Summary of Significant Accounting Policies (Tables)

12 Months Ended

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 then ended December 31, 2014 and 2013 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 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)