Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 26, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MPG | ||
Entity Registrant Name | METALDYNE PERFORMANCE GROUP INC. | ||
Entity Central Index Key | 1,616,817 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 68,109,627 | ||
Entity Public Float | $ 237.6 |
Consolidated of Balance Sheets
Consolidated of Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 168,156 | $ 156,498 |
Receivables, net: | ||
Trade | 309,079 | 312,943 |
Other | 35,351 | 31,943 |
Total receivables, net | 344,430 | 344,886 |
Inventories | 186,848 | 204,789 |
Deferred income taxes | 12,435 | |
Prepaid expenses | 15,034 | 13,004 |
Other assets | 21,487 | 14,524 |
Total current assets | 735,955 | 746,136 |
Property and equipment, net | 785,953 | 750,181 |
Goodwill | 907,716 | 907,716 |
Amortizable intangible assets, net | 708,910 | 778,457 |
Deferred income taxes, noncurrent | 1,701 | 1,359 |
Other assets | 36,950 | 40,763 |
Total assets | 3,177,185 | 3,224,612 |
Current liabilities: | ||
Accounts payable | 248,862 | 285,468 |
Accrued compensation | 55,130 | 50,952 |
Accrued liabilities | 66,802 | 79,934 |
Short-term debt | 723 | 1,572 |
Current maturities, long-term debt and capital lease obligations | 14,470 | 16,497 |
Total current liabilities | 385,987 | 434,423 |
Long-term debt, less current maturities | 1,846,746 | 1,920,310 |
Capital lease obligations, less current maturities | 22,489 | 23,425 |
Deferred income taxes | 231,326 | 260,703 |
Other long-term liabilities | 51,602 | 60,789 |
Total liabilities | 2,538,150 | 2,699,650 |
Stockholders’ equity: | ||
Common Stock: par $0.001, 400,000 authorized, and 67,866 and 67,075 issued and outstanding, respectively | 68 | 67 |
Paid-in capital | 856,239 | 827,307 |
Deficit | (162,876) | (269,663) |
Accumulated other comprehensive loss | (57,293) | (35,248) |
Total equity attributable to stockholders | 636,138 | 522,463 |
Noncontrolling interest | 2,897 | 2,499 |
Total stockholders’ equity | 639,035 | 524,962 |
Total liabilities and stockholders’ equity | $ 3,177,185 | $ 3,224,612 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 67,866,000 | 67,075,000 |
Common stock, shares outstanding | 67,866,000 | 67,075,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 3,047,255 | $ 2,717,001 | $ 2,017,281 |
Cost of sales | 2,531,245 | 2,294,108 | 1,708,673 |
Gross profit | 516,010 | 422,893 | 308,608 |
Selling, general and administrative expenses | $ 249,696 | 194,590 | 123,239 |
Acquisition costs | 13,046 | ||
Goodwill impairment | 11,803 | ||
Operating profit | $ 266,314 | 203,454 | 185,369 |
Interest expense, net | 107,487 | 99,894 | 74,667 |
Loss on debt extinguishment | 368 | 60,713 | |
Other, net | (15,352) | (11,332) | 17,872 |
Other expense, net | 92,503 | 149,275 | 92,539 |
Income before tax | 173,811 | 54,179 | 92,830 |
Income tax expense (benefit) | 48,064 | (19,082) | 34,969 |
Net income | 125,747 | 73,261 | 57,861 |
Income attributable to noncontrolling interest | 443 | 434 | 293 |
Net income attributable to stockholders | $ 125,304 | $ 72,827 | $ 57,568 |
Weighted average shares outstanding | 67,284 | 67,075 | 67,075 |
Net income per share attributable to stockholders | |||
Basic | $ 1.86 | $ 1.09 | $ 0.86 |
Diluted | $ 1.80 | $ 1.06 | $ 0.86 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 125,747 | $ 73,261 | $ 57,861 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (24,303) | (23,984) | (3,481) |
Net actuarial gain (loss) on defined benefit plans (net of tax of $(549), $1,624, and $(101), respectively) | 1,781 | (7,995) | 462 |
Losses on defined benefit plans recognized in net income | 432 | 244 | |
Other comprehensive loss, net of tax | (22,090) | (31,979) | (3,019) |
Comprehensive income | 103,657 | 41,282 | 54,842 |
Less comprehensive income attributable to noncontrolling interest | 398 | 404 | 191 |
Comprehensive income attributable to stockholders | $ 103,259 | $ 40,878 | $ 54,651 |
Consolidated Statement of Comp6
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net actuarial gain (loss) on defined benefit plans, tax | $ (549) | $ 1,624 | $ (101) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Paid-in capital | Deficit | Accumulated other comprehensive loss | Noncontrolling interest |
Beginning Balance at Dec. 31, 2012 | $ 520,503 | $ 67 | $ 550,846 | $ (31,932) | $ (382) | $ 1,904 |
Dividends | (256,867) | (256,867) | ||||
Other | 527 | 527 | ||||
Stock-based compensation expense | 6,175 | 6,175 | ||||
Net income | 57,861 | 57,568 | 293 | |||
Other comprehensive loss | (3,019) | (2,917) | (102) | |||
Ending Balance at Dec. 31, 2013 | 325,180 | 67 | 557,548 | (231,231) | (3,299) | 2,095 |
Recognition of the Grede Transaction | 258,553 | 258,553 | ||||
Pre-combination issuance of additional Grede membership interests | 1,920 | 1,920 | ||||
Dividends | (111,259) | (111,259) | ||||
Other | (2,450) | (2,450) | ||||
Stock-based compensation expense | 17,319 | 17,319 | ||||
Offering related costs | (5,583) | (5,583) | ||||
Net income | 73,261 | 72,827 | 434 | |||
Other comprehensive loss | (31,979) | (31,949) | (30) | |||
Ending Balance at Dec. 31, 2014 | 524,962 | 67 | 827,307 | (269,663) | (35,248) | 2,499 |
Dividends | (18,517) | (18,517) | ||||
Stock-based compensation expense | 27,664 | 27,664 | ||||
Cash settlement of equity awards | (3,558) | (3,558) | ||||
Issuance of common stock | 3,025 | 1 | 3,024 | |||
Excess tax benefit on stock-based compensation | 1,930 | 1,930 | ||||
Other stock activity | (20) | (20) | ||||
Offering related costs | (108) | (108) | ||||
Net income | 125,747 | 125,304 | 443 | |||
Other comprehensive loss | (22,090) | (22,045) | (45) | |||
Ending Balance at Dec. 31, 2015 | $ 639,035 | $ 68 | $ 856,239 | $ (162,876) | $ (57,293) | $ 2,897 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 125,747 | $ 73,261 | $ 57,861 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 229,772 | 210,807 | 163,382 |
Debt fee amortization | 3,246 | 6,341 | 7,628 |
Loss on debt extinguishment | $ 368 | 60,713 | |
Goodwill impairment | 11,803 | ||
Loss on fixed asset dispositions | $ 2,863 | 2,125 | 1,419 |
Deferred income taxes | (14,750) | (88,431) | (9,216) |
Recognition of deferred revenue | (781) | (950) | (1,343) |
Noncash interest expense | 1,065 | 928 | 966 |
Write-down of purchase price receivable | 10,121 | ||
Stock-based compensation expense | 27,664 | 17,319 | 6,175 |
Foreign currency adjustment | (11,177) | (12,743) | 2,204 |
Other | 6,156 | 3,837 | 3,706 |
Changes in assets and liabilities: | |||
Receivables, net | (5,808) | 20,236 | (14,631) |
Inventories | 11,997 | (15,571) | (1,962) |
Prepaid expenses and other assets | (10,338) | (1,001) | 28,550 |
Accounts payable, accrued liabilities and accrued compensation | (28,452) | 22,602 | (14,988) |
Long-term assets and liabilities, other | (7,775) | (5,855) | (5,614) |
Net cash provided by operating activities | 329,797 | 305,421 | 234,258 |
Cash flows from investing activities: | |||
Capital expenditures | (226,313) | (156,390) | (122,256) |
Proceeds from sale of fixed assets | 4,047 | 1,420 | 1,068 |
Capitalized patent costs | (394) | (243) | (352) |
Grede Transaction, net of cash acquired | (829,656) | ||
Release of escrow from the acquisition of Metaldyne | 4,807 | ||
Net cash used for investing activities | (222,660) | (984,869) | (116,733) |
Cash flows from financing activities: | |||
Cash dividends | (18,238) | (111,259) | (256,867) |
Other stock activity | (2,444) | 579 | |
Proceeds from stock issuance | 3,025 | 260,474 | |
Excess tax benefit on stock-based compensation | 1,930 | ||
Cash settlement of equity awards | (3,558) | ||
Borrowings of short-term debt | 14,300 | 388,773 | 545,621 |
Repayments of short-term debt | (14,568) | (407,357) | (533,182) |
Proceeds of long-term debt | 1,326,625 | 2,658,250 | 240,000 |
Principal payments of long-term debt | (1,391,775) | (1,952,041) | (59,904) |
Payment of debt issue costs | (149) | (45,427) | (14,956) |
Proceeds of other debt | 1,399 | 998 | 1,390 |
Principal payments of other debt | (4,913) | (7,703) | (3,756) |
Payment of offering related costs | (108) | (5,583) | |
Payment of contingent consideration for the acquisition of Metaldyne | (10,000) | ||
Net cash provided by (used for) financing activities | (86,030) | 776,681 | (91,075) |
Effect of exchange rates | (9,449) | (8,959) | 1,443 |
Net increase in cash and cash equivalents | 11,658 | 88,274 | 27,893 |
Cash and cash equivalents: | |||
Cash and cash equivalents, beginning of year | 156,498 | 68,224 | 40,331 |
Net increase in cash and cash equivalents | 11,658 | 88,274 | 27,893 |
Cash and cash equivalents, end of year | 168,156 | 156,498 | 68,224 |
Supplementary cash flow information: | |||
Cash paid for income taxes, net | 67,641 | 63,921 | 46,889 |
Cash paid for interest | 102,564 | 74,624 | 77,881 |
Noncash transactions: | |||
Capital expenditures in accounts payables | 29,528 | $ 36,192 | $ 15,378 |
Dividends on restricted stock awards, not yet paid | $ 296 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of the Business | (1) Description of the Business Metaldyne Performance Group Inc. is a leading provider of components for use in engine, transmission and driveline (“Powertrain”) and chassis, suspension, steering and brake component (“Safety-Critical”) Platforms for the global light, commercial and industrial vehicle markets. We produce these components using complex metal-forming manufacturing technologies and processes for a global customer base of vehicle original equipment manufacturers (“OEMs”) and tier I suppliers (“Tier I suppliers”). Our components help OEMs meet fuel economy, performance and safety standards. Our metal-forming manufacturing technologies and processes include aluminum casting (“Aluminum Die Casting”), cold, warm or hot forging (“Forging”), iron casting (“Iron Casting”), and powder metal forming (“Powder Metal Forming”), as well as value-added precision machining and assembly (“Advanced Machining and Assembly”). These technologies and processes are used to create a wide range of customized Powertrain and Safety-Critical components that address requirements for power density (increased component strength to weight ratio), power generation, power / torque transfer, strength and Noise, Vibration and Harshness (“NVH”). Metaldyne Performance Group Inc. is organized and operated as three operating segments: the HHI segment, the Metaldyne segment and the Grede segment. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | (2) Basis of Presentation and Consolidation Basis of Presentation Metaldyne Performance Group Inc. was formed through the reorganization of ASP HHI Holdings, Inc. (together with its subsidiaries, “HHI”), ASP MD Holdings, Inc. (together with its subsidiaries, “Metaldyne”) and ASP Grede Intermediate Holdings LLC (together with its subsidiaries, “Grede”) on August 4, 2014 (the “Combination”). The Combination occurred through mergers with three separate wholly owned merger subsidiaries of Metaldyne Performance Group Inc. (“MPG,” the “Company,” “we,” “our” and “us” and similar terms refer to Metaldyne Performance Group Inc. and all of its subsidiaries, including HHI, Metaldyne and Grede). In connection with the Combination, 13.4 million shares of MPG common stock were issued in exchange for the outstanding shares of HHI, Metaldyne and Grede. On November 18, 2014, the outstanding shares of MPG common stock were split at a 5-to-1 ratio (the “Stock Split”). After the Stock Split, 67.1 million shares were outstanding. The number of authorized shares was increased to 400.0 million. Consolidation The Combination has been accounted for as a reorganization of entities under common control in a manner similar to a pooling of interests, that is, the bases of accounting of HHI, Metaldyne and Grede were carried over to MPG. These financial statements reflect the retrospective application of the MPG capital structure and the Stock Split for all periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | (3) Significant Accounting Policies The financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) within the FASB Accounting Standards Codification. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Use of significant estimates and judgments are inherent in the accounting for acquisitions, stock-based compensation, income taxes and employee benefit plans, as well as in the testing of goodwill and long-lived assets for potential impairment. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from these estimates. Revenue Recognition Revenue is recognized when there is evidence of a sale, delivery has occurred or services have been rendered, the sales price is fixed or determinable and the collectability of receivables is reasonably assured. The Company has ongoing adjustments to its pricing arrangements with customers based on the related content and cost of its products. These adjustments are accrued as products are shipped to customers. Such pricing accruals are adjusted periodically and as they are settled with the customers. The Company has agreements allowing the pass-through of changes in the prices of raw materials referred to as material surcharges. Material surcharges are recognized as revenue when an agreement is reached, delivery of the goods has occurred and the amount of the material surcharge is determinable. Cash and Cash Equivalents All highly liquid investments with an initial maturity of three months or less are considered to be cash and cash equivalents. A cash pooling strategy is in place with certain foreign operations. Checks issued but not presented to banks may result in book overdraft balances for accounting purposes and such book overdrafts are classified within accounts payable Receivables Accounts receivable are stated at amounts estimated by management to be the net realizable value. An allowance for doubtful accounts is recorded when it is probable that amounts will not be collected based on specific identification of customer circumstances, age of the receivable and other pertinent information. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Valuation allowances for doubtful accounts, pricing accruals and anticipated customer deductions and returns are recorded based upon current information. Agreements are in place with international factoring companies to sell customer accounts receivable from locations in France, Germany, the Czech Republic, and the United Kingdom (“U.K.”) on a nonrecourse basis. The Company collects payment and remits such collections to the factoring companies for a portion of the sold receivables. The Company has no continuing involvement with all other sold receivables. A commission is paid to the factoring company plus interest calculated from the date the receivables are sold to either the customer’s due date or a specified number of days thereafter or until the receivable is deemed uncollectible. Inventories Inventories are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method and includes the cost of materials, direct labor and the applicable share of manufacturing overhead. To the extent management determines it is holding excess or obsolete inventory, the inventory is written down to its net realizable value. Pre-production Costs on Long-term Supply Arrangements Pre-production engineering, research and development costs related to products made for customers under long-term supply agreements are expensed as incurred. Pre-production tooling costs related to products made for customers under long-term supply agreements are expensed when reimbursement is not contractually guaranteed by the customer or where the customer has not provided a noncancelable right to use the tooling. Long-lived assets Long-lived assets other than goodwill are evaluated for impairment if adverse events or changes in circumstances indicate it is more likely than not that the assets are impaired. For each asset group affected by such impairment indicators, the recoverability of the carrying value of that asset group is determined by comparing the forecasted undiscounted cash flows related to that asset group to the asset group’s carrying value. Property and equipment, net: Property and equipment additions, including significant improvements, are recorded at cost, less accumulated depreciation. Upon retirement or disposal of property and equipment, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in cost of sales. Repair and maintenance costs are charged to expense as incurred. Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets. Assets held under capital lease are included in property and equipment, net Amortizable intangible assets, net: The useful lives of intangible assets are determined based on consideration of multiple factors including the Company’s expected use of the assets, the expected useful life of related assets and other external factors that may limit the useful life. Amortization is provided for using the straight-line method over the estimated useful lives for intangible assets with definite useful lives. Goodwill Impairment Testing Goodwill is evaluated for impairment annually or more often if a triggering event occurs between annual tests. The annual tests are performed in the fourth quarter. For each reporting unit to which goodwill has been assigned, the evaluation for impairment entails a quantitative analysis of the fair value of the reporting unit compared to the carrying value of the reporting unit. The Company may opt to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount prior to performing the quantitative assessment. Foreign Currency Translation The financial statements of foreign subsidiaries are translated to U.S. dollars at end-of-period exchange rates for assets and liabilities and an average monthly exchange rate for revenues and expenses. Translation adjustments are recorded as a component of accumulated other comprehensive income (loss) other expense, net Stock-based Compensation Stock-based compensation is measured based on the grant-date calculated value or grant-date fair value of the award, and is recognized as expense over the requisite service period. The determination of calculated value differs from fair value in that the volatility assumption used in determining the value of the awards is based on the volatility of comparable companies rather than a volatility assumption for the issuing entity. Calculated value is used to measure compensation cost when specific entity level volatility information is insufficient or unavailable. To measure compensation cost of stock options, we determined calculated value using a Black-Scholes or binomial option pricing model. To measure compensation cost of restricted stock awards, we use the market value of the Company’s common stock as of the grant date. Employee Benefit Plans Annual net periodic benefit expense and benefit liabilities under defined benefit pension plans and statutory retirement benefits are determined on an actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. Pensions and other postretirement employee benefit costs and related liabilities and assets are dependent upon assumptions used in calculating such amounts. These assumptions include discount rates, expected returns on plan assets, health care cost trends, compensation and other factors. Each year end, actual experience is compared to the more significant assumptions used and the assumptions are adjusted, if warranted. Discount rates are based upon an expected benefit payments duration analysis and the equivalent average yield rate for high quality fixed income investments. Certain pension benefits are funded through investment held with trustees and the expected long-term rate of return on fund assets is based on actual historical returns modified for known changes in the market and any expected change in investment policy. Actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense in future periods. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense. Noncontrolling Interests The accumulated amount of noncontrolling interests is classified in the consolidated balance sheets as a component of total stockholders’ equity and noncontrolling interests are reflected in the consolidated statements of stockholders’ equity (deficit) and comprehensive income (loss). Fair Value Measurements The fair values of assets and liabilities disclosed are categorized based on a fair value hierarchy giving the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: Level 1 Financial assets and liabilities whose values are based on quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. Level 2 Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. Level 3 Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (4) Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This guidance will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance, as agreed to by the FASB, is effective for the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted on January 1, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Topic 835-30). This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015, and requires retrospective application. We expect to adopt this guidance when effective. Upon adoption of this guidance, the debt and total assets presented on our balance sheet will be reduced by net debt issuance costs, which totaled $19.6 million as of December 31, 2015. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes (Subtopic 740-10). ASU 2015-17 simplifies the presentation of deferred income taxes by eliminating the requirement for companies to present deferred tax liabilities and assets as current and non-current on the Consolidated Balance Sheets. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. This guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. We elected to early adopt ASU 2015-17 prospectively, on December 31, 2015. The adoption of ASU 2015-17 did not have a material impact on our consolidated financial position, and had no impact on our results of operations or cash flows. No prior periods were retrospectively adjusted |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | (5) Acquisitions Grede Transaction On June 2, 2014 (the “Acquisition Date”), a subsidiary of American Securities, ASP Grede Intermediate Holdings LLC (together with its subsidiaries, “Grede”), purchased 97.1% of the membership interests in Grede Holdings LLC (the “Grede Transaction”). Management and outside investors purchased the remaining membership interests. Upon completion of the Combination, 100% of Grede is owned by the Company. Purchase Accounting The Grede Transaction was a cash purchase and was accounted for under the acquisition method. The accounting for the acquisition has been pushed-down to the financial statements of the Company. All assets acquired and liabilities assumed were recorded in the financial statements at estimated fair value. The purchase price for the acquisition, net of cash and cash equivalents, was $829.7 million. The acquisition was funded by cash from capital contributions ($251.1 million from affiliates of American Securities, $6.5 million from certain members of the Grede management team and $1.0 million from outside investors) and the issuance of term loan debt. The Grede Transaction was recorded, as revised for updated valuation information, in the accounts of the Company as follows: June 2, 2014 (In thousands) Fair value of consideration $ 829,656 Assets acquired: Receivables 120,232 Inventories 40,121 Prepaid expenses and other current assets 11,360 Property and equipment 208,525 Amortizable intangible assets 369,100 Other assets 9,107 Total assets acquired 758,445 Liabilities assumed: Accounts payable 94,658 Accrued liabilities 25,734 Deferred tax liabilities 47,496 Short-term debt 1,752 Other long-term liabilities 20,677 Total liabilities assumed 190,317 Net identifiable assets acquired, net of cash and cash equivalents 568,128 Goodwill $ 261,528 The valuation method used to estimate the fair value of assets acquired and liabilities assumed entailed a cost approach, a market approach, an income approach or a combination of those approaches based on the nature of the asset or liability being valued. The estimated value of property and equipment was determined using a cost approach, relying on estimated replacement costs. Within amortizable intangible assets, customer relationships and platforms were valued using an income approach, relying on estimated multi-period excess earnings attributable to the relationship or platform. Goodwill recognized was primarily attributable to potential operational synergies related to overhead cost reductions and the assembled workforce. None of the goodwill recognized is expected to be deductible for tax purposes. Additional details of the assets recognized were as follows: June 2, 2014 (In thousands) Inventories Raw materials $ 11,937 Work in process 12,545 Finished goods 15,639 Total inventories $ 40,121 June 2, 2014 Estimated Useful Lives (In thousands) (In years) Property and equipment Land $ 12,220 — Buildings 31,839 5 – 29 Machinery and equipment 148,827 1 – 20 Assets not yet placed in service 15,639 — Total property and equipment $ 208,525 June 2, 2014 Amortization Period (In thousands) (In years) Amortizable intangible assets Customer relationships and platforms $ 338,700 10 Other: trade names 30,400 15 Total amortizable intangible assets $ 369,100 The estimated fair value of inventories was $4.4 million higher than the carrying value at the time of the acquisition. The entire amount of this step-up in value was expensed in cost of sales during 2014 based on an analysis of Grede’s inventory turns. Grede has estimated a remaining useful life of 10 years for the customer relationships and platforms due to the strong and longstanding relationships with our customers, which include many of the leading global OEMs and Tier 1 Suppliers. Grede has estimated a remaining useful life of 15 years for the trade names based on the nature of the industry, the length of time it has been in business and the relative strength of the name in the marketplace. Included within other long-term liabilities The funded status as of the Acquisition Date was as follows: June 2, 2014 (In thousands) Projected benefit obligation $ 33,864 Fair value of plan assets 27,615 Funded Status $ (6,249 ) A weighted average discount rate of 4.04% was used to determine the projected benefit obligation. The rate of compensation increase is not applicable due to the fact that the plans’ benefits are based on credited years of service. The plans’ assets are composed primarily of pooled separate accounts in which the underlying securities are primarily publicly traded domestic equities and government debt securities. The amount of Grede revenues and earnings included in the consolidated statements of operations subsequent to the Grede Transaction was as follows: 2015 2014 (In thousands) Revenues: Net sales $ 906,749 572,126 Earnings: Income (loss) before tax 43,346 (19,224 ) Grede Transaction-related expenses incurred in 2014 were $13.0 million, which were recorded within acquisition costs Supplemental Pro Forma Information (Unaudited) The following table presents the revenues and earnings of MPG on a pro forma basis as if the Grede Transaction had occurred on January 1, 2013: Pro Forma 2014 2013 (In thousands) Revenues: Net sales $ 3,144,000 3,052,900 Earnings: Income before tax 93,300 103,400 These results do not purport to be indicative of the results of operations which actually would have resulted had the Grede Transaction occurred on January 1, 2013, or of the future results of operations of the Company. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | (6) Receivables Receivables as of December 31 were stated net of the following allowances: 2015 2014 (In thousands) Doubtful accounts $ 1,437 1,488 Pricing accruals and anticipated customer deductions 8,109 4,781 Returns 1,923 1,753 $ 11,469 8,022 Receivables available for sale and sold under agreements with international factoring companies as of December 31 were as follows: 2015 2014 (In thousands) Available for sale $ 47,322 51,865 Sold 37,678 43,844 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | (7) Inventories Inventories as of December 31 were as follows: 2015 2014 (In thousands) Raw materials $ 57,339 67,812 Work in process 66,329 69,929 Finished goods 63,180 67,048 Total inventories $ 186,848 204,789 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (8) Property and Equipment The carrying amount, accumulated depreciation and useful lives of property and equipment as of December 31 were as follows: Estimated Useful Lives 2015 2014 (In thousands) Land and land improvements 1 - 30 $ 26,769 28,324 Buildings and improvements 1 - 30 103,622 94,050 Machinery and equipment 1 - 20 930,114 797,284 Assets not yet placed in service 145,018 114,052 1,205,523 1,033,710 Accumulated depreciation (419,570 ) (283,529 ) Property and equipment, net $ 785,953 750,181 Property and equipment are depreciated on a straight-line basis. Depreciation expense was $159.4 million for 2015, $155.0 million for 2014, and $126.9 million for 2013. Included in machinery and equipment are gross carrying values for assets under capital lease of $13.8 million and $13.9 million as of December 31, 2015 and 2014, respectively; related accumulated depreciation was $9.0 million and $6.8 million as of December 31, 2015 and 2014, respectively. In June 2015, the Company announced plans to close its Berlin, Wisconsin facility included within the Grede segment. In conjunction with this announcement, the Company recorded a $4.0 million asset impairment charge to adjust the property, plant, and equipment to their fair values using observable market values for similar assets. The closure, which is primarily a result of the industrial market slowdown, was completed in fiscal 2015. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (9) Goodwill Changes in the carrying value of goodwill by segment were as follows: HHI Segment Metaldyne Segment Grede Segment Total (In thousands) Balance December 31, 2013 $ 309,399 348,592 — 657,991 Goodwill resulting from Grede Transaction — — 261,528 261,528 Impairment (11,803 ) — — (11,803 ) Balance December 31, 2014 297,596 348,592 261,528 907,716 Balance December 31, 2015 $ 297,596 348,592 261,528 907,716 In conjunction with our annual impairment test in 2014, the Company concluded that the goodwill assigned to a reportable unit within the HHI segment (the “Unit”) was no longer recoverable. The Unit manufactures wheel bearings for a large OEM customer at our facility in Sandusky, Ohio (the “Sandusky facility”). Under the terms of our contract with this customer, labor costs at the Sandusky facility were subsidized by the customer. In our assessment of the recoverability of the Unit’s goodwill, the Company estimated the fair value of the Unit using an income method based on discounted cash flows, which resulted in a fair value below the carrying value. Key factors impacting a lower fair value included the scheduled attrition of programs for the OEM customer and the expiration of labor subsidies in September 2015. An impairment loss of $11.8 million was recognized in the fourth quarter of 2014, representing the full amount of goodwill assigned to the Unit. |
