Document and Entity Information
Document and Entity Information Statement - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 26, 2016 | Dec. 27, 2015 | Dec. 29, 2013 | |
Document and Entity Information [Abstract] | |||||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 | |||
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL INC | ||||
Entity Central Index Key | 95,552 | ||||
Current Fiscal Year End Date | --12-25 | ||||
Entity Filer Category | Accelerated Filer | ||||
Document Type | 10-K | ||||
Document Period End Date | Dec. 31, 2016 | ||||
Document Fiscal Year Focus | 2,016 | ||||
Document Fiscal Period Focus | FY | ||||
Amendment Flag | false | ||||
Entity Common Stock, Shares Outstanding | 25,436,582 | ||||
Entity Well-known Seasoned Issuer | No | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Public Float | $ 657,508,000 | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||
Common Stock, Shares, Issued | 26,730,247 | 27,155,550 | |||
Common Stock, Shares, Outstanding | 26,730,247 | 27,155,550 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 | |||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Preferred Stock, Shares Issued | 0 | 0 | |||
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
NET SALES | $ 732,677,000 | $ 727,946,000 | $ 745,447,000 |
Cost of sales | 645,015,000 | 650,717,000 | 686,796,000 |
Restructuring costs (Note 2) | 1,458,000 | 6,012,000 | 8,429,000 |
Cost of Goods Sold, Including Restructuring Costs | 646,473,000 | 656,729,000 | 695,225,000 |
Gross profit | 86,204,000 | 71,217,000 | 50,222,000 |
Selling, general and administrative expenses | 31,602,000 | 34,923,000 | 32,309,000 |
INCOME FROM OPERATIONS | 54,602,000 | 36,294,000 | 17,913,000 |
Interest income, net | 245,000 | 103,000 | 1,095,000 |
Other income (expense), net | (126,000) | (1,114,000) | (3,306,000) |
INCOME BEFORE INCOME TAXES | 54,721,000 | 35,283,000 | 15,702,000 |
Income tax provision | (13,340,000) | (11,339,000) | (6,899,000) |
NET INCOME | $ 41,381,000 | $ 23,944,000 | $ 8,803,000 |
EARNINGS PER SHARE - BASIC | $ 1.63 | $ 0.90 | $ 0.33 |
EARNINGS PER SHARE - DILUTED | $ 1.62 | $ 0.90 | $ 0.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | $ 105,200,000 | |||
Net Income | 41,381,000 | $ 41,381,000 | $ 23,944,000 | $ 8,803,000 |
Foreign currency translation gain (loss) | (16,904,000) | (16,904,000) | (16,810,000) | (13,369,000) |
Change in fair value of derivatives | (11,062,000) | (7,189,000) | (7,598,000) | |
Tax benefit | 4,250,000 | 2,665,000 | 2,833,000 | |
Change in unrecognized gains (losses) on derivative instruments, net of tax | $ (6,812,000) | (6,812,000) | (4,524,000) | (4,765,000) |
Actuarial gains (losses) on pension obligations, net of curtailments and amortization | 799,000 | 1,807,000 | (4,686,000) | |
Tax (provision) benefit | (295,000) | (761,000) | 1,758,000 | |
Pension changes, net of tax | 504,000 | 1,046,000 | (2,928,000) | |
Other comprehensive income (loss), net of tax | (23,212,000) | (20,288,000) | (21,062,000) | |
Comprehensive income (loss) | $ 18,169,000 | $ 3,656,000 | $ (12,259,000) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 57,786 | $ 52,036 |
Short term investments | 750 | 950 |
Accounts receivable, net | 99,331 | 112,588 |
Inventories | 82,837 | 61,769 |
Income taxes receivable | 3,682 | 1,104 |
Other current assets | 9,695 | 14,476 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 0 | 2,897 |
Total current assets | 254,081 | 245,820 |
Property, plant and equipment, net | 227,403 | 234,646 |
Investment in and advances to unconsolidated affiliate | 2,000 | 2,000 |
Non-current deferred income taxes, net | 28,838 | 25,598 |
Other non-current assets | 30,434 | 31,865 |
Total assets | 542,756 | 539,929 |
Current liabilities: | ||
Accounts payable | 37,856 | 20,913 |
Accrued liabilities | 46,315 | 46,214 |
Accrued Income Taxes, Current | 1,793 | 6,735 |
Total current liabilities | 85,964 | 73,862 |
Liability for Uncertainty in Income Taxes, Noncurrent | 5,301 | 4,510 |
Non-current deferred income tax liabilities, net | 3,628 | 8,094 |
Other non-current liabilities | 49,637 | 39,551 |
Commitments and contingent liabilities (Note 11) | 0 | 0 |
Shareholders' equity: | ||
Preferred stock, no par value, Authorized - 1,000,000 shares, Issued - none | 0 | 0 |
Common stock, no par value, Authorized - 100,000,000 shares, Issued and outstanding - 26,730,247 shares, (27,155,550 shares at December 31, 2013) | 89,916 | 88,108 |
Accumulated other comprehensive loss | (124,925) | (101,713) |
Retained earnings | 433,235 | 427,517 |
Total shareholders' equity | 398,226 | 413,912 |
Total liabilities and shareholders' equity | $ 542,756 | $ 539,929 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock Including Additional Paid in Capital [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] |
Share balance at Dec. 31, 2013 | 27,155,550 | |||||
Balance at Dec. 31, 2013 | $ 483,063,000 | $ 75,305,000 | $ (2,258,000) | $ (58,105,000) | $ 468,121,000 | |
Net Income | 8,803,000 | 8,803,000 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (4,765,000) | $ (4,765,000) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (2,928,000) | (2,928,000) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (13,369,000) | (13,369,000) | ||||
Exercised | 453,745 | |||||
Stock Options Exercised, Value | 7,423,000 | $ 7,423,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 210,512 | |||||
Stock Based Compensation Expense | 2,315,000 | $ 2,315,000 | ||||
Tax Impact of Stock Options | (416,000) | $ 416,000 | ||||
Stock Repurchased and Retired During Period, Shares | (1,089,560) | |||||
Stock Repurchased and Retired During Period, Value | (21,790,000) | $ (3,154,000) | (18,636,000) | |||
Cash Dividends Declared | (19,330,000) | (19,330,000) | ||||
Share balance at Dec. 31, 2014 | 26,730,247 | |||||
Balance at Dec. 31, 2014 | 439,006,000 | $ 81,473,000 | (4,765,000) | (5,186,000) | (71,474,000) | 438,958,000 |
Net Income | 23,944,000 | 23,944,000 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (4,524,000) | (4,524,000) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 1,046,000 | 1,046,000 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (16,810,000) | (16,810,000) | ||||
Exercised | 420,642 | |||||
Stock Options Exercised, Value | 7,265,000 | $ 7,265,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 4,960 | |||||
Stock Based Compensation Expense | 2,807,000 | $ 2,807,000 | ||||
Tax Impact of Stock Options | 0 | $ 0 | ||||
Stock Repurchased and Retired During Period, Shares | (1,056,954) | |||||
Stock Repurchased and Retired During Period, Value | (19,638,000) | $ (3,437,000) | (16,201,000) | |||
Cash Dividends Declared | (19,184,000) | (19,184,000) | ||||
Share balance at Dec. 31, 2015 | 26,098,895 | |||||
Balance at Dec. 31, 2015 | 413,912,000 | $ 88,108,000 | (9,289,000) | (4,140,000) | (88,284,000) | 427,517,000 |
Net Income | 41,381,000 | 41,381,000 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (6,812,000) | (6,812,000) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 504,000 | 504,000 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (16,904,000) | (16,904,000) | ||||
Exercised | 86,908 | |||||
Stock Options Exercised, Value | 1,641,000 | $ 1,641,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | (1,165) | |||||
Stock Based Compensation Expense | 3,618,000 | $ 3,618,000 | ||||
Tax Impact of Stock Options | (92,000) | $ (92,000) | ||||
Stock Repurchased and Retired During Period, Shares | (1,040,688) | |||||
Stock Repurchased and Retired During Period, Value | (20,719,000) | $ (3,543,000) | (17,176,000) | |||
Cash Dividends Declared | (18,487,000) | (18,487,000) | ||||
Share balance at Dec. 31, 2016 | 25,143,950 | |||||
Balance at Dec. 31, 2016 | $ 398,226,000 | $ 89,916,000 | $ (16,101,000) | $ (3,636,000) | $ (105,188,000) | $ 433,235,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 41,381,000 | $ 23,944,000 | $ 8,803,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 34,261,000 | 34,530,000 | 35,582,000 |
Tax liabilities, non-cash changes | (4,669,000) | (9,531,000) | (5,771,000) |
Deferred income taxes | 1,179,000 | 5,190,000 | |
Impairments of long-lived assets and other charges | 0 | 2,688,000 | 2,500,000 |
Stock-based compensation | 3,618,000 | 2,807,000 | 2,315,000 |
Other non-cash items | 812,000 | 1,400,000 | 2,560,000 |
Accounts receivable | 8,043,000 | (14,030,000) | (16,184,000) |
Inventories | (22,339,000) | 11,509,000 | (9,297,000) |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 6,244,000 | 2,469,000 | (9,138,000) |
Accounts payable | 15,880,000 | (1,132,000) | (6,109,000) |
Income taxes | (4,740,000) | 4,695,000 | 6,366,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 78,491,000 | 59,349,000 | 11,627,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (39,575,000) | (39,543,000) | (112,556,000) |
Proceeds from sales and maturities of investments | 200,000 | 3,750,000 | 3,750,000 |
Purchase of investments | 0 | (950,000) | (3,750,000) |
Proceeds from sales of fixed assets | 4,337,000 | 1,815,000 | 1,873,000 |
Other | 0 | (18,000) | 248,000 |
NET CASH USED IN INVESTING ACTIVITIES | (35,038,000) | (34,946,000) | (110,435,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | (18,340,000) | (19,082,000) | (19,351,000) |
Cash paid for common stock repurchase | (20,719,000) | (19,638,000) | (21,790,000) |
Proceeds from exercise of stock options | 1,641,000 | 7,265,000 | 7,423,000 |
Excess tax benefits from exercise of stock options | 91,000 | 107,000 | 106,000 |
NET CASH USED IN FINANCING ACTIVITIES | (37,327,000) | (31,348,000) | (33,612,000) |
Effect of exchange rate changes on cash | (376,000) | (3,470,000) | (4,430,000) |
Net increase (decrease) in cash and cash equivalents | $ 5,750,000 | (10,415,000) | (136,850,000) |
Cash and cash equivalents at the beginning of the period | 62,451,000 | 199,301,000 | |
Cash and cash equivalents at the end of period | $ 52,036,000 | $ 62,451,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current assets in our consolidated balance sheets. The purchase of any certificates of deposit or fixed deposits that are classified as short-term investments or non-current assets appear in the investing section of our consolidated statements of cash flows. At times throughout the year and at year-end, cash balances held at financial institutions were in excess of federally insured limits. We purchase certificates of deposit that mature within twelve months and are used to secure or collateralize letters of credit securing our workers’ compensation obligations. At December 31 , 2016 and 2015 , certificates of deposit totaling $0.8 million and $1.0 million , respectively, were restricted in use and were classified as short-term investments on our consolidated balance sheet. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Nature of Operations Headquartered in Southfield, Michigan, the principal business of Superior Industries International, Inc. (referred to herein as the “company” or “we,” “us” and “our”) is the design and manufacture of aluminum wheels for sale to original equipment manufacturers ("OEMs"). We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with manufacturing operations in the United States and Mexico. Customers in North America represent the principal market for our products. As described in Note 5, "Business Segments," the company operates as a single integrated business and, as such, has only one operating segment - automotive wheels. Presentation of Consolidated Financial Statements The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. We have made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues and expenses to prepare these financial statements in conformity with U.S. GAAP as delineated by the FASB in its ASC. Generally, assets and liabilities that are subject to estimation and judgment include the allowance for doubtful accounts, inventory valuation, amortization of preproduction costs, impairment of and the estimated useful lives of our long-lived assets, self-insurance portions of employee benefits, workers' compensation and general liability programs, fair value of stock-based compensation, income tax liabilities and deferred income taxes. While actual results could differ, we believe such estimates to be reasonable. Our fiscal year is the 52- or 53-week period ending generally on the last Sunday of the calendar year. The fiscal years 2016, 2015 and 2014 comprised the 52-week periods ended on December 25, 2016, December 27, 2015 and December 28, 2014, respectively. For convenience of presentation, all fiscal years are referred to as beginning as of January 1, and ending as of December 31, but actually reflect our financial position and results of operations for the periods described above. Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current assets in our consolidated balance sheets. The purchase of any certificates of deposit or fixed deposits that are classified as short-term investments or non-current assets appear in the investing section of our consolidated statements of cash flows. At times throughout the year and at year-end, cash balances held at financial institutions were in excess of federally insured limits. Restricted Deposits We purchase certificates of deposit that mature within twelve months and are used to secure or collateralize letters of credit securing our workers’ compensation obligations. At December 31 , 2016 and 2015 , certificates of deposit totaling $0.8 million and $1.0 million , respectively, were restricted in use and were classified as short-term investments on our consolidated balance sheet. Derivative Financial Instruments and Hedging Activities In order to hedge exposure related to fluctuations in foreign currency rates and the cost of certain commodities used in the manufacture of our products, we periodically may purchase derivative financial instruments such as forward contracts, options or collars to offset or mitigate the impact of such fluctuations. Programs to hedge currency rate exposure may address ongoing transactions including, foreign-currency-denominated receivables and payables, as well as specific transactions related to purchase obligations. Programs to hedge exposure to commodity cost fluctuations would be based on underlying physical consumption of such commodity. At December 31 , 2016 and 2015 , we held forward currency exchange contracts discussed below. We account for our derivative instruments as either assets or liabilities and carry them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income ("AOCI") in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For forward exchange contracts designated as cash flow hedges, changes in the time value are included in the definition of hedge effectiveness. Accordingly, any gains or losses related to this component are reported as a component of AOCI in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify as hedges are adjusted to fair value through current income. See Note 4, "Derivative Financial Instruments" for additional information pertaining to our derivative instruments. We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. These contracts are considered to be derivative instruments under U.S. GAAP. However, upon entering into these contracts, we expect to fulfill our purchase commitments and take full delivery of the contracted quantities of these commodities during the normal course of business. Accordingly, under U.S. GAAP, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exception under U.S. GAAP, unless there is a change in the facts or circumstances that causes management to believe that these commitments would not be used in the normal course of business. See Note 18, "Risk Management" for additional information pertaining to these purchase commitments. Non-Cash Investing Activities As of December 31 , 2016 , 2015 and 2014 , $4.0 million , $1.1 million and $6.4 million , respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. Accounts Receivable We maintain an allowance for doubtful accounts receivable based upon the expected collectability of all trade receivables. The allowance is reviewed continually and adjusted for amounts deemed uncollectible by management. Inventories Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or market using the first-in, first-out method. When necessary, management uses estimates of net realizable value to record inventory reserves for obsolete and/or slow-moving inventory. Aluminum is the primary material component in our inventories. Our aluminum requirements are supplied from two primary vendors, each accounting for more than 10 percent of our aluminum purchases during 2016 and 2015 . Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and equipment 7 to 10 years Buildings 25 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed from the accounts. Property, plant and equipment no longer used in operations, which are generally insignificant in amount, are stated at the lower of cost or estimated net realizable value. Gains and losses, if any, are recorded as a component of operating income if the disposition relates to an operating asset. If a non-operating asset is disposed of, any gains and losses are recorded in other income or expense in the period of disposition or write down. Preproduction Costs and Revenue Recognition Related to Long-Term Supply Arrangements We incur preproduction engineering and tooling costs related to the products produced for our customers under long-term supply agreements. We expense all preproduction engineering costs for which reimbursement is not contractually guaranteed by the customer or which are in excess of the contractually guaranteed reimbursement amount. We amortize the cost of the customer-owned tooling over the expected life of the wheel program on a straight-line basis. Also, we defer any reimbursements made to us by our customer and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. Changes in the facts and circumstances of individual wheel programs may accelerate the amortization of both the cost of customer-owned tooling and the deferred tooling reimbursement revenues. Recognized tooling reimbursement revenues, which totaled $8.0 million , $5.8 million and $8.2 million in 2016 , 2015 and 2014 , respectively, are included in net sales in the consolidated income statements. The following tables summarize the unamortized customer-owned tooling costs included in our other non-current assets, and the deferred tooling revenues included in accrued expenses and other non-current liabilities: December 31, 2016 2015 (Dollars in Thousands) Customer-Owned Tooling Costs Preproduction costs $ 78,299 $ 73,095 Accumulated amortization (65,100 ) (58,632 ) Net preproduction costs $ 13,199 $ 14,463 Deferred Tooling Revenue Accrued expenses $ 5,419 $ 2,908 Other non-current liabilities 2,593 1,266 Total deferred tooling revenue $ 8,012 $ 4,174 Impairment of Long-Lived Assets and Investments In accordance with ASC 360 entitled "Property, Plant and Equipment", management evaluates the recoverability and estimated remaining lives of long-lived assets. The company reviews long-lived assets for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable or the useful life has changed. When facts and circumstances indicate that there may have been a loss in value, management will also evaluate its cost method investments to determine whether there was an other-than-temporary impairment. If a loss in the value of the investment is determined to be other than temporary, then the decline in value is recognized as a loss. See Note 9, "Investment in Unconsolidated Affiliate" and Note 2, "Restructuring," for discussion of investment impairment. Foreign Currency Transactions and Translation We have wholly-owned foreign subsidiaries with operations in Mexico whose functional currency is the peso. In addition, we have operations with U.S. dollar functional currencies with transactions denominated in pesos and other currencies. These operations had monetary assets and liabilities that were denominated in currencies that were different than their functional currency and were translated into the functional currency of the entity using the exchange rate in effect at the end of each accounting period. Any gains and losses recorded as a result of the remeasurement of monetary assets and liabilities into the functional currency are reflected as transaction gains and losses and included in other expense, net in the consolidated income statements. We had foreign currency transaction losses of $0.4 million , $1.2 million and $1.0 million for the years ended December 31 , 2016 , 2015 and 2014 , respectively, which are included in other expense, net in the consolidated income statements. In addition, we have a minority investment in India that has a functional currency of the Indian rupee. When our foreign subsidiaries translate their financial statements from the functional currency to the reporting currency, the balance sheet accounts are translated using the exchange rates in effect at the end of the accounting period and retained earnings is translated using historical rates. The income statement accounts are generally translated at the weighted average of exchange rates during the period and the cumulative effect of translation is recorded as a separate component of accumulated other comprehensive income (loss) in shareholders' equity, as reflected in the consolidated statements of shareholders' equity. The value of the Mexican peso decreased by 19 percent in relation to the U.S. dollar in 2016 . Revenue Recognition Sales of products and any related costs are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Tooling reimbursement revenues related to initial tooling reimbursed by our customers are deferred and recognized over the expected life of the wheel program on a straight line basis, as discussed above. Research and Development Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. Amounts expensed during each of the three years in the period ended 2016 , 2015 and 2014 were $3.8 million , $2.6 million and $4.4 million , respectively. Value-Added Taxes Value-added taxes that are collected from customers and remitted to taxing authorities are excluded from sales and cost of sales. Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs net of the applicable forfeiture rate and recognize the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years. We estimate the forfeiture rate based on our historical experience. See Note 15 - Stock-Based Compensation for additional information concerning our share-based compensation awards. Income Taxes We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. We believe that the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in the U.S. and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax income and have reached sustained profitability, which we define as two consecutive one year periods of pre-tax income. We account for uncertain tax positions utilizing a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more-likely-than-not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more-likely-than-not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time the company does not have any plans to repatriate income from its foreign subsidiaries. Earnings Per Share As summarized below, basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. For purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect of our outstanding stock options under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP. Year Ended December 31, 2016 2015 2014 (Dollars in thousands, except per share amounts) Basic Earnings Per Share Reported net income $ 41,381 $ 23,944 $ 8,803 Weighted average shares outstanding 25,439 26,599 26,908 Basic earnings per share $ 1.63 $ 0.90 $ 0.33 Diluted Earnings Per Share Reported net income $ 41,381 $ 23,944 $ 8,803 Weighted average shares outstanding 25,439 26,599 26,908 Weighted average dilutive stock options 100 34 112 Weighted average shares outstanding - diluted 25,539 26,633 27,020 Diluted earnings per share $ 1.62 $ 0.90 $ 0.33 The following potential shares of common stock were excluded from the diluted earnings per share calculations because they would have been anti-dilutive due to their exercise prices exceeding the average market prices for the respective periods: for the year ended December 31 , 2016 no options to purchase were excluded; for the year ended December 31 , 2015 options to purchase 147,150 shares at prices ranging from $21.84 to $22.57 ; and for the year ended December 31 , 2014 options to purchase 985,677 shares at prices ranging from $22.57 to $43.22 . In addition, the performance shares discussed in Note 15, "Stock-Based Compensation" are not included in the diluted income per share because the performance metrics had not been met as of the year ended December 31 , 2016 . New Accounting Pronouncements In May 2014 the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This update outlines a single, comprehensive model for accounting for revenue from contracts with customers. We plan to adopt this update on January 1, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). We anticipate adopting the standard using the modified retrospective method. There may be differences in timing of revenue recognition under the new standard compared to recognition under ASC 605 - Revenue Recognition. In July 2015, the FASB issued an ASU entitled “Simplifying the Measurement of Inventory.” The ASU replaces the current lower of cost or market test with a lower of cost or net realizable value test when cost is determined on a first-in, first-out or average cost basis. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods therein. It is to be applied prospectively and early adoption is permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. In February of 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. In March 2016, the FASB issued an ASU entitled "Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The objective of the ASU is to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. In August 2016, the FASB issued an ASU entitled "Statement of Cash Flows (Topic 740): Classification of Certain Cash Receipts and Cash Payments." The objective of the ASU is to address the diversity in practice in the presentation of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our statement of cash flows. In October 2016, the FASB issued an ASU entitled "Income Taxes (Topic 230): Intra-Entity Transfers of Assets Other than Inventory." The objective of the ASU is to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. In November 2016, the FASB issued an ASU entitled "Statement of Cash Flows (Topic 230): Restricted Cash." The objective of the ASU is to address the diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our statement of cash flows. In January 2017, the FASB issued an ASU entitled "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The objective of the ASU is to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations. |
Restructuring (Notes)
Restructuring (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING During 2014, we completed a review of initiatives to reduce costs and enhance our competitive position. Based on this review, we committed to a plan to close operations at our Rogers, Arkansas facility, which was completed during the fourth quarter of 2014. The action was undertaken in order to reduce costs and enhance our global competitive position. D uring 2016, we sold the Rogers facility for total proceeds of $4.3 million , resulting in a $1.4 million gain on sale, which is recorded as a reduction to selling, general and administrative expense in the consolidated income statements. The total cost incurred as a result of the Rogers facility closure was $15.9 million , of which $1.5 million , $6.0 million and $8.4 million was recognized as of December 31, 2016, 2015 and 2014, respectively. The following table summarizes the Rogers, Arkansas plant closure costs and classification in the consolidated income statement for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Total Costs Classification (Dollars in thousands) Accelerated and other depreciation of assets idled (1) $ 248 $ 1,641 $ 5,365 $ 7,254 Cost of sales, Restructuring costs Severance costs (2) — 114 1,897 2,011 Cost of sales, Restructuring costs Equipment removal and impairment, inventory written-down, lease termination and other costs (3) 1,210 4,257 1,167 6,634 Cost of sales, Restructuring costs Total restructuring costs included in cost of sales 1,458 6,012 8,429 15,899 Gain on sale of the facility (1,436 ) — — $ (1,436 ) Selling, general and administrative expense $ 22 $ 6,012 $ 8,429 $ 14,463 (1) Cost of sales includes accelerated depreciation due to shorter useful lives for assets to be retired after operations ceased at the Rogers facility. (2) The closure resulted in a reduction of workforce of approximately 500 employees and a shift in production to other facilities. (3) We incurred other associated costs such as moving costs, impairment of assets and other closing costs. In 2016, the majority of the costs related to closing, maintenance and other costs. In 2015, we determined that some of the assets would not ultimately be transferred to other facilities and recorded a $2.7 million impairment. In 2014, the majority of the restructuring costs related to inventory write-downs, moving costs and other costs. Changes in the accrued expenses related to restructuring liabilities during the years ended December 31, 2016 and 2015 were less than $0.1 million . In addition, other measures in 2014 were taken to reduce costs including the sale of the company's two aircraft. One airplane was sold for cash in September 2014, incurring a $0.2 million loss on sale and the other airplane was impaired $1.1 million at the end of 2014 and subsequently sold in February 2015. The impairment of $1.1 million was included in selling, general and administrative expense in the consolidated income statement for the year ended December 31 , 2014. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, while other assets and liabilities are measured at fair value on a nonrecurring basis, such as when we have an asset impairment. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts for cash and cash equivalents, investments in certificates of deposit, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. Cash and Cash Equivalents Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value due to interest rate, quoted price or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of acquisition. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as cash and cash equivalents. Time deposits, certificates of deposit and money market accounts that meet the above criteria are reported at par value on our balance sheet and are excluded from the table below. Derivative Financial Instruments Our derivatives are over-the-counter customized derivative transactions and are not exchange traded. We estimate the fair value of these instruments using industry-standard valuation models such as a discounted cash flow. These models project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates, foreign exchange rates, commodity prices and the contractual terms of the derivative instruments. The discount rate used is the relevant interbank deposit rate (e.g., LIBOR) plus an adjustment for non-performance risk. In certain cases, market data may not be available and we may use broker quotes and models (e.g., Black-Scholes) to determine fair value. This includes situations where there is lack of liquidity for a particular currency or commodity or when the instrument is longer dated. Cash Surrender Value The cash surrender value of the life insurance policies is the sum of money the insurance company will pay to the company in the event the policy is voluntarily terminated before its maturity or the insured event occurs. Over the term of the life insurance contracts, the cash surrender value changes as a result of premium payments and investment income offset by investment losses, charges and miscellaneous fees. The amount of the asset recorded for the investment in the life insurance contracts is equal to the cash surrender value which is the amount that will be realized under the contract as of the balance sheet date if the insured event occurs. The following tables categorize items measured at fair value at December 31 , 2016 and 2015 : Fair Value Measurement at Reporting Date Using Quoted Prices Significant Other Significant in Active Markets Observable Unobservable for Identical Assets Inputs Inputs December 31, 2016 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 7,480 — 7,480 — Derivative contracts 13 — 13 — Total 8,243 — 8,243 — Liabilities Derivative contracts 24,773 — 24,773 — Total $ 24,773 $ — $ 24,773 $ — Fair Value Measurement at Reporting Date Using Quoted Prices Significant Other Significant in Active Markets Observable Unobservable for Identical Assets Inputs Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets Certificates of deposit $ 950 $ — $ 950 $ — Cash surrender value 6,923 — 6,923 — Derivative contracts 113 — 113 — Total 7,986 — 7,986 — Liabilities Derivative contracts 14,159 — 14,159 — Total $ 14,159 $ — $ 14,159 $ — |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS We use derivatives to partially offset our business exposure to foreign currency risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries whose functional currency is the U.S. dollar hedge a portion of forecasted foreign currency costs. Generally, we may hedge portions of our forecasted foreign currency exposure associated with costs, typically for up to 36 months . We record all derivatives in the consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. All derivatives were designated as hedging instruments at December 31, 2016 and 2015. Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. Our foreign currency transactions hedged with cash flow hedges as of December 31 , 2016 , are expected to occur within 1 month to 36 months . Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into other expense. Any subsequent changes in fair value of such derivative instruments are reflected in other expense unless they are re-designated as hedges of other transactions. We had no gains or losses recognized in other expense for foreign currency forward and option contracts not designated as hedging instruments during 2016, 2015 and 2014. The following tables display the fair value of derivatives by balance sheet line item: December 31, 2016 Other Current Assets Accrued Expenses Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 13 $ 10,076 $ 14,697 Total derivative financial instruments $ 13 $ 10,076 $ 14,697 December 31, 2015 Other Current Assets Accrued Expenses Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 113 $ 9,629 $ 4,530 Total derivative financial instruments $ 113 $ 9,629 $ 4,530 The following tables summarize the notional amount and estimated fair value of our derivative financial instruments: December 31, 2016 Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 160,461 $ 24,760 Total derivative financial instruments $ 160,461 $ 24,760 December 31, 2015 Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 162,590 $ 14,046 Total derivative financial instruments $ 162,590 $ 14,046 Notional amounts are presented on a gross basis. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or commodity volumes and prices. The following tables provide the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: Year Ended December 31, 2016 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) Year Ended December 31, 2015 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (4,524 ) $ (9,960 ) $ 19 Total $ (4,524 ) $ (9,960 ) $ 19 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Business Segments [Abstract] | |
