Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies [Abstract]

Schedule of Accounts Receivable and Concentration of Credit Risk

The Company’s largest customers are Ford Motor Company, General Motors Company and Scania Group, primarily related to the Control Devices and Electronics reportable segments and accounted for the following percentages of consolidated net sales for the years ended December 31, 2016, 2015 and 2014:


	2016		2015		2014
Ford Motor Company	17	%	14	%	11	%
General Motors Company	7	%	5	%	5	%
Scania Group	6	%	7	%	8	%

Schedule of Inventory, Current

Inventories consist of the following:



As of December 31		2016		2015
Raw materials	$	35,665	$	36,021
Work-in-progress		7,483		7,162
Finished goods		16,969		17,826
Total inventories, net	$	60,117	$	61,009

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 and 2014, related to the Wiring business. There were no discontinued operations for the year ended December 31, 2016.




Years ended December 31		2015		2014 (A)

Net sales	$	-	$	167,434
Cost of goods sold (C)		-		154,787
Selling, general and administrative (C)		-		12,697
Interest expense, net		-		69
Other expense (income), net		-		(58)
Loss from operations of discontinued
operations before income taxes (C)		-		(61)
Income tax expense on discontinued operations		-		(750)
Loss from discontinued operations, net of tax		-		(811)

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

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

(A)The operations of the Wiring business were presented only for the seven months ended July 31, 2014 because 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)Gains and losses from foreign currency remeasurement related to income taxes were included as a component of income tax (expense) benefit.




Years ended December 31		2014
Depreciation and amortization	$	2,111
Capital expenditures		1,238

Property, Plant and Equipment

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


As of December 31		2016		2015
Land and land improvements	$	3,376	$	3,538
Buildings and improvements		32,271		32,904
Machinery and equipment		180,944		160,721
Office furniture and fixtures		6,813		6,541
Tooling		67,261		68,101
Information technology		23,632		24,035
Vehicles		398		422
Leasehold improvements		2,583		2,581
Construction in progress		16,854		23,914
Total property, plant, and equipment		334,132		322,757
Less: accumulated depreciation		(242,632)		(237,493)
Property, plant and equipment, net	$	91,500	$	85,264

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:



		Electronics		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, 2016 and 2015 consisted of the following:


		Acquisition		Accumulated
As of December 31, 2016		cost		amortization		Net
Customer lists	$	27,476	$	(9,138)	$	18,338
Tradenames		18,116		(4,558)		13,558
Technology		10,862		(3,498)		7,364
Other		41		(41)		-
Total	$	56,495	$	(17,235)	$	39,260


		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

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


As of December 31		2016		2015
Compensation related liabilities	$	16,329	$	17,878
Product warranty and recall obligations		6,727		4,446
Other (A)		18,433		16,596
Total accrued expenses and other current liabilities	$	41,489	$	38,920

(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		2016		2015
Product warranty and recall at beginning of period	$	6,419	$	7,601
Accruals for products shipped during period		4,999		4,609
Aggregate changes in pre-existing liabilities due to claim developments		(116)		(156)
Settlements made during the period		(1,958)		(5,635)
Product warranty and recall at end of period	$	9,344	$	6,419

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	2016	2015	2014
Basic weighted-average Common Shares outstanding	27,763,990	27,337,954	26,923,809
Effect of dilutive shares	544,932	621,208	-
Diluted weighted-average Common Shares outstanding	28,308,922	27,959,162	26,923,809

Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss for the years ended December 31, 2016 and 2015 were as follows:



		Foreign		Unrealized		Benefit
		currency		gain (loss)		plan
		translation		on derivatives		liability		Total
Balance at January 1, 2016	$	(70,296)	$	390	$	84	$	(69,822)

Other comprehensive income (loss) before reclassifications		2,401		(572)		-		1,829
Amounts reclassified from accumulated other
comprehensive loss		-		164		(84)		80
Net other comprehensive income (loss), net of tax		2,401		(408)		(84)		1,909

Balance at December 31, 2016	$	(67,895)	$	(18)	$	-	$	(67,913)

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)