Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SUP | ||
Entity Registrant Name | SUPERIOR INDUSTRIES INTERNATIONAL INC | ||
Entity Central Index Key | 95,552 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,019,237 | ||
Entity Public Float | $ 447,709,967 | ||
Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Statement [Abstract] | |||
NET SALES | $ 1,501,827 | $ 1,108,055 | $ 732,677 |
Cost of sales: | |||
Cost of sales | 1,338,300 | 1,005,020 | 645,015 |
Restructuring costs | 138 | 1,458 | |
Total cost of sales | 1,338,300 | 1,005,158 | 646,473 |
GROSS PROFIT | 163,527 | 102,897 | 86,204 |
Selling, general and administrative expenses | 77,722 | 81,379 | 31,602 |
INCOME FROM OPERATIONS | 85,805 | 21,518 | 54,602 |
Interest (expense) income, net | (50,097) | (40,004) | 245 |
Other (expense) income, net | (6,936) | 13,188 | (126) |
Change in fair value of redeemable preferred stock embedded derivative liability | 3,480 | 6,164 | |
CONSOLIDATED INCOME BEFORE INCOME TAXES | 32,252 | 866 | 54,721 |
Income tax provision | (6,291) | (6,875) | (13,340) |
CONSOLIDATED NET INCOME (LOSS) | 25,961 | (6,009) | 41,381 |
Less: Net (income) attributable to non-controlling interest | (194) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO SUPERIOR | $ 25,961 | $ (6,203) | $ 41,381 |
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SUPERIOR - BASIC | $ 0.29 | $ (1.01) | $ 1.63 |
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SUPERIOR - DILUTED | $ 0.29 | $ (1.01) | $ 1.62 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) attributable to Superior | $ 25,961 | $ (6,203) | $ 41,381 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation (loss) gain | (23,924) | 29,822 | (16,904) |
Change in unrecognized gains (losses) on derivative instruments: | |||
Change in fair value of derivatives | 7,221 | 14,067 | (11,062) |
Tax (provision) benefit | (1,928) | (6,464) | 4,250 |
Change in unrecognized gains (losses) on derivative instruments, net of tax | 5,293 | 7,603 | (6,812) |
Defined benefit pension plan: | |||
Actuarial gains (losses) on pension obligation, net of curtailments and amortization | 2,924 | (1,931) | 799 |
Tax (provision) benefit | (667) | 310 | (295) |
Pension changes, net of tax | 2,257 | (1,621) | 504 |
Other comprehensive (loss) income, net of tax | (16,374) | 35,804 | (23,212) |
Comprehensive income attributable to Superior | $ 9,587 | $ 29,601 | $ 18,169 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 47,464 | $ 46,360 |
Short-term investments | 750 | 750 |
Accounts receivable, net | 104,649 | 160,167 |
Inventories, net | 175,578 | 173,999 |
Income taxes receivable | 6,791 | 6,929 |
Other current assets | 35,189 | 29,178 |
Total current assets | 370,421 | 417,383 |
Property, plant and equipment, net | 532,767 | 536,686 |
Non-current deferred income tax assets, net | 42,105 | 54,302 |
Goodwill | 291,434 | 304,805 |
Intangibles, net | 168,369 | 203,473 |
Other non-current assets | 46,520 | 34,603 |
Total assets | 1,451,616 | 1,551,252 |
Current liabilities: | ||
Accounts payable | 107,274 | 118,424 |
Short-term debt | 3,052 | 4,000 |
Accrued expenses | 65,662 | 68,786 |
Income taxes payable | 2,475 | 3,849 |
Total current liabilities | 178,463 | 195,059 |
Long-term debt (less current portion) | 661,426 | 679,552 |
Embedded derivative liability | 3,134 | 4,685 |
Non-current income tax liabilities | 9,046 | 5,731 |
Non-current deferred income tax liabilities, net | 18,664 | 28,539 |
Other non-current liabilities | 49,306 | 47,269 |
Commitments and contingent liabilities (Note 22) | ||
Mezzanine equity: | ||
Preferred stock, $0.01 par value Authorized - 1,000,000 shares; issued and outstanding - 150,000 shares outstanding at December 31, 2018 and December 31, 2017 | 144,463 | 144,694 |
European non-controlling redeemable equity | 13,849 | |
Shareholders' equity: | ||
Common stock, $0.01 par value Authorized - 100,000,000 shares Issued and outstanding - 25,019,237 and 24,917,025 shares at December 31, 2018 and December 31, 2017) | 87,723 | 89,755 |
Accumulated other comprehensive loss | (105,495) | (89,121) |
Retained earnings | 391,037 | 393,146 |
Superior shareholders' equity | 373,265 | 393,780 |
Non-controlling interests | 51,943 | |
Total shareholders' equity | 373,265 | 445,723 |
Total liabilities, mezzanine equity and shareholders' equity | $ 1,451,616 | $ 1,551,252 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 150,000 | 150,000 |
Preferred stock, shares outstanding | 150,000 | 150,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,019,237 | 24,917,025 |
Common stock, shares outstanding | 25,019,237 | 24,917,025 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Unrecognized Gains (Losses) on Derivative Instruments | Pension Obligations | Cumulative Translation Adjustment | Retained Earnings | Non-controlling Interest |
Beginning of period at Dec. 27, 2015 | $ 413,912 | $ 88,108 | $ (9,289) | $ (4,140) | $ (88,284) | $ 427,517 | |
Beginning of the period (in shares) at Dec. 27, 2015 | 26,098,895 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | 41,381 | 41,381 | |||||
Change in unrecognized gains/losses on derivative instruments, net of tax | (6,812) | (6,812) | |||||
Change in employee benefit plans, net of taxes | 504 | 504 | |||||
Net foreign currency translation adjustment | (16,904) | (16,904) | |||||
Stock options exercised | 1,641 | $ 1,641 | |||||
Stock options exercised (in shares) | 86,908 | ||||||
Common stock issued, net of shares withheld for employee taxes | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Common stock issued, net of shares withheld for employee taxes (in shares) | (1,165) | ||||||
Stock-based compensation | $ 3,618 | $ 3,618 | |||||
Stock-based compensation (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Tax impact of stock options | $ 92 | $ 92 | |||||
Common stock repurchased | (20,719) | $ (3,543) | $ (17,176) | ||||
Common stock repurchased (in shares) | (1,040,688) | ||||||
Cash dividends declared | (18,487) | (18,487) | |||||
End of period at Dec. 25, 2016 | 398,226 | $ 89,916 | $ (16,101) | $ (3,636) | $ (105,188) | 433,235 | |
End of the period (in shares) at Dec. 25, 2016 | 25,143,950 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | (6,009) | (6,203) | $ 194 | ||||
Change in unrecognized gains/losses on derivative instruments, net of tax | 7,603 | 7,603 | |||||
Change in employee benefit plans, net of taxes | (1,621) | (1,621) | |||||
Net foreign currency translation adjustment | 34,089 | 29,822 | 4,267 | ||||
Stock options exercised | 41 | $ 41 | |||||
Stock options exercised (in shares) | 2,000 | ||||||
Common stock issued, net of shares withheld for employee taxes | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Common stock issued, net of shares withheld for employee taxes (in shares) | (13,084) | ||||||
Stock-based compensation | $ 889 | $ 889 | |||||
Stock-based compensation (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock repurchased | $ (5,014) | $ (777) | $ (4,237) | ||||
Common stock repurchased (in shares) | (215,841) | ||||||
Cash dividends declared | (10,737) | (10,737) | |||||
Redeemable preferred dividend and accretion | (18,912) | (18,912) | |||||
Non-controlling interest | 63,200 | $ 63,200 | |||||
Uniwheels additional tenders | (16,032) | $ (314) | (15,718) | ||||
End of period at Dec. 31, 2017 | $ 445,723 | $ 89,755 | $ (8,498) | $ (5,257) | $ (75,366) | 393,146 | 51,943 |
End of the period (in shares) at Dec. 31, 2017 | 24,917,025 | 24,917,025 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Consolidated net income (loss) | $ 25,961 | 25,961 | |||||
Change in unrecognized gains/losses on derivative instruments, net of tax | 5,293 | 5,293 | |||||
Change in employee benefit plans, net of taxes | 2,257 | 2,257 | |||||
Net foreign currency translation adjustment | (23,924) | (23,924) | |||||
Stock options exercised | $ 68 | $ 68 | |||||
Stock options exercised (in shares) | 4,500 | 4,500 | |||||
Common stock issued, net of shares withheld for employee taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Common stock issued, net of shares withheld for employee taxes (in shares) | 97,712 | ||||||
Stock-based compensation | $ 1,525 | $ 1,525 | |||||
Stock-based compensation (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash dividends declared | $ (9,353) | $ (9,353) | |||||
Redeemable preferred dividend and accretion | (32,462) | (32,462) | |||||
Preferred stock modification | $ 15,257 | $ 15,257 | |||||
Preferred stock modification ( in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reclassification to European non-controlling redeemable equity | $ (51,943) | $ (51,943) | |||||
Adjust European non-controlling redeemable equity to redemption value | (3,625) | $ (3,625) | |||||
Dividends accrued | (1,512) | $ (1,512) | |||||
End of period at Dec. 31, 2018 | $ 373,265 | $ 87,723 | $ (3,205) | $ (3,000) | $ (99,290) | $ 391,037 | |
End of the period (in shares) at Dec. 31, 2018 | 25,019,237 | 25,019,237 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.36 | $ 0.45 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 25,961 | $ (6,009) | $ 41,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 95,056 | 69,335 | 34,261 |
Income tax, non-cash changes | (1,048) | (3,395) | (4,669) |
Stock-based compensation | 2,131 | 2,576 | 3,618 |
Debt amortization | 3,868 | 7,328 | |
Other non-cash items | 5,733 | 1,133 | 812 |
Accounts receivable | 42,829 | 4,599 | 8,043 |
Inventories | (6,125) | (1,264) | (22,339) |
Other assets and liabilities | (7,732) | (8,214) | 6,244 |
Accounts payable | (9,132) | 1,411 | 15,880 |
Income taxes | 4,575 | (3,790) | (4,740) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 156,116 | 63,710 | 78,491 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (77,697) | (70,937) | (39,575) |
Acquisition of Uniwheels, net of cash acquired | (706,733) | ||
Proceeds from sales and maturities of investments | 600 | 200 | |
Proceeds from sales of fixed assets | 56 | 4,337 | |
NET CASH USED IN INVESTING ACTIVITIES | (77,097) | (777,614) | (35,038) |
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 | (7,936) | (323,177) | |
Cash dividends paid | (28,816) | (19,473) | (18,340) |
Purchase of non-controlling redeemable shares | (39,048) | ||
Cash paid for common stock repurchase | (5,014) | (20,719) | |
Payments related to tax withholdings for stock-based compensation | (606) | (1,687) | |
Net decrease in short term debt | (10,877) | ||
Proceeds from borrowings on revolving credit facility | 324,450 | 71,750 | |
Repayments of borrowings on revolving credit facility | (324,450) | (100,650) | |
Proceeds from exercise of stock options | 68 | 41 | 1,641 |
Redeemable preferred shares issuance costs | (3,737) | ||
Financing costs paid | (31,640) | ||
Excess tax benefits from exercise of stock options | 91 | ||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (76,338) | 701,107 | (37,327) |
Effect of exchange rate changes on cash | (1,577) | 1,371 | (376) |
Net increase (decrease) in cash and cash equivalents | 1,104 | (11,426) | 5,750 |
Cash and cash equivalents at the beginning of the period | 46,360 | 57,786 | 52,036 |
Cash and cash equivalents at the end of the period | $ 47,464 | $ 46,360 | $ 57,786 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Superior Industries International, Inc. (referred to herein as the “Company” or “we,” “us” and “our”) designs and manufactures 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 BMW-Mini, (Mercedes-Benz, Presentation of Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits and money market funds with original maturities of three months or less. 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. At December 31, 2018 and 2017, certificates of deposit totaling $0.8 million were restricted in use (to collateralize letters of credit securing workers’ compensation obligations) and were classified as short-term investments on our consolidated balance sheet. Derivative Financial Instruments and Hedging Activities We account for our derivative instruments as either assets or liabilities and carry them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument (including changes in time value for forward contracts) is reported as a component of accumulated other comprehensive income or loss in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify or have not been designated as hedges are adjusted to fair value through current income. See Note 5, “Derivative Financial Instruments” for additional information pertaining to our derivative instruments. We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. These contracts are considered to be derivative instruments under U.S. GAAP; however, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exemption. Cash Paid for Interest and Taxes and Non-Cash Cash paid for interest was $43.8 million, $24.3 million and $0.3 million for the years ended December 31, 2018, 2017 and 2016. Cash paid for income taxes was $6.5 million, $11.1 million and $21.9 million for the years ended December 31, 2018, 2017 and 2016. As of December 31, 2018, 2017 and 2016, $10.3 million, $15.1 million and $4.0 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. Accounts Receivable Accounts receivable primarily consists of amounts that are due and payable from our customers for the sale of aluminum wheels. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in selling, general and administrative expense. Inventory Inventories, which are categorized as raw materials, work-in-process Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recorded as a component of cost of sales or other income or expense. Impairment of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Fair value is determined primarily using anticipated cash flows. Impairment of Goodwill Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We conduct our annual impairment testing as of December 31, 2018. Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use local currency as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other comprehensive income (loss). The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented. Gains and losses arising from foreign currency transactions and the effects of remeasurement discussed in the preceding paragraph are recorded in other income (expense), net. We had foreign currency transaction gains (losses) of ($1.0) million, $12.9 million, ($0.4) million in 2018, 2017 and 2016, respectively. Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, 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 the manufacture and delivery of aluminum wheels, including production wheels, service wheels and replacement wheels. As a part of the manufacture of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized to cost of sales over the average life of the vehicle wheel program. Similarly, customer reimbursement for tooling costs is deferred and amortized to net sales over the average life of the vehicle wheel program. In the normal course of business, the Company’s warranties are limited to product specifications and the Company does not accept product returns unless the item is defective as manufactured. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Company establishes provisions for both estimated returns and warranties when revenue is recognized. In addition, the Company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement wheels are based on prices established in our customer purchase orders which represent the standalone selling price. Prices for service and replacement wheels are commensurate with production wheels with adjustment for any special packaging. In addition, prices are subject to 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. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity prices, initial estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored, and prices are adjusted as variations arise. 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. 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). Our revenue recognition practices and related transactions and balances are further described in Note 3, “Revenue.” Research and Development Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. Amounts expensed during 2018, 2017 and 2016 were $5.7 million, $7.7 million and $3.8 million, respectively. Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method. We recognize these compensation costs net of the applicable forfeiture rate on a straight-line basis for only those shares expected to vest over the requisite service period of the award, which is generally the vesting term of three years. We estimate the forfeiture rate based on our historical experience. See Note 20, “Stock-Based Compensation” for additional information concerning our stock-based compensation awards. Income Taxes We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax pre-tax We account for uncertain tax positions utilizing a two-step more-likely-than-not more-likely-than-not Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time the Company does not have any plans to repatriate income from its foreign subsidiaries. New Accounting Standards Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2014-09, . ASU 2017-12 ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments.” ASU 2017-07, ASU 2017-01, ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory.” Accounting Standards Issued But Not Yet Adopted ASU 2017-04, ASU 2016-02, 2016-02, right-of-use 2016-02 2016-02 ASU 2018-02, 2018-02, 2018-02. ASU 2018-13, Fair Value Measurement.” Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement 2018-13 ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans.” Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 2018-14 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2 - ACQUISITION On May 30, 2017, the Company acquired 92.3 percent of the outstanding stock of Uniwheels (now referred to as our “Europe segment,” “Europe business”, “Europe operations” or “European operations”) for approximately $703.0 million (based on an exchange rate of 1.00 U.S. dollar = 3.74193 Polish Zloty) via a tender offer. On June 30, 2017, the Company commenced the delisting and associated tender process for the remaining outstanding shares of Uniwheels. As of December 31, 2018, a total of 12,213,079 shares have been tendered and the Company now owns 98.5 percent of the outstanding shares of Uniwheels. Superior pursued a Domination and Profit and Loss Transfer Agreement (“DPLTA”) which became effective on January 17, 2018, with retroactive effect as of January 1, 2018. Under the DPLTA, the Company offered to purchase any further tendered shares for cash consideration of Euro 62.18, or approximately Polish Zloty 264 per share. This cash consideration may be subject to change based on appraisal proceedings that the minority shareholders of Uniwheels have initiated. Because the aggregate equity purchase price of the Acquisition (assuming an exchange rate of 1.00 U.S. dollar = 3.74193 Polish Zloty) was determined at the time of the initial tender offer, any increase in the resulting price must be reflected as a reduction of paid in capital (common stock). Upon Uniwheels’ shareholder approval each year beginning in 2019, The Company must pay an annual dividend of Euro 3.38 on any then outstanding shares as long as the DPLTA is in effect. For any shares tendered prior to approval of the dividend each year, the Company must pay interest at a statutory rate, currently 4.12 percent, at the time the shares are redeemed. As a result of the effectiveness of the DPLTA as of January 1, 2018, the carrying value of the non-controlling non-controlling non-controlling non-controlling non-controlling The Company’s consolidated financial statements include the results of our European operations subsequent to May 30, 2017 (see Note 6, “Business Segments” for the more information). The Company’s consolidated financial statements reflect the purchase accounting adjustments in accordance with ASC 805 “Business Combinations”, whereby the purchase price was allocated to the assets acquired and liabilities assumed based upon their fair values on the acquisition date. The following is the allocation of the purchase price: (Dollars in thousands) Estimated purchase price Cash consideration $ 703,000 Non-controlling 63,200 Preliminary purchase price allocation Cash and cash equivalents 12,296 Accounts receivable 60,580 Inventories 83,901 Prepaid expenses and other current assets 11,859 Total current assets 168,636 Property and equipment 259,784 Intangible assets 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 Acquired intangible assets were recorded at estimated fair value, as 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 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 our 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 4-6 Technology 15,000 4-6 Customer relationships 167,000 7-11 Trade names 14,000 Indefinite $ 205,000 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. The purchase price allocation of goodwill, which was finalized in the second quarter of 2018, yielding an amount of $286.2 million, was allocated to the Europe segment. The following unaudited combined pro forma information is for informational purposes only. The pro forma information is not necessarily indicative of what the combined Company’s results actually would have been had the acquisition been completed as of the beginning of the periods as indicated. In addition, the unaudited pro forma information does not purport to project the future results of the combined Company. Twelve Months Ended December 31, December 31, Proforma Proforma (Dollars in thousands) Proforma combined sales $ 1,351,799 $ 1,246,248 Proforma net income $ 17,692 $ 38,809 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 3 - REVENUE 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 year ended December 31, 2018 are summarized in Note 6, “Business Segments”. The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows (in thousands): December 31, January 1, Change Customer receivables $ 97,566 $ 150,151 $ (52,585 ) Contract liabilities — current 5,810 5,736 74 Contract liabilities — noncurrent 8,354 5,222 3,132 The changes in the contract liability balances primarily result from timing differences between our performance and customer payment while the decline in customer receivables is primarily due to the sale of receivables (refer to Note 23, “Receivables Factoring”). During the year ended December 31, 2018, the Company recognized tooling reimbursement revenue of $8.5 million, which had been deferred in prior periods and was previously included in the current portion of the contract liability (deferred revenue). During the year ended December 31, 2018, the Company recognized revenue of $2.8 million from obligations satisfied in prior periods as a result of retrospective price adjustments arising from changes in commodity prices, production efficiencies and wheel weight variations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4 - FAIR VALUE MEASUREMENTS The Company applies fair value accounting for all financial assets and liabilities and non-financial Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts for cash and cash equivalents, investments in certificates of deposit, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit and fixed deposits and money market funds with original maturities of three months or less. 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. Derivative Financial Instruments Our derivatives are over-the-counter non-performance Cash Surrender Value We have an unfunded salary continuation plan, which was closed to new participants effective February 3, 2011. We purchased life insurance policies on certain participants to provide, in part, for future liabilities. Refer to Note 18, “Retirement Plans.” The amount of the asset recorded for the investment in the life insurance contracts is equal to the cash surrender value which is the amount that will be realized under the contract as of the balance sheet date if the insured event occurs. The following tables categorize items measured at fair value at December 31, 2018 and 2017: Fair Value Measurement at Reporting Date Using December 31, 2018 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 8,057 — 8,057 — Derivative contracts 4,218 — 4,218 — Total 13,025 — 13,025 — Liabilities Derivative contracts 8,836 — 8,836 Embedded derivative liability 3,134 — — 3,134 Total $ 11,970 $ — $ 8,836 $ 3,134 Fair Value Measurement at Reporting Date Using December 31, 2017 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 — $ 750 — Cash surrender value 8,040 — 8,040 — Derivative contracts 6,342 — 6,342 — Total 15,132 — 15,132 — Liabilities Derivative contracts 16,106 — 16,106 — Embedded derivative liability 4,685 — — 4,685 Total $ 20,791 — $ 16,106 $ 4,685 The following table summarizes the changes during 2018 and 2017 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred stock issued May 22, 2017 in connection with the acquisition of our European operations: January 1, 2017 – December 31, 2018 (Dollars in thousands) Beginning fair value – January 1, 2017 $ — Change in fair value of redeemable preferred stock embedded derivative liability 4,685 Ending fair value – December 31, 2017 4,685 Change in fair value of redeemable preferred stock embedded derivative liability (3,480 ) Effect of redeemable preferred stock modification 1,929 Ending fair value – December 31, 2018 3,134 Debt Instruments The carrying values of the Company’s debt instruments vary from their fair values. The fair values were determined by reference to transacted prices of these securities (Level 2 input based on the GAAP fair value hierarchy). The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below (in thousands): December 31, December 31, (Dollars in thousands) Estimated aggregate fair value $ 624,943 $ 704,005 Aggregate carrying value (1) 684,922 707,864 (1) Long-term debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 5 - DERIVATIVE FINANCIAL INSTRUMENTS Derivative Instruments and Hedging Activities We use derivatives to partially offset our exposure to foreign currency, interest rates, aluminum and other 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, interest rates, and aluminum as well as natural gas commodity prices. 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 their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We record all derivatives in the 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 transaction. 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. The Company has derivatives that are designated as hedging instruments as well as derivatives that did not qualify for designation as hedging instruments. Redeemable Preferred Stock Embedded Derivative We have determined that the conversion option embedded in our 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 also have determined that the embedded 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, 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 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 consolidated income statements (see Note 12, “Redeemable Preferred Stock.”) 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 common stock is estimated based on historical volatility. The assumed base case term used in the valuation model is the period remaining until September 14, 2025 (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 December 31, 2018 are as follows: valuation scenario terms between 3.00 and 6.70 years, volatility of 58 percent, risk-free rate of 2.5 percent to 2.6 percent related to the respective assumed terms, a risky bond rate of 22 percent and a dividend yield of 7.5 percent. The following tables display the fair value of derivatives by balance sheet line item at December 31, 2018 and December 31, 2017: December 31, 2018 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts designated as hedging instruments $ 2,599 1,011 659 6,202 Foreign exchange forward contracts not designated as hedging instruments 333 — 207 — Aluminum forward contracts designated as hedging instruments — — 927 — Cross currency swap not designated as hedging instrument — — 227 — Natural gas forward contracts designated as hedging instruments 275 — 355 — Interest rate swap contracts designated as hedging instruments — — 131 128 Embedded derivative liability — — — 3,134 Total derivative financial instruments $ 3,207 1,011 2,506 9,464 December 31, 2017 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 3,065 723 4,922 8,405 Foreign exchange forward contracts not designated as hedging 721 — 206 — Aluminum forward contracts not designated as hedging instruments 1,833 — — — Cross currency swap not designated as hedging instrument — — 1,467 1,106 Embedded derivative liability — — — 4,685 Total derivative financial instruments $ 5,619 723 6,595 14,196 The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: December 31, 2018 December 31, 2017 Notional Fair Notional Fair (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 467,253 $ (3,251 ) $ 397,744 $ (9,539 ) Foreign exchange forward contracts not designated as hedging instruments 45,905 126 23,305 515 Aluminum forward contracts not designated as hedges 10,810 (927 ) 15,564 1,833 Cross currency swap not designated as hedging instrument 12,151 (227 ) 36,454 (2,573 ) Natural gas forward contracts designated as hedging instrument 2,165 (80 ) — — Interest rate swap contracts designated as hedging instrument 90,000 (259 ) — — Total derivative financial instruments $ 628,284 $ (4,618 ) $ 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 tables summarize the gain or loss recognized in accumulated other comprehensive income (loss) (“AOCI”) as of December 31, 2018, 2017 and 2016 the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the years ended December 31, 2018, 2017 and 2016: Year ended December 31, 2018 Amount of Gain or (Loss) Amount of Pre-tax Gain or Amount of Pre-tax Gain or (Dollars in thousands) Derivative Contracts $ 5,293 $ 728 $ (406 ) Total $ 5,293 $ 728 $ (406 ) Year ended December 31, 2017 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative Contracts $ 7,603 $ (4,539 ) $ (538 ) Total $ 7,603 $ (4,539 ) $ (538 ) Year ended December 31, 2016 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative Contracts $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 6 - BUSINESS SEGMENTS As a result of our 2017 acquisition of Uniwheels, 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 the North American and European regions. In accordance with the requirements of ASC Topic 280, “Segment Reporting,” we have concluded that our North American and European businesses represent separate operating segments in view of significantly different markets, customers and products within each of these regions. Each operating segment has discrete financial information which is evaluated regularly by the Company’s CEO in determining resource allocation and assessing performance. Within each of these regions, markets, customers, products and production processes are similar and production can be readily transferred between production facilities. Moreover, our business within each region leverages common systems, processes and infrastructure. Accordingly, North America and Europe comprise the Company’s reportable segments for purposes of segment reporting. (Dollars in thousands) Net Sales Income from Operations 2018 2017 2016 2018 2017 2016 North America $ 800,383 $ 732,418 $ 732,677 $ 29,702 $ 9,808 $ 54,602 Europe 701,444 375,637 — 56,103 11,710 — $ 1,501,827 $ 1,108,055 $ 732,677 $ 85,805 $ 21,518 $ 54,602 (Dollars in thousands) Depreciation and Capital Expenditures 2018 2017 2016 2018 2017 2016 North America $ 33,588 $ 35,931 $ 34,261 $ 37,476 $ 47,493 $ 39,575 Europe 61,468 33,404 — 40,221 23,444 — $ 95,056 $ 69,335 $ 34,261 $ 77,697 $ 70,937 $ 39,575 (Dollars in thousands) Property, Plant, and Goodwill and 2018 2017 2018 2017 North America $ 249,791 $ 245,178 $ — $ — Europe 282,976 291,508 459,803 508,278 $ 532,767 $ 536,686 $ 459,803 $ 508,278 (Dollars in thousands) Total Assets 2018 2017 North America $ 484,682 $ 519,192 Europe 966,934 1,032,060 $ 1,451,616 $ 1,551,252 Geographic information Net sales by geographic location: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Net sales: U.S. $ 127,178 $ 124,711 $ 120,395 Mexico 673,205 607,707 612,282 Germany 279,631 155,227 — Poland 421,813 220,410 — Consolidated net sales $ 1,501,827 $ 1,108,055 $ 732,677 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 7 - ACCOUNTS RECEIVABLE December 31, 2018 2017 (Dollars in thousands) Trade receivables $ 101,864 $ 152,476 Other receivables 7,083 10,016 108,947 162,492 Allowance for doubtful accounts (4,298 ) (2,325 ) Accounts receivable, net $ 104,649 $ 160,167 2018 2017 2016 Ford 18 % 22 % 38 % GM 18 % 20 % 30 % VW Group 12 % 9 % <1 % Toyota 8 % 9 % 14 % The accounts receivable from GM, Ford, VW Group and Toyota at December 31, 2018 represented approximately 24 percent, 11 percent, 8 percent and 6 percent of the total accounts receivable, respectively. The accounts receivable from GM, Ford and Toyota represented approximately 26 percent, 20 percent and 4 percent at December 31, 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8 - INVENTORIES December 31, 2018 2017 (Dollars in thousands) Raw materials $ 49,571 $ 59,353 Work in process 42,886 48,803 Finished goods 83,121 65,843 Inventories, net $ 175,578 $ 173,999 Service wheel and supplies inventory included in other non-current |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 9 - PROPERTY, PLANT AND EQUIPMENT December 31, 2018 2017 (Dollars in thousands) Land and buildings $ 140,471 $ 136,918 Machinery and equipment 769,451 720,175 Leasehold improvements and others 12,883 12,192 Construction in progress 67,559 58,753 990,364 928,038 Accumulated depreciation (457,597 ) (391,352 ) Property, plant and equipment, net $ 532,767 $ 536,686 Depreciation expense was $68.8 million, $54.2 million and $34.