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SUP Superior Industries International

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 29, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Trading SymbolSUP
Entity Registrant NameSUPERIOR INDUSTRIES INTERNATIONAL, INC.
Entity Central Index Key0000095552
Current Fiscal Year End Date--12-31
Entity Current Reporting StatusYes
Entity Filer CategoryNon-accelerated Filer
Entity Common Stock, Shares Outstanding25,947,462
Smaller Reporting Companytrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity File Number1-6615
Entity Tax Identification Number95-2594729
Entity Address, Address Line One26600 Telegraph Road
Entity Address, Address Line TwoSuite 400
Entity Address, City or TownSouthfield
Entity Address, State or ProvinceMI
Entity Address, Postal Zip Code48033
City Area Code248
Local Phone Number352-7300
Entity Interactive Data CurrentYes
Title of 12(b) SecurityCommon Stock, $0.01 par value
Security Exchange NameNYSE
Entity Incorporation, State or Country CodeDE
Document Quarterly Reporttrue
Document Transition Reportfalse

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
NET SALES $ 358,196 $ 301,112
Cost of sales315,156 277,951
GROSS PROFIT43,040 23,161
Selling, general and administrative expenses17,321 12,535
Impairment of goodwill and indefinite-lived intangibles193,641
INCOME (LOSS) FROM OPERATIONS25,719 (183,015)
Interest expense, net(10,273)(11,850)
Other (expense) income, net(1,514)1,323
INCOME (LOSS) BEFORE INCOME TAXES13,932 (193,542)
Income tax (provision) benefit(810)3,460
NET INCOME (LOSS) $ 13,122 $ (190,082)
EARNINGS (LOSS) PER SHARE – BASIC $ 0.19 $ (7.84)
EARNINGS (LOSS) PER SHARE – DILUTED $ 0.18 $ (7.84)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) $ 13,122 $ (190,082)
Other comprehensive income (loss), net of tax:
Foreign currency translation loss(15,678)(35,533)
Change in unrecognized gains (losses) on derivative instruments:
Change in fair value of derivatives(9,140)(58,426)
Tax benefit678 13,129
Change in unrecognized losses on derivative instruments, net of tax(8,462)(45,297)
Defined benefit pension plan:
Actuarial gains on pension obligation, net of amortization97 72
Tax provision(21)(17)
Pension changes, net of tax76 55
Other comprehensive loss, net of tax(24,064)(80,775)
Comprehensive loss $ (10,942) $ (270,857)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 153,848 $ 152,423
Accounts receivable, net83,569 48,995
Inventories, net164,695 154,980
Income taxes receivable5,322 4,957
Other current assets21,567 22,301
Total current assets429,001 383,656
Property, plant and equipment, net496,659 522,124
Deferred income tax assets, net30,017 30,860
Intangibles, net99,041 110,796
Other non-current assets55,072 61,889
Total assets1,109,790 1,109,325
Current liabilities:
Accounts payable168,351 151,839
Short-term debt6,516 6,112
Accrued expenses80,053 71,079
Income taxes payable2,841 2,107
Total current liabilities257,761 231,137
Long-term debt (less current portion)613,140 625,492
Non-current income tax liabilities7,972 7,635
Deferred income tax liabilities, net5,582 9,104
Other non-current liabilities79,698 76,426
Commitments and contingent liabilities (Note 17)
Mezzanine equity:
Preferred stock, $0.01 par value Authorized - 1,000,000 shares Issued and outstanding - 150,000 shares outstanding at March 31, 2021 and December 31, 2020184,308 179,387
European non-controlling redeemable equity1,591 1,666
Shareholders’ equity (deficit):
Common stock, $0.01 par value Authorized - 100,000,000 shares Issued and outstanding - 25,947,462 and 25,591,930 shares at March 31, 2021 and December 31, 202095,752 95,247
Accumulated other comprehensive loss(123,510)(99,446)
Retained earnings(12,504)(17,323)
Total shareholders’ equity (deficit)(40,262)(21,522)
Total liabilities, mezzanine equity and shareholders’ equity (deficit) $ 1,109,790 $ 1,109,325

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized1,000,000 1,000,000
Preferred stock, shares issued150,000 150,000
Preferred stock, shares outstanding150,000 150,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized100,000,000 100,000,000
Common stock, shares issued25,947,462 25,591,930
Common stock, shares outstanding25,947,462 25,591,930

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 13,122 $ (190,082)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization25,361 24,392
Income tax, non-cash changes(2,818)(5,849)
Impairment of goodwill and indefinite-lived intangibles193,641
Stock-based compensation1,847 (653)
Amortization of debt issuance costs870 1,385
Other non-cash items(4,528)(3,600)
Accounts receivable(36,981)(423)
Inventories(14,702)(5,209)
Other assets and liabilities13,875 2,897
Accounts payable21,328 16,904
Income taxes779 (2,090)
NET CASH PROVIDED BY OPERATING ACTIVITIES18,153 31,313
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant, and equipment(10,479)(13,865)
NET CASH USED IN INVESTING ACTIVITIES(10,479)(13,865)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt1,658 11,690
Repayments of debt(830)(22,600)
Proceeds from borrowings on revolving credit facility213,825
Repayments of borrowings on revolving credit facility(5,992)
Cash dividends paid(3,368)(3,392)
Purchase of non-controlling redeemable shares(9)(4,190)
Payments related to tax withholdings for stock-based compensation(1,342)
Finance lease payments(288)(292)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES(4,179)189,049
Effect of exchange rate changes on cash(2,070)(2,261)
Net increase in cash and cash equivalents1,425 204,236
Cash and cash equivalents at the beginning of the period152,423 77,927
Cash and cash equivalents at the end of the period $ 153,848 $ 282,163

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in ThousandsTotalCommon StockUnrecognized Gains (Losses) on Derivative InstrumentsPension ObligationsCumulative Translation AdjustmentRetained Earnings
Beginning of period at Dec. 31, 2019 $ 251,690 $ 93,331 $ 9,951 $ (5,571) $ (104,458) $ 258,437
Beginning of the period (in shares) at Dec. 31, 201925,128,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)(190,082)(190,082)
Change in unrecognized gains/losses on derivative instruments, net of tax(45,297)(45,297)
Change in defined benefit plans, net of taxes55 55
Net foreign currency translation adjustment(35,533)(35,533)
Common stock issued, net of shares withheld for employee taxes (in shares)346,319
Stock-based compensation(653) $ (653)
Redeemable preferred 9% dividend and accretion(7,850)(7,850)
European non-controlling redeemable equity dividend(20)(20)
End of period at Mar. 31, 2020(27,690) $ 92,678 (35,346)(5,516)(139,991)60,485
End of the period (in shares) at Mar. 31, 202025,474,477
Beginning of period at Dec. 31, 2019251,690 $ 93,331 9,951 (5,571)(104,458)258,437
Beginning of the period (in shares) at Dec. 31, 201925,128,158
End of period at Dec. 31, 2020 $ (21,522) $ 95,247 (1,738)(7,447)(90,261)(17,323)
End of the period (in shares) at Dec. 31, 202025,591,930 25,591,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) $ 13,122 13,122
Change in unrecognized gains/losses on derivative instruments, net of tax(8,462)(8,462)
Change in defined benefit plans, net of taxes76 76
Net foreign currency translation adjustment(15,678)(15,678)
Common stock issued, net of shares withheld for employee taxes (in shares)355,532
Stock-based compensation505 $ 505
Redeemable preferred 9% dividend and accretion(8,290)(8,290)
European non-controlling redeemable equity dividend(13)(13)
End of period at Mar. 31, 2021 $ (40,262) $ 95,752 $ (10,200) $ (7,371) $ (105,939) $ (12,504)
End of the period (in shares) at Mar. 31, 202125,947,462 25,947,462

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Preferred stock, dividend rate, percentage9.00%9.00%

Nature of Operations and Presen

Nature of Operations and Presentation of Condensed Consolidated Financial Statements3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Nature of Operations and Presentation of Condensed Consolidated Financial StatementsNOTE 1 – NATURE OF OPERATIONS AND PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Nature of Operations Superior Industries International, Inc.’s (referred herein as the “Company,” “Superior,” or “we” and “our”) principal business is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”) in North America and Europe and to the aftermarket in Europe. We employ approximately 7,600 full-time employees, operating in eight manufacturing facilities in North America and Europe. We are one of the largest aluminum wheel suppliers to global OEMs and we believe we are the #1 European aluminum wheel aftermarket manufacturer and supplier. Our OEM aluminum wheels accounted for approximately 93 percent of our sales in the first three months of 2021 and are primarily sold for factory installation on vehicle models manufactured by BMW (including Mini), Daimler AG Company (Mercedes-Benz, AMG, Smart), Ford, GM, Honda, Jaguar-Land Rover, Mazda, Nissan, PSA, Renault, Subaru, Stellantis, Suzuki, Toyota, VW Group (Volkswagen, Audi, SEAT, Skoda, Porsche, Bentley) and Volvo. We also sell aluminum wheels to the European aftermarket under the brands ATS, RIAL, ALUTEC and ANZIO. North America and Europe represent the principal markets for our products, but we have a diversified global customer base consisting of North American, European and Asian OEMs. We have determined that our North American and European operations should be treated as separate reportable segments as further described in Note 5, “Business Segments.” Presentation of Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements, in our opinion, include all adjustments, of a normal and recurring nature, which are necessary for fair presentation of (i) the condensed consolidated statements of income (loss) for the three-month periods ended March 31, 2021 and March 31, 2020, (ii) the condensed consolidated statements of comprehensive income (loss) for the three-month periods ended March 31, 2021 and March 31, 2020, (iii) the condensed consolidated balance sheets at March 31, 2021 and December 31, 2020, (iv) the condensed consolidated statements of cash flows for the three-month periods ended March 31, 2021 and March 31, 2020, and (v) the condensed consolidated statements of shareholders’ equity (deficit) for the three-month periods ended March 31, 2021 and March 31, 2020. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto filed with the SEC in our 2020 Annual Report on Form 10-K. Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. Certain prior year amounts have been reclassified to conform with the current year presentation. Cash Paid for Interest and Taxes and Non-Cash Investing Activities Cash paid for interest was $5.2 million and $6.0 million for the three months ended March 31, 2021 and March 31, 2020, respectively. Net cash income taxes paid was $2.8 million and $4.4 million for the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021 and March 31, 2020, $4.3 million and $4.1 million, respectively, of equipment had been purchased but not yet paid and was included in accounts payable in our condensed consolidated balance sheets. Accounting Standards Issued but Not Yet Adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires entities to use a new impairment model based on current expected credit losses (“CECL”) rather than incurred losses. Under CECL, estimated credit losses would incorporate relevant information about past events, current conditions and reasonable and supportable forecasts and any expected credit losses would be recognized at the time of sale. As a smaller reporting company (as defined under SEC regulations), the Company is not required to adopt the standard until fiscal years beginning after December 31, 2022. We are evaluating the impact this standard will have on our financial statements and disclosures.

