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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2013
Significant Accounting Policies [Abstract] |
Property and Equipment, Useful Lives | Property and equipment are recorded at cost and are being depreciated using the straight-line method over the estimated useful lives of the assets, which are summarized below (in years). Costs of leasehold improvements are amortized over the lesser of the term of the lease (including renewal option periods) or the estimated useful lives of the improvements.
Land improvements | 10 – 15
Buildings and improvements | 10 – 40
Leasehold improvements | 7 – 20
Machinery and equipment | 5 – 20
Dies and tools | 3 – 10
Vehicles | 3 – 5
Office equipment | 3 – 10
Summary of intangible assets by major category | The following table summarizes intangible assets by major category as of December 31, 2013 and 2012:
| Weighted Average |  | 2013 |  | 2012 |
| Amortization Years |  | Cost |  | Accumulated Impairment |  | Amortized Cost |  | Cost |  | Accumulated Impairment |  | Amortized Cost |
Indefinite lived intangible assets Trade names |  |  |  |  |  | $ | 182,585 |  |  | $ | (9,389 | ) |  | $ | 173,196 |  |  | $ | 168,220 |  |  | $ | (9,389 | ) |  | $ | 158,831 |
|  |  |  |  | Cost |  |  | Accumulated Amortization |  |  | Amortized Cost |  |  | Cost |  |  | Accumulated Amortization |  |  | Amortized Cost |
Finite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 0 |  |  | $ | 8,775 |  |  | $ | (8,775 | ) |  | $ | - |  |  | $ | 8,775 |  |  | $ | (8,775 | ) |  | $ | - |
Customer lists |  |  | 7 |  |  |  | 294,627 |  |  |  | (251,863 | ) |  |  | 42,764 |  |  |  | 273,355 |  |  |  | (235,532 | ) |  |  | 37,823 |
Patents |  |  | 15 |  |  |  | 118,921 |  |  |  | (56,503 | ) |  |  | 62,418 |  |  |  | 118,921 |  |  |  | (48,619 | ) |  |  | 70,302 |
Unpatented technology |  |  | 12 |  |  |  | 13,169 |  |  |  | (9,064 | ) |  |  | 4,105 |  |  |  | 13,165 |  |  |  | (7,696 | ) |  |  | 5,469 |
Software |  |  | 8 |  |  |  | 1,046 |  |  |  | (912 | ) |  |  | 134 |  |  |  | 1,014 |  |  |  | (779 | ) |  |  | 235 |
Non-compete/other |  |  | 2 |  |  |  | 345 |  |  |  | (137 | ) |  |  | 208 |  |  |  | 113 |  |  |  | (34 | ) |  |  | 79 |
Total finite lived intangible assets |  |  |  |  |  | $ | 436,883 |  |  | $ | (327,254 | ) |  | $ | 109,629 |  |  | $ | 415,343 |  |  | $ | (301,435 | ) |  | $ | 113,908 |
Changes in carrying amount of goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows:
|  | Year ended December 31, 2013 |  |  | Year ended December 31, 2012 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net Goodwill |  |  | Gross |  |  | Accumulated Impairment |  |  | Net Goodwill |
Balance at beginning of year |  | $ | 1,056,136 |  |  | $ | (503,193 | ) |  | $ | 552,943 |  |  | $ | 1,050,666 |  |  | $ | (503,193 | ) |  | $ | 547,473 |
Acquisition of business, net |  |  | 56,605 |  |  |  | — |  |  |  | 56,605 |  |  |  | 5,470 |  |  |  | — |  |  |  | 5,470 |
Sale of business, net |  |  | (1,261 | ) |  |  | — |  |  |  | (1,261 | ) |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of year |  | $ | 1,111,480 |  |  | $ | (503,193 | ) |  | $ | 608,287 |  |  | $ | 1,056,136 |  |  | $ | (503,193 | ) |  | $ | 552,943 |
Accumulated other comprehensive loss | The components of accumulated other comprehensive loss, net of tax, at December 31, 2013 and 2012 were:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Foreign currency translation adjustments |  | $ | 1,204 |  |  | $ | (34 | )
Pension liability, net of tax of $886 and $(4,174) |  |  | (4,393 | ) |  |  | (12,081 | )
Unrealized gain (loss) on cash flow hedges, net of tax of $462 and $(109) |  |  | 774 |  |  |  | (2,381 | )
Accumulated other comprehensive loss |  | $ | (2,415 | ) |  | $ | (14,496 | )
Changes in accumulated other comprehensive loss | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013:
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Pension Plan |  |  | Unrealized gain (loss) on cash flow hedges |  |  | Total |
Beginning Balance |  | $ | (34 | ) |  | $ | (12,081 | ) |  | $ | (2,381 | ) |  | $ | (14,496 | )
Other comprehensive income before reclassifications |  |  | 1,238 |  |  |  | 6,994 |  |  |  | 774 |  |  |  | 9,006 |
Amounts reclassified from accumulated other comprehensive loss |  |  | - |  |  |  | 694 |  |  |  | 2,381 |  |  |  | 3,075 |
Net current-period other comprehensive income |  |  | 1,238 |  |  |  | 7,688 |  |  |  | 3,155 |  |  |  | 12,081 |
Ending Balance |  | $ | 1,204 |  |  | $ | (4,393 | ) |  | $ | 774 |  |  | $ | (2,415 | )
Reclassification adjustments out of accumulated other comprehensive loss | The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012:
|  | Amounts reclassified from other accumulated comprehensive loss for the year ended December 31, |  |  |
|  | 2013 |  |  | 2012 |  | Affected line item in the statement where net income is presented |
Amortization of unrealized loss on interest rate swaps |  |  |  |  |  |
Gross |  | $ | (2,490 | ) |  | $ | (2,177 | ) | Interest expense |
Tax benefit |  |  | 109 |  |  |  | 95 |  |  |
Net of tax |  |  | (2,381 | ) |  |  | (2,082 | ) |  |
Amortization of defined benefit pension actuarial losses |  |  |  |  |  |  |
Gross |  |  | (1,108 | ) |  |  | (909 | ) |  |  | (1) |
Tax benefit |  |  | 414 |  |  |  | 356 |  |  |  |  |
Net of tax |  |  | (694 | ) |  |  | (553 | ) |  |  |  |
| (1) | These actuarial losses are included in the computation of net periodic pension cost. See Note 9 – Benefit Plans for additional details.
Assets and liabilities measured at fair value on a recurring basis | Assets and (liabilities) measured at fair value on a recurring basis are as follows:
|  |  |  |  | Fair Value Measurement Using |
|  | Total December 31, 2013 |  |  | Quoted Prices in Active Markets for Identical Contracts (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Interest rate swaps |  | $ | 1,236 |  |  | $ | – |  |  | $ | 1,236 |
Commodity contracts |  | $ | 69 |  |  | $ | – |  |  | $ | 69 |
Foreign currency contracts |  | $ | 56 |  |  | $ | – |  |  | $ | 56 |
|  |  |  |  | Fair Value Measurement Using |
|  | Total December 31, 2012 |  |  | Quoted Prices in Active Markets for Identical Contracts (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Interest rate swaps |  | $ | (2,973 | ) |  | $ | – |  |  | $ | (2,973 | )
Commodity Contracts |  | $ | 111 |  |  | $ | – |  |  | $ | 111 |
Outstanding commodity forward contracts | Outstanding commodity forward contracts in place to hedge the Company’s projected commodity purchases were as follows.
As of December 31, 2013:
Commodity | Trade Date | Effective Date |  | Notional Amount |  | Termination Date
Copper | 6/21/2013 | 10/1/2013 |  | $ | 2,169 |  | 6/30/2014
As of December 31, 2012: |  |  |  |  |  |
Commodity | Trade Date | Effective Date |  | Notional Amount |  | Termination Date
Copper | 10/29/2012 | 1/1/2013 |  | $ | 3,472 |  | 9/30/2013
As of December 31, 2011: |  |  |  |  |  |
Commodity | Trade Date | Effective Date |  | Notional A mount |  | Termination Date
Copper | 09/19/2011 | 10/1/2011 |  | $ | 4,533 |  | 6/30/2012
Copper | 09/28/2011 | 10/1/2011 |  | $ | 1,935 |  | 6/30/2012
Foreign currency contracts | As of December 31, 2013, we had the following foreign currency contracts outstanding (in thousands):
Currency Denomination |  | Notional Amount |
United States Dollar (USD) |  |  | 650 |
British Pound Sterling (GBP) |  |  | 4,000 |
Impact of interest rate swaps and commodity contracts on consolidated statement of operations | The following presents the impact of interest rate swaps, commodity contracts and currency contracts on the consolidated statement of comprehensive income for the year ended December 31, 2013, 2012 and 2011:
|  | Amount of gain (loss) recognized in AOCI for the twelve months ended December 31, |  | Location of gain (loss) recognized in net income (loss) on ineffective portion of hedges |  | Amount of loss reclassified from AOCI into net income (loss) for the twelve months ended December 31, |  |  | Amount of gain (loss) recognized in net income (loss) on hedges (ineffective portion) for twelve months ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |  |  |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | $ | 774 |  |  | $ | 365 |  |  | $ | (683 | ) | Interest Expense |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity and foreign currency contracts |  | $ | - |  |  | $ | - |  |  | $ | - |  | Cost of goods sold |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (661 | ) |  | $ | 386 |  |  | $ | (861 | )
Interest rate swaps (2) |  | $ | - |  |  | $ | - |  |  | $ | - |  | Interest Expense |  | $ | (2,381 | ) |  | $ | (2,082 | ) |  | $ | - |  |  | $ | 2,973 |  |  | $ | 1,695 |  |  | $ | - |
(1) | Amounts recorded for the twelve months ended December 31, 2012 and 2011 relate to the interest rate swap agreements outstanding prior to May 30, 2012, the date the hedging relationships for these agreements were terminated.
(2) | Amounts recorded for the twelve months ended December 31, 2013 and 2012 relate to interest rate swap agreements outstanding as of May 30, 2012, the date the hedging relationships for these agreements were terminated.
Breakout of net sales between residential, industrial/commercial, and other products | The breakout of net sales between residential, commercial & industrial, and other products is as follows:
|  | Year ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Residential power products |  | $ | 843,727 |  |  | $ | 705,444 |  |  | $ | 491,016 |
Commercial & industrial power products |  |  | 569,890 |  |  |  | 410,341 |  |  |  | 250,270 |
Other |  |  | 72,148 |  |  |  | 60,521 |  |  |  | 50,690 |
Total |  | $ | 1,485,765 |  |  | $ | 1,176,306 |  |  | $ | 791,976 |

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