Segment Reporting Disclosure [Text Block] | BUSINESS SEGMENTS The company's CEO is the chief operating decision maker ("CODM") because he has final authority over performance assessment and resource allocation decisions. The CODM evaluates both consolidated and disaggregated financial information for each of the company's business units in deciding how to allocate resources and assess performance. Each manufacturing facility manufactures the same products, ships products to the same group of customers, utilizes the same cast manufacturing process and, as a result, production can generally be transferred among our facilities. Accordingly, we operate as a single integrated business and, as such, have only one operating segment - automotive wheels. Geographic information Net sales by geographic location is the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Net sales: U.S. $ 120,395 $ 177,198 $ 261,478 Mexico 612,282 550,748 483,969 Consolidated net sales $ 732,677 $ 727,946 $ 745,447 Long Lived Assets Long-lived assets includes property, plant and equipment, net, by geographic location as follows: December 31, 2016 2015 (Dollars in thousands) Property, plant and equipment, net: U.S. $ 37,795 $ 44,274 Mexico 189,608 190,372 Consolidated property, plant and equipment, net $ 227,403 $ 234,646 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS RECEIVABLE December 31, 2016 2015 (Dollars in thousands) Trade receivables $ 91,213 $ 103,202 Other receivables 9,037 10,253 100,250 113,455 Allowance for doubtful accounts (919 ) (867 ) Accounts receivable, net $ 99,331 $ 112,588 The following percentages of our consolidated net sales were made to Ford, GM, Toyota and Fiat Chrysler Automobiles: 2016 - 38 percent , 30 percent , 14 percent and 6 percent , respectively; 2015 - 44 percent , 24 percent , 14 percent and 8 percent , respectively; and 2014 - 44 percent , 24 percent , 12 percent and 10 percent , respectively. The accounts receivable from GM, Ford and Toyota at December 31 , 2016 represented approximately 39 percent , 32 percent and 14 percent , respectively of the total accounts receivables. The accounts receivable from Ford, GM and Toyota at December 31 , 2015 , represented approximately 35 percent , 27 percent and 13 percent , respectively of the total accounts receivables. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES December 31, 2016 2015 (Dollars in thousands) Raw materials $ 40,255 $ 19,148 Work in process 21,447 21,063 Finished goods 21,135 21,558 Inventories $ 82,837 $ 61,769 Service wheel and supplies inventory included in other non-current assets in the consolidated balance sheets totaled $6.5 million and $6.9 million at December 31 , 2016 and 2015 , respectively. Included in raw materials were operating supplies and spare parts totaling $10.3 million and $9.2 million at December 31 , 2016 and 2015 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT December 31, 2016 2015 (Dollars in thousands) Land and buildings $ 67,915 $ 73,803 Machinery and equipment 485,185 486,612 Leasehold improvements and others 4,868 4,204 Construction in progress 26,301 20,455 584,269 585,074 Accumulated depreciation (356,866 ) (350,428 ) Property, plant and equipment, net $ 227,403 $ 234,646 Depreciation expense was $34.3 million , $34.5 million and $35.6 million for the years ended December 31 , 2016 , 2015 and 2014 , respectively. In 2014, depreciation expense includes $6.5 million of accelerated depreciation charges as a result of shortened estimated useful lives due to restructuring activities described in Note 2, "Restructuring". |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
Investments in Unconsolidated Affiliates [Abstract] | |
Equity Method Investments Disclosure [Text Block] | INVESTMENT IN UNCONSOLIDATED AFFILIATE On June 28, 2010, we executed a share subscription agreement (the "Agreement") with Synergies, a private aluminum wheel manufacturer based in Visakhapatnam, India, providing for our acquisition of a minority interest in Synergies. The total cash investment in Synergies amounted to $4.5 million , representing 12.6 percent of the outstanding equity shares of Synergies. Our Synergies investment is accounted for using the cost method. During 2011, a group of existing equity holders, including the company, made a loan of $1.5 million to Synergies for working capital needs. The company's share of this unsecured advance was $0.5 million . The remaining principal balance of the unsecured advance was paid in full during the first quarter of 2015 . In October 2014, a typhoon caused significant damage to the facilities and operations of Synergies, and in the fourth quarter of 2014, we tested the $4.5 million carrying value of our investment for impairment. Based on our evaluation, we determined there was an other-than-temporary impairment and wrote the investment down to its estimated fair value of $2.0 million , with the $2.5 million loss recognized in income for the year ended December 31 , 2014. The valuation was based on an income approach using current financial forecast data, and rates and assumptions market participants would use in pricing the investment. There was no further impairment in 2016 and 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Income before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Income before income taxes: Domestic $ 18,499 $ 25,069 $ 8,328 Foreign 36,222 10,214 7,374 $ 54,721 $ 35,283 $ 15,702 The provision for income taxes is comprised of the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current taxes Federal $ (5,017 ) $ (10,900 ) $ (2,976 ) State 450 481 (453 ) Foreign (10,639 ) (2,099 ) (8,660 ) Total current taxes (15,206 ) (12,518 ) (12,089 ) Deferred taxes Federal (1,199 ) (961 ) 657 State (332 ) (576 ) (109 ) Foreign 3,397 2,716 4,642 Total deferred taxes 1,866 1,179 5,190 Income tax provision $ (13,340 ) $ (11,339 ) $ (6,899 ) The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2016 2015 2014 Statutory rate (35.0 )% (35.0 )% (35.0 )% State tax provisions, net of federal income tax benefit (6.3 ) 3.8 (0.5 ) Permanent differences (0.8 ) (1.5 ) (5.3 ) Tax credits 0.6 0.9 2.8 Foreign income taxes at rates other than the statutory rate 11.7 2.3 (0.5 ) Valuation allowance and other 5.1 (5.6 ) (8.4 ) Changes in tax liabilities, net 0.5 6.4 4.2 Share based compensation (1.2 ) (4.4 ) — Other 1.0 1.0 (1.2 ) Effective income tax rate (24.4 )% (32.1 )% (43.9 )% Our effective income tax rate for 2016 was 24.4 percent . The effective tax rate was lower than the U.S. federal statutory rate primarily as a result of income in jurisdictions where the statutory rate is lower than the U.S. rate and tax benefits due to the release of tax liabilities related to uncertain tax positions. Our effective income tax rate for 2015 was 32.1 percent . The effective tax rate was lower than the U.S. federal statutory rate primarily as a result of net decreases in the liability for uncertain tax positions partially offset by the reversal of deferred tax assets related to share-based compensation shortfalls. Our effective income tax rate for 2014 was 43.9 percent . The effective tax rate was higher than the U.S. federal statutory rate primarily as a result of valuation allowances established for foreign deferred tax assets and various permanent differences including non-deductible expenses related to recent tax law changes in Mexico. Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities are as follows: December 31, 2016 2015 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 6,120 $ 3,981 Hedging and foreign currency losses 9,475 8,469 Deferred compensation 11,723 11,833 Inventory reserves 3,563 3,079 Net loss carryforwards and credits 3,123 5,891 Competent authority deferred tax assets and other foreign timing differences 5,135 4,836 Other 462 (683 ) Total before valuation allowance 39,601 37,406 Valuation allowance (3,123 ) (5,891 ) Net deferred income tax assets 36,478 31,515 Deferred income tax liabilities: Property, plant and equipment (11,268 ) (14,011 ) Deferred income tax liabilities (11,268 ) (14,011 ) Net deferred income tax assets $ 25,210 $ 17,504 The classification of our net deferred tax asset is shown below: December 31, 2016 2015 (Dollars in thousands) Long-term deferred income tax assets $ 28,838 $ 25,598 Long-term deferred income tax liabilities (3,628 ) (8,094 ) Net deferred tax asset $ 25,210 $ 17,504 Realization of any of our deferred tax assets at December 31 , 2016 is dependent on the company generating sufficient taxable income in the future. The determination of whether or not to record a full or partial valuation allowance on our deferred tax assets is a critical accounting estimate requiring a significant amount of judgment on the part of management. In determining when to release the valuation allowance established against our deferred income tax assets, we consider all available evidence, both positive and negative. We perform our analysis on a jurisdiction by jurisdiction basis at the end of each reporting period. The decrease in the valuation allowance of $2.8 million relates to the reduction of State net operating loss carryforwards the company is not more likely than not to utilize prior to expiration. As of December 31 , 2016 we have cumulative state NOL carryforwards of $49.1 million that expire in the years 2017 to 2032 . Also, we have $0.3 million of state tax credit carryforwards which expire in the years 2021 to 2024 . In general, it is our practice and intention to reinvest the earnings of the operations of our non-U.S. subsidiaries. As of December 25, 2016, we have not made a provision for U.S. or additional foreign withholding taxes. The basis difference in our non-U.S. subsidiaries that result from undistributed earnings of approximately $168.9 million as these earnings are considered indefinitely reinvested in the non-U.S. subsidiaries. Determination of the deferred income tax liability on the basis differences is not practicable. We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Beginning balance $ 7,318 $ 7,193 $ 9,462 Increases (decreases) due to foreign currency translations — — (244 ) Increases (decreases) as a result of positions taken during: Prior periods (3,872 ) 1,238 (2,553 ) Current period — 1,798 956 Settlements with taxing authorities — — — Expiration of applicable statutes of limitation — (2,911 ) (428 ) Ending balance (1) $ 3,446 $ 7,318 $ 7,193 (1) Excludes $1.8 million , $2.1 million and $6.4 million of potential interest and penalties associated with uncertain tax positions in 2016 , 2015 and 2014 , respectively. Our policy regarding interest and penalties related to uncertain tax positions is to record interest and penalties as an element of income tax expense. The balance sheets at December 31 , 2016 and 2015 include the liability for uncertain tax positions, cumulative interest and penalties accrued on the liabilities totaling $5.3 million and $7.2 million , respectively. During 2016 , we reversed certain liabilities related to various jurisdictions in the amount of $3.9 million and a net benefit for penalties and interest of $0.3 million . Included in the unrecognized tax benefits of $5.3 million is $1.7 million that, if recognized, would affect our annual effective tax rate. Within the next twelve-month period we expect a decrease in unrecognized tax benefits of $0.1 million . We conduct business internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities throughout the world, including, but not limited to Mexico, the Netherlands, Costa Rica, India, Cyprus and the U.S. We are no longer under examination by the taxing authority regarding any U.S. federal income tax returns for years before 2013 while the years open for examination under various state and local jurisdictions vary. In 2014, the Internal Revenue Service ("IRS") completed its audit of the 2011 tax year of Superior Industries International and subsidiaries. Total income tax payments net of refunds were $21.9 million in 2016 , $12.6 million in 2015 and $9.9 million in 2014 . |
Leases and Related Parties
Leases and Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Leases and Related Parties [Abstract] | |
Leases and Related Parties [Text Block] | LEASES AND RELATED PARTIES We lease certain land, facilities and equipment under long-term operating leases expiring at various dates through 2026. Total lease expense for all operating leases amounted to $1.9 million in 2016 , 2015 and 2014 . During 2015, we moved our headquarters from Van Nuys, California to Southfield, MI. Our former headquarters in Van Nuys, California is leased from the Louis L. Borick Foundation (the "Foundation"). The Foundation is controlled by Mr. Steven J. Borick, the former Chairman and CEO of the company, as President and Director of the Foundation. The lease provided for annual lease payments of approximately $427,000 , through March 2015. In November 2014, the lease was amended to extend the lease term from March 2015 to March 2017, and to reduce the amount of office space and annual rent. As amended, beginning April 2015, the annual lease payment is approximately $225,000 . The future minimum lease payments that are payable to the Foundation for the Van Nuys administrative office lease total $0.1 million . Total lease payments to these related entities were $0.2 million , $0.3 million and $0.4 million for 2016 , 2015 and 2014 , respectively. We also have a lease for our headquarters in Southfield, Michigan from October 2015 to September 2026 which is with an unrelated party. The following are summarized future minimum payments under all leases: Year Ended December 31, Operating Leases (Dollars in thousands) 2017 $ 769 2018 700 2019 429 2020 424 2021 377 Thereafter 1,791 $ 4,490 Purchase Agreement In the first quarter of 2015, we entered into an agreement to purchase a subscription to online software provided by New Generation Software Inc. (“NGS”). Our Senior Vice President, Business Operations, is a board member and passive investor and our Vice President of Information Technology is also a passive investor in NGS. We made payments to NGS of $243,000 and $351,000 during the 2016 and 2015 fiscal year, respectively. The transaction was entered into in the ordinary course of business and is an arms-length transaction. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | RETIREMENT PLANS We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. We purchase life insurance policies on certain participants to provide in part for future liabilities. Cash surrender value of these policies, totaling $7.5 million and $6.9 million at December 31 , 2016 and 2015 , respectively, are included in other non-current assets in the company's consolidated balance sheets. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee's death or upon attaining age 65 , if retired. The plan was closed to new participants effective February 3, 2011 . We have measured the plan assets and obligations of our salary continuation plan for all periods presented. The following table summarizes the changes in plan benefit obligations: Year Ended December 31, 2016 2015 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 28,399 $ 30,047 Service cost — 44 Interest cost 1,216 1,230 Actuarial gain (464 ) (1,372 ) Benefit payments (1,539 ) (1,550 ) Ending benefit obligation $ 27,612 $ 28,399 Year Ended December 31, 2016 2015 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,539 1,550 Benefit payments (1,539 ) (1,550 ) Fair value of plan assets at end of year $ — $ — Funded Status $ (27,612 ) $ (28,399 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses (1,177 ) (1,524 ) Other non-current liabilities (26,435 ) (26,875 ) Net amount recognized $ (27,612 ) $ (28,399 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 5,692 $ 6,492 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 5,691 $ 6,491 Weighted average assumptions used to determine benefit obligations: Discount rate 4.4 % 4.4 % Rate of compensation increase 3.0 % 3.0 % Components of net periodic pension cost are described in the following table: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Components of net periodic pension cost: Service cost $ — $ 44 $ 84 Interest cost 1,216 1,230 1,171 Amortization of actuarial loss 335 535 328 Net periodic pension cost $ 1,551 $ 1,809 $ 1,583 Weighted average assumptions used to determine net periodic pension cost: Discount rate 4.4 % 4.2 % 4.8 % Rate of compensation increase 3.0 % 3.0 % 3.0 % The decrease in the 2016 net periodic pension cost compared to the 2015 cost was primarily due to decreased amortization of actuarial losses and decreased service cost from terminations and retirements. The increase in the 2015 net periodic pension cost compared to the 2014 cost was primarily due to increased amortization of actuarial losses offset by decreased service cost from terminations and retirements. Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2017 $ 1,203 2018 $ 1,429 2019 $ 1,405 2020 $ 1,461 2021 $ 1,433 Years 2022 to 2026 $ 8,012 The following is an estimate of the components of net periodic pension cost in 2017 : Estimated Year Ended December 31, 2017 (Dollars in thousands) Service cost $ — Interest cost 1,189 Amortization of actuarial loss 270 Estimated 2017 net periodic pension cost $ 1,459 Other Retirement Plans We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees. The employer contribution totaled $1.4 million , $1.5 million and $2.0 million for the three years ended December 31 , 2016 , 2015 and 2014 , respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Expenses [Abstract] | |