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 10 - 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. We conducted the annual goodwill impairment testing as of December 31, 2018. The Company evaluated its goodwill using a quantitative approach. The identification of potential impairment involves comparing the Company’s Europe reporting unit’s estimated fair value to its carrying value, including goodwill. In performing our valuation, we utilized an income approach and a market approach to determine fair value. The income approach is based on projected debt-free cash flow, which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The discount rate used is the weighted average of an estimated cost of equity and of debt (“weighted average cost of capital”). The weighted average cost of capital is adjusted as necessary to reflect risk associated with the business of the Europe reporting unit. Business forecasts are based on estimated production volumes, product prices and expenses, including raw material cost, wages, energy and other expenses. Other significant assumptions include terminal value cash flow and growth rates, future capital expenditures and changes in future working capital requirements. The market approach is based on the observed ratios of enterprise value to earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. The market approach fair value is determined by multiplying historical and anticipated financial metrics of the Europe reporting unit by the EBITDA pricing multiples derived from the comparable, publicly traded companies. Our assessment indicated that the fair value of the European reporting unit exceeded its respective carrying value. The Company’s finite lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Following is a summary of the Company’s finite-lived and indefinite-lived intangible assets and goodwill as of December 31, 2018 and 2017. Gross Accumulated Currency Net Remaining Year Ended December 31, 2018 (Dollars in thousands) Brand name $ 9,000 $ (2,979 ) $ 237 $ 6,258 4-5 Technology 15,000 (4,964 ) 394 10,430 3-5 Customer relationships 167,000 (33,468 ) 3,823 137,355 5-10 Total finite 191,000 (41,411 ) 4,454 154,043 Trade names 14,000 — 326 14,326 Indefinite Total intangibles $ 205,000 $ (41,411 ) $ 4,780 $ 168,369 Beginning Currency Ending Year Ended December 31, 2018 (Dollars in thousands) Goodwill $ 304,805 $ (13,371 ) $ 291,434 Gross Accumulated Currency Net Remaining Year Ended December 31, 2017 (Dollars in thousands) Brand name $ 9,000 $ (1,091 ) $ 581 $ 8,490 5-6 Technology 15,000 (1,818 ) 968 14,150 4-6 Customer relationships 167,000 (12,259 ) 11,005 165,746 6-11 Total finite 191,000 (15,168 ) 12,554 188,386 Trade names 14,000 — 1,087 15,087 Indefinite Total intangibles $ 205,000 $ (15,168 ) $ 13,641 $ 203,473 Beginning Currency Ending Year Ended December 31, 2017 (Dollars in thousands) Goodwill $ 286,249 $ 18,556 $ 304,805 Amortization expense for these intangible assets was $26.3 million and $15.2 million for the years ended December 31, 2018 and 2017, respectively. The anticipated annual amortization expense for these intangible assets is $25.0 million for 2019 to 2021, $22.2 million for 2022 and $20.2 million for 2023. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 11 - DEBT A summary of long-term debt and the related weighted average interest rates is shown below: December 31, 2018 Debt Instrument Total Debt (1) Total Weighted Term Loan Facility $ 382,800 $ (13,078 ) $ 369,722 6.3 % 6.00% Senior Notes due 2025 286,100 (7,366 ) 278,734 6.0 % Other 16,022 — 16,022 2.2 % $ 684,922 $ (20,444 ) 664,478 Less: Current portion (3,052 ) Long-term debt $ 661,426 December 31, 2017 Debt Instrument Total Debt (1) Total Weighted Term Loan Facility $ 386,800 $ (15,802 ) $ 370,998 5.6 % 6.00% Senior Notes due 2025 300,250 (8,510 ) 291,740 6.0 % Other 20,814 — 20,814 1.0 % $ 707,864 $ (24,312 ) 683,552 Less: Current portion (4,000 ) Long-term debt $ 679,552 (1) Unamortized portion Senior Notes On June 15, 2017, Superior issued 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 several important limitations and exceptions that are described in the indenture. The indenture provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) nonpayment of principal, premium, if any, and interest, when due; (ii) 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 Bank of New York Mellon, London Branch (“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 several important qualifications, limitations and exceptions that are described in the indenture. As of December 31, 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, as Administrative Agent, Collateral Agent and Issuing Bank, JP Morgan Chase N.A., Royal Bank of Canada and Deutsche Bank A.G. New York Branch as Joint Lead Arrangers and Joint Book Runners, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement consisted of a $400.0 million senior secured term loan facility (the “Term Loan Facility”), which matures on May 22, 2022, and a $160.0 million revolving credit facility maturing on May 23, 2024 (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, 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 2.50 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 consolidated financial statements line, interest (expense) income, net. As of December 31, 2018, the Company had repaid $17.2 million under the Term Loan Facility resulting in a balance of $382.8 million. As of December 31, 2018, the Company had no outstanding borrowings under the Revolving Credit Facility, had outstanding letters of credit of $3.4 million and available unused commitments under this facility of $156.6 million. Guarantees and Collateral Security 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 restrictive covenants that, among other things, restrict, subject to certain exceptions, our ability to incur additional indebtedness and guarantee indebtedness, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make investments, acquisitions, loans or advances, pay dividends, distributions or other restricted payments, or repurchase our capital stock, 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 other covenants. The Credit Agreement also contains a provision permitting the Lenders to accelerate the repayment of all loans outstanding under the Senior Secured Credit Facilities during an event of default. As of December 31, 2018, the Company was in compliance with all covenants under the Credit Agreement. Acquisition Debt In connection with the acquisition of Unwheels, the Company assumed $70.7 million of outstanding debt. At December 31, 2018, $16.0 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 line of credit bears interest at Euribor plus 1.0 percent (but in any event not less than 0.95 percent) and the equipment loan bears interest at 2.2 percent. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Redeemable Preferred Stock | NOTE 12 - REDEEMABLE PREFERRED STOCK During 2017, we issued 150,000 shares of Series A (140,202 shares) and Series B (9,798 shares) Perpetual Convertible Preferred Stock, par value $0.01 per share to TPG Growth III Sidewall, L.P. (TPG) for an aggregate purchase price of $150.0 million. On August 30, 2017, the Series B shares were converted into Series A redeemable preferred stock, the “redeemable preferred stock” after approval by our shareholders. The redeemable preferred stock has an initial stated value of $1,000 per share, par value of $0.01 per share and liquidation preference over common stock. The redeemable preferred stock is convertible into shares of our common stock equal to the number of shares determined by dividing the sum of the stated value and any accrued and unpaid dividends by the conversion price of $28.162. The redeemable preferred stock accrues dividends at a rate of 9 percent per annum, payable at our election either in-kind We may mandate conversion of the 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, as originally issued, TPG had the right, at its option, to unconditionally redeem the shares at any time after May 23, 2024, (the “redemption date”). We may, at our option, redeem in whole at any time all of the shares of redeemable preferred stock outstanding. At redemption by either party, the redemption value will be the greater of $300.0 million (2.0 times stated value) or the product of the number of common shares into which the redeemable preferred stock could be converted (5.3 million shares currently) and the then current market price of the common stock. We have determined that the conversion option and the redemption option exercisable upon occurrence of a “redemption event” which are embedded in the redeemable preferred stock must be accounted for separately from the redeemable preferred stock as a derivative liability. We have also determined that the early redemption option exercisable on the occurrence of a redemption event must also be bifurcated and accounted for separately as a derivative liability (as more fully described under Note 5, “Derivative Financial Instruments”). 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. The difference between the adjusted initial value of $135.5 million and the redemption value of $300 million was being accreted over the eight-year period from the date of issuance through September 14, 2025 (the original date at which the holder had 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). On November 7, 2018, the Company filed a Certificate of Correction to the Certificate of Designations for the preferred stock, which became effective upon filing and corrected the redemption date to September 14, 2025. This resulted in a modification of the redeemable preferred stock. As a result of the modification, the carrying value of the redeemable preferred stock decreased $17.2 million (which was credited to retained earnings, treated as a deemed dividend and is added back to compute earnings per share) and the period for accretion of the carrying value to the redemption value has been extended to September 14, 2025. The accretion has been adjusted to amortize the excess of the redemption value over the carrying value over the period through September 14, 2025. The accumulated accretion net of the modification adjustment as of December 31, 2018 is $9.0 million resulting in an adjusted redeemable preferred stock balance of $144.5 million. |
European Non-Controlling Redeem
European Non-Controlling Redeemable Equity | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
European Non-Controlling Redeemable Equity | NOTE 13 - EUROPEAN NON-CONTROLLING On January 17, 2018, the DPLTA (referred to in Note 2, “Acquisition”) became effective retroactively to January 1, 2018. 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 Dividends accrued 1,512 Dividends paid (964 ) Translation adjustment (3,219 ) Purchase of shares (39,048 ) Balance at December 31, 2018 $ 13,849 Annual compensation payable on untendered outstanding shares under the DPLTA must be recognized as it accrues, whether declared or paid. As of December 31, 2018, we have recognized $1.5 million representing the annual dividend to the European non-controlling |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14 - EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) attributable to Superior, after adjusting for preferred dividend, European non-controlling Year Ended December 31, 2018 2017 2016 (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Reported net income (loss) attributable to Superior $ 25,961 $ (6,203 ) $ 41,381 Less: Redeemable preferred stock dividends and accretion (32,462 ) (18,912 ) — Add: Preferred stock modification 15,257 — — Less: European non-controlling (1,512 ) — — Basic numerator $ 7,244 $ (25,115 ) $ 41,381 Basic earnings (loss) per share $ 0.29 $ (1.01 ) $ 1.63 Weighted average shares outstanding-Basic 24,994 24,929 25,439 Diluted Earnings Per Share: Reported net income (loss) attributable to Superior $ 25,961 $ (6,203 ) $ 41,381 Less: Redeemable preferred stock dividends and accretion (32,462 ) (18,912 ) — Add: Preferred stock modification 15,257 — — Less: European non-controlling (1,512 ) — — Diluted numerator $ 7,244 $ (25,115 ) $ 41,381 Diluted earnings (loss) per share $ 0.29 $ (1.01 ) $ 1.62 Weighted average shares outstanding-Basic 24,994 24,929 25,439 Dilutive effect of common share equivalents 161 — 100 Weighted average shares outstanding-Diluted 25,155 24,929 25,539 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15 - INCOME TAXES Income before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Income before income taxes: Domestic $ (44,058 ) $ (63,716 ) $ 18,499 Foreign 76,310 64,582 36,222 $ 32,252 $ 866 $ 54,721 The provision for income taxes is comprised of the following: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Current taxes Federal $ 3,714 $ 6,121 $ (5,017 ) State 127 (390 ) 450 Foreign (11,180 ) (12,564 ) (10,639 ) Total current taxes (7,339 ) (6,833 ) (15,206 ) Deferred taxes Federal (919 ) (4,387 ) (1,199 ) State 521 1,492 (332 ) Foreign 1,446 2,853 3,397 Total deferred taxes 1,048 (42 ) 1,866 Income tax provision $ (6,291 ) $ (6,875 ) $ (13,340 ) The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2018 2017 2016 Statutory rate (21.0 )% (35.0 )% (35.0 )% State tax provisions, net of federal income tax benefit 6.4 263.4 (6.3 ) Tax credits 1.3 88.9 0.6 Foreign income taxes at rates other than the statutory rate 16.8 1,206.6 11.7 Valuation allowance and other (28.0 ) (138.0 ) 5.1 Changes in tax liabilities, net (0.6 ) (11.3 ) 0.5 Share based compensation (1.0 ) (61.5 ) (1.2 ) Transaction costs — (372.2 ) — US Tax Reform implementation 10.9 (1,918.7 ) — US Tax on non-US (16.1 ) — — Non-taxable 16.3 152.6 — Other (4.5 ) 31.3 0.2 Effective income tax rate (19.5 )% (793.9 )% (24.4 )% Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities are as follows: December 31, 2018 2017 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 8,117 $ 2,445 Hedging and foreign currency losses (1,163 ) 2,034 Deferred compensation 8,021 8,628 Inventory reserves 3,984 2,954 Net loss carryforwards and credits 51,552 69,018 Interest carryforwards 11,269 — Competent authority deferred tax assets and other foreign timing differences 6,749 6,939 Other (3,921 ) (830 ) Total before valuation allowance 84,608 91,188 Valuation allowance (16,576 ) (7,634 ) Net deferred income tax assets 68,032 83,554 Deferred income tax liabilities: Intangibles, property, plant and equipment and other (44,591 ) (57,791 ) Deferred income tax liabilities (44,591 ) (57,791 ) Net deferred income tax assets $ 23,441 $ 25,763 The classification of our net deferred tax asset is shown below: December 31, 2018 2017 (Dollars in thousands) Long-term deferred income tax assets $ 42,105 $ 54,302 Long-term deferred income tax liabilities (18,664 ) (28,539 ) Net deferred tax asset $ 23,441 $ 25,763 Realization of any of our deferred tax assets at December 31, 2018 is dependent on the Company generating sufficient taxable income in the future. The determination of whether or not to record a full or partial valuation allowance on our deferred tax assets is a critical accounting estimate requiring a significant amount of judgment on the part of management. In determining when to release the valuation allowance established against our deferred income tax assets, we consider all available evidence, both positive and negative. We perform our analysis on a jurisdiction by jurisdiction basis at the end of each reporting period. The increase in the valuation allowance of $9.0 million relates primarily to interest expense subject to limitations on deductibility in the U.S. The Tax Cut and Jobs Act (“the Act”) was enacted on December 22, 2017. The Act contains significant changes to corporate taxation, including the reduction of the corporate tax rate from 35 percent to 21 percent, a one-time Low-Tax The Company had recorded provisional amounts for enactment-date income tax effects of the Act at December 31, 2017 following the guidance in SAB 118. At December 31, 2018 the Company has completed the accounting for all enactment-date income tax effects of the Act and recorded a benefit of $3.9 million as an adjustment to the provisional amounts. The Company also recorded $5.2 million expense related to GILTI. As of December 31, 2018, we have cumulative tax effected U.S. federal, state and Germany NOL carryforwards of $12.9 million that expire in the years 2019 to 2038. Also, we have $38.6 million of tax credit carryforwards, primarily in Poland, which expire in the years 2021 to 2026. The transition tax substantially eliminated the basis difference that existed previously for purposes of ASC Topic 740. However, there are limited other taxes that could continue to apply such as foreign withholding and certain state taxes. Taxes have not been provided on basis differences in investments of $173 million that are deemed indefinitely reinvested. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Beginning balance $ 33,054 $ 3,446 $ 7,318 Increases (decreases) due to foreign currency translations (2,018 ) — — Increases (decreases) as a result of positions taken during: Prior periods — — (3,872 ) Current period — 29,773 — Expiration of applicable statutes of limitation — (165 ) — Ending balance $ 31,036 $ 33,054 $ 3,446 Our policy regarding interest and penalties related to uncertain tax positions is to record interest and penalties as an element of income tax expense. At the end of 2018, 2017 and 2016 the Company had liabilities of $3.3 million, $2.4 million and $1.8 million of potential interest and penalties associated with uncertain tax positions. Included in the unrecognized tax benefits is $2.2 million that, if recognized, would favorably affect our annual effective tax rate. Within the next twelve-month period we do not expect a decrease in unrecognized tax benefits. Income tax returns are filed in multiple jurisdictions and are subject to examination by tax authorities in various jurisdictions where the Company operates. The Company has open tax years from 2013 to 2018 with various significant tax jurisdictions. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | NOTE 16 - LEASES We lease certain land, facilities and equipment under long-term operating leases expiring at various dates through 2026. Total lease expense for all operating leases amounted to $7.0 million in 2018, $4.3 million in 2017 and $1.9 million in 2016. The following are summarized future minimum payments under our operating leases: Year Ended December 31, Operating (Dollars in thousands) 2019 $ 4,249 2020 3,232 2021 2,870 2022 2,635 2023 2,346 Thereafter 7,647 $ 22,979 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 17 - RELATED PARTIES Purchase Agreement In the first quarter of 2015, we entered into an agreement to purchase a subscription to online software provided by NGS Inc. Our former Senior Vice President, Business Operations and our Vice President of Information Technology are passive investors in NGS. We made payments to NGS of $479,520, $376,920 and $243,000 during the 2018, 2017 and 2016 fiscal years, respectively. The transaction was entered into in the ordinary course of business and is an arms-length transaction agreement. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 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 $8.1 million and $8.0 at December 31, 2018 and 2017, respectively, are included in other non-current The following table summarizes the changes in plan assets and plan benefit obligations: Year Ended December 31, 2018 2017 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 29,759 $ 27,612 Interest cost 1,086 1,189 Actuarial (gain) loss (2,486 ) 2,300 Benefit payments (1,406 ) (1,342 ) Ending benefit obligation $ 26,953 $ 29,759 Year Ended December 31, 2018 2017 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,406 1,342 Benefit payments (1,406 ) (1,342 ) Fair value of plan assets at end of year $ — $ — Funded status $ (26,953 ) $ (29,759 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses (1,392 ) (1,407 ) Other non-current (25,561 ) (28,352 ) Net amount recognized $ (26,953 ) $ (29,759 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 4,799 $ 7,722 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 4,798 $ 7,721 Weighted average assumptions used to determine benefit obligations: Discount rate 4.4 % 3.7 % Rate of compensation increase 3.0 % 3.0 % Components of net periodic pension cost are described in the following table: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Components of net periodic pension cost: Interest cost 1,086 1,189 1,216 Amortization of actuarial loss 438 369 335 Net periodic pension cost 1,524 1,558 $ 1,551 Weighted average assumptions used to determine net periodic pension cost: Discount rate 3.7 % 4.4 % 4.4 % Rate of compensation increase 3.0 % 3.0 % 3.0 % Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2019 $ 1,422 2020 $ 1,484 2021 $ 1,457 2022 $ 1,495 2023 $ 1,472 Years 2024 to 2028 $ 8,448 The following is an estimate of the components of net periodic pension cost in 2019: Estimated Year Ended December 31, 2019 (Dollars in thousands) Interest cost 1,144 Amortization of actuarial loss 209 Estimated 2019 net periodic pension cost $ 1,353 Other Retirement Plans We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees in those countries. The employer contribution totaled $1.8 million, $1.7 million and $1.4 million for the three years ended December 31, 2018, 2017 and 2016, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Accrued Expenses | NOTE 19 - ACCRUED EXPENSES December 31, 2018 2017 (Dollars in thousands) Payroll and related benefits $ 23,503 $ 27,954 Insurance Reserves 1,120 590 Taxes, other than income taxes 8,115 9,419 Current portion of derivative liability 2,506 6,595 Dividends and interest 4,197 7,322 Deferred tooling revenue 5,810 4,654 Current portion of executive retirement liabilities 1,392 1,407 Professional Fees 4,750 3,674 Warranty Liability 437 872 Other 13,832 6,299 Accrued liabilities $ 65,662 $ 68,786 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 20 - STOCK-BASED COMPENSATION 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 Per the terms of the program, each year eligible 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. Stock-based compensation expense was $2.1 million, $1.6 million, and $2.3 million for the years ended December 31, 2018, 2017, 2016, respectively. Unrecognized stock-based compensation expense related to non-vested Equity Incentive Awards Restricted Weighted Performance Weighted Options Weighted Balance at December 31, 2017 169,266 $ 22.27 239,674 $ 22.58 145,625 $ 18.96 Granted 204,003 $ 15.91 325,526 $ 17.12 — — Settled (66,138 ) $ 22.67 — — (4,500 ) $ 15.17 Forfeited or expired (123,405 ) $ 18.98 (268,677 ) $ 19.8 (82,125 ) $ 19.62 Balance at December 31, 2018 183,726 $ 17.26 296,523 $ 19.1 59,000 $ 18.33 Vested or expected to vest at December 31, 2018 183,726 111,071 59,000 |
Common Stock Repurchase Program
Common Stock Repurchase Programs | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Common Stock Repurchase Programs | NOTE 21 - COMMON STOCK REPURCHASE PROGRAMS In January 2016, our Board of Directors approved a common stock repurchase program (the “Repurchase Program”), authorizing the repurchase of up to $50.0 million of our common stock. Under the Repurchase Program we have previously purchased $15.4 million leaving a remaining authorization of $34.6 million which we may repurchase 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 for the year ended December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 22 - COMMITMENTS AND CONTINGENCIES Purchase Commitments When market conditions warrant, we may enter into purchase commitments to secure the supply of certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. Prices under our aluminum contracts are based on a market index, such as the London Mercantile Exchange (LME), and regional premiums for processing, transportation and alloy components which are adjusted quarterly for purchases in the ensuing quarter. Changes in aluminum prices are generally passed through to our OEM customers and adjusted on a quarterly basis. Certain of our purchase agreements include volume commitments, however any excess commitments are generally negotiated with suppliers and those which have occurred in the past have been carried over to future periods. Contingencies We are party to various legal and environmental proceedings incidental to our business. Certain claims, suits and complaints arising in the ordinary course of business have been filed or are pending against us. Based on facts now known, 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 Factoring
Receivables Factoring | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables Factoring | NOTE 23 - RECEIVABLES FACTORING The Company sells certain customer trade receivables on a non-recourse |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE 24 - QUARTERLY FINANCIAL DATA (UNAUDITED) (Dollars in thousands, except per share amounts) Year 2018 First Second Third Fourth Year Net sales $ 386,448 $ 388,944 $ 347,612 $ 378,823 $ 1,501,827 Gross profit $ 49,991 $ 53,559 $ 23,673 $ 36,304 $ 163,527 Income from operations $ 27,634 $ 31,270 $ 7,688 $ 19,213 $ 85,805 Consolidated income (loss) before income taxes $ 13,687 $ 12,930 $ (7,714 ) $ 13,349 $ 32,252 Income tax (provision) benefit $ (3,370 ) $ (4,795 ) $ 7,051 $ (5,177 ) $ (6,291 ) Consolidated net income (loss) $ 10,317 $ 8,135 $ (663 ) $ 8,172 $ 25,961 Income (loss) per share (1) Basic (1) $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Diluted (1) $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Dividends declared per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 Statement of Comprehensive Income: Other comprehensive income (loss), net of tax (1) $ 34,901 $ (53,178 ) $ 21,960 $ (20,057 ) $ (16,374 ) (1) Subsequent to the issuance of the September 30, 2018 interim financial statements, the Company identified an error related to the classification of foreign currency translation adjustments associated with the European non-controlling non-controlling Year 2017 First Second Third Fourth Year Net sales $ 174,220 $ 240,628 $ 331,404 $ 361,803 $ 1,108,055 Gross profit $ 19,204 $ 20,105 $ 23,893 $ 39,695 $ 102,897 Income (loss) from operations $ 3,944 $ (1,998 ) $ 5,758 $ 13,814 $ 21,518 Consolidated income (loss) before income taxes $ 3,300 $ (9,241 ) $ (501 ) $ 7,308 $ 866 Income tax (provision) benefit $ (198 ) $ 1,722 $ 3,355 $ (11,754 ) $ (6,875 ) Consolidated net income (loss) $ 3,102 $ (7,519 ) $ 2,854 $ (4,446 ) $ (6,009 ) Less: Net loss (income) attributable to non-controlling — $ 247 $ (239 ) $ (202 ) $ (194 ) Net income (loss) attributable to Superior $ 3,102 $ (7,272 ) $ 2,615 $ (4,648 ) $ (6,203 ) Income (loss) per share: Basic $ 0.12 $ (0.41 ) $ (0.22 ) $ (0.50 ) $ (1.01 ) Diluted $ 0.12 $ (0.41 ) $ (0.22 ) $ (0.50 ) $ (1.01 ) Dividends declared per share $ 0.18 $ 0.09 $ 0.09 $ 0.09 $ 0.45 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016 (Dollars in thousands) Additions Balance Charge Other Deductions Balance 2018 Allowance for doubtful accounts receivable $ 2,325 $ 2,311 $ — $ (338 ) $ 4,298 Valuation allowances for deferred tax assets $ 7,634 $ 9,036 $ — (94 ) $ 16,576 2017 Allowance for doubtful accounts receivable $ 919 $ 1,127 $ 1,162 $ (883 ) $ 2,325 Valuation allowances for deferred tax assets $ 3,123 $ 1,005 $ 3,506 — $ 7,634 2016 Allowance for doubtful accounts receivable $ 867 $ 403 $ — $ (351 ) $ 919 Valuation allowances for deferred tax assets $ 5,891 $ 698 $ — $ (3,466 ) $ 3,123 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Superior Industries International, Inc. (referred to herein as the “Company” or “we,” “us” and “our”) designs and manufactures 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 BMW-Mini, (Mercedes-Benz, |
Presentation of Consolidated Financial Statements | Presentation of Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation. Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits and money market funds with original maturities of three months or less. 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. At December 31, 2018 and 2017, certificates of deposit totaling $0.8 million were restricted in use (to collateralize letters of credit securing workers’ compensation obligations) and were classified as short-term investments on our consolidated balance sheet. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities We account for our derivative instruments as either assets or liabilities and carry them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument (including changes in time value for forward contracts) is reported as a component of accumulated other comprehensive income or loss in shareholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. Derivatives that do not qualify or have not been designated as hedges are adjusted to fair value through current income. See Note 5, “Derivative Financial Instruments” for additional information pertaining to our derivative instruments. We enter into contracts to purchase certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. These contracts are considered to be derivative instruments under U.S. GAAP; however, these purchase contracts are not accounted for as derivatives because they qualify for the normal purchase normal sale exemption. |
Cash Paid for Interest and Taxes and Non-Cash Investing Activities | Cash Paid for Interest and Taxes and Non-Cash Cash paid for interest was $43.8 million, $24.3 million and $0.3 million for the years ended December 31, 2018, 2017 and 2016. Cash paid for income taxes was $6.5 million, $11.1 million and $21.9 million for the years ended December 31, 2018, 2017 and 2016. As of December 31, 2018, 2017 and 2016, $10.3 million, $15.1 million and $4.0 million, respectively, of equipment had been purchased but not yet paid for and are included in accounts payable and accrued expenses in our consolidated balance sheets. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of amounts that are due and payable from our customers for the sale of aluminum wheels. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in selling, general and administrative expense. |
Inventory | Inventory Inventories, which are categorized as raw materials, work-in-process |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. The cost of additions, improvements and interest during construction, if any, are capitalized. Our maintenance and repair costs are charged to expense when incurred. Depreciation is calculated generally on the straight-line method based on the estimated useful lives of the assets. Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years When property, plant and equipment is replaced, retired or disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recorded as a component of cost of sales or other income or expense. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Fair value is determined primarily using anticipated cash flows. |
