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 |
1.6 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | ||||||||||||
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 | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) (In thousands, except per share amounts) | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
Income before provision for income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per Common Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) (In thousands) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency exchange translation adjustments | ( | ( | ( | ( | |||||||||||||||||||
Minimum pension liability, net of tax | ( | ( | ( | ||||||||||||||||||||
Derivative instrument, net of tax | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
(In thousands, except share and per share amounts) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, net of allowances of $ | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Deferred income taxes | |||||||||||
Other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities and other | |||||||||||
Current portion of long-term debt and short-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Pension and other post-retirement benefits | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | $ | $ | |||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost: | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Noncash amortization of debt financing costs | |||||||||||
Pension cash reversion | |||||||||||
Share-based compensation expense | |||||||||||
Deferred income taxes | ( | ||||||||||
Non-cash loss (income) on derivative contracts | ( | ||||||||||
Loss on extinguishment of debt | |||||||||||
Settlement of derivative contract | |||||||||||
Change in other operating items: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ||||||||||
Prepaid expenses | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Other operating activities, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Proceeds from disposal/sale of property, plant and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings under term loan facility | |||||||||||
Repayment of term loan facility | ( | ( | |||||||||
Borrowings under revolving credit facility | |||||||||||
Repayment of revolving credit facility | ( | ( | |||||||||
Surrender of shares to pay withholding taxes | ( | ( | |||||||||
Debt issuance and amendment costs | ( | ||||||||||
Other financing activities | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | ( | ( | |||||||||
NET INCREASE IN CASH | |||||||||||
CASH: | |||||||||||
Beginning of period | |||||||||||
End of period | $ | $ |
Common Stock | Treasury Stock | Additional Paid In Capital | Retained Deficit | Accumulated Other Comp. Loss | Total CVG Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
(Unaudited) (In thousands, except share amounts) | |||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Share-based compensation expense | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance - March 31, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Share-based compensation expense | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance - June 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Share-based compensation expense | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Balance - September 30, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Share-based compensation expense | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance - March 31, 2023 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance - June 30, 2023 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Balance - September 30, 2023 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Electrical wire harnesses, panels and assemblies | |||||||||||||||||||||||||||||
Trim | |||||||||||||||||||||||||||||
Industrial Automation | |||||||||||||||||||||||||||||
Cab structures | |||||||||||||||||||||||||||||
Mirrors, wipers and controls | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Electrical wire harnesses, panels and assemblies | |||||||||||||||||||||||||||||
Trim | |||||||||||||||||||||||||||||
Industrial Automation | |||||||||||||||||||||||||||||
Cab structures | |||||||||||||||||||||||||||||
Mirrors, wipers and controls | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Electrical wire harnesses, panels and assemblies | |||||||||||||||||||||||||||||
Trim | |||||||||||||||||||||||||||||
Industrial Automation | |||||||||||||||||||||||||||||
Cab structures | |||||||||||||||||||||||||||||
Mirrors, wipers and controls | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Electrical wire harnesses, panels and assemblies | |||||||||||||||||||||||||||||
Trim | |||||||||||||||||||||||||||||
Industrial Automation | |||||||||||||||||||||||||||||
Cab structures | |||||||||||||||||||||||||||||
Mirrors, wipers and controls | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Term loan facility | $ | $ | |||||||||
Revolving credit facility | |||||||||||
China credit facility | |||||||||||
Unamortized issuance costs | ( | ( | |||||||||
$ | $ | ||||||||||
Less: current portion of long-term debt and short-term debt | ( | ( | |||||||||
Total long-term debt, net of current portion | $ | $ |
Pricing Tier | Consolidated Total Leverage Ratio | Commitment Fee | Letter of Credit Fee | Term SOFR Loans | Base Rate Loans | |||||||||||||||||||||||||||
I | > | |||||||||||||||||||||||||||||||
II | < > | |||||||||||||||||||||||||||||||
III | < > | |||||||||||||||||||||||||||||||
IV | < > | |||||||||||||||||||||||||||||||
V | < |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Weighted- Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||
Trademarks/tradenames | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||||||||
Technical know-how | ( | ( | |||||||||||||||||||||||||||||||||||||||
Covenant not to compete | ( | ( | |||||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreement | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
U.S. $ Equivalent | U.S. $ Equivalent Fair Value | U.S. $ Equivalent | U.S. $ Equivalent Fair Value | ||||||||||||||||||||
Commitments to buy or sell currencies | $ | $ | $ | $ |
Derivative Asset | |||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
Foreign exchange contracts | Other current assets | $ | $ | ||||||||||||||
Interest rate swap agreement | Other current assets | $ | $ | ||||||||||||||
Derivative Liability | |||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
Foreign exchange contracts | Accrued liabilities and other | $ | $ | ||||||||||||||
Derivative Equity | |||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
Derivative instruments | Accumulated other comprehensive income | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Location of Gain (Loss) on Derivatives Recognized in Income (Loss) | Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | Amount of Gain (Loss) on Derivatives Recognized in Income (Loss) | |||||||||||||||||||||||||||
Foreign exchange contracts | Cost of revenues | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate swap agreement | Interest and other expense | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Foreign exchange contracts | Other (income) expense | $ | ( | $ | ( | $ | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan and security agreement 1 | $ | $ | $ | $ | |||||||||||||||||||
