Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SUP | ||
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||
Entity Central Index Key | 0000095552 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,091,440 | ||
Entity Public Float | $ 101,129,184 | ||
Smaller Reporting Company | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NYSE | ||
Entity Shell Company | false | ||
Entity File Number | 001-6615 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-2594729 | ||
Entity Address, Address Line One | 26600 Telegraph Road | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Southfield | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48033 | ||
City Area Code | 248 | ||
Local Phone Number | 352-7300 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s 2024 Proxy Statement, to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year, are incorporated by reference into Part III of this Form 10-K. | ||
Auditor Firm Id | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Detroit, Michigan | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
NET SALES | $ 1,385,283 | $ 1,639,902 |
Cost of sales | 1,269,535 | 1,473,515 |
GROSS PROFIT | 115,748 | 166,387 |
Selling, general and administrative expenses | 87,567 | 68,347 |
Loss on deconsolidation of subsidiary | 79,629 | |
(LOSS) INCOME FROM OPERATIONS | (51,448) | 98,040 |
Interest expense, net | (62,140) | (46,314) |
Other expense, net | (3,210) | (588) |
(LOSS) INCOME BEFORE INCOME TAXES | (116,798) | 51,138 |
Income tax benefit (provision) | 23,946 | (14,104) |
NET (LOSS) INCOME | $ (92,852) | $ 37,034 |
(LOSS) EARNINGS PER SHARE - BASIC | $ (4.73) | $ 0.02 |
(LOSS) EARNINGS PER SHARE - DILUTED | $ (4.73) | $ 0.02 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (92,852) | $ 37,034 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation gain | 27,702 | 86 |
Change in unrecognized gains on derivative instruments: | ||
Change in fair value of derivatives | 50,456 | 29,773 |
Tax provision | (10,441) | (878) |
Change in unrecognized gains on derivative instruments, net of tax | 40,015 | 28,895 |
Defined benefit pension plan: | ||
Actuarial (loss) gain on pension obligation, net of amortization | (739) | 7,724 |
Pension changes, net of tax | (739) | 7,724 |
Other comprehensive income, net of tax | 66,978 | 36,705 |
Comprehensive (loss) income | $ (25,874) | $ 73,739 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 201,606 | $ 213,022 |
Accounts receivable, net | 56,393 | 72,725 |
Inventories, net | 144,609 | 178,688 |
Income taxes receivable | 1,559 | 2,261 |
Derivative financial instruments | 38,298 | 16,423 |
Other current assets | 17,464 | 25,795 |
Total current assets | 459,929 | 508,914 |
Property, plant and equipment, net | 398,599 | 473,960 |
Deferred income tax assets, net | 52,213 | 35,187 |
Intangibles, net | 33,242 | 51,497 |
Derivative financial instruments | 40,471 | 18,537 |
Other non-current assets | 46,117 | 45,644 |
Total assets | 1,030,571 | 1,133,739 |
Current liabilities: | ||
Accounts payable | 124,907 | 158,049 |
Short-term debt | 5,322 | 5,873 |
Accrued expenses | 66,838 | 74,108 |
Income taxes payable | 1,844 | 13,300 |
Total current liabilities | 198,911 | 251,330 |
Long-term debt (less current portion) | 610,632 | 616,145 |
Non-current income tax liabilities | 8,129 | 8,524 |
Deferred income tax liabilities, net | 1,903 | 3,468 |
Other non-current liabilities | 47,821 | 55,733 |
Commitments and contingent liabilities (Note 19) | ||
Mezzanine equity: | ||
Preferred stock, $0.01 par value Authorized - 1,000,000 shares Issued and outstanding 150,000 shares outstanding at December 31, 2023 and December 31, 2022 | 248,222 | 222,753 |
European non-controlling redeemable equity | 893 | 1,083 |
Shareholders’ deficit: | ||
Common stock, $0.01 par value Authorized - 100,000,000 shares Issued and outstanding 28,091,440 and 27,016,125 shares at December 31, 2023 and December 31, 2022 | 115,340 | 111,105 |
Accumulated other comprehensive loss | (22,291) | (89,269) |
Retained earnings | (178,989) | (47,133) |
Total shareholders’ deficit | (85,940) | (25,297) |
Total liabilities, mezzanine equity and shareholders’ deficit | $ 1,030,571 | $ 1,133,739 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 |
Consolidated Statements of Shar
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 (loss) income | 37,034 | 37,034 | ||||
Change in unrecognized gains (losses) onderivative instruments, net of tax | 28,895 | 28,895 | ||||
Change in defined benefit plans, net of taxes | 7,724 | 7,724 | ||||
Net foreign currency translation adjustment | 86 | 86 | ||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 853,048 | |||||
Stock-based compensation | 7,891 | $ 7,891 | ||||
Redeemable preferred 9% dividend and accretion | (36,453) | (36,453) | ||||
European non-controlling redeemable equity dividend | (53) | (53) | ||||
End of period at Dec. 31, 2022 | $ (25,297) | $ 111,105 | (19,844) | 1,591 | (110,704) | (47,133) |
End of the period (in shares) at Dec. 31, 2022 | 27,016,125 | 27,016,125 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | $ (92,852) | (92,852) | ||||
Change in unrecognized gains (losses) onderivative instruments, net of tax | 40,015 | 40,015 | ||||
Change in defined benefit plans, net of taxes | (739) | (739) | ||||
Net foreign currency translation adjustment | 27,702 | 27,702 | ||||
Common stock issued, net of shares withheld for employee taxes (in shares) | 1,075,315 | |||||
Stock-based compensation | 4,235 | $ 4,235 | ||||
Redeemable preferred 9% dividend and accretion | (38,969) | (38,969) | ||||
European non-controlling redeemable equity dividend | (35) | (35) | ||||
End of period at Dec. 31, 2023 | $ (85,940) | $ 115,340 | $ 59,859 | $ 852 | $ (83,002) | $ (178,989) |
End of the period (in shares) at Dec. 31, 2023 | 28,091,440 | 28,091,440 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Preferred stock, dividend rate, percentage | 9% | 9% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (92,852) | $ 37,034 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 92,991 | 91,172 |
Income tax, non-cash changes | (27,307) | (9,264) |
Stock-based compensation | 7,542 | 9,679 |
Amortization of debt issuance costs | 4,774 | 8,654 |
Loss on deconsolidation of subsidiary | 79,629 | |
Other non-cash items | 9,552 | (470) |
Accounts receivable | 18,857 | 10,180 |
Inventories | 13,066 | (11,282) |
Other assets and liabilities | (2,829) | (3,273) |
Accounts payable | (27,619) | 5,051 |
Income taxes | (11,373) | 15,089 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 64,431 | 152,570 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant, and equipment | (41,160) | (57,157) |
Deconsolidation of subsidiary cash | (4,447) | |
Other investing activities | 150 | |
NET CASH USED IN INVESTING ACTIVITIES | (45,607) | (57,007) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of long-term debt | 388,000 | |
Repayments of debt | (16,424) | (354,408) |
Cash dividends paid | (13,561) | (13,648) |
Financing costs paid and other | (192) | (12,589) |
Payments related to tax withholdings for stock-based compensation | (3,307) | (1,788) |
Finance lease payments | (746) | (1,062) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (34,230) | 4,505 |
Effect of exchange rate changes on cash | 3,990 | (519) |
Net changes in cash and cash equivalents | (11,416) | 99,549 |
Cash and cash equivalents at the beginning of the period | 213,022 | 113,473 |
Cash and cash equivalents at the end of the period | $ 201,606 | $ 213,022 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNI FICANT ACCOUNTING POLICIES Nature of Operations Superior Industries International, Inc.’s (referred to 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 approximately 6,600 full-time employees, operating in seven manufacturing 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 94 percent of our sales in 2023 and were 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, Mitsubishi, Nissan, Peugeot, Renault, Stellantis, Subaru, Suzuki, Toyota, VW Group (Volkswagen, Audi, Skoda, Porsche) 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 Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions are eliminated in consolidation. Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Certain prior year amounts have been reclassified to conform with the current year presentation. Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits and money market funds with original maturities of three months or less. Derivative Financial Instruments and Hedging Activities Our derivatives are over-the-counter customized derivative instruments and are not exchange traded. 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 that are designated as cash flow hedges, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income 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 transaction. 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 (refer to Note 4, “Derivative Financial Instruments” for additional information pertaining to our derivative instruments). We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and electricity. These contracts are considered to be derivative instruments under U.S. GAAP; however, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exemption. Accounts Receivable Accounts receivable primarily consists of amounts that are due and payable from our customers for the sale of aluminum wheels. 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. Accounts receivable are reflected net of a reserve for uncollectible amounts (including the estimated allowance for credit losses) of $ 0.7 million as of December 31, 2023 and December 31, 2022. Changes in expected credit losses were not significant during the years ended December 31, 2023 and 2022. Inventory Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or net realizable value. The cost of inventories is measured using the FIFO (first-in, first-out) method or the average cost method. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Aluminum is the primary material component in our inventories. The Company had four aluminum suppliers in 2023 and three aluminum suppliers in 2022 which individually exceeded 10 percent of total aluminum purchases and, in the aggregate, represented 73.2 percent and 61.4 percent of our total aluminum purchases, respectively. Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Buildings 15 to 50 years Machinery and equipment 3 to 20 years Leasehold Improvements Lease term When property, plant and equipment is replaced, retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss on the disposition of an operating asset is included in income or loss from operations and is classified as a part of selling, general and administrative expenses. Any gain or loss on the disposition of a nonoperating asset, as well as any casualty gain or loss, is included in other income or expense. Impairment of Long-Lived Assets The carrying amount of long-lived assets to be held and used in the business is evaluated for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable. An impairment loss occurs when the carrying value of an asset group (including the carrying value of liabilities associated with the long-lived assets within the asset group) exceeds the undiscounted cash flows expected to be realized from the use and eventual disposition of the respective long-lived assets. An asset group is the unit of accounting for a long-lived asset or group of long-lived assets which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other asset groups. Fair value is determined primarily by discounting the estimated expected cash flows. If the carrying amount of an asset group is impaired, a loss is recognized based on the amount by which the carrying value exceeds fair value. The Company’s asset groups consist of the North American and European reportable segments. Intangible Assets Intangible assets are finite-lived assets consisting of customer relationships. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives (since the pattern in which the asset will be consumed cannot be reliably determined). Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use local currency as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other comprehensive income or loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented. Gains and losses arising from foreign currency transactions and the effects of remeasurement discussed in the preceding paragraph are recorded in other income or expense. We recognized a foreign currency transaction and remeasurement loss of $ 0.1 million in 2023 and a gain of $ 1.35 million in 2022. Revenue Recognition Revenue is recognized when performance obligations under our contracts are satisfied. Generally, this occurs upon shipment when control of products transfers to our customers. At this point, revenue is recognized in an amount reflecting the consideration we expect to be entitled to under the terms of our contract. The Company maintains long-term business relationships with our OEM customers and aftermarket distributors; however, there are no definitive long-term volume commitments under these arrangements. Volume commitments are limited to near-term customer requirements authorized under purchase orders or production releases generally with delivery periods of approximately one month. Sales do not involve any significant financing component since customer payment is generally due 40-60 days after shipment. Contract assets and liabilities consist of customer receivables and deferred revenues related to tooling. At contract inception, the Company assesses goods and services promised in its contracts with customers and identifies a performance obligation for each promise to deliver a good or service (or bundle of goods or services) that is distinct. Principal performance obligations under our customer contracts consist of the manufacture and delivery of aluminum wheels, including production wheels, service wheels and replacement wheels. As a part of the manufacture of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized to cost of sales over the average life of the vehicle wheel program. Similarly, customer reimbursement for tooling costs is deferred and amortized to net sales over the average life of the vehicle wheel program. In the normal course of business, the Company’s warranties are limited to product specifications and the Company does not accept product returns unless the item is defective as manufactured. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Company establishes provisions for both estimated returns and warranty when revenue is recognized. In addition, the Company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement wheels are based on prices established in our customer purchase orders which represent the standalone selling price. Prices for service and replacement wheels are commensurate with production wheels with adjustment for any special packaging. In addition, prices are subject to adjustment for changes in commodity prices for aluminum, alloy premium and silicon, as well as production efficiencies and wheel weight variations from specifications used in pricing. These price adjustments are treated as variable consideration. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity prices, initial estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored, and prices are adjusted as variations arise. In North America OEM price adjustments due to manufacturing efficiencies are generally recognized as and when negotiated with customers. Contracts with European OEMs generally include annual price reductions based on expected manufacturing efficiencies over the life of the vehicle wheel program which are accrued as revenue is recognized. Customer contract prices are generally adjusted quarterly to incorporate price adjustments. Under the Company’s policies, shipping costs are treated as a cost of fulfillment. In addition, the Company does not disclose remaining performance obligations under its contracts since contract terms are substantially less than a year (generally less than one month). Our revenue recognition practices and related transactions and balances are further described in Note 2, “Revenue.” Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method. We recognize these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years (refer to Note 18, “Stock-Based Compensation” for additional information concerning our stock-based compensation awards). Income Taxes We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes of a change in tax rates is recognized in income in the period that the tax rate change is enacted. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income in the future. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The assessment regarding whether a valuation allowance is required or should be adjusted is based on an evaluation of possible sources of taxable income and considers all available positive and negative evidence. Our accounting for the valuation of deferred tax assets represents our best estimate of future events. We believe that the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of taxable income, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. We account for uncertain tax positions utilizing a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. In 2023 and 2022, we have provided deferred income taxes for the estimated U.S. federal and state income tax, foreign income tax and applicable withholding taxes on unremitted earnings of subsidiaries. Cash Paid for Interest and Taxes and Noncash Investing Activities Cash paid for interest was $ 62.2 million and $ 38.2 million, respectively, for the years ended December 31, 2023 and 2022. Cash paid for income taxes was $ 14.5 million and $ 8.0 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, we had purchased but not yet paid for equipment of $ 4.4 million and $ 9.3 million, respectively, which are included in accounts payable and accrued expenses in our 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. 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 been included in Management’s Discussion and Analysis of Financial Condition and Results of Operations of previously filed Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q regarding supply chain financing have now been included as Note 11, “Supplier Finance Program” to the consolidated financial statements along with disclosure of payment terms under the program and a roll forward of the amounts owed to the financial institution. Accounting Standards Issued But Not Yet Adopted Accounting Standards Update (ASU) 2023-07, “Segment Reporting.” In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740).” In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting this guidance. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023 and 2022 are summarized in Note 5, “Business Segments”. The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows: December 31, December 31, Change (Dollars in thousands) Customer receivables $ 41,879 $ 63,565 $ ( 21,686 ) Contract liabilities—current 2,982 6,251 ( 3,269 ) Contract liabilities—noncurrent 8,530 8,355 175 The changes in the contract liability balances primarily result from timing differences between our performance and customer payment while the decrease in customer receivables is primarily due to the year-over-year decrease in aluminum prices and shipping volumes. During the years ended December 31, 2023 and 2022, the Company recognized tooling reimbursement revenue of $ 8.6 million and $ 10.5 million, respectively, which had been deferred in prior periods and was previously included in contract liability (deferred revenue), as well as revenue on tooling invoiced, deferred and recognized in the current year. During the years ended December 31, 2023 and 2022, the Company recognized revenue o f $ 4.7 million and $ 1.5 million, respectively, from obligations satisfied in prior periods as a result of adjustments to pricing estimates for production efficiencies and other revenue adjustments. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 counterparty risk. The following tables categorize items measured at fair value at December 31, 2023 and 2022: Fair Value Measurement at Reporting Date Using December 31, 2023 Quoted Prices in Significant Significant (Dollars in thousands) Assets Derivative contracts $ 78,769 $ — $ 78,769 $ — Total $ 78,769 $ — $ 78,769 $ — Liabilities . Derivative contracts $ 4,836 $ — $ 4,836 $ — Total $ 4,836 $ — $ 4,836 $ — 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 securities (Level 2). The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below: Year Ended December 31, 2023 2022 (Dollars in thousands) Estimated aggregate fair value $ 627,008 $ 615,394 Aggregate carrying value (1) 637,509 647,443 (1) Total debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 transaction. 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 December 31, 2023 and December 31, 2022: December 31, 2023 Derivative Financial Instruments (Current Asset) Derivative Financial Instruments (Noncurrent Asset) Accrued Other (Dollars in thousands) Foreign exchange forward contracts designated as $ 33,075 $ 39,902 $ 440 $ 596 Foreign exchange forward contracts not 1,512 — 677 — Aluminum forward contracts designated as 366 — 36 — Natural gas forward contracts designated as 183 115 2,358 729 Interest rate swap contracts designated as hedging 3,162 454 — — Total derivative financial instruments $ 38,298 $ 40,471 $ 3,511 $ 1,325 December 31, 2022 Derivative Financial Instruments (Current Asset) Derivative Financial Instruments (Noncurrent Asset) 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: December 31, 2023 December 31, 2022 Notional Fair Notional Fair (Dollars in thousands) Foreign exchange forward contracts designated as $ 432,529 $ 71,941 $ 462,783 $ 19,015 Foreign exchange forward contracts not designated 34,764 835 39,726 411 Aluminum forward contracts designated as 15,751 330 9,495 ( 1,213 ) Natural gas forward contracts designated as hedging 11,262 ( 2,789 ) 13,500 ( 1,137 ) Interest rate swap contracts designated as hedging 200,000 3,616 250,000 6,104 Total derivative financial instruments $ 694,306 $ 73,933 $ 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 accumulated other comprehensive income or loss (“AOCI”), the amounts reclassified from AOCI into earnings, and the amounts recognized directly into earnings for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 40,015 $ 27,849 $ 5,158 Year Ended December 31, 2022 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 28,895 $ 14,962 $ 2,074 In 2023, hedge accounting gains of $ 27.8 million were reclassified from AOCI into earnings, including $ 23.0 million recognized as a credit to cost of sales and $ 4.8 million recognized as a credit to interest expense, net. In 2022, net hedge accounting gains of $ 15.0 million were reclassified from AOCI into earnings, including $ 16.8 million recognized as a credit to cost of sales and $ ( 1.8 ) million recognized as a charge to interest expense, net. Gains or losses on nondesignated hedges ar e recognized as a credit or charge to other expense, net. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 5 - BUSINESS SEGMENTS Our North American and European operations represent separate operating segments in view of the different markets, customers and products between these regions. Within each of these regions, markets, customers, products, and production processes are similar. Moreover, our business within each region leverages common systems, processes, and infrastructure. Accordingly, North America and Europe comprise the Company’s reportable segments. (Dollars in thousands) Net Sales Income (Loss) from Operations Year Ended December 31, 2023 2022 2023 2022 North America $ 794,386 $ 943,713 $ 51,791 $ 71,772 Europe 590,897 696,189 ( 103,239 ) 26,268 $ 1,385,283 $ 1,639,902 $ ( 51,448 ) $ 98,040 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Year Ended December 31, 2023 2022 2023 2022 North America $ 38,714 $ 36,301 $ 23,653 $ 39,265 Europe 54,277 54,871 17,507 17,892 $ 92,991 $ 91,172 $ 41,160 $ 57,157 (Dollars in thousands) Property, Plant and Equipment, net Intangible Assets Year Ended December 31, 2023 2022 2023 2022 North America $ 220,951 $ 220,321 $ — $ — Europe 177,648 253,639 33,242 51,497 $ 398,599 $ 473,960 $ 33,242 $ 51,497 (Dollars in thousands) Total Assets Year Ended December 31, 2023 2022 North America $ 625,612 $ 582,339 Europe 404,959 551,400 $ 1,030,571 $ 1,133,739 Geographic information See table below for our net sales and property, plant and equipment by location: (Dollars in thousands) Net Sales Property, Plant and Equipment, net Year Ended December 31, 2023 2022 2023 2022 Net sales: U.S. $ 4,208 $ 5,574 $ 1,228 $ 1,476 Mexico 790,178 938,139 219,723 218,845 Germany 148,714 203,979 1,933 76,158 Poland 442,183 492,210 175,715 177,481 Consolidated net sales $ 1,385,283 $ 1,639,902 $ 398,599 $ 473,960 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 6 - ACCOUNTS RECEIVABLE Year Ended December 31, 2023 2022 (Dollars in thousands) Trade receivables $ 41,953 $ 64,225 Other receivables 15,158 9,161 57,111 73,386 Allowance for doubtful accounts ( 718 ) ( 661 ) Accounts receivable, net $ 56,393 $ 72,725 The accounts receivable from GM, Ford, VW Group and Toyota represented approximately 9 percent, 12 percent, 17 percent and 17 percent of the total accounts receivable, respectively, at December 31, 2023 and 7 percent, 7 percent, 11 percent and 16 percent of the total accounts receivable, respectively, at December 31, 2022. The related percentage of our total sales to each of these four customers is shown below: 2023 2022 GM 21 % 26 % Ford 15 % 16 % VW Group 15 % 14 % Toyota 11 % 9 % |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 7 - INVENTORIES 2023 2022 (Dollars in thousands) Raw materials $ 44,539 $ 62,639 Work in process 25,289 37,993 Finished goods 74,781 78,056 Inventories, net $ 144,609 $ 178,688 Service wheel and supplies inventory included in other noncurrent assets in the consolidated balance sheets totaled $ 11.7 million and $ 11.3 million at December 31, 2023 and 2022, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 8 - PROPERTY, PLANT AND EQUIPMENT December 31, December 31, (Dollars in thousands) Land and buildings $ 145,912 $ 144,870 Machinery and equipment 934,223 887,222 Leasehold improvements and others 2,943 4,993 Construction in progress 30,252 80,263 1,113,330 1,117,348 Accumulated depreciation ( 714,731 ) ( 643,388 ) Property, plant and equipment, net $ 398,599 $ 473,960 Depreciation expense was $ 73.5 million and $ 70.2 million for the years ended December 31, 2023 and 2022, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 9 - INTANGIBLE ASSETS The Company’s finite-lived intangible assets as of December 31, 2023 and December 31, 2022 are summarized in the following table. Year Ended of December 31, 2023 Gross Accumulated Currency Net Carrying Amount Remaining (Dollars in thousands) Customer relationships $ 167,000 $ ( 134,097 ) $ 339 $ 33,242 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 $ 19.5 million and $ 20.7 million for the years ended December 31, 2023 and 2022, respectively. The anticipated annual amortization expense for these intangible assets is $ 19.8 million for 2024, $ 9.8 million for 2025, $ 2.5 million for 2026 and $ 1.1 million for 2027. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 10 - DEBT A summary of long-term debt and the related weighted average interest rates is shown below: December 31, 2023 Debt Instrument Total Debt Discount and (1) Total Weighted Average (Dollars in thousands) Term Loan Facility $ 396,000 $ ( 20,080 ) $ 375,920 13.4 % 6.00 % Senior Notes 239,601 ( 1,475 ) 238,126 6.0 % European CapEx loans 784 — 784 2.2 % Finance leases 1,124 — 1,124 2.4 % $ 637,509 $ ( 21,555 ) 615,954 Less: Current portion ( 5,322 ) Long-term debt $ 610,632 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 due June 15, 2025 (the “Notes”). 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 December 31, 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 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 Lo an 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 m illion 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 subject to a prepayment premium of 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 N et Leverage Ratio (as defined in the Term Loan Credit Agreement) and ranges between 7.50 percent and 8.00 percent for SOFR loans ( 8.00 percent for the current fiscal quarter), and between 6.50 percent and 7.00 percent for Term Base Rate loans ( 7.00 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 ( 3.50 percent for the current fiscal quarter), and EURIBOR loans 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 fis cal 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: non-payment 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 December 31, 2023, the Company was in compliance with all covenants under the Credit Agreements. Available Unused Commitments under the Revolving Credit Facility As of December 31, 2023, the Company had no outstanding borrowings under the Revolving Credit Facility, had outstanding letters of credit of $ 4.9 million and had available unused commitments under the Revolving Credit Facility of $ 55.1 million. At December 31, 2023, unrestricted cash and cash equivalents substantially exceeded the Liquidity requirement and, accordingly, the full commitment was available, less outstanding letters of credit. European Debt In connection with the acquisition of UNIWHEELS AG in 2017, the Company assumed $ 70.7 million of outstanding debt. As of December 31, 2023, $ 0.8 million of the assumed debt remained outstanding. The debt matures March 31, 2024 , and is collateralized by the financed equipment and 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 December 31, 2023, the Company was in compliance with all covenants under the loan agreement. Debt maturities due in the next five years and thereafter are as follows: Debt Maturities Amount (Dollars in thousands) 2024 $ 5,322 2025 244,117 2026 4,073 2027 4,016 2028 379,981 Total debt liabilities $ 637,509 |