Impairment of Goodwill | Impairment of Goodwill Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. We conduct our annual impairment testing as of December 31, 2018. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use local currency as their functional currency are translated to U.S. dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other comprehensive income (loss). The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented. Gains and losses arising from foreign currency transactions and the effects of remeasurement discussed in the preceding paragraph are recorded in other income (expense), net. We had foreign currency transaction gains (losses) of ($1.0) million, $12.9 million, ($0.4) million in 2018, 2017 and 2016, respectively. |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, 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 the manufacture and delivery of aluminum wheels, including production wheels, service wheels and replacement wheels. As a part of the manufacture of the wheels, we develop tooling necessary to produce the wheels. Accordingly, tooling costs, which are explicitly recoverable from our customers, are capitalized as preproduction costs and amortized to cost of sales over the average life of the vehicle wheel program. Similarly, customer reimbursement for tooling costs is deferred and amortized to net sales over the average life of the vehicle wheel program. In the normal course of business, the Company’s warranties are limited to product specifications and the Company does not accept product returns unless the item is defective as manufactured. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Company establishes provisions for both estimated returns and warranties when revenue is recognized. In addition, the Company does not typically provide customers with the right to a refund but provides for product replacement. Prices allocated to production, service and replacement wheels are based on prices established in our customer purchase orders which represent the standalone selling price. Prices for service and replacement wheels are commensurate with production wheels with adjustment for any special packaging. In addition, prices are subject to 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. Customer tooling reimbursement is generally based on quoted prices or cost not to exceed quoted prices. We estimate variable consideration by using the “most likely” amount estimation approach. For commodity prices, initial estimates are based on the commodity index at contract inception. Changes in commodity prices are monitored and revenue is adjusted as changes in the commodity index occur. Prices incorporate the wheel weight price component based on product specifications. Weights are monitored, and prices are adjusted as variations arise. 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. 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). Our revenue recognition practices and related transactions and balances are further described in Note 3, “Revenue.” |
Research and Development | Research and Development Research and development costs (primarily engineering and related costs) are expensed as incurred and are included in cost of sales in the consolidated income statements. Amounts expensed during 2018, 2017 and 2016 were $5.7 million, $7.7 million and $3.8 million, respectively. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation using the estimated fair value recognition method. We recognize these compensation costs net of the applicable forfeiture rate on a straight-line basis for only those shares expected to vest over the requisite service period of the award, which is generally the vesting term of three years. We estimate the forfeiture rate based on our historical experience. See Note 20, “Stock-Based Compensation” for additional information concerning our stock-based compensation awards. |
Income Taxes | Income Taxes We account for income taxes using the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of our assets and liabilities. We calculate current and deferred tax provisions based on estimates and assumptions that could differ from actual results reflected on the income tax returns filed during the following years. Adjustments based on filed returns are recorded when identified in the subsequent years. The effect on deferred taxes for a change in tax rates is recognized in income in the period that the tax rate change is enacted. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion of the deferred tax assets will not be realized. A valuation allowance is provided for deferred income tax assets when, in our judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. The determination of the need for a valuation allowance is based on an on-going In determining when to release the valuation allowance established against our net deferred income tax assets, we consider all available evidence, both positive and negative. Consistent with our policy, the valuation allowance against our net deferred income tax assets will not be reversed until such time as we have generated three years of cumulative pre-tax pre-tax We account for uncertain tax positions utilizing a two-step more-likely-than-not more-likely-than-not Presently, we have not recorded a deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. These temporary differences may become taxable upon a repatriation of earnings from the subsidiaries or a sale or liquidation of the subsidiaries. At this time the Company does not have any plans to repatriate income from its foreign subsidiaries. |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2014-09, . ASU 2017-12 ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments.” ASU 2017-07, ASU 2017-01, ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory.” Accounting Standards Issued But Not Yet Adopted ASU 2017-04, ASU 2016-02, 2016-02, right-of-use 2016-02 2016-02 ASU 2018-02, 2018-02, 2018-02. ASU 2018-13, Fair Value Measurement.” Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement 2018-13 ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans.” Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 2018-14 |
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 exposure to foreign currency, interest rates, aluminum and other 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, interest rates, and aluminum as well as natural gas commodity prices. 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 their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We record all derivatives in the 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 transaction. 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. The Company has derivatives that are designated as hedging instruments as well as derivatives that did not qualify for designation as hedging instruments. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges | Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of the Assets | Classification Expected Useful Life Computer equipment 3 to 5 years Production machinery and technical equipment 3 to 20 years Buildings 15 to 50 years Other equipment, operating and office equipment 3 to 20 years |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation | The following is the allocation of the purchase price: (Dollars in thousands) Estimated purchase price Cash consideration $ 703,000 Non-controlling 63,200 Preliminary purchase price allocation Cash and cash equivalents 12,296 Accounts receivable 60,580 Inventories 83,901 Prepaid expenses and other current assets 11,859 Total current assets 168,636 Property and equipment 259,784 Intangible assets 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 Acquired intangible assets were recorded at estimated fair value, as 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 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 our 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 4-6 Technology 15,000 4-6 Customer relationships 167,000 7-11 Trade names 14,000 Indefinite $ 205,000 |
Summary of Unaudited Pro Forma Information | The following unaudited combined pro forma information is for informational purposes only. The pro forma information is not necessarily indicative of what the combined Company’s results actually would have been had the acquisition been completed as of the beginning of the periods as indicated. In addition, the unaudited pro forma information does not purport to project the future results of the combined Company. Twelve Months Ended December 31, December 31, Proforma Proforma (Dollars in thousands) Proforma combined sales $ 1,351,799 $ 1,246,248 Proforma net income $ 17,692 $ 38,809 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities | The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows (in thousands): December 31, January 1, Change Customer receivables $ 97,566 $ 150,151 $ (52,585 ) Contract liabilities — current 5,810 5,736 74 Contract liabilities — noncurrent 8,354 5,222 3,132 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measured at Fair Value | The following tables categorize items measured at fair value at December 31, 2018 and 2017: Fair Value Measurement at Reporting Date Using December 31, 2018 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 $ — $ 750 $ — Cash surrender value 8,057 — 8,057 — Derivative contracts 4,218 — 4,218 — Total 13,025 — 13,025 — Liabilities Derivative contracts 8,836 — 8,836 Embedded derivative liability 3,134 — — 3,134 Total $ 11,970 $ — $ 8,836 $ 3,134 Fair Value Measurement at Reporting Date Using December 31, 2017 Quoted Prices in Significant Other Significant (Dollars in thousands) Assets Certificates of deposit $ 750 — $ 750 — Cash surrender value 8,040 — 8,040 — Derivative contracts 6,342 — 6,342 — Total 15,132 — 15,132 — Liabilities Derivative contracts 16,106 — 16,106 — Embedded derivative liability 4,685 — — 4,685 Total $ 20,791 — $ 16,106 $ 4,685 |
Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability | The following table summarizes the changes during 2018 and 2017 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred stock issued May 22, 2017 in connection with the acquisition of our European operations: January 1, 2017 – December 31, 2018 (Dollars in thousands) Beginning fair value – January 1, 2017 $ — Change in fair value of redeemable preferred stock embedded derivative liability 4,685 Ending fair value – December 31, 2017 4,685 Change in fair value of redeemable preferred stock embedded derivative liability (3,480 ) Effect of redeemable preferred stock modification 1,929 Ending fair value – December 31, 2018 3,134 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below (in thousands): December 31, December 31, (Dollars in thousands) Estimated aggregate fair value $ 624,943 $ 704,005 Aggregate carrying value (1) 684,922 707,864 (1) Long-term debt excluding the impact of unamortized debt issuance costs. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2018 and December 31, 2017: December 31, 2018 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts designated as hedging instruments $ 2,599 1,011 659 6,202 Foreign exchange forward contracts not designated as hedging instruments 333 — 207 — Aluminum forward contracts designated as hedging instruments — — 927 — Cross currency swap not designated as hedging instrument — — 227 — Natural gas forward contracts designated as hedging instruments 275 — 355 — Interest rate swap contracts designated as hedging instruments — — 131 128 Embedded derivative liability — — — 3,134 Total derivative financial instruments $ 3,207 1,011 2,506 9,464 December 31, 2017 Other Other Non-current Accrued Other Non-current (Dollars in thousands) Foreign exchange forward contracts and collars designated as hedging instruments $ 3,065 723 4,922 8,405 Foreign exchange forward contracts not designated as hedging 721 — 206 — Aluminum forward contracts not designated as hedging instruments 1,833 — — — Cross currency swap not designated as hedging instrument — — 1,467 1,106 Embedded derivative liability — — — 4,685 Total derivative financial instruments $ 5,619 723 6,595 14,196 |
Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments | The following table summarizes the notional amount and estimated fair value of our derivative financial instruments: December 31, 2018 December 31, 2017 Notional Fair Notional Fair (Dollars in thousands) Foreign currency forward contracts and collars designated as hedging instruments $ 467,253 $ (3,251 ) $ 397,744 $ (9,539 ) Foreign exchange forward contracts not designated as hedging instruments 45,905 126 23,305 515 Aluminum forward contracts not designated as hedges 10,810 (927 ) 15,564 1,833 Cross currency swap not designated as hedging instrument 12,151 (227 ) 36,454 (2,573 ) Natural gas forward contracts designated as hedging instrument 2,165 (80 ) — — Interest rate swap contracts designated as hedging instrument 90,000 (259 ) — — Total derivative financial instruments $ 628,284 $ (4,618 ) $ 473,067 $ (9,764 ) |
Summary of Gain or Loss Recognized in AOCI (Loss) | The following tables summarize the gain or loss recognized in accumulated other comprehensive income (loss) (“AOCI”) as of December 31, 2018, 2017 and 2016 the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the years ended December 31, 2018, 2017 and 2016: Year ended December 31, 2018 Amount of Gain or (Loss) Amount of Pre-tax Gain or Amount of Pre-tax Gain or (Dollars in thousands) Derivative Contracts $ 5,293 $ 728 $ (406 ) Total $ 5,293 $ 728 $ (406 ) Year ended December 31, 2017 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative Contracts $ 7,603 $ (4,539 ) $ (538 ) Total $ 7,603 $ (4,539 ) $ (538 ) Year ended December 31, 2016 Amount of Gain or (Loss) Amount of Pre-tax Amount of Pre-tax Gain or (Dollars in thousands) Derivative Contracts $ (6,812 ) $ (13,597 ) $ (156 ) Total $ (6,812 ) $ (13,597 ) $ (156 ) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 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 2018 2017 2016 2018 2017 2016 North America $ 800,383 $ 732,418 $ 732,677 $ 29,702 $ 9,808 $ 54,602 Europe 701,444 375,637 — 56,103 11,710 — $ 1,501,827 $ 1,108,055 $ 732,677 $ 85,805 $ 21,518 $ 54,602 (Dollars in thousands) Depreciation and Capital Expenditures 2018 2017 2016 2018 2017 2016 North America $ 33,588 $ 35,931 $ 34,261 $ 37,476 $ 47,493 $ 39,575 Europe 61,468 33,404 — 40,221 23,444 — $ 95,056 $ 69,335 $ 34,261 $ 77,697 $ 70,937 $ 39,575 (Dollars in thousands) Property, Plant, and Goodwill and 2018 2017 2018 2017 North America $ 249,791 $ 245,178 $ — $ — Europe 282,976 291,508 459,803 508,278 $ 532,767 $ 536,686 $ 459,803 $ 508,278 (Dollars in thousands) Total Assets 2018 2017 North America $ 484,682 $ 519,192 Europe 966,934 1,032,060 $ 1,451,616 $ 1,551,252 |
Net Sales by Geographic Location | Net sales by geographic location: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Net sales: U.S. $ 127,178 $ 124,711 $ 120,395 Mexico 673,205 607,707 612,282 Germany 279,631 155,227 — Poland 421,813 220,410 — Consolidated net sales $ 1,501,827 $ 1,108,055 $ 732,677 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | December 31, 2018 2017 (Dollars in thousands) Trade receivables $ 101,864 $ 152,476 Other receivables 7,083 10,016 108,947 162,492 Allowance for doubtful accounts (4,298 ) (2,325 ) Accounts receivable, net $ 104,649 $ 160,167 |
Schedule of Revenues by Major Customers | 2018 2017 2016 Ford 18 % 22 % 38 % GM 18 % 20 % 30 % VW Group 12 % 9 % <1 % Toyota 8 % 9 % 14 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | December 31, 2018 2017 (Dollars in thousands) Raw materials $ 49,571 $ 59,353 Work in process 42,886 48,803 Finished goods 83,121 65,843 Inventories, net $ 175,578 $ 173,999 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | December 31, 2018 2017 (Dollars in thousands) Land and buildings $ 140,471 $ 136,918 Machinery and equipment 769,451 720,175 Leasehold improvements and others 12,883 12,192 Construction in progress 67,559 58,753 990,364 928,038 Accumulated depreciation (457,597 ) (391,352 ) Property, plant and equipment, net $ 532,767 $ 536,686 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 and goodwill as of December 31, 2018 and 2017. Gross Accumulated Currency Net Remaining Year Ended December 31, 2018 (Dollars in thousands) Brand name $ 9,000 $ (2,979 ) $ 237 $ 6,258 4-5 Technology 15,000 (4,964 ) 394 10,430 3-5 Customer relationships 167,000 (33,468 ) 3,823 137,355 5-10 Total finite 191,000 (41,411 ) 4,454 154,043 Trade names 14,000 — 326 14,326 Indefinite Total intangibles $ 205,000 $ (41,411 ) $ 4,780 $ 168,369 Beginning Currency Ending Year Ended December 31, 2018 (Dollars in thousands) Goodwill $ 304,805 $ (13,371 ) $ 291,434 Gross Accumulated Currency Net Remaining Year Ended December 31, 2017 (Dollars in thousands) Brand name $ 9,000 $ (1,091 ) $ 581 $ 8,490 5-6 Technology 15,000 (1,818 ) 968 14,150 4-6 Customer relationships 167,000 (12,259 ) 11,005 165,746 6-11 Total finite 191,000 (15,168 ) 12,554 188,386 Trade names 14,000 — 1,087 15,087 Indefinite Total intangibles $ 205,000 $ (15,168 ) $ 13,641 $ 203,473 Beginning Currency Ending Year Ended December 31, 2017 (Dollars in thousands) Goodwill $ 286,249 $ 18,556 $ 304,805 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2018 Debt Instrument Total Debt (1) Total Weighted Term Loan Facility $ 382,800 $ (13,078 ) $ 369,722 6.3 % 6.00% Senior Notes due 2025 286,100 (7,366 ) 278,734 6.0 % Other 16,022 — 16,022 2.2 % $ 684,922 $ (20,444 ) 664,478 Less: Current portion (3,052 ) Long-term debt $ 661,426 December 31, 2017 Debt Instrument Total Debt (1) Total Weighted Term Loan Facility $ 386,800 $ (15,802 ) $ 370,998 5.6 % 6.00% Senior Notes due 2025 300,250 (8,510 ) 291,740 6.0 % Other 20,814 — 20,814 1.0 % $ 707,864 $ (24,312 ) 683,552 Less: Current portion (4,000 ) Long-term debt $ 679,552 (1) Unamortized portion |
European Non-Controlling Rede_2
European Non-Controlling Redeemable Equity (Tables) | 12 Months Ended |