Revenue

Revenue3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
RevenueNOTE 2 – REVENUE The Company disaggregates revenue from contracts with customers into our reportable segments, North America and Europe. Revenues by segment for the three-month periods ended March 31, 2021 and March 31, 2020, respectively, are summarized in Note 5, “Business Segments.” The opening and closing balances of the Company’s customer receivables and current and long-term contract liabilities balances are as follows:
(Dollars in thousands)
March 31, 2021
December 31, 2020
Change
Customer receivables
$
75,518
$
40,785
$
34,733
Contract liabilities—current
7,983
8,249
(266
)
Contract liabilities—noncurrent
12,165
13,106
(941
)

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNOTE 3 – FAIR VALUE MEASUREMENTS The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, while other assets and liabilities are measured at fair value on a nonrecurring basis, such as an asset impairment. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity. Derivative Financial Instruments Our derivatives are over-the-counter customized derivative transactions and are not exchange traded. We estimate the fair value of these instruments using industry-standard valuation models such as discounted cash flow. These models project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates, foreign exchange rates, commodity prices and the contractual terms of the derivative instruments. The discount rate used is the relevant interbank deposit rate (e.g., LIBOR) plus an adjustment for non-performance risk. The following tables categorize items measured at fair value as of March 31, 2021 and December 31, 2020:
Fair Value Measurement at Reporting Date Using
March 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
(Dollars in thousands)
Assets
Derivative contracts
$
6,323
$

$
6,323
$

Total
$
6,323
$

$
6,323
$

Liabilities
.
Derivative contracts
$
23,443
$

$
23,443
$

Total
$
23,443
$

$
23,443
$

Fair Value Measurement at Reporting Date Using
December 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
(Dollars in thousands)
Assets
Derivative contracts
$
10,218
$

$
10,218
$

Total
$
10,218
$

$
10,218
$

Liabilities
Derivative contracts
$
15,259
$

$
15,259
$

Total
$
15,259
$

$
15,259
$

Debt Instruments The carrying values of the Company’s debt instruments vary from their fair values. The fair values were determined by reference to transacted prices and quotes for these instruments (Level 2). The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below:
March 31, 2021
December 31, 2020
(Dollars in thousands)
Estimated aggregate fair value
$
628,761
$
624,207
Aggregate carrying value (1)
630,366
643,184
(1)

Derivative Financial Instrument

Derivative Financial Instruments3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial InstrumentsNOTE 4 - DERIVATIVE FINANCIAL INSTRUMENTS We use derivatives to partially offset our exposure to foreign currency, interest rate, aluminum and other commodity price risks. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset the full financial impact resulting from movements in foreign currency exchange rates, interest rates, and aluminum or other commodity prices. To help mitigate gross margin fluctuations due to changes in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We record all derivatives in the condensed consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. Gains or losses on derivatives that are designated as hedging instruments are recorded in accumulated other comprehensive income (loss) (“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 do not qualify for designation as hedging instruments. The following tables display the fair value of derivatives by balance sheet line item at March 31, 2021 and December 31, 2020:
March 31, 2021
Other Current Assets
Other Non-current Assets
Accrued Liabilities
Other Non-current Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as hedging instruments
$
537
$
3,383
$
5,484
$
7,504
Foreign exchange forward contracts not designated as hedging instruments
639

2,713

Aluminum forward contracts designated as hedging instruments
603



Natural gas forward contracts designated as hedging instruments
930
231
1
17
Interest rate swap contracts designated as hedging instruments


4,732
2,992
Total derivative financial instruments
$
2,709
$
3,614
$
12,930
$
10,513
December 31, 2020
Other Current Assets
Other Non-current Assets
Accrued Liabilities
Other Non-current Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as hedging instruments
$
1,218
$
6,531
$
3,435
$
2,645
Foreign exchange forward contracts not designated as hedging instruments
1,167

122

Aluminum forward contracts designated as hedging instruments
262



Natural gas forward contracts designated as hedging instruments
816
224
22
70
Interest rate swap contracts designated as hedging instruments


4,771
4,194
Total derivative financial instruments
$
3,463
$
6,755
$
8,350
$
6,909
The following table summarizes the notional amount and estimated fair value of our derivative financial instruments:
March 31, 2021
December 31, 2020
Notional U.S. Dollar Amount
Fair Value
Notional U.S. Dollar Amount
Fair Value
(Dollars in thousands)
Foreign exchange forward contracts designated as hedging instruments
$
467,197
$
(9,068
)
$
421,253
$
1,669
Foreign exchange forward contracts not designated as hedging instruments
75,726
(2,074
)
71,217
1,045
Aluminum forward contracts designated as hedging instruments
7,517
603
4,068
262
Natural gas forward contracts designated as hedging instruments
4,871
1,143
5,523
948
Interest rate swap contracts designated as hedging instruments
200,000
(7,724
)
200,000
(8,965
)
Total derivative financial instruments
$
755,311
$
(17,120
)
$
702,061
$
(5,041
) Notional amounts are presented on a net basis. The notional amounts of the derivative financial instruments do not represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or commodity prices. The following tables summarize the gain or loss recognized in AOCI, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
Amount of Gain or (Loss) Recognized in AOCI on Derivatives
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative Contracts
$
(8,462
)
$
(439
)
$
(2,904
)
Total
$
(8,462
)
$
(439
)
$
(2,904
)
Three Months Ended March 31, 2020
Amount of Gain or (Loss) Recognized in AOCI on Derivatives
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative Contracts
$
(45,297
)
$
(1,114
)
$
(5,439
)
Total
$
(45,297
)
$
(1,114
)
$
(5,439
)

Business Segments

Business Segments3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Business SegmentsNOTE 5 - BUSINESS SEGMENTS The North American and European businesses represent separate operating segments in view of significantly different markets, customers and products in each of these regions. Within each of these regions, markets, customers, products and production processes are similar. Moreover, our business within each region generally leverages common systems, processes and infrastructure. Accordingly, North America and Europe comprise the Company’s reportable segments.
(Dollars in thousands)
Net Sales
Income from Operations
Three months ended
March 31, 2021
March 31, 2020
March 31, 2021
March 31, 2020
North America
$
191,971
$
155,551
$
17,841
$
6,109
Europe
166,225
145,561
7,878
(189,124
)
$
358,196
$
301,112
$
25,719
$
(183,015
)
(Dollars in thousands)
Depreciation and Amortization
Capital Expenditures
Three months ended
March 31, 2021
March 31, 2020
March 31, 2021
March 31, 2020
North America
$
9,221
$
8,805
$
4,660
$
6,560
Europe
16,140
15,587
5,819
7,305
$
25,361
$
24,392
$
10,479
$
13,865
(Dollars in thousands)
Property, Plant and Equipment, net
Intangible Assets
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
North America
$
210,688
$
220,145
$

$

Europe
285,971
301,979
99,041
110,796
$
496,659
$
522,124
$
99,041
$
110,796
(Dollars in thousands)
Total Assets
March 31, 2021
December 31, 2020
North America
$
495,035
$
479,873
Europe
614,755
629,452
$
1,109,790
$
1,109,325
Geographic information Net sales and long-lived assets by location are as follows:
(Dollars in thousands)
Net Sales
Three months ended
March 31, 2021
March 31, 2020
U.S.
$
1,270
$
16,177
Mexico
190,701
139,374
Germany
60,887
50,038
Poland
105,338
95,523
Consolidated net sales
$
358,196
$
301,112
(Dollars in thousands)
Property, Plant and Equipment, net
March 31, 2021
December 31, 2020
U.S.
$
2,894
$
7,324
Mexico
207,794
212,821
Germany
79,611
82,162
Poland
206,360
219,817
Property, plant and equipment, net
$
496,659
$
522,124

Inventories

Inventories3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
InventoriesNOTE 6 - INVENTORIES
March 31, 2021
December 31, 2020
(Dollars in thousands)
Raw materials
$
45,093
$
46,712
Work in process
53,728
45,394
Finished goods
65,874
62,874
Inventories, net
$
164,695
$
154,980
Service wheel and supplies inventory included in other non-current assets in the condensed consolidated balance sheets totaled $10.7 million and $12.1 million at March 31, 2021 and December 31, 2020, respectively.

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant and EquipmentNOTE 7 - PROPERTY, PLANT AND EQUIPMENT
March 31, 2021
December 31, 2020
(Dollars in thousands)
Land and buildings
$
144,491
$
149,295
Machinery and equipment
867,347
899,764
Leasehold improvements and others
14,470
14,912
Construction in progress
41,549
46,718
1,067,857
1,110,689
Accumulated depreciation
(571,198
)
(588,565
)
Property, plant and equipment, net
$
496,659
$
522,124
Depreciation expense for the three months ended March 31, 2021 and 2020 was $18.7 million and $18.3 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible AssetsNOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS At March 31, 2020, the impact of COVID-19 and uncertainty with respect to the economic effects of the pandemic had introduced significant volatility in the financial markets and was having a widespread adverse effect on the automotive industry. In response to the COVID-19 pandemic, our key customers temporarily closed nearly all their production facilities in Europe and North America (our primary markets) during the quarter ended March 31, 2020. As a result, we concluded that an interim test of our goodwill was required as of March 31, 2020. More specifically, the Company concluded that the following events and circumstances, in the aggregate, indicated that it was more likely than not that the carrying value of our European reporting unit exceeded its fair value: (1) our European reporting unit’s carrying value was effectively set to fair value at December 31, 2019, due to the $102.2 million impairment charges to goodwill and indefinite-lived intangibles, (2) lower forecasted 2020 industry production volumes for Western and Central Europe, including those for our primary European customers, due to OEM shutdowns to mitigate COVID-19 spread and subsequent reduced production levels over the remainder of the year, as compared to our prior production forecasts (including estimates used in our 2019 assessment) and (3) the volatility in financial markets that had both increased European interest rates due to rising credit spreads and risk premiums and lowered median European automotive market multiples. Based on the results of our quantitative analysis, we recognized a non-cash goodwill impairment charge equal to the remaining goodwill balance of $182.6 million since the carrying value exceeded the fair value of the European reporting unit by more than the amount of the goodwill balance at March 31, 2020. we recognized a non-cash impairment charge of $11.0 million related to our aftermarket trade name indefinite-lived intangible asset which was primarily attributable to a further decline in forecasted aftermarket revenues and a decline in associated profitability. Total impairment charges of $193.6 million were recognized as a separate charge at March 31, 2020 and included in income (loss) from operations. We utilized both an income and a market approach, weighted 75 percent and 25 percent respectively, to determine the fair value of the European reporting unit as part of our goodwill impairment assessment. 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 European reporting unit. Financial projections 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 European reporting unit by the EBITDA pricing multiples derived from comparable, publicly traded companies. At March 31, 2020, we determined that the carrying value of the European reporting unit exceeded its fair value by an amount greater than the remaining goodwill balance. The decline in fair value was primarily due to significantly lower market multiples and increased discount rates, as well as further declines in forecasted industry production volumes in Western and Central Europe as a result of the COVID-19 pandemic and consequent economic instability. Forecasted revenues, EBITDA and cash flow for the European reporting unit also declined as compared to the prior year long-range plan due to lower forecasted industry production volumes which adversely impacted fair value under both the income and market approaches. Significant assumptions used under the income approach included a weighted average cost of capital (WACC) of 12.0 percent and a long-term growth rate of 1.5 percent, as compared to 10.0 percent and 2.0 percent, respectively, used in the 2019 assessment. In determining the WACC, management considered the level of risk inherent in the cash flow projections and current market conditions, including the significant increase in credit spreads and systemic market and Company specific risk premiums. The decline in the fair value under the market approach is attributable to the decline in the average EBITDA market multiple ( 4.9X EBITDA in 2020, 5.7X EBITDA in 2019) and lower forecasted EBITDA, as compared to the 2019 assessment . The use of these unobservable inputs results in classification of the fair value estimate as a Level 3 measurement in the fair value hierarchy. A considerable amount of management judgment and assumptions are required in performing the quantitative impairment test, principally related to determining the fair value of the reporting unit. While the Company believes its judgments and assumptions are reasonable, different assumptions could change the estimated fair value. Following is a summary of the Company’s finite-lived and indefinite-lived intangible assets and goodwill as of March 31, 2021 and December 31, 2020.
As of March 31, 2021
Gross Carrying Amount
Accumulated Impairment
Accumulated Amortization
Currency Translation
Net Carrying Amount
Remaining Weighted Average Amortization Period
(Dollars in thousands)
Brand name
$
9,000
$

$
(7,094
)
$
281
$
2,187
2-3
Technology
15,000

(11,823
)
469
3,646
1-3
Customer relationships
167,000

(79,706
)
5,914
93,208
3-8
Total finite
191,000

(98,623
)
6,664
99,041
Trade names
14,000
(13,772
)

(228
)

Indefinite
Total intangibles
$
205,000
$
(13,772
)
$
(98,623
)
$
6,436
$
99,041
As of December 31, 2020
Gross Carrying Amount
Accumulated Impairment
Accumulated Amortization
Currency Translation
Net Carrying Amount
Remaining Weighted Average Amortization Period
(Dollars in thousands)
Brand name
$
9,000
$

$
(6,615
)
$
399
$
2,784
2-3
Technology
15,000

(11,024
)
666
4,642
1-3
Customer relationships
167,000

(74,322
)
10,692
103,370
3-8
Total finite
191,000

(91,961
)
11,757
110,796
Trade names
14,000
(13,772
)

(228
)

Indefinite
Total intangibles
$
205,000
$
(13,772
)
$
(91,961
)
$
11,529
$
110,796
Year Ended December 31, 2020
Beginning Balance
Ending Balance
Gross
Accumulated Impairment
Net Balance
Impairment
Currency Translation
Gross
Accumulated Impairment
Net Balance
(Dollars in thousands)
Goodwill
$
284,337
$
(99,505
)
$
184,832
$
(182,602
)
$
(2,230
)
$
282,107
$
(282,107
)
$

