Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 25, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Tower International, Inc. | |
Entity Central Index Key | 0001485469 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | towr | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 20,688,725 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 197,947 | $ 68,066 |
Accounts receivable, net of allowance of $846 and $823 | 154,094 | 113,128 |
Inventories (Note 4) | 64,005 | 69,434 |
Assets held for sale (Note 5) | 431,613 | |
Prepaid tooling, notes receivable, and other | 32,424 | 27,552 |
Total current assets | 448,470 | 709,793 |
Property, plant, and equipment, net | 537,763 | 347,803 |
Operating lease right-of-use assets (Note 9) | 106,414 | |
Goodwill (Note 7) | 7,560 | 7,453 |
Deferred tax asset | 86,769 | 82,832 |
Other assets, net | 22,775 | 22,511 |
Total assets | 1,209,751 | 1,170,392 |
LIABILITIES AND EQUITY | ||
Short-term debt and current maturities of capital lease obligations (Note 9 and 10) | 26,274 | 4,148 |
Short-term operating lease liabilities (Note 9) | 13,256 | |
Accounts payable | 187,603 | 188,760 |
Accrued liabilities | 94,733 | 84,306 |
Liabilities held for sale (Note 5) | 167,882 | |
Total current liabilities | 321,866 | 445,096 |
Long-term debt, net of current maturities (Note 10) | 242,870 | 294,457 |
Finance lease liabilities, net of current maturities (Note 9) | 140,496 | |
Operating lease liabilities, net of current maturities (Note 9) | 96,185 | |
Pension liability (Note 13) | 44,381 | 45,762 |
Other non-current liabilities | 51,459 | 84,163 |
Total non-current liabilities | 575,391 | 424,382 |
Total liabilities | 897,257 | 869,478 |
Commitments and contingencies (Note 19) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 50,000,000 authorized and 0 issued and outstanding | ||
Common stock, $0.01 par value, 350,000,000 authorized, 22,515,971 issued and 20,688,725 outstanding at March 31, 2019, and 22,400,074 issued and 20,606,736 outstanding at December 31, 2018 | 225 | 224 |
Additional paid in capital | 349,272 | 347,816 |
Treasury stock, at cost, 1,827,246 and 1,793,338 shares as of March 31, 2019 and December 31, 2018 | (37,743) | (36,882) |
Retained earnings | 61,060 | 64,676 |
Accumulated other comprehensive loss (Note 14) | (60,320) | (74,920) |
Total stockholders' equity | 312,494 | 300,914 |
Total liabilities and stockholders' equity | $ 1,209,751 | $ 1,170,392 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Allowance for accounts receivable (in dollars) | $ 846 | $ 823 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 22,515,971 | 22,400,074 |
Common stock, shares outstanding | 20,688,725 | 20,606,736 |
Treasury stock, shares | 1,827,246 | 1,793,338 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Revenues (Note 3) | $ 378,738 | $ 407,233 |
Cost of sales | 341,971 | 359,049 |
Gross profit | 36,767 | 48,184 |
Selling, general, and administrative expenses | 25,186 | 23,345 |
Amortization expense (Note 7) | 109 | 112 |
Restructuring and asset impairment charges, net (Note 8) | 123 | 1,243 |
Operating income | 11,349 | 23,484 |
Interest expense | 5,640 | 4,676 |
Interest income | 609 | 325 |
Net periodic benefit income (Note 13) | 31 | 558 |
Other income (Note 19) | 4,540 | |
Income before provision for income taxes and income / (loss) from discontinued operations | 10,889 | 19,691 |
Provision for income taxes (Note 12) | 3,217 | 3,236 |
Income from continuing operations | 7,672 | 16,455 |
Income / (loss) from discontinued operations, net of tax (Note 5) | (12,740) | 845 |
Net income / (loss) | $ (5,068) | $ 17,300 |
Weighted average basic shares outstanding | 20,632,128 | 20,556,613 |
Weighted average diluted shares outstanding | 21,063,287 | 20,951,973 |
Basic income / (loss) per share (Note 15): | ||
Income per share from continuing operations | $ 0.37 | $ 0.80 |
Income / (loss) per share from discontinued operations | (0.62) | 0.04 |
Income / (loss) per share | (0.25) | 0.84 |
Diluted income / (loss) per share (Note 15): | ||
Income per share from continuing operations | 0.36 | 0.79 |
Income / (loss) per share from discontinued operations | (0.60) | 0.04 |
Income / (loss) per share | $ (0.24) | $ 0.83 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income / (loss) | $ (5,068) | $ 17,300 |
Other comprehensive income / (loss), net of tax: | ||
Foreign currency translation adjustments, net of tax expense / (benefit) of $0.7 million and ($1.1 million) | (3,367) | 3,191 |
Unrealized gain / (loss) on qualifying cash flow hedge, net of tax expense / (benefit) of ($0.6) million and $1.3 million | (2,013) | 3,381 |
Other comprehensive income / (loss), net of tax | (5,380) | 6,572 |
Total comprehensive income (loss) | $ (10,448) | $ 23,872 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Foreign currency translation adjustment, tax expense / (benefit) | $ 0.7 | $ (1.1) |
Unrealized loss on qualifying cash flow hedge, tax expense / (benefit) | $ (0.6) | $ 1.3 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | ||
Net income / (loss) | $ (5,068) | $ 17,300 |
Less: Income / (loss) from discontinued operations, net of tax | (12,740) | 845 |
Income from continuing operations | 7,672 | 16,455 |
Adjustments required to reconcile income from continuing operations to net cash used in continuing operating activities: | ||
Deferred income tax provision | 2,272 | 2,080 |
Depreciation and amortization | 15,425 | 14,511 |
Non-cash share-based compensation | 986 | 703 |
Pension income, net of contributions | (1,381) | (2,237) |
Change in working capital and other operating items | (40,574) | (61,934) |
Net cash used in continuing operating activities | (15,600) | (30,422) |
INVESTING ACTIVITIES: | ||
Cash disbursed for purchases of property, plant, and equipment, net | (39,642) | (12,075) |
Proceeds from disposition of European operations, net | 277,406 | |
Net cash provided by / (used in) continuing investing activities | 237,764 | (12,075) |
FINANCING ACTIVITIES: | ||
Proceeds from borrowings | 44,500 | 1,339 |
Repayments of borrowings | (48,658) | (1,138) |
Repayment on Term Loan Credit Facility | (50,000) | |
Debt financing costs | (2,276) | |
Payments for termination of hedging instruments | (28,582) | |
Dividend payment to Tower stockholders | (2,680) | (2,465) |
Proceeds from stock options exercised | 160 | 112 |
Purchase of treasury stock | (861) | (474) |
Net cash used in continuing financing activities | (88,397) | (2,626) |
Discontinued operations: | ||
Net cash from discontinued operating activities | 7,142 | 29,615 |
Net cash used in discontinued investing activities | (9,086) | (18,079) |
Net cash used in discontinued financing activities | (1,787) | (12,613) |
Net cash used in discontinued operations | (3,731) | (1,077) |
Effect of exchange rate changes on continuing cash and cash equivalents | (155) | 1,856 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 129,881 | (44,344) |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 68,066 | 96,313 |
End of period | 197,947 | 51,969 |
Supplemental Cash Flow Information: | ||
Interest paid, net of amounts capitalized | 5,946 | 5,050 |
Income taxes paid | 819 | 759 |
Non-cash Investing Activities: | ||
Capital expenditures in liabilities for purchases of property, plant, and equipment | $ 17,911 | $ 15,033 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation Tower International, Inc. and its subsidiaries (collectively referred to as the “Company” or “Tower International”), is a leading integrated manufacturer of engineered automotive structural metal components and assemblies, primarily serving original equipment manufacturers (“OEMs”), including Ford, Fiat-Chrysler, Nissan, Toyota, BMW, Volkswagen Group, and Honda. Products include body structures, assemblies and other chassis structures, and lower vehicle systems and suspension components for small and large cars, crossovers, pickups, and sport utility vehicles (“SUVs”). The Company has strategically located production facilities in the United States, Mexico, and Brazil, supported by engineering and sales locations in the United States, Brazil, Japan, China and India. As described in Note 5 of the Condensed Consolidated Financial Statements, on March 1, 2019, the Company consummated the sale of its European operations, resulting in net proceeds of approximately $250 million after payment of transaction costs and the repayment of its cross currency swap. The accompanying Condensed Consolidated Financial Statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished in the Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of such financial statements. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the SEC. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these Condensed Consolidated Financial Statements should be read in conjunction with the audited year-end financial statements and the notes thereto included in the most recent Annual Report on Form 10-K filed by the Company with the SEC. The interim results for the periods presented may not be indicative of the Company’s actual annual results. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany transactions and balances have been eliminated upon consolidation |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 2. New Accounting Pronouncements Recently Adopted Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) . This ASU introduces a lessee model that brings most leases on the balance sheet. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to recognize an ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Under this standard, leases are classified as finance or operating, with balance sheet classification affecting the pattern and classification of expense recognition in the income statement. Subsequent to initial issuance of ASU No. 2016-02, the FASB has issued numerous ASU's that contain targeted improvements to the original standard. The Company adopted the new standard effective January 1, 2019. The new standard allows for two different transition approaches that are required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the Consolidated Financial Statements. The Company utilized the transition method that allowed for application of the new lease standard at the adoption date (January 1, 2019). Upon adoption, the Company did not retrospectively adjust prior period financial information, but did recognize a cumulative-effect adjustment of $5.5 million and corresponding tax effect adjustment of $1.4 million to the opening balance of retained earnings. The Company did not utilize the package of practical expedients provided under the new standard. The Company determined that it has certain manufacturing equipment leases previously classified as operating leases that are classified as finance leases under the new standard. In addition, there are certain considerations related to internal control over financial reporting that are associated with implementing the new guidance under Accounting Standards Codification (“ASC”) No. 842 and the Company has implemented the necessary changes to its control framework. The Company has also included the new disclosure requirements required under ASC No. 842 (See Note 9 of the Condensed Consolidated Financial Statements). Stock Compensation On June 20, 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting . This ASU simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees is aligned with the requirements for share-based payments granted to employees. The Company adopted the new standard effective January 1, 2019. Adoption of the ASU did not result in a material impact to the Company’s Condensed Consolidated Financial Statements. Pending Adoption Fair Value Measurement On August 28, 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements on fair value measurements. This ASU is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect a material financial statement impact related to the adoption of this ASU. Retirement Benefits On August 28, 2018, the FASB issued ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU modifies the disclosure requirements related to defined benefit pension or other postretirement benefit plans. This ASU is effective for annual and interim periods beginning after December 15, 2020 and early adoption is permitted. The Company does not expect a material financial statement impact related to the adoption of this ASU. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue [Abstract] | |
Revenue | Note 3. Revenue The Company enters into contracts with its customers that create enforceable rights and obligations. Each such contract requires the Company to supply products for specific vehicle programs. The Company has determined that each unit produced represents a separate performance obligation. The Company satisfies its performance obligations and recognizes revenue at a point in time when the customer has obtained control of the unit. Determining when control transfers requires management to make judgments that affect the timing of revenue recognized. The Company has determined that control has transferred when its products are shipped to its customers because the Company has a present right to payment at that time, legal title and risk of loss have passed to the customer and the customer is able to direct the use of, and obtain substantially all of the benefits from, the products. Invoices are generated upon shipment to the customer and are based on contractually agreed upon unit prices. The Company has payment terms with its customers that generally require payment within 30 to 60 days of invoice date . FASB ASC No. 606, Revenue from Contracts with Customers , provides a practical expedient that allows companies to exclude from the transaction price any amounts collected from customers for all sales (and other similar) taxes. The Company does not include sales and other taxes in its transaction price and thus does not recognize these amounts as revenue. Shipping and handling costs are accounted for as fulfilment costs and are included in cost of sales. It is common for the Company to negotiate pricing with its customers on an annual basis which can result in price adjustments over the program lives or other variable consideration adjustments. Based on extensive historical experience, the Company has concluded its estimate of variable consideration is not constrained. Therefore the Company accrues for these items using the most likely amount method in accordance with FASB ASC No. 606-10-32 and records adjustments to revenue throughout the year as negotiations progress and are finalized. In certain cases, the Company provides lump sum payments to its customers that are directly related to awarded programs. These payments are expected to be recovered over the life of the associated program; therefore, the Company capitalizes these payments and amortizes them into revenue over the life of the associated program. The Company participates in certain of its customers’ steel repurchase programs, under