Revolving credit facility | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Total lease expense | $ | $ | $ | $ |
Balance Sheet Location | September 30, 2023 | December 31, 2022 | ||||||||||||
Operating Leases | ||||||||||||||
Right-of-use assets, net | $ | $ | ||||||||||||
Current liabilities | ||||||||||||||
Non-current liabilities | ||||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
Finance Leases | ||||||||||||||
Right-of-use assets, net | $ | $ | ||||||||||||
Current liabilities | ||||||||||||||
Non-current liabilities | ||||||||||||||
Total finance lease liabilities | $ | $ |
Operating | Financing | Total | ||||||||||||||||||
Remainder of 2023 | $ | $ | $ | |||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total lease payments | $ | $ | $ | |||||||||||||||||
Less: Imputed interest | ( | ( | ( | |||||||||||||||||
Present value of lease liabilities | $ | $ | $ |
Non-U.S. Pension Plan | |||||||||||
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Interest cost | $ | $ | |||||||||
Expected return on plan assets | ( | ( | |||||||||
Amortization of prior service cost | |||||||||||
Recognized actuarial loss | |||||||||||
Net cost | $ | $ |
Non-U.S. Pension Plan | |||||||||||
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Interest cost | $ | $ | |||||||||
Expected return on plan assets | ( | ( | |||||||||
Amortization of prior service cost | |||||||||||
Recognized actuarial loss | |||||||||||
Net cost | $ | $ |
Amount | ||||||||
Adjusted Award Value at December 31, 2022 | $ | |||||||
New grants | ||||||||
Forfeitures | ( | |||||||
Adjustments | ||||||||
Payments | ( | |||||||
Adjusted Award Value at September 30, 2023 | $ |
2023 | |||||||||||
Shares (in thousands) | Weighted- Average Grant-Date Fair Value | ||||||||||
Nonvested - December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Nonvested - September 30, 2023 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding (in '000s) | |||||||||||||||||||||||
Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s) | |||||||||||||||||||||||
Dilutive shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Foreign currency translation adjustment | Pension and post-retirement benefits plans | Derivative instruments | Accumulated other comprehensive income (loss) | ||||||||||||||||||||
Balance - December 31, 2022 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net current period change | ( | ( | — | ( | |||||||||||||||||||
Derivative instruments | — | — | |||||||||||||||||||||
Balance - September 30, 2023 | $ | ( | $ | ( | $ | $ | ( |
Foreign currency translation adjustment | Pension and post-retirement benefit plans | Derivative instruments | Accumulated other comprehensive income (loss) | ||||||||||||||||||||
Balance - December 31, 2021 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net current period change | ( | — | ( | ||||||||||||||||||||
Derivative instruments | — | — | |||||||||||||||||||||
Balance - September 30, 2022 | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense | After Tax Amount | Before Tax Amount | Tax Expense | After Tax Amount | ||||||||||||||||||||||||||||||
Cumulative translation adjustment | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Amortization of actuarial gain (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Derivative instruments | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense | After Tax Amount | Before Tax Amount | Tax Expense | After Tax Amount | ||||||||||||||||||||||||||||||
Cumulative translation adjustment | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Amortization of actuarial gain | ( | ( | |||||||||||||||||||||||||||||||||
Derivative instruments | ( | ( | |||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
December 31, 2022 | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
New charges | |||||||||||||||||||||||||||||||||||
Payments and other adjustments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
New charges | |||||||||||||||||||||||||||||||||||
Payments and other adjustments | ( | ( | ( | ||||||||||||||||||||||||||||||||
June 30, 2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
New charges | |||||||||||||||||||||||||||||||||||
Payments and other adjustments | ( | ( | |||||||||||||||||||||||||||||||||
September 30, 2023 | $ | $ | $ | $ | $ | $ |
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
New charges | |||||||||||||||||||||||||||||||||||
Payments and other adjustments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
March 31, 2022 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
New charges | |||||||||||||||||||||||||||||||||||
Payments and other adjustments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
June 30, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
New charges | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Payments and other adjustments | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ | $ |
Balance - December 31, 2022 | $ | ||||
Provision for warranty claims | |||||
Deduction for payments made and other adjustments | ( | ||||
Balance - September 30, 2023 | $ |
Total | |||||
Remainder of 2023 | $ | ||||
2024 | $ | ||||
2025 | $ | ||||
2026 | $ | ||||
2027 | $ | ||||
Thereafter | $ |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | |||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | |||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | |||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | |||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Inventories | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Land and buildings | $ | $ | |||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Property, plant, and equipment, gross | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Compensation and benefits | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Taxes payable | |||||||||||
Accrued freight | |||||||||||
Warranty costs | |||||||||||
Other | |||||||||||
Accrued liabilities and other | $ | $ |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 246,687 | $ | 251,412 | $ | (4,725) | (1.9)% | ||||||||||||||||
Gross profit | 33,924 | 26,842 | 7,082 | 26.4 | |||||||||||||||||||
Selling, general and administrative expenses | 21,476 | 17,304 | 4,172 | 24.1 | |||||||||||||||||||
Other expense | 383 | 1,924 | (1,541) | (80.1) | |||||||||||||||||||
Interest expense | 2,614 | 2,813 | (199) | (7.1) | |||||||||||||||||||
Provision for income taxes | 2,161 | 1,250 | 911 | 72.9 | |||||||||||||||||||
Net income | 7,290 | 3,551 | 3,739 | 105.3 | |||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 145,393 | $ | 154,024 | $ | (8,631) | (5.6)% | ||||||||||||||||
Gross profit | 17,661 | 13,839 | 3,822 | 27.6 | |||||||||||||||||||
Selling, general & administrative expenses | 6,761 | 4,279 | 2,482 | 58.0 | |||||||||||||||||||
Operating income | 10,900 | 9,560 | 1,340 | 14.0 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 53,862 | $ | 46,129 | $ | 7,733 | 16.8% | ||||||||||||||||
