Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SUP | |
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL INC | |
Entity Central Index Key | 95,552 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,019,237 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Income Statement [Abstract] | ||||
NET SALES | $ 388,944 | $ 240,628 | $ 775,392 | $ 414,848 |
Cost of sales | 335,385 | 220,601 | 671,842 | 375,409 |
Restructuring costs | (78) | 130 | ||
Cost of sales, including restructuring costs | 335,385 | 220,523 | 671,842 | 375,539 |
GROSS PROFIT | 53,559 | 20,105 | 103,550 | 39,309 |
Selling, general and administrative expenses | 22,289 | 22,103 | 44,646 | 37,363 |
INCOME (LOSS) FROM OPERATIONS | 31,270 | (1,998) | 58,904 | 1,946 |
Interest expense, net | (13,182) | (14,729) | (25,039) | (15,025) |
Other (expense) income, net | (570) | 7,486 | (3,558) | 7,138 |
Change in fair value of redeemable preferred stock embedded derivative | (4,588) | (3,690) | ||
CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES | 12,930 | (9,241) | 26,617 | (5,941) |
Income tax (provision) benefit | (4,795) | 1,722 | (8,165) | 1,524 |
CONSOLIDATED NET INCOME (LOSS) | 8,135 | (7,519) | 18,452 | (4,417) |
Less: Net loss attributable to non-controlling interest | 247 | 247 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO SUPERIOR | $ 8,135 | $ (7,272) | $ 18,452 | $ (4,170) |
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SUPERIOR- BASIC | $ 0.09 | $ (0.41) | $ 0.16 | $ (0.28) |
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SUPERIOR- DILUTED | 0.09 | (0.41) | 0.16 | (0.28) |
DIVIDENDS DECLARED PER SHARE | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.27 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) attributable to Superior | $ 8,135 | $ (7,272) | $ 18,452 | $ (4,170) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation (loss) gain, net of tax | (38,084) | 14,295 | (17,180) | 23,345 |
Change in unrecognized gains (losses) on derivative instruments: | ||||
Change in fair value of derivatives | (22,566) | 10,568 | (4,894) | 27,962 |
Tax benefit (provision) | 4,577 | 815 | (335) | |
Change in unrecognized (losses) gains on derivative instruments, net of tax | (17,989) | 10,568 | (4,079) | 27,627 |
Defined benefit pension plan: | ||||
Actuarial gains on pension obligation, net of curtailments and amortization | 68 | 93 | 177 | 185 |
Tax provision | (24) | (25) | (46) | (49) |
Pension changes, net of tax | 44 | 68 | 131 | 136 |
Other comprehensive (loss) income, net of tax | (56,029) | 24,931 | (21,128) | 51,108 |
Comprehensive (loss) income attributable to Superior | $ (47,894) | $ 17,659 | $ (2,676) | $ 46,938 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 19,067 | $ 46,360 |
Short-term investments | 750 | 750 |
Accounts receivable, net | 178,948 | 160,167 |
Inventories | 187,018 | 173,999 |
Income taxes receivable | 4,191 | 6,929 |
Other current assets | 36,788 | 29,178 |
Total current assets | 426,762 | 417,383 |
Property, plant and equipment, net | 531,345 | 536,686 |
Goodwill | 296,186 | 304,805 |
Intangibles, net | 184,631 | 203,473 |
Deferred income tax assets, net | 51,556 | 54,302 |
Other non-current assets | 39,394 | 34,603 |
Total assets | 1,529,874 | 1,551,252 |
Current liabilities: | ||
Accounts payable | 112,247 | 118,424 |
Accrued expenses | 66,757 | 68,786 |
Current portion of long-term debt | 3,112 | 4,000 |
Income taxes payable | 790 | 3,849 |
Total current liabilities | 182,906 | 195,059 |
Long-term debt (less current portion) | 669,620 | 679,552 |
Non-current income tax liabilities | 15,195 | 5,731 |
Deferred income tax liabilities, net | 23,088 | 28,539 |
Embedded derivative liability | 8,375 | 4,685 |
Other non-current liabilities | 55,566 | 47,269 |
Commitments and contingencies (Note 21) | ||
Mezzanine equity: | ||
Redeemable preferred shares, $0.01 par value, 1,000,000 shares authorized, 150,000 shares outstanding at June 30, 2018 and December 31, 2017 | 153,153 | 144,694 |
European non-controlling redeemable equity | 52,599 | |
Shareholders' equity: | ||
Common stock, $0.01 par value Authorized-100,000,000 shares; Issued and outstanding - 25,011,730 shares at June 30, 2018 (24,917,025 shares at December 31, 2017) | 87,305 | 89,755 |
Accumulated other comprehensive loss | (110,249) | (89,121) |
Retained earnings | 392,316 | 393,146 |
Superior shareholders' equity | 369,372 | 393,780 |
Noncontrolling interests | 51,943 | |
Total shareholders' equity | 369,372 | 445,723 |
Total liabilities, mezzanine and shareholders' equity | $ 1,529,874 | $ 1,551,252 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Redeemable preferred shares, par value | $ 0.01 | $ 0.01 |
Redeemable preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Redeemable preferred shares, shares outstanding | 150,000 | 150,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,011,730 | 24,917,025 |
Common stock, shares outstanding | 25,011,730 | 24,917,025 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 25, 2017 | |
Statement of Cash Flows [Abstract] | ||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ 30,801 | $ (10,093) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (38,020) | (29,982) |
Acquisition of Uniwheels, net of cash acquired | (118) | (690,704) |
Proceeds from sale of property, plant and equipment | 2 | |
NET CASH USED IN INVESTING ACTIVITIES | (38,138) | (720,684) |
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 | (3,614) | (282,322) |
Cash dividends paid | (15,547) | (8,985) |
Cash paid for common stock repurchase | (5,014) | |
Proceeds from borrowings on revolving credit facility | 85,400 | |
Repayments of borrowings on revolving credit facility | (85,400) | |
Payments related to tax withholdings for stock-based compensation | (605) | (1,457) |
Proceeds from exercise of stock options | 68 | |
Redeemable preferred shares issuance costs | (3,737) | |
Financing costs paid | (30,460) | |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (19,698) | 793,596 |
Effect of exchange rate changes on cash | (258) | 615 |
Net increase (decrease) in cash and cash equivalents | (27,293) | 63,434 |
Cash and cash equivalents and restricted cash at the beginning of the period | 46,360 | 57,786 |
Cash and cash equivalents and restricted cash at the end of the period | $ 19,067 | $ 121,220 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2018 - 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. 31, 2017 | $ 445,723 | $ 89,755 | $ (8,498) | $ (5,257) | $ (75,366) | $ 393,146 | $ 51,943 |
Beginning of the period (in shares) at Dec. 31, 2017 | 24,917,025 | 24,917,025 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 18,452 | 18,452 | |||||
Change in unrecognized gains (losses) on derivative instruments, net of tax | (4,079) | (4,079) | |||||
Change in employee benefit plans, net of taxes | 131 | 131 | |||||
Net foreign currency translation adjustment | (17,180) | (17,180) | |||||
Stock options exercised | $ 68 | $ 68 | |||||
Stock options exercised (in shares) | 4,500 | 4,500 | |||||
Restricted stock awards granted, net of forfeitures | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted stock awards granted, net of forfeitures (in shares) | 90,205 | ||||||
Stock-based compensation expense | $ 1,107 | $ 1,107 | |||||
Stock-based compensation expense (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash dividends declared | $ (4,845) | $ (4,845) | |||||
Redeemable preferred dividend and accretion | (16,204) | (16,204) | |||||
Reclassification to European non-controlling redeemable equity | (51,943) | $ (51,943) | |||||
Adjust European non-controlling redeemable equity to redemption value | (3,625) | $ (3,625) | |||||
European non-controllingredeemable equity translation adjustment | 2,851 | 2,851 | |||||
European non-controllingredeemable equity dividend | (1,084) | (1,084) | |||||
End of period at Jun. 30, 2018 | $ 369,372 | $ 87,305 | $ (12,577) | $ (5,126) | $ (92,546) | $ 392,316 | |
End of the period (in shares) at Jun. 30, 2018 | 25,011,730 | 25,011,730 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 – Nature of Operations The principal business of Superior Industries International, Inc. (referred to herein as the “company” or “we,” “us” and “our”) is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”) and aftermarket customers. 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. Our OEM aluminum wheels are sold primarily for factory installation, as either standard equipment or optional equipment, on vehicle models manufactured by Audi, BMW, Fiat Chrysler Automobiles N.V. (“FCA”), Ford, General Motors (“GM”), Jaguar-Land Rover, Mercedes-Benz, Mercedes-Benz). |
Presentation of Condensed Conso
Presentation of Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Presentation of Condensed Consolidated Financial Statements | Note 2 – Presentation of Condensed Consolidated Financial Statements Presentation During interim periods, we follow the accounting policies set forth in our Annual Report on Form 10-K 10-K”) 10-Q 10-K. In the past, Superior has used a 4-4-5 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the SEC’s requirements for quarterly reports on Form 10-Q Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time, including the use of estimated effective tax rates. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. New Accounting Standards Adoption of New Accounting Standards ASU 2014-09, . ASU 2017-12 ASU 2016-16, Classification of Certain Cash Receipts and Cash Payments.” ASU 2017-07, ASU 2017-11, ASU 2017-01, ASU 2016-18, ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory.” Accounting Standards Issued But Not Yet Adopted ASU 2016-02, 2016-02 right-of-use 2016-02 2016-02 ASU 2017-04, ASU 2018-02, 2018-02, |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Note 3 – 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 AG (the “Acquisition”) through a newly-formed, wholly-owned subsidiary (the “Acquisition Sub”). The Acquisition was 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 Domination and Profit and Loss Transfer Agreement (“DPLTA”) without concurrently pursuing a merger/squeeze-out. The DPLTA became effective by entry on the commercial registry on January 17, 2018, with retroactive effect as of January 1, 2018. As a result, the carrying value of the non-controlling non-controlling non-controlling non-controlling non-controlling The company’s condensed consolidated financial statements include the results of our European operations subsequent to May 30, 2017 (refer to Note 7, “Business Segments” for more information). The company’s condensed 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 purchase price allocation was finalized in Q2 2018, with no significant adjustments. The following is the allocation of the purchase price: (Dollars in thousands) Purchase price Cash consideration $ 703,000 Non-controlling 63,200 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 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 is 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 purchase price allocation include: Estimated Estimated (Dollars in thousands) Brand name $ 9,000 5-6 Technology 15,000 4-6 Customer relationships 167,000 6-11 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. Goodwill resulting from the Acquisition of $296.2 million (initial balance of $286.2 million, increased for post-acquisition translation adjustments) has been allocated to the European segment. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 4 – Revenue On January 1, 2018, we adopted ASU 2014-09, In accordance with ASC 606, the company disaggregates revenue from contracts with customers into our segments, North America and Europe. Revenues by segment for the three and six months ended June 30, 2018 are summarized in the table below (in thousands): Three and Six Months Ended June 30, 2018 Three Months Six North America $ 204,758 $ 408,908 Europe 184,186 366,484 Total $ 388,944 $ 775,392 The company maintains long term business relationships with our OEM customers and aftermarket distributors; however, there are no definitive long-term volume commitments under these arrangements. Volume commitments are limited to near-term customer requirements authorized under purchase orders or production releases generally with delivery periods of less than a month. Sales do not involve any significant financing component since customer payment is generally due 40-60 At contract inception, the company assesses goods and services promised in its contracts with customers and identifies a performance obligation for each promise to deliver a good or service (or bundle of goods or services) that is distinct. Principal performance obligations under our customer contracts consist of manufacture and delivery of aluminum wheels, including production parts, service parts and replacement parts. As a part of the delivery of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized over the average life of the vehicle wheel program (refer to Note 11, “Preproduction Cost Related to Long Term Supply Arrangements”). Customer reimbursement for tooling is deferred and amortized over the life of the vehicle wheel program. In the normal course of business, the company does not accept product returns unless the item is defective as manufactured and the company’s warranties are limited to product specifications. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual under ASC 460, rather than a performance obligation. The company establishes provisions for estimated returns and warranties. In addition, the company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement parts are based on prices established in our purchase orders which represent the standalone selling price. Prices for service and replacement parts are commensurate with production parts with adjustment for any special packaging. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. In addition, prices are subject to retrospective adjustment for changes in commodity prices for certain raw materials, aluminum and silicon, as well as production efficiencies and wheel weight variations from specifications used in pricing. These price adjustments are treated as variable consideration. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity price fluctuations, estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored and prices adjusted as variations arise. Price adjustments due to production efficiencies are generally recognized as and when negotiated with customers. Customer contract prices are generally adjusted quarterly to incorporate retroactive price adjustments. Based on timely accrual, timeliness of contract price adjustments and extensive experience, we do not believe that these adjustments would result in any significant cumulative reversal of revenue. The opening and closing balances of the company’s receivables and current and long-term contract liabilities are as follows (in thousands): June 30, 2018 January 1, 2018 Change Trade Receivables $ 170,175 $ 150,151 $ 20,024 Contract liabilities—current 5,314 5,736 (422 ) Contract liabilities—noncurrent 6,540 5,222 1,318 The changes in receivables and liability balances primarily result from timing differences between our performance and customer payment. During the three and six-month six-month Under the company’s policies, shipping costs are treated as a cost of fulfillment. In addition, as permitted under a practical expedient relating to disclosure of performance obligations, the company does not disclose remaining performance obligations under its contracts since contract terms are substantially less than a year (generally less than one month). |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 – 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 rates, 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 table categorizes items measured at fair value at June 30, 2018: Fair Value Measurement at Reporting Date Using June 30, 2018 Total Quoted Prices in Significant Other (Level 2) Significant (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 8,231 — 8,231 — Derivative contracts 2,730 — 2,730 — Total $ 11,711 $ — $ 11,711 $ — Liabilities Derivative contracts $ 19,161 $ — $ 19,161 $ — Embedded derivative liability 8,375 — — 8,375 Total $ 27,536 $ — $ 19,161 $ 8,375 The following table categorizes items measured at fair value at December 31, 2017: Fair Value Measurement at Reporting Date Using December 31, 2017 Total 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 The following table summarizes the changes during the first six months of 2018 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred shares issued in connection with the acquisition of European operations: Six Months Ended June 30, 2018 (Dollars in thousands) Change in fair value: Beginning fair value – December 31, 2017 $ 4,685 Change in fair value of redeemable preferred stock embedded derivative liability 3,690 Ending fair value at June 30, 2018 $ 8,375 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): June 30, 2018 (Dollars in thousands) Estimated aggregate fair value $ 693,847 Aggregate carrying value (1) 695,116 (1) Long-term debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 6 – Derivative Financial Instruments Derivative Instruments and Hedging Activities We use derivatives to partially offset our business exposure to foreign currency, interest rates, and aluminum commodity risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We record all derivatives in the condensed consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. The cash flow hedges that are designated as hedging instruments are recorded in Accumulated Other Comprehensive Income (“AOCI”) until the hedged item is recognized in earnings, at which point accumulated gains or losses will be recognized in earnings and classified with the underlying hedged expense. 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 June 30, 2018, the company held derivatives that were designated as hedging instruments as well as derivatives that did not qualify for designation as hedging instruments as discussed below. 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 June 30, 2018, 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 Currency option derivative contracts not designated for hedge accounting consist principally of certain option contracts to purchase the Polish Zloty and the Euro and a Euro-U.S. Redeemable Preferred Stock Embedded Derivative We have determined that the conversion option embedded in 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 ($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. For additional information on the redeemable preferred stock, see Note 14, “Redeemable Preferred Shares.” We also have determined that the early redemption option upon the occurrence of a redemption event (e.g. change of control, etc.) 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 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 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” financial statement line item of the company’s condensed consolidated statements of operations (see “Note 14, “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 option 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 incorporate 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 derivative at June 30, 2018 are as follows: valuation scenario terms between 3.50 and 5.89 years, volatility of 33 percent, risk-free rate of 2.7 percent to 2.8 percent related to the respective assumed terms, a risky bond rate of 19.3 percent and a dividend yield of 2.0 percent. Based on the foregoing assumptions, the fair value of the redeemable preferred stock embedded derivative liability at June 30, 2018 is $8.4 million and the change in fair value of redeemable preferred stock embedded derivative liability during the six months ended June 30, 2018 was $3.7 million, mainly due to the increase in our stock price during that period. The following tables display the fair value of derivatives by balance sheet line item at June 30, 2018 and December 31, 2017: June 30, 2018 Other Other Other Current Non-current Accrued Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 1,015 $ 532 $ 4,413 $ 13,503 Foreign exchange forward contracts not designated as hedging instruments 266 — 3 — Aluminum forward contracts designated as hedging instruments 842 — — — Cross currency swap not designated as a hedging instrument — — 949 — Interest rate swap contracts designated as hedging instruments — 75 293 — Embedded derivative liability — — — 8,375 Total derivative financial instruments $ 2,123 $ 607 $ 5,658 $ 21,878 December 31, 2017 Other Other Other Current Non-current Accrued 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 hedging instruments 1,833 — — — Cross currency swap not designated as a hedging instrument — — 1,467 1,106 Embedded derivative liability — — — 4,685 Total derivative financial instruments $ 5,619 $ 723 $ 6,595 $ 14,196 The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: June 30, 2018 December 31, 2017 Notional U.S. Fair Value Notional Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 500,489 $ (16,369 ) $ 397,744 $ (9,539 ) Foreign currency forward contracts and collars not designated as hedging instruments 25,125 263 23,305 515 Aluminum forward contracts designated as hedging instruments 15,761 842 — — Aluminum forward contracts not designated as hedging instruments — — 15,564 1,833 Cross currency swap not designated as a hedging instrument 23,735 (949 ) 36,454 (2,573 ) Interest rate swap contracts designated as hedging instruments 130,000 (218 ) — — Total derivative financial instruments $ 695,110 $ (16,431 ) $ 473,067 $ (9,764 ) 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 statement of operations: Three Month Period Ended Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ (17,989 ) $ (539 ) $ 435 Total $ (17,989 ) $ (539 ) $ 435 Six Month Period Ended June 30, Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ (4,079 ) $ 46 $ (309 ) Total $ (4,079 ) $ 46 $ (309 ) Three Month Period Ended Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ 10,568 $ (1,091 ) $ (1,619 ) Total $ 10,568 $ (1,091 ) $ (1,619 ) Six Month Period Ended June 25, Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ 27,627 $ (3,582 ) $ (1,451 ) Total $ 27,627 $ (3,582 ) $ (1,451 ) |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Note 7 – 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,” Accordingly, North America and Europe comprise the company’s operating segments for purposes of segment reporting. (Dollars in thousands) Net Sales Income from Operations Three months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 204,758 $ 186,898 $ 9,676 $ (1,098 ) Europe 184,186 53,730 21,594 (900 ) $ 388,944 $ 240,628 $ 31,270 $ (1,998 ) (Dollars in thousands) Depreciation and Amortization Capital Expenditures Three months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 8,603 $ 9,073 $ 8,565 $ 11,037 Europe 15,384 4,217 6,781 2,122 $ 23,987 $ 13,290 $ 15,346 $ 13,159 (Dollars in thousands) Net Sales Income from Operations Six months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 408,908 $ 361,118 $ 23,461 $ 2,846 Europe 366,484 53,730 35,443 (900 ) $ 775,392 $ 414,848 $ 58,904 $ 1,946 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Six months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 17,401 $ 17,443 $ 18,593 $ 27,860 Europe 30,939 4,217 19,427 2,122 $ 48,340 $ 21,660 $ 38,020 $ 29,982 (Dollars in thousands) Property, Plant and Goodwill and Intangibles June 30, 2018 December 31, June 30, 2018 December 31, North America $ 244,813 $ 245,178 $ — $ — Europe 286,532 291,508 480,817 508,278 $ 531,345 $ 536,686 $ 480,817 $ 508,278 (Dollars in thousands) Total Assets June 30, December 31, North America $ 539,003 $ 519,192 Europe 990,871 1,032,060 $ 1,529,874 $ 1,551,252 Geographic information Net sales by geographic location is as follows: Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, (Dollars in thousands) Net sales: U.S. $ 30,527 $ 34,435 $ 61,010 $ 66,223 Mexico 174,231 152,463 347,898 294,895 Germany 70,968 19,913 142,193 19,913 Poland 113,218 33,817 224,291 33,817 Consolidated net sales $ 388,944 $ 240,628 $ 775,392 $ 414,848 |