Amortizable Intangible Assets
Amortizable Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | (10) Amortizable Intangible Assets The carrying amount and accumulated amortization of intangible assets as of December 31 were as follows: 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships and platforms $ 745,200 (136,976 ) 608,224 Other 126,754 (26,068 ) 100,686 Total $ 871,954 (163,044 ) 708,910 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships and platforms $ 745,200 (76,514 ) 668,686 Other 126,360 (16,589 ) 109,771 Total $ 871,560 (93,103 ) 778,457 Amortization expense was $69.9 million for 2015, $54.8 million for 2014, and $34.0 million for 2013. As of December 31, 2015, the weighted-average amortization period of customer relationships and platforms was 14 years. Estimated amortization expense for the next five years is $69.9 million for 2016, $69.9 million for 2017, $68.3 million for 2018, 2019, and 2020 respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | (11) Debt The carrying value of debt as of December 31 was as follows: 2015 2014 (In thousands) Short-term debt: Revolving lines of credit $ — — Other short-term debt 723 1,572 Total short-term debt $ 723 1,572 Long-term debt: Term loans Term Loan Facility $ — 1,340,000 USD Term Loan 1,022,211 — Euro Term Loan 244,158 — Registered Notes 600,000 600,000 Other long-term debt (various interest rates) 364 589 Total 1,866,733 1,940,589 Unamortized discount on term loans (6,680 ) (6,579 ) Current maturities (13,307 ) (13,700 ) Total long-term debt $ 1,846,746 1,920,310 Credit Facilities In October 2014, MPG Holdco I Inc., the Company’s wholly owned subsidiary (“Holdco”) entered into a senior secured credit facility (the “Senior Credit Facilities”) consisting of a $1,350.0 million term loan (“Term Loan Facility”), maturing in 2021, and a $250.0 million revolving credit facility (“Revolving Credit Facility”), maturing in 2019. Interest on the Term Loan Facility accrued at a rate equal to the London Interbank Offered Rate (“LIBOR”) rate (bearing a LIBOR floor of 1.00%) plus an applicable margin of 3.25% or a base rate that is the higher of the Federal Funds Rate (plus 0.50%), the U.S. prime rate as published in The Wall Street Journal, or LIBOR (plus 1.00%), plus an applicable margin of 2.25%, at Holdco’s option. Prior to the Company’s initial public offering on December 12, 2014, the applicable margin was 3.50% for LIBOR rate loans and 2.50% for base rate loans. The interest rate in effect as of December 31, 2014 was 4.25%. The Term Loan Facility was payable in quarterly installments of $3.375 million beginning in March 2015. On May 8, 2015, the Company amended its Senior Credit Facilities to reduce the applicable interest rate on the Term Loan Facility and to refinance the outstanding balance of the Term Loan Facility with new term loans (the “Refinanced Term Loan Facility”). The Refinanced Term Loan consists of a $1,072.6 million U.S. Dollar denominated term loan (the “USD Term Loan”) and a €225.0 million Euro denominated term loan (the “Euro Term Loan”). The USD Term Loan was issued at par and accrues interest at LIBOR, bearing a 1.00% floor, plus an applicable margin of 2.75%. The Euro Term Loan was issued at an original issuance discount of 0.50%, or $1.3 million, and accrues interest at the Euro Interbank Offer Rate (“EURIBOR”), bearing a 1.00% floor, plus an applicable margin of 2.75%. At December 31, 2015, the effective interest rate on both the USD Term Loan and Euro Term Loan was 3.75%. Principal repayments on the USD Term Loan and Euro Term Loan are payable in quarterly installments equal to 0.25% of the original loan balances. All other terms of the amended Senior Credit Facilities remain substantially unchanged. In connection with amending the Senior Credit Facilities, the Company paid fees to third parties totaling $1.8 million, of which $1.6 million was expensed. During 2015, the Company made $10.0 million in voluntary prepayments on the previous Term Loan Facility and $45.0 million in voluntary prepayments on the Refinanced Term Loan Facility. Interest on the Revolving Credit Facility is accrued at a rate equal to the LIBOR rate plus an applicable margin of 3.25% or a base rate that is the higher of the Federal Funds Rate (plus 0.50%), the U.S. prime rate as published in The Wall Street Journal, or LIBOR (plus 1.00%), plus an applicable margin of 2.25%, at Holdco’s option. The applicable margin is based on a leverage ratio grid. As of December 31, 2015, zero was outstanding under the Revolving Credit Facility and $237.4 million was available after giving effect to outstanding letters of credit. Holdco pays fees with respect to the Revolving Credit Facility, including (i) an unused commitment fee of 0.50% or 0.375% based on a leverage ratio, (ii) fixed fees with respect to letters of credit of 3.25% per annum on the stated amount of each letter of credit outstanding during each month and (iii) customary administrative fees. The agreement governing the Senior Credit Facilities contains certain covenants that, among other things, require MPG Holdco to maintain a leverage ratio once revolver borrowings and letters of credit exceed 35% of aggregate revolving credit commitments as defined under the terms of the Senior Credit Facilities and to comply with customary affirmative and negative covenants. In addition to scheduled maturities, the Refinanced Term Loan Facility is subject to customary mandatory prepayments, including an excess cash flow sweep based on leverage ratio step downs and a mandatory prepayment for certain asset sales. The Company is required to prepay a portion of the Term Loan Facility in an amount equal to a percentage of the preceding fiscal year’s excess cash flow, as defined, with such percentage based on our leverage ratio, as defined. No mandatory prepayments are due in 2016. The agreements governing the Senior Credit Facilities and the Registered Notes restrict the payment of dividends except (i) to pay reasonable estimated amount of taxes as long as not prohibited by applicable laws, (ii) to pay legal, accounting, and reporting expenses, (iii) to pay general administrative costs and expenses, and reasonable directors fees, and expenses; (iv) to repurchase stock owned by employees, (v) for management or similar fees, (vi) to pay franchise or similar taxes to maintain corporate existence, (vii) permitted tax distributions, and (viii) to pay dividends up to $30.0 million or 6% of the net cash proceeds from an underwritten public offering of our common stock. The Senior Credit Facilities are guaranteed by MPG and certain of its direct and indirect existing and future domestic subsidiaries and are secured on a first priority basis by all or substantially all of our assets, the assets of Holdco and each guarantor’s assets, including a pledge of capital stock of our U.S. subsidiaries that hold domestic assets and a portion of the capital stock of the first tier foreign subsidiaries of MPG and each guarantor. The Registered Notes are guaranteed by MPG and certain of its direct and indirect existing and future domestic subsidiaries. The Registered Notes are pari passu in right of payment with the Senior Credit Facilities, but are effectively subordinated to the Senior Credit Facilities to the extent of the value of the assets securing such indebtedness. Registered Notes In October 2014, Holdco issued $600.0 million of senior notes (“Senior Notes”). The Senior Notes mature in 2022, and bear interest at a rate of 7.375%, payable semi-annually on April 15 and October 15 per the terms of the indenture governing the Senior Notes. In May, 2015, the Company launched an offer to exchange notes registered with the SEC (the “Registered Notes”) for its existing Senior Notes that were not registered with the SEC. The Registered Notes have substantially identical terms as the Senior Notes. The exchange offer was made pursuant to a prospectus included in a Registration Statement on Form S-4 filed with the SEC on May 1, 2015, and declared effected by the SEC on May 8, 2015. The exchange offer was completed on June 8, 2015, and all outstanding original Senior Notes were tendered and exchanged for Registered Notes. The indenture governing the Senior Notes contains certain covenants, including a covenant that restricts the payment of dividends except (i) to pay reasonable estimated amount of taxes as long as not prohibited by applicable laws, (ii) to pay legal, accounting, and reporting expenses, (iii) to pay general and administrative costs and expenses, and reasonable directors fees, and expenses, (iv) to repurchase stock owned by employees, (v) for management or similar fees, (vi) to pay franchise or similar taxes to maintain corporate existence and (vii) to pay dividends up to $30.0 million or 6% of the net cash proceeds from an underwritten public offering of our common stock. Scheduled Maturities of Long-term Debt As of December 31, 2015, the Company’s scheduled principal payments of long-term debt for the five succeeding years were $13.3 million for 2016, $13.4 million for 2017, $13.2 million for 2018, $13.2 million for 2019 and $13.2 million for 2020. The scheduled principal payments are exclusive of potential required prepayments. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Commitments | (12) Lease Commitments The Company leases certain property and equipment under capital and operating lease arrangements that expire at various dates through 2036. Most of the operating leases provide the option, after the initial lease term, either to purchase the property or renew its lease at the then fair value. Future minimum lease payments by the Company under capital and operating leases that have initial or remaining noncancelable terms in excess of one year as of December 31, 2015 are as follows: Capital Leases Operating Leases (In thousands) Company minimum lease payments: 2016 $ 4,990 11,152 2017 3,928 9,425 2018 3,991 8,126 2019 4,090 6,406 2020 4,193 5,939 Thereafter 62,623 27,001 Total minimum payments 83,815 $ 68,049 Amount representing interest (60,163 ) Obligations under capital leases 23,652 Obligations due within one year (1,163 ) Long-term obligations under capital leases $ 22,489 Rental expense for operating leases was $12.9 million for 2015, $12.4 million for 2014, and $11.5 million for 2013. |
Equity, Dividends and Change in
Equity, Dividends and Change in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity, Dividends and Change in Accumulated Other Comprehensive Loss | (13) Equity, Dividends and Change in Accumulated Other Comprehensive Loss Equity On August 4, 2014, in connection with the Combination, the issued and outstanding shares of HHI, Metaldyne and Grede were converted to shares of MPG. The number of MPG shares issued upon conversion was determined based on the relative fair value of each entity to the overall fair value of MPG at the time of the Combination. Upon completion of the Combination, 13.4 million shares of MPG common stock were issued and outstanding. On November 18, 2014, MPG common stock was split at a 5-to-1 ratio, with each stockholder receiving four additional shares for each share held. Upon completion of the Stock Split, 67.1 million shares were outstanding. The number of authorized shares was increased to 400 million. The Combination and the Stock Split have been retrospectively applied to the Successor Period financial statements. On December 12, 2014, American Securities sold 10,000,000 shares of the Company’s common stock under an IPO, for which no proceeds were received by the Company. The Company recognized costs directly attributable to the IPO of $5.6 million within paid-in capital Dividends The Company declared the following cash dividends on its common stock in 2015, totaling $18.5 million. Date Declared Date Paid Dividend per October 28, 2015 December 3, 2015 $ 0.09 July 29, 2015 August 31, 2015 0.09 March 10, 2015 May 26, 2015 0.09 As of December 31, 2015, the Company had accrued dividends of $0.3 million on unvested Restricted Shares, which are to be paid upon vesting. Prior to the Combination, HHI and Metaldyne paid dividends to their respective stockholders. HHI paid dividends totaling $111.3 million and $131.9 million on May 2, 2014 and September 20, 2013, respectively. The dividends paid by HHI were primarily funded by incremental term loans. Metaldyne paid a dividend totaling $125.0 million on October 31, 2013, which was funded by an incremental term loan. Changes in Accumulated Other Comprehensive Loss Attributable to Stockholders, Net of Tax Foreign Currency Items Defined Benefit Items Total (In thousands) Balance, December 31, 2012 $ (388 ) 6 (382 ) Other comprehensive income before reclassifications (3,379 ) 462 (2,917 ) Balance, December 31, 2013 (3,767 ) 468 (3,299 ) Other comprehensive income before reclassifications (23,954 ) (8,239 ) (32,193 ) Reclassifications — 244 244 Balance, December 31, 2014 (27,721 ) (7,527 ) (35,248 ) Other comprehensive income before reclassifications (24,258 ) 1,781 (22,477 ) Reclassifications — 432 432 Balance, December 31, 2015 $ (51,979 ) (5,314 ) (57,293 ) |
Net Income per Share Attributab
Net Income per Share Attributable to Stockholders ("EPS") | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income per Share Attributable to Stockholders ("EPS") | (14) Net Income Per Share Attributable to Stockholders (“EPS”) The Company’s basic and diluted EPS were calculated as follows: 2015 2014 2013 (In thousands, except per share data) Weighted-average shares outstanding Basic 67,284 67,075 67,075 Equivalent shares for outstanding stock-based compensation awards 2,445 1,400 — Diluted 69,729 68,475 67,075 Net income attributable to stockholders $ 125,304 72,827 57,568 EPS Basic $ 1.86 1.09 0.86 Diluted 1.80 1.06 0.86 For 2014, and 2013, the weighted average shares outstanding were retrospectively adjusted to reflect MPG common stock outstanding upon completion of the Combination and the Stock Split; the equivalent shares for outstanding stock-based compensation awards were retrospectively adjusted to reflect the conversion of those awards into options to purchase shares of Common Stock of MPG and the Stock Split. The number of equivalent shares excluded from the calculation as they were anti-dilutive was de minimis for 2015, 0.8 million for 2014, and 3.5 million for 2013. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense) | (15) Other Income (Expense) 2015 2014 2013 (In thousands) Foreign currency gains (losses) $ 18,319 15,723 (2,295 ) Accounts receivable factoring commission (849 ) (918 ) (995 ) Debt transaction expenses (1,668 ) (2,836 ) (6,014 ) Other (450 ) (637 ) (8,568 ) Total other, net $ 15,352 11,332 (17,872 ) |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | (16) Stock-based Compensation In August 2014, the Board of Directors of MPG approved an equity incentive plan (the “MPG Plan”) for officers, key employees and non-employees. The MPG Plan permits the grant of equity awards to purchase up to 5.9 million shares of MPG common stock. All awards granted on or after August 4, 2014 were issued under the MPG Plan. Restricted Shares The Company has granted restricted stock awards and restricted stock unit awards to certain employees and nonemployee directors (collectively the “Restricted Shares”). The following table summarizes the terms of the Restricted Shares: Vesting Terms Number of Shares Grant-date Fair Value (In thousands) 1/3 rd 465 $ 20.02 1/3 rd 305 18.90 1/4 th st th nd grant-date anniversary 567 15.00 1/3 rd 280 15.00 1,617 The Restricted Shares are being expensed based on their grant-date fair values on a straight-line basis over the requisite service period for the entire award. The grant-date fair values were determined using the fair value of the Company’s common stock as of the grant date. Changes in the number of Restricted Shares outstanding for the years ended December 31, 2015 and 2014 were as follows: Number of Shares Weighted Average Grant-date Fair Value Fair Value of Shares Vested (In thousands) (In millions) Balance, December 31, 2013 — Granted 847 $ 15.00 Forfeited — Balance, December 31, 2014 847 Granted 770 19.58 Vested (424 ) 16.20 $ 7.8 Forfeited (28 ) 16.30 Balance, December 31, 2015 1,165 $ 17.47 Options The Company has granted options to certain employees to purchase shares of its common stock with the following terms: Vesting Terms Number of Options Weighted Average Exercise Price Contractual Terms (In thousands) (In years) 1/3 rd 438 $ 18.90 10 100% upon grant 635 20.00 10 1/3 rd 560 20.00 10 1/5 th th th years 357 20.00 10 1/5 th 4,405 6.32 10 100% on the seventh anniversary of the original grant date 485 18.66 10 6,880 All options are being expensed on their grant-date fair values on a straight-line basis over the requisite service period for the entire award. The grant-date fair values of the options were determined using a Black-Scholes valuation model based on the following weighted average assumptions: Original Grant Year 2015 2014 2013 Grant-date calculated value (per share) $ 9.03 12.66 16.05 Exercise price $ 18.90 18.66 6.17 Expected term 6 years 7 years 6 years Risk-free rate 1.8 % 2.0 % 1.8 % Expected volatility 60.0 % 65.0 % 65.0 % Expected dividend yield 1.9 % 0.0 % 0.0 % The risk-free rate was determined based on U.S. Treasury yield curves of securities matching the expected term of the awards or a blend of securities with similar terms. The expected term was determined using the simplified method as the Company did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. Expected volatility was estimated based on historical volatility of comparable companies within our industry. The expected dividend yield was determined based on the expected annual dividend amount divided by the common stock price as of the grant date. Options Outstanding Changes in the number of Options outstanding for the years ended December 31, 2015 and 2014 were as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In millions) Balance, December 31, 2013 3,920 $ 4.79 Granted 2,522 19.48 Exercised — — Forfeited — — Balance, December 31, 2014 6,442 $ 10.54 8.5 $ 49.2 Options exercisable, December 31, 2014 1,938 $ 10.60 8.2 $ 15.2 Granted 438 18.90 Exercised (566 ) 5.50 $ 8.6 Forfeited (45 ) 10.12 Balance, December 31, 2015 6,269 $ 11.58 7.6 $ 45.5 Options exercisable, December 31, 2015 3,400 $ 10.82 7.4 $ 27.6 Proceeds and tax benefit realized from the exercise of stock options during the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 (In millions) Proceeds from the exercise of stock options - gross $ 3.0 — — Tax benefit 2.7 — — Stock-based Compensation Expense 2015 2014 2013 (In thousands) Restricted shares $ 11,854 309 — Options 15,810 17,010 6,175 Total $ 27,664 17,319 6,175 Tax benefit $ 10,286 5,429 2,270 Compensation expense associated with the outstanding stock-based awards was recognized within selling, general and administrative expense In 2015, the Company modified 297,378 restricted shares and 1,387,087 options in connection with employee separation agreements. In accordance with these agreements, all non-vested vested immediately at the date of separation. In addition, the terms of the options were modified from the original term to exercise of 30 days after separation to a term of three or five years based on the respective separation agreement. The modification, which affected five participants, resulted in additional compensation expense related to restricted shares and options of approximately $4.1 million and $7.6 million, respectively, for the year ended December 31, 2015. In August 2014, in conjunction with the Combination, all outstanding stock-based compensation awards were converted (the “Conversion”) to options to acquire MPG common stock. The Conversion was accounted for as a modification resulting from an equity restructuring. The terms of the original awards were modified to eliminate and replace performance-based vesting with time-based vesting over the remaining vesting periods as set forth in the original option agreements. The modification, which affected fifty-nine option holders, resulted in no incremental compensation cost to the Company. The number of options issued upon conversion and the exercise price of those options were determined based on the relative fair values of the underlying stock of HHI, Metaldyne, or Grede to the overall fair value of MPG common stock at the time of the Combination. Prior to the Combination and Conversion, Grede had issued 970,395 equity awards in 2014, HHI and Metaldyne had issued 39,885 and 1,991,305 equity awards in 2013, respectively, and, as of the beginning of 2013, HHI had 1,888,450 equity awards issued and outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (17) Income Taxes 2015 2014 2013 (In thousands) Income (loss) before income taxes: Domestic $ 97,769 (8,841 ) 45,101 Foreign 76,042 63,020 47,729 $ 173,811 54,179 92,830 Provision (benefit) for income taxes: Currently payable: Federal $ 31,709 43,789 23,609 Foreign 23,635 18,847 17,872 State and local 8,375 7,026 2,849 63,719 69,662 44,330 Deferred: Federal (14,340 ) (81,533 ) (6,086 ) Foreign 3,973 (420 ) (3,496 ) State and local (5,288 ) (6,791 ) 221 (15,655 ) (88,744 ) (9,361 ) Total income tax expense (benefit) $ 48,064 (19,082 ) 34,969 The components of deferred taxes as of December 31 were as follows: 2015 2014 (In thousands) Deferred tax assets: Inventories $ 4,620 2,221 Property and equipment 3,011 4,025 Accrued liabilities and other long-term liabilities 12,957 10,621 Net operating losses 12,895 11,857 Capitalized transactions costs 5,535 2,469 Defined benefit pension plans 6,633 3,069 Stock-based compensation 14,233 8,436 Other 11,169 11,564 71,053 54,262 Valuation allowance (11,817 ) (11,923 ) 59,236 42,339 Deferred tax liabilities: Property and equipment 91,206 83,574 Intangible assets 181,724 160,547 Investments in foreign subsidiaries 2,163 5,157 Investment in U.S. partnership — 33,938 Debt issuance costs 5,041 — Other 8,727 6,032 288,861 289,248 Net deferred tax liability $ 229,625 246,909 The balance sheet presentation of net deferred tax liability follows: 2015 2014 (In thousands) Assets: Deferred income taxes, current $ — 12,435 Deferred income taxes, noncurrent 1,701 1,359 Liabilities: Deferred income taxes, current — — Deferred income taxes, noncurrent 231,326 260,703 Net deferred tax liability $ 229,625 246,909 The following is a reconciliation of tax computed at the U.S. federal statutory rate to the provision for income taxes allocated to income from continuing operations: 2015 2014 2013 (In thousands) U.S. federal statutory rate 35 % 35 % 35 % Tax at U.S. federal statutory rate $ 60,834 18,963 32,491 Lower effective foreign tax rate (6,912 ) (6,048 ) (6,098 ) State and local taxes, net of federal tax benefit 4,329 (1,439 ) 1,628 Changes in prior-year estimates (4,198 ) 2,599 (386 ) Domestic production activities deduction (3,603 ) (2,321 ) (2,368 ) Deferred tax on outside basis of foreign shares (2,994 ) (31,619 ) 5,031 Non-taxable income (2,579 ) (2,870 ) (2,666 ) Change in valuation allowance 2,361 4,868 (3,030 ) Nondeductible transaction/other expenses 1,729 3,655 3,438 Tax holidays, credits and incentives (1,389 ) (4,741 ) (1,543 ) Changes in unrecognized tax benefits 638 (2,222 ) 5,566 Goodwill impairment — 4,301 — Other, net (152 ) (2,208 ) 2,906 Income tax expense (benefit) $ 48,064 (19,082 ) 34,969 As of December 31, 2015, the Company had approximately $81.0 million of foreign earnings attributed to the foreign subsidiaries that are indefinitely reinvested for which no U.S. income tax provision or deferred tax liabilities are recorded. Such earnings could become taxable upon the sale or liquidation of these foreign subsidiaries or upon dividend repatriation. If a U.S. deferred tax liability were to be recorded on those foreign earnings, the estimated tax liability would approximate $18.7 million. For those wholly owned foreign subsidiaries where basis differentials are not indefinitely reinvested, the Company provides deferred income taxes on the foreign earnings. As of December 31, 2015 and 2014, this deferred income tax liability totaled $2.2 million and $5.2 million, respectively. The Protecting Americans from Tax Hikes Act of 2015 extended the “look-through” rule under subpart F of the U.S. Internal Revenue Code through 2019. The “look-through rule” provides an exception to the U.S. taxation of certain income generated by foreign subsidiaries. As a result of this change in law, the Company recorded a $3.2 million income tax benefit in the fourth quarter of 2015, to derecognize a portion of the deferred tax liabilities previously recorded. In the fourth quarter of 2014, MPG made the assertion that the earnings of certain foreign subsidiaries within the Metaldyne segment are indefinitely reinvested. This determination resulted from the Refinancing in October 2014 and the IPO in December 2014, which added significant flexibility to the Company’s capital structure. The assertion is also supported by the operational and investing needs of the Company’s foreign locations. As a result of this change, the Company recorded a $31.6 million deferred tax benefit for the year ended December 31, 2014 to derecognize a portion of the deferred tax liabilities previously recorded. As of December 31, 2015 and 2014, certain foreign subsidiaries have NOL carryforward balances totaling $40.2 million and $37.9 million, respectively. Of the December 31, 2015 balance, foreign NOL carryforwards totaling $2.6 million will expire in various years ranging from 2018 through 2024, while the remaining balance of $37.6 million has no expiration date. The Company continues to maintain a valuation allowance related to its net deferred tax assets in multiple jurisdictions. As of December 31, 2015 and 2014, the Company had valuation allowances of $11.8 million and $11.9 million, respectively, primarily related to tax loss and credit carryforwards. During the year ended December 31, 2014, the Company recorded a valuation allowance against loss carryforwards of its Brazilian and French subsidiaries for a total of $3.9 million. Due to the history of losses at these entities, the Company concluded the negative evidence outweighed the positive evidence and it was no longer more likely than not that the net deferred tax assets would be realized. For its U.S. federal income tax provision, the Company has recorded a research and experimentation tax credit of $1.3 million and $3.0 million for the year ended December 31, 2015 and 2014, respectively. In addition, the Company’s subsidiary located in Korea had a tax holiday, which reduced tax expense approximately $0.4 million and $1.1 million for the years ended December 31, 2014 and 2013. The Korean tax holiday expired at the end of 2015. A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 follows: 2015 2014 2013 (In thousands) Beginning balance $ 7,384 9,606 4,040 Additions to tax positions related to the current period 260 295 — Additions to tax positions related to the prior period 395 305 5,372 Reductions in tax positions resulting from settlements with taxing authorities — (1,281 ) — Reductions in tax positions resulting from a lapse of the statute of limitations — (202 ) — Other (898 ) (1,339 ) 194 Ending balance $ 7,141 7,384 9,606 The reserve for unrecognized tax benefits totaled $4.5 million and $4.4 million as of December 31, 2015 and 2014, respectively. This reserve primarily consists of foreign tax contingencies related to ongoing tax audits. Additionally, deferred tax assets related to net operating losses have been reduced by $2.7 million and $3.0 million as of December 31, 2015 and 2014, respectively. All of the Company’s unrecognized tax benefits would, if recognized, reduce its effective tax rate. In connection with the Metaldyne Transaction, the former owner’s stockholders have indemnified Metaldyne for all pre-closing taxes for a period of three years following the Metaldyne Transaction. An indemnification asset of $7.6 million and $8.3 million related to the foreign tax contingencies is recorded in receivables, net The Company recognizes both interest and penalties accrued with respect to an underpayment of income taxes as income tax expense. Related to the unrecognized tax benefits noted above, the amount of interest and penalty expense was $0.2 million, $0.2 million, and $0.