Amortization expense for these intangible assets was $6.7 million and $6.1 million

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtNOTE 9 – DEBT A summary of long-term debt and the related weighted average interest rates is shown below:
March 31, 2021 (Dollars in Thousands)
Debt Instrument
Total Debt
Debt Issuance Costs (1)
Total Debt, Net
Weighted Average Interest Rate
Term Loan Facility
$
349,200
$
(6,531
)
$
342,669
4.1
%
6.00% Senior Notes
254,318
(4,179
)
250,139
6.0
%
European CapEx Loans
23,354

23,354
2.3
%
Finance Leases
3,494

3,494
2.9
%
$
630,366
$
(10,710
)
619,656
Less: Current portion
(6,516
)
Long-term debt
$
613,140
December 31, 2020 (Dollars in Thousands)
Debt Instrument
Total Debt
Debt Issuance Costs (1)
Total Debt, Net
Weighted Average Interest Rate
Term Loan Facility
$
349,200
$
(7,155
)
$
342,045
4.1
%
6.00% Senior Notes
266,928
(4,425
)
262,503
6.0
%
European CapEx Loans
23,668

23,668
2.3
%
Finance Leases
3,388

3,388
3.0
%
$
643,184
$
(11,580
)
631,604
Less: Current portion
(6,112
)
Long-term debt
$
625,492
(1)
Unamortized portion Senior Notes On June 15, 2017, the Company issued €250.0 million aggregate principal amount of 6.00 percent Senior Notes (“Notes”) due June 15, 2025. Interest on the Notes is payable semiannually, on June 15 and December 15. The Company may redeem the Notes, in whole or in part, on or after June 15, 2020 at redemption prices of 103.0 percent and 101.5 percent of the principal amount thereof, if the redemption occurs during the 12-month period beginning June 15, 2020 or June 15, 2021, respectively, and a redemption price of 100 percent of the principal amount thereof on or after June 15, 2022, in each case plus accrued and unpaid interest to, but not including, the applicable redemption date. If we experience a change of control or sell certain assets, the Company may be required to offer to purchase the Notes from the holders. The Notes are senior unsecured obligations ranking equally in right of payment with all of its existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness. The Notes are effectively subordinated in right of payment to the existing and future secured indebtedness of the Company, including the Senior Secured Credit Facilities (as defined below), to the extent of the assets securing such indebtedness. Guarantee The Notes are unconditionally guaranteed by all material wholly-owned direct and indirect domestic restricted subsidiaries of the Company (the “Subsidiary Guarantors”), with customary exceptions including, among other things, where providing such guarantees is not permitted by law, regulation or contract, or would result in adverse tax consequences. Covenants Subject to certain exceptions, the indenture governing the Notes contains restrictive covenants that, among other things, limit the ability of the Company and the Subsidiary Guarantors to: (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, their capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets or issue capital stock of restricted subsidiaries; (v) create liens; (vi) merge, consolidate, transfer or dispose of substantially all of their assets; and (vii) engage in certain transactions with affiliates. These covenants are subject to several important limitations and exceptions that are described in the indenture. The indenture provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) nonpayment of principal, premium, if any, and interest, when due; (ii) failure for 60 days to comply with any obligations, covenants or agreements in the indenture after receipt of written notice from the Bank of New York Mellon, London Branch (“the Trustee”) or holders of at least 30 percent in principal amount of the then outstanding Notes of such failure (other than defaults referred to in the foregoing clause (i)); (iii) default under any mortgage, indenture or instrument for money borrowed by the Company or certain of its subsidiaries, (iv) a failure to pay certain judgments; and (iv) certain events of bankruptcy and insolvency. If an event of default occurs and is continuing, the Trustee or holders of at least 30 percent in principal amount of the then outstanding Notes may declare the principal, premium, if any, and accrued and unpaid interest on all the Notes to be due and payable. These events of default are subject to several important qualifications, limitations and exceptions that are described in the indenture. As of March 31, 2021, the Company was in compliance with all covenants under the indenture governing the Notes. Senior Secured Credit Facilities On March 22, 2017, the Company entered into a senior secured credit agreement (“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 (“Term Loan Facility”), which matures on May 23, 2024, and a $160.0 million revolving credit facility maturing on May 23, 2022 (the “Revolving Credit Facility”), together with the Term Loan Facility, the USD Senior Secured Credit Facilities (“USD SSCF”)). 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 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 3.00 Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) LIBOR for the relevant interest period, with a floor of 0.00 percent per annum, plus the applicable rate or (b) a base rate, with a floor of 0.00 percent, 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 the applicable rate. 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 ranging between 3.50 percent and 3.00 percent, currently percent , base rate applicable rates between 2.50 percent and 2.00 percent , currently percent and commitment fees between 0.50 percent and 0.25 percent , currently percent . Commitment fees are included in interest expense. As of March 31, 2021, the Company had repaid $50.8 million under the Term Loan Facility resulting in a balance of $349.2 million. In addition, the Company had no borrowings outstanding under the Revolving Credit Facility, outstanding letters of credit of $4.8 million and available unused commitments under this facility of $155.2 million as of March 31, 2021. Guarantees and Collateral Security Our obligations under the Credit Agreement are unconditionally guaranteed by 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. 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 Subsidiary Guarantors (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 (subject to certain exceptions) and (ii) perfected security interests in and mortgages on substantially all tangible and intangible personal property and material fee-owned real property of the Company and the Subsidiary Guarantors (subject to certain exceptions and exclusions). Covenants The Credit Agreement contains 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, and, solely with respect to the Revolving Credit Facility, requires a Total Net Leverage Ratio (calculated as defined in the Credit Agreement) of not more than 4.5 to 1.0 as of each fiscal quarter-end when outstanding borrowings, together with undrawn letters of credit exceeding $20 million, under the Revolving Credit Facility exceed 35 of the $160 million commitment amount. 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 March 31, 2021, the Company was in compliance with all covenants under the Credit Agreement. European Debt In connection with the acquisition of UNIWHEELS AG, the Company assumed $70.7 million of outstanding debt. At March 31, 2021, $9.4 million of the assumed debt remained outstanding which matures March 31, 2024 and is collateralized by financed equipment, guaranteed by Superior and bears interest at 2.2 percent. Covenants under the loan agreement include a default provision for non-payment, as well as a material adverse change default provision pursuant to which the lender could accelerate the loan maturity. As of March 31, 2021, the Company was in compliance with all covenants under the credit agreement. During the second quarter of 2019, the Company amended its European Revolving Credit Facility (“EUR SSCF”), increasing the available borrowing limit from €30.0 million to €45.0 million and extending the term to May 22, 2022. On January 31, 2020, the available borrowing limit of the EUR SSCF was increased from €45.0 million to €60.0 million. All other terms of the EUR SSCF remained unchanged. At March 31, 2021, the Company had no borrowings outstanding, outstanding letters of credit of $0.5 million (€0.4 million) and available unused commitments under this facility of $69.8 million (€59.6 million). The EUR SSCF bears interest at Euribor (with a floor of zero) plus a margin (ranging from 1.55 percent to 3.0 percent based on the net debt leverage ratio of Superior Industries Europe AG and its wholly owned subsidiaries, collectively “Superior Europe AG”), currently 1.55 percent. The annual commitment fee for unused commitments (ranging from 0.50 percent to 1.05 percent based on the net debt leverage ratio of Superior Europe AG) is currently 0.50 percent per annum. In addition, a management fee is assessed equal to 0.07 percent of borrowings outstanding at each month end. The commitment and management fees are both included in interest expense. Superior Europe AG has pledged substantially all of its assets, including land and buildings, receivables, inventory, and other moveable assets (other than collateral associated with equipment loan s ) as collateral under the EUR SSCF . The EUR SSCF is subject to a number of restrictive covenants that, among other things, restrict, subject to certain exceptions, the ability of Superior Europe AG 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 or distributions, or repurchase our capital stock, prepay, redeem, or repurchase any subordinated indebtedness, and enter into agreements which limit our ability to incur liens on our assets. In addition, the EUR SSCF includes an annual pay down provision requiring outstanding balances to be repaid but not reborrowed for a period of three business days and a material adverse change default provision pursuant to which the lender could accelerate the loan maturity. At March 31, 2021, Superior Europe AG was in compliance with all covenants under the EUR SSCF. During the fourth quarter of 2019, the Company entered into new equipment loan agreements totaling $13.4 million (€12.0 million) which bear interest at 2.3 percent and mature on September 30, 2027. Interest and principal repayments are due quarterly. The loans are secured with liens on the financed equipment and are subject to covenants that, among other things, include a material adverse change default provision pursuant to which the lender could accelerate the loan maturity, as well as a provision that The Company drew down €10.6 million on these equipment loans in the first quarter of 2020 and drew the remaining € 1.4 million in the first quarter of 2021, resulting in an outstanding balance of €12.0 million, or $ 14.0 million as of March 31, 2021. June of 2021 Debt maturities as of March 31, 2021 which are due in the next five years and thereafter are as follows:
(Dollars in thousands)
Debt Maturities
Amount
Nine remaining months of 2021
$
4,987
2022
6,334
2023
5,922
2024
352,360
2025
256,621
Thereafter
4,142
Total debt liabilities
$
630,366

Redeemable Preferred Stock

Redeemable Preferred Stock3 Months Ended
Mar. 31, 2021
Text Block [Abstract]
Redeemable Preferred StockNOTE 10 - REDEEMABLE PREFERRED STOCK During 2017, we issued 150,000 shares of Series A (140,202 shares) and Series B (9,798 shares) Perpetual Convertible Preferred Stock, par value $0.01 per share for $150.0 million. On August 30, 2017, the Series B shares were converted into Series A redeemable preferred stock, the “redeemable preferred stock,” after approval by our shareholders. The redeemable preferred stock has an initial stated value of $1,000 per share, par value of $0.01 per share and liquidation preference over common stock. The redeemable preferred stock is convertible into shares of our common stock equal to the number of shares determined by dividing the sum of the stated value and any accrued and unpaid dividends by the conversion price of $28.162. The redeemable preferred stock accrues dividends at a rate of 9 percent per annum, payable at our election either in-kind or in cash and is also entitled to participate in dividends on common stock in an amount equal to that which would have been due had the shares been converted into common stock. We may mandate conversion of the redeemable preferred stock if the price of the common stock exceeds $84.49. The holder may redeem the shares upon the occurrence of any of the following events (referred to as a “redemption event”): a change in control, recapitalization, merger, sale of substantially all of the Company’s assets, liquidation or delisting of the Company’s common stock. In addition, the holder has the right, at its option, to unconditionally redeem the shares at any time after September 14, 2025. We may, at our option, redeem in whole at any time all of the shares of redeemable preferred stock outstanding. At redemption by either party, the redemption value will be the greater of two 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 and $10.9 million assigned to the embedded derivative liability at date of issuance, resulting in an initial value of $135.5 million. The difference between the redemption value of the redeemable preferred stock and the carrying value (the “premium”) is being accreted over the period from the date of issuance through September 14, 2025 using the effective interest method. The accretion is treated as a deemed dividend, recorded as a charge to retained earnings and deducted in computing earnings per share (analogous to the treatment for stated and participating dividends paid on the redeemable preferred stock). The cumulative premium accretion as of March 31, 2021 and December 31, 2020 was $48.8 million and $43.9 million, respectively, resulting in adjusted redeemable preferred stock balances of $184.3 million and $179.4 million, respectively.

