Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SUP | |
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |
Entity Central Index Key | 0000095552 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,091,440 | |
Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-06615 | |
Entity Tax Identification Number | 95-2594729 | |
Entity Address, Address Line One | 26600 Telegraph Road | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Southfield | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48033 | |
City Area Code | 248 | |
Local Phone Number | 352-7300 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
NET SALES | $ 372,603 | $ 431,532 | $ 753,569 | $ 832,058 |
Cost of sales | 331,570 | 388,905 | 677,958 | 748,844 |
GROSS PROFIT | 41,033 | 42,627 | 75,611 | 83,214 |
Selling, general and administrative expenses | 17,016 | 16,721 | 36,458 | 33,671 |
INCOME FROM OPERATIONS | 24,017 | 25,906 | 39,153 | 49,543 |
Interest expense, net | (15,690) | (10,338) | (31,388) | (20,300) |
Other (expense) income, net | (2,600) | 681 | (2,787) | 594 |
INCOME BEFORE INCOME TAXES | 5,727 | 16,249 | 4,978 | 29,837 |
Income tax provision | (5,794) | (5,405) | (9,092) | (8,923) |
NET INCOME | $ (67) | $ 10,844 | $ (4,114) | $ 20,914 |
EARNINGS (LOSS) PER SHARE - BASIC | $ (0.35) | $ 0.07 | $ (0.84) | $ 0.11 |
EARNINGS (LOSS) PER SHARE - DILUTED | $ (0.35) | $ 0.07 | $ (0.84) | $ 0.11 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ (67) | $ 10,844 | $ (4,114) | $ 20,914 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation gain (loss) | 8,542 | (11,654) | 23,173 | (9,611) |
Change in unrecognized gains (losses) on derivative instruments: | ||||
Change in fair value of derivatives | 33,595 | (15,906) | 53,048 | 1,346 |
Tax (provision) benefit | (3,251) | 323 | (4,584) | (108) |
Change in unrecognized gains (losses) on derivative instruments, net of tax | 30,344 | (15,583) | 48,464 | 1,238 |
Defined benefit pension plan: | ||||
Amortization of actuarial losses on pension obligation | 83 | 166 | ||
Pension changes, net of tax | 83 | 166 | ||
Other comprehensive income (loss), net of tax | 38,886 | (27,154) | 71,637 | (8,207) |
Comprehensive income (loss) | $ 38,819 | $ (16,310) | $ 67,523 | $ 12,707 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 181,115 | $ 213,022 |
Accounts receivable, net | 101,017 | 72,725 |
Inventories, net | 181,860 | 178,688 |
Income taxes receivable | 1,959 | 2,261 |
Other current assets | 58,421 | 42,218 |
Total current assets | 524,372 | 508,914 |
Property, plant and equipment, net | 476,834 | 473,960 |
Deferred income tax assets, net | 22,408 | 35,187 |
Intangibles, net | 42,492 | 51,497 |
Other noncurrent assets | 94,106 | 64,181 |
Total assets | 1,160,212 | 1,133,739 |
Current liabilities: | ||
Accounts payable | 148,455 | 158,049 |
Short-term debt | 7,236 | 5,873 |
Accrued expenses | 73,616 | 74,108 |
Income taxes payable | 1,568 | 13,300 |
Total current liabilities | 230,875 | 251,330 |
Long-term debt (less current portion) | 607,902 | 616,145 |
Noncurrent income tax liabilities | 7,882 | 8,524 |
Deferred income tax liabilities, net | 4,583 | 3,468 |
Other noncurrent liabilities | 49,923 | 55,733 |
Commitments and contingent liabilities (Note 17) | ||
Mezzanine equity: | ||
Preferred stock, $0.01 par value Authorized - 1,000,000 shares Issued and outstanding - 150,000 shares outstanding at June 30, 2023 and December 31, 2022 | 235,143 | 222,753 |
European noncontrolling redeemable equity | 1,087 | 1,083 |
Shareholders' equity (deficit): | ||
Common stock, $0.01 par value Authorized - 100,000,000 shares Issued and outstanding - 28,091,440 and 27,016,125 shares at June 30, 2023 and December 31, 2022December 31, 2022 | 110,802 | 111,105 |
Accumulated other comprehensive loss | (17,632) | (89,269) |
Retained earnings | (70,353) | (47,133) |
Total shareholders' equity (deficit) | 22,817 | (25,297) |
Total liabilities, mezzanine equity and shareholders' equity | $ 1,160,212 | $ 1,133,739 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 150,000 | 150,000 |
Preferred stock, shares outstanding | 150,000 | 150,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 28,091,440 | 27,016,125 |
Common stock, shares outstanding | 28,091,440 | 27,016,125 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (4,114) | $ 20,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 46,308 | 47,208 |
Income tax, noncash changes | 11,316 | 4,087 |
Stock-based compensation | 3,004 | 4,652 |
Amortization of debt issuance costs | 2,383 | 2,465 |
Other noncash items | 44 | (1,044) |
Accounts receivable | (24,847) | (35,483) |
Inventories | 1,392 | (38,739) |
Other assets and liabilities | 796 | (1,266) |
Accounts payable | (12,832) | 53,755 |
Income taxes | (12,283) | 664 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 11,167 | 57,213 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant, and equipment | (21,751) | (34,288) |
Proceeds from sale of fixed assets | 150 | |
NET CASH USED IN INVESTING ACTIVITIES | (21,751) | (34,138) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of debt | (12,414) | (2,505) |
Cash dividends paid | (6,696) | (6,792) |
Financing costs paid and other | (31) | |
Payments related to tax withholdings for stock-based compensation | (3,307) | (1,788) |
Finance lease payments | (551) | (547) |
NET CASH USED IN FINANCING ACTIVITIES | (22,999) | (11,632) |
Effect of exchange rate changes on cash | 1,676 | (2,658) |
Net changes in cash and cash equivalents | (31,907) | 8,785 |
Cash and cash equivalents at the beginning of the period | 213,022 | 113,473 |
Cash and cash equivalents at the end of the period | $ 181,115 | $ 122,258 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Unrecognized Gains (Losses) on Derivative Instruments | Pension Obligations | Cumulative Translation Adjustment | Retained Earnings |
Beginning of period at Dec. 31, 2021 | $ (70,421) | $ 103,214 | $ (9,051) | $ (6,133) | $ (110,790) | $ (47,661) |
Beginning of the period (in shares) at Dec. 31, 2021 | 26,163,077 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,914 | 20,914 | ||||
Change in unrecognized gains(losses) on derivative instruments, net of tax | 1,238 | 1,238 | ||||
Change in defined benefit plans, net of taxes | 166 | 166 | ||||
Net foreign currency translation adjustment | (9,611) | (9,611) | ||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 853,048 | |||||
Stock-based compensation | 2,864 | $ 2,864 | ||||
Redeemable preferred 9% dividend and accretion | (17,911) | (17,911) | ||||
European noncontrolling redeemable equity dividend | (22) | (22) | ||||
End of period at Jun. 30, 2022 | (72,783) | $ 106,078 | (7,813) | (5,967) | (120,401) | (44,680) |
End of the period (in shares) at Jun. 30, 2022 | 27,016,125 | |||||
Beginning of period at Mar. 31, 2022 | (49,323) | $ 104,216 | 7,770 | (6,050) | (108,747) | (46,512) |
Beginning of the period (in shares) at Mar. 31, 2022 | 26,853,292 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,844 | 10,844 | ||||
Change in unrecognized gains(losses) on derivative instruments, net of tax | (15,583) | (15,583) | ||||
Change in defined benefit plans, net of taxes | 83 | 83 | ||||
Net foreign currency translation adjustment | (11,654) | (11,654) | ||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 162,833 | |||||
Stock-based compensation | 1,862 | $ 1,862 | ||||
Redeemable preferred 9% dividend and accretion | (9,001) | (9,001) | ||||
European noncontrolling redeemable equity dividend | (11) | (11) | ||||
End of period at Jun. 30, 2022 | (72,783) | $ 106,078 | (7,813) | (5,967) | (120,401) | (44,680) |
End of the period (in shares) at Jun. 30, 2022 | 27,016,125 | |||||
Beginning of period at Dec. 31, 2022 | $ (25,297) | $ 111,105 | 19,844 | 1,591 | (110,704) | (47,133) |
Beginning of the period (in shares) at Dec. 31, 2022 | 27,016,125 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ (4,114) | (4,114) | ||||
Change in unrecognized gains(losses) on derivative instruments, net of tax | 48,464 | 48,464 | ||||
Net foreign currency translation adjustment | 23,173 | 23,173 | ||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 1,075,315 | |||||
Stock-based compensation | (303) | $ (303) | ||||
Redeemable preferred 9% dividend and accretion | (19,085) | (19,085) | ||||
European noncontrolling redeemable equity dividend | (21) | (21) | ||||
End of period at Jun. 30, 2023 | $ 22,817 | $ 110,802 | 68,308 | 1,591 | (87,531) | (70,353) |
End of the period (in shares) at Jun. 30, 2023 | 28,091,440 | 28,091,440 | ||||
Beginning of period at Mar. 31, 2023 | $ (8,545) | $ 108,603 | 37,964 | 1,591 | (96,073) | (60,630) |
Beginning of the period (in shares) at Mar. 31, 2023 | 27,908,669 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (67) | (67) | ||||
Change in unrecognized gains(losses) on derivative instruments, net of tax | 30,344 | 30,344 | ||||
Net foreign currency translation adjustment | 8,542 | 8,542 | ||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 182,771 | |||||
Stock-based compensation | 2,199 | $ 2,199 | ||||
Redeemable preferred 9% dividend and accretion | (9,645) | (9,645) | ||||
European noncontrolling redeemable equity dividend | (11) | (11) | ||||
End of period at Jun. 30, 2023 | $ 22,817 | $ 110,802 | $ 68,308 | $ 1,591 | $ (87,531) | $ (70,353) |
End of the period (in shares) at Jun. 30, 2023 | 28,091,440 | 28,091,440 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||||
Preferred stock, dividend rate, percentage | 9% | 9% | 9% | 9% |
Nature of Operations and Presen
Nature of Operations and Presentation of Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Presentation of Condensed Consolidated Financial Statements | NOTE 1 – NATURE OF OPERATIONS AND PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Nature of Operations Superior Industries International, Inc.’s (referred herein as the “Company,” “Superior,” or “we” and “our”) principal business is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”) in North America and Europe and to the aftermarket in Europe. We employ approximat ely 7,100 full-time employees, operating in eight manufactur ing facilities in North America and Europe. We are one of the largest aluminum wheel suppliers to global OEMs and one of the leading European aluminum wheel aftermarket manufacturers and suppliers. Our OEM aluminum wheels accounted for approximately 96 percent of our sales in the first six months of 2023 and are primarily sold for factory installation on vehicle models manufactured by BMW (including Mini), Ford, GM, Honda, Jaguar-Land Rover, Lucid Motors, Mazda, Mercedes-Benz Group, Nissan, PSA, Renault, Stellantis, Subaru, Suzuki, Toyota, VW Group (Volkswagen, Audi, SEAT, Skoda, Porsche, Bentley) and Volvo. We sell aluminum wheels to the European aftermarket under the brands ATS, RIAL, ALUTEC and ANZIO. North America and Europe represent the principal markets for our products, but we have a diversified global customer base consisting of North American, European and Asian OEMs. We have determined that our North American and European operations should be treated as separate reportable segments as further described in Note 5, “Business Segments.” Presentation of Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements, in our opinion, include all adjustments, of a normal and recurring nature, which are necessary for fair presentation of the financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto filed with the SEC in our 2022 Annual Report on Form 10-K. These unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions are eliminated in consolidation. Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. Cash Paid for Interest and Taxes and Noncash Investing Activities Cash paid for interest was $ 30.8 million and $ 17.9 million for the six months ended June 30, 2023 and June 30, 2022, respectively. Net cash paid for income taxes was $ 10.0 million and $ 4.1 million for the six months ended June 30, 2023 and June 30, 2022, respectively. As of June 30, 2023 and June 30, 2022, $ 1.7 million and $ 5.9 million, respectively, of equipment had been purchased but not yet paid and was included in accounts payable in our condensed consolidated balance sheets. Adoption of New Accounting Standards Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” On January 1, 2023, the Company adopted ASU 2016-13, using a modified retrospective approach. ASU 2016-13 amends several aspects of the measurement of credit losses related to certain financial instruments, including the replacement of the existing incurred credit loss model with the current expected credit loss model. Under ASU 2016-13, credit losses are estimated based on relevant information about past events, current conditions, and reasonable and supportable forecasts and associated assumptions. The Company did not recognize a cumulative adjustment to retained earnings upon adoption as the adjustment was immaterial. The Company’s allowance for credit losses on accounts receivable represents management’s estimate of expected credit losses over the expected term of the receivables. In estimating current expected credit losses, the Company applies a loss rate to receivables aging categories by region and market, OEM or aftermarket, based on historical write-offs. Historical loss rates are adjusted for current conditions and reasonable and supportable forecasts, as necessary. Specific reserves are recognized for individual accounts whenever the Company becomes aware of circumstances indicating that a loss may be incurred on a particular customer account, such as in the event of a customer bankruptcy or significant deterioration in customer operating results or financial condition. Provision adjustments to the allowance for credit losses are recognized in selling, general and administrative expenses. As of June 30, 2023 and December 31, 2022, accounts receivable are reflected net of reserves (including the estimated allowance for credit losses) of $ 0.7 million and $ 0.6 million, respectively. Changes in expected credit losses were not significant during the three or six months ended June 30, 2023. Accounting Standards Update (ASU) 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” On January 1, 2023, the Company adopted ASU 2022-04 which requires that a buyer in a supplier finance program disclose the key terms of the program, including a description of the payment terms. For the obligations that the buyer has confirmed as valid to the finance provider or intermediary, the buyer must disclose: the amount outstanding that remains unpaid by the buyer as of the end of each period, a description of where those obligations are presented in the balance sheet and a roll forward of those obligations during the period, including the amount of obligations confirmed and the amount of obligations subsequently paid. In adopting ASU 2022-04, disclosures which had previously been included in Management’s Discussion and Analysis of Financial Condition and Results of Operations of previous Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q regarding supply chain financing have now been included as Note 10, “Supplier Finance Program” to the condensed consolidated financial statements along with disclosure of payment terms under the program and a roll forward of the amounts owed to the financial institution. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 2 – REVENUE The Company disaggregates revenue from contracts with customers into our reportable segments, North America and Europe. Revenues by segment for the three- and six-month periods ended June 30, 2023 and June 30, 2022, respectively, are summarized in Note 5, “Business Segments.” The opening and closing balances of the Company’s customer receivables and current and long-term contract liabilities balances are as follows: June 30, December 31, Change (Dollars in thousands) Customer receivables $ 90,304 $ 63,565 $ 26,739 Contract liabilities—current 6,930 6,251 679 Contract liabilities—noncurrent 8,358 8,355 3 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 3 – FAIR VALUE MEASUREMENTS The Company applies fair value accounting for all financial assets and liabilities and nonfinancial 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 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, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. Derivative Financial Instruments Our derivatives are over-the-counter customized derivative instruments and are not exchange traded. We estimate the fair value of these instruments using the income valuation approach. Under this approach, we 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 benchmark rate (e.g., the secured overnight financing rate, “ SOFR ” ) plus an adjustment for nonperformance risk. The following tables categorize items measured at fair value as of June 30, 2023 and December 31, 2022: Fair Value Measurement at Reporting Date Using June 30, 2023 Quoted Prices in Significant Significant (Dollars in thousands) Assets Derivative contracts $ 78,883 $ — $ 78,883 $ — Total $ 78,883 $ — $ 78,883 $ — Liabilities . Derivative contracts $ 2,456 $ — $ 2,456 $ — Total $ 2,456 $ — $ 2,456 $ — Fair Value Measurement at Reporting Date Using December 31, 2022 Quoted Prices in Significant Significant (Dollars in thousands) Assets Derivative contracts $ 34,960 $ — $ 34,960 $ — Total $ 34,960 $ — $ 34,960 $ — Liabilities . Derivative contracts $ 11,780 $ — $ 11,780 $ — Total $ 11,780 $ — $ 11,780 $ — Debt Instruments The carrying values of the Company’s debt instruments vary from their fair values. The fair values were determined by reference to transacted prices and quotes for these instruments (Level 2). The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below: June 30, December 31, (Dollars in thousands) Estimated aggregate fair value $ 611,565 $ 615,394 Aggregate carrying value (1) 638,687 647,443 (1) Total debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 4 - DERIVATIVE FINANCIAL INSTRUMENTS We use derivatives to partially offset our exposure to foreign currency, interest rate, aluminum and other commodity price risks. 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 fully offset the financial impact resulting from movements in foreign currency exchange rates, interest rates, and aluminum or other commodity prices. To help mitigate gross margin and cash flow fluctuations due to changes in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We account for our derivative instruments as either assets or liabilities and adjust them to fair value each period. For derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income (“AOCI”) or loss in shareholders’ equity or deficit until the hedged item is recognized in earnings, at which point accumulated gains or losses are recognized in earnings and classified with the underlying hedged transactions. Derivatives that do not qualify or have not been designated as hedges are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. The following tables display the fair value of derivatives by balance sheet line item at June 30, 2023 and December 31, 2022: June 30, 2023 Other Other Accrued Other (Dollars in thousands) Foreign exchange forward contracts designated as $ 27,803 $ 41,892 $ 730 $ 21 Foreign exchange forward contracts not 1,339 — 76 — Aluminum forward contracts designated as — — 521 — Natural gas forward contracts designated as 390 433 494 614 Interest rate swap contracts designated as hedging 4,736 2,290 — — Total derivative financial instruments $ 34,268 $ 44,615 $ 1,821 $ 635 December 31, 2022 Other Other Accrued Other (Dollars in thousands) Foreign exchange forward contracts designated as $ 11,210 $ 15,890 $ 2,873 $ 5,212 Foreign exchange forward contracts not 603 — 192 — Aluminum forward contracts designated as — — 1,213 — Natural gas forward contracts designated as 498 655 1,520 770 Interest rate swap contracts designated as hedging 4,112 1,992 — — Total derivative financial instruments $ 16,423 $ 18,537 $ 5,798 $ 5,982 The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: June 30, 2023 December 31, 2022 Notional Fair Notional Fair (Dollars in thousands) Foreign exchange forward contracts designated as $ 435,204 $ 68,944 $ 462,783 $ 19,015 Foreign exchange forward contracts not designated 39,447 1,263 39,726 411 Aluminum forward contracts designated as 8,411 ( 521 ) 9,495 ( 1,213 ) Natural gas forward contracts designated as hedging 12,411 ( 285 ) 13,500 ( 1,137 ) Interest rate swap contracts designated as hedging 250,000 7,026 250,000 6,104 Total derivative financial instruments $ 745,473 $ 76,427 $ 775,504 $ 23,180 Notional amounts are presented on a net 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 prices. The following tables summarize the gain or loss recognized in AOCI, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and six months ended June 30, 2023 and June 30, 2022: Three Months Ended June 30, 2023 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 30,344 $ 6,150 $ 1,398 Six Months Ended June 30, 2023 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 48,464 $ 10,078 $ 3,993 Three Months Ended June 30, 2022 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ ( 15,583 ) $ 4,558 $ ( 201 ) Six Months Ended June 30, 2022 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 1,238 $ 9,335 $ 669 Hedge accounting gains reclassified from AOCI into earnings in the second quarter of 2023 included $ 4.9 million recognized as a credit to cost of sales and $ 1.2 million recognized as a credit to interest expense, net. Hedge accounting gains and (losses) reclassified from AOCI into earnings in the second quarter of 2022 included $ 5.5 million recognized as a credit to cost of sales and $ ( 0.9 ) million recognized as a debit to interest expense, net. Gains on nondesignated hedges are recognized as a credit to other expense, net. Hedge accounting gains reclassified from AOCI into earnings in the first six months of 2023 included $ 8.0 million recognized as a credit to cost of sales and $ 2.1 million recognized as a credit to interest expense, net. Hedge accounting gains and (losses) reclassified from AOCI into earnings in the first six months of 2022 included $ 11.4 million recognized as a credit to cost of sales and $ ( 2.1 ) million recognized as a debit to interest expense, net. Gains on nondesignated hedges are recognized as a credit to other expense, net. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 5 - BUSINESS SEGMENTS The North American and European businesses represent separate operating segments in view of significantly different markets, customers and products in each of these regions. Within each of these regions, markets, customers, products, and production processes are similar. Moreover, our business within each region generally leverages common systems, processes and infrastructure. Accordingly, North America and Europe comprise the Company’s reportable segments. (Dollars in thousands) Net Sales Income from Operations Three Months Ended June 30, June 30, June 30, June 30, North America $ 208,205 $ 259,677 $ 21,504 $ 24,679 Europe 164,398 171,855 2,513 1,227 $ 372,603 $ 431,532 $ 24,017 $ 25,906 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Three Months Ended June 30, June 30, June 30, June 30, North America $ 9,378 $ 9,055 $ 3,627 $ 11,630 Europe 14,089 14,071 2,535 4,704 $ 23,467 $ 23,126 $ 6,162 $ 16,334 (Dollars in thousands) Net Sales Income from Operations Six Months Ended June 30, June 30, June 30, June 30, North America $ 419,823 $ 486,875 $ 43,219 $ 44,246 Europe 333,746 345,183 ( 4,066 ) 5,297 $ 753,569 $ 832,058 $ 39,153 $ 49,543 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Six Months Ended June 30, June 30, June 30, June 30, North America $ 18,425 $ 18,014 $ 15,070 $ 24,142 Europe 27,883 29,194 6,681 10,146 $ 46,308 $ 47,208 $ 21,751 $ 34,288 (Dollars in thousands) Property, Plant and Equipment, net Intangible Assets June 30, December 31, June 30, December 31, North America $ 230,448 $ 220,321 $ — $ — Europe 246,386 253,639 42,492 51,497 $ 476,834 $ 473,960 $ 42,492 $ 51,497 (Dollars in thousands) Total Assets June 30, December 31, North America $ 615,661 $ 582,339 Europe 544,551 551,400 $ 1,160,212 $ 1,133,739 Geographic information Net sales and property, plant and equipment by location are as follows: (Dollars in thousands) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Net sales: U.S. $ 992 $ 1,292 $ 1,975 $ 2,950 Mexico 207,213 258,385 417,848 483,925 Germany 48,434 48,035 91,292 102,123 Poland 115,964 123,820 242,454 243,060 Consolidated net sales $ 372,603 $ 431,532 $ 753,569 $ 832,058 (Dollars in thousands) Property, Plant and Equipment, net June 30, December 31, U.S. $ 1,382 $ 1,476 Mexico 229,066 218,845 Germany 85,010 76,158 Poland 161,376 177,481 Property, plant and equipment, net $ 476,834 $ 473,960 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 6 - INVENTORIES June 30, December 31, (Dollars in thousands) Raw materials $ 53,663 $ 62,639 Work in process 43,003 37,993 Finished goods 85,194 78,056 Inventories, net $ 181,860 $ 178,688 Service wheel and supplies inventory included in other noncurrent assets in the condensed consolidated balance sheets totaled $ 12.6 million and $ 11.3 million at June 30, 2023 and December 31, 2022, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 7 - PROPERTY, PLANT AND EQUIPMENT June 30, December 31, (Dollars in thousands) Land and buildings $ 164,245 $ 144,870 Machinery and equipment 950,453 887,222 Leasehold improvements and others 5,183 4,993 Construction in progress 68,567 80,263 1,188,448 1,117,348 Accumulated depreciation ( 711,614 ) ( 643,388 ) Property, plant and equipment, net $ 476,834 $ 473,960 Depreciation expense for the three months ended June 30, 2023 and June 30, 2022 was $ 18.6 million and $ 17.6 million, respectively. Depreciation expense for the six months ended June 30, 3023 and June 30, 2022 was $ 36.6 million and $ 35.4 million, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 8 – INTANGIBLE ASSETS The Company’s finite-lived intangible assets as of June 30, 2023 and December 31, 2022 are summarized in the following table. As of June 30, 2023 Gross Accumulated Currency Net Carrying Amount Remaining (Dollars in thousands) Customer relationships $ 167,000 $ ( 124,335 ) $ ( 173 ) $ 42,492 1 - 5 Year Ended December 31, 2022 Gross Accumulated Currency Net Carrying Amount Remaining (Dollars in thousands) Customer relationships $ 167,000 $ ( 114,595 ) $ ( 908 ) $ 51,497 1 - 6 Amortization expense for these intangible assets was $ 4.9 million and $ 5.6 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense for these intangible assets was $ 9.7 million and $ 11.8 million for the six months ended June 30, 2023 and 2022, respectively. The anticipated annual amortization expense for these intangible assets is $ 19.5 million for 2023 and 2024, $ 9.6 million for 2025, $ 2.5 million for 2026, and $ 1.0 million for 2027. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 9 – DEBT A summary of long-term debt and the related weighted average interest rates is shown below: June 30, 2023 Debt Instrument Total Debt Discount and (1) Total Weighted Average (Dollars in thousands) Term Loan Facility $ 398,000 $ ( 21,583 ) $ 376,417 12.9 % 6.00 % Senior Notes 235,825 ( 1,966 ) 233,859 6.0 % European CapEx loans 2,174 — 2,174 2.2 % Finance leases 2,688 — 2,688 2.6 % $ 638,687 $ ( 23,549 ) 615,138 Less: Current portion ( 7,236 ) Long-term debt $ 607,902 December 31, 2022 Debt Instrument Total Debt Discount and (1) Total Weighted Average (Dollars in thousands) Term Loan Facility $ 400,000 $ ( 22,967 ) $ 377,033 12.3 % 6.00 % Senior Notes 232,352 ( 2,458 ) 229,894 6.0 % European CapEx loans 12,365 — 12,365 2.3 % Finance leases 2,726 — 2,726 2.7 % $ 647,443 $ ( 25,425 ) 622,018 Less: Current portion ( 5,873 ) Long-term debt $ 616,145 (1) Unamortized portion Senior Notes On June 15, 2017, the Company issued € 250 million aggregate principal amount of 6.00 % Senior Notes (“Notes”) due June 15, 2025. Interest on the Notes is payable semiannually, on June 15 and December 15. The Company may redeem the Notes, in whole or in part, at a redemption price of 100 percent, plus any accrued and unpaid interest to, but not including, the applicable redemption date. If we experience a change of control or sell certain assets, the Company may be required to offer to purchase the Notes from the holders. The Notes are senior unsecured obligations ranking equally in right of payment with all of its existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness. The Notes are effectively subordinated in right of payment to the existing and future secured indebtedness of the Company, including the Senior Secured Credit Facilities (as defined below), to the extent of the assets securing such indebtedness. Guarantee The Notes are unconditionally guaranteed by all material wholly owned direct and indirect domestic restricted subsidiaries of the Company (the “Notes Subsidiary Guarantors”), with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract, or would result in adverse tax consequences. Covenants Subject to certain exceptions, the indenture governing the Notes contains restrictive covenants that, among other things, limit the ability of the Company and the Notes Subsidiary Guarantors to: (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, their capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets or issue capital stock of restricted subsidiaries; (v) create liens; (vi) merge, consolidate, transfer or dispose of substantially all of their assets; and (vii) engage in certain transactions with affiliates. These covenants are subject to several important limitations and exceptions that are described in the indenture. The indenture provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) nonpayment of principal, premium, if any, and interest, when due; (ii) failure for 60 days to comply with any obligations, covenants or agreements in the indenture after receipt of written notice from the Bank of New York Mellon, London Branch (the “Trustee”) or holders of at least 30 percent in principal amount of the then outstanding Notes of such failure (other than defaults referred to in the foregoing clause (i)); (iii) default under any mortgage, indenture or instrument for money borrowed by the Company or certain of its subsidiaries; (iv) a failure to pay certain judgments; and (v) certain events of bankruptcy and insolvency. If an event of default occurs and is continuing, the Trustee or holders of at least 30 percent in principal amount of the then outstanding Notes may declare the principal, premium, if any, and accrued and unpaid interest on all the Notes to be due and payable. These events of default are subject to several important qualifications, limitations and exceptions that are described in the indenture. As of June 30, 2023, the Company was in compliance with all covenants under the indenture governing the Notes. Senior Secured Credit Facilities On December 15, 2022, the Company entered into a $ 400.0 million term loan facility (the “Term Loan Facility”) pursuant to a credit agreement (the “Term Loan Credit Agreement”) with Oaktree Fund Administration L.L.C., in its capacity as the administrative agent, JPMorgan Chase Bank, N.A., in its capacity as collateral agent, and other lenders party thereto. Concurrent with the execution of the Term Loan Facility, the Company entered into a $ 60.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facilities” or “SSCF”) pursuant to a credit agreement (the “Revolving Credit Agreement” and, together with the Term Loan Credit Agreement, the “Credit Agreements”) with JPMorgan Chase Bank, N.A., in its capacity as administrative agent, collateral agent and issuing bank, and other lenders and issuing banks thereunder. The previously outstanding $ 107.5 million U.S. revolving credit facility and € 60.0 million European revolving credit facility were terminated. The Revolving Credit Facility and the Term Loan Facility are scheduled to mature on December 15, 2027 and December 15, 2028 , respectively. However, in the event the Company has not repaid, refinanced or otherwise extended the maturity date of the Notes beyond the maturity date of the Term Loan Facility by the date 91 days prior to June 15, 2025, the Term Loan Facility and Revolving Credit Facility would mature 91 days prior to June 15, 2025. Similarly, in the event the Company has not redeemed, refinanced or otherwise extended the unconditional redemption date of the redeemable preferred stock beyond the maturity date of the Term Loan Facility by the date 91 days prior to September 14, 2025, the Term Loan Facility and Revolving Credit Facility would mature 91 days prior to September 14, 2025. The Term Loan Facility requires quarterly principal payments of $ 1.0 million. Additional principal payments may be due with respect to asset sales, debt issuances and as a percentage of cash flow in excess of a specified threshold. The $ 388.0 million of proceeds from the Term Loan Facility (consisting of the $ 400.0 million aggregate principal less the original issuance discount of $ 12.0 million) were used to repay $ 349.2 million in borrowings under the previously outstanding term loan and pay debt issuance costs and expenses incurred in connection with the Term Loan Facility and Revolving Credit Facility. Debt issuance costs associated with the Term Loan Facility of $ 11.1 million are being amortized over the six-year term. Debt issuance costs and expenses associated with the Revolving Credit Facility of $ 3.2 million have been recognized as a deferred charge and are being amortized over the five-year term. In connection with the termination of the previously outstanding term loan and revolving credit facilities, unamortized debt issuance costs of $ 3.7 million were written off and charged to interest expense. The Company may at any time request one or more increases in the amount of (i) commitments under the Term Loan Facility, up to an unlimited additional amount if, on a pro forma basis after the incurrence of such amount, the First Lien Net Leverage Ratio (as defined in the Term Loan Credit Agreement) does not exceed 2.00 to 1.00 and (ii) commitments under the Revolving Credit Facility, up to an aggregate maximum additional amount of $ 50.0 million, in each case, subject to certain conditions (including the agreement of a lender to provide such commitment increase). Amounts borrowed under the Term Loan Facility may be voluntarily prepaid at any time subject to a prepayment premium of 2.00 percent of the loan principal plus the net present value of any unpaid post redemption interest in the first year and 2.00 percent and 1.00 percent of the loan principal during second and third years, respectively. After the third anniversary of the closing date, there is no prepayment premium. Borrowings under the Term Loan Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) the secured overnight financing rate (“SOFR”), with a floor of 1.50 percent per annum, or (ii) a base rate (“Term Base Rate”), with a floor of 1.50 percent per annum, equal to the highest of (1) the rate of interest in effect as publicly announced by the administrative agent as its prime rate, (2) the New York Federal Reserve Bank (the “NYFRB”) rate plus 0.50 percent and (3) SOFR for an interest period of one month plus 1.00 percent, in each case, plus the applicable rate. The applicable rate is determined by reference to the Company’s Secured Net Leverage Ratio (as defined in the Term Loan Credit Agreement) and will range between 7.50 percent and 8.00 percent for SOFR loans ( 7.75 percent for the current fiscal quarter), and between 6.50 percent and 7.00 percent for Term Base Rate loans ( 6.75 percent for the current fiscal quarter). In the event of a payment default under the Term Loan Credit Agreement, past due amounts shall be subject to an additional default interest rate of 2.00 percent. Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) SOFR plus 0.10 percent (or, with respect to any borrowings denominated in euros, the adjusted Euro Interbank Offered Rate, “EURIBOR”), with a floor of 0.00 percent per annum or (ii) a base rate (“Revolving Loan Base Rate”), with a floor of 1.00 percent per annum, equal to the highest of (1) the rate of interest in effect as publicly announced by the administrative agent as its prime rate, (2) the NYFRB rate plus 0.50 percent and (3) SOFR for an interest period of one month plus 1.00 percent, in each case, plus the applicable rate. The applicable rate is determined by reference to the Company’s Secured Net Leverage Ratio (as defined in the Revolving Credit Agreement) and ranges between 3.50 percent and 4.50 percent for SOFR and EURIBOR loans ( 3.50 percent for the current fiscal quarter), and between 2.50 percent and 3.50 percent for Revolving Base Rate loans ( 2.50 percent for the current fiscal quarter). The commitment fee for the unused commitment under the Revolving Credit Facility varies between 0.50 percent and 0.625 percent depending on the Company’s Secured Net Leverage Ratio ( 0.50 percent for the current fiscal quarter). Commitment fees are included in interest expense. In the event of a payment default under the Revolving Credit Agreement, past due amounts shall be subject to an additional default interest rate of 2.00 percent. Guarantees and Collateral Security Our obligations under the Credit Agreements are unconditionally guaranteed by the Notes Subsidiary Guarantors and certain other domestic and foreign subsidiaries of the Company (collectively, the “SSCF Subsidiary Guarantors”), with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract or would result in adverse tax consequences. The guarantees of such obligations, are secured, subject to permitted liens and other exceptions, by substantially all of our assets and the SSCF Subsidiary Guarantors’ assets, including but not limited to: (i) a perfected pledge of all of the capital stock issued by each of the SSCF Subsidiary Guarantors’ (subject to certain exceptions) and (ii) perfected security interests in and mortgages on substantially all tangible and intangible personal property and material fee-owned real property of the Company and the SSCF Subsidiary Guarantors (subject to certain exceptions and exclusions). The Company’s obligations under the Revolving Credit Facility are secured by liens on a super-priority basis ranking ahead of the liens securing the Term Loan Facility. Covenants The Credit Agreements contain a number of restrictive covenants that, among other things, restrict, subject to certain exceptions, our ability to incur additional indebtedness and guarantee indebtedness, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make investments, acquisitions, loans or advances, pay dividends, distributions or other restricted payments, or repurchase our capital stock. The Credit Agreements also restrict our ability to prepay, redeem or repurchase any subordinated indebtedness, enter into agreements which limit our ability to incur liens on our assets or that restrict the ability of restricted subsidiaries to pay dividends or make other restricted payments to us, and enter into certain transactions with our affiliates. The Term Loan Credit Agreement requires the Company to maintain (i) a quarterly Secured Net Leverage Ratio (as defined in the Term Loan Credit Agreement) of no more than 3.50 : 1.00 and (ii) Liquidity (defined as the sum of unrestricted cash and cash equivalent balances and unborrowed commitments under the Revolving Credit Facility) of at least $ 37.5 million (subject to adjustments up to $ 50.0 million following any increase in the commitment under the Revolving Credit Facility). The Revolving Credit Agreement requires the Company to maintain (i) a quarterly Total Net Leverage Ratio (as defined in the Revolving Credit Agreement) of no more than 4.50 : 1.00 ; (ii) a quarterly Secured Net Leverage Ratio (as defined in the Revolving Credit Agreement) of no more than 3.50 : 1.00 ; and (iii) Liquidity of at least $ 37.5 million (subject to adjustments up to $ 50.0 million following any increase in the commitment under the Revolving Credit Facility) but only so long as loans under the Term Loan Facility are outstanding. In the event unrestricted cash and cash equivalent balances fall below $ 37.5 million at any quarter end (or up to a maximum of $ 50.0 million following any increase in borrowings available under the Revolving Credit Facility), the available commitment under the Revolving Credit Facility would be reduced by the amount of any shortfall. The Credit Agreements contain customary default provisions that include among other things: nonpayment of principal or interest when due, failure to comply with obligations, covenants or other provisions in the Credit Agreements, any failure of representations and warranties, cross-default under other debt agreements for obligations in excess of $ 20.0 million, insolvency, failure to pay judgments in excess of $ 20.0 million within 60 days of the judicial award, failure to pay any material plan withdrawal obligations under ERISA, invalidity of the loan agreement, invalidity of any security interest in the loan collateral, change of control and failure to maintain the financial covenants. In the event a default occurs, all commitments under the Senior Secured Credit Facilities would be terminated and the lenders would be entitled to declare the principal, premium, if any, and accrued and unpaid interest on all borrowings outstanding to be due and payable. In addition, the Credit Agreements contain customary representations and warranties and other covenants. As of June 30, 2023, the Company was in compliance with all covenants under the Credit Agreements. Available Unused Commitments under the Revolving Credit Facility As of June 30, 2023, the Company had no outstanding borrowings under the Revolving Credit Facility, had outstanding letters of credit of $ 4.8 million and had available unused commitments under the Revolving Credit Facility of $ 55.2 million. European Debt In connection with the acquisition of UNIWHEELS AG in 2017, the Company assumed $ 70.7 million of outstanding debt. As of June 30, 2023, $ 2.2 million of the assumed debt remained outstanding. The debt matures March 31, 2024 , and is collateralized by the financed equipment, guaranteed by Superior and bears interest at a rate of 2.2 percent. Covenants under the loan agreement include a default provision for nonpayment, as well as a material adverse change default provision pursuant to which the lender could accelerate the loan maturity. As of June 30, 2023, the Company was in compliance with all covenants under the loan agreement. Debt maturities as of June 30, 2023, which are due in the next five years and thereafter are as follows: Debt Maturities Amount (Dollars in thousands) Six remaining months of 2023 $ 4,511 2024 5,452 2025 240,417 2026 4,190 2027 4,106 Thereafter 380,011 Total debt liabilities $ 638,687 |
Supplier Finance Program
Supplier Finance Program | 6 Months Ended |
Jun. 30, 2023 | |
Supplier Finance Program [Abstract] | |