Supplier Finance Program
Supplier Finance Program | 12 Months Ended |
Dec. 31, 2023 | |
Supplier Finance Program [Abstract] | |
Supplier Finance Program | NOTE 11 - 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 products 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 consolidated statements of cash flows. The following table summarizes activity in the amounts owed to the financial institution for the years ended December 31, 2023 and December 31, 2022: Year Ended December 31 2023 2022 (Dollars in thousands) Outstanding at the beginning of the period 14,371 17,638 Added during the period 117,595 138,284 Settled during the period ( 113,966 ) ( 141,551 ) Outstanding at the end of the period 18,000 14,371 |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Redeemable Preferred Stock | NOTE 12 - 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. Any redemption payment would be limited to cash legally available to pay such redemption. 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 December 31, 2023 and 2022 was $ 112.7 million and $ 87.3 million, respectively, resulting in adjusted redeemable preferred stock balances of $ 248.2 million and $ 222.8 million, respectively. |
European Non-Controlling Redeem
European Non-Controlling Redeemable Equity | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
European Non-Controlling Redeemable Equity | NOTE 22 – LOSS ON DECONSOLIDATION OF SUBSIDIARY On August 31, 2023 (the “Filing Date”), the Company’s wholly owned subsidiary Superior Industries Production Germany GmbH (“SPG”) filed voluntary petitions for preliminary insolvency proceedings (i.e., equivalent to Chapter 11 under the U.S. Bankruptcy Code) in the Neustadt an der Weinstrasse, Germany Insolvency Court (the “Insolvency Court”) seeking relief under the German Insolvency Code (the “Insolvency Code”). SPG filed motions with the Insolvency Court seeking authorization to continue to operate its business as a “debtor-in-possession” under the jurisdiction of the Insolvency Court and in accordance with the applicable provisions of the Insolvency Code and orders of the Insolvency Court. Effective as of the Filing Date, the Company no longer controls SPG and, therefore, no longer includes SPG in its consolidated financial statements. Prior to the Filing Date, SPG has been included in the Company’s consolidated financial statements. Upon deconsolidation of SPG, the Company recognized a charge to operations of $ 79.6 million in the third quarter of 2023, representing the excess of the carrying value over the fair value of its interest in, and receivable from, SPG as of the Filing Date which included a property, plant and equipment impairment charge of $ 50.0 million. As a result, the Company has reduced the value of its $ 7.2 million investment in SPG to zero , as the fair value of SPG’s liabilities, including amounts owed to the Company, substantially exceeded the fair value of its assets. The Company likewise reduced the carrying value of its $ 76.2 million receivable due from SPG to $ 3.8 m illion, the amount estimated to be recoverable on its subordinated claim as a creditor of SPG as of September 30, 2023. This receivable is included in other noncurrent assets in the Company’s consolidated balance sheet. On November 21, 2023, upon the request of the managing directors of SPG, the Insolvency Court ordered the withdrawal from the preliminary self-administrative insolvency proceedings and the continuation in preliminary ordinary proceedings (equivalent to Chapter 7 under the U.S. Bankruptcy Code). On December 1, 2023, the Insolvency Court passed a resolution to terminate the preliminary phase and to open ordinary insolvency proceedings with respect to SPG. These actions had no impact on the Company’s consolidated financial statements due to the aforementioned deconsolidation effective August 31, 2023. During the fourth quarter the receivable due from SPG increased to $ 15.3 million primarily due to the purchase of certain of our aluminum suppliers' pre-petition claims against SPG in order to maintain an uninterrupted supply of aluminum, as well as receivables which arose as a result of certain post-petition transactions with SPG. As of December 31, 2023, the Company provided a valuation allowance of $ 14.8 million based on our assessment of the recoverability of our pre-petition, post-petition and subordinated claims receivable from SPG, resulting in a net receivable of $ 0.5 million. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 13 - EA RNINGS 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 12, “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 years ended December 31, 2023 and 2022. Year Ended December 31, 2023 2022 (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Net (loss) income $ ( 92,852 ) $ 37,034 Less: Redeemable preferred stock dividends and accretion ( 38,969 ) ( 36,453 ) Less: European non-controlling redeemable equity dividend ( 35 ) ( 53 ) Basic numerator $ ( 131,856 ) $ 528 Basic (loss) earnings per share $ ( 4.73 ) $ 0.02 Weighted average shares outstanding – Basic 27,882 26,839 Diluted Earnings Per Share: Net (loss) income $ ( 92,852 ) $ 37,034 Less: Redeemable preferred stock dividends and accretion ( 38,969 ) ( 36,453 ) Less: European non-controlling redeemable equity dividend ( 35 ) ( 53 ) Diluted numerator $ ( 131,856 ) $ 528 Diluted (loss) earnings per share $ ( 4.73 ) $ 0.02 Weighted average shares outstanding – Basic 27,882 26,839 Dilutive effect of common share equivalents — 751 Weighted average shares outstanding – Diluted 27,882 27,590 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14 - INCOME TAXES Income/(loss) before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2023 2022 (Dollars in thousands) Income (loss) before income taxes: Domestic $ ( 65,847 ) $ ( 22,538 ) Foreign ( 50,951 ) 73,676 $ ( 116,798 ) $ 51,138 The benefit/(provision) for income taxes is comprised of the following: Year Ended December 31, 2023 2022 (Dollars in thousands) Current taxes Federal $ ( 548 ) $ ( 1,946 ) State ( 112 ) ( 77 ) Foreign ( 1,915 ) ( 21,345 ) Total current taxes ( 2,575 ) ( 23,368 ) Deferred taxes Federal 20,057 275 State 7,028 — Foreign ( 564 ) 8,989 Total deferred taxes 26,521 9,264 Income tax provision $ 23,946 $ ( 14,104 ) The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2023 2022 Statutory rate 21.0 % 21.0 % State tax provisions, net of federal income tax benefit 1.1 1.7 Tax credits 6.3 ( 26.4 ) Foreign income taxes at rates other than the statutory rate 16.4 ( 19.9 ) Valuation allowance 5.9 15.6 Changes in tax liabilities, net ( 0.2 ) 4.9 Share based compensation ( 1.4 ) 3.4 Unremitted non-U.S. Earnings 2.4 2.0 US tax on non-US income ( 6.7 ) 19.9 Loss on deconsolidation of subsidiary ( 20.1 ) — Non-deductible charges ( 1.6 ) 4.1 Other ( 2.6 ) 1.2 Effective income tax rate 20.5 % 27.5 % The 2023 effective tax rate is based on income tax benefit and pre-tax loss. The 2022 effective tax rate is based on income tax provision and pre-tax income. Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 7,115 $ 7,220 Hedging and foreign currency gains (losses) ( 1,030 ) 1,353 Deferred compensation 7,270 6,638 Inventory reserves 1,864 3,895 Net loss carryforwards and credits 46,301 48,774 Interest carryforwards 35,633 23,098 Intangibles, property, plant and equipment and other 10,272 7,865 Competent authority deferred tax assets and 5,041 4,915 Other 730 946 Total before valuation allowance 113,196 104,704 Valuation allowance ( 60,387 ) ( 67,626 ) Net deferred income tax assets 52,809 37,078 Deferred income tax liabilities: Intangibles, property, plant and equipment and other — Unremitted earnings ( 2,499 ) ( 5,359 ) Deferred income tax liabilities ( 2,499 ) ( 5,359 ) Net deferred income tax assets $ 50,310 $ 31,719 The classification of our net deferred tax asset is shown below: Year Ended December 31, 2023 2022 (Dollars in thousands) Long-term deferred income tax assets $ 52,213 $ 35,187 Long-term deferred income tax liabilities ( 1,903 ) ( 3,468 ) Net deferred tax asset $ 50,310 $ 31,719 As of December 31, 2023, we have cumulative tax effected Germany NOL carryforwards of $ 26.8 million that carryforward indefinitely and U.S. state NOL carryforwards of $ 8.0 million that expire in the years 2024 to 2043 . Also, we have $ 11.7 million of U.S. tax credit carryforwards, $ 2.9 million that expire in the years 2036 to 2043 and $ 8.5 million expiring in the years 2028 to 2029 . As of December 31, 2022, substantially all U.S. and German deferred tax assets net of deferred tax liabilities, were subject to valuation allowances. We had previously concluded that if our financial results continued to 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. As of December 31, 2023, sufficient positive evidence became available and $ 24.8 million of the valuation allowances against our U.S. net deferred tax assets were released. As of December 31, 2023, certain U.S. and substantially all German deferred tax assets net of deferred tax liabilities, remained subject to valuation allowances. The transition tax substantially eliminated the basis difference on foreign subsidiaries that existed previously for purposes of Accounting Standards Codification topic 740 (“ASC 740”). However, there are limited other taxes that could continue to apply such as foreign withholding and certain state taxes. Provisions are made for income tax liabilities on the undistributed earnings of non-U.S. subsidiaries. In addition, the Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15 % intended to be effective January 1, 2024. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide operations. However, there remains uncertainty as to the final Pillar Two model rules. We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts. A reconciliation of the beginning and ending amounts of uncertain tax positions is as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Beginning balance $ 26,100 $ 16,362 Increases (decreases) due to foreign currency translations 640 ( 712 ) Increases (decreases) as a result of positions taken during: Prior periods 3,274 10,580 Current period 776 50 Settlements with taxing authorities ( 21 ) Expiration of applicable statutes of limitation ( 220 ) ( 180 ) Ending balance $ 30,549 $ 26,100 Our policy regarding interest and penalties related to uncertain tax positions is to record interest and penalties as an element of income tax expense. At the end of 2023 and 2022, the Company had liabilities of $ 5.7 million and $ 6.2 million of potential interest and penalties associated with uncertain tax positions. Included in the unrecognized tax benefits is $ 13.4 million that, if recognized, would favorably affect our annual effective tax rate. Within the next 12-month period we expect a decrease in unrecognized tax benefits as uncertain tax positions continue to expire. Income tax returns are filed in multiple jurisdictions and are subject to examination by tax authorities in various jurisdictions where the Company operates. The Company has open tax years from 2015 to 2022 , including ongoing tax audits in the U.S. for 2015 to 2018 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 15 - LEASES The Company determines whether an arrangement is or contains a lease at the inception of the arrangement. Operating leases are accounted for in other noncurrent assets, accrued expenses and other noncurrent liabilities in our 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 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 non-lease 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 o ver one year to five years . Ce rtain 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, cash flow, operating and finance lease assets and liabilities, average lease term and average discount rate are as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Lease Expense Finance lease expense: Amortization of right-of-use assets $ 657 $ 1,040 Interest on lease liabilities 32 59 Operating lease expense 2,877 2,601 Total lease expense $ 3,566 $ 3,700 Cash Flow