☑ | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended December 31, 2020
|
Commission file number:
001-34365
|
Delaware | 41-1990662 | |||||||
(State of Incorporation) | (I.R.S. Employer Identification No.) | |||||||
7800 Walton Parkway
|
43054 | |||||||
New Albany, Ohio
|
(Zip Code) | |||||||
(Address of Principal Executive Offices) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||
Common Stock, par value $.01 per share | CVGI | The NASDAQ Global Select Market | ||||||
Rights to Purchase Series B Junior Participating Preferred Stock | The NASDAQ Global Select Market |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | |||||||||||||||
Commercial Vehicle Group, Inc. | 100.00 | 82.88 | 160.21 | 85.42 | 95.16 | 129.52 | ||||||||||||||
NASDAQ Composite | 100.00 | 116.72 | 151.41 | 147.16 | 201.22 | 291.89 | ||||||||||||||
Legacy Peer Group | 100.00 | 98.91 | N/A | N/A | N/A | N/A | ||||||||||||||
New Peer Group | 100.00 | 127.28 | 145.60 | 122.49 | 159.20 | 196.58 |
Total Number of
Shares (or Units) Surrendered |
Average
Price Paid per Share (or Unit) |
Total Number
of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number
(or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||
October 1, 2020 through October 31, 2020 | 51,786 | $ | 6.08 | — | — | ||||||||||||||||||
November 1, 2020 through November 30, 2020 | 14,450 | $ | 6.09 | — | — | ||||||||||||||||||
December 1, 2020 through December 31, 2020 | 29,995 | $ | 8.65 | — | — |
Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Statements of operations: | |||||||||||||||||||||||||||||
Revenues | $ | 717,699 | $ | 901,238 | $ | 897,737 | $ | 755,231 | $ | 662,112 | |||||||||||||||||||
Cost of revenues | 643,623 | 796,101 | 772,817 | 664,360 | 575,409 | ||||||||||||||||||||||||
Gross profit | 74,076 | 105,137 | 124,920 | 90,871 | 86,703 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 64,794 | 62,549 | 60,679 | 59,547 | 60,482 | ||||||||||||||||||||||||
Goodwill and other impairment | 29,017 | — | — | — | — | ||||||||||||||||||||||||
Amortization expense | 3,434 | 1,952 | 1,300 | 1,320 | 1,305 | ||||||||||||||||||||||||
Operating income | (23,169) | 40,636 | 62,941 | 30,004 | 24,916 | ||||||||||||||||||||||||
Other (expense) income | (728) | (2,225) | 1,311 | 1,943 | 1,236 | ||||||||||||||||||||||||
Interest expense | 20,603 | 16,855 | 14,676 | 19,149 | 19,318 | ||||||||||||||||||||||||
Income (loss) before provision for income taxes | (44,500) | 21,556 | 49,576 | 12,798 | 6,834 | ||||||||||||||||||||||||
Provision for income taxes | (7,451) | 5,778 | 8,087 | 15,067 | 49 | ||||||||||||||||||||||||
Net income (loss) | (37,049) | 15,778 | 41,489 | (2,269) | 6,785 | ||||||||||||||||||||||||
Income (loss) per share attributable to common stockholders: | |||||||||||||||||||||||||||||
Basic | $ | (1.20) | $ | 0.52 | $ | 1.37 | $ | (0.08) | $ | 0.23 | |||||||||||||||||||
Diluted | $ | (1.20) | $ | 0.51 | $ | 1.36 | $ | (0.08) | $ | 0.23 | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 30,943 | 30,602 | 30,277 | 29,942 | 29,530 | ||||||||||||||||||||||||
Diluted | 30,943 | 30,823 | 30,587 | 29,942 | 29,878 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Balance sheet data (at end of each period): | |||||||||||||||||||||||||||||
Working capital (current assets less current liabilities) | $ | 145,650 | $ | 149,365 | $ | 176,571 | $ | 149,546 | $ | 202,693 | |||||||||||||||||||
Total assets | 454,373 | 435,826 | 412,688 | 381,969 | 428,765 | ||||||||||||||||||||||||
Total liabilities, excluding debt | 212,427 | 150,754 | 139,334 | 142,697 | 127,921 | ||||||||||||||||||||||||
Total debt, net of prepaid debt financing costs and discount | 146,576 | 156,384 | 163,758 | 166,949 | 233,154 | ||||||||||||||||||||||||
Total stockholders’ equity | 95,370 | 128,688 | 109,596 | 72,323 | 67,690 | ||||||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||||||||||||
Operating activities | $ | 34,372 | $ | 36,746 | $ | 40,992 | $ | 2,257 | $ | 49,365 | |||||||||||||||||||
Investing activities | (6,420) | (57,979) | (14,101) | (10,776) | (8,903) | ||||||||||||||||||||||||
Financing activities | (19,262) | (10,113) | (5,835) | (72,848) | (714) | ||||||||||||||||||||||||
Depreciation and amortization | 18,493 | 15,561 | 15,418 | 15,344 | 16,451 | ||||||||||||||||||||||||
Capital expenditures | 7,142 | 24,117 | 14,550 | 13,567 | 11,917 | ||||||||||||||||||||||||
North American class 8 production (units) 1
|
214 | 342 | 324 | 256 | 228 | ||||||||||||||||||||||||
North America class 5-7 production (units) 1
|
223 | 281 | 273 | 249 | 233 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Revenues | $ | 717,699 | 100.0 | % | $ | 901,238 | 100.0 | % | $ | 897,737 | 100.0 | % | |||||||||||||||||||||||
Cost of revenues | 643,623 | 89.7 | 796,101 | 88.3 | 772,817 | 86.1 | |||||||||||||||||||||||||||||
Gross profit | 74,076 | 10.3 | 105,137 | 11.7 | 124,920 | 13.9 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 64,794 | 9.0 | 62,549 | 6.9 | 60,679 | 6.8 | |||||||||||||||||||||||||||||
Goodwill and other impairment | 29,017 | 4.0 | — | — | — | — | |||||||||||||||||||||||||||||
Amortization expense | 3,434 | 0.5 | 1,952 | 0.2 | 1,300 | 0.1 | |||||||||||||||||||||||||||||
Operating income (loss) | (23,169) | (3.2) | 40,636 | 4.5 | 62,941 | 7.0 | |||||||||||||||||||||||||||||
Other (expense) income | (728) | (0.1) | (2,225) | (0.2) | 1,311 | 0.1 | |||||||||||||||||||||||||||||
Interest expense | 20,603 | 2.9 | 16,855 | 1.9 | 14,676 | 1.6 | |||||||||||||||||||||||||||||
Income (loss) before provision for income taxes | (44,500) | (6.2) | 21,556 | 2.4 | 49,576 | 5.5 | |||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (7,451) | (1.0) | 5,778 | 0.6 | 8,087 | 0.9 | |||||||||||||||||||||||||||||
Net income (loss) | $ | (37,049) | (5.2) | % | $ | 15,778 | 1.8 | % | $ | 41,489 | 4.6 | % | |||||||||||||||||||||||
2020 | 2019 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 717,699 | $ | 901,238 | $ | (183,539) | (20.4)% | ||||||||||||||||
Gross profit | 74,076 | 105,137 | (31,061) | (29.5) | |||||||||||||||||||
Selling, general and administrative expenses | 64,794 | 62,549 | 2,245 | 3.6 | |||||||||||||||||||
Goodwill and other impairment | 29,017 | — | 29,017 | 100.0 | |||||||||||||||||||
Amortization expense | 3,434 | 1,952 | 1,482 | 75.9 | |||||||||||||||||||
Other (expense) income | (728) | (2,225) | 1,497 | (67.3) | |||||||||||||||||||
Interest expense | 20,603 | 16,855 | 3,748 | 22.2 | |||||||||||||||||||
Provision (benefit) for income taxes | (7,451) | 5,778 | (13,229) |
NM 1
|
|||||||||||||||||||
Net income (loss) | (37,049) | 15,778 | (52,827) |
NM 1
|
2020 | 2019 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 445,955 | $ | 530,901 | $ | (84,946) | (16.0)% | ||||||||||||||||
Gross profit | 42,811 | 60,008 | (17,197) | (28.7) | |||||||||||||||||||
Selling, general & administrative expenses | 19,811 | 15,815 | 3,996 | 25.3 | |||||||||||||||||||
Goodwill and other impairment | 23,415 | — | 23,415 | 100.0 | |||||||||||||||||||