which it purchases steel directly from a customer’s designated steel supplier, for use in manufacturing products for that customer. The Company takes delivery and title to such steel and bears the risk of loss and obsolescence. The Company invoices its customers based upon annually negotiated selling prices, which inherently include a component for steel under such repurchase programs. Under guidance provided in FASB ASC No. 606-10-55, Principal versus Agent Considerations , the Company has risks and rewards of a principal and therefore, for sales transactions in which the Company participates in a customer’s steel resale program, revenue is recognized on a gross basis for the entire amount of the sales, including the component for purchases under that customer’s steel resale program. The purchases through customer resale programs have buffered the impact of price swings associated with the procurement of these metals. The remainder of the Company’s steel and aluminum purchasing requirements are met through contracts with mills, in which the Company negotiates its own price and seeks to pass through price increases and decreases to the Company’s customers. The Company enters into agreements to produce products for its customers at the beginning of a given vehicle program’s life. Once such agreements are entered into by the Company, it is obligated to fulfil the customers’ purchasing requirements for the entire production period of the vehicle programs, which range from three to ten years, and generally, the Company has no provisions to terminate such contracts. These contracts may be terminated by the Company’s customers at any time. Historically, terminations of these contracts have been minimal. The manufacture of certain products shipped to the Company's customers during the life of specific vehicle programs typically relies on dedicated property, plant, and equipment (production facilities, machinery, and equipment). The Company's customers issue purchase orders, and regular releases against these purchase orders, to determine the timing and delivery of these products to them. This dedicated property, plant, and equipment typically includes individual assets that are highly dependent on or interrelated with each other for purposes of producing products for the Company's customers. The embedded lease payments received from the Company's customers during the vehicle program life are considered variable under FASB ASC No. 842 as they are based on the quantity of products shipped. Therefore, the portion of customer payments allocated to the dedicated property, plant, and equipment is recognized at the same time as product revenue which typically occurs upon shipment to the customer. The Company monitors the aging of uncollected billings and adjusts its accounts receivable allowance on a quarterly basis, as necessary, based upon its evaluation of the probability of collection. The adjustments made by the Company due to the write-off of uncollectible amounts have been immaterial for all periods presented. At March 31, 2019 and December 31, 2018 , the Company’s accounts receivable, net of allowances, were $ 154.1 million and $ 113.1 million, respectively. The Company did not have any material unbilled or deferred revenue recorded on the Condensed Consolidated Balance Sheets as of March 31, 2019 , or December 31, 2018 . For the three months ended March 31, 2019 and 2018 , revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. Revenue expected to be recognized in any future period related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less or contracts where revenue is recognized as invoiced, is not material. The following table summarizes the Company’s customer mix as a percent of revenues: Three Months Ended March 31, 2019 2018 Ford 45% 49% Fiat - Chrysler 21% 23% Nissan 12% 12% Toyota 8% 7% BMW 8% 3% Volkswagen Group 2% 2% Honda 2% 2% Other 2% 2% Total 100% 100% The following table summarizes the Company’s vehicle platform mix as a percent of revenues: Three Months Ended March 31, 2019 2018 SUV (sport-utility vehicles) 53% 52% Pickup 28% 27% Van 4% 4% MPV (multi-purpose vehicles) 1% 2% Light trucks 86% 85% Large Car 7% 7% Small Car 5% 7% All Other 2% 1% Total 100% 100% |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Note 4. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Maintenance, repair, and non-productive inventory, which are considered consumables, are expensed when acquired and included in the Condensed Consolidated Statements of Operations as cost of sales. Inventories consist of the following (in thousands): March 31, 2019 December 31, 2018 Raw materials $ 32,065 $ 29,752 Work in process 15,220 13,008 Finished goods 16,720 26,674 Total inventory $ 64,005 $ 69,434 |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Assets Held for Sale [Abstract] | |
Discontinued Operations and Assets Held for Sale | Note 5. Discontinued Operations and Assets Held for Sale The following table discloses select financial information of the discontinued operations of the Company’s European operations and Chinese joint ventures (in thousands): Three Months Ended March 31, 2019 2018 Revenues $ 110,930 $ 171,618 Loss from sale of discontinued operations (6,895) - Income / (loss) from discontinued operations: Income / (loss) before provision for income taxes (9,906) 2,803 Provision for income taxes 2,834 1,958 Income / (loss) from discontinued operations $ (12,740) $ 845 Europe Operations During the fourth quarter of 2018, the Company’s subsidiaries Tower Automotive Holdings III Cooperatie U.A. and Tower Automotive Holdings USA, LLC entered into a Memorandum of Understanding and Stock Purchase Agreement with Financière SNOP Dunois S.A. (the “Purchaser”). Pursuant to the agreement, the Purchaser acquired all of the stock of TA Holdings Europe B.V., an indirect wholly owned subsidiary of the Company, and an intercompany loan, for a purchase price of €255 million on a cash free, debt free basis, subject to working capital and other customary adjustments and a reduction to the extent that capital expenditures for the Company’s European operations for calendar year 2018 were less than €45 million. The anticipated purchase price less expected transaction related costs was less than the carrying value as of December 31, 2018; therefore, the Company recorded a fair value adjustment of $44 million during the fourth quarter of 2018. During the first quarter of 2019, the Company completed the sale of its European operations, receiving net sale proceeds of $277.4 million after payment of transaction costs. The Company recorded an additional fair value adjustment of $6.9 million, which related primarily to the cumulative translation adjustment that was reclassified to earnings and the strengthening of the U.S. dollar against the Euro that resulted in a lower U.S. dollar purchase price. The Company’s European operations have been presented as discontinued operations in the Company’s Condensed Consolidated Financial Statements in accordance with FASB ASC No. 205, Discontinued Operations . China Joint Ventures In October 2016, the Company entered into an agreement to sell its joint venture in Ningbo, China: Tower DIT Automotive Products Co., Ltd (“Ningbo”). The sale agreement provided for purchase of the Company’s equity in the joint venture for approximately $4 million, net of tax. The Company completed the sale of Ningbo during the second quarter of 2018 and received proceeds of $4.3 million, net of tax. Ningbo has been presented as discontinued operations in the Company’s Consolidated Financial Statements in accordance with FASB ASC No. 205, Discontinued Operations. The following table summarizes assets and liabilities held for sale by category (in thousands): December 31, 2018 ASSETS Current assets $ 175,774 Property, plant, and equipment, net 239,023 Other assets, net 7,072 Goodwill 17,744 Fair value adjustment (8,000) Total assets held for sale $ 431,613 LIABILITIES Short-term debt $ 14,890 Accounts payable 142,638 Total current liabilities 157,528 Long-term debt, net of current maturities - Other non-current liabilities 10,354 Total non-current liabilities 10,354 Total liabilities held for sale $ 167,882 |
Tooling
Tooling | 3 Months Ended |
Mar. 31, 2019 | |
Tooling [Abstract] | |
Tooling | Note 6. Tooling Tooling represents costs incurred by the Company in the development of new tooling used in the manufacture of the Company’s products. All pre-production tooling costs incurred for tools that the Company will not own and that will be used in producing products supplied under long-term supply agreements are expensed as incurred, unless the supply agreement provides the Company with the noncancellable right to use the tools or the reimbursement of such costs is contractually guaranteed by the customer. Generally, the customer agrees to reimburse the Company for certain of its tooling costs at the time the customer awards a contract to the Company. When the part for which tooling has been developed reaches a production-ready status, the Company is reimbursed by its customer for the cost of the tooling, at which time the tooling becomes the property of the customer. The Company has certain other tooling costs related to tools the Company has the contractual right to use during the life of the supply arrangement, which are capitalized and amortized over the life of the related product program. Customer-owned tooling is included in the Condensed Consolidated Balance Sheets in prepaid tooling, notes receivable, and other, while Company-owned and other tooling is included in other assets, net. The components of capitalized tooling costs are as follows (in thousands): March 31, 2019 December 31, 2018 Customer-owned tooling, net $ 20,138 $ 14,758 Company-owned tooling 494 507 Total tooling, net $ 20,632 $ 15,265 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill The change in the carrying amount of goodwill is set forth below by reportable segment and on a consolidated basis (in thousands): Consolidated Balance at December 31, 2018 $ 7,453 Currency translation adjustment 107 Balance at March 31, 2019 $ 7,560 Intangibles An intangible asset of $3.6 million related to customer relationships was recorded in 2015, as part of the acquisition of a facility in Mexico. This intangible asset has a definite life and will be amortized on a straight-line basis over seven years, the estimated life of the related asset, which approximates the recognition of related revenues. The Company incurred amortization expense of $0.1 million and $0.1 million for the three months ended March 31, 2019 and 2018 , respectively. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Asset Impairment Charges [Abstract] | |
Restructuring and Asset Impairment Charges | Note 8. Restructuring and Asset Impairment Charges As of March 31, 2019 , the Company has executed various restructuring plans and may execute additional plans in the future to realign manufacturing capacity to prevailing automotive production levels, and to improve the utilization of remaining facilities. Estimates of restructuring charges are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established reserves. Restructuring and Asset Impairment Charges The following table sets forth the Company’s net restructuring and asset impairment charges by type for the periods presented (in thousands): Three Months Ended March 31, 2019 2018 Employee termination costs $ 84 $ 856 Other exit costs 39 387 Total restructuring expense $ 123 $ 1,243 The charges incurred during the three months ended March 31, 2019 and 2018 related primarily to the following actions: 2019 Actions During the three months ended March 31, 2019 , the charges incurred related to severance charges and ongoing maintenance expense of facilities closed as a result of prior actions. 2018 Actions During the three months ended March 31, 2018 , the charges incurred related to severance charges and ongoing maintenance expense of facilities closed as a result of prior actions. Restructuring Reserve The table below summarizes the activity in the restructuring reserve, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, for the above-mentioned actions through March 31, 2019 (in thousands): Balance at December 31, 2018 $ 2,708 Payments (762) Increase in liability 84 Balance at March 31, 2019 $ 2,030 Except as disclosed in the table above, the Company does not anticipate incurring additional material cash charges associated with the actions described above. The changes in the restructuring reserve set forth in the table above do not agree with the restructuring charges for the period, as certain items are expensed as incurred related to the actions described. The restructuring reserve decreased during the three months ended March 31, 2019 , reflecting primarily payments related to prior accruals. During the three months ended March 31, 2019 , the Company incurred payments of $ 0.8 million related primarily to prior accruals. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 9. Leases The Company leases office space, manufacturing space, and certain equipment under noncancellable lease agreements, which require the Company to pay maintenance, insurance, taxes, and other expenses, in addition to rental payments. In certain cases, the lease payments include both lease and nonlease components. The Company has not elected the practical expedient under which the lease component would not be separated from the nonlease components; however, the nonlease components in the Company’s contracts are immaterial. Certain of the Company’s real estate lease payments vary based on changes in the Consumer Price Index (“CPI”). While the lease liabilities are not remeasured as a result of changes to the CPI, these changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company’s leasing arrangements have lease terms that expire between the years 2019 and 2035 . The Company has options to extend the terms of certain leases into future periods. For options that the Company is reasonably certain to exercise, the payments associated with these renewal periods have been included in the measurement of the lease liabilities and ROU assets. The Company does not record lease liabilities and ROU assets for leases with terms less than 12 months. In addition, for certain equipment leases, the Company has an obligation to return the equipment to the lessor at the end of the lease term. The estimated costs of returning the equipment to the lessor have been included in the measurement of the lease liability and ROU asset. The Company’s leasing arrangements do not have residual value guarantees, covenant requirements, or place any other restrictions on the Company. Future operating and finance lease payments, on an undiscounted basis, at March 31, 2019 are as follows (in thousands): 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Total Operating lease payments $ 18,743 $ 18,284 $ 17,142 $ 15,048 $ 14,787 $ 80,446 $ 164,450 Finance lease payments 29,297 32,114 32,114 32,114 31,932 29,628 187,199 The Company measures the lease liabilities and ROU assets associated with these payments using its incremental borrowing rate, as it is not typical for the rate implicit in the lease to be readily determinable. The Company uses estimated interest rates from third party banking institutions that would be applicable over a similar lease term. The following table presents a reconciliation of the undiscounted cash flows to the operating lease liabilities and finance lease liabilities recognized in the Condensed Consolidated Balance Sheets as of March 31, 2019 (in thousands): Operating Leases Finance Leases Total undiscounted cash flows $ 164,450 $ 187,199 Present value impact (55,009) (24,503) Total lease liabilities $ 109,441 $ 162,696 Short-term lease liabilities $ 13,256 $ 22,200 Long-term lease liabilities 96,185 140,496 Total lease liabilities $ 109,441 $ 162,696 As of March 31, 2019 , the Company had finance lease ROU assets of $162.8 million that have been presented within property, plant, and equipment , net on the Condensed Consolidated Balance Sheets. The Company is currently in the process of extending the lease for one of its manufacturing facilities which is estimated to increase the operating lease liability and ROU asset by approximately $15 million during the second quarter of 2019 . Additionally, the Company’s landlord is in the process of completing a building expansion at another of the Company’s manufacturing facilities. The lease for the expanded premises is expected to commence during the third quarter of 2019 and the related operating lease liability and ROU asset will be approximately $10 million. The Company expects to lease additional equipment under finance leases during the second quarter of 2019 which will result in incremental finance lease liabilities and ROU assets of approximately $2 million. The following table discloses the components of the total lease cost recognized (in thousands): Three Months Ended March 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 3,440 Interest on lease liabilities 1,005 Total finance lease cost 4,445 Operating lease cost 5,003 Short-term lease cost 264 Variable lease cost - Total lease cost $ 9,712 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,005 Operating cash flows from operating leases 5,028 Financing cash flows from finance leases 2,795 Right-of-use assets obtained in exchange for new finance lease liabilities 8,806 Right-of-use assets obtained in exchange for new operating lease liabilities 4,049 Weighted-average remaining lease term - finance leases 5.5 years Weighted-average remaining lease term - operating leases 10.5 years Weighted-average discount rate - finance leases 6.0% Weighted average discount rate - operating leases 6.1% |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Debt | Note 10. Debt Short-Term Debt Short-term debt consists of the following (in thousands): March 31, 2019 December 31, 2018 Current maturities of debt (excluding finance leases) $ 4,074 $ 4,148 Current maturities of finance leases 22,200 - Total short-term debt $ 26,274 $ 4,148 Long-Term Debt Long-term debt consists of the following (in thousands): March 31, 2019 December 31, 2018 Term Loan Credit Facility (net of discount of $1,315 and $1,653 ) $ 252,955 $ 303,521 Amended Revolving Credit Facility - - Other foreign subsidiary indebtedness 895 1,044 Debt issue costs (6,906) (5,960) Total debt 246,944 298,605 Less: Current maturities of debt (4,074) (4,148) Total long-term debt $ 242,870 $ 294,457 Term Loan Credit Facility On March 7, 2017, the Company amended the Term Loan Credit Agreement by entering into the Third Refinancing Term Loan Amendment and Restatement Agreement (“Third Term Loan Amendment”), pursuant to which, among other things, the outstanding term loans under the Term Loan Credit Agreement were refinanced in full. There were no additional borrowings associated with this refinancing. The aggregate principal amount of $358.9 million was outstanding under the Term Loan Credit Agreement upon amendment. The maturity date of the Term Loan Credit Facility is March 7, 2024 and the Term Loans bear interest at (i) the Alternate Base Rate plus a margin of 1.75% or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR rate by a statutory reserve rate) plus a margin of 2.75% . On December 14, 2018, the Company amended the Third Term Loan Amendment by entering into a Consent and Amendment (the “Term Loan Agreement”). Per the Term Loan Agreement, the Company was required to prepay outstanding Loans (as defined in the Term Loan Agreement) in an aggregate principal amount of $50 million substantially simultaneously with the consummation of the sale of the Company’s European operations. The Term Loan Borrower’s obligations under the Term Loan Credit Facility are guaranteed by the Company on an unsecured basis and guaranteed by Term Loan Holdco and certain of the Company's other direct and indirect domestic subsidiaries on a secured basis (the “Subsidiary Guarantors”). The Term Loan Credit Facility is secured by (i) a first priority security interest in certain assets of the Term Loan Borrower and the Subsidiary Guarantors, other than, inter alia, accounts, chattel paper, inventory, cash deposit accounts, securities accounts, machinery, equipment and real property and all contract rights, and records and proceeds relating to the foregoing and (ii) on a second priority basis to all other assets of the Term Loan Borrower and the Subsidiary Guarantor which have been pledged on a first priority basis to the agent for the benefit of the lenders under the Amended Revolving Credit Facility described below. The Term Loan Credit Agreement includes customary covenants applicable to certain of the Company’s subsidiaries and includes customary events of default and amounts due thereunder may be accelerated upon the occurrence of an event of default. On July 27, 2018, the Company made a $50 million voluntary repayment on its Term Loan Credit Facility. In connection with this prepayment, the Company accelerated the amortization of the original issue discount and the associated debt issue costs by $1 million. On March 4, 2019, in connection with the sale of the Company’s European operations, the Company made the $50 million repayment required per the Term Loan Agreement. In connection with this payment, the Company incurred consent and arranger fees of $1.2 million. In addition, the Company accelerated the amortization of the original issue discount and the associated debt issue costs by $0.9 million. As of March 31, 2019 , the outstanding principal balance of the Term Loan Credit Facility was $253 million (net of a $1.3 million original issue discount) and the effective interest rate was 5.25% per annum. Amended Revolving Credit Facility On March 7, 2017, the Company entered into a Fourth Amended and Restated Revolving Credit and Guaranty Agreement (“Fourth Amended Revolving Credit Facility Agreement”), by and among Tower Automotive Holdings USA, LLC, the Company, Tower Automotive Holdings I, LLC, Tower Automotive Holdings II(a), LLC, the subsidiary guarantors named therein, the financial institutions from time to time party thereto as Lenders, and JPMorgan Chase Bank, N.A. as Issuing Lender, as Swing Line Lender, and as Administrative Agent for the Lenders. The Fourth Amended Revolving Credit Facility Agreement amended and restated, in its entirety, the Third Amended Revolving Credit Facility Agreement, dated as of September 17, 2014, by and among Tower Automotive Holdings USA, LLC (“the Borrower”), its domestic affiliate and domestic subsidiary guarantors named therein, and the lenders party thereto, and the Agent. The Fourth Amended Revolving Credit Facility Agreement provides for a cash flow revolving credit facility in the aggregate amount of up to $200 million. The Fourth Amended Revolving Credit Facility Agreement also provides for the issuance of letters of credit in an aggregate amount not to exceed $30 million, provided that the total amount of credit (inclusive of revolving loans and letters of credit) extended under the Fourth Amended Revolving Credit Facility Agreement is subject to an overall cap, on any date, of $200 million. The Company may request the issuance of Letters of Credit denominated in Dollars or Euros. On December 14, 2018, the Company amended the Fourth Amended Revolving Credit Facility Agreement by entering into a Consent and Amendment (the “Revolver Amendment”), pursuant to which, among other things, substantially simultaneously with the consummation of the sale of the Company’s European operations, the expiration date for the Fourth Amended Revolving Credit Facility Agreement was extended from March 7, 2022 to March 7, 2023 . On March 1, 2019, the amendment was consummated upon the sale of the Company’s European operations and the Company incurred consent and arranger fees of $1.1 million. Advances under the Amended Revolving Credit Facility bear interest at an alternate base rate plus a base rate margin or LIBOR plus a Eurodollar margin. The applicable margins are determined by the Company’s Total Net Leverage Ratio (as defined in the Fourth Amended Revolving Credit Facility Agreement). As of March 31, 2019 , the applicable margins were 2% per annum for LIBOR based borrowings and 1% per annum for base rate borrowings. The Company will pay a commitment fee at a rate equal to 0.50% per annum on the average daily unused total revolving credit commitment. The Amended Revolving Credit Facility is guaranteed by the Company on an unsecured basis and is guaranteed by certain of the Company’s other direct and indirect domestic subsidiaries on a secured basis. The Amended Revolving Credit Facility is secured (i) by a first priority security interest in certain assets of the Borrower and the Subsidiary Guarantors, including accounts, inventory, chattel paper, cash, deposit accounts, securities accounts, machinery, equipment and real property and all contract rights, and records and proceeds relating to the foregoing and (ii) on a second priority basis to all other assets of the Borrower and the Subsidiary Guarantors. The Borrower’s and each Subsidiary Guarantor’s pledge of such assets as security for the obligations under the Amended Revolving Credit Facility is evidenced by a Revolving Credit Security Agreement dated as of March 17, 2017, among the Borrower, the guarantors party thereto, and the Agent. The Fourth Amended Revolving Credit Facility Agreement contains customary covenants applicable to certain of the Company’s subsidiaries and includes customary events of default and amounts due there under may be accelerated upon the occurrence of an event of default. As of March 31, 2019 , there was $191.8 million of unutilized borrowing availability under the Amended Revolving Credit Facility. At that date, there were no borrowings and $8.2 million of letters of credit outstanding under the Amended Revolving Credit Facility. Other Foreign Subsidiary Indebtedness Generally, borrowings of foreign subsidiaries are made under credit agreements with commercial lenders and are used to fund working capital and other operating requirements. As of March 31, 2019 , the Company’s Brazilian subsidiary had borrowings of $ 0.9 million (R$ 3.5 million), which have annual interest rates ranging from 5.50% to 8.70% and maturity dates ranging from November 2019 to July 2022 . As of March 31, 2019 , the weighted average interest rate on the borrowings in Brazil was 7.33% per annum. The loans are provided through bilateral agreements with two local banks and are secured by certain fixed and current assets. Periodic interest and principal payments are required. Covenants As of March 31, 2019 , the Company was in compliance with the financial covenants that govern its credit agreements. Debt Issue Costs The Company had debt issuance costs, net of amortization, of $6.9 million and $ 6 million as of March 31, 2019 and December 31, 2018 , respectively. These amounts are reflected in the Condensed Consolidated Balance Sheets as a direct deduction from long-term debt, net of current maturities. The Company incurred interest expense related to the amortization of debt issue costs of $1 million and $0.3 million during the three months ended March 31, 2019 and 2018 , respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Financial Instruments[Abstract] | |
Derivative Financial Instruments | Note 11. Derivative Financial Instruments The Company’s derivative financial instruments include interest rate and cross currency swaps. The Company does not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, the Company monitors counterparty credit ratings. The Company considers credit non-performance risk to be low because the Company enters into agreements with commercial institutions that have at least an S&P, or equivalent, investment grade credit rating. As of December 31, 2018, the Company had outstanding a $186.1 million variable to fixed interest rate swap with a fixed interest rate of 5.878% per annum and a €178 million cross currency swap based on the U.S. dollar / Euro exchange spot rate of $1.2733 which was the prevailing rate at the time of the transaction. The maturity date for both swap instruments was March 7, 2024 . During the first quarter of 2019, the Company paid $28.6 million to terminate its fixed interest rate and cross currency swaps. For the fixed interest rate swap, the balance within accumulated other comprehensive income (“AOCI”) was frozen and will be recognized within interest expense over the remaining term of the hedged transaction. As of March 31, 2019 , the Company had a cumulative balance of $ 2.1 million recorded in AOCI related to these interest rate swaps. During the three months ended March 31, 2019 and 2018 , the Company recognized $0.2 million and $0.3 million, respectively, within interest expense. The amount previously being recognized related to a swap modification that occurred in August 2017. As the Company’s European operations have been sold effective March 1, 2019, the entire accumulated gain within AOCI of $17.1 million, net of tax, related to the cross currency swap was recognized into earnings during the first quarter of 2019. Also during the first quarter of 2019, the Company entered into a new $100 million variable rate to fixed rate interest rate swap for a portion of the Company’s Term Loan. The fair value of the swap will fluctuate with changes in interest rates. The fixed interest rate is 5.35% per annum and the swap has a maturity date of March 7, 2024 . The interest rate swap qualifies as a cash flow hedge and is accounted for under FASB ASC No. 815, Derivatives and Hedging. At March 31, 2019 and December 31, 2018 , the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to counterparties under FASB ASC No. 815 (in thousands): Location March 31, 2019 December 31, 2018 Cross currency swap Other non-current liabilities $ - $ 19,903 Interest rate swap Other non-current liabilities 1,834 5,034 All derivative instruments are recorded at fair value. Effectiveness for net investment and cash flow hedges is initially assessed at the inception of the hedging relationship and on a quarterly basis thereafter. The change in fair value of the hedging instruments are recorded in other comprehensive income. The earnings effect of the hedged items is recorded in the Condensed Consolidated Statements of Operations as interest expense when the hedged item affects earnings. The interest rate swap qualifies as a cash flow hedge of the interest payments related to the Company’s Term Loan. The following table presents the deferred gains / (losses) reported in AOCI at March 31, 2019 and December 31, 2018 (in thousands): Deferred gain in AOCI March 31, 2019 December 31, 2018 Cross currency swap $ - $ 21,099 Interest rate swap (3,932) (1,546) Total $ (3,932) $ 19,553 The following table presents the total amounts reported in interest expense in the Condensed Consolidated Statement of Operations and the effects of hedging on those line items: Three Months Ended March 31, 2019 2018 Interest expense $ 5,640 $ 4,676 Effect of hedging (266) (128) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12. Income Taxes During the three months ended March 31, 2019 , the Company recorded income tax expense of $ 3.2 million on $10.9 million of pre-tax profit from continuing operations – for an effective tax rate of 29.5% . Included in the $3.2 million of consolidated tax expense was $1 million of deferred tax expense attributable to U.S. operations. During the three months ended March 31, 2018 , the Company recorded income tax expense of $3.2 million on $19.7 million of pre-tax profit from continuing operations – for a consolidated effective tax rate of 16.4% . Included in the $3.2 million of consolidated tax expense was $2.9 million of deferred tax expense attributable to U.S. operations. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 13. Retirement Plans The Company sponsors a pension and various other postretirement benefit plans for its employees. Each plan serves a defined group of employees and has varying levels of Company contributions. The Company’s contributions to certain plans may be required by the terms of the Company’s collective bargaining agreements. The components of net periodic benefit cost are included within net periodic benefit income on the Condensed Consolidated Statement of Operations. The following tables provide the components of net periodic pension benefit cost and other post-retirement benefit cost (in thousands): Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, 2019 2018 2019 2018 Service cost $ 3 $ 5 $ 1 $ 2 Interest cost 2,000 1,835 138 128 Expected return on plan assets (a) (2,182) (2,537) - - Amortization of prior service credit (24) (24) 33 33 Net periodic benefit cost / (income) $ (203) $ (721) $ 172 $ 163 (a) Expected rate of return on plan assets is 7.40% for 2019 and was 7.40% for 2018 The Company expects its minimum pension funding requirements to be $ 5.9 million during 2019 . During the three months ended March 31, 2019 and 2018 , the Company made contributions of $1.2 million and $1.5 million, respectively. Additionally, during the three months ended March 31, 2019 and 2018 , the Company contributed $1.8 million and $1.6 million, respectively, to its defined contribution retirement plans. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders’ Equity and Noncontrolling Interests [Abstract] | |
Stockholders’ Equity and Noncontrolling Interests | Note 14. Stockholders’ Equity and Noncontrolling Interests The table below provides a reconciliation of the carrying amount of total stockholders’ equity for the three months ended March 31, 2019 (dollars in thousands): Accumulated Common Additional Other Stock Paid in Treasury Retained Comprehensive Units/Shares Amount Capital Stock Earnings Loss Total Equity Balance at December 31, 2018 20,606,736 $ 224 $ 347,816 $ (36,882) $ 64,676 $ (74,920) $ 300,914 Net loss - - - - (5,068) - (5,068) Other comprehensive loss - - - - - (5,380) (5,380) Total comprehensive loss - - - - - - (10,448) Vesting of RSUs 102,856 1 (1) - - - - Stock options exercised 13,041 - 160 - - - 160 Treasury stock (33,908) - - (861) - - (861) Share-based compensation expense - - 1,297 - - - 1,297 Dividend paid - - - - (2,680) - (2,680) Cumulative effect of the adoption of ASU No. 2016-02 - - - - 4,132 - 4,132 Amounts reclassified from AOCI - - - - - 19,980 (a) 19,980 Balance at March 31, 2019 20,688,725 $ 225 $ 349,272 $ (37,743) $ 61,060 $ (60,320) $ 312,494 (a) Includes recognition of $36.8 million loss related to the sale of the Company’s European operations and recognition of $17.1 million gain associated with the Company’s net investment hedges that were terminated upon the sale of the Company’s European operations. The table below provides a reconciliation of the carrying amount of total stockholders’ equity for the three months ended March 31, 2018 (dollars in thousands): Accumulated Common Additional Other Stock Paid in Treasury Retained Comprehensive Units/Shares Amount Capital Stock Earnings Loss Total Equity Balance at December 31, 2017 20,542,397 $ 223 $ 344,153 $ (36,408) $ 29,712 $ (67,808) $ 269,872 Net income - - - - 17,300 - 17,300 Other comprehensive income - - - - - 6,572 6,572 Total comprehensive income - - - - - - 23,872 Vesting of RSUs 62,225 1 (1) - - - - Stock options exercised 8,579 - 112 - - - 112 Treasury stock (18,064) - - (474) - - (474) Share-based compensation expense - - 703 - - - 703 Dividend paid - - - - (2,465) - (2,465) Cumulative effect of the adoption of ASU No. 2017-12 - - - - (3,848) 3,848 - Balance at March 31, 2018 20,595,137 $ 224 $ 344,967 $ (36,882) $ 40,699 $ (57,388) $ 291,620 On June 17, 2016, the Company announced its Board of Directors’ authorization to repurchase up to $100 million of the Company’s issued and outstanding common stock from time to time in the open market, or in privately negotiated transactions. The Company expects to fund such repurchases from cash flow from operations, cash on hand, asset dispositions, and borrowings under its revolving credit facility. Through March 31, 2019 , the Company repurchased a total of 829,648 shares of common stock at an aggregate cost of $18.9 million under this repurchase program. During the three months ended March 31, 2019 , no shares have been repurchased under this repurchase program. The following table presents the components of accumulated other comprehensive loss (in thousands): As of March 31, 2019 As of December 31, 2018 Change Foreign currency translation adjustments, net of tax expense of $0 million and $2.9 million $ (20,142) $ (36,531) $ 16,389 Defined benefit plans, net of tax expense o f $14.9 million and $14.9 million (38,185) (38,185) - Unrealized loss on qualifying cash flow hedge, net of tax benefit of $1.9 million and $1.3 million (1,993) (204) (1,789) Accumulated other comprehensive loss $ (60,320) $ (74,920) $ 14,600 The following table presents the changes in accumulated other comprehensive loss by component (in thousands) for the three months ended March 31, 2019 : Unrealized loss on Foreign Currency Qualifying cash flow Defined Benefit Translation Hedge Plan Adjustments Total Balance at December 31, 2018 $ (204) $ (38,185) $ (36,531) $ (74,920) Other comprehensive loss before reclassification (2,013) - (3,367) (5,380) Amounts reclassified from accumulated other comprehensive loss 224 - 19,756 19,980 Net current-period other comprehensive income / (loss) (1,789) - 16,389 14,600 Balance at March 31, 2019 $ (1,993) $ (38,185) $ (20,142) $ (60,320) The following table presents the changes in accumulated other comprehensive loss by component (in thousands) for the three months ended March 31, 2018 : Unrealized loss on Foreign Currency Qualifying cash flow Defined Benefit Translation Hedge Plan Adjustments Total Balance at December 31, 2017 $ (4,698) $ (38,249) $ (24,861) $ (67,808) Other comprehensive income before reclassification 3,381 - 3,191 6,572 Amounts reclassified from accumulated other comprehensive loss 734 - 3,114 3,848 Net current-period other comprehensive income 4,115 - 6,305 10,420 Balance at March 31, 2018 $ (583) $ (38,249) $ (18,556) $ (57,388) |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per Share (“EPS”) [Abstract] | |
Earnings per Share (“EPS”) | Note 15. Earnings per Share (“EPS”) Basic earnings / (loss) per share is calculated by dividing net income / (loss) by the weighted average number of common shares outstanding. The share count for diluted earnings / (loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the effects of dilutive common stock equivalents (“CSEs”) outstanding during the period. CSEs, which are securities that may entitle the holder to obtain common stock, include outstanding stock options and restricted stock units. When the average price of the common stock during the period exceeds the exercise price of a stock option, the options are considered potentially dilutive CSEs. When there is a loss from continuing operations, potentially dilutive shares are excluded from the computation of earnings per share, as their effect would be anti-dilutive. The Company did not exclude any potentially anti-dilutive shares for the three months ended March 31, 2019 and March 31, 2018 , respectively. A summary of the information used to compute basic and diluted net income / (loss) per share is shown below (in thousands – except share and per share amounts): Three Months Ended March 31, 2019 2018 Income from continuing operations $ 7,672 $ 16,455 Income / (loss) from discontinued operations, net of tax (12,740) 845 Net income / (loss) $ (5,068) $ 17,300 Basic income / (loss) per share: Continuing operations $ 0.37 $ 0.80 Discontinued operations (0.62) 0.04 Net income / (loss) (0.25) 0.84 Basic weighted average shares outstanding 20,632,128 20,556,613 Diluted income / (loss) per share: Continuing operations $ 0.36 $ 0.79 Discontinued operations (0.60) 0.04 Net income / (loss) (0.24) 0.83 Diluted weighted average shares outstanding 21,063,287 20,951,973 The following table presents information regarding the Company’s quarterly dividends per common share. Declaration Date Cash Amount Record Date Payment Date 2019 January 24, 2019 $ 0.13 February 7, 2019 February 28, 2019 2018 January 26, 2018 0.12 February 9, 2018 February 28, 2018 |
Share-Based and Long-Term Compe
Share-Based and Long-Term Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Share-Based and Long-Term Compensation [Abstract] | |
Share-Based and Long-Term Compensation | Note 16. Share-Based and Long-Term Compensation Share-Based Compensation 2010 Equity Incentive Plan (“the Plan”) The Company adopted an equity incentive plan in connection with its 2010 initial public offering that allows for the grant of stock options, restricted stock awards, other equity-based awards, and certain cash-based awards to be made pursuant to the Plan. The eligibility requirements and terms governing the allocation of any common stock and the receipt of other consideration under the Plan are determined by the Board of Directors and/or its Compensation Committee. At March 31, 2019 , 442,609 shares were available for future grants of options and other types of awards under the Plan. The following table summarizes the Company’s award activity during the three months ended March 31, 2019 : Options Restricted Stock Units Weighted Weighted Average Average Grant Outstanding at: Shares Exercise Price Shares Date Fair Value December 31, 2018 341,344 $ 12.21 388,047 $ 26.33 Granted - - 176,586 25.35 Options exercised or RSUs vested (13,041) 12.23 (102,856) 26.32 Forfeited - - - - March 31, 2019 328,303 $ 12.21 461,776 $ 25.96 Stock Options The exercise price of each stock option equals the market price of the Company’s common stock on the grant date. Compensation expense is recorded at the grant date fair value and is recognized on a straight-line basis over the applicable vesting periods. The Company’s stock options generally vest over three years, with a maximum term of ten years. The Company calculates the weighted average grant date fair value of each option granted using a Black-Scholes valuation model . During the three months ended March 31, 2019 and 2018 , the Company did no t recognize any expense relating to the options as all of the expense associated with these options had been fully recognized in previous periods. As of March 31, 2019 , the Company had an aggregate of 328,303 stock options that had been granted, but had not yet been exercised. As of March 31, 2019 , the remaining average contractual life for these options is approximately three years. During the three months ended March 31, 2019 , 13,041 options were exercised, which had an aggregate intrinsic value of $0.2 million. As of March 31, 2019 , 328,303 stock options were exercisable, which had an aggregate intrinsic value of $2.9 million. During the three months ended March 31, 2019 , no options were forfeited and no options were granted. Restricted Stock Units (“RSUs”) The grant date fair value of each RSU equals the market price of the Company’s common stock on its date of grant. Compensation expense is recorded at the grant date fair value, less an estimated forfeiture amount, and is recognized on a straight-line basis over the applicable vesting periods. The Company’s RSUs generally vest over a three year period. During the three months ended March 31, 2019 and 2018 , the Company recognized expense relating to the RSUs of $1 million and $0.7 million, respectively. As of March 31, 2019 , the Company had $8.1 million of unrecognized compensation expense associated with these RSUs, which will be amortized on a straight-line basis over the next 20 months, on a weighted average basis. As of March 31, 2019 , the Company had an aggregate of 461,776 RSUs that had been granted, but had not yet vested. During the three months ended March 31, 2019 , 176,586 RSUs were granted and no RSUs were forfeited. During the first three months of 2019 , a total of 102,856 RSUs vested, resulting in the issuance of 102,856 shares. The fair value of these shares was $2.6 million. This total was reduced by shares repurchased to provide payment for certain individuals’ minimum statutory withholding tax. After offsets for withholding taxes, a total of 68,948 shares of common stock were issued. The Company paid $0.9 million to acquire 33,908 vested shares to cover the minimum statutory withholding taxes. Long-Term Compensation Performance Award Agreements Under the provisions of the 2010 Equity Incentive Plan, the Company grants certain awards annually in March pursuant to Performance Award Agreements to approximately 80 executives. These awards are designed to provide the executives with an incentive to participate in the long-term success and growth of the Company. The Performance Award Agreements provide for cash-based awards that vest upon payment. Pursuant to meeting the performance conditions set forth in the Performance Award Agreements, each award will be paid three years after it is granted. These awards are also subject to payment upon a change in control or termination of employment, if certain criteria are met. These awards represent unfunded, unsecured obligations of the Company. 