Components Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from finance leases $ 32 $ 59 Operating cash outflows from operating leases 2,937 2,738 Financing cash outflows from finance leases 746 1,062 Right-of-use assets obtained in exchange for finance lease liabilities, 680 1,249 Right-of-use assets obtained in exchange for operating lease liabilities, 3,955 333 Year Ended December 31, 2023 2022 (Dollars in thousands, except lease term and discount rate) Balance Sheet Information Operating leases: Other noncurrent assets $ 10,003 $ 8,325 Accrued liabilities $ ( 2,987 ) $ ( 2,137 ) Other noncurrent liabilities ( 7,000 ) ( 6,516 ) Total operating lease liabilities $ ( 9,987 ) $ ( 8,653 ) Finance leases: Property, plant and equipment gross $ 2,301 $ 7,899 Accumulated depreciation ( 882 ) ( 5,684 ) Property, plant and equipment, net $ 1,419 $ 2,215 Current portion of long-term debt $ ( 538 ) $ ( 1,053 ) Long-term debt (less current portion) ( 586 ) ( 1,673 ) Total finance lease liabilities $ ( 1,124 ) $ ( 2,726 ) Lease Term and Discount Rates Weighted-average remaining lease term - finance leases (years) 2.0 3.2 Weighted-average remaining lease term - operating leases (years) 3.3 4.2 Weighted-average discount rate - finance leases 2.4 % 2.7 % Weighted-average discount rate - operating leases 5.0 % 3.6 % Summarized future minimum payments under our leases are as follows: Year Ended December 31, Amount (Dollars in thousands) Lease Maturities Finance Leases Operating Leases 2024 $ 538 $ 3,449 2025 515 3,084 2026 73 2,938 2027 16 1,319 2028 9 - Total 1,151 10,790 Less: Imputed interest ( 27 ) ( 803 ) Total lease liabilities, net of interest $ 1,124 $ 9,987 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | NOTE 16 - 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. The following table summarizes the changes in plan assets and plan benefit obligations. Year Ended December 31, 2023 2022 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 23,155 $ 31,120 Interest cost 1,217 872 Actuarial loss (gain) 739 ( 7,392 ) Benefit payments ( 1,450 ) ( 1,445 ) Ending benefit obligation $ 23,661 $ 23,155 The actuarial loss in 2023 was due to a decrease in the year-over-year discount rate and the actuarial gain in 2022 was due to an increase in the year-over-year discount rate Year Ended December 31, 2023 2022 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,450 1,445 Benefit payments ( 1,450 ) ( 1,445 ) Fair value of plan assets at end of year $ — $ — Funded status $ ( 23,661 ) $ ( 23,155 ) Amounts recognized in the consolidated Accrued expenses $ ( 1,431 ) $ ( 1,393 ) Other non-current liabilities ( 22,230 ) ( 21,762 ) Net amount recognized $ ( 23,661 ) $ ( 23,155 ) Amounts recognized in accumulated other Net actuarial loss $ 2,460 $ 1,721 Prior service cost - Net amount recognized, before tax effect $ 2,460 $ 1,721 Weighted average assumptions used to Discount rate 5.1 % 5.4 % Rate of compensation increase 3.0 % 3.0 % Components of net periodic pension cost are described in the following table: Year Ended December 31, 2023 2022 (Dollars in thousands) Components of net periodic pension cost: Interest cost $ 1,217 $ 872 Amortization of actuarial loss — 332 Net periodic pension cost $ 1,217 $ 1,204 Weighted average assumptions used to determine net Discount rate 5.4 % 2.9 % Rate of compensation increase 3.0 % 3.0 % Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2024 $ 1,467 2025 1,683 2026 1,749 2027 1,706 2028 1,748 Years 2029 to 2033 8,994 The following is an estimate of the components of net periodic pension cost in 2024: Estimated Year Ended December 31, 2024 (Dollars in thousands) Interest cost $ 1,158 Amortization of actuarial loss 5 Estimated 2024 net periodic pension cost $ 1,163 Other Retirement Plans We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees in those countries. The employer contribution totaled $ 1.8 million and $ 1.7 million for the years ended December 31, 2023 and 2022, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Accrued Expenses | NOTE 17 - ACCRUED EXPENSES Year Ended December 31, 2023 2022 (Dollars in thousands) Payroll and related benefits $ 31,375 $ 35,076 Taxes, other than income taxes 14,304 15,330 Current portion of derivative liability 3,511 5,798 Short-term operating lease liability 2,987 2,137 Deferred tooling revenue 2,982 6,251 Dividends and interest 1,809 1,532 Current portion of executive retirement liabilities 1,431 1,393 Professional fees 723 1,046 Other 7,716 5,545 Accrued liabilities $ 66,838 $ 74,108 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 18 - 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 and performance restricted stock units to our officers, key employees, nonemployee directors and consultants. In May 2021 and 2023, the stockholders approved amendments to the Plan that, among other things, increased the authorized shares by 2.0 million and 3.5 million, respectively. At December 31, 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. The following tables summarize the RSU, PSU and option activity for the year ended December 31, 2023 and 2022: 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 1,222,839 4.80 — — Settled ( 553,093 ) 3.80 ( 1,016,574 ) 5.13 — — Forfeited or expired ( 29,853 ) 5.80 ( 336,607 ) 10.99 — — Balance at December 31, 2023 1,001,634 $ 4.39 2,192,759 $ 5.24 — $ — Awards estimated to vest in the future 1,001,634 $ 4.39 2,192,759 $ 5.24 — $ — 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 December 31, 2022 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Awards estimated to vest in the future 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Stock-based compensation expense was $ 7.5 million and $ 9.7 million for the years ended December 31, 2023 and 2022, respectively. Unrecognized stock-based compensation expense related to nonvested awards of $ 7.7 million is expected to be recognized over a weighted average period of approximately 1.7 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 19 - 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, electricity, 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 issued an injunction ordering the energy distributor to continue supplying energy and gas to the Company. In 2022, the Company obtained a final and binding judgment confirming that the original contracts with the energy distributor had not been effectively dissolved, and thus remained binding. In September of 2022, the energy distributor’s parent company 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 between December 2021 and May 2022 equal to the excess of market prices over prices set forth in the original energy contracts. In June 2023, the Company obtained a judgment dismissing the claim in its entirety. In August 2023, the energy distributor’s parent company filed an appeal. Based on recent developments at an appellate hearing, the Company has concluded that an adverse judgment is now probable of occurring. Accordingly, the Company has recognized a provision of $ 1.5 million which represents the low end of the estimated range of the potential loss. The remaining potential loss is immaterial. |
Receivables Factoring
Receivables Factoring | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Receivables Factoring | NOTE 20 - RECEIVABLES FACTORING The Company sells certain customer trade receivables on a nonrecourse 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 years ended December 31, 2023 and 2022, the Company sold trade receivables totaling $ 734.8 million and $ 955.1 million, respectively, and incurred factoring fees of $ 4.2 million and $ 3.6 million, respectively. As of December 31, 2023 and December 31, 2022, receivables of $ 92.4 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 as of December 31, 2023 was $ 142.1 million. The collective limit under our factoring arrangements as of December 31, 2022 was $ 150.0 million. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | NOTE 21- 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 during the first half of 2023 of $ 7.8 million of separation costs, $ 2.8 million of which was charged to selling, general and administrative expenses and $ 5.0 million which was charged to cost of sales. As of December 31, 2023, the Company had paid $ 2.8 million in separation costs and had reduced the accrual by $ 1.8 mi llion related to the deconsolidation of a subsidiary (refer to Note 22 “Loss on Deconsolidation of a Subsidiary”), resulting in a remaining acc rual of $ 3.2 mil lion. |
Loss On Deconsolidation Of Subs
Loss On Deconsolidation Of Subsidiary | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Loss on Deconsolidation of Subsidiary | NOTE 22 – LOSS ON DECONSOLIDATION OF SUBSIDIARY On August 31, 2023 (the “Filing Date”), the Company’s wholly owned subsidiary Superior Industries Production Germany GmbH (“SPG”) filed voluntary petitions for preliminary insolvency proceedings (i.e., equivalent to Chapter 11 under the U.S. Bankruptcy Code) in the Neustadt an der Weinstrasse, Germany Insolvency Court (the “Insolvency Court”) seeking relief under the German Insolvency Code (the “Insolvency Code”). SPG filed motions with the Insolvency Court seeking authorization to continue to operate its business as a “debtor-in-possession” under the jurisdiction of the Insolvency Court and in accordance with the applicable provisions of the Insolvency Code and orders of the Insolvency Court. Effective as of the Filing Date, the Company no longer controls SPG and, therefore, no longer includes SPG in its consolidated financial statements. Prior to the Filing Date, SPG has been included in the Company’s consolidated financial statements. Upon deconsolidation of SPG, the Company recognized a charge to operations of $ 79.6 million in the third quarter of 2023, representing the excess of the carrying value over the fair value of its interest in, and receivable from, SPG as of the Filing Date which included a property, plant and equipment impairment charge of $ 50.0 million. As a result, the Company has reduced the value of its $ 7.2 million investment in SPG to zero , as the fair value of SPG’s liabilities, including amounts owed to the Company, substantially exceeded the fair value of its assets. The Company likewise reduced the carrying value of its $ 76.2 million receivable due from SPG to $ 3.8 m illion, the amount estimated to be recoverable on its subordinated claim as a creditor of SPG as of September 30, 2023. This receivable is included in other noncurrent assets in the Company’s consolidated balance sheet. On November 21, 2023, upon the request of the managing directors of SPG, the Insolvency Court ordered the withdrawal from the preliminary self-administrative insolvency proceedings and the continuation in preliminary ordinary proceedings (equivalent to Chapter 7 under the U.S. Bankruptcy Code). On December 1, 2023, the Insolvency Court passed a resolution to terminate the preliminary phase and to open ordinary insolvency proceedings with respect to SPG. These actions had no impact on the Company’s consolidated financial statements due to the aforementioned deconsolidation effective August 31, 2023. During the fourth quarter the receivable due from SPG increased to $ 15.3 million primarily due to the purchase of certain of our aluminum suppliers' pre-petition claims against SPG in order to maintain an uninterrupted supply of aluminum, as well as receivables which arose as a result of certain post-petition transactions with SPG. As of December 31, 2023, the Company provided a valuation allowance of $ 14.8 million based on our assessment of the recoverability of our pre-petition, post-petition and subordinated claims receivable from SPG, resulting in a net receivable of $ 0.5 million. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VALUATION AND QUAL IFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2023 and 2022 (Dollars in thousands) Additions Balance at Charge to Other Deductions Balance at 2023 Allowance for doubtful accounts receivable $ 661 $ 70 $ — $ ( 13 ) $ 718 Allowance on long term receivable $ - $ 14,779 $ — $ — $ 14,779 Valuation allowances for deferred tax assets $ 67,626 $ ( 6,880 ) $ ( 359 ) $ — $ 60,387 2022 Allowance for doubtful accounts receivable $ 826 $ ( 122 ) $ — $ ( 43 ) $ 661 Valuation allowances for deferred tax assets $ 69,388 $ 7,779 $ ( 9,541 ) $ — $ 67,626 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Superior Industries International, Inc.’s (referred to 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 approximately 6,600 full-time employees, operating in seven manufacturing 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 94 percent of our sales in 2023 and were 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, Mitsubishi, Nissan, Peugeot, Renault, Stellantis, Subaru, Suzuki, Toyota, VW Group (Volkswagen, Audi, Skoda, Porsche) 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 Consolidated Financial Statements | Presentation of Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions are eliminated in consolidation. Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Certain prior year amounts have been reclassified to conform with the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits and money market funds with original maturities of three months or less. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Our derivatives are over-the-counter customized derivative instruments and are not exchange traded. 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 that are designated as cash flow hedges, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income 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 transaction. 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 (refer to Note 4, “Derivative Financial Instruments” for additional information pertaining to our derivative instruments). We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and electricity. These contracts are considered to be derivative instruments under U.S. GAAP; however, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exemption. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of amounts that are due and payable from our customers for the sale of aluminum wheels. 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. Accounts receivable are reflected net of a reserve for uncollectible amounts (including the estimated allowance for credit losses) of $ 0.7 million as of December 31, 2023 and December 31, 2022. Changes in expected credit losses were not significant during the years ended December 31, 2023 and 2022. |