Amortization expense | 2,917 | 1,415 | 1,502 | 106.1 | |||||||||||||||||||
Operating income (loss) | (3,332) | 42,778 | (46,110) |
NM 1
|
2020 | 2019 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 277,830 | $ | 381,548 | $ | (103,718) | (27.2) | % | |||||||||||||||
Gross profit | 31,635 | 45,201 | (13,566) | (30.0) | |||||||||||||||||||
Selling, general & administrative expenses | 18,355 | 20,429 | (2,074) | (10.2) | |||||||||||||||||||
Goodwill and other impairment | 4,809 | — | 4,809 | 100.0 | |||||||||||||||||||
Operating income | 7,954 | 24,235 | (16,281) | (67.2) |
2019 | 2018 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 901,238 | $ | 897,737 | $ | 3,501 | 0.4% | ||||||||||||||||
Gross profit | 105,137 | 124,920 | (19,783) | (15.8) | |||||||||||||||||||
Selling, general and administrative expenses | 62,549 | 60,679 | 1,870 | 3.1 | |||||||||||||||||||
Other (income) expense | (2,225) | 1,311 | (3,536) |
NM 1
|
|||||||||||||||||||
Interest expense | 16,855 | 14,676 | 2,179 | 14.8 | |||||||||||||||||||
Provision for income taxes | 5,778 | 8,087 | (2,309) | (28.6) | |||||||||||||||||||
Net income | 15,778 | 41,489 | (25,711) | (62.0) |
2019 | 2018 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 530,901 | $ | 512,754 | $18,147 | 3.5% | |||||||||||||||||
Gross profit | 60,008 | 71,104 | (11,096) | (15.6) | |||||||||||||||||||
Selling, general & administrative expenses | 15,815 | 15,390 | 425 | 2.8 | |||||||||||||||||||
Operating income | 42,778 | 54,967 | (12,189) | (22.2) |
2019 | 2018 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 381,548 | $ | 397,501 | ($15,953) | (4.0)% | |||||||||||||||||
Gross profit | 45,201 | 54,231 | (9,030) | (16.7) | |||||||||||||||||||
Selling, general & administrative expenses | 20,429 | 22,433 | (2,004) | (8.9) | |||||||||||||||||||
Operating income | 24,235 | 31,245 | (7,010) | (22.4) |
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 34,372 | $ | 36,746 | $ | 40,992 | |||||||||||
Net cash used in investing activities | (6,420) | (57,979) | (14,101) | ||||||||||||||
Net cash used in financing activities | (19,262) | (10,113) | (5,835) | ||||||||||||||
Effect of currency exchange rate changes on cash | 2,302 | (56) | (2,387) | ||||||||||||||
Net increase (decrease) in cash | $ | 10,992 | $ | (31,402) | $ | 18,669 |
Payments Due by Period | |||||||||||||||||||||||||||||
Total |
1 Year |
2-3 Years | 4-5 Years |
More than
5 Years |
|||||||||||||||||||||||||
Debt obligations 1
|
$ | 150,950 | $ | 4,375 | $ | 146,575 | $ | — | $ | — | |||||||||||||||||||
Estimated interest payments | 24,388 | 10,811 | 13,577 | — | — | ||||||||||||||||||||||||
Leasing obligations | 39,548 | 11,182 | 15,750 | 8,676 | 3,940 | ||||||||||||||||||||||||
Non-U.S. pension funding | 18,303 | 1,063 | 2,302 | 2,557 | 12,381 | ||||||||||||||||||||||||
Total | $ | 233,189 | $ | 27,431 | $ | 178,204 | $ | 11,233 | $ | 16,321 |
Page | |||||
2020 | 2019 | ||||||||||
ASSETS | (in thousands, except share and per share amounts) | ||||||||||
Current assets: | |||||||||||
Cash | $ | 50,503 | $ | 39,511 | |||||||
Accounts receivable, net of allowances of $644 and $433, respectively
|
151,101 | 115,099 | |||||||||
Inventories | 91,247 | 82,872 | |||||||||
Other current assets | 17,686 | 18,490 | |||||||||
Total current assets | 310,537 | 255,972 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $159,026 and $154,939, respectively
|
62,776 | 73,686 | |||||||||
Operating lease right-of-use asset, net | 30,047 | 34,960 | |||||||||
Goodwill | — | 27,816 | |||||||||
Intangible assets, net of accumulated amortization of $14,831 and $11,440, respectively
|
21,804 | 25,258 | |||||||||
Deferred income taxes, net | 25,981 | 14,654 | |||||||||
Other assets | 3,228 | 3,480 | |||||||||
TOTAL ASSETS | $ | 454,373 | $ | 435,826 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 112,402 | $ | 63,058 | |||||||
Current operating lease liabilities | 9,236 | 7,620 | |||||||||
Accrued liabilities and other | 40,820 | 32,673 | |||||||||
Current portion of long-term debt | 2,429 | 3,256 | |||||||||
Total current liabilities | 164,887 | 106,607 | |||||||||
Long-term debt | 144,147 | 153,128 | |||||||||
Long-term operating lease liabilities | 23,932 | 29,414 | |||||||||
Pension and other post-retirement liabilities | 15,296 | 10,666 | |||||||||
Other long-term liabilities | 10,741 | 7,323 | |||||||||
Total liabilities | 359,003 | 307,138 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value (5,000,000 shares authorized; no shares issued and outstanding)
|
— | — | |||||||||
Common stock, $0.01 par value (60,000,000 shares authorized; 31,249,811 and 30,801,255 shares issued and outstanding, respectively)
|
313 | 323 | |||||||||
Treasury stock, at cost: 1,560,623 and 1,464,392 shares, respectively
|
(11,893) | (11,230) | |||||||||
Additional paid-in capital | 249,312 | 245,852 | |||||||||
Retained deficit | (97,356) | (60,307) | |||||||||
Accumulated other comprehensive loss | (45,006) | (45,950) | |||||||||
Total stockholders’ equity | 95,370 | 128,688 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 454,373 | $ | 435,826 |
2020 | 2019 | 2018 | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenues | $ | 717,699 | $ | 901,238 | $ | 897,737 | |||||||||||
Cost of revenues | 643,623 | 796,101 | 772,817 | ||||||||||||||
Gross profit | 74,076 | 105,137 | 124,920 | ||||||||||||||
Selling, general and administrative expenses | 64,794 | 62,549 | 60,679 | ||||||||||||||
Goodwill and other impairment | 29,017 | — | — | ||||||||||||||
Amortization expense | 3,434 | 1,952 | 1,300 | ||||||||||||||
Operating income (loss) | (23,169) | 40,636 | 62,941 | ||||||||||||||
Other (expense) income | (728) | (2,225) | 1,311 | ||||||||||||||
Interest expense | 20,603 | 16,855 | 14,676 | ||||||||||||||
Income (loss) before provision for income taxes | (44,500) | 21,556 | 49,576 | ||||||||||||||
Provision (benefit) for income taxes | (7,451) | 5,778 | 8,087 | ||||||||||||||
Net income (loss) | $ | (37,049) | $ | 15,778 | $ | 41,489 | |||||||||||
Earnings (loss) per common share | |||||||||||||||||
Basic | $ | (1.20) | $ | 0.52 | $ | 1.37 | |||||||||||
Diluted | $ | (1.20) | $ | 0.51 | $ | 1.36 | |||||||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 30,943 | 30,602 | 30,277 | ||||||||||||||
Diluted | 30,943 | 30,823 | 30,587 |
2020 | 2019 | 2018 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income (loss) | $ | (37,049) | $ | 15,778 | $ | 41,489 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments | 5,008 | (1,185) | (5,675) | |||||||||||||||||
Minimum pension liability, net of tax | (5,041) | 2,738 | (1,057) | |||||||||||||||||
Derivative instruments, net of tax | 977 | (32) | 496 | |||||||||||||||||
Other comprehensive income (loss) | 944 | 1,521 | (6,236) | |||||||||||||||||
Comprehensive income (loss) | $ | (36,105) | $ | 17,299 | $ | 35,253 | ||||||||||||||
Common Stock |
Treasury
Stock |
Additional
Paid-In Capital |
Retained
Deficit |
Accum.