Accrued Liabilities [Text Block] | ACCRUED EXPENSES December 31, 2016 2015 (Dollars in thousands) Payroll and related benefits $ 12,766 $ 13,538 Current portion of derivative liability 10,076 9,629 Dividends 5,127 4,964 Taxes, other than income taxes 7,325 7,354 Deferred tooling revenue 5,419 2,908 Current portion of executive retirement liabilities 1,177 1,524 Other 4,425 6,297 Accrued liabilities $ 46,315 $ 46,214 |
Line of Credit (Notes)
Line of Credit (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | LINE OF CREDIT On December 19, 2014, we entered into a senior secured credit agreement (the "Credit Agreement") with J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. (“JPMCB”) and Wells Fargo Bank, National Association (together with JPMCB, the “Lenders”). The Credit Agreement consists of a senior secured revolving credit facility in an initial aggregate principal amount of $100.0 million (the “Facility”). In addition, the company is entitled to request, subject to certain terms and conditions and the agreement of the Lenders, an increase in the aggregate revolving commitments under the Facility or to obtain incremental term loans in an aggregate amount not to exceed $50.0 million , which currently is uncommitted to by any Lenders. As of December 31, 2016, the company had $97.2 million of availability under the Facility after giving effect to $2.8 million in outstanding letters of credit. The Credit Agreement expires on December 19, 2019 and borrowings under the Facility accrue interest at (i) a London interbank offered rate plus a margin of between 0.75 percent and 1.25 percent based on the total leverage ratio of Superior and its subsidiaries on a consolidated basis, (ii) a rate based on JPMCB’s prime rate plus a margin of between 0.00 percent and 0.25 percent based on the total leverage ratio of the company and its subsidiaries on a consolidated basis or (iii) a combination thereof. Commitment fees are 0.2 percent on the unused portion of the facility. The commitment fees are included in our consolidated financial statements line, interest income, net. Generally, all amounts under the Facility are guaranteed by certain of the U.S. subsidiaries of the company and are secured by a first priority security interest in and lien on the personal property of the company and the U.S. guarantors (as defined in the Credit Agreement) and a pledge of and first perfected security interest in the equity interests of the company’s existing and future U.S. subsidiaries and 65 percent of the equity interests in certain non-U.S. direct material subsidiaries of the company and the U.S. guarantors under the Facility. The Credit Agreement contains certain customary restrictive covenants, including, among others, financial covenants requiring the maintenance of a maximum total leverage ratio and a minimum fixed charge coverage ratio, and also includes, without limitation, covenants, in each case with certain exceptions and allowances, limiting the ability of the company and its subsidiaries to incur indebtedness, grant liens, make investments, dispose of assets, make certain restrictive payments, make optional payments and modifications of subordinated debt instruments, enter into certain transactions with affiliates, enter into swap agreements, make capital expenditures or make changes to its lines of business. At December 31 , 2016 , we were in compliance with all covenants contained in the Credit Agreement. At December 31 , 2016 and 2015 , we had no borrowings under this facility other than the outstanding letters of credit referred to above. The Credit Agreement contains customary default provisions, representations and warranties and restrictive covenants. The Credit Agreement also contains a provision permitting the lenders to accelerate the repayment of all loans outstanding under the Facility during an event of default. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION 2008 Equity Incentive Plan Our 2008 Equity Incentive Plan, as amended (the "Plan"), authorizes us to issue up to 3.5 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock and performance units to our officers, key employees, non-employee directors and consultants. At December 31 , 2016 , there were 1.8 million shares available for future grants under this Plan. No more than 600,000 shares may be used under the Plan as “full value” awards, which include restricted stock and performance stock units. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options. During the first quarter of 2015, the company implemented a long term incentive program for the benefit of certain members of company management. The program was designed to strengthen employee retention and to provide a more structured incentive program to stimulate improvement in future company results. Per the terms of the program, participants were granted, in 2015 and 2016, time value restricted stock units (“RSUs”), vesting ratably over a three year time period, and performance restricted stock units (“PSUs”), with a three year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the company’s common stock, with accrued dividends. The PSUs are categorized further into three individual categories whose vesting is contingent upon the achievement of certain targets as follows: • 40% of the PSUs vest upon certain Return on Invested Capital targets for 2016 and 2015 units • 40% of the PSUs vest upon certain Cumulative EPS targets for 2016 units • 40% of the PSUs vest upon certain EBITDA margin targets for 2015 units • 20% of the PSUs vest upon certain market based Shareholder Return targets for 2016 and 2015 units. Other Awards During 2014, we granted 132,455 restricted shares, including 50,000 shares vesting April 30, 2017, and 82,455 shares vesting on December 31, 2016 under an Executive Employment Agreement (the "Employment Agreement"). The fair value of each of these restricted shares was $19.44 . These grants were made outside of the Plan as inducement grants in connection with the appointment of our current CEO and company President. Beginning in 2015, the CEO will be granted restricted stock unit awards each year under Superior's 2008 Equity Incentive Plan, or any successor equity plan. Under the CEO's Employment Agreement, time-vested restricted stock units will be granted each year with cliff vesting at the third fiscal year end following grant. The CEO will also be granted performance-vested restricted stock units each year, vesting based on company performance goals established by the independent compensation committee during the three fiscal years following the grant. We have elected to adopt the alternative transition method for calculating the initial pool of excess tax benefits and to determine the subsequent impact of the tax effects of employee stock-based compensation awards that are outstanding on shareholders' equity and the consolidated statements of cash flows. Options Options are granted at not less than fair market value on the date of grant and expire no later than ten years after the date of grant. Options and restricted shares granted under this Plan generally require no less than a three year ratable vesting period. Stock option activity in 2016 and 2015 are summarized in the following table: Outstanding Weighted Average Exercise Price Remaining Contractual Life in Years Aggregate Intrinsic Value Balance at December 31, 2014 1,819,444 $ 20.28 Granted — $ — Exercised (420,642 ) $ 17.29 Canceled (117,269 ) $ 21.80 Expired (905,500 ) $ 22.05 Balance at December 31, 2015 376,033 $ 18.89 3.6 $ 452,128 Granted — — Exercised (86,908 ) $ 18.77 Canceled (24,750 ) $ 21.51 Expired (32,750 ) $ 17.56 Balance at December 31, 2016 231,625 $ 18.88 Options vested or expected to vest at December 31, 2016 231,625 $ 18.88 3.1 $ 1,845,263 Exercisable at December 31, 2016 231,625 $ 18.88 3.1 $ 1,845,263 We received cash proceeds of $1.6 million , $7.3 million and $7.4 million from stock options exercised in 2016 , 2015 and 2014 , respectively. The total intrinsic value of options exercised was $0.7 million and $0.8 million , during the years ended December 31 , 2016 and 2015 , respectively. Upon the exercise of stock options and the issuance of restricted stock awards, it is our policy to only issue shares from authorized common stock. The aggregate intrinsic value represents the total pretax difference between the closing stock price on the last trading day of the reporting period and the option exercise price, multiplied by the number of in-the-money options. This is the amount that would have been received by the option holders had they exercised and sold their options on that day. This amount varies based on changes in the fair market value of our common stock. The closing price of our common stock on the last trading day of our fiscal year was $26.85 . Stock options outstanding at December 31 , 2016 and 2015 are summarized in the following tables: Range of Exercise Prices Options Outstanding at 12/31/2016 Weighted Contractual Life (in Years) Weighted Price Options Exercisable at 12/31/2016 Weighted Price $ 15.17 — $ 16.54 54,625 3.0 $ 15.68 54,625 $ 15.68 $ 16.55 — $ 17.58 36,000 5.5 $ 16.95 36,000 $ 16.95 $ 17.59 — $ 20.20 54,000 2.3 $ 18.16 54,000 $ 18.16 $ 20.21 — $ 22.21 51,000 1.4 $ 21.84 51,000 $ 21.84 $ 22.22 — $ 22.57 36,000 4.4 $ 22.57 36,000 $ 22.57 231,625 3.1 $ 18.88 231,625 $ 18.88 Range of Exercise Prices Options Outstanding at 12/31/2015 Weighted Contractual Life (in Years) Weighted Price Options Exercisable at 12/31/2015 Weighted Price $ 15.17 — $ 16.54 84,250 4.0 $ 15.74 84,250 $ 15.74 $ 16.55 — $ 17.63 89,833 3.6 $ 17.23 89,833 $ 17.23 $ 17.64 — $ 20.20 61,500 3.1 $ 18.21 61,500 $ 18.21 $ 20.21 — $ 22.17 79,250 2.4 $ 21.84 79,250 $ 21.84 $ 22.18 — $ 22.57 61,200 5.4 $ 22.55 61,200 $ 22.55 376,033 3.6 $ 18.89 376,033 $ 18.89 Restricted Stock Awards Restricted stock awards, or “full value” awards, generally vest ratably over no less than a three year period. Shares of restricted stock granted under the Plan are considered issued and outstanding at the date of grant, have the same dividend and voting rights as other outstanding common stock, are subject to forfeiture if employment terminates prior to vesting, and are expensed ratably over the vesting period. Dividends paid on the restricted shares granted under the Plan are non-forfeitable if the restricted shares do not ultimately vest. Restricted stock activity in 2016 and 2015 are summarized in the following table: Number of Awards Weighted Average Grant Date Fair Value Weighted Average Remaining Amortization Period (in Years) Balance at December 31, 2014 252,476 $ 18.93 Granted 23,814 $ 18.31 Vested (65,293 ) $ 18.61 Canceled (18,704 ) $ 18.56 Balance at December 31, 2015 192,293 $ 19.20 1.7 Granted — $ — Vested (42,546 ) $ 18.47 Canceled (5,452 ) $ 18.75 Balance at December 31, 2016 144,295 $ 19.43 0.5 Restricted Stock Units Restricted stock unit activity in 2016 and 2015 are summarized in the following table: Number of Awards Weighted Average Grant Date Fair Value Weighted Average Remaining Amortization Period (in Years) Balance at December 31, 2014 — $ — Granted 54,428 $ 18.78 Vested — $ — Canceled (1,105 ) $ 18.78 Balance at December 31, 2015 53,323 $ 18.78 2.1 Granted 84,200 $ 23.71 Vested (7,227 ) $ 18.78 Canceled (2,729 ) $ 18.78 Balance at December 31, 2016 127,567 $ 22.03 1.7 Restricted Performance Stock Units Restricted performance stock unit activity in 2016 and 2015 are summarized in the following table: Number of Awards Weighted Average Grant Date Fair Value Weighted Average Remaining Amortization Period (in Years) Balance at December 31, 2014 — $ — Granted 109,354 $ 18.78 Vested — $ — Canceled (2,707 ) $ 18.78 Balance at December 31, 2015 106,647 $ 18.78 2.0 Granted 127,139 $ 23.14 Vested — $ — Canceled (6,593 ) $ 19.92 Balance at December 31, 2016 227,193 $ 21.72 1.6 Stock Based Compensation Stock-based compensation expense related to our equity incentive plans in accordance with U.S. GAAP was allocated as follows: Year Ended December 31, 2016 2015 2014 (Thousands of dollars) Cost of sales $ 472 $ 370 $ 113 Selling, general and administrative expenses 3,218 2,437 2,202 Stock-based compensation expense before income taxes 3,690 2,807 2,315 Income tax benefit (1,361 ) (1,044 ) (740 ) Total stock-based compensation expense after income taxes $ 2,329 $ 1,763 $ 1,575 As of December 31 , 2016 a total of $3.7 million of unrecognized stock-based compensation expense related to non-vested awards is expected to be recognized over a weighted average period of approximately 1.6 years . There were no significant capitalized stock-based compensation costs at December 31 , 2016 or 2015 . |
Common Stock Purchase Programs
Common Stock Purchase Programs | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock Repurchase Programs [Abstract] | |
Common Stock Purchase Program [Text Block] | COMMON STOCK REPURCHASE PROGRAMS In October 2014, our Board of Directors approved a stock repurchase program (the "2014 Repurchase Program") which authorized the repurchase of up to $30.0 million of our common stock. Under the 2014 Repurchase Program, we repurchased common stock from time to time on the open market or in private transactions. Shares repurchased under the 2014 Repurchase Program during 2015 totaled 1,056,954 shares at a cost of $19.6 million . The 2014 Repurchase Program was completed in the beginning of 2016, with purchases of 585,970 shares for a cost of $10.3 million . The repurchased shares described above were either canceled and retired or added to treasury stock after the reincorporation in Delaware in 2015. In January of 2016, our Board of Directors approved another stock repurchase program (the “2016 Repurchase Program”), authorizing the repurchase of up to $50.0 million of common stock. Under the 2016 Repurchase Program, we may repurchase common stock from time to time on the open market or in private transactions. The timing and extent of the repurchases under the 2016 Repurchase Program will depend upon market conditions and other corporate considerations in our sole discretion. During 2016 , we repurchased 454,718 shares of company stock at a cost of $10.4 million under the 2016 Repurchase Program. In aggregation of the 2014 Repurchase Program and 2016 Repurchase Program we purchased $20.7 million in company stock during 2016. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) (Dollars in thousands, except per share amounts) First Second Third Fourth Year 2016 Quarter Quarter Quarter Quarter Year Net sales $ 186,065 $ 182,709 $ 175,580 $ 188,323 $ 732,677 Gross profit $ 27,715 $ 29,540 $ 10,981 $ 17,968 $ 86,204 Income from operations $ 18,722 $ 19,540 $ 5,250 $ 11,090 $ 54,602 Income before income taxes $ 19,022 $ 19,247 $ 4,910 $ 11,542 $ 54,721 Income tax (provision) benefit $ (4,558 ) $ (6,082 ) $ 1,064 $ (3,764 ) $ (13,340 ) Net income $ 14,464 $ 13,165 $ 5,974 $ 7,778 $ 41,381 Income per share: Basic $ 0.56 $ 0.52 $ 0.24 $ 0.31 $ 1.63 Diluted $ 0.56 $ 0.52 $ 0.23 $ 0.31 $ 1.62 Dividends declared per share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 First Second Third Fourth Year 2015 Quarter Quarter Quarter Quarter Year Net sales $ 173,729 $ 183,940 $ 175,656 $ 194,621 $ 727,946 Gross profit $ 11,222 $ 19,920 $ 16,484 $ 23,591 $ 71,217 Income from operations $ 3,669 $ 11,039 $ 8,059 $ 13,527 $ 36,294 Income before income taxes $ 3,572 $ 10,734 $ 7,615 $ 13,362 $ 35,283 Income tax (provision) benefit $ 762 $ (4,200 ) $ (2,669 ) $ (5,232 ) $ (11,339 ) Net income $ 4,334 $ 6,534 $ 4,946 $ 8,130 $ 23,944 Income per share: Basic $ 0.16 $ 0.24 $ 0.19 $ 0.31 $ 0.90 Diluted $ 0.16 $ 0.24 $ 0.19 $ 0.31 $ 0.90 Dividends declared per share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 |
Risk Management (Notes)