European Non-Controlling Redeem

European Non-Controlling Redeemable Equity3 Months Ended
Mar. 31, 2021
Noncontrolling Interest [Abstract]
European Non-Controlling Redeemable EquityNOTE 11 – EUROPEAN NON-CONTROLLING REDEEMABLE EQUITY On May 30, 2017, the Company acquired 92.3 percent of the outstanding shares of UNIWHEELS AG. Subsequently, the Company commenced a delisting and associated tender offer for the remaining shares. On January 17, 2018, the Company entered into a Domination and Profit and Loss Transfer agreement (“DPLTA”) retroactively effective as of January 1, 2018 pursuant to which we offered to purchase the remaining outstanding shares at €62.18. This price may be subject to change based on appraisal proceedings initiated by the minority shareholders which have not yet been concluded. The Company must also pay an annual dividend of €3.23 as long as the DPLTA is in effect. For any shares tendered prior to the annual dividend payment, we must pay interest at a statutory rate, currently 4.12 percent, in place of the dividend. As a result of purchases pursuant to the tender offer and the DPLTA, the Company has increased its ownership to 99.9 percent as of March 31, 2021. The following table summarizes the European non-controlling redeemable equity activity through the period ended March 31, 2021:
(Dollars in thousands)
Balance at December 31, 2019
$
6,525
Dividends accrued
205
Dividends paid
(46
)
Translation adjustment
2
Purchase of shares
(5,020
)
Balance at December 31, 2020
1,666
Dividends accrued
13
Dividends paid

Translation adjustment
(79
)
Purchase of shares
(9
)
Balance at March 31, 2021
$
1,591

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareNOTE 12 – EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European non-controlling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares discussed in Note 10, “Redeemable Preferred Stock” have not been included in the diluted earnings per share because the inclusion of such shares on an as converted basis would be anti-dilutive for the three months ended March 31, 2021 and 2020.
Three Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands, except per share amounts)
Basic Earnings Per Share:
Net income (loss)
$
13,122
$
(190,082
)
Less: Redeemable preferred stock dividends and accretion
(8,290
)
(7,850
)
Less: European non-controlling redeemable equity dividend
(13
)
(20
)
Basic numerator
$
4,819
$
(197,952
)
Basic earnings (loss) per share
$
0.19
$
(7.84
)
Weighted average shares outstanding – Basic
25,707
25,243
Diluted Earnings Per Share:
Net income (loss)
$
13,122
$
(190,082
)
Less: Redeemable preferred stock dividends and accretion
(8,290
)
(7,850
)
Less: European non-controlling redeemable equity dividend
(13
)
(20
)
Diluted numerator
$
4,819
$
(197,952
)
Diluted earnings (loss) per share
$
0.18
$
(7.84
)
Weighted average shares outstanding – Basic
25,707
25,243
Dilutive effect of common share equivalents
980

Weighted average shares outstanding – Diluted
26,687
25,243

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesNOTE 13 - INCOME TAXES The estimated annual effective tax rate is forecasted quarterly using actual historical information and forward-looking estimates and applied to year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances, settlements with taxing authorities and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The income tax provision for the three months ended March 31, 2021 was $0.8 million on a pre-tax income of $13.9 million, resulting in an effective income tax rate of 5.8 percent. The effective income tax rate for the three months ending March 31, 2021 differs from the statutory rate primarily due to U.S. valuation allowances, the reversal of an uncertain tax position and the mix of earnings among tax jurisdictions. The income tax benefit for the three months ended March 31, 2020, was $3.5 million on a pre-tax loss of $193.5 million, resulting in an effective income tax rate of 1.8 percent. The effective income tax rate for the three months ending March 31, 2020 differs from the statutory rate primarily due to the impairment of goodwill for which there was no corresponding tax benefit, the mix of earnings among tax jurisdictions, and recognition of a valuation allowance on non-deductible interest.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesNOTE 14 - LEASES The Company determines whether an arrangement is or contains a lease at the inception of the arrangement. Operating leases are included in other non-current assets, accrued expenses and other non-current liabilities in our condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, net, short-term debt and long-term debt (less current portion) in our condensed consolidated balance sheets. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Finance and operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Since we generally do not have access to the interest rate implicit in the lease, the Company uses our incremental borrowing rate (for fully collateralized debt) at the inception of the lease in determining the present value of the lease payments. The implicit rate is, however, used where readily available. Lease expense under operating leases is recognized on a straight-line basis over the term of the lease. Certain of our leases contain both lease and non-lease components, which are accounted for separately. The Company has operating and finance leases for office facilities, a data center and certain equipment. The remaining terms of our leases range from over one year to just under nine years. Certain leases include options to extend the lease term for up to ten years, as well as options to terminate which have been excluded from the term of the lease since exercise of these options is not reasonably certain. Lease expense and cash flow for the three months ended March 31, 2021 and 2020 and operating and finance lease assets and liabilities, average lease term and average discount rate as of March 31, 2021 and December 31, 2020 are as follows:
Three Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands)
Lease Expense
Finance lease expense:
Amortization of right-of-use assets
$
321
$
354
Interest on lease liabilities
22
22
Operating lease expense
857
845
Total lease expense
$
1,200
$
1,221
Cash Flow Components
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from finance leases
$
22
$
22
Operating cash outflows from operating leases
932
891
Financing cash outflows from finance leases
288
292
Right-of-use assets obtained in exchange for finance lease liabilities, net of terminations and disposals
756
148
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations and disposals
152
65
March 31, 2021
December 31, 2020
(Dollars in thousands, except lease term and discount rate)
Balance Sheet Information
Operating leases:
Other non-current assets
$
12,705
$
13,598
Accrued liabilities
$
(2,672
)
$
(2,868
)
Other non-current liabilities
(10,718
)
(11,513
)
Total operating lease liabilities
$
(13,390
)
$
(14,381
)
Finance leases:
Property, plant and equipment gross
$
6,506
$
5,735
Accumulated depreciation
(3,640
)
(3,319
)
Property, plant and equipment, net
$
2,866
$
2,416
Current portion of long-term debt
$
(1,240
)
$
(1,113
)
Long-term debt (less current portion)
(2,254
)
(2,275
)
Total finance lease liabilities
$
(3,494
)
$
(3,388
)
Lease Term and Discount Rates
Weighted-average remaining lease term - finance leases (years)
3.9
3.9
Weighted-average remaining lease term - operating leases (years)
5.9
6.1
Weighted-average discount rate - finance leases
2.9
%
3.0
%
Weighted-average discount rate - operating leases
3.7
%
3.8
% Summarized future minimum payments under our leases as of March 31, 2021 are as follows:
Amount
(Dollars in thousands)
Lease Maturities
Finance Leases
Operating Leases
Nine remaining months of 2021
$
1,030
$
2,412
2022
1,058
2,782
2023
647
2,418
2024
228
2,194
2025
153
2,145
Thereafter
555
2,803
Total
3,671
14,754
Less: Imputed interest
(177
)
(1,364
)
Total lease liabilities, net of interest
$
3,494
$
13,390

Retirement Plans

Retirement Plans3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement PlansNOTE 15 – RETIREMENT PLANS We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011. For the three months ended March 31, 2021, payments to retirees or their beneficiaries totaled approximately $0.4 million. We presently anticipate benefit payments in 2021 to total approximately $1.2 million. The following table summarizes the components of net periodic pension cost for the three months ended March 31, 2021 and 2020.
Three Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands)
Interest cost
$
206
$
251
Net amortization
97
72
Net periodic pension cost
$
303
$
323

Stock-Based Compensation

Stock-Based Compensation3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based CompensationNOTE 16 - STOCK-BASED COMPENSATION Equity Incentive Plan Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018. The Plan authorizes us to issue up to 4.35 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock and performance units to our officers, key employees, non-employee directors and consultants. At March 31, 2021, there were 0.3 million shares available for future grants under this Plan. No more than 1.2 million shares may be used under the Plan as “full value” awards, which include restricted stock and performance units. The Company’s Board of Directors has approved, subject to shareholder approval at the May 25, 2021 annual meeting of shareholders, an increase of 2.0 million in the shares authorized under the Plan and elimination of the 1.2 million limit on “full value” shares. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options. Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year three-year Other Awards On May 16, 2019 the Company granted the following equity awards to our then new President and Chief Executive Officer in connection with the 2019 Inducement Grant Plan (the “Inducement Plan”): (i) an initial award consisting of (a) 666,667 PSUs at target, vesting in three approximately equal installments, to the extent the performance metrics are satisfied, during each of three performance periods and (b) 333,333 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022; (ii) a 2019-2021 PSU grant, with the target number of 316,832 PSUs, which will vest to the extent the performance metrics are satisfied; and (iii) a 2019 RSU grant of 158,416 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022. The PSU awards may be earned at up to 200 percent of target depending on the level of achievement of the performance metrics. Restricted stock unit and restricted performance stock unit activity for the three months ended March 31, 2021 is summarized in the following table:
Equity Incentive Awards
Restricted Stock Units
Weighted Average Grant Date Fair Value
Performance Shares
Weighted Average Grant Date Fair Value
Options
Weighted Average Exercise Price
Balance at December 31, 2020
1,213,667
$
3.59
2,176,290
$
4.88
24,000
$
20.39
Granted
1,787
5.41
21,352
5.67


Settled
(388,504
)
4.05
(193,778
)
5.45


Forfeited or expired
(31,092
)
8.25
(142,769
)
12.96


Balance at March 31, 2021
795,858
$
3.19
1,861,095
$
6.05
24,000
$
20.39
Awards estimated to vest in the future
724,142
$
3.16
1,341,900
$
6.09
24,000
$
20.39
Stock-based compensation expense was $1.8 million for the three months ended March 31, 2021, as compared to income of $0.2 million for the three months ended March 31, 2020. The higher expense for the three months ended March 31, 2021 was attributable to modification of the 2019 and 2020 PSU awards, substituting budgeted amounts for actual performance for the second quarter of 2020 (one of twelve quarters in the respective performance periods), to offset the impact of COVID-19. The modification increased stock-based compensation for the three months ended March 31, 2021 by $1.1 million. The income for the three months ended March 31, 2020 was due to a reversal of $1.2 million of previously accrued expense due to the reduction of our estimates regarding the achievement of the performance metric, to zero, in light of the global pandemic. Unrecognized stock-based compensation expense related to non-vested awards of $8.4 million is expected to be recognized over a weighted average period of approximately 1.5 years as of March 31, 2021.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNOTE 17 – COMMITMENTS AND CONTINGENCIES Purchase Commitments When market conditions warrant, we may enter into purchase commitments to secure the supply of certain commodities used in the manufacture of our products, such as aluminum, natural gas and other raw materials. Prices under our aluminum contracts are based on a market index, the London Mercantile Exchange, and regional premiums for processing, transportation and alloy components which are adjusted quarterly for purchases in the ensuing quarter. Certain of our purchase agreements include volume commitments; however, any excess commitments are generally negotiated with suppliers and those which have occurred in the past have been carried over to future periods. Contingencies We are party to various legal and environmental proceedings incidental to our business. Certain claims, suits and complaints arising in the ordinary course of business have been filed or are pending against us. Based on facts now known, 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 Factoring3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Receivables FactoringNOTE 18 – RECEIVABLES FACTORING The Company sells certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash provided by operating activities. Factoring arrangements incorporate customary representations and warranties, including representations as to validity of amounts due, completeness of performance obligations and absence of commercial disputes. During the three months ended March 31, 2021 and 2020, the Company sold trade receivables totaling $186.7 million and $69.9 million, respectively, and incurred factoring fees of $0.5 million and $0.2 million, respectively. As of March 31, 2021 and December 31, 2020, $105.6 million and $96.6 million, respectively, of receivables had been factored under the arrangements. The collective limit under our factoring arrangements as of March 31, 2021 was $132.2 million which was reduced to $121.7 million as of April 1, 2021 due to a $10.5 million decrease in the North American factoring limit. The collective limit under our factoring arrangements as of December 31, 2020 was $132.0 which was reduced to $122.0 million as of January 1, 2021 due to the reduction in the North American factoring limit.

Restructuring

Restructuring3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]
RestructuringNOTE 19 – RESTRUCTURING During the quarter ended June 30, 2020, the Company discontinued the manufacture and sale of high performance aftermarket wheels for the automotive racing market segment. The Company incurred a total non-cash charge of $3.4 million, including $2.8 million recorded in cost of sales, comprised of $1.3 million relating to write-downs of certain after-market inventory to salvage value, $1.0 million of employee severance costs and $0.5 million in contract terminations and other costs, as well as a $0.6 million non-cash charge recorded in selling, general and administrative expense related to non-production employee severance costs. In addition, during the six-month period ended December 31, 2020, we recognized an additional $0.7 million of severance costs, including charges to costs of sales of $0.4 million and selling, general and administrative expense of $0.3 million. As of March 31, 2021, $0.4 million of the restructuring severance accrual remains. During the third quarter of 2019, the Company initiated a plan to significantly reduce production and manufacturing operations at its Fayetteville, Arkansas location. As a result, the Company recognized a non-cash charge of $13.0 million in cost of sales, comprised of (1) $7.6 million of accelerated depreciation for excess equipment, (2) $3.2 million relating to the write-down of certain supplies inventory to net salvage value, (3) $1.6 million of employee severance and (4) $0.6 million of accelerated amortization of right of use assets under operating leases. In addition, relocation costs for redeployment of machinery and equipment of $1.8 million were recognized in the fourth quarter of 2019. During 2020, we recognized additional charges to cost of sales of $3.3 million, including relocation costs for redeployment of machinery and equipment of $2.9 million and other costs of $0.4 million. During the three months ended March 31, 2021, we recognized additional relocation costs in cost of sales for redeployment of machinery and equipment of $0.8 million. Additional relocation costs are expected to be incurred over the next three months. As of March 31, 2021, $0.3 million of the restructuring severance accrual remains. On April 14, 2021, the Company entered into an agreement to sell the Fayetteville facility for a net purchase price of $7.6 million, subject to satisfactory completion of purchaser due diligence. We have not reclassified the related property to assets held for sale due to site preparation activities which must be completed prior to the consummation of the sale. Based on facility appraisals, as well as the sales price in the agreement, net of associated site remediation and selling costs, proceeds upon sale are expected to be sufficient to fully recover the carrying value.

Subsequent Event

Subsequent Event3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventNOTE 20 – SUBSEQUENT EVENT On May 3, 2021, the Company extended the term of its USD SSCF. The commitment under the facility was reduced from $160.0 million to $132.5 million, with $25.0 million of the commitment maturing May 23, 2022 and the remaining $107.5 million maturing October 31, 2023. The commitment fee for lenders with commitments maturing October 31, 2023 has been increased to a range of 0.375 percent to 0.625 percent, dependent upon the Company’s First Lien Net Leverage Ratio. The amended credit agreement contains the representations, warranties and covenants applicable under the original USD SSCF, including restrictions, subject to certain exceptions, on mergers, acquisitions or sales of assets, incurrence of debt, prepayment, redemption or repurchase of any subordinated indebtedness, and share repurchases and dividends, as well as, solely with respect to the revolving credit facility, the requirement to maintain a Total Net Leverage Ratio, as defined under the credit agreement, of not more than 4.5 to 1.0 at each quarter-end. All other material terms of the USD SSCF remain unchanged.

Nature of Operations and Pres_2

Nature of Operations and Presentation of Condensed Consolidated Financial Statements (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Nature of OperationsNature of Operations Superior Industries International, Inc.’s (referred herein as the “Company,” “Superior,” or “we” and “our”) principal business is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”) in North America and Europe and to the aftermarket in Europe. We employ approximately 7,600 full-time employees, operating in eight manufacturing facilities in North America and Europe. We are one of the largest aluminum wheel suppliers to global OEMs and we believe we are the #1 European aluminum wheel aftermarket manufacturer and supplier. Our OEM aluminum wheels accounted for approximately 93 percent of our sales in the first three months of 2021 and are primarily sold for factory installation on vehicle models manufactured by BMW (including Mini), Daimler AG Company (Mercedes-Benz, AMG, Smart), Ford, GM, Honda, Jaguar-Land Rover, Mazda, Nissan, PSA, Renault, Subaru, Stellantis, Suzuki, Toyota, VW Group (Volkswagen, Audi, SEAT, Skoda, Porsche, Bentley) and Volvo. We also sell aluminum wheels to the European aftermarket under the brands ATS, RIAL, ALUTEC and ANZIO. North America and Europe represent the principal markets for our products, but we have a diversified global customer base consisting of North American, European and Asian OEMs. We have determined that our North American and European operations should be treated as separate reportable segments as further described in Note 5, “Business Segments.”
Presentation of Condensed Consolidated Financial StatementsPresentation of Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements, in our opinion, include all adjustments, of a normal and recurring nature, which are necessary for fair presentation of (i) the condensed consolidated statements of income (loss) for the three-month periods ended March 31, 2021 and March 31, 2020, (ii) the condensed consolidated statements of comprehensive income (loss) for the three-month periods ended March 31, 2021 and March 31, 2020, (iii) the condensed consolidated balance sheets at March 31, 2021 and December 31, 2020, (iv) the condensed consolidated statements of cash flows for the three-month periods ended March 31, 2021 and March 31, 2020, and (v) the condensed consolidated statements of shareholders’ equity (deficit) for the three-month periods ended March 31, 2021 and March 31, 2020. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto filed with the SEC in our 2020 Annual Report on Form 10-K. Interim financial reporting standards require us to make estimates that are based on assumptions regarding the outcome of future events and circumstances not known at that time. Inevitably, some assumptions will not materialize, unanticipated events or circumstances may occur which vary from those estimates and such variations may significantly affect our future results. Additionally, interim results may not be indicative of our results for future interim periods or our annual results. Certain prior year amounts have been reclassified to conform with the current year presentation.
Cash Paid for Interest and Taxes and Non-Cash Investing ActivitiesCash Paid for Interest and Taxes and Non-Cash Investing Activities Cash paid for interest was $5.2 million and $6.0 million for the three months ended March 31, 2021 and March 31, 2020, respectively. Net cash income taxes paid was $2.8 million and $4.4 million for the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021 and March 31, 2020, $4.3 million and $4.1 million, respectively, of equipment had been purchased but not yet paid and was included in accounts payable in our condensed consolidated balance sheets.
Accounting Standards Issued but Not YetAccounting Standards Issued but Not Yet Adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires entities to use a new impairment model based on current expected credit losses (“CECL”) rather than incurred losses. Under CECL, estimated credit losses would incorporate relevant information about past events, current conditions and reasonable and supportable forecasts and any expected credit losses would be recognized at the time of sale. As a smaller reporting company (as defined under SEC regulations), the Company is not required to adopt the standard until fiscal years beginning after December 31, 2022. We are evaluating the impact this standard will have on our financial statements and disclosures.
Fair Value MeasurementsThe Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, while other assets and liabilities are measured at fair value on a nonrecurring basis, such as an asset impairment. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short period of time until maturity.
Derivatives, Methods of Accounting, Hedging DerivativesWe use derivatives to partially offset our exposure to foreign currency, interest rate, aluminum and other commodity price risks. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities. However, we may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset the full financial impact resulting from movements in foreign currency exchange rates, interest rates, and aluminum or other commodity prices. To help mitigate gross margin fluctuations due to changes in foreign currency exchange rates, certain of our subsidiaries, whose functional currency is the U.S. dollar or the Euro, hedge a portion of their forecasted foreign currency costs denominated in the Mexican Peso and Polish Zloty, respectively. We may hedge portions of our forecasted foreign currency exposure up to 48 months. We record all derivatives in the condensed consolidated balance sheets at fair value. Our accounting treatment for these instruments is based on the hedge designation. Gains or losses on derivatives that are designated as hedging instruments are recorded in accumulated other comprehensive income (loss) (“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 do not qualify for designation as hedging instruments.
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as HedgesDerivatives 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.

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Opening and Closing Balances of Company's Customer Receivables and Current and Long-term Contract LiabilitiesThe opening and closing balances of the Company’s customer receivables and current and long-term contract liabilities balances are as follows:
(Dollars in thousands)
March 31, 2021
December 31, 2020
Change
Customer receivables
$
75,518
$
40,785
$
34,733
Contract liabilities—current
7,983
8,249
(266
)
Contract liabilities—noncurrent
12,165
13,106
(941
)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Items Measured at Fair ValueThe following tables categorize items measured at fair value as of March 31, 2021 and December 31, 2020:
Fair Value Measurement at Reporting Date Using
March 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
(Dollars in thousands)
Assets
Derivative contracts
$
6,323
$

$
6,323
$

Total
$
6,323
$

$
6,323
$

Liabilities
.
Derivative contracts
$
23,443
$

$
23,443
$

Total
$
23,443
$

$
23,443
$

Fair Value Measurement at Reporting Date Using
December 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
(Dollars in thousands)
Assets
Derivative contracts
$
10,218
$

$
10,218
$

Total
$
10,218
$

$
10,218
$

Liabilities
Derivative contracts
$
15,259
$

$
15,259
$

Total
$
15,259
$

$
15,259
$
Schedule of Carrying Values and Estimated Fair Values of Debt InstrumentsThe estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below:
March 31, 2021
December 31, 2020
(Dollars in thousands)
Estimated aggregate fair value
$
628,761
$
624,207
Aggregate carrying value (1)
630,366
643,184
(1)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Derivatives by Balance Sheet Line ItemThe following tables display the fair value of derivatives by balance sheet line item at March 31, 2021 and December 31, 2020:
March 31, 2021
Other Current Assets
Other Non-current Assets
Accrued Liabilities
Other Non-current Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as hedging instruments
$
537
$
3,383
$
5,484
$
7,504
Foreign exchange forward contracts not designated as hedging instruments
639

2,713

Aluminum forward contracts designated as hedging instruments
603



Natural gas forward contracts designated as hedging instruments
930
231
1
17
Interest rate swap contracts designated as hedging instruments


4,732
2,992
Total derivative financial instruments
$
2,709
$
3,614
$
12,930
$
10,513
December 31, 2020
Other Current Assets
Other Non-current Assets
Accrued Liabilities
Other Non-current Liabilities
(Dollars in thousands)
Foreign exchange forward contracts designated as hedging instruments
$
1,218
$
6,531
$
3,435
$
2,645
Foreign exchange forward contracts not designated as hedging instruments
1,167

122

Aluminum forward contracts designated as hedging instruments
262



Natural gas forward contracts designated as hedging instruments
816
224
22
70
Interest rate swap contracts designated as hedging instruments


4,771
4,194
Total derivative financial instruments
$
3,463
$
6,755
$
8,350
$
6,909
Summary of Notional Amount and Estimated Fair Value of Derivative Financial InstrumentsThe following table summarizes the notional amount and estimated fair value of our derivative financial instruments:
March 31, 2021
December 31, 2020
Notional U.S. Dollar Amount
Fair Value
Notional U.S. Dollar Amount
Fair Value
(Dollars in thousands)
Foreign exchange forward contracts designated as hedging instruments
$
467,197
$
(9,068
)
$
421,253
$
1,669
Foreign exchange forward contracts not designated as hedging instruments
75,726
(2,074
)
71,217
1,045
Aluminum forward contracts designated as hedging instruments
7,517
603
4,068
262
Natural gas forward contracts designated as hedging instruments
4,871
1,143
5,523
948
Interest rate swap contracts designated as hedging instruments
200,000
(7,724
)
200,000
(8,965
)
Total derivative financial instruments
$
755,311
$
(17,120
)
$
702,061
$
(5,041
)
Summary of Gain or Loss Recognized in AOCIThe following tables summarize the gain or loss recognized in AOCI, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
Amount of Gain or (Loss) Recognized in AOCI on Derivatives
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative Contracts
$
(8,462
)
$
(439
)
$
(2,904
)
Total
$
(8,462
)
$
(439
)
$
(2,904
)
Three Months Ended March 31, 2020
Amount of Gain or (Loss) Recognized in AOCI on Derivatives
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives
(Dollars in thousands)
Derivative Contracts
$
(45,297
)
$
(1,114
)
$
(5,439
)
Total
$
(45,297
)
$
(1,114
)
$
(5,439
)

Business Segments (Tables)

Business Segments (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment(Dollars in thousands)
Net Sales
Income from Operations
Three months ended
March 31, 2021
March 31, 2020
March 31, 2021
March 31, 2020
North America
$
191,971
$
155,551
$
17,841
$
6,109
Europe
166,225
145,561
7,878
(189,124
)
$
358,196
$
301,112
$
25,719
$
(183,015
)
(Dollars in thousands)
Depreciation and Amortization
Capital Expenditures
Three months ended
March 31, 2021
March 31, 2020
March 31, 2021
March 31, 2020
North America
$
9,221
$
8,805
$
4,660
$
6,560
Europe
16,140
15,587
5,819
7,305
$
25,361
$
24,392
$
10,479
$
13,865
(Dollars in thousands)
Property, Plant and Equipment, net
Intangible Assets
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
North America
$
210,688
$
220,145
$

