Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 25, 2017 | Dec. 31, 2016 | Dec. 25, 2016 | |
Document And Entity Information [Abstract] | |||||
Document Type | 10-K | ||||
Amendment Flag | false | ||||
Document Period End Date | Dec. 31, 2017 | ||||
Document Fiscal Year Focus | 2,017 | ||||
Document Fiscal Period Focus | FY | ||||
Trading Symbol | SUP | ||||
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL INC | ||||
Entity Central Index Key | 95,552 | ||||
Current Fiscal Year End Date | --12-31 | ||||
Entity Well-known Seasoned Issuer | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Voluntary Filers | No | ||||
Entity Filer Category | Accelerated Filer | ||||
Entity Common Stock, Shares Outstanding | 24,917,025 | ||||
Entity Public Float | $ 486,960,608 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||
Common Stock, Shares, Issued | 24,917,025 | 25,143,950 | 25,143,950 | ||
Common Stock, Shares, Outstanding | 24,917,025 | 25,143,950 | 25,143,950 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||
Preferred Stock, Shares Authorized | 1,000,000 | ||||
Preferred Stock, Shares Issued | 0 | ||||
Preferred Stock, Shares Outstanding | 0 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Statement [Abstract] | |||
NET SALES | $ 1,108,055 | $ 732,677 | $ 727,946 |
Cost of sales | 1,005,020 | 645,015 | 650,717 |
Restructuring costs (Note 3) | 138 | 1,458 | 6,012 |
Cost of sales, including restructuring costs | 1,005,158 | 646,473 | 656,729 |
GROSS PROFIT | 102,897 | 86,204 | 71,217 |
Selling, general and administrative expenses | 81,379 | 31,602 | 34,923 |
INCOME FROM OPERATIONS | 21,518 | 54,602 | 36,294 |
Interest (expense) income, net | (40,004) | 245 | 103 |
Other income (expense), net | 13,188 | (126) | (1,114) |
Change in fair value of redeemable preferred stock embedded derivative liability | 6,164 | ||
CONSOLIDATED INCOME BEFORE INCOME TAXES | 866 | 54,721 | 35,283 |
Income tax provision | (6,875) | (13,340) | (11,339) |
CONSOLIDATED NET INCOME (LOSS) | (6,009) | 41,381 | 23,944 |
Less: Net income attributable to non-controlling interest | (194) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO SUPERIOR | $ (6,203) | $ 41,381 | $ 23,944 |
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SUPERIOR - BASIC | $ (1.01) | $ 1.63 | $ 0.90 |
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SUPERIOR - DILUTED | $ (1.01) | $ 1.62 | $ 0.90 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) attributable to Superior | $ (6,203) | $ 41,381 | $ 23,944 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation gain (loss) | 29,822 | (16,904) | (16,810) |
Change in unrecognized gains (losses) on derivative instruments: | |||
Change in fair value of derivatives | 14,067 | (11,062) | (7,189) |
Tax benefit (provision) | (6,464) | 4,250 | 2,665 |
Change in unrecognized gains (losses) on derivative instruments, net of tax | 7,603 | (6,812) | (4,524) |
Defined benefit pension plan: | |||
Actuarial (losses) gains on pension obligation, net of curtailments and amortization | (1,931) | 799 | 1,807 |
Tax benefit (provision) | 310 | (295) | (761) |
Pension changes, net of tax | (1,621) | 504 | 1,046 |
Other comprehensive income, net of tax | 35,804 | (23,212) | (20,288) |
Comprehensive income attributable to Superior | $ 29,601 | $ 18,169 | $ 3,656 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 46,360 | $ 57,786 |
Short-term investments | 750 | 750 |
Accounts receivable, net | 160,167 | 99,331 |
Inventories | 173,999 | 82,837 |
Income taxes receivable | 6,929 | 3,682 |
Other current assets | 29,178 | 9,695 |
Total current assets | 417,383 | 254,081 |
Property, plant and equipment, net | 536,686 | 227,403 |
Investment in unconsolidated affiliate | 2,000 | |
Non-current deferred income tax assets, net | 54,302 | 28,838 |
Goodwill | 304,805 | |
Intangibles | 203,473 | 0 |
Other non-current assets | 34,603 | 30,434 |
Total assets | 1,551,252 | 542,756 |
Current liabilities: | ||
Accounts payable | 118,424 | 37,856 |
Short-term debt | 4,000 | |
Accrued expenses | 68,786 | 46,315 |
Income taxes payable | 3,849 | 1,793 |
Total current liabilities | 195,059 | 85,964 |
Long-term debt (less current portion) | 679,552 | |
Embedded derivative liability | 4,685 | |
Non-current income tax liabilities | 5,731 | 5,301 |
Non-current deferred income tax liabilities, net | 28,539 | 3,628 |
Other non-current liabilities | 47,269 | 49,637 |
Commitments and contingent liabilities (Note 21) | ||
Mezzanine equity: | ||
Preferred stock, $0.01 par value Authorized - 1,000,000 shares; issued and outstanding - 150,000 shares (no shares at December 31, 2016) | 144,694 | |
Shareholders' equity: | ||
Common stock, $0.01 par value, Authorized - 100,000,000 shares, Issued and outstanding - 24,917,025 shares (25,143,950 shares at December 31, 2016) | 89,755 | 89,916 |
Accumulated other comprehensive loss | (89,121) | (124,925) |
Retained earnings | 393,146 | 433,235 |
Superior shareholders' equity | 393,780 | 398,226 |
Noncontrolling interests | 51,943 | |
Total shareholders' equity | 445,723 | 398,226 |
Total liabilities, mezzanine equity and shareholders' equity | $ 1,551,252 | $ 542,756 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 25, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 0 |
Preferred stock, shares issued | 150,000 | 0 |
Preferred stock, shares outstanding | 150,000 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,917,025 | 25,143,950 |
Common stock, shares outstanding | 24,917,025 | 25,143,950 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Unrecognized Gains (Losses) on Derivative Instruments | Pension Obligations | Cumulative Translation Adjustment | Retained Earnings | Non-controlling Interest |
Beginning of period at Dec. 28, 2014 | $ 439,006 | $ 81,473 | $ (4,765) | $ (5,186) | $ (71,474) | $ 438,958 | |
Beginning of the period (in shares) at Dec. 28, 2014 | 26,730,247 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 23,944 | 23,944 | |||||
Change in unrecognized gains/losses on derivative instruments, net of tax | (4,524) | (4,524) | |||||
Change in employee benefit plans, net of taxes | 1,046 | 1,046 | |||||
Net foreign currency translation adjustment | (16,810) | (16,810) | |||||
Stock options exercised | 7,265 | $ 7,265 | |||||
Stock options exercised (in shares) | 420,642 | ||||||
Restricted stock awards granted, net of forfeitures | 0 | $ 0 | 0 | 0 | 0 | 0 | |
Restricted stock awards granted, net of forfeitures (in shares) | 4,960 | ||||||
Stock-based compensation expense | 2,807 | $ 2,807 | |||||
Common stock repurchased | (19,638) | $ (3,437) | (16,201) | ||||
Common stock repurchased (in shares) | (1,056,954) | ||||||
Cash dividends declared ($0.45 per share) | (19,184) | (19,184) | |||||
End of period at Dec. 27, 2015 | 413,912 | $ 88,108 | (9,289) | (4,140) | (88,284) | 427,517 | |
End of the period (in shares) at Dec. 27, 2015 | 26,098,895 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 41,381 | 41,381 | |||||
Change in unrecognized gains/losses on derivative instruments, net of tax | (6,812) | (6,812) | |||||
Change in employee benefit plans, net of taxes | 504 | 504 | |||||
Net foreign currency translation adjustment | (16,904) | (16,904) | |||||
Stock options exercised | $ 1,641 | $ 1,641 | |||||
Stock options exercised (in shares) | 86,908 | 86,908 | |||||
Restricted stock awards granted, net of forfeitures | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |
Restricted stock awards granted, net of forfeitures (in shares) | 1,165 | ||||||
Stock-based compensation expense | 3,618 | $ 3,618 | |||||
Stock-based compensation expense (in shares) | 0 | ||||||
Tax impact of stock options | 92 | $ 92 | |||||
Common stock repurchased | (20,719) | $ (3,543) | (17,176) | ||||
Common stock repurchased (in shares) | (1,040,688) | ||||||
Cash dividends declared ($0.45 per share) | (18,487) | (18,487) | |||||
End of period at Dec. 25, 2016 | $ 398,226 | $ 89,916 | (16,101) | (3,636) | (105,188) | 433,235 | |
End of the period (in shares) at Dec. 25, 2016 | 25,143,950 | 25,143,950 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | $ (6,009) | (6,203) | $ 194 | ||||
Change in unrecognized gains/losses on derivative instruments, net of tax | 7,603 | 7,603 | |||||
Change in employee benefit plans, net of taxes | (1,621) | (1,621) | |||||
Net foreign currency translation adjustment | 34,089 | 29,822 | 4,267 | ||||
Stock options exercised | $ 41 | $ 41 | |||||
Stock options exercised (in shares) | 2,000 | 2,000 | |||||
Restricted stock awards granted, net of forfeitures | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock awards granted, net of forfeitures (in shares) | (13,084) | ||||||
Stock-based compensation expense | 889 | $ 889 | |||||
Stock-based compensation expense (in shares) | 0 | ||||||
Common stock repurchased | (5,014) | $ (777) | (4,237) | ||||
Common stock repurchased (in shares) | (215,841) | ||||||
Cash dividends declared ($0.45 per share) | (10,737) | (10,737) | |||||
Redeemable preferred dividend and accretion | (18,912) | (18,912) | |||||
Non-controlling interest | 63,200 | 63,200 | |||||
Uniwheels additional tenders | (16,032) | $ (314) | (15,718) | ||||
End of period at Dec. 31, 2017 | $ 445,723 | $ 89,755 | $ (8,498) | $ (5,257) | $ (75,366) | $ 393,146 | $ 51,943 |
End of the period (in shares) at Dec. 31, 2017 | 24,917,025 | 24,917,025 |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends declared | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.45 | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ (6,009) | $ 41,381 | $ 23,944 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 69,335 | 34,261 | 34,530 |
Income tax, non-cash changes | (3,395) | (4,669) | (9,531) |
Impairments of long-lived assets and other charges | 2,688 | ||
Stock-based compensation | 2,576 | 3,618 | 2,807 |
Debt amortization | 7,328 | ||
Other non-cash items | 1,133 | 812 | 1,400 |
Accounts receivable | 4,599 | 8,043 | (14,030) |
Inventories | (1,264) | (22,339) | 11,509 |
Other assets and liabilities | (8,214) | 6,244 | 2,469 |
Accounts payable | 1,411 | 15,880 | (1,132) |
Income taxes | (3,790) | (4,740) | 4,695 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 63,710 | 78,491 | 59,349 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (70,937) | (39,575) | (39,543) |
Acquisition of Uniwheels, net of cash acquired | (706,733) | ||
Proceeds from sales and maturities of investments | 200 | 3,750 | |
Purchase of investments | (950) | ||
Proceeds from sales of fixed assets | 56 | 4,337 | 1,815 |
Other | (18) | ||
NET CASH USED IN INVESTING ACTIVITIES | (777,614) | (35,038) | (34,946) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of long-term debt | 975,571 | ||
Proceeds from issuance of redeemable preferred shares | 150,000 | ||
Debt repayment | (323,177) | ||
Cash dividends paid | (19,473) | (18,340) | (19,082) |
Cash paid for common stock repurchase | (5,014) | (20,719) | (19,638) |
Payments related to tax withholdings for stock-based compensation | (1,687) | ||
Net increase (decrease) in short term debt | (10,877) | ||
Proceeds from borrowings on revolving credit facility | 71,750 | ||
Repayments of borrowings on revolving credit facility | (100,650) | ||
Proceeds from exercise of stock options | 41 | 1,641 | 7,265 |
Redeemable preferred shares issuance costs | (3,737) | ||
Financing costs paid | (31,640) | ||
Excess tax benefits from exercise of stock options | 91 | 107 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 701,107 | (37,327) | (31,348) |
Effect of exchange rate changes on cash | 1,371 | (376) | (3,470) |
Net increase (decrease) in cash and cash equivalents | (11,426) | 5,750 | (10,415) |
Cash and cash equivalents at the beginning of the period | 57,786 | 52,036 | 62,451 |
Cash and cash equivalents at the end of the period | $ 46,360 | $ 57,786 | $ 52,036 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Headquartered in Southfield, Michigan, the principal business of Superior Industries International, Inc. (referred to herein as “Superior”, the “Company” or “we,” “us” and “our”) is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”). We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with manufacturing operations in the United States, Mexico, Germany and Poland. Customers in North America and Europe represent the principal markets for our products. On May 30, 2017, we acquired Uniwheels, a large European supplier of OEM aluminum wheels, as well as a supplier of European aftermarket wheels, which we believe is viewed as one of the technological leaders in the market for alloy wheels. As a result of the Uniwheels acquisition, we have determined that our North American and European businesses should be treated as separate reportable segments in view of differences in economic circumstances, markets and customers as further described in Note 6, “Business Segments”. Presentation of Consolidated Financial Statements The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. We have made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues and expenses to prepare these financial statements in conformity with U.S. GAAP as delineated by the FASB in its ASC. Generally, assets and liabilities that are subject to estimation and judgment include the allowance for doubtful accounts, inventory valuation, amortization of preproduction costs, impairment of and the estimated useful lives of our long-lived assets, intangible assets and goodwill, self-insurance portions of employee benefits, workers’ compensation and general liability programs, fair value of stock-based compensation, income tax liabilities and deferred income taxes. While actual results could differ, we believe such estimates to be reasonable. The fiscal year for 2017 consisted of the 53-week 52-week Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current non-current year-end, Restricted Deposits We purchase certificates of deposit that mature within twelve months and are used to secure or collateralize letters of credit securing our workers’ compensation obligations. At December 31, 2017 and 2016, certificates of deposit totaling $0.8 million were restricted in use and were classified as short-term investments on our consolidated balance sheet. Derivative Financial Instruments and Hedging Activities In order to hedge exposure related to fluctuations in foreign currency rates and the cost of certain commodities used in the manufacture of our products, we periodically may purchase derivative financial instruments such as forward contracts, options or collars to offset or mitigate the impact of such fluctuations. Programs to hedge currency rate exposure may address ongoing transactions including, foreign-currency-denominated receivables and payables, as well as specific transactions related to purchase obligations. Programs to hedge exposure to commodity cost fluctuations would be based on underlying physical consumption of such commodity. We account for our derivative instruments as either assets or liabilities and carry them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income or loss in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For forward exchange contracts designated as cash flow hedges, changes in the time value are included in the definition of hedge effectiveness. Accordingly, any gains or losses related to this component are reported as a component of accumulated other comprehensive income or loss in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify as hedges are adjusted to fair value through current income. See Note 5, “Derivative Financial Instruments” for additional information pertaining to our derivative instruments. We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. These contracts are considered to be derivative instruments under U.S. GAAP. However, upon entering into these contracts, we expect to fulfill our purchase commitments and take full delivery of the contracted quantities of these commodities during the normal course of business. Accordingly, under U.S. GAAP, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exception under U.S. GAAP, unless there is a change in the facts or circumstances that causes management to believe that these commitments would not be used in the normal course of business. See Note 20, “Risk Management” for additional information pertaining to these purchase commitments. Cash Paid for Interest and Taxes and Non-Cash Cash paid for interest was $24.3 million, $0.3 million and $0.3 million for the years ended December 31, 2017, 2016 and 2015. Cash paid for income taxes was $11.1 million, $21.9 million and $12.6 million for the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, 2016 and 2015, $15.1 million, $4.0 million and $1.1 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. Accounts Receivable We maintain an allowance for doubtful accounts receivable based upon the expected collectability of all trade receivables. The allowance is reviewed continually and adjusted for amounts deemed uncollectible by management. Inventories Inventories, which are categorized as raw materials, work-in-process first-in, first-out Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed from the accounts. Property, plant and equipment no longer used in operations, which are generally insignificant in amount, are stated at the lower of cost or estimated net realizable value. Gains and losses, if any, are recorded as a component of operating income if the disposition relates to an operating asset. If a non-operating Preproduction Costs and Revenue Recognition Related to Long-Term Supply Arrangements We incur preproduction engineering and tooling costs related to the products produced for our customers under long-term supply agreements. We expense all preproduction engineering costs for which reimbursement is not contractually guaranteed by the customer or which are in excess of the contractually guaranteed reimbursement amount. We amortize the cost of the customer-owned tooling over the expected life of the wheel program on a straight-line basis. Also, we defer any reimbursements made to us by our customer and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. Changes in the facts and circumstances of individual wheel programs may accelerate the amortization of both the cost of customer-owned tooling and the deferred tooling reimbursement revenues. Recognized tooling reimbursement revenues, which totaled $11.9 million, $8.0 million and $5.8 million in 2017, 2016 and 2015, respectively, are included in net sales in the consolidated income statements. The following tables summarize the unamortized customer-owned tooling costs included in our other non-current non-current December 31, 2017 2016 (Dollars in Thousands) Customer-Owned Tooling Costs Preproduction costs $ 84,198 $ 78,299 Accumulated amortization (71,409 ) (65,100 ) Net preproduction costs $ 12,789 $ 13,199 Deferred Tooling Revenue Accrued expenses $ 4,654 $ 5,419 Other non-current 1,974 2,593 Total deferred tooling revenue $ 6,628 $ 8,012 Impairment of Goodwill Goodwill must be tested on at least an annual basis, and as of an interim period if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting our annual impairment testing, we may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if we elect not to perform a qualitative assessment of a reporting unit, we compare the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We conduct our annual impairment testing as of December 31 of each year. Impairment of Long-Lived Assets and Investments In accordance with ASC 360 entitled “Property, Plant and Equipment”, management evaluates the recoverability and estimated remaining lives of long-lived assets. The company reviews long-lived assets for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable or the useful life has changed. When facts and circumstances indicate that there may have been a loss in value, management will also evaluate its cost method investments to determine whether there was an other-than-temporary impairment. If a loss in the value of the investment is determined to be other than temporary, then the decline in value is recognized as a loss. Foreign Currency Transactions and Translation We have wholly-owned foreign subsidiaries with operations in Mexico and Europe whose functional currency is the peso and Euro, respectively. In addition, we have operations with U.S. dollar functional currency with transactions denominated in pesos and other currencies and operations in Europe with Euro functional currency with transactions denominated in Polish Zlotys and other currencies. These operations had monetary assets and liabilities that were denominated in currencies that were different than their functional currency and were translated into the functional currency of the entity using the exchange rate in effect at the end of each accounting period. Any gains and losses recorded as a result of the remeasurement of monetary assets and liabilities into the functional currency are reflected as transaction gains and losses and included in other expense, net in the consolidated income statements. We had foreign currency transaction gains of $12.9 million in 2017 and losses of $0.4 million and $1.2 million in 2016 and 2015, respectively, which are included in other income (expense), net in the consolidated income statements. In addition, we had a minority investment in India that had a functional currency of the Indian rupee which was divested in September 2017. When our foreign subsidiaries translate their financial statements from the functional currency to the reporting currency, the balance sheet accounts are translated using the exchange rates in effect at the end of the accounting period and retained earnings is translated using historical rates. The income statement accounts are generally translated at the weighted average of exchange rates during the period and the cumulative effect of translation is recorded as a separate component of accumulated other comprehensive income or loss in shareholders’ equity, as reflected in the consolidated statements of shareholders’ equity. The value of the Mexican peso and Euro increased 5.1 percent and 7.2 percent, respectively, in relation to the U.S. dollar, while the Zloty remained essentially flat in relation to the Euro in 2017. Revenue Recognition Sales of products and any related costs are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Tooling reimbursement revenues related to initial tooling reimbursed by our customers are deferred and recognized over the expected life of the wheel program on a straight-line basis, as discussed above. Research and Development Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. Amounts expensed during 2017, 2016 and 2015 were $7.7 million, $3.8 million and $2.6 million, respectively. Value-Added Taxes Value-added taxes that are collected from customers and remitted to taxing authorities are excluded from sales and cost of sales. Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs net of the applicable forfeiture rate and recognize the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years. We estimate the forfeiture rate based on our historical experience. See Note 18, “Stock-Based Compensation” for additional information concerning our share-based compensation awards. Income Taxes We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax pre-tax We account for uncertain tax positions utilizing a two-step more-likely-than-not more-likely-than-not Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time the company does not have any plans to repatriate income from its foreign subsidiaries. Earnings (Loss) Per Share As summarized below, basic earnings (loss) per share is computed by dividing net income (loss) attributable to Superior, less preferred dividends, by the weighted average number of common shares outstanding for the period. For purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect outstanding stock options and restricted stock under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP. The redeemable convertible preferred stock has been excluded from the weighted average shares since inclusion would be antidilutive. Accordingly, preferred stock dividends (including accretion of the preferred stock redemption premium which has been treated as deemed dividends) have been deducted from net income. Year Ended December 31, 2017 2016 2015 (Dollars in thousands, except per share amounts) Basic Earnings (Loss) Per Share Net income (loss) attributable to Superior $ (6,203 ) $ 41,381 $ 23,944 Less: Redeemable preferred stock dividends and accretion (18,912 ) — — Basic Numerator (25,115 ) 41,381 23,944 Weighted average shares outstanding - basic 24,929 25,439 26,599 Basic (loss) earnings per share $ (1.01 ) $ 1.63 $ 0.90 Diluted Earnings Per Share Net income (loss) attribute to Superior $ (6,203 ) $ 41,381 $ 23,944 Less: Redeemable preferred stock dividends and accretion (18,912 ) — — Diluted Numerator (25,115 ) 41,381 23,944 Weighted average shares outstanding - basic 24,929 25,439 26,599 Weighted average dilutive stock options and restricted stock — 100 34 Weighted average shares outstanding - diluted 24,929 25,539 26,633 Diluted (loss) earnings per share $ (1.01 ) $ 1.62 $ 0.90 For the year ended December 31, 2017, no options or restricted stock were included in the diluted earnings per share calculation because to do so would have been anti-dilutive. All stock options and restricted stock have been included in the diluted earnings per share calculations for the year ended December 31, 2016, but for the year ended December 31, 2015, we have excluded options to purchase 147,150 shares at prices ranging from $21.84 to $22.57 because exercise prices exceeded average market price and as a consequence they were antidilutive. In addition, the performance shares discussed in Note 18, “Stock-Based Compensation” are not included in the diluted income per share because the performance metrics had not been met as of December 31, 2017. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, In February of 2016, the FASB issued ASU 2016-02, 2016-02”). 2016-02 right-of-use 2016-02 2016-02 In August 2016, the FASB issued an ASU entitled “Statement of Cash Flows (Topic 740): Classification of Certain Cash Receipts and Cash Payments.” The objective of the ASU is to address the diversity in practice in the presentation of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are evaluating the impact this guidance will have on our statement of cash flows. In January 2017, the FASB issued an ASU entitled “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The objective of the ASU is to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our financial position and results of operations. In January 2017, the FASB issued an ASU entitled “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The objective of the ASU is to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We will apply this guidance in the future as applicable. In March 2017, the FASB issued an ASU entitled “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The objective of the ASU is to improve the reporting of net benefit cost in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are evaluating the impact this guidance will have on our financial position and results of operations. In July 2017, the FASB issued an ASU entitled “(Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception”. The objective of this ASU is to reduce the complexity in accounting for certain financial instruments with down round features. When determining whether certain financial instruments should be classified as debt or equity instruments, a down round feature would no longer preclude equity classification when assessing whether the instrument is indexed to an entity’s own stock. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. We are evaluating the impact this guidance will have on our financial position and results of operations. In August 2017, the FASB issued an ASU entitled “Derivatives and Hedging (Topic 815).” The objective of this standard is to better align financial reporting with risk management activities, provide a more faithful representation of hedging activities and reduce complexity and costs associated with hedging. This ASU removes the requirement to recognize hedge ineffectiveness in income prior to settlement, allows documentation of hedge effectiveness at inception to be completed by quarter-end, non-financial On December 22, 2017, The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (SAB 118) to provide guidance regarding accounting and disclosure for tax effects arising from changes in tax regulations under the Tax Cuts and Jobs Act (the “Act”) enacted December 22, 2017. The Act contains significant changes to corporate taxation, including reduction in the corporate tax rate from 35 percent to 21 percent, a one-time |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2 - ACQUISITION On March 23, 2017, Superior announced that it had entered into various agreements to commence a tender offer to acquire 100 percent of the outstanding equity interests of Uniwheels (the “Acquisition”) through a newly-formed, wholly-owned subsidiary (the “Acquisition Sub”). The Acquisition will be effected through a multi-step process as more fully described below. In the first step of the Acquisition, on March 23, 2017, Superior obtained a commitment from the owner of approximately 61 percent of the outstanding stock of Uniwheels, Uniwheels Holding (Malta) Ltd. (the “Significant Holder”), evidenced by an irrevocable undertaking agreement (the “Undertaking Agreement”) to tender such stock in the second step of the Acquisition. In connection with the Undertaking Agreement, on March 23, 2017: (i) Superior entered into a business combination agreement with Uniwheels pursuant to which, subject to the provisions of the German Stock Corporation Act, Uniwheels and its subsidiaries undertook to, among other things, cooperate with the financing of the Acquisition; and (ii) Superior and the Significant Holder entered into a guarantee and indemnification agreement pursuant to which Superior will hold the Significant Holder harmless for claims that may arise relating to its involvement with Uniwheels. As Uniwheels was a company listed on the Warsaw Stock Exchange, the Acquisition was required to be carried out in accordance with the Polish Act of 29 July 2005 on Public Offerings and the Conditions for Introducing Financial Instruments to Organized Trading and Public Companies (the “Public Offering Act”). Following the publication of a formal tender offer document by Superior, as required by the Public Offering Act, Superior commenced the acceptance period for the tender offer (the “Tender Offer”) on April 12, 2017, pursuant to which Superior offered to purchase all (but not less than 75 percent) of the outstanding stock of Uniwheels and, upon the consummation of the Tender Offer, agreed to purchase the stock of the Significant Holder along with all other stock of Uniwheels tendered pursuant to the Tender Offer. On May 30, 2017, Superior acquired 92.3 percent of the outstanding stock of Uniwheels for approximately $703.0 million (based on an exchange rate of 1.00 Dollar = 3.74193 Polish Zloty). We refer to this acquisition as the “First Step Acquisition.” Under the terms of the Tender Offer: • the Significant Holder received cash consideration of Polish Zloty 226.5 per share; and • Uniwheels’ other shareholders received cash consideration of Polish Zloty 247.87 per share, equivalent to the volume weighted-average-price of Uniwheels’ shares for the three months prior to commencement of the Tender Offer, plus 5.0 percent. On June 30, 2017, the company announced that it had commenced the delisting and associated tender process for the remaining outstanding shares of Uniwheels. As of July 31, 2017, 153,251 additional shares (representing 1.2 percent of Uniwheels shares) were tendered at Polish Zloty 247.87 per share. On December 15, 2017, an additional 75,000 shares (representing 0.6 percent of Uniwheels shares) were tendered at Polish Zloty 262.50 per share. Superior decided to pursue a DPLTA, without concurrently pursuing a merger/squeeze-out. This The aggregate equity purchase price of the Acquisition (assuming the remaining shares of Uniwheels’ stock are acquired for cash consideration of Polish Zloty 247.87 per share, the price paid to Uniwheels’ shareholders in the Tender Offer, and an exchange rate of 1.00 Dollar = 3.74193 Polish Zloty) will be approximately $778.0 million, including the cost of shares which have not yet been tendered. We entered into foreign currency hedges prior to the closing of the First Step Acquisition intended to reduce currency risk associated with the settlement of the Tender Offer (the “Hedging Transactions”). The net benefit of such Hedging Transactions to Superior reduced the total anticipated purchase price of the Acquisition to $766.2 million. The company’s consolidated financial statements for the year ended December 31, 2017 include Uniwheels results of operations subsequent to May 30, 2017 (please see Note 6, “Business Segments” for the segment results in 2017). The company’s consolidated financial statements reflect the purchase accounting adjustments in accordance with ASC 805 “Business Combinations”, whereby the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date. During the fourth quarter of 2017, the company obtained an updated valuation of the identifiable assets acquired and the liabilities assumed. The following is the preliminary allocation of the purchase price: (Dollars in thousands) Estimated purchase price Cash consideration $ 703,000 Non-controlling 63,200 Preliminary purchase price allocation Cash and cash equivalents 12,296 Accounts receivable 60,580 Inventories 83,901 Prepaid expenses and other current assets 11,859 Total current assets 168,636 Property and equipment 259,784 Intangible assets (1) 205,000 Goodwill 286,249 Other assets 32,987 Total assets acquired 952,656 Accounts payable 61,883 Other current liabilities 40,903 Total current liabilities 102,786 Other long-term liabilities 83,670 Total liabilities assumed 186,456 Net assets acquired $ 766,200 (1) Intangible assets are recorded at estimated fair value, as determined by management based on available information which includes a preliminary valuation prepared by an independent third party. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included management’s estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the company and other market participants. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows. The estimated fair value of intangible assets and related useful lives as included in the preliminary purchase price allocation include: Estimated Estimated (Dollars in thousands) Brand name $ 9,000 4-6 Technology 15,000 4-6 Customer relationships 167,000 7-11 Trade names 14,000 Indefinite $ 205,000 The above goodwill represents future economic benefits expected to be recognized from the company’s expansion into the European wheel market, as well as expected future synergies and operating efficiencies from combining operations with Uniwheels. Acquisition goodwill of $304.8 million (initial balance of $286.2 million, increased for post-acquisition translation adjustments) has been allocated to the European segment. The following unaudited combined pro forma information is for informational purposes only. The pro forma information is not necessarily indicative of what the combined company’s results actually would have been had the Acquisition been completed as of the beginning of the periods as indicated. In addition, the unaudited pro forma information does not purport to project the future results of the combined company. Twelve Months Ended December 31, December 31, Proforma Proforma (Dollars in thousands) Net sales as reported $ 1,108,055 $ 732,677 Uniwheels sales, prior to the Acquisition 243,744 513,571 Proforma combined sales $ 1,351,799 $ 1,246,248 Net (loss) income as reported $ (6,009 ) $ 41,381 Uniwheels net income before income taxes, prior to the Acquisition 25,394 55,883 Incremental interest expense on the debt (17,716 ) (42,518 ) Incremental amortization on the identifiable intangible assets (9,769 ) (23,446 ) Transaction expenses incurred by both the company and Uniwheels 35,906 — Income tax expense related to the proforma adjustments (10,114 ) 7,509 Proforma net income $ 17,692 $ 38,809 Proforma basic and diluted (loss) earnings per share (1) $ (0.55 ) $ 0.28 (1) Earnings attributable to Superior common stockholders used in computing basic and diluted earnings per share has been reduced by estimated annual preferred stock dividends (including accretion of the preferred stock redemption premium which has been treated as a deemed dividend). Refer to Note 1 “Summary of Significant Accounting Policies - Earnings per Share” for further information. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | NOTE 3—RESTRUCTURING During 2014, we completed a review of initiatives to reduce costs and enhance our competitive position. Based on this review, we committed to a plan to close operations at our Rogers, Arkansas facility, which was completed during the fourth quarter of 2014. The action was undertaken in order to reduce costs and enhance our global competitive position. During 2016, we sold the Rogers facility for total proceeds of $4.3 million, resulting in a $1.4 million gain on sale, which is recorded as a reduction to selling, general and administrative expense in the consolidated income statements. The total cost incurred as a result of the Rogers facility closure was $16.0 million, of which $0.1 million, $1.5 million, $6.0 million and $8.4 million was recognized as of December 31, 2017, 2016, 2015 and 2014, respectively. The following table summarizes the Rogers, Arkansas plant closure costs and classification in the consolidated income statement for the years ended December 31, 2017, 2016, 2015 and 2014: (Dollars in thousands) Costs Through 2016 Costs in the Year Total Classification Accelerated and other depreciation of assets idled (1) $ 7,254 $ 13 $ 7,267 Cost of sales, Severance costs (2) Cost of sales, 2,011 — 2,011 Restructuring costs Equipment removal and impairment, inventory written-down, lease termination and other costs (3) 6,634 125 6,759 Cost of sales, Total restructuring costs 15,899 138 16,037 Gain on sale of the facility (1,436 ) — (1,436 ) Total $ 14,463 $ 138 $ 14,601 (1) Cost of sales includes accelerated depreciation due to shorter useful lives for assets to be retired after operations ceased at the Rogers facility. (2) The closure resulted in a reduction of workforce of approximately 500 employees and a shift in production to other facilities. (3) We incurred other associated costs such as moving costs, impairment of assets and other closing costs. In 2016, the majority of the costs related to closing, maintenance and other costs. In 2015, we determined that some of the assets would not ultimately be transferred to other facilities and recorded a $2.7 million impairment. In 2014, the majority of the restructuring costs related to inventory write-downs, moving costs and other costs. Changes in the accrued expenses related to restructuring liabilities during the years ended December 31, 2017 and 2016 were less than $0.1 million. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4—FAIR VALUE MEASUREMENTS The company applies fair value accounting for all financial assets and liabilities and non-financial Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts for cash and cash equivalents, investments in certificates of deposit, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. Cash and Cash Equivalents Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value due to interest rate, quoted price or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of acquisition. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as cash and cash equivalents. Time deposits, certificates of deposit and money market accounts that meet the above criteria are reported at par value on our balance sheet and are excluded from the table below. Derivative Financial Instruments Our derivatives are over-the-counter non-performance Cash Surrender Value The cash surrender value of the life insurance policies is the sum of money the insurance company will pay to the company in the event the policy is voluntarily terminated before its maturity or the insured event occurs. Over the term of the life insurance contracts, the cash surrender value changes as a result of premium payments and investment income offset by investment losses, charges and miscellaneous fees. The amount of the asset recorded for the investment in the life insurance contracts is equal to the cash surrender value which is the amount that will be realized under the contract as of the balance sheet date if the insured event occurs. The following tables categorize items measured at fair value at December 31, 2017 and 2016: Fair Value Measurement at Reporting Date Using December 31, 2017 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 — 750 — Cash surrender value 8,040 — 8,040 — Derivative contracts 6,342 — 6,342 — Total 15,132 — 15,132 — Liabilities Derivative contracts 16,106 — 16,106 — Embedded derivative liability 4,685 — — 4,685 Total $ 20,791 — 16,106 4,685 Fair Value Measurement at Reporting Date Using December 31, 2016 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 7,480 — 7,480 — Derivative contracts 13 — 13 — Total 8,243 — 8,243 — Liabilities Derivative contracts 24,773 — 24,773 — Total $ 24,773 $ — $ 24,773 $ — The following table summarizes the changes during 2017 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred shares issued May 22, 2017 in connection with the acquisition of Uniwheels: Year Ended December 31, 2017 (Dollars in thousands) Change in fair value: Beginning fair value at date of issuance on May 22, 2017 $ 10,849 Change in fair value of redeemable preferred stock embedded derivative liability (6,164 ) Ending fair value at December 31, 2017 $ 4,685 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 of these securities (Level 2 input based on the GAAP fair value hierarchy). The estimated fair value, as well as the carrying value, of the company’s debt instruments are shown below (in thousands): December 31, (Dollars in thousands) Estimated aggregate fair value $ 704,005 Aggregate carrying value (1) 707,864 (1) |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 5—DERIVATIVE FINANCIAL INSTRUMENTS Derivative Instruments and Hedging Activities We use derivatives to partially offset our business exposure to foreign currency risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. During 2017, the Company entered into a Euro cross currency swap to effectively convert Uniwheels Euro denominated earnings into dollars for use in repaying the debt issued to finance the acquisition. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries whose functional currency is the U.S. dollar hedge a portion of forecasted foreign currency costs. Generally, we may hedge portions of our forecasted foreign currency exposure associated with costs, typically for up to 48 months. We record all derivatives in the consolidated balance sheet at fair value. Our accounting for these instruments depends on whether the hedges have been designated for hedge accounting treatment. For hedges subject to hedge accounting treatment, the effective portions of cash flow hedges are recorded in accumulated other comprehensive income or loss until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. At December 31, 2017, the Company held derivatives that were designated for hedge accounting treatment as well as derivatives that did not qualify or had not been designated for hedge accounting treatment. All derivatives were designated as hedging instruments at December 31, 2016. Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. Our foreign currency transactions hedged with cash flow hedges as of December 31, 2017, are expected to occur within 1 month to 48 months. Derivative instruments designated as cash flow hedges must be de-designated two-month re-designated Redeemable Preferred Stock Embedded Derivative We have determined that the conversion option embedded in the Series A redeemable preferred stock is required to be accounted for separately from the Series A redeemable preferred stock as a derivative liability. Separation of the conversion option as a derivative liability is required because its economic characteristics are considered more akin to an equity instrument and therefore the conversion option is not considered to be clearly and closely related to the economic characteristics of the redeemable preferred stock. This is because the economic characteristics of the redeemable preferred stock are considered more akin to a debt instrument due to the fact that the shares are redeemable at the holder’s option, the redemption value is significantly greater than the face amount, the shares carry a fixed mandatory dividend and the stock price necessary to make conversion more attractive than redemption is $56.324 and is significantly greater than the company’s stock price at the date of issuance of $19.05, all of which lead to the conclusion that redemption is more likely than conversion. For additional information on the redeemable preferred stock, see Note 13, “Redeemable Preferred Shares”. We have also determined that the early redemption option upon the occurrence of a redemption event (e.g. change of control) must be bifurcated and accounted for separately from the redeemable preferred stock at fair value, because the debt host contract involves a substantial discount (face of $150.0 million as compared to the redemption value of $300 million) and exercise of the early redemption option would accelerate the holder’s option to redeem the shares. Accordingly, we have recorded an embedded derivative liability representing the combined fair value of the right of holders to receive common stock upon conversion of Series A redeemable preferred stock at any time (the “conversion option”) and the right of the holders to exercise their early redemption option upon the occurrence of a redemption event (the “early redemption option”). The embedded derivative liability is adjusted to fair value at each period end with changes in fair value recorded in change in fair value of redeemable preferred stock embedded derivative liability in the company’s consolidated statements of operations (refer to Note 13, “Redeemable Preferred Shares”). A binomial option pricing model is used to estimate the fair value of the conversion and early redemption options embedded in the redeemable preferred stock. The binomial model utilizes a “decision tree” whereby future movement in the company’s common stock price is estimated based on a volatility factor. The binomial options pricing model requires the development and use of assumptions. These assumptions include estimated volatility of the value of our common stock, assumed possible conversion or early redemption dates, an appropriate risk-free interest rate, risky bond rate and dividend yield. The expected volatility of the company’s equity is estimated based on the historical volatility of our common stock. The assumed base case term used in the valuation model is the period remaining until May 22, 2024 (the earliest date at which the holder may exercise its unconditional redemption option). A number of other scenarios incorporated earlier redemption dates to address the possibility of early redemption upon the occurrence of a redemption event. The risk-free interest rate is based on the yield on the U.S. Treasury zero coupon yield curve with a remaining term equal to the expected term of the conversion and early redemption options. The significant assumptions utilized in the company’s valuation of the embedded derivatives at December 31, 2017 are as follows: valuation scenario terms between 4.0 and 6.39 years, volatility of 32.0 percent, risk-free rate of 2.1 percent to 2.3 percent related to the respective assumed terms, a risky bond rate of 19.2 percent and a dividend yield of 2.4 percent. Based on the foregoing assumptions, the fair value of the redeemable preferred stock embedded derivative liability at December 31, 2017 is $4.7 million and the change in fair value of redeemable preferred stock embedded derivative liability during the year was $6.2 million mainly due to the decline in our stock price from $19.05 (at date of issuance) to $14.85 (at December 31, 2017) and the reduction in the remaining term of the options used in the valuation scenarios due to the months elapsed since issuance. The following tables display the fair value of derivatives by balance sheet line item at December 31, 2017 and December 31, 2016: December 31, 2017 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 3,065 723 4,922 8,405 Foreign exchange forward contracts not designated as hedging instruments 721 — 206 — Aluminum forward contracts not designated as hedges 1,833 — — — Cross currency swap not designated as hedging instrument — — 1,467 1,106 Embedded derivative liability — — — 4,685 Total derivative financial instruments $ 5,619 723 6,595 14,196 December 31, 2016 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 13 $ — $ 10,076 $ 14,697 Total derivative financial instruments $ 13 $ — $ 10,076 $ 14,697 The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: December 31, 2017 December 31, 2016 Notional Fair Notional Fair (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 397,744 $ (9,539 ) $ 160,461 $ 24,760 Foreign exchange forward contracts not designated as hedging instruments 23,305 515 — — Aluminum forward contracts not designated as hedges 15,564 1,833 — — Cross currency swap not designated as hedging instrument 36,454 (2,573 ) — — Total derivative financial instruments $ 473,067 $ (9,764 ) $ 160,461 $ 24,760 Notional amounts are presented on a gross basis. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or commodity volumes and prices. The following table provides the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: Year ended December 31, 2017 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Foreign currency forward contracts and collars $ 7,603 $ (4,539 ) $ (538 ) Total $ 7,603 $ (4,539 ) $ (538 ) Year ended December 31, 2016 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Foreign currency forward contracts and collars $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) Year ended December 31, 2015 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Foreign currency forward contracts and collars $ (4,524 ) $ (9,960 ) $ 19 Total $ (4,524 ) $ (9,960 ) $ 19 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 6—BUSINESS SEGMENTS As a result of the Acquisition, the company expanded into the European market and extended its customer base to include the principal European OEMs. As a consequence, we have realigned our executive management structure, organization and operations to focus on our performance in our North American and European regions. In accordance with the requirements of ASC Topic 280, “Segment Reporting,” we have concluded that our North American and European businesses represent separate operating segments in view of significantly different markets, customers and products within each of these regions. Each operating segment has discrete financial information which is evaluated regularly by the company’s CEO in determining resource allocation and assessing performance. Within each of these regions, markets, customers, products and production processes are similar and production can be readily transferred between production facilities. Moreover, our business within each region leverages common systems, processes and infrastructure. Accordingly, North America and Europe comprise the company’s reportable segments for purposes of segment reporting. (Dollars in thousands) Net Sales Income from Operations 2017 2016 2015 2017 2016 2015 North America $ 732,418 $ 732,677 $ 727,946 $ 9,808 $ 54,602 $ 36,294 Europe 375,637 — — 11,710 — — $ 1,108,055 $ 732,677 $ 727,946 $ 21,518 $ 54,602 $ 36,294 (Dollars in thousands) Depreciation and Capital Expenditures 2017 2016 2015 2017 2016 2015 North America $ 35,931 $ 34,261 $ 34,530 $ 47,493 $ 39,575 $ 39,543 Europe 33,404 — — 23,444 — — $ 69,335 $ 34,261 $ 34,530 $ 70,937 $ 39,575 $ 39,543 (Dollars in thousands) Property, plant, and Long-lived 2017 2016 2017 2016 North America $ 245,178 $ 227,403 $ — $ — Europe 291,508 — 203,473 — $ 536,686 $ 227,403 $ 203,473 $ — (Dollars in millions) Total Assets 2017 2016 North America $ 519,192 $ 542,756 Europe 1,032,060 — $ 1,551,252 $ 542,756 Geographic information Net sales by geographic location is the following: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Net sales: U.S. $ 124,711 $ 120,395 $ 177,198 Mexico 607,707 612,282 550,748 Germany 155,227 — — Poland 220,410 — — Consolidated net sales $ 1,108,055 $ 732,677 $ 727,946 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 7 - ACCOUNTS RECEIVABLE December 31, 2017 2016 (Dollars in thousands) Trade receivables $ 152,476 $ 91,213 Other receivables 10,016 9,037 162,492 100,250 Allowance for doubtful accounts (2,325 ) (919 ) Accounts receivable, net $ 160,167 $ 99,331 The following percentages of our consolidated net sales were made to Ford, GM and Toyota: 2017 - 22 percent, 20 percent and 9 percent, respectively; 2016 - 38 percent, 30 percent and 14 percent, respectively; and 2015 - 44 percent, 24 percent and 14 percent, respectively. The accounts receivable from GM, Ford and Toyota at December 31, 2017 represented approximately 26 percent, 20 percent and 4 percent, respectively of the total accounts receivable. The accounts receivable from GM, Ford and Toyota at December 31, 2016, represented approximately 39 percent, 32 percent and 14 percent, respectively of the total accounts receivable. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8—INVENTORIES December 31, 2017 2016 (Dollars in thousands) Raw materials $ 59,353 $ 40,255 Work in process 48,803 21,447 Finished goods 65,843 21,135 Inventories $ 173,999 $ 82,837 Service wheel and supplies inventory included in other non-current |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 9—PROPERTY, PLANT AND EQUIPMENT December 31, 2017 2016 (Dollars in thousands) Land and buildings $ 136,918 $ 67,915 Machinery and equipment 720,175 485,185 Leasehold improvements and others 12,192 4,868 Construction in progress 58,753 26,301 928,038 584,269 Accumulated depreciation (391,352 ) (356,866 ) Property, plant and equipment, net $ 536,686 $ 227,403 Depreciation expense was $54.2 million, $34.3 million and $34.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Investment In Unconsolidated Af
Investment In Unconsolidated Affiliate | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Unconsolidated Affiliate | NOTE 10 - INVESTMENT IN UNCONSOLIDATED AFFILIATE On June 28, 2010, we executed a share subscription agreement (the “Agreement”) with Synergies, a private aluminum wheel manufacturer based in Visakhapatnam, India, providing for our acquisition of a minority interest in Synergies. The total cash investment in Synergies amounted to $4.5 million, representing 12.6 percent of the outstanding equity shares of Synergies. Our Synergies investment is accounted for using the cost method. During 2011, a group of existing equity holders, including the company, made a loan of $1.5 million to Synergies for working capital needs. The company’s share of this unsecured advance was $0.5 million. The remaining principal balance of the unsecured advance was paid in full during the first quarter of 2015. In October 2014, a typhoon caused significant damage to the facilities and operations of Synergies, and in the fourth quarter of 2014, we tested the $4.5 million carrying value of our investment for impairment. Based on our evaluation, we determined there was an other-than-temporary impairment and wrote the investment down to its estimated fair value of $2.0 million, with the $2.5 million loss recognized in income for the year ended December 31, 2014. The valuation was based on an income approach using current financial forecast data, and rates and assumptions market participants would use in pricing the investment. There was no further impairment in 2016 and 2015. In the third quarter of 2017, the company divested its interest Synergies in exchange for a $2.6 million note receivable realizing a gain of $0.5 million. The note receivable is payable in installments through April 4, 2019. A payment of $0.5 million due October 14, 2017 was received and the remaining balance at December 31, 2017 was $2.1 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 11 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and indefinite-lived assets, such as certain trade names acquired in connection with the Acquisition on May 30, 2017, are not amortized, but are instead evaluated for impairment on an annual basis, or more frequently if events or circumstances indicate that impairment may be more likely. At December 31, 2017, the goodwill balance is $304.8 million, consisting of the initial balance of $286.2 million, increased for post-Acquisition translation adjustments. The carrying amount of goodwill arose from the Acquisition described in Note 2, “Acquisition”. We conducted the annual impairment testing as of December 31, 2017. In performing our valuation, we have utilized a market approach to estimate the fair value of our European reporting unit due to the fact that Uniwheels stock is still publicly traded. In our market approach, we estimated value based on the market price of Uniwheels shares as of December 31, 2017 of 305 Polish Zloty, as well as the price of our most recent purchase of Uniwheels shares of 264 Zloty on December 15, 2017. In addition to the market approach, we have used the income approach to further support our analysis. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The discount rate used is the value-weighted average of our estimated cost of equity and of debt (“weighted average cost of capital”). Our weighted average cost of capital is adjusted as necessary to reflect risk associated with the business of the reporting unit. Business forecasts are based on estimated production volumes, product prices and expenses, including raw material cost, wages, energy and other expenses. Other significant assumptions include terminal value cash flow and growth rates, future capital expenditures and changes in future working capital requirements. Our assessment indicated that the fair value of the European reporting unit exceeded its respective carrying value. The company’s other intangible assets consist of assets with finite lives and a trade name with an indefinite life. These assets are amortized on a straight-line basis over their estimated useful lives. Following is a summary of the company’s finite-lived and indefinite-lived intangible assets as of December 31, 2017. There were no such intangible assets at December 31, 2016. Gross Accumulated Currency Net Remaining (Dollars in thousands Brand name $ 9,000 $ (1,091 ) $ 581 $ 8,490 5-6 Technology 15,000 (1,818 ) 968 14,150 4-6 Customer relationships 167,000 (12,259 ) 11,005 165,746 6-11 Total finite 191,000 (15,168 ) 12,554 188,386 Trade names 14,000 — 1,087 15,087 Indefinite Total $ 205,000 $ (15,168 ) $ 13,641 $ 203,473 Amortization expense for these intangible assets was $15.2 million for the year ended December 31, 2017. The anticipated annual amortization expense for these intangible assets is $25.0 million for 2018 to 2021 and $22.2 million for 2022. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 12 – LONG-TERM DEBT A summary of long-term debt and the related weighted average interest rates is shown below (in thousands): December 31, 2017 Debt Instrument Total Debt Debt (1) Total Debt, Net Weighted Credit Facility - Term Loan $ 386,800 $ (15,802 ) $ 370,998 5.6 % 6.00% Senior Notes due 2025 300,250 (8,510 ) 291,740 6.0 % Other 20,814 — 20,814 1.0 % $ 707,864 $ (24,312 ) 683,552 Less: Current portion (4,000 ) Long-term debt $ 679,552 (1) Unamortized portion Senior Notes On June 15, 2017, Superior issued €250.0 million aggregate principal amount of 6.00% Senior Notes (the “Notes”) due June 15, 2025. Interest on the Notes is payable semiannually, on June 15 and December 25. Superior may redeem the Notes, in whole or in part, on or after June 15, 2020 at redemption prices of 103.000% and 101.500% of the principal amount thereof if the redemption occurs during the 12-month The Notes are senior unsecured obligations ranking equally in right of payment with all of the Company’s 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 “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 Superior and the 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 a number of 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) breach of covenants in the indenture; (iii) a failure to pay certain judgments; and (iv) 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 a number of important qualifications, limitations and exceptions that are described in the indenture. As of December 31, 2017, the company was in compliance with all covenants under the indentures governing the Notes. Senior Secured Credit Facilities On March 22, 2017, Superior entered into a senior secured credit agreement (the “Credit Agreement”) with Citibank, N.A, JP Morgan Chase N.A., Royal Bank of Canada and Deutsche Bank A.G. New York Branch (collectively, the “Lenders”). The Credit Agreement consists of a $400.0 million senior secured term loan facility (the “Term Loan Facility”) and a $160.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facilities”). Borrowings under the Term Loan Facility will bear interest at a rate equal to, at the company’s option, either (a) LIBOR for the relevant interest period, adjusted for statutory reserve requirements, subject to a floor of 1.00 percent per annum, plus an applicable rate of 4.50 percent or (b) a base rate, subject to a floor of 2.00 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 federal funds rate plus 0.50 percent and (3) LIBOR for an interest period of one month plus 1.00 percent, in each case, plus an applicable rate of 3.50 percent. Borrowings under the Revolving Credit Facility initially bear interest at a rate equal to, at the company’s option, either (a) LIBOR for the relevant interest period, adjusted for statutory reserve requirements, subject to a floor of 1.00 percent per annum, plus an applicable rate of 3.50 percent or (b) a base rate, subject to a floor of 2.00 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 federal funds effective rate plus 0.50 percent and (3) LIBOR for an interest period of one month plus 1.00 percent, in each case, plus an applicable rate of 3.50 percent provided such rate may not be less than zero. The initial commitment fee for unused commitments under the Revolving Credit Facility shall be 0.50 percent. After September 30, 2017, the applicable rates for borrowings under the Revolving Credit Facility and commitment fees for unused commitments under the Revolving Credit Facility are based upon the First Lien Net Leverage Ratio effective for the preceding quarter with LIBOR applicable rates between 3.50 percent and 3.00 percent, base rate applicable rates between 2.50 percent and 2.00 percent and commitment fees between 0.50 percent and 0.25 percent. Commitment fees are included in our consolidated financial statements line, interest (expense) income, net. During the year ended December 31, 2017, the company repaid $13.2 million under the term loan facility resulting in a balance of $386.8 million. Quarterly principal payments of $1.0 million are due on the term loan, however, as a result of prepayments, there are no quarterly payments due until 2021. Beginning in January 2019, payments may be due on the term loan in an amount equal to a percentage (up to 50 percent) of excess cash flow as defined under the Credit Agreement. In addition, further payments may be due in the event of asset sales equal to net proceeds on such dispositions in excess of $5.0 million individually and $20.0 million in the aggregate in any year. As of December 31, 2017, the company had no outstanding borrowings under the Revolving Credit Facility, had outstanding letters of credit of $2.8 million and available unused commitments under the facility of $157.2 million. Guarantees Our obligations under the Credit Agreement are unconditionally guaranteed by all material wholly-owned direct and indirect domestic restricted subsidiaries of the company, 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, will be secured, subject to permitted liens and other exceptions, by substantially all of our assets and the Subsidiary Guarantors’ assets, including but not limited to: (i) a perfected pledge of all of the capital stock issued by each of the company’s direct wholly-owned domestic restricted subsidiaries or any guarantor (subject to certain exceptions) and up to 65 percent of the capital stock issued by each direct wholly-owned foreign restricted subsidiary of the company or any guarantor (subject to certain exceptions) and (ii) perfected security interests in and mortgages on substantially all tangible and intangible personal property and material fee-owned Covenants The Senior Secured Credit Facilities contain a number of 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, 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. In addition, the Credit Agreement contains customary default provisions, representations and warranties and restrictive covenants. The Credit Agreement also contains a provision permitting the Lenders to accelerate the repayment of all loans outstanding under the Senior Secured Credit Facilities during an event of default. As of December 31, 2017, the Company was in compliance with all covenants under the Credit Agreement. Uniwheels Debt In connection with the Acquisition, the Company assumed $70.7 million of outstanding debt. At December 31, 2017, $20.8 million of debt remained outstanding, relating to an equipment loan with quarterly principal payments of $0.8 million. At December 31, 2017, $4.0 million of this debt was classified as current. Uniwheels also has an undrawn revolving line of credit for 30 million Euro which expires July 31, 2020. The revolving credit facility bears interest at Euribor plus 0.95 percent (but in any event not less than 0.95 percent) and the equipment loan bears interest at 2.20 percent. |
Redeemable Preferred Shares
Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Preferred Shares | NOTE 13 - REDEEMABLE PREFERRED SHARES On March 22, 2017, Superior and TPG Growth III Sidewall, L.P. (“TPG”) entered into an Investment Agreement pursuant to which Superior agreed to issue a number of shares of Series A Perpetual Convertible Preferred Stock (the “Series A redeemable preferred stock”) and Series B Perpetual Preferred Stock (the “Series B redeemable preferred stock”), par value $0.01 per share (the “Series A redeemable preferred stock” and “Series B redeemable preferred stock” referred to collectively as the “redeemable preferred stock”) to TPG for an aggregate purchase price of $150.0 million (the “Investment”). As of the closing of the Investment on May 22, 2017, Superior issued 140,202 shares of Series A redeemable preferred stock, which was equal to 19.99 percent of Superior’s common stock outstanding on such date, and 9,798 shares of Series B redeemable preferred stock to TPG. On August 30, 2017, our stockholders approved the conversion of 9,798 shares of Series B redeemable preferred stock into Series A redeemable preferred stock and all outstanding shares of Series B redeemable preferred stock were automatically converted into Series A redeemable preferred stock (the “Conversion”). Series A 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. Series A redeemable preferred stock is convertible into shares of Superior 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. Series A redeemable preferred stock accrues dividends at a rate of 9 percent per annum, payable at Superior’s election either in-kind We may mandate conversion of the Series A redeemable preferred stock if the price of the common stock exceeds $84.49. TPG 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, TPG may, at its option, unconditionally redeem the shares at any time after May 23, 2024. Superior may, at its option, redeem in whole at any time all of the shares of Series A redeemable preferred stock outstanding. If redeemed by either party on or before October 22, 2018, the redemption value (the “redemption value”) would be $262.5 million (1.75 times stated value). If redeemed after October 22, 2018, the redemption value would be the greater of $300 million (2.0 times stated value) or the product of the number of common shares into which the Series A redeemable preferred stock could be converted (5.3 million shares currently) and the then current market price of the common stock. We have determined that the conversion option embedded in the redeemable preferred stock is required to be accounted for separately from the redeemable preferred stock as a derivative liability. Separation of the conversion option as a derivative liability is required because its economic characteristics are considered more akin to an equity instrument and therefore the conversion option is not considered to be clearly and closely related to the economic characteristics of the redeemable preferred stock. This is because the economic characteristics of the redeemable preferred stock are considered more akin to a debt instrument due to the fact that the shares are redeemable at the holder’s option, the redemption value is significantly greater than the face amount, the shares carry a fixed mandatory dividend, the stock price necessary to make conversion more attractive than redemption ($56.324) is significantly greater than the price at the date of issuance ($19.05), all of which lead to the conclusion that redemption is more likely than conversion. We have also determined that the early redemption option exercisable upon the occurrence of a redemption event must also be bifurcated and accounted for separately from the redeemable preferred stock at fair value, because the debt host contract involves a substantial discount (face of $150.0 million as compared to the redemption value of $300.0 million) and the exercise of the early redemption option upon the occurrence of a redemption event would accelerate the holder’s option to redeem the shares. Accordingly, we have recorded an embedded derivative liability representing the estimated combined fair value of the right of holders to receive common stock upon conversion (the “conversion option”) and the right of the holders to exercise their early redemption option upon the occurrence of a redemption event. The embedded derivative liability is adjusted to reflect fair value at each period end with changes in fair value recorded in the “Change in fair value of redeemable preferred stock embedded derivative liability” financial statement line item of the company’s consolidated statements of operations. Refer to Note 5, “Derivative Financial Instruments” for further information regarding the valuation of the embedded derivative. Since the redeemable preferred stock may be redeemed at the option of the holder, but is not mandatorily redeemable, the redeemable preferred stock has been 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, resulting in an initial value of $146.3 million. This amount had been further reduced by $10.9 million assigned to the embedded derivative liability at date of issuance, resulting in an adjusted initial value of $135.5 million. We are accreting the difference between the adjusted initial value of $135.5 million and the redemption value of $300.0 million over the seven-year period from date of issuance through May 23, 2024 (the date at which the holder has the unconditional right to redeem the shares, deemed to be the earliest likely redemption date) using the effective interest method. The accretion to the carrying value of the redeemable preferred stock 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). We have accreted $9.2 million through December 31, 2017 resulting in a balance of $144.7 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14 - INCOME TAXES Income before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Income before income taxes: Domestic $ (63,716 ) $ 18,499 $ 25,069 Foreign 64,582 36,222 10,214 $ 866 $ 54,721 $ 35,283 The provision for income taxes is comprised of the following: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Current taxes Federal $ 6,121 $ (5,017 ) $ (10,900 ) State (390 ) 450 481 Foreign (12,564 ) (10,639 ) (2,099 ) Total current taxes (6,833 ) (15,206 ) (12,518 ) Deferred taxes Federal (4,387 ) (1,199 ) (961 ) State 1,492 (332 ) (576 ) Foreign 2,853 3,397 2,716 Total deferred taxes (42 ) 1,866 1,179 Income tax provision $ (6,875 ) $ (13,340 ) $ (11,339 ) The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2017 2016 2015 Statutory rate (35.0 )% (35.0 )% (35.0 )% State tax provisions, net of federal income tax benefit 263.4 (6.3 ) 3.8 Tax credits 88.9 0.6 0.9 Foreign income taxes at rates other than the statutory rate 1,206.6 11.7 2.3 Valuation allowance and other (138.0 ) 5.1 (5.6 ) Changes in tax liabilities, net (11.3 ) 0.5 6.4 Share based compensation (61.5 ) (1.2 ) (4.4 ) Transaction costs (372.2 ) — — Tax Reform (1,918.7 ) — — Non taxable income 152.6 — — Other 31.3 0.2 (0.5 ) Effective income tax rate (793.9 )% (24.4 )% (32.1 )% Our effective income tax rate for 2017 was 793.9 percent. The effective tax rate was higher than the U.S. federal statutory rate primarily due to non-deductible Our effective income tax rate for 2016 was 24.4 percent. The effective tax rate was lower than the U.S. federal statutory rate primarily as a result of income in jurisdictions where the statutory rate is lower than the U.S. rate and tax benefits due to the release of tax liabilities related to uncertain tax positions. Our effective income tax rate for 2015 was 32.1 percent. The effective tax rate was lower than the U.S. federal statutory rate primarily as a result of net decreases in the liability for uncertain tax positions partially offset by the reversal of deferred tax assets related to share-based compensation shortfalls. Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities are as follows: December 31, 2017 2016 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 2,445 $ 6,120 Hedging and foreign currency losses 2,034 9,475 Deferred compensation 8,628 11,723 Inventory reserves 2,954 3,563 Net loss carryforwards and credits 69,018 3,123 Competent authority deferred tax assets and other foreign timing differences 6,939 5,135 Other (830 ) 462 Total before valuation allowance 91,188 39,601 Valuation allowance (7,634 ) (3,123 ) Net deferred income tax assets 83,554 36,478 Deferred income tax liabilities: Intangibles, property, plant and equipment and other (57,791 ) (11,268 ) Deferred income tax liabilities (57,791 ) (11,268 ) Net deferred income tax assets $ 25,763 $ 25,210 The classification of our net deferred tax asset is shown below: December 31, 2017 2016 (Dollars in thousands) Long-term deferred income tax assets $ 54,302 $ 28,838 Long-term deferred income tax liabilities (28,539 ) (3,628 ) Net deferred tax asset $ 25,763 $ 25,210 Realization of any of our deferred tax assets at December 31, 2017 is dependent on the company generating sufficient taxable income in the future. The determination of whether or not to record a full or partial valuation allowance on our deferred tax assets is a critical accounting estimate requiring a significant amount of judgment on the part of management. In determining when to release the valuation allowance established against our deferred income tax assets, we consider all available evidence, both positive and negative. We perform our analysis on a jurisdiction by jurisdiction basis at the end of each reporting period. The increase in the valuation allowance of $4.5 million relates to State net operating loss carryforwards the company is not more likely than not to utilize prior to expiration, as well as, German loss carryforwards that are frozen under the Domination and Profit and Loss Transfer Agreement with UNIWHEELS AG. The U.S. Tax Cuts and Jobs Act (“Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cut and Jobs Act one-time We recognized the impact of the Act for the year ended December 31, 2017. The impact primarily consists of a $7.3 million related to re-measurement one-time As of December 31, 2017, we have cumulative U.S. state and Germany NOL carryforwards of $87.0 million that expire in the years 2018 to 2037. Also, we have $58.0 million of tax credit carryforwards, primarily in Poland, which expire in the years 2021 to 2026. Historically, U.S. income tax has not been recognized on the excess of the amount for financial reporting over the tax basis of the Company’s investment in its non-U.S. non-U.S. We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Beginning balance $ 3,446 $ 7,318 $ 7,193 Increases (decreases) due to foreign currency translations — — — Increases (decreases) as a result of positions taken during: — — — Prior periods — (3,872 ) 1,238 Current period 29,773 — 1,798 Settlements with taxing authorities — — — Expiration of applicable statutes of limitation (165 ) — (2,911 ) Ending balance (1) $ 33,054 $ 3,446 $ 7,318 (1) Increases in uncertain tax positions are primarily due to acquisition of UNIWHEELS AG. These uncertain tax positions offset certain deferred tax assets of UNIWHEELS AG. 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 2017, 2016 and 2015 the company had liabilities of $2.4 million, $1.8 million and $2.1 million of potential interest and penalties associated with uncertain tax positions. Included in the unrecognized tax benefits is $1.8 million that, if recognized, would favorably affect our annual effective tax rate. Within the next twelve-month period we do not expect a decrease in unrecognized tax benefits. 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 2013 to 2017 with various significant tax jurisdictions. |
Leases and Related Parties
Leases and Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Leases and Related Parties | NOTE 15—LEASES AND RELATED PARTIES We lease certain land, facilities and equipment under long-term operating leases expiring at various dates through 2026. Total lease expense for all operating leases amounted to $4.3 million in 2017 and $1.9 million in 2016 and 2015. During 2015, we moved our headquarters from Van Nuys, California to Southfield, Michigan. Our former headquarters in Van Nuys, California is leased from the Louis L. Borick Foundation (the “Foundation”). The Foundation is controlled by Mr. Steven J. Borick, the former Chairman and CEO of the company, as President and Director of the Foundation. The lease provided for annual lease payments of approximately $427,000, through March 2015. In November 2014, the lease was amended to extend the lease term from March 2015 to March 2017, and to reduce the amount of office space and annual rent. As amended, beginning April 2015, the annual lease payment is approximately $225,000. The future minimum lease payments that are payable to the Foundation for the Van Nuys administrative office lease total $0.1 million. Total lease payments to these related entities were less than $0.1 million, $0.2 million and $0.3 million for 2017, 2016 and 2015, respectively. We also have a lease for our headquarters in Southfield, Michigan from October 2015 to September 2026 which is with an unrelated party. The following are summarized future minimum payments under all leases: Year Ended December 31, Operating (Dollars in thousands) 2018 $ 4,447 2019 3,242 2020 3,207 2021 2,845 2022 2,463 Thereafter 7,192 $ 23,396 Purchase Agreement In the first quarter of 2015, we entered into an agreement to purchase a subscription to online software provided by NGS Inc. Our Senior Vice President, Business Operations, is a passive investor and our Vice President of Information Technology is also a passive investor in NGS. We made payments to NGS of $376,920 and $243,000 during the 2017 and 2016 fiscal year, respectively. The transaction was entered into in the ordinary course of business and is an arms-length transaction. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
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. We purchase life insurance policies on certain participants to provide in part for future liabilities. Cash surrender value of these policies, totaling $8.0 million and $7.5 million at December 31, 2017 and 2016, respectively, are included in other non-current The following table summarizes the changes in plan benefit obligations: Year Ended December 31, 2017 2016 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 27,612 $ 28,399 Service cost — — Interest cost 1,189 1,216 Actuarial gain (loss) 2,300 (464 ) Benefit payments (1,342 ) (1,539 ) Ending benefit obligation $ 29,759 $ 27,612 Year Ended December 31, 2017 2016 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,342 1,539 Benefit payments (1,342 ) (1,539 ) Fair value of plan assets at end of year $ — $ — Funded status $ (29,759 ) $ (27,612 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses (1,407 ) (1,177 ) Other non-current (28,352 ) (26,435 ) Net amount recognized $ (29,759 ) $ (27,612 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 7,722 $ 5,692 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 7,721 $ 5,691 Weighted average assumptions used to determine benefit obligations: Discount rate 3.7 % 4.4 % Rate of compensation increase 3.0 % 3.0 % Components of net periodic pension cost are described in the following table: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Components of net periodic pension cost: Service cost $ — $ — $ 44 Interest cost 1,189 1,216 1,230 Amortization of actuarial loss 369 335 535 Net periodic pension cost 1,558 $ 1,551 $ 1,809 Weighted average assumptions used to determine net periodic pension cost: Discount rate 4.4 % 4.4 % 4.2 % Rate of compensation increase 3.0 % 3.0 % 3.0 % The decrease in the 2017 net periodic pension cost compared to the 2016 cost was primarily due to decreased amortization of actuarial losses. The decrease in the 2016 net periodic pension cost compared to the 2015 cost was primarily due to decreased amortization of actuarial losses and decreased service cost from terminations and retirements. Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2018 $ 1,433 2019 $ 1,410 2020 $ 1,468 2021 $ 1,442 2022 $ 1,479 Years 2023 to 2027 $ 8,282 The following is an estimate of the components of net periodic pension cost in 2018: Estimated Year Ended December 31, 2018 (Dollars in thousands) Service cost $ — Interest cost 1,086 Amortization of actuarial loss 437 Estimated 2018 net periodic pension cost $ 1,523 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 $1.7 million, $1.4 million and $1.5 million for the three years ended December 31, 2017, 2016 and 2015, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Accrued Expenses | NOTE 17—ACCRUED EXPENSES December 31, 2017 2016 (Dollars in thousands) Payroll and related benefits $ 27,954 $ 12,766 Taxes, other than income taxes 9,419 7,325 Current portion of derivative liability 6,595 10,076 Dividends 7,322 5,127 Deferred tooling revenue 4,654 5,419 Current portion of executive retirement liabilities 1,407 1,177 Other 11,435 4,425 Accrued liabilities $ 68,786 $ 46,315 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 18—STOCK-BASED COMPENSATION 2008 Equity Incentive Plan Our 2008 Equity Incentive Plan, as amended (the “Plan”), authorizes us to issue up to 3.5 million shares of common stock, along with non-qualified non-employee During the first quarter of 2015, the company implemented a long-term incentive program for the benefit of certain members of company management. The program was designed to strengthen employee retention and to provide a more structured incentive program to stimulate improvement in future company results. Per the terms of the program, participants were granted, in 2015, 2016 and 2017, time value restricted stock units (“RSUs”), vesting ratably over a three-year time period, and performance restricted stock units (“PSUs”), with a three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the company’s common stock, with accrued dividends. The PSUs are categorized further into three individual categories whose vesting is contingent upon the achievement of certain targets as follows: • 40 percent of the PSUs vest upon certain Return on Invested Capital targets for 2017, 2016 and 2015 units • 40 percent of the PSUs vest upon certain Cumulative EPS targets for 2017 and 2016 units • 40 percent of the PSUs vest upon certain EBITDA margin targets for 2015 units • 20 percent of the PSUs vest upon certain market based Shareholder Return targets for 2017, 2016 and 2015 units Other Awards During 2014, we granted 132,455 restricted shares, including 50,000 shares vesting April 30, 2017, and 82,455 shares vesting on December 31, 2016 under an Executive Employment Agreement (the “Employment Agreement”). The fair value of each of these restricted shares was $19.44. These grants were made outside of the Plan as inducement grants in connection with the appointment of our current CEO and company President. Beginning in 2015, the CEO will be granted restricted stock unit awards each year under Superior’s 2008 Equity Incentive Plan, or any successor equity plan. Under the CEO’s Employment Agreement, time-vested restricted stock units will be granted each year with cliff vesting at the third fiscal year end following grant. The CEO will also be granted performance-vested restricted stock units each year, vesting based on company performance goals established by the independent compensation committee during the three fiscal years following the grant. Options Options are granted at not less than fair market value on the date of grant and expire no later than ten years after the date of grant. Options and restricted shares granted under this Plan generally require no less than a three-year ratable vesting period. Stock option activity in 2017 and 2016 are summarized in the following table: Outstanding Weighted Average Exercise Price Remaining Contractual Life in Aggregate Intrinsic Value Balance at December 31, 2015 376,033 $ 18.89 3.6 $ 452,128 Granted — $ — Exercised (86,908 ) $ 18.77 Canceled (24,750 ) $ 21.51 Expired (32,750 ) $ 17.56 Balance at December 31, 2016 231,625 $ 18.88 3.1 $ 1,845,263 Granted — — Exercised (2,000 ) $ 16.76 Canceled (6,000 ) $ 21.09 Expired (78,000 ) $ 18.62 Balance at December 31, 2017 145,625 $ 18.96 Options vested or expected to vest at December 31, 2017 145,625 $ 18.96 2.0 $ — Exercisable at December 31, 2017 145,625 We received cash proceeds of less than $0.1 million, $1.6 million and $7.3 million from stock options exercised in 2017, 2016 and 2015, respectively. The total intrinsic value of options exercised was less than $0.1 million, $0.7 million and $0.8 million, for the years ended December 31, 2017, 2016 and 2015, respectively. Upon the exercise of stock options and the issuance of restricted stock awards, it is our policy to only issue shares from authorized common stock. The aggregate intrinsic value represents the total pretax difference between the closing stock price on the last trading day of the reporting period and the option exercise price, multiplied by the number of in-the-money Stock options outstanding at December 31, 2017 and 2016 are summarized in the following tables: Range of Exercise Prices Options Outstanding at Weighted Contractual Weighted Price Options Exercisable at Weighted Price $ 15.17 — $ 15.75 29,375 1.6 $ 15.17 29,375 $ 15.17 $ 15.76 — $ 16.54 24,250 2.4 $ 16.32 24,250 $ 16.32 $ 16.55 — $ 19.65 22,000 4.5 $ 17.07 22,000 $ 17.07 $ 19.66 — $ 22.21 49,000 0.4 $ 21.84 49,000 $ 21.84 $ 22.22 — $ 22.57 21,000 3.4 $ 22.57 21,000 $ 22.57 145,625 2.0 $ 18.96 145,625 $ 18.96 Range of Exercise Prices Options Outstanding at Weighted Contractual Weighted Price Options Exercisable at Weighted Price $ 15.17 — $ 16.54 54,625 3.0 $ 15.68 54,625 $ 15.68 $ 16.55 — $ 17.58 36,000 5.5 $ 16.95 36,000 $ 16.95 $ 17.59 — $ 20.20 54,000 2.3 $ 18.16 54,000 $ 18.16 $ 20.21 — $ 22.21 51,000 1.4 $ 21.84 51,000 $ 21.84 $ 22.22 — $ 22.57 36,000 4.4 $ 22.57 36,000 $ 22.57 231,625 3.1 $ 18.88 231,625 $ 18.88 Restricted Stock Awards Restricted stock awards, or “full value” awards, generally vest ratably over no less than a three-year period. Shares of restricted stock granted under the Plan are considered issued and outstanding at the date of grant, have the same dividend and voting rights as other outstanding common stock, are subject to forfeiture if employment terminates prior to vesting, and are expensed ratably over the vesting period. Dividends paid on the restricted shares granted under the Plan are non-forfeitable Number Weighted Weighted Balance at December 31, 2015 192,293 $ 19.20 1.7 Granted — $ — Vested (42,546 ) $ 18.47 Canceled (5,452 ) $ 18.75 Balance at December 31, 2016 144,295 $ 19.43 0.5 Granted — $ — Vested (140,628 ) $ 19.43 Canceled (3,667 ) $ 19.16 Balance at December 31, 2017 — $ — — Restricted Stock Units Restricted stock unit activity in 2017 and 2016 are summarized in the following table: Number Weighted Weighted Balance at December 31, 2015 53,323 $ 18.78 2.1 Granted 84,200 $ 23.71 Vested (7,227 ) $ 18.78 Canceled (2,729 ) $ 18.78 Balance at December 31, 2016 127,567 $ 22.03 1.7 Granted 131,656 $ 22.24 Vested (67,889 ) $ 21.54 Canceled (22,068 ) $ 22.95 Balance at December 31, 2017 169,266 $ 22.27 1.6 Restricted Performance Stock Units Restricted performance stock unit activity in 2017 and 2016 are summarized in the following table: Number Weighted Weighted Balance at December 31, 2015 106,647 $ 18.78 2.0 Granted 127,139 $ 23.14 Vested — $ — Canceled (6,593 ) $ 19.92 Balance at December 31, 2016 227,193 $ 21.72 1.6 Granted 164,566 $ 22.39 Vested (71,493 ) $ 19.00 Added by performance factor 4,268 19.00 Canceled (84,860 ) $ 22.76 Balance at December 31, 2017 239,674 $ 22.58 1.7 Stock Based Compensation Stock-based compensation expense related to our equity incentive plans in accordance with U.S. GAAP was allocated as follows: Year Ended December 31, 2017 2016 2015 (Thousands of dollars) Cost of sales $ 452 $ 472 $ 370 Selling, general and administrative expenses 2,124 3,218 2,437 Stock-based compensation expense before income taxes 2,576 3,690 2,807 Income tax benefit (970 ) (1,361 ) (1,044 ) Total stock-based compensation expense after income taxes $ 1,606 $ 2,329 $ 1,763 As of December 31, 2017, a total of $2.5 million of unrecognized stock-based compensation expense related to non-vested |
Common Stock Repurchase Program
Common Stock Repurchase Programs | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Common Stock Repurchase Programs | NOTE 19—COMMON STOCK REPURCHASE PROGRAMS In October 2014, our Board of Directors approved the 2014 Repurchase Program, which authorized the repurchase of up to $30.0 million of our common stock. Under the 2014 Repurchase Program, we repurchased common stock from time to time on the open market or in private transactions. Shares repurchased under the 2014 Repurchase Program during 2015 totaled 1,056,954 shares at a cost of $19.6 million. The 2014 Repurchase Program was completed in the beginning of 2016, with purchases of 585,970 shares for a cost of $10.3 million. The repurchased shares described above were either canceled and retired or added to treasury stock after the reincorporation in Delaware in 2015. In January of 2016, our Board of Directors approved the 2016 Repurchase Program, which authorized the repurchase of up to $50.0 million of common stock. Under the 2016 Repurchase Program, we may repurchase common stock from time to time on the open market or in private transactions. During 2016, we repurchased 454,718 shares of company stock at a cost of $10.4 million under the 2016 Repurchase Program. In the aggregate, we purchased $20.7 million in company stock during 2016 under the 2014 Repurchase Program and 2016 Repurchase Program. During 2017, we purchased an additional 215,841 shares of company stock at a cost of $5.0 million under the 2016 Repurchase Program. |
Risk Management
Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Currency [Abstract] | |
Risk Management | NOTE 20—RISK MANAGEMENT We are subject to various risks and uncertainties in the ordinary course of business due, in part, to the competitive global nature of the industry in which we operate, changing commodity prices for the materials used in the manufacture of our products and the development of new products. We have operations in Mexico with sale and purchase transactions denominated in both Pesos and dollars. The Peso is the functional currency of certain of our operations in Mexico. The settlement of accounts receivable and accounts payable for our operations in Mexico requires the transfer of funds denominated in the Mexican peso, the value of which increased 5.1 percent in relation to the U.S. dollar in 2017. Foreign currency transaction gains totaled $11.0 million in 2017, and foreign currency losses were $0.4 million and $1.2 million in 2016 and 2015, respectively. In addition to gains on Peso foreign currency transactions, the 2017 foreign currency transaction gains include an $8.2 million realized gain on a Zloty forward contract used to hedge the acquisition purchase price, partially offset by $2.5 million unrealized loss on a Euro cross currency swap. All transaction gains and losses are included in other income (expense), net, in the consolidated income statements. As it relates to foreign currency translation gains and losses, however, since 1990, the Mexican peso has experienced periods of relative stability followed by periods of major declines in value. The impact of these changes in value relative to our Mexico operations resulted in a cumulative unrealized translation loss at December 31, 2017 of $101.0 million. Translation gains and losses are included in other comprehensive income (loss) in the consolidated statements of comprehensive income. We also have operations in Europe with sale and purchase transactions denominated in Euros and Zlotys. The Euro is the functional currency of our operations in Europe. A significant component of our European production operations is located in Poland. The settlement of accounts receivable and accounts payable for these operations requires the transfer of funds denominated in Zlotys. The value of the Euro has increased 7.2 percent in relation to the U.S. dollar in the seven months following the acquisition of Uniwheels ended December 31, 2017. During that same period, the value of the Zloty has remained relatively flat in relation to the Euro. Foreign currency transaction gains totaled $1.9 million for the seven months ended December 31, 2017. All transaction gains and losses are included in other income (expense) in the consolidated income statements. As it relates to foreign currency translation gains and losses, the Euro has experienced periods of relative stability in value. The impact of changes in value relative to our European operations resulted in a cumulative unrealized translation gain at December 31, 2017 of $26.2 million. Translation gains and losses are included in other comprehensive income (loss) in the consolidated statements of comprehensive income. When market conditions warrant, we may also enter into purchase commitments to secure the supply of certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. However, our European business had entered into forward contracts to hedge price fluctuations in its aluminum raw materials. At December 31, 2017, the fair value asset relating to foreign contracts for aluminum was $1.8 million. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 21—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, 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. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE 22 - QUARTERLY FINANCIAL DATA (UNAUDITED) (Dollars in thousands, except per share amounts) Year 2017 First Second Third Fourth Year Net sales $ 174,220 240,628 331,404 361,803 1,108,055 Gross profit $ 19,204 20,105 23,893 39,695 102,897 Income (loss) from operations $ 3,944 (1,998 ) 5,758 13,814 21,518 Consolidated income (loss) before income taxes $ 3,300 (9,241 ) (501 ) 7,308 866 Income tax (provision) benefit $ (198 ) 1,722 3,355 (11,754 ) (6,875 ) Consolidated net income (loss) $ 3,102 (7,519 ) 2,854 (4,446 ) (6,009 ) Less: Net (income) loss attributable to non-controlling non-controlling — 247 (239 ) (202 ) (194 ) Net income (loss) attributable to Superior 3,102 (7,272 ) 2,615 (4,648 ) (6,203 ) Income (loss) per share: Basic $ 0.12 (0.41 ) (0.22 ) (0.50 ) (1.01 ) Diluted $ 0.12 (0.41 ) (0.22 ) (0.50 ) (1.01 ) Dividends declared per share $ 0.18 0.09 0.09 0.09 0.45 Year 2016 First Second Third Fourth Year Net sales $ 186,065 $ 182,709 $ 175,580 $ 188,323 $ 732,677 Gross profit $ 27,715 $ 29,540 $ 10,981 $ 17,968 $ 86,204 Income from operations $ 18,722 $ 19,540 $ 5,250 $ 11,090 $ 54,602 Income before income taxes $ 19,022 $ 19,247 $ 4,910 $ 11,542 $ 54,721 Income tax (provision) benefit $ (4,558 ) $ (6,082 ) $ 1,064 $ (3,764 ) $ (13,340 ) Net income $ 14,464 $ 13,165 $ 5,974 $ 7,778 $ 41,381 Income per share: Basic $ 0.56 $ 0.52 $ 0.24 $ 0.31 $ 1.63 Diluted $ 0.56 $ 0.52 $ 0.23 $ 0.31 $ 1.62 Dividends declared per share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015 (Dollars in thousands) Additions Balance Beginning Year Charge Costs Expenses Other Deductions From Reserves Balance End of Year 2017 Allowance for doubtful accounts receivable $ 919 $ 1,127 $ 1,162 $ (883 ) $ 2,325 Valuation allowances for deferred tax assets $ 3,123 $ 1,005 $ 3,506 — $ 7,634 2016 Allowance for doubtful accounts receivable $ 867 $ 403 $ — $ (351 ) $ 919 Valuation allowances for deferred tax assets $ 5,891 $ 698 $ — $ (3,466 ) $ 3,123 2015 Allowance for doubtful accounts receivable $ 514 $ 380 $ — $ (27 ) $ 867 Valuation allowances for deferred tax assets $ 3,911 $ 1,980 $ — $ — $ 5,891 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Headquartered in Southfield, Michigan, the principal business of Superior Industries International, Inc. (referred to herein as “Superior”, the “Company” or “we,” “us” and “our”) is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”). We are one of the largest suppliers of cast aluminum wheels to the world’s leading automobile and light truck manufacturers, with manufacturing operations in the United States, Mexico, Germany and Poland. Customers in North America and Europe represent the principal markets for our products. On May 30, 2017, we acquired Uniwheels, a large European supplier of OEM aluminum wheels, as well as a supplier of European aftermarket wheels, which we believe is viewed as one of the technological leaders in the market for alloy wheels. As a result of the Uniwheels acquisition, we have determined that our North American and European businesses should be treated as separate reportable segments in view of differences in economic circumstances, markets and customers as further described in Note 6, “Business Segments”. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these investments. Certificates of deposit and fixed deposits whose original maturity is greater than three months and is one year or less are classified as short-term investments and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current non-current year-end, |