Risk Management (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Foreign Currency Disclosure [Text Block] | RISK MANAGEMENT We are subject to various risks and uncertainties in the ordinary course of business due, in part, to the competitive global nature of the industry in which we operate, changing commodity prices for the materials used in the manufacture of our products and the development of new products. The functional currency of certain foreign operations in Mexico is the Mexican peso. The settlement of accounts receivable and accounts payable for our operations in Mexico requires the transfer of funds denominated in the Mexican peso, the value of which decreased 19 percent in relation to the U.S. dollar in 2016. Foreign currency transaction losses totaled $0.4 million , $1.2 million and $1.0 million in 2016, 2015 and 2014, respectively. All transaction gains and losses are included in other expense, net in the consolidated income statements. As it relates to foreign currency translation gains and losses, however, since 1990, the Mexican peso has experienced periods of relative stability followed by periods of major declines in value. The impact of these changes in value relative to our Mexico operations resulted in a cumulative unrealized translation loss at December 31 , 2016 of $105.2 million . Translation gains and losses are included in other comprehensive income in the consolidated statements of comprehensive income (loss). When market conditions warrant, we may also enter into purchase commitments to secure the supply of certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. At December 31 , 2016 , we did not have any purchase commitments in place for the delivery of aluminum, natural gas or other raw materials in 2017. We are party to various legal and environmental proceedings incidental to our business. Certain claims, suits and complaints arising in the ordinary course of business have been filed or are pending against us. Based on facts now known, we believe all such matters are adequately provided for, covered by insurance, are without merit and/or involve such amounts that would not materially adversely affect our consolidated results of operations, cash flows or financial position. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2014 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2016 , 2015 AND 2014 (Dollars in thousands) Additions Balance at Beginning of Year Charge to Costs and Expenses Other Comprehensive Income (Loss) Deductions From Reserves Balance at End of Year 2016 Allowance for doubtful accounts receivable $ 867 $ 403 $ — $ (351 ) $ 919 Valuation allowances for deferred tax assets $ 5,891 $ 698 $ — $ (3,466 ) $ 3,123 2015 Allowance for doubtful accounts receivable $ 514 $ 380 $ — $ (27 ) $ 867 Valuation allowances for deferred tax assets $ 3,911 $ 1,980 $ — $ — $ 5,891 2014 Allowance for doubtful accounts receivable $ 910 $ (426 ) $ — $ 30 $ 514 Valuation allowances for deferred tax assets $ 3,398 $ 473 $ 40 $ — $ 3,911 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Headquartered in Southfield, Michigan, the principal business of Superior Industries International, Inc. (referred to herein as the “company” or “we,” “us” and “our”) is the design and manufacture of aluminum wheels for sale to original equipment manufacturers ("OEMs"). We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with manufacturing operations in the United States and Mexico. Customers in North America represent the principal market for our products. |
Fair Value Measurement, Policy [Policy Text Block] | The company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, while other assets and liabilities are measured at fair value on a nonrecurring basis, such as when we have an asset impairment. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. |
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into other expense. Any subsequent changes in fair value of such derivative instruments are reflected in other expense unless they are re-designated as hedges of other transactions. Our accounting treatment for these instruments is based on the hedge designation. The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. |
Derivatives, Policy [Policy Text Block] | In order to hedge exposure related to fluctuations in foreign currency rates and the cost of certain commodities used in the manufacture of our products, we periodically may purchase derivative financial instruments such as forward contracts, options or collars to offset or mitigate the impact of such fluctuations. Programs to hedge currency rate exposure may address ongoing transactions including, foreign-currency-denominated receivables and payables, as well as specific transactions related to purchase obligations. Programs to hedge exposure to commodity cost fluctuations would be based on underlying physical consumption of such commodity. At December 31 , 2016 and 2015 , we held forward currency exchange contracts discussed below. We account for our derivative instruments as either assets or liabilities and carry them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income ("AOCI") in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For forward exchange contracts designated as cash flow hedges, changes in the time value are included in the definition of hedge effectiveness. Accordingly, any gains or losses related to this component are reported as a component of AOCI in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify as hedges are adjusted to fair value through current income. See Note 4, "Derivative Financial Instruments" for additional information pertaining to our derivative instruments. We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. These contracts are considered to be derivative instruments under U.S. GAAP. However, upon entering into these contracts, we expect to fulfill our purchase commitments and take full delivery of the contracted quantities of these commodities during the normal course of business. Accordingly, under U.S. GAAP, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exception under U.S. GAAP, unless there is a change in the facts or circumstances that causes management to believe that these commitments would not be used in the normal course of business. See Note 18, "Risk Management" for additional information pertaining to these purchase commitments. |
Segment Reporting, Policy [Policy Text Block] | As described in Note 5, "Business Segments," the company operates as a single integrated business and, as such, has only one operating segment - automotive wheels. |
Basis of Accounting, Policy [Policy Text Block] | Our fiscal year is the 52- or 53-week period ending generally on the last Sunday of the calendar year. The fiscal years 2016, 2015 and 2014 comprised the 52-week periods ended on December 25, 2016, December 27, 2015 and December 28, 2014, respectively. For convenience of presentation, all fiscal years are referred to as beginning as of January 1, and ending as of December 31, but actually reflect our financial position and results of operations for the periods described above. The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | We have made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues and expenses to prepare these financial statements in conformity with U.S. GAAP as delineated by the FASB in its ASC. Generally, assets and liabilities that are subject to estimation and judgment include the allowance for doubtful accounts, inventory valuation, amortization of preproduction costs, impairment of and the estimated useful lives of our long-lived assets, self-insurance portions of employee benefits, workers' compensation and general liability programs, fair value of stock-based compensation, income tax liabilities and deferred income taxes. While actual results could differ, we believe such estimates to be reasonable. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current assets in our consolidated balance sheets. The purchase of any certificates of deposit or fixed deposits that are classified as short-term investments or non-current assets appear in the investing section of our consolidated statements of cash flows. At times throughout the year and at year-end, cash balances held at financial institutions were in excess of federally insured limits. We purchase certificates of deposit that mature within twelve months and are used to secure or collateralize letters of credit securing our workers’ compensation obligations. At December 31 , 2016 and 2015 , certificates of deposit totaling $0.8 million and $1.0 million , respectively, were restricted in use and were classified as short-term investments on our consolidated balance sheet. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable We maintain an allowance for doubtful accounts receivable based upon the expected collectability of all trade receivables. The allowance is reviewed continually and adjusted for amounts deemed uncollectible by management. |
Inventory, Policy [Policy Text Block] | Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or market using the first-in, first-out method. When necessary, management uses estimates of net realizable value to record inventory reserves for obsolete and/or slow-moving inventory. Aluminum is the primary material component in our inventories. Our aluminum requirements are supplied from two primary vendors, each accounting for more than 10 percent of our aluminum purchases during 2016 and 2015 . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and equipment 7 to 10 years Buildings 25 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed from the accounts. Property, plant and equipment no longer used in operations, which are generally insignificant in amount, are stated at the lower of cost or estimated net realizable value. Gains and losses, if any, are recorded as a component of operating income if the disposition relates to an operating asset. If a non-operating asset is disposed of, any gains and losses are recorded in other income or expense in the period of disposition or write down. |
Amortization Policy, Pre-production Costs [Policy Text Block] | We incur preproduction engineering and tooling costs related to the products produced for our customers under long-term supply agreements. We expense all preproduction engineering costs for which reimbursement is not contractually guaranteed by the customer or which are in excess of the contractually guaranteed reimbursement amount. We amortize the cost of the customer-owned tooling over the expected life of the wheel program on a straight-line basis. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Also, we defer any reimbursements made to us by our customer and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. Changes in the facts and circumstances of individual wheel programs may accelerate the amortization of both the cost of customer-owned tooling and the deferred tooling reimbursement revenues. Recognized tooling reimbursement revenues, which totaled $8.0 million , $5.8 million and $8.2 million in 2016 , 2015 and 2014 , respectively, are included in net sales in the consolidated income statements. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | When facts and circumstances indicate that there may have been a loss in value, management will also evaluate its cost method investments to determine whether there was an other-than-temporary impairment. If a loss in the value of the investment is determined to be other than temporary, then the decline in value is recognized as a loss. See Note 9, "Investment in Unconsolidated Affiliate" and Note 2, "Restructuring," for discussion of investment impairment. In accordance with ASC 360 entitled "Property, Plant and Equipment", management evaluates the recoverability and estimated remaining lives of long-lived assets. The company reviews long-lived assets for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable or the useful life has changed. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | We have wholly-owned foreign subsidiaries with operations in Mexico whose functional currency is the peso. In addition, we have operations with U.S. dollar functional currencies with transactions denominated in pesos and other currencies. These operations had monetary assets and liabilities that were denominated in currencies that were different than their functional currency and were translated into the functional currency of the entity using the exchange rate in effect at the end of each accounting period. Any gains and losses recorded as a result of the remeasurement of monetary assets and liabilities into the functional currency are reflected as transaction gains and losses and included in other expense, net in the consolidated income statements. We had foreign currency transaction losses of $0.4 million , $1.2 million and $1.0 million for the years ended December 31 , 2016 , 2015 and 2014 , respectively, which are included in other expense, net in the consolidated income statements. In addition, we have a minority investment in India that has a functional currency of the Indian rupee. When our foreign subsidiaries translate their financial statements from the functional currency to the reporting currency, the balance sheet accounts are translated using the exchange rates in effect at the end of the accounting period and retained earnings is translated using historical rates. The income statement accounts are generally translated at the weighted average of exchange rates during the period and the cumulative effect of translation is recorded as a separate component of accumulated other comprehensive income (loss) in shareholders' equity, as reflected in the consolidated statements of shareholders' equity. The value of the Mexican peso decreased by 19 percent in relation to the U.S. dollar in 2016 . |
Revenue Recognition, Sales of Goods [Policy Text Block] | Sales of products and any related costs are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Tooling reimbursement revenues related to initial tooling reimbursed by our customers are deferred and recognized over the expected life of the wheel program on a straight line basis, as discussed above. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. |
Value Added Tax, Policy [Policy Text Block] | Value-added taxes that are collected from customers and remitted to taxing authorities are excluded from sales and cost of sales. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | We account for stock-based compensation using the estimated fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs net of the applicable forfeiture rate and recognize the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years. We estimate the forfeiture rate based on our historical experience. |
Income Tax, Policy [Policy Text Block] | We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. We believe that the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of future taxable income in the U.S. and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax income and have reached sustained profitability, which we define as two consecutive one year periods of pre-tax income. We account for uncertain tax positions utilizing a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more-likely-than-not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more-likely-than-not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time the company does not have any plans to repatriate income from its foreign subsidiaries. Our policy regarding interest and penalties related to uncertain tax positions is to record interest and penalties as an element of income tax expense. The determination of whether or not to record a full or partial valuation allowance on our deferred tax assets is a critical accounting estimate requiring a significant amount of judgment on the part of management. In determining when to release the valuation allowance established against our deferred income tax assets, we consider all available evidence, both positive and negative. We perform our analysis on a jurisdiction by jurisdiction basis at the end of each reporting period. |
Earnings Per Share, Policy [Policy Text Block] | As summarized below, basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. For purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect of our outstanding stock options under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. All derivatives were designated as hedging instruments at December 31, 2016 and 2015. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and equipment 7 to 10 years Buildings 25 years PROPERTY, PLANT AND EQUIPMENT December 31, 2016 2015 (Dollars in thousands) Land and buildings $ 67,915 $ 73,803 Machinery and equipment 485,185 486,612 Leasehold improvements and others 4,868 4,204 Construction in progress 26,301 20,455 584,269 585,074 Accumulated depreciation (356,866 ) (350,428 ) Property, plant and equipment, net $ 227,403 $ 234,646 |