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company has open tax years from 2004 to 2015 with varying taxing jurisdictions where taxes remain subject to examination including, but not limited to, the United States of America, Spain, France, Germany, and India. All necessary adjustments for the anticipated outcomes of ongoing examinations have been properly addressed or accrued. As of December 31, 2015 and 2014, since existing examinations remain pending, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits over the next twelve months. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | (18) Employee Benefit Plans The Company sponsors employee benefit plans for certain of its employees. Defined Benefit Pension Plans The Company sponsors defined benefit pension plans, including certain unfunded supplemental retirement plans, covering certain active and retired employees for its operations in the U.S., U.K., Germany, Mexico, France and Korea (the “Defined Benefit Pension Plans”). The straight-line method is used to amortize prior service amounts and unrecognized net actuarial (gains) losses. Changes in projected benefit obligations and plan assets for the years ended December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Accumulated benefit obligation at the end of the year $ 32,778 49,648 36,642 55,049 Change in projected benefit obligation: Beginning projected benefit obligation $ 36,642 56,779 — 51,349 Obligations recognized with the Grede Transaction — — 33,864 — Service cost 32 1,224 97 1,222 Interest cost 1,314 1,748 765 2,112 Actuarial (gain) loss (1,364 ) (2,864 ) 2,968 8,824 Benefits paid (1,248 ) (2,015 ) (778 ) (1,590 ) Effect of settlements (2,598 ) — (274 ) — Other adjustments — 1,668 — — Exchange rate changes — (4,430 ) — (5,138 ) Ending projected benefit obligation $ 32,778 52,110 36,642 56,779 Change in plan assets: Beginning fair value of plan assets $ 27,338 29,203 — 27,736 Plan assets recognized with the Grede Transaction — — 27,615 — Actual return on plan assets (326 ) 57 434 3,425 Employer contributions 728 1,792 341 1,562 Benefits paid (1,248 ) (2,015 ) (778 ) (1,590 ) Effect of settlements (2,598 ) — (274 ) — Exchange rate changes — (1,472 ) — (1,930 ) Ending fair value of plan assets $ 23,894 27,565 27,338 29,203 Amounts recognized on the consolidated balance sheets as of December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Amounts recognized in liabilities: Current liabilities $ — (354 ) — (215 ) Noncurrent liabilities (8,883 ) (24,191 ) (9,304 ) (27,361 ) Funded status (8,883 ) (24,545 ) (9,304 ) (27,576 ) Amounts recognized in accumulated other comprehensive income: Net actuarial loss 3,680 3,974 3,471 5,743 Total recognized on the consolidated balance sheets $ (5,203 ) (20,571 ) (5,833 ) (21,833 ) The current portion of the above retirement benefit liabilities is recognized in accrued liabilities and the noncurrent portion is recognized in other long-term liabilities. Changes in accumulated comprehensive income for the years ended December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Beginning accumulated other comprehensive income $ 3,471 5,743 — (1,016 ) Current period (gain) loss 209 (1,167 ) 3,471 7,280 Exchange rate changes — (602 ) — (521 ) Ending accumulated other comprehensive income $ 3,680 3,974 3,471 5,743 The amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost in 2016 are de minimis for the U.S. plans and $0.1 million for the non-U.S. plans. Weighted average assumptions used to determine the benefit obligations as of December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.10% 3.46% 3.77% 3.08% Rate of compensation increase Not 4.65 Not 4.74 Weighted average assumptions used to determine net periodic benefit cost for the periods ended of December 31 were as follows: 2015 2014 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.77% 3.22% 4.04% 4.26% — 4.23% Expected long-term return of plan assets 7.25 6.80 7.25 6.77 — 6.77 Rate of compensation increase Not applicable 4.46 Not 4.80 — 4.85 The discount rate used was determined based upon available yields for high quality corporate and government bonds of the plan countries, utilizing similar durations/terms and currencies of the plan liabilities. The non-U.S. country specific rates are weighted by projected benefit obligation to arrive at a single weighted average rate. The expected long-term rate of return for the plans’ total assets is based on the expected return of each of the below asset categories, weighted based on the target allocation for each class. Equity securities and growth assets are expected to return 7% to 9% over the long-term, while debt securities and liability matching assets are expected to return between 3% and 5%. The rate of compensation increase for the U.S. plans is not applicable as the plans’ benefits are based upon credited years of service. Net periodic benefit cost for the periods ended of December 31 was as follows: 2015 2014 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Service cost $ 32 1,224 97 1,222 — 1,200 Interest cost 1,314 1,748 765 2,112 — 2,030 Expected return on plan assets (1,681 ) (1,949 ) (959 ) (1,868 ) — (1,693 ) Amortization of net actuarial gain (loss) 4 120 — (12 ) — — Effect of settlement 428 — 22 17 — — Net periodic benefit cost $ 97 1,143 (75 ) 1,471 — 1,537 The weighted average asset allocations as of December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Asset category: Equity securities 51 % 77 % 49 % 70 % Debt securities 39 16 41 25 Real estate 10 — 10 — Cash — 4 — 4 Other — 3 — 1 Total 100 % 100 % 100 % 100 % Certain policies are established to provide for growth of capital with a moderate level of volatility by investing assets per the target allocations. The plans’ asset allocation percentages at December 31, 2015 and 2014 approximated the target asset allocation ranges. The targeted asset allocations and the investment policies are reviewed periodically to determine if the policies should be changed. Fair value measurements for plan assets as of December 31, 2015 were as follows: Total Level 1 Level 2 Level 3 (In thousands) Asset category: U.S. Plans Mutual funds: Equity securities $ 12,123 — 12,123 — Fixed income securities 9,321 — 9,321 — Real estate 2,450 — 1,189 1,261 Total $ 23,894 — 22,633 1,261 Non-U.S. Plans Cash and cash equivalents $ 1,031 1,031 — Mutual funds (non-U.S.): Equity securities 21,353 — 21,353 — Fixed income securities 4,308 — 4,308 — Mixed asset mutual funds (equity/fixed income) 873 — 873 — Total $ 27,565 1,031 26,534 — Fair value measurements for plan assets as of December 31, 2014 were as follows: Total Level 1 Level 2 Level 3 (In thousands) Asset category: U.S. Plans Mutual funds: Equity securities $ 13,379 — 13,379 — Fixed income securities 11,279 — 11,279 — Real estate 2,680 — — 2,680 Total $ 27,338 — 24,658 2,680 Non-U.S. Plans Cash and cash equivalents $ 770 770 — — Mutual funds (non-U.S.): Equity securities 20,369 — 20,369 — Fixed income securities 6,660 — 6,660 — Mixed asset mutual funds (equity/fixed income) 1,404 — 1,404 — Total $ 29,203 770 28,433 — Level 1 assets include cash and cash equivalents and are valued at cost. Level 2 assets include investments in mutual funds and are valued using observable market inputs. Level 3 assets include investments in real estate and are valued using unobservable inputs that are significant to the overall fair value measurement. The following table summarizes the changes in Level 3 assets: (In thousands) Balance as of December 31, 2014 $ 2,680 Transfers to Level 2 (1,334 ) Return on plan assets 174 Purchases 10 Sales (269 ) Balance as of December 31, 2015 $ 1,261 Contributions to the U.S. plans and the non-U.S. plans in 2016 are estimated to be zero and $1.4 million, respectively. Contributions are expected to meet or exceed the minimum funding requirements of the relevant governmental authorities. Contributions may be made in excess of the minimum funding requirements in response to the plans’ investment performance, to achieve funding levels required by defined benefit plan arrangements or when deemed to be financially advantageous to do so based on their other cash requirements. The following payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: U.S. Non-U.S. (In thousands) December 31: 2016 $ 1,520 1,605 2017 1,750 1,787 2018 1,820 1,807 2019 1,560 1,833 2020 1,860 1,887 2021–2025 9,770 12,109 Defined Contribution Plans The Company sponsors a number of qualified defined contribution personal savings plans for U.S. hourly and salaried employees. These plans allow eligible employees to contribute a portion of their compensation into the plans and generally provide employer matching contributions. In addition to the employer match, for certain of the plans, a contribution is made for each participant based on a dollar amount per hour worked. Contributions were $7.6 million for 2015, $6.7 million for 2014, and $4.9 million for 2013. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (19) Fair Value Measurements The carrying value and fair value of the notes and term loans as of December 31 were as follows: 2015 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Registered Notes $ 600,000 605,910 $ 600,000 615,000 Term Loan Facility — — 1,333,421 1,343,350 USD Term Loan 1,016,643 1,000,489 — — Euro Term Loan 243,046 243,242 — — The fair values of the Registered Notes and term loans were estimated using quoted market prices. As the markets for this debt are not active, the debt is categorized as Level 2 within the fair value hierarchy. The fair value of the Company’s other financial instruments, cash and cash equivalents, revolving lines of credit and other long-term debt, are estimated to equal their carrying values due to their nature. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (20) Commitments and Contingencies Various claims, lawsuits and administrative proceedings are pending or threatened against the Company or its subsidiaries, covering a wide range of matters that arise in the ordinary course of the Company’s business activities, primarily with respect to commercial, environmental and occupational and employment matters. Commercial disputes vary in nature and have historically been resolved by negotiations between the parties. Although the outcome of any of these matters cannot be predicted with certainty, the Company does not believe that any of these proceedings or matters in which the Company is currently involved will have a material adverse effect on the Company’s results of operations, financial position or cash flows. In addition, the Company is conducting remedial actions at certain of its facilities. A reserve estimate for each environmental matter is established using standard engineering cost estimating techniques on an undiscounted basis. In determining such costs, consideration is given to the professional judgment of Company environmental engineers. The Company believes any liability that may result from the resolution of environmental matters for which sufficient information is available to support these cost estimates will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. The Company cannot predict the effect of compliance with environmental laws and regulations with respect to unknown environmental matters on the Company’s results of operations, financial position or cash flows or the possible effect of compliance with environmental requirements imposed in the future. As of December 31, 2015, 39% of the Company’s worldwide labor force was subject to collective bargaining agreements. The Company does not have national agreements in place with any union and its facilities are represented by a variety of different labor organizations. Collective bargaining agreements covering 11% of the labor force will expire in 2016. The remaining agreements expire in 2017, 2018, and 2019. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (21) Related Party Transactions HHI, Metaldyne and Grede were parties to management services agreement with American Securities. Advisory and management fees and expenses totaling $14.7 million for 2014, and $4.5 million for 2013 paid to American Securities under the agreements. These agreements were terminated upon completion of the initial public offering of the Company’s common stock on December 12, 2014. As of December 31, 2015 there were no amounts due to American Securities. As of December 31, 2015, affiliates of American Securities held 75.7% of the outstanding common stock of the Company. |
Segment and Geographical Data
Segment and Geographical Data | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment and Geographical Data | (22) Segment and Geographical Data The Company is organized and operated as three operating segments: the HHI segment, the Metaldyne segment and the Grede segment. The HHI segment manufactures highly-engineered metal-based products for the North American light vehicle market. These components are used in Powertrain and Safety-Critical applications, including transmission components, drive line components, wheel hubs, axle ring and pinion gears, sprockets, balance shaft gears, timing drive systems, VVT components, transfer case components and wheel bearings. The Metaldyne segment manufactures highly-engineered metal-based Powertrain products for the global light vehicle markets. These components include connecting rods, VVT components, balance shaft systems, and crankshaft dampers, differential gears, pinions and assemblies, valve bodies, hollow and solid shafts, clutch modules and assembled end covers. The Grede segment manufactures cast, machined and assembled components for the light, commercial and industrial (agriculture, construction, mining, rail, wind energy and oil field) vehicle and equipment end-markets. These components are used in Powertrain and Safety-Critical applications, including turbocharger housings, differential carriers and cases, scrolls and covers, brake calipers and housings, knuckles, control arms and axle components. The Company evaluates the performance of its operating segments based on external sales and Adjusted EBITDA. Adjusted EBITDA is calculated as net income (loss) before tax adjusted to exclude depreciation and amortization expense, interest expense, net and other income and expenses that are either non-recurring or non-cash by nature, as well as management fees paid to American Securities (“sponsor management fees”). Adjusted EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide stockholder returns. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Segment information for 2015, 2014 and 2013 was as follows: 2015 December External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization Total Assets (In thousands) HHI $ 984,765 8,887 199,835 69,853 79,106 $ 905,468 Metaldyne 1,155,741 1,208 205,698 85,430 78,196 1,243,764 Grede 906,749 343 132,700 69,050 72,404 954,633 Elimination and other — (10,438 ) — 1,980 66 73,320 Total $ 3,047,255 — 538,233 226,313 229,772 $ 3,177,185 2014 December 31, 2014 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization Total Assets (In thousands) HHI $ 968,508 9,036 193,480 61,644 76,854 $ 944,104 Metaldyne 1,176,367 1,173 202,353 70,484 92,503 1,216,375 Grede 572,126 7 82,758 24,262 41,450 982,005 Elimination and other — (10,216 ) — — — 82,128 Total $ 2,717,001 — 478,591 156,390 210,807 $ 3,224,612 2013 December 31, 2013 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization Total Assets (In thousands) HHI $ 906,516 9,942 175,033 45,068 71,740 $ 993,512 Metaldyne 1,110,765 1,242 188,059 77,188 91,642 1,223,984 Elimination and other — (11,184 ) — — — (680 ) Total $ 2,017,281 — 363,092 122,256 163,382 $ 2,216,816 Elimination and other above reflects the elimination of intercompany sales, payables and receivables and assets held by the parent company. Assets held by the parent company primarily consist of cash and cash equivalents, deferred tax assets and unamortized debt fees. Reconciliation of Adjusted EBITDA to income before tax follows: 2015 2014 2013 (In thousands) Adjusted EBITDA $ 538,233 478,591 363,092 Depreciation and amortization (229,772 ) (210,807 ) (163,382 ) Interest expense, net (107,487 ) (99,894 ) (74,667 ) Loss on debt extinguishment (368 ) (60,713 ) — Gain (loss) on foreign currency 20,175 15,723 (2,295 ) Loss on fixed assets (2,863 ) (2,125 ) (1,419 ) Debt transaction expenses (1,774 ) (2,973 ) (6,014 ) Stock-based compensation (27,664 ) (17,319 ) (6,175 ) Sponsor management fees — (5,078 ) (4,000 ) Non-recurring acquisition and purchase accounting items (3,042 ) (22,994 ) (10,491 ) Non-recurring operational items (11,627 ) (18,232 ) (1,819 ) Income before tax $ 173,811 54,179 92,830 The following table presents total assets, long-lived assets and net assets by geographic area, attributed to each subsidiary’s continent of domicile as of December 31, 2015 and 2014. 2015 2014 Total assets Noncurrent assets Net assets Total assets Noncurrent assets Net assets (In thousands) United States of America $ 2,611,978 2,130,737 264,445 2,684,690 2,178,658 199,414 Europe 304,937 173,352 211,169 308,667 187,870 196,577 Other foreign 260,270 137,141 163,421 231,255 111,948 128,971 Total foreign 565,207 310,493 374,590 539,922 299,818 325,548 Total $ 3,177,185 2,441,230 639,035 3,224,612 2,478,476 524,962 The following table presents the net sales by geographic area, attributed to each subsidiary’s continent of domicile: 2015 2014 2013 (In thousands) United States of America $ 2,349,731 2,035,941 1,487,596 Europe 365,295 403,506 384,040 Other foreign 332,229 277,554 145,645 Total foreign 697,524 681,060 529,685 Total $ 3,047,255 2,717,001 2,017,281 During 2015, direct sales to two customers accounted for 24% and 21% of net sales, respectively. |
Summarized Quarterly Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | (23) Summarized Quarterly Financial Information (Unaudited) 2015 Quarter Ended March 29 June 28 September 27 December 31 Full Year (In thousands, except EPS amounts) Net sales $ 765,167 800,235 746,640 735,213 3,047,255 Gross profit 128,539 142,063 126,241 119,167 516,010 Net income attributable to stockholders 32,441 44,109 28,205 20,549 125,304 Basic EPS $ 0.48 0.66 0.42 0.30 1.86 Diluted EPS 0.47 0.64 0.41 0.29 1.80 2014 Quarter Ended March 30 June 29 September 28 December 31 Full Year (In thousands, except EPS amounts) Net sales $ 540,459 641,403 772,967 762,172 2,717,001 Gross profit 83,266 104,179 117,441 118,007 422,893 Net income attributable to stockholders 22,602 15,384 24,600 10,241 72,827 Basic EPS $ 0.34 0.23 0.37 0.15 1.09 Diluted EPS 0.33 0.22 0.36 0.15 1.06 |
Guarantor
Guarantor | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor | (24) Guarantor The outstanding balances of the Senior Credit Facilities and Registered Notes, entered into and issued on October 20, 2014, are guaranteed by all of the Company’s existing and future domestic subsidiaries (“Guarantor Subsidiaries”). All of the Guarantor Subsidiaries are 100% owned by Metaldyne Performance Group Inc. (“Parent”) and Holdco (“Issuer”). The guarantee is full, unconditional, joint and several. The Company’s non-domestic subsidiaries have not guaranteed the Senior Credit Facilities or the Registered Notes (“Non-Guarantor Subsidiaries”). The accompanying supplemental condensed, consolidating financial information is presented using the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the Company’s share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions. Condensed Consolidating Balance Sheet December 31, 2015 (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — 50,509 10,815 106,832 — 168,156 Receivables, net: Trade — — 242,357 67,714 (992 ) 309,079 Other 57 — 70,946 19,820 (55,472 ) 35,351 Total receivables, net 57 — 313,303 87,534 (56,464 ) 344,430 Inventories — — 139,127 47,721 — 186,848 Deferred income taxes — — — — — — Prepaid expenses — 3,218 7,437 4,379 — 15,034 Other assets 5,322 — 8,537 7,628 — 21,487 Total current assets 5,379 53,727 479,219 254,094 (56,464 ) 735,955 Property and equipment, net — 2,016 546,271 237,666 — 785,953 Goodwill — — 673,209 234,507 — 907,716 Amortizable intangible assets, net — — 561,695 147,215 — 708,910 Deferred income taxes, noncurrent 14,242 — — 1,701 (14,242 ) 1,701 Other assets — 22,336 14,178 436 — 36,950 Intercompany receivables 56,253 1,734,587 — 4,890 (1,795,730 ) — Investment in subsidiaries 618,967 695,939 673,773 — (1,988,679 ) — Total assets $ 694,841 2,508,605 2,948,345 880,509 (3,855,115 ) 3,177,185 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 2 1,016 165,697 104,974 (22,827 ) 248,862 Accrued compensation — 4,385 38,409 12,336 — 55,130 Accrued liabilities 538 19,121 27,166 53,614 (33,637 ) 66,802 Short-term debt — — — 723 — 723 Current maturities, long-term debt and capital lease obligations — 13,180 1,145 145 — 14,470 Total current liabilities 540 37,702 232,417 171,792 (56,464 ) 385,987 Long-term debt, less current maturities — 1,846,509 — 237 — 1,846,746 Capital lease obligations — — 22,470 19 — 22,489 Deferred income taxes — 5,041 233,476 7,051 (14,242 ) 231,326 Other long-term liabilities — 386 26,476 24,740 — 51,602 Intercompany payables 58,163 — 1,737,567 — (1,795,730 ) — Total liabilities 58,703 1,889,638 2,252,406 203,839 (1,866,436 ) 2,538,150 Stockholders’ equity: Total equity attributable to stockholders 636,138 618,967 695,939 673,773 (1,988,679 ) 636,138 Noncontrolling interest — — — 2,897 — 2,897 Total stockholders’ equity 636,138 618,967 695,939 676,670 (1,988,679 ) 639,035 Total liabilities and stockholders’ equity $ 694,841 2,508,605 2,948,345 880,509 (3,855,115 ) 3,177,185 Condensed Consolidating Balance Sheet December 31, 2014 (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 1 52,253 3,182 101,062 — 156,498 Receivables, net: Trade — — 253,648 61,805 (2,510 ) 312,943 Other — 266 55,750 19,511 (43,584 ) 31,943 Total receivables, net — 266 309,398 81,316 (46,094 ) 344,886 Inventories — — 157,379 47,410 — 204,789 Deferred income taxes — 8,560 3,875 — 12,435 Prepaid expenses 600 2,770 6,986 2,648 — 13,004 Other assets — — 6,425 8,099 — 14,524 Total current assets 601 55,289 491,930 244,410 (46,094 ) 746,136 Property and equipment, net — — 517,700 232,481 — 750,181 Goodwill — — 673,209 234,507 — 907,716 Amortizable intangible assets, net — — 616,313 162,144 — 778,457 Deferred income taxes, noncurrent — — — 1,359 — 1,359 Other assets — 24,581 15,694 13,439 (12,951 ) 40,763 Intercompany receivables 11,982 1,858,569 — — (1,870,551 ) — Investment in subsidiaries 516,381 529,838 656,504 — (1,702,723 ) — Total assets $ 528,964 2,468,277 2,971,350 888,340 (3,632,319 ) 3,224,612 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ — 538 197,088 103,662 (15,820 ) 285,468 Accrued compensation — — 36,357 14,595 — 50,952 Accrued liabilities 918 17,937 38,353 53,124 (30,398 ) 79,934 Deferred income taxes — — — — — — Short-term debt — — 268 1,304 — 1,572 Current maturities, long-term debt and capital lease obligations — 13,500 (19,034 ) 22,031 — 16,497 Total current liabilities 918 31,975 253,032 194,716 (46,218 ) 434,423 Long-term debt, less current maturities — 1,919,921 12,826 390 (12,827 ) 1,920,310 Capital lease obligations — — 23,384 41 — 23,425 Deferred income taxes — 254,433 6,270 — 260,703 Other long-term liabilities — — 32,869 27,920 — 60,789 Intercompany payables 5,583 — 1,864,968 — (1,870,551 ) — Total liabilities 6,501 1,951,896 2,441,512 229,337 (1,929,596 ) 2,699,650 Stockholders’ equity: Total equity attributable to stockholders 522,463 516,381 529,838 656,504 (1,702,723 ) 522,463 Noncontrolling interest — — — 2,499 — 2,499 Total stockholders’ equity 522,463 516,381 529,838 659,003 (1,702,723 ) 524,962 Total liabilities and stockholders’ equity $ 528,964 2,468,277 2,971,350 888,340 (3,632,319 ) 3,224,612 Condensed Consolidating Statements of Operations (In thousands) For the Year Ended December 31, 2015 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 2,432,296 739,748 (124,789 ) 3,047,255 Cost of sales — — 2,034,440 621,594 (124,789 ) 2,531,245 Gross profit — — 397,856 118,154 — 516,010 Selling, general and administrative expenses — — 205,577 44,119 — 249,696 Operating profit — — 192,279 74,035 — 266,314 Interest expense, net 8 102,213 (4,201 ) 9,467 — 107,487 Loss on debt extinguishment — 368 — — — 368 Other, net 6 (8,163 ) (10,575 ) 3,380 — (15,352 ) Other expense, net 14 94,418 (14,776 ) 12,847 — 92,503 Income (loss) before tax (14 ) (94,418 ) 207,055 61,188 — 173,811 Income tax expense (benefit) (5 ) (30,903 ) 56,178 22,794 — 48,064 Income (loss) before from equity in subsidiaries (9 ) (63,515 ) 150,877 38,394 — 125,747 Earnings from equity in subsidiaries 125,313 188,828 37,951 — (352,092 ) — Net income 125,304 125,313 188,828 38,394 (352,092 ) 125,747 Income attributable to noncontrolling interest — — — 443 — 443 Net income attributable to stockholders $ 125,304 125,313 188,828 37,951 (352,092 ) 125,304 For the Year Ended December 31, 2014 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 2,109,613 723,711 (116,323 ) 2,717,001 Cost of sales — — 1,793,437 616,994 (116,323 ) 2,294,108 Gross profit — — 316,176 106,717 — 422,893 Selling, general and administrative expenses — — 157,221 37,369 — 194,590 Goodwill impairment — — 11,803 — — 11,803 Acquisition costs — — 13,046 — — 13,046 Operating profit — — 134,106 69,348 — 203,454 Interest expense, net — 22,279 67,395 10,220 — 99,894 Loss on debt extinguishment — — 60,713 — — 60,713 Other, net — — (16,356 ) 5,024 — (11,332 ) Other expense, net — 22,279 111,752 15,244 — 149,275 Income (loss) before tax — (22,279 ) 22,354 54,104 — 54,179 Income tax expense (benefit) — (8,822 ) (26,811 ) 16,551 — (19,082 ) Income (loss) before from equity in subsidiaries — (13,457 ) 49,165 37,553 — 73,261 Earnings from equity in subsidiaries 72,827 86,284 37,119 — (196,230 ) — Net income 72,827 72,827 86,284 37,553 (196,230 ) 73,261 Income attributable to noncontrolling interest — — — 434 — 434 Net income attributable to stockholders $ 72,827 72,827 86,284 37,119 (196,230 ) 72,827 Condensed Consolidating Statements of Operations (In thousands) For the Year Ended December 31, 2013 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 1,508,294 617,991 (109,004 ) 2,017,281 Cost of sales — — 1,290,448 527,229 (109,004 ) 1,708,673 Gross profit — — 217,846 90,762 — 308,608 Selling, general and administrative expenses — — 92,782 30,457 — 123,239 Operating profit — — 125,064 60,305 — 185,369 Interest expense, net — — 65,978 8,689 — 74,667 Other, net — — 3,944 13,928 — 17,872 Other expense, net — — 69,922 22,617 — 92,539 Income before tax — — 55,142 37,688 — 92,830 Income tax expense — — 20,502 14,467 — 34,969 Income before from equity in subsidiaries — — 34,640 23,221 — 57,861 Earnings from equity in subsidiaries 57,568 57,568 22,928 — (138,064 ) — Net income 57,568 57,568 57,568 23,221 (138,064 ) 57,861 Income attributable to noncontrolling interest — — — 293 — 293 Net income attributable to stockholders $ 57,568 57,568 57,568 22,928 (138,064 ) 57,568 Condensed Consolidating Statements of Comprehensive Income (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated For the year ended December 31, 2015 Net income $ 125,304 125,313 188,828 38,394 (352,092 ) 125,747 Other comprehensive loss, net of tax: Foreign currency translation (24,303 ) (24,985 ) (24,985 ) (21,828 ) 71,798 (24,303 ) Net actuarial gain on defined benefit plans 1,781 1,781 1,781 1,102 (4,664 ) 1,781 Losses on defined benefit plans recognized in net income 432 432 432 — (864 ) 432 Other comprehensive