Other Comp. Loss |
Total CVG
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data ) | |||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2017 | 30,219,278 | $ | 304 | $ | (9,114) | $ | 239,870 | $ | (117,502) | $ | (41,235) | $ | 72,323 | ||||||||||||||||||||||||||||
Issuance of restricted stock | 452,021 | 14 | — | — | — | 14 | |||||||||||||||||||||||||||||||||||
Surrender of common stock by employees | (158,456) | — | (1,131) | — | — | — | (1,131) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 3,137 | — | — | 3,137 | ||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | 41,489 | (6,236) | 35,253 | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2018 | 30,512,843 | $ | 318 | $ | (10,245) | $ | 243,007 | $ | (76,013) | $ | (47,471) | $ | 109,596 | ||||||||||||||||||||||||||||
Issuance of restricted stock | 418,553 | 5 | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||||
Surrender of common stock by employees | (130,141) | — | (985) | — | — | — | (985) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 2,845 | — | — | 2,845 | ||||||||||||||||||||||||||||||||||
Cumulative effect of adoption of Topic 842 | — | — | — | — | (72) | — | (72) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | 15,778 | 1,521 | 17,299 | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2019 | 30,801,255 | $ | 323 | $ | (11,230) | $ | 245,852 | $ | (60,307) | $ | (45,950) | $ | 128,688 | ||||||||||||||||||||||||||||
Issuance of restricted stock | 544,787 | (10) | — | — | — | — | (10) | ||||||||||||||||||||||||||||||||||
Surrender of common stock by employees | (96,231) | — | (663) | — | — | — | (663) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 3,460 | — | — | 3,460 | ||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | (37,049) | 944 | (36,105) | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | 31,249,811 | $ | 313 | $ | (11,893) | $ | 249,312 | $ | (97,356) | $ | (45,006) | $ | 95,370 | ||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net income (loss) | $ | (37,049) | $ | 15,778 | $ | 41,489 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 18,493 | 15,514 | 15,270 | ||||||||||||||
Impairment expense | 29,017 | — | — | ||||||||||||||
Noncash amortization of debt financing costs | 1,929 | 1,393 | 1,404 | ||||||||||||||
Payment in kind interest expense | 5,431 | — | — | ||||||||||||||
Shared-based compensation expense | 3,460 | 2,843 | 3,137 | ||||||||||||||
Deferred income taxes | (12,129) | 1,562 | 5,031 | ||||||||||||||
Noncash loss (gain) on forward exchange contracts | 299 | 1,972 | (1,468) | ||||||||||||||
Change in other operating items: | |||||||||||||||||
Accounts receivable | (34,284) | 18,815 | (27,380) | ||||||||||||||
Inventories | (6,828) | 9,495 | 4,836 | ||||||||||||||
Prepaid expenses | 2,896 | (1,793) | (2,292) | ||||||||||||||
Accounts payable | 48,046 | (24,261) | 1,451 | ||||||||||||||
Accrued liabilities | 8,650 | (3,525) | 2,631 | ||||||||||||||
Other operating activities, net | 6,441 | (1,047) | (3,117) | ||||||||||||||
Net cash provided by operating activities | 34,372 | 36,746 | 40,992 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of property, plant and equipment | (7,142) | (24,002) | (14,150) | ||||||||||||||
Proceeds from disposal/sale of property, plant and equipment | 722 | 23 | 49 | ||||||||||||||
Payments for acquisition of business | — | (34,000) | — | ||||||||||||||
Net cash used in investing activities | (6,420) | (57,979) | (14,101) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Borrowings of revolving credit facility | 15,000 | 35,700 | 80,500 | ||||||||||||||
Repayment of revolving credit facility | (15,000) | (35,700) | (80,500) | ||||||||||||||
Repayment of term loan facility | (14,375) | (8,525) | (4,375) | ||||||||||||||
Early payment fee on debt and other debt issuance costs | (2,779) | (160) | — | ||||||||||||||
Surrender of common stock by employees | (663) | (985) | (1,131) | ||||||||||||||
Contingent consideration payment | (1,000) | — | — | ||||||||||||||
Other financing activities, net | (445) | (443) | (329) | ||||||||||||||
Net cash used in financing activities | (19,262) | (10,113) | (5,835) | ||||||||||||||
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | 2,302 | (56) | (2,387) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH | 10,992 | (31,402) | 18,669 | ||||||||||||||
CASH: | |||||||||||||||||
Beginning of period | 39,511 | 70,913 | 52,244 | ||||||||||||||
End of period | $ | 50,503 | $ | 39,511 | $ | 70,913 | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 12,193 | $ | 13,873 | $ | 14,046 | |||||||||||
Cash paid for income taxes, net | $ | 2,483 | $ | 8,774 | $ | 3,143 | |||||||||||
Unpaid purchases of property and equipment included in accounts payable | $ | 131 | $ | 624 | $ | 509 |
2020 | 2019 | ||||||||||
Raw materials | $ | 65,334 | $ | 57,742 | |||||||
Work in process | 13,373 | 12,612 | |||||||||
Finished goods | 12,540 | 12,518 | |||||||||
Total Inventory | $ | 91,247 | $ | 82,872 |
2020 | 2019 | ||||||||||
Land and buildings | $ | 30,305 | $ | 29,153 | |||||||
Machinery and equipment | 189,939 | 186,511 | |||||||||
Construction in progress | 1,558 | 12,961 | |||||||||
Property, plant, and equipment, gross | 221,802 | 228,625 | |||||||||
Less accumulated depreciation | (159,026) | (154,939) | |||||||||
Property, plant and equipment, net | $ | 62,776 | $ | 73,686 |
Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||
Electrical Systems | Global Seating |
Corporate/
Other |
Total | ||||||||||||||||||||
Seats | $ | 1,244 | $ | 261,942 | $ | (3,536) | $ | 259,650 | |||||||||||||||
Electrical wire harnesses, panels and assemblies | 241,704 | 8,055 | (129) | 249,630 | |||||||||||||||||||
Trim | 114,209 | 5,862 | (1,636) | 118,435 | |||||||||||||||||||