Dec. 31, 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 Dividends accrued 1,512 Dividends paid (964 ) Translation adjustment (3,219 ) Purchase of shares (39,048 ) Balance at December 31, 2018 $ 13,849 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, 2018 2017 2016 (Dollars in thousands, except per share amounts) Basic Earnings Per Share: Reported net income (loss) attributable to Superior $ 25,961 $ (6,203 ) $ 41,381 Less: Redeemable preferred stock dividends and accretion (32,462 ) (18,912 ) — Add: Preferred stock modification 15,257 — — Less: European non-controlling (1,512 ) — — Basic numerator $ 7,244 $ (25,115 ) $ 41,381 Basic earnings (loss) per share $ 0.29 $ (1.01 ) $ 1.63 Weighted average shares outstanding-Basic 24,994 24,929 25,439 Diluted Earnings Per Share: Reported net income (loss) attributable to Superior $ 25,961 $ (6,203 ) $ 41,381 Less: Redeemable preferred stock dividends and accretion (32,462 ) (18,912 ) — Add: Preferred stock modification 15,257 — — Less: European non-controlling (1,512 ) — — Diluted numerator $ 7,244 $ (25,115 ) $ 41,381 Diluted earnings (loss) per share $ 0.29 $ (1.01 ) $ 1.62 Weighted average shares outstanding-Basic 24,994 24,929 25,439 Dilutive effect of common share equivalents 161 — 100 Weighted average shares outstanding-Diluted 25,155 24,929 25,539 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes From Domestic and International Jurisdictions | Income before income taxes from domestic and international jurisdictions is comprised of the following: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Income before income taxes: Domestic $ (44,058 ) $ (63,716 ) $ 18,499 Foreign 76,310 64,582 36,222 $ 32,252 $ 866 $ 54,721 |
Provision for Income Taxes | The provision for income taxes is comprised of the following: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Current taxes Federal $ 3,714 $ 6,121 $ (5,017 ) State 127 (390 ) 450 Foreign (11,180 ) (12,564 ) (10,639 ) Total current taxes (7,339 ) (6,833 ) (15,206 ) Deferred taxes Federal (919 ) (4,387 ) (1,199 ) State 521 1,492 (332 ) Foreign 1,446 2,853 3,397 Total deferred taxes 1,048 (42 ) 1,866 Income tax provision $ (6,291 ) $ (6,875 ) $ (13,340 ) |
Reconciliation of the U.S. Federal Tax Rate | The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate: Year Ended December 31, 2018 2017 2016 Statutory rate (21.0 )% (35.0 )% (35.0 )% State tax provisions, net of federal income tax benefit 6.4 263.4 (6.3 ) Tax credits 1.3 88.9 0.6 Foreign income taxes at rates other than the statutory rate 16.8 1,206.6 11.7 Valuation allowance and other (28.0 ) (138.0 ) 5.1 Changes in tax liabilities, net (0.6 ) (11.3 ) 0.5 Share based compensation (1.0 ) (61.5 ) (1.2 ) Transaction costs — (372.2 ) — US Tax Reform implementation 10.9 (1,918.7 ) — US Tax on non-US (16.1 ) — — Non-taxable 16.3 152.6 — Other (4.5 ) 31.3 0.2 Effective income tax rate (19.5 )% (793.9 )% (24.4 )% |
Summary of Deferred Income Tax Assets and Liabilities | Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities are as follows: December 31, 2018 2017 (Dollars in thousands) Deferred income tax assets: Accrued liabilities $ 8,117 $ 2,445 Hedging and foreign currency losses (1,163 ) 2,034 Deferred compensation 8,021 8,628 Inventory reserves 3,984 2,954 Net loss carryforwards and credits 51,552 69,018 Interest carryforwards 11,269 — Competent authority deferred tax assets and other foreign timing differences 6,749 6,939 Other (3,921 ) (830 ) Total before valuation allowance 84,608 91,188 Valuation allowance (16,576 ) (7,634 ) Net deferred income tax assets 68,032 83,554 Deferred income tax liabilities: Intangibles, property, plant and equipment and other (44,591 ) (57,791 ) Deferred income tax liabilities (44,591 ) (57,791 ) Net deferred income tax assets $ 23,441 $ 25,763 The classification of our net deferred tax asset is shown below: December 31, 2018 2017 (Dollars in thousands) Long-term deferred income tax assets $ 42,105 $ 54,302 Long-term deferred income tax liabilities (18,664 ) (28,539 ) Net deferred tax asset $ 23,441 $ 25,763 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of these tax benefits is as follows: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Beginning balance $ 33,054 $ 3,446 $ 7,318 Increases (decreases) due to foreign currency translations (2,018 ) — — Increases (decreases) as a result of positions taken during: Prior periods — — (3,872 ) Current period — 29,773 — Expiration of applicable statutes of limitation — (165 ) — Ending balance $ 31,036 $ 33,054 $ 3,446 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments Under Operating Leases | The following are summarized future minimum payments under our operating leases: Year Ended December 31, Operating (Dollars in thousands) 2019 $ 4,249 2020 3,232 2021 2,870 2022 2,635 2023 2,346 Thereafter 7,647 $ 22,979 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Summary of Changes in Plan Assets and Plan Benefit Obligations | The following table summarizes the changes in plan assets and plan benefit obligations: Year Ended December 31, 2018 2017 (Dollars in thousands) Change in benefit obligation Beginning benefit obligation $ 29,759 $ 27,612 Interest cost 1,086 1,189 Actuarial (gain) loss (2,486 ) 2,300 Benefit payments (1,406 ) (1,342 ) Ending benefit obligation $ 26,953 $ 29,759 |
Summary of Defined Benefit Plans | Year Ended December 31, 2018 2017 (Dollars in thousands) Change in plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 1,406 1,342 Benefit payments (1,406 ) (1,342 ) Fair value of plan assets at end of year $ — $ — Funded status $ (26,953 ) $ (29,759 ) Amounts recognized in the consolidated balance sheets consist of: Accrued expenses (1,392 ) (1,407 ) Other non-current (25,561 ) (28,352 ) Net amount recognized $ (26,953 ) $ (29,759 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 4,799 $ 7,722 Prior service cost (1 ) (1 ) Net amount recognized, before tax effect $ 4,798 $ 7,721 Weighted average assumptions used to determine benefit obligations: Discount rate 4.4 % 3.7 % Rate of compensation increase 3.0 % 3.0 % |
Summary of Components of Net Periodic Pension Cost | Components of net periodic pension cost are described in the following table: Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Components of net periodic pension cost: Interest cost 1,086 1,189 1,216 Amortization of actuarial loss 438 369 335 Net periodic pension cost 1,524 1,558 $ 1,551 Weighted average assumptions used to determine net periodic pension cost: Discount rate 3.7 % 4.4 % 4.4 % Rate of compensation increase 3.0 % 3.0 % 3.0 % |
Summary of Expected Benefit Payments | Benefit payments during the next ten years, which reflect applicable future service, are as follows: Year Ended December 31, Amount (Dollars in thousands) 2019 $ 1,422 2020 $ 1,484 2021 $ 1,457 2022 $ 1,495 2023 $ 1,472 Years 2024 to 2028 $ 8,448 |
Periodic Pension Cost, Next Fiscal Year | The following is an estimate of the components of net periodic pension cost in 2019: Estimated Year Ended December 31, 2019 (Dollars in thousands) Interest cost 1,144 Amortization of actuarial loss 209 Estimated 2019 net periodic pension cost $ 1,353 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Accrued Liabilities | December 31, 2018 2017 (Dollars in thousands) Payroll and related benefits $ 23,503 $ 27,954 Insurance Reserves 1,120 590 Taxes, other than income taxes 8,115 9,419 Current portion of derivative liability 2,506 6,595 Dividends and interest 4,197 7,322 Deferred tooling revenue 5,810 4,654 Current portion of executive retirement liabilities 1,392 1,407 Professional Fees 4,750 3,674 Warranty Liability 437 872 Other 13,832 6,299 Accrued liabilities $ 65,662 $ 68,786 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Performance Stock Unit and Equity Incentive Activity | Equity Incentive Awards Restricted Weighted Performance Weighted Options Weighted Balance at December 31, 2017 169,266 $ 22.27 239,674 $ 22.58 145,625 $ 18.96 Granted 204,003 $ 15.91 325,526 $ 17.12 — — Settled (66,138 ) $ 22.67 — — (4,500 ) $ 15.17 Forfeited or expired (123,405 ) $ 18.98 (268,677 ) $ 19.8 (82,125 ) $ 19.62 Balance at December 31, 2018 183,726 $ 17.26 296,523 $ 19.1 59,000 $ 18.33 Vested or expected to vest at December 31, 2018 183,726 111,071 59,000 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (Dollars in thousands, except per share amounts) Year 2018 First Second Third Fourth Year Net sales $ 386,448 $ 388,944 $ 347,612 $ 378,823 $ 1,501,827 Gross profit $ 49,991 $ 53,559 $ 23,673 $ 36,304 $ 163,527 Income from operations $ 27,634 $ 31,270 $ 7,688 $ 19,213 $ 85,805 Consolidated income (loss) before income taxes $ 13,687 $ 12,930 $ (7,714 ) $ 13,349 $ 32,252 Income tax (provision) benefit $ (3,370 ) $ (4,795 ) $ 7,051 $ (5,177 ) $ (6,291 ) Consolidated net income (loss) $ 10,317 $ 8,135 $ (663 ) $ 8,172 $ 25,961 Income (loss) per share (1) Basic (1) $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Diluted (1) $ 0.07 $ (0.02 ) $ (0.37 ) $ 0.61 $ 0.29 Dividends declared per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 Statement of Comprehensive Income: Other comprehensive income (loss), net of tax (1) $ 34,901 $ (53,178 ) $ 21,960 $ (20,057 ) $ (16,374 ) (1) Subsequent to the issuance of the September 30, 2018 interim financial statements, the Company identified an error related to the classification of foreign currency translation adjustments associated with the European non-controlling non-controlling Year 2017 First Second Third Fourth Year Net sales $ 174,220 $ 240,628 $ 331,404 $ 361,803 $ 1,108,055 Gross profit $ 19,204 $ 20,105 $ 23,893 $ 39,695 $ 102,897 Income (loss) from operations $ 3,944 $ (1,998 ) $ 5,758 $ 13,814 $ 21,518 Consolidated income (loss) before income taxes $ 3,300 $ (9,241 ) $ (501 ) $ 7,308 $ 866 Income tax (provision) benefit $ (198 ) $ 1,722 $ 3,355 $ (11,754 ) $ (6,875 ) Consolidated net income (loss) $ 3,102 $ (7,519 ) $ 2,854 $ (4,446 ) $ (6,009 ) Less: Net loss (income) attributable to non-controlling — $ 247 $ (239 ) $ (202 ) $ (194 ) Net income (loss) attributable to Superior $ 3,102 $ (7,272 ) $ 2,615 $ (4,648 ) $ (6,203 ) Income (loss) per share: Basic $ 0.12 $ (0.41 ) $ (0.22 ) $ (0.50 ) $ (1.01 ) Diluted $ 0.12 $ (0.41 ) $ (0.22 ) $ (0.50 ) $ (1.01 ) Dividends declared per share $ 0.18 $ 0.09 $ 0.09 $ 0.09 $ 0.45 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Restricted cash and investments, current | $ 0.8 | $ 0.8 | ||
Cash paid for interest | 43.8 | 24.3 | $ 0.3 | |
Cash paid for income taxes | 6.5 | 11.1 | 21.9 | |
Noncash or part noncash acquisition, fixed assets acquired | 10.3 | 15.1 | 4 | |
Foreign currency transaction gain (loss), before tax | (1) | 12.9 | (0.4) | |
Research and development expense | $ 5.7 | $ 7.7 | $ 3.8 | |
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Recognition of lease obligations | $ 20 | |||
Supplier Concentration Risk [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Vendors accounting for more than ten percent of aluminum purchases | 3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets. (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Production Machinery and Technical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 15 years |
Minimum [Member] | Other Equipment, Operating and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Maximum [Member] | Production Machinery and Technical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 50 years |
Maximum [Member] | Other Equipment, Operating and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Thousands | May 30, 2017USD ($) | Dec. 31, 2018USD ($)€ / sharesshares | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 31, 2018€ / shares | Dec. 31, 2018zł / shares | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | |||||||
Percentage of voting interest acquired | 92.30% | ||||||
Exchange rate (dollar per polish zloty) | 3.74193 | ||||||
Statutory rate | 21.00% | 35.00% | 35.00% | ||||
Noncontrolling interests | $ 51,943 | ||||||
Goodwill | $ 291,434 | $ 304,805 | $ 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 | (per share) | € 62.18 | zł 264 | |||||
Guaranteed annual dividend for each share that is not tendered | € / shares | $ 3.38 | ||||||
Statutory rate | 4.12% | ||||||
Uniwheels Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 703,000 | ||||||
Remaining shares tendered | shares | 12,213,079 | ||||||
Business acquisition, percentage of ownership interests acquired | 98.50% | ||||||
Goodwill | $ 286,249 | ||||||
Domination and Profit Loss Transfer Agreement [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling interests | $ 51,900 | ||||||
Europe [Member] | Uniwheels Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 286,200 |
Acquisition - (Schedule of Asse
Acquisition - (Schedule of Assets and Liabilities Acquired) (Detail) - USD ($) $ in Thousands | May 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 291,434 | $ 304,805 | $ 286,249 | |
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 | |||
Goodwill | 286,249 | |||
Other assets | 32,987 | |||
Total assets acquired | 952,656 | |||
Accounts payable | 61,883 | |||
Other current liabilities | 40,903 | |||
Total current liabilities | 102,786 | |||
Other long-term liabilities | 83,670 | |||
Total liabilities assumed | 186,456 | |||
Net assets acquired | $ 766,200 |
Acquisition (Schedule of Intang
Acquisition (Schedule of Intangibles Acquired) (Detail) $ in Thousands | May 30, 2017USD ($) |
Uniwheels Acquisition [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | $ 205,000 |
Uniwheels Acquisition [Member] | Trade Names [Member] | |
Business Acquisition [Line Items] | |
Indefinite-lived intangibles acquired | 14,000 |
Brand Name [Member] | Uniwheels Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 9,000 |
Technology [Member] | Uniwheels Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | 15,000 |
Customer Relationships [Member] | Uniwheels Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-lived intangibles acquired | $ 167,000 |
Minimum [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 4 years |
Minimum [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 4 years |
Minimum [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 7 years |
Maximum [Member] | Brand Name [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 6 years |
Maximum [Member] | Technology [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 6 years |
Maximum [Member] | Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible useful lives | 11 years |
Acquisition Acquisition (ProFor
Acquisition Acquisition (ProForma) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Business Combinations [Abstract] | ||
Proforma combined sales | $ 1,351,799 | $ 1,246,248 |
Proforma net income | $ 17,692 | $ 38,809 |
Revenue - Summary of Opening an
Revenue - Summary of Opening and Closing Balances of Company's Receivables and Current and Long-term Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Customer receivables | $ 97,566 | |
Contract liabilities - current | 5,810 | |
Contract liabilities - noncurrent | 8,354 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Customer 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] | ||
Customer receivables | (52,585) | |
Contract liabilities - current | 74 | |
Contract liabilities - noncurrent | $ 3,132 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Tooling Reimbursement [Member] | |
Revenue From Contract With Customers [Line Items] | |
Deferred revenue, revenue recognized | $ 8.5 |
Price Adjustments [Member] | |
Revenue From Contract With Customers [Line Items] | |
Deferred revenue, revenue recognized | $ 2.8 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | ||
Embedded derivative liability | $ 3,134 | $ 4,685 |
Recurring [Member] | ||
Assets | ||
Cash surrender value | 8,057 | 8,040 |
Derivative contracts | 4,218 | 6,342 |
Total | 13,025 | 15,132 |
Liabilities | ||
Derivative contracts | 8,836 | 16,106 |
Embedded derivative liability | 3,134 | 4,685 |
Total | 11,970 | 20,791 |
Recurring [Member] | Certificates of Deposit [Member] | ||
Assets | ||
Certificates of deposit | 750 | 750 |
Recurring [Member] | Level 2 [Member] | ||
Assets | ||
Cash surrender value | 8,057 | 8,040 |
Derivative contracts | 4,218 | 6,342 |
Total | 13,025 | 15,132 |
Liabilities | ||
Derivative contracts | 8,836 | 16,106 |
Total | 8,836 | 16,106 |
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member] | ||
Assets | ||
Certificates of deposit | 750 | 750 |
Recurring [Member] | Level 3 [Member] | ||
Liabilities | ||
Embedded derivative liability | 3,134 | 4,685 |
Total | $ 3,134 | $ 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] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in fair value: | ||
Beginning balance | $ 4,685 | |
Change in fair value of redeemable preferred stock embedded derivative liability | (3,480) | $ 4,685 |
Effect of redeemable preferred stock modification | 1,929 | |
Ending balance | $ 3,134 | $ 4,685 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Estimate of Fair Value Measurement [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Long-term debt fair value | $ 624,943 | $ 704,005 |
Aggregate Carrying Value [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Long-term debt fair value | $ 684,922 | $ 707,864 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Derivatives, Fair Value [Line Items] | |
Derivative instruments objectives | We use derivatives to partially offset our exposure to foreign currency, interest rates, aluminum and other 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. |
Maximum length of time, foreign currency cash flow hedge | 48 months |
Convertible Preferred Stock, Redemption Value | $ 300,000,000 |
Price Volatility [Member] | |
Derivatives, Fair Value [Line Items] | |
Dividend yield rate | 0.58 |
Expected Dividend Rate [Member] | |
Derivatives, Fair Value [Line Items] | |
Dividend yield rate | 0.075 |
Minimum [Member] | Expected Term [Member] | |
Derivatives, Fair Value [Line Items] | |
Valuation scenario term | 3 years |
Minimum [Member] | Risk Free Interest Rate [Member] | |
Derivatives, Fair Value [Line Items] | |
Dividend yield rate | 0.025 |
Maximum [Member] | Expected Term [Member] | |
Derivatives, Fair Value [Line Items] | |
Valuation scenario term | 6 years 8 months 12 days |
Maximum [Member] | Risk Free Interest Rate [Member] | |
Derivatives, Fair Value [Line Items] | |
Dividend yield rate | 0.026 |
Embedded derivative liability [Member] | |
Derivatives, Fair Value [Line Items] | |
Redemption per share | $ / shares | $ 56.324 |
Debt instrument face value | $ 150,000,000 |
Convertible Preferred Stock, Redemption Value | $ 300,000,000 |
Risky bond rate | 22.00% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 3,207 | $ 5,619 |
Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,011 | 723 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 2,506 | 6,595 |
Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 9,464 | 14,196 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 275 | |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 355 | |
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 | 2,599 | 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 | 1,011 | 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 | 659 | 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 | 6,202 | 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 | 333 | 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 | 207 | 206 |
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 927 | |
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 | 227 | 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] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 131 | |
Interest Rate Swap Contracts Designated as Hedges [Member] | Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 128 | |
Embedded derivative liability [Member] | Other Non-current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 3,134 | |
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 Instrume_5
Derivative Financial Instruments - Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 628,284 | $ 473,067 |
Derivative, Fair Value, Net | (4,618) | (9,764) |
Designated as Hedging Instrument [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 2,165 | |
Derivative, Fair Value, Net | (80) | |
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 | 467,253 | 397,744 |
Derivative, Fair Value, Net | (3,251) | (9,539) |
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts Designated as Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 90,000 | |
Derivative, Fair Value, Net | (259) | |
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 | 45,905 | 23,305 |
Derivative, Fair Value, Net | 126 | 515 |
Not Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 10,810 | 15,564 |
Derivative, Fair Value, Net | (927) | 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 | 12,151 | 36,454 |
Derivative, Fair Value, Net | $ (227) | $ (2,573) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Gain or Loss Recognized in AOCI (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion), Net of Tax | $ 5,293 | $ 7,603 | $ (6,812) |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 728 | (4,539) | (13,597) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | (406) | (538) | (156) |
Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivatives (Effective Portion), Net of Tax | 5,293 | 7,603 | (6,812) |
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 728 | (4,539) | (13,597) |
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | $ (406) | $ (538) | $ (156) |
Business Segments - Summary of
Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | $ 378,823 | $ 347,612 | $ 388,944 | $ 386,448 | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 1,501,827 | $ 1,108,055 | $ 732,677 |
Income from operations | 19,213 | $ 7,688 | $ 31,270 | $ 27,634 | 13,814 | $ 5,758 | $ (1,998) | $ 3,944 | 85,805 | 21,518 | 54,602 |
Depreciation and Amortization | 95,056 | 69,335 | 34,261 | ||||||||
Capital Expenditures | 77,697 | 70,937 | 39,575 | ||||||||
Property, plant, and equipment, net | 532,767 | 536,686 | 532,767 | 536,686 | |||||||
Goodwill and intangibles | 459,803 | 508,278 | 459,803 | 508,278 | |||||||
Total assets | 1,451,616 | 1,551,252 | 1,451,616 | 1,551,252 | |||||||
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 800,383 | 732,418 | 732,677 | ||||||||
Income from operations | 29,702 | 9,808 | 54,602 | ||||||||
Depreciation and Amortization | 33,588 | 35,931 | 34,261 | ||||||||
Capital Expenditures | 37,476 | 47,493 | $ 39,575 | ||||||||
Property, plant, and equipment, net | 249,791 | 245,178 | 249,791 | 245,178 | |||||||
Total assets | 484,682 | 519,192 | 484,682 | 519,192 | |||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 701,444 | 375,637 | |||||||||
Income from operations | 56,103 | 11,710 | |||||||||
Depreciation and Amortization | 61,468 | 33,404 | |||||||||
Capital Expenditures | 40,221 | 23,444 | |||||||||
Property, plant, and equipment, net | 282,976 | 291,508 | 282,976 | 291,508 | |||||||
Goodwill and intangibles | 459,803 | 508,278 | 459,803 | 508,278 | |||||||
Total assets | $ 966,934 | $ 1,032,060 | $ 966,934 | $ 1,032,060 |
Business Segments - Net Sales b
Business Segments - Net Sales by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | $ 378,823 | $ 347,612 | $ 388,944 | $ 386,448 | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 1,501,827 | $ 1,108,055 | $ 732,677 |
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 127,178 | 124,711 | 120,395 | ||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 673,205 | 607,707 | $ 612,282 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | 279,631 | 155,227 | |||||||||
Poland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
NET SALES | $ 421,813 | $ 220,410 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Trade receivables | $ 101,864 | $ 152,476 |
Other receivables | 7,083 | 10,016 |
Accounts receivable, gross | 108,947 | 162,492 |
Allowance for doubtful accounts | (4,298) | (2,325) |
Accounts receivable, net | $ 104,649 | $ 160,167 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Revenues by Major Customers (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Ford [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 22.00% | 38.00% |
General Motors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 20.00% | 30.00% |
Volkswagen [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 9.00% | 1.00% |
Toyota [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 8.00% | 9.00% | 14.00% |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
General Motors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 20.00% | 30.00% |
General Motors [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 26.00% | |
Ford [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 22.00% | 38.00% |
Ford [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 20.00% | |
Volkswagen [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 9.00% | 1.00% |
Volkswagen [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 8.00% | ||
Toyota [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 8.00% | 9.00% | 14.00% |
Toyota [Member] | Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration Risk, Percentage | 6.00% | 4.00% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 49,571 | $ 59,353 |
Work in process | 42,886 | 48,803 |
Finished goods | 83,121 | 65,843 |
Inventories, net | $ 175,578 | $ 173,999 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, non-current | $ 8.9 | $ 8.1 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 990,364 | $ 928,038 |
Accumulated depreciation | (457,597) | (391,352) |
Property, plant and equipment, net | 532,767 | 536,686 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 140,471 | 136,918 |
Production Machinery and Technical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 769,451 | 720,175 |
Leasehold Improvements and Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,883 | 12,192 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 67,559 | $ 58,753 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 68.8 | $ 54.2 | $ 34.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Finite-Lived and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | $ 191,000 | $ 191,000 |
Gross Carrying Amount | 205,000 | 205,000 |
Accumulated Amortization | (41,411) | (15,168) |
Finite-lived Intangible Assets, Currency Translation | 4,454 | 12,554 |
Currency Translation | 4,780 | 13,641 |
Finite-lived Intangible Assets, Net | 154,043 | 188,386 |
Net | 168,369 | 203,473 |
Indefinite-lived Intangible Assets, Gross Carrying Amount | 14,000 | 14,000 |
Indefinite-lived Intangible Assets, Currency Translation | 326 | 1,087 |
Indefinite-lived Intangible Assets, Net | 14,326 | 15,087 |
Beginning Balance | 304,805 | 286,249 |
Currency Translation | (13,371) | 18,556 |
Ending Balance | 291,434 | 304,805 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 9,000 | 9,000 |
Accumulated Amortization | (2,979) | (1,091) |
Finite-lived Intangible Assets, Currency Translation | 237 | 581 |
Finite-lived Intangible Assets, Net | 6,258 | 8,490 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 15,000 | 15,000 |
Accumulated Amortization | (4,964) | (1,818) |
Finite-lived Intangible Assets, Currency Translation | 394 | 968 |
Finite-lived Intangible Assets, Net | 10,430 | 14,150 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 167,000 | 167,000 |
Accumulated Amortization | (33,468) | (12,259) |
Finite-lived Intangible Assets, Currency Translation | 3,823 | 11,005 |
Finite-lived Intangible Assets, Net | $ 137,355 | $ 165,746 |
Minimum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 4 years | 5 years |
Minimum [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 3 years | 4 years |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 5 years | 6 years |
Maximum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 5 years | 6 years |
Maximum [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 5 years | 6 years |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortization Period | 10 years | 11 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 26.3 | $ 15.2 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,019 | 25 | |
2,020 | 25 | |
2,021 | 25 | |
2,022 | 22.2 | |
2,023 | $ 20.2 |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total Debt | $ 684,922 | $ 707,864 |
Debt Issuance Costs | (20,444) | (24,312) |
Total Debt, Net | 664,478 | 683,552 |
Less: Current portion | (3,052) | (4,000) |
Long-term debt | 661,426 | 679,552 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 382,800 | 386,800 |
Debt Issuance Costs | (13,078) | (15,802) |
Total Debt, Net | $ 369,722 | $ 370,998 |
Weighted Average Interest Rate | 6.30% | 5.60% |
Senior Notes [Member] | Senior Notes, 6.00%, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 286,100 | $ 300,250 |
Debt Issuance Costs | (7,366) | (8,510) |
Total Debt, Net | $ 278,734 | $ 291,740 |
Weighted Average Interest Rate | 6.00% | 6.00% |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 16,022 | $ 20,814 |
Total Debt, Net | $ 16,022 | $ 20,814 |
Weighted Average Interest Rate | 2.20% | 1.00% |
Debt - Summary of Long-Term D_2
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 15, 2017 |
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate stated, percentage | 6.00% | 6.00% | 6.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 29, 2018 | Sep. 30, 2017 | Jun. 15, 2017EUR (€) | Mar. 22, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 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% | ||||||
Term loan facility balance | $ 684,922,000 | $ 707,864,000 | ||||||
Long-term debt | 664,478,000 | 683,552,000 | ||||||
Long-term debt, current | 3,052,000 | $ 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, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | € | € 250,000,000 | |||||||
Debt instrument, interest rate stated, percentage | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Term loan facility balance | $ 286,100,000 | $ 300,250,000 | ||||||
Long-term debt | 278,734,000 | $ 291,740,000 | ||||||
Senior Secured Term Loan Facility [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of term loan facility | $ 400,000,000 | |||||||
Line of credit facility maturity date | May 22, 2022 | |||||||
Repayments under term loan facility | 17,200,000 | |||||||
Term loan facility balance | 382,800,000 | |||||||
Amount outstanding | 3,400,000 | |||||||
Amount of availability | $ 156,600,000 | |||||||
Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||
Senior Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 4.00% | |||||||
Senior Secured Term Loan Facility [Member] | Base Rate [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||
Senior Secured Term Loan Facility [Member] | Federal Funds Effective Swap Rate [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||
Senior Secured Term Loan Facility [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||
Senior Secured Term Loan Facility [Member] | One Month LIBOR Plus Margin [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||||
Debt Instrument Redemption Period One [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption percentage | 103.00% | |||||||
Debt Instrument Redemption Period Two [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption percentage | 101.50% | 40.00% | ||||||
Debt Instrument Redemption Period Three [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [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] | 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 | 2.50% | |||||||
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of term loan facility | $ 160,000,000 | |||||||
Line of credit facility maturity date | May 23, 2024 | |||||||
Outstanding borrowings | $ 0 | |||||||
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 | 2.20% | 2.20% | ||||||
Long-term debt | $ 16,000,000 | |||||||
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 | |||||||
Line of Credit [Member] | Euribor [Member] | Minimum [Member] | European Operations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.95% |
Redeemable Preferred Stock - Ad
Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2018 | Aug. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Temporary Equity [Line Items] | ||||
Temporary equity, stock issued during period, shares, new issues | 150,000 | 150,000 | ||
Temporary equity, par value | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of redeemable preferred shares | $ 150,000 | |||
Convertible Preferred Stock, Redemption Value | $ 300,000 | |||
Issuance costs | 3,737 | |||
Proceeds from issuance of redeemable preferred shares, net of issuance costs | 146,300 | |||
Embedded derivative liability | $ 3,134 | 4,685 | ||
Adjusted proceeds from issuance of redeemable preferred shares | 135,500 | |||
Redemption period | 8 years | |||
Carrying value of redeemable preferred stock | $ 17,200 | $ (17,200) | ||
Preferred stock redemption extended date | Sep. 14, 2025 | |||
Accumulated accretion value | 9,000 | |||
Redeemable preferred stock | 144,463 | $ 144,694 | ||
Convertible Preferred Stock Redemption Period Two [Member] | ||||
Temporary Equity [Line Items] | ||||
Convertible Preferred Stock, Redemption Value | $ 300,000 | |||
Convertible preferred stock, redemption value percent of stated value | 200.00% | |||
Convertible preferred stock, total shares issued upon conversion | 5,300,000 | |||
Series A Redeemable Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Temporary equity, stock issued during period, shares, new issues | 140,202 | |||
Temporary equity, par value | $ 0.01 | |||
Temporary equity, liquidation preference per share | 1,000 | |||
Temporary equity, conversion price | $ 28.162 | |||
Preferred stock, dividend rate, percentage | 9.00% | |||
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 |
European Non-Controlling Rede_3
European Non-Controlling Redeemable Equity - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Accrued annual dividend to non-controlling interest | $ 1,512 |
Redemption premium | 1,000 |
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 | $ 51,900 |
European Non-Controlling Rede_4
European Non-Controlling Redeemable Equity - Summary of Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Dividends accrued | $ (1,512) | |
Translation adjustment | $ 2,900 | |
Redeemable Noncontrolling Interest [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Reclassification of non-controlling interests | 51,943 | |
Redemption value adjustment | 3,625 | |
Dividends accrued | 1,512 | |
Dividends paid | (964) | |
Translation adjustment | (3,219) | |
Purchase of shares | (39,048) | |
Ending Balance | $ 13,849 | $ 13,849 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Nov. 07, 2018 | |
Earnings Per Share [Abstract] | ||
Reduction in carrying value of redeemable preferred stock | $ (17.2) | $ 17.2 |
Net increase in embedded derivative liability | $ 1.9 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Basic Earnings Per Share: | |||||||||||
Reported net income (loss) attributable to Superior | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 25,961 | $ (6,203) | $ 41,381 | ||||
Less: Redeemable preferred stock dividends and accretion | (32,462) | (18,912) | |||||||||
Add: Preferred stock modification | 15,257 | ||||||||||
Less: European non-controlling redeemable equity dividend | (1,512) | ||||||||||
Basic numerator | $ 7,244 | $ (25,115) | $ 41,381 | ||||||||
Basic earnings (loss) per share | $ 0.61 | $ (0.37) | $ (0.02) | $ 0.07 | $ (0.50) | $ (0.22) | $ (0.41) | $ 0.12 | $ 0.29 | $ (1.01) | $ 1.63 |
Weighted average shares outstanding-Basic | 24,994 | 24,929 | 25,439 | ||||||||
Diluted Earnings Per Share: | |||||||||||
Reported net income (loss) attributable to Superior | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 25,961 | $ (6,203) | $ 41,381 | ||||
Less: Redeemable preferred stock dividends and accretion | (32,462) | (18,912) | |||||||||
Add: Preferred stock modification | 15,257 | ||||||||||
Less: European non-controlling redeemable equity dividend | (1,512) | ||||||||||
Diluted numerator | $ 7,244 | $ (25,115) | $ 41,381 | ||||||||
Diluted earnings (loss) per share | $ 0.61 | $ (0.37) | $ (0.02) | $ 0.07 | $ (0.50) | $ (0.22) | $ (0.41) | $ 0.12 | $ 0.29 | $ (1.01) | $ 1.62 |
Weighted average shares outstanding-Basic | 24,994 | 24,929 | 25,439 | ||||||||
Dilutive effect of common share equivalents | 161 | 100 | |||||||||
Weighted average shares outstanding-Diluted | 25,155 | 24,929 | 25,539 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes From Domestic and International Jurisdictions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (44,058) | $ (63,716) | $ 18,499 | ||||||||
Foreign | 76,310 | 64,582 | 36,222 | ||||||||
Consolidated income (loss) before income taxes | $ 13,349 | $ (7,714) | $ 12,930 | $ 13,687 | $ 7,308 | $ (501) | $ (9,241) | $ 3,300 | $ 32,252 | $ 866 | $ 54,721 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $ 3,714 | $ 6,121 | $ (5,017) | ||||||||
State | 127 | (390) | 450 | ||||||||
Foreign | (11,180) | (12,564) | (10,639) | ||||||||
Total current taxes | (7,339) | (6,833) | (15,206) | ||||||||
Federal | (919) | (4,387) | (1,199) | ||||||||
State | 521 | 1,492 | (332) | ||||||||
Foreign | 1,446 | 2,853 | 3,397 | ||||||||
Total deferred taxes | 1,048 | (42) | 1,866 | ||||||||
Income tax provision | $ (5,177) | $ 7,051 | $ (4,795) | $ (3,370) | $ (11,754) | $ 3,355 | $ 1,722 | $ (198) | $ (6,291) | $ (6,875) | $ (13,340) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the U.S. Federal Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | (21.00%) | (35.00%) | (35.00%) |
State tax provisions, net of federal income tax benefit | 6.40% | 263.40% | (6.30%) |
Tax credits | 1.30% | 88.90% | 0.60% |
Foreign income taxes at rates other than the statutory rate | 16.80% | 1206.60% | 11.70% |
Valuation allowance and other | (28.00%) | (138.00%) | 5.10% |
Changes in tax liabilities, net | (0.60%) | (11.30%) | 0.50% |
Share based compensation | (1.00%) | (61.50%) | (1.20%) |
Transaction costs | (372.20%) | ||
US Tax Reform implementation | 10.90% | (1918.70%) | |
US Tax on non-US income | (16.10%) | ||
Non-taxable income | 16.30% | 152.60% | |
Other | (4.50%) | 31.30% | 0.20% |
Effective income tax rate | (19.50%) | (793.90%) | (24.40%) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets: | ||
Accrued liabilities | $ 8,117 | $ 2,445 |
Hedging and foreign currency losses | (1,163) | 2,034 |
Deferred compensation | 8,021 | 8,628 |
Inventory reserves | 3,984 | 2,954 |
Net loss carryforwards and credits | 51,552 | 69,018 |
Interest carryforwards | 11,269 | |
Competent authority deferred tax assets and other foreign timing differences | 6,749 | 6,939 |
Other | (3,921) | (830) |
Total before valuation allowance | 84,608 | 91,188 |
Valuation allowance | (16,576) | (7,634) |
Net deferred income tax assets | 68,032 | 83,554 |
Deferred income tax liabilities: | ||
Intangibles, property, plant and equipment and other | (44,591) | (57,791) |
Deferred income tax liabilities | (44,591) | (57,791) |
Net deferred income tax assets | 23,441 | 25,763 |
Long-term deferred income tax assets | 42,105 | 54,302 |
Long-term deferred income tax liabilities | (18,664) | (28,539) |
Net deferred tax asset | $ 23,441 | $ 25,763 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Unrecognized Tax Benefits Summary [Line Items] | |||
Valuation allowance | $ 9 | ||
Statutory rate | 21.00% | 35.00% | 35.00% |
Adjustments provision on re-measurement of deferred tax assets | $ (3.9) | ||
Operating Loss Carryforwards | 12.9 | ||
Tax credit carryforward, amount | 38.6 | ||
Unremitted earnings of foreign subsidiaries | 173 | ||
Unrecognized tax benefits that would favorably impact effective tax rate | 2.2 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 3.3 | $ 2.4 | $ 1.8 |
GILTI [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Favorable measurement adjustment to transition tax obligation | $ 5.2 | ||
Earliest Tax Year [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Operating loss carryforwards, expiration year | 2,019 | ||
State tax credit carryforwards, expiration year | 2,021 | ||
Open tax year | 2,013 | ||
Latest Tax Year [Member] | |||
Unrecognized Tax Benefits Summary [Line Items] | |||
Operating loss carryforwards, expiration year | 2,038 | ||
State tax credit carryforwards, expiration year | 2,026 | ||
Open tax year | 2,018 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 33,054 | $ 3,446 | $ 7,318 |
Increases (decreases) due to foreign currency translations | (2,018) | ||
Increases (decreases) as a result of positions taken during: Prior periods | (3,872) | ||
Current period | 29,773 | ||
Expiration of applicable statutes of limitation | (165) | ||
Ending balance | $ 31,036 | $ 33,054 | $ 3,446 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Leases [Abstract] | |||
Operating leases, rent expense, net | $ 7 | $ 4.3 | $ 1.9 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 4,249 |
2,020 | 3,232 |
2,021 | 2,870 |
2,022 | 2,635 |
2,023 | 2,346 |
Thereafter | 7,647 |
Future minimum lease payments | $ 22,979 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Related Party Transactions [Abstract] | |||
Related party transaction, amounts of transaction | $ 479,520 | $ 376,920 | $ 243,000 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Age | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | |
Retirement Benefits [Abstract] | |||
Cash surrender value | $ 8.1 | $ 8 | |
Age for benefits | Age | 65 | ||
Defined contribution plan, cost recognized | $ 1.8 | $ 1.7 | $ 1.4 |
Retirement Plans - Summary of C
Retirement Plans - Summary of Changes in Plan Assets and Plan Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Retirement Benefits [Abstract] | |||
Beginning benefit obligation | $ 29,759 | $ 27,612 | |
Interest cost | 1,086 | 1,189 | $ 1,216 |
Actuarial (gain) loss | (2,486) | 2,300 | |
Benefit payments | (1,406) | (1,342) | |
Ending benefit obligation | $ 26,953 | $ 29,759 | $ 27,612 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Defined Benefit Plans Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Fair value of plan assets at beginning of year | $ 0 | $ 0 |
Employer contribution | 1,406 | 1,342 |
Benefit payments | (1,406) | (1,342) |
Fair value of plan assets at end of year | 0 | 0 |
Funded status | (26,953) | (29,759) |
Accrued expenses | (1,392) | (1,407) |
Other non-current liabilities | (25,561) | (28,352) |
Net amount recognized | (26,953) | (29,759) |
Net actuarial loss | 4,799 | 7,722 |
Prior service cost | (1) | (1) |
Net amount recognized, before tax effect | $ 4,798 | $ 7,721 |
Discount rate | 4.40% | 3.70% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 1,086 | $ 1,189 | $ 1,216 |
Amortization of actuarial loss | 438 | 369 | 335 |
Net periodic pension cost | $ 1,524 | $ 1,558 | $ 1,551 |
Discount rate | 3.70% | 4.40% | 4.40% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2,019 | $ 1,422 |
2,020 | 1,484 |
2,021 | 1,457 |
2,022 | 1,495 |
2,023 | 1,472 |
Years 2024 to 2028 | $ 8,448 |
Retirement Plans - Periodic Pen
Retirement Plans - Periodic Pension Cost, Next Fiscal Year (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,086 | $ 1,189 | $ 1,216 | |
Net periodic pension cost | $ 1,524 | $ 1,558 | $ 1,551 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,144 | |||
Amortization of actuarial loss | 209 | |||
Net periodic pension cost | $ 1,353 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Payroll and related benefits | $ 23,503 | $ 27,954 |
Insurance Reserves | 1,120 | 590 |
Taxes, other than income taxes | 8,115 | 9,419 |
Current portion of derivative liability | 2,506 | 6,595 |
Dividends and interest | 4,197 | 7,322 |
Deferred tooling revenue | 5,810 | 4,654 |
Current portion of executive retirement liabilities | 1,392 | 1,407 |
Professional Fees | 4,750 | 3,674 |
Warranty Liability | 437 | 872 |
Other | 13,832 | 6,299 |
Accrued liabilities | $ 65,662 | $ 68,786 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
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 | 2,400,000 | ||
Maximum shares that may be used as full value awards | 1,200,000 | ||
Stock-Based Cpmpensation Expense | $ 2.1 | $ 1.6 | $ 2.3 |
Amount of unrecognized stock-based compensation expense | $ 2.4 | ||
Weighted average period for recognition | 1 year 6 months | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Shares Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Performance Stock Unit and Equity Incentive Activity (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Options Outstanding | |
Number of Options Outstanding, Beginning balance (in shares) | 145,625 |
Granted (in shares) | 0 |
Settled (in shares) | (4,500) |
Forfeited or expired (in shares) | (82,125) |
Number of Options Outstanding, Ending balance (in shares) | 59,000 |
Options vested or expected to vest, Outstanding (in shares) | 59,000 |
Weighted Average Exercise Price | |
Weighted Average Exercise Price, Beginning balance (in dollars per share) | $ / shares | $ 18.96 |
Granted (in dollars per share) | $ / shares | 0 |
Settled (in dollars per share) | $ / shares | 15.17 |
Forfeited or expired (in dollars per share) | $ / shares | 19.62 |
Weighted Average Exercise Price, Ending balance (in dollars per share) | $ / shares | $ 18.33 |
Restricted Stock Units [Member] | |
Number of Awards | |
Number of Awards, Beginning balance (in shares) | 169,266 |
Granted (in shares) | 204,003 |
Settled (in shares) | (66,138) |
Forfeited or expired (in shares) | (123,405) |
Number of Awards, Ending balance (in shares) | 183,726 |
Number of Awards, vested or expected to vest, Outstanding (in shares) | 183,726 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 22.27 |
Granted (in dollars per share) | $ / shares | 15.91 |
Settled (in dollars per share) | $ / shares | 22.67 |
Forfeited or expired (in dollars per share) | $ / shares | 18.98 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 17.26 |
Performance Shares Unit [Member] | |
Number of Awards | |
Number of Awards, Beginning balance (in shares) | 239,674 |
Granted (in shares) | 325,526 |
Forfeited or expired (in shares) | (268,677) |
Number of Awards, Ending balance (in shares) | 296,523 |
Number of Awards, vested or expected to vest, Outstanding (in shares) | 111,071 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares | $ 22.58 |
Granted (in dollars per share) | $ / shares | 17.12 |
Forfeited or expired (in dollars per share) | $ / shares | 19.8 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares | $ 19.1 |
Common Stock Repurchase Progr_2
Common Stock Repurchase Programs - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock repurchased | $ 5,014,000 | $ 20,719,000 | ||
2016 Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Amount authorized to be repurchased | $ 50,000,000 | |||
Common stock repurchased | 15,400,000 | |||
Remaining Amount authorized to be repurchased | $ 34,600,000 | |||
Stock repurchased during period, shares | 0 |
Receivables Factoring - Additio
Receivables Factoring - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounts Receivable [Line Items] | |
Trade receivables | $ 276,800,000 |
Collective limit under factoring arrangements | 80,900,000 |
Factored receivables yet not collected | 53,800,000 |
Other Nonoperating (Expense) Income [Member] | |
Accounts Receivable [Line Items] | |
Factoring fees | $ 900,000 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
NET SALES | $ 378,823 | $ 347,612 | $ 388,944 | $ 386,448 | $ 361,803 | $ 331,404 | $ 240,628 | $ 174,220 | $ 1,501,827 | $ 1,108,055 | $ 732,677 |
Gross profit | 36,304 | 23,673 | 53,559 | 49,991 | 39,695 | 23,893 | 20,105 | 19,204 | 163,527 | 102,897 | 86,204 |
Income (loss) from operations | 19,213 | 7,688 | 31,270 | 27,634 | 13,814 | 5,758 | (1,998) | 3,944 | 85,805 | 21,518 | 54,602 |
Consolidated income (loss) before income taxes | 13,349 | (7,714) | 12,930 | 13,687 | 7,308 | (501) | (9,241) | 3,300 | 32,252 | 866 | 54,721 |
Income tax (provision) benefit | (5,177) | 7,051 | (4,795) | (3,370) | (11,754) | 3,355 | 1,722 | (198) | (6,291) | (6,875) | (13,340) |
Consolidated net income (loss) | $ 8,172 | $ (663) | $ 8,135 | $ 10,317 | (4,446) | 2,854 | (7,519) | 3,102 | 25,961 | (6,009) | 41,381 |
Less: Net loss (income) attributable to non-controlling interest | (202) | (239) | 247 | (194) | |||||||
Net income (loss) attributable to Superior | $ (4,648) | $ 2,615 | $ (7,272) | $ 3,102 | $ 25,961 | $ (6,203) | $ 41,381 | ||||
Basic | $ 0.61 | $ (0.37) | $ (0.02) | $ 0.07 | $ (0.50) | $ (0.22) | $ (0.41) | $ 0.12 | $ 0.29 | $ (1.01) | $ 1.63 |
Diluted | 0.61 | (0.37) | (0.02) | 0.07 | (0.50) | (0.22) | (0.41) | 0.12 | 0.29 | (1.01) | 1.62 |
Dividends declared per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.36 | $ 0.45 | $ 0.72 |
Other comprehensive income (loss), net of tax | $ (20,057) | $ 21,960 | $ (53,178) | $ 34,901 | $ (16,374) |
Quarterly Financial Data - Sc_2
Quarterly Financial Data - Schedule of Quarterly Financial Information (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |
Reclassification of non-controlling redeemable equity translation adjustments | $ 2.9 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Allowance for Doubtful Accounts Receivable [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 2,325 | $ 919 | $ 867 |
Additions, Charge to Costs and Expenses | 2,311 | 1,127 | 403 |
Additions, Other | 1,162 | ||
Deductions From Reserves | (338) | (883) | (351) |
Balance at End of Year | 4,298 | 2,325 | 919 |
Valuation Allowances for Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 7,634 | 3,123 | 5,891 |
Additions, Charge to Costs and Expenses | 9,036 | 1,005 | 698 |
Additions, Other | 3,506 | ||
Deductions From Reserves | (94) | (3,466) | |
Balance at End of Year | $ 16,576 | $ 7,634 | $ 3,123 |