Short-Term Investments
Short-Term Investments | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Short-Term Investments | Note 8 – Short-Term Investments Cash and Cash Equivalents The company’s cash and cash equivalents include certificates of deposit and fixed deposits with original maturities of three months or less. 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 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. As of June 30, 2018 and December 31, 2017, certificates of deposit totaling $0.8 million were restricted in use and were classified as short-term investments on our condensed consolidated balance sheets. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9 – Inventories June 30, 2018 December 31, 2017 (Dollars in thousands) Raw materials $ 49,801 $ 59,353 Work in process 54,408 48,803 Finished goods 82,809 65,843 Inventories $ 187,018 $ 173,999 Service wheel and supplies inventory included in other non-current |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 10 – Property, Plant and Equipment June 30, 2018 December 31, 2017 (Dollars in thousands) Land and buildings $ 137,987 $ 136,918 Machinery and equipment 740,413 720,175 Leasehold improvements and others 12,281 12,192 Construction in progress 64,397 58,753 955,078 928,038 Accumulated depreciation (423,733 ) (391,352 ) Property, plant and equipment, net $ 531,345 $ 536,686 Depreciation expense was $34.9 million and $19.5 million for the six months ended June 30, 2018 and June 25, 2017, respectively. |
Preproduction Costs Related to
Preproduction Costs Related to Long-Term Supply Arrangements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Preproduction Costs Related to Long-Term Supply Arrangements | Note 11 – Preproduction Costs 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 customers 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. Tooling reimbursement revenues for the three and six months ended June 30, 2018 were $2.1 million and $3.7 million, respectively, while the corresponding amounts for the three and six months ended June 25, 2017 were $1.8 million and $3.5 million, respectively. Tooling reimbursement revenues are included in net sales in the condensed consolidated statements of operations (refer to Note 4, “Revenue” for further information regarding revenue recognition and accounting for contract assets, pre-production The following tables summarize the unamortized customer-owned tooling costs included in our non-current non-current June 30, 2018 December 31, 2017 (Dollars in thousands) Customer-Owned Tooling Costs Preproduction costs $ 94,927 $ 84,198 Accumulated amortization (75,808 ) (71,409 ) Net preproduction costs $ 19,119 $ 12,789 Deferred Tooling Revenues Accrued expenses $ 5,314 $ 4,654 Other non-current 6,540 1,974 Total deferred tooling revenues $ 11,854 $ 6,628 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 12 – Goodwill and Other Intangible Assets Goodwill and indefinite-lived assets, such as certain trade names acquired in connection with the acquisition of our European operations on May 30, 2017, are not amortized, but are instead evaluated for impairment on an annual basis at the end of the fiscal year, or more frequently if events or circumstances indicate that impairment may be more likely than not. During the three and six months ended June 30, 2018, no impairment charges have been taken against the company’s goodwill or indefinite-lived intangible assets. The carrying amount of goodwill arose from the Acquisition described in Note 3, “Acquisition.” The company’s other intangible assets consist primarily of assets with finite lives which 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 June 30, 2018. December 31, 2017 Amortization Currency June 30, 2018 Remaining (Dollars in thousands) Brand name $ 8,490 $ (968 ) $ (209 ) $ 7,313 4-5 Technology 14,150 (1,613 ) (348 ) 12,189 3-5 Customer relationships 165,746 (10,867 ) (4,364 ) 150,515 5-10 Total finite 188,386 (13,448 ) (4,921 ) 170,017 Trade names 15,087 — (473 ) 14,614 Indefinite Total $ 203,473 $ (13,448 ) $ (5,394 ) $ 184,631 Amortization expense for the three and six months ended June 30, 2018 was $6.4 million and $13.4 million, while the corresponding amount for the three and six months ended June 25, 2017 was $2.2 million. The anticipated annual amortization expense for these intangible assets is $25.9 million for 2018, $25.0 million for 2019 to 2021, $22.2 million for 2022, and $20.2 million for 2023. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 13 – Debt A summary of long-term debt and the related weighted average interest rates is shown below (in thousands): June 30, 2018 Debt Instrument Total Debt Debt (1) Total Debt, Weighted Term loan facility $ 384,800 $ (14,443 ) $ 370,357 6.1 % 6.00% Senior Notes due 2025 291,650 (7,941 ) 283,709 6.0 % Other 18,666 — 18,666 1.9 % $ 695,116 $ (22,384 ) 672,732 Less: Current portion 3,112 Long-term debt $ 669,620 (1) Unamortized portion Senior Notes On June 15, 2017, Superior issued Euro 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 15. 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 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% 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 June 30, 2018, the company was in compliance with all covenants under the indenture 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 consisted 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”). On June 29, 2018, the company entered into an amendment to the Credit Agreement pursuant to which the interest rate under the Term Loan Facility was reduced to LIBOR plus 4.00 percent (from LIBOR plus 4.50 percent), subject to a LIBOR floor of 0.00 percent (in place of the previous LIBOR floor of 1.00 percent). Substantially all of the original loans under the Term Loan Facility were replaced with loans from existing lenders under terms that were not substantially different than those of the original loans. As a result, this transaction did not result in any debt extinguishment and the unamortized debt issuance costs associated with the original loans will continue to be amortized over the remaining term of the replacement loans (which is unchanged from the original term). 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 0.00 percent per annum, plus an applicable rate of 4.00 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. 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 condensed consolidated financial statements line, interest (expense) income, net. As of June 30, 2018, the company had repaid $15.2 million under the Term Loan Facility resulting in a balance of $384.8 million. In addition, 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 as of June 30, 2018. 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 June 30, 2018, the company was in compliance with all covenants under the Credit Agreement. Acquisition Debt In connection with the acquisition of our European operations, the company assumed $70.7 million of outstanding debt. At June 30, 2018, $18.7 million of debt remained outstanding relating to an equipment loan of which $3.1 million was classified as current. The company also has an available unused line of credit of Euro 30.0 million which expires July 31, 2020. The revolving credit facility bears interest at Euribor plus 1.0 percent (but in any event not less than 0.96 percent) and the equipment loan bears interest at 1.9 percent. |
Redeemable Preferred Shares
Redeemable Preferred Shares | 6 Months Ended |
Jun. 30, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Preferred Shares | Note 14 – 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 $300.0 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 and 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 “early redemption option”). 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” financial statement line item of the company’s condensed consolidated statements of operations. Refer to Note 6, “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 has 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 million over the seven-year period from the 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). The accumulated accretion as of June 30, 2018 is $17.7 million resulting in an adjusted redeemable preferred stock balance of $153.2 million. |
European Non-Controlling Redeem
European Non-Controlling Redeemable Equity | 6 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