Gross profit | 7,881 | 6,210 | 1,671 | 26.9 | |||||||||||||||||||
Selling, general & administrative expenses | 2,018 | 1,055 | 963 | 91.3 | |||||||||||||||||||
Operating income | 5,863 | 5,155 | 708 | 13.7 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 34,412 | $ | 37,143 | $ | (2,731) | (7.4)% | ||||||||||||||||
Gross profit | 6,605 | 6,389 | 216 | 3.4 | |||||||||||||||||||
Selling, general & administrative expenses | 2,104 | 1,436 | 668 | 46.5 | |||||||||||||||||||
Operating income | 4,501 | 4,953 | (452) | (9.1) |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 13,020 | $ | 14,116 | $ | (1,096) | (7.8)% | ||||||||||||||||
Gross profit | 1,777 | 404 | 1,373 | 339.9 | |||||||||||||||||||
Selling, general & administrative expenses | 1,087 | 1,371 | (284) | (20.7) | |||||||||||||||||||
Operating income (loss) | 690 | (967) | 1,657 | NM1 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 771,590 | $ | 746,635 | $ | 24,955 | 3.3% | ||||||||||||||||
Gross profit | 107,534 | 74,104 | 33,430 | 45.1 | |||||||||||||||||||
Selling, general and administrative expenses | 64,498 | 49,955 | 14,543 | 29.1 | |||||||||||||||||||
Other expense | 488 | 2,798 | (2,310) | (82.6) | |||||||||||||||||||
Interest expense | 8,308 | 6,892 | 1,416 | 20.5 | |||||||||||||||||||
Loss on extinguishment of debt | — | 921 | (921) | (100.0) | |||||||||||||||||||
Provision for income taxes | 8,110 | 3,520 | 4,590 | 130.4 | |||||||||||||||||||
Net income | 26,130 | 10,018 | 16,112 | 160.8 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 458,707 | $ | 436,966 | $ | 21,741 | 5.0% | ||||||||||||||||
Gross profit | 58,035 | 35,657 | 22,378 | 62.8 | |||||||||||||||||||
Selling, general & administrative expenses | 19,609 | 18,269 | 1,340 | 7.3 | |||||||||||||||||||
Operating income | 38,426 | 17,388 | 21,038 | 121.0 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 172,236 | $ | 133,350 | $ | 38,886 | 29.2% | ||||||||||||||||
Gross profit | 26,524 | 16,857 | 9,667 | 57.3 | |||||||||||||||||||
Selling, general & administrative expenses | 6,932 | 3,998 | 2,934 | 73.4 | |||||||||||||||||||
Operating income | 19,592 | 12,859 | 6,733 | 52.4 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 108,870 | $ | 99,530 | $ | 9,340 | 9.4% | ||||||||||||||||
Gross profit | 21,620 | 13,341 | 8,279 | 62.1 | |||||||||||||||||||
Selling, general & administrative expenses | 6,017 | 4,636 | 1,381 | 29.8 | |||||||||||||||||||
Operating income | 15,603 | 8,705 | 6,898 | 79.2 |
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | $ | 31,777 | $ | 76,789 | $ | (45,012) | (58.6)% | ||||||||||||||||
Gross profit | 1,355 | 8,249 | (6,894) | (83.6) | |||||||||||||||||||
Selling, general & administrative expenses | 3,588 | 4,242 | (654) | (15.4) | |||||||||||||||||||
Operating (loss) income | (2,233) | 4,007 | (6,240) | NM1 |
September 30, 2023 | September 30, 2022 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 29,990 | $ | 33,794 | |||||||
Net cash used in investing activities | (15,196) | (12,525) | |||||||||
Net cash provided by (used in) financing activities | 531 | (13,031) | |||||||||
Effect of currency exchange rate changes on cash | (857) | (4,483) | |||||||||
Net increase in cash | $ | 14,468 | $ | 3,755 |
302 Certification by Robert C. Griffin, Interim President and Chief Executive Officer. | |||||
302 Certification by Andy Cheung, Executive Vice President and 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 9, 2023 | By | /s/ Andy Cheung | |||||||||||
Chung Kin Cheung ("Andy Cheung") | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | November 9, 2023 | By | /s/ Angela M. O'Leary | |||||||||||
Angela M. O'Leary | ||||||||||||||
Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) |
/s/ Robert C. Griffin | ||
Robert C. Griffin | ||
Interim President and Chief Executive Officer | ||
(Principal Executive Officer) |
/s/ Andy Cheung | ||
Chung Kin Cheung ("Andy Cheung") | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
/s/ Robert C. Griffin | ||
Robert C. Griffin | ||
Interim President and Chief Executive Officer | ||
(Principal Executive Officer) |
/s/ Andy Cheung | ||
Chung Kin Cheung ("Andy Cheung") | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Revenues | $ 246,687 | $ 251,412 | $ 771,590 | $ 746,635 |
Cost of revenues | 212,763 | 224,570 | 664,056 | 672,531 |
Gross profit | 33,924 | 26,842 | 107,534 | 74,104 |
Selling, general and administrative expenses | 21,476 | 17,304 | 64,498 | 49,955 |
Operating income | 12,448 | 9,538 | 43,036 | 24,149 |
Other expense | 383 | 1,924 | 488 | 2,798 |
Interest expense | 2,614 | 2,813 | 8,308 | 6,892 |
Loss on extinguishment of debt | 0 | 0 | 0 | 921 |
Income before provision for income taxes | 9,451 | 4,801 | 34,240 | 13,538 |
Provision for income taxes | 2,161 | 1,250 | 8,110 | 3,520 |
Net income | $ 7,290 | $ 3,551 | $ 26,130 | $ 10,018 |
Earnings per Common Share: | ||||
Basic (in dollars per share) | $ 0.22 | $ 0.11 | $ 0.79 | $ 0.30 |
Diluted (in dollars per share) | $ 0.22 | $ 0.11 | $ 0.78 | $ 0.30 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 33,100 | 32,460 | 33,010 | 32,950 |
Diluted (in shares) | 33,350 | 32,922 | 33,408 | 33,645 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,290 | $ 3,551 | $ 26,130 | $ 10,018 |
Other comprehensive income (loss): | ||||
Foreign currency exchange translation adjustments | (3,452) | (4,493) | (1,946) | (9,689) |
Minimum pension liability, net of tax | (899) | (362) | (906) | 1,085 |
Derivative instrument, net of tax | (869) | 1,838 | 1,772 | 4,011 |
Other comprehensive income (loss) | (5,220) | (3,017) | (1,080) | (4,593) |
Comprehensive income (loss) | $ 2,070 | $ 534 | $ 25,050 | $ 5,425 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowances for credit losses | $ 208 | $ 306 |
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) | 33,108,989 | 32,826,852 |
Common stock, shares outstanding (in shares) | 33,108,989 | 32,826,852 |
Treasury stock, shares (in shares) | 2,014,817 | 1,899,996 |
Description of Business and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market, the electric vehicle market, and the industrial automation 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, China, United Kingdom, Czech Republic, Ukraine, Thailand, India, Australia and Morocco. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. We primarily manufacture customized products to meet the requirements of our customers. We believe our products are used by a majority of the North American Commercial Truck manufacturers, many construction vehicle original equipment manufacturers ("OEMs"), parts and service dealers, distributors, as well as top e-commerce retailers. The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of the Company and its subsidiaries. Except as disclosed within these condensed notes to unaudited quarterly consolidated financial statements, the adjustments made were of a normal, recurring nature. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. These condensed notes to unaudited quarterly consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), which includes a complete set of footnote disclosures, including the Company's significant accounting policies.