Pre-Production Costs and Deferred Revenue Related to Long-Term Supply Arrangements [Table Text Block] | The following tables summarize the unamortized customer-owned tooling costs included in our other non-current assets, and the deferred tooling revenues included in accrued expenses and other non-current liabilities: December 31, 2016 2015 (Dollars in Thousands) Customer-Owned Tooling Costs Preproduction costs $ 78,299 $ 73,095 Accumulated amortization (65,100 ) (58,632 ) Net preproduction costs $ 13,199 $ 14,463 Deferred Tooling Revenue Accrued expenses $ 5,419 $ 2,908 Other non-current liabilities 2,593 1,266 Total deferred tooling revenue $ 8,012 $ 4,174 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands, except per share amounts) Basic Earnings Per Share Reported net income $ 41,381 $ 23,944 $ 8,803 Weighted average shares outstanding 25,439 26,599 26,908 Basic earnings per share $ 1.63 $ 0.90 $ 0.33 Diluted Earnings Per Share Reported net income $ 41,381 $ 23,944 $ 8,803 Weighted average shares outstanding 25,439 26,599 26,908 Weighted average dilutive stock options 100 34 112 Weighted average shares outstanding - diluted 25,539 26,633 27,020 Diluted earnings per share $ 1.62 $ 0.90 $ 0.33 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Changes in the accrued expenses related to restructuring liabilities during the years ended December 31, 2016 and 2015 were less than $0.1 million . |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the Rogers, Arkansas plant closure costs and classification in the consolidated income statement for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Total Costs Classification (Dollars in thousands) Accelerated and other depreciation of assets idled (1) $ 248 $ 1,641 $ 5,365 $ 7,254 Cost of sales, Restructuring costs Severance costs (2) — 114 1,897 2,011 Cost of sales, Restructuring costs Equipment removal and impairment, inventory written-down, lease termination and other costs (3) 1,210 4,257 1,167 6,634 Cost of sales, Restructuring costs Total restructuring costs included in cost of sales 1,458 6,012 8,429 15,899 Gain on sale of the facility (1,436 ) — — $ (1,436 ) Selling, general and administrative expense $ 22 $ 6,012 $ 8,429 $ 14,463 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following tables categorize items measured at fair value at December 31 , 2016 and 2015 : Fair Value Measurement at Reporting Date Using Quoted Prices Significant Other Significant in Active Markets Observable Unobservable for Identical Assets Inputs Inputs December 31, 2016 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 7,480 — 7,480 — Derivative contracts 13 — 13 — Total 8,243 — 8,243 — Liabilities Derivative contracts 24,773 — 24,773 — Total $ 24,773 $ — $ 24,773 $ — Fair Value Measurement at Reporting Date Using Quoted Prices Significant Other Significant in Active Markets Observable Unobservable for Identical Assets Inputs Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets Certificates of deposit $ 950 $ — $ 950 $ — Cash surrender value 6,923 — 6,923 — Derivative contracts 113 — 113 — Total 7,986 — 7,986 — Liabilities Derivative contracts 14,159 — 14,159 — Total $ 14,159 $ — $ 14,159 $ — |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2015 Other Current Assets Accrued Expenses Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 113 $ 9,629 $ 4,530 Total derivative financial instruments $ 113 $ 9,629 $ 4,530 The following tables display the fair value of derivatives by balance sheet line item: December 31, 2016 Other Current Assets Accrued Expenses Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 13 $ 10,076 $ 14,697 Total derivative financial instruments $ 13 $ 10,076 $ 14,697 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | December 31, 2015 Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 162,590 $ 14,046 Total derivative financial instruments $ 162,590 $ 14,046 The following tables summarize the notional amount and estimated fair value of our derivative financial instruments: December 31, 2016 Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 160,461 $ 24,760 Total derivative financial instruments $ 160,461 $ 24,760 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2015 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (4,524 ) $ (9,960 ) $ 19 Total $ (4,524 ) $ (9,960 ) $ 19 Year Ended December 31, 2016 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) The following tables provide the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: Year Ended December 31, 2016 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) Year Ended December 31, 2015 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (4,524 ) $ (9,960 ) $ 19 Total $ (4,524 ) $ (9,960 ) $ 19 |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS We use derivatives to partially offset our business exposure to foreign currency risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries whose functional currency is the U.S. dollar hedge a portion of forecasted foreign currency costs. Generally, we may hedge portions of our forecasted foreign currency exposure associated with costs, typically for up to 36 months . We record all derivatives in the consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. All derivatives were designated as hedging instruments at December 31, 2016 and 2015. Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. Our foreign currency transactions hedged with cash flow hedges as of December 31 , 2016 , are expected to occur within 1 month to 36 months . Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into other expense. Any subsequent changes in fair value of such derivative instruments are reflected in other expense unless they are re-designated as hedges of other transactions. We had no gains or losses recognized in other expense for foreign currency forward and option contracts not designated as hedging instruments during 2016, 2015 and 2014. The following tables display the fair value of derivatives by balance sheet line item: December 31, 2016 Other Current Assets Accrued Expenses Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 13 $ 10,076 $ 14,697 Total derivative financial instruments $ 13 $ 10,076 $ 14,697 December 31, 2015 Other Current Assets Accrued Expenses Other Non-current Liabilities (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 113 $ 9,629 $ 4,530 Total derivative financial instruments $ 113 $ 9,629 $ 4,530 The following tables summarize the notional amount and estimated fair value of our derivative financial instruments: December 31, 2016 Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 160,461 $ 24,760 Total derivative financial instruments $ 160,461 $ 24,760 December 31, 2015 Notional U.S. Dollar Amount Fair Value (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 162,590 $ 14,046 Total derivative financial instruments $ 162,590 $ 14,046 Notional amounts are presented on a gross basis. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or commodity volumes and prices. The following tables provide the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: Year Ended December 31, 2016 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) Year Ended December 31, 2015 Amount of Gain or (Loss) Recognized in AOCI on Derivatives, net of tax (Effective Portion) Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Foreign exchange forward contracts and collars $ (4,524 ) $ (9,960 ) $ 19 Total $ (4,524 ) $ (9,960 ) $ 19 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Segments [Abstract] | |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Geographic information Net sales by geographic location is the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Net sales: U.S. $ 120,395 $ 177,198 $ 261,478 Mexico 612,282 550,748 483,969 Consolidated net sales $ 732,677 $ 727,946 $ 745,447 Long Lived Assets Long-lived assets includes property, plant and equipment, net, by geographic location as follows: December 31, 2016 2015 (Dollars in thousands) Property, plant and equipment, net: U.S. $ 37,795 $ 44,274 Mexico 189,608 190,372 Consolidated property, plant and equipment, net $ 227,403 $ 234,646 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Geographic information Net sales by geographic location is the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Net sales: U.S. $ 120,395 $ 177,198 $ 261,478 Mexico 612,282 550,748 483,969 Consolidated net sales $ 732,677 $ 727,946 $ 745,447 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ACCOUNTS RECEIVABLE December 31, 2016 2015 (Dollars in thousands) Trade receivables $ 91,213 $ 103,202 Other receivables 9,037 10,253 100,250 113,455 Allowance for doubtful accounts (919 ) (867 ) Accounts receivable, net $ 99,331 $ 112,588 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | INVENTORIES December 31, 2016 2015 (Dollars in thousands) Raw materials $ 40,255 $ 19,148 Work in process 21,447 21,063 Finished goods 21,135 21,558 Inventories $ 82,837 $ 61,769 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and equipment 7 to 10 years Buildings 25 years PROPERTY, PLANT AND EQUIPMENT December 31, 2016 2015 (Dollars in thousands) Land and buildings $ 67,915 $ 73,803 Machinery and equipment 485,185 486,612 Leasehold improvements and others 4,868 4,204 Construction in progress 26,301 20,455 584,269 585,074 Accumulated depreciation (356,866 ) (350,428 ) Property, plant and equipment, net $ 227,403 $ 234,646 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Income before income taxes: Domestic $ 18,499 $ 25,069 $ 8,328 Foreign 36,222 10,214 7,374 $ 54,721 $ 35,283 $ 15,702 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes is comprised of the following: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current taxes Federal $ (5,017 ) $ (10,900 ) $ (2,976 ) State 450 481 (453 ) Foreign (10,639 ) (2,099 ) (8,660 ) Total current taxes (15,206 ) (12,518 ) (12,089 ) Deferred taxes Federal (1,199 ) (961 ) 657 State (332 ) (576 ) (109 ) Foreign 3,397 2,716 4,642 Total deferred taxes 1,866 1,179 5,190 Income tax provision $ (13,340 ) $ (11,339 ) $ (6,899 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2016 2015 2014 Statutory rate (35.0 )% (35.0 )% (35.0 )% State tax provisions, net of federal income tax benefit (6.3 ) 3.8 (0.5 ) Permanent differences (0.8 ) (1.5 ) (5.3 ) Tax credits 0.6 0.9 2.8 Foreign income taxes at rates other than the statutory rate 11.7 2.3 (0.5 ) Valuation allowance and other 5.1 (5.6 ) (8.4 ) Changes in tax liabilities, net 0.5 6.4 4.2 Share based compensation (1.2 ) (4.4 ) — Other 1.0 1.0 (1.2 ) Effective income tax rate (24.4 )% (32.1 )% (43.9 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities are as follows: December 31, 2016 2015 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 6,120 $ 3,981 Hedging and foreign currency losses 9,475 8,469 Deferred compensation 11,723 11,833 Inventory reserves 3,563 3,079 Net loss carryforwards and credits 3,123 5,891 Competent authority deferred tax assets and other foreign timing differences 5,135 4,836 Other 462 (683 ) Total before valuation allowance 39,601 37,406 Valuation allowance (3,123 ) (5,891 ) Net deferred income tax assets 36,478 31,515 Deferred income tax liabilities: Property, plant and equipment (11,268 ) (14,011 ) Deferred income tax liabilities (11,268 ) (14,011 ) Net deferred income tax assets $ 25,210 $ 17,504 The classification of our net deferred tax asset is shown below: December 31, 2016 2015 (Dollars in thousands) Long-term deferred income tax assets $ 28,838 $ 25,598 Long-term deferred income tax liabilities (3,628 ) (8,094 ) Net deferred tax asset $ 25,210 $ 17,504 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Beginning balance $ 7,318 $ 7,193 $ 9,462 Increases (decreases) due to foreign currency translations — — (244 ) Increases (decreases) as a result of positions taken during: Prior periods (3,872 ) 1,238 (2,553 ) Current period — 1,798 956 Settlements with taxing authorities — — — Expiration of applicable statutes of limitation — (2,911 ) (428 ) Ending balance (1) $ 3,446 $ 7,318 $ 7,193 |
Leases and Related Parties Leas
Leases and Related Parties Leases and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | summarized future minimum payments under all leases: Year Ended December 31, Operating Leases (Dollars in thousands) 2017 $ 769 2018 700 2019 429 2020 424 2021 377 Thereafter 1,791 $ 4,490 Purchase Agreement In the first quarter of 2015, we entered into an agreement to purchase a subscription to online software provided by New Generation Software Inc. (“NGS”). Our Senior Vice President, Business Operations, is a board member and passive investor and our Vice President of Information Technology is also a passive investor in NGS. We made payments to NGS of $243,000 and $351,000 during the 2016 and 2015 fiscal year, respectively. The transaction was entered into in the ordinary course of business and is an arms-length transaction. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans [Abstract] | |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2017 $ 1,203 2018 $ 1,429 2019 $ 1,405 2020 $ 1,461 2021 $ 1,433 Years 2022 to 2026 $ 8,012 |
Periodic Pension Cost, Next Fiscal Year [Table Text Block] | The following is an estimate of the components of net periodic pension cost in 2017 : Estimated Year Ended December 31, 2017 (Dollars in thousands) Service cost $ — Interest cost 1,189 Amortization of actuarial loss 270 Estimated 2017 net periodic pension cost $ 1,459 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table summarizes the changes in plan benefit obligations: Year Ended December 31, 2016 2015 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 28,399 $ 30,047 Service cost — 44 Interest cost 1,216 1,230 Actuarial gain (464 ) (1,372 ) Benefit payments (1,539 ) (1,550 ) Ending benefit obligation $ 27,612 $ 28,399 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year Ended December 31, 2016 2015 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,539 1,550 Benefit payments (1,539 ) (1,550 ) Fair value of plan assets at end of year $ — $ — Funded Status $ (27,612 ) $ (28,399 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses (1,177 ) (1,524 ) Other non-current liabilities (26,435 ) (26,875 ) Net amount recognized $ (27,612 ) $ (28,399 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 5,692 $ 6,492 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 5,691 $ 6,491 Weighted average assumptions used to determine benefit obligations: Discount rate 4.4 % 4.4 % Rate of compensation increase 3.0 % 3.0 % |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic pension cost are described in the following table: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Components of net periodic pension cost: Service cost $ — $ 44 $ 84 Interest cost 1,216 1,230 1,171 Amortization of actuarial loss 335 535 328 Net periodic pension cost $ 1,551 $ 1,809 $ 1,583 Weighted average assumptions used to determine net periodic pension cost: Discount rate 4.4 % 4.2 % 4.8 % Rate of compensation increase 3.0 % 3.0 % 3.0 % |
Accrued Expenses Accrued liabil
Accrued Expenses Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) Payroll and related benefits $ 12,766 $ 13,538 Current portion of derivative liability 10,076 9,629 Dividends 5,127 4,964 Taxes, other than income taxes 7,325 7,354 Deferred tooling revenue 5,419 2,908 Current portion of executive retirement liabilities 1,177 1,524 Other 4,425 6,297 Accrued liabilities $ 46,315 $ 46,214 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity in 2016 and 2015 are summarized in the following table: Outstanding Weighted Average Exercise Price Remaining Contractual Life in Years Aggregate Intrinsic Value Balance at December 31, 2014 1,819,444 $ 20.28 Granted — $ — Exercised (420,642 ) $ 17.29 Canceled (117,269 ) $ 21.80 Expired (905,500 ) $ 22.05 Balance at December 31, 2015 376,033 $ 18.89 3.6 $ 452,128 Granted — — Exercised (86,908 ) $ 18.77 Canceled (24,750 ) $ 21.51 Expired (32,750 ) $ 17.56 Balance at December 31, 2016 231,625 $ 18.88 Options vested or expected to vest at December 31, 2016 231,625 $ 18.88 3.1 $ 1,845,263 Exercisable at December 31, 2016 231,625 $ 18.88 3.1 $ 1,845,263 | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock options outstanding at December 31 , 2016 and 2015 are summarized in the following tables: Range of Exercise Prices Options Outstanding at 12/31/2016 Weighted Contractual Life (in Years) Weighted Price Options Exercisable at 12/31/2016 Weighted Price $ 15.17 — $ 16.54 54,625 3.0 $ 15.68 54,625 $ 15.68 $ 16.55 — $ 17.58 36,000 5.5 $ 16.95 36,000 $ 16.95 $ 17.59 — $ 20.20 54,000 2.3 $ 18.16 54,000 $ 18.16 $ 20.21 — $ 22.21 51,000 1.4 $ 21.84 51,000 $ 21.84 $ 22.22 — $ 22.57 36,000 4.4 $ 22.57 36,000 $ 22.57 231,625 3.1 $ 18.88 231,625 $ 18.88 Range of Exercise Prices Options Outstanding at 12/31/2015 Weighted Contractual Life (in Years) Weighted Price Options Exercisable at 12/31/2015 Weighted Price $ 15.17 — $ 16.54 84,250 4.0 $ 15.74 84,250 $ 15.74 $ 16.55 — $ 17.63 89,833 3.6 $ 17.23 89,833 $ 17.23 $ 17.64 — $ 20.20 61,500 3.1 $ 18.21 61,500 $ 18.21 $ 20.21 — $ 22.17 79,250 2.4 $ 21.84 79,250 $ 21.84 $ 22.18 — $ 22.57 61,200 5.4 $ 22.55 61,200 $ 22.55 376,033 3.6 $ 18.89 376,033 $ 18.89 | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock activity in 2016 and 2015 are summarized in the following table: Number of Awards Weighted Average Grant Date Fair Value Weighted Average Remaining Amortization Period (in Years) Balance at December 31, 2014 252,476 $ 18.93 Granted 23,814 $ 18.31 Vested (65,293 ) $ 18.61 Canceled (18,704 ) $ 18.56 Balance at December 31, 2015 192,293 $ 19.20 1.7 Granted — $ — Vested (42,546 ) $ 18.47 Canceled (5,452 ) $ 18.75 Balance at December 31, 2016 144,295 $ 19.43 0.5 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense related to our equity incentive plans in accordance with U.S. GAAP was allocated as follows: Year Ended December 31, 2016 2015 2014 (Thousands of dollars) Cost of sales $ 472 $ 370 $ 113 Selling, general and administrative expenses 3,218 2,437 2,202 Stock-based compensation expense before income taxes 3,690 2,807 2,315 Income tax benefit (1,361 ) (1,044 ) (740 ) Total stock-based compensation expense after income taxes $ 2,329 $ 1,763 $ 1,575 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Second Third Fourth Year 2015 Quarter Quarter Quarter Quarter Year Net sales $ 173,729 $ 183,940 $ 175,656 $ 194,621 $ 727,946 Gross profit $ 11,222 $ 19,920 $ 16,484 $ 23,591 $ 71,217 Income from operations $ 3,669 $ 11,039 $ 8,059 $ 13,527 $ 36,294 Income before income taxes $ 3,572 $ 10,734 $ 7,615 $ 13,362 $ 35,283 Income tax (provision) benefit $ 762 $ (4,200 ) $ (2,669 ) $ (5,232 ) $ (11,339 ) Net income $ 4,334 $ 6,534 $ 4,946 $ 8,130 $ 23,944 Income per share: Basic $ 0.16 $ 0.24 $ 0.19 $ 0.31 $ 0.90 Diluted $ 0.16 $ 0.24 $ 0.19 $ 0.31 $ 0.90 Dividends declared per share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 First Second Third Fourth Year 2016 Quarter Quarter Quarter Quarter Year Net sales $ 186,065 $ 182,709 $ 175,580 $ 188,323 $ 732,677 Gross profit $ 27,715 $ 29,540 $ 10,981 $ 17,968 $ 86,204 Income from operations $ 18,722 $ 19,540 $ 5,250 $ 11,090 $ 54,602 Income before income taxes $ 19,022 $ 19,247 $ 4,910 $ 11,542 $ 54,721 Income tax (provision) benefit $ (4,558 ) $ (6,082 ) $ 1,064 $ (3,764 ) $ (13,340 ) Net income $ 14,464 $ 13,165 $ 5,974 $ 7,778 $ 41,381 Income per share: Basic $ 0.56 $ 0.52 $ 0.24 $ 0.31 $ 1.63 Diluted $ 0.56 $ 0.52 $ 0.23 $ 0.31 $ 1.62 Dividends declared per share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Deferred Revenue, Revenue Recognized | $ 8,000 | $ 5,800 | $ 8,200 | |