Cab structures and sleeper boxes | 49,774 | — | — | 49,774 | |||||||||||||||||||
Mirrors, wipers and controls | 39,024 | 1,971 | (785) | 40,210 | |||||||||||||||||||
Total | $ | 445,955 | $ | 277,830 | $ | (6,086) | $ | 717,699 |
Twelve Months Ended December 31, 2019 | |||||||||||||||||||||||
Electrical Systems | Global Seating |
Corporate/
Other |
Total | ||||||||||||||||||||
Seats | $ | 1,447 | $ | 358,457 | $ | (3,027) | $ | 356,877 | |||||||||||||||
Electrical wire harnesses, panels and assemblies | 196,280 | 2,360 | (220) | 198,420 | |||||||||||||||||||
Trim | 190,877 | 18,714 | (6,693) | 202,898 | |||||||||||||||||||
Cab structures and sleeper boxes | 87,864 | — | — | 87,864 | |||||||||||||||||||
Mirrors, wipers and controls | 54,433 | 2,017 | (1,271) | 55,179 | |||||||||||||||||||
Total | $ | 530,901 | $ | 381,548 | $ | (11,211) | $ | 901,238 |
Twelve Months Ended December 31, 2018 | |||||||||||||||||||||||
Electrical Systems | Global Seating |
Corporate/
Other |
Total | ||||||||||||||||||||
Seats | $ | 1,626 | $ | 373,322 | $ | (5,611) | $ | 369,337 | |||||||||||||||
Electrical wire harnesses, panels and assemblies | 193,390 | 3,021 | — | 196,411 | |||||||||||||||||||
Trim | 184,199 | 18,135 | (6,907) | 195,427 | |||||||||||||||||||
Cab structures and sleeper boxes | 76,380 | — | — | 76,380 | |||||||||||||||||||
Mirrors, wipers and controls | 57,159 | 3,023 | — | 60,182 | |||||||||||||||||||
Total | $ | 512,754 | $ | 397,501 | $ | (12,518) | $ | 897,737 |
2020 | 2019 | ||||||||||
Term loan and security agreement due 2023 | $ | 150,950 | $ | 159,912 | |||||||
Unamortized discount and issuance costs | (4,374) | (3,528) | |||||||||
146,576 | 156,384 | ||||||||||
Less: current portion, net of unamortized discount and issuance costs of $1.9 million and $1.1 million, respectively
|
(2,429) | (3,256) | |||||||||
Total long-term debt, net of current portion | $ | 144,147 | $ | 153,128 |
Level | Average Daily Availability |
Tranche A
Base Rate Loans |
Tranche A
LIBOR Revolver Loans |
Tranche B
Base Rate Loans |
Tranche B
LIBOR Revolver Loans |
|||||||||||||||||||||||||||
III |
≥ $30,000,000
|
1.00% | 2.00% | 2.00% | 3.00% | |||||||||||||||||||||||||||
II |
> $15,000,000 but < $30,000,000
|
1.25% | 2.25% | 2.25% | 3.25% | |||||||||||||||||||||||||||
I |
≤ $15,000,000
|
1.50% | 2.50% | 2.50% | 3.50% |
December 31, 2020 | |||||||||||||||||||||||
Weighted-
Average Amortization Period |
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Trademarks/tradenames | 22 years | $ | 11,634 | $ | (4,681) | $ | 6,953 | ||||||||||||||||
Customer relationships | 15 years | 14,881 | (7,536) | 7,345 | |||||||||||||||||||
Technical know-how | 5 years | 9,790 | (2,529) | 7,261 | |||||||||||||||||||
Covenant not to compete | 5 years | 330 | (85) | 245 | |||||||||||||||||||
$ | 36,635 | $ | (14,831) | $ | 21,804 |
December 31, 2019 | |||||||||||||||||||||||
Weighted-
Average Amortization Period |
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Trademarks/tradenames | 23 years | $ | 11,553 | $ | (4,276) | $ | 7,277 | ||||||||||||||||
Customer relationships | 15 years | 15,025 | (6,574) | 8,451 | |||||||||||||||||||
Technical know-how | 5 years | $ | 9,790 | $ | (571) | 9,219 | |||||||||||||||||
Covenant not to compete | 5 years | 330 | (19) | 311 | |||||||||||||||||||
$ | 36,698 | $ | (11,440) | $ | 25,258 |
2020 | |||||||||||||||||
Electrical Systems | Global Seating | Total | |||||||||||||||
Balance - beginning of the year | $ | 22,802 | $ | 5,014 | $ | 27,816 | |||||||||||
Finalization of FSE purchase accounting | (537) | — | (537) | ||||||||||||||
Goodwill impairment | (22,265) | (4,809) | (27,074) | ||||||||||||||
Currency translation adjustment | — | (205) | (205) | ||||||||||||||
Balance - end of the year | $ | — | $ | — | $ | — |
2019 | |||||||||||||||||
Electrical Systems | Global Seating | Total | |||||||||||||||
Balance - beginning of the year | $ | 2,437 | $ | 5,139 | $ | 7,576 | |||||||||||
Finalization of FSE purchase accounting | 20,365 | — | 20,365 | ||||||||||||||
Currency translation adjustment | — | (125) | (125) | ||||||||||||||
Balance - end of the year | $ | 22,802 | $ | 5,014 | $ | 27,816 |
Initial cash paid, net of working capital adjustment | $ | 34,000 | |||
Purchase price adjustment | (537) | ||||
Contingent consideration at fair value | 4,700 | ||||
Total consideration | $ | 38,163 | |||
Net assets at fair value | 18,335 | ||||
Excess of total consideration over net assets acquired | $ | 19,828 |
Preliminary Purchase Price Allocation | Adjustment | Final Purchase Price Allocation | |||||||||||||||
Net working capital | $ | 2,856 | $ | — | $ | 2,856 | |||||||||||
Property, plant and equipment | 503 | — | 503 | ||||||||||||||
Other long-term assets | 1,650 | — | 1,650 | ||||||||||||||
Definite-lived intangible assets | 14,500 | — | 14,500 | ||||||||||||||
Goodwill 1
|
20,365 | (537) | 19,828 | ||||||||||||||
Other long-term liabilities | (1,174) | (1,174) | |||||||||||||||
Total consideration | $ | 38,700 | $ | (537) | $ | 38,163 |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Derivative assets |
Foreign exchange contract 1
|
$ | 1,882 | $ | — | $ | 1,882 | $ | — | $ | 464 | $ | — | $ | 464 | $ | — | |||||||||||||||||||||||||||||||||
Interest rate swap agreement 2
|
$ | 936 | $ | — | $ | 936 | $ | — | $ | 150 | $ | — | $ | 150 | $ | — | ||||||||||||||||||||||||||||||||||
Derivative liabilities |
Interest rate swap agreement 3
|
$ | 2,080 | $ | — | $ | 2,080 | $ | — | $ | 995 | $ | — | $ | 995 | $ | — | |||||||||||||||||||||||||||||||||
Earnout liability |
Contingent consideration 4
|
$ | 8,800 | $ | — | $ | — | $ | 8,800 | $ | 4,700 | $ | — | $ | — | $ | 4,700 | |||||||||||||||||||||||||||||||||
Derivative equity |
Foreign exchange contract 5
|
$ | 1,441 | $ | — | $ | 1,441 | $ | — | $ | 464 | $ | — | $ | 464 | $ | — |
