when products are shipped and control has transferred to the customer. We assessed the timing of revenue recognition in light of the customized nature of some of our products and provisions of some of our customer contracts and generally did not note an enforceable right to payment that would require us to recognize revenue prior to the product being shipped to the customer. We assessed certain pricing provisions contained in some of our customer contracts and determined they do not represent a material right to the customer. We evaluated how we account for customer owned tooling, engineering and design services, and pre-production costs and determined this accounting should not change under the new guidance. Finally, we evaluated our standard warranties and determined they did not represent a material right to the customer. We did not record a transition adjustment as a result of the implementation and there was no impact on the quarter ending September 30, 2018. We adopted ASC 606, Revenue from Contracts with Customers, with an effective date of January 1, 2018. As a result, the Company expanded its disclosure regarding our accounting policy for revenue recognition and disaggregation of revenue as detailed in Note 3. Income Tax Guidance In March 2018, the FASB issued ASU No. 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin ("SAB") No. 118". ASU No. 2018-05 amends Topic 740 for income tax accounting implications resulting from the Tax Cuts and Jobs Act ("U.S. Tax Reform") as discussed in SAB 118. ASU 2018-05 was effective December 22, 2017. The measurement period to finalize our calculations as they relate to U.S. Tax Reform cannot extend beyond one year of the enactment date. In December 2017, the Company determined the U.S. Tax Reform gave rise to a provision of $4.0 million on the deemed repatriation of accumulated untaxed earnings of foreign subsidiaries which was recorded in that period. At December 31, 2017, the assessment of the $4.0 million tax provision on the accumulated untaxed earnings of foreign subsidiaries was estimated. Any adjustments to provisional amounts are included in income from operations as an adjustment to tax expense in the period the amounts are determined. During the quarter ended September 30, 2018, a $2.9 million adjustment was made to reduce the provisional $4.0 million tax expense recorded for the year ended December 31, 2017. The adjustment represents our best estimate at this time and will remain provisional in nature as the Company continues to refine its calculation based on, among other things, its evaluation of recently issued and expected future guidance. Consequently, the Company may record further adjustments to this provisional tax amount during the quarter ending December 31, 2018. |
Contractual Arrangements | Revenue is measured based on terms and considerations specified in contracts with customers. We have long-term contracts with some customers that govern overall terms and conditions accompanied by individual purchase orders that define specific order quantities and/or price. We have many customers that operate under terms outlined in purchase orders without a long-term contract. We generally do not have customer contracts with minimum order quantity requirements. Amount and Timing of Revenue Recognition The transaction price is based on the consideration to which the Company will be entitled in exchange for transferring control of a product to the customer. This is defined in a purchase order or in a separate pricing arrangement and represents the stand-alone selling price. Our payment terms vary by the type and location of our customer and the products offered. None of the Company's contracts as of September 30, 2018, contained a significant financing component. We typically do not have multiple performance obligations requiring us to allocate a transaction price. We recognize revenue at the point in time when we satisfy a performance obligation by transferring control of a product to a customer, usually at a designated shipping point and in accordance with customer specifications. We make estimates for potential customer returns or adjustments based on historical experience, which reduce revenues. |
Accounts Receivable | Trade accounts receivable are stated at current value less an allowances, which approximates fair value. This allowance is estimated based primarily on management’s evaluation of specific balances as the balances become past due, commercial adjustments, the financial condition of our customers and our historical experience with write-offs. If not reserved through specific identification procedures, our general policy for potentially uncollectible accounts is to reserve at a certain percentage based upon the aging categories of accounts receivable and our historical experience with write-offs. Past due status is based upon the due date of the original amounts outstanding. When items are ultimately deemed uncollectible they are charged off against the reserve previously established in the allowance. |
Warranty | We are subject to warranty claims for products that fail to perform as expected due to design or manufacturing deficiencies. Customers generally require their outside suppliers to guarantee or warrant their products and bear the cost of repair or replacement of such products. Depending on the terms under which we supply products to our customers, a customer may hold us responsible for some or all of the repair or replacement costs of defective products when the product supplied did not perform as represented. Our policy is to reserve for estimated future customer warranty costs based on historical trends and current economic factors. |
Leases | We lease office, warehouse and manufacturing space and certain equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. The anticipated future lease costs are based in part on certain assumptions and we monitor these costs to determine if the estimates need to be revised in the future. As of September 30, 2018, our equipment leases did not provide for any material guarantee of a specified portion of residual values. |
Fair Value Measurement (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Our Derivative Assets and Liabilities | The fair values of our derivative assets and liabilities are categorized as follows:
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Carrying Amounts and Fair Values of Our Long-Term Debt Obligations | The carrying amounts and fair values of our long-term debt obligations are as follows:
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Stockholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings per Share | Diluted earnings per share for the three and nine months ended September 30, 2018 and 2017 includes the effects of potential common shares issuable upon the vesting of restricted stock, when dilutive.