loss, net of tax (22,090 ) (22,772 ) (22,772 ) (20,726 ) 66,270 (22,090 ) Comprehensive income 103,214 102,541 166,056 17,668 (285,822 ) 103,657 Less comprehensive income attributable to noncontrolling interest — — — 398 — 398 Comprehensive income attributable to stockholders $ 103,214 102,541 166,056 17,270 (285,822 ) 103,259 For the year ended December 31, 2014 Net income $ 72,827 72,827 86,284 37,553 (196,230 ) 73,261 Other comprehensive loss, net of tax: Foreign currency translation (23,984 ) (23,552 ) (23,552 ) (22,184 ) 69,288 (23,984 ) Net actuarial loss on defined benefit plans (7,995 ) (7,995 ) (7,995 ) (4,730 ) 20,720 (7,995 ) Other comprehensive loss, net of tax (31,979 ) (31,547 ) (31,547 ) (26,914 ) 90,008 (31,979 ) Comprehensive income 40,848 41,280 54,737 10,639 (106,222 ) 41,282 Less comprehensive income attributable to noncontrolling interest — — — 404 — 404 Comprehensive income attributable to stockholders $ 40,848 41,280 54,737 10,235 (106,222 ) 40,878 For the year ended December 31, 2013 Net income $ 57,568 57,568 57,568 23,221 (138,064 ) 57,861 Other comprehensive loss, net of tax: Foreign currency translation (3,481 ) (3,481 ) (3,481 ) (1,866 ) 8,828 (3,481 ) Net actuarial gain on defined benefit plans 462 462 462 708 (1,632 ) 462 Other comprehensive loss, net of tax (3,019 ) (3,019 ) (3,019 ) (1,158 ) 7,196 (3,019 ) Comprehensive income 54,549 54,549 54,549 22,063 (130,868 ) 54,842 Less comprehensive income attributable to noncontrolling interest — — — 191 — 191 Comprehensive income attributable to stockholders $ 54,549 54,549 54,549 21,872 (130,868 ) 54,651 Condensed Consolidating Statements of Cash Flows (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated For the year ended December 31, 2015 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 8,622 (58,598 ) 319,321 60,452 — 329,797 Cash flows from investing activities: Capital expenditures — (1,982 ) (171,694 ) (52,637 ) — (226,313 ) Proceeds from sale of fixed assets — — 3,853 194 — 4,047 Capitalized patent costs — — (394 ) — — (394 ) Intercompany activity 8,309 134,178 — — (142,487 ) — Net cash provided by (used for) investing activities 8,309 132,196 (168,235 ) (52,443 ) (142,487 ) (222,660 ) Cash flows from financing activities: Dividends (18,221 ) — (17 ) — — (18,238 ) Stock-based compensation activity, net 1,397 — — — — 1,397 Borrowings of revolving lines of credit — 14,300 — — — 14,300 Repayments of revolving lines of credit — (14,300 ) (268 ) — — (14,568 ) Proceeds from long-term debt — 1,326,625 — — — 1,326,625 Payments on long-term debt — (1,391,621 ) (154 ) — — (1,391,775 ) Other debt, net — — (2,787 ) (727 ) — (3,514 ) Payment of debt issue costs — (149 ) — — — (149 ) Payment of offering related costs (108 ) — — — — (108 ) Intercompany activity — (10,197 ) (140,227 ) 7,937 142,487 — Net cash provided by (used for) financing activities (16,932 ) (75,342 ) (143,453 ) 7,210 142,487 (86,030 ) Effect of exchange rates — — — (9,449 ) — (9,449 ) Net increase (decrease) in cash and cash equivalents $ (1 ) (1,744 ) 7,633 5,770 — 11,658 Cash and cash equivalents: Cash and cash equivalents, beginning of year $ 1 52,253 3,182 101,062 — 156,498 Net increase (decrease) in cash and cash equivalents (1 ) (1,744 ) 7,633 5,770 — 11,658 Cash and cash equivalents, end of year $ — 50,509 10,815 106,832 — 168,156 For the year ended December 31, 2014 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 11,982 2,768 205,363 85,308 — 305,421 Cash flows from investing activities: Capital expenditures — — (116,815 ) (39,575 ) — (156,390 ) Proceeds from sale of fixed assets — — 541 879 — 1,420 Capitalized patent costs — — (243 ) — — (243 ) Grede Transaction, net of cash acquired — — (812,578 ) (17,078 ) — (829,656 ) Intercompany activity (6,399 ) (1,858,569 ) — — 1,864,968 — Net cash used for investing activities (6,399 ) (1,858,569 ) (929,095 ) (55,774 ) 1,864,968 (984,869 ) Cash flows from financing activities: Cash dividends — — (111,259 ) — — (111,259 ) Other stock activity — — (2,444 ) — — (2,444 ) Proceeds from stock issuance 1 — 244,805 15,668 — 260,474 Borrowings of short-term debt — — 388,773 — — 388,773 Repayments of short-term debt — — (405,057 ) (2,300 ) — (407,357 ) Proceeds of long-term debt — 1,943,250 715,000 — — 2,658,250 Principal payments of long-term debt — (10,000 ) (1,942,041 ) — — (1,952,041 ) Intercompany activity — — 1,864,968 — (1,864,968 ) — Payment of debt issue costs — (25,196 ) (20,231 ) — — (45,427 ) Other debt, net — — (6,320 ) (385 ) — (6,705 ) Payment of offering related costs (5,583 ) — — — — (5,583 ) Net cash provided by (used for) financing activities (5,582 ) 1,908,054 726,194 12,983 (1,864,968 ) 776,681 Effect of exchange rates — — — (8,959 ) — (8,959 ) Net increase in cash and cash equivalents $ 1 52,253 2,462 33,558 — 88,274 Cash and cash equivalents: Cash and cash equivalents, beginning of year $ — — 720 67,504 — 68,224 Net increase in cash and cash equivalents 1 52,253 2,462 33,558 — 88,274 Cash and cash equivalents, end of year $ 1 52,253 3,182 101,062 — 156,498 Condensed Consolidating Statements of Cash Flows (Continued) (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated For the year ended December 31, 2013 Cash flows from operating activities: Net cash provided by operating activities $ — — 166,263 67,995 — 234,258 Cash flows from investing activities: Capital expenditures — — (89,060 ) (33,196 ) — (122,256 ) Proceeds from sale of fixed assets — — 1,036 32 — 1,068 Capitalized patent costs — — (352 ) — — (352 ) Release of escrow from the acquisition of Metaldyne — — 4,807 — — 4,807 Net cash used for investing activities — — (83,569 ) (33,164 ) — (116,733 ) Cash flows from financing activities: Cash dividends — — (256,867 ) — — (256,867 ) Proceed from other stock activity — — 579 — — 579 Borrowings of short-term debt — — 545,621 — — 545,621 Repayments of short-term debt — — (533,182 ) — — (533,182 ) Proceeds of long-term debt — — 240,000 — — 240,000 Principal payments of long-term debt — — (59,904 ) — — (59,904 ) Payment of debt issue costs — — (14,956 ) — — (14,956 ) Other debt, net — — (2,636 ) 270 — (2,366 ) Payment of contingent consideration for the acquisition of Metaldyne — — (10,000 ) — — (10,000 ) Net cash provided by (used for) financing activities — — (91,345 ) 270 — (91,075 ) Effect of exchange rates — — - 1,443 — 1,443 Net increase (decrease) in cash and cash equivalents $ — — (8,651 ) 36,544 — 27,893 Cash and cash equivalents: Cash and cash equivalents, beginning of year $ — — 9,371 30,960 — 40,331 Net increase (decrease) in cash and cash equivalents — — (8,651 ) 36,544 — 27,893 Cash and cash equivalents, end of year $ — — 720 67,504 — 68,224 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (25) Subsequent Events On February 24, 2016, our board of directors declared a dividend of $0.09 per share, payable April 26, 2016 to stockholders of record as of April 12, 2016. On February 24, 2016, our board of directors authorized a share repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate repurchase price not to exceed $25.0 million. Subject to applicable rules and regulations, the shares may be repurchased through open market purchases, privately negotiated transactions, or otherwise. The Share Repurchase Program expires in February, 2017, and may be terminated or amended by the Company’s board of directors in its discretion at any time. As of the date of this filing, no shares of our outstanding common stock have been repurchased by the Company. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II: Valuation and Qualifying Accounts | Schedule II: Valuation and Qualifying Accounts Balance at beginning of period Charged to costs and expenses Charged to other accounts (1) Deductions Balance at end of period (In millions) Allowances on Accounts Receivable Year ended December 31, 2015 $ 8.0 20.8 (0.1 ) (17.2 ) 11.5 Year ended December 31, 2014 9.0 5.1 2.0 (8.1 ) 8.0 Year ended December 31, 2013 5.0 3.6 0.4 — 9.0 Valuation allowance for deferred tax assets Year ended December 31, 2015 $ 11.9 2.5 (1.5 ) (1.1 ) 11.8 Year ended December 31, 2014 7.1 4.7 (0.1 ) 0.2 11.9 Year ended December 31, 2013 18.2 0.2 — (11.3 ) 7.1 (1) Includes purchase accounting adjustment to record accounts at fair value. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Metaldyne Performance Group Inc. was formed through the reorganization of ASP HHI Holdings, Inc. (together with its subsidiaries, “HHI”), ASP MD Holdings, Inc. (together with its subsidiaries, “Metaldyne”) and ASP Grede Intermediate Holdings LLC (together with its subsidiaries, “Grede”) on August 4, 2014 (the “Combination”). The Combination occurred through mergers with three separate wholly owned merger subsidiaries of Metaldyne Performance Group Inc. (“MPG,” the “Company,” “we,” “our” and “us” and similar terms refer to Metaldyne Performance Group Inc. and all of its subsidiaries, including HHI, Metaldyne and Grede). In connection with the Combination, 13.4 million shares of MPG common stock were issued in exchange for the outstanding shares of HHI, Metaldyne and Grede. On November 18, 2014, the outstanding shares of MPG common stock were split at a 5-to-1 ratio (the “Stock Split”). After the Stock Split, 67.1 million shares were outstanding. The number of authorized shares was increased to 400.0 million. |
Consolidation | Consolidation The Combination has been accounted for as a reorganization of entities under common control in a manner similar to a pooling of interests, that is, the bases of accounting of HHI, Metaldyne and Grede were carried over to MPG. These financial statements reflect the retrospective application of the MPG capital structure and the Stock Split for all periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Use of significant estimates and judgments are inherent in the accounting for acquisitions, stock-based compensation, income taxes and employee benefit plans, as well as in the testing of goodwill and long-lived assets for potential impairment. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from these estimates. |
Revenue Recognition | Revenue Recognition Revenue is recognized when there is evidence of a sale, delivery has occurred or services have been rendered, the sales price is fixed or determinable and the collectability of receivables is reasonably assured. The Company has ongoing adjustments to its pricing arrangements with customers based on the related content and cost of its products. These adjustments are accrued as products are shipped to customers. Such pricing accruals are adjusted periodically and as they are settled with the customers. The Company has agreements allowing the pass-through of changes in the prices of raw materials referred to as material surcharges. Material surcharges are recognized as revenue when an agreement is reached, delivery of the goods has occurred and the amount of the material surcharge is determinable. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an initial maturity of three months or less are considered to be cash and cash equivalents. A cash pooling strategy is in place with certain foreign operations. Checks issued but not presented to banks may result in book overdraft balances for accounting purposes and such book overdrafts are classified within accounts payable |
Receivables | Receivables Accounts receivable are stated at amounts estimated by management to be the net realizable value. An allowance for doubtful accounts is recorded when it is probable that amounts will not be collected based on specific identification of customer circumstances, age of the receivable and other pertinent information. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Valuation allowances for doubtful accounts, pricing accruals and anticipated customer deductions and returns are recorded based upon current information. Agreements are in place with international factoring companies to sell customer accounts receivable from locations in France, Germany, the Czech Republic, and the United Kingdom (“U.K.”) on a nonrecourse basis. The Company collects payment and remits such collections to the factoring companies for a portion of the sold receivables. The Company has no continuing involvement with all other sold receivables. A commission is paid to the factoring company plus interest calculated from the date the receivables are sold to either the customer’s due date or a specified number of days thereafter or until the receivable is deemed uncollectible. |
Inventories | Inventories Inventories are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method and includes the cost of materials, direct labor and the applicable share of manufacturing overhead. To the extent management determines it is holding excess or obsolete inventory, the inventory is written down to its net realizable value. |
Pre-production Costs on Long-term Supply Arrangements | Pre-production Costs on Long-term Supply Arrangements Pre-production engineering, research and development costs related to products made for customers under long-term supply agreements are expensed as incurred. Pre-production tooling costs related to products made for customers under long-term supply agreements are expensed when reimbursement is not contractually guaranteed by the customer or where the customer has not provided a noncancelable right to use the tooling. |
Long-lived assets | Long-lived assets Long-lived assets other than goodwill are evaluated for impairment if adverse events or changes in circumstances indicate it is more likely than not that the assets are impaired. For each asset group affected by such impairment indicators, the recoverability of the carrying value of that asset group is determined by comparing the forecasted undiscounted cash flows related to that asset group to the asset group’s carrying value. Property and equipment, net: Property and equipment additions, including significant improvements, are recorded at cost, less accumulated depreciation. Upon retirement or disposal of property and equipment, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in cost of sales. Repair and maintenance costs are charged to expense as incurred. Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets. Assets held under capital lease are included in property and equipment, net Amortizable intangible assets, net: The useful lives of intangible assets are determined based on consideration of multiple factors including the Company’s expected use of the assets, the expected useful life of related assets and other external factors that may limit the useful life. Amortization is provided for using the straight-line method over the estimated useful lives for intangible assets with definite useful lives. |
Goodwill Impairment Testing | Goodwill Impairment Testing Goodwill is evaluated for impairment annually or more often if a triggering event occurs between annual tests. The annual tests are performed in the fourth quarter. For each reporting unit to which goodwill has been assigned, the evaluation for impairment entails a quantitative analysis of the fair value of the reporting unit compared to the carrying value of the reporting unit. The Company may opt to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount prior to performing the quantitative assessment. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of foreign subsidiaries are translated to U.S. dollars at end-of-period exchange rates for assets and liabilities and an average monthly exchange rate for revenues and expenses. Translation adjustments are recorded as a component of accumulated other comprehensive income (loss) other expense, net |
Stock-based Compensation | Stock-based Compensation Stock-based compensation is measured based on the grant-date calculated value or grant-date fair value of the award, and is recognized as expense over the requisite service period. The determination of calculated value differs from fair value in that the volatility assumption used in determining the value of the awards is based on the volatility of comparable companies rather than a volatility assumption for the issuing entity. Calculated value is used to measure compensation cost when specific entity level volatility information is insufficient or unavailable. To measure compensation cost of stock options, we determined calculated value using a Black-Scholes or binomial option pricing model. To measure compensation cost of restricted stock awards, we use the market value of the Company’s common stock as of the grant date. |
Employee Benefit Plans | Employee Benefit Plans Annual net periodic benefit expense and benefit liabilities under defined benefit pension plans and statutory retirement benefits are determined on an actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. Pensions and other postretirement employee benefit costs and related liabilities and assets are dependent upon assumptions used in calculating such amounts. These assumptions include discount rates, expected returns on plan assets, health care cost trends, compensation and other factors. Each year end, actual experience is compared to the more significant assumptions used and the assumptions are adjusted, if warranted. Discount rates are based upon an expected benefit payments duration analysis and the equivalent average yield rate for high quality fixed income investments. Certain pension benefits are funded through investment held with trustees and the expected long-term rate of return on fund assets is based on actual historical returns modified for known changes in the market and any expected change in investment policy. Actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense in future periods. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The effect of income tax positions are recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense. |
Noncontrolling Interests | Noncontrolling Interests The accumulated amount of noncontrolling interests is classified in the consolidated balance sheets as a component of total stockholders’ equity and noncontrolling interests are reflected in the consolidated statements of stockholders’ equity (deficit) and comprehensive income (loss). |
Fair Value Measurements | Fair Value Measurements The fair values of assets and liabilities disclosed are categorized based on a fair value hierarchy giving the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: Level 1 Financial assets and liabilities whose values are based on quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. Level 2 Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. Level 3 Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Inventories | Inventories as of December 31 were as follows: 2015 2014 (In thousands) Raw materials $ 57,339 67,812 Work in process 66,329 69,929 Finished goods 63,180 67,048 Total inventories $ 186,848 204,789 |
Property and Equipment Net | The carrying amount, accumulated depreciation and useful lives of property and equipment as of December 31 were as follows: Estimated Useful Lives 2015 2014 (In thousands) Land and land improvements 1 - 30 $ 26,769 28,324 Buildings and improvements 1 - 30 103,622 94,050 Machinery and equipment 1 - 20 930,114 797,284 Assets not yet placed in service 145,018 114,052 1,205,523 1,033,710 Accumulated depreciation (419,570 ) (283,529 ) Property and equipment, net $ 785,953 750,181 |
Schedule of Intangible Assets | The carrying amount and accumulated amortization of intangible assets as of December 31 were as follows: 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships and platforms $ 745,200 (136,976 ) 608,224 Other 126,754 (26,068 ) 100,686 Total $ 871,954 (163,044 ) 708,910 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships and platforms $ 745,200 (76,514 ) 668,686 Other 126,360 (16,589 ) 109,771 Total $ 871,560 (93,103 ) 778,457 |
Pro Forma [Member] | |
Schedule Revenues and Earnings Included in the Condensed Consolidated Statements of Operations | The following table presents the revenues and earnings of MPG on a pro forma basis as if the Grede Transaction had occurred on January 1, 2013: Pro Forma 2014 2013 (In thousands) Revenues: Net sales $ 3,144,000 3,052,900 Earnings: Income before tax 93,300 103,400 |
ASP Grede Intermediate Holdings LLC [Member] | |
Business Combination Assets Acquired and Liabilities Assumed | The Grede Transaction was recorded, as revised for updated valuation information, in the accounts of the Company as follows: June 2, 2014 (In thousands) Fair value of consideration $ 829,656 Assets acquired: Receivables 120,232 Inventories 40,121 Prepaid expenses and other current assets 11,360 Property and equipment 208,525 Amortizable intangible assets 369,100 Other assets 9,107 Total assets acquired 758,445 Liabilities assumed: Accounts payable 94,658 Accrued liabilities 25,734 Deferred tax liabilities 47,496 Short-term debt 1,752 Other long-term liabilities 20,677 Total liabilities assumed 190,317 Net identifiable assets acquired, net of cash and cash equivalents 568,128 Goodwill $ 261,528 |
Schedule of Inventories | Additional details of the assets recognized were as follows: June 2, 2014 (In thousands) Inventories Raw materials $ 11,937 Work in process 12,545 Finished goods 15,639 Total inventories $ 40,121 |
Property and Equipment Net | June 2, 2014 Estimated Useful Lives (In thousands) (In years) Property and equipment Land $ 12,220 — Buildings 31,839 5 – 29 Machinery and equipment 148,827 1 – 20 Assets not yet placed in service 15,639 — Total property and equipment $ 208,525 |
Schedule of Intangible Assets | June 2, 2014 Amortization Period (In thousands) (In years) Amortizable intangible assets Customer relationships and platforms $ 338,700 10 Other: trade names 30,400 15 Total amortizable intangible assets $ 369,100 |
Schedule Revenues and Earnings Included in the Condensed Consolidated Statements of Operations | The funded status as of the Acquisition Date was as follows: June 2, 2014 (In thousands) Projected benefit obligation $ 33,864 Fair value of plan assets 27,615 Funded Status $ (6,249 ) |
ASP MD Holdings, Inc [Member] | |
Schedule Revenues and Earnings Included in the Condensed Consolidated Statements of Operations | The amount of Grede revenues and earnings included in the consolidated statements of operations subsequent to the Grede Transaction was as follows: 2015 2014 (In thousands) Revenues: Net sales $ 906,749 572,126 Earnings: Income (loss) before tax 43,346 (19,224 ) |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Allowances for Receivables | Receivables as of December 31 were stated net of the following allowances: 2015 2014 (In thousands) Doubtful accounts $ 1,437 1,488 Pricing accruals and anticipated customer deductions 8,109 4,781 Returns 1,923 1,753 $ 11,469 8,022 |
Receivables Available for Sale and Sold under Factoring Agreements | Receivables available for sale and sold under agreements with international factoring companies as of December 31 were as follows: 2015 2014 (In thousands) Available for sale $ 47,322 51,865 Sold 37,678 43,844 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of December 31 were as follows: 2015 2014 (In thousands) Raw materials $ 57,339 67,812 Work in process 66,329 69,929 Finished goods 63,180 67,048 Total inventories $ 186,848 204,789 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment Net | The carrying amount, accumulated depreciation and useful lives of property and equipment as of December 31 were as follows: Estimated Useful Lives 2015 2014 (In thousands) Land and land improvements 1 - 30 $ 26,769 28,324 Buildings and improvements 1 - 30 103,622 94,050 Machinery and equipment 1 - 20 930,114 797,284 Assets not yet placed in service 145,018 114,052 1,205,523 1,033,710 Accumulated depreciation (419,570 ) (283,529 ) Property and equipment, net $ 785,953 750,181 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in the carrying value of goodwill by segment | Changes in the carrying value of goodwill by segment were as follows: HHI Segment Metaldyne Segment Grede Segment Total (In thousands) Balance December 31, 2013 $ 309,399 348,592 — 657,991 Goodwill resulting from Grede Transaction — — 261,528 261,528 Impairment (11,803 ) — — (11,803 ) Balance December 31, 2014 297,596 348,592 261,528 907,716 Balance December 31, 2015 $ 297,596 348,592 261,528 907,716 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The carrying amount and accumulated amortization of intangible assets as of December 31 were as follows: 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships and platforms $ 745,200 (136,976 ) 608,224 Other 126,754 (26,068 ) 100,686 Total $ 871,954 (163,044 ) 708,910 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships and platforms $ 745,200 (76,514 ) 668,686 Other 126,360 (16,589 ) 109,771 Total $ 871,560 (93,103 ) 778,457 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Carrying Value of Debt | The carrying value of debt as of December 31 was as follows: 2015 2014 (In thousands) Short-term debt: Revolving lines of credit $ — — Other short-term debt 723 1,572 Total short-term debt $ 723 1,572 Long-term debt: Term loans Term Loan Facility $ — 1,340,000 USD Term Loan 1,022,211 — Euro Term Loan 244,158 — Registered Notes 600,000 600,000 Other long-term debt (various interest rates) 364 589 Total 1,866,733 1,940,589 Unamortized discount on term loans (6,680 ) (6,579 ) Current maturities (13,307 ) (13,700 ) Total long-term debt $ 1,846,746 1,920,310 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments by the Company under capital and operating leases that have initial or remaining noncancelable terms in excess of one year as of December 31, 2015 are as follows: Capital Leases Operating Leases (In thousands) Company minimum lease payments: 2016 $ 4,990 11,152 2017 3,928 9,425 2018 3,991 8,126 2019 4,090 6,406 2020 4,193 5,939 Thereafter 62,623 27,001 Total minimum payments 83,815 $ 68,049 Amount representing interest (60,163 ) Obligations under capital leases 23,652 Obligations due within one year (1,163 ) Long-term obligations under capital leases $ 22,489 |
Schedule of Future Minimum Lease Payments Under Capital Leases | Future minimum lease payments by the Company under capital and operating leases that have initial or remaining noncancelable terms in excess of one year as of December 31, 2015 are as follows: Capital Leases Operating Leases (In thousands) Company minimum lease payments: 2016 $ 4,990 11,152 2017 3,928 9,425 2018 3,991 8,126 2019 4,090 6,406 2020 4,193 5,939 Thereafter 62,623 27,001 Total minimum payments 83,815 $ 68,049 Amount representing interest (60,163 ) Obligations under capital leases 23,652 Obligations due within one year (1,163 ) Long-term obligations under capital leases $ 22,489 |
Equity, Dividends and Change 44
Equity, Dividends and Change in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Cash Dividends | The Company declared the following cash dividends on its common stock in 2015, totaling $18.5 million. Date Declared Date Paid Dividend per October 28, 2015 December 3, 2015 $ 0.09 July 29, 2015 August 31, 2015 0.09 March 10, 2015 May 26, 2015 0.09 |
Changes in Accumulated Other Comprehensive Loss Attributable To Stockholders, Net of Tax | Changes in Accumulated Other Comprehensive Loss Attributable to Stockholders, Net of Tax Foreign Currency Items Defined Benefit Items Total (In thousands) Balance, December 31, 2012 $ (388 ) 6 (382 ) Other comprehensive income before reclassifications (3,379 ) 462 (2,917 ) Balance, December 31, 2013 (3,767 ) 468 (3,299 ) Other comprehensive income before reclassifications (23,954 ) (8,239 ) (32,193 ) Reclassifications — 244 244 Balance, December 31, 2014 (27,721 ) (7,527 ) (35,248 ) Other comprehensive income before reclassifications (24,258 ) 1,781 (22,477 ) Reclassifications — 432 432 Balance, December 31, 2015 $ (51,979 ) (5,314 ) (57,293 ) |
Net Income per Share Attribut45
Net Income per Share Attributable to Stockholders ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted EPS | The Company’s basic and diluted EPS were calculated as follows: 2015 2014 2013 (In thousands, except per share data) Weighted-average shares outstanding Basic 67,284 67,075 67,075 Equivalent shares for outstanding stock-based compensation awards 2,445 1,400 — Diluted 69,729 68,475 67,075 Net income attributable to stockholders $ 125,304 72,827 57,568 EPS Basic $ 1.86 1.09 0.86 Diluted 1.80 1.06 0.86 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income And Expenses [Abstract] | |
Income ( Expense) Included in Other, Net | 2015 2014 2013 (In thousands) Foreign currency gains (losses) $ 18,319 15,723 (2,295 ) Accounts receivable factoring commission (849 ) (918 ) (995 ) Debt transaction expenses (1,668 ) (2,836 ) (6,014 ) Other (450 ) (637 ) (8,568 ) Total other, net $ 15,352 11,332 (17,872 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Terms of Restricted Shares | The following table summarizes the terms of the Restricted Shares: Vesting Terms Number of Shares Grant-date Fair Value (In thousands) 1/3 rd 465 $ 20.02 1/3 rd 305 18.90 1/4 th st th nd grant-date anniversary 567 15.00 1/3 rd 280 15.00 1,617 |