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Recently Issued Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsNew accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition We had outstanding customer accounts receivable, net of allowances, of $159.9 million as of September 30, 2023 and $152.6 million as of December 31, 2022. We generally do not have material other assets or liabilities associated with customer arrangements. Revenue Disaggregation - The following is the composition, by product category, of our revenues:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt consisted of the following:
Credit Agreement On April 30, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) between, among others, Bank of America, N.A. as administrative agent (the “Administrative Agent”) and other lenders party thereto (the “Lenders”) pursuant to which the Lenders made available a $150 million Term Loan Facility (the “Term Loan Facility”) and a $125 million Revolving Credit Facility (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Credit Facilities”). Subject to the terms of the Credit Agreement, the Revolving Credit Facility includes a $10 million swing line sublimit and a $10 million letter of credit sublimit. The Credit Agreement provides for an incremental term facility agreement and/or an increase of the Revolving Credit Facility (together, the “Incremental Facilities”), in a maximum aggregate amount of (a) up to the date of receipt of financial statements for the fiscal quarter ending June 30, 2022, $75 million, and (b) thereafter, (i) $75 million less the aggregate principal amount of Incremental Facilities incurred before such date, plus (ii) an unlimited amount if the pro forma consolidated total leverage ratio (assuming the Incremental Facilities are fully drawn) is less than 2.50:1.0. On May 12, 2022, the Company and certain of its subsidiaries entered into a second amendment (the “Amendment”) to its Credit Agreement pursuant to which the Lenders upsized the existing Term Loan Facility to $175 million in aggregate principal amount and increased the Revolving Credit Facility commitments by $25 million to an aggregate of $150 million in revolving credit facility commitments. The Revolving Credit Facility includes a $10 million swing line sublimit and a $10 million letter of credit sublimit. The amended Credit Agreement provides for an incremental term facility agreement and/or an increase of the Revolving Credit Facility (together, the “Incremental Facilities”), in a maximum aggregate amount of (a) up to the date of receipt of financial statements for the fiscal quarter ending June 30, 2022, $75 million, and (b) thereafter, (i) $75 million less the aggregate principal amount of Incremental Facilities incurred before such date, plus (ii) an unlimited amount if the pro forma consolidated total leverage ratio (assuming the Incremental Facilities are fully drawn) is less than 2.50:1.0. Further, separate from the Company’s annual $35 million capital spending cap, a one-time $45 million capital project basket was included in the Amendment. All other key provisions, including the $75 million accordion, acquisition holiday, and other baskets remain unchanged. The Credit Facilities mature on May 12, 2027 (the “Maturity Date”). The Amendment resulted in a loss on extinguishment of debt of $0.9 million, including $0.6 million non-cash write off relating to deferred financing costs and unamortized discount of the Term Loan Facility and $0.3 million of other fees associated with the Amendment, recorded in our Consolidated Statements of Operations for the twelve months ended December 31, 2022. At September 30, 2023, we had $5.0 million of borrowings under the Revolving Credit Facility, outstanding letters of credit of $1.2 million and availability of $143.8 million. Combined with availability under our China Credit Facility (described below) of approximately $8.2 million, total consolidated availability was $152.0 million at September 30, 2023. The unamortized deferred financing fees associated with the Revolving Credit Facility of $1.1 million and $1.3 million as of September 30, 2023 and December 31, 2022, respectively, are being amortized over the remaining life of the Credit Agreement. At December 31, 2022, we had no borrowings under the Revolving Credit Facility and we had outstanding letters of credit of $1.2 million. Interest rates and fees Amounts outstanding under the Credit Facilities and the commitment fee payable in connection with the Credit Facilities accrue interest at a per annum rate equal to (at the Company’s option) the base rate or the Term Secured Overnight Financing Rate ("SOFR"), including a credit spread adjustment, plus a rate which will vary according to the Consolidated Total Leverage Ratio as set forth in the most recent compliance certificate received by the Administrative Agent, as set out in the following table:
Guarantee and Security All obligations under the Credit Agreement and related documents are unconditionally guaranteed by each of the Company’s existing and future direct and indirect wholly owned material domestic subsidiaries, subject to certain exceptions (the “Guarantors”). All obligations of the Company under the Credit Agreement and the guarantees of those obligations are secured by a first priority pledge of substantially all of the assets of the Company and of the Guarantors, subject to certain exceptions. The property pledged by the Company and the Guarantors includes a first priority pledge of all of the equity interests owned by the Company and the Guarantors in their respective domestic subsidiaries and a first priority pledge of the equity interests owned by the Company and the Guarantors in certain foreign subsidiaries, in each case, subject to certain exceptions. Covenants and other terms The Credit Agreement contains customary restrictive covenants, including, without limitation, limitations on the ability of the Company and its subsidiaries to incur additional debt and guarantees; grant certain liens on assets; pay dividends or make certain other distributions; make certain investments or acquisitions; dispose of certain assets; make payments on certain indebtedness; merge, combine with any other person or liquidate; amend organizational documents; make material changes in accounting treatment or reporting practices; enter into certain restrictive agreements; enter into certain hedging agreements; engage in transactions with affiliates; enter into certain employee benefit plans; make acquisitions; and other matters customarily included in senior secured loan agreements. The Credit Agreement also contains customary reporting and other affirmative covenants, as well as customary events of default, including, without limitation, nonpayment of obligations under the Credit Facilities when due; material inaccuracy of representations and warranties; violation of covenants in the Credit Agreement and certain other documents executed in connection therewith; breach or default of agreements related to material debt; revocation or attempted revocation of guarantees; denial of the validity or enforceability of the loan documents or failure of the loan documents to be in full force and effect; certain material judgments; certain events of bankruptcy or insolvency; certain Employee Retirement Income Securities Act events; and a change in control of the Company. Certain of the defaults are subject to exceptions, materiality qualifiers, grace periods and baskets customary for credit facilities of this type. The Credit Agreement includes (a) a minimum consolidated fixed charge coverage ratio of 1.20:1.0, and (b) a maximum consolidated total leverage ratio of 3.75:1.0 (which was subject to step-down to 3.50:1.0 at the end of the fiscal quarter ending March 31, 2023; to 3.25:1.0 at the end of the fiscal quarter ending June 30, 2023; and to 3.00:1.0 for any fiscal quarter ending thereafter, including the quarter ended September 30, 2023). We were in compliance with these covenants as of September 30, 2023. Repayment and prepayment The Credit Agreement requires the Company to make quarterly amortization payments to the Term Loan Facility at an annualized rate of the loans under the Term Loan Facility for every year as follows: 5.0%, 7.5%, 10.0%, 12.5% and 15.0%. The Credit Agreement also requires all outstanding amounts under the Credit Facilities to be repaid in full on the Maturity Date. See Note 15, Commitments and Contingencies, for the future minimum principal payments due on long-term debt for the next five years. The Credit Agreement requires mandatory prepayments from the receipt of proceeds of dispositions or debt issuance, subject to certain exceptions and the Company's ability to re-invest and use proceeds towards acquisitions permitted by the Credit Agreement. Voluntary prepayments of amounts outstanding under the Credit Facilities are permitted at any time, without premium or penalty. Foreign Facility In the quarter ended March 31, 2023, we established a credit facility in China with availability of approximately $12.3 million (denominated in the local currency) consisting of a line of credit which is subject to annual renewal (the "China Credit Facility"). We utilize the China Credit Facility to meet local working capital demands, fund letters of credit and bank guarantees, and support other short-term cash requirements in our China operations. We had $4.1 million and $0.0 million outstanding under the China Credit Facility as of September 30, 2023 and December 31, 2022, respectively, which are included in current portion of long-term debt and short-term debt on the Condensed Consolidated Balance Sheets. At September 30, 2023, we had $8.2 million of availability under the China Credit Facility. Cash Paid for Interest For the nine months ended September 30, 2023 and 2022, cash payments for interest were $9.9 million and $6.2 million, respectively.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Our definite-lived intangible assets were comprised of the following:
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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 - Significant unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Our financial instruments consist of cash, accounts receivable, accounts payable, accrued liabilities, pension assets and liabilities. The carrying value of these instruments approximates fair value as a result of the short duration of such instruments or due to the variability of the interest cost associated with such instruments. Recurring Measurements Foreign Currency Forward Exchange Contracts. Our derivative assets and liabilities represent foreign exchange contracts that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and counterparty credit risk. Based on the utilization of these inputs, the derivative assets and liabilities are classified as Level 2. To manage our risk for transactions denominated in Mexican Pesos and Czech Crown, we have entered into forward exchange contracts that are designated as cash flow hedge instruments, which are recorded in the Condensed Consolidated Balance Sheets at fair value. The gains and losses as a result of the changes in fair value of the hedge contract for transactions denominated in Mexican Pesos are deferred in accumulated other comprehensive loss and recognized in cost of revenues in the period the related hedge transactions are settled. As of September 30, 2023, hedge contracts for transactions denominated in Czech Crown were not designated as a hedging instruments; therefore, they are marked-to-market and the fair value of agreements is recorded in the Condensed Consolidated Balance Sheets with the offsetting gains and losses recognized in other (income) expense and recognized in cost of revenues in the period the related hedge transactions are settled in the Condensed Consolidated Statements of Operations. Interest Rate Swaps. To manage our exposure to variable interest rates, we have entered into interest rate swaps to exchange, at a specified interval, the difference between fixed and variable interest amounts calculated by reference to an agreed upon notional principal amount. The interest rate swaps are intended to mitigate the impact of rising interest rates on the Company and covers approximately 50% of outstanding debt under the Term Loan Facility. Any changes in fair value are included in earnings or deferred through Accumulated other comprehensive loss, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the consolidated statements of operations. The fair values of our derivative assets and liabilities measured on a recurring basis are categorized as follows:
The following table summarizes the notional amount of our open foreign exchange contracts:
The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets:
The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations:
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. Other Fair Value Measurements 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 fair value as disclosed is classified as Level 2. The carrying amounts and fair values of our long-term debt obligations are as follows:
1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $14.2 million and long-term debt of $135.6 million as of September 30, 2023 and current portion of long-term debt of $10.9 million and long-term debt of $141.5 million as of December 31, 2022.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The components of lease expense are as follows:
Supplemental balance sheet information related to leases is as follows:
Cash payments on operating leases were $7.5 million for the nine months ended September 30, 2023 and 2022. Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows:
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Leases | Leases The components of lease expense are as follows:
Supplemental balance sheet information related to leases is as follows:
Cash payments on operating leases were $7.5 million for the nine months ended September 30, 2023 and 2022. Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded a $2.2 million tax provision, or 23% effective tax rate for the three months ended September 30, 2023, and $8.1 million tax provision, or 24% effective tax rate for the nine months ended September 30, 2023, compared to a $1.3 million and $3.5 million tax provision for the three and nine months ended September 30, 2022, respectively, or approximately 26% effective tax rate for each period. Income tax expense is based on an estimated annual effective tax rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which the Company operates based on changes in factors such as prices, shipments, product mix, material inflation and manufacturing operations. To the extent that actual 2023 pretax results for U.S. and foreign income or loss vary from estimates, the actual income tax expense recognized in 2023 could be different from the forecasted amount used to estimate the income tax expense for the three and nine months ended September 30, 2023. We have recorded valuation allowances in prior years related to U.S. deferred tax assets due to multiple year cumulative losses. Given the current earnings and anticipated future earnings of our U.S. jurisdiction,we will continue to assess if there is sufficient positive evidence to allow us to reach a conclusion that the VA on US deferred taxes will no longer be needed. Releasing the valuation allowance would result in the recognition of previously unrecognized deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve. For the nine months ended September 30, 2023 and 2022, cash paid for taxes, net of refunds received, were $9.2 million and $4.2 million, respectively.
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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 The components of net periodic (benefit) cost related to pension and other post-retirement benefit plans is as follows:
Net periodic (benefit) cost components, not inclusive of service costs, are recognized in other (income) expense within the Condensed Consolidated Statements of Operations.
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Performance Awards |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Awards | Performance Awards The following table summarizes performance awards granted in the form of cash awards under the equity incentive plans:
Unrecognized compensation expense was $2.8 million and $2.0 million as of September 30, 2023 and 2022, respectively.
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation The company's outstanding share-based compensation is comprised solely of restricted stock awards and performance stock awards to be settled in stock. As of September 30, 2023, there was approximately $3.1 million of unrecognized compensation expense related to non-vested share-based compensation arrangements granted under our equity incentive plans. This expense is subject to future adjustments and forfeitures and will be recognized on a straight-line basis over the remaining period listed above for each grant. A summary of the status of our restricted stock awards as of September 30, 2023 and changes during the nine months ended September 30, 2023, are presented below:
As of September 30, 2023, a total of 2.5 million shares were available for future grants from the shares authorized for award under our 2020 Equity Incentive Plan, including cumulative forfeitures.
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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, 33,108,989 and 32,826,852 shares were issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. 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, with no preferred shares outstanding as of September 30, 2023 and December 31, 2022. Earnings (Loss) Per Share - Basic earnings (loss) per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share 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. Potential common shares are included in the diluted earnings per share calculation when dilutive. Diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 includes the effect of potential common shares issuable when dilutive, and is as follows:
There were no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2023 and eight thousand outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2022. There were no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2023 and 10 thousand outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2022.