European Non-Controlling Redeemable Equity | Note 15 – European Non-Controlling On January 17, 2018, the DPLTA (referred to in Note 3, “Acquisitions”) became effective with the entry into the commercial register. As a result, non-controlling non-controlling non-controlling non-controlling Balance at December 31, 2017 $ — Reclassification of non-controlling 51,943 Redemption value adjustment 3,625 Translation adjustment (2,851 ) Purchase of shares (118 ) Balance at June 30, 2018 $ 52,599 Annual compensation payable on untendered outstanding shares under the DPLTA must be recognized as it accrues, whether or not declared or paid. As of June 30, 2018, we have accrued $1.1 million representing the prorated annual dividend due to the European non-controlling |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 16 – Earnings Per Share In accordance with U.S. GAAP, basic earnings per share is computed by dividing net income (loss) attributable to Superior, after adjusting for preferred dividends and European non-controlling (Dollars and shares in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, Basic Earnings Per Share: Reported net income (loss) attributable to Superior $ 8,135 $ (7,272 ) $ 18,452 $ (4,170 ) Less: Redeemable preferred stock dividends and accretion (8,135 ) (2,882 ) (16,204 ) (2,882 ) Less: European non-controlling (511 ) — (1,084 ) — Add: European non-controlling 2,851 — 2,851 — Basic numerator $ 2,340 $ (10,154 ) $ 4,015 $ (7,052 ) Basic earnings (loss) per share $ 0.09 $ (0.41 ) $ 0.16 $ (0.28 ) Weighted average shares outstanding-Basic 25,001 24,908 24,969 24,961 Diluted Earnings Per Share: Reported net income (loss) attributable to Superior $ 8,135 $ (7,272 ) $ 18,452 $ (4,170 ) Less: Redeemable preferred stock dividends and accretion (8,135 ) (2,882 ) (16,204 ) (2,882 ) Less: European non-controlling (511 ) — (1,084 ) — Add: European non-controlling 2,851 — 2,851 — Diluted numerator $ 2,340 $ (10,154 ) $ 4,015 $ (7,052 ) Diluted earnings (loss) per share $ 0.09 $ (0.41 ) $ 0.16 $ (0.28 ) Weighted average shares outstanding-Basic 25,001 24,908 24,969 24,961 Weighted average dilutive stock options and restricted stock units 52 — 39 — Weighted average shares outstanding-Diluted 25,053 24,908 25,008 24,961 For the first half of 2018, options to purchase 51,250 shares at prices ranging from $16.32 to $22.57 were excluded from the diluted earnings per share because they would have been anti-dilutive, as their exercise prices exceeded the average market prices for the period. The performance shares discussed in Note 19, “Stock-Based Compensation” are not included in the diluted earnings per share because the performance metrics had not been met as of the period ended June 30, 2018. The redeemable preferred shares discussed in Note 14, “Redeemable Preferred Shares” are not included in the diluted earnings per share because the conversion would be anti-dilutive as of the period ended June 30, 2018. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 – Income Taxes The estimated annual effective tax rate is forecasted quarterly using actual historical information and forward-looking estimates and applied to year-to-date The Tax Cut and Jobs Act (“the Act”) was enacted on December 22, 2017. The Act reduces the US federal corporate income 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, re-measurement The Act also subjects a US shareholder to tax on Global Intangible Low-taxed The income tax expense for the three and six months ended June 30, 2018, was $4.8 million and $8.2 million, respectively, resulting in an effective income tax rate of 37.1 percent and 30.7 percent, respectively. The effective tax rate for the three and six months ended June 30, 2018 was higher than the statutory rate primarily due to the US taxation of foreign earnings under the GILTI provisions of the Act, offset in part by earnings in countries with tax rates lower that the U.S. statutory rate. The income tax benefit for the three and six months ended June 25, 2017, was $1.7 million $1.5 million respectively, resulting in an effective income tax rate of 18.6 percent and 25.6 percent. The effective tax rate for the three and six months ended June 25, 2017 was lower than the statutory rate due to earnings in countries with tax rates lower than the U.S. statutory rate and the recognition of transaction costs incurred related to the acquisition of our European operations. At June 30, 2018, the company remains indefinitely reinvested with respect to its initial investment and any associated potential withholding tax on earnings of its non-U.S. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Note 18 – 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 $8.2 million and $8.0 million at June 30, 2018 and December 31, 2017, respectively, are included in other non-current For the six months ended June 30, 2018, payments to retirees or their beneficiaries totaled approximately $0.7 million. We presently anticipate benefit payments in 2018 to total approximately $1.4 million. The following table summarizes the components of net periodic pension cost for the three and six-month Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, (Dollars in thousands) Service cost $ — $ — $ — $ — Interest cost 272 298 543 596 Net amortization 109 67 219 134 Net periodic pension cost $ 381 $ 365 $ 762 $ 730 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 19 – Stock-Based Compensation 2018 Equity Incentive Plan Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018 and amended and restated the 2008 Equity Incentive Plan. The Plan authorizes us to issue up to 4.35 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, each year participants are granted 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 2015 PSU grant vested during the first quarter of 2018. The outstanding PSUs are categorized further into three individual categories whose vesting is contingent upon the achievement of certain targets as follows: • 40% of the PSUs vest upon certain Return on Invested Capital targets for 2018, 2017 and 2016 units • 40% of the PSUs vest upon certain Cumulative EPS targets for 2018, 2017 and 2016 units • 20% of the PSUs vest upon certain market based Shareholder Return targets for 2018, 2017, and 2016 units 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 the Plan generally require no less than a three-year ratable vesting period. Stock option activity in the first half of 2018 is summarized in the following table: Outstanding Weighted Average Exercise Price Remaining Contractual Life in Years Aggregate Intrinsic Value Balance at December 31, 2017 145,625 $ 18.96 2.0 $ — Granted — $ Exercised (4,500 ) $ 15.17 Canceled (55,125 ) $ 18.53 Expired (27,000 ) $ 21.84 Balance at June 30, 2018 59,000 $ 18.33 Options vested or expected to vest at June 30, 2018 59,000 $ 18.33 2.8 $ 58,433 Exercisable at June 30, 2018 59,000 Restricted Stock Units Restricted stock unit activity in the first half of 2018 is summarized in the following table: Number of Weighted Average Weighted Average Balance at December 31, 2017 169,266 $ 22.27 1.6 Granted 185,071 $ 15.60 Vested (58,580 ) $ 22.93 Canceled (389 ) $ 15.91 Balance at June 30, 2018 295,368 $ 17.96 2.0 Restricted Performance Stock Units Restricted performance stock unit activity in the first half of 2018 is summarized in the following table: Number of Weighted Average Weighted Average Balance at December 31, 2017 239,674 $ 22.58 1.7 Granted 287,662 $ 16.84 Vested — $ — Canceled (778 ) $ 16.85 Balance at June 30, 2018 526,558 $ 19.45 2.4 Stock-Based Compensation Stock-based compensation expense related to our equity incentive plans was allocated as follows: Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, (Dollars in thousands) Cost of sales $ 230 $ (138 ) $ 411 $ 49 Selling, general and administrative expenses 750 (154 ) 1,302 938 Stock-based compensation expense before income taxes 980 (292 ) 1,713 987 Income tax benefit (expense) (229 ) 108 (400 ) (364 ) Total stock-based compensation expense after income taxes $ 751 $ (184 ) $ 1,313 $ 623 As of June 30, 2018, a total of $7.1 million of unrecognized compensation cost related to non-vested |
Common Stock Repurchase Program
Common Stock Repurchase Programs | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Common Stock Repurchase Programs | Note 20 – Common Stock Repurchase Programs In January 2016, our Board of Directors approved a stock repurchase program (the “Repurchase Program”), authorizing the repurchase of up to $50.0 million of common stock. Under the Repurchase Program, we may repurchase common stock from time to time on the open market or in private transactions. The timing and extent of the repurchases under the Repurchase Program will depend upon market conditions and other corporate considerations in our sole discretion. There were no repurchases under this program in the first six months of 2018. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 21 – Commitments and Contingencies Derivatives and Purchase Commitments 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 are based on underlying physical consumption of such commodities. In accordance with our corporate risk management policies, we may enter into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks associated with certain existing assets and liabilities, certain firmly committed transactions and forecasted future cash flows. We have implemented a program to hedge a portion of our material foreign exchange exposures for up to approximately 48 months. For additional information on these derivatives, see Note 6, “Derivative Financial Instruments.” 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. Our European business has entered into forward contracts to hedge price fluctuations in its aluminum raw materials. For additional information regarding these derivatives, see Note 6, “Derivative Financial Instruments.” Other 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. |
Receivables Securitization
Receivables Securitization | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Receivables Securitization | Note 22 – Receivables Securitization The company sells certain customer trade receivables on a non-recourse |
Subsequent Events - Redemption
Subsequent Events - Redemption of Non-Controlling Interest | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events - Redemption of Non-Controlling Interest | Note 23 – Subsequent Events – Redemption of Non-Controlling On August 7, 2018, the company purchased 447,821 shares of the noncontrolling interest in our European operations at a price of 63.59 Euro per share (consisting of the price of 62.18 Euro plus interest as provided under the DPLTA) for a total purchase price of 28.5 million Euro, or approximately $33.2 million (at an exchange rate of 1.1666). As a result, the company now owns 97.8 percent of the outstanding shares. |
Presentation of Condensed Con31
Presentation of Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Presentation During interim periods, we follow the accounting policies set forth in our Annual Report on Form 10-K 10-K”) 10-Q 10-K. In the past, Superior has used a 4-4-5 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the SEC’s requirements for quarterly reports on Form 10-Q |
Use of Estimates | Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time, including the use of estimated effective tax rates. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards ASU 2014-09, . ASU 2017-12 ASU 2016-16, Classification of Certain Cash Receipts and Cash Payments.” ASU 2017-07, ASU 2017-11, ASU 2017-01, ASU 2016-18, ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory.” Accounting Standards Issued But Not Yet Adopted ASU 2016-02, 2016-02 right-of-use 2016-02 2016-02 ASU 2017-04, ASU 2018-02, 2018-02, |
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. |