Restricted Deposits | Restricted Deposits We purchase certificates of deposit that mature within twelve months and are used to secure or collateralize letters of credit securing our workers’ compensation obligations. At December 31, 2017 and 2016, certificates of deposit totaling $0.8 million were restricted in use and were classified as short-term investments on our consolidated balance sheet. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities In order to hedge exposure related to fluctuations in foreign currency rates and the cost of certain commodities used in the manufacture of our products, we periodically may purchase derivative financial instruments such as forward contracts, options or collars to offset or mitigate the impact of such fluctuations. Programs to hedge currency rate exposure may address ongoing transactions including, foreign-currency-denominated receivables and payables, as well as specific transactions related to purchase obligations. Programs to hedge exposure to commodity cost fluctuations would be based on underlying physical consumption of such commodity. We account for our derivative instruments as either assets or liabilities and carry them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income or loss in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For forward exchange contracts designated as cash flow hedges, changes in the time value are included in the definition of hedge effectiveness. Accordingly, any gains or losses related to this component are reported as a component of accumulated other comprehensive income or loss in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify as hedges are adjusted to fair value through current income. See Note 5, “Derivative Financial Instruments” for additional information pertaining to our derivative instruments. We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. These contracts are considered to be derivative instruments under U.S. GAAP. However, upon entering into these contracts, we expect to fulfill our purchase commitments and take full delivery of the contracted quantities of these commodities during the normal course of business. Accordingly, under U.S. GAAP, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exception under U.S. GAAP, unless there is a change in the facts or circumstances that causes management to believe that these commitments would not be used in the normal course of business. See Note 20, “Risk Management” for additional information pertaining to these purchase commitments. |
Cash Paid for Interest and Taxes and Non-Cash Investing Activities | Cash Paid for Interest and Taxes and Non-Cash Cash paid for interest was $24.3 million, $0.3 million and $0.3 million for the years ended December 31, 2017, 2016 and 2015. Cash paid for income taxes was $11.1 million, $21.9 million and $12.6 million for the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, 2016 and 2015, $15.1 million, $4.0 million and $1.1 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. |
Accounts Receivable | Accounts Receivable We maintain an allowance for doubtful accounts receivable based upon the expected collectability of all trade receivables. The allowance is reviewed continually and adjusted for amounts deemed uncollectible by management. |
Inventories | Inventories Inventories, which are categorized as raw materials, work-in-process first-in, first-out |
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 Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed from the accounts. Property, plant and equipment no longer used in operations, which are generally insignificant in amount, are stated at the lower of cost or estimated net realizable value. Gains and losses, if any, are recorded as a component of operating income if the disposition relates to an operating asset. If a non-operating |
Preproduction Costs and Revenue Recognition Related to Long-Term Supply Arrangements | Preproduction Costs and Revenue Recognition Related to Long-Term Supply Arrangements We incur preproduction engineering and tooling costs related to the products produced for our customers under long-term supply agreements. We expense all preproduction engineering costs for which reimbursement is not contractually guaranteed by the customer or which are in excess of the contractually guaranteed reimbursement amount. We amortize the cost of the customer-owned tooling over the expected life of the wheel program on a straight-line basis. Also, we defer any reimbursements made to us by our customer and recognize the tooling reimbursement revenue over the same period in which the tooling is in use. Changes in the facts and circumstances of individual wheel programs may accelerate the amortization of both the cost of customer-owned tooling and the deferred tooling reimbursement revenues. Recognized tooling reimbursement revenues, which totaled $11.9 million, $8.0 million and $5.8 million in 2017, 2016 and 2015, respectively, are included in net sales in the consolidated income statements. The following tables summarize the unamortized customer-owned tooling costs included in our other non-current non-current December 31, 2017 2016 (Dollars in Thousands) Customer-Owned Tooling Costs Preproduction costs $ 84,198 $ 78,299 Accumulated amortization (71,409 ) (65,100 ) Net preproduction costs $ 12,789 $ 13,199 Deferred Tooling Revenue Accrued expenses $ 4,654 $ 5,419 Other non-current 1,974 2,593 Total deferred tooling revenue $ 6,628 $ 8,012 |
Impairment of Goodwill | Impairment of Goodwill Goodwill must be tested on at least an annual basis, and as of an interim period if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting our annual impairment testing, we may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if we elect not to perform a qualitative assessment of a reporting unit, we compare the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We conduct our annual impairment testing as of December 31 of each year. |
Impairment of Long-Lived Assets and Investments | Impairment of Long-Lived Assets and Investments In accordance with ASC 360 entitled “Property, Plant and Equipment”, management evaluates the recoverability and estimated remaining lives of long-lived assets. The company reviews long-lived assets for impairment whenever facts and circumstances suggest that the carrying value of the assets may not be recoverable or the useful life has changed. When facts and circumstances indicate that there may have been a loss in value, management will also evaluate its cost method investments to determine whether there was an other-than-temporary impairment. If a loss in the value of the investment is determined to be other than temporary, then the decline in value is recognized as a loss. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation We have wholly-owned foreign subsidiaries with operations in Mexico and Europe whose functional currency is the peso and Euro, respectively. In addition, we have operations with U.S. dollar functional currency with transactions denominated in pesos and other currencies and operations in Europe with Euro functional currency with transactions denominated in Polish Zlotys and other currencies. These operations had monetary assets and liabilities that were denominated in currencies that were different than their functional currency and were translated into the functional currency of the entity using the exchange rate in effect at the end of each accounting period. Any gains and losses recorded as a result of the remeasurement of monetary assets and liabilities into the functional currency are reflected as transaction gains and losses and included in other expense, net in the consolidated income statements. We had foreign currency transaction gains of $12.9 million in 2017 and losses of $0.4 million and $1.2 million in 2016 and 2015, respectively, which are included in other income (expense), net in the consolidated income statements. In addition, we had a minority investment in India that had a functional currency of the Indian rupee which was divested in September 2017. When our foreign subsidiaries translate their financial statements from the functional currency to the reporting currency, the balance sheet accounts are translated using the exchange rates in effect at the end of the accounting period and retained earnings is translated using historical rates. The income statement accounts are generally translated at the weighted average of exchange rates during the period and the cumulative effect of translation is recorded as a separate component of accumulated other comprehensive income or loss in shareholders’ equity, as reflected in the consolidated statements of shareholders’ equity. The value of the Mexican peso and Euro increased 5.1 percent and 7.2 percent, respectively, in relation to the U.S. dollar, while the Zloty remained essentially flat in relation to the Euro in 2017. |
Revenue Recognition | Revenue Recognition Sales of products and any related costs are recognized when title and risk of loss transfers to the purchaser, generally upon shipment. Tooling reimbursement revenues related to initial tooling reimbursed by our customers are deferred and recognized over the expected life of the wheel program on a straight-line basis, as discussed above. |
Research and Development | Research and Development Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. Amounts expensed during 2017, 2016 and 2015 were $7.7 million, $3.8 million and $2.6 million, respectively. |
Value-Added Taxes | Value-Added Taxes Value-added taxes that are collected from customers and remitted to taxing authorities are excluded from sales and cost of sales. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method in accordance with U.S. GAAP. We recognize these compensation costs net of the applicable forfeiture rate and recognize the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three to four years. We estimate the forfeiture rate based on our historical experience. See Note 18, “Stock-Based Compensation” for additional information concerning our share-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 for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax pre-tax We account for uncertain tax positions utilizing a two-step more-likely-than-not more-likely-than-not Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time the company does not have any plans to repatriate income from its foreign subsidiaries. |
Earnings Per Share | Earnings (Loss) Per Share As summarized below, basic earnings (loss) per share is computed by dividing net income (loss) attributable to Superior, less preferred dividends, by the weighted average number of common shares outstanding for the period. For purposes of calculating diluted earnings per share, net income is divided by the total of the weighted average shares outstanding plus the dilutive effect outstanding stock options and restricted stock under the treasury stock method, which includes consideration of stock-based compensation required by U.S. GAAP. The redeemable convertible preferred stock has been excluded from the weighted average shares since inclusion would be antidilutive. Accordingly, preferred stock dividends (including accretion of the preferred stock redemption premium which has been treated as deemed dividends) have been deducted from net income. Year Ended December 31, 2017 2016 2015 (Dollars in thousands, except per share amounts) Basic Earnings (Loss) Per Share Net income (loss) attributable to Superior $ (6,203 ) $ 41,381 $ 23,944 Less: Redeemable preferred stock dividends and accretion (18,912 ) — — Basic Numerator (25,115 ) 41,381 23,944 Weighted average shares outstanding - basic 24,929 25,439 26,599 Basic (loss) earnings per share $ (1.01 ) $ 1.63 $ 0.90 Diluted Earnings Per Share Net income (loss) attribute to Superior $ (6,203 ) $ 41,381 $ 23,944 Less: Redeemable preferred stock dividends and accretion (18,912 ) — — Diluted Numerator (25,115 ) 41,381 23,944 Weighted average shares outstanding - basic 24,929 25,439 26,599 Weighted average dilutive stock options and restricted stock — 100 34 Weighted average shares outstanding - diluted 24,929 25,539 26,633 Diluted (loss) earnings per share $ (1.01 ) $ 1.62 $ 0.90 For the year ended December 31, 2017, no options or restricted stock were included in the diluted earnings per share calculation because to do so would have been anti-dilutive. All stock options and restricted stock have been included in the diluted earnings per share calculations for the year ended December 31, 2016, but for the year ended December 31, 2015, we have excluded options to purchase 147,150 shares at prices ranging from $21.84 to $22.57 because exercise prices exceeded average market price and as a consequence they were antidilutive. In addition, the performance shares discussed in Note 18, “Stock-Based Compensation” are not included in the diluted income per share because the performance metrics had not been met as of December 31, 2017. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, In February of 2016, the FASB issued ASU 2016-02, 2016-02”). 2016-02 right-of-use 2016-02 2016-02 In August 2016, the FASB issued an ASU entitled “Statement of Cash Flows (Topic 740): Classification of Certain Cash Receipts and Cash Payments.” The objective of the ASU is to address the diversity in practice in the presentation of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are evaluating the impact this guidance will have on our statement of cash flows. In January 2017, the FASB issued an ASU entitled “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The objective of the ASU is to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact this guidance will have on our financial position and results of operations. In January 2017, the FASB issued an ASU entitled “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The objective of the ASU is to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We will apply this guidance in the future as applicable. In March 2017, the FASB issued an ASU entitled “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The objective of the ASU is to improve the reporting of net benefit cost in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are evaluating the impact this guidance will have on our financial position and results of operations. In July 2017, the FASB issued an ASU entitled “(Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception”. The objective of this ASU is to reduce the complexity in accounting for certain financial instruments with down round features. When determining whether certain financial instruments should be classified as debt or equity instruments, a down round feature would no longer preclude equity classification when assessing whether the instrument is indexed to an entity’s own stock. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. We are evaluating the impact this guidance will have on our financial position and results of operations. In August 2017, the FASB issued an ASU entitled “Derivatives and Hedging (Topic 815).” The objective of this standard is to better align financial reporting with risk management activities, provide a more faithful representation of hedging activities and reduce complexity and costs associated with hedging. This ASU removes the requirement to recognize hedge ineffectiveness in income prior to settlement, allows documentation of hedge effectiveness at inception to be completed by quarter-end, non-financial On December 22, 2017, The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (SAB 118) to provide guidance regarding accounting and disclosure for tax effects arising from changes in tax regulations under the Tax Cuts and Jobs Act (the “Act”) enacted December 22, 2017. The Act contains significant changes to corporate taxation, including reduction in the corporate tax rate from 35 percent to 21 percent, a one-time |
Fair Value Measurements | The company applies fair value accounting for all financial assets and liabilities and non-financial Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. |
Derivatives, Methods of Accounting, Hedging Derivatives | Derivative Instruments and Hedging Activities We use derivatives to partially offset our business exposure to foreign currency risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. During 2017, the Company entered into a Euro cross currency swap to effectively convert Uniwheels Euro denominated earnings into dollars for use in repaying the debt issued to finance the acquisition. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries whose functional currency is the U.S. dollar hedge a portion of forecasted foreign currency costs. Generally, we may hedge portions of our forecasted foreign currency exposure associated with costs, typically for up to 48 months. We record all derivatives in the consolidated balance sheet at fair value. Our accounting for these instruments depends on whether the hedges have been designated for hedge accounting treatment. For hedges subject to hedge accounting treatment, the effective portions of cash flow hedges are recorded in accumulated other comprehensive income or loss until the hedged item is recognized in earnings. The ineffective portions of cash flow hedges are recorded in cost of sales. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. At December 31, 2017, the Company held derivatives that were designated for hedge accounting treatment as well as derivatives that did not qualify or had not been designated for hedge accounting treatment. All derivatives were designated as hedging instruments at December 31, 2016. Deferred gains and losses associated with cash flow hedges of foreign currency costs are recognized as a component of cost of sales in the same period as the related cost is recognized. Our foreign currency transactions hedged with cash flow hedges as of December 31, 2017, are expected to occur within 1 month to 48 months. Derivative instruments designated as cash flow hedges must be de-designated two-month re-designated |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges | Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of the Assets | Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years |
Summary of Unamortized Customer-Owned Tooling Costs Included in Other Non-Current Assets, and Deferred Tooling Revenues Included in Accrued Expenses and Other Non-Current Liabilities | The following tables summarize the unamortized customer-owned tooling costs included in our other non-current non-current December 31, 2017 2016 (Dollars in Thousands) Customer-Owned Tooling Costs Preproduction costs $ 84,198 $ 78,299 Accumulated amortization (71,409 ) (65,100 ) Net preproduction costs $ 12,789 $ 13,199 Deferred Tooling Revenue Accrued expenses $ 4,654 $ 5,419 Other non-current 1,974 2,593 Total deferred tooling revenue $ 6,628 $ 8,012 |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Year Ended December 31, 2017 2016 2015 (Dollars in thousands, except per share amounts) Basic Earnings (Loss) Per Share Net income (loss) attributable to Superior $ (6,203 ) $ 41,381 $ 23,944 Less: Redeemable preferred stock dividends and accretion (18,912 ) — — Basic Numerator (25,115 ) 41,381 23,944 Weighted average shares outstanding - basic 24,929 25,439 26,599 Basic (loss) earnings per share $ (1.01 ) $ 1.63 $ 0.90 Diluted Earnings Per Share Net income (loss) attribute to Superior $ (6,203 ) $ 41,381 $ 23,944 Less: Redeemable preferred stock dividends and accretion (18,912 ) — — Diluted Numerator (25,115 ) 41,381 23,944 Weighted average shares outstanding - basic 24,929 25,439 26,599 Weighted average dilutive stock options and restricted stock — 100 34 Weighted average shares outstanding - diluted 24,929 25,539 26,633 Diluted (loss) earnings per share $ (1.01 ) $ 1.62 $ 0.90 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation | During the fourth quarter of 2017, the company obtained an updated valuation of the identifiable assets acquired and the liabilities assumed. The following is the preliminary allocation of the purchase price: (Dollars in thousands) Estimated purchase price Cash consideration $ 703,000 Non-controlling 63,200 Preliminary purchase price allocation Cash and cash equivalents 12,296 Accounts receivable 60,580 Inventories 83,901 Prepaid expenses and other current assets 11,859 Total current assets 168,636 Property and equipment 259,784 Intangible assets (1) 205,000 Goodwill 286,249 Other assets 32,987 Total assets acquired 952,656 Accounts payable 61,883 Other current liabilities 40,903 Total current liabilities 102,786 Other long-term liabilities 83,670 Total liabilities assumed 186,456 Net assets acquired $ 766,200 (1) Intangible assets are recorded at estimated fair value, as determined by management based on available information which includes a preliminary valuation prepared by an independent third party. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included management’s estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the company and other market participants. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows. The estimated fair value of intangible assets and related useful lives as included in the preliminary purchase price allocation include: Estimated Estimated (Dollars in thousands) Brand name $ 9,000 4-6 Technology 15,000 4-6 Customer relationships 167,000 7-11 Trade names 14,000 Indefinite $ 205,000 |