Summary of Changes in Number of Restricted Shares Outstanding | Changes in the number of Restricted Shares outstanding for the years ended December 31, 2015 and 2014 were as follows: Number of Shares Weighted Average Grant-date Fair Value Fair Value of Shares Vested (In thousands) (In millions) Balance, December 31, 2013 — Granted 847 $ 15.00 Forfeited — Balance, December 31, 2014 847 Granted 770 19.58 Vested (424 ) 16.20 $ 7.8 Forfeited (28 ) 16.30 Balance, December 31, 2015 1,165 $ 17.47 |
Summary of Terms of Stock Options | The Company has granted options to certain employees to purchase shares of its common stock with the following terms: Vesting Terms Number of Options Weighted Average Exercise Price Contractual Terms (In thousands) (In years) 1/3 rd 438 $ 18.90 10 100% upon grant 635 20.00 10 1/3 rd 560 20.00 10 1/5 th th th years 357 20.00 10 1/5 th 4,405 6.32 10 100% on the seventh anniversary of the original grant date 485 18.66 10 6,880 |
Summary of Changes in Stock Options Outstanding | Changes in the number of Options outstanding for the years ended December 31, 2015 and 2014 were as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In millions) Balance, December 31, 2013 3,920 $ 4.79 Granted 2,522 19.48 Exercised — — Forfeited — — Balance, December 31, 2014 6,442 $ 10.54 8.5 $ 49.2 Options exercisable, December 31, 2014 1,938 $ 10.60 8.2 $ 15.2 Granted 438 18.90 Exercised (566 ) 5.50 $ 8.6 Forfeited (45 ) 10.12 Balance, December 31, 2015 6,269 $ 11.58 7.6 $ 45.5 Options exercisable, December 31, 2015 3,400 $ 10.82 7.4 $ 27.6 |
Summary of Proceeds and Tax Benefit Realized from Exercise of Stock Options | Proceeds and tax benefit realized from the exercise of stock options during the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 (In millions) Proceeds from the exercise of stock options - gross $ 3.0 — — Tax benefit 2.7 — — |
Summary of Stock-Based Compensation Expense | Stock-based Compensation Expense 2015 2014 2013 (In thousands) Restricted shares $ 11,854 309 — Options 15,810 17,010 6,175 Total $ 27,664 17,319 6,175 Tax benefit $ 10,286 5,429 2,270 |
Employee Stock Option [Member] | |
Summary of Black-Scholes Valuation Assumptions for Stock Options | The grant-date fair values of the options were determined using a Black-Scholes valuation model based on the following weighted average assumptions: Original Grant Year 2015 2014 2013 Grant-date calculated value (per share) $ 9.03 12.66 16.05 Exercise price $ 18.90 18.66 6.17 Expected term 6 years 7 years 6 years Risk-free rate 1.8 % 2.0 % 1.8 % Expected volatility 60.0 % 65.0 % 65.0 % Expected dividend yield 1.9 % 0.0 % 0.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | 2015 2014 2013 (In thousands) Income (loss) before income taxes: Domestic $ 97,769 (8,841 ) 45,101 Foreign 76,042 63,020 47,729 $ 173,811 54,179 92,830 Provision (benefit) for income taxes: Currently payable: Federal $ 31,709 43,789 23,609 Foreign 23,635 18,847 17,872 State and local 8,375 7,026 2,849 63,719 69,662 44,330 Deferred: Federal (14,340 ) (81,533 ) (6,086 ) Foreign 3,973 (420 ) (3,496 ) State and local (5,288 ) (6,791 ) 221 (15,655 ) (88,744 ) (9,361 ) Total income tax expense (benefit) $ 48,064 (19,082 ) 34,969 |
Components of Deferred Taxes | The components of deferred taxes as of December 31 were as follows: 2015 2014 (In thousands) Deferred tax assets: Inventories $ 4,620 2,221 Property and equipment 3,011 4,025 Accrued liabilities and other long-term liabilities 12,957 10,621 Net operating losses 12,895 11,857 Capitalized transactions costs 5,535 2,469 Defined benefit pension plans 6,633 3,069 Stock-based compensation 14,233 8,436 Other 11,169 11,564 71,053 54,262 Valuation allowance (11,817 ) (11,923 ) 59,236 42,339 Deferred tax liabilities: Property and equipment 91,206 83,574 Intangible assets 181,724 160,547 Investments in foreign subsidiaries 2,163 5,157 Investment in U.S. partnership — 33,938 Debt issuance costs 5,041 — Other 8,727 6,032 288,861 289,248 Net deferred tax liability $ 229,625 246,909 The balance sheet presentation of net deferred tax liability follows: 2015 2014 (In thousands) Assets: Deferred income taxes, current $ — 12,435 Deferred income taxes, noncurrent 1,701 1,359 Liabilities: Deferred income taxes, current — — Deferred income taxes, noncurrent 231,326 260,703 Net deferred tax liability $ 229,625 246,909 |
Reconciliation of Tax Computed at Statutory Rate to Provision for Income Taxes Allocated to Income from Continuing Operations | The following is a reconciliation of tax computed at the U.S. federal statutory rate to the provision for income taxes allocated to income from continuing operations: 2015 2014 2013 (In thousands) U.S. federal statutory rate 35 % 35 % 35 % Tax at U.S. federal statutory rate $ 60,834 18,963 32,491 Lower effective foreign tax rate (6,912 ) (6,048 ) (6,098 ) State and local taxes, net of federal tax benefit 4,329 (1,439 ) 1,628 Changes in prior-year estimates (4,198 ) 2,599 (386 ) Domestic production activities deduction (3,603 ) (2,321 ) (2,368 ) Deferred tax on outside basis of foreign shares (2,994 ) (31,619 ) 5,031 Non-taxable income (2,579 ) (2,870 ) (2,666 ) Change in valuation allowance 2,361 4,868 (3,030 ) Nondeductible transaction/other expenses 1,729 3,655 3,438 Tax holidays, credits and incentives (1,389 ) (4,741 ) (1,543 ) Changes in unrecognized tax benefits 638 (2,222 ) 5,566 Goodwill impairment — 4,301 — Other, net (152 ) (2,208 ) 2,906 Income tax expense (benefit) $ 48,064 (19,082 ) 34,969 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 follows: 2015 2014 2013 (In thousands) Beginning balance $ 7,384 9,606 4,040 Additions to tax positions related to the current period 260 295 — Additions to tax positions related to the prior period 395 305 5,372 Reductions in tax positions resulting from settlements with taxing authorities — (1,281 ) — Reductions in tax positions resulting from a lapse of the statute of limitations — (202 ) — Other (898 ) (1,339 ) 194 Ending balance $ 7,141 7,384 9,606 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Changes in Projected Benefit Obligations and Plan Assets | Changes in projected benefit obligations and plan assets for the years ended December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Accumulated benefit obligation at the end of the year $ 32,778 49,648 36,642 55,049 Change in projected benefit obligation: Beginning projected benefit obligation $ 36,642 56,779 — 51,349 Obligations recognized with the Grede Transaction — — 33,864 — Service cost 32 1,224 97 1,222 Interest cost 1,314 1,748 765 2,112 Actuarial (gain) loss (1,364 ) (2,864 ) 2,968 8,824 Benefits paid (1,248 ) (2,015 ) (778 ) (1,590 ) Effect of settlements (2,598 ) — (274 ) — Other adjustments — 1,668 — — Exchange rate changes — (4,430 ) — (5,138 ) Ending projected benefit obligation $ 32,778 52,110 36,642 56,779 Change in plan assets: Beginning fair value of plan assets $ 27,338 29,203 — 27,736 Plan assets recognized with the Grede Transaction — — 27,615 — Actual return on plan assets (326 ) 57 434 3,425 Employer contributions 728 1,792 341 1,562 Benefits paid (1,248 ) (2,015 ) (778 ) (1,590 ) Effect of settlements (2,598 ) — (274 ) — Exchange rate changes — (1,472 ) — (1,930 ) Ending fair value of plan assets $ 23,894 27,565 27,338 29,203 |
Amounts Recognized on Consolidated Balance Sheets | Amounts recognized on the consolidated balance sheets as of December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Amounts recognized in liabilities: Current liabilities $ — (354 ) — (215 ) Noncurrent liabilities (8,883 ) (24,191 ) (9,304 ) (27,361 ) Funded status (8,883 ) (24,545 ) (9,304 ) (27,576 ) Amounts recognized in accumulated other comprehensive income: Net actuarial loss 3,680 3,974 3,471 5,743 Total recognized on the consolidated balance sheets $ (5,203 ) (20,571 ) (5,833 ) (21,833 ) |
Changes in Accumulated Comprehensive Income | Changes in accumulated comprehensive income for the years ended December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Beginning accumulated other comprehensive income $ 3,471 5,743 — (1,016 ) Current period (gain) loss 209 (1,167 ) 3,471 7,280 Exchange rate changes — (602 ) — (521 ) Ending accumulated other comprehensive income $ 3,680 3,974 3,471 5,743 |
Weighted Average Assumptions Used | Weighted average assumptions used to determine the benefit obligations as of December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.10% 3.46% 3.77% 3.08% Rate of compensation increase Not 4.65 Not 4.74 Weighted average assumptions used to determine net periodic benefit cost for the periods ended of December 31 were as follows: 2015 2014 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.77% 3.22% 4.04% 4.26% — 4.23% Expected long-term return of plan assets 7.25 6.80 7.25 6.77 — 6.77 Rate of compensation increase Not applicable 4.46 Not 4.80 — 4.85 |
Net periodic Benefit Cost | Net periodic benefit cost for the periods ended of December 31 was as follows: 2015 2014 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Service cost $ 32 1,224 97 1,222 — 1,200 Interest cost 1,314 1,748 765 2,112 — 2,030 Expected return on plan assets (1,681 ) (1,949 ) (959 ) (1,868 ) — (1,693 ) Amortization of net actuarial gain (loss) 4 120 — (12 ) — — Effect of settlement 428 — 22 17 — — Net periodic benefit cost $ 97 1,143 (75 ) 1,471 — 1,537 |
Weighted Average Asset Allocations | The weighted average asset allocations as of December 31 were as follows: 2015 2014 U.S. Non-U.S. U.S. Non-U.S. Asset category: Equity securities 51 % 77 % 49 % 70 % Debt securities 39 16 41 25 Real estate 10 — 10 — Cash — 4 — 4 Other — 3 — 1 Total 100 % 100 % 100 % 100 % |
Fair Value Measurements for Plan Assets | Fair value measurements for plan assets as of December 31, 2015 were as follows: Total Level 1 Level 2 Level 3 (In thousands) Asset category: U.S. Plans Mutual funds: Equity securities $ 12,123 — 12,123 — Fixed income securities 9,321 — 9,321 — Real estate 2,450 — 1,189 1,261 Total $ 23,894 — 22,633 1,261 Non-U.S. Plans Cash and cash equivalents $ 1,031 1,031 — Mutual funds (non-U.S.): Equity securities 21,353 — 21,353 — Fixed income securities 4,308 — 4,308 — Mixed asset mutual funds (equity/fixed income) 873 — 873 — Total $ 27,565 1,031 26,534 — Fair value measurements for plan assets as of December 31, 2014 were as follows: Total Level 1 Level 2 Level 3 (In thousands) Asset category: U.S. Plans Mutual funds: Equity securities $ 13,379 — 13,379 — Fixed income securities 11,279 — 11,279 — Real estate 2,680 — — 2,680 Total $ 27,338 — 24,658 2,680 Non-U.S. Plans Cash and cash equivalents $ 770 770 — — Mutual funds (non-U.S.): Equity securities 20,369 — 20,369 — Fixed income securities 6,660 — 6,660 — Mixed asset mutual funds (equity/fixed income) 1,404 — 1,404 — Total $ 29,203 770 28,433 — |
Summarizes Changes in Level 3 Assets | The following table summarizes the changes in Level 3 assets: (In thousands) Balance as of December 31, 2014 $ 2,680 Transfers to Level 2 (1,334 ) Return on plan assets 174 Purchases 10 Sales (269 ) Balance as of December 31, 2015 $ 1,261 |
Expected Future Service Payments | The following payments, which reflect expected future service, as appropriate, are expected to be paid by the plans: U.S. Non-U.S. (In thousands) December 31: 2016 $ 1,520 1,605 2017 1,750 1,787 2018 1,820 1,807 2019 1,560 1,833 2020 1,860 1,887 2021–2025 9,770 12,109 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value of Debt | The carrying value and fair value of the notes and term loans as of December 31 were as follows: 2015 2014 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Registered Notes $ 600,000 605,910 $ 600,000 615,000 Term Loan Facility — — 1,333,421 1,343,350 USD Term Loan 1,016,643 1,000,489 — — Euro Term Loan 243,046 243,242 — — |
Segment and Geographical Data (
Segment and Geographical Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Performance of Operating Segments | Segment information for 2015, 2014 and 2013 was as follows: 2015 December External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization Total Assets (In thousands) HHI $ 984,765 8,887 199,835 69,853 79,106 $ 905,468 Metaldyne 1,155,741 1,208 205,698 85,430 78,196 1,243,764 Grede 906,749 343 132,700 69,050 72,404 954,633 Elimination and other — (10,438 ) — 1,980 66 73,320 Total $ 3,047,255 — 538,233 226,313 229,772 $ 3,177,185 2014 December 31, 2014 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization Total Assets (In thousands) HHI $ 968,508 9,036 193,480 61,644 76,854 $ 944,104 Metaldyne 1,176,367 1,173 202,353 70,484 92,503 1,216,375 Grede 572,126 7 82,758 24,262 41,450 982,005 Elimination and other — (10,216 ) — — — 82,128 Total $ 2,717,001 — 478,591 156,390 210,807 $ 3,224,612 2013 December 31, 2013 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization Total Assets (In thousands) HHI $ 906,516 9,942 175,033 45,068 71,740 $ 993,512 Metaldyne 1,110,765 1,242 188,059 77,188 91,642 1,223,984 Elimination and other — (11,184 ) — — — (680 ) Total $ 2,017,281 — 363,092 122,256 163,382 $ 2,216,816 |
Reconciliation of Segment EBITDA | Reconciliation of Adjusted EBITDA to income before tax follows: 2015 2014 2013 (In thousands) Adjusted EBITDA $ 538,233 478,591 363,092 Depreciation and amortization (229,772 ) (210,807 ) (163,382 ) Interest expense, net (107,487 ) (99,894 ) (74,667 ) Loss on debt extinguishment (368 ) (60,713 ) — Gain (loss) on foreign currency 20,175 15,723 (2,295 ) Loss on fixed assets (2,863 ) (2,125 ) (1,419 ) Debt transaction expenses (1,774 ) (2,973 ) (6,014 ) Stock-based compensation (27,664 ) (17,319 ) (6,175 ) Sponsor management fees — (5,078 ) (4,000 ) Non-recurring acquisition and purchase accounting items (3,042 ) (22,994 ) (10,491 ) Non-recurring operational items (11,627 ) (18,232 ) (1,819 ) Income before tax $ 173,811 54,179 92,830 |
Schedule of Total Assets, Long-Lived Assets and Net Assets by Geographic Area | The following table presents total assets, long-lived assets and net assets by geographic area, attributed to each subsidiary’s continent of domicile as of December 31, 2015 and 2014. 2015 2014 Total assets Noncurrent assets Net assets Total assets Noncurrent assets Net assets (In thousands) United States of America $ 2,611,978 2,130,737 264,445 2,684,690 2,178,658 199,414 Europe 304,937 173,352 211,169 308,667 187,870 196,577 Other foreign 260,270 137,141 163,421 231,255 111,948 128,971 Total foreign 565,207 310,493 374,590 539,922 299,818 325,548 Total $ 3,177,185 2,441,230 639,035 3,224,612 2,478,476 524,962 |
Schedule of Net Sales by Geographic Area | The following table presents the net sales by geographic area, attributed to each subsidiary’s continent of domicile: 2015 2014 2013 (In thousands) United States of America $ 2,349,731 2,035,941 1,487,596 Europe 365,295 403,506 384,040 Other foreign 332,229 277,554 145,645 Total foreign 697,524 681,060 529,685 Total $ 3,047,255 2,717,001 2,017,281 |
Summarized Quarterly Financia52
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | 2015 Quarter Ended March 29 June 28 September 27 December 31 Full Year (In thousands, except EPS amounts) Net sales $ 765,167 800,235 746,640 735,213 3,047,255 Gross profit 128,539 142,063 126,241 119,167 516,010 Net income attributable to stockholders 32,441 44,109 28,205 20,549 125,304 Basic EPS $ 0.48 0.66 0.42 0.30 1.86 Diluted EPS 0.47 0.64 0.41 0.29 1.80 2014 Quarter Ended March 30 June 29 September 28 December 31 Full Year (In thousands, except EPS amounts) Net sales $ 540,459 641,403 772,967 762,172 2,717,001 Gross profit 83,266 104,179 117,441 118,007 422,893 Net income attributable to stockholders 22,602 15,384 24,600 10,241 72,827 Basic EPS $ 0.34 0.23 0.37 0.15 1.09 Diluted EPS 0.33 0.22 0.36 0.15 1.06 |
Guarantor (Tables)
Guarantor (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2015 (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — 50,509 10,815 106,832 — 168,156 Receivables, net: Trade — — 242,357 67,714 (992 ) 309,079 Other 57 — 70,946 19,820 (55,472 ) 35,351 Total receivables, net 57 — 313,303 87,534 (56,464 ) 344,430 Inventories — — 139,127 47,721 — 186,848 Deferred income taxes — — — — — — Prepaid expenses — 3,218 7,437 4,379 — 15,034 Other assets 5,322 — 8,537 7,628 — 21,487 Total current assets 5,379 53,727 479,219 254,094 (56,464 ) 735,955 Property and equipment, net — 2,016 546,271 237,666 — 785,953 Goodwill — — 673,209 234,507 — 907,716 Amortizable intangible assets, net — — 561,695 147,215 — 708,910 Deferred income taxes, noncurrent 14,242 — — 1,701 (14,242 ) 1,701 Other assets — 22,336 14,178 436 — 36,950 Intercompany receivables 56,253 1,734,587 — 4,890 (1,795,730 ) — Investment in subsidiaries 618,967 695,939 673,773 — (1,988,679 ) — Total assets $ 694,841 2,508,605 2,948,345 880,509 (3,855,115 ) 3,177,185 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 2 1,016 165,697 104,974 (22,827 ) 248,862 Accrued compensation — 4,385 38,409 12,336 — 55,130 Accrued liabilities 538 19,121 27,166 53,614 (33,637 ) 66,802 Short-term debt — — — 723 — 723 Current maturities, long-term debt and capital lease obligations — 13,180 1,145 145 — 14,470 Total current liabilities 540 37,702 232,417 171,792 (56,464 ) 385,987 Long-term debt, less current maturities — 1,846,509 — 237 — 1,846,746 Capital lease obligations — — 22,470 19 — 22,489 Deferred income taxes — 5,041 233,476 7,051 (14,242 ) 231,326 Other long-term liabilities — 386 26,476 24,740 — 51,602 Intercompany payables 58,163 — 1,737,567 — (1,795,730 ) — Total liabilities 58,703 1,889,638 2,252,406 203,839 (1,866,436 ) 2,538,150 Stockholders’ equity: Total equity attributable to stockholders 636,138 618,967 695,939 673,773 (1,988,679 ) 636,138 Noncontrolling interest — — — 2,897 — 2,897 Total stockholders’ equity 636,138 618,967 695,939 676,670 (1,988,679 ) 639,035 Total liabilities and stockholders’ equity $ 694,841 2,508,605 2,948,345 880,509 (3,855,115 ) 3,177,185 Condensed Consolidating Balance Sheet December 31, 2014 (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 1 52,253 3,182 101,062 — 156,498 Receivables, net: Trade — — 253,648 61,805 (2,510 ) 312,943 Other — 266 55,750 19,511 (43,584 ) 31,943 Total receivables, net — 266 309,398 81,316 (46,094 ) 344,886 Inventories — — 157,379 47,410 — 204,789 Deferred income taxes — 8,560 3,875 — 12,435 Prepaid expenses 600 2,770 6,986 2,648 — 13,004 Other assets — — 6,425 8,099 — 14,524 Total current assets 601 55,289 491,930 244,410 (46,094 ) 746,136 Property and equipment, net — — 517,700 232,481 — 750,181 Goodwill — — 673,209 234,507 — 907,716 Amortizable intangible assets, net — — 616,313 162,144 — 778,457 Deferred income taxes, noncurrent — — — 1,359 — 1,359 Other assets — 24,581 15,694 13,439 (12,951 ) 40,763 Intercompany receivables 11,982 1,858,569 — — (1,870,551 ) — Investment in subsidiaries 516,381 529,838 656,504 — (1,702,723 ) — Total assets $ 528,964 2,468,277 2,971,350 888,340 (3,632,319 ) 3,224,612 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ — 538 197,088 103,662 (15,820 ) 285,468 Accrued compensation — — 36,357 14,595 — 50,952 Accrued liabilities 918 17,937 38,353 53,124 (30,398 ) 79,934 Deferred income taxes — — — — — — Short-term debt — — 268 1,304 — 1,572 Current maturities, long-term debt and capital lease obligations — 13,500 (19,034 ) 22,031 — 16,497 Total current liabilities 918 31,975 253,032 194,716 (46,218 ) 434,423 Long-term debt, less current maturities — 1,919,921 12,826 390 (12,827 ) 1,920,310 Capital lease obligations — — 23,384 41 — 23,425 Deferred income taxes — 254,433 6,270 — 260,703 Other long-term liabilities — — 32,869 27,920 — 60,789 Intercompany payables 5,583 — 1,864,968 — (1,870,551 ) — Total liabilities 6,501 1,951,896 2,441,512 229,337 (1,929,596 ) 2,699,650 Stockholders’ equity: Total equity attributable to stockholders 522,463 516,381 529,838 656,504 (1,702,723 ) 522,463 Noncontrolling interest — — — 2,499 — 2,499 Total stockholders’ equity 522,463 516,381 529,838 659,003 (1,702,723 ) 524,962 Total liabilities and stockholders’ equity $ 528,964 2,468,277 2,971,350 888,340 (3,632,319 ) 3,224,612 |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations (In thousands) For the Year Ended December 31, 2015 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 2,432,296 739,748 (124,789 ) 3,047,255 Cost of sales — — 2,034,440 621,594 (124,789 ) 2,531,245 Gross profit — — 397,856 118,154 — 516,010 Selling, general and administrative expenses — — 205,577 44,119 — 249,696 Operating profit — — 192,279 74,035 — 266,314 Interest expense, net 8 102,213 (4,201 ) 9,467 — 107,487 Loss on debt extinguishment — 368 — — — 368 Other, net 6 (8,163 ) (10,575 ) 3,380 — (15,352 ) Other expense, net 14 94,418 (14,776 ) 12,847 — 92,503 Income (loss) before tax (14 ) (94,418 ) 207,055 61,188 — 173,811 Income tax expense (benefit) (5 ) (30,903 ) 56,178 22,794 — 48,064 Income (loss) before from equity in subsidiaries (9 ) (63,515 ) 150,877 38,394 — 125,747 Earnings from equity in subsidiaries 125,313 188,828 37,951 — (352,092 ) — Net income 125,304 125,313 188,828 38,394 (352,092 ) 125,747 Income attributable to noncontrolling interest — — — 443 — 443 Net income attributable to stockholders $ 125,304 125,313 188,828 37,951 (352,092 ) 125,304 For the Year Ended December 31, 2014 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 2,109,613 723,711 (116,323 ) 2,717,001 Cost of sales — — 1,793,437 616,994 (116,323 ) 2,294,108 Gross profit — — 316,176 106,717 — 422,893 Selling, general and administrative expenses — — 157,221 37,369 — 194,590 Goodwill impairment — — 11,803 — — 11,803 Acquisition costs — — 13,046 — — 13,046 Operating profit — — 134,106 69,348 — 203,454 Interest expense, net — 22,279 67,395 10,220 — 99,894 Loss on debt extinguishment — — 60,713 — — 60,713 Other, net — — (16,356 ) 5,024 — (11,332 ) Other expense, net — 22,279 111,752 15,244 — 149,275 Income (loss) before tax — (22,279 ) 22,354 54,104 — 54,179 Income tax expense (benefit) — (8,822 ) (26,811 ) 16,551 — (19,082 ) Income (loss) before from equity in subsidiaries — (13,457 ) 49,165 37,553 — 73,261 Earnings from equity in subsidiaries 72,827 86,284 37,119 — (196,230 ) — Net income 72,827 72,827 86,284 37,553 (196,230 ) 73,261 Income attributable to noncontrolling interest — — — 434 — 434 Net income attributable to stockholders $ 72,827 72,827 86,284 37,119 (196,230 ) 72,827 Condensed Consolidating Statements of Operations (In thousands) For the Year Ended December 31, 2013 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 1,508,294 617,991 (109,004 ) 2,017,281 Cost of sales — — 1,290,448 527,229 (109,004 ) 1,708,673 Gross profit — — 217,846 90,762 — 308,608 Selling, general and administrative expenses — — 92,782 30,457 — 123,239 Operating profit — — 125,064 60,305 — 185,369 Interest expense, net — — 65,978 8,689 — 74,667 Other, net — — 3,944 13,928 — 17,872 Other expense, net — — 69,922 22,617 — 92,539 Income before tax — — 55,142 37,688 — 92,830 Income tax expense — — 20,502 14,467 — 34,969 Income before from equity in subsidiaries — — 34,640 23,221 — 57,861 Earnings from equity in subsidiaries 57,568 57,568 22,928 — (138,064 ) — Net income 57,568 57,568 57,568 23,221 (138,064 ) 57,861 Income attributable to noncontrolling interest — — — 293 — 293 Net income attributable to stockholders $ 57,568 57,568 57,568 22,928 (138,064 ) 57,568 |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated For the year ended December 31, 2015 Net income $ 125,304 125,313 188,828 38,394 (352,092 ) 125,747 Other comprehensive loss, net of tax: Foreign currency translation (24,303 ) (24,985 ) (24,985 ) (21,828 ) 71,798 (24,303 ) Net actuarial gain on defined benefit plans 1,781 1,781 1,781 1,102 (4,664 ) 1,781 Losses on defined benefit plans recognized in net income 432 432 432 — (864 ) 432 Other comprehensive loss, net of tax (22,090 ) (22,772 ) (22,772 ) (20,726 ) 66,270 (22,090 ) Comprehensive income 103,214 102,541 166,056 17,668 (285,822 ) 103,657 Less comprehensive income attributable to noncontrolling interest — — — 398 — 398 Comprehensive income attributable to stockholders $ 103,214 102,541 166,056 17,270 (285,822 ) 103,259 For the year ended December 31, 2014 Net income $ 72,827 72,827 86,284 37,553 (196,230 ) 73,261 Other comprehensive loss, net of tax: Foreign currency translation (23,984 ) (23,552 ) (23,552 ) (22,184 ) 69,288 (23,984 ) Net actuarial loss on defined benefit plans (7,995 ) (7,995 ) (7,995 ) (4,730 ) 20,720 (7,995 ) Other comprehensive loss, net of tax (31,979 ) (31,547 ) (31,547 ) (26,914 ) 90,008 (31,979 ) Comprehensive income 40,848 41,280 54,737 10,639 (106,222 ) 41,282 Less comprehensive income attributable to noncontrolling interest — — — 404 — 404 Comprehensive income attributable to stockholders $ 40,848 41,280 54,737 10,235 (106,222 ) 40,878 For the year ended December 31, 2013 Net income $ 57,568 57,568 57,568 23,221 (138,064 ) 57,861 Other comprehensive loss, net of tax: Foreign currency translation (3,481 ) (3,481 ) (3,481 ) (1,866 ) 8,828 (3,481 ) Net actuarial gain on defined benefit plans 462 462 462 708 (1,632 ) 462 Other comprehensive loss, net of tax (3,019 ) (3,019 ) (3,019 ) (1,158 ) 7,196 (3,019 ) Comprehensive income 54,549 54,549 54,549 22,063 (130,868 ) 54,842 Less comprehensive income attributable to noncontrolling interest — — — 191 — 191 Comprehensive income attributable to stockholders $ 54,549 54,549 54,549 21,872 (130,868 ) 54,651 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated For the year ended December 31, 2015 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 8,622 (58,598 ) 319,321 60,452 — 329,797 Cash flows from investing activities: Capital expenditures — (1,982 ) (171,694 ) (52,637 ) — (226,313 ) Proceeds from sale of fixed assets — — 3,853 194 — 4,047 Capitalized patent costs — — (394 ) — — (394 ) Intercompany activity 8,309 134,178 — — (142,487 ) — Net cash provided by (used for) investing activities 8,309 132,196 (168,235 ) (52,443 ) (142,487 ) (222,660 ) Cash flows from financing activities: Dividends (18,221 ) — (17 ) — — (18,238 ) Stock-based compensation activity, net 1,397 — — — — 1,397 Borrowings of revolving lines of credit — 14,300 — — — 14,300 Repayments of revolving lines of credit — (14,300 ) (268 ) — — (14,568 ) Proceeds from long-term debt — 1,326,625 — — — 1,326,625 Payments on long-term debt — (1,391,621 ) (154 ) — — (1,391,775 ) Other debt, net — — (2,787 ) (727 ) — (3,514 ) Payment of debt issue costs — (149 ) — — — (149 ) Payment of offering related costs (108 ) — — — — (108 ) Intercompany activity — (10,197 ) (140,227 ) 7,937 142,487 — Net cash provided by (used for) financing activities (16,932 ) (75,342 ) (143,453 ) 7,210 142,487 (86,030 ) Effect of exchange rates — — — (9,449 ) — (9,449 ) Net increase (decrease) in cash and cash equivalents $ (1 ) (1,744 ) 7,633 5,770 — 11,658 Cash and cash equivalents: Cash and cash equivalents, beginning of year $ 1 52,253 3,182 101,062 — 156,498 Net increase (decrease) in cash and cash equivalents (1 ) (1,744 ) 7,633 5,770 — 11,658 Cash and cash equivalents, end of year $ — 50,509 10,815 106,832 — 168,156 For the year ended December 31, 2014 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 11,982 2,768 205,363 85,308 — 305,421 Cash flows from investing activities: Capital expenditures — — (116,815 ) (39,575 ) — (156,390 ) Proceeds from sale of fixed assets — — 541 879 — 1,420 Capitalized patent costs — — (243 ) — — (243 ) Grede Transaction, net of cash acquired — — (812,578 ) (17,078 ) — (829,656 ) Intercompany activity (6,399 ) (1,858,569 ) — — 1,864,968 — Net cash used for investing activities (6,399 ) (1,858,569 ) (929,095 ) (55,774 ) 1,864,968 (984,869 ) Cash flows from financing activities: Cash dividends — — (111,259 ) — — (111,259 ) Other stock activity — — (2,444 ) — — (2,444 ) Proceeds from stock issuance 1 — 244,805 15,668 — 260,474 Borrowings of short-term debt — — 388,773 — — 388,773 Repayments of short-term debt — — (405,057 ) (2,300 ) — (407,357 ) Proceeds of long-term debt — 1,943,250 715,000 — — 2,658,250 Principal payments of long-term debt — (10,000 ) (1,942,041 ) — — (1,952,041 ) Intercompany activity — — 1,864,968 — (1,864,968 ) — Payment of debt issue costs — (25,196 ) (20,231 ) — — (45,427 ) Other debt, net — — (6,320 ) (385 ) — (6,705 ) Payment of offering related costs (5,583 ) — — — — (5,583 ) Net cash provided by (used for) financing activities (5,582 ) 1,908,054 726,194 12,983 (1,864,968 ) 776,681 Effect of exchange rates — — — (8,959 ) — (8,959 ) Net increase in cash and cash equivalents $ 1 52,253 2,462 33,558 — 88,274 Cash and cash equivalents: Cash and cash equivalents, beginning of year $ — — 720 67,504 — 68,224 Net increase in cash and cash equivalents 1 52,253 2,462 33,558 — 88,274 Cash and cash equivalents, end of year $ 1 52,253 3,182 101,062 — 156,498 Condensed Consolidating Statements of Cash Flows (Continued) (In thousands) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated For the year ended December 31, 2013 Cash flows from operating activities: Net cash provided by operating activities $ — — 166,263 67,995 — 234,258 Cash flows from investing activities: Capital expenditures — — (89,060 ) (33,196 ) — (122,256 ) Proceeds from sale of fixed assets — — 1,036 32 — 1,068 Capitalized patent costs — — (352 ) — — (352 ) Release of escrow from the acquisition of Metaldyne — — 4,807 — — 4,807 Net cash used for investing activities — — (83,569 ) (33,164 ) — (116,733 ) Cash flows from financing activities: Cash dividends — — (256,867 ) — — (256,867 ) Proceed from other stock activity — — 579 — — 579 Borrowings of short-term debt — — 545,621 — — 545,621 Repayments of short-term debt — — (533,182 ) — — (533,182 ) Proceeds of long-term debt — — 240,000 — — 240,000 Principal payments of long-term debt — — (59,904 ) — — (59,904 ) Payment of debt issue costs — — (14,956 ) — — (14,956 ) Other debt, net — — (2,636 ) 270 — (2,366 ) Payment of contingent consideration for the acquisition of Metaldyne — — (10,000 ) — — (10,000 ) Net cash provided by (used for) financing activities — — (91,345 ) 270 — (91,075 ) Effect of exchange rates — — - 1,443 — 1,443 Net increase (decrease) in cash and cash equivalents $ — — (8,651 ) 36,544 — 27,893 Cash and cash equivalents: Cash and cash equivalents, beginning of year $ — — 9,371 30,960 — 40,331 Net increase (decrease) in cash and cash equivalents — — (8,651 ) 36,544 — 27,893 Cash and cash equivalents, end of year $ — — 720 67,504 — 68,224 |