2016 and 2017 Awards One half of the awards granted in 2016 and 2017 will be based upon the Company’s Adjusted EBIT Growth Rate, which is defined as the Company’s cumulative Adjusted EBIT (earnings before interest and taxes) for the performance period of the awards, stated in terms of a percentage growth rate. The Company's EBIT will be adjusted to exclude the effect of extraordinary, unusual, and/or nonrecurring items and then will be divided by the number of fiscal years in the specified period, stated in terms of a percentage growth rate. The other half of the awards will be based upon the Company's percentile ranking of total shareholder return, compared to a peer group of companies, for the performance period. 2018 and 2019 Awards One half of the awards granted in 2018 and 2019 will be based upon the Company’s Adjusted EBITDA Growth Rate, which is defined as the Company’s cumulative Adjusted EBITDA for the performance period of the awards, stated in terms of a percentage growth rate. The other half of the awards will be based upon the Company's percentile ranking of total shareholder return, compared to a peer group of companies, for the performance period. The performance period of the awards granted in 2017 is January 1, 2017 through December 31, 2019. The performance period of the awards granted in 2018 is January 1, 2018 through December 31, 2020. The performance period of the awards granted in 2019 is January 1, 2019 through December 31, 2021. For the three months ended March 31, 2019 and 2018 , the Company recorded expense related to all performance awards of $2.5 million and $1 million, respectively. At March 31, 2019 , the Company had a liability of $6 million related to these awards, of which $4 million is payable in March 20 20 and is presented as other current liabilities in the Condensed Consolidated Balance Sheet, while the remaining $2 million is presented as other non-current liabilities in the Condensed Consolidated Balance Sheet. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Segment Information | Note 17. Segment Information The Company defines its operating segments as components of its business where separate financial information is available. The Company’s operating segments are routinely evaluated by management. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company produces engineered structural metal components and assemblies primarily serving the global automotive industry. The Company’s operations have similar economic characteristics and share fundamental characteristics, including the nature of the products, production processes, margins, customers, and distribution channels. The Company’s products include body structures stampings, chassis structures (including frames), and complex welded assemblies for small and large cars, crossovers, pickups, and SUVs. The Company is comprised of two operating segments: North America and Brazil. These operating segments are aggregated into one reportable segment. The following is a summary of select data for each of the Company’s reportable segments (in thousands): Total Three Months Ended March 31, 2019: Revenues $ 378,738 Net Loss (5,068) Capital Expenditures (a) 39,642 Total Assets 1,209,751 Three Months Ended March 31, 2018: Revenues $ 407,233 Net Income 17,300 Capital Expenditures (a) 12,075 Total Assets (b) 1,327,437 (a) Capital expenditures represent cash disbursed for purchases of property, plant, and equipment, as presented in the accompanying Consolidated Statements of Cash Flows. (b) As of March 31, 2018, total assets include assets held for sale. Inter-segment sales are not significant for any period presented. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 18. Fair Value of Financial Instruments FASB ASC No. 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants, at the measurement date under current market conditions (an exit price). The exit price is based upon the amount that the holder of the asset or liability would receive or need to pay in an actual transaction or in a hypothetical transaction if an actual transaction does not exist, at the measurement date. In some circumstances, the entry and exit price may be the same; however, they are conceptually different. The Company generally determines fair value based upon quoted market prices in active markets for identical assets or liabilities. If quoted market prices are not available, the Company uses valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. In measuring fair value, the Company may make adjustments for risks and uncertainties, if a market participant would include such an adjustment in its pricing. FASB ASC No. 820 establishes a fair value hierarchy that distinguishes between assumptions based upon market data, referred to as observable inputs, and the Company’s assumptions, referred to as unobservable inputs. Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows: Level 1: Quoted market prices in active markets for identical assets and liabilities; Level 2: Inputs, other than Level 1 inputs, that are either directly or indirectly observable; and Level 3: Unobservable inputs developed using estimates and assumptions that reflect those that market participants would use. At March 31, 2019 , the carrying value and estimated fair value of the Company’s total debt was $ 253.9 million and $ 250 million, respectively. At December 31, 2018 , the carrying value and estimated fair value of the Company’s total debt was $304.6 million and $290.1 million, respectively. The majority of the Company’s debt at March 31, 2019 and December 31, 2018 was comprised of the Term Loan Credit Facility, which can be traded between financial institutions. Accordingly, this debt has been classified as Level 2. The fair value was determined based upon quoted values. The remainder of the Company’s debt, primarily consisting of foreign subsidiary indebtedness, is asset-backed and is classified as Level 3. As this debt carries variable rates and minimal credit risk, the book value approximates the fair values. The Company has an interest rate swap that was measured at fair value on a recurring basis at March 31, 2019 . The Company had foreign currency exchange hedges and an interest rate swap that were measured at fair value on a recurring basis at December 31, 2018 . These instruments are recorded in other non-current liabilities in the Company’s Condensed Consolidated Balance Sheets and the fair value is measured using Level 2 observable inputs such as foreign currency exchange rates, swap rates, cross currency basis swap spreads and interest rate spreads. At March 31, 2019 , the interest rate swap had a liability fair value of $1.8 million. At December 31, 2018, foreign currency exchange hedge (net investment hedge of the Company’s European subsidiaries) and the interest rate swap had liability fair values of $19.9 million and $5 million, respectively. The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 (in millions): Quoted prices in active Significant other Significant markets for identical observable unobservable assets inputs inputs Level 1 Level 2 Level 3 Total gains / (losses) Long-lived assets held for sale Not applicable Not applicable $ 256.8 $ (6.9) In accordance with FASB ASC No. 360, Property, Plant, & Equipment , the long-lived assets held for sale related to the Company’s European operations, with a carrying amount of $263.7 million were written down to their fair value of $256.8 million, resulting in a loss of $6.9 million, which was included in the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 as income/(loss) from discontinued operations, net of tax. The fair value of the assets was determined based upon the actual net proceeds received compared to the carrying value of the European operations. The carrying value also included the cumulative translation adjustment that was reclassified into earnings. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short maturity of these instruments. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 19. Commitments and Contingencies Environmental Matters The Company owns properties which have been affected by environmental releases. The Company is actively involved in investigation and/or remediation at several of these locations. Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. The established liability for environmental matters is based upon management’s best estimates, on an undiscounted basis, of expected investigation/ remediation costs related to environmental contamination. It is possible that actual costs associated with these matters will exceed the environmental reserves established by the Company. Inherent uncertainties exist in the estimates, primarily due to unknown environmental conditions, changing governmental regulations, and legal standards regarding liability and evolving technologies for handling site remediation and restoration. At March 31, 2019 and December 31, 2018 , the Company had $1.3 million accrued for environmental matters. Contingent Matters The Company will establish an accrual for matters in which losses are probable and can be reasonably estimated. These types of matters may involve additional claims that, if granted, could require the Company to pay penalties or make other expenditures in amounts that will not be estimable at the time of discovery of the matter. In these cases, a liability will be recorded at the low end of the range if no amount within the range is a better estimate in accordance with FASB ASC No. 450, Accounting for Contingencies . In 2018, the Company received a favorable court ruling regarding the unconstitutionality of calculating Brazilian PIS and COFINS taxes. During the first quarter of 2019, the Company submitted a claim with the Brazilian government and received authorization to begin utilizing the credits to offset certain cash payments to the government. The Company has five years to utilize the credits. The Company will account for the utilization of these credits in accordance with FASB ASC 450, Accounting for Contingencies . The submission of the claim with the Brazilian government resulted in a one-time tax obligation, for which a portion of the tax credit will be utilized to offset. Therefore, the Company recognized a one-time benefit of $5.2 million during the first quarter of 2019 that has been presented within other income on the Condensed Consolidated Statements of Operations. Future utilization of these credits will be recorded within cost of goods sold. Litigation The Company is subject to various legal actions and claims incidental to its business, including potential lawsuits with customers or suppliers. Litigation is subject to many uncertainties and the outcome of individual litigated matters is not probable or estimable. After discussions with counsel litigating these matters, it is the opinion of management that the outcome of such matters will not have a material impact on the Company’s financial position, results of operations, or cash flows. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Organization and Basis of Presentation [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany transactions and balances have been eliminated upon consolidation |
Inventories (Policy)
Inventories (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Maintenance, repair, and non-productive inventory, which are considered consumables, are expensed when acquired and included in the Condensed Consolidated Statements of Operations as cost of sales. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Financial Instruments[Abstract] | |
Derivative Financial Instruments | The Company does not enter into derivative financial instruments for trading or speculative purposes. On an on-going basis, the Company monitors counterparty credit ratings. The Company considers credit non-performance risk to be low because the Company enters into agreements with commercial institutions that have at least an S&P, or equivalent, investment grade credit rating. |
Segment Information (Policy)
Segment Information (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Segment Information | The Company defines its operating segments as components of its business where separate financial information is available. The Company’s operating segments are routinely evaluated by management. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company produces engineered structural metal components and assemblies primarily serving the global automotive industry. The Company’s operations have similar economic characteristics and share fundamental characteristics, including the nature of the products, production processes, margins, customers, and distribution channels. The Company’s products include body structures stampings, chassis structures (including frames), and complex welded assemblies for small and large cars, crossovers, pickups, and SUVs. The Company is comprised of two operating segments: North America and Brazil. These operating segments are aggregated into one reportable segment. |
Commitments and Contingencies (
Commitments and Contingencies (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Contingent Matters | Contingent Matters The Company will establish an accrual for matters in which losses are probable and can be reasonably estimated. These types of matters may involve additional claims that, if granted, could require the Company to pay penalties or make other expenditures in amounts that will not be estimable at the time of discovery of the matter. In these cases, a liability will be recorded at the low end of the range if no amount within the range is a better estimate in accordance with FASB ASC No. 450, Accounting for Contingencies . |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Customer Mix [Member] | |
Summary of Vehicle Platform Mix as a Percentage of Revenue | The following table summarizes the Company’s customer mix as a percent of revenues: Three Months Ended March 31, 2019 2018 Ford 45% 49% Fiat - Chrysler 21% 23% Nissan 12% 12% Toyota 8% 7% BMW 8% 3% Volkswagen Group 2% 2% Honda 2% 2% Other 2% 2% Total 100% 100% |
Platform Mix [Member] | |
Summary of Vehicle Platform Mix as a Percentage of Revenue | The following table summarizes the Company’s vehicle platform mix as a percent of revenues: Three Months Ended March 31, 2019 2018 SUV (sport-utility vehicles) 53% 52% Pickup 28% 27% Van 4% 4% MPV (multi-purpose vehicles) 1% 2% Light trucks 86% 85% Large Car 7% 7% Small Car 5% 7% All Other 2% 1% Total 100% 100% |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): March 31, 2019 December 31, 2018 Raw materials $ 32,065 $ 29,752 Work in process 15,220 13,008 Finished goods 16,720 26,674 Total inventory $ 64,005 $ 69,434 |
Discontinued Operations and A_2