2020 | 2019 | ||||||||||||||||||||||
U.S. $
Equivalent |
U.S. $
Equivalent Fair Value |
U.S. $
Equivalent |
U.S. $
Equivalent Fair Value |
||||||||||||||||||||
Commitments to buy or sell currencies | $ | 14,675 | $ | 16,558 | $ | 22,474 | $ | 22,939 |
2020 | 2019 | ||||||||||||||||
Location of Gain (Loss)
Recognized on Derivatives |
Amount of Gain (Loss)
Recognized on Derivatives |
||||||||||||||||
Foreign exchange contracts | Cost of revenues | $ | (1,811) | $ | 4 | ||||||||||||
Interest rate swap agreement | Interest expense | $ | (1,031) | $ | (1,818) |
2020 | 2019 | ||||||||||||||||||||||
Carrying
Amount |
Fair Value |
Carrying
Amount |
Fair Value | ||||||||||||||||||||
Term loan and security agreement 1
|
$ | 146,576 | $ | 144,878 | $ | 156,384 | $ | 157,983 |
Twelve Months Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Operating lease cost 1
|
$ | 11,214 | $ | 7,279 | |||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | 394 | 341 | |||||||||||||||||||||
Interest on lease liabilities | 43 | 60 | |||||||||||||||||||||
Total finance lease cost | $ | 437 | $ | 401 | |||||||||||||||||||
Short-term lease cost 2
|
4,258 | 7,357 | |||||||||||||||||||||
Total lease expense | $ | 15,909 | $ | 15,037 |
Twelve Months Ended December 31, 2020 | Twelve Months Ended December 31, 2019 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 10,571 | $ | 7,898 | ||||||||||
Financing cash flows from finance leases | $ | 446 | $ | 443 |
Balance Sheet Location | December 31, 2020 | December 31, 2019 | ||||||||||||
Operating Leases | ||||||||||||||
Right-of-use assets, net | Operating lease right-of-use assets, net | $ | 30,047 | $ | 34,960 | |||||||||
Current liabilities | Current operating lease liabilities | $ | 9,236 | $ | 7,620 | |||||||||
Non-current liabilities | Operating lease liabilities | 23,932 | 29,414 | |||||||||||
Total operating lease liabilities | $ | 33,168 | $ | 37,034 | ||||||||||
Finance Leases 1
|
||||||||||||||
Right-of-use assets | $ | 1,410 | $ | 1,135 | ||||||||||
Accumulated depreciation | (643) | (343) | ||||||||||||
Right-of-use assets, net | Other assets, net | $ | 767 | $ | 792 | |||||||||
Current liabilities | Accrued liabilities and other | $ | 293 | $ | 354 | |||||||||
Non-current liabilities | Other long-term liabilities | 434 | 398 | |||||||||||
Total finance lease liabilities | $ | 727 | $ | 752 | ||||||||||
Weighted Average Remaining Lease Term | ||||||||||||||
Operating leases | 4.5 years | 5.0 years | ||||||||||||
Finance leases | 3.2 years | 2.8 years | ||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases | 8.0 | % | 9.1 | % | ||||||||||
Finance leases | 5.1 | % | 7.2 | % |
Year Ending December 31, | Operating | Financing | Total | |||||||||||||||||
2021 | $ | 10,862 | $ | 320 | $ | 11,182 | ||||||||||||||
2022 | 9,583 | 200 | 9,783 | |||||||||||||||||
2023 | 5,836 | 131 | 5,967 | |||||||||||||||||
2024 | 4,585 | 80 | 4,665 | |||||||||||||||||
2025 | 3,969 | 42 | 4,011 | |||||||||||||||||
Thereafter | 3,939 | 1 | 3,940 | |||||||||||||||||
Total lease payments | $ | 38,774 | $ | 774 | $ | 39,548 | ||||||||||||||
Less: Imputed interest | (5,606) | (47) | (5,653) | |||||||||||||||||
Present value of lease liabilities | $ | 33,168 | $ | 727 | $ | 33,895 |
2020 | 2019 | 2018 | |||||||||||||||
Domestic | $ | (55,907) | $ | 4,777 | $ | 23,092 | |||||||||||
Foreign | 11,407 | 16,779 | 26,484 | ||||||||||||||
Total | $ | (44,500) | $ | 21,556 | $ | 49,576 |
2020 | 2019 | 2018 | |||||||||||||||
Federal (benefit) provision at statutory rate | $ | (9,345) | $ | 4,527 | $ | 10,411 | |||||||||||
U.S./Foreign tax rate differential | 492 | 393 | 731 | ||||||||||||||
Foreign non-deductible expenses | 702 | 2,059 | (1,759) | ||||||||||||||
Foreign tax provision | 611 | 793 | 1,253 | ||||||||||||||
State taxes, net of federal benefit | (1,086) | 308 | 619 | ||||||||||||||
State tax rate change, net of federal benefit | — | (41) | (32) | ||||||||||||||
Change in uncertain tax positions | 71 | 15 | 84 | ||||||||||||||
Change in valuation allowance | 2,146 | (2,054) | 597 | ||||||||||||||
Tax credits | (143) | (2,652) | (2,049) | ||||||||||||||
Share-based compensation | (15) | (14) | (50) | ||||||||||||||
Repatriation of foreign earnings | 37 | 1,235 | (3,670) | ||||||||||||||
GILTI, net of related foreign tax credit | (1,340) | 730 | 1,194 | ||||||||||||||
Other | 419 | 479 | 758 | ||||||||||||||
(Benefit) Provision for income taxes | $ | (7,451) | $ | 5,778 | $ | 8,087 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||||||||||||||||||
Federal | $ | 109 | $ | (10,975) | $ | (10,866) | $ | (205) | $ | (336) | $ | (541) | $ | (3,432) | $ | 4,426 | $ | 994 | |||||||||||||||||||||||||||||||||||
State and local | 120 | (559) | (439) | 214 | 883 | 1,097 | 123 | 87 | 210 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign | 4,449 | (595) | 3,854 | 4,207 | 1,015 | 5,222 | 6,365 | 518 | 6,883 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,678 | $ | (12,129) | $ | (7,451) | $ | 4,216 | $ | 1,562 | $ | 5,778 | $ | 3,056 | $ | 5,031 | $ | 8,087 |
2020 | 2019 | ||||||||||
Noncurrent deferred tax assets: | |||||||||||
Amortization and fixed assets | $ | 5,094 | $ | 830 | |||||||
Inventories | 2,325 | 2,659 | |||||||||
Pension obligations | 2,827 | 2,134 | |||||||||
Warranty obligations | 473 | 741 | |||||||||
Accrued benefits | 551 | 369 | |||||||||
Operating leases | 664 | 165 | |||||||||
Tax credit carryforwards | 6,030 | 3,843 | |||||||||
Net operating loss carryforwards | 17,369 | 12,657 | |||||||||
Other temporary differences not currently available for tax purposes | 7,089 | 3,248 | |||||||||
Total noncurrent deferred tax assets | $ | 42,422 | $ | 26,646 | |||||||
Valuation allowance | (16,441) | (11,992) | |||||||||