Inventory | Inventory Inventories, which are categorized as raw materials, work-in-process or finished goods, are stated at the lower of cost or net realizable value. The cost of inventories is measured using the FIFO (first-in, first-out) method or the average cost method. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Aluminum is the primary material component in our inventories. The Company had four aluminum suppliers in 2023 and three aluminum suppliers in 2022 which individually exceeded 10 percent of total aluminum purchases and, in the aggregate, represented 73.2 percent and 61.4 percent of our total aluminum purchases, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Buildings 15 to 50 years Machinery and equipment 3 to 20 years Leasehold Improvements Lease term When property, plant and equipment is replaced, retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss on the disposition of an operating asset is included in income or loss from operations and is classified as a part of selling, general and administrative expenses. Any gain or loss on the disposition of a nonoperating asset, as well as any casualty gain or loss, is included in other income or expense. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The carrying amount of long-lived assets to be held and used in the business is evaluated for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable. An impairment loss occurs when the carrying value of an asset group (including the carrying value of liabilities associated with the long-lived assets within the asset group) exceeds the undiscounted cash flows expected to be realized from the use and eventual disposition of the respective long-lived assets. An asset group is the unit of accounting for a long-lived asset or group of long-lived assets which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other asset groups. Fair value is determined primarily by discounting the estimated expected cash flows. If the carrying amount of an asset group is impaired, a loss is recognized based on the amount by which the carrying value exceeds fair value. The Company’s asset groups consist of the North American and European reportable segments. |
Intangible Assets | Intangible Assets Intangible assets are finite-lived assets consisting of customer relationships. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives (since the pattern in which the asset will be consumed cannot be reliably determined). |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use local currency as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other comprehensive income or loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented. Gains and losses arising from foreign currency transactions and the effects of remeasurement discussed in the preceding paragraph are recorded in other income or expense. We recognized a foreign currency transaction and remeasurement loss of $ 0.1 million in 2023 and a gain of $ 1.35 million in 2022. |
Revenue Recognition | Revenue Recognition Revenue is recognized when performance obligations under our contracts are satisfied. Generally, this occurs upon shipment when control of products transfers to our customers. At this point, revenue is recognized in an amount reflecting the consideration we expect to be entitled to under the terms of our contract. The Company maintains long-term business relationships with our OEM customers and aftermarket distributors; however, there are no definitive long-term volume commitments under these arrangements. Volume commitments are limited to near-term customer requirements authorized under purchase orders or production releases generally with delivery periods of approximately one month. Sales do not involve any significant financing component since customer payment is generally due 40-60 days after shipment. Contract assets and liabilities consist of customer receivables and deferred revenues related to tooling. At contract inception, the Company assesses goods and services promised in its contracts with customers and identifies a performance obligation for each promise to deliver a good or service (or bundle of goods or services) that is distinct. Principal performance obligations under our customer contracts consist of the manufacture and delivery of aluminum wheels, including production wheels, service wheels and replacement wheels. As a part of the manufacture of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized to cost of sales over the average life of the vehicle wheel program. Similarly, customer reimbursement for tooling costs is deferred and amortized to net sales over the average life of the vehicle wheel program. In the normal course of business, the Company’s warranties are limited to product specifications and the Company does not accept product returns unless the item is defective as manufactured. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Company establishes provisions for both estimated returns and warranty when revenue is recognized. In addition, the Company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement wheels are based on prices established in our customer purchase orders which represent the standalone selling price. Prices for service and replacement wheels are commensurate with production wheels with adjustment for any special packaging. In addition, prices are subject to adjustment for changes in commodity prices for aluminum, alloy premium and silicon, as well as production efficiencies and wheel weight variations from specifications used in pricing. These price adjustments are treated as variable consideration. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity prices, initial estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored, and prices are adjusted as variations arise. In North America OEM price adjustments due to manufacturing efficiencies are generally recognized as and when negotiated with customers. Contracts with European OEMs generally include annual price reductions based on expected manufacturing efficiencies over the life of the vehicle wheel program which are accrued as revenue is recognized. Customer contract prices are generally adjusted quarterly to incorporate price adjustments. Under the Company’s policies, shipping costs are treated as a cost of fulfillment. In addition, the Company does not disclose remaining performance obligations under its contracts since contract terms are substantially less than a year (generally less than one month). Our revenue recognition practices and related transactions and balances are further described in Note 2, “Revenue.” |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method. We recognize these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years (refer to Note 18, “Stock-Based Compensation” for additional information concerning our stock-based compensation awards). |
Income Taxes | Income Taxes We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes of a change in tax rates is recognized in income in the period that the tax rate change is enacted. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income in the future. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The assessment regarding whether a valuation allowance is required or should be adjusted is based on an evaluation of possible sources of taxable income and considers all available positive and negative evidence. Our accounting for the valuation of deferred tax assets represents our best estimate of future events. We believe that the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based, among other things, on an estimate of taxable income, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. We account for uncertain tax positions utilizing a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more likely than not to be sustained upon examination. Step two, measurement, is addressed only if a position is more likely than not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more likely than not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more likely than not standard is met, the issue is resolved with the taxing authority, or the statute of limitations expires. Positions previously recognized are derecognized when we subsequently determine the position no longer is more likely than not to be sustained. Evaluation of tax positions, their technical merits, and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. In 2023 and 2022, we have provided deferred income taxes for the estimated U.S. federal and state income tax, foreign income tax and applicable withholding taxes on unremitted earnings of subsidiaries. |
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 $ 62.2 million and $ 38.2 million, respectively, for the years ended December 31, 2023 and 2022. Cash paid for income taxes was $ 14.5 million and $ 8.0 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, we had purchased but not yet paid for equipment of $ 4.4 million and $ 9.3 million, respectively, which are included in accounts payable and accrued expenses in our consolidated balance sheets. |
Adoption of New Accounting Standards and Accounting Standards Issued but Not Yet Adopted | 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. 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 been included in Management’s Discussion and Analysis of Financial Condition and Results of Operations of previously filed Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q regarding supply chain financing have now been included as Note 11, “Supplier Finance Program” to the consolidated financial statements along with disclosure of payment terms under the program and a roll forward of the amounts owed to the financial institution. Accounting Standards Issued But Not Yet Adopted Accounting Standards Update (ASU) 2023-07, “Segment Reporting.” In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740).” In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting this guidance. |
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 transaction. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of the Assets | Classification Expected Useful Life Buildings 15 to 50 years Machinery and equipment 3 to 20 years Leasehold Improvements Lease term |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities | The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows: December 31, December 31, Change (Dollars in thousands) Customer receivables $ 41,879 $ 63,565 $ ( 21,686 ) Contract liabilities—current 2,982 6,251 ( 3,269 ) Contract liabilities—noncurrent 8,530 8,355 175 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measured at Fair Value | The following tables categorize items measured at fair value at December 31, 2023 and 2022: Fair Value Measurement at Reporting Date Using December 31, 2023 Quoted Prices in Significant Significant (Dollars in thousands) Assets Derivative contracts $ 78,769 $ — $ 78,769 $ — Total $ 78,769 $ — $ 78,769 $ — Liabilities . Derivative contracts $ 4,836 $ — $ 4,836 $ — Total $ 4,836 $ — $ 4,836 $ — 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: Year Ended December 31, 2023 2022 (Dollars in thousands) Estimated aggregate fair value $ 627,008 $ 615,394 Aggregate carrying value (1) 637,509 647,443 (1) Total debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and December 31, 2022: December 31, 2023 Derivative Financial Instruments (Current Asset) Derivative Financial Instruments (Noncurrent Asset) Accrued Other (Dollars in thousands) Foreign exchange forward contracts designated as $ 33,075 $ 39,902 $ 440 $ 596 Foreign exchange forward contracts not 1,512 — 677 — Aluminum forward contracts designated as 366 — 36 — Natural gas forward contracts designated as 183 115 2,358 729 Interest rate swap contracts designated as hedging 3,162 454 — — Total derivative financial instruments $ 38,298 $ 40,471 $ 3,511 $ 1,325 December 31, 2022 Derivative Financial Instruments (Current Asset) Derivative Financial Instruments (Noncurrent Asset) 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: December 31, 2023 December 31, 2022 Notional Fair Notional Fair (Dollars in thousands) Foreign exchange forward contracts designated as $ 432,529 $ 71,941 $ 462,783 $ 19,015 Foreign exchange forward contracts not designated 34,764 835 39,726 411 Aluminum forward contracts designated as 15,751 330 9,495 ( 1,213 ) Natural gas forward contracts designated as hedging 11,262 ( 2,789 ) 13,500 ( 1,137 ) Interest rate swap contracts designated as hedging 200,000 3,616 250,000 6,104 Total derivative financial instruments $ 694,306 $ 73,933 $ 775,504 $ 23,180 |