Discontinued Operations and Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Assets Held for Sale [Abstract] | |
Financial Information of the Discontinued Operations | The following table discloses select financial information of the discontinued operations of the Company’s European operations and Chinese joint ventures (in thousands): Three Months Ended March 31, 2019 2018 Revenues $ 110,930 $ 171,618 Loss from sale of discontinued operations (6,895) - Income / (loss) from discontinued operations: Income / (loss) before provision for income taxes (9,906) 2,803 Provision for income taxes 2,834 1,958 Income / (loss) from discontinued operations $ (12,740) $ 845 |
Disclosure of Long Lived Assets Held for Sale | The following table summarizes assets and liabilities held for sale by category (in thousands): December 31, 2018 ASSETS Current assets $ 175,774 Property, plant, and equipment, net 239,023 Other assets, net 7,072 Goodwill 17,744 Fair value adjustment (8,000) Total assets held for sale $ 431,613 LIABILITIES Short-term debt $ 14,890 Accounts payable 142,638 Total current liabilities 157,528 Long-term debt, net of current maturities - Other non-current liabilities 10,354 Total non-current liabilities 10,354 Total liabilities held for sale $ 167,882 |
Tooling (Tables)
Tooling (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Tooling [Abstract] | |
Components of Capitalized Tooling Costs | The components of capitalized tooling costs are as follows (in thousands): March 31, 2019 December 31, 2018 Customer-owned tooling, net $ 20,138 $ 14,758 Company-owned tooling 494 507 Total tooling, net $ 20,632 $ 15,265 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Goodwill | The change in the carrying amount of goodwill is set forth below by reportable segment and on a consolidated basis (in thousands): Consolidated Balance at December 31, 2018 $ 7,453 Currency translation adjustment 107 Balance at March 31, 2019 $ 7,560 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment Charges (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Asset Impairment Charges [Abstract] | |
Schedule of Restructuring Charges and Asset Impairment Charges | The following table sets forth the Company’s net restructuring and asset impairment charges by type for the periods presented (in thousands): Three Months Ended March 31, 2019 2018 Employee termination costs $ 84 $ 856 Other exit costs 39 387 Total restructuring expense $ 123 $ 1,243 |
Schedule of Restructuring Liability by Segment | The table below summarizes the activity in the restructuring reserve, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, for the above-mentioned actions through March 31, 2019 (in thousands): Balance at December 31, 2018 $ 2,708 Payments (762) Increase in liability 84 Balance at March 31, 2019 $ 2,030 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Future Operating and Finance Lease Payments, on an Undiscounted Basis | Future operating and finance lease payments, on an undiscounted basis, at March 31, 2019 are as follows (in thousands): 1 Year 2 Years 3 Years 4 Years 5 Years After 5 Years Total Operating lease payments $ 18,743 $ 18,284 $ 17,142 $ 15,048 $ 14,787 $ 80,446 $ 164,450 Finance lease payments 29,297 32,114 32,114 32,114 31,932 29,628 187,199 |
Reconciliation of the Undiscounted Cash Flows to the Operating Lease Liabilities and Finance Lease Liabilities | The following table presents a reconciliation of the undiscounted cash flows to the operating lease liabilities and finance lease liabilities recognized in the Condensed Consolidated Balance Sheets as of March 31, 2019 (in thousands): Operating Leases Finance Leases Total undiscounted cash flows $ 164,450 $ 187,199 Present value impact (55,009) (24,503) Total lease liabilities $ 109,441 $ 162,696 Short-term lease liabilities $ 13,256 $ 22,200 Long-term lease liabilities 96,185 140,496 Total lease liabilities $ 109,441 $ 162,696 |
Disclosure the Components of the Total Lease Cost Recognized | The following table discloses the components of the total lease cost recognized (in thousands): Three Months Ended March 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 3,440 Interest on lease liabilities 1,005 Total finance lease cost 4,445 Operating lease cost 5,003 Short-term lease cost 264 Variable lease cost - Total lease cost $ 9,712 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,005 Operating cash flows from operating leases 5,028 Financing cash flows from finance leases 2,795 Right-of-use assets obtained in exchange for new finance lease liabilities 8,806 Right-of-use assets obtained in exchange for new operating lease liabilities 4,049 Weighted-average remaining lease term - finance leases 5.5 years Weighted-average remaining lease term - operating leases 10.5 years Weighted-average discount rate - finance leases 6.0% Weighted average discount rate - operating leases 6.1% |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Schedule of Short-term Debt | Short-term debt consists of the following (in thousands): March 31, 2019 December 31, 2018 Current maturities of debt (excluding finance leases) $ 4,074 $ 4,148 Current maturities of finance leases 22,200 - Total short-term debt $ 26,274 $ 4,148 |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands): March 31, 2019 December 31, 2018 Term Loan Credit Facility (net of discount of $1,315 and $1,653 ) $ 252,955 $ 303,521 Amended Revolving Credit Facility - - Other foreign subsidiary indebtedness 895 1,044 Debt issue costs (6,906) (5,960) Total debt 246,944 298,605 Less: Current maturities of debt (4,074) (4,148) Total long-term debt $ 242,870 $ 294,457 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Financial Instruments[Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | At March 31, 2019 and December 31, 2018 , the following amounts were recorded in the Condensed Consolidated Balance Sheets as being payable to counterparties under FASB ASC No. 815 (in thousands): Location March 31, 2019 December 31, 2018 Cross currency swap Other non-current liabilities $ - $ 19,903 Interest rate swap Other non-current liabilities 1,834 5,034 |
Derivative Instruments, Gain (Loss) | The following table presents the deferred gains / (losses) reported in AOCI at March 31, 2019 and December 31, 2018 (in thousands): Deferred gain in AOCI March 31, 2019 December 31, 2018 Cross currency swap $ - $ 21,099 Interest rate swap (3,932) (1,546) Total $ (3,932) $ 19,553 |
Amounts Reported in Interest Expense in the Statement of Operations and the Effects of Hedging | The following table presents the total amounts reported in interest expense in the Condensed Consolidated Statement of Operations and the effects of hedging on those line items: Three Months Ended March 31, 2019 2018 Interest expense $ 5,640 $ 4,676 Effect of hedging (266) (128) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Plans [Abstract] | |
Components of Net Periodic Pension Benefit and Other Post-retirement Benefit Costs | The following tables provide the components of net periodic pension benefit cost and other post-retirement benefit cost (in thousands): Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, 2019 2018 2019 2018 Service cost $ 3 $ 5 $ 1 $ 2 Interest cost 2,000 1,835 138 128 Expected return on plan assets (a) (2,182) (2,537) - - Amortization of prior service credit (24) (24) 33 33 Net periodic benefit cost / (income) $ (203) $ (721) $ 172 $ 163 (a) Expected rate of return on plan assets is 7.40% for 2019 and was 7.40% for 2018 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders’ Equity and Noncontrolling Interests [Abstract] | |
Schedule of Stockholders' Equity | The table below provides a reconciliation of the carrying amount of total stockholders’ equity for the three months ended March 31, 2019 (dollars in thousands): Accumulated Common Additional Other Stock Paid in Treasury Retained Comprehensive Units/Shares Amount Capital Stock Earnings Loss Total Equity Balance at December 31, 2018 20,606,736 $ 224 $ 347,816 $ (36,882) $ 64,676 $ (74,920) $ 300,914 Net loss - - - - (5,068) - (5,068) Other comprehensive loss - - - - - (5,380) (5,380) Total comprehensive loss - - - - - - (10,448) Vesting of RSUs 102,856 1 (1) - - - - Stock options exercised 13,041 - 160 - - - 160 Treasury stock (33,908) - - (861) - - (861) Share-based compensation expense - - 1,297 - - - 1,297 Dividend paid - - - - (2,680) - (2,680) Cumulative effect of the adoption of ASU No. 2016-02 - - - - 4,132 - 4,132 Amounts reclassified from AOCI - - - - - 19,980 (a) 19,980 Balance at March 31, 2019 20,688,725 $ 225 $ 349,272 $ (37,743) $ 61,060 $ (60,320) $ 312,494 (a) Includes recognition of $36.8 million loss related to the sale of the Company’s European operations and recognition of $17.1 million gain associated with the Company’s net investment hedges that were terminated upon the sale of the Company’s European operations. The table below provides a reconciliation of the carrying amount of total stockholders’ equity for the three months ended March 31, 2018 (dollars in thousands): Accumulated Common Additional Other Stock Paid in Treasury Retained Comprehensive Units/Shares Amount Capital Stock Earnings Loss Total Equity Balance at December 31, 2017 20,542,397 $ 223 $ 344,153 $ (36,408) $ 29,712 $ (67,808) $ 269,872 Net income - - - - 17,300 - 17,300 Other comprehensive income - - - - - 6,572 6,572 Total comprehensive income - - - - - - 23,872 Vesting of RSUs 62,225 1 (1) - - - - Stock options exercised 8,579 - 112 - - - 112 Treasury stock (18,064) - - (474) - - (474) Share-based compensation expense - - 703 - - - 703 Dividend paid - - - - (2,465) - (2,465) Cumulative effect of the adoption of ASU No. 2017-12 - - - - (3,848) 3,848 - Balance at March 31, 2018 20,595,137 $ 224 $ 344,967 $ (36,882) $ 40,699 $ (57,388) $ 291,620 |
Components of Accumulated Other Comprehensive Loss | The following table presents the components of accumulated other comprehensive loss (in thousands): As of March 31, 2019 As of December 31, 2018 Change Foreign currency translation adjustments, net of tax expense of $0 million and $2.9 million $ (20,142) $ (36,531) $ 16,389 Defined benefit plans, net of tax expense o f $14.9 million and $14.9 million (38,185) (38,185) - Unrealized loss on qualifying cash flow hedge, net of tax benefit of $1.9 million and $1.3 million (1,993) (204) (1,789) Accumulated other comprehensive loss $ (60,320) $ (74,920) $ 14,600 |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss by component (in thousands) for the three months ended March 31, 2019 : Unrealized loss on Foreign Currency Qualifying cash flow Defined Benefit Translation Hedge Plan Adjustments Total Balance at December 31, 2018 $ (204) $ (38,185) $ (36,531) $ (74,920) Other comprehensive loss before reclassification (2,013) - (3,367) (5,380) Amounts reclassified from accumulated other comprehensive loss 224 - 19,756 19,980 Net current-period other comprehensive income / (loss) (1,789) - 16,389 14,600 Balance at March 31, 2019 $ (1,993) $ (38,185) $ (20,142) $ (60,320) The following table presents the changes in accumulated other comprehensive loss by component (in thousands) for the three months ended March 31, 2018 : Unrealized loss on Foreign Currency Qualifying cash flow Defined Benefit Translation Hedge Plan Adjustments Total Balance at December 31, 2017 $ (4,698) $ (38,249) $ (24,861) $ (67,808) Other comprehensive income before reclassification 3,381 - 3,191 6,572 Amounts reclassified from accumulated other comprehensive loss 734 - 3,114 3,848 Net current-period other comprehensive income 4,115 - 6,305 10,420 Balance at March 31, 2018 $ (583) $ (38,249) $ (18,556) $ (57,388) |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings per Share (“EPS”) [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A summary of the information used to compute basic and diluted net income / (loss) per share is shown below (in thousands – except share and per share amounts): Three Months Ended March 31, 2019 2018 Income from continuing operations $ 7,672 $ 16,455 Income / (loss) from discontinued operations, net of tax (12,740) 845 Net income / (loss) $ (5,068) $ 17,300 Basic income / (loss) per share: Continuing operations $ 0.37 $ 0.80 Discontinued operations (0.62) 0.04 Net income / (loss) (0.25) 0.84 Basic weighted average shares outstanding 20,632,128 20,556,613 Diluted income / (loss) per share: Continuing operations $ 0.36 $ 0.79 Discontinued operations (0.60) 0.04 Net income / (loss) (0.24) 0.83 Diluted weighted average shares outstanding 21,063,287 20,951,973 |
Schedule of Quarterly Dividends Per Common Share | The following table presents information regarding the Company’s quarterly dividends per common share. Declaration Date Cash Amount Record Date Payment Date 2019 January 24, 2019 $ 0.13 February 7, 2019 February 28, 2019 2018 January 26, 2018 0.12 February 9, 2018 February 28, 2018 |
Share-Based and Long-Term Com_2
Share-Based and Long-Term Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-Based and Long-Term Compensation [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the Company’s award activity during the three months ended March 31, 2019 : Options Restricted Stock Units Weighted Weighted Average Average Grant Outstanding at: Shares Exercise Price Shares Date Fair Value December 31, 2018 341,344 $ 12.21 388,047 $ 26.33 Granted - - 176,586 25.35 Options exercised or RSUs vested (13,041) 12.23 (102,856) 26.32 Forfeited - - - - March 31, 2019 328,303 $ 12.21 461,776 $ 25.96 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following is a summary of select data for each of the Company’s reportable segments (in thousands): Total Three Months Ended March 31, 2019: Revenues $ 378,738 Net Loss (5,068) Capital Expenditures (a) 39,642 Total Assets 1,209,751 Three Months Ended March 31, 2018: Revenues $ 407,233 Net Income 17,300 Capital Expenditures (a) 12,075 Total Assets (b) 1,327,437 (a) Capital expenditures represent cash disbursed for purchases of property, plant, and equipment, as presented in the accompanying Consolidated Statements of Cash Flows. (b) As of March 31, 2018, total assets include assets held for sale. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following table provides each major category of assets and liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 (in millions): Quoted prices in active Significant other Significant markets for identical observable unobservable assets inputs inputs Level 1 Level 2 Level 3 Total gains / (losses) Long-lived assets held for sale Not applicable Not applicable $ 256.8 $ (6.9) |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Narrative) (Details) $ in Millions | Mar. 01, 2019USD ($) |
Tower Automotive Holdings Europe B.V [Member] | |
Proceeds from sale of European Operations | $ 250 |
New Accounting Pronouncements (
New Accounting Pronouncements (Narrative) (Details) - Accounting Standards Update 2016-02 [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect adjustment of adoption of new ASU | $ 5.5 |