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Other Comprehensive Income (Loss) |
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Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The after-tax changes in accumulated other comprehensive income (loss), are as follows:
The related tax effects allocated to each component of other comprehensive income (loss) are as follows:
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Cost Reduction and Manufacturing Capacity Rationalization |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Reduction and Manufacturing Capacity Rationalization | Cost Reduction and Manufacturing Capacity Rationalization The Company's restructuring program includes aligning cost structure to support margin expansion. The program includes workforce reductions and footprint optimization across segments. The changes in accrued restructuring balances are as follows:
The $0.1 million costs incurred in the three months ended September 30, 2023 primarily related to headcount reductions and were recorded in cost of revenues. Of the $1.5 million costs incurred in the nine months ended September 30, 2023, $0.6 million primarily related to headcount reductions and $0.9 million related to facility exit and other costs. Substantially all costs incurred were recorded in cost of revenues.
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Commitments and Contingencies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Leases - As disclosed in Note 7, Leases, we lease office, warehouse and manufacturing space and 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. As of September 30, 2023, our equipment leases did not provide for any material guarantee of a specified portion of residual values. Guarantees - Costs associated with guarantees are accrued when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of available facts; where no amount within a range of estimates is more likely, the minimum is accrued. As of September 30, 2023 and 2022, we had no such guarantees. Litigation - We are subject to various legal proceedings and claims arising in the ordinary course of business, including but not limited to product liability claims, customer and supplier disputes, service provider disputes, examinations by taxing authorities, employment disputes, workers’ compensation claims, unfair labor practice charges, OSHA investigations, intellectual property disputes and environmental claims arising out of the conduct of our businesses. Management believes that the Company maintains adequate insurance and 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. Warranty - We are subject to warranty claims for products that fail to perform as expected due to design or manufacturing deficiencies. 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 record provisions for estimated future customer warranty costs based on historical trends and for specific claims. These amounts, as they relate to the periods ended September 30, 2023 and December 31, 2022, are included within accrued liabilities and other in the accompanying Condensed Consolidated Balance Sheets. On July 24, 2023, one of our customers issued a voluntary safety recall related to certain wiper system components supplied by us. To the extent a loss occurs that is attributed to us, we believe that we have reasonable levels of insurance coverage to mitigate recall exposure risk. It is reasonably possible that we will incur additional losses and fees above the amount accrued for warranty claims but we cannot estimate a range of such reasonably possible losses or fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts normally accrued. The following presents a summary of the warranty provision for the nine months ended September 30, 2023:
Debt Payments - As disclosed in Note 4, Debt, the Credit Agreement requires the Company to repay a fixed amount of principal on a quarterly basis and make voluntary prepayments that coincide with certain events. The following table provides future minimum principal payments due on long-term debt for the next five years. The existing long-term debt agreement matures in 2027; no payments are due thereafter:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker (“CODM”), which is our Interim President and Chief Executive Officer. Each of these segments consists of a number of manufacturing facilities. Certain of our facilities manufacture and sell products through multiple segments. Our segments are more specifically described below. The Vehicle Solutions segment designs, manufactures and sells the following products: •Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market. •Plastic components ("Trim") primarily for the North America commercial vehicle market and power sports markets; and Cab structures for the North American medium-duty/heavy-duty ("MD/HD") truck market. The Electrical Systems segment designs, manufactures and sells the following products: •Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications. •The end markets for these products are construction, agricultural, warehouse, automotive (both internal combustion and electric vehicles), truck, mining, rail and the military/ defense industries in North America, Europe and Asia-Pacific. The Aftermarket & Accessories segment designs, manufactures and sells the following products: •Seats and components sold into the commercial vehicle channels that provide repair and refurbishing. These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe and Asia-Pacific. •Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products. •Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific. The Industrial Automation segment designs, manufactures and sells the following products: •Warehouse automation subsystems including control panels, electro-mechanical assemblies, cable assemblies, and power and communication solutions. •The end markets for these products primarily include e-commerce, warehouse integration, transportation and the military/defense industry. 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. The following tables present financial information for the Company's reportable segments for the periods indicated:
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Other Financial Information |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information | Other Financial Information Items reported in inventories consisted of the following:
Items reported in property, plant, and equipment, net consisted of the following:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income | $ 7,290 | $ 3,551 | $ 26,130 | $ 10,018 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recently Issued Accounting Pronouncements (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsNew accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Composition by Product Category of Revenues | The following is the composition, by product category, of our revenues:
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | Debt consisted of the following:
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Summary of Margin for Borrowings under Revolving Credit Facility | Amounts outstanding under the Credit Facilities and the commitment fee payable in connection with the Credit Facilities accrue interest at a per annum rate equal to (at the Company’s option) the base rate or the Term Secured Overnight Financing Rate ("SOFR"), including a credit spread adjustment, plus a rate which will vary according to the Consolidated Total Leverage Ratio as set forth in the most recent compliance certificate received by the Administrative Agent, as set out in the following table:
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Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Intangible Assets | Our definite-lived intangible assets were comprised of the following:
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Fair Value Measurement (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Values of Our Derivative Assets and Liabilities | The fair values of our derivative assets and liabilities measured on a recurring basis are categorized as follows:
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Summary of Notional Amount of Foreign Exchange Contracts | The following table summarizes the notional amount of our open foreign exchange contracts:
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Summary of 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 of derivatives in the Condensed Consolidated Balance Sheets:
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Summary of 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 Operations:
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Summary of 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:
1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $14.2 million and long-term debt of $135.6 million as of September 30, 2023 and current portion of long-term debt of $10.9 million and long-term debt of $141.5 million as of December 31, 2022.