Derivatives, Methods of Accounting, Hedging Derivatives | Derivative Instruments and Hedging Activities We use derivatives to partially offset our business exposure to foreign currency, interest rates, and aluminum commodity risk. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange rates. To help protect gross margins from fluctuations in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We record all derivatives in the condensed consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. The cash flow hedges that are designated as hedging instruments are recorded in Accumulated Other Comprehensive Income (“AOCI”) until the hedged item is recognized in earnings, at which point accumulated gains or losses will be recognized in earnings and classified with the underlying hedged expense. 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 June 30, 2018, the company held derivatives that were designated as hedging instruments as well as derivatives that did not qualify for designation as hedging instruments as discussed below. 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 June 30, 2018, 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 Currency option derivative contracts not designated for hedge accounting consist principally of certain option contracts to purchase the Polish Zloty and the Euro and a Euro-U.S. |
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. |
Cash and Cash Equivalents | 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 |
Earnings Per Share | In accordance with U.S. GAAP, basic earnings per share is computed by dividing net income (loss) attributable to Superior, after adjusting for preferred dividends and European non-controlling |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 purchase price allocation was finalized in Q2 2018, with no significant adjustments. The following is the allocation of the purchase price: (Dollars in thousands) Purchase price Cash consideration $ 703,000 Non-controlling 63,200 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 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 is 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 purchase price allocation include: Estimated Estimated (Dollars in thousands) Brand name $ 9,000 5-6 Technology 15,000 4-6 Customer relationships 167,000 6-11 Trade names 14,000 Indefinite $ 205,000 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregates Revenues From Contracts with Customers by Segment | Revenues by segment for the three and six months ended June 30, 2018 are summarized in the table below (in thousands): Three and Six Months Ended June 30, 2018 Three Months Six North America $ 204,758 $ 408,908 Europe 184,186 366,484 Total $ 388,944 $ 775,392 |
Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities | The opening and closing balances of the company’s receivables and current and long-term contract liabilities are as follows (in thousands): June 30, 2018 January 1, 2018 Change Trade Receivables $ 170,175 $ 150,151 $ 20,024 Contract liabilities—current 5,314 5,736 (422 ) Contract liabilities—noncurrent 6,540 5,222 1,318 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measured at Fair Value | The following table categorizes items measured at fair value at June 30, 2018: Fair Value Measurement at Reporting Date Using June 30, 2018 Total Quoted Prices in Significant Other (Level 2) Significant (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 8,231 — 8,231 — Derivative contracts 2,730 — 2,730 — Total $ 11,711 $ — $ 11,711 $ — Liabilities Derivative contracts $ 19,161 $ — $ 19,161 $ — Embedded derivative liability 8,375 — — 8,375 Total $ 27,536 $ — $ 19,161 $ 8,375 The following table categorizes items measured at fair value at December 31, 2017: Fair Value Measurement at Reporting Date Using December 31, 2017 Total 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 |
Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability | The following table summarizes the changes during the first six months of 2018 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred shares issued in connection with the acquisition of European operations: Six Months Ended June 30, 2018 (Dollars in thousands) Change in fair value: Beginning fair value – December 31, 2017 $ 4,685 Change in fair value of redeemable preferred stock embedded derivative liability 3,690 Ending fair value at June 30, 2018 $ 8,375 |
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): June 30, 2018 (Dollars in thousands) Estimated aggregate fair value $ 693,847 Aggregate carrying value (1) 695,116 (1) Long-term debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivatives by Balance Sheet Line Item | The following tables display the fair value of derivatives by balance sheet line item at June 30, 2018 and December 31, 2017: June 30, 2018 Other Other Other Current Non-current Accrued Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 1,015 $ 532 $ 4,413 $ 13,503 Foreign exchange forward contracts not designated as hedging instruments 266 — 3 — Aluminum forward contracts designated as hedging instruments 842 — — — Cross currency swap not designated as a hedging instrument — — 949 — Interest rate swap contracts designated as hedging instruments — 75 293 — Embedded derivative liability — — — 8,375 Total derivative financial instruments $ 2,123 $ 607 $ 5,658 $ 21,878 December 31, 2017 Other Other Other Current Non-current Accrued 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 hedging instruments 1,833 — — — Cross currency swap not designated as a hedging instrument — — 1,467 1,106 Embedded derivative liability — — — 4,685 Total derivative financial instruments $ 5,619 $ 723 $ 6,595 $ 14,196 |
Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments | The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: June 30, 2018 December 31, 2017 Notional U.S. Fair Value Notional Fair Value (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 500,489 $ (16,369 ) $ 397,744 $ (9,539 ) Foreign currency forward contracts and collars not designated as hedging instruments 25,125 263 23,305 515 Aluminum forward contracts designated as hedging instruments 15,761 842 — — Aluminum forward contracts not designated as hedging instruments — — 15,564 1,833 Cross currency swap not designated as a hedging instrument 23,735 (949 ) 36,454 (2,573 ) Interest rate swap contracts designated as hedging instruments 130,000 (218 ) — — Total derivative financial instruments $ 695,110 $ (16,431 ) $ 473,067 $ (9,764 ) |
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 statement of operations: Three Month Period Ended Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ (17,989 ) $ (539 ) $ 435 Total $ (17,989 ) $ (539 ) $ 435 Six Month Period Ended June 30, Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ (4,079 ) $ 46 $ (309 ) Total $ (4,079 ) $ 46 $ (309 ) Three Month Period Ended Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ 10,568 $ (1,091 ) $ (1,619 ) Total $ 10,568 $ (1,091 ) $ (1,619 ) Six Month Period Ended June 25, Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative contracts $ 27,627 $ (3,582 ) $ (1,451 ) Total $ 27,627 $ (3,582 ) $ (1,451 ) |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment | (Dollars in thousands) Net Sales Income from Operations Three months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 204,758 $ 186,898 $ 9,676 $ (1,098 ) Europe 184,186 53,730 21,594 (900 ) $ 388,944 $ 240,628 $ 31,270 $ (1,998 ) (Dollars in thousands) Depreciation and Amortization Capital Expenditures Three months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 8,603 $ 9,073 $ 8,565 $ 11,037 Europe 15,384 4,217 6,781 2,122 $ 23,987 $ 13,290 $ 15,346 $ 13,159 (Dollars in thousands) Net Sales Income from Operations Six months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 408,908 $ 361,118 $ 23,461 $ 2,846 Europe 366,484 53,730 35,443 (900 ) $ 775,392 $ 414,848 $ 58,904 $ 1,946 (Dollars in thousands) Depreciation and Amortization Capital Expenditures Six months ended June 30, 2018 June 25, 2017 June 30, 2018 June 25, 2017 North America $ 17,401 $ 17,443 $ 18,593 $ 27,860 Europe 30,939 4,217 19,427 2,122 $ 48,340 $ 21,660 $ 38,020 $ 29,982 (Dollars in thousands) Property, Plant and Goodwill and Intangibles June 30, 2018 December 31, June 30, 2018 December 31, North America $ 244,813 $ 245,178 $ — $ — Europe 286,532 291,508 480,817 508,278 $ 531,345 $ 536,686 $ 480,817 $ 508,278 (Dollars in thousands) Total Assets June 30, December 31, North America $ 539,003 $ 519,192 Europe 990,871 1,032,060 $ 1,529,874 $ 1,551,252 |
Net Sales by Geographic Location | Net sales by geographic location is as follows: Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, (Dollars in thousands) Net sales: U.S. $ 30,527 $ 34,435 $ 61,010 $ 66,223 Mexico 174,231 152,463 347,898 294,895 Germany 70,968 19,913 142,193 19,913 Poland 113,218 33,817 224,291 33,817 Consolidated net sales $ 388,944 $ 240,628 $ 775,392 $ 414,848 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | June 30, 2018 December 31, 2017 (Dollars in thousands) Raw materials $ 49,801 $ 59,353 Work in process 54,408 48,803 Finished goods 82,809 65,843 Inventories $ 187,018 $ 173,999 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | June 30, 2018 December 31, 2017 (Dollars in thousands) Land and buildings $ 137,987 $ 136,918 Machinery and equipment 740,413 720,175 Leasehold improvements and others 12,281 12,192 Construction in progress 64,397 58,753 955,078 928,038 Accumulated depreciation (423,733 ) (391,352 ) Property, plant and equipment, net $ 531,345 $ 536,686 |
Preproduction Costs Related t39
Preproduction Costs Related to Long-Term Supply Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Unamortize Customer-Owned Tooling Costs Included in 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 non-current non-current June 30, 2018 December 31, 2017 (Dollars in thousands) Customer-Owned Tooling Costs Preproduction costs $ 94,927 $ 84,198 Accumulated amortization (75,808 ) (71,409 ) Net preproduction costs $ 19,119 $ 12,789 Deferred Tooling Revenues Accrued expenses $ 5,314 $ 4,654 Other non-current 6,540 1,974 Total deferred tooling revenues $ 11,854 $ 6,628 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018. December 31, 2017 Amortization Currency June 30, 2018 Remaining (Dollars in thousands) Brand name $ 8,490 $ (968 ) $ (209 ) $ 7,313 4-5 Technology 14,150 (1,613 ) (348 ) 12,189 3-5 Customer relationships 165,746 (10,867 ) (4,364 ) 150,515 5-10 Total finite 188,386 (13,448 ) (4,921 ) 170,017 Trade names 15,087 — (473 ) 14,614 Indefinite Total $ 203,473 $ (13,448 ) $ (5,394 ) $ 184,631 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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): June 30, 2018 Debt Instrument Total Debt Debt (1) Total Debt, Weighted Term loan facility $ 384,800 $ (14,443 ) $ 370,357 6.1 % 6.00% Senior Notes due 2025 291,650 (7,941 ) 283,709 6.0 % Other 18,666 — 18,666 1.9 % $ 695,116 $ (22,384 ) 672,732 Less: Current portion 3,112 Long-term debt $ 669,620 (1) Unamortized portion |
European Non-Controlling Rede42
European Non-Controlling Redeemable Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Noncontrolling Interests | The following table summarizes the European non-controlling Balance at December 31, 2017 $ — Reclassification of non-controlling 51,943 Redemption value adjustment 3,625 Translation adjustment (2,851 ) Purchase of shares (118 ) Balance at June 30, 2018 $ 52,599 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | (Dollars and shares in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, Basic Earnings Per Share: Reported net income (loss) attributable to Superior $ 8,135 $ (7,272 ) $ 18,452 $ (4,170 ) Less: Redeemable preferred stock dividends and accretion (8,135 ) (2,882 ) (16,204 ) (2,882 ) Less: European non-controlling (511 ) — (1,084 ) — Add: European non-controlling 2,851 — 2,851 — Basic numerator $ 2,340 $ (10,154 ) $ 4,015 $ (7,052 ) Basic earnings (loss) per share $ 0.09 $ (0.41 ) $ 0.16 $ (0.28 ) Weighted average shares outstanding-Basic 25,001 24,908 24,969 24,961 Diluted Earnings Per Share: Reported net income (loss) attributable to Superior $ 8,135 $ (7,272 ) $ 18,452 $ (4,170 ) Less: Redeemable preferred stock dividends and accretion (8,135 ) (2,882 ) (16,204 ) (2,882 ) Less: European non-controlling (511 ) — (1,084 ) — Add: European non-controlling 2,851 — 2,851 — Diluted numerator $ 2,340 $ (10,154 ) $ 4,015 $ (7,052 ) Diluted earnings (loss) per share $ 0.09 $ (0.41 ) $ 0.16 $ (0.28 ) Weighted average shares outstanding-Basic 25,001 24,908 24,969 24,961 Weighted average dilutive stock options and restricted stock units 52 — 39 — Weighted average shares outstanding-Diluted 25,053 24,908 25,008 24,961 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Summary of Components of Net Periodic Pension Cost | The following table summarizes the components of net periodic pension cost for the three and six-month Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, (Dollars in thousands) Service cost $ — $ — $ — $ — Interest cost 272 298 543 596 Net amortization 109 67 219 134 Net periodic pension cost $ 381 $ 365 $ 762 $ 730 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity in the first half of 2018 is summarized in the following table: Outstanding Weighted Average Exercise Price Remaining Contractual Life in Years Aggregate Intrinsic Value Balance at December 31, 2017 145,625 $ 18.96 2.0 $ — Granted — $ Exercised (4,500 ) $ 15.17 Canceled (55,125 ) $ 18.53 Expired (27,000 ) $ 21.84 Balance at June 30, 2018 59,000 $ 18.33 Options vested or expected to vest at June 30, 2018 59,000 $ 18.33 2.8 $ 58,433 Exercisable at June 30, 2018 59,000 |
Summary of Restricted Stock Unit Activity | Restricted stock unit activity in the first half of 2018 is summarized in the following table: Number of Weighted Average Weighted Average Balance at December 31, 2017 169,266 $ 22.27 1.6 Granted 185,071 $ 15.60 Vested (58,580 ) $ 22.93 Canceled (389 ) $ 15.91 Balance at June 30, 2018 295,368 $ 17.96 2.0 |
Summary of Restricted Performance Stock Unit Activity | Restricted performance stock unit activity in the first half of 2018 is summarized in the following table: Number of Weighted Average Weighted Average Balance at December 31, 2017 239,674 $ 22.58 1.7 Granted 287,662 $ 16.84 Vested — $ — Canceled (778 ) $ 16.85 Balance at June 30, 2018 526,558 $ 19.45 2.4 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to our equity incentive plans was allocated as follows: Three Months Ended Six Months Ended June 30, June 25, June 30, June 25, (Dollars in thousands) Cost of sales $ 230 $ (138 ) $ 411 $ 49 Selling, general and administrative expenses 750 (154 ) 1,302 938 Stock-based compensation expense before income taxes 980 (292 ) 1,713 987 Income tax benefit (expense) (229 ) 108 (400 ) (364 ) Total stock-based compensation expense after income taxes $ 751 $ (184 ) $ 1,313 $ 623 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 15, 2017$ / sharesshares | Jul. 31, 2017$ / sharesshares | May 30, 2017USD ($) | Jun. 30, 2018USD ($)€ / sharesshares | Jun. 30, 2018€ / shares | Jun. 30, 2018zł / shares | Dec. 31, 2017USD ($) | Apr. 12, 2017 | Mar. 23, 2017zł / shares |
Business Acquisition [Line Items] | |||||||||
Percentage of voting interest acquired | 92.30% | ||||||||
Exchange rate (dollar per polish zloty) | 3.74193 | ||||||||
Noncontrolling interests | $ 51,943 | ||||||||
Goodwill | $ 296,186 | 304,805 | |||||||
Uniwheels Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Tender offer percentage | 100.00% | ||||||||
Acquiree commitment percentage | 61.00% | ||||||||
Minimum purchase percentage | 75.00% | ||||||||
Cash consideration | $ 703,000 | ||||||||
Share price | $ / shares | $ 262.50 | $ 247.87 | |||||||
Remaining shares tendered | shares | 75,000 | 153,251 | |||||||
Percentage of additional shares tendered | 0.60% | 1.20% | |||||||
Goodwill | 286,249 | ||||||||
Domination and Profit Loss Transfer Agreement [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Exchange rate (dollar per polish zloty) | 3.74193 | ||||||||
Share price | (per share) | € 62.18 | zł 264 | |||||||
Guaranteed annual dividend for each share that is not tendered | € / shares | $ 3.23 | ||||||||
Noncontrolling interests | 51,900 | ||||||||
Uniwheels additional shares tendered | shares | 1,579 | ||||||||
Europe [Member] | Uniwheels Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 286,200 | $ 296,200 | |||||||
Significant Holder [Member] | Uniwheels Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Share price | zł / shares | zł 226.5 | ||||||||
Uniwheels Other Shareholders [Member] | Uniwheels Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Share price | zł / shares | zł 247.87 | ||||||||
Share price additional percentage | 5.00% |
Acquisition - (Schedule of Asse
Acquisition - (Schedule of Assets and Liabilities Acquired) (Detail) - USD ($) $ in Thousands | May 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 296,186 | $ 304,805 | |
Uniwheels Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 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 | $ 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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | May 30, 2017 | |
Uniwheels Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 205,000 | $ 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 | 5 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 | 6 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 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregates Revenues From Contracts with Customers by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total | $ 388,944 | $ 775,392 |
North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 204,758 | 408,908 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | $ 184,186 | $ 366,484 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Revenue From Contract With Customers [Line Items] | ||||
Revenue, performance obligation, description of timing | Delivery periods of less than a month | |||
Revenue, performance obligation, description of payment terms | Customer payment is generally due 40-60 days after shipment | |||
Deferred revenue, revenue recognized | $ 2.1 | $ 1.8 | $ 3.7 | $ 3.5 |
Contract with customer, timing of satisfaction of performance obligation and payment | Contract terms are substantially less than a year (generally less than one month) | |||
Tooling Reimbursement [Member] | ||||
Revenue From Contract With Customers [Line Items] | ||||
Deferred revenue, revenue recognized | 2.1 | $ 3.7 | ||
Price Adjustments [Member] | ||||
Revenue From Contract With Customers [Line Items] | ||||
Deferred revenue, revenue recognized | $ 0.2 | $ 1.9 |
Revenue - Summary of Opening an
Revenue - Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities (Detail) - Accounting Standards Update 2014-09 [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Trade Receivables | $ 170,175 | |
Contract liabilities-current | 5,314 | |
Contract liabilities-noncurrent | 6,540 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Trade Receivables | $ 150,151 | |
Contract liabilities-current | 5,736 | |
Contract liabilities-noncurrent | $ 5,222 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Trade Receivables | 20,024 | |
Contract liabilities-current | (422) | |
Contract liabilities-noncurrent | $ 1,318 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | May 22, 2017 |
Liabilities | |||
Embedded derivative liability | $ 8,375 | $ 4,685 | $ 10,900 |
Recurring [Member] | |||
Assets | |||
Derivative contracts | 2,730 | 6,342 | |
Total | 11,711 | 15,132 | |
Liabilities | |||
Derivative contracts | 19,161 | 16,106 | |
Embedded derivative liability | 8,375 | 4,685 | |
Total | 27,536 | 20,791 | |
Recurring [Member] | Certificates of Deposit [Member] | |||
Assets | |||
Certificates of deposit | 750 | 750 | |
Recurring [Member] | Cash Surrender Value [Member] | |||
Assets | |||
Cash surrender value | 8,231 | 8,040 | |
Recurring [Member] | Level 2 [Member] | |||
Assets | |||
Derivative contracts | 2,730 | 6,342 | |
Total | 11,711 | 15,132 | |
Liabilities | |||
Derivative contracts | 19,161 | 16,106 | |
Total | 19,161 | 16,106 | |
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 | 8,231 | 8,040 | |
Recurring [Member] | Level 3 [Member] | |||
Liabilities | |||
Embedded derivative liability | 8,375 | 4,685 | |
Total | $ 8,375 | $ 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 | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Change in fair value: | |
Beginning balance | $ 0 |
Beginning fair value - December 31, 2017 | 4,685 |
Change in fair value of redeemable preferred stock embedded derivative liability | 3,690 |
Ending balance | $ 8,375 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Estimate of Fair Value Measurement [Member] | |
Derivatives, Fair Value [Line Items] | |
Long-term debt fair value | $ 693,847 |
Aggregate Carrying Value [Member] | |
Derivatives, Fair Value [Line Items] | |
Long-term debt fair value | $ 695,116 |
Derivative Financial Instrume55
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | 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 | $ 300,000,000 | ||
Fair value of embedded derivative liability | 8,375,000 | 8,375,000 | $ 4,685,000 | $ 10,900,000 |
Change in fair value of redeemable preferred stock embedded derivative liability | $ (4,588,000) | $ (3,690,000) | ||
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 | $ 56.324 | ||
Debt instrument face value | $ 150,000,000 | $ 150,000,000 | ||
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | $ 300,000,000 | ||
Risky bond rate | 19.30% | 19.30% | ||
Embedded derivative liability [Member] | Price Volatility [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Volatility rate | 33.00% | |||
Embedded derivative liability [Member] | Expected Dividend Rate [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Dividend yield rate | 2.00% | |||
Embedded derivative liability [Member] | Minimum [Member] | Expected Term [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Valuation scenario term | 3 years 6 months | |||
Embedded derivative liability [Member] | Minimum [Member] | Risk Free Interest Rate [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Risk-free interest rate | 2.70% | |||
Embedded derivative liability [Member] | Maximum [Member] | Expected Term [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Valuation scenario term | 5 years 10 months 20 days | |||
Embedded derivative liability [Member] | Maximum [Member] | Risk Free Interest Rate [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Risk-free interest rate | 2.80% |
Derivative Financial Instrume56
Derivative Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 2,123 | $ 5,619 |
Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 607 | 723 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 5,658 | 6,595 |
Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 21,878 | 14,196 |
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 | 1,015 | 3,065 |
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 | 532 | 723 |
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 | 4,413 | 4,922 |