Tax effect adjustment | $ 1.4 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Payment terms, description | generally require payment within 30 to 60 days of invoice date | |
Accounts receivable | $ 154,094 | $ 113,128 |
Minimum [Member] | ||
Customer's purchasing requirements fulfillment per contract, production period | 3 years | |
Maximum [Member] | ||
Customer's purchasing requirements fulfillment per contract, production period | 10 years |
Revenue (Summary of Vehicle Pla
Revenue (Summary of Vehicle Platform Mix as a Percentage of Revenue) (Details) - Sales Revenue, Net [Member] | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Customer Mix [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 100.00% | 100.00% |
Customer Mix [Member] | Ford [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 45.00% | 49.00% |
Customer Mix [Member] | Fiat - Chrysler [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 21.00% | 23.00% |
Customer Mix [Member] | Nissan [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 12.00% | 12.00% |
Customer Mix [Member] | Toyota [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 8.00% | 7.00% |
Customer Mix [Member] | BMW [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 8.00% | 3.00% |
Customer Mix [Member] | Volkswagen Group [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 2.00% | 2.00% |
Customer Mix [Member] | Honda [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 2.00% | 2.00% |
Customer Mix [Member] | Other Customers [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 2.00% | 2.00% |
Platform Mix [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 100.00% | 100.00% |
Platform Mix [Member] | SUV (Sport Utility Vehicles) [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 53.00% | 52.00% |
Platform Mix [Member] | Pickup [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 28.00% | 27.00% |
Platform Mix [Member] | Van [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 4.00% | 4.00% |
Platform Mix [Member] | MPV (Multi-Purpose Vehicles) [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 1.00% | 2.00% |
Platform Mix [Member] | Light Trucks [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 86.00% | 85.00% |
Platform Mix [Member] | Large Car [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 7.00% | 7.00% |
Platform Mix [Member] | Small Car [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 5.00% | 7.00% |
Platform Mix [Member] | All Other [Member] | ||
Revenue from External Customer [Line Items] | ||
Percentage of consolidated revenue | 2.00% | 1.00% |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw materials | $ 32,065 | $ 29,752 |
Work in process | 15,220 | 13,008 |
Finished goods | 16,720 | 26,674 |
Total inventory | $ 64,005 | $ 69,434 |
Discontinued Operations and A_3
Discontinued Operations and Assets Held for Sale (Narrative) (Details) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2016USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from disposition of European operations, net | $ 277,406 | ||||
Ningbo Joint Venture [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from disposition of China JVs, net | $ 4,300 | ||||
Tower Automotive Holdings Europe B.V [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss from sale of discontinued operations | (36,800) | ||||
Stock purchase agreement, purchase price | € | € 255 | ||||
Equity method investment purchase price adjustments | € | € 45 | ||||
Fair value adjustments on assets | 6,900 | $ 44,000 | |||
Proceeds from disposition of European operations, net | $ 277,400 | ||||
Scenario, Plan [Member] | Ningbo Joint Venture [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from disposition of China JVs, net | $ 4,000 |
Discontinued Operations and A_4
Discontinued Operations and Assets Held for Sale (Financial Information of the Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income / (loss) from discontinued operations: | ||
Income / (loss) from discontinued operations | $ (12,740) | $ 845 |
European [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 110,930 | 171,618 |
Loss from sale of discontinued operations | (6,895) | |
Income / (loss) from discontinued operations: | ||
Income / (loss) before provision for income taxes and equity in income / (loss) of joint venture | (9,906) | 2,803 |
Provision / (benefit) for income taxes | 2,834 | 1,958 |
Income / (loss) from discontinued operations | $ (12,740) | $ 845 |
Discontinued Operations and A_5
Discontinued Operations and Assets Held for Sale (Disclosure of Long Lived Assets Held for Sale) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
ASSETS | |
Current assets | $ 175,774 |
Property, plant, and equipment, net | 239,023 |
Other assets, net | 7,072 |
Goodwill | 17,744 |
Fair value adjustment | (8,000) |
Total assets held for sale | 431,613 |
LIABILITIES | |
Short-term debt | 14,890 |
Accounts payable | 142,638 |
Total current liabilities | 157,528 |
Other non-current liabilities | 10,354 |
Total non-current liabilities | 10,354 |
Total liabilities held for sale | $ 167,882 |
Tooling (Components of Capitali
Tooling (Components of Capitalized Tooling Costs) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Tooling [Abstract] | ||
Customer-owned tooling, net | $ 20,138 | $ 14,758 |
Company-owned tooling | 494 | 507 |
Total tooling, net | $ 20,632 | $ 15,265 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 109 | $ 112 | |
North America [Member] | Customer Relationships [Member] | Corporate Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, amortization basis | amortized on a straight-line basis | ||
Finite-lived intangible assets, useful life | 7 years | ||
Finite-lived intangible assets acquired | $ 3,600 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill and Other Intangible Assets [Abstract] | |
Balance beginning | $ 7,453 |
Currency translation adjustment | 107 |
Balance ending | $ 7,560 |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment Charges (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring and Asset Impairment Charges [Abstract] | |
Payments for restructuring | $ 762 |
Payments related primarily to prior accruals | $ 800 |
Restructuring and Asset Impai_4
Restructuring and Asset Impairment Charges (Schedule of Restructuring Charges and Asset Impairment Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Charges [Abstract] | ||
Employee termination costs | $ 84 | $ 856 |
Other exit costs | 39 | 387 |
Total restructuring expense | $ 123 | $ 1,243 |
Restructuring and Asset Impai_5
Restructuring and Asset Impairment Charges (Schedule of Restructuring Liability by Segment) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring and Asset Impairment Charges [Abstract] | |
Beginning Balance | $ 2,708 |
Payments | (762) |
Increase in liability | 84 |
Ending Balance | $ 2,030 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | |
Operating lease, description | The Company's leasing arrangements have lease terms that expire between the years 2019 and 2035 | ||
Operating lease, existence of option to extend | true | ||
Finance lease, liability | $ 162,696 | ||
Finance lease, ROU assets | $ 162,800 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Operating lease, liability | $ 109,441 | ||
Operating lease, ROU assets | $ 106,414 | ||
Scenario, Forecast [Member] | |||
Finance lease, liability | $ 2,000 | ||
Finance lease, ROU assets | 2,000 | ||
Operating lease, liability | $ 10,000 | 15,000 | |
Operating lease, ROU assets | $ 10,000 | $ 15,000 |
Leases (Future Operating and Fi
Leases (Future Operating and Finance Lease Payments, on an Undiscounted Basis) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Future operating lease payments | |
1 Year | $ 18,743 |
2 Years | 18,284 |
3 Years | 17,142 |
4 Years | 15,048 |
5 Years | 14,787 |
After 5 Years | 80,446 |
Total | 164,450 |
Future finance lease payments | |
1 Year | 29,297 |
2 Years | 32,114 |
3 Years | 32,114 |
4 Years | 32,114 |
5 Years | 31,932 |
After 5 Years | 29,628 |
Total | $ 187,199 |
Leases (Reconciliation of the U
Leases (Reconciliation of the Undiscounted Cash Flows to the Operating Lease Liabilities and Finance Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Lease Liabilities | |
Total | $ 164,450 |
Present value impact | (55,009) |
Operating Lease, Liability | 109,441 |
Finance Lease Liabilities | |
Total | 187,199 |
Present value impact | (24,503) |
Finance Lease, Liability | 162,696 |
Lease Liabilities | |
Operating Leases, Short-term lease liabilities | 13,256 |
Operating Leases, Long-term lease liabilities | 96,185 |
Operating Leases, Total lease liabilities | 109,441 |
Finance Leases, Short-term lease liabilities | 22,200 |
Finance Leases, Long-term lease liabilities | 140,496 |
Finance Lease, Total lease liabilities | $ 162,696 |
Leases (Disclosure the Componen
Leases (Disclosure the Components of the Total Lease Cost Recognized) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Finance lease cost: | |
Amortization of right-of-use assets | $ 3,440 |
Interest on lease liabilities | 1,005 |
Total finance lease cost | 4,445 |
Operating lease cost | 5,003 |
Short-term lease cost | 264 |
Variable lease cost | |
Total lease cost | 9,712 |
Operating cash flows from finance leases | 1,005 |
Operating cash flows from operating leases | 5,028 |
Financing cash flows from finance leases | 2,795 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 8,806 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,049 |
Weighted-average remaining lease term - finance leases | 5 years 6 months |
Weighted-average remaining lease term - operating leases | 10 years 6 months |
Weighted-average discount rate - finance leases | 6.00% |
Weighted average discount rate - operating leases | 6.10% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands, R$ in Millions | Mar. 04, 2019USD ($) | Jul. 27, 2018USD ($) | Mar. 31, 2019BRL (R$) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 07, 2017USD ($) |
Debt [Line Items] | |||||||
Repayments of debt | $ 50,000 | $ 50,000 | |||||
Payments of debt issuance costs | $ 1,000 | ||||||
Line of credit facility, covenant compliance | the Company was in compliance with the financial covenants that govern its credit agreements. | ||||||
Deferred finance costs, net | $ 5,960 | $ 6,906 | |||||
Capital lease obligations | 22,200 | ||||||
Long-term debt | 298,605 | 246,944 | |||||
Interest expenses, related to amortization of debt issue cost | $ 1,000 | 300 | |||||
Payments of financing costs | $ 2,276 | ||||||
Term Loan Credit Facility [Member] | |||||||
Debt [Line Items] | |||||||
Debt instrument, interest rate terms | Term Loan Credit Facility is March 7, 2024 and the Term Loans bear interest at (i) the Alternate Base Rate plus a margin of 1.75% or (ii) the Adjusted LIBO Rate (calculated by multiplying the applicable LIBOR rate by a statutory reserve rate) plus a margin of 2.75%. | ||||||
Debt instrument, unamortized discount | 1,653 | 1,315 | |||||
Long-term debt | $ 303,521 | $ 252,955 | |||||
Debt instrument, interest rate | 5.25% | 5.25% | |||||
Term Loan Credit Facility [Member] | Base Rate [Member] | |||||||
Debt [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||
Term Loan Credit Facility [Member] | Adjusted London Interbank Offered Rate [Member] | |||||||
Debt [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||
Third Refinancing Term Loan Amendment [Member] | |||||||
Debt [Line Items] | |||||||
Line of credit facility, expiration date | Mar. 7, 2024 | ||||||
Long-term debt | $ 358,900 | ||||||
Term Loan Agreement [Member] | |||||||
Debt [Line Items] | |||||||
Repayments of debt | $ 50,000 | ||||||
Consent and arranger fees | 1,200 | ||||||
Payments of debt issuance costs | $ 900 | ||||||
Brazilian Subsidiary [Member] | |||||||
Debt [Line Items] | |||||||
Long-term debt | R$ 3.5 | $ 900 | |||||
Debt instrument, maturity date range, end | Nov. 1, 2019 | ||||||
Debt instrument, maturity date range, start | Jul. 1, 2022 | ||||||
Debt, weighted average interest rate | 7.33% | 7.33% | |||||
Brazilian Subsidiary [Member] | Minimum [Member] | |||||||
Debt [Line Items] | |||||||
Debt instrument, interest rate | 5.50% | 5.50% | |||||
Brazilian Subsidiary [Member] | Maximum [Member] | |||||||
Debt [Line Items] | |||||||
Debt instrument, interest rate | 8.70% | 8.70% | |||||
Fourth Amended Revolving Credit Facility [Member] | |||||||
Debt [Line Items] | |||||||
Line of credit facility, expiration date | Mar. 7, 2023 | Mar. 7, 2022 | |||||
Consent and arranger fees | $ 1,100 | ||||||
Line of credit facility, maximum borrowing capacity | 200,000 | ||||||
Line of credit facility, current borrowing capacity | $ 191,800 | ||||||
Line of credit facility, commitment fee percentage | 0.50% | ||||||
Fourth Amended Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt [Line Items] | |||||||
Line of credit facility, applicable margin | 1.00% | 1.00% | |||||
Fourth Amended Revolving Credit Facility [Member] | LIBOR [Member] | |||||||
Debt [Line Items] | |||||||
Line of credit facility, applicable margin | 2.00% | 2.00% | |||||
Line of Credit [Member] | |||||||
Debt [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 30,000 | ||||||
Long-term line of credit | $ 8,200 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt [Abstract] | ||
Current maturities of debt (excluding finance leases) | $ 4,074 | $ 4,148 |
Current maturities of finance leases | 22,200 | |
Total short-term debt | $ 26,274 | $ 4,148 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt, Total | $ 246,944 | $ 298,605 |
Less: Current maturities of debts (excluding capital leases) | (4,074) | (4,148) |
Long-term debt, net of current maturities (Note 10) | 242,870 | 294,457 |
Debt issue costs | (6,906) | (5,960) |
Term Loan Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | 252,955 | 303,521 |
Debt instrument, unamortized discount | 1,315 | 1,653 |
Amended Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | ||
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 8,200 | |
Brazil [Member] | Subsidiaries [Member] | Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Total | $ 895 | $ 1,044 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Narrative) (Details) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)$ / item | Dec. 31, 2018EUR (€)$ / item | Dec. 31, 2017USD ($) | |
Amounts reclassified from AOCI | $ 19,980 | ||||
Accumulated other comprehensive income | 312,494 | $ 291,620 | $ 300,914 | $ 269,872 | |
Interest expense | 5,640 | 4,676 | |||
Termination of derivative notional amount | 28,600 | ||||
Interest Rate Swap [Member] | |||||
Derivative, notional amount | $ 100,000 | $ 186,100 | |||
Derivative, fixed interest rate | 5.35% | 5.878% | 5.878% | ||
Derivative, maturity date | Mar. 7, 2024 | Mar. 7, 2024 | |||
Accumulated other comprehensive income | $ 2,100 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Interest expense | 200 | $ 300 | |||
Currency Swap [Member] | |||||
Derivative, notional amount | € | € 178 | ||||
Derivative, forward exchange strike price | $ / item | 1.2733 | 1.2733 | |||
Derivative, maturity date | Mar. 7, 2024 | ||||