Net noncurrent deferred tax assets | $ | 25,981 | $ | 14,654 | |||||||
Noncurrent deferred tax liabilities: | |||||||||||
Amortization and fixed assets | $ | (952) | $ | (2,501) | |||||||
Inventories | 115 | 115 | |||||||||
Pension obligations | 161 | — | |||||||||
Accrued benefits | (124) | (111) | |||||||||
Net operating loss carryforwards | — | 1,517 | |||||||||
Other temporary differences not currently available for tax purposes | (261) | (578) | |||||||||
Total noncurrent tax liabilities | (1,061) | (1,558) | |||||||||
Total net deferred tax asset | $ | 24,920 | $ | 13,096 |
2020 | 2019 | 2018 | |||||||||||||||
Balance - Beginning of the year | 11,992 | $ | 14,665 | $ | 15,021 | ||||||||||||
Provisions | 4,511 | 706 | 874 | ||||||||||||||
Utilizations | (62) | (3,379) | (1,230) | ||||||||||||||
Balance - End of the year | 16,441 | $ | 11,992 | $ | 14,665 |
2020 | 2019 | 2018 | |||||||||||||||
Balance - Beginning of the year | $ | 908 | $ | 894 | $ | 811 | |||||||||||
Gross increase - tax positions in prior periods | 73 | 70 | 66 | ||||||||||||||
Gross decreases - tax positions in prior periods | — | (39) | (14) | ||||||||||||||
Gross increases - current period tax positions | — | — | 59 | ||||||||||||||
Lapse of statute of limitations | — | (12) | (12) | ||||||||||||||
Currency translation adjustment | 25 | (5) | (16) | ||||||||||||||
Balance - End of the year | $ | 1,006 | $ | 908 | $ | 894 |
2020 | 2019 | ||||||||||
Compensation and benefits | $ | 13,172 | $ | 9,111 | |||||||
Contingent consideration | 4,870 | 570 | |||||||||
Taxes payable | 4,057 | 2,513 | |||||||||
Insurance | 2,705 | 3,110 | |||||||||
Accrued freight | 2,556 | 2,408 | |||||||||
Warranty costs | 2,041 | 3,082 | |||||||||
Legal and professional fees | 2,008 | 2,115 | |||||||||
Deferred tooling revenue | 1,371 | 524 | |||||||||
Accrued services | 1,250 | 912 | |||||||||
Restructuring | 679 | 2,324 | |||||||||
Other | 6,111 | 6,004 | |||||||||
$ | 40,820 | $ | 32,673 |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation — Beginning of the year | $ | 39,577 | $ | 45,238 | $ | 44,841 | $ | 40,265 | |||||||||||||||
Service cost | — | — | 37 | — | |||||||||||||||||||
Interest cost | 1,117 | 1,483 | 838 | 1,112 | |||||||||||||||||||
Participant contributions | 2 | 6 | — | — | |||||||||||||||||||
Benefits paid | (2,344) | (10,346) | (1,820) | (1,681) | |||||||||||||||||||
Actuarial loss | 2,866 | 3,196 | 7,514 | 3,730 | |||||||||||||||||||
Exchange rate changes | — | — | 2,244 | 1,415 | |||||||||||||||||||
Benefit obligation at end of the year | 41,218 | 39,577 | 53,654 | 44,841 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets — Beginning of the year | 40,045 | 42,962 | 34,321 | 30,424 | |||||||||||||||||||
Actual return on plan assets | 4,907 | 6,588 | 3,474 | 3,610 | |||||||||||||||||||
Employer contributions | 18 | 835 | 948 | 887 | |||||||||||||||||||
Participant contributions | 2 | 6 | — | — | |||||||||||||||||||
Benefits paid | (2,344) | (10,346) | (1,820) | (1,681) | |||||||||||||||||||
Exchange rate changes | — | — | 1,562 | 1,081 | |||||||||||||||||||
Fair value of plan assets at end of the year | 42,628 | 40,045 | 38,485 | 34,321 | |||||||||||||||||||
Funded status | $ | 1,410 | $ | 468 | $ | (15,169) | $ | (10,520) |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Noncurrent assets | $ | 1,557 | $ | 633 | $ | — | $ | — | |||||||||||||||
Current liabilities | (20) | (19) | — | — | |||||||||||||||||||
Noncurrent liabilities | (127) | (146) | (15,169) | (10,520) | |||||||||||||||||||
Amount recognized | $ | 1,410 | $ | 468 | $ | (15,169) | $ | (10,520) |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Interest cost | $ | 1,117 | $ | 1,483 | $ | 1,664 | $ | 838 | $ | 1,112 | $ | 1,030 | |||||||||||||||||||||||
Expected return on plan assets | (2,075) | (2,393) | (3,151) | (1,093) | (1,117) | (1,210) | |||||||||||||||||||||||||||||
Amortization of prior service cost 1
|
6 | 2,528 | 6 | 47 | 47 | — | |||||||||||||||||||||||||||||
Recognized actuarial loss | 283 | 308 | 263 | 592 | 531 | 496 | |||||||||||||||||||||||||||||
Net periodic cost (benefit) | $ | (669) | $ | 1,926 | $ | (1,218) | $ | 384 | $ | 573 | $ | 316 | |||||||||||||||||||||||
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Net actuarial loss | $ | 10,689 | $ | 10,937 | $ | 14,767 | $ | 18,574 | $ | 13,783 | $ | 12,972 | |||||||||||||||||||||||
Prior service cost | 39 | 45 | 51 | 748 | 747 | 788 | |||||||||||||||||||||||||||||
$ | 10,728 | $ | 10,982 | $ | 14,818 | $ | 19,322 | $ | 14,530 | $ | 13,760 |
U.S. Pension and Other Post-Retirement Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Actuarial (gain) loss | $ | 34 | $ | (1,001) | $ | 5,428 | $ | 968 | |||||||||||||||
Amortization of actuarial (loss) gain | (283) | (2,829) | (625) | (37) | |||||||||||||||||||
Prior service credit | (6) | (6) | (11) | (416) | |||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (255) | $ | (3,836) | $ | 4,792 | $ | 515 |
U.S. Pension and Other Post-Retirement Benefit Plans |
Non-U.S. Pension
Plan |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Discount rate | 2.08 | % | 2.93 | % | 1.20 | % | 1.95 | % |
U.S. Pension and Other Post-Retirement Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Discount rate | 2.93 | % | 3.40 | % | 3.42 | % | 1.95 | % | 2.80 | % | 2.45 | % | |||||||||||||||||||||||
Expected return on plan assets | 5.34 | % | 5.34 | % | 7.00 | % | 3.30 | % | 3.70 | % | 3.70 | % |
Target Allocation | Actual Allocations as of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | — | — | — | 1 | 5 | — | 1 | |||||||||||||||||||||||||||||||||||||||
Equity/Balanced securities | 29 | 52 | 27 | 55 | 29 | 49 | 28 | 53 | |||||||||||||||||||||||||||||||||||||||
Fixed income securities | 61 | 48 | 63 | 45 | 61 | 46 | 62 | 46 | |||||||||||||||||||||||||||||||||||||||
