|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NATURE OF BUSINESS (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NATURE OF BUSINESS |
|
| Schedule of estimated useful lives of assets |
|
|
|
|
Buildings |
|
27–30 years |
|
Land improvements |
|
15 years |
|
Machinery and equipment |
|
2–15 years |
|
Dies and moulds |
|
3–10 years |
|
Office furniture and equipment |
|
2–10 years |
|
Computer equipment and software |
|
3–10 years |
|
| Schedule of activity in warranty liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2012 |
|
2011 |
|
2010 |
|
|
January 1, |
|
$ |
11,784 |
|
$ |
6,560 |
|
$ |
7,368 |
|
|
Estimated fair value of warranty liability assumed in acquisition |
|
|
1,084 |
|
|
5,629 |
|
|
- |
|
|
Warranty provisions |
|
|
6,191 |
|
|
4,906 |
|
|
2,114 |
|
|
Foreign currency translation gain (loss) |
|
|
121 |
|
|
(119 |
) |
|
334 |
|
|
Warranty claims paid |
|
|
(5,535 |
) |
|
(5,192 |
) |
|
(3,256 |
) |
| |
|
|
|
|
|
|
|
|
December 31, |
|
$ |
13,645 |
|
$ |
11,784 |
|
$ |
6,560 |
|
| |
|
|
|
|
|
|
|
|
| Accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Accrued
Pension Benefit
Liability |
|
Foreign
Currency
Items |
|
Derivative
Cash Flow
Hedges |
|
Accumulated
Other
Comprehensive
Loss |
|
|
Balance at December 31, 2010 |
|
$ |
(27,641 |
) |
$ |
27,167 |
|
$ |
264 |
|
$ |
(210 |
) |
|
Net current period change |
|
|
(11,682 |
) |
|
(4,574 |
) |
|
(453 |
) |
|
(16,709 |
) |
|
Reclassification adjustment for realized loss (gain) included in net income |
|
|
(968 |
) |
|
- |
|
|
(264 |
) |
|
(1,232 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2011 |
|
|
(40,291 |
) |
|
22,593 |
|
|
(453 |
) |
|
(18,151 |
) |
|
Net current period change |
|
|
(9,314 |
) |
|
4,084 |
|
|
4 |
|
|
(5,226 |
) |
|
Reclassification adjustment for realized loss (gain) included in net income |
|
|
1,054 |
|
|
- |
|
|
453 |
|
|
1,507 |
|
| |
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2012 |
|
$ |
(48,551 |
) |
$ |
26,677 |
|
$ |
4 |
|
$ |
(21,870 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Components of other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Pre-Tax
Amount |
|
Tax Expense
(Benefit) |
|
After-Tax
Amount |
|
|
Year ended December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on derivatives |
|
$ |
168 |
|
$ |
64 |
|
$ |
104 |
|
|
Change in pension liability adjustment |
|
|
(5,807 |
) |
|
(1,543 |
) |
|
(4,264 |
) |
|
Change in foreign currency translation adjustment |
|
|
17,036 |
|
|
8,772 |
|
|
8,264 |
|
| |
|
|
|
|
|
|
|
|
Other comprehensive income |
|
$ |
11,397 |
|
$ |
7,293 |
|
$ |
4,104 |
|
| |
|
|
|
|
|
|
|
|
Year ended December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on derivatives |
|
$ |
(1,146 |
) |
$ |
(429 |
) |
$ |
(717 |
) |
|
Change in pension liability adjustment |
|
|
(20,629 |
) |
|
(7,979 |
) |
|
(12,650 |
) |
|
Change in foreign currency translation adjustment |
|
|
(8,125 |
) |
|
(3,551 |
) |
|
(4,574 |
) |
| |
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
$ |
(29,900 |
) |
$ |
(11,959 |
) |
$ |
(17,941 |
) |
| |
|
|
|
|
|
|
|
|
Year ended December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on derivatives |
|
$ |
727 |
|
$ |
270 |
|
$ |
457 |
|
|
Change in pension liability adjustment |
|
|
(13,361 |
) |
|
(5,101 |
) |
|
(8,260 |
) |
|
Change in foreign currency translation adjustment |
|
|
7,999 |
|
|
3,915 |
|
|
4,084 |
|
| |
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
$ |
(4,635 |
) |
$ |
(916 |
) |
$ |
(3,719 |
) |
| |
|
|
|
|
|
|
|
|
| Computations of basic and diluted earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
(In thousands, except per share data) |
|
2012 |
|
2011 |
|
2010 |
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
120,561 |
|
$ |
57,757 |
|
$ |
42,678 |
|
|
Deduct: Net income attributable to participating securities |
|
|
721 |
|
|
1,216 |
|
|
1,294 |
|
| |
|
|
|
|
|
|
|
|
Net income attributable to common stockholders |
|
$ |
119,840 |
|
$ |
56,541 |
|
$ |
41,384 |
|
| |
|
|
|
|
|
|
|
|
Weighted average common shares—Basic |
|
|
34,502 |
|
|
34,086 |
|
|
33,825 |
|
|
Total basic earnings per common share |
|
$ |
3.47 |
|
$ |
1.66 |
|
$ |
1.22 |
|
| |
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders |
|
$ |
119,840 |
|
$ |
56,541 |
|
$ |
41,384 |
|
| |
|
|
|
|
|
|
|
|
Weighted average common shares—Basic |
|
|
34,502 |
|
|
34,086 |
|
|
33,825 |
|
|
Plus: Dilutive effect of stock options and awards |
|
|
272 |
|
|
36 |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
Weighted average common shares—Diluted |
|
|
34,774 |
|
|
34,122 |
|
|
33,825 |
|
| |
|
|
|
|
|
|
|
|
Total diluted earnings per share |
|
$ |
3.45 |
|
$ |
1.66 |
|
$ |
1.22 |
|
| |
|
|
|
|
|
|
|
|