Description of the Business - A
Description of the Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | |
Number of operating segments | 3 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | Nov. 18, 2014shares | Aug. 04, 2014shares | Dec. 31, 2015shares | Dec. 31, 2014shares |
Accounting Policies [Abstract] | ||||
Common Stock, shares issued | 13,400,000 | |||
Stock Split ratio | 5 | |||
Common stock, shares outstanding | 67,075,000 | 67,866,000 | 67,075,000 | |
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 |
Recently Issued Accounting St56
Recently Issued Accounting Standards - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pro Forma [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Net debt issuance costs | $ 19.6 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 02, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Purchase price of acquisition | $ 829,656 | ||
ASP Grede Intermediate Holdings LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity ownership percentage | 97.10% | 100.00% | |
Purchase price of acquisition | $ 829,700 | ||
Fair value gain on inventories | $ 4,400 | ||
Weighted average discount rate | 4.04% | ||
Business combination, transaction costs | $ 13,000 | ||
ASP Grede Intermediate Holdings LLC [Member] | Customer Relationships and Platforms [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets, remaining useful life | 10 years | 10 years | |
ASP Grede Intermediate Holdings LLC [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets, remaining useful life | 15 years | 15 years | |
ASP Grede Intermediate Holdings LLC [Member] | Affiliates Of American Security [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price, equity contributions | $ 251,100 | ||
ASP Grede Intermediate Holdings LLC [Member] | Management [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price, equity contributions | 6,500 | ||
ASP Grede Intermediate Holdings LLC [Member] | Investor [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price, equity contributions | 1,000 | ||
ASP Grede Intermediate Holdings LLC [Member] | Related Parties [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, transaction costs | $ 8,300 |
Business Combination Assets Acq
Business Combination Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jun. 02, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Fair value of consideration | $ 829,656 | |||
Assets acquired: | ||||
Receivables | 120,232 | |||
Inventories | 40,121 | |||
Prepaid expenses and other current assets | 11,360 | |||
Property and equipment | 208,525 | |||
Amortizable intangible assets | 369,100 | |||
Other assets | 9,107 | |||
Total assets acquired | 758,445 | |||
Liabilities assumed: | ||||
Accounts payable | 94,658 | |||
Accrued liabilities | 25,734 | |||
Deferred tax liabilities | 47,496 | |||
Short-term debt | 1,752 | |||
Other long-term liabilities | 20,677 | |||
Total liabilities assumed | 190,317 | |||
Net identifiable assets acquired, net of cash and cash equivalents | 568,128 | |||
Goodwill | 261,528 | $ 907,716 | $ 907,716 | $ 657,991 |
Inventories | 40,121 | |||
Property and equipment | 208,525 | |||
Amortizable intangible assets | 369,100 | |||
Machinery and Equipment [Member] | Minimum | ||||
Liabilities assumed: | ||||
Property and equipment, estimated useful lives | 1 year | |||
Machinery and Equipment [Member] | Maximum | ||||
Liabilities assumed: | ||||
Property and equipment, estimated useful lives | 20 years | |||
ASP Grede Intermediate Holdings LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of consideration | 829,700 | |||
Assets acquired: | ||||
Inventories | 40,121 | |||
Property and equipment | 208,525 | |||
Amortizable intangible assets | 369,100 | |||
Liabilities assumed: | ||||
Inventories | 40,121 | |||
Property and equipment | 208,525 | |||
Amortizable intangible assets | 369,100 | |||
ASP Grede Intermediate Holdings LLC [Member] | Customer Relationships and Platforms [Member] | ||||
Assets acquired: | ||||
Amortizable intangible assets | 338,700 | |||
Liabilities assumed: | ||||
Amortizable intangible assets | $ 338,700 | |||
Intangible assets, remaining useful life | 10 years | 10 years | ||
ASP Grede Intermediate Holdings LLC [Member] | Other: Trade Names [Member] | ||||
Assets acquired: | ||||
Amortizable intangible assets | $ 30,400 | |||
Liabilities assumed: | ||||
Amortizable intangible assets | $ 30,400 | |||
Intangible assets, remaining useful life | 15 years | 15 years | ||
ASP Grede Intermediate Holdings LLC [Member] | Land [Member] | ||||
Assets acquired: | ||||
Property and equipment | $ 12,220 | |||
Liabilities assumed: | ||||
Property and equipment | 12,220 | |||
ASP Grede Intermediate Holdings LLC [Member] | Building [Member] | ||||
Assets acquired: | ||||
Property and equipment | 31,839 | |||
Liabilities assumed: | ||||
Property and equipment | $ 31,839 | |||
ASP Grede Intermediate Holdings LLC [Member] | Building [Member] | Minimum | ||||
Liabilities assumed: | ||||
Property and equipment, estimated useful lives | 5 years | |||
ASP Grede Intermediate Holdings LLC [Member] | Building [Member] | Maximum | ||||
Liabilities assumed: | ||||
Property and equipment, estimated useful lives | 29 years | |||
ASP Grede Intermediate Holdings LLC [Member] | Machinery and Equipment [Member] | ||||
Assets acquired: | ||||
Property and equipment | $ 148,827 | |||
Liabilities assumed: | ||||
Property and equipment | $ 148,827 | |||
ASP Grede Intermediate Holdings LLC [Member] | Machinery and Equipment [Member] | Minimum | ||||
Liabilities assumed: | ||||
Property and equipment, estimated useful lives | 1 year | |||
ASP Grede Intermediate Holdings LLC [Member] | Machinery and Equipment [Member] | Maximum | ||||
Liabilities assumed: | ||||
Property and equipment, estimated useful lives | 20 years | |||
ASP Grede Intermediate Holdings LLC [Member] | Assets Not Yet Placed In Service [Member] | ||||
Assets acquired: | ||||
Property and equipment | $ 15,639 | |||
Liabilities assumed: | ||||
Property and equipment | 15,639 | |||
Raw Materials [Member] | ASP Grede Intermediate Holdings LLC [Member] | ||||
Assets acquired: | ||||
Inventories | 11,937 | |||
Liabilities assumed: | ||||
Inventories | 11,937 | |||
Work In Process [Member] | ASP Grede Intermediate Holdings LLC [Member] | ||||
Assets acquired: | ||||
Inventories | 12,545 | |||
Liabilities assumed: | ||||
Inventories | 12,545 | |||
Finished Goods [Member] | ASP Grede Intermediate Holdings LLC [Member] | ||||
Assets acquired: | ||||
Inventories | 15,639 | |||
Liabilities assumed: | ||||
Inventories | $ 15,639 |
Acquisitions - Summary of Funde
Acquisitions - Summary of Funded Status as of Acquisition Date (Detail) - ASP Grede Intermediate Holdings LLC [Member] $ in Thousands | Jun. 02, 2014USD ($) |
Business Acquisition [Line Items] | |
Projected benefit obligation | $ 33,864 |
Fair value of plan assets | 27,615 |
Funded Status | $ (6,249) |
Acquisitions - Schedule of Reve
Acquisitions - Schedule of Revenues and Earnings Included in the Unaudited Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | |||||||||||
Revenues: Net sales | $ 735,213 | $ 746,640 | $ 800,235 | $ 765,167 | $ 762,172 | $ 772,967 | $ 641,403 | $ 540,459 | $ 3,047,255 | $ 2,717,001 | $ 2,017,281 |
Earnings: Income (loss) before tax | 173,811 | 54,179 | $ 92,830 | ||||||||
ASP Grede Intermediate Holdings LLC [Member] | |||||||||||
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | |||||||||||
Revenues: Net sales | 906,749 | 572,126 | |||||||||
Earnings: Income (loss) before tax | $ 43,346 | $ (19,224) |
Acquisitions - Schedule of Re61
Acquisitions - Schedule of Revenues and Earnings on Proforma Basis (Detail) - ASP Grede Intermediate Holdings LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||
Revenues: Net sales | $ 3,144,000 | $ 3,052,900 |
Earnings: Income before tax | $ 93,300 | $ 103,400 |
Receivables - Schedule of Allow
Receivables - Schedule of Allowances for Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | $ 11,469 | $ 8,022 |
Doubtful Accounts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | 1,437 | 1,488 |
Pricing Accruals and Anticipated Customer Deductions [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | 8,109 | 4,781 |
Returns [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | $ 1,923 | $ 1,753 |
Receivables - Receivables Avail
Receivables - Receivables Available for Sale and Sold under Factoring Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Available for sale | $ 47,322 | $ 51,865 |
Sold | $ 37,678 | $ 43,844 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 57,339 | $ 67,812 |
Work in process | 66,329 | 69,929 |
Finished goods | 63,180 | 67,048 |
Total inventories | $ 186,848 | $ 204,789 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,205,523 | $ 1,033,710 |
Accumulated depreciation | (419,570) | (283,529) |
Property and equipment, net | 785,953 | 750,181 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 26,769 | 28,324 |
Land and Land Improvements [Member] | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 1 year | |
Land and Land Improvements [Member] | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 30 years | |
Building and Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 103,622 | 94,050 |
Building and Building Improvements [Member] | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 1 year | |
Building and Building Improvements [Member] | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 30 years | |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 930,114 | 797,284 |
Machinery and Equipment [Member] | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 1 year | |
Machinery and Equipment [Member] | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 20 years | |
Assets Not Yet Placed In Service [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 145,018 | $ 114,052 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation | $ 159.4 | $ 155 | $ 126.9 | |
Capital leased assets, gross | 13.8 | 13.9 | ||
Capital leased assets, accumulated depreciation | $ 9 | $ 6.8 | ||
Asset impairment charge | $ 4 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Value of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Beginning balance | $ 907,716 | $ 657,991 |
Goodwill resulting from Grede Transaction | 261,528 | |
Impairment | (11,803) | |
Ending balance | $ 907,716 | 907,716 |
ASP HHI Holdings, Inc [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 297,596 | 309,399 |
Impairment | (11,803) | |
Ending balance | 297,596 | 297,596 |
ASP MD Holdings, Inc [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 348,592 | 348,592 |
Ending balance | 348,592 | 348,592 |
ASP Grede Intermediate Holdings LLC [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 261,528 | |
Goodwill resulting from Grede Transaction | 261,528 | |
Ending balance | $ 261,528 | $ 261,528 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill impairment loss | $ 11,803 | ||
ASP HHI Holdings, Inc [Member] | |||
Goodwill [Line Items] | |||
Goodwill impairment loss | $ 11,803 | ||
ASP HHI Holdings, Inc [Member] | The Unit [Member] | |||
Goodwill [Line Items] | |||
Goodwill impairment loss | $ 11,800 |
Amortizable Intangible Assets -
Amortizable Intangible Assets - Schedule of Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 871,954 | $ 871,560 |
Accumulated Amortization | (163,044) | (93,103) |
Net Carrying Amount | 708,910 | 778,457 |
Customer Relationships and Platforms [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 745,200 | 745,200 |
Accumulated Amortization | (136,976) | (76,514) |
Net Carrying Amount | 608,224 | 668,686 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 126,754 | 126,360 |
Accumulated Amortization | (26,068) | (16,589) |
Net Carrying Amount | $ 100,686 | $ 109,771 |
Amortizable Intangible Assets70
Amortizable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 69.9 | $ 54.8 | $ 34 |
Intangible assets, estimated amortization expense, 2016 | 69.9 | ||
Intangible assets, estimated amortization expense, 2017 | 69.9 | ||
Intangible assets, estimated amortization expense, 2018 | 68.3 | ||
Intangible assets, estimated amortization expense, 2019 | 68.3 | ||
Intangible assets, estimated amortization expense, 2020 | $ 68.3 | ||
Customer Relationships and Platforms [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, useful life | 14 years |
Debt - Carrying Value of Debt (
Debt - Carrying Value of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term debt: | ||
Other short-term debt | $ 723 | $ 1,572 |
Total short-term debt | 723 | 1,572 |
Long-term debt: | ||
Term loan facility | 1,340,000 | |
Registered Notes | 600,000 | 600,000 |
Other long-term debt (various interest rates) | 364 | 589 |
Total | 1,866,733 | 1,940,589 |
Unamortized discount on term loans | (6,680) | (6,579) |
Current maturities | (13,307) | (13,700) |
Total long-term debt | 1,846,746 | $ 1,920,310 |
USD Term Loan [Member] | ||
Long-term debt: | ||
Term loan facility | 1,022,211 | |
Euro Term Loan [Member] | ||
Long-term debt: | ||
Term loan facility | $ 244,158 |
Debt - Additional Information -
Debt - Additional Information - Credit Facilities (Detail) € in Millions | May. 08, 2015USD ($) | Dec. 12, 2014 | Oct. 31, 2014USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 08, 2015EUR (€) |
Debt Instrument [Line Items] | ||||||||
Payments on long-term debt | $ 1,391,775,000 | $ 1,952,041,000 | $ 59,904,000 | |||||
Term loan facility | 1,340,000,000 | |||||||
Fees paid to third parties | 149,000 | 45,427,000 | 14,956,000 | |||||
Fees paid to third parties expensed | 1,774,000 | $ 2,973,000 | $ 6,014,000 | |||||
Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments on long-term debt | 10,000,000 | |||||||
Amended Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan facility | € | € 225 | |||||||
Fees paid to third parties | $ 1,800,000 | |||||||
Fees paid to third parties expensed | $ 1,600,000 | |||||||
Amended Senior Credit Facility [Member] | United States of America, Dollars [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate, Effective Percentage | 3.75% | |||||||
Interest Rate Terms | LIBOR, bearing a 1.00% floor, plus an applicable margin of 2.75% | |||||||
Term loan facility | $ 1,072,600,000 | |||||||
Percentage Of Term Loan Amount On Equal Quarterly Installments | 0.25% | |||||||
Amended Senior Credit Facility [Member] | Euro Member Countries, Euro [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate, Effective Percentage | 3.75% | |||||||
Interest Rate Terms | EURIBOR, bearing a 1.00% floor, plus an applicable margin of 2.75% | |||||||
Percentage Of Term Loan Amount On Equal Quarterly Installments | 0.25% | |||||||
Original issuance discount of foreign currency denominated tranche, Percentage | 0.50% | 0.50% | ||||||
Original issuance discount of foreign currency denominated tranche, Value | $ 1,300,000 | |||||||
Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing rate, Floor | 1.00% | 1.00% | ||||||
Interest bearing marginal rate to floor | 2.75% | 2.75% | ||||||
Amended Senior Credit Facility [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing rate, Floor | 1.00% | 1.00% | ||||||
Interest bearing marginal rate to floor | 2.75% | 2.75% | ||||||
Refinanced Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments on long-term debt | $ 45,000,000 | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Covenant Description | The agreement governing the Senior Credit Facilities contains certain covenants that, among other things, require MPG Holdco to maintain a leverage ratio once revolver borrowings and letters of credit exceed 35% of aggregate revolving credit commitments as defined under the terms of the Senior Credit Facilities and to comply with customary affirmative and negative covenants. | |||||||
Maximum percentage of aggregate revolving credit commitments required under leverage ratio | 35.00% | |||||||
Mandatory prepayment of term loan due in 2016 | $ 0 | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Dividends payable | $ 30,000,000 | |||||||
Debt instruments, covenants dividend restriction as percentage of cash proceeds from public offering common stock | 6.00% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,350,000,000 | |||||||
Maturity Year | 2,021 | |||||||
Interest Rate, Effective Percentage | 4.25% | |||||||
Frequency of Periodic Payment | quarterly installments | |||||||
Payments on long-term debt | $ 3,375,000 | |||||||
Interest Rate Terms | Interest on the Term Loan Facility accrued at a rate equal to the London Interbank Offered Rate (“LIBOR”) rate (bearing a LIBOR floor of 1.00%) plus an applicable margin of 3.25% or a base rate that is the higher of the Federal Funds Rate (plus 0.50%), the U.S. prime rate as published in The Wall Street Journal, or LIBOR (plus 1.00%), plus an applicable margin of 2.25%, at Holdco’s option. Prior to the Company’s initial public offering on December 12, 2014, the applicable margin was 3.50% for LIBOR rate loans and 2.50% for base rate loans. The interest rate in effect as of December 31, 2014 was 4.25%. | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing rate, Floor | 1.00% | |||||||
Interest bearing marginal rate to floor | 3.50% | 3.25% | ||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Term Loan Facility [Member] | Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 2.50% | 0.50% | ||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Term Loan Facility [Member] | LIBOR Plus [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 1.00% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Term Loan Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 2.25% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity Year | 2,019 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | |||||||
Line of Credit Facility, Expiration Period | 5 years | |||||||
Line of credit | $ 0 | |||||||
Current Borrowing Capacity | $ 237,400,000 | |||||||
Line of Credit Facility, Interest Rate Description | Interest on the Revolving Credit Facility is accrued at a rate equal to the LIBOR rate plus an applicable margin of 3.25% or a base rate that is the higher of the Federal Funds Rate (plus 0.50%), the U.S. prime rate as published in The Wall Street Journal, or LIBOR (plus 1.00%), plus an applicable margin of 2.25%, at Holdco’s option. The applicable margin is based on a leverage ratio grid. | |||||||
Line of Credit Facility, Commitment Fee Description | Holdco pays fees with respect to the Revolving Credit Facility, including (i) an unused commitment fee of 0.50% or 0.375% based on a leverage ratio, (ii) fixed fees with respect to letters of credit of 3.25% per annum on the stated amount of each letter of credit outstanding during each month and (iii) customary administrative fees. | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused commitment fee, percentage | 0.50% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused commitment fee, percentage | 0.375% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 3.25% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 0.50% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | LIBOR Plus [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 1.00% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest bearing marginal rate to floor | 2.25% | |||||||
MPG Holdco I Inc. [Member] | Senior Credit Facilities [Member] | Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused commitment fee, percentage | 3.25% |
Debt - Additional Information73
Debt - Additional Information - Registered Notes (Detail) - MPG Holdco I Inc. [Member] - Registered Notes [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Oct. 20, 2014 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 600,000,000 | |
Maturity Year | 2,022 | |
Interest Rate, Stated Percentage | 7.375% | |
Frequency of Periodic Payment | semi-annually on April 15 and October 15 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Dividends payable | $ 30,000,000 | |
Debt instruments, covenants dividend restriction as percentage of cash proceeds from public offering common stock | 6.00% |
Debt - Additional Information74
Debt - Additional Information - Scheduled Maturity of Long-term Debt (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity | |
2,016 | $ 13.3 |
2,017 | 13.4 |
2,018 | 13.2 |
2,019 | 13.2 |
2,020 | $ 13.2 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Leases And Operating Leases [Line Items] | |||
Rental expense for operating leases | $ 12.9 | $ 12.4 | $ 11.5 |
Maximum | |||
Capital Leases And Operating Leases [Line Items] | |||
Lease Expiration Year | 2,036 |
Lease Commitments - Capital and
Lease Commitments - Capital and Operating Leases Minimum Future Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Company minimum lease payments: | ||
2,016 | $ 4,990 | |
2,017 | 3,928 | |
2,018 | 3,991 | |
2,019 | 4,090 | |
2,020 | 4,193 | |
Thereafter | 62,623 | |
Total minimum payments | 83,815 | |
Amount representing interest | (60,163) | |
Obligations under capital leases | 23,652 | |
Obligations due within one year | (1,163) | |
Long-term obligations under capital leases | 22,489 | $ 23,425 |
Operating Leases, Company minimum lease payments: | ||
2,016 | 11,152 | |
2,017 | 9,425 | |
2,018 | 8,126 | |
2,019 | 6,406 | |
2,020 | 5,939 | |
Thereafter | 27,001 | |
Total minimum payments | $ 68,049 |
Equity, Dividends and Change 77
Equity, Dividends and Change in Accumulated Other Comprehensive Loss - Additional Information (Detail) $ in Thousands | Jan. 15, 2015 | Dec. 12, 2014USD ($)shares | Nov. 18, 2014shares | Aug. 04, 2014shares | May. 02, 2014USD ($) | Oct. 31, 2013USD ($) | Sep. 20, 2013USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) |
Equity Note [Line Items] | ||||||||||
Common Stock, shares issued | shares | 13,400,000 | |||||||||
Stock Split ratio | 5 | |||||||||
Common stock, shares outstanding | shares | 67,075,000 | 67,866,000 | 67,075,000 | |||||||
Common stock, shares authorized | shares | 400,000,000 | 400,000,000 | 400,000,000 | |||||||
Offering related costs | $ 108 | $ 5,583 | ||||||||
Ownership Percentage of the outstanding common stock | 100.00% | |||||||||
Dividends, common stock | $ 18,500 | |||||||||
Accrued dividends on unvested restricted shares | 300 | |||||||||
Cash dividends | $ 18,238 | $ 111,259 | $ 256,867 | |||||||
ASP HHI Holdings, Inc [Member] | ||||||||||
Equity Note [Line Items] | ||||||||||
Cash dividends | $ 111,300 | $ 131,900 | ||||||||
ASP MD Holdings, Inc [Member] | ||||||||||
Equity Note [Line Items] | ||||||||||
Cash dividends | $ 125,000 | |||||||||
IPO [Member] | ||||||||||
Equity Note [Line Items] | ||||||||||
Shares issued under IPO | shares | 10,000,000 | |||||||||
Offering related costs | $ 5,600 | |||||||||
American Security [Member] | ||||||||||
Equity Note [Line Items] | ||||||||||
Ownership Percentage of the outstanding common stock | 78.50% |
Equity, Dividends and Change 78
Equity, Dividends and Change in Accumulated Other Comprehensive Loss - Summary of Cash Dividends (Detail) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Installment one [Member] | |
Dividends Payable [Line Items] | |
Date Declared | Oct. 28, 2015 |
Date Paid | Dec. 3, 2015 |
Dividend per share | $ 0.09 |
Installment Two [Member] | |
Dividends Payable [Line Items] | |
Date Declared | Jul. 29, 2015 |
Date Paid | Aug. 31, 2015 |
Dividend per share | $ 0.09 |
Installment Three [Member] | |
Dividends Payable [Line Items] | |
Date Declared | Mar. 10, 2015 |
Date Paid | May 26, 2015 |
Dividend per share | $ 0.09 |
Disclosure - Equity, Dividends
Disclosure - Equity, Dividends and Change in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss Attributable to Stockholders, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (35,248) | $ (3,299) | $ (382) |
Other comprehensive income before reclassifications | (22,477) | (32,193) | (2,917) |
Reclassifications | 432 | 244 | |
Balance | (57,293) | (35,248) | (3,299) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (27,721) | (3,767) | (388) |
Other comprehensive income before reclassifications | (24,258) | (23,954) | (3,379) |
Balance | (51,979) | (27,721) | (3,767) |
Defined Benefit Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (7,527) | 468 | 6 |
Other comprehensive income before reclassifications | 1,781 | (8,239) | 462 |
Reclassifications | 432 | 244 | |
Balance | $ (5,314) | $ (7,527) | $ 468 |
Net Income per Share Attribut80
Net Income per Share Attributable to Stockholders ("EPS") - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average shares outstanding | |||||||||||
Basic | 67,284 | 67,075 | 67,075 | ||||||||
Equivalent shares for outstanding stock-based compensation awards | 2,445 | 1,400 | |||||||||
Diluted | 69,729 | 68,475 | 67,075 | ||||||||
Net income attributable to stockholders | $ 125,304 | $ 72,827 | $ 57,568 | ||||||||
Basic | $ 0.30 | $ 0.42 | $ 0.66 | $ 0.48 | $ 0.15 | $ 0.37 | $ 0.23 | $ 0.34 | $ 1.86 | $ 1.09 | $ 0.86 |
Diluted | $ 0.29 | $ 0.41 | $ 0.64 | $ 0.47 | $ 0.15 | $ 0.36 | $ 0.22 | $ 0.33 | $ 1.80 | $ 1.06 | $ 0.86 |
Net Income per Share Attribut81
Net Income per Share Attributable to Stockholders ("EPS") - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive number of equivalent shares excluded from calculation | 0.8 | 3.5 |
Other Income (Expense) - Income
Other Income (Expense) - Income (Expense) Included in Other, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income And Expenses [Abstract] | |||
Foreign currency gains (losses) | $ 18,319 | $ 15,723 | $ (2,295) |
Accounts receivable factoring commission | (849) | (918) | (995) |
Debt transaction expenses | (1,668) | (2,836) | (6,014) |
Other | (450) | (637) | (8,568) |
Total other, net | $ 15,352 | $ 11,332 | $ (17,872) |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)EmployeeOption_Holdershares | Dec. 31, 2014shares | Dec. 31, 2013shares | Dec. 31, 2012shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unrecognized compensation cost related to non-vested awards | $ | $ 31.3 | |||
Converted Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of employees affected | Option_Holder | 59 | |||
Incremental compensation cost | $ | $ 0 | |||
Converted Options [Member] | ASP Grede Intermediate Holdings LLC [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of options issued | 970,395 | |||
Converted Options [Member] | ASP HHI Holdings, Inc [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of options issued | 39,885 | 1,888,450 | ||
Converted Options [Member] | ASP MD Holdings, Inc [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of options issued | 1,991,305 | |||
Employee Separation Agreements [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Plan modification description and terms | In accordance with these agreements, all non-vested vested immediately at the date of separation. In addition, the terms of the options were modified from the original term to exercise of 30 days after separation to a term of three or five years based on the respective separation agreement | |||
Original term to exercise | 30 days | |||
Employee Separation Agreements [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares impacted by modification | 297,378 | |||
Number of employees affected | Employee | 5 | |||
Incremental compensation cost | $ | $ 4.1 | |||
Employee Separation Agreements [Member] | Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares impacted by modification | 1,387,087 | |||
Incremental compensation cost | $ | $ 7.6 | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common stock permitted to purchased in equity awards | 5,900,000 | |||
Maximum | Employee Separation Agreements [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Modified term to exercise | 5 years | |||