Real estate | 9 | — | 10 | — | 9 | — | 10 | — | |||||||||||||||||||||||||||||||||||||||
100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
December 31, 2020 | |||||||||||||||||||||||
Quoted Prices in
Active Markets for Identical Assets |
Significant
Observable Inputs |
Significant
Unobservable Inputs |
|||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,125 | $ | 2,125 | $ | — | $ | — | |||||||||||||||
Equities: | |||||||||||||||||||||||
U.S. large value | 2,525 | 2,525 | — | — | |||||||||||||||||||
U.S. large growth | 2,741 | 2,741 | — | — | |||||||||||||||||||
International blend | 5,253 | — | 5,253 | — | |||||||||||||||||||
Emerging markets | 1,717 | 1,717 | — | — | |||||||||||||||||||
Balanced | 18,958 | — | 18,958 | — | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Corporate bonds | 40,485 | — | 40,485 | — | |||||||||||||||||||
Other | 3,221 | — | 3,221 | — | |||||||||||||||||||
Real Estate: | |||||||||||||||||||||||
U.S. property | 4,088 | — | — | 4,088 | |||||||||||||||||||
Total pension fund assets | $ | 81,113 | $ | 9,108 | $ | 67,917 | $ | 4,088 | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Quoted Prices in
Active Markets for Identical Assets |
Significant
Observable Inputs |
Significant
Unobservable Inputs |
|||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash and cash equivalents | $ | 332 | $ | 332 | $ | — | $ | — | |||||||||||||||
Equities: | |||||||||||||||||||||||
U.S. large value | 2,434 | 2,434 | — | — | |||||||||||||||||||
U.S. large growth | 2,059 | 2,059 | — | — | |||||||||||||||||||
International blend | 4,854 | — | 4,854 | — | |||||||||||||||||||
Emerging markets | 1,603 | 1,603 | — | — | |||||||||||||||||||
Balanced | 18,246 | — | 18,246 | — | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Government bonds | 24,917 | — | 24,917 | — | |||||||||||||||||||
Corporate bonds | 12,634 | — | 12,634 | — | |||||||||||||||||||
Other | 3,217 | — | 3,217 | — | |||||||||||||||||||
Real Estate: | |||||||||||||||||||||||
U.S. property | 4,070 | — | — | 4,070 | |||||||||||||||||||
Total pension fund assets | $ | 74,366 | $ | 6,428 | $ | 63,868 | $ | 4,070 |
2020 | 2019 | ||||||||||
Beginning balance | $ | 4,070 | $ | 10,962 | |||||||
Actual return on assets held at reporting date | 18 | 430 | |||||||||
Purchases, sales and settlements, net | — | (7,322) | |||||||||
Ending balance | $ | 4,088 | $ | 4,070 |
Year Ending December 31, | Pension Plans | ||||
2021 | $ | 4,392 | |||
2022 | $ | 4,361 | |||
2023 | $ | 4,466 | |||
2024 | $ | 4,501 | |||
2025 | $ | 4,415 | |||
2025 to 2029 | $ | 22,290 |
Amount | ||||||||
Adjusted Award Value at December 31, 2019
|
$ | 2,726 | ||||||
New grants | 2,108 | |||||||
Forfeitures | (2,704) | |||||||
Adjustments | (854) | |||||||
Payments | (300) | |||||||
Adjusted Award Value at December 31, 2020
|
$ | 976 |
2020 | |||||||||||||||||||||||||||||||||||
Shares
(000’s) |
Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||||||||||||||||
Non-vested - beginning of year | 403 | $ | 7.72 | ||||||||||||||||||||||||||||||||
Granted | 1,708 | $ | 3.25 | ||||||||||||||||||||||||||||||||
Vested | (545) | $ | 5.33 | ||||||||||||||||||||||||||||||||
Forfeited | (303) | $ | 4.54 | ||||||||||||||||||||||||||||||||
Non-vested - end of year | 1,263 | $ | 3.48 |
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (37,049) | $ | 15,778 | $ | 41,489 | |||||||||||
Weighted average number of common shares outstanding | 30,943 | 30,602 | 30,277 | ||||||||||||||
Dilutive effect of restricted stock grants after application of the treasury stock method | — | 221 | 310 | ||||||||||||||
Dilutive shares outstanding | 30,943 | 30,823 | 30,587 | ||||||||||||||
Basic earnings (loss) per share attributable to common stockholders | $ | (1.20) | $ | 0.52 | $ | 1.37 | |||||||||||
Diluted earnings (loss) per share attributable to common stockholders | $ | (1.20) | $ | 0.51 | $ | 1.36 |
Foreign
currency items |
Derivative Instruments | Pension and Other Post-Retirement Benefit Plans |
Accumulated other
comprehensive loss |
||||||||||||||||||||
Balance - December 31, 2018 | $ | (22,847) | $ | 496 | $ | (25,120) | $ | (47,471) | |||||||||||||||
Net current period change | (1,185) | — | 2,415 | 1,230 | |||||||||||||||||||
Derivative instruments | — | (32) | — | (32) | |||||||||||||||||||
Reclassification adjustments for losses reclassified into income | — | — | 323 | 323 | |||||||||||||||||||
Balance - December 31, 2019 | $ | (24,032) | $ | 464 | $ | (22,382) | $ | (45,950) | |||||||||||||||
Net current period change | $ | 5,008 | $ | — | $ | (4,597) | $ | 411 | |||||||||||||||
Derivative instruments | — | 977 | — | 977 | |||||||||||||||||||
Reclassification adjustments for losses reclassified into income | — | — | (444) | (444) | |||||||||||||||||||
Balance - December 31, 2020 | $ | (19,024) | $ | 1,441 | $ | (27,423) | $ | (45,006) |
2020 |
Before Tax
Amount |
Tax Expense | After Tax Amount | ||||||||||||||
Retirement benefits adjustment: | |||||||||||||||||
Net actuarial loss and prior service credit | $ | (4,537) | $ | (60) | $ | (4,597) | |||||||||||
Reclassification of actuarial loss and prior service cost to net income | (505) | 61 | (444) | ||||||||||||||
Net unrealized loss | (5,042) | 1 | (5,041) | ||||||||||||||
Cumulative translation adjustment | 5,008 | — | 5,008 | ||||||||||||||
Derivative instruments | 1,419 | (442) | 977 | ||||||||||||||
Total other comprehensive gain | $ | 1,385 | $ | (441) | $ | 944 | |||||||||||
2019 |
Before Tax
Amount |
Tax Expense | After Tax Amount | ||||||||||||||
Retirement benefits adjustment: | |||||||||||||||||
Net actuarial gain and prior service credit | $ | 3,320 | $ | (905) | $ | 2,415 | |||||||||||
Reclassification of actuarial loss and prior service cost to net income | 323 | — | 323 | ||||||||||||||