Tower Automotive Holdings Europe B.V [Member] | Currency Swap [Member] | |||||
Amounts reclassified from AOCI | $ 17,100 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - Other Noncurrent Liabilities [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative liability | $ 1,834 | $ 5,034 |
Currency Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative liability | $ 19,903 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Derivative Instruments, Gain (Loss) -Deferred Gain in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Total deferred gain / (loss) in AOCI | $ (3,932) | $ 19,553 |
Interest Rate Swap [Member] | ||
Total deferred gain / (loss) in AOCI | $ (3,932) | (1,546) |
Currency Swap [Member] | ||
Total deferred gain / (loss) in AOCI | $ 21,099 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Amounts Reported in Interest Expense in the Statement of Operations and the Effects of Hedging) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Financial Instruments[Abstract] | ||
Interest expense | $ 5,640 | $ 4,676 |
Effect of hedging | $ (266) | $ (128) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income tax expense (benefit) | $ 3,217 | $ 3,236 |
Income (loss) from continuing operations before equity method investments, income taxes, noncontrolling interest | $ 10,889 | $ 19,691 |
Effective tax rate | 29.50% | 16.40% |
Domestic [Member] | ||
Income tax expense (benefit) | $ 1,000 | $ 2,900 |
Retirement Plans (Narrative ) (
Retirement Plans (Narrative ) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | |
Pension contributions | $ 1.2 | $ 1.5 | |
Defined contribution plan, employer discretionary contribution amount | $ 1.8 | $ 1.6 | |
Scenario, Forecast [Member] | |||
Pension contributions | $ 5.9 |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Pension Benefit and Other Post-retirement Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, assumptions used calculating net periodic benefit cost, expected long-term return on assets | 7.40% | 7.40% |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 5 |
Interest cost | 2,000 | 1,835 |
Expected return on plan assets | (2,182) | (2,537) |
Amortization of prior service credit | (24) | (24) |
Net periodic benefit cost / (income) | (203) | (721) |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 2 |
Interest cost | 138 | 128 |
Amortization of prior service credit | 33 | 33 |
Net periodic benefit cost / (income) | $ 172 | $ 163 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 33 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Jun. 17, 2016 | |
Stockholders’ Equity and Noncontrolling Interests [Abstract] | |||
Stock repurchase program, authorized amount | $ 100 | ||
Common stock repurchased, shares | 0 | 829,648 | |
Common stock repurchased | $ 18.9 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests (Schedule of Stockholder's Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 300,914 | $ 269,872 |
Balance (in shares) | 22,400,074 | |
Net income / (loss) | $ (5,068) | 17,300 |
Other comprehensive loss before reclassification | (5,380) | 6,572 |
Total comprehensive income (loss) | (10,448) | 23,872 |
Stock options exercised | 160 | 112 |
Treasury stock | (861) | (474) |
Share-based compensation expense | 1,297 | 703 |
Dividend paid | (2,680) | (2,465) |
Cumulative effect of the adoption of new ASU | 4,132 | |
Amounts reclassified from AOCI | 19,980 | |
Balance | $ 312,494 | 291,620 |
Balance (in shares) | 22,515,971 | |
Common Stock [Member] | ||
Balance | $ 224 | $ 223 |
Balance (in shares) | 20,606,736 | 20,542,397 |
Vesting of RSUs | $ 1 | $ 1 |
Vesting of RSUs (in shares) | 102,856 | 62,225 |
Stock options exercised (in shares) | 13,041 | 8,579 |
Treasury stock (in shares) | (33,908) | (18,064) |
Balance | $ 225 | $ 224 |
Balance (in shares) | 20,688,725 | 20,595,137 |
Additional Paid-in Capital [Member] | ||
Balance | $ 347,816 | $ 344,153 |
Vesting of RSUs | (1) | (1) |
Stock options exercised | 160 | 112 |
Share-based compensation expense | 1,297 | 703 |
Balance | 349,272 | 344,967 |
Treasury Stock [Member] | ||
Balance | (36,882) | (36,408) |
Treasury stock | (861) | (474) |
Balance | (37,743) | (36,882) |
Retained Earnings (Accumulated Deficit) [Member] | ||
Balance | 64,676 | 29,712 |
Net income / (loss) | (5,068) | 17,300 |
Dividend paid | (2,680) | (2,465) |
Cumulative effect of the adoption of new ASU | 4,132 | (3,848) |
Balance | 61,060 | 40,699 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance | (74,920) | (67,808) |
Other comprehensive loss before reclassification | (5,380) | 6,572 |
Cumulative effect of the adoption of new ASU | 3,848 | |
Amounts reclassified from AOCI | 19,980 | |
Balance | (60,320) | $ (57,388) |
Tower Automotive Holdings Europe B.V [Member] | ||
Loss from sale of business | (36,800) | |
Currency Swap [Member] | Tower Automotive Holdings Europe B.V [Member] | ||
Amounts reclassified from AOCI | $ 17,100 |
Stockholders' Equity and Nonc_5
Stockholders' Equity and Noncontrolling Interests (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders’ Equity and Noncontrolling Interests [Abstract] | ||||
Foreign currency translation adjustments, net of tax expense of $0 million and $2.9 million | $ (20,142) | $ (18,556) | $ (36,531) | $ (24,861) |
Defined benefit plans, net of tax expense of $14.9 million and $14.9 million | (38,185) | (38,249) | (38,185) | (38,249) |
Unrealized loss on qualifying cash flow hedge, net of tax benefit of $1.9 million and $1.3 million | (1,993) | (583) | (204) | (4,698) |
Accumulated other comprehensive loss | (60,320) | (57,388) | (74,920) | $ (67,808) |
Other comprehensive loss attributable to Tower, foreign currency translation, change | 16,389 | 6,305 | ||
Unrealized losses on Cash Flow Hedge Qualifying cash flow hedge, net of tax (benefit), change | (1,789) | 4,115 | ||
Other comprehensive income / (loss), net of tax | 14,600 | $ 10,420 | ||
Foreign currency translation adjustment, tax | 0 | 2,900 | ||
Defined benefit plans, tax | 14,900 | 14,900 | ||
Unrealized loss on qualifying cash flow hedge, tax expense / (benefit) | $ (1,900) | $ (1,300) |
Stockholders' Equity and Nonc_6
Stockholders' Equity and Noncontrolling Interests (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stockholders’ Equity and Noncontrolling Interests [Abstract] | ||
Unrealized losses on Cash Flow Hedges, Beginning Balance | $ (204) | $ (4,698) |
Unrealized losses on Cash Flow Hedges, Other comprehensive loss before reclassification | (2,013) | 3,381 |
Unrealized losses on Cash Flow Hedges, Amounts reclassified from accumulated other comprehensive loss | 224 | 734 |
Unrealized losses on Cash Flow Hedge Qualifying cash flow hedge, net of tax (benefit), change | (1,789) | 4,115 |
Unrealized losses on Cash Flow Hedges, Ending Balance | (1,993) | (583) |
Defined Benefit Plan, Net, beginning balance | (38,185) | (38,249) |
Defined Benefit Plan, Net, ending balance | (38,185) | (38,249) |
Foreign Currency Translation Adjustments, beginning balance | (36,531) | (24,861) |
Foreign Currency Translation Adjustments, Other Comprehensive loss before reclassification | (3,367) | 3,191 |
Amounts reclassified from accumulated other comprehensive income/loss | 19,756 | 3,114 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | (3,367) | 3,191 |
Foreign Currency Translation Adjustments, Net current-period other comprehensive income / (loss) | 16,389 | 6,305 |
Foreign Currency Translation Adjustments, ending balance | (20,142) | (18,556) |
Beginning Balance | (74,920) | (67,808) |
Other comprehensive loss before reclassification | (5,380) | 6,572 |
Amounts reclassified from accumulated other comprehensive loss | 19,980 | 3,848 |
Other comprehensive income / (loss), net of tax | 14,600 | 10,420 |
Ending balance | $ (60,320) | $ (57,388) |
Earnings per Share ("EPS") (Sch
Earnings per Share ("EPS") (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings per Share (“EPS”) [Abstract] | ||
Income from continuing operations | $ 7,672 | $ 16,455 |
Income / (loss) from discontinued operations, net of tax (Note 5) | (12,740) | 845 |
Net income / (loss) | $ (5,068) | $ 17,300 |
Basic income / (loss) per share: | ||
Continuing operations | $ 0.37 | $ 0.80 |
Discontinued operations | (0.62) | 0.04 |
Net income / (loss) attributable to Tower International, Inc. | $ (0.25) | $ 0.84 |
Basic weighted average shares outstanding | 20,632,128 | 20,556,613 |
Diluted income / (loss) per share: | ||
Continuing operations | $ 0.36 | $ 0.79 |
Discontinued operations | (0.60) | 0.04 |
Net income attributable to Tower International, Inc. | $ (0.24) | $ 0.83 |
Diluted weighted average shares outstanding | 21,063,287 | 20,951,973 |
Earnings per Share ("EPS") (S_2
Earnings per Share ("EPS") (Schedule of Quarterly Dividends per Common Share) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings per Share (“EPS”) [Abstract] | ||
Dividends payable, declaration date | Jan. 24, 2019 | Jan. 26, 2018 |
Dividends payable, amount per share | $ 0.13 | $ 0.12 |
Dividends payable, date of record | Feb. 7, 2019 | Feb. 9, 2018 |
Dividends payable, date to be paid | Feb. 28, 2019 | Feb. 28, 2018 |
Share-Based and Long-Term Com_3
Share-Based and Long-Term Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 33 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant (in shares) | 442,609 | 442,609 | ||
Stock repurchased during period, value | $ 18,900 | |||
Stock repurchased during period, shares | 0 | 829,648 | ||
Share based compensation expense | $ 986 | $ 703 | ||
Other liabilities, noncurrent | $ 51,459 | $ 51,459 | $ 84,163 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Weighted average grant date fair value, model used | Black-Scholes valuation model | |||
Stock or unit option plan expense | $ 0 | 0 | ||
Options outstanding | 328,303 | 328,303 | 341,344 | |
Options, remaining average contractual life | 3 years | |||
Options, exercised | 13,041 | |||
Options, exercised, intrinsic value | $ 200 | |||
Options, exercisable, intrinsic value | $ 2,900 | $ 2,900 | ||
Options, exercisable number | 328,303 | 328,303 | ||
Shares options granted | 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, other than options | 3 years | |||
Restricted stock or unit expense | $ 1,000 | 700 | ||
Unrecognized compensation expense | $ 8,100 | $ 8,100 | ||
Unrecognized compensation expense, period of recognition | 20 months | |||
Equity instruments other than options, nonvested | 461,776 | 461,776 | 388,047 | |
Equity instruments other than option, granted | 176,586 | |||
Equity instruments other than options, vested | 102,856 | |||
Equity instruments other than options, issued | 102,856 | |||
Equity instruments other than options, issued, value | $ 2,600 | |||
Restricted stock, shares issued net of shares for tax withholdings | 68,948 | |||
Stock repurchased during period, value | $ 900 | |||
Stock repurchased during period, shares | 33,908 | |||
Performance Award [Member] | Equity Incentive Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Deferred compensation, expense | $ 2,500 | $ 1,000 | ||
Other liabilities, current | 4,000 | $ 4,000 | ||
Other liabilities | 6,000 | 6,000 | ||
Other liabilities, noncurrent | $ 2,000 | $ 2,000 |
Share-Based and Long-Term Com_4
Share-Based and Long-Term Compensation (Disclosure of Share-based Compensation Arrangements by Share-based Payment Award) (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Shares, Outstanding, Beginning | 341,344 |
Options Shares, Granted | 0 |
Options Shares, Options exercised or RSUs issued | (13,041) |
Options Shares, Outstanding, Ending | 328,303 |
Options, Weighted Average Exercise Price, Outstanding, Beginning (in dollars per share) | $ / shares | $ 12.21 |
Options, Weighted Average Exercise Price, Options exercised or RSUs issued (in dollars per share) | $ / shares | 12.23 |
Options, Weighted Average Exercise Price, Outstanding, Ending (in dollars per share) | $ / shares | $ 12.21 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units, Outstanding, Beginning | 388,047 |
Equity instruments other than option, granted | 176,586 |
Restricted Stock Units, Options exercised or RSUs issued | (102,856) |
Restricted Stock Units, Outstanding, Ending | 461,776 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Outstanding, Beginning (in dollars per share) | $ / shares | $ 26.33 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 25.35 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Options exercised or RSUs issued (in dollars per share) | $ / shares | 26.32 |
Restricted Stock Units, Weighted Average Grant Date Fair Value, Outstanding, Ending (in dollars per share) | $ / shares | $ 25.96 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019segment | |
Segment Information [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 1 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Information [Abstract] | |||
Revenues | $ 378,738 | $ 407,233 | |
Net income / (loss) | (5,068) | 17,300 | |
Capital Expenditures | 39,642 | 12,075 | |
Total assets | $ 1,209,751 | $ 1,327,437 | $ 1,170,392 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 01, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of total debt | $ 253.9 | $ 304.6 | |
Long-term debt, fair value | 250 | 290.1 | |
Currency Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities fair value disclosure (European suibsidiaries) | 19.9 | ||
Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities fair value disclosure (European suibsidiaries) | 1.8 | $ 5 | |
Tower Automotive Holdings Europe B.V [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying amount, long-lived assets held for sale | $ 263.7 | ||
Gain (loss) on disposition of property plant equipment | (6.9) | ||
Tower Automotive Holdings Europe B.V [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held-for-sale, long lived, fair value disclosure | $ 256.8 | $ 256.8 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Narrative) (Details) - Tower Automotive Holdings Europe B.V [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 01, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains/(losses) | $ (6.9) | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets held for sale | $ 256.8 | $ 256.8 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Gain Contingencies [Line Items] | ||
Proceeds from disposition of European operations, net | $ 277,406 | |
Environmental exit costs, costs accrued to date | $ 1,300 | $ 1,300 |
Favorable Regulatory Action [Member] | ||
Gain Contingencies [Line Items] | ||
Gain contingency, description | In 2018, the Company received a favorable court ruling regarding the unconstitutionality of calculating Brazilian PIS and COFINS taxes. During the first quarter of 2019, the Company submitted a claim with the Brazilian government and received authorization to begin utilizing the credits to offset certain cash payments to the government. The Company has five years to utilize the credits. | |
Favorable Regulatory Action [Member] | Other Income [Member] | ||
Gain Contingencies [Line Items] | ||
Benefit recognized | $ 5,200 |