Summary of Unaudited Pro Forma Information | The following unaudited combined pro forma information is for informational purposes only. The pro forma information is not necessarily indicative of what the combined company’s results actually would have been had the Acquisition been completed as of the beginning of the periods as indicated. In addition, the unaudited pro forma information does not purport to project the future results of the combined company. Twelve Months Ended December 31, December 31, Proforma Proforma (Dollars in thousands) Net sales as reported $ 1,108,055 $ 732,677 Uniwheels sales, prior to the Acquisition 243,744 513,571 Proforma combined sales $ 1,351,799 $ 1,246,248 Net (loss) income as reported $ (6,009 ) $ 41,381 Uniwheels net income before income taxes, prior to the Acquisition 25,394 55,883 Incremental interest expense on the debt (17,716 ) (42,518 ) Incremental amortization on the identifiable intangible assets (9,769 ) (23,446 ) Transaction expenses incurred by both the company and Uniwheels 35,906 — Income tax expense related to the proforma adjustments (10,114 ) 7,509 Proforma net income $ 17,692 $ 38,809 Proforma basic and diluted (loss) earnings per share (1) $ (0.55 ) $ 0.28 (1) Earnings attributable to Superior common stockholders used in computing basic and diluted earnings per share has been reduced by estimated annual preferred stock dividends (including accretion of the preferred stock redemption premium which has been treated as a deemed dividend). Refer to Note 1 “Summary of Significant Accounting Policies - Earnings per Share” for further information. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary of Rogers, Arkansas Plant Closure Costs | The following table summarizes the Rogers, Arkansas plant closure costs and classification in the consolidated income statement for the years ended December 31, 2017, 2016, 2015 and 2014: (Dollars in thousands) Costs Through 2016 Costs in the Year Total Classification Accelerated and other depreciation of assets idled (1) $ 7,254 $ 13 $ 7,267 Cost of sales, Severance costs (2) Cost of sales, 2,011 — 2,011 Restructuring costs Equipment removal and impairment, inventory written-down, lease termination and other costs (3) 6,634 125 6,759 Cost of sales, Total restructuring costs 15,899 138 16,037 Gain on sale of the facility (1,436 ) — (1,436 ) Total $ 14,463 $ 138 $ 14,601 (1) Cost of sales includes accelerated depreciation due to shorter useful lives for assets to be retired after operations ceased at the Rogers facility. (2) The closure resulted in a reduction of workforce of approximately 500 employees and a shift in production to other facilities. (3) We incurred other associated costs such as moving costs, impairment of assets and other closing costs. In 2016, the majority of the costs related to closing, maintenance and other costs. In 2015, we determined that some of the assets would not ultimately be transferred to other facilities and recorded a $2.7 million impairment. In 2014, the majority of the restructuring costs related to inventory write-downs, moving costs and other costs. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measured at Fair Value | The following tables categorize items measured at fair value at December 31, 2017 and 2016: Fair Value Measurement at Reporting Date Using December 31, 2017 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 — 750 — Cash surrender value 8,040 — 8,040 — Derivative contracts 6,342 — 6,342 — Total 15,132 — 15,132 — Liabilities Derivative contracts 16,106 — 16,106 — Embedded derivative liability 4,685 — — 4,685 Total $ 20,791 — 16,106 4,685 Fair Value Measurement at Reporting Date Using December 31, 2016 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 7,480 — 7,480 — Derivative contracts 13 — 13 — Total 8,243 — 8,243 — Liabilities Derivative contracts 24,773 — 24,773 — Total $ 24,773 $ — $ 24,773 $ — |
Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability | The following table summarizes the changes during 2017 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred shares issued May 22, 2017 in connection with the acquisition of Uniwheels: Year Ended December 31, 2017 (Dollars in thousands) Change in fair value: Beginning fair value at date of issuance on May 22, 2017 $ 10,849 Change in fair value of redeemable preferred stock embedded derivative liability (6,164 ) Ending fair value at December 31, 2017 $ 4,685 |
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 (in thousands): December 31, (Dollars in thousands) Estimated aggregate fair value $ 704,005 Aggregate carrying value (1) 707,864 (1) |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and December 31, 2016: December 31, 2017 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 3,065 723 4,922 8,405 Foreign exchange forward contracts not designated as hedging instruments 721 — 206 — Aluminum forward contracts not designated as hedges 1,833 — — — Cross currency swap not designated as hedging instrument — — 1,467 1,106 Embedded derivative liability — — — 4,685 Total derivative financial instruments $ 5,619 723 6,595 14,196 December 31, 2016 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 13 $ — $ 10,076 $ 14,697 Total derivative financial instruments $ 13 $ — $ 10,076 $ 14,697 |
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, 2017 December 31, 2016 Notional Fair Notional Fair (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 397,744 $ (9,539 ) $ 160,461 $ 24,760 Foreign exchange forward contracts not designated as hedging instruments 23,305 515 — — Aluminum forward contracts not designated as hedges 15,564 1,833 — — Cross currency swap not designated as hedging instrument 36,454 (2,573 ) — — Total derivative financial instruments $ 473,067 $ (9,764 ) $ 160,461 $ 24,760 |
Schedule of Impact of Derivative Instruments Designated as Cash Flow Hedges | The following table provides the impact of derivative instruments designated as cash flow hedges on our consolidated income statement: Year ended December 31, 2017 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Foreign currency forward contracts and collars $ 7,603 $ (4,539 ) $ (538 ) Total $ 7,603 $ (4,539 ) $ (538 ) Year ended December 31, 2016 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Foreign currency forward contracts and collars $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) Year ended December 31, 2015 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Foreign currency forward contracts and collars $ (4,524 ) $ (9,960 ) $ 19 Total $ (4,524 ) $ (9,960 ) $ 19 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment | (Dollars in thousands) Net Sales Income from Operations 2017 2016 2015 2017 2016 2015 North America $ 732,418 $ 732,677 $ 727,946 $ 9,808 $ 54,602 $ 36,294 Europe 375,637 — — 11,710 — — $ 1,108,055 $ 732,677 $ 727,946 $ 21,518 $ 54,602 $ 36,294 (Dollars in thousands) Depreciation and Capital Expenditures 2017 2016 2015 2017 2016 2015 North America $ 35,931 $ 34,261 $ 34,530 $ 47,493 $ 39,575 $ 39,543 Europe 33,404 — — 23,444 — — $ 69,335 $ 34,261 $ 34,530 $ 70,937 $ 39,575 $ 39,543 (Dollars in thousands) Property, plant, and Long-lived 2017 2016 2017 2016 North America $ 245,178 $ 227,403 $ — $ — Europe 291,508 — 203,473 — $ 536,686 $ 227,403 $ 203,473 $ — (Dollars in millions) Total Assets 2017 2016 North America $ 519,192 $ 542,756 Europe 1,032,060 — $ 1,551,252 $ 542,756 |
Net Sales by Geographic Location | Net sales by geographic location is the following: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Net sales: U.S. $ 124,711 $ 120,395 $ 177,198 Mexico 607,707 612,282 550,748 Germany 155,227 — — Poland 220,410 — — Consolidated net sales $ 1,108,055 $ 732,677 $ 727,946 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | December 31, 2017 2016 (Dollars in thousands) Trade receivables $ 152,476 $ 91,213 Other receivables 10,016 9,037 162,492 100,250 Allowance for doubtful accounts (2,325 ) (919 ) Accounts receivable, net $ 160,167 $ 99,331 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | December 31, 2017 2016 (Dollars in thousands) Raw materials $ 59,353 $ 40,255 Work in process 48,803 21,447 Finished goods 65,843 21,135 Inventories $ 173,999 $ 82,837 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | December 31, 2017 2016 (Dollars in thousands) Land and buildings $ 136,918 $ 67,915 Machinery and equipment 720,175 485,185 Leasehold improvements and others 12,192 4,868 Construction in progress 58,753 26,301 928,038 584,269 Accumulated depreciation (391,352 ) (356,866 ) Property, plant and equipment, net $ 536,686 $ 227,403 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets | Following is a summary of the company’s finite-lived and indefinite-lived intangible assets as of December 31, 2017. Therewere no such intangible assets at December 31, 2016. Gross Accumulated Currency Net Remaining (Dollars in thousands Brand name $ 9,000 $ (1,091 ) $ 581 $ 8,490 5-6 Technology 15,000 (1,818 ) 968 14,150 4-6 Customer relationships 167,000 (12,259 ) 11,005 165,746 6-11 Total finite 191,000 (15,168 ) 12,554 188,386 Trade names 14,000 — 1,087 15,087 Indefinite Total $ 205,000 $ (15,168 ) $ 13,641 $ 203,473 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 (in thousands): December 31, 2017 Debt Instrument Total Debt Debt (1) Total Debt, Net Weighted Credit Facility - Term Loan $ 386,800 $ (15,802 ) $ 370,998 5.6 % 6.00% Senior Notes due 2025 300,250 (8,510 ) 291,740 6.0 % Other 20,814 — 20,814 1.0 % $ 707,864 $ (24,312 ) 683,552 Less: Current portion (4,000 ) Long-term debt $ 679,552 (1) Unamortized portion |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes From Domestic and International Jurisdictions | Income before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Income before income taxes: Domestic $ (63,716 ) $ 18,499 $ 25,069 Foreign 64,582 36,222 10,214 $ 866 $ 54,721 $ 35,283 |
Provision for Income Taxes | The provision for income taxes is comprised of the following: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Current taxes Federal $ 6,121 $ (5,017 ) $ (10,900 ) State (390 ) 450 481 Foreign (12,564 ) (10,639 ) (2,099 ) Total current taxes (6,833 ) (15,206 ) (12,518 ) Deferred taxes Federal (4,387 ) (1,199 ) (961 ) State 1,492 (332 ) (576 ) Foreign 2,853 3,397 2,716 Total deferred taxes (42 ) 1,866 1,179 Income tax provision $ (6,875 ) $ (13,340 ) $ (11,339 ) |
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, 2017 2016 2015 Statutory rate (35.0 )% (35.0 )% (35.0 )% State tax provisions, net of federal income tax benefit 263.4 (6.3 ) 3.8 Tax credits 88.9 0.6 0.9 Foreign income taxes at rates other than the statutory rate 1,206.6 11.7 2.3 Valuation allowance and other (138.0 ) 5.1 (5.6 ) Changes in tax liabilities, net (11.3 ) 0.5 6.4 Share based compensation (61.5 ) (1.2 ) (4.4 ) Transaction costs (372.2 ) — — Tax Reform (1,918.7 ) — — Non taxable income 152.6 — — Other 31.3 0.2 (0.5 ) Effective income tax rate (793.9 )% (24.4 )% (32.1 )% |
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 liabilities are as follows: December 31, 2017 2016 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 2,445 $ 6,120 Hedging and foreign currency losses 2,034 9,475 Deferred compensation 8,628 11,723 Inventory reserves 2,954 3,563 Net loss carryforwards and credits 69,018 3,123 Competent authority deferred tax assets and other foreign timing differences 6,939 5,135 Other (830 ) 462 Total before valuation allowance 91,188 39,601 Valuation allowance (7,634 ) (3,123 ) Net deferred income tax assets 83,554 36,478 Deferred income tax liabilities: Intangibles, property, plant and equipment and other (57,791 ) (11,268 ) Deferred income tax liabilities (57,791 ) (11,268 ) Net deferred income tax assets $ 25,763 $ 25,210 The classification of our net deferred tax asset is shown below: December 31, 2017 2016 (Dollars in thousands) Long-term deferred income tax assets $ 54,302 $ 28,838 Long-term deferred income tax liabilities (28,539 ) (3,628 ) Net deferred tax asset $ 25,763 $ 25,210 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Beginning balance $ 3,446 $ 7,318 $ 7,193 Increases (decreases) due to foreign currency translations — — — Increases (decreases) as a result of positions taken during: — — — Prior periods — (3,872 ) 1,238 Current period 29,773 — 1,798 Settlements with taxing authorities — — — Expiration of applicable statutes of limitation (165 ) — (2,911 ) Ending balance (1) $ 33,054 $ 3,446 $ 7,318 (1) Increases in uncertain tax positions are primarily due to acquisition of UNIWHEELS AG. These uncertain tax positions offset certain deferred tax assets of UNIWHEELS AG. |
Leases and Related Parties (Tab
Leases and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following are summarized future minimum payments under all leases: Year Ended December 31, Operating (Dollars in thousands) 2018 $ 4,447 2019 3,242 2020 3,207 2021 2,845 2022 2,463 Thereafter 7,192 $ 23,396 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Summary of Changes in Projected Benefit Obligations | The following table summarizes the changes in plan benefit obligations: Year Ended December 31, 2017 2016 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 27,612 $ 28,399 Service cost — — Interest cost 1,189 1,216 Actuarial gain (loss) 2,300 (464 ) Benefit payments (1,342 ) (1,539 ) Ending benefit obligation $ 29,759 $ 27,612 |
Summary of Defined Benefit Plans | Year Ended December 31, 2017 2016 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,342 1,539 Benefit payments (1,342 ) (1,539 ) Fair value of plan assets at end of year $ — $ — Funded status $ (29,759 ) $ (27,612 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses (1,407 ) (1,177 ) Other non-current (28,352 ) (26,435 ) Net amount recognized $ (29,759 ) $ (27,612 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 7,722 $ 5,692 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 7,721 $ 5,691 Weighted average assumptions used to determine benefit obligations: Discount rate 3.7 % 4.4 % 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, 2017 2016 2015 (Dollars in thousands) Components of net periodic pension cost: Service cost $ — $ — $ 44 Interest cost 1,189 1,216 1,230 Amortization of actuarial loss 369 335 535 Net periodic pension cost 1,558 $ 1,551 $ 1,809 Weighted average assumptions used to determine net periodic pension cost: Discount rate 4.4 % 4.4 % 4.2 % Rate of compensation increase 3.0 % 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) 2018 $ 1,433 2019 $ 1,410 2020 $ 1,468 2021 $ 1,442 2022 $ 1,479 Years 2023 to 2027 $ 8,282 |
Periodic Pension Cost, Next Fiscal Year | The following is an estimate of the components of net periodic pension cost in 2018: Estimated Year Ended December 31, 2018 (Dollars in thousands) Service cost $ — Interest cost 1,086 Amortization of actuarial loss 437 Estimated 2018 net periodic pension cost $ 1,523 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Accrued Liabilities | December 31, 2017 2016 (Dollars in thousands) Payroll and related benefits $ 27,954 $ 12,766 Taxes, other than income taxes 9,419 7,325 Current portion of derivative liability 6,595 10,076 Dividends 7,322 5,127 Deferred tooling revenue 4,654 5,419 Current portion of executive retirement liabilities 1,407 1,177 Other 11,435 4,425 Accrued liabilities $ 68,786 $ 46,315 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity in 2017 and 2016 are summarized in the following table: Outstanding Weighted Average Exercise Price Remaining Contractual Life in Aggregate Intrinsic Value Balance at December 31, 2015 376,033 $ 18.89 3.6 $ 452,128 Granted — $ — Exercised (86,908 ) $ 18.77 Canceled (24,750 ) $ 21.51 Expired (32,750 ) $ 17.56 Balance at December 31, 2016 231,625 $ 18.88 3.1 $ 1,845,263 Granted — — Exercised (2,000 ) $ 16.76 Canceled (6,000 ) $ 21.09 Expired (78,000 ) $ 18.62 Balance at December 31, 2017 145,625 $ 18.96 Options vested or expected to vest at December 31, 2017 145,625 $ 18.96 2.0 $ — Exercisable at December 31, 2017 145,625 |
Summary of Stock Option Outstanding | Stock options outstanding at December 31, 2017 and 2016 are summarized in the following tables: Range of Exercise Prices Options Outstanding at Weighted Contractual Weighted Price Options Exercisable at Weighted Price $ 15.17 — $ 15.75 29,375 1.6 $ 15.17 29,375 $ 15.17 $ 15.76 — $ 16.54 24,250 2.4 $ 16.32 24,250 $ 16.32 $ 16.55 — $ 19.65 22,000 4.5 $ 17.07 22,000 $ 17.07 $ 19.66 — $ 22.21 49,000 0.4 $ 21.84 49,000 $ 21.84 $ 22.22 — $ 22.57 21,000 3.4 $ 22.57 21,000 $ 22.57 145,625 2.0 $ 18.96 145,625 $ 18.96 Range of Exercise Prices Options Outstanding at Weighted Contractual Weighted Price Options Exercisable at Weighted Price $ 15.17 — $ 16.54 54,625 3.0 $ 15.68 54,625 $ 15.68 $ 16.55 — $ 17.58 36,000 5.5 $ 16.95 36,000 $ 16.95 $ 17.59 — $ 20.20 54,000 2.3 $ 18.16 54,000 $ 18.16 $ 20.21 — $ 22.21 51,000 1.4 $ 21.84 51,000 $ 21.84 $ 22.22 — $ 22.57 36,000 4.4 $ 22.57 36,000 $ 22.57 231,625 3.1 $ 18.88 231,625 $ 18.88 |
Summary of Restricted Stock Activity | Restricted stock activity in 2017 and 2016 are summarized in the following table: Number Weighted Weighted Balance at December 31, 2015 192,293 $ 19.20 1.7 Granted — $ — Vested (42,546 ) $ 18.47 Canceled (5,452 ) $ 18.75 Balance at December 31, 2016 144,295 $ 19.43 0.5 Granted — $ — Vested (140,628 ) $ 19.43 Canceled (3,667 ) $ 19.16 Balance at December 31, 2017 — $ — — |
Summary of Restricted Stock Unit Activity | Restricted stock unit activity in 2017 and 2016 are summarized in the following table: Number Weighted Weighted Balance at December 31, 2015 53,323 $ 18.78 2.1 Granted 84,200 $ 23.71 Vested (7,227 ) $ 18.78 Canceled (2,729 ) $ 18.78 Balance at December 31, 2016 127,567 $ 22.03 1.7 Granted 131,656 $ 22.24 Vested (67,889 ) $ 21.54 Canceled (22,068 ) $ 22.95 Balance at December 31, 2017 169,266 $ 22.27 1.6 |
Summary of Restricted Performance Stock Unit Activity | Restricted performance stock unit activity in 2017 and 2016 are summarized in the following table: Number Weighted Weighted Balance at December 31, 2015 106,647 $ 18.78 2.0 Granted 127,139 $ 23.14 Vested — $ — Canceled (6,593 ) $ 19.92 Balance at December 31, 2016 227,193 $ 21.72 1.6 Granted 164,566 $ 22.39 Vested (71,493 ) $ 19.00 Added by performance factor 4,268 19.00 Canceled (84,860 ) $ 22.76 Balance at December 31, 2017 239,674 $ 22.58 1.7 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to our equity incentive plans in accordance with U.S. GAAP was allocated as follows: Year Ended December 31, 2017 2016 2015 (Thousands of dollars) Cost of sales $ 452 $ 472 $ 370 Selling, general and administrative expenses 2,124 3,218 2,437 Stock-based compensation expense before income taxes 2,576 3,690 2,807 Income tax benefit (970 ) (1,361 ) (1,044 ) Total stock-based compensation expense after income taxes $ 1,606 $ 2,329 $ 1,763 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (Dollars in thousands, except per share amounts) Year 2017 First Second Third Fourth Year Net sales $ 174,220 240,628 331,404 361,803 1,108,055 Gross profit $ 19,204 20,105 23,893 39,695 102,897 Income (loss) from operations $ 3,944 (1,998 ) 5,758 13,814 21,518 Consolidated income (loss) before income taxes $ 3,300 (9,241 ) (501 ) 7,308 866 Income tax (provision) benefit $ (198 ) 1,722 3,355 (11,754 ) (6,875 ) Consolidated net income (loss) $ 3,102 (7,519 ) 2,854 (4,446 ) (6,009 ) Less: Net (income) loss attributable to non-controlling non-controlling — 247 (239 ) (202 ) (194 ) Net income (loss) attributable to Superior 3,102 (7,272 ) 2,615 (4,648 ) (6,203 ) Income (loss) per share: Basic $ 0.12 (0.41 ) (0.22 ) (0.50 ) (1.01 ) Diluted $ 0.12 (0.41 ) (0.22 ) (0.50 ) (1.01 ) Dividends declared per share $ 0.18 0.09 0.09 0.09 0.45 Year 2016 First Second Third Fourth Year Net sales $ 186,065 $ 182,709 $ 175,580 $ 188,323 $ 732,677 Gross profit $ 27,715 $ 29,540 $ 10,981 $ 17,968 $ 86,204 Income from operations $ 18,722 $ 19,540 $ 5,250 $ 11,090 $ 54,602 Income before income taxes $ 19,022 $ 19,247 $ 4,910 $ 11,542 $ 54,721 Income tax (provision) benefit $ (4,558 ) $ (6,082 ) $ 1,064 $ (3,764 ) $ (13,340 ) Net income $ 14,464 $ 13,165 $ 5,974 $ 7,778 $ 41,381 Income per share: Basic $ 0.56 $ 0.52 $ 0.24 $ 0.31 $ 1.63 Diluted $ 0.56 $ 0.52 $ 0.23 $ 0.31 $ 1.62 Dividends declared per share $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Restricted cash and investments, current | $ 0.8 | $ 0.8 | |
Cash paid for interest | 24.3 | 0.3 | $ 0.3 |
Cash paid for income taxes | 11.1 | 21.9 | 12.6 |
Noncash or part noncash acquisition, fixed assets acquired | 15.1 | 4 | 1.1 |
Deferred revenue, revenue recognized | 11.9 | 8 | 5.8 |
Foreign currency transaction gain (loss), before tax | 12.9 | 0.4 | 1.2 |
Research and development expense | $ 7.7 | $ 3.8 | $ 2.6 |
Anti-dilutive securities excluded from computation of earnings per share | 0 | 147,150 | |
Antidilutive securities excluded from computation of earnings per share, price range, lower range limit | $ 21.84 | ||
Antidilutive securities excluded from computation of earnings per share, price range, upper range limit | $ 22.57 | ||
Mexican Peso [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage of increase (decrease) in value of currency | 5.10% | ||
Euro [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage of increase (decrease) in value of currency | 7.20% | ||
Supplier Concentration Risk [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Vendors accounting for more than ten percent of aluminum purchases | 2 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets. (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Production Machinery and Technical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 15 years |
Minimum [Member] | Other Equipment, Operating and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Maximum [Member] | Production Machinery and Technical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 50 years |
Maximum [Member] | Other Equipment, Operating and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Preproduction Costs Related to
Preproduction Costs Related to Long-Term Supply Arrangements - Summary of Unamortized Customer-Owned Tooling Costs Included in Other Non-Current Assets, and Deferred Tooling Revenues Included in Accrued Expenses and Other Non-Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Customer-Owned Tooling Costs | ||
Preproduction costs | $ 84,198 | $ 78,299 |
Accumulated amortization | (71,409) | (65,100) |
Net preproduction costs | 12,789 | 13,199 |
Deferred Tooling Revenue | ||
Accrued expenses | 4,654 | 5,419 |
Other non-current liabilities | 1,974 | 2,593 |
Total deferred tooling revenue | $ 6,628 | $ 8,012 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Basic Earnings (Loss) Per Share | |||||||||||
Net income (loss) attributable to Superior | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 7,778 | $ 5,974 | $ 13,165 | $ 14,464 | $ (6,203) | $ 41,381 | $ 23,944 |
Less: Redeemable preferred stock dividends and accretion | (18,912) | ||||||||||
Basic Numerator | $ (25,115) | $ 41,381 | $ 23,944 | ||||||||
Weighted average shares outstanding-basic | 24,929 | 25,439 | 26,599 | ||||||||
Basic (loss) earnings per share | $ (0.50) | $ (0.22) | $ (0.41) | $ 0.12 | $ 0.31 | $ 0.24 | $ 0.52 | $ 0.56 | $ (1.01) | $ 1.63 | $ 0.90 |
Diluted Earnings Per Share | |||||||||||
Net income (loss) attribute to Superior | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 7,778 | $ 5,974 | $ 13,165 | $ 14,464 | $ (6,203) | $ 41,381 | $ 23,944 |
Less: Redeemable preferred stock dividends and accretion | (18,912) | ||||||||||
Diluted Numerator | $ (25,115) | $ 41,381 | $ 23,944 | ||||||||
Weighted average shares outstanding - basic | 24,929 | 25,439 | 26,599 | ||||||||
Weighted average dilutive stock options and restricted stock | 100 | 34 | |||||||||
Weighted average shares outstanding - diluted | 24,929 | 25,539 | 26,633 | ||||||||
Diluted (loss) earnings per share | $ (0.50) | $ (0.22) | $ (0.41) | $ 0.12 | $ 0.31 | $ 0.23 | $ 0.52 | $ 0.56 | $ (1.01) | $ 1.62 | $ 0.90 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 15, 2017$ / sharesshares | Jul. 31, 2017$ / sharesshares | May 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017zł / shares | Dec. 31, 2017€ / shares | Jun. 25, 2017USD ($) | Apr. 12, 2017 | Mar. 23, 2017$ / shares | Mar. 23, 2017zł / shares |
Business Acquisition [Line Items] | |||||||||||
Percentage of voting interest acquired | 92.30% | ||||||||||
Exchange rate (dollar per polish zloty) | 3.74193 | 0.051 | 0.051 | ||||||||
Goodwill | $ 286,200 | $ 304,805 | $ 304,805 | ||||||||
Uniwheels Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Tender offer percentage | 100.00% | 100.00% | |||||||||
Acquiree commitment percentage | 61.00% | 61.00% | |||||||||
Minimum purchase percentage | 75.00% | ||||||||||
Cash consideration | $ 703,000 | 703,000 | |||||||||
Share price (in polish zloty per share) | (per share) | $ 262.50 | $ 247.87 | zł 247.87 | ||||||||
Remaining shares tendered | shares | 75,000 | 153,251 | |||||||||
Percentage of additional shares tendered | 0.60% | 1.20% | |||||||||
Cash consideration including the cost of shares which have not yet tendered | 778,000 | ||||||||||
Payments to acquire business including impact of hedge | 766,200 | ||||||||||
Goodwill | $ 286,249 | $ 286,249 | |||||||||