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 | 13,503 | 8,405 |
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 | 266 | 721 |
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 | 3 | 206 |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 842 | |
Aluminum Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,833 | |
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 | 949 | 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 | |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 75 | |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 293 | |
Embedded derivative liability [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 8,375 | |
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 |
Derivative Financial Instrume57
Derivative Financial Instruments - Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 695,110 | $ 473,067 |
Derivative, Fair Value, Net | (16,431) | (9,764) |
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 | 500,489 | 397,744 |
Derivative, Fair Value, Net | (16,369) | (9,539) |
Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 15,761 | |
Derivative, Fair Value, Net | 842 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 130,000 | |
Derivative, Fair Value, Net | (218) | |
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 | 25,125 | 23,305 |
Derivative, Fair Value, Net | 263 | 515 |
Not Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 15,564 | |
Derivative, Fair Value, Net | 1,833 | |
Not Designated as Hedging Instrument [Member] | Cross Currency Swap Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 23,735 | 36,454 |
Derivative, Fair Value, Net | $ (949) | $ (2,573) |
Derivative Financial Instrume58
Derivative Financial Instruments - Schedule of Impact of Derivative Instruments Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion), Net of Tax | $ (17,989) | $ 10,568 | $ (4,079) | $ 27,627 |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | (539) | (1,091) | 46 | (3,582) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | 435 | (1,619) | (309) | (1,451) |
Derivative Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion), Net of Tax | (17,989) | 10,568 | (4,079) | 27,627 |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | (539) | (1,091) | 46 | (3,582) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | $ 435 | $ (1,619) | $ (309) | $ (1,451) |
Business Segments - Summary of
Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales as reported | $ 388,944 | $ 240,628 | $ 775,392 | $ 414,848 | |
Income from operations | 31,270 | (1,998) | 58,904 | 1,946 | |
Depreciation and Amortization | 23,987 | 13,290 | 48,340 | 21,660 | |
Capital Expenditures | 15,346 | 13,159 | 38,020 | 29,982 | |
Property, plant, and equipment, net | 531,345 | 531,345 | $ 536,686 | ||
Goodwill and intangibles | 480,817 | 480,817 | 508,278 | ||
Total assets | 1,529,874 | 1,529,874 | 1,551,252 | ||
North America [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales as reported | 204,758 | 186,898 | 408,908 | 361,118 | |
Income from operations | 9,676 | (1,098) | 23,461 | 2,846 | |
Depreciation and Amortization | 8,603 | 9,073 | 17,401 | 17,443 | |
Capital Expenditures | 8,565 | 11,037 | 18,593 | 27,860 | |
Property, plant, and equipment, net | 244,813 | 244,813 | 245,178 | ||
Total assets | 539,003 | 539,003 | 519,192 | ||
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales as reported | 184,186 | 53,730 | 366,484 | 53,730 | |
Income from operations | 21,594 | (900) | 35,443 | (900) | |
Depreciation and Amortization | 15,384 | 4,217 | 30,939 | 4,217 | |
Capital Expenditures | 6,781 | $ 2,122 | 19,427 | $ 2,122 | |
Property, plant, and equipment, net | 286,532 | 286,532 | 291,508 | ||
Goodwill and intangibles | 480,817 | 480,817 | 508,278 | ||
Total assets | $ 990,871 | $ 990,871 | $ 1,032,060 |
Business Segments - Net Sales b
Business Segments - Net Sales by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
NET SALES | $ 388,944 | $ 240,628 | $ 775,392 | $ 414,848 |
U.S. [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
NET SALES | 30,527 | 34,435 | 61,010 | 66,223 |
Mexico [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
NET SALES | 174,231 | 152,463 | 347,898 | 294,895 |
Germany [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
NET SALES | 70,968 | 19,913 | 142,193 | 19,913 |
Poland [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
NET SALES | $ 113,218 | $ 33,817 | $ 224,291 | $ 33,817 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Short-term Investments [Abstract] | ||
Short-term investments | $ 750 | $ 750 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 49,801 | $ 59,353 |
Work in process | 54,408 | 48,803 |
Finished goods | 82,809 | 65,843 |
Inventories | $ 187,018 | $ 173,999 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, non-current | $ 9.5 | $ 8.1 |
Supplies inventory | $ 13.7 | $ 12.5 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 955,078 | $ 928,038 |
Accumulated depreciation | (423,733) | (391,352) |
Property, plant and equipment, net | 531,345 | 536,686 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 137,987 | 136,918 |
Production Machinery and Technical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 740,413 | 720,175 |
Leasehold Improvements and Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,281 | 12,192 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 64,397 | $ 58,753 |
Property, Plant and Equipment65
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 25, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 34.9 | $ 19.5 |
Preproduction Costs Related t66
Preproduction Costs Related to Long-Term Supply Arrangements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Deferred Revenue [Abstract] | ||||
Deferred revenue, revenue recognized | $ 2.1 | $ 1.8 | $ 3.7 | $ 3.5 |
Preproduction Costs Related t67
Preproduction Costs Related to Long-Term Supply Arrangements - Summary of Unamortized Customer-Owned Tooling Costs Included in Non-current Assets and Deferred Tooling Revenues Included in Accrued Expenses and Other Non-current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Customer-Owned Tooling Costs | ||
Preproduction costs | $ 94,927 | $ 84,198 |
Accumulated amortization | (75,808) | (71,409) |
Net preproduction costs | 19,119 | 12,789 |
Deferred Tooling Revenues | ||
Accrued expenses | 5,314 | 4,654 |
Other non-current liabilities | 6,540 | 1,974 |
Total deferred tooling revenues | $ 11,854 | $ 6,628 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill impairment | $ 0 | $ 0 | ||
Indefinite-lived intangible asset impairment | 0 | 0 | ||
Amortization of intangible assets | 6,400,000 | $ 2,200,000 | 13,448,000 | $ 2,200,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2,019 | 25,000,000 | 25,000,000 | ||
2,020 | 25,000,000 | 25,000,000 | ||
2,021 | 25,000,000 | 25,000,000 | ||
2,022 | 22,200,000 | 22,200,000 | ||
2,023 | $ 20,200,000 | $ 20,200,000 |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets - Summary of Finite-Lived and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 188,386 | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 15,087 | |||
Indefinite-lived Intangible Assets, Currency Translation | (473) | |||
Indefinite-lived Intangible Assets, Net | $ 14,614 | 14,614 | ||
Gross Carrying Amount | 203,473 | |||
Amortization Expense | (6,400) | $ (2,200) | (13,448) | $ (2,200) |
Finite-lived Intangible Assets, Currency Translation | (4,921) | |||
Currency Translation | (5,394) | |||
Finite-lived Intangible Assets, Net | 170,017 | 170,017 | ||
Net | 184,631 | 184,631 | ||
Brand Name [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets, Gross Carrying Amount | 8,490 | |||
Amortization Expense | (968) | |||
Finite-lived Intangible Assets, Currency Translation | (209) | |||
Finite-lived Intangible Assets, Net | 7,313 | 7,313 | ||
Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets, Gross Carrying Amount | 14,150 | |||
Amortization Expense | (1,613) | |||
Finite-lived Intangible Assets, Currency Translation | (348) | |||
Finite-lived Intangible Assets, Net | 12,189 | 12,189 | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets, Gross Carrying Amount | 165,746 | |||
Amortization Expense | (10,867) | |||
Finite-lived Intangible Assets, Currency Translation | (4,364) | |||
Finite-lived Intangible Assets, Net | $ 150,515 | $ 150,515 | ||
Minimum [Member] | Brand Name [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining Weighted Average Amortization Period | 4 years | |||
Minimum [Member] | Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining Weighted Average Amortization Period | 3 years | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining Weighted Average Amortization Period | 5 years | |||
Maximum [Member] | Brand Name [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining Weighted Average Amortization Period | 5 years | |||
Maximum [Member] | Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining Weighted Average Amortization Period | 5 years | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining Weighted Average Amortization Period | 10 years |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total Debt | $ 695,116 | |
Debt Issuance Costs | (22,384) | |
Total Debt, Net | 672,732 | |
Less: Current portion | 3,112 | $ 4,000 |
Long-term debt | 669,620 | $ 679,552 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 384,800 | |
Debt Issuance Costs | (14,443) | |
Total Debt, Net | $ 370,357 | |
Weighted Average Interest Rate | 6.10% | |
Senior Notes [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 291,650 | |
Debt Issuance Costs | (7,941) | |
Total Debt, Net | $ 283,709 | |
Weighted Average Interest Rate | 6.00% | |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 18,666 | |
Total Debt, Net | $ 18,666 | |
Weighted Average Interest Rate | 1.90% |
Debt - Summary of Long-Term D71
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail) | Jun. 30, 2018 |
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate stated, percentage | 6.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 29, 2018 | Sep. 30, 2017 | Jun. 15, 2017EUR (€) | Mar. 22, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018EUR (€) | Dec. 31, 2017USD ($) | May 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt default, holder percent to declare all notes due, minimum | 30.00% | 30.00% | ||||||
Long-term debt | $ 672,732,000 | |||||||
Long-term debt, current | 3,112,000 | $ 4,000,000 | ||||||
European Operations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 70,700,000 | |||||||
Long-term debt, current | 3,100,000 | |||||||
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 | 15,200,000 | |||||||
Term loan facility balance | 384,800,000 | |||||||
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 | 0.00% | |||||||
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 | 4.00% | |||||||
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] | 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] | European Operations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.96% | |||||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of term loan facility | $ 160,000,000 | |||||||
Term Loan Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of capital stock issued | 65.00% | 65.00% | ||||||