Supplier Finance Program | NOTE 10 - SUPPLIER FINANCE PROGRAM The Company receives extended payment terms for a portion of our purchases (90 days rather than 60 days) with one of our principal aluminum suppliers in exchange for a nominal adjustment to the product pricing. The payment terms provided to us are consistent with aluminum industry norms, as well as those offered to the supplier’s other customers. The supplier factors receivables due from us with a financial institution. We are not a party to the supplier’s factoring agreement with the financial institution. We remit payments directly to our supplier, except with respect to product purchased under extended terms which have been factored by the supplier. These payments are remitted directly to the financial institution in accordance with the payment terms originally negotiated with our supplier. These payments are included in cash flows from operations within the condensed consolidated statements of cash flows. The following table summarizes activity in the amounts owed to the financial institution for the six months ended June 30, 2023 and June 30, 2022: Six Months Ended June 30, June 30, (Dollars in thousands) Outstanding at the beginning of the period 14,371 17,638 Added during the period 65,341 69,385 Settled during the period ( 56,197 ) ( 75,751 ) Outstanding at the end of the period 23,515 11,272 |
Redeemable Preferred Stock
Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2023 | |
Text Block [Abstract] | |
Redeemable Preferred Stock | NOTE 11 - REDEEMABLE PREFERRED STOCK During 2017, we issued 150,000 shares of Series A ( 140,202 shares) and Series B ( 9,798 shares) Perpetual Convertible Preferred Stock, par value $ 0.01 per share for $ 150.0 million. On August 30, 2017, the Series B shares were converted into Series A redeemable preferred stock (the “redeemable preferred stock”) after approval by our shareholders. The redeemable preferred stock has an initial stated value of $ 1,000 per share, par value of $ 0.01 per share and liquidation preference over common stock. The redeemable preferred stock is convertible into shares of our common stock equal to the number of shares determined by dividing the sum of the stated value and any accrued and unpaid dividends by the conversion price of $ 28.162 . The redeemable preferred stock accrues dividends at a rate of 9 percent per annum, payable at our election either in-kind or in cash and is also entitled to participate in dividends on common stock in an amount equal to that which would have been due had the shares been converted into common stock. We may mandate conversion of the redeemable preferred stock if the price of the common stock exceeds $ 84.49 . The holder may redeem the shares upon the occurrence of any of the following events (referred to as a “redemption event”): a change in control, recapitalization, merger, sale of substantially all of the Company’s assets, liquidation or delisting of the Company’s common stock. In addition, the holder may unconditionally redeem the shares at any time on or after September 14, 2025 . We may, at our option, redeem in whole at any time all of the shares of redeemable preferred stock outstanding. At redemption by either party, the redemption value will be the greater of two times the initial face value ($ 150.0 million) and any accrued unpaid dividends or dividends paid-in-kind, currently $ 300.0 million, or the product of the number of common shares into which the redeemable preferred stock could be converted ( 5.3 million shares currently) and the then current market price of the common stock. Under Delaware law, any redemption payment would be limited to the “surplus” that our Board determines is available to fund a full or partial redemption without rendering us insolvent. We have determined that the conversion option and the redemption option exercisable upon the occurrence of a “redemption event” which are embedded in the redeemable preferred stock must be accounted for separately from the redeemable preferred stock as a derivative liability. Since the redeemable preferred stock may be redeemed at the option of the holder, but is not mandatorily redeemable, the redeemable preferred stock was classified as mezzanine equity and initially recognized at fair value of $ 150.0 million (the proceeds on the date of issuance), less issuance costs of $ 3.7 million and $ 10.9 million assigned to the embedded derivative liability at date of issuance, resulting in an adjusted initial value of $ 135.5 million. The difference between the redemption value of the redeemable preferred stock and the carrying value (the “premium”) is being accreted over the period from the date of issuance through September 14, 2025 using the effective interest method. The accretion is treated as a deemed dividend, recorded as a charge to retained earnings and deducted in computing earnings per share (analogous to the treatment for stated and participating dividends paid on the redeemable preferred shares). The cumulative premium accretion as of June 30, 2023 and December 31, 2022 was $ 99.6 million and $ 87.3 million, respectively, resulting in adjusted redeemable preferred stock balances of $ 235.1 million and $ 222.8 million, respec tively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 12 – EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European noncontrolling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares discussed in Note 11, “Redeemable Preferred Stock” (convertible into 5,326 thousand shares) have not been included in the diluted earnings per share because the inclusion of such shares on an as converted basis would be anti-dilutive for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Net (loss) income $ ( 67 ) $ 10,844 $ ( 4,114 ) $ 20,914 Less: Redeemable preferred stock dividends and accretion ( 9,645 ) ( 9,001 ) ( 19,085 ) ( 17,911 ) Less: European noncontrolling redeemable equity dividend ( 11 ) ( 11 ) ( 21 ) ( 22 ) Basic numerator $ ( 9,723 ) $ 1,832 $ ( 23,220 ) $ 2,981 Basic (loss) earnings per share $ ( 0.35 ) $ 0.07 $ ( 0.84 ) $ 0.11 Weighted average shares outstanding – Basic 28,035 26,918 27,669 26,659 Diluted Earnings Per Share: Net (loss) income $ ( 67 ) $ 10,844 $ ( 4,114 ) $ 20,914 Less: Redeemable preferred stock dividends and accretion ( 9,645 ) ( 9,001 ) ( 19,085 ) ( 17,911 ) Less: European noncontrolling redeemable equity dividend ( 11 ) ( 11 ) ( 21 ) ( 22 ) Diluted numerator $ ( 9,723 ) $ 1,832 $ ( 23,220 ) $ 2,981 Diluted (loss) earnings per share $ ( 0.35 ) $ 0.07 $ ( 0.84 ) $ 0.11 Weighted average shares outstanding – Basic 28,035 26,918 27,669 26,659 Dilutive effect of common share equivalents — 504 — 677 Weighted average shares outstanding – Diluted 28,035 27,422 27,669 27,336 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13 - INCOME TAXES The estimated annual effective tax rate is forecasted quarterly using actual historical information and forward-looking estimates and applied to year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances, settlements with taxing authorities and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The income tax provision for the three and six months ended June 30, 2023 was $ 5.8 million and $ 9.1 million, respectively, on pre-tax income of $ 5.7 million and $ 5.0 million, resulting in an effective income tax rate of 101.2 percent and 182.6 percent, respectively. The effective income tax rate for the three months ended June 30, 2023 differs from the statutory rate primarily due to valuation allowances and the mix of earnings among tax jurisdictions. The effective income tax rate for the six months ended June 30, 2023 differs from the statutory rate primarily due to valuation allowances, the reversal of an uncertain tax position and the mix of earnings among tax jurisdictions. The income tax provision for the three and six months ended June 30, 2022 was $ 5.4 million and $ 8.9 million, respectively, on pre-tax income of $ 16.2 million and $ 29.8 million, resulting in an effective income tax rate of 33.3 percent and 29.9 percent, respectively. The effective income tax rate for the three months ended June 30, 2022 differs from the statutory rate primarily due to valuation allowances and the mix of earnings among tax jurisdictions. The effective income tax rate for the six months ended June 30, 2022 differs from the statutory rate primarily due to valuation allowances, the reversal of an uncertain tax position and the mix of earnings among tax jurisdictions. The Company continuously evaluates the realizability of our net deferred tax assets. As of June 30, 2023, substantially all our U.S. and certain German deferred tax assets, net of deferred tax liabilities, were subject to valuation allowances. If our financial results improve, our assessment of the realization of our net deferred tax assets could result in the release of some or all of the valuation allowances. Such a release would result in a material noncash income tax benefit in the period of release and the recording of additional deferred tax assets. There is a reasonable possibility that, within the next twelve months, sufficient positive evidence becomes available to reach a conclusion that all or a significant portion of the valuation allowances against our U.S. net deferred tax assets would no longer be required. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | NOTE 14 - LEASES The Company determines whether an arrangement is or contains a lease at the inception of the arrangement. Operating leases are included in other noncurrent assets, accrued expenses and other noncurrent liabilities in our condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, net, short-term debt and long-term debt (less current portion) in our condensed consolidated balance sheets. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Finance and operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Since we generally do not have access to the interest rate implicit in the lease, the Company uses our incremental borrowing rate (for fully collateralized debt) at the inception of the lease in determining the present value of the lease payments. The implicit rate is, however, used where readily available. Lease expense under operating leases is recognized on a straight-line basis over the term of the lease. Certain of our leases contain both lease and nonlease components, which are accounted for separately. The Company has operating and finance leases for office facilities, a data center and certain equipment. The remaining terms of our leases range from over one year to six years . C ertain leases include options to extend the lease term for up to ten years , as well as options to terminate, both of which have been excluded from the term of the lease since exercise of these options is not reasonably certain. Lease expense and cash flow for the three and six months ended June 30, 2023 and June 30, 2022 and operating and finance lease assets and liabilities, average lease term and average discount rate as of June 30, 2023 and December 31, 2022 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in thousands) Lease Expense Finance lease expense: Amortization of right-of-use assets $ 251 $ 259 $ 496 $ 573 Interest on lease liabilities 15 14 31 29 Operating lease expense 738 659 1,361 1,345 Total lease expense $ 1,004 $ 932 $ 1,888 $ 1,947 Cash Flow Components Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from finance leases $ 15 $ 14 $ 31 $ 29 Operating cash outflows from operating leases 766 711 1,402 1,469 Financing cash outflows from finance leases 263 243 551 547 Right-of-use assets obtained in exchange for finance lease liabilities, 142 212 538 335 Right-of-use assets obtained in exchange for operating lease liabilities, 651 61 651 232 June 30, December 31, (Dollars in thousands, except lease term and discount rate) Balance Sheet Information Operating leases: Other noncurrent assets $ 8,145 $ 8,325 Accrued liabilities $ ( 2,471 ) $ ( 2,137 ) Other noncurrent liabilities ( 5,698 ) ( 6,516 ) Total operating lease liabilities $ ( 8,169 ) $ ( 8,653 ) Finance leases: Property, plant and equipment gross $ 8,460 $ 7,899 Accumulated depreciation ( 6,180 ) ( 5,684 ) Property, plant and equipment, net $ 2,280 $ 2,215 Current portion of long-term debt $ ( 1,062 ) $ ( 1,053 ) Long-term debt (less current portion) ( 1,626 ) ( 1,673 ) Total finance lease liabilities $ ( 2,688 ) $ ( 2,726 ) Lease Term and Discount Rates Weighted-average remaining lease term - finance leases (years) 2.9 3.2 Weighted-average remaining lease term - operating leases (years) 3.6 4.2 Weighted-average discount rate - finance leases 2.6 % 2.7 % Weighted-average discount rate - operating leases 3.8 % 3.6 % Future minimum payments under our leases as of June 30, 2023 are as follows: Amount (Dollars in thousands) Lease Maturities Finance Leases Operating Leases Six remaining months of 2023 $ 1,062 $ 1,263 2024 727 2,449 2025 592 2,099 2026 190 1,941 2027 106 915 Thereafter 103 43 Total 2,780 8,710 Less: Imputed interest ( 92 ) ( 541 ) Total lease liabilities, net of interest $ 2,688 $ 8,169 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | NOTE 15 – RETIREMENT PLANS We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. 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. For the six months ended June 30, 2023 payments to retirees or their beneficiaries totaled approximately $ 0.7 million. We presently anticipate benefit payments in 2023 to total $ 1.4 million. The following table summarizes the components of net periodic pension cost for the three and six months ended June 30, 2023 and June 30, 2022. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in thousands) Interest cost $ 304 $ 218 $ 608 $ 436 Net amortization — 83 — 166 Net periodic pension cost $ 304 $ 301 $ 608 $ 602 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 16 - STOCK-BASED COMPENSATION Equity Incentive Plan Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018, authorizing us to issue up to 4.35 million shares of common stock, along with nonqualified stock options, stock appreciation rights, restricted stock units and performance restricted stock units to our officers, key employees, nonemployee directors and consultants. In May 2021, the stockholders approved an amendment to the Plan that, among other things, increased the authorized shares by 2 million. In May 2023, the stockholders approved an amendment to the Plan that, among other things, increased the authorized shares by 3.4 million. At June 30, 2023, there were 2.0 million shares available for future grants under this Plan. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options. Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year period, and performance restricted stock units (“PSUs”) with three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the Company’s common stock, with accrued dividends. RSU, PSU and option activity for the six months ended June 30, 2023 and June 30, 2022 is summarized in the following table: Equity Incentive Awards Restricted Weighted Performance Weighted Options Weighted Balance at January 1, 2023 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Granted 687,781 4.23 920,264 4.80 — — Settled ( 553,093 ) 3.80 ( 1,016,574 ) 5.13 — — Forfeited or expired ( 29,853 ) 5.80 ( 34,037 ) 8.50 — — Balance at June 30, 2023 1,001,634 $ 4.39 2,192,754 $ 5.98 — $ — Awards estimated to vest in the future 1,001,634 $ 4.39 2,362,196 $ 5.97 — $ — Equity Incentive Awards Restricted Weighted Performance Weighted Options Weighted Balance at January 1, 2022 966,429 $ 4.62 2,484,581 $ 6.67 9,000 $ 16.76 Granted 515,491 3.93 667,345 5.33 — — Settled ( 580,551 ) 4.73 ( 719,659 ) 6.68 — — Forfeited or expired ( 4,570 ) 3.77 ( 109,166 ) 7.24 ( 9,000 ) 16.76 Balance at June 30, 2022 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Awards estimated to vest in the future 896,799 $ 4.16 2,097,894 $ 6.28 — $ — Stock-based compensation expense for the three months ended June 30, 2023 and 2022 was $ 2.2 million and $ 2.0 million, respectively. Stock-based compensation for the six months ended June 30, 2023 and 2022 was $ 3.0 million and $ 4.7 million, respectively. Unrecognized stock-based compensation expense related to nonvested awards of $ 11.5 million is expected to be recognized over a weighted average period of approximately 2.0 years as of June 30, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 17 – COMMITMENTS AND CONTINGENCIES Purchase Commitments When market conditions warrant, we may 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. Prices under our aluminum contracts are based on a market index and regional premiums for processing, transportation and alloy components which are adjusted quarterly for purchases in the ensuing quarter. Certain of our purchase agreements include volume commitments, however any excess commitments are generally negotiated with suppliers and those which have occurred in the past have been carried over to future periods. Contingencies 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, except as provided below, 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. In March 2022, the German Federal Cartel Office initiated an investigation related to European light alloy wheel manufacturers, including Superior Industries Europe AG (a wholly owned subsidiary of the Company), on suspicion of conduct restricting competition. The Company is cooperating fully with the German Federal Cartel Office. In the event Superior Industries Europe AG is deemed to have violated the applicable statutes, the Company could be subject to a fine or civil proceedings. At this point, we are unable to predict the duration or the outcome of the investigation. The Company purchases electricity and natural gas requirements for its manufacturing operations in Poland from a single energy distributor. Superior and its energy distributor, as well as the parent company of the energy distributor, have filed various claims against one another. These claims generally request the court to determine whether Superior’s energy contracts with the energy distributor were valid during the period December 2021 through May 2022. In December 2021, the Company’s energy distributor informed the Company it would no longer supply energy, notwithstanding its contractual obligation to continue supply. Following a request from the Company, the court enjoined the energy distributor from terminating supply to the Company. The energy distributor’s parent filed a suit against the Company asserting that the Company’s energy contracts were no longer valid and asserting that the Company owed additional amounts for its purchases equal to the excess of market prices over prices set forth in the energy contracts. If the court concludes that the energy contracts were not valid during this period, Superior could be required to pay up to an additional $ 14.1 million for its energy purchases plus interest. Any such adverse judgment would be appealed by the Company. A final conclusion in this matter is anticipated to take 18 - 24 months . We have concluded that an unfavorable ruling is not probable and, therefore, we have no t recognized any provision for this contingent loss as of June 30, 2023. |
Receivables Factoring
Receivables Factoring | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Receivables Factoring | NOTE 18 – RECEIVABLES FACTORING The Company sells certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash provided by operating activities. Factoring arrangements incorporate customary representations and warranties, including representations as to validity of amounts due, completeness of performance obligations and absence of commercial disputes. During the three months ended June 30, 2023 and 2022, the Company sold trade receivables totaling $ 198.1 million and $ 246.0 million, respectively, and incurred factoring fees of $ 1.0 million and $ 0.8 million, respectively. During the six months ended June 30, 2023 and 2022, the Company sold trade receivables totaling $ 423.4 million and $ 454.7 million, respectively, and incurred factoring fees of $ 2.0 million and $ 1.4 million, respectively. As of June 30, 2023 and December 31, 2022, receivables of $ 102.3 million and $ 97.2 million, respectively, had been factored and had not yet been paid by customers to the respective financial institutions. The collective limit under our factoring arrangements was $ 165.6 million and $ 150.0 million as of June 30, 2023 and December 31, 2022 respectively. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | NOTE 19 – RESTRUCTURING During the first quarter of 2023, the Company initiated a reduction in its global workforce to better align our cost structure with lower automotive industry production levels. As a result, the Company recognized a restructuring charge of $ 5.3 million of separation costs, $ 2.8 million of which was charged to selling, general and administrative expenses and $ 2.5 million which was charged to cost of sales. During the second quarter of 2023, the Company incurred an additional charge of $ 2.5 million for separation costs which was charged to cost of sales. As of June 30, 2023, the Company had paid $ 1.9 million in separation costs, resulting in a remaining accrual of $ 5.9 million. |
Nature of Operations and Pres_2
Nature of Operations and Presentation of Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Superior Industries International, Inc.’s (referred herein as the “Company,” “Superior,” or “we” and “our”) principal business is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”) in North America and Europe and to the aftermarket in Europe. We employ approximat ely 7,100 full-time employees, operating in eight manufactur ing facilities in North America and Europe. We are one of the largest aluminum wheel suppliers to global OEMs and one of the leading European aluminum wheel aftermarket manufacturers and suppliers. Our OEM aluminum wheels accounted for approximately 96 percent of our sales in the first six months of 2023 and are primarily sold for factory installation on vehicle models manufactured by BMW (including Mini), Ford, GM, Honda, Jaguar-Land Rover, Lucid Motors, Mazda, Mercedes-Benz Group, Nissan, PSA, Renault, Stellantis, Subaru, Suzuki, Toyota, VW Group (Volkswagen, Audi, SEAT, Skoda, Porsche, Bentley) and Volvo. We sell aluminum wheels to the European aftermarket under the brands ATS, RIAL, ALUTEC and ANZIO. North America and Europe represent the principal markets for our products, but we have a diversified global customer base consisting of North American, European and Asian OEMs. We have determined that our North American and European operations should be treated as separate reportable segments as further described in Note 5, “Business Segments.” |
Presentation of Condensed Consolidated Financial Statements | Presentation of Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements, in our opinion, include all adjustments, of a normal and recurring nature, which are necessary for fair presentation of the financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto filed with the SEC in our 2022 Annual Report on Form 10-K. These unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions are eliminated in consolidation. Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. |
Cash Paid for Interest and Taxes and Non-Cash Investing Activities | Cash Paid for Interest and Taxes and Noncash Investing Activities Cash paid for interest was $ 30.8 million and $ 17.9 million for the six months ended June 30, 2023 and June 30, 2022, respectively. Net cash paid for income taxes was $ 10.0 million and $ 4.1 million for the six months ended June 30, 2023 and June 30, 2022, respectively. As of June 30, 2023 and June 30, 2022, $ 1.7 million and $ 5.9 million, respectively, of equipment had been purchased but not yet paid and was included in accounts payable in our condensed consolidated balance sheets. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” On January 1, 2023, the Company adopted ASU 2016-13, using a modified retrospective approach. ASU 2016-13 amends several aspects of the measurement of credit losses related to certain financial instruments, including the replacement of the existing incurred credit loss model with the current expected credit loss model. Under ASU 2016-13, credit losses are estimated based on relevant information about past events, current conditions, and reasonable and supportable forecasts and associated assumptions. The Company did not recognize a cumulative adjustment to retained earnings upon adoption as the adjustment was immaterial. The Company’s allowance for credit losses on accounts receivable represents management’s estimate of expected credit losses over the expected term of the receivables. In estimating current expected credit losses, the Company applies a loss rate to receivables aging categories by region and market, OEM or aftermarket, based on historical write-offs. Historical loss rates are adjusted for current conditions and reasonable and supportable forecasts, as necessary. Specific reserves are recognized for individual accounts whenever the Company becomes aware of circumstances indicating that a loss may be incurred on a particular customer account, such as in the event of a customer bankruptcy or significant deterioration in customer operating results or financial condition. Provision adjustments to the allowance for credit losses are recognized in selling, general and administrative expenses. As of June 30, 2023 and December 31, 2022, accounts receivable are reflected net of reserves (including the estimated allowance for credit losses) of $ 0.7 million and $ 0.6 million, respectively. Changes in expected credit losses were not significant during the three or six months ended June 30, 2023. Accounting Standards Update (ASU) 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” On January 1, 2023, the Company adopted ASU 2022-04 which requires that a buyer in a supplier finance program disclose the key terms of the program, including a description of the payment terms. For the obligations that the buyer has confirmed as valid to the finance provider or intermediary, the buyer must disclose: the amount outstanding that remains unpaid by the buyer as of the end of each period, a description of where those obligations are presented in the balance sheet and a roll forward of those obligations during the period, including the amount of obligations confirmed and the amount of obligations subsequently paid. In adopting ASU 2022-04, disclosures which had previously been included in Management’s Discussion and Analysis of Financial Condition and Results of Operations of previous Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q regarding supply chain financing have now been included as Note 10, “Supplier Finance Program” to the condensed consolidated financial statements along with disclosure of payment terms under the program and a roll forward of the amounts owed to the financial institution. |
Fair Value Measurements | The Company applies fair value accounting for all financial assets and liabilities and nonfinancial 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 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, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. |
Derivatives, Methods of Accounting, Hedging Derivatives | We use derivatives to partially offset our exposure to foreign currency, interest rate, aluminum and other commodity price risks. 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 fully offset the financial impact resulting from movements in foreign currency exchange rates, interest rates, and aluminum or other commodity prices. To help mitigate gross margin and cash flow fluctuations due to changes in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We account for our derivative instruments as either assets or liabilities and adjust them to fair value each period. For derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income (“AOCI”) or loss in shareholders’ equity or deficit until the hedged item is recognized in earnings, at which point accumulated gains or losses are recognized in earnings and classified with the underlying hedged transactions. Derivatives that do not qualify or have not been designated as hedges are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Opening and Closing Balances of Company's Customer Receivables and Current and Long-term Contract Liabilities | The opening and closing balances of the Company’s customer receivables and current and long-term contract liabilities balances are as follows: June 30, December 31, Change (Dollars in thousands) Customer receivables $ 90,304 $ 63,565 $ 26,739 Contract liabilities—current 6,930 6,251 679 Contract liabilities—noncurrent 8,358 8,355 3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measured at Fair Value | The following tables categorize items measured at fair value as of June 30, 2023 and December 31, 2022: Fair Value Measurement at Reporting Date Using June 30, 2023 Quoted Prices in Significant Significant (Dollars in thousands) Assets Derivative contracts $ 78,883 $ — $ 78,883 $ — Total $ 78,883 $ — $ 78,883 $ — Liabilities . Derivative contracts $ 2,456 $ — $ 2,456 $ — Total $ 2,456 $ — $ 2,456 $ — Fair Value Measurement at Reporting Date Using December 31, 2022 Quoted Prices in Significant Significant (Dollars in thousands) Assets Derivative contracts $ 34,960 $ — $ 34,960 $ — Total $ 34,960 $ — $ 34,960 $ — Liabilities . Derivative contracts $ 11,780 $ — $ 11,780 $ — Total $ 11,780 $ — $ 11,780 $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below: June 30, December 31, (Dollars in thousands) Estimated aggregate fair value $ 611,565 $ 615,394 Aggregate carrying value (1) 638,687 647,443 Total debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivatives by Balance Sheet Line Item | The following tables display the fair value of derivatives by balance sheet line item at June 30, 2023 and December 31, 2022: June 30, 2023 Other Other Accrued Other (Dollars in thousands) Foreign exchange forward contracts designated as $ 27,803 $ 41,892 $ 730 $ 21 Foreign exchange forward contracts not 1,339 — 76 — Aluminum forward contracts designated as — — 521 — Natural gas forward contracts designated as 390 433 494 614 Interest rate swap contracts designated as hedging 4,736 2,290 — — Total derivative financial instruments $ 34,268 $ 44,615 $ 1,821 $ 635 December 31, 2022 Other Other Accrued Other (Dollars in thousands) Foreign exchange forward contracts designated as $ 11,210 $ 15,890 $ 2,873 $ 5,212 Foreign exchange forward contracts not 603 — 192 — Aluminum forward contracts designated as — — 1,213 — Natural gas forward contracts designated as 498 655 1,520 770 Interest rate swap contracts designated as hedging 4,112 1,992 — — Total derivative financial instruments $ 16,423 $ 18,537 $ 5,798 $ 5,982 |
Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments | The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: June 30, 2023 December 31, 2022 Notional Fair Notional Fair (Dollars in thousands) Foreign exchange forward contracts designated as $ 435,204 $ 68,944 $ 462,783 $ 19,015 Foreign exchange forward contracts not designated 39,447 1,263 39,726 411 Aluminum forward contracts designated as 8,411 ( 521 ) 9,495 ( 1,213 ) Natural gas forward contracts designated as hedging 12,411 ( 285 ) 13,500 ( 1,137 ) Interest rate swap contracts designated as hedging 250,000 7,026 250,000 6,104 Total derivative financial instruments $ 745,473 $ 76,427 $ 775,504 $ 23,180 |
Summary of Gain or Loss Recognized in AOCI | The following tables summarize the gain or loss recognized in AOCI, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and six months ended June 30, 2023 and June 30, 2022: Three Months Ended June 30, 2023 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 30,344 $ 6,150 $ 1,398 Six Months Ended June 30, 2023 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 48,464 $ 10,078 $ 3,993 Three Months Ended June 30, 2022 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ ( 15,583 ) $ 4,558 $ ( 201 ) Six Months Ended June 30, 2022 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 1,238 $ 9,335 $ 669 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment | (Dollars in thousands) Net Sales Income from Operations Three Months Ended June 30, June 30, June 30, June 30, North America $ 208,205 $ 259,677 $ 21,504 $ 24,679 Europe 164,398 171,855 2,513 1,227 $ 372,603 $ 431,532 $ 24,017 $ 25,906 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Three Months Ended June 30, June 30, June 30, June 30, North America $ 9,378 $ 9,055 $ 3,627 $ 11,630 Europe 14,089 14,071 2,535 4,704 $ 23,467 $ 23,126 $ 6,162 $ 16,334 (Dollars in thousands) Net Sales Income from Operations Six Months Ended June 30, June 30, June 30, June 30, North America $ 419,823 $ 486,875 $ 43,219 $ 44,246 Europe 333,746 345,183 ( 4,066 ) 5,297 $ 753,569 $ 832,058 $ 39,153 $ 49,543 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Six Months Ended June 30, June 30, June 30, June 30, North America $ 18,425 $ 18,014 $ 15,070 $ 24,142 Europe 27,883 29,194 6,681 10,146 $ 46,308 $ 47,208 $ 21,751 $ 34,288 (Dollars in thousands) Property, Plant and Equipment, net Intangible Assets June 30, December 31, June 30, December 31, North America $ 230,448 $ 220,321 $ — $ — Europe 246,386 253,639 42,492 51,497 $ 476,834 $ 473,960 $ 42,492 $ 51,497 (Dollars in thousands) Total Assets June 30, December 31, North America $ 615,661 $ 582,339 Europe 544,551 551,400 $ 1,160,212 $ 1,133,739 Geographic information Net sales and property, plant and equipment by location are as follows: (Dollars in thousands) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Net sales: U.S. $ 992 $ 1,292 $ 1,975 $ 2,950 Mexico 207,213 258,385 417,848 483,925 Germany 48,434 48,035 91,292 102,123 Poland 115,964 123,820 242,454 243,060 Consolidated net sales $ 372,603 $ 431,532 $ 753,569 $ 832,058 (Dollars in thousands) Property, Plant and Equipment, net June 30, December 31, U.S. $ 1,382 $ 1,476 Mexico 229,066 218,845 Germany 85,010 76,158 Poland 161,376 177,481 Property, plant and equipment, net $ 476,834 $ 473,960 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | June 30, December 31, (Dollars in thousands) Raw materials $ 53,663 $ 62,639 Work in process 43,003 37,993 Finished goods 85,194 78,056 Inventories, net $ 181,860 $ 178,688 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | June 30, December 31, (Dollars in thousands) Land and buildings $ 164,245 $ 144,870 Machinery and equipment 950,453 887,222 Leasehold improvements and others 5,183 4,993 Construction in progress 68,567 80,263 1,188,448 1,117,348 Accumulated depreciation ( 711,614 ) ( 643,388 ) Property, plant and equipment, net $ 476,834 $ 473,960 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Finite-Lived Intangible Assets | The Company’s finite-lived intangible assets as of June 30, 2023 and December 31, 2022 are summarized in the following table. As of June 30, 2023 Gross Accumulated Currency Net Carrying Amount Remaining (Dollars in thousands) Customer relationships $ 167,000 $ ( 124,335 ) $ ( 173 ) $ 42,492 1 - 5 Year Ended December 31, 2022 Gross Accumulated Currency Net Carrying Amount Remaining (Dollars in thousands) Customer relationships $ 167,000 $ ( 114,595 ) $ ( 908 ) $ 51,497 1 - 6 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt and Related Weighted Average Interest Rates | A summary of long-term debt and the related weighted average interest rates is shown below: June 30, 2023 Debt Instrument Total Debt Discount and (1) Total Weighted Average (Dollars in thousands) Term Loan Facility $ 398,000 $ ( 21,583 ) $ 376,417 12.9 % 6.00 % Senior Notes 235,825 ( 1,966 ) 233,859 6.0 % European CapEx loans 2,174 — 2,174 2.2 % Finance leases 2,688 — 2,688 2.6 % $ 638,687 $ ( 23,549 ) 615,138 Less: Current portion ( 7,236 ) Long-term debt $ 607,902 December 31, 2022 Debt Instrument Total Debt Discount and (1) Total Weighted Average (Dollars in thousands) Term Loan Facility $ 400,000 $ ( 22,967 ) $ 377,033 12.3 % 6.00 % Senior Notes 232,352 ( 2,458 ) 229,894 6.0 % European CapEx loans 12,365 — 12,365 2.3 % Finance leases 2,726 — 2,726 2.7 % $ 647,443 $ ( 25,425 ) 622,018 Less: Current portion ( 5,873 ) Long-term debt $ 616,145 (1) Unamortized portion |
Schedule of Debt Maturities | Debt maturities as of June 30, 2023, which are due in the next five years and thereafter are as follows: Debt Maturities Amount (Dollars in thousands) Six remaining months of 2023 $ 4,511 2024 5,452 2025 240,417 2026 4,190 2027 4,106 Thereafter 380,011 Total debt liabilities $ 638,687 |
Supplier Finance Program (Table
Supplier Finance Program (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplier Finance Program [Abstract] | |
Summary of Activity in Amounts Owed to Financial Institution | The following table summarizes activity in the amounts owed to the financial institution for the six months ended June 30, 2023 and June 30, 2022: Six Months Ended June 30, June 30, (Dollars in thousands) Outstanding at the beginning of the period 14,371 17,638 Added during the period 65,341 69,385 Settled during the period ( 56,197 ) ( 75,751 ) Outstanding at the end of the period 23,515 11,272 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Net (loss) income $ ( 67 ) $ 10,844 $ ( 4,114 ) $ 20,914 Less: Redeemable preferred stock dividends and accretion ( 9,645 ) ( 9,001 ) ( 19,085 ) ( 17,911 ) Less: European noncontrolling redeemable equity dividend ( 11 ) ( 11 ) ( 21 ) ( 22 ) Basic numerator $ ( 9,723 ) $ 1,832 $ ( 23,220 ) $ 2,981 Basic (loss) earnings per share $ ( 0.35 ) $ 0.07 $ ( 0.84 ) $ 0.11 Weighted average shares outstanding – Basic 28,035 26,918 27,669 26,659 Diluted Earnings Per Share: Net (loss) income $ ( 67 ) $ 10,844 $ ( 4,114 ) $ 20,914 Less: Redeemable preferred stock dividends and accretion ( 9,645 ) ( 9,001 ) ( 19,085 ) ( 17,911 ) Less: European noncontrolling redeemable equity dividend ( 11 ) ( 11 ) ( 21 ) ( 22 ) Diluted numerator $ ( 9,723 ) $ 1,832 $ ( 23,220 ) $ 2,981 Diluted (loss) earnings per share $ ( 0.35 ) $ 0.07 $ ( 0.84 ) $ 0.11 Weighted average shares outstanding – Basic 28,035 26,918 27,669 26,659 Dilutive effect of common share equivalents — 504 — 677 Weighted average shares outstanding – Diluted 28,035 27,422 27,669 27,336 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount Rate | Lease expense and cash flow for the three and six months ended June 30, 2023 and June 30, 2022 and operating and finance lease assets and liabilities, average lease term and average discount rate as of June 30, 2023 and December 31, 2022 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in thousands) Lease Expense Finance lease expense: Amortization of right-of-use assets $ 251 $ 259 $ 496 $ 573 Interest on lease liabilities 15 14 31 29 Operating lease expense 738 659 1,361 1,345 Total lease expense $ 1,004 $ 932 $ 1,888 $ 1,947 Cash Flow Components Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from finance leases $ 15 $ 14 $ 31 $ 29 Operating cash outflows from operating leases 766 711 1,402 1,469 Financing cash outflows from finance leases 263 243 551 547 Right-of-use assets obtained in exchange for finance lease liabilities, 142 212 538 335 Right-of-use assets obtained in exchange for operating lease liabilities, 651 61 651 232 June 30, December 31, (Dollars in thousands, except lease term and discount rate) Balance Sheet Information Operating leases: Other noncurrent assets $ 8,145 $ 8,325 Accrued liabilities $ ( 2,471 ) $ ( 2,137 ) Other noncurrent liabilities ( 5,698 ) ( 6,516 ) Total operating lease liabilities $ ( 8,169 ) $ ( 8,653 ) Finance leases: Property, plant and equipment gross $ 8,460 $ 7,899 Accumulated depreciation ( 6,180 ) ( 5,684 ) Property, plant and equipment, net $ 2,280 $ 2,215 Current portion of long-term debt $ ( 1,062 ) $ ( 1,053 ) Long-term debt (less current portion) ( 1,626 ) ( 1,673 ) Total finance lease liabilities $ ( 2,688 ) $ ( 2,726 ) Lease Term and Discount Rates Weighted-average remaining lease term - finance leases (years) 2.9 3.2 Weighted-average remaining lease term - operating leases (years) 3.6 4.2 Weighted-average discount rate - finance leases 2.6 % 2.7 % Weighted-average discount rate - operating leases 3.8 % 3.6 % |
Schedule of Future Minimum Rental Payments Under Finance and Operating Leases | Future minimum payments under our leases as of June 30, 2023 are as follows: Amount (Dollars in thousands) Lease Maturities Finance Leases Operating Leases Six remaining months of 2023 $ 1,062 $ 1,263 2024 727 2,449 2025 592 2,099 2026 190 1,941 2027 106 915 Thereafter 103 43 Total 2,780 8,710 Less: Imputed interest ( 92 ) ( 541 ) Total lease liabilities, net of interest $ 2,688 $ 8,169 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Components of Net Periodic Pension Cost | The following table summarizes the components of net periodic pension cost for the three and six months ended June 30, 2023 and June 30, 2022. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in thousands) Interest cost $ 304 $ 218 $ 608 $ 436 Net amortization — 83 — 166 Net periodic pension cost $ 304 $ 301 $ 608 $ 602 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSU, PSU and Option Activity | RSU, PSU and option activity for the six months ended June 30, 2023 and June 30, 2022 is summarized in the following table: Equity Incentive Awards Restricted Weighted Performance Weighted Options Weighted Balance at January 1, 2023 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Granted 687,781 4.23 920,264 4.80 — — Settled ( 553,093 ) 3.80 ( 1,016,574 ) 5.13 — — Forfeited or expired ( 29,853 ) 5.80 ( 34,037 ) 8.50 — — Balance at June 30, 2023 1,001,634 $ 4.39 2,192,754 $ 5.98 — $ — Awards estimated to vest in the future 1,001,634 $ 4.39 2,362,196 $ 5.97 — $ — Equity Incentive Awards Restricted Weighted Performance Weighted Options Weighted Balance at January 1, 2022 966,429 $ 4.62 2,484,581 $ 6.67 9,000 $ 16.76 Granted 515,491 3.93 667,345 5.33 — — Settled ( 580,551 ) 4.73 ( 719,659 ) 6.68 — — Forfeited or expired ( 4,570 ) 3.77 ( 109,166 ) 7.24 ( 9,000 ) 16.76 Balance at June 30, 2022 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Awards estimated to vest in the future 896,799 $ 4.16 2,097,894 $ 6.28 — $ — |
Nature of Operations and Pres_3
Nature of Operations and Presentation of Condensed Consolidated Financial Statements - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Employee ManufacturingFacility | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Number of employees | Employee | 7,100 | ||
Number of manufacturing facilities | ManufacturingFacility | 8 | ||
Cash paid for interest | $ 30,800 | $ 17,900 | |
Net cash income taxes paid | 10,000 | 4,100 | |
Noncash or part noncash acquisition, fixed assets acquired | 1,700 | $ 5,900 | |
Accounts receivable | $ 90,304 | $ 63,565 | |
Sales [Member] | Customer Concentration Risk [Member] | Original Equipment Manufacturers (OEMs) [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Concentration risk, percentage | 96% | ||
ASU 201613 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Accounts receivable | $ 700 | $ 600 |
Revenue - Summary of Opening an
Revenue - Summary of Opening and Closing Balances of Company's Customer Receivables and Current and Long-term Contract Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Contract With Customer Asset And Liability [Line Items] | ||
Customer receivables | $ 90,304 | $ 63,565 |
Contract liabilities—current | 6,930 | 6,251 |