Minimum | Employee Separation Agreements [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Modified term to exercise | 3 years |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Terms of Restricted Shares (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares | 1,617 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares | 770 | 847 |
Weighted Average Grant- date Fair Value | $ 19.58 | $ 15 |
Restricted Stock [Member] | 1/3rd per year on grant-date anniversary [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/3rd per year on grant-date anniversary | |
Number of Shares | 465 | |
Weighted Average Grant- date Fair Value | $ 20.02 | |
Restricted Stock [Member] | Share Based Compensation Award Tranche Two Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/3rd per year on grant-date anniversary | |
Number of Shares | 305 | |
Weighted Average Grant- date Fair Value | $ 18.90 | |
Restricted Stock [Member] | Share Based Compensation Award Tranche One | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/4th on the 1st grant-date anniversary and 3/4th on the 2nd grant-date anniversary | |
Number of Shares | 567 | |
Weighted Average Grant- date Fair Value | $ 15 | |
Restricted Stock [Member] | Share Based Compensation Award Tranche Two Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/3rd per year on grant-date anniversary | |
Number of Shares | 280 | |
Weighted Average Grant- date Fair Value | $ 15 |
Stock-based Compensation - Su85
Stock-based Compensation - Summary of Changes in Number of Restricted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Restricted Shares, granted | 1,617 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Restricted Shares, beginning balance | 847 | |
Number of Restricted Shares, granted | 770 | 847 |
Number of Restricted Shares, vested | (424) | |
Number of Restricted Shares, forfeited | (28) | |
Number of Restricted Shares, ending balance | 1,165 | 847 |
Weighted Average Grant- date Fair Value | $ 19.58 | $ 15 |
Weighted Average Grant-date Fair Value, vested | 16.20 | |
Weighted Average Grant-date Fair Value, forfeited | 16.30 | |
Weighted Average Grant-date Fair Value, ending balance | $ 17.47 | |
Fair Value of Shares Vested, vested | $ 7.8 |
Stock-based Compensation - Su86
Stock-based Compensation - Summary of Terms of Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options | 3,400 | 1,938 |
Weighted Average Exercise Price | $ 10.82 | $ 10.60 |
Contractual Terms | 7 years 4 months 24 days | 8 years 2 months 12 days |
Employee Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options | 6,880 | |
Employee Stock Option [Member] | 1/3rd per year on grant-date anniversary [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/3rd per year on grant-date anniversary | |
Number of Options | 438 | |
Weighted Average Exercise Price | $ 18.90 | |
Contractual Terms | 10 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche One | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 100% upon grant | |
Number of Options | 635 | |
Weighted Average Exercise Price | $ 20 | |
Contractual Terms | 10 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Two Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/3rd per year on grant-date anniversary | |
Number of Options | 560 | |
Weighted Average Exercise Price | $ 20 | |
Contractual Terms | 10 years | |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Three | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/5th upon grant and 1/5th on December 6th of following 4 years | |
Number of Options | 357 | |
Weighted Average Exercise Price | $ 20 | |
Contractual Terms | 10 years | |
Employee Stock Option [Member] | Sharebased Compensation Award Tranche Five | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 1/5th per year on the anniversary of the original grant date | |
Number of Options | 4,405 | |
Weighted Average Exercise Price | $ 6.32 | |
Contractual Terms | 10 years | |
Employee Stock Option [Member] | Sharebased Compensation Award Tranche Four | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting Terms | 100% on the seventh anniversary of the original grant date | |
Number of Options | 485 | |
Weighted Average Exercise Price | $ 18.66 | |
Contractual Terms | 10 years |
Stock-based Compensation - Su87
Stock-based Compensation - Summary of Black-Scholes Valuation Assumptions for Stock Options (Detail) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant-date calculated value (per share) | $ 9.03 | $ 12.66 | $ 16.05 |
Exercise price | $ 18.90 | $ 18.66 | $ 6.17 |
Expected term | 6 years | 7 years | 6 years |
Risk-free rate | 1.80% | 2.00% | 1.80% |
Expected volatility | 60.00% | 65.00% | 65.00% |
Expected dividend yield | 1.90% | 0.00% | 0.00% |
Stock-based Compensation - Su88
Stock-based Compensation - Summary of Changes in Stock Options Outstanding (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Options, Beginning Balance | 6,442 | 3,920 |
Number of Options, Granted | 438 | 2,522 |
Number of Options, Exercised | (566) | |
Number of Options, Forfeited | (45) | |
Number of Options, Ending Balance | 6,269 | 6,442 |
Number of Options, Exercisable | 3,400 | 1,938 |
Weighted Average Exercise Price, Beginning Balance | $ 10.54 | $ 4.79 |
Weighted Average Exercise Price, Granted | 18.90 | 19.48 |
Weighted Average Exercise Price, Exercised | 5.50 | |
Weighted Average Exercise Price, Forfeited | 10.12 | |
Weighted Average Exercise Price, Ending Balance | 11.58 | 10.54 |
Weighted Average Exercise Price, Options Exercisable | $ 10.82 | $ 10.60 |
Remaining Contractual Term | 7 years 7 months 6 days | 8 years 6 months |
Remaining Contractual Term, Options Exercisable | 7 years 4 months 24 days | 8 years 2 months 12 days |
Aggregate Intrinsic Value | $ 45.5 | $ 49.2 |
Aggregate Intrinsic Value, Options Exercisable | $ 27.6 | $ 15.2 |
Stock-based Compensation - Su89
Stock-based Compensation - Summary of Proceeds and Tax Benefit Realized from Exercise of Stock Options (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Proceeds from the exercise of stock options - gross | $ 3 |
Tax benefit | $ 2.7 |
Stock-based Compensation - Su90
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 27,664 | $ 17,319 | $ 6,175 |
Tax benefit | 10,286 | 5,429 | 2,270 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | 11,854 | 309 | |
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 15,810 | $ 17,010 | $ 6,175 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) before income taxes: | |||
Domestic | $ 97,769 | $ (8,841) | $ 45,101 |
Foreign | 76,042 | 63,020 | 47,729 |
Income before tax | 173,811 | 54,179 | 92,830 |
Currently payable: | |||
Federal | 31,709 | 43,789 | 23,609 |
Foreign | 23,635 | 18,847 | 17,872 |
State and local | 8,375 | 7,026 | 2,849 |
Current Income Tax Expense (Benefit), Total | 63,719 | 69,662 | 44,330 |
Deferred: | |||
Federal | (14,340) | (81,533) | (6,086) |
Foreign | 3,973 | (420) | (3,496) |
State and local | (5,288) | (6,791) | 221 |
Deferred Income Tax Expense (Benefit), Total | (15,655) | (88,744) | (9,361) |
Income taxes | $ 48,064 | $ (19,082) | $ 34,969 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Inventories | $ 4,620 | $ 2,221 |
Property and equipment | 3,011 | 4,025 |
Accrued liabilities and other long-term liabilities | 12,957 | 10,621 |
Net operating losses | 12,895 | 11,857 |
Capitalized transactions costs | 5,535 | 2,469 |
Defined benefit pension plans | 6,633 | 3,069 |
Stock-based compensation | 14,233 | 8,436 |
Other | 11,169 | 11,564 |
Deferred Tax Assets, Gross, Total | 71,053 | 54,262 |
Valuation allowance | (11,817) | (11,923) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 59,236 | 42,339 |
Deferred tax liabilities: | ||
Property and equipment | 91,206 | 83,574 |
Intangible assets | 181,724 | 160,547 |
Investments in foreign subsidiaries | 2,163 | 5,157 |
Investment in U.S. partnership | 33,938 | |
Debt issuance costs | 5,041 | |
Other | 8,727 | 6,032 |
Deferred Tax Liabilities, Gross, Total | 288,861 | 289,248 |
Net deferred tax liability | $ 229,625 | $ 246,909 |
Income Taxes - Balance Sheet Pr
Income Taxes - Balance Sheet Presentation of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Deferred income taxes, current | $ 12,435 | |
Deferred income taxes, noncurrent | $ 1,701 | 1,359 |
Liabilities: | ||
Deferred income taxes, noncurrent | 231,326 | 260,703 |
Net deferred tax liability | $ 229,625 | $ 246,909 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Tax Computed At U.S Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
Tax at U.S. federal statutory rate | $ 60,834 | $ 18,963 | $ 32,491 |
Lower effective foreign tax rate | (6,912) | (6,048) | (6,098) |
State and local taxes, net of federal tax benefit | 4,329 | (1,439) | 1,628 |
Changes in prior-year estimates | (4,198) | 2,599 | (386) |
Domestic production activities deduction | (3,603) | (2,321) | (2,368) |
Deferred tax on outside basis of foreign shares | (2,994) | (31,619) | 5,031 |
Non-taxable income | (2,579) | (2,870) | (2,666) |
Change in valuation allowance | 2,361 | 4,868 | (3,030) |
Nondeductible transaction/other expenses | 1,729 | 3,655 | 3,438 |
Tax holidays, credits and incentives | (1,389) | (4,741) | (1,543) |
Changes in unrecognized tax benefits | 638 | (2,222) | 5,566 |
Goodwill impairment | 4,301 | ||
Other, net | (152) | (2,208) | 2,906 |
Income taxes | $ 48,064 | $ (19,082) | $ 34,969 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||||
Foreign earnings attributed to foreign subsidiaries reinvested indefinitely | $ 81,000,000 | $ 81,000,000 | |||
Unrecognized deferred tax liability on foreign earnings reinvested indefinitely | 18,700,000 | 18,700,000 | |||
Investments in foreign subsidiaries | 2,163,000 | 2,163,000 | $ 5,157,000 | ||
Tax benefit relating to enactment of change in law | 3,200,000 | ||||
Deferred tax on outside basis of foreign shares | 2,994,000 | 31,619,000 | $ (5,031,000) | ||
NOl carryforward, valuation allowance | 11,800,000 | 11,800,000 | 11,900,000 | ||
Research and experimentation tax credit | 1,300,000 | 3,000,000 | |||
Reserve for unrecognized tax benefits | 7,141,000 | 7,141,000 | 7,384,000 | 9,606,000 | $ 4,040,000 |
Deferred tax assets, net operating losses reduction | 2,700,000 | $ 2,700,000 | 3,000,000 | ||
Pre-closing taxes indemnification period | 3 years | ||||
Indemnification asset related to the foreign tax contingencies | 7,600,000 | $ 7,600,000 | 8,300,000 | ||
Interest and penalty expense related to unrecognized tax benefits | 200,000 | 200,000 | 500,000 | ||
Significant change in unrecognized tax benefits is reasonably possible over the next twelve months | 0 | $ 0 | 0 | ||
Brazilian and French Subsidiaries [Member] | |||||
Income Taxes [Line Items] | |||||
NOl carryforward, valuation allowance | 3,900,000 | ||||
Earliest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
Open tax year | 2,004 | ||||
Latest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
Open tax year | 2,015 | ||||
Foreign Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
NOL carryforward | 40,200,000 | $ 40,200,000 | 37,900,000 | ||
Reserve for unrecognized tax benefits | 4,500,000 | 4,500,000 | 4,400,000 | ||
Foreign Tax Authority [Member] | Expire in Various Years Ranging from 2018 Through 2024 [Member] | |||||
Income Taxes [Line Items] | |||||
NOL carryforward | 2,600,000 | $ 2,600,000 | |||
Expiration period | Of the December 31, 2015 balance, foreign NOL carryforwards totaling $2.6 million will expire in various years ranging from 2018 through 2024 | ||||
Foreign Tax Authority [Member] | No Expiration Date [Member] | |||||
Income Taxes [Line Items] | |||||
NOL carryforward | $ 37,600,000 | $ 37,600,000 | |||
Korea | |||||
Income Taxes [Line Items] | |||||
Korean tax holiday | $ 400,000 | $ 1,100,000 | |||
Korean tax holiday expiration year | 2,015 |
Income Taxes - Reconciliation96
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 7,384 | $ 9,606 | $ 4,040 |
Additions to tax positions related to the current period | 260 | 295 | |
Additions to tax positions related to the prior period | 395 | 305 | 5,372 |
Reductions in tax positions resulting from settlements with taxing authorities | (1,281) | ||
Reductions in tax positions resulting from a lapse of the statute of limitations | (202) | ||
Other | (898) | (1,339) | 194 |
Ending balance | $ 7,141 | $ 7,384 | $ 9,606 |
Changes in Projected Benefit Ob
Changes in Projected Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation at the end of the year | $ 32,778 | $ 36,642 | |
Change in projected benefit obligation: | |||
Beginning projected benefit obligation | 36,642 | ||
Obligations recognized with the Grede Transaction | 33,864 | ||
Service cost | 32 | 97 | |
Interest cost | 1,314 | 765 | |
Actuarial (gain) loss | (1,364) | 2,968 | |
Benefits paid | (1,248) | (778) | |
Effect of settlements | (2,598) | (274) | |
Ending projected benefit obligation | 32,778 | 36,642 | |
Change in plan assets: | |||
Beginning fair value of plan assets | 27,338 | ||
Plan assets recognized with the Grede Transaction | 27,615 | ||
Actual return on plan assets | (326) | 434 | |
Employer contributions | 728 | 341 | |
Benefits paid | (1,248) | (778) | |
Effect of settlements | (2,598) | (274) | |
Ending fair value of plan assets | 23,894 | 27,338 | |
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation at the end of the year | 49,648 | 55,049 | |
Change in projected benefit obligation: | |||
Beginning projected benefit obligation | 56,779 | 51,349 | |
Service cost | 1,224 | 1,222 | $ 1,200 |
Interest cost | 1,748 | 2,112 | 2,030 |
Actuarial (gain) loss | (2,864) | 8,824 | |
Benefits paid | (2,015) | (1,590) | |
Other adjustments | 1,668 | ||
Exchange rate changes | (4,430) | (5,138) | |
Ending projected benefit obligation | 52,110 | 56,779 | 51,349 |
Change in plan assets: | |||
Beginning fair value of plan assets | 29,203 | 27,736 | |
Actual return on plan assets | 57 | 3,425 | |
Employer contributions | 1,792 | 1,562 | |
Benefits paid | (2,015) | (1,590) | |
Exchange rate changes | (1,472) | (1,930) | |
Ending fair value of plan assets | $ 27,565 | $ 29,203 | $ 27,736 |
Amounts Recognized on Consolida
Amounts Recognized on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. [Member] | |||
Amounts recognized in liabilities: | |||
Noncurrent liabilities | $ (8,883) | $ (9,304) | |
Funded Status | (8,883) | (9,304) | |
Net actuarial loss | 3,680 | 3,471 | |
Total recognized on the consolidated balance sheets | (5,203) | (5,833) | |
Non-U.S. [Member] | |||
Amounts recognized in liabilities: | |||
Current liabilities | (354) | (215) | |
Noncurrent liabilities | (24,191) | (27,361) | |
Funded Status | (24,545) | (27,576) | |
Net actuarial loss | 3,974 | 5,743 | $ (1,016) |
Total recognized on the consolidated balance sheets | $ (20,571) | $ (21,833) |
Changes in accumulated comprehe
Changes in accumulated comprehensive income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Current period (gain) loss | $ (1,781) | $ 7,995 | $ (462) |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning accumulated other comprehensive income | 3,471 | ||
Current period (gain) loss | 209 | 3,471 | |
Ending accumulated other comprehensive income | 3,680 | 3,471 | |
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning accumulated other comprehensive income | 5,743 | (1,016) | |
Current period (gain) loss | (1,167) | 7,280 | |
Exchange rate changes | (602) | (521) | |
Ending accumulated other comprehensive income | $ 3,974 | $ 5,743 | $ (1,016) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plans, Contributions | $ 7.6 | $ 6.7 | $ 4.9 |
Minimum | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return of plan assets | 7.00% | ||
Minimum | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return of plan assets | 3.00% | ||
Maximum | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return of plan assets | 9.00% | ||
Maximum | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return of plan assets | 5.00% | ||
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost in 2016 | $ 0.1 | ||
Expected long-term return of plan assets | 6.80% | 6.77% | 6.77% |
Estimated contributions in 2016 | $ 1.4 | ||
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return of plan assets | 7.25% | 7.25% | |
Estimated contributions in 2016 | $ 0 |
Weighted Average Assumptions to
Weighted Average Assumptions to Determine Benefit Obligations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average discount rate | 4.10% | 3.77% |
Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average discount rate | 3.46% | 3.08% |
Rate of compensation increase | 4.65% | 4.74% |
Weighted Average Assumptions102
Weighted Average Assumptions to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.77% | 4.04% | |
Expected long-term return of plan assets | 7.25% | 7.25% | |
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.22% | 4.26% | 4.23% |
Expected long-term return of plan assets | 6.80% | 6.77% | 6.77% |
Rate of compensation increase | 4.46% | 4.80% | 4.85% |
Net periodic Benefit Cost (Deta
Net periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 32 | $ 97 | |
Interest cost | 1,314 | 765 | |
Expected return on plan assets | (1,681) | (959) | |
Amortization of net actuarial gain (loss) | 4 | ||
Effect of settlement | 428 | 22 | |
Net periodic benefit cost | 97 | (75) | |
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,224 | 1,222 | $ 1,200 |
Interest cost | 1,748 | 2,112 | 2,030 |
Expected return on plan assets | (1,949) | (1,868) | (1,693) |
Amortization of net actuarial gain (loss) | 120 | (12) | |
Effect of settlement | 17 | ||
Net periodic benefit cost | $ 1,143 | $ 1,471 | $ 1,537 |
Weighted Average Asset Allocati
Weighted Average Asset Allocations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 51.00% | 49.00% |
Equity Securities [Member] | Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 77.00% | 70.00% |
Debt Securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 39.00% | 41.00% |
Debt Securities [Member] | Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 16.00% | 25.00% |
Real Estate [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 10.00% | 10.00% |
Cash [Member] | Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 4.00% | 4.00% |
Other [Member] | Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocations | 3.00% | 1.00% |
Fair Value Measurements for Pla
Fair Value Measurements for Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,261 | $ 2,680 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,894 | 27,338 | |
U.S. [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,123 | 13,379 | |
U.S. [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,321 | 11,279 | |
U.S. [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,450 | 2,680 | |
U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,633 | 24,658 | |
U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,123 | 13,379 | |
U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,321 | 11,279 | |
U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,189 | ||
U.S. [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,261 | 2,680 | |
U.S. [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,261 | 2,680 | |
Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,565 | 29,203 | $ 27,736 |
Non-U.S. [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,353 | 20,369 | |
Non-U.S. [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,308 | 6,660 | |
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,031 | 770 | |
Non-U.S. [Member] | Mixed Asset Mutual Funds (Equity/Fixed Income) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 873 | 1,404 | |
Non-U.S. [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,031 | 770 | |
Non-U.S. [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,031 | 770 | |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,534 | 28,433 | |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21,353 | 20,369 | |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,308 | 6,660 | |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | Mixed Asset Mutual Funds (Equity/Fixed Income) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 873 | $ 1,404 |
Changes in Level 3 Assets (Deta
Changes in Level 3 Assets (Detail) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Beginning fair value of plan assets | $ 2,680 |
Transfers to Level 2 | (1,334) |
Return on plan assets | 174 |
Purchases | 10 |
Sales | (269) |
Ending fair value of plan assets | $ 1,261 |
Expected Future Service Payment
Expected Future Service Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 1,520 |
2,017 | 1,750 |
2,018 | 1,820 |
2,019 | 1,560 |
2,020 | 1,860 |
2021–2025 | 9,770 |
Non-U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1,605 |
2,017 | 1,787 |
2,018 | 1,807 |
2,019 | 1,833 |
2,020 | 1,887 |
2021–2025 | $ 12,109 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying and Fair Value of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Registered Notes, carrying value | $ 600,000 | $ 600,000 |
Registered Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Registered Notes, carrying value | 600,000 | 600,000 |
Registered Notes, fair value | 605,910 | 615,000 |
Term Loan Facility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, carrying value | 1,333,421 | |
Term Loan Facility, fair value | $ 1,343,350 | |
USD Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, carrying value | 1,016,643 | |
Term Loan Facility, fair value | 1,000,489 | |
Euro Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, carrying value | 243,046 | |
Term Loan Facility, fair value | $ 243,242 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Collective bargaining agreements | 39.00% |
Collective bargaining agreements, expire 2016 | 11.00% |
Collective bargaining agreements, description | The remaining agreements expire in 2017, 2018, and 2019. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jan. 15, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||||
Ownership Percentage of the outstanding common stock | 100.00% | |||
American Security [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees and Expenses | $ 14,700,000 | $ 4,500,000 | ||
Amounts due management fees and expenses | $ 0 | |||
Ownership Percentage of the outstanding common stock | 78.50% | |||
Affiliates Of American Security [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership Percentage of the outstanding common stock | 75.70% |
Segment and Geographical Data -
Segment and Geographical Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Sales Revenue, Net [Member] | Customer 1 [Member] | Customer Concentration Risk [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 24.00% |
Sales Revenue, Net [Member] | Customer 2 [Member] | Customer Concentration Risk [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk, percentage | 21.00% |
Segment and Geographical Dat112
Segment and Geographical Data - Performance of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues: Net sales | $ 735,213 | $ 746,640 | $ 800,235 | $ 765,167 | $ 762,172 | $ 772,967 | $ 641,403 | $ 540,459 | $ 3,047,255 | $ 2,717,001 | $ 2,017,281 |
Adjusted EBITDA | 538,233 | 478,591 | 363,092 | ||||||||
Capital Expenditures | 226,313 | 156,390 | 122,256 | ||||||||
Depreciation/Amortization | 229,772 | 210,807 | 163,382 | ||||||||
Total Assets | 3,177,185 | 3,224,612 | 3,177,185 | 3,224,612 | 2,216,816 | ||||||
Operating Segments [Member] | ASP HHI Holdings, Inc [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues: Net sales | 984,765 | 968,508 | 906,516 | ||||||||
Intersegment Sales | 8,887 | 9,036 | 9,942 | ||||||||
Adjusted EBITDA | 199,835 | 193,480 | 175,033 | ||||||||
Capital Expenditures | 69,853 | 61,644 | 45,068 | ||||||||
Depreciation/Amortization | 79,106 | 76,854 | 71,740 | ||||||||
Total Assets | 905,468 | 944,104 | 905,468 | 944,104 | 993,512 | ||||||
Operating Segments [Member] | ASP MD Holdings, Inc [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues: Net sales | 1,155,741 | 1,176,367 | 1,110,765 | ||||||||
Intersegment Sales | 1,208 | 1,173 | 1,242 | ||||||||
Adjusted EBITDA | 205,698 | 202,353 | 188,059 | ||||||||
Capital Expenditures | 85,430 | 70,484 | 77,188 | ||||||||
Depreciation/Amortization | 78,196 | 92,503 | 91,642 | ||||||||
Total Assets | 1,243,764 | 1,216,375 | 1,243,764 | 1,216,375 | 1,223,984 | ||||||
Operating Segments [Member] | ASP Grede Intermediate Holdings LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues: Net sales | 906,749 | 572,126 | |||||||||
Intersegment Sales | 343 | 7 | |||||||||
Adjusted EBITDA | 132,700 | 82,758 | |||||||||
Capital Expenditures | 69,050 | 24,262 | |||||||||
Depreciation/Amortization | 72,404 | 41,450 | |||||||||
Total Assets | 954,633 | 982,005 | 954,633 | 982,005 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Sales | (10,438) | (10,216) | (11,184) | ||||||||
Capital Expenditures | 1,980 | ||||||||||
Depreciation/Amortization | 66 | ||||||||||
Total Assets | $ 73,320 | $ 82,128 | $ 73,320 | $ 82,128 | $ (680) |
Segment and Geographical Dat113
Segment and Geographical Data - Reconciliation of Segment EBITDA (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Adjusted EBITDA | $ 538,233 | $ 478,591 | $ 363,092 |
Depreciation and amortization | (229,772) | (210,807) | (163,382) |
Interest expense, net | (107,487) | (99,894) | (74,667) |
Loss on debt extinguishment | (368) | (60,713) | |
Gain (loss) on foreign currency | 20,175 | 15,723 | (2,295) |
Loss on fixed assets | (2,863) | (2,125) | (1,419) |
Debt transaction expenses | (1,774) | (2,973) | (6,014) |
Stock-based compensation | (27,664) | (17,319) | (6,175) |
Sponsor management fees | (5,078) | (4,000) | |
Non-recurring acquisition and purchase accounting items | (3,042) | (22,994) | (10,491) |
Non-recurring operational items | (11,627) | (18,232) | (1,819) |
Income before tax | $ 173,811 | $ 54,179 | $ 92,830 |
Segment and Geographical Dat114
Segment and Geographical Data - Schedule of Total Assets, Long-Lived Assets and Net Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 3,177,185 | $ 3,224,612 | $ 2,216,816 | |
Noncurrent assets | 2,441,230 | 2,478,476 | ||
Net assets | 639,035 | 524,962 | $ 325,180 | $ 520,503 |
United States of America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 2,611,978 | 2,684,690 | ||
Noncurrent assets | 2,130,737 | 2,178,658 | ||
Net assets | 264,445 | 199,414 | ||
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 304,937 | 308,667 | ||
Noncurrent assets | 173,352 | 187,870 | ||
Net assets | 211,169 | 196,577 | ||
Other foreign [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 260,270 | 231,255 | ||
Noncurrent assets | 137,141 | 111,948 | ||
Net assets | 163,421 | 128,971 | ||
Total foreign [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 565,207 | 539,922 | ||
Noncurrent assets | 310,493 | 299,818 | ||
Net assets | $ 374,590 | $ 325,548 |
Segment and Geographical Dat115
Segment and Geographical Data - Schedule of Net Sales by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 735,213 | $ 746,640 | $ 800,235 | $ 765,167 | $ 762,172 | $ 772,967 | $ 641,403 | $ 540,459 | $ 3,047,255 | $ 2,717,001 | $ 2,017,281 |
United States of America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,349,731 | 2,035,941 | 1,487,596 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 365,295 | 403,506 | 384,040 | ||||||||
Other foreign [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 332,229 | 277,554 | 145,645 | ||||||||
Total foreign [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 697,524 | $ 681,060 | $ 529,685 |
Summarized Unaudited Quarterly
Summarized Unaudited Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 735,213 | $ 746,640 | $ 800,235 | $ 765,167 | $ 762,172 | $ 772,967 | $ 641,403 | $ 540,459 | $ 3,047,255 | $ 2,717,001 | $ 2,017,281 |
Gross profit | 119,167 | 126,241 | 142,063 | 128,539 | 118,007 | 117,441 | 104,179 | 83,266 | 516,010 | 422,893 | 308,608 |
Net income attributable to stockholders | $ 20,549 | $ 28,205 | $ 44,109 | $ 32,441 | $ 10,241 | $ 24,600 | $ 15,384 | $ 22,602 | $ 125,304 | $ 72,827 | $ 57,568 |
Basic EPS | $ 0.30 | $ 0.42 | $ 0.66 | $ 0.48 | $ 0.15 | $ 0.37 | $ 0.23 | $ 0.34 | $ 1.86 | $ 1.09 | $ 0.86 |
Diluted EPS | $ 0.29 | $ 0.41 | $ 0.64 | $ 0.47 | $ 0.15 | $ 0.36 | $ 0.22 | $ 0.33 | $ 1.80 | $ 1.06 | $ 0.86 |
Guarantor - Additional Informat
Guarantor - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Ownership Percentage of the outstanding common stock | 100.00% |
Guarantor - Condensed Consolida
Guarantor - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Jun. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||||
Cash and cash equivalents | $ 168,156 | $ 156,498 | $ 156,498 | $ 68,224 | $ 40,331 | |
Receivables, net: | ||||||
Trade | 309,079 | 312,943 | ||||
Other | 35,351 | 31,943 | ||||
Total receivables, net | 344,430 | 344,886 | ||||
Inventories | 186,848 | 204,789 | ||||
Deferred income taxes | 12,435 | |||||
Prepaid expenses | 15,034 | 13,004 | ||||
Other assets | 21,487 | 14,524 | ||||
Total current assets | 735,955 | 746,136 | ||||
Property and equipment, net | 785,953 | 750,181 | ||||
Goodwill | 907,716 | 907,716 | $ 261,528 | 657,991 | ||