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Share-Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Information about Restricted Stock Grants Outstanding | The following table summarizes information about outstanding restricted stock grants as of September 30, 2018:
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Summary of Information about Nonvested Restricted Stock Grants | The following table summarizes information about the non-vested restricted stock grants for the nine months ended September 30, 2018 and 2017:
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Performance Awards (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Performance Activity | The following table summarizes performance awards granted in the form of cash awards under the 2014 EIP in November 2017, 2016 and 2015:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories consisted of the following:
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Goodwill and Intangible Assets (Tables) |
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Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill are as follows:
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Summary of Intangible Assets | Our definite-lived intangible assets were comprised of the following:
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Commitments and Contingencies (Tables) |
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Summary of Warranty Provision | The following represents a summary of the warranty provision for the nine months ended September 30, 2018:
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Schedule of Minimum Principal Payments Due on Long-term Debt | The following table provides future minimum principal payments due on long-term debt for the next five fiscal years and the remaining years thereafter:
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Debt and Credit Facilities (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | Debt consisted of the following:
(a) Presented in the Condensed Consolidated Balance Sheets as of September 30, 2018 as current portion of long-term debt of $3.2 million, net of deferred financing costs and original issue discount each of $0.6 million; and long-term debt of $161.3 million, net of deferred financing costs and original issue discount of $1.8 million and $2.0 million, respectively. |
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Margin for Borrowings under Revolving Credit Facility | The applicable margin, which is set at Level III as of September 30, 2018, is based on average daily availability under the revolving credit facility as follows:
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | The following tables present segment revenues, gross profit, depreciation and amortization expense, selling, general and administrative expenses, operating income, capital expenditures and other items for the three and nine months ended September 30, 2018 and 2017:
1 Other items include costs associated with plant closures, including employee severance and retention costs, lease cancellation costs, building repairs and costs to transfer equipment.
1 Other items include costs associated with plant closures, including employee severance and retention costs, lease cancellation costs, building repairs, costs to transfer equipment, and settlement costs associated with a consulting contract litigation. |
Derivative Contracts (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts:
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Fair Value and Presentation in Consolidated Balance Sheets for Derivatives none of which are Designated as Accounting Hedges | The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheets for derivatives, none of which are designated as accounting hedges:
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Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments | The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Income for derivatives not designated as hedging instruments:
|
Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-tax Changes in Accumulated Other Comprehensive Loss | The after-tax changes in accumulated other comprehensive loss are as follows:
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Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Loss | The related tax effects allocated to each component of other comprehensive (loss) income are as follows:
|
Pension and Other Post-Retirement Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic (benefit) cost related to pension and other post-retirement benefit plans is as follows:
|
Description of Business and Basis of Presentation - Additional Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
Segment
| |
Accounting Policies [Abstract] | |
Reportable segments | 2 |
Recently Issued Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Accounting Changes and Error Corrections [Abstract] | ||
Provision for taxes repatriation of foreign earnings | $ 2.9 | $ 4.0 |
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 151,196 | $ 108,595 |
Fair Value Measurement - Carrying Amounts and Fair Values of Our Long-Term Debt Obligations (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 3,217 | $ 3,191 |
Long-term debt | 161,340 | 163,758 |
Term Loan Facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Carrying amount | 164,557 | 166,949 |
Fair Value | 166,252 | $ 169,972 |
Current portion of long-term debt | $ 3,200 |
Stockholders' Equity - Additional Information (Detail) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | 60,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 30,219,278 | 30,219,278 | 30,219,278 | ||