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Lease Costs | The components of lease expense are as follows:
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Summary of Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows:
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Summary of Finance Lease, Liability, Maturity | Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows:
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Summary of Lessee, Operating Lease, Liability, Maturity | Anticipated future lease costs, which are based in part on certain assumptions to approximate annual rental commitments under non-cancelable leases, are as follows:
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Pension and Other Post-Retirement Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of 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:
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Performance Awards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Performance Activity | The following table summarizes performance awards granted in the form of cash awards under the equity incentive plans:
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Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Awards Activity | A summary of the status of our restricted stock awards as of September 30, 2023 and changes during the nine months ended September 30, 2023, are presented below:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Diluted Earnings per Share | Diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 includes the effect of potential common shares issuable when dilutive, and is as follows:
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Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of After-tax Changes in Accumulated Other Comprehensive Income (Loss) | The after-tax changes in accumulated other comprehensive income (loss), are as follows:
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Summary of Related Tax Effects Allocated to Each Component of Accumulated Other Comprehensive Income (Loss) | The related tax effects allocated to each component of other comprehensive income (loss) are as follows:
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Cost Reduction and Manufacturing Capacity Rationalization (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Accrued Restructuring Balances | The changes in accrued restructuring balances are as follows:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Warranty Provision | The following presents a summary of the warranty provision for the nine months ended September 30, 2023:
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Summary 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 years. The existing long-term debt agreement matures in 2027; no payments are due thereafter:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Reporting Information | The following tables present financial information for the Company's reportable segments for the periods indicated:
|
Other Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Items reported in inventories consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment Net | Items reported in property, plant, and equipment, net consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accrued Expenses and Other Liabilities | Items reported in accrued expenses and other liabilities consisted of the following:
|
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net of allowances | $ 159,863 | $ 152,626 |
Debt - Summary of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Unamortized issuance costs | $ (52) | $ (63) |
Carrying amount | 153,904 | 152,437 |
Current portion of long-term debt and short-term debt | (18,331) | (10,938) |
Total long-term debt, net of current portion | 135,573 | 141,499 |
Domestic Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,000 | 0 |
Term loan facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of current portion | 135,600 | |
Term loan facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 144,844 | 152,500 |
China credit facility | Foreign Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,112 | $ 0 |
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible asset amortization expense | $ 0.8 | $ 0.9 | $ 2.5 | $ 2.6 |
Fair Value Measurement - Additional Information (Details) |
Sep. 30, 2023 |
---|---|
Fair Value Disclosures [Abstract] | |
Percentage of outstanding debt covered by swaps | 50.00% |
Fair Value Measurement - Fair Values of Our Derivative Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Foreign exchange contracts | ||
Assets: | ||
Derivative assets | $ 1,748 | $ 0 |
Liabilities: | ||
Derivative liabilities | 0 | 356 |
Interest rate swap agreement | ||
Assets: | ||
Derivative assets | 2,938 | 1,849 |
Level 1 | Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Interest rate swap agreement | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 1,748 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 356 |
Level 2 | Interest rate swap agreement | ||
Assets: | ||
Derivative assets | 2,938 | 1,849 |
Level 3 | Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Interest rate swap agreement | ||
Assets: | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Measurement - Notional Amount of Foreign Exchange Contracts (Details) - Foreign exchange contracts - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. $ Equivalent | $ 13,367 | $ 55,220 |
U.S. $ Equivalent Fair Value | $ 15,121 | $ 53,847 |
Fair Value Measurement - Fair Value of Our Derivative Balance Sheet (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Equity | $ 869 | $ (1,838) | $ (1,772) | $ (4,011) | |
Foreign exchange contracts and Interest rate swap agreements | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Equity | 6,545 | $ 3,777 | |||
Foreign exchange contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 1,748 | 1,748 | 0 | ||
Derivative Liability | 0 | 0 | 356 | ||
Interest rate swap agreement | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | $ 2,938 | $ 2,938 | $ 1,849 |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 2,956 | $ 2,484 | $ 7,677 | $ 7,612 |
Finance lease cost | 35 | 29 | 123 | 176 |
Short-term lease cost | 1,324 | 1,470 | 5,249 | 3,908 |
Total lease expense | $ 4,315 | $ 3,983 | $ 13,049 | $ 11,696 |
Leases - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||
Operating lease payments | $ 7.5 | $ 7.5 |
Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating | ||
Remainder of 2023 | $ 2,330 | |
2024 | 9,400 | |
2025 | 8,140 | |
2026 | 6,179 | |
2027 | 3,292 | |
Thereafter | 16,605 | |
Total lease payments | 45,946 | |
Less: Imputed interest | (15,863) | |
Present value of lease liabilities | 30,083 | $ 26,843 |
Financing | ||
Remainder of 2023 | 37 | |
2024 | 117 | |
2025 | 78 | |
2026 | 30 | |
2027 | 7 | |
Thereafter | 0 | |
Total lease payments | 269 | |
Less: Imputed interest | (21) | |
Present value of lease liabilities | 248 | $ 270 |
Total | ||
Remainder of 2023 | 2,367 | |
2024 | 9,517 | |
2025 | 8,218 | |
2026 | 6,209 | |
2027 | 3,299 | |
Thereafter | 16,605 | |
Total lease payments | 46,215 | |
Less: Imputed interest | (15,884) | |
Present value of lease liabilities | $ 30,331 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 2,161 | $ 1,250 | $ 8,110 | $ 3,520 |
Effective tax rate | 23.00% | 26.00% | 24.00% | 26.00% |
Cash paid for taxes | $ 9,200 | $ 4,200 |
Pension and Other Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - Non-U.S. Pension Plan - Pension Plan - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 359 | $ 187 | $ 1,064 | $ 602 |
Expected return on plan assets | (310) | (244) | (912) | (777) |
Amortization of prior service cost | 11 | 11 | 36 | 37 |
Recognized actuarial loss | 192 | 142 | 569 | 459 |
Net cost | $ 252 | $ 96 | $ 757 | $ 321 |