Amortizable intangible assets, net | 708,910 | 778,457 | ||||
Deferred income taxes, noncurrent | 1,701 | 1,359 | ||||
Other assets | 36,950 | 40,763 | ||||
Total assets | 3,177,185 | 3,224,612 | 2,216,816 | |||
Current liabilities: | ||||||
Accounts payable | 248,862 | 285,468 | ||||
Accrued compensation | 55,130 | 50,952 | ||||
Accrued liabilities | 66,802 | 79,934 | ||||
Short-term debt | 723 | 1,572 | ||||
Current maturities, long-term debt and capital lease obligations | 14,470 | 16,497 | ||||
Total current liabilities | 385,987 | 434,423 | ||||
Long-term debt, less current maturities | 1,846,746 | 1,920,310 | ||||
Capital lease obligations | 22,489 | 23,425 | ||||
Deferred income taxes | 231,326 | 260,703 | ||||
Other long-term liabilities | 51,602 | 60,789 | ||||
Total liabilities | 2,538,150 | 2,699,650 | ||||
Stockholders’ equity: | ||||||
Total equity attributable to stockholders | 636,138 | 522,463 | ||||
Noncontrolling interest | 2,897 | 2,499 | ||||
Total stockholders’ equity | 639,035 | 524,962 | 325,180 | 520,503 | ||
Total liabilities and stockholders’ equity | 3,177,185 | 3,224,612 | ||||
Parent Company [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1 | |||||
Receivables, net: | ||||||
Other | 57 | |||||
Total receivables, net | 57 | |||||
Prepaid expenses | 600 | |||||
Other assets | 5,322 | |||||
Total current assets | 5,379 | 601 | ||||
Deferred income taxes, noncurrent | 14,242 | |||||
Intercompany receivables | 56,253 | 11,982 | ||||
Investment in subsidiaries | 618,967 | 516,381 | ||||
Total assets | 694,841 | 528,964 | ||||
Current liabilities: | ||||||
Accounts payable | 2 | |||||
Accrued liabilities | 538 | 918 | ||||
Total current liabilities | 540 | 918 | ||||
Intercompany payables | 58,163 | 5,583 | ||||
Total liabilities | 58,703 | 6,501 | ||||
Stockholders’ equity: | ||||||
Total equity attributable to stockholders | 636,138 | 522,463 | ||||
Total stockholders’ equity | 636,138 | 522,463 | ||||
Total liabilities and stockholders’ equity | 694,841 | 528,964 | ||||
Issuer [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 50,509 | 52,253 | ||||
Receivables, net: | ||||||
Other | 266 | |||||
Total receivables, net | 266 | |||||
Prepaid expenses | 3,218 | 2,770 | ||||
Total current assets | 53,727 | 55,289 | ||||
Property and equipment, net | 2,016 | |||||
Other assets | 22,336 | 24,581 | ||||
Intercompany receivables | 1,734,587 | 1,858,569 | ||||
Investment in subsidiaries | 695,939 | 529,838 | ||||
Total assets | 2,508,605 | 2,468,277 | ||||
Current liabilities: | ||||||
Accounts payable | 1,016 | 538 | ||||
Accrued compensation | 4,385 | |||||
Accrued liabilities | 19,121 | 17,937 | ||||
Current maturities, long-term debt and capital lease obligations | 13,180 | 13,500 | ||||
Total current liabilities | 37,702 | 31,975 | ||||
Long-term debt, less current maturities | 1,846,509 | 1,919,921 | ||||
Deferred income taxes | 5,041 | |||||
Other long-term liabilities | 386 | |||||
Total liabilities | 1,889,638 | 1,951,896 | ||||
Stockholders’ equity: | ||||||
Total equity attributable to stockholders | 618,967 | 516,381 | ||||
Total stockholders’ equity | 618,967 | 516,381 | ||||
Total liabilities and stockholders’ equity | 2,508,605 | 2,468,277 | ||||
Guarantor Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 10,815 | 3,182 | 720 | 9,371 | ||
Receivables, net: | ||||||
Trade | 242,357 | 253,648 | ||||
Other | 70,946 | 55,750 | ||||
Total receivables, net | 313,303 | 309,398 | ||||
Inventories | 139,127 | 157,379 | ||||
Deferred income taxes | 8,560 | |||||
Prepaid expenses | 7,437 | 6,986 | ||||
Other assets | 8,537 | 6,425 | ||||
Total current assets | 479,219 | 491,930 | ||||
Property and equipment, net | 546,271 | 517,700 | ||||
Goodwill | 673,209 | 673,209 | ||||
Amortizable intangible assets, net | 561,695 | 616,313 | ||||
Other assets | 14,178 | 15,694 | ||||
Investment in subsidiaries | 673,773 | 656,504 | ||||
Total assets | 2,948,345 | 2,971,350 | ||||
Current liabilities: | ||||||
Accounts payable | 165,697 | 197,088 | ||||
Accrued compensation | 38,409 | 36,357 | ||||
Accrued liabilities | 27,166 | 38,353 | ||||
Short-term debt | 268 | |||||
Current maturities, long-term debt and capital lease obligations | 1,145 | (19,034) | ||||
Total current liabilities | 232,417 | 253,032 | ||||
Long-term debt, less current maturities | 12,826 | |||||
Capital lease obligations | 22,470 | 23,384 | ||||
Deferred income taxes | 233,476 | 254,433 | ||||
Other long-term liabilities | 26,476 | 32,869 | ||||
Intercompany payables | 1,737,567 | 1,864,968 | ||||
Total liabilities | 2,252,406 | 2,441,512 | ||||
Stockholders’ equity: | ||||||
Total equity attributable to stockholders | 695,939 | 529,838 | ||||
Total stockholders’ equity | 695,939 | 529,838 | ||||
Total liabilities and stockholders’ equity | 2,948,345 | 2,971,350 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 106,832 | 101,062 | $ 67,504 | $ 30,960 | ||
Receivables, net: | ||||||
Trade | 67,714 | 61,805 | ||||
Other | 19,820 | 19,511 | ||||
Total receivables, net | 87,534 | 81,316 | ||||
Inventories | 47,721 | 47,410 | ||||
Deferred income taxes | 3,875 | |||||
Prepaid expenses | 4,379 | 2,648 | ||||
Other assets | 7,628 | 8,099 | ||||
Total current assets | 254,094 | 244,410 | ||||
Property and equipment, net | 237,666 | 232,481 | ||||
Goodwill | 234,507 | 234,507 | ||||
Amortizable intangible assets, net | 147,215 | 162,144 | ||||
Deferred income taxes, noncurrent | 1,701 | 1,359 | ||||
Other assets | 436 | 13,439 | ||||
Intercompany receivables | 4,890 | |||||
Total assets | 880,509 | 888,340 | ||||
Current liabilities: | ||||||
Accounts payable | 104,974 | 103,662 | ||||
Accrued compensation | 12,336 | 14,595 | ||||
Accrued liabilities | 53,614 | 53,124 | ||||
Short-term debt | 723 | 1,304 | ||||
Current maturities, long-term debt and capital lease obligations | 145 | 22,031 | ||||
Total current liabilities | 171,792 | 194,716 | ||||
Long-term debt, less current maturities | 237 | 390 | ||||
Capital lease obligations | 19 | 41 | ||||
Deferred income taxes | 7,051 | 6,270 | ||||
Other long-term liabilities | 24,740 | 27,920 | ||||
Total liabilities | 203,839 | 229,337 | ||||
Stockholders’ equity: | ||||||
Total equity attributable to stockholders | 673,773 | 656,504 | ||||
Noncontrolling interest | 2,897 | 2,499 | ||||
Total stockholders’ equity | 676,670 | 659,003 | ||||
Total liabilities and stockholders’ equity | 880,509 | 888,340 | ||||
Consolidation, Eliminations [Member] | ||||||
Receivables, net: | ||||||
Trade | (992) | (2,510) | ||||
Other | (55,472) | (43,584) | ||||
Total receivables, net | (56,464) | (46,094) | ||||
Total current assets | (56,464) | (46,094) | ||||
Deferred income taxes, noncurrent | (14,242) | |||||
Other assets | (12,951) | |||||
Intercompany receivables | (1,795,730) | (1,870,551) | ||||
Investment in subsidiaries | (1,988,679) | (1,702,723) | ||||
Total assets | (3,855,115) | (3,632,319) | ||||
Current liabilities: | ||||||
Accounts payable | (22,827) | (15,820) | ||||
Accrued liabilities | (33,637) | (30,398) | ||||
Total current liabilities | (56,464) | (46,218) | ||||
Long-term debt, less current maturities | (12,827) | |||||
Deferred income taxes | (14,242) | |||||
Intercompany payables | (1,795,730) | (1,870,551) | ||||
Total liabilities | (1,866,436) | (1,929,596) | ||||
Stockholders’ equity: | ||||||
Total equity attributable to stockholders | (1,988,679) | (1,702,723) | ||||
Total stockholders’ equity | (1,988,679) | (1,702,723) | ||||
Total liabilities and stockholders’ equity | $ (3,855,115) | $ (3,632,319) |
Guarantor - Condensed Consol119
Guarantor - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net sales | $ 735,213 | $ 746,640 | $ 800,235 | $ 765,167 | $ 762,172 | $ 772,967 | $ 641,403 | $ 540,459 | $ 3,047,255 | $ 2,717,001 | $ 2,017,281 |
Cost of sales | 2,531,245 | 2,294,108 | 1,708,673 | ||||||||
Gross profit | 119,167 | 126,241 | 142,063 | 128,539 | 118,007 | 117,441 | 104,179 | 83,266 | 516,010 | 422,893 | 308,608 |
Selling, general and administrative expenses | $ 249,696 | 194,590 | 123,239 | ||||||||
Goodwill impairment | 11,803 | ||||||||||
Acquisition costs | 13,046 | ||||||||||
Operating profit | $ 266,314 | 203,454 | 185,369 | ||||||||
Interest expense, net | 107,487 | 99,894 | 74,667 | ||||||||
Loss on debt extinguishment | 368 | 60,713 | |||||||||
Other, net | (15,352) | (11,332) | 17,872 | ||||||||
Other expense, net | 92,503 | 149,275 | 92,539 | ||||||||
Income before tax | 173,811 | 54,179 | 92,830 | ||||||||
Income tax expense (benefit) | 48,064 | (19,082) | 34,969 | ||||||||
Income (loss) before from equity in subsidiaries | 125,747 | 73,261 | 57,861 | ||||||||
Net income | 125,747 | 73,261 | 57,861 | ||||||||
Income attributable to noncontrolling interest | 443 | 434 | 293 | ||||||||
Net income attributable to stockholders | 20,549 | 28,205 | 44,109 | 32,441 | 10,241 | 24,600 | 15,384 | 22,602 | 125,304 | 72,827 | 57,568 |
Other, net | (15,352) | (11,332) | 17,872 | ||||||||
Other expense, net | 92,503 | 149,275 | 92,539 | ||||||||
Income before tax | 173,811 | 54,179 | 92,830 | ||||||||
Income tax expense (benefit) | 48,064 | (19,082) | 34,969 | ||||||||
Income (loss) before from equity in subsidiaries | 125,747 | 73,261 | 57,861 | ||||||||
Net income | 125,747 | 73,261 | 57,861 | ||||||||
Income attributable to noncontrolling interest | 443 | 434 | 293 | ||||||||
Net income attributable to stockholders | $ 20,549 | $ 28,205 | $ 44,109 | $ 32,441 | $ 10,241 | $ 24,600 | $ 15,384 | $ 22,602 | 125,304 | 72,827 | 57,568 |
Operating profit | 266,314 | 203,454 | 185,369 | ||||||||
Interest expense, net | 107,487 | 99,894 | 74,667 | ||||||||
Loss on debt extinguishment | 368 | 60,713 | |||||||||
Other, net | (15,352) | (11,332) | 17,872 | ||||||||
Other expense, net | 92,503 | 149,275 | 92,539 | ||||||||
Income before tax | 173,811 | 54,179 | 92,830 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Interest expense, net | 8 | ||||||||||
Other, net | 6 | ||||||||||
Other expense, net | 14 | ||||||||||
Income before tax | (14) | ||||||||||
Income tax expense (benefit) | (5) | ||||||||||
Income (loss) before from equity in subsidiaries | (9) | ||||||||||
Earnings from equity in subsidiaries | 125,313 | 72,827 | 57,568 | ||||||||
Net income | 125,304 | 72,827 | 57,568 | ||||||||
Net income attributable to stockholders | 125,304 | 72,827 | 57,568 | ||||||||
Other, net | 6 | ||||||||||
Other expense, net | 14 | ||||||||||
Income before tax | (14) | ||||||||||
Income tax expense (benefit) | (5) | ||||||||||
Income (loss) before from equity in subsidiaries | (9) | ||||||||||
Earnings from equity in subsidiaries | 125,313 | 72,827 | 57,568 | ||||||||
Net income | 125,304 | 72,827 | 57,568 | ||||||||
Net income attributable to stockholders | 125,304 | 72,827 | 57,568 | ||||||||
Interest expense, net | 8 | ||||||||||
Other, net | 6 | ||||||||||
Other expense, net | 14 | ||||||||||
Income before tax | (14) | ||||||||||
Issuer [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Interest expense, net | 102,213 | 22,279 | |||||||||
Loss on debt extinguishment | 368 | ||||||||||
Other, net | (8,163) | ||||||||||
Other expense, net | 94,418 | 22,279 | |||||||||
Income before tax | (94,418) | (22,279) | |||||||||
Income tax expense (benefit) | (30,903) | (8,822) | |||||||||
Income (loss) before from equity in subsidiaries | (63,515) | (13,457) | |||||||||
Earnings from equity in subsidiaries | 188,828 | 86,284 | 57,568 | ||||||||
Net income | 125,313 | 72,827 | 57,568 | ||||||||
Net income attributable to stockholders | 125,313 | 72,827 | 57,568 | ||||||||
Other, net | (8,163) | ||||||||||
Other expense, net | 94,418 | 22,279 | |||||||||
Income before tax | (94,418) | (22,279) | |||||||||
Income tax expense (benefit) | (30,903) | (8,822) | |||||||||
Income (loss) before from equity in subsidiaries | (63,515) | (13,457) | |||||||||
Earnings from equity in subsidiaries | 188,828 | 86,284 | 57,568 | ||||||||
Net income | 125,313 | 72,827 | 57,568 | ||||||||
Net income attributable to stockholders | 125,313 | 72,827 | 57,568 | ||||||||
Interest expense, net | 102,213 | 22,279 | |||||||||
Loss on debt extinguishment | 368 | ||||||||||
Other, net | (8,163) | ||||||||||
Other expense, net | 94,418 | 22,279 | |||||||||
Income before tax | (94,418) | (22,279) | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net sales | 2,432,296 | 2,109,613 | 1,508,294 | ||||||||
Cost of sales | 2,034,440 | 1,793,437 | 1,290,448 | ||||||||
Gross profit | 397,856 | 316,176 | 217,846 | ||||||||
Selling, general and administrative expenses | 205,577 | 157,221 | 92,782 | ||||||||
Goodwill impairment | 11,803 | ||||||||||
Acquisition costs | 13,046 | ||||||||||
Operating profit | 192,279 | 134,106 | 125,064 | ||||||||
Interest expense, net | (4,201) | 67,395 | 65,978 | ||||||||
Loss on debt extinguishment | 60,713 | ||||||||||
Other, net | (10,575) | (16,356) | 3,944 | ||||||||
Other expense, net | (14,776) | 111,752 | 69,922 | ||||||||
Income before tax | 207,055 | 22,354 | 55,142 | ||||||||
Income tax expense (benefit) | 56,178 | (26,811) | 20,502 | ||||||||
Income (loss) before from equity in subsidiaries | 150,877 | 49,165 | 34,640 | ||||||||
Earnings from equity in subsidiaries | 37,951 | 37,119 | 22,928 | ||||||||
Net income | 188,828 | 86,284 | 57,568 | ||||||||
Net income attributable to stockholders | 188,828 | 86,284 | 57,568 | ||||||||
Other, net | (10,575) | (16,356) | 3,944 | ||||||||
Other expense, net | (14,776) | 111,752 | 69,922 | ||||||||
Income before tax | 207,055 | 22,354 | 55,142 | ||||||||
Income tax expense (benefit) | 56,178 | (26,811) | 20,502 | ||||||||
Income (loss) before from equity in subsidiaries | 150,877 | 49,165 | 34,640 | ||||||||
Earnings from equity in subsidiaries | 37,951 | 37,119 | 22,928 | ||||||||
Net income | 188,828 | 86,284 | 57,568 | ||||||||
Net income attributable to stockholders | 188,828 | 86,284 | 57,568 | ||||||||
Operating profit | 192,279 | 134,106 | 125,064 | ||||||||
Interest expense, net | (4,201) | 67,395 | 65,978 | ||||||||
Loss on debt extinguishment | 60,713 | ||||||||||
Other, net | (10,575) | (16,356) | 3,944 | ||||||||
Other expense, net | (14,776) | 111,752 | 69,922 | ||||||||
Income before tax | 207,055 | 22,354 | 55,142 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net sales | 739,748 | 723,711 | 617,991 | ||||||||
Cost of sales | 621,594 | 616,994 | 527,229 | ||||||||
Gross profit | 118,154 | 106,717 | 90,762 | ||||||||
Selling, general and administrative expenses | 44,119 | 37,369 | 30,457 | ||||||||
Operating profit | 74,035 | 69,348 | 60,305 | ||||||||
Interest expense, net | 9,467 | 10,220 | 8,689 | ||||||||
Other, net | 3,380 | 5,024 | 13,928 | ||||||||
Other expense, net | 12,847 | 15,244 | 22,617 | ||||||||
Income before tax | 61,188 | 54,104 | 37,688 | ||||||||
Income tax expense (benefit) | 22,794 | 16,551 | 14,467 | ||||||||
Income (loss) before from equity in subsidiaries | 38,394 | 37,553 | 23,221 | ||||||||
Net income | 38,394 | 37,553 | 23,221 | ||||||||
Income attributable to noncontrolling interest | 443 | 434 | 293 | ||||||||
Net income attributable to stockholders | 37,951 | 37,119 | 22,928 | ||||||||
Other, net | 3,380 | 5,024 | 13,928 | ||||||||
Other expense, net | 12,847 | 15,244 | 22,617 | ||||||||
Income before tax | 61,188 | 54,104 | 37,688 | ||||||||
Income tax expense (benefit) | 22,794 | 16,551 | 14,467 | ||||||||
Income (loss) before from equity in subsidiaries | 38,394 | 37,553 | 23,221 | ||||||||
Net income | 38,394 | 37,553 | 23,221 | ||||||||
Income attributable to noncontrolling interest | 443 | 434 | 293 | ||||||||
Net income attributable to stockholders | 37,951 | 37,119 | 22,928 | ||||||||
Operating profit | 74,035 | 69,348 | 60,305 | ||||||||
Interest expense, net | 9,467 | 10,220 | 8,689 | ||||||||
Other, net | 3,380 | 5,024 | 13,928 | ||||||||
Other expense, net | 12,847 | 15,244 | 22,617 | ||||||||
Income before tax | 61,188 | 54,104 | 37,688 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net sales | (124,789) | (116,323) | (109,004) | ||||||||
Cost of sales | (124,789) | (116,323) | (109,004) | ||||||||
Earnings from equity in subsidiaries | (352,092) | (196,230) | (138,064) | ||||||||
Net income | (352,092) | (196,230) | (138,064) | ||||||||
Net income attributable to stockholders | (352,092) | (196,230) | (138,064) | ||||||||
Earnings from equity in subsidiaries | (352,092) | (196,230) | (138,064) | ||||||||
Net income | (352,092) | (196,230) | (138,064) | ||||||||
Net income attributable to stockholders | $ (352,092) | $ (196,230) | $ (138,064) |
Guarantor - Condensed Consol120
Guarantor - Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $ 125,747 | $ 73,261 | $ 57,861 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (24,303) | (23,984) | (3,481) |
Net actuarial gain on defined benefit plans | 1,781 | (7,995) | 462 |
Losses on defined benefit plans recognized in net income | 432 | 244 | |
Other comprehensive loss, net of tax | (22,090) | (31,979) | (3,019) |
Comprehensive income | 103,657 | 41,282 | 54,842 |
Less comprehensive income attributable to noncontrolling interest | 398 | 404 | 191 |
Comprehensive income attributable to stockholders | 103,259 | 40,878 | 54,651 |
Other comprehensive loss, net of tax | (22,090) | (31,979) | (3,019) |
Comprehensive income | 103,657 | 41,282 | 54,842 |
Less comprehensive income attributable to noncontrolling interest | 398 | 404 | 191 |
Comprehensive income attributable to stockholders | 103,259 | 40,878 | 54,651 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 125,304 | 72,827 | 57,568 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (24,303) | (23,984) | (3,481) |
Net actuarial gain on defined benefit plans | 1,781 | (7,995) | 462 |
Losses on defined benefit plans recognized in net income | 432 | ||
Other comprehensive loss, net of tax | (22,090) | (31,979) | (3,019) |
Comprehensive income | 103,214 | 40,848 | 54,549 |
Comprehensive income attributable to stockholders | 103,214 | 40,848 | 54,549 |
Other comprehensive loss, net of tax | (22,090) | (31,979) | (3,019) |
Comprehensive income | 103,214 | 40,848 | 54,549 |
Comprehensive income attributable to stockholders | 103,214 | 40,848 | 54,549 |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 125,313 | 72,827 | 57,568 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (24,985) | (23,552) | (3,481) |
Net actuarial gain on defined benefit plans | 1,781 | (7,995) | 462 |
Losses on defined benefit plans recognized in net income | 432 | ||
Other comprehensive loss, net of tax | (22,772) | (31,547) | (3,019) |
Comprehensive income | 102,541 | 41,280 | 54,549 |
Comprehensive income attributable to stockholders | 102,541 | 41,280 | 54,549 |
Other comprehensive loss, net of tax | (22,772) | (31,547) | (3,019) |
Comprehensive income | 102,541 | 41,280 | 54,549 |
Comprehensive income attributable to stockholders | 102,541 | 41,280 | 54,549 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 188,828 | 86,284 | 57,568 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (24,985) | (23,552) | (3,481) |
Net actuarial gain on defined benefit plans | 1,781 | (7,995) | 462 |
Losses on defined benefit plans recognized in net income | 432 | ||
Other comprehensive loss, net of tax | (22,772) | (31,547) | (3,019) |
Comprehensive income | 166,056 | 54,737 | 54,549 |
Comprehensive income attributable to stockholders | 166,056 | 54,737 | 54,549 |
Other comprehensive loss, net of tax | (22,772) | (31,547) | (3,019) |
Comprehensive income | 166,056 | 54,737 | 54,549 |
Comprehensive income attributable to stockholders | 166,056 | 54,737 | 54,549 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 38,394 | 37,553 | 23,221 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (21,828) | (22,184) | (1,866) |
Net actuarial gain on defined benefit plans | 1,102 | (4,730) | 708 |
Other comprehensive loss, net of tax | (20,726) | (26,914) | (1,158) |
Comprehensive income | 17,668 | 10,639 | 22,063 |
Less comprehensive income attributable to noncontrolling interest | 398 | 404 | 191 |
Comprehensive income attributable to stockholders | 17,270 | 10,235 | 21,872 |
Other comprehensive loss, net of tax | (20,726) | (26,914) | (1,158) |
Comprehensive income | 17,668 | 10,639 | 22,063 |
Less comprehensive income attributable to noncontrolling interest | 398 | 404 | 191 |
Comprehensive income attributable to stockholders | 17,270 | 10,235 | 21,872 |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | (352,092) | (196,230) | (138,064) |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | 71,798 | 69,288 | 8,828 |
Net actuarial gain on defined benefit plans | (4,664) | 20,720 | (1,632) |
Losses on defined benefit plans recognized in net income | (864) | ||
Other comprehensive loss, net of tax | 66,270 | 90,008 | 7,196 |
Comprehensive income | (285,822) | (106,222) | (130,868) |
Comprehensive income attributable to stockholders | (285,822) | (106,222) | (130,868) |
Other comprehensive loss, net of tax | 66,270 | 90,008 | 7,196 |
Comprehensive income | (285,822) | (106,222) | (130,868) |
Comprehensive income attributable to stockholders | $ (285,822) | $ (106,222) | $ (130,868) |
Guarantor - Condensed Consol121
Guarantor - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net cash provided by (used for) operating activities | $ 329,797 | $ 305,421 | $ 234,258 |
Cash flows from investing activities: | |||
Capital expenditures | (226,313) | (156,390) | (122,256) |
Proceeds from sale of fixed assets | 4,047 | 1,420 | 1,068 |
Capitalized patent costs | (394) | (243) | (352) |
Grede Transaction, net of cash acquired | (829,656) | ||
Release of escrow from the acquisition of Metaldyne | 4,807 | ||
Net cash used for investing activities | (222,660) | (984,869) | (116,733) |
Cash flows from financing activities: | |||
Cash dividends | (18,238) | (111,259) | (256,867) |
Other stock activity | (2,444) | 579 | |
Proceeds from stock issuance | 3,025 | 260,474 | |
Borrowings of short-term debt | 14,300 | 388,773 | 545,621 |
Repayments of short-term debt | (14,568) | (407,357) | (533,182) |
Stock-based compensation activity, net | 1,397 | ||
Borrowings of revolving lines of credit | 14,300 | ||
Repayments of revolving lines of credit | (14,568) | ||
Proceeds of long-term debt | 1,326,625 | 2,658,250 | 240,000 |
Principal payments of long-term debt | (1,391,775) | (1,952,041) | (59,904) |
Other debt, net | (3,514) | (6,705) | (2,366) |
Payment of contingent consideration for the acquisition of Metaldyne | (10,000) | ||
Payment of debt issue costs | (149) | (45,427) | (14,956) |
Payment of offering related costs | (108) | (5,583) | |
Net cash provided by (used for) financing activities | (86,030) | 776,681 | (91,075) |
Effect of exchange rates | (9,449) | (8,959) | 1,443 |
Net increase in cash and cash equivalents | 11,658 | 88,274 | 27,893 |
Cash and cash equivalents: | |||
Cash and cash equivalents, beginning of year | 156,498 | 68,224 | 40,331 |
Net increase in cash and cash equivalents | 11,658 | 88,274 | 27,893 |
Cash and cash equivalents, end of year | 168,156 | 156,498 | 68,224 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used for) operating activities | 8,622 | 11,982 | |
Cash flows from investing activities: | |||
Intercompany activity | 8,309 | (6,399) | |
Net cash used for investing activities | 8,309 | (6,399) | |
Cash flows from financing activities: | |||
Cash dividends | (18,221) | ||
Proceeds from stock issuance | 1 | ||
Stock-based compensation activity, net | 1,397 | ||
Payment of offering related costs | (108) | (5,583) | |
Net cash provided by (used for) financing activities | (16,932) | (5,582) | |
Net increase in cash and cash equivalents | (1) | 1 | |
Cash and cash equivalents: | |||
Cash and cash equivalents, beginning of year | 1 | ||
Net increase in cash and cash equivalents | (1) | 1 | |
Cash and cash equivalents, end of year | 1 | ||
Issuer [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used for) operating activities | (58,598) | 2,768 | |
Cash flows from investing activities: | |||
Capital expenditures | (1,982) | ||
Intercompany activity | 134,178 | (1,858,569) | |
Net cash used for investing activities | 132,196 | (1,858,569) | |
Cash flows from financing activities: | |||
Borrowings of revolving lines of credit | 14,300 | ||
Repayments of revolving lines of credit | (14,300) | ||
Proceeds of long-term debt | 1,326,625 | 1,943,250 | |
Principal payments of long-term debt | (1,391,621) | (10,000) | |
Payment of debt issue costs | (149) | (25,196) | |
Intercompany activity | (10,197) | ||
Net cash provided by (used for) financing activities | (75,342) | 1,908,054 | |
Net increase in cash and cash equivalents | (1,744) | 52,253 | |
Cash and cash equivalents: | |||
Cash and cash equivalents, beginning of year | 52,253 | ||
Net increase in cash and cash equivalents | (1,744) | 52,253 | |
Cash and cash equivalents, end of year | 50,509 | 52,253 | |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used for) operating activities | 319,321 | 205,363 | 166,263 |
Cash flows from investing activities: | |||
Capital expenditures | (171,694) | (116,815) | (89,060) |
Proceeds from sale of fixed assets | 3,853 | 541 | 1,036 |
Capitalized patent costs | (394) | (243) | (352) |
Grede Transaction, net of cash acquired | (812,578) | ||
Release of escrow from the acquisition of Metaldyne | 4,807 | ||
Net cash used for investing activities | (168,235) | (929,095) | (83,569) |
Cash flows from financing activities: | |||
Cash dividends | (17) | (111,259) | (256,867) |
Other stock activity | (2,444) | 579 | |
Proceeds from stock issuance | 244,805 | ||
Borrowings of short-term debt | 388,773 | 545,621 | |
Repayments of short-term debt | (405,057) | (533,182) | |
Repayments of revolving lines of credit | (268) | ||
Proceeds of long-term debt | 715,000 | 240,000 | |
Principal payments of long-term debt | (154) | (1,942,041) | (59,904) |
Other debt, net | (2,787) | (6,320) | (2,636) |
Payment of contingent consideration for the acquisition of Metaldyne | (10,000) | ||
Payment of debt issue costs | (20,231) | (14,956) | |
Intercompany activity | (140,227) | 1,864,968 | |
Net cash provided by (used for) financing activities | (143,453) | 726,194 | (91,345) |
Net increase in cash and cash equivalents | 7,633 | 2,462 | (8,651) |
Cash and cash equivalents: | |||
Cash and cash equivalents, beginning of year | 3,182 | 720 | 9,371 |
Net increase in cash and cash equivalents | 7,633 | 2,462 | (8,651) |
Cash and cash equivalents, end of year | 10,815 | 3,182 | 720 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used for) operating activities | 60,452 | 85,308 | 67,995 |
Cash flows from investing activities: | |||
Capital expenditures | (52,637) | (39,575) | (33,196) |
Proceeds from sale of fixed assets | 194 | 879 | 32 |
Grede Transaction, net of cash acquired | (17,078) | ||
Net cash used for investing activities | (52,443) | (55,774) | (33,164) |
Cash flows from financing activities: | |||
Proceeds from stock issuance | 15,668 | ||
Repayments of short-term debt | (2,300) | ||
Other debt, net | (727) | (385) | 270 |
Intercompany activity | 7,937 | ||
Net cash provided by (used for) financing activities | 7,210 | 12,983 | 270 |
Effect of exchange rates | (9,449) | (8,959) | 1,443 |
Net increase in cash and cash equivalents | 5,770 | 33,558 | 36,544 |
Cash and cash equivalents: | |||
Cash and cash equivalents, beginning of year | 101,062 | 67,504 | 30,960 |
Net increase in cash and cash equivalents | 5,770 | 33,558 | 36,544 |
Cash and cash equivalents, end of year | 106,832 | 101,062 | $ 67,504 |
Consolidation, Eliminations [Member] | |||
Cash flows from investing activities: | |||
Intercompany activity | (142,487) | 1,864,968 | |
Net cash used for investing activities | (142,487) | 1,864,968 | |
Cash flows from financing activities: | |||
Intercompany activity | 142,487 | (1,864,968) | |
Net cash provided by (used for) financing activities | $ 142,487 | $ (1,864,968) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 24, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Share repurchase program expiry date | Feb. 28, 2017 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Date Declared | Feb. 24, 2016 | |
Cash dividends declared per share | $ 0.09 | |
Date Paid | Apr. 26, 2016 | |
Date of record for Dividend Declared | Apr. 12, 2016 | |
Common stock number of shares repurchased | 0 | |
Subsequent Event [Member] | Maximum | ||
Subsequent Event [Line Items] | ||
Share repurchase program authorized amount | $ 25,000,000 |
Schedule II_ Valuation and Q123
Schedule II: Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowances on Accounts Receivable [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 8 | $ 9 | $ 5 |
Charged to costs and expenses | 20.8 | 5.1 | 3.6 |
Charged to other accounts | (0.1) | 2 | 0.4 |
Deductions | (17.2) | (8.1) | |
Balance at end of period | 11.5 | 8 | 9 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 11.9 | 7.1 | 18.2 |
Charged to costs and expenses | 2.5 | 4.7 | 0.2 |
Charged to other accounts | (1.5) | (0.1) | |
Deductions | (1.1) | 0.2 | (11.3) |
Balance at end of period | $ 11.8 | $ 11.9 | $ 7.1 |