Restricted Cash and Investments, Current | 800 | 1,000 | ||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 4,000 | 1,100 | 6,400 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 400 | 1,200 | 1,000 | |
Research and Development Expense | 3,800 | 2,600 | $ 4,400 | |
Deferred Tax Liabilities, Net, Noncurrent | $ 3,628 | $ 3,628 | $ 8,094 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies Concentration (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 25, 2016 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Concentration Risk [Line Items] | ||||
Research and Development Expense | $ 3.8 | $ 2.6 | $ 4.4 | |
Description of Foreign Currency Exposure | .19 | |||
Supplier Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Vendors Accounting for More Than Ten Percent of Aluminum Purchases | 2 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
Pre-Production Costs Related to
Pre-Production Costs Related to Long-Term Supply Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Deferred tooling revenue, revenue recognized | $ 8,000 | $ 5,800 | $ 8,200 |
Unamortized Preproduction Costs [Abstract] | |||
Preproduction costs | 78,299 | 73,095 | |
Accumulated amortization | (65,100) | (58,632) | |
Net preproduction costs | 13,199 | 14,463 | |
Deferred Revenue [Abstract] | |||
Accrued expenses | 5,419 | 2,908 | |
Other non-current liabilities | 2,593 | 1,266 | |
Total deferred tooling revenues | $ 8,012 | $ 4,174 |
Income Per Share (Details)
Income Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||||||||||||
Net Income | $ 7,778,000 | $ 5,974,000 | $ 13,165,000 | $ 14,464,000 | $ 8,130,000 | $ 4,946,000 | $ 6,534,000 | $ 4,334,000 | $ 41,381,000 | $ 41,381,000 | $ 23,944,000 | $ 8,803,000 |
Weighted average shares outstanding, basic | 25,439,000 | 26,599,000 | 26,908,000 | |||||||||
Earnings Per Share, Basic | $ 0.31 | $ 0.24 | $ 0.52 | $ 0.56 | $ 0.31 | $ 0.19 | $ 0.24 | $ 0.16 | $ 1.63 | $ 1.63 | $ 0.90 | $ 0.33 |
Weighted average dilutive stock options | 100,000 | 34,000 | 112,000 | |||||||||
Weighted average shares outstanding, diluted | 25,539,000 | 26,633,000 | 27,020,000 | |||||||||
Diluted income per share | $ 0.31 | $ 0.23 | $ 0.52 | $ 0.56 | $ 0.31 | $ 0.19 | $ 0.24 | $ 0.16 | $ 1.62 | $ 1.62 | $ 0.90 | $ 0.33 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 147,150 | 985,677 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Price Range, Lower Range Limit | $ 21.84 | $ 22.57 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Price Range, Upper Range Limit | $ 22.57 | $ 43.22 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | Dec. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Proceeds from Sale of Buildings | $ 4,300 | |||||
Restructuring Reserve | 100 | |||||
Restructuring Charges | 1,458 | $ 6,012 | $ 8,429 | |||
Rogers, Arkansas facility closure [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 22 | $ 6,012 | $ 8,400 | |||
Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Accelerated Depreciation | 248 | 1,641 | 5,365 | |||
Restructuring and Related Cost, Incurred Cost | 1,458 | 6,012 | 8,400 | |||
Accelerated Depreciation [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected Restructuring Charges | 7,254 | |||||
One-time Termination Benefits [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 0 | 114 | 1,897 | |||
Expected Restructuring Charges | 2,011 | |||||
Other Restructuring [Member] | Rogers, Arkansas facility closure [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected Restructuring Charges | 14,500 | |||||
Other Restructuring [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected Restructuring Charges | 15,900 | |||||
Other Restructuring [Member] | Rogers, Arkansas facility closure [Member] | Cost of Sales, Restructuring Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 1,210 | $ 4,257 | $ 2,688 | $ 1,167 | ||
Expected Restructuring Charges | $ 6,634 | |||||
Building [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (1,436) |
Restructuring Property, plant a
Restructuring Property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Other Depreciation and Amortization | $ 6,500 | |||
Property, plant and equipment, net | $ 227,403 | $ 227,403 | $ 234,646 | |
Air Transportation Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 200 | |||
Selling, General and Administrative Expenses [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Other Depreciation and Amortization | $ 1,100 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 27, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cost Method Investments | $ 2,000 | $ 4,500 | |||
Cost-method Investments, Other than Temporary Impairment | $ 2,500 | ||||
Cash Surrender Value, Fair Value Disclosure | $ 7,480 | $ 6,923 | |||
Assets, Fair Value Disclosure | 8,243 | 7,986 | |||
Financial Liabilities Fair Value Disclosure | 24,773 | 14,159 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Financial Liabilities Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 8,243 | 7,986 | |||
Financial Liabilities Fair Value Disclosure | 24,773 | 14,159 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | |||
Financial Liabilities Fair Value Disclosure | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 13 | 113 | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 24,773 | 14,159 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 13 | 113 | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 24,773 | 14,159 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 0 | 0 | |||
Cash Surrender Value [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Surrender Value, Fair Value Disclosure | 0 | ||||
Cash Surrender Value [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Surrender Value, Fair Value Disclosure | 7,480 | 6,923 | |||
Cash Surrender Value [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Surrender Value, Fair Value Disclosure | 0 | ||||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities, Restricted | 750 | 950 | |||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities, Restricted | 0 | 0 | |||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities, Restricted | 750 | 950 | |||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities, Restricted | $ 0 | $ 0 |
Derivative Financial Instrume50
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (6,812) | $ 4,524 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13,597) | (9,960) | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | (156) | (19) | |
Derivative Liability, Notional Amount | 160,461 | 162,590 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 24,760 | 14,046 | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 24,760 | 14,046 | |
Other Noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 13 | 113 | |
Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 10,076 | 9,629 | |
Other Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 14,697 | 4,530 | |
Foreign Exchange Forward [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (6,812) | 4,524 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13,597) | (9,960) | |
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | (156) | (19) | |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 13 | 113 | |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 10,076 | 9,629 | |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 14,697 | $ 4,530 | |
Maximum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Lower Remaining Maturity Range | 36 months | ||
Minimum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Lower Remaining Maturity Range | 1 month |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 732,677 | $ 727,946 | $ 745,447 |
Property, plant and equipment, net | 227,403 | 234,646 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 120,395 | 177,198 | 261,478 |
Property, plant and equipment, net | 37,795 | 44,274 | |
MEXICO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 612,282 | 550,748 | $ 483,969 |
Property, plant and equipment, net | $ 189,608 | $ 190,372 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Receivable [Abstract] | |||||
Trade receivables | $ 91,213 | $ 103,202 | |||
Other receivables | 9,037 | 10,253 | |||
Receivables, current | 100,250 | 113,455 | |||
Allowance for doubtful accounts | (919) | (867) | |||
Accounts receivable, net | $ 99,331 | $ 112,588 | |||
Ford [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 38.00% | 44.00% | 44.00% | ||
General Motors [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 30.00% | 24.00% | 24.00% | ||
Toyota [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 14.00% | 14.00% | 12.00% | ||
Fiat Chrysler Automobiles [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 6.00% | 8.00% | 10.00% | ||
General Motors [Member] | General Motors [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 39.00% | ||||
Toyota [Member] | Toyota [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 14.00% | ||||
Ford [Member] | Ford [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 32.00% | ||||
Accounts Receivable [Member] | Ford [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 35.00% | ||||
Accounts Receivable [Member] | General Motors [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 27.00% | ||||
Accounts Receivable [Member] | Toyota [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 13.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 40,255 | $ 19,148 |
Work in process | 21,447 | 21,063 |
Finished goods | 21,135 | 21,558 |
Inventories | 82,837 | 61,769 |
Inventory, noncurrent | 6,500 | 6,900 |
Materials, Supplies, and Other | $ 10,300 | $ 9,200 |
Property, Plant and Equipment54
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 25, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Land and buildings | $ 73,803 | $ 67,915 | ||
Machinery and equipment | 486,612 | 485,185 | ||
Leasehold improvements and others | 4,204 | 4,868 | ||
Construction in progress | 20,455 | 26,301 | ||
Property, plant and equipment, gross | 585,074 | 584,269 | ||
Accumulated depreciation | (350,428) | (356,866) | ||
Property, plant and equipment, net | $ 227,403 | 234,646 | $ 227,403 | |
Depreciation expense | $ 34,300 | $ 34,500 | $ 35,600 | |
Other Depreciation and Amortization | 6,500 | |||
Air Transportation Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 200 |
Investments in Unconsolidated55
Investments in Unconsolidated Affiliates Investment in Synergies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 25, 2011 | Dec. 31, 2014 | Sep. 28, 2014 | |
Investments, All Other Investments [Abstract] | ||||
Investment Owned, at Cost | $ 4,500,000 | |||
investment owned, percent of shares outstanding | 12.60% | |||
affiliate borrowings | $ 1,500,000 | |||
Payments for Advance to Affiliate | $ 450,000 | |||
Cost Method Investments | $ 2,000,000 | $ 4,500,000 | ||
Cost-method Investments, Other than Temporary Impairment | $ 2,500,000 |
Income Taxes Schedule of Income
Income Taxes Schedule of Income Before Income Tax (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Domestic | $ 18,499,000 | $ 25,069,000 | $ 8,328,000 | |||||||||
International | 36,222,000 | 10,214,000 | 7,374,000 | |||||||||
INCOME BEFORE INCOME TAXES | $ 11,542,000 | $ 4,910,000 | $ 19,247,000 | $ 19,022,000 | $ 13,362,000 | $ 7,615,000 | $ 10,734,000 | $ 3,572,000 | $ 54,721,000 | $ 54,721,000 | $ 35,283,000 | $ 15,702,000 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||||||||||
Tax Credit Carryforward, Amount | $ 300,000 | |||||||||||
Operating Loss Carryforwards | 49,100,000 | |||||||||||
Federal | 5,017,000 | $ (10,900,000) | $ (2,976,000) | |||||||||
State | (450,000) | 481,000 | (453,000) | |||||||||
Foreign | 10,639,000 | (2,099,000) | (8,660,000) | |||||||||
Total current taxes | 15,206,000 | 12,518,000 | 12,089,000 | |||||||||
Federal | 1,199,000 | (961,000) | 657,000 | |||||||||
State | 332,000 | (576,000) | (109,000) | |||||||||
Foreign | (3,397,000) | 2,716,000 | 4,642,000 | |||||||||
Total deferred taxes | (1,866,000) | (1,179,000) | (5,190,000) | |||||||||
Income tax provision | $ 3,764,000 | $ (1,064,000) | $ 6,082,000 | $ 4,558,000 | $ 5,232,000 | $ (2,669,000) | $ (4,200,000) | $ (762,000) | $ 13,340,000 | $ (13,340,000) | $ (11,339,000) | $ (6,899,000) |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | Dec. 28, 2014 | |
Income Tax Reconciliation [Line Items] | ||||||
Income Taxes Paid, Net | $ 21,900,000 | $ 12,600,000 | $ 9,900,000 | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 5,301,000 | $ 4,510,000 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 3,872,000 | $ 1,238,000 | 2,553,000 | |||
Statutory rate | (35.00%) | (35.00%) | (35.00%) | |||
State tax provisions, net of federal income tax benefit | (6.30%) | 3.80% | (0.50%) | |||
Permanent differences | (0.80%) | (1.50%) | (5.30%) | |||
Tax credits | 0.60% | 0.90% | 2.80% | |||
Foreign income taxes at rates other than the statutory rate | 11.70% | 2.30% | (0.50%) | |||
Valuation allowance and other | 5.10% | (5.60%) | (8.40%) | |||
Changes in tax liabilities, net | 0.50% | 6.40% | 4.20% | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | $ (0.012) | $ (0.044) | $ 0 | |||
Other | 1.00% | 1.00% | (1.20%) | |||
Effective income tax rate | (24.40%) | (32.10%) | (43.90%) |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Tax Assets and Liabilities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | ||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 28,838,000 | $ 28,838,000 | $ 28,838,000 | $ 25,598,000 | ||||||||
Deferred Tax Liabilities, Net, Noncurrent | (3,628,000) | (3,628,000) | (3,628,000) | (8,094,000) | ||||||||
Liabilities deductible in the future | 6,120,000 | 6,120,000 | 3,981,000 | |||||||||
Liabilities deductible in the future related to hedging and foreign currency losses | 9,475,000 | 9,475,000 | 8,469,000 | |||||||||
Deferred compensation | 11,723,000 | 11,723,000 | 11,833,000 | |||||||||
Deferred Tax Assets, Inventory | 3,563,000 | 3,079,000 | ||||||||||
Net loss carryforwards and credits | 3,123,000 | 3,123,000 | 5,891,000 | |||||||||
Other | 5,135,000 | 5,135,000 | 4,836,000 | |||||||||
Other | 462,000 | 462,000 | (683,000) | |||||||||
Total before valuation allowances | 39,601,000 | 39,601,000 | 37,406,000 | |||||||||
Valuation allowance | (3,123,000) | (3,123,000) | (5,891,000) | |||||||||
Net deferred income tax assets | 36,478,000 | 36,478,000 | 31,515,000 | |||||||||
Differences between the book and tax basis of property, plant and equipment | (11,268,000) | (11,268,000) | (14,011,000) | |||||||||
Deferred income tax liabilities | (11,268,000) | (11,268,000) | (14,011,000) | |||||||||
Net deferred income tax assets | 25,210,000 | 25,210,000 | 17,504,000 | |||||||||
Income before income taxes | 11,542,000 | $ 4,910,000 | $ 19,247,000 | $ 19,022,000 | $ 13,362,000 | $ 7,615,000 | $ 10,734,000 | $ 3,572,000 | 54,721,000 | 54,721,000 | $ 35,283,000 | $ 15,702,000 |
Operating Loss Carryforwards | 49,100,000 | |||||||||||
Tax Credit Carryforward, Amount | 300,000 | |||||||||||
Undistributed Earnings of Foreign Subsidiaries | 168,900,000 | |||||||||||
Changes Measurement [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Valuation allowance | $ (2,768,000) | $ (2,768,000) | ||||||||||
Earliest Tax Year [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Deferred Tax Assets, State Taxes | 2,021 | |||||||||||
Latest Tax Year [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Deferred Tax Assets, State Taxes | $ 2,024 | |||||||||||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||||||||||
Income Tax Examination [Line Items] | ||||||||||||
Operating Loss Carryforwards, Expiration Dates | Jan. 1, 2032 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 31, 2014 | Dec. 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | ||||||
Operating Loss Carryforwards | $ 49,100 | |||||
Beginning balance | $ 7,318 | $ 7,193 | $ 9,462 | |||
Unrecognized Tax Benefits, Decreases Resulting from Foreign Currency Translation | 0 | 0 | $ (244) | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (3,872) | (1,238) | (2,553) | |||
Current period | 0 | 1,798 | 956 | |||
Settlements with taxing authorities | 0 | 0 | 0 | |||
Income Taxes Paid, Net | 21,900 | 12,600 | 9,900 | |||
Expiration of applicable statutes of limitation | 0 | (2,911) | (428) | |||
Ending balance (1) | 3,446 | 7,318 | 7,193 | $ 7,193 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,800 | $ 2,100 | $ 6,400 | |||
Liability for Uncertain Tax Positions, Noncurrent | 5,301 | $ 4,510 | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 300 | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,700 | |||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 100 | |||||
Tax Credit Carryforward, Amount | 300 | |||||
Undistributed Earnings of Foreign Subsidiaries | $ 168,900 | |||||
Internal Revenue Service (IRS) [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Open Tax Year | 2,013 | |||||
Latest Tax Year [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Liability for Uncertain Tax Positions, Noncurrent | $ 7,200 | |||||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2017 |
Leases and Related Parties Futu
Leases and Related Parties Future Minimum Lease Payments (Details) - USD ($) | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 243,000 | $ 351,000 | ||||
Annual Lease Payments, Related Parties | $ 427,000 | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 225,000 | $ 275,000 | $ 400,000 | |||