Summary of Gain or Loss Recognized in Accumulated Other Comprehensive Income or Loss | The following tables summarize the gain or loss recognized in accumulated other comprehensive income or loss (“AOCI”), the amounts reclassified from AOCI into earnings, and the amounts recognized directly into earnings for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 40,015 $ 27,849 $ 5,158 Year Ended December 31, 2022 Amount of Gain or Amount of Pre-tax Amount of Pre-tax (Dollars in thousands) Derivative contracts $ 28,895 $ 14,962 $ 2,074 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment | (Dollars in thousands) Net Sales Income (Loss) from Operations Year Ended December 31, 2023 2022 2023 2022 North America $ 794,386 $ 943,713 $ 51,791 $ 71,772 Europe 590,897 696,189 ( 103,239 ) 26,268 $ 1,385,283 $ 1,639,902 $ ( 51,448 ) $ 98,040 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Year Ended December 31, 2023 2022 2023 2022 North America $ 38,714 $ 36,301 $ 23,653 $ 39,265 Europe 54,277 54,871 17,507 17,892 $ 92,991 $ 91,172 $ 41,160 $ 57,157 (Dollars in thousands) Property, Plant and Equipment, net Intangible Assets Year Ended December 31, 2023 2022 2023 2022 North America $ 220,951 $ 220,321 $ — $ — Europe 177,648 253,639 33,242 51,497 $ 398,599 $ 473,960 $ 33,242 $ 51,497 (Dollars in thousands) Total Assets Year Ended December 31, 2023 2022 North America $ 625,612 $ 582,339 Europe 404,959 551,400 $ 1,030,571 $ 1,133,739 Geographic information See table below for our net sales and property, plant and equipment by location: (Dollars in thousands) Net Sales Property, Plant and Equipment, net Year Ended December 31, 2023 2022 2023 2022 Net sales: U.S. $ 4,208 $ 5,574 $ 1,228 $ 1,476 Mexico 790,178 938,139 219,723 218,845 Germany 148,714 203,979 1,933 76,158 Poland 442,183 492,210 175,715 177,481 Consolidated net sales $ 1,385,283 $ 1,639,902 $ 398,599 $ 473,960 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Year Ended December 31, 2023 2022 (Dollars in thousands) Trade receivables $ 41,953 $ 64,225 Other receivables 15,158 9,161 57,111 73,386 Allowance for doubtful accounts ( 718 ) ( 661 ) Accounts receivable, net $ 56,393 $ 72,725 |
Schedule of Revenues by Major Customers | 2023 2022 GM 21 % 26 % Ford 15 % 16 % VW Group 15 % 14 % Toyota 11 % 9 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | 2023 2022 (Dollars in thousands) Raw materials $ 44,539 $ 62,639 Work in process 25,289 37,993 Finished goods 74,781 78,056 Inventories, net $ 144,609 $ 178,688 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | December 31, December 31, (Dollars in thousands) Land and buildings $ 145,912 $ 144,870 Machinery and equipment 934,223 887,222 Leasehold improvements and others 2,943 4,993 Construction in progress 30,252 80,263 1,113,330 1,117,348 Accumulated depreciation ( 714,731 ) ( 643,388 ) Property, plant and equipment, net $ 398,599 $ 473,960 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Finite-Lived Intangible Assets | The Company’s finite-lived intangible assets as of December 31, 2023 and December 31, 2022 are summarized in the following table. Year Ended of December 31, 2023 Gross Accumulated Currency Net Carrying Amount Remaining (Dollars in thousands) Customer relationships $ 167,000 $ ( 134,097 ) $ 339 $ 33,242 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) | 12 Months Ended |
Dec. 31, 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: December 31, 2023 Debt Instrument Total Debt Discount and (1) Total Weighted Average (Dollars in thousands) Term Loan Facility $ 396,000 $ ( 20,080 ) $ 375,920 13.4 % 6.00 % Senior Notes 239,601 ( 1,475 ) 238,126 6.0 % European CapEx loans 784 — 784 2.2 % Finance leases 1,124 — 1,124 2.4 % $ 637,509 $ ( 21,555 ) 615,954 Less: Current portion ( 5,322 ) Long-term debt $ 610,632 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 due in the next five years and thereafter are as follows: Debt Maturities Amount (Dollars in thousands) 2024 $ 5,322 2025 244,117 2026 4,073 2027 4,016 2028 379,981 Total debt liabilities $ 637,509 |
Supplier Finance Program (Table
Supplier Finance Program (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023 and December 31, 2022: Year Ended December 31 2023 2022 (Dollars in thousands) Outstanding at the beginning of the period 14,371 17,638 Added during the period 117,595 138,284 Settled during the period ( 113,966 ) ( 141,551 ) Outstanding at the end of the period 18,000 14,371 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, 2023 2022 (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Net (loss) income $ ( 92,852 ) $ 37,034 Less: Redeemable preferred stock dividends and accretion ( 38,969 ) ( 36,453 ) Less: European non-controlling redeemable equity dividend ( 35 ) ( 53 ) Basic numerator $ ( 131,856 ) $ 528 Basic (loss) earnings per share $ ( 4.73 ) $ 0.02 Weighted average shares outstanding – Basic 27,882 26,839 Diluted Earnings Per Share: Net (loss) income $ ( 92,852 ) $ 37,034 Less: Redeemable preferred stock dividends and accretion ( 38,969 ) ( 36,453 ) Less: European non-controlling redeemable equity dividend ( 35 ) ( 53 ) Diluted numerator $ ( 131,856 ) $ 528 Diluted (loss) earnings per share $ ( 4.73 ) $ 0.02 Weighted average shares outstanding – Basic 27,882 26,839 Dilutive effect of common share equivalents — 751 Weighted average shares outstanding – Diluted 27,882 27,590 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes From Domestic and International Jurisdictions | Income/(loss) before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2023 2022 (Dollars in thousands) Income (loss) before income taxes: Domestic $ ( 65,847 ) $ ( 22,538 ) Foreign ( 50,951 ) 73,676 $ ( 116,798 ) $ 51,138 |
Benefit (Provision) for Income Taxes | The benefit/(provision) for income taxes is comprised of the following: Year Ended December 31, 2023 2022 (Dollars in thousands) Current taxes Federal $ ( 548 ) $ ( 1,946 ) State ( 112 ) ( 77 ) Foreign ( 1,915 ) ( 21,345 ) Total current taxes ( 2,575 ) ( 23,368 ) Deferred taxes Federal 20,057 275 State 7,028 — Foreign ( 564 ) 8,989 Total deferred taxes 26,521 9,264 Income tax provision $ 23,946 $ ( 14,104 ) |
Reconciliation of the U.S. Federal Tax Rate | The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2023 2022 Statutory rate 21.0 % 21.0 % State tax provisions, net of federal income tax benefit 1.1 1.7 Tax credits 6.3 ( 26.4 ) Foreign income taxes at rates other than the statutory rate 16.4 ( 19.9 ) Valuation allowance 5.9 15.6 Changes in tax liabilities, net ( 0.2 ) 4.9 Share based compensation ( 1.4 ) 3.4 Unremitted non-U.S. Earnings 2.4 2.0 US tax on non-US income ( 6.7 ) 19.9 Loss on deconsolidation of subsidiary ( 20.1 ) — Non-deductible charges ( 1.6 ) 4.1 Other ( 2.6 ) 1.2 Effective income tax rate 20.5 % 27.5 % |
Summary of Deferred Income Tax Assets and Liabilities | Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 7,115 $ 7,220 Hedging and foreign currency gains (losses) ( 1,030 ) 1,353 Deferred compensation 7,270 6,638 Inventory reserves 1,864 3,895 Net loss carryforwards and credits 46,301 48,774 Interest carryforwards 35,633 23,098 Intangibles, property, plant and equipment and other 10,272 7,865 Competent authority deferred tax assets and 5,041 4,915 Other 730 946 Total before valuation allowance 113,196 104,704 Valuation allowance ( 60,387 ) ( 67,626 ) Net deferred income tax assets 52,809 37,078 Deferred income tax liabilities: Intangibles, property, plant and equipment and other — Unremitted earnings ( 2,499 ) ( 5,359 ) Deferred income tax liabilities ( 2,499 ) ( 5,359 ) Net deferred income tax assets $ 50,310 $ 31,719 The classification of our net deferred tax asset is shown below: Year Ended December 31, 2023 2022 (Dollars in thousands) Long-term deferred income tax assets $ 52,213 $ 35,187 Long-term deferred income tax liabilities ( 1,903 ) ( 3,468 ) Net deferred tax asset $ 50,310 $ 31,719 |
Schedule of Unrecognized Tax Positions Roll Forward | Year Ended December 31, 2023 2022 (Dollars in thousands) Beginning balance $ 26,100 $ 16,362 Increases (decreases) due to foreign currency translations 640 ( 712 ) Increases (decreases) as a result of positions taken during: Prior periods 3,274 10,580 Current period 776 50 Settlements with taxing authorities ( 21 ) Expiration of applicable statutes of limitation ( 220 ) ( 180 ) Ending balance $ 30,549 $ 26,100 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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, cash flow, operating and finance lease assets and liabilities, average lease term and average discount rate are as follows: Year Ended December 31, 2023 2022 (Dollars in thousands) Lease Expense Finance lease expense: Amortization of right-of-use assets $ 657 $ 1,040 Interest on lease liabilities 32 59 Operating lease expense 2,877 2,601 Total lease expense $ 3,566 $ 3,700 Cash Flow Components Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from finance leases $ 32 $ 59 Operating cash outflows from operating leases 2,937 2,738 Financing cash outflows from finance leases 746 1,062 Right-of-use assets obtained in exchange for finance lease liabilities, 680 1,249 Right-of-use assets obtained in exchange for operating lease liabilities, 3,955 333 Year Ended December 31, 2023 2022 (Dollars in thousands, except lease term and discount rate) Balance Sheet Information Operating leases: Other noncurrent assets $ 10,003 $ 8,325 Accrued liabilities $ ( 2,987 ) $ ( 2,137 ) Other noncurrent liabilities ( 7,000 ) ( 6,516 ) Total operating lease liabilities $ ( 9,987 ) $ ( 8,653 ) Finance leases: Property, plant and equipment gross $ 2,301 $ 7,899 Accumulated depreciation ( 882 ) ( 5,684 ) Property, plant and equipment, net $ 1,419 $ 2,215 Current portion of long-term debt $ ( 538 ) $ ( 1,053 ) Long-term debt (less current portion) ( 586 ) ( 1,673 ) Total finance lease liabilities $ ( 1,124 ) $ ( 2,726 ) Lease Term and Discount Rates Weighted-average remaining lease term - finance leases (years) 2.0 3.2 Weighted-average remaining lease term - operating leases (years) 3.3 4.2 Weighted-average discount rate - finance leases 2.4 % 2.7 % Weighted-average discount rate - operating leases 5.0 % 3.6 % |
Schedule of Future Minimum Rental Payments Under Finance and Operating Leases | Summarized future minimum payments under our leases are as follows: Year Ended December 31, Amount (Dollars in thousands) Lease Maturities Finance Leases Operating Leases 2024 $ 538 $ 3,449 2025 515 3,084 2026 73 2,938 2027 16 1,319 2028 9 - Total 1,151 10,790 Less: Imputed interest ( 27 ) ( 803 ) Total lease liabilities, net of interest $ 1,124 $ 9,987 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of Changes in Plan Assets and Plan Benefit Obligations | The following table summarizes the changes in plan assets and plan benefit obligations. Year Ended December 31, 2023 2022 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 23,155 $ 31,120 Interest cost 1,217 872 Actuarial loss (gain) 739 ( 7,392 ) Benefit payments ( 1,450 ) ( 1,445 ) Ending benefit obligation $ 23,661 $ 23,155 |
Summary of Defined Benefit Plans | Year Ended December 31, 2023 2022 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,450 1,445 Benefit payments ( 1,450 ) ( 1,445 ) Fair value of plan assets at end of year $ — $ — Funded status $ ( 23,661 ) $ ( 23,155 ) Amounts recognized in the consolidated Accrued expenses $ ( 1,431 ) $ ( 1,393 ) Other non-current liabilities ( 22,230 ) ( 21,762 ) Net amount recognized $ ( 23,661 ) $ ( 23,155 ) Amounts recognized in accumulated other Net actuarial loss $ 2,460 $ 1,721 Prior service cost - Net amount recognized, before tax effect $ 2,460 $ 1,721 Weighted average assumptions used to Discount rate 5.1 % 5.4 % Rate of compensation increase 3.0 % 3.0 % |
Summary of Components of Net Periodic Pension Cost | Components of net periodic pension cost are described in the following table: Year Ended December 31, 2023 2022 (Dollars in thousands) Components of net periodic pension cost: Interest cost $ 1,217 $ 872 Amortization of actuarial loss — 332 Net periodic pension cost $ 1,217 $ 1,204 Weighted average assumptions used to determine net Discount rate 5.4 % 2.9 % Rate of compensation increase 3.0 % 3.0 % |
Summary of Expected Benefit Payments | Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2024 $ 1,467 2025 1,683 2026 1,749 2027 1,706 2028 1,748 Years 2029 to 2033 8,994 |
Periodic Pension Cost, Next Fiscal Year | The following is an estimate of the components of net periodic pension cost in 2024: Estimated Year Ended December 31, 2024 (Dollars in thousands) Interest cost $ 1,158 Amortization of actuarial loss 5 Estimated 2024 net periodic pension cost $ 1,163 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Accrued Liabilities | Year Ended December 31, 2023 2022 (Dollars in thousands) Payroll and related benefits $ 31,375 $ 35,076 Taxes, other than income taxes 14,304 15,330 Current portion of derivative liability 3,511 5,798 Short-term operating lease liability 2,987 2,137 Deferred tooling revenue 2,982 6,251 Dividends and interest 1,809 1,532 Current portion of executive retirement liabilities 1,431 1,393 Professional fees 723 1,046 Other 7,716 5,545 Accrued liabilities $ 66,838 $ 74,108 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU, PSU and Option Activity | The following tables summarize the RSU, PSU and option activity for the year ended December 31, 2023 and 2022: 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 1,222,839 4.80 — — Settled ( 553,093 ) 3.80 ( 1,016,574 ) 5.13 — — Forfeited or expired ( 29,853 ) 5.80 ( 336,607 ) 10.99 — — Balance at December 31, 2023 1,001,634 $ 4.39 2,192,759 $ 5.24 — $ — Awards estimated to vest in the future 1,001,634 $ 4.39 2,192,759 $ 5.24 — $ — 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 December 31, 2022 896,799 $ 4.16 2,323,101 $ 6.26 — $ — Awards estimated to vest in the future 896,799 $ 4.16 2,323,101 $ 6.26 — $ — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Employee | Dec. 31, 2022 USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Number of employees | Employee | 6,600 | |
Recognized foreign currency transaction and remeasurement gains, before tax | $ 100 | $ 1,350 |
Cash paid for interest | 62,200 | 38,200 |
Cash paid for income taxes | 14,500 | 8,000 |
Noncash or part noncash acquisition, fixed assets acquired | 4,400 | 9,300 |
Accounts receivable | 41,879 | 63,565 |
ASU 201613 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Accounts receivable | $ 700 | $ 700 |
Sales [Member] | Customer Concentration Risk [Member] | Original Equipment Manufacturers (OEMs) [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Concentration risk, percentage | 94% | |
Aluminum Purchases [Member] | Supplier Concentration Risk [Member] | Inventory [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Concentration risk, percentage | 73.20% | 61.40% |
Vendors accounting for more than ten percent of aluminum purchases | 4 | 3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets. (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeTermOfLeaseMember |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 15 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Lease term |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 50 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Revenue - Summary of Opening an