Common stock, shares outstanding (in shares) | 30,219,278 | 30,219,278 | 30,219,278 | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | ||
Restricted Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Antidilutive stock excluded from earning per share (in shares) | 0 | 0 | 0 | 0 |
Stockholders' Equity - Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Equity [Abstract] | ||||
Net income | $ 12,583 | $ 4,763 | $ 35,631 | $ 5,523 |
Weighted average number of common shares outstanding (in shares) | 30,219 | 29,875 | 30,219 | 29,874 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 419 | 612 | 356 | 505 |
Dilutive shares outstanding (in shares) | 30,638 | 30,487 | 30,575 | 30,379 |
Basic earnings per share (in dollars per share) | $ 0.42 | $ 0.16 | $ 1.18 | $ 0.18 |
Diluted earnings per share (in dollars per share) | $ 0.41 | $ 0.16 | $ 1.17 | $ 0.18 |
Share-Based Compensation - Additional Information (Detail) $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unearned compensation | $ 3.0 |
Share-Based Compensation - Summary of Information about Nonvested Restricted Stock Grants (Details) - Restricted Stock - $ / shares shares in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Nonvested Restricted Stock Shares | ||
Nonvested - beginning of year (in shares) | 787 | 981 |
Granted (in shares) | 64 | 6 |
Vested (in shares) | 0 | (6) |
Forfeited (in shares) | (16) | (39) |
Nonvested - end of period (in shares) | 835 | 942 |
Nonvested Restricted Stock Weighted-Average Grant-Date Fair Value | ||
Nonvested - beginning of year (in dollars per share) | $ 6.84 | $ 4.70 |
Granted (in dollars per share) | 8.41 | 8.77 |
Vested (in dollars per share) | 0.00 | 4.89 |
Forfeited (in dollars per share) | 7.12 | 4.84 |
Nonvested - end of period (in dollars per share) | $ 6.96 | $ 4.72 |
Performance Awards - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unrecognized compensation expense | $ 3.0 | $ 3.0 | ||
Performance Awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Compensation expense (benefit) | 1.0 | $ (0.3) | 1.6 | $ 0.4 |
Unrecognized compensation expense | $ 1.6 | $ 1.4 | $ 1.6 | $ 1.4 |
2014 Equity Incentive Plan | Performance Awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Performance period | 3 years |
Inventories (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 66,646 | $ 73,026 |
Work in process | 12,612 | 10,136 |
Finished goods | 13,937 | 15,853 |
Inventories | $ 93,195 | $ 99,015 |
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Goodwill [Roll Forward] | ||
Balance — Beginning | $ 8,045 | $ 7,703 |
Currency translation adjustment | (671) | 342 |
Balance — Ending | $ 7,374 | $ 8,045 |
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,125 | $ 23,081 |
Accumulated Amortization | (9,138) | (8,533) |
Net Carrying Amount | $ 12,987 | 14,548 |
Trademarks/Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 23 years | |
Gross Carrying Amount | $ 8,356 | 8,472 |
Accumulated Amortization | (3,792) | (3,585) |
Net Carrying Amount | $ 4,564 | 4,887 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Amortization Period | 15 years | |
Gross Carrying Amount | $ 13,769 | 14,609 |
Accumulated Amortization | (5,346) | (4,948) |
Net Carrying Amount | $ 8,423 | $ 9,661 |
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 321 | $ 332 | $ 980 | $ 990 |
Currency Translation Adjustment | 400 | 400 | ||
Estimated intangible asset amortization expense next twelve months | 1,300 | 1,300 | ||
Estimated intangible asset amortization expense 2019 | 1,300 | 1,300 | ||
Estimated intangible asset amortization expense 2020 | 1,200 | 1,200 | ||
Estimated intangible asset amortization expense 2021 | 1,200 | 1,200 | ||
Estimated intangible asset amortization expense 2022 | 1,200 | 1,200 | ||
Estimated intangible asset amortization expense 2023 | $ 1,100 | $ 1,100 |
Commitments and Contingencies - Summary of Warranty Provision (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance - Beginning of the year | $ 3,490 |
Provision for new warranty claims | 1,670 |
Change in provision for preexisting warranty claims | 974 |
Deduction for payments made | (2,012) |
Currency translation adjustment | (124) |
Balance - End of period | $ 3,998 |
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2018 | $ 1,093 |
2019 | 4,375 |
2020 | 4,375 |
2021 | 4,375 |
2022 | 4,375 |
Thereafter | $ 150,938 |
Debt and Credit Facilities - Summary of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 3,217 | $ 3,191 |
Long-term debt | 161,340 | 163,758 |
Term Loan Facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 164,557 | $ 166,949 |
Current portion of long-term debt | 3,200 | |
Deferred financing cost, current | 600 | |
Deferred financing cost, noncurrent | 1,800 | |
Debt discount, current | 600 | |
Debt discount, noncurrent | $ 2,000 |
Debt and Credit Facilities - Additional Information (Detail) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Apr. 12, 2017 |
|
Term Loan Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Secured term loan facility | $ 175,000,000 | ||
Term Loan Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt instrument fee | $ 2,400,000 | ||
Debt instrument discount | 2,600,000 | ||
Long-term debt | 164,557,000 | $ 166,949,000 | |
Third ARLS Agreement | Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument fee | 800,000 | 900,000 | |
Availability of borrowing | 63,300,000 | ||
Outstanding borrowings | 0 | 0 | |
Third ARLS Agreement | Line of Credit | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings | 1,700,000 | $ 2,100,000 | |