Domination and Profit Loss Transfer Agreement [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Exchange rate (dollar per polish zloty) | 3.74193 | 3.74193 | |||||||||
Share price (in polish zloty per share) | (per share) | zł 264 | € 62.18 | |||||||||
Guaranteed annual dividend for each share that is not tendered | $ / shares | $ 3.23 | ||||||||||
Europe [Member] | Uniwheels Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 304,800 | $ 304,800 | $ 286,200 | ||||||||
Significant Holder [Member] | Uniwheels Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Share price (in polish zloty per share) | zł / shares | zł 226.5 | ||||||||||
Uniwheels Other Shareholders [Member] | Uniwheels Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Share price (in polish zloty per share) | $ / shares | $ 247.87 | ||||||||||
Share price additional percentage | 5.00% | 5.00% |
Acquisition - (Schedule of Asse
Acquisition - (Schedule of Assets and Liabilities Acquired) (Detail) - USD ($) $ in Thousands | May 30, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Goodwill | $ 286,200 | $ 304,805 |
Uniwheels Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 703,000 | 703,000 |
Non-controlling interest | 63,200 | |
Cash and cash equivalents | 12,296 | |
Accounts receivable | 60,580 | |
Inventories | 83,901 | |
Prepaid expenses and other current assets | 11,859 | |
Total current assets | 168,636 | |
Property and equipment | 259,784 | |
Intangible assets | 205,000 | |
Goodwill | 286,249 | |
Other assets | 32,987 | |
Total assets acquired | 952,656 | |
Accounts payable | 61,883 | |
Other current liabilities | 40,903 | |
Total current liabilities | 102,786 | |
Other long-term liabilities | 83,670 | |
Total liabilities assumed | 186,456 | |
Net assets acquired | $ 766,200 |
Acquisition (Schedule of Intang
Acquisition (Schedule of Intangibles Acquired) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Uniwheels Acquisition [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | $ 205,000 |
Uniwheels Acquisition [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 9,000 |
Uniwheels Acquisition [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 15,000 |
Uniwheels Acquisition [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 167,000 |
Uniwheels Acquisition [Member] | Trade Names [Member] | |
Business Acquisition [Line Items] | |
Indefinite-lived intangibles acquired | $ 14,000 |
Minimum [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 4 years |
Minimum [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 4 years |
Minimum [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 7 years |
Maximum [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 6 years |
Maximum [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 6 years |
Maximum [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 11 years |
Acquisition Acquisition (ProFor
Acquisition Acquisition (ProForma) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net sales as reported | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 188,323 | $ 175,580 | $ 182,709 | $ 186,065 | $ 1,108,055 | $ 732,677 | $ 727,946 |
Proforma combined sales | 1,351,799 | 1,246,248 | |||||||||
Net (loss) income | (4,446) | 2,854 | (7,519) | 3,102 | (6,009) | 41,381 | 23,944 | ||||
Net (loss) income | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 7,778 | $ 5,974 | $ 13,165 | $ 14,464 | (6,203) | 41,381 | $ 23,944 |
Proforma net income | $ 17,692 | $ 38,809 | |||||||||
Proforma basic and diluted (loss) earnings per share | $ (0.55) | $ 0.28 | |||||||||
Uniwheels Sales, Prior to the Acquisition [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net sales as reported | $ 243,744 | $ 513,571 | |||||||||
Uniwheels Net Income Before Income Taxes, Prior to the Acquisition [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net (loss) income | 25,394 | 55,883 | |||||||||
Incremental Interest Expense on the Debt [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net (loss) income | (17,716) | (42,518) | |||||||||
Incremental Amortization on the Identifiable Intangible Assets [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net (loss) income | (9,769) | (23,446) | |||||||||
Transaction Expenses Incurred by Both the Company and Uniwheels [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net (loss) income | 35,906 | ||||||||||
Income Tax Expense Related to the Proforma Adjustments [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net (loss) income | $ (10,114) | $ 7,509 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Gain on sale of the facility | $ 1,436 | |||
Expected Restructuring Charges | $ 16,037 | |||
Restructuring and Related Cost, Incurred Cost | 138 | 15,899 | ||
Changes in the accrued expenses related to restructuring liabilities | 100 | 100 | ||
Cost of Sales [Member] | Rogers Arkansas Facility Closure [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected Restructuring Charges | 16,000 | |||
Restructuring and Related Cost, Incurred Cost | 100 | 1,500 | $ 6,000 | $ 8,400 |
Buildings [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Proceeds from sale of buildings | 4,300 | |||
Gain on sale of the facility | $ 1,436 | $ 1,400 |
Restructuring - Summary of Roge
Restructuring - Summary of Rogers, Arkansas Plant Closure Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | $ 138 | $ 15,899 |
Gain on sale of the facility | (1,436) | |
Expected Restructuring Charges | 16,037 | |
Buildings [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Gain on sale of the facility | (1,436) | (1,400) |
Accelerated Depreciation [Member] | Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Accelerated Depreciation | 13 | 7,254 |
Expected Restructuring Charges | 7,267 | |
One-time Termination Benefits [Member] | Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 2,011 | |
Expected Restructuring Charges | 2,011 | |
Other Restructuring [Member] | Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 125 | 6,634 |
Expected Restructuring Charges | 6,759 | |
Restructuring Costs All Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 138 | |
Expected Restructuring Charges | $ 14,601 | $ 14,463 |
Restructuring - Summary of Ro60
Restructuring - Summary of Rogers, Arkansas Plant Closure Costs (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 138 | $ 15,899 | ||
Cost of Sales [Member] | Rogers Arkansas Facility Closure [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 100 | 1,500 | $ 6,000 | $ 8,400 |
Cost of Sales [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 125 | $ 6,634 | ||
Cost of Sales [Member] | Other Restructuring [Member] | Rogers Arkansas Facility Closure [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 2,700 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | May 22, 2017 | Dec. 25, 2016 |
Liabilities | |||
Embedded derivative liability | $ 4,685 | $ 10,900 | |
Recurring [Member] | |||
Assets | |||
Derivative contracts | 6,342 | $ 13 | |
Total | 15,132 | 8,243 | |
Liabilities | |||
Derivative contracts | 16,106 | 24,773 | |
Embedded derivative liability | 4,685 | ||
Total | 20,791 | 24,773 | |
Recurring [Member] | Certificates of Deposit [Member] | |||
Assets | |||
Certificates of deposit | 750 | 750 | |
Recurring [Member] | Cash Surrender Value [Member] | |||
Assets | |||
Cash surrender value | 8,040 | 7,480 | |
Recurring [Member] | Level 2 [Member] | |||
Assets | |||
Derivative contracts | 6,342 | 13 | |
Total | 15,132 | 8,243 | |
Liabilities | |||
Derivative contracts | 16,106 | 24,773 | |
Total | 16,106 | 24,773 | |
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member] | |||
Assets | |||
Certificates of deposit | 750 | 750 | |
Recurring [Member] | Level 2 [Member] | Cash Surrender Value [Member] | |||
Assets | |||
Cash surrender value | 8,040 | $ 7,480 | |
Recurring [Member] | Level 3 [Member] | |||
Liabilities | |||
Embedded derivative liability | 4,685 | ||
Total | $ 4,685 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability (Detail) - Level 3 [Member] $ in Thousands | 7 Months Ended |
Dec. 31, 2017USD ($) | |
Change in fair value: | |
Beginning balance | $ 0 |
Beginning fair value at date of issuance on May 22, 2017 | 10,849 |
Change in fair value of redeemable preferred stock embedded derivative liability | (6,164) |
Ending balance | $ 4,685 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Estimate of Fair Value Measurement [Member] | |
Derivatives, Fair Value [Line Items] | |
Long-term debt fair value | $ 704,005 |
Aggregate Carrying Value [Member] | |
Derivatives, Fair Value [Line Items] | |
Long-term debt fair value | $ 707,864 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | May 22, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Maximum length of time, foreign currency cash flow hedge | 48 months | |
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | |
Fair value of embedded derivative liability | 4,685,000 | $ 10,900,000 |
Change in fair value of redeemable preferred stock embedded derivative liability | $ 6,164,000 | |
Stock price per share | $ 14.85 | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Remaining Maturity | 1 month | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Remaining Maturity | 48 months | |
Embedded derivative liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Redemption per share | $ 56.324 | |
Debt instrument face value | $ 150,000,000 | |
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | |
Volatility rate | 32.00% | |
Risky bond rate | 19.20% | |
Dividend yield rate | 2.40% | |
Stock price per share | $ 14.85 | $ 19.05 |
Embedded derivative liability [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Valuation scenario term | 4 years | |
Risk-free interest rate | 2.10% | |
Embedded derivative liability [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Valuation scenario term | 6 years 4 months 20 days | |
Risk-free interest rate | 2.30% |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 5,619 | $ 13 |
Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 723 | 0 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 6,595 | 10,076 |
Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 14,196 | 14,697 |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 3,065 | 13 |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 723 | 0 |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 4,922 | 10,076 |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 8,405 | $ 14,697 |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 721 | |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 206 | |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 0 | |
Aluminum Forward Contracts Not Designated as Hedges [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,833 | |
Aluminum Forward Contracts Not Designated as Hedges [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | |
Aluminum Forward Contracts Not Designated as Hedges [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 0 | |
Aluminum Forward Contracts Not Designated as Hedges [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 0 | |
Cross Currency Swap Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | |
Cross Currency Swap Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | |
Cross Currency Swap Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 1,467 | |
Cross Currency Swap Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 1,106 | |
Embedded derivative liability [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | |
Embedded derivative liability [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | |
Embedded derivative liability [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 0 | |
Embedded derivative liability [Member] | Not Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 4,685 |
Financial Instruments - Summa66
Financial Instruments - Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 473,067 | $ 160,461 |
Derivative, Fair Value, Net | (9,764) | 24,760 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 397,744 | 160,461 |
Derivative, Fair Value, Net | (9,539) | 24,760 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 23,305 | 0 |
Derivative, Fair Value, Net | 515 | 0 |
Not Designated as Hedging Instrument [Member] | Aluminum Forward Contracts Not Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 15,564 | 0 |
Derivative, Fair Value, Net | 1,833 | 0 |
Not Designated as Hedging Instrument [Member] | Cross Currency Swap Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 36,454 | 0 |
Derivative, Fair Value, Net | $ (2,573) | $ 0 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Impact of Derivative Instruments Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ 7,603 | $ (6,812) | $ (4,524) |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | (4,539) | (13,597) | (9,960) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (538) | (156) | 19 |
Foreign Exchange Forward Contracts and Collars Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 7,603 | (6,812) | (4,524) |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | (4,539) | (13,597) | (9,960) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ (538) | $ (156) | $ 19 |
Business Segments - Summary of
Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales as reported | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 188,323 | $ 175,580 | $ 182,709 | $ 186,065 | $ 1,108,055 | $ 732,677 | $ 727,946 |
Income from operations | 13,814 | $ 5,758 | $ (1,998) | $ 3,944 | 11,090 | $ 5,250 | $ 19,540 | $ 18,722 | 21,518 | 54,602 | 36,294 |
Depreciation and Amortization | 69,335 | 34,261 | 34,530 | ||||||||
Capital Expenditures | 70,937 | 39,575 | 39,543 | ||||||||
Property, plant, and equipment, net | 536,686 | 227,403 | 536,686 | 227,403 | |||||||
Long-lived intangible assets | 203,473 | 0 | 203,473 | 0 | |||||||
Total assets | 1,551,252 | 542,756 | 1,551,252 | 542,756 | |||||||
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales as reported | 732,418 | 732,677 | 727,946 | ||||||||
Income from operations | 9,808 | 54,602 | 36,294 | ||||||||
Depreciation and Amortization | 35,931 | 34,261 | 34,530 | ||||||||
Capital Expenditures | 47,493 | 39,575 | 39,543 | ||||||||
Property, plant, and equipment, net | 245,178 | 227,403 | 245,178 | 227,403 | |||||||
Long-lived intangible assets | 0 | 0 | 0 | 0 | |||||||
Total assets | 519,192 | 542,756 | 519,192 | 542,756 | |||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales as reported | 375,637 | 0 | 0 | ||||||||
Income from operations | 11,710 | 0 | 0 | ||||||||
Depreciation and Amortization | 33,404 | 0 | 0 | ||||||||
Capital Expenditures | 23,444 | 0 | $ 0 | ||||||||
Property, plant, and equipment, net | 291,508 | 0 | 291,508 | 0 | |||||||
Long-lived intangible assets | 203,473 | $ 0 | 203,473 | $ 0 | |||||||
Total assets | $ 1,032,060 | $ 1,032,060 |
Business Segments - Net Sales b
Business Segments - Net Sales by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 188,323 | $ 175,580 | $ 182,709 | $ 186,065 | $ 1,108,055 | $ 732,677 | $ 727,946 |
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 124,711 | 120,395 | 177,198 | ||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 607,707 | $ 612,282 | $ 550,748 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 155,227 | ||||||||||
Poland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | $ 220,410 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Trade receivables | $ 152,476 | $ 91,213 |
Other receivables | 10,016 | 9,037 |
Accounts receivable, gross | 162,492 | 100,250 |
Allowance for doubtful accounts | (2,325) | (919) |
Accounts receivable, net | $ 160,167 | $ 99,331 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Ford [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 38.00% | 44.00% |
Ford [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 39.00% | |
General Motors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 30.00% | 24.00% |
General Motors [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 32.00% | |
Toyota [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 9.00% | 14.00% | 14.00% |
Toyota [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 4.00% | 14.00% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 59,353 | $ 40,255 |
Work in process | 48,803 | 21,447 |
Finished goods | 65,843 | 21,135 |
Inventories | $ 173,999 | $ 82,837 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 25, 2016 |
Inventory Disclosure [Abstract] | ||
Inventory, non-current | $ 8.1 | $ 6.5 |
Supplies inventory | $ 12.5 | $ 10.3 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 928,038 | $ 584,269 |
Accumulated depreciation | (391,352) | (356,866) |
Property, plant and equipment, net | 536,686 | 227,403 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 136,918 | 67,915 |
Production Machinery and Technical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 720,175 | 485,185 |
Leasehold Improvements and Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,192 | 4,868 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 58,753 | $ 26,301 |
Property, Plant and Equipment75
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 54.2 | $ 34.3 | $ 34.5 |
Investment In Unconsolidated 76
Investment In Unconsolidated Affiliate - Additional Information (Detail) - USD ($) | Oct. 14, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 25, 2011 | Jun. 28, 2010 |
Investments, All Other Investments [Abstract] | |||||||
Investment owned, at cost | $ 4,500,000 | ||||||
Investment owned, percent of shares outstanding | 12.60% | ||||||
Affiliate borrowings | $ 1,500,000 | ||||||
Payments for advance to affiliate | $ 500,000 | ||||||
Cost method investments | $ 4,500,000 | ||||||
Cost method investments, fair value | 2,000,000 | ||||||
Cost method investments, other than temporary impairment | $ 0 | $ 0 | $ 2,500,000 | ||||
Note receivable | $ 2,600,000 | ||||||
Gain on sale of investment | 500,000 | ||||||
Proceeds from sale of interest in affiliates | $ 500,000 | ||||||
Notes receivable, net | $ 2,100,000 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | May 30, 2017 | Dec. 25, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 304,805 | $ 286,200 | |
Intangible assets | 203,473 | $ 0 | |
Amortization of intangible assets | 15,200 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,018 | 25,000 | ||
2,019 | 25,000 | ||
2,020 | 25,000 | ||
2,021 | 25,000 | ||
2,022 | $ 22,200 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets - Summary of Finite-Lived and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 191,000 | |
Indefinite-lived Intangible Assets, Gross Carrying Amount | 14,000 | |
Indefinite-lived Intangible Assets, Currency Translation | 1,087 | |
Indefinite-lived Intangible Assets, Net | 15,087 | |
Gross Carrying Amount | 205,000 | |
Accumulated Amortization | (15,168) | |
Finite-lived Intangible Assets, Currency Translation | 12,554 | |
Currency Translation | 13,641 | |
Finite-lived Intangible Assets, Net | 188,386 | |
Net | 203,473 | $ 0 |
Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 9,000 | |
Accumulated Amortization | (1,091) | |
Finite-lived Intangible Assets, Currency Translation | 581 | |
Finite-lived Intangible Assets, Net | 8,490 | |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 15,000 | |
Accumulated Amortization | (1,818) | |
Finite-lived Intangible Assets, Currency Translation | 968 | |
Finite-lived Intangible Assets, Net | 14,150 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 167,000 | |
Accumulated Amortization | (12,259) | |
Finite-lived Intangible Assets, Currency Translation | 11,005 | |
Finite-lived Intangible Assets, Net | $ 165,746 | |
Minimum [Member] | Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 5 years | |
Minimum [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 4 years | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 6 years | |
Maximum [Member] | Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 6 years | |
Maximum [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 6 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 11 years |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Total Debt | $ 707,864 |
Debt Issuance Costs | (24,312) |
Total Debt, Net | 683,552 |
Less: Current portion | (4,000) |
Long-term debt | 679,552 |
Credit Facility - Term Loan [Member] | |
Debt Instrument [Line Items] | |
Total Debt | 386,800 |
Debt Issuance Costs | (15,802) |
Total Debt, Net | $ 370,998 |
Weighted Average Interest Rate | 5.60% |
Senior Notes [Member] | Senior Notes, 6.00%, due 2025 [Member] | |
Debt Instrument [Line Items] | |
Total Debt | $ 300,250 |
Debt Issuance Costs | (8,510) |
Total Debt, Net | $ 291,740 |
Weighted Average Interest Rate | 6.00% |
Other [Member] | |
Debt Instrument [Line Items] | |
Total Debt | $ 20,814 |
Total Debt, Net | $ 20,814 |
Weighted Average Interest Rate | 1.00% |
Long-Term Debt - Summary of L80
Long-Term Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail) | Dec. 31, 2017 |
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate stated, percentage | 6.00% |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) | Sep. 30, 2017 | Jun. 15, 2017EUR (€) | Mar. 22, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | May 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Debt default, holder percent to declare all notes due, minimum | 30.00% | 30.00% | ||||
Long-term debt | $ 683,552,000 | |||||
Long-term debt, current | 4,000,000 | |||||
Uniwheels Acquisition [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 70,700,000 | |||||
Long-term debt, current | 4,000,000 | |||||
Senior Notes [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | € | € 250,000,000 | |||||
Debt instrument, interest rate stated, percentage | 6.00% | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of term loan facility | $ 400,000,000 | |||||
Repayments under term loan facility | 13,200,000 | |||||
Term loan facility balance | 386,800,000 | |||||
Debt instrument, quarterly principal payments | $ 1,000,000 | |||||
Debt instrument, periodic payment percent of excess cash flow | 50.00% | |||||
Debt instrument, quarterly payment in excess of asset sales net proceeds | $ 5,000,000 | |||||
Debt instrument, annual payment in excess of asset sales net proceeds | 20,000,000 | |||||
Outstanding borrowings | 0 | |||||
Amount outstanding | 2,800,000 | |||||
Amount of availability | $ 157,200,000 | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 4.50% | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Senior Notes [Member] | Senior Secured Term Loan Facility [Member] | One Month LIBOR Plus Margin [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||
Senior Notes [Member] | Debt Instrument Redemption Period One [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption percentage | 103.00% | |||||
Senior Notes [Member] | Debt Instrument Redemption Period Two [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption percentage | 101.50% | 40.00% | ||||
Senior Notes [Member] | Debt Instrument Redemption Period Three [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption percentage | 100.00% | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fees percentage | 0.50% | |||||
Revolving Credit Facility [Member] | Uniwheels Acquisition [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Undrawn revolving line of credit | € | € 30,000,000 | |||||
Debt instrument expiry date | Jul. 31, 2020 | |||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fees percentage | 0.50% | |||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fees percentage | 0.25% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | 1.00% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.00% | 3.50% | ||||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||
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 | 2.00% | |||||
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||
Revolving Credit Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||
Revolving Credit Facility [Member] | Euribor [Member] | Minimum [Member] | Uniwheels Acquisition [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.95% | |||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of term loan facility | $ 160,000,000 | |||||
Credit Facility - Term Loan [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of capital stock issued | 65.00% | 65.00% | ||||
Equipment Loan [Member] | Uniwheels Acquisition [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate stated, percentage | 2.20% | 2.20% | ||||
Debt instrument, quarterly principal payments | $ 800,000 | |||||
Long-term debt | $ 20,800,000 |