Equipment Loan [Member] | European Operations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate stated, percentage | 1.90% | 1.90% | ||||||
Long-term debt | $ 18,700,000 | |||||||
Line of Credit [Member] | European Operations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument expiry date | Jul. 31, 2020 | |||||||
Available unused line of credit | € | € 30,000,000 |
Redeemable Preferred Shares - A
Redeemable Preferred Shares - Additional Information (Detail) - USD ($) | Aug. 30, 2017 | May 22, 2017 | Mar. 22, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | Dec. 31, 2017 |
Temporary Equity [Line Items] | ||||||
Proceeds from issuance of redeemable preferred shares | $ 150,000,000 | $ 150,000,000 | ||||
Temporary equity, par value | $ 0.01 | $ 0.01 | ||||
Convertible Preferred Stock, Redemption Value | $ 300,000,000 | |||||
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 | 8,375,000 | $ 4,685,000 | |||
Adjusted proceeds from issuance of redeemable preferred shares | $ 135,500,000 | |||||
Accretion value | 17,700,000 | |||||
Adjusted redeemable preferred stock | $ 153,200,000 | |||||
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 | |||||
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 |
European Non-Controlling Rede74
European Non-Controlling Redeemable Equity - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Accrued annual dividend to non-controlling interest | $ 1.1 |
Domination and Profit Loss Transfer Agreement [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Non-controlling interests with carrying value reclassified from stockholders' equity to mezzanine equity | $ 51.9 |
European Non-Controlling Rede75
European Non-Controlling Redeemable Equity - Summary of Redeemable Noncontrolling Interests (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Redemption value adjustment | $ 17,700 |
Translation adjustment | 2,851 |
Ending Balance | 52,599 |
Redeemable Noncontrolling Interest [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Reclassification of non-controlling interests | 51,943 |
Redemption value adjustment | 3,625 |
Translation adjustment | (2,851) |
Purchase of shares | (118) |
Ending Balance | $ 52,599 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Basic Earnings Per Share: | ||||
Reported net income (loss) attributable to Superior | $ 8,135 | $ (7,272) | $ 18,452 | $ (4,170) |
Less: Redeemable preferred stock dividends and accretion | (8,135) | (2,882) | (16,204) | (2,882) |
Less: European non-controlling redeemable equity dividend | (511) | (1,084) | ||
Add: European non-controlling redeemable equity translation adjustment | 2,851 | 2,851 | ||
Basic numerator | $ 2,340 | $ (10,154) | $ 4,015 | $ (7,052) |
Basic earnings (loss) per share | $ 0.09 | $ (0.41) | $ 0.16 | $ (0.28) |
Weighted average shares outstanding-Basic | 25,001 | 24,908 | 24,969 | 24,961 |
Diluted Earnings Per Share: | ||||
Reported net income (loss) attributable to Superior | $ 8,135 | $ (7,272) | $ 18,452 | $ (4,170) |
Less: Redeemable preferred stock dividends and accretion | (8,135) | (2,882) | (16,204) | (2,882) |
Less: European non-controlling redeemable equity dividend | (511) | (1,084) | ||
Add: European non-controlling redeemable equity translation adjustment | 2,851 | 2,851 | ||
Diluted numerator | $ 2,340 | $ (10,154) | $ 4,015 | $ (7,052) |
Diluted earnings (loss) per share | $ 0.09 | $ (0.41) | $ 0.16 | $ (0.28) |
Weighted average shares outstanding-Basic | 25,001 | 24,908 | 24,969 | 24,961 |
Weighted average dilutive stock options and restricted stock units | 52 | 39 | ||
Weighted average shares outstanding-Diluted | 25,053 | 24,908 | 25,008 | 24,961 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Anti-dilutive securities excluded from computation of earnings per share | shares | 51,250 |
Minimum [Member] | Employee Stock Option [Member] | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Price per share | $ 16.32 |
Maximum [Member] | Employee Stock Option [Member] | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Price per share | $ 22.57 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Statutory rate | 21.00% | 35.00% | |||
Additional expense on re-measurement of deferred tax assets | $ 1,600 | ||||
Income tax expense (benefit) | $ 4,795 | $ (1,722) | $ 8,165 | $ (1,524) | |
Effective income tax rate | 37.10% | 18.60% | 30.70% | 25.60% |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($)Age | Dec. 31, 2017USD ($) | |
Retirement Benefits [Abstract] | ||
Cash surrender value | $ 8.2 | $ 8 |
Age for benefits | Age | 65 | |
Payments to retirees | $ 0.7 | |
Anticipated benefit payments | $ 1.4 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 272 | 298 | 543 | 596 |
Net amortization | 109 | 67 | 219 | 134 |
Net periodic pension cost | $ 381 | $ 365 | $ 762 | $ 730 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2018USD ($)Categoryshares | Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorizes issuance of common stock | 4,350,000 | |
Number of shares available for grant | 2,100,000 | |
Maximum shares that may be used as full value awards | 1,200,000 | |
Amount of unrecognized stock-based compensation cost | $ | $ 7,100,000 | |
Weighted average period for recognition | 2 years 2 months 12 days | |
Capitalized share based compensation cost | $ | $ 0 | $ 0 |
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 | |
PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of individual categories | Category | 3 | |
PSUs [Member] | Upon certain Return on Invested Capital targets for 2016 to 2018 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 2018 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 2016 to 2018 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 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Number of Options Outstanding | ||
Number of Options Outstanding, Beginning balance (in shares) | 145,625 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (4,500) | |
Canceled (in shares) | (55,125) | |
Expired (in shares) | (27,000) | |
Number of Options Outstanding, Ending balance (in shares) | 59,000 | |
Options vested or expected to vest, Outstanding (in shares) | 59,000 | |
Exercisable, Outstanding (in shares) | 59,000 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Beginning balance (in dollars per share) | $ 18.96 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 15.17 | |
Canceled (in dollars per share) | 18.53 | |
Expired (in dollars per share) | 21.84 | |
Weighted Average Exercise Price, Ending balance (in dollars per share) | 18.33 | |
Options vested or expected to vest, Weighted Average Exercise Price (in dollars per share) | 18.33 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 | |
Option Outstanding, Remaining Contractual Life in Years | 2 years | |
Options vested or expected to vest, Remaining Contractual Life in Years | 2 years 9 months 18 days | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
Options vested or expected to vest, Aggregate Intrinsic Value | $ 58,433 |
Stock-Based Compensation - Su83
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - RSUs [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Number of Awards | ||
Number of Awards, Beginning balance (in shares) | 169,266 | |
Granted (in shares) | 185,071 | |
Vested (in shares) | (58,580) | |
Canceled (in shares) | (389) | |
Number of Awards, Ending balance (in shares) | 295,368 | 169,266 |
Weighted Average Grant Date Fair Value | ||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 22.27 | |
Granted (in dollars per share) | 15.60 | |
Vested (in dollars per share) | 22.93 | |
Canceled (in dollars per share) | 15.91 | |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 17.96 | $ 22.27 |
Weighted Average Remaining Amortization Period (in Years) | 2 years | 1 year 7 months 6 days |
Stock-Based Compensation - Su84
Stock-Based Compensation - Summary of Restricted Performance Stock Unit Activity (Detail) - PSUs [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Number of Awards | ||
Number of Awards, Beginning balance (in shares) | 239,674 | |
Granted (in shares) | 287,662 | |
Vested (in shares) | 0 | |
Canceled (in shares) | (778) | |
Number of Awards, Ending balance (in shares) | 526,558 | 239,674 |
Weighted Average Grant Date Fair Value | ||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 22.58 | |
Granted (in dollars per share) | 16.84 | |
Vested (in dollars per share) | 0 | |
Canceled (in dollars per share) | 16.85 | |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 19.45 | $ 22.58 |
Weighted Average Remaining Amortization Period (in Years) | 2 years 4 months 24 days | 1 year 8 months 12 days |
Stock-Based Compensation - Su85
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 25, 2017 | Jun. 30, 2018 | Jun. 25, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense before income taxes | $ 980 | $ (292) | $ 1,713 | $ 987 |
Income tax benefit (expense) | (229) | 108 | (400) | (364) |
Total stock-based compensation expense after income taxes | 751 | (184) | 1,313 | 623 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense before income taxes | 230 | (138) | 411 | 49 |
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 | $ 750 | $ (154) | $ 1,302 | $ 938 |
Common Stock Repurchase Progr86
Common Stock Repurchase Programs - Additional Information (Detail) - 2016 Repurchase Program [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jan. 16, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||
Amount authorized to be repurchased | $ 50,000,000 | |
Stock repurchased during period, shares | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Maximum length of time, foreign currency cash flow hedge | 48 months |
Receivables Securitization - Ad
Receivables Securitization - Additional information (Detail) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accounts Receivable [Line Items] | |
Trade receivables | $ 38,800,000 |
Collective limit under factoring arrangements | 74,000,000 |
Factored receivables yet not collected | 23,100,000 |
Other Nonoperating (Expense) Income [Member] | |
Accounts Receivable [Line Items] | |
Factoring fees | $ 200,000 |
Subsequent Events - Redemptio89
Subsequent Events - Redemption of Non-Controlling Interest - Additional Information (Detail) € / shares in Units, € in Millions, $ in Millions | Aug. 07, 2018USD ($)shares | Aug. 07, 2018EUR (€)€ / sharesshares | Jun. 30, 2018€ / shares | Jun. 30, 2018zł / shares | May 30, 2017 |
Subsequent Event [Line Items] | |||||
Foreign currency exchange rate, translation | 3.74193 | ||||
Ownerships interest | 92.30% | ||||
Domination and Profit Loss Transfer Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Noncontrolling interest price per share | (per share) | € 62.18 | zł 264 | |||
Foreign currency exchange rate, translation | 3.74193 | 3.74193 | |||
Subsequent Event [Member] | Domination and Profit Loss Transfer Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Noncontrolling interest price per share | € 62.18 | ||||
Subsequent Event [Member] | Europe [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares purchase of noncontrolling interest | shares | 447,821 | 447,821 | |||
Noncontrolling interest price per share | € 63.59 | ||||
Noncontrolling purchase price interest shares | $ 33.2 | € 28.5 | |||
Foreign currency exchange rate, translation | 1.1666 | ||||
Ownerships interest | 97.80% |