Revenue - Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contract With Customer Asset And Liability [Line Items] | ||
Customer receivables | $ 41,879 | $ 63,565 |
Contract liabilities—current | 2,982 | 6,251 |
Contract liabilities—noncurrent | 8,530 | $ 8,355 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Contract With Customer Asset And Liability [Line Items] | ||
Customer receivables | (21,686) | |
Contract liabilities—current | (3,269) | |
Contract liabilities—noncurrent | $ 175 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tooling Reimbursement [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Deferred revenue, revenue recognized | $ 8.6 | $ 10.5 |
Price Adjustments [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Deferred revenue, revenue recognized | $ 4.7 | $ 1.5 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Detail) - Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Derivative contracts | $ 4,836 | $ 34,960 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current |
Total | $ 4,836 | $ 34,960 |
Liabilities | ||
Derivative contracts | $ 78,769 | $ 11,780 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current |
Total | $ 78,769 | $ 11,780 |
Level 2 [Member] | ||
Assets | ||
Derivative contracts | $ 4,836 | $ 34,960 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current |
Total | $ 4,836 | $ 34,960 |
Liabilities | ||
Derivative contracts | $ 78,769 | $ 11,780 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current |
Total | $ 78,769 | $ 11,780 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instrument Detail [Abstract] | ||
Estimated aggregate fair value | $ 627,008 | $ 615,394 |
Aggregate carrying value | $ 637,509 | $ 647,443 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [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 | $ 1,269,535 | $ 1,473,515 |
Interest expense, net | (62,140) | (46,314) |
Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedge accounting gains reclassified from AOCI into earnings | 27,800 | 15,000 |
Cost of sales | 23,000 | 16,800 |
Interest expense, net | $ 4,800 | $ (1,800) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 38,298 | $ 16,423 |
Noncurrent Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 40,471 | 18,537 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 3,511 | 5,798 |
Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 1,325 | 5,982 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Current Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 183 | 498 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Noncurrent Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 115 | 655 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 2,358 | 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 | 729 | 770 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Current Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 33,075 | 11,210 |
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Noncurrent Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 39,902 | 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 | 440 | 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 | 596 | 5,212 |
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Current Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,512 | 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 | 677 | 192 |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Current Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 366 | |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 36 | 1,213 |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Current Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 3,162 | 4,112 |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Noncurrent Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 454 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | $ 694,306 | $ 775,504 |
Fair Value | 73,933 | 23,180 |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 11,262 | 13,500 |
Fair Value | (2,789) | (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 | 432,529 | 462,783 |
Fair Value | 71,941 | 19,015 |
Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional U.S. Dollar Amount | 15,751 | 9,495 |
Fair Value | 330 | (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 | 200,000 | 250,000 |
Fair Value | 3,616 | 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 | 34,764 | 39,726 |
Fair Value | $ 835 | $ 411 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Gain or Loss Recognized in Accumulated Other Comprehensive Income or Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives | $ 40,015 | $ 28,895 |
Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives | 40,015 | 28,895 |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income | 27,849 | 14,962 |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives | $ 5,158 | $ 2,074 |
Business Segments - Summary of
Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | $ 1,385,283 | $ 1,639,902 |
Income (Loss) from Operations | (51,448) | 98,040 |
Depreciation and Amortization | 92,991 | 91,172 |
Capital Expenditures | 41,160 | 57,157 |
Property, Plant and Equipment, net | 398,599 | 473,960 |
Intangible Assets | 33,242 | 51,497 |
Total assets | 1,030,571 | 1,133,739 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 794,386 | 943,713 |
Income (Loss) from Operations | 51,791 | 71,772 |
Depreciation and Amortization | 38,714 | 36,301 |
Capital Expenditures | 23,653 | 39,265 |
Property, Plant and Equipment, net | 220,951 | 220,321 |
Total assets | 625,612 | 582,339 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 590,897 | 696,189 |
Income (Loss) from Operations | (103,239) | 26,268 |
Depreciation and Amortization | 54,277 | 54,871 |
Capital Expenditures | 17,507 | 17,892 |
Property, Plant and Equipment, net | 177,648 | 253,639 |
Intangible Assets | 33,242 | 51,497 |
Total assets | $ 404,959 | $ 551,400 |
Business Segments - Net Sales a
Business Segments - Net Sales and property, plant and equipment by Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | $ 1,385,283 | $ 1,639,902 |
Property, Plant and Equipment, net | 398,599 | 473,960 |
U.S. [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 4,208 | 5,574 |
Property, Plant and Equipment, net | 1,228 | 1,476 |
Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 790,178 | 938,139 |
Property, Plant and Equipment, net | 219,723 | 218,845 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 148,714 | 203,979 |
Property, Plant and Equipment, net | 1,933 | 76,158 |
Poland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net Sales | 442,183 | 492,210 |
Property, Plant and Equipment, net | $ 175,715 | $ 177,481 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Trade receivables | $ 41,953 | $ 64,225 |
Other receivables | 15,158 | 9,161 |
Accounts receivable, gross | 57,111 | 73,386 |
Allowance for doubtful accounts | (718) | (661) |
Accounts receivable, net | $ 56,393 | $ 72,725 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
General Motors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 9% | 7% |
Volkswagen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 17% | 11% |
Ford [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 12% | 7% |
Toyota [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 17% | 16% |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Revenues by Major Customers (Detail) - Customer Concentration Risk [Member] - Sales [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
General Motors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 21% | 26% |
Ford [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 15% | 16% |
Volkswagen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 15% | 14% |
Toyota [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration Risk, Percentage | 11% | 9% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 44,539 | $ 62,639 |
Work in process | 25,289 | 37,993 |
Finished goods | 74,781 | 78,056 |
Inventories, net | $ 144,609 | $ 178,688 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory, non-current | $ 11.7 | $ 11.3 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,113,330 | $ 1,117,348 |
Accumulated depreciation | (714,731) | (643,388) |
Property, plant and equipment, net | 398,599 | 473,960 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 145,912 | 144,870 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 934,223 | 887,222 |
Leasehold Improvements and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,943 | 4,993 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 30,252 | $ 80,263 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 73.5 | $ 70.2 |
Intangible Assets - Summary of
Intangible Assets - Summary of Finite-Lived Intangible Assets (Detail) - Customer Relationships [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 167,000 | $ 167,000 |
Accumulated Amortization | (134,097) | (114,595) |
Finite-lived Intangible Assets, Currency Translation | 339 | (908) |
Finite lived Intangible Assets, Net | $ 33,242 | $ 51,497 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 1 year |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | 6 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 19.5 | $ 20.7 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | 19.8 | |
2025 | 9.8 | |
2026 | 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total Debt | $ 637,509 | $ 647,443 |
Debt Discount and Issuance Costs | (21,555) | (25,425) |
Total Debt, Net | 615,954 | 622,018 |
Less: Current portion | (5,322) | (5,873) |
Long-term debt | 610,632 | 616,145 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 396,000 | 400,000 |
Debt Discount and Issuance Costs | (20,080) | (22,967) |
Total Debt, Net | $ 375,920 | $ 377,033 |
Weighted Average Interest Rate | 13.40% | 12.30% |
Senior Notes [Member] | 6.00% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 239,601 | $ 232,352 |
Debt Discount and Issuance Costs | (1,475) | (2,458) |
Total Debt, Net | $ 238,126 | $ 229,894 |
Weighted Average Interest Rate | 6% | 6% |
European CapEx Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 784 | $ 12,365 |
Total Debt, Net | $ 784 | $ 12,365 |
Weighted Average Interest Rate | 2.20% | 2.30% |
Finance Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 1,124 | $ 2,726 |
Total Debt, Net | $ 1,124 | $ 2,726 |
Weighted Average Interest Rate | 2.40% | 2.70% |
Debt - Summary of Long-Term D_2
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail) | Dec. 31, 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 | 12 Months Ended | |||||
Dec. 15, 2022 USD ($) | Jun. 15, 2017 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 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 | $ 21,555,000 | $ 21,555,000 | $ 25,425,000 | ||||
Term loan facility balance | 637,509,000 | 637,509,000 | 647,443,000 | ||||
Long-term debt | $ 615,954,000 | $ 615,954,000 | $ 622,018,000 | ||||
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 | $ 800,000 | 800,000 | $ 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 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 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 | $ 4,900,000 | $ 4,900,000 | |||||
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 | 8% | ||||||
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% | 7% | |||||
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% | 3.50% | |||||
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 | $ 55,100,000 | $ 55,100,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of Long-Term Debt [Abstract] | ||
2024 | $ 5,322 | |
2025 | 244,117 | |
2026 | 4,073 | |
2027 | 4,016 | |
2028 | 379,981 | |
Total debt liabilities | $ 637,509 | $ 647,443 |
Supplier Finance Program - Addi
Supplier Finance Program - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplier Finance Program [Abstract] | ||
Outstanding at the beginning of the period | $ 14,371 | $ 17,638 |
Added during the period | 117,595 | 138,284 |
Settled during the period | (113,966) | (141,551) |
Outstanding at the end of the period | $ 18,000 | $ 14,371 |
Redeemable Preferred Stock - Ad
Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Aug. 30, 2017 | Dec. 31, 2023 | 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 | |
Temporary equity, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Proceeds from issuance of redeemable preferred shares | $ 150,000 | |||
Preferred stock, dividend rate, percentage | 9% | 9% | ||
Preferred stock redemption date | Sep. 14, 2025 | |||
Common stock, shares issued upon conversion of preferred stock | 5,326,000 | |||
Issuance costs | 3,700 | |||
Embedded derivative liability | 10,900 | |||
Adjusted proceeds from issuance of redeemable preferred shares | $ 135,500 | |||
Cumulative premium accretion | $ 112,700 | $ 87,300 | ||
Redeemable preferred stock | 248,222 | $ 222,753 | ||
Convertible Preferred Stock Redemption Period Two [Member] | ||||
Temporary Equity [Line Items] | ||||
Convertible preferred stock, redemption value | $ 300,000 | |||
Convertible preferred stock, redemption value percent of stated value | 200% | |||
Convertible preferred stock, face value | $ 150,000 | |||
Common stock, shares issued upon conversion of preferred stock | 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 | Dec. 31, 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Basic Earnings Per Share: | ||
Net (loss) income | $ (92,852) | $ 37,034 |
Less: Redeemable preferred stock dividends and accretion | (38,969) | (36,453) |
Less: European non-controlling redeemable equity dividend | (35) | (53) |
Basic numerator | $ (131,856) | $ 528 |
Basic (loss) earnings per share | $ (4.73) | $ 0.02 |
Weighted average shares outstanding – Basic | 27,882 | 26,839 |
Diluted Earnings Per Share: | ||
Net (loss) income | $ (92,852) | $ 37,034 |
Less: Redeemable preferred stock dividends and accretion | (38,969) | (36,453) |
Less: European non-controlling redeemable equity dividend | (35) | (53) |
Diluted numerator | $ (131,856) | $ 528 |
Diluted (loss) earnings per share | $ (4.73) | $ 0.02 |