Redeemable Preferred Shares - A
Redeemable Preferred Shares - Additional Information (Detail) - USD ($) | Aug. 30, 2017 | May 22, 2017 | Mar. 22, 2017 | Dec. 31, 2017 | Dec. 25, 2016 |
Temporary Equity [Line Items] | |||||
Proceeds from issuance of redeemable preferred shares | $ 150,000,000 | ||||
Temporary equity, stock issued during period, shares, new issues | 150,000 | 0 | |||
Temporary equity, par value | $ 0.01 | $ 0.01 | |||
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | ||||
Stock price per share | $ 14.85 | ||||
Issuance costs | $ 3,700,000 | $ 3,737,000 | |||
Proceeds from issuance of redeemable preferred shares, net of issuance costs | 146,300,000 | ||||
Embedded derivative liability | 10,900,000 | 4,685,000 | |||
Adjusted proceeds from issuance of redeemable preferred shares | $ 135,500,000 | ||||
Accreted value | 9,200,000 | ||||
Convertible preferred stock | $ 144,694,000 | ||||
Debt Instrument Redemption Period One [Member] | |||||
Temporary Equity [Line Items] | |||||
Redemption period | 7 years | ||||
Convertible Preferred Stock Redemption Period One [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible Preferred Stock, Redemption Value | $ 262,500,000 | ||||
Convertible preferred stock, redemption value percent of stated value | 175.00% | ||||
Convertible Preferred Stock Redemption Period Two [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | ||||
Convertible preferred stock, redemption value percent of stated value | 200.00% | ||||
Convertible preferred stock, total shares issued upon conversion | 5,300,000 | ||||
Embedded derivative liability [Member] | |||||
Temporary Equity [Line Items] | |||||
Redemption per share | $ 56.324 | ||||
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | ||||
Stock price per share | $ 19.05 | $ 14.85 | |||
Debt instrument face value | $ 150,000,000 | ||||
Series A Redeemable Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity, stock issued during period, shares, new issues | 140,202 | ||||
Temporary equity, liquidation preference per share | $ 1,000 | ||||
Temporary equity, par value | 0.01 | ||||
Redemption per share | $ 28.162 | ||||
Preferred stock, dividend rate, percentage | 9.00% | ||||
Percentage of temporary equity stock issued during period to common stock outstanding | 19.99% | ||||
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 | ||||
Conversion of series B redeemable preferred stock into series A redeemable preferred stock | 9,798 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes From Domestic and International Jurisdictions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (63,716) | $ 18,499 | $ 25,069 | ||||||||
Foreign | 64,582 | 36,222 | 10,214 | ||||||||
Consolidated income (loss) before income taxes | $ 7,308 | $ (501) | $ (9,241) | $ 3,300 | $ 11,542 | $ 4,910 | $ 19,247 | $ 19,022 | $ 866 | $ 54,721 | $ 35,283 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $ 6,121 | $ (5,017) | $ (10,900) | ||||||||
State | (390) | 450 | 481 | ||||||||
Foreign | (12,564) | (10,639) | (2,099) | ||||||||
Total current taxes | (6,833) | (15,206) | (12,518) | ||||||||
Federal | (4,387) | (1,199) | (961) | ||||||||
State | 1,492 | (332) | (576) | ||||||||
Foreign | 2,853 | 3,397 | 2,716 | ||||||||
Total deferred taxes | (42) | 1,866 | 1,179 | ||||||||
Income tax provision | $ (11,754) | $ 3,355 | $ 1,722 | $ (198) | $ (3,764) | $ 1,064 | $ (6,082) | $ (4,558) | $ (6,875) | $ (13,340) | $ (11,339) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the U.S. Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | (35.00%) | (35.00%) | (35.00%) |
State tax provisions, net of federal income tax benefit | 263.40% | (6.30%) | 3.80% |
Tax credits | 88.90% | 0.60% | 0.90% |
Foreign income taxes at rates other than the statutory rate | 1206.60% | 11.70% | 2.30% |
Valuation allowance and other | (138.00%) | 5.10% | (5.60%) |
Changes in tax liabilities, net | (11.30%) | 0.50% | 6.40% |
Share based compensation | (61.50%) | (1.20%) | (4.40%) |
Transaction costs | (372.20%) | ||
Tax Reform | (1918.70%) | ||
Non taxable income | 152.60% | ||
Other | 31.30% | 0.20% | (0.50%) |
Effective income tax rate | (793.90%) | (24.40%) | (32.10%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Unrecognized Tax Benefits Summary [Line Items] | ||||
Effective income tax rate | 793.90% | 24.40% | 32.10% | |
Statutory rate | 35.00% | 35.00% | 35.00% | |
Valuation allowance | $ 4.5 | |||
Deferred tax asset due to Tax Cuts and Jobs Act | 7.3 | |||
Expense for estimate of impact of one-time transition tax | 9.3 | |||
Operating Loss Carryforwards | 87 | |||
Tax credit carryforward, amount | 58 | |||
Unremitted earnings of foreign subsidiaries | 164.3 | |||
Unrecognized tax benefits that would favorably impact effective tax rate | 1.8 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 2.4 | $ 1.8 | $ 2.1 | |
Earliest Tax Year [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Operating loss carryforwards, expiration year | 2,018 | |||
State tax credit carryforwards, expiration year | 2,021 | |||
Open tax year | 2,013 | |||
Latest Tax Year [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Operating loss carryforwards, expiration year | 2,037 | |||
State tax credit carryforwards, expiration year | 2,026 | |||
Open tax year | 2,017 | |||
Scenario, Plan [Member] | ||||
Unrecognized Tax Benefits Summary [Line Items] | ||||
Statutory rate | 21.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Deferred income tax assets: | ||
Accrued liabilities | $ 2,445 | $ 6,120 |
Hedging and foreign currency losses | 2,034 | 9,475 |
Deferred compensation | 8,628 | 11,723 |
Inventory reserves | 2,954 | 3,563 |
Net loss carryforwards and credits | 69,018 | 3,123 |
Competent authority deferred tax assets and other foreign timing differences | 6,939 | 5,135 |
Other | (830) | 462 |
Total before valuation allowance | 91,188 | 39,601 |
Valuation allowance | (7,634) | (3,123) |
Net deferred income tax assets | 83,554 | 36,478 |
Deferred income tax liabilities: | ||
Intangibles, property, plant and equipment and other | (57,791) | (11,268) |
Deferred income tax liabilities | (57,791) | (11,268) |
Net deferred income tax assets | 25,763 | 25,210 |
Long-term deferred income tax assets | 54,302 | 28,838 |
Long-term deferred income tax liabilities | (28,539) | (3,628) |
Net deferred income tax assets | $ 25,763 | $ 25,210 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 3,446 | $ 7,318 | $ 7,193 |
Increases (decreases) due to foreign currency translations | 0 | 0 | 0 |
Increases (decreases) as a result of positions taken during: Prior periods | (3,872) | 1,238 | |
Current period | 29,773 | 1,798 | |
Settlements with taxing authorities | 0 | 0 | 0 |
Expiration of applicable statutes of limitation | (165) | (2,911) | |
Ending balance | $ 33,054 | $ 3,446 | $ 7,318 |
Leases and Related Parties - Ad
Leases and Related Parties - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Related Party Transaction [Line Items] | |||||
Operating leases, rent expense, net | $ 4,300,000 | $ 1,900,000 | $ 1,900,000 | ||
Annual lease payments, related parties | $ 225,000 | $ 427,000 | |||
Future minimum lease payments | 23,396,000 | ||||
Related party transaction, expenses from transactions with related party | 100,000 | 200,000 | $ 300,000 | ||
Related party transaction, amounts of transaction | 376,920 | $ 243,000 | |||
Louis L. Borick Foundation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Future minimum lease payments | $ 100,000 |
Leases and Related Parties - Sc
Leases and Related Parties - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 4,447 |
2,019 | 3,242 |
2,020 | 3,207 |
2,021 | 2,845 |
2,022 | 2,463 |
Thereafter | 7,192 |
Future minimum lease payments | $ 23,396 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Age | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | |
Retirement Benefits [Abstract] | |||
Cash surrender value | $ 8 | $ 7.5 | |
Age for benefits | Age | 65 | ||
Defined contribution plan, cost recognized | $ 1.7 | $ 1.4 | $ 1.5 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Changes in Projected Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Retirement Benefits [Abstract] | |||
Beginning benefit obligation | $ 27,612 | $ 28,399 | |
Service cost | 0 | 0 | $ (44) |
Interest cost | 1,189 | 1,216 | 1,230 |
Actuarial gain (loss) | 2,300 | (464) | |
Benefit payments | (1,342) | (1,539) | |
Ending benefit obligation | $ 29,759 | $ 27,612 | $ 28,399 |
Retirement Plans - Schedule o93
Retirement Plans - Schedule of Defined Benefit Plans Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Retirement Benefits [Abstract] | ||
Fair value of plan assets at beginning of year | $ 0 | $ 0 |
Employer contribution | 1,342 | 1,539 |
Benefit payments | (1,342) | (1,539) |
Fair value of plan assets at end of year | 0 | 0 |
Funded status | (29,759) | (27,612) |
Accrued expenses | (1,407) | (1,177) |
Other non-current liabilities | (28,352) | (26,435) |
Net amount recognized | (29,759) | (27,612) |
Net actuarial loss | 7,722 | 5,692 |
Prior service cost | (1) | (1) |
Net amount recognized, before tax effect | $ 7,721 | $ 5,691 |
Discount rate | 3.70% | 4.40% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans - Schedule o94
Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 44 |
Interest cost | 1,189 | 1,216 | 1,230 |
Amortization of actuarial loss | 369 | 335 | 535 |
Net periodic pension cost | $ 1,558 | $ 1,551 | $ 1,809 |
Discount rate | 4.40% | 4.40% | 4.20% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Retirement Plans - Schedule o95
Retirement Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Retirement Benefits [Abstract] | |
2,018 | $ 1,433 |
2,019 | 1,410 |
2,020 | 1,468 |
2,021 | 1,442 |
2,022 | 1,479 |
Years 2023 to 2027 | $ 8,282 |
Retirement Plans - Periodic Pen
Retirement Plans - Periodic Pension Cost, Next Fiscal Year (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,189 | $ 1,216 | $ 1,230 | |
Estimated 2018 net periodic pension cost | $ 1,558 | $ 1,551 | $ 1,809 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | |||
Interest cost | 1,086 | |||
Amortization of actuarial loss | 437 | |||
Estimated 2018 net periodic pension cost | $ 1,523 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Payables and Accruals [Abstract] | ||
Payroll and related benefits | $ 27,954 | $ 12,766 |
Taxes, other than income taxes | 9,419 | 7,325 |
Current portion of derivative liability | 6,595 | 10,076 |
Dividends | 7,322 | 5,127 |
Deferred tooling revenue | 4,654 | 5,419 |
Current portion of executive retirement liabilities | 1,407 | 1,177 |
Other | 11,435 | 4,425 |
Accrued liabilities | $ 68,786 | $ 46,315 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2017shares | Dec. 31, 2017USD ($)Category$ / sharesshares | Dec. 25, 2016USD ($)$ / sharesshares | Dec. 27, 2015USD ($) | Dec. 28, 2014$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorizes issuance of common stock | 3,500,000 | ||||
Number of shares available for grant | 1,700,000 | ||||
Maximum shares that may be used as full value awards | 600,000 | ||||
Proceeds from stock options exercised | $ | $ 41 | $ 1,641 | $ 7,265 | ||
Total intrinsic value | $ | $ 100 | $ 700 | $ 800 | ||
Share price | $ / shares | $ 14.85 | ||||
Amount of unrecognized stock-based compensation expense | $ | $ 2,500 | ||||
Weighted average period for recognition | 1 year 7 months 6 days | ||||
Employment Agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Grants in period | 132,455 | ||||
Number of shares vested | 50,000 | 82,455 | |||
Grants in period, weighted average grant date fair value | $ / shares | $ 19.44 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Grants in period | 131,656 | 84,200 | |||
Number of shares vested | 67,889 | 7,227 | |||
Grants in period, weighted average grant date fair value | $ / shares | $ 22.24 | $ 23.71 | |||
PSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Number of individual categories | Category | 3 | ||||
Grants in period | 164,566 | 127,139 | |||
Number of shares vested | 71,493 | ||||
Grants in period, weighted average grant date fair value | $ / shares | $ 22.39 | $ 23.14 | |||
PSUs [Member] | Upon certain Return on Invested Capital targets for 2015 to 2017 units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 40.00% | ||||
PSUs [Member] | Upon certain Cumulative EPS targets for 2016 to 2017 units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 40.00% | ||||
PSUs [Member] | Upon certain EBITDA margin targets for 2015 units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 40.00% | ||||
PSUs [Member] | Upon certain market based Shareholder Return targets for 2015 to 2017 units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 20.00% | ||||
Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period | 0 | 0 | |||
Number of shares vested | 140,628 | 42,546 | |||
Grants in period, weighted average grant date fair value | $ / shares | $ 0 | $ 0 | |||
Restricted Stock [Member] | Minimum [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 Stock Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Number of Options Outstanding | |||
Number of Options Outstanding, Beginning balance (in shares) | 231,625 | 376,033 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (2,000) | (86,908) | |
Canceled (in shares) | (6,000) | (24,750) | |
Expired (in shares) | (78,000) | (32,750) | |
Number of Options Outstanding, Ending balance (in shares) | 145,625 | 231,625 | 376,033 |
Options vested or expected to vest, Outstanding (in shares) | 145,625 | ||
Exercisable, Outstanding (in shares) | 145,625 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Beginning balance (in dollars per share) | $ 18.88 | $ 18.89 | |
Granted (in dollars per share) | 0 | 0 | |
Exercised (in dollars per share) | 16.76 | 18.77 | |
Canceled (in dollars per share) | 21.09 | 21.51 | |
Expired (in dollars per share) | 18.62 | 17.56 | |
Weighted Average Exercise Price, Ending balance (in dollars per share) | 18.96 | $ 18.88 | $ 18.89 |
Options vested or expected to vest, Weighted Average Exercise Price (in dollars per share) | 18.96 | ||
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||
Option Outstanding, Remaining Contractual Life in Years | 3 years 1 month 6 days | 3 years 7 months 6 days | |
Options vested or expected to vest, Remaining Contractual Life in Years | 2 years | ||
Options Outstanding, Aggregate Intrinsic Value | $ 1,845,263 | $ 452,128 | |
Options vested or expected to vest, Aggregate Intrinsic Value | $ 0 |
Stock-Based Compensation - S100
Stock-Based Compensation - Summary of Stock Option Outstanding (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding | 145,625 | 231,625 |
Outstanding options, weighted average remaining contractual term | 2 years | 3 years 1 month 6 days |
Outstanding options, weighted average exercise price | $ 18.96 | $ 18.88 |
Options exercisable | 145,625 | 231,625 |
Exercisable options, weighted average exercise price | $ 18.96 | $ 18.88 |
Option Range 1 of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | 15.17 | 15.17 |
Exercise price range, upper range limit | $ 15.75 | $ 16.54 |
Options outstanding | 29,375 | 54,625 |
Outstanding options, weighted average remaining contractual term | 1 year 7 months 6 days | 3 years |
Outstanding options, weighted average exercise price | $ 15.17 | $ 15.68 |
Options exercisable | 29,375 | 54,625 |
Exercisable options, weighted average exercise price | $ 15.17 | $ 15.68 |
Option Range 2 of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | 15.76 | 16.55 |
Exercise price range, upper range limit | $ 16.54 | $ 17.58 |
Options outstanding | 24,250 | 36,000 |
Outstanding options, weighted average remaining contractual term | 2 years 4 months 24 days | 5 years 6 months |
Outstanding options, weighted average exercise price | $ 16.32 | $ 16.95 |
Options exercisable | 24,250 | 36,000 |
Exercisable options, weighted average exercise price | $ 16.32 | $ 16.95 |
Option Range 3 of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | 16.55 | 17.59 |
Exercise price range, upper range limit | $ 19.65 | $ 20.20 |
Options outstanding | 22,000 | 54,000 |
Outstanding options, weighted average remaining contractual term | 4 years 6 months | 2 years 3 months 19 days |
Outstanding options, weighted average exercise price | $ 17.07 | $ 18.16 |
Options exercisable | 22,000 | 54,000 |
Exercisable options, weighted average exercise price | $ 17.07 | $ 18.16 |
Option Range 4 of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | 19.66 | 20.21 |
Exercise price range, upper range limit | $ 22.21 | $ 22.21 |
Options outstanding | 49,000 | 51,000 |
Outstanding options, weighted average remaining contractual term | 4 months 24 days | 1 year 4 months 24 days |
Outstanding options, weighted average exercise price | $ 21.84 | $ 21.84 |
Options exercisable | 49,000 | 51,000 |
Exercisable options, weighted average exercise price | $ 21.84 | $ 21.84 |
Option Range 5 of Exercise Prices [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | 22.22 | 22.22 |
Exercise price range, upper range limit | $ 22.57 | $ 22.57 |
Options outstanding | 21,000 | 36,000 |
Outstanding options, weighted average remaining contractual term | 3 years 4 months 24 days | 4 years 4 months 24 days |
Outstanding options, weighted average exercise price | $ 22.57 | $ 22.57 |
Options exercisable | 21,000 | 36,000 |
Exercisable options, weighted average exercise price | $ 22.57 | $ 22.57 |
Stock-Based Compensation - S101
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Number of Awards | |||
Number of Awards, Beginning balance (in shares) | 144,295 | 192,293 | |
Granted (in shares) | 0 | 0 | |
Vested (in shares) | (140,628) | (42,546) | |
Canceled (in shares) | (3,667) | (5,452) | |
Number of Awards, Ending balance (in shares) | 144,295 | 192,293 | |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 19.43 | $ 19.20 | |
Granted (in dollars per share) | 0 | 0 | |
Vested (in dollars per share) | 19.43 | 18.47 | |
Canceled (in dollars per share) | $ 19.16 | 18.75 | |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 19.43 | $ 19.20 | |
Weighted Average Remaining Amortization Period (in Years) | 0 years | 6 months | 1 year 8 months 12 days |
Stock-Based Compensation - S102
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - RSUs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Number of Awards | |||
Number of Awards, Beginning balance (in shares) | 127,567 | 53,323 | |
Granted (in shares) | 131,656 | 84,200 | |
Vested (in shares) | (67,889) | (7,227) | |
Canceled (in shares) | (22,068) | (2,729) | |
Number of Awards, Ending balance (in shares) | 169,266 | 127,567 | 53,323 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 22.03 | $ 18.78 | |
Granted (in dollars per share) | 22.24 | 23.71 | |
Vested (in dollars per share) | 21.54 | 18.78 | |
Canceled (in dollars per share) | 22.95 | 18.78 | |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 22.27 | $ 22.03 | $ 18.78 |
Weighted Average Remaining Amortization Period (in Years) | 1 year 7 months 6 days | 1 year 8 months 12 days | 2 years 1 month 6 days |
Stock-Based Compensation - S103
Stock-Based Compensation - Summary of Restricted Performance Stock Unit Activity (Detail) - PSUs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Number of Awards | |||
Number of Awards, Beginning balance (in shares) | 227,193 | 106,647 | |
Granted (in shares) | 164,566 | 127,139 | |
Vested (in shares) | (71,493) | ||
Added by performance factor | 4,268 | ||
Canceled (in shares) | (84,860) | (6,593) | |
Number of Awards, Ending balance (in shares) | 239,674 | 227,193 | 106,647 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 21.72 | $ 18.78 | |
Granted (in dollars per share) | 22.39 | 23.14 | |
Vested (in dollars per share) | 19 | ||
Added by performance factor (in dollars per share | 19 | ||
Canceled (in dollars per share) | 22.76 | 19.92 | |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 22.58 | $ 21.72 | $ 18.78 |
Weighted Average Remaining Amortization Period (in Years) | 1 year 8 months 12 days | 1 year 7 months 6 days | 2 years |
Stock-Based Compensation - S104
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense before income taxes | $ 2,576 | $ 3,690 | $ 2,807 |
Income tax benefit | (970) | (1,361) | (1,044) |
Total stock-based compensation expense after income taxes | 1,606 | 2,329 | 1,763 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense before income taxes | 452 | 472 | 370 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense before income taxes | $ 2,124 | $ 3,218 | $ 2,437 |
Common Stock Repurchase Prog105
Common Stock Repurchase Programs - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Jan. 31, 2016 | Oct. 14, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Cost of share repurchases | $ 5,014,000 | $ 20,719,000 | $ 19,638,000 | ||
2014 Share Repurchase Program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Amount authorized to be repurchased | $ 30,000,000 | ||||
Shares repurchased | 585,970 | 1,056,954 | |||
Cost of share repurchases | $ 10,300,000 | $ 19,600,000 | |||
2016 Repurchase Program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Amount authorized to be repurchased | $ 50,000,000 | ||||
Shares repurchased | 215,841 | 454,718 | |||
Cost of share repurchases | $ 5,000,000 | $ 10,400,000 |
Risk Management - Additional In
Risk Management - Additional Information (Detail) $ in Millions | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | May 30, 2017 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Foreign currency exchange rate percentage | 0.051 | 0.051 | 3.74193 | ||
Foreign currency transaction gain (loss), before tax | $ 12.9 | $ 0.4 | $ 1.2 | ||
Fair value asset relating to foreign contracts for aluminum | $ 1.8 | 1.8 | |||
Forward Contracts [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Foreign currency transaction gain (loss), before tax | 8.2 | ||||
Swap [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Foreign currency transaction gain (loss), before tax | 2.5 | ||||
Mexico [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Cumulative unrealized translation loss | 101 | 101 | |||
Europe [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Cumulative unrealized translation loss | $ 26.2 | $ 26.2 | |||
Europe [Member] | Uniwheels [Member] | |||||
Trading Activity, Gains and Losses, Net [Line Items] | |||||
Foreign currency exchange rate percentage | 0.072 | 0.072 | |||
Foreign currency transaction gain (loss), before tax | $ 1.9 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
NET SALES | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 188,323 | $ 175,580 | $ 182,709 | $ 186,065 | $ 1,108,055 | $ 732,677 | $ 727,946 |
Gross profit | 39,695 | 23,893 | 20,105 | 19,204 | 17,968 | 10,981 | 29,540 | 27,715 | 102,897 | 86,204 | 71,217 |
Income (loss) from operations | 13,814 | 5,758 | (1,998) | 3,944 | 11,090 | 5,250 | 19,540 | 18,722 | 21,518 | 54,602 | 36,294 |
Consolidated income (loss) before income taxes | 7,308 | (501) | (9,241) | 3,300 | 11,542 | 4,910 | 19,247 | 19,022 | 866 | 54,721 | 35,283 |
Income tax (provision) benefit | (11,754) | 3,355 | 1,722 | (198) | (3,764) | 1,064 | (6,082) | (4,558) | (6,875) | (13,340) | (11,339) |
Consolidated net income (loss) | (4,446) | 2,854 | (7,519) | 3,102 | (6,009) | 41,381 | 23,944 | ||||
Less: Net (income) loss attributable to non-controlling interest | (202) | (239) | 247 | (194) | |||||||
Net income (loss) attributable to Superior | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 7,778 | $ 5,974 | $ 13,165 | $ 14,464 | $ (6,203) | $ 41,381 | $ 23,944 |
Basic | $ (0.50) | $ (0.22) | $ (0.41) | $ 0.12 | $ 0.31 | $ 0.24 | $ 0.52 | $ 0.56 | $ (1.01) | $ 1.63 | $ 0.90 |
Diluted | (0.50) | (0.22) | (0.41) | 0.12 | 0.31 | 0.23 | 0.52 | 0.56 | (1.01) | 1.62 | 0.90 |
Dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.45 | $ 0.72 | $ 0.72 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Allowance for Doubtful Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 919 | $ 867 | $ 514 |
Additions, Charge to Costs and Expenses | 1,127 | 403 | 380 |
Additions, Other | 1,162 | ||
Deductions From Reserves | (883) | (351) | (27) |
Balance at End of Year | 2,325 | 919 | 867 |
Valuation Allowances for Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 3,123 | 5,891 | 3,911 |
Additions, Charge to Costs and Expenses | 1,005 | 698 | 1,980 |
Additions, Other | 3,506 | ||
Deductions From Reserves | (3,466) | ||
Balance at End of Year | $ 7,634 | $ 3,123 | $ 5,891 |