Performance Awards - Schedule of Performance Activity (Details) - Performance Awards $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Adjusted Award Value at Beginning | $ 2,188 |
New grants | 2,180 |
Forfeitures | (1,624) |
Adjustments | 710 |
Payments | (1,159) |
Adjusted Award Value at Ending | $ 2,295 |
Performance Awards - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Unrecognized compensation expense | $ 3.1 | |
Performance Awards | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Unrecognized compensation expense | $ 2.8 | $ 2.0 |
Share-Based Compensation - Additional Information (Detail) shares in Millions, $ in Millions |
Sep. 30, 2023
USD ($)
shares
|
---|---|
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Unrecognized compensation expense | $ | $ 3.1 |
Restricted Stock | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Authorized shares available for issuance (in shares) | shares | 2.5 |
Share-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock shares in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Nonvested Restricted Stock Shares | |
Nonvested - beginning of year (in shares) | shares | 383 |
Granted (in shares) | shares | 660 |
Vested (in shares) | shares | (397) |
Forfeited (in shares) | shares | (48) |
Nonvested - end of period (in shares) | shares | 598 |
Weighted- Average Grant-Date Fair Value | |
Nonvested - beginning of year (in dollars per share) | $ / shares | $ 7.68 |
Granted (in dollars per share) | $ / shares | 7.51 |
Vested (in dollars per share) | $ / shares | 7.09 |
Forfeited (in dollars per share) | $ / shares | 7.66 |
Nonvested - end of period (in dollars per share) | $ / shares | $ 7.88 |
Stockholders' Equity - Additional Information (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
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) | 33,108,989 | 33,108,989 | 32,826,852 | ||
Common stock, shares outstanding (in shares) | 33,108,989 | 33,108,989 | 32,826,852 | ||
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 | 8,000 | 0 | 10,000 |
Stockholders' Equity - Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Equity [Abstract] | ||||
Net income | $ 7,290 | $ 3,551 | $ 26,130 | $ 10,018 |
Weighted average number of common shares outstanding (in shares) | 33,100 | 32,460 | 33,010 | 32,950 |
Dilutive effect of restricted stock grants after application of the treasury stock method (in shares) | 250 | 462 | 398 | 695 |
Dilutive shares outstanding (in shares) | 33,350 | 32,922 | 33,408 | 33,645 |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.11 | $ 0.79 | $ 0.30 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.11 | $ 0.78 | $ 0.30 |
Other Comprehensive Income (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, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Before Tax Amount | ||||
Cumulative translation adjustment | $ (3,452) | $ (4,493) | $ (1,946) | $ (9,689) |
Amortization of actuarial gain (loss) | (900) | (396) | (908) | 989 |
Derivative instruments | (1,487) | 2,494 | 2,199 | 5,460 |
Total other comprehensive income (loss) | (5,839) | (2,395) | (655) | (3,240) |
Tax Expense | ||||
Cumulative translation adjustment | 0 | 0 | 0 | 0 |
Amortization of actuarial gain (loss) | 1 | 34 | 2 | 96 |
Derivative instruments | 618 | (656) | (427) | (1,449) |
Total other comprehensive income (loss) | 619 | (622) | (425) | (1,353) |
After Tax Amount | ||||
Cumulative translation adjustment | (3,452) | (4,493) | (1,946) | (9,689) |
Amortization of actuarial gain (loss) | (899) | (362) | (906) | 1,085 |
Derivative instruments | (869) | 1,838 | 1,772 | 4,011 |
Other comprehensive income (loss) | $ (5,220) | $ (3,017) | $ (1,080) | $ (4,593) |
Cost Reduction and Manufacturing Capacity Rationalization - Accrued Restructuring Balances (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
|
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | $ 698 | $ 711 | $ 453 | $ 157 | $ 383 | $ 486 | $ 453 |
New charges | 70 | 718 | 713 | 647 | 1,751 | 989 | 1,500 |
Payments and other adjustments | (70) | (731) | (455) | (704) | (1,977) | (1,092) | |
Ending Balance | 698 | 698 | 711 | 100 | 157 | 383 | 698 |
Operating Segments | Vehicle Solutions | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | (5) | 34 | 125 | 230 | (5) |
New charges | 0 | 340 | 83 | 66 | 0 | 204 | |
Payments and other adjustments | 0 | (340) | (78) | (90) | (91) | (309) | |
Ending Balance | 0 | 0 | 0 | 10 | 34 | 125 | 0 |
Operating Segments | Electrical Systems | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
New charges | 0 | 0 | 8 | 0 | 571 | 0 | |
Payments and other adjustments | 0 | 0 | (8) | (571) | 0 | ||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating Segments | Aftermarket & Accessories | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
New charges | 0 | 0 | 0 | 445 | 560 | 435 | |
Payments and other adjustments | 0 | 0 | 0 | (445) | (560) | (435) | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating Segments | Industrial Automation | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 698 | 711 | 458 | 0 | (3) | 417 | 458 |
New charges | 70 | 378 | 622 | 136 | 314 | 350 | |
Payments and other adjustments | (70) | (391) | (369) | (46) | (311) | (770) | |
Ending Balance | 698 | 698 | 711 | 90 | 0 | (3) | 698 |
Corporate/Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 123 | 261 | (161) | 0 |
New charges | 0 | 0 | 0 | 0 | 306 | 0 | |
Payments and other adjustments | 0 | 0 | 0 | (123) | (444) | 422 | |
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 123 | $ 261 | $ 0 |
Cost Reduction and Manufacturing Capacity Rationalization - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
|
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost | $ 70 | $ 718 | $ 713 | $ 647 | $ 1,751 | $ 989 | $ 1,500 |
Headcount Reduction | Cost of revenues | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost | $ 100 | 600 | |||||
Facility Exit and Other | Cost of revenues | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring cost | $ 900 |
Commitments and Contingencies - Additional Information (Details) |
Jul. 24, 2023
customer
|
---|---|
Mirrors, wipers and controls | |
Loss Contingencies [Line Items] | |
Number of customers with voluntary safety recall | 1 |
Commitments and Contingencies - Summary of Warranty Provision (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance - Beginning of the year | $ 1,433 |
Provision for warranty claims | 903 |
Deduction for payments made and other adjustments | (763) |
Balance - End of period | $ 1,573 |
Commitments and Contingencies - Schedule of Minimum Principal Payments Due on Long-term Debt (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2023 | $ 3,280 |
2024 | 15,313 |
2025 | 19,688 |
2026 | 24,063 |
2027 | 87,500 |
Thereafter | $ 0 |
Other Financial Information - Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Raw materials | $ 96,630 | $ 108,417 |
Work in process | 14,208 | 17,757 |
Finished goods | 17,354 | 16,368 |
Inventories | $ 128,192 | $ 142,542 |
Other Financial Information - Property, Plant, and Equipment Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 259,962 | $ 251,936 |
Less accumulated depreciation | (188,408) | (184,131) |
Property, plant and equipment, net | 71,554 | 67,805 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 33,645 | 32,267 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 219,088 | 212,352 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 7,229 | $ 7,317 |
Other Financial Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Compensation and benefits | $ 26,496 | $ 13,370 |
Operating lease liabilities | 6,765 | 7,421 |
Taxes payable | 6,673 | 5,092 |
Accrued freight | 3,223 | 4,225 |
Warranty costs | 1,573 | 1,433 |
Other | 8,269 | 11,268 |
Accrued liabilities and other | $ 52,999 | $ 42,809 |
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