$

Europe
285,971
301,979
99,041
110,796
$
496,659
$
522,124
$
99,041
$
110,796
(Dollars in thousands)
Total Assets
March 31, 2021
December 31, 2020
North America
$
495,035
$
479,873
Europe
614,755
629,452
$
1,109,790
$
1,109,325
Net sales and long-lived assets by location are as follows:
(Dollars in thousands)
Net Sales
Three months ended
March 31, 2021
March 31, 2020
U.S.
$
1,270
$
16,177
Mexico
190,701
139,374
Germany
60,887
50,038
Poland
105,338
95,523
Consolidated net sales
$
358,196
$
301,112
(Dollars in thousands)
Property, Plant and Equipment, net
March 31, 2021
December 31, 2020
U.S.
$
2,894
$
7,324
Mexico
207,794
212,821
Germany
79,611
82,162
Poland
206,360
219,817
Property, plant and equipment, net
$
496,659
$
522,124

Inventories (Tables)

Inventories (Tables)3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Summary of InventoriesMarch 31, 2021
December 31, 2020
(Dollars in thousands)
Raw materials
$
45,093
$
46,712
Work in process
53,728
45,394
Finished goods
65,874
62,874
Inventories, net
$
164,695
$
154,980

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and EquipmentMarch 31, 2021
December 31, 2020
(Dollars in thousands)
Land and buildings
$
144,491
$
149,295
Machinery and equipment
867,347
899,764
Leasehold improvements and others
14,470
14,912
Construction in progress
41,549
46,718
1,067,857
1,110,689
Accumulated depreciation
(571,198
)
(588,565
)
Property, plant and equipment, net
$
496,659
$
522,124

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Finite-Lived and Indefinite-Lived Intangible AssetsFollowing is a summary of the Company’s finite-lived and indefinite-lived intangible assets and goodwill as of March 31, 2021 and December 31, 2020.
As of March 31, 2021
Gross Carrying Amount
Accumulated Impairment
Accumulated Amortization
Currency Translation
Net Carrying Amount
Remaining Weighted Average Amortization Period
(Dollars in thousands)
Brand name
$
9,000
$

$
(7,094
)
$
281
$
2,187
2-3
Technology
15,000

(11,823
)
469
3,646
1-3
Customer relationships
167,000

(79,706
)
5,914
93,208
3-8
Total finite
191,000

(98,623
)
6,664
99,041
Trade names
14,000
(13,772
)

(228
)

Indefinite
Total intangibles
$
205,000
$
(13,772
)
$
(98,623
)
$
6,436
$
99,041
As of December 31, 2020
Gross Carrying Amount
Accumulated Impairment
Accumulated Amortization
Currency Translation
Net Carrying Amount
Remaining Weighted Average Amortization Period
(Dollars in thousands)
Brand name
$
9,000
$

$
(6,615
)
$
399
$
2,784
2-3
Technology
15,000

(11,024
)
666
4,642
1-3
Customer relationships
167,000

(74,322
)
10,692
103,370
3-8
Total finite
191,000

(91,961
)
11,757
110,796
Trade names
14,000
(13,772
)

(228
)

Indefinite
Total intangibles
$
205,000
$
(13,772
)
$
(91,961
)
$
11,529
$
110,796
Year Ended December 31, 2020
Beginning Balance
Ending Balance
Gross
Accumulated Impairment
Net Balance
Impairment
Currency Translation
Gross
Accumulated Impairment
Net Balance
(Dollars in thousands)
Goodwill
$
284,337
$
(99,505
)
$
184,832
$
(182,602
)
$
(2,230
)
$
282,107
$
(282,107
)
$

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-Term Debt and Related Weighted Average Interest RatesA summary of long-term debt and the related weighted average interest rates is shown below:
March 31, 2021 (Dollars in Thousands)
Debt Instrument
Total Debt
Debt Issuance Costs (1)
Total Debt, Net
Weighted Average Interest Rate
Term Loan Facility
$
349,200
$
(6,531
)
$
342,669
4.1
%
6.00% Senior Notes
254,318
(4,179
)
250,139
6.0
%
European CapEx Loans
23,354

23,354
2.3
%
Finance Leases
3,494

3,494
2.9
%
$
630,366
$
(10,710
)
619,656
Less: Current portion
(6,516
)
Long-term debt
$
613,140
December 31, 2020 (Dollars in Thousands)
Debt Instrument
Total Debt
Debt Issuance Costs (1)
Total Debt, Net
Weighted Average Interest Rate
Term Loan Facility
$
349,200
$
(7,155
)
$
342,045
4.1
%
6.00% Senior Notes
266,928
(4,425
)
262,503
6.0
%
European CapEx Loans
23,668

23,668
2.3
%
Finance Leases
3,388

3,388
3.0
%
$
643,184
$
(11,580
)
631,604
Less: Current portion
(6,112
)
Long-term debt
$
625,492
(1)
Unamortized portion
Schedule of Debt MaturitiesDebt maturities as of March 31, 2021 which are due in the next five years and thereafter are as follows:
(Dollars in thousands)
Debt Maturities
Amount
Nine remaining months of 2021
$
4,987
2022
6,334
2023
5,922
2024
352,360
2025
256,621
Thereafter
4,142
Total debt liabilities
$
630,366

European Non-Controlling Rede_2

European Non-Controlling Redeemable Equity (Tables)3 Months Ended
Mar. 31, 2021
Noncontrolling Interest [Abstract]
Summary of Redeemable Noncontrolling InterestsThe following table summarizes the European non-controlling redeemable equity activity through the period ended March 31, 2021
(Dollars in thousands)
Balance at December 31, 2019
$
6,525
Dividends accrued
205
Dividends paid
(46
)
Translation adjustment
2
Purchase of shares
(5,020
)
Balance at December 31, 2020
1,666
Dividends accrued
13
Dividends paid

Translation adjustment
(79
)
Purchase of shares
(9
)
Balance at March 31, 2021
$
1,591

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThree Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands, except per share amounts)
Basic Earnings Per Share:
Net income (loss)
$
13,122
$
(190,082
)
Less: Redeemable preferred stock dividends and accretion
(8,290
)
(7,850
)
Less: European non-controlling redeemable equity dividend
(13
)
(20
)
Basic numerator
$
4,819
$
(197,952
)
Basic earnings (loss) per share
$
0.19
$
(7.84
)
Weighted average shares outstanding – Basic
25,707
25,243
Diluted Earnings Per Share:
Net income (loss)
$
13,122
$
(190,082
)
Less: Redeemable preferred stock dividends and accretion
(8,290
)
(7,850
)
Less: European non-controlling redeemable equity dividend
(13
)
(20
)
Diluted numerator
$
4,819
$
(197,952
)
Diluted earnings (loss) per share
$
0.18
$
(7.84
)
Weighted average shares outstanding – Basic
25,707
25,243
Dilutive effect of common share equivalents
980

Weighted average shares outstanding – Diluted
26,687
25,243

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount RateLease expense and cash flow for the three months ended March 31, 2021 and 2020 and operating and finance lease assets and liabilities, average lease term and average discount rate as of March 31, 2021 and December 31, 2020 are as follows:
Three Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands)
Lease Expense
Finance lease expense:
Amortization of right-of-use assets
$
321
$
354
Interest on lease liabilities
22
22
Operating lease expense
857
845
Total lease expense
$
1,200
$
1,221
Cash Flow Components
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from finance leases
$
22
$
22
Operating cash outflows from operating leases
932
891
Financing cash outflows from finance leases
288
292
Right-of-use assets obtained in exchange for finance lease liabilities, net of terminations and disposals
756
148
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations and disposals
152
65
March 31, 2021
December 31, 2020
(Dollars in thousands, except lease term and discount rate)
Balance Sheet Information
Operating leases:
Other non-current assets
$
12,705
$
13,598
Accrued liabilities
$
(2,672
)
$
(2,868
)
Other non-current liabilities
(10,718
)
(11,513
)
Total operating lease liabilities
$
(13,390
)
$
(14,381
)
Finance leases:
Property, plant and equipment gross
$
6,506
$
5,735
Accumulated depreciation
(3,640
)
(3,319
)
Property, plant and equipment, net
$
2,866
$
2,416
Current portion of long-term debt
$
(1,240
)
$
(1,113
)
Long-term debt (less current portion)
(2,254
)
(2,275
)
Total finance lease liabilities
$
(3,494
)
$
(3,388
)
Lease Term and Discount Rates
Weighted-average remaining lease term - finance leases (years)
3.9
3.9
Weighted-average remaining lease term - operating leases (years)
5.9
6.1
Weighted-average discount rate - finance leases
2.9
%
3.0
%
Weighted-average discount rate - operating leases
3.7
%
3.8
%
Schedule of Future Minimum Rental Payments Under Finance and Operating LeasesSummarized future minimum payments under our leases as of March 31, 2021 are as follows:
Amount
(Dollars in thousands)
Lease Maturities
Finance Leases
Operating Leases
Nine remaining months of 2021
$
1,030
$
2,412
2022
1,058
2,782
2023
647
2,418
2024
228
2,194
2025
153
2,145
Thereafter
555
2,803
Total
3,671
14,754
Less: Imputed interest
(177
)
(1,364
)
Total lease liabilities, net of interest
$
3,494
$
13,390

Retirement Plans (Tables)

Retirement Plans (Tables)3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Summary of Components of Net Periodic Pension CostThe following table summarizes the components of net periodic pension cost for the three months ended March 31, 2021 and 2020.
Three Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands)
Interest cost
$
206
$
251
Net amortization
97
72
Net periodic pension cost
$
303
$
323

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Unit and Restricted Performance Stock Unit ActivityRestricted stock unit and restricted performance stock unit activity for the three months ended March 31, 2021 is summarized in the following table:
Equity Incentive Awards
Restricted Stock Units
Weighted Average Grant Date Fair Value
Performance Shares
Weighted Average Grant Date Fair Value
Options
Weighted Average Exercise Price
Balance at December 31, 2020
1,213,667
$
3.59
2,176,290
$
4.88
24,000
$
20.39
Granted
1,787
5.41
21,352
5.67


Settled
(388,504
)
4.05
(193,778
)
5.45


Forfeited or expired
(31,092
)
8.25
(142,769
)
12.96


Balance at March 31, 2021
795,858
$
3.19
1,861,095
$
6.05
24,000
$
20.39
Awards estimated to vest in the future
724,142
$
3.16
1,341,900
$
6.09
24,000
$
20.39

Nature of Operations and Pres_3

Nature of Operations and Presentation of Condensed Consolidated Financial Statements - Additional Information (Detail) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)EmployeeManufacturingFacilityMar. 31, 2020USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of employees | Employee7,600
Number of manufacturing facilities | ManufacturingFacility8
Cash paid for interest $ 5.2 $ 6
Net cash income taxes paid2.8 4.4
Noncash or part noncash acquisition, fixed assets acquired $ 4.3 $ 4.1
Sales [Member] | Customer Concentration Risk [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Concentration risk, percentage93.00%

Revenue - Summary of Opening an

Revenue - Summary of Opening and Closing Balances of Company's Customer Receivables and Current and Long-term Contract Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer receivables $ 75,518 $ 40,785
Contract liabilities—current7,983 8,249
Contract liabilities—noncurrent12,165 $ 13,106
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer receivables34,733
Contract liabilities—current(266)
Contract liabilities—noncurrent $ (941)

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Detail) - Recurring [Member] - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Assets
Derivative contracts $ 6,323 $ 10,218
Total6,323 10,218
Liabilities
Derivative contracts23,443 15,259
Total23,443 15,259
Level 2 [Member]
Assets
Derivative contracts6,323 10,218
Total6,323 10,218
Liabilities
Derivative contracts23,443 15,259
Total $ 23,443 $ 15,259

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Derivative Instrument Detail [Abstract]
Estimated aggregate fair value $ 628,761 $ 624,207
Aggregate carrying value $ 630,366 $ 643,184

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail)3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative instruments objectivesWe use derivatives to partially offset our exposure to foreign currency, interest rate, aluminum and other commodity price risks. We may enter into forward contracts, option contracts, swaps, collars or other derivative instruments to offset some of the risk on expected future cash flows and on certain existing assets and liabilities.
Maximum length of time, foreign currency cash flow hedge48 months

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Fair Value of Derivatives by Balance Sheet Line Item (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets $ 2,709 $ 3,463
Other Non-current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets3,614 6,755
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities12,930 8,350
Other Non-current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities10,513 6,909
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets930 816
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Non-current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets231 224
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities1 22
Designated as Hedging Instrument [Member] | Natural Gas [Member] | Other Non-current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities17 70
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets537 1,218
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Non-current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets3,383 6,531
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities5,484 3,435
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities7,504 2,645
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets639 1,167
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities2,713 122
Aluminum Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets603 262
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 liabilities4,732 4,771
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 $ 2,992 $ 4,194

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Asset, Notional Amount $ 755,311 $ 702,061
Derivative, Fair Value, Net(17,120)(5,041)
Designated as Hedging Instrument [Member] | Natural Gas [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Notional Amount4,871 5,523
Derivative, Fair Value, Net1,143 948
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Notional Amount467,197 421,253
Derivative, Fair Value, Net(9,068)1,669
Designated as Hedging Instrument [Member] | Aluminum Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Notional Amount7,517 4,068
Derivative, Fair Value, Net603 262
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts Designated as Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Notional Amount200,000 200,000
Derivative, Fair Value, Net(7,724)(8,965)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Contracts Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Notional Amount75,726 71,217
Derivative, Fair Value, Net $ (2,074) $ 1,045

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Gain or Loss Recognized in AOCI (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Derivatives, Fair Value [Line Items]
Amount of Gain or (Loss) Recognized in AOCI on Derivatives $ (8,462) $ (45,297)
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income(439)(1,114)
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives(2,904)(5,439)
Derivative [Member]
Derivatives, Fair Value [Line Items]
Amount of Gain or (Loss) Recognized in AOCI on Derivatives(8,462)(45,297)
Amount of Pre-tax Gain or (Loss) Reclassified from AOCI into Income(439)(1,114)
Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives $ (2,904) $ (5,439)

Business Segments - Summary of

Business Segments - Summary of Net Sales and Results of Operations and Total Assets by Reportable Segment (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales $ 358,196 $ 301,112
Income from Operations25,719 (183,015)
Depreciation and Amortization25,361 24,392
Capital Expenditures10,479 13,865
Property, Plant and Equipment, net496,659 $ 522,124
Intangible Assets99,041 110,796
Total assets1,109,790 1,109,325
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales191,971 155,551
Income from Operations17,841 6,109
Depreciation and Amortization9,221 8,805
Capital Expenditures4,660 6,560
Property, Plant and Equipment, net210,688 220,145
Total assets495,035 479,873
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales166,225 145,561
Income from Operations7,878 (189,124)
Depreciation and Amortization16,140 15,587
Capital Expenditures5,819 $ 7,305
Property, Plant and Equipment, net285,971 301,979
Intangible Assets99,041 110,796
Total assets $ 614,755 $ 629,452

Business Segments - Net Sales a

Business Segments - Net Sales and Long-Lived Assets by Location (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales $ 358,196 $ 301,112
Property, Plant and Equipment, net496,659 $ 522,124
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales1,270 16,177
Property, Plant and Equipment, net2,894 7,324
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales190,701 139,374
Property, Plant and Equipment, net207,794 212,821
Germany [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales60,887 50,038
Property, Plant and Equipment, net79,611 82,162
Poland [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales105,338 $ 95,523
Property, Plant and Equipment, net $ 206,360 $ 219,817

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials $ 45,093 $ 46,712
Work in process53,728 45,394
Finished goods65,874 62,874
Inventories, net $ 164,695 $ 154,980

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory, non-current $ 10.7 $ 12.1

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 1,067,857 $ 1,110,689
Accumulated depreciation(571,198)(588,565)
Property, plant and equipment, net496,659 522,124
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross144,491 149,295
Production Machinery and Technical Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross867,347 899,764
Leasehold Improvements and Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross14,470 14,912
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 41,549 $ 46,718

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense $ 18.7 $ 18.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charge recognized $ 13,772 $ 13,772
Impairment charges $ 193,600 $ 102,200
Weighted income approach to determine the fair value of the company's reporting units75.00%
Weighted market approach to determine the fair value of the company's reporting units25.00%
Amortization of intangible assets6,700 $ 6,100
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
202126,100
202223,200
202321,100
202421,100
2025 $ 10,400
Market Approach Valuation Technique [Member]
Finite-Lived Intangible Assets [Line Items]
Fair value measurements valuation process multiple used4.9X EBITDA5.7X EBITDA
Measurement Input, Discount Rate [Member]
Finite-Lived Intangible Assets [Line Items]
Discount rate12.00%10.00%
Measurement Input, Long-term Revenue Growth Rate [Member]
Finite-Lived Intangible Assets [Line Items]
Long-term growth rate1.50%2.00%
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charge recognized $ 11,000
European Operations [Member]
Finite-Lived Intangible Assets [Line Items]
Amount of fair value in excess of carrying value $ 182,600

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Finite-Lived and Indefinite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets, Gross Carrying Amount $ 191,000 $ 191,000
Accumulated Amortization(98,623)(91,961)
Finite-lived Intangible Assets, Currency Translation6,664 11,757
Finite lived Intangible Assets, Net99,041 110,796
Indefinite lived Intangible Assets, Gross Carrying Amount14,000 14,000
Indefinite lived Intangible Assets, Gross Carrying Amount, Accumulated Impairment(13,772)(13,772)
Indefinite lived Intangible Assets, Currency Translation(228)(228)
Gross Carrying Amount205,000 205,000
Accumulated Impairment(13,772)(13,772)
Currency Translation6,436 11,529
Intangibles, net99,041 110,796
Goodwill Gross, Beginning Balance282,107 284,337
Goodwill Accumulated Impairment, Beginning Balance(282,107)(99,505)
Goodwill Net Balance,Beginning Balance184,832
Goodwill, Impairment(182,602)
Goodwill, Currency Translation(2,230)
Goodwill Gross, Ending Balance282,107
Goodwill Accumulated Impairment, Ending Balance(282,107)
Brand Name [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets, Gross Carrying Amount9,000 9,000
Accumulated Amortization(7,094)(6,615)
Finite-lived Intangible Assets, Currency Translation281 399
Finite lived Intangible Assets, Net $ 2,187 $ 2,784
Brand Name [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period2 years2 years
Brand Name [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period3 years3 years
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets, Gross Carrying Amount $ 15,000 $ 15,000
Accumulated Amortization(11,823)(11,024)
Finite-lived Intangible Assets, Currency Translation469 666
Finite lived Intangible Assets, Net $ 3,646 $ 4,642
Technology [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period1 year1 year
Technology [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period3 years3 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets, Gross Carrying Amount $ 167,000 $ 167,000
Accumulated Amortization(79,706)(74,322)
Finite-lived Intangible Assets, Currency Translation5,914 10,692
Finite lived Intangible Assets, Net $ 93,208 $ 103,370
Customer Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period3 years3 years
Customer Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period8 years8 years

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Total Debt $ 630,366 $ 643,184
Debt Issuance Costs(10,710)(11,580)
Total Debt, Net619,656 631,604
Less: Current portion(6,516)(6,112)
Long-term debt613,140 625,492
Term Loan Facility [Member]
Debt Instrument [Line Items]
Total Debt349,200 349,200
Debt Issuance Costs(6,531)(7,155)
Total Debt, Net $ 342,669 $ 342,045
Weighted Average Interest Rate4.10%4.10%
Senior Notes [Member] | 6.00% Senior Notes [Member]
Debt Instrument [Line Items]
Total Debt $ 254,318 $ 266,928
Debt Issuance Costs(4,179)(4,425)
Total Debt, Net $ 250,139 $ 262,503
Weighted Average Interest Rate6.00%6.00%
European CapEx Loans [Member]
Debt Instrument [Line Items]
Total Debt $ 23,354 $ 23,668
Total Debt, Net $ 23,354 $ 23,668
Weighted Average Interest Rate2.30%2.30%
Finance Leases [Member]
Debt Instrument [Line Items]
Total Debt $ 3,494 $ 3,388
Total Debt, Net $ 3,494 $ 3,388
Weighted Average Interest Rate2.90%3.00%

Debt - Summary of Long-Term D_2

Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Parenthetical) (Detail)Mar. 31, 2021Dec. 31, 2020
6.00% Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate stated, percentage6.00%6.00%

Debt - Additional Information (

Debt - Additional Information (Detail)Jun. 15, 2017EUR (€)Mar. 22, 2017USD ($)Jun. 30, 2021USD ($)Jun. 30, 2021EUR (€)Mar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Dec. 31, 2020USD ($)Mar. 31, 2020EUR (€)Dec. 31, 2019USD ($)Jun. 30, 2019EUR (€)Mar. 31, 2021EUR (€)Jan. 31, 2020EUR (€)Dec. 31, 2019EUR (€)May 30, 2017USD ($)
Debt Instrument [Line Items]
Debt default, maximum period of failure to comply with obligations, covenants or agreements60 days60 days
Debt default, holder percent to declare all notes due, minimum30.00%30.00%
Term loan facility balance $ 630,366,000 $ 643,184,000
Long-term debt $ 619,656,000 $ 631,604,000
Long-term debt, term5 years5 years
European Operations [Member]
Debt Instrument [Line Items]
Long-term debt $ 9,400,000 $ 70,700,000
Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount | € € 250,000,000
Debt instrument, interest rate stated, percentage6.00%
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 dateMay 23,
2024
Repayments under term loan facility50,800,000
Term loan facility balance349,200,000
Amount outstanding4,800,000
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 rate0.00%
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 rate4.00%
Senior Secured Term Loan Facility [Member] | Base Rate [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate2.00%
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 rate0.50%
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 rate1.00%
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 rate3.00%
Equipment Loan [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate stated, percentage2.30%2.30%
Long-term debt $ 13,400,000 € 12,000,000
Drew down on loans | € € 1,400,000 € 10,600,000
Loans outstanding14,000,000 € 12,000,000
Debt Instrument Redemption Period One [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Redemption percentage103.00%
Debt Instrument Redemption Period Two [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Redemption percentage101.50%
Debt Instrument Redemption Period Three [Member] | Senior Notes, 6.00%, due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Redemption percentage100.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commitment fees percentage0.375%
Outstanding borrowings and undrawn letters of credit threshold amount20,000,000
Line of credit facility, commitment amount $ 160,000,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fees percentage0.50%
Net leverage ratio1.00%1.00%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fees percentage0.25%
Net leverage ratio4.50%4.50%
Line of credit facility borrowing capacity percentage35.00%35.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate3.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate3.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate3.00%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate2.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate2.50%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate2.00%
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 dateMay 23,
2022
Outstanding borrowings $ 0
Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Amount of availability $ 155,200,000
Term Loan Facility [Member] | Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Percentage of capital stock issued65.00%65.00%
Equipment Loan [Member] | European Operations [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate stated, percentage2.20%2.20%
Debt instrument, maturity dateMar. 31,
2024
Mar. 31,
2024
European Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowings $ 0
Amount outstanding500,000 € 400,000
Amount of availability $ 69,800,000 € 59,600,000
Debt instrument, maturity dateMay 22,
2022
Percentage of management fee0.07%
European Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Current borrowing capacity under line of credit | € € 30,000,000 € 45,000,000
Annual commitment fee0.50%
European Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Current borrowing capacity under line of credit | € € 45,000,000 € 60,000,000
Annual commitment fee1.05%
European Revolving Credit Facility [Member] | Euribor [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate0.00%
European Revolving Credit Facility [Member] | Euribor [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate1.55%
European Revolving Credit Facility [Member] | Euribor [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate3.00%
European Revolving Credit Facility [Member] | Equipment Loan [Member]
Debt Instrument [Line Items]
Debt instrument, maturity dateSep. 30,
2027
Quarterly payment, start dateJun. 30,
2021
Jun. 30,
2021
European Revolving Credit Facility [Member] | Equipment Loan [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Quarterly payment $ 500,000 € 400,000

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Maturities Of Long Term Debt [Abstract]
Nine remaining months of 2021 $ 4,987
20226,334
20235,922
2024352,360
2025256,621
Thereafter4,142
Total debt liabilities $ 630,366 $ 643,184

Redeemable Preferred Stock - Ad

Redeemable Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in ThousandsAug. 30, 2017Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Dec. 31, 2017
Temporary Equity [Line Items]
Temporary equity, stock issued during period, shares, new issues150,000 150,000 150,000
Proceeds from issuance of redeemable preferred shares $ 150,000
Temporary equity, par value $ 0.01 $ 0.01 $ 0.01
Preferred stock, dividend rate, percentage9.00%9.00%
Preferred stock redemption dateSep. 14,
2025
Issuance costs $ 3,700
Proceeds from issuance of redeemable preferred shares, net of issuance costs135,500
Embedded derivative liability $ 10,900
Cumulative premium accretion $ 48,800 $ 43,900
Redeemable preferred stock184,308 $ 179,387
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 value200.00%
Convertible preferred stock, face value $ 150,000
Common stock, shares issued upon conversion of preferred stock5,300,000
Series A Redeemable Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity, stock issued during period, shares, new issues140,202
Temporary equity, par value $ 0.01
Temporary equity, liquidation preference per share1,000
Temporary equity, conversion price $ 28.162
Preferred stock, dividend rate, percentage9.00%
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 issues9,798

