Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013:


	2015		2014		2013
Ford Motor Company	14	%	11	%	10	%
Scania Group	7	%	8	%	8	%

Schedule of Inventory, Current

Inventories consist of the following:



As of December 31		2015		2014
Raw materials	$	36,021	$	41,767
Work-in-progress		7,162		8,779
Finished goods		17,826		20,707
Total inventories, net	$	61,009	$	71,253

Statements of Operations for Discontinued Operations

The following tables display summarized activity in our consolidated statements of operations for discontinued operations during the years ended December 31, 2015, 2014 and 2013, related to the Wiring business.



Years ended December 31		2015		2014 (A)		2013
Net sales	$	-	$	167,434	$	288,344
Cost of goods sold (C)		-		154,787		268,278
Selling, general and administrative (C)		-		12,697		22,765
Interest expense, net		-		69		250
Other expense, net		-		(58)		(357)
Loss from operations of discontinued
operations before income taxes (C) (D)		-		(61)		(2,592)
Income tax expense on discontinued operations		-		(750)		(1,429)
Loss from discontinued operations, net of tax		-		(811)		(4,021)

Loss on disposal (B)		(241)		(6,955)		-
Income tax expense on gain (loss) on disposal (E)		31		(1,621)		-
Loss on disposal, net of tax		(210)		(8,576)		-

Loss from discontinued operations	$	(210)	$	(9,387)	$	(4,021)

(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 years ended December 31, 2015 and 2014 were transaction costs of $223 and $1,384, respectively. The loss on disposal also includes a working capital and other adjustments of $18 for the year ended December 31, 2015. In addition, the loss on disposal included $2,734 in previously deferred foreign currency translation for the year ended December 31, 2014.

(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 for the year ended December 31, 2013 have been excluded as they were not directly attributable to the business.

(E)Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and consist of the following:


As of December 31		2015		2014
Land and land improvements	$	3,538	$	4,036
Buildings and improvements		32,904		34,517
Machinery and equipment		160,721		154,204
Office furniture and fixtures		6,541		6,247
Tooling		68,101		67,135
Information technology		24,035		22,132
Vehicles		422		65
Leasehold improvements		2,581		2,207
Construction in progress		23,914		16,933
Total property, plant, and equipment		322,757		307,476
Less: accumulated depreciation		(237,493)		(222,165)
Property, plant and equipment, net	$	85,264	$	85,311

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 year then ended December 31, 2014 was as follows:


				Control
		Electronics		Devices		PST		Total
Balance at January 1, 2014	$	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, 2015 and 2014 consisted of the following:


		Acquisition		Accumulated
As of December 31, 2015		cost		amortization		Net
Customer lists	$	23,003	$	(6,101)	$	16,902
Tradenames		15,129		(3,043)		12,086
Technology		9,066		(2,336)		6,730
Other		34		(34)		-
Total	$	47,232	$	(11,514)	$	35,718


		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

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


As of December 31		2015		2014
Compensation related liabilities	$	17,878	$	17,431
Product warranty and recall obligations		4,446		6,397
Other (A)		16,596		18,238
Total accrued expenses and other current liabilities	$	38,920	$	42,066

(A)“Other” is comprised of miscellaneous accruals, none of which individually 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		2015		2014
Product warranty and recall at beginning of period	$	7,601	$	6,414
Accruals for products shipped during period		4,609		4,484
Aggregate changes in pre-existing liabilities due to claim developments		(156)		692
Settlements made during the period		(5,635)		(3,989)
Product warranty and recall at end of period	$	6,419	$	7,601

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	2015	2014	2013
Basic weighted-average shares outstanding	27,337,954	26,923,809	26,670,501
Effect of dilutive securities	621,208	-	522,984
Diluted weighted-average shares outstanding	27,959,162	26,923,809	27,193,485

Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 were as follows:



		Foreign		Unrealized		Benefit
		currency		gain (loss)		plan
		translation		on derivatives		liability		Total
Balance at January 1, 2015	$	(45,603)	$	1	$	129	$	(45,473)

Other comprehensive loss before reclassifications		(24,693)		(671)		(45)		(25,409)
Amounts reclassified from accumulated other
comprehensive loss		-		1,060		-		1,060
Net other comprehensive income (loss), net of tax		(24,693)		389		(45)		(24,349)

Balance at December 31, 2015	$	(70,296)	$	390	$	84	$	(69,822)

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)

Years ended December 31

Depreciation and amortization

Capital expenditures