Net unrealized gain | 3,643 | (905) | 2,738 | ||||||||||||||
Cumulative translation adjustment | (1,185) | — | (1,185) | ||||||||||||||
Derivative instruments | (32) | — | (32) | ||||||||||||||
Total other comprehensive gain | $ | 2,426 | $ | (905) | $ | 1,521 |
Electrical Systems |
Global
Seating |
Corporate/
Other |
Total | ||||||||||||||||||||
Balance - December 31, 2018 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
New charges | 2,159 | 489 | 310 | 2,958 | |||||||||||||||||||
Payments and other adjustments | (883) | (387) | 636 | (634) | |||||||||||||||||||
Balance - December 31, 2019 | $ | 1,276 | $ | 102 | $ | 946 | $ | 2,324 | |||||||||||||||
New charges | 4,149 | 1,126 | 1,639 | 6,914 | |||||||||||||||||||
Payments and other adjustments | (4,962) | (1,188) | (2,409) | (8,559) | |||||||||||||||||||
Balance - December 31, 2020 | $ | 463 | $ | 40 | $ | 176 | $ | 679 |
2020 | 2019 | ||||||||||
Balance - beginning of the year | $ | 3,082 | $ | 3,911 | |||||||
Provision for warranty claims | 656 | 1,868 | |||||||||
Deduction for payments made and other adjustments | (1,697) | (2,697) | |||||||||
Balance - end of year | $ | 2,041 | $ | 3,082 |
Year Ending December 31, | ||||||||
2021 | $ | 4,375 | ||||||
2022 | 4,375 | |||||||
2023 | 142,200 | |||||||
2024 | — | |||||||
2025 | — | |||||||
Thereafter | — |
For the year ended December 31, 2020 | |||||||||||||||||||||||
Electrical Systems | Global Seating |
Corporate/
Other |
Total | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
External revenues | $ | 443,363 | $ | 274,336 | $ | — | $ | 717,699 | |||||||||||||||
Intersegment revenues | 2,592 | 3,494 | (6,086) | — | |||||||||||||||||||
Total revenues | $ | 445,955 | $ | 277,830 | $ | (6,086) | $ | 717,699 | |||||||||||||||
Gross profit | $ | 42,811 | $ | 31,635 | $ | (370) | $ | 74,076 | |||||||||||||||
Selling, general & administrative expenses
|
19,811 | 18,355 | 26,628 | 64,794 | |||||||||||||||||||
Amortization expense | 2,917 | 517 | — | 3,434 | |||||||||||||||||||
Goodwill and other impairment | 23,415 | 4,809 | 793 | 29,017 | |||||||||||||||||||
Operating income (loss) | $ | (3,332) | $ | 7,954 | $ | (27,791) | $ | (23,169) | |||||||||||||||
Capital expenditures and depreciation expense: | |||||||||||||||||||||||
Capital expenditures | $ | 4,617 | $ | 1,485 | $ | 1,040 | $ | 7,142 | |||||||||||||||
Depreciation expense | $ | 8,760 | $ | 4,287 | $ | 2,012 | $ | 15,059 |
For the year ended December 31, 2019 | |||||||||||||||||||||||
Electrical Systems | Global Seating | Corporate/Other | Total | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
External revenues | $ | 522,484 | $ | 378,754 | $ | — | $ | 901,238 | |||||||||||||||
Intersegment revenues | 8,417 | 2,794 | (11,211) | — | |||||||||||||||||||
Total revenues | $ | 530,901 | $ | 381,548 | $ | (11,211) | $ | 901,238 | |||||||||||||||
Gross profit | $ | 60,008 | $ | 45,201 | $ | (72) | $ | 105,137 | |||||||||||||||
Selling, general & administrative expenses
|
15,815 | 20,429 | 26,305 | 62,549 | |||||||||||||||||||
Amortization expense | 1,415 | 537 | — | 1,952 | |||||||||||||||||||
Operating income (loss) | $ | 42,778 | $ | 24,235 | $ | (26,377) | $ | 40,636 | |||||||||||||||
Capital expenditures and depreciation expense: | |||||||||||||||||||||||
Capital expenditures | $ | 17,728 | $ | 3,721 | $ | 2,668 | $ | 24,117 | |||||||||||||||
Depreciation expense | $ | 6,699 | $ | 4,379 | $ | 2,484 | $ | 13,562 |
For the year ended December 31, 2018 | |||||||||||||||||||||||
Electrical Systems | Global Seating | Corporate/Other | Total | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
External revenues | $ | 503,717 | $ | 394,020 | $ | — | $ | 897,737 | |||||||||||||||
Intersegment revenues | 9,037 | 3,481 | (12,518) | — | |||||||||||||||||||
Total revenues | $ | 512,754 | $ | 397,501 | $ | (12,518) | $ | 897,737 | |||||||||||||||
Gross profit | $ | 71,104 | $ | 54,231 | $ | (415) | $ | 124,920 | |||||||||||||||
Selling, general & administrative expenses
|
15,390 | 22,433 | 22,856 | 60,679 | |||||||||||||||||||
Amortization expense | 747 | 553 | — | 1,300 | |||||||||||||||||||
Operating income (loss) | $ | 54,967 | $ | 31,245 | $ | (23,271) | $ | 62,941 | |||||||||||||||
Capital expenditures and depreciation expense: | |||||||||||||||||||||||
Capital expenditures | $ | 9,825 | $ | 3,579 | $ | 2,140 | $ | 15,544 | |||||||||||||||
Depreciation expense | $ | 6,919 | $ | 4,604 | $ | 2,448 | $ | 13,971 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Revenues |
Long-lived
Assets
|
Revenues |
Long-lived
Assets
|
Revenues |
Long-lived
Assets |
||||||||||||||||||||||||||||||
United States | $ | 536,846 | $ | 60,605 | $ | 691,224 | $ | 70,870 | $ | 670,075 | $ | 49,874 | |||||||||||||||||||||||
United Kingdom | 33,329 | 10,763 | 48,070 | 12,233 | 51,451 | 3,204 | |||||||||||||||||||||||||||||
All other countries | 147,524 | 22,222 | 161,944 | 26,335 | 176,211 | 11,023 | |||||||||||||||||||||||||||||
$ | 717,699 | $ | 93,590 | $ | 901,238 | $ | 109,438 | $ | 897,737 | $ | 64,101 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
A.B. Volvo | 16 | % | 22 | % | 19 | % | |||||||||||
Daimler | 14 | % | 17 | % | 16 | % |
Revenues | Gross Profit | Operating Income | Net Income (Loss) |
Basic Earnings (Loss) Per Share 1
|
Dilutive Earnings (Loss) Per Share 1
|
||||||||||||||||||||||||||||||
2020: | |||||||||||||||||||||||||||||||||||
First | $ | 187,105 | 20,303 | (26,523) | $ | (24,594) | $ | (0.80) | $ | (0.80) | |||||||||||||||||||||||||
Second | $ | 126,896 | 6,475 | (10,515) | $ | (12,497) | $ | (0.40) | $ | (0.40) | |||||||||||||||||||||||||
Third | $ | 187,697 | 24,159 | 8,893 | $ | 4,178 | $ | 0.13 | $ | 0.13 | |||||||||||||||||||||||||
Fourth | $ | 216,001 | $ | 23,139 | $ | 4,976 | $ | (4,136) | $ | (0.13) | $ | