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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract] |
Schedule of Accounts Receivable and Concentration of Credit Risk | The Company’s largest customers were Ford Motor Company and Scania Group, primarily related to the Control Devices and Electronics reportable segments, respectively, and accounted for the following percentages of consolidated net sales for the years ended December 31, 2014, 2013 and 2012:
|  | 2014 |  | 2013 |  | 2012
Ford Motor Company |  | 11 | % |  | 10 | % |  | 8 | %
Scania Group |  | 8 | % |  | 8 | % |  | 6 | %
Schedule of Inventory, Current | Inventories consist of the following:
As of December 31 |  |  | 2014 |  | 2013
Raw materials |  | $ | 41,767 | $ | 47,099
Work-in-progress |  |  | 8,779 |  | 10,622
Finished goods |  |  | 20,707 |  | 21,807
Total inventories, net |  | $ | 71,253 | $ | 79,528
Statements of Operations for Discontinued Operations | The following tables display summarized activity in our condensed consolidated statements of operations for discontinued operations during the years ended December 31, 2014, 2013 and 2012, related to the Wiring business.
Years ended December 31 |  |  |  | 2014 (A) |  | 2013 |  | 2012
Net sales |  |  | $ | 167,434 | $ | 288,344 | $ | 326,047
Cost of goods sold (C) |  |  |  | 154,787 |  | 268,278 |  | 286,670
Selling, general and administrative (C) |  |  |  | 12,697 |  | 22,765 |  | 30,553
Interest expense, net |  |  |  | 69 |  | 250 |  | 164
Other expense (income), net |  |  |  | (58) |  | (357) |  | 289
Income (loss) from operations of discontinued |  |  |  |
operations before income taxes (C) (D) |  |  |  | (61) |  | (2,592) |  | 8,371
Income tax provision on discontinued operations | (750) |  | (1,429) |  | (845)
Income (loss) from discontinued operations, net of tax | (811) |  | (4,021) |  | 7,526
Loss on disposal (B) |  |  |  | (6,955) |  | - |  | -
Income tax provision on loss on disposal |  |  |  | (1,621) |  | - |  | -
Loss on disposal, net of tax |  |  |  | (8,576) |  | - |  | -
Income (loss) from discontinued operations |  |  | $ | (9,387) | $ | (4,021) | $ | 7,526
| (A) | The operations of the Wiring business were presented only for the seven months ended July 31, 2014 as the sale was completed on August 1, 2014.
| (B) | Included in loss on disposal for the year ended December 31, 2014 were transaction costs of $1,384 and $2,734 in previously deferred foreign currency translation.
| (C) | The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the related Wiring assets were not recorded after that date.
| (D) | Management fees, which had been reported in the Wiring business in prior periods, of $7,482 and $8,659 for the years ended December 31, 2013 and 2012, respectively, have been excluded as they are not directly attributable to the business.
Years ended December 31 |  |  |  | 2014 |  | 2013 |  | 2012
Depreciation and amortization |  |  | $ | 2,111 | $ | 4,978 | $ | 5,054
Capital expenditures |  |  |  | 1,238 |  | 3,768 |  | 3,443
Assets and Liabilities of Discontinued Operations | The following table displays a summary of the Wiring assets and liabilities of discontinued operations as of December 31, 2013.
Assets |  |  |  |
Accounts receivable, less reserves |  |  | $ | 31,287
Inventories, net |  |  |  | 34,530
Prepaid expenses and other current assets |  |  |  | 1,786
Property, plant and equipment, net |  |  |  | 24,549
Goodwill |  |  |  | 4,173
Intangible assets, net |  |  |  | 344
Other assets |  |  |  | 300
Current assets of discontinued operations |  |  | $ | 96,969
Liabilities |  |  |  |
Accounts payable |  |  |  | 27,413
Accrued expenses and other current liabilities |  |  |  | 9,341
Current liabilities of discontinued operations |  |  | $ | 36,754
Total net assets of discontinued operations |  |  | $ | 60,215
Property, Plant and Equipment | Property, plant and equipment are recorded at cost and consist of the following:
As of December 31 |  |  | 2014 |  | 2013
Land and land improvements |  | $ | 4,036 | $ | 4,236
Buildings and improvements |  |  | 34,517 |  | 35,804
Machinery and equipment |  |  | 154,204 |  | 155,790
Office furniture and fixtures |  |  | 6,247 |  | 7,147
Tooling |  |  | 67,135 |  | 70,050
Information technology |  |  | 22,132 |  | 22,589
Vehicles |  |  | 65 |  | 303
Leasehold improvements |  |  | 2,207 |  | 2,242
Construction in progress |  |  | 16,933 |  | 10,566
Total property, plant, and equipment |  |  | 307,476 |  | 308,727
Less: accumulated depreciation |  |  | (222,165) |  | (222,404)
Property, plant and equipment, net |  | $ | 85,311 | $ | 86,323
Schedule of Property, Plant and Equipment Estimated Useful Lives | Depreciable lives within each property classification are as follows:
Buildings and improvements |  |  | 10-40 years
Machinery and equipment |  |  | 3-10 years
Office furniture and fixtures |  |  | 3-10 years
Tooling |  |  | 2-5 years
Information technology |  |  | 3-5 years
Vehicles |  |  | 3-5 years
Leasehold improvements | shorter of lease term or 3-10 years
Schedule of Goodwill | Goodwill and changes in the carrying amount of goodwill by segment for the years th en ended December 31, 2014 and 2 013 were as follows:
|  |  |  | Control |  |  |  |
|  | Electronics |  | Devices |  | PST |  | Total
Balance at January 1, 2013 | $ | 598 | $ | - | $ | 61,610 | $ | 62,208
Currency translation |  | 6 |  | - |  | (7,866) |  | (7,860)
Balance at December 31, 2013 | $ | 604 |  | - | $ | 53,744 | $ | 54,348
Acquisition of aftermarket business |  | 664 |  | - |  | - |  | 664
Goodwill impairment |  | - |  | - |  | (51,458) |  | (51,458)
Currency translation |  | (190) |  | - |  | (2,286) |  | (2,476)
Balance at December 31, 2014 | $ | 1,078 | $ | - | $ | - | $ | 1,078
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Other Intangible Assets Other intangible assets, net at December 31, 2014 and 2013 consisted of the following:
|  | Acquisition |  | Accumulated |  |
As of December 31, 2014 |  | cost |  | amortization |  | Net
Customer lists | $ | 33,686 | $ | (6,687) | $ | 26,999
Tradenames |  | 22,224 |  | (3,338) |  | 18,886
Technology |  | 13,327 |  | (2,575) |  | 10,752
Other |  | 50 |  | (50) |  | -
Total | $ | 69,287 | $ | (12,650) | $ | 56,637
|  | Acquisition |  | Accumulated |  |
As of December 31, 2013 |  | cost |  | amortization |  | Net
Customer lists | $ | 37,736 | $ | (5,031) | $ | 32,705
Tradenames |  | 25,143 |  | (2,514) |  | 22,629
Technology |  | 15,111 |  | (1,947) |  | 13,164
Other |  | 57 |  | (57) |  | -
Total | $ | 78,047 | $ | (9,549) | $ | 68,498
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following:
As of December 31 |  | 2014 |  | 2013
Compensation related liabilities | $ | 17,431 | $ | 19,054
Product warranty and recall obligations |  | 6,397 |  | 5,395
Other (A) |  | 18,238 |  | 22,861
Total accrued expenses and other current liabilities | $ | 42,066 | $ | 47,310
(A)“Other” is comprised of miscellaneous accruals, none of which contributed a significant portion of the total.
Schedule of Product Warranty Liability | The following provides a reconciliation of changes in the product warranty and recall reserve:
Years ended December 31 |  | 2014 |  | 2013
Product warranty and recall at beginning of period | $ | 6,414 | $ | 5,651
Accruals for products shipped during period |  | 4,484 |  | 4,760
Aggregate changes in pre-existing liabilities due to claim developments |  | 692 |  | 2,010
Settlements made during the period |  | (3,989) |  | (6,007)
Product warranty and recall at end of period | $ | 7,601 | $ | 6,414
Schedule of Weighted-Average Number of Shares | Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income (loss) per share were as follows:
Years ended December 31 |  | 2014 |  | 2013 |  | 2012
Basic weighted-average shares outstanding |  | 26,923,809 |  | 26,670,501 |  | 26,377,352
Effect of dilutive securities |  | - |  | 522,984 |  | -
Diluted weighted-average shares outstanding |  | 26,923,809 |  | 27,193,485 |  | 26,377,352
Changes in Accumulated Other Comprehensive Loss by Component | Changes in Accumulated Other Comprehensive Loss by Component Changes in accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 were as follows:
|  | Foreign |  | Unrealized |  | Benefit |  |
|  | currency |  | gain (loss) |  | plan |  |
|  | translation |  | on derivatives |  | liability |  | Total
Balance at January 1, 2014 | $ | (30,335) | $ | (111) | $ | (12) | $ | (30,458)
Other comprehensive loss before reclassifications |  | (18,002) |  | (454) |  | - |  | (18,456)
Amounts reclassified from accumulated other |  |  |  |  |  |  |  |
comprehensive loss |  | 2,734 |  | 566 |  | 141 |  | 3,441
Net other comprehensive income (loss), net of tax |  | (15,268) |  | 112 |  | 141 |  | (15,015)
Balance at December 31, 2014 | $ | (45,603) | $ | 1 | $ | 129 | $ | (45,473)
Balance at January 1, 2013 | $ | (12,410) | $ | 2,140 | $ | (12) | $ | (10,282)
Other comprehensive loss before reclassifications |  | (17,925) |  | (325) |  | - |  | (18,250)
Amounts reclassified from accumulated other |  |  |  |  |  |  |  |
comprehensive loss |  | - |  | (1,926) |  | - |  | (1,926)
Net other comprehensive loss, net of tax |  | (17,925) |  | (2,251) |  | - |  | (20,176)
Balance at December 31, 2013 | $ | (30,335) | $ | (111) | $ | (12) | $ | (30,458)

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