Borrowing availability threshold | $ 5,000,000 | ||
Borrowing availability threshold (as a percent) | 10.00% |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0.5 | $ 0.5 |
Accrued unrecognized tax benefits interest and penalties | $ 0.3 | $ 0.3 |
Derivative Contracts - Additional Information (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Jun. 30, 2017 |
|
Foreign exchange contract | Minimum | ||
Derivative [Line Items] | ||
Derivative term of contracts | 1 month | |
Foreign exchange contract | Maximum | ||
Derivative [Line Items] | ||
Derivative term of contracts | 18 months | |
Interest swap contract | Term Loan Facility | Secured Debt | ||
Derivative [Line Items] | ||
Aggregate amount | $ 80,000,000.0 | |
Derivative floor rate (as a percent) | 2.07% | |
Derivative all in rate (as a percent) | 8.07% |
Derivative Contracts - Notional Amount of Foreign Exchange Contracts (Details) - Foreign exchange contract - Commitments to buy or sell currencies - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative [Line Items] | ||
U.S. $ Equivalent | $ 3,783 | $ 17,491 |
U.S. $ Equivalent Fair Value | $ 3,958 | $ 16,838 |
Derivative Contracts - Fair Value and Presentation in Consolidated Balance Sheets for Derivatives (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Foreign exchange contract | ||
Derivative [Line Items] | ||
Asset Derivatives | $ 168 | $ 20 |
Liability Derivatives | 7 | 627 |
Foreign exchange contract | Other current assets | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Asset Derivatives | 168 | 20 |
Foreign exchange contract | Accrued liabilities | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Liability Derivatives | 7 | 627 |
Interest swap contract | ||
Derivative [Line Items] | ||
Asset Derivatives | 2,343 | 515 |
Liability Derivatives | 0 | 246 |
Interest swap contract | Other assets, net | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Asset Derivatives | 2,343 | 515 |
Interest swap contract | Accrued liabilities | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Liability Derivatives | $ 0 | $ 246 |
Derivative Contracts - Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 2,842 | $ 979 | ||
Foreign exchange contract | Cost of Revenues | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 334 | $ (322) | 767 | 1,438 |
Interest swap contract | Interest and Other Expense | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 350 | $ 38 | $ 1,950 | $ (485) |
Other Comprehensive Loss - After-tax Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 74,742 | |
Net current period change | (5,363) | $ 5,209 |
Amortization of actuarial losses | (1,992) | (1,830) |
Ending balance | 105,315 | |
Foreign currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (17,172) | (24,313) |
Net current period change | (5,363) | 5,209 |
Ending balance | (22,535) | (19,104) |
Pension and post-retirement benefits plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (24,063) | (24,532) |
Net current period change | 0 | 0 |
Amortization of actuarial losses | (1,992) | (1,830) |
Ending balance | (26,055) | (26,362) |
Accumulated other comprehensive loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (41,235) | (48,845) |
Ending balance | $ (48,590) | $ (45,466) |
Other Comprehensive Loss - Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Equity [Abstract] | ||||
Cumulative translation adjustment, before tax amount | $ (1,529) | $ 1,130 | $ (5,363) | $ 5,209 |
Amortization of actuarial losses, before tax amount | (1,230) | (763) | (2,500) | (2,481) |
Total other comprehensive income (loss), before tax amount | (2,759) | 367 | (7,863) | 2,728 |
Cumulative translation adjustment, tax | 0 | 0 | 0 | 0 |
Amortization of actuarial losses, tax | 170 | 217 | 508 | 651 |
Total other comprehensive income (loss), tax | 170 | 217 | 508 | 651 |
Cumulative translation adjustment, after tax amount | (1,529) | 1,130 | (5,363) | 5,209 |
Amortization of actuarial losses, after tax amount | (1,060) | (546) | (1,992) | (1,830) |
Total other comprehensive income (loss) | $ (2,589) | $ 584 | $ (7,355) | $ 3,379 |
Pension and Other Post-Retirement Benefit Plans (Detail) - Pension Plan - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
U.S. Pension Plans and Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 33 | $ 0 | $ 100 |
Interest cost | 418 | 449 | 1,254 | 1,346 |
Expected return on plan assets | (787) | (671) | (2,360) | (2,013) |
Amortization of prior service cost | 2 | 2 | 5 | 5 |
Recognized actuarial loss | 69 | 89 | 206 | 268 |
Net (benefit) cost | (298) | (98) | (895) | (294) |
Non-U.S. Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 265 | 289 | 821 | 845 |
Expected return on plan assets | (310) | (302) | (960) | (882) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized actuarial loss | 126 | 122 | 393 | 358 |
Net (benefit) cost | $ 81 | $ 109 | $ 254 | $ 321 |
Pension and Other Post-Retirement Benefit Plans - Additional Information (Detail) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Retirement Benefits [Abstract] | |
Expected contribution to pension plans and post-retirement benefit plans | $ 3.1 |
Contributions made to pension plans | $ 2.5 |
Restructuring - Additional Information (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs incurred | $ 0 | |
Remaining provision | $ 800,000 | |
Employee Separation, Facility and Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Utilized funds | (900,000) | |
Employee Separation, Facility and Other Costs | Monona Facility | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs incurred | $ 2,000,000 |
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