Weighted average shares outstanding – Basic | 27,882 | 26,839 |
Dilutive effect of common share equivalents | 751 | |
Weighted average shares outstanding – Diluted | 27,882 | 27,590 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes From Domestic and International Jurisdictions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (65,847) | $ (22,538) |
Foreign | (50,951) | 73,676 |
Consolidated income (loss) before income taxes | $ (116,798) | $ 51,138 |
Income Taxes - Benefit (Provisi
Income Taxes - Benefit (Provision) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ (548) | $ (1,946) |
State | (112) | (77) |
Foreign | (1,915) | (21,345) |
Total current taxes | (2,575) | (23,368) |
Federal | 20,057 | 275 |
State | 7,028 | |
Foreign | (564) | 8,989 |
Total deferred taxes | 26,521 | 9,264 |
Income tax provision | $ 23,946 | $ (14,104) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the U.S. Federal Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 21% | 21% |
State tax provisions, net of federal income tax benefit | 1.10% | 1.70% |
Tax credits | 6.30% | (26.40%) |
Foreign income taxes at rates other than the statutory rate | 16.40% | (19.90%) |
Valuation allowance | 5.90% | 15.60% |
Changes in tax liabilities, net | (0.20%) | 4.90% |
Share based compensation | (1.40%) | 3.40% |
Unremitted non-U.S. Earnings | 2.40% | 2% |
U.S. tax on non-U.S. income | (6.70%) | 19.90% |
Loss on deconsolidation of subsidiary | (20.10%) | |
Non-deductible charges | (1.60%) | 4.10% |
Other | (2.60%) | 1.20% |
Effective income tax rate | 20.50% | 27.50% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Accrued liabilities | $ 7,115 | $ 7,220 |
Hedging and foreign currency gains (losses) | (1,030) | 1,353 |
Deferred compensation | 7,270 | 6,638 |
Inventory reserves | 1,864 | 3,895 |
Net loss carryforwards and credits | 46,301 | 48,774 |
Interest carryforwards | 35,633 | 23,098 |
Intangibles, property, plant and equipment and other | 10,272 | 7,865 |
Competent authority deferred tax assets and other foreign timing differences | 5,041 | 4,915 |
Other | 730 | 946 |
Total before valuation allowance | 113,196 | 104,704 |
Valuation allowance | (60,387) | (67,626) |
Net deferred income tax assets | 52,809 | 37,078 |
Deferred income tax liabilities: | ||
Unremitted earnings | (2,499) | (5,359) |
Deferred income tax liabilities | (2,499) | (5,359) |
Net deferred income tax assets | 50,310 | 31,719 |
Long-term deferred income tax assets | 52,213 | 35,187 |
Long-term deferred income tax liabilities | $ (1,903) | $ (3,468) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized Tax Benefits Summary [Line Items] | |||
Deferred tax assets valuation allowance | $ 60,387 | $ 67,626 | |
Unrecognized tax benefits that would favorably impact effective tax rate | 13,400 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 5,700 | $ 6,200 | |
U.S. [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Operating Loss Carryforwards | 8,000 | ||
Deferred tax assets valuation allowance | 24,800 | ||
Germany [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Operating Loss Carryforwards | $ 26,800 | ||
U.S. State [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Open tax year | 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 | ||
U.S. [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Tax credit carryforward, amount | $ 11,700 | ||
Earliest Tax Year [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Open tax year | 2015 | ||
Earliest Tax Year [Member] | U.S. [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Ongoing tax audits period | 2015 | ||
Income tax examination year | 2015 | ||
Latest Tax Year [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Open tax year | 2022 | ||
Latest Tax Year [Member] | U.S. [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Ongoing tax audits period | 2018 | ||
Income tax examination year | 2018 | ||
2036 to 2043 [Member] | U.S. [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Tax credit carryforward, amount | $ 2,900 | ||
Open tax year | 2036 2037 2038 2039 2040 2041 2042 2043 | ||
2028 to 2029 [Member] | U.S. [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Tax credit carryforward, amount | $ 8,500 | ||
Open tax year | 2028 2029 | ||
Subsequent Event [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
New global minimum tax rate | 15% |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Positions Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 26,100 | $ 16,362 |
Increases (decreases) due to foreign currency translations | (640) | (712) |
Increases (decreases) as a result of positions taken during: Prior periods | 3,274 | 10,580 |
Current period | 776 | 50 |
Settlements with taxing authorities | (21) | |
Expiration of applicable statutes of limitation | (220) | (180) |
Ending balance | $ 30,549 | $ 26,100 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 5 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finance lease expense: | ||
Amortization of right-of-use assets | $ 657 | $ 1,040 |
Interest on lease liabilities | 32 | 59 |
Operating lease expense | 2,877 | 2,601 |
Total lease expense | 3,566 | 3,700 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from finance leases | 32 | 59 |
Operating cash outflows from operating leases | 2,937 | 2,738 |
Financing cash outflows from finance leases | 746 | 1,062 |
Right-of-use assets obtained in exchange for finance lease liabilities, net of terminations and disposals | 680 | 1,249 |
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations and disposals | 3,955 | 333 |
Operating leases: | ||
Other noncurrent assets | $ 10,003 | $ 8,325 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Accrued liabilities | $ (2,987) | $ (2,137) |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses |
Other noncurrent liabilities | $ (7,000) | $ (6,516) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Total operating lease liabilities | $ (9,987) | $ (8,653) |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Property, plant and equipment gross | $ 2,301 | $ 7,899 |
Accumulated depreciation | (882) | (5,684) |
Property, plant and equipment, net | $ 1,419 | $ 2,215 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Current portion of long-term debt | $ (538) | $ (1,053) |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses |
Long-term debt (less current portion) | $ (586) | $ (1,673) |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Total finance lease liabilities | $ (1,124) | $ (2,726) |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Weighted-average remaining lease term - finance leases (years) | 2 years | 3 years 2 months 12 days |
Weighted-average remaining lease term - operating leases (years) | 3 years 3 months 18 days | 4 years 2 months 12 days |
Weighted-average discount rate - finance leases | 2.40% | 2.70% |
Weighted-average discount rate - operating leases | 5% | 3.60% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments For Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance Leases, 2024 | $ 538 | |
Finance Leases, 2025 | 515 | |
Finance Leases, 2026 | 73 | |
Finance Leases, 2027 | 16 | |
Finance Leases, 2028 | 9 | |
Finance Leases, Total | 1,151 | |
Finance Leases, Less: Imputed interest | (27) | |
Finance Leases, Total lease liabilities, net of interest | 1,124 | $ 2,726 |
Operating Leases, 2024 | 3,449 | |
Operating Leases, 2025 | 3,084 | |
Operating Leases, 2026 | 2,938 | |
Operating Leases, 2027 | 1,319 | |
Operating Leases, Total | 10,790 | |
Operating Leases, Less: Imputed interest | (803) | |
Operating Leases, Total lease liabilities, net of interest | $ 9,987 | $ 8,653 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) Age | Dec. 31, 2022 USD ($) | |
Retirement Benefits [Abstract] | ||
Age for benefits | Age | 65 | |
Defined contribution plan, cost recognized | $ | $ 1.8 | $ 1.7 |
Retirement Plans - Summary of C
Retirement Plans - Summary of Changes in Plan Assets and Plan Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Beginning benefit obligation | $ 23,155 | $ 31,120 |
Interest cost | 1,217 | 872 |
Actuarial loss (gain) | 739 | (7,392) |
Benefit payments | (1,450) | (1,445) |
Ending benefit obligation | $ 23,661 | $ 23,155 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Defined Benefit Plans Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Fair value of plan assets at beginning of year | $ 0 | $ 0 |
Employer contribution | 1,450 | 1,445 |
Benefit payments | (1,450) | (1,445) |
Fair value of plan assets at end of year | 0 | 0 |
Funded status | (23,661) | (23,155) |
Accrued expenses | (1,431) | (1,393) |
Other non-current liabilities | (22,230) | (21,762) |
Net amount recognized | (23,661) | (23,155) |
Net actuarial loss | 2,460 | 1,721 |
Net amount recognized, before tax effect | $ 2,460 | $ 1,721 |
Discount rate | 5.10% | 5.40% |
Rate of compensation increase | 3% | 3% |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Interest cost | $ 1,217 | $ 872 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Amortization of actuarial loss | $ 332 | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | |
Net periodic pension cost | $ 1,217 | $ 1,204 |
Discount rate | 5.40% | 2.90% |
Rate of compensation increase | 3% | 3% |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2024 | $ 1,467 |
2025 | 1,683 |
2026 | 1,749 |
2027 | 1,706 |
2028 | 1,748 |
Years 2029 to 2033 | $ 8,994 |
Retirement Plans - Periodic Pen
Retirement Plans - Periodic Pension Cost, Next Fiscal Year (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 1,217 | $ 872 | |
Estimated 2024 net periodic pension cost | $ 1,217 | $ 1,204 | |
Scenario, Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 1,158 | ||
Amortization of actuarial loss | 5 | ||
Estimated 2024 net periodic pension cost | $ 1,163 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and related benefits | $ 31,375 | $ 35,076 |
Taxes, other than income taxes | 14,304 | 15,330 |
Current portion of derivative liability | 3,511 | 5,798 |
Short-term operating lease liability | 2,987 | 2,137 |
Deferred tooling revenue | 2,982 | 6,251 |
Dividends and interest | 1,809 | 1,532 |
Current portion of executive retirement liabilities | 1,431 | 1,393 |
Professional fees | 723 | 1,046 |
Other | 7,716 | 5,545 |
Accrued liabilities | $ 66,838 | $ 74,108 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2023 | May 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorizes issuance of common stock | 4,350,000 | |||
Number of authorized shares increased under the Plan | 3,500,000 | 2,000,000 | ||
Number of shares available for grant | 2,000,000 | |||
Stock-based compensation expense | $ 7.5 | $ 9.7 | ||
Amount of unrecognized stock-based compensation expense | $ 7.7 | |||
Weighted average period for recognition | 1 year 8 months 12 days | |||
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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) | 3.8 | 4.73 |
Forfeited or expired (in dollars per share) | 5.8 | 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) | 1,222,839 | 667,345 |
Settled (in shares) | (1,016,574) | (719,659) |
Forfeited or expired (in shares) | (336,607) | (109,166) |
Number of Awards, Ending balance (in shares) | 2,192,759 | 2,323,101 |
Number of awards,Awards estimated to vest in the future (in shares) | 2,192,759 | 2,323,101 |
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) | 4.8 | 5.33 |
Settled (in dollars per share) | 5.13 | 6.68 |
Forfeited or expired (in dollars per share) | 10.99 | 7.24 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | 5.24 | 6.26 |
Weighted Average Grant Date Fair Value, Awards estimated to vest in the future (in dollar per share) | $ 5.24 | $ 6.26 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Estimate of potential loss | $ 1.5 |
Receivables Factoring - Additio
Receivables Factoring - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable [Line Items] | ||
Trade receivables | $ 734,800,000 | $ 955,100,000 |
Collective limit under factoring arrangements | 142,100,000 | 150,000,000 |
Factored receivables yet not collected | 92,400,000 | 97,200,000 |
Other (Expense) Income, Net [Member] | ||
Accounts Receivable [Line Items] | ||
Factoring fees | $ 4,200,000 | $ 3,600,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Aug. 31, 2023 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charge | $ 7.8 | ||
Remaining accrual | $ 3.2 | ||
Payments for restructuring | $ 2.8 | ||
Decrease in restructuring accrual | $ (1.8) | ||
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charge | 5 | ||
Selling, General and Administrative Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charge | $ 2.8 |
Loss On Deconsolidation Of Su_2
Loss On Deconsolidation Of Subsidiary - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2023 | Sep. 29, 2023 | Aug. 31, 2023 | Aug. 30, 2023 | |
Noncontrolling Interest [Line Items] | |||||
Loss on deconsolidation of subsidiary | $ 79,629 | ||||
SPG [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Receivables from subsidiary | 15,300 | ||||
Allowance for receivables | 14,800 | ||||
Property, plant and equipment impairment charge | $ 50,000 | ||||
Loss on deconsolidation of subsidiary | 79,600 | ||||
Investment in subsidiary | $ 0 | $ 7,200 | |||
SPG [Member] | Other Non-current Assets [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Receivables from subsidiary | $ 3,800 | $ 500 | $ 76,200 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for Doubtful Accounts Receivable [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 661 | $ 826 |
Additions, Charge to Costs and Expenses | (70) | (122) |
Deductions From Reserves | (13) | (43) |
Balance at End of Year | 718 | 661 |
Allowance on Long Term Receivable [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Additions, Charge to Costs and Expenses | 14,779 | |
Balance at End of Year | 14,779 | |
Valuation Allowances for Deferred Tax Assets [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 67,626 | 69,388 |
Additions, Charge to Costs and Expenses | (6,880) | 7,779 |
Additions, Other | (359) | (9,541) |
Balance at End of Year | $ 60,387 | $ 67,626 |