Operating Leases, Rent Expense, Net | $ 1,900,000 | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 769,000 | |||||
Operating Leases, Future Minimum Payments, Due in Two Years | 700,000 | |||||
Operating Leases, Future Minimum Payments, Due in Three Years | 429,000 | |||||
Operating Leases, Future Minimum Payments, Due in Four Years | 424,000 | |||||
Operating Leases, Future Minimum Payments, Due in Five Years | 377,000 | |||||
Operating Leases, Future Minimum Payments, Due Thereafter | 1,791,000 | |||||
Operating Leases, Future Minimum Payments Due | $ 4,490,000 | |||||
Scenario, Forecast [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual Lease Payments, Related Parties | $ 225,000 |
Leases and Related Parties Rela
Leases and Related Parties Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 243,000 | $ 351,000 |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 27, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Cash Surrender Value of Life Insurance | $ 7.5 | $ 6.9 | ||
Benefits Payable, Age | 65 | |||
Plan Closed to New Members, Date | Feb. 3, 2011 | |||
Defined Contribution Plan, Cost Recognized | $ 1.4 | $ 1.5 | $ 2 |
Retirement Plans Projected Bene
Retirement Plans Projected Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Benefit Obligation, Beginning | $ 28,399 | $ 30,047 | |
Service cost | 0 | 44 | $ 84 |
Interest cost | 1,216 | 1,230 | 1,171 |
Defined Benefit Plan, Actuarial Gain (Loss) | (464) | (1,372) | |
Benefit payments | (1,539) | (1,550) | |
Benefit Obligation, Ending | $ 27,612 | $ 28,399 | $ 30,047 |
Retirement Plans Defined Benefi
Retirement Plans Defined Benefit Plan Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 25, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 0 | $ 0 | |
Employer contribution | 1,539 | 1,550 | |
Benefit payments | (1,539) | (1,550) | |
Fair Value of Plan Assets | 0 | 0 | |
Funded Status | (27,612) | (28,399) | |
Accrued expenses | (1,177) | (1,524) | $ (1,177) |
Other non-current liabilities | (26,435) | (26,875) | |
Net amount recognized | (27,612) | (28,399) | |
Net actuarial loss | 5,692 | 6,492 | |
Prior service cost | (1) | (1) | |
Net amount recognized, before tax effect | $ 5,691 | $ 6,491 | |
Discount rate | 4.40% | 4.40% | |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans Net Periodic P
Retirement Plans Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | $ 1,400 | $ 1,500 | $ 2,000 | |
Defined Benefit Plan, Service Cost | 0 | 44 | 84 | |
Defined Benefit Plan, Interest Cost | 1,216 | 1,230 | 1,171 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 335 | 535 | 328 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 1,551 | $ 1,809 | $ 1,583 | |
Discount rate | 4.40% | 4.20% | 4.80% | |
Rate of compensation increase | 3.00% | 3.00% | 3.00% | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 0 | |||
Defined Benefit Plan, Interest Cost | 1,189 | |||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 270 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 1,459 |
Retirement Plans Expected Benef
Retirement Plans Expected Benefit Payments (Details) $ in Thousands | Dec. 25, 2016USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Rolling Twelve Months | $ 1,203 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,429 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,405 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,461 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,433 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 8,012 |
Accrued Expenses Accrued Liab68
Accrued Expenses Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | |||
Payroll and related benefits | $ 12,766 | $ 13,538 | |
Derivative Liability, Current | 10,076 | 9,629 | |
Dividends | 5,127 | 4,964 | |
Taxes, other than income taxes | 7,325 | 7,354 | |
Deferred Revenue, Current | 5,419 | 2,908 | |
Current portion of executive retirement liabilities | $ (1,177) | (1,177) | (1,524) |
Other | 4,425 | 6,297 | |
Accrued liabilities | $ 46,315 | $ 46,315 | $ 46,214 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) $ in Millions | Dec. 14, 2014 | Dec. 25, 2016 | Dec. 19, 2014 |
Debt Instrument [Line Items] | |||
Debt Intrument, Collateral, Percent of non US equity | 65.00% | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | JPMCB’s prime rate | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | London interbank | ||
J.P. Morgan Chase Bank N.A. and Wells Fargo Bank N.A. [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit, Accordian Feature, Increase Limit | $ 50 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 97.2 | ||
Letters of Credit Outstanding, Amount | $ 2.8 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||
Minimum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 27, 2016 | Oct. 26, 2014 | |
Other Commitments [Line Items] | |||||
Granted | 0 | 23,814 | |||
Employment agreement [Member] | |||||
Other Commitments [Line Items] | |||||
Granted | 132,455 | ||||
December 31, 2016 [Member] | Employment agreement [Member] | |||||
Other Commitments [Line Items] | |||||
Granted | 82,455 | ||||
April 30, 2017 [Member] | Employment agreement [Member] | |||||
Other Commitments [Line Items] | |||||
Granted | 50,000 | ||||
Performance Shares [Member] | |||||
Other Commitments [Line Items] | |||||
Granted | 127,139 | 109,354 | |||
2014 Program [Member] | |||||
Other Commitments [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 50 | $ 30 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Compensation, Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2014 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.31 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 23,814 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 231,625 | 376,033 | 1,819,444 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,800,000 | ||||||
Full Value Awards, Maximum Number of Shares Authorized Under Plan | 600,000 | ||||||
Proceeds from Stock Options Exercised | $ 1,641 | $ 7,265 | $ 7,423 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 700 | $ 800 | |||||
Share Price | $ 26.85 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 3,700 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 9 days | ||||||
capitalized share based compensation cost | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 86,908 | 420,642 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 24,750 | 117,269 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 32,750 | 905,500 | |||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 23.14 | $ 18.78 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 127,139 | 109,354 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Maximum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10 years | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Minimum [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||||||
Employment agreement [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 19.44 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 132,455 |
Stock-Based Compensation Stoc72
Stock-Based Compensation Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from Stock Options Exercised | $ 1,641,000 | $ 7,265,000 | $ 7,423,000 | ||
Balance at December 31, 2014 | 376,033 | 1,819,444 | |||
Granted | 0 | ||||
Exercised | (86,908) | (420,642) | |||
Canceled | (24,750) | (117,269) | |||
Expired | (32,750) | (905,500) | |||
Balance at December 31, 2015 | 231,625 | 376,033 | 1,819,444 | ||
Options vested or expected to vest at December 31, 2016 | 231,625 | ||||
Exercisable at December 31, 2016 | 231,625 | ||||
Balance Weighted Average Exercise Price | $ 18.89 | $ 20.28 | |||
Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Exercised, Weighted Average Exercise Price | $ 18.77 | 17.29 | |||
Canceled, Weighted Average Exercise Price | 21.51 | 21.80 | |||
Expired, Weighted Average Exercise Price | $ 17.56 | $ 22.05 | |||
Balance Weighted Average Exercise Price | 18.88 | $ 18.89 | $ 20.28 | ||
Options, Vested and Expected to Vest, Weighted Average Exercise Price | 18.88 | ||||
Exercisable, Weighted Average Exercise Price | $ 18.88 | ||||
Outstanding, Weighted Average Remaining Contractual Term | 3 years 219 days | ||||
Vested and Expected to Vest, Weighted Average Remaining Contractual Term | 3 years 37 days | ||||
Exercisable, Weighted Average Remaining Contractual Term | 3 years 37 days | ||||
Options, Outstanding, Intrinsic Value | $ 452,128 | ||||
Options Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 1,845,263 | ||||
Exercisable, Intrinsic Value | $ 1,845,263 |
Stock-Based Compensation Stoc73
Stock-Based Compensation Stock Option Awards Outstanding (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding | 231,625 | 376,033 |
Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 36 days | 3 years 6 months 39 days |
Outstanding Options, Weighted Average Exercise Price | $ 18.88 | $ 18.89 |
Options Exercisable | 231,625 | 376,033 |
Exercisable Options, Weighted Average Exercise Price | $ 18.88 | $ 18.89 |
Option Range 1 Of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 15.17 | 15.17 |
Exercise Price Range, Upper Range Limit | $ 16.54 | $ 16.54 |
Options Outstanding | 54,625 | 84,250 |
Outstanding Options, Weighted Average Remaining Contractual Term | 3 years | 4 years |
Outstanding Options, Weighted Average Exercise Price | $ 15.68 | $ 15.74 |
Options Exercisable | 54,625 | 84,250 |
Exercisable Options, Weighted Average Exercise Price | $ 15.68 | $ 15.74 |
Option Range 2 Of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 16.55 | 16.55 |
Exercise Price Range, Upper Range Limit | $ 17.58 | $ 17.63 |
Options Outstanding | 36,000 | 89,833 |
Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 182 days | 3 years 6 months 39 days |
Outstanding Options, Weighted Average Exercise Price | $ 16.95 | $ 17.23 |
Options Exercisable | 36,000 | 89,833 |
Exercisable Options, Weighted Average Exercise Price | $ 16.95 | $ 17.23 |
Option Range 3 Of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 17.59 | 17.64 |
Exercise Price Range, Upper Range Limit | $ 20.20 | $ 20.20 |
Options Outstanding | 54,000 | 61,500 |
Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 109 days | 3 years 1 month 7 days |
Outstanding Options, Weighted Average Exercise Price | $ 18.16 | $ 18.21 |
Options Exercisable | 54,000 | 61,500 |
Exercisable Options, Weighted Average Exercise Price | $ 18.16 | $ 18.21 |
Option Range 4 Of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 20.21 | 20.21 |
Exercise Price Range, Upper Range Limit | $ 22.21 | $ 22.17 |
Options Outstanding | 51,000 | 79,250 |
Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 146 days | 2 years 4 months 26 days |
Outstanding Options, Weighted Average Exercise Price | $ 21.84 | $ 21.84 |
Options Exercisable | 51,000 | 79,250 |
Exercisable Options, Weighted Average Exercise Price | $ 21.84 | $ 21.84 |
Option Range 5 Of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 22.22 | 22.18 |
Exercise Price Range, Upper Range Limit | $ 22.57 | $ 22.57 |
Options Outstanding | 36,000 | 61,200 |
Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 146 days | 5 years 4 months 26 days |
Outstanding Options, Weighted Average Exercise Price | $ 22.57 | $ 22.55 |
Options Exercisable | 36,000 | 61,200 |
Exercisable Options, Weighted Average Exercise Price | $ 22.57 | $ 22.55 |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Balance at December 31, 2014 | 192,293 | 252,476 | |||
Granted | 0 | 23,814 | |||
Vested | (42,546) | (65,293) | |||
Canceled | (5,452) | (18,704) | |||
Balance at December 31, 2015 | 144,295 | 192,293 | 252,476 | ||
Balance, Weighted Average Grant Date Fair Value | $ 19.20 | $ 18.93 | |||
Grants in Period, Weighted Average Grant Date Fair Value | 18.31 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 18,470 | 18.61 | |||
Canceled, Weighted Average Grant Date Fair Value | 18,750 | 18.56 | |||
Balance, Weighted Average Grant Date Fair Value | $ 19,430 | $ 19.20 | $ 18.93 | ||
Weighted Average Remaining Amortization Period | 6 months 4 days | 1 year 8 months 16 days | |||
Employment agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 132,455 | ||||
Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 19.44 | |||
Employment agreement [Member] | April 30, 2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 50,000 | ||||
Employment agreement [Member] | December 31, 2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 82,455 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Balance at December 31, 2014 | 53,323 | 0 | |||
Granted | 84,200 | 54,428 | |||
Vested | (7,227) | 0 | |||
Canceled | (2,729) | (1,105) | |||
Balance at December 31, 2015 | 127,567 | 53,323 | 0 | ||
Balance, Weighted Average Grant Date Fair Value | $ 18.78 | $ 0 | |||
Grants in Period, Weighted Average Grant Date Fair Value | 23.71 | 18.78 | |||
Vested in Period, Weighted Average Grant Date Fair Value | 18,780 | 0 | |||
Canceled, Weighted Average Grant Date Fair Value | 18,780 | 18.78 | |||
Balance, Weighted Average Grant Date Fair Value | $ 22,030 | $ 18.78 | $ 0 | ||
Weighted Average Remaining Amortization Period | 1 year 7 months 28 days | 2 years 1 month 1 day | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Balance at December 31, 2014 | 106,647 | 0 | |||
Granted | 127,139 | 109,354 | |||
Vested | 0 | 0 | |||
Canceled | (6,593) | (2,707) | |||
Balance at December 31, 2015 | 227,193 | 106,647 | 0 | ||
Balance, Weighted Average Grant Date Fair Value | $ 18.78 | $ 0 | |||
Grants in Period, Weighted Average Grant Date Fair Value | 23.14 | 18.78 | |||
Vested in Period, Weighted Average Grant Date Fair Value | 0 | 0 | |||
Canceled, Weighted Average Grant Date Fair Value | 19,920 | 18.78 | |||
Balance, Weighted Average Grant Date Fair Value | $ 21,720 | $ 18.78 | $ 0 | ||
Weighted Average Remaining Amortization Period | 1 year 7 months 24 days | 2 years 3 days |
Stock-Based Compensation Stoc75
Stock-Based Compensation Stock Based Compensation Expense Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 3,690 | $ 2,807 | $ 2,315 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | (1,361) | $ (1,044) | (740) | |
Allocated Share-based Compensation Expense, Net of Tax | 2,329 | 1,763 | $ 1,575 | |
Cost of Sales [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 472 | 370 | 113 | |
Selling, General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 3,218 | $ 2,437 | $ 2,202 |
Stock-Based Compensation Stoc76
Stock-Based Compensation Stock Based Compensation Fair Value Assumptions (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 231,625 | 376,033 | 1,819,444 |
Common Stock Purchase Programs
Common Stock Purchase Programs Common Stock Purchase Programs Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 27, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 27, 2015 | Dec. 31, 2014 | Oct. 26, 2014 | |
Entity Information [Line Items] | ||||||
Stock Repurchased and Retired During Period, Shares | (585,970) | (1,056,954) | ||||
Payments for Repurchase of Common Stock | $ 10,265 | $ 20,719 | $ 19,638 | $ 19,600 | $ 21,790 | |
2014 Program [Member] | ||||||
Entity Information [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 30,000 | ||||
2016 Repurchase Program [Member] | ||||||
Entity Information [Line Items] | ||||||
Stock Repurchased and Retired During Period, Shares | (454,718) | |||||
Payments for Repurchase of Common Stock | $ 10,400 |
Quarterly Financial Data Quar78
Quarterly Financial Data Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Abstract] | ||||||||||||
Net sales | $ 188,323,000 | $ 175,580,000 | $ 182,709,000 | $ 186,065,000 | $ 194,621,000 | $ 175,656,000 | $ 183,940,000 | $ 173,729,000 | $ 732,677,000 | $ 732,677,000 | $ 727,946,000 | $ 745,447,000 |
Gross profit | 17,968,000 | 10,981,000 | 29,540,000 | 27,715,000 | 23,591,000 | 16,484,000 | 19,920,000 | 11,222,000 | 86,204,000 | 86,204,000 | 71,217,000 | 50,222,000 |
Income from operations | 11,090,000 | 5,250,000 | 19,540,000 | 18,722,000 | 13,527,000 | 8,059,000 | 11,039,000 | 3,669,000 | 54,602,000 | 54,602,000 | 36,294,000 | 17,913,000 |
Income before income taxes | 11,542,000 | 4,910,000 | 19,247,000 | 19,022,000 | 13,362,000 | 7,615,000 | 10,734,000 | 3,572,000 | 54,721,000 | 54,721,000 | 35,283,000 | 15,702,000 |
Income tax provision | 3,764,000 | (1,064,000) | 6,082,000 | 4,558,000 | 5,232,000 | (2,669,000) | (4,200,000) | (762,000) | 13,340,000 | (13,340,000) | (11,339,000) | (6,899,000) |
Net Income | $ 7,778,000 | $ 5,974,000 | $ 13,165,000 | $ 14,464,000 | $ 8,130,000 | $ 4,946,000 | $ 6,534,000 | $ 4,334,000 | $ 41,381,000 | $ 41,381,000 | $ 23,944,000 | $ 8,803,000 |
Basic | $ 0.31 | $ 0.24 | $ 0.52 | $ 0.56 | $ 0.31 | $ 0.19 | $ 0.24 | $ 0.16 | $ 1.63 | $ 1.63 | $ 0.90 | $ 0.33 |
Diluted | 0.31 | 0.23 | 0.52 | 0.56 | 0.31 | 0.19 | 0.24 | 0.16 | 1.62 | $ 1.62 | 0.90 | $ 0.33 |
Dividends declared per share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 |
Risk Management (Details)
Risk Management (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Description of Foreign Currency Exposure | .19 | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 0.4 | $ 1.2 | $ 1 |
Valuation and Qualifying Acco80
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Balance | $ 514 | $ 910 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | $ (380) | $ (426) | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | |||
Valuation Allowances and Reserves, Deductions | $ (27) | (30) | ||
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Balance | $ 3,911 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | (473) | |||
Valuation Allowances and Reserves, Charged to Other Accounts | $ 40 |