Contract liabilities-noncurrent | 8,358 | $ 8,355 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Contract With Customer Asset And Liability [Line Items] | ||
Customer receivables | 26,739 | |
Contract liabilities—current | 679 | |
Contract liabilities-noncurrent | $ 3 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Detail) - Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Derivative contracts | $ 78,883 | $ 34,960 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets Current | Assets Current |
Total | $ 78,883 | $ 34,960 |
Liabilities | ||
Derivative contracts | $ 2,456 | $ 11,780 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities Current | Liabilities Current |
Total | $ 2,456 | $ 11,780 |
Level 2 [Member] | ||
Assets | ||
Derivative contracts | $ 78,883 | $ 34,960 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets Current | Assets Current |
Total | $ 78,883 | $ 34,960 |
Liabilities | ||
Derivative contracts | $ 2,456 | $ 11,780 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities Current | Liabilities Current |
Total | $ 2,456 | $ 11,780 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instrument Detail [Abstract] | ||
Estimated aggregate fair value | $ 611,565 | $ 615,394 |
Aggregate carrying value | $ 638,687 | $ 647,443 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments objectives | We use derivatives to partially offset our exposure to foreign currency, interest rate, aluminum and other commodity price risks. 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. | |||
Maximum length of time, foreign currency cash flow hedge | 48 months | |||
Cost of sales | $ 331,570 | $ 388,905 | $ 677,958 | $ 748,844 |
Interest expense, net | (15,690) | (10,338) | (31,388) | (20,300) |
Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cost of sales | 4,900 | 5,500 | 8,000 | 11,400 |
Interest expense, net | $ 1,200 | $ (900) | $ 2,100 | $ (2,100) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 34,268 | $ 16,423 |
Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 44,615 | 18,537 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 1,821 | 5,798 |
Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 635 | 5,982 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 390 | 498 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 433 | 655 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 494 | 1,520 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 614 | 770 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 27,803 | 11,210 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 41,892 | 15,890 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 730 | 2,873 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 21 | 5,212 |
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,339 | 603 |
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 76 | 192 |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 521 | 1,213 |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 4,736 | 4,112 |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 2,290 | $ 1,992 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | $ 745,473 | $ 775,504 |
Fair Value | 76,427 | 23,180 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 12,411 | 13,500 |
Fair Value | (285) | (1,137) |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 435,204 | 462,783 |
Fair Value | 68,944 | 19,015 |
Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 8,411 | 9,495 |
Fair Value | (521) | (1,213) |
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 250,000 | 250,000 |
Fair Value | 7,026 | 6,104 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 39,447 | 39,726 |
Fair Value | $ 1,263 | $ 411 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Gain or Loss Recognized in AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives | $ 30,344 | $ (15,583) | $ 48,464 | $ 1,238 |
Derivative [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives | 30,344 | (15,583) | 48,464 | 1,238 |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income | 6,150 | 4,558 | 10,078 | 9,335 |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives | $ 1,398 | $ (201) | $ 3,993 | $ 669 |
Business Segments - Summary of
Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | $ 372,603 | $ 431,532 | $ 753,569 | $ 832,058 | |
Income from Operations | 24,017 | 25,906 | 39,153 | 49,543 | |
Depreciation and Amortization | 23,467 | 23,126 | 46,308 | 47,208 | |
Capital Expenditures | 6,162 | 16,334 | 21,751 | 34,288 | |
Property, Plant and Equipment, net | 476,834 | 476,834 | $ 473,960 | ||
Intangible Assets | 42,492 | 42,492 | 51,497 | ||
Total assets | 1,160,212 | 1,160,212 | 1,133,739 | ||
North America [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 208,205 | 259,677 | 419,823 | 486,875 | |
Income from Operations | 21,504 | 24,679 | 43,219 | 44,246 | |
Depreciation and Amortization | 9,378 | 9,055 | 18,425 | 18,014 | |
Capital Expenditures | 3,627 | 11,630 | 15,070 | 24,142 | |
Property, Plant and Equipment, net | 230,448 | 230,448 | 220,321 | ||
Total assets | 615,661 | 615,661 | 582,339 | ||
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 164,398 | 171,855 | 333,746 | 345,183 | |
Income from Operations | 2,513 | 1,227 | (4,066) | 5,297 | |
Depreciation and Amortization | 14,089 | 14,071 | 27,883 | 29,194 | |
Capital Expenditures | 2,535 | $ 4,704 | 6,681 | $ 10,146 | |
Property, Plant and Equipment, net | 246,386 | 246,386 | 253,639 | ||
Intangible Assets | 42,492 | 42,492 | 51,497 | ||
Total assets | $ 544,551 | $ 544,551 | $ 551,400 |
Business Segments - Net Sales a
Business Segments - Net Sales and Property, Plant and Equipment by Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | $ 372,603 | $ 431,532 | $ 753,569 | $ 832,058 | |
Property, Plant and Equipment, net | 476,834 | 476,834 | $ 473,960 | ||
U.S. [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 992 | 1,292 | 1,975 | 2,950 | |
Property, Plant and Equipment, net | 1,382 | 1,382 | 1,476 | ||
Mexico [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 207,213 | 258,385 | 417,848 | 483,925 | |
Property, Plant and Equipment, net | 229,066 | 229,066 | 218,845 | ||
Germany [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 48,434 | 48,035 | 91,292 | 102,123 | |
Property, Plant and Equipment, net | 85,010 | 85,010 | 76,158 | ||
Poland [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 115,964 | $ 123,820 | 242,454 | $ 243,060 | |
Property, Plant and Equipment, net | $ 161,376 | $ 161,376 | $ 177,481 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 53,663 | $ 62,639 |
Work in process | 43,003 | 37,993 |
Finished goods | 85,194 | 78,056 |
Inventories, net | $ 181,860 | $ 178,688 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory, non-current | $ 12.6 | $ 11.3 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,188,448 | $ 1,117,348 |
Accumulated depreciation | (711,614) | (643,388) |
Property, plant and equipment, net | 476,834 | 473,960 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 164,245 | 144,870 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 950,453 | 887,222 |
Leasehold Improvements and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,183 | 4,993 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 68,567 | $ 80,263 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 18.6 | $ 17.6 | $ 36.6 | $ 35.4 |
Intangible Assets - Summary of
Intangible Assets - Summary of Finite-Lived Intangible Assets (Detail) - Customer Relationships [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 167,000 | $ 167,000 |
Accumulated Amortization | (124,335) | (114,595) |
Finite-lived Intangible Assets, Currency Translation | (173) | (908) |
Finite lived Intangible Assets, Net | $ 42,492 | $ 51,497 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 1 year | 1 year |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 5 years | 6 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 4.9 | $ 5.6 | $ 9.7 | $ 11.8 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2023 | 19.5 | 19.5 | ||
2024 | 19.5 | 19.5 | ||
2025 | 9.6 | 9.6 | ||
2026 | 2.5 | 2.5 | ||
2027 | $ 1 | $ 1 |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total Debt | $ 638,687 | $ 647,443 |
Debt Discount and Issuance Costs | (23,549) | (25,425) |
Total Debt, Net | 615,138 | 622,018 |
Less: Current portion | (7,236) | (5,873) |
Long-term debt | 607,902 | 616,145 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 398,000 | 400,000 |
Debt Discount and Issuance Costs | (21,583) | (22,967) |
Total Debt, Net | $ 376,417 | $ 377,033 |
Weighted Average Interest Rate | 12.90% | 12.30% |
Senior Notes [Member] | 6.00% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 235,825 | $ 232,352 |
Debt Discount and Issuance Costs | (1,966) | (2,458) |
Total Debt, Net | $ 233,859 | $ 229,894 |
Weighted Average Interest Rate | 6% | 6% |
European CapEx Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 2,174 | $ 12,365 |
Total Debt, Net | $ 2,174 | $ 12,365 |
Weighted Average Interest Rate | 2.20% | 2.30% |
Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 2,688 | $ 2,726 |
Total Debt, Net | $ 2,688 | $ 2,726 |
Weighted Average Interest Rate | 2.60% | 2.70% |
Debt - Summary of Long-Term D_2
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail) | Jun. 30, 2023 | Dec. 31, 2022 |
6.00% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate stated, percentage | 6% | 6% |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||
Dec. 15, 2022 USD ($) | Jun. 15, 2017 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 15, 2022 EUR (€) | May 30, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||
Debt default, maximum period of failure to comply with obligations, covenants or agreements | 60 days | ||||||
Debt default, holder percent to declare all notes due, minimum | 30% | 30% | |||||
Debt issuance costs and expenses | $ 23,549,000 | $ 23,549,000 | $ 25,425,000 | ||||
Long-term debt | 615,138,000 | 615,138,000 | 622,018,000 | ||||
Term loan facility balance | $ 638,687,000 | $ 638,687,000 | $ 647,443,000 | ||||
Long-term debt, term | 5 years | 5 years | |||||
Obligations under other debt agreements cross-default minimum amount | $ 20,000,000 | ||||||
Failure to pay material plan withdrawal obligations | 20,000,000 | ||||||
European Operations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 2,200,000 | 2,200,000 | $ 70,700,000 | ||||
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | € | € 250,000,000 | ||||||
Debt instrument, interest rate stated, percentage | 6% | ||||||
Senior Secured Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Prepayment premium during first year | 2% | ||||||
Prepayment premium during second year | 2% | ||||||
Prepayment premium during third year | 1% | ||||||
Debt instrument maturity date description | However, in the event the Company has not repaid, refinanced or otherwise extended the maturity date of the Notes beyond the maturity date of the Term Loan Facility by the date 91 days prior to June 15, 2025, the Term Loan Facility and Revolving Credit Facility would mature 91 days prior to June 15, 2025. Similarly, in the event the Company has not redeemed, refinanced or otherwise extended the unconditional redemption date of the redeemable preferred stock beyond the maturity date of the Term Loan Facility by the date 91 days prior to September 14, 2025, the Term Loan Facility and Revolving Credit Facility would mature 91 days prior to September 14, 2025. | ||||||
Liquidity amount | $ 37,500,000 | ||||||
Increase in commitment adjustments | $ 50,000,000 | ||||||
Senior Secured Term Loan Facility [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of term loan facility | $ 400,000,000 | ||||||
Line of credit facility maturity date | Dec. 15, 2028 | ||||||
Principal payment amount | $ 1,000,000 | ||||||
Issuance discount | 12,000,000 | ||||||
Proceeds of borrowings under term loan facility | 388,000,000 | ||||||
Debt issuance costs | $ 11,100,000 | ||||||
Debt instrument amortization term | 6 years | ||||||
Additional default interest rate | 2% | ||||||
Repayments under term loan facility | $ 349,200,000 | ||||||
Amount outstanding | $ 4,800,000 | $ 4,800,000 | |||||
Senior Secured Term Loan Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured net leverage ratio | 1% | ||||||
Senior Secured Term Loan Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured net leverage ratio | 3.50% | ||||||
Senior Secured Term Loan Facility [Member] | NYFRB [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||
Senior Secured Term Loan Facility [Member] | SOFR [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 7.75% | ||||||
Senior Secured Term Loan Facility [Member] | SOFR [Member] | Minimum [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.50% | 7.50% | |||||
Senior Secured Term Loan Facility [Member] | SOFR [Member] | Maximum [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 8% | ||||||
Senior Secured Term Loan Facility [Member] | One Month SOFR [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1% | ||||||
Senior Secured Term Loan Facility [Member] | Base Rate [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.50% | 6.75% | |||||
Senior Secured Term Loan Facility [Member] | Base Rate [Member] | Minimum [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 6.50% | ||||||
Senior Secured Term Loan Facility [Member] | Base Rate [Member] | Maximum [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 7% | ||||||
Equipment Loan [Member] | European Operations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate stated, percentage | 2.20% | 2.20% | |||||
Debt instrument, maturity date | Mar. 31, 2024 | ||||||
Debt Instrument Redemption Period Two [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption percentage | 100% | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of term loan facility | $ 107,500,000 | € 60,000,000 | |||||
Maximum additional borrowing capacity | $ 50,000,000 | ||||||
Additional default interest rate | 2% | ||||||
Commitment fees percentage | 0.50% | ||||||
Liquidity amount | $ 37,500,000 | $ 37,500,000 | |||||
Increase in commitment adjustments | 50,000,000 | ||||||
Increase in unrestricted cash and cash equivalent covenants | 50,000,000 | ||||||
Decrease in unrestricted cash and cash equivalent covenants | $ 37,500,000 | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fees percentage | 0.50% | ||||||
Net leverage ratio | 1% | 1% | |||||
Secured net leverage ratio | 1% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fees percentage | 0.625% | ||||||