European Non-Controlling Rede_3

European Non-Controlling Redeemable Equity - Additional Information (Detail) - € / shares3 Months Ended
Mar. 31, 2021May 30, 2017
Redeemable Noncontrolling Interest [Line Items]
Percentage of voting interest acquired99.90%92.30%
Domination and Profit Loss Transfer Agreement [Member]
Redeemable Noncontrolling Interest [Line Items]
Share price per share € 62.18
Guaranteed annual dividend for each share that is not tendered € 3.23
Guaranteed annual statutory rate for each share that is tendered4.12%

European Non-Controlling Rede_4

European Non-Controlling Redeemable Equity - Summary of Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Dividends accrued $ 13 $ 20
Redeemable Noncontrolling Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance1,666 $ 6,525 $ 6,525
Dividends accrued13 205
Dividends paid(46)
Translation adjustment(79)2
Purchase of shares(9)(5,020)
Ending Balance $ 1,591 $ 1,666

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 Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic Earnings Per Share:
Net income (loss) $ 13,122 $ (190,082)
Less: Redeemable preferred stock dividends and accretion(8,290)(7,850)
Less: European non-controlling redeemable equity dividend(13)(20)
Basic numerator $ 4,819 $ (197,952)
Basic earnings (loss) per share $ 0.19 $ (7.84)
Weighted average shares outstanding – Basic25,707 25,243
Diluted Earnings Per Share:
Net income (loss) $ 13,122 $ (190,082)
Less: Redeemable preferred stock dividends and accretion(8,290)(7,850)
Less: European non-controlling redeemable equity dividend(13)(20)
Diluted numerator $ 4,819 $ (197,952)
Diluted earnings (loss) per share $ 0.18 $ (7.84)
Weighted average shares outstanding – Basic25,707 25,243
Dilutive effect of common share equivalents980
Weighted average shares outstanding – Diluted26,687 25,243

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision (benefit) $ 810 $ (3,460)
Pre-tax income (loss) $ 13,900 $ (193,500)
Effective income tax rate5.80%1.80%

Leases - Additional Information

Leases - Additional Information (Detail)3 Months Ended
Mar. 31, 2021
Operating Leased Assets [Line Items]
Lessee, operating lease, option to extendCertain leases include options to extend the lease term for up to ten years
Minimum [Member]
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract9 years

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expense, Cash Flow, Operating and Finance Lease Assets and Liabilities, Average Lease Term and Average Discount Rate (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2019
Finance lease expense:
Amortization of right-of-use assets $ 321 $ 354
Interest on lease liabilities22 22
Operating lease expense857 845
Total lease expense1,200 1,221
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from finance leases22 22
Operating cash outflows from operating leases932 891
Financing cash outflows from finance leases288 292
Right-of-use assets obtained in exchange for finance lease liabilities, net of terminations and disposals756 148
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations and disposals152 $ 65
Operating leases:
Other non-current assets12,705 $ 13,598
Accrued liabilities $ (2,672)(2,868)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]Accrued expensesAccrued expenses
Other non-current liabilities $ (10,718)(11,513)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]Other non-current liabilitiesOther non-current liabilities
Total operating lease liabilities $ (13,390)(14,381)
Operating Lease, Liability, Statement of Financial Position [Extensible List]us-gaap:LiabilitiesAndStockholdersEquityus-gaap:LiabilitiesAndStockholdersEquity
Property, plant and equipment gross $ 6,506 $ 5,735
Accumulated depreciation(3,640)(3,319)
Property, plant and equipment, net2,866 2,416
Current portion of long-term debt(1,240)(1,113)
Long-term debt (less current portion)(2,254) $ (2,275)
Total finance lease liabilities $ (3,494) $ (3,388)
Weighted-average remaining lease term - finance leases (years)3 years 10 months 24 days3 years 10 months 24 days
Weighted-average remaining lease term - operating leases (years)5 years 10 months 24 days6 years 1 month 6 days
Weighted-average discount rate - finance leases2.90%3.00%
Weighted-average discount rate - operating leases3.70%3.80%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments For Finance and Operating Leases (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2019
Leases [Abstract]
Nine remaining months of 2021 $ 1,030
Finance Leases, 20221,058
Finance Leases, 2023647
Finance Leases, 2024228
Finance Leases, 2025153
Finance Leases, Thereafter555
Finance Leases, Total3,671
Finance Leases, Less: Imputed interest(177)
Finance Leases, Total lease liabilities, net of interest3,494 $ 3,388
Nine remaining months of 20212,412
Operating Leases, 20222,782
Operating Leases, 20232,418
Operating Leases, 20242,194
Operating Leases, 20252,145
Operating Leases, Thereafter2,803
Operating Leases, Total14,754
Operating Leases, Less: Imputed interest(1,364)
Operating Leases, Total lease liabilities, net of interest $ 13,390 $ 14,381

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)Age
Compensation And Retirement Disclosure [Abstract]
Age for benefits | Age65
Payments to retirees $ 0.4
Anticipated benefit payments $ 1.2

Retirement Plans - Schedule of

Retirement Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Interest cost $ 206 $ 251
Net amortization97 72
Net periodic pension cost $ 303 $ 323

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in MillionsMay 16, 2019sharesMar. 31, 2021USD ($)PerformanceMetricsharesMar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorizes issuance of common stock4,350,000
Number of shares available for grant300,000
Maximum shares that may be used as full value awards1,200,000
Number of authorized shares increased under the Plan2,000,000
Number of shares eliminate on full value shares1,200,000
Stock-based compensation expense | $ $ (1.8) $ 0.2
Stock-based compensation increased | $ $ 1.1
Number of performance metrics associated with award | PerformanceMetric0
Accrued expense reversed | $ $ 1.2
Amount of unrecognized stock-based compensation expense | $ $ 8.4
Weighted average period for recognition1 year 6 months
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years
Grants in period1,787
Restricted Stock Units [Member] | President and Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period333,333
Performance Shares Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years
Grants in period21,352
PSU awards earnings expected target200.00%
Performance Shares Unit [Member] | President and Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years
Grants in period666,667
Shares awarded under the plan, vesting description(a) 666,667 PSUs at target, vesting in three approximately equal installments, to the extent the performance metrics are satisfied, during each of three performance periods and (b) 333,333 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022; (ii) a 2019-2021 PSU grant, with the target number of 316,832 PSUs, which will vest to the extent the performance metrics are satisfied; and (iii) a 2019 RSU grant of 158,416 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022. The PSU awards may be earned at up to 200 percent of target depending on the level of achievement of the performance metrics.
2019-2021 PSU [Member] | President and Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period316,832
2019 RSU [Member] | President and Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period158,416

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Unit and Restricted Performance Stock Unit Activity (Detail)3 Months Ended
Mar. 31, 2021$ / sharesshares
Number of Options Outstanding
Number of Options Outstanding, Beginning balance (in shares) | shares24,000
Number of Options Outstanding, Ending balance (in shares) | shares24,000
Awards estimated to vest in the future, Outstanding (in shares) | shares24,000
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance (in dollars per share) | $ / shares $ 20.39
Weighted Average Exercise Price, Ending balance (in dollars per share) | $ / shares20.39
Awards estimated to vest in the future (in dollar per share) | $ / shares $ 20.39
Restricted Stock Units [Member]
Number of Awards
Number of Awards, Beginning balance (in shares) | shares1,213,667
Granted (in shares) | shares1,787
Settled (in shares) | shares(388,504)
Forfeited or expired (in shares) | shares(31,092)
Number of Awards, Ending balance (in shares) | shares795,858
Awards estimated to vest in the future, Outstanding (in shares) | shares724,142
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares $ 3.59
Granted (in dollars per share) | $ / shares5.41
Settled (in dollars per share) | $ / shares4.05
Forfeited or expired (in dollars per share) | $ / shares8.25
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares3.19
Awards estimated to vest in the future (in dollar per share) | $ / shares $ 3.16
Performance Shares Unit [Member]
Number of Awards
Number of Awards, Beginning balance (in shares) | shares2,176,290
Granted (in shares) | shares21,352
Settled (in shares) | shares(193,778)
Forfeited or expired (in shares) | shares(142,769)
Number of Awards, Ending balance (in shares) | shares1,861,095
Awards estimated to vest in the future, Outstanding (in shares) | shares1,341,900
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ / shares $ 4.88
Granted (in dollars per share) | $ / shares5.67
Settled (in dollars per share) | $ / shares5.45
Forfeited or expired (in dollars per share) | $ / shares12.96
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ / shares6.05
Awards estimated to vest in the future (in dollar per share) | $ / shares $ 6.09

Receivables Factoring - Additio

Receivables Factoring - Additional Information (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Apr. 01, 2021Jan. 01, 2021Dec. 31, 2020
Accounts Receivable [Line Items]
Trade receivables $ 186,700,000 $ 69,900,000
Factoring fees500,000 $ 200,000
Collective limit under factoring arrangements132,200,000 $ 132,000,000
Factored receivables yet not collected $ 105,600,000 $ 96,600,000
Subsequent Event [Member]
Accounts Receivable [Line Items]
Collective limit under factoring arrangements $ 121,700,000
North American [Member]
Accounts Receivable [Line Items]
Due to decrease In North American factoring limit $ 122,000,000
North American [Member] | Subsequent Event [Member]
Accounts Receivable [Line Items]
Due to decrease In North American factoring limit $ 10,500,000

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($) $ in MillionsApr. 14, 2021Mar. 31, 2021Jun. 30, 2020Dec. 31, 2019Sep. 30, 2019Dec. 31, 2020Sep. 30, 2020Dec. 31, 2020
Cost of Sales [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring charge, employee severance $ 0.4
Selling, General and Administrative Expense [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring charge, employee severance0.3
Automotive Racing Market Segment [Member]
Restructuring Cost And Reserve [Line Items]
Non-cash restructuring charge $ 3.4
Restructuring charge, write-down of after-market inventory to salvage value1.3
Restructuring charge, employee severance1 $ 0.7
Restructuring charges, contract terminations costs0.5
Restructuring severance accrual $ 0.4
Automotive Racing Market Segment [Member] | Cost of Sales [Member]
Restructuring Cost And Reserve [Line Items]
Non-cash restructuring charge2.8
Automotive Racing Market Segment [Member] | Selling, General and Administrative Expense [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring charge, employee severance $ 0.6
Fayetteville, Arkansas Manufacturing Facility [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring charge, employee severance $ 1.6
Restructuring severance accrual0.3
Accelerated depreciation7.6
Restructuring charge, write-down of inventory to net salvage value3.2
Restructuring charge, accelerated amortization of right of use assets0.6
Relocation costs $ 0.8 $ 1.8 $ 2.9
Relocation costs recognition period3 months
Other costs0.4
Additional charges to cost of sales $ 3.3
Fayetteville, Arkansas Manufacturing Facility [Member] | Subsequent Event [Member]
Restructuring Cost And Reserve [Line Items]
Purchase price $ 7.6
Fayetteville, Arkansas Manufacturing Facility [Member] | Cost of Sales [Member]
Restructuring Cost And Reserve [Line Items]
Non-cash restructuring charge $ 13

Subsequent Event (Detail)

Subsequent Event (Detail) - Subsequent Event [Member] - Senior Secured Term Loan Facility [Member] - USD ($) $ in MillionsMay 03, 2021May 02, 2021
Subsequent Event [Line Items]
Line of credit facility, commitment amount $ 132.5 $ 160
Commitment Maturing May 23, 2022 [Member]
Subsequent Event [Line Items]
Line of credit facility, commitment amount25
Commitments Maturing October 31, 2023 [Member]
Subsequent Event [Line Items]
Line of credit facility, commitment amount $ 107.5
Maximum [Member]
Subsequent Event [Line Items]
Annual commitment fee0.625%
Net leverage ratio4.50%
Minimum [Member]
Subsequent Event [Line Items]
Annual commitment fee0.375%
Net leverage ratio1.00%