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Significant Accounting Policies (Tables)
 12 Months Ended
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