Net leverage ratio | 2% | 4.50% | |||||
Secured net leverage ratio | 3.50% | ||||||
Revolving Credit Facility [Member] | NYFRB [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||
Revolving Credit Facility [Member] | SOFR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||
Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||
Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 4.50% | ||||||
Revolving Credit Facility [Member] | One Month SOFR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1% | ||||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1% | 2.50% | |||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||
Revolving Credit Facility [Member] | EURIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0% | 3.50% | |||||
Revolving Credit Facility [Member] | EURIBOR [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||
Revolving Credit Facility [Member] | EURIBOR [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 4.50% | ||||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of term loan facility | $ 60,000,000 | ||||||
Line of credit facility maturity date | Dec. 15, 2027 | ||||||
Unamortized debt issuance costs to written off and charged to interest expense | $ 3,700,000 | ||||||
Debt issuance costs and expenses | $ 3,200,000 | ||||||
Debt instrument amortization term | 5 years | ||||||
Outstanding borrowings | $ 0 | $ 0 | |||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of availability | $ 55,200,000 | $ 55,200,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Maturities Of Long Term Debt [Abstract] | ||
Six remaining months of 2023 | $ 4,511 | |
2024 | 5,452 | |
2025 | 240,417 | |
2026 | 4,190 | |
2027 | 4,106 | |
Thereafter | 380,011 | |
Total debt liabilities | $ 638,687 | $ 647,443 |
Supplier Finance Program - Addi
Supplier Finance Program - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Supplier Finance Program [Abstract] | |
Extended payment terms of purchases of suppliers | The Company receives extended payment terms for a portion of our purchases (90 days rather than 60 days) with one of our principal aluminum suppliers in exchange for a nominal adjustment to the product pricing. |
Supplier Finance Program - Summ
Supplier Finance Program - Summary of Activity in Amounts Owed to Financial Institution (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplier Finance Program [Abstract] | ||
Outstanding at the beginning of the period | $ 14,371 | $ 17,638 |
Added during the period | 65,341 | 69,385 |
Settled during the period | (56,197) | (75,751) |
Outstanding at the end of the period | $ 23,515 | $ 11,272 |
Redeemable Preferred Stock - Ad
Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 30, 2017 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2017 | |
Temporary Equity [Line Items] | |||||||
Temporary equity, stock issued during period, shares, new issues | 150,000 | 150,000 | 150,000 | 150,000 | |||
Proceeds from issuance of redeemable preferred shares | $ 150,000 | ||||||
Temporary equity, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock, dividend rate, percentage | 9% | 9% | 9% | 9% | |||
Preferred stock redemption date | Sep. 14, 2025 | ||||||
Common stock, shares issued upon conversion of preferred stock | 5,326,000 | 5,326,000 | |||||
Issuance costs | $ 3,700 | ||||||
Adjusted proceeds from issuance of redeemable preferred shares | 135,500 | ||||||
Embedded derivative liability | $ 10,900 | ||||||
Cumulative premium accretion | $ 99,600 | $ 87,300 | |||||
Redeemable preferred stock | $ 235,143 | 235,143 | $ 222,753 | ||||
Convertible Preferred Stock Redemption Period Two [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Convertible preferred stock, redemption value | $ 300,000 | $ 300,000 | |||||
Convertible preferred stock, redemption value percent of stated value | 200% | 200% | |||||
Convertible preferred stock, face value | $ 150,000 | $ 150,000 | |||||
Common stock, shares issued upon conversion of preferred stock | 5,300,000 | 5,300,000 | |||||
Series A Redeemable Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, stock issued during period, shares, new issues | 140,202 | ||||||
Temporary equity, par value | $ 0.01 | ||||||
Temporary equity, liquidation preference per share | 1,000 | ||||||
Temporary equity, conversion price | $ 28.162 | ||||||
Preferred stock, dividend rate, percentage | 9% | ||||||
Convertible preferred stock, threshold stock price trigger | $ 84.49 | ||||||
Series B Redeemable Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, stock issued during period, shares, new issues | 9,798 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) shares in Thousands | Jun. 30, 2023 shares |
Earnings Per Share [Abstract] | |
Common stock, shares issued upon conversion of preferred stock | 5,326 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic Earnings Per Share: | ||||
Net income | $ (67) | $ 10,844 | $ (4,114) | $ 20,914 |
Less: Redeemable preferred stock dividends and accretion | (9,645) | (9,001) | (19,085) | (17,911) |
Less: European noncontrolling redeemable equity dividend | (11) | (11) | (21) | (22) |
Basic numerator | $ 9,723 | $ 1,832 | $ (23,220) | $ 2,981 |
Basic earnings (loss) per share | $ (0.35) | $ 0.07 | $ (0.84) | $ 0.11 |
Weighted average shares outstanding – Basic | 28,035 | 26,918 | 27,669 | 26,659 |
Diluted Earnings Per Share: | ||||
Net income | $ (67) | $ 10,844 | $ (4,114) | $ 20,914 |
Less: Redeemable preferred stock dividends and accretion | (9,645) | (9,001) | (19,085) | (17,911) |
Less: European noncontrolling redeemable equity dividend | (11) | (11) | (21) | (22) |
Diluted numerator | $ 9,723 | $ 1,832 | $ (23,220) | $ 2,981 |
Diluted earnings (loss) per share | $ (0.35) | $ 0.07 | $ (0.84) | $ 0.11 |
Weighted average shares outstanding – Basic | 28,035 | 26,918 | 27,669 | 26,659 |
Dilutive effect of common share equivalents | 504 | 677 | ||
Weighted average shares outstanding – Diluted | 28,035 | 27,422 | 27,669 | 27,336 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 5,794 | $ 5,405 | $ 9,092 | $ 8,923 |
Pre-tax income | $ 5,727 | $ 16,249 | $ 4,978 | $ 29,837 |
Effective income tax rates | 101.20% | 33.30% | 182.60% | 29.90% |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Leased Assets [Line Items] | |
Lessee, operating lease, option to extend | Certain leases include options to extend the lease term for up to ten years |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, operating lease, term of contract | 6 years |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finance lease expense: | |||||
Amortization of right-of-use assets | $ 251 | $ 259 | $ 496 | $ 573 | |
Interest on lease liabilities | 15 | 14 | 31 | 29 | |
Operating lease expense | 738 | 659 | 1,361 | 1,345 | |
Total lease expense | 1,004 | 932 | 1,888 | 1,947 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash outflows from finance leases | 15 | 14 | 31 | 29 | |
Operating cash outflows from operating leases | 766 | 711 | 1,402 | 1,469 | |
Financing cash outflows from finance leases | 263 | 243 | 551 | 547 | |
Right-of-use assets obtained in exchange for finance lease liabilities, net of terminations and disposals | 142 | 212 | 538 | 335 | |
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations and disposals | 651 | $ 61 | 651 | $ 232 | |
Operating leases: | |||||
Other noncurrent assets | $ 8,145 | $ 8,145 | $ 8,325 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets | ||
Accrued liabilities | $ (2,471) | $ (2,471) | $ (2,137) | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses | Accrued expenses | ||
Other noncurrent liabilities | $ (5,698) | $ (5,698) | $ (6,516) | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | Other non-current liabilities | ||
Total operating lease liabilities | $ (8,169) | $ (8,169) | $ (8,653) | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | ||
Property, plant and equipment gross | $ 8,460 | $ 8,460 | $ 7,899 | ||
Accumulated depreciation | (6,180) | (6,180) | (5,684) | ||
Property, plant and equipment, net | $ 2,280 | $ 2,280 | $ 2,215 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets | ||
Current portion of long-term debt | $ (1,062) | $ (1,062) | $ (1,053) | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses | Accrued expenses | ||
Long-term debt (less current portion) | $ (1,626) | $ (1,626) | $ (1,673) | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | Other non-current liabilities | ||
Total finance lease liabilities | $ (2,688) | $ (2,688) | $ (2,726) | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | ||
Weighted-average remaining lease term - finance leases (years) | 2 years 10 months 24 days | 2 years 10 months 24 days | 3 years 2 months 12 days | ||
Weighted-average remaining lease term - operating leases (years) | 3 years 7 months 6 days | 3 years 7 months 6 days | 4 years 2 months 12 days | ||
Weighted-average discount rate - finance leases | 2.60% | 2.60% | 2.70% | ||
Weighted-average discount rate - operating leases | 3.80% | 3.80% | 3.60% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments For Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance Leases, Nine remaining months of 2023 | $ 1,062 | |
Finance Leases, 2024 | 727 | |
Finance Leases, 2025 | 592 | |
Finance Leases, 2026 | 190 | |
Finance Leases, 2027 | 106 | |
Finance Leases, Thereafter | 103 | |
Finance Leases, Total | 2,780 | |
Finance Leases, Less: Imputed interest | (92) | |
Finance Leases, Total lease liabilities, net of interest | 2,688 | $ 2,726 |
Operating Leases, Nine remaining months of 2023 | 1,263 | |
Operating Leases, 2024 | 2,449 | |
Operating Leases, 2025 | 2,099 | |
Operating Leases, 2026 | 1,941 | |
Operating Leases, 2027 | 915 | |
Operating Leases, Thereafter | 43 | |
Operating Leases, Total | 8,710 | |
Operating Leases, Less: Imputed interest | (541) | |
Operating Leases, Total lease liabilities, net of interest | $ 8,169 | $ 8,653 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) Age | |
Compensation And Retirement Disclosure [Abstract] | |
Age for benefits | Age | 65 |
Payments to retirees | $ 0.7 |
Anticipated benefit payments | $ 1.4 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Interest cost | $ 304 | $ 218 | $ 608 | $ 436 |
Net amortization | 83 | 166 | ||
Net periodic pension cost | $ 304 | $ 301 | $ 608 | $ 602 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2023 | May 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorizes issuance of common stock | 4,350,000 | 4,350,000 | ||||
Number of shares available for grant | 2,000,000 | 2,000,000 | ||||
Number of authorized shares increased under the Plan | 3,400,000 | 2,000,000 | ||||
Stock-based compensation expense | $ 2.2 | $ 2 | $ 3 | $ 4.7 | ||
Amount of unrecognized stock-based compensation expense | $ 11.5 | $ 11.5 | ||||
Weighted average period for recognition | 2 years | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Performance Shares Unit [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU, PSU and Option Activity (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of Options Outstanding | ||
Number of Options Outstanding, Beginning balance (in shares) | 9,000 | |
Forfeited or expired (in shares) | (9,000) | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Beginning balance (in dollars per share) | $ 16.76 | |
Forfeited or expired (in dollars per share) | $ 16.76 | |
Restricted Stock Units [Member] | ||
Number of Awards | ||
Number of Awards, Beginning balance (in shares) | 896,799 | 966,429 |
Granted (in shares) | 687,781 | 515,491 |
Settled (in shares) | (553,093) | (580,551) |
Forfeited or expired (in shares) | (29,853) | (4,570) |
Number of Awards, Ending balance (in shares) | 1,001,634 | 896,799 |
Number of awards, Awards estimated to vest in the future (in shares) | 1,001,634 | 896,799 |
Weighted Average Grant Date Fair Value | ||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 4.16 | $ 4.62 |
Granted (in dollars per share) | 4.23 | 3.93 |
Settled (in dollars per share) | 3.80 | 4.73 |
Forfeited or expired (in dollars per share) | 5.80 | 3.77 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | 4.39 | 4.16 |
Weighted Average Grant Date Fair Value, Awards estimated to vest in the future (in dollar per share) | $ 4.39 | $ 4.16 |
Performance Shares Unit [Member] | ||
Number of Awards | ||
Number of Awards, Beginning balance (in shares) | 2,323,101 | 2,484,581 |
Granted (in shares) | 920,264 | 667,345 |
Settled (in shares) | (1,016,574) | (719,659) |
Forfeited or expired (in shares) | (34,037) | (109,166) |
Number of Awards, Ending balance (in shares) | 2,192,754 | 2,323,101 |
Number of awards, Awards estimated to vest in the future (in shares) | 2,362,196 | 2,097,894 |
Weighted Average Grant Date Fair Value | ||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 6.26 | $ 6.67 |
Granted (in dollars per share) | 4.80 | 5.33 |
Settled (in dollars per share) | 5.13 | 6.68 |
Forfeited or expired (in dollars per share) | 8.50 | 7.24 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | 5.98 | 6.26 |
Weighted Average Grant Date Fair Value, Awards estimated to vest in the future (in dollar per share) | $ 5.97 | $ 6.28 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Judicial Ruling [Member] | |
Loss Contingencies [Line Items] | |
Provision for this contingent loss | $ 0 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, expected trial commencement term | 18 months |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Contingency related to additional charges on energy purchases plus interest | $ 14,100,000 |
Loss contingency, expected trial commencement term | 24 months |
Receivables Factoring - Additio
Receivables Factoring - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts Receivable [Line Items] | |||||
Trade receivables | $ 198,100,000 | $ 246,000,000 | $ 423,400,000 | $ 454,700,000 | |
Collective limit under factoring arrangements | 165,600,000 | 165,600,000 | $ 150,000,000 | ||
Factored receivables yet not collected | 102,300,000 | 102,300,000 | $ 97,200,000 | ||
Other (Expense) Income, Net [Member] | |||||
Accounts Receivable [Line Items] | |||||
Factoring fees | $ 1,000,000 | $ 800,000 | $ 2,000,000 | $ 1,400,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charge | $ 5.3 | ||
Remaining accrual | $ 5.9 | $ 5.9 | |
Payments for restructuring | $ 1.9 | ||
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charge | $ 2.5 | 2.5 | |
Selling, General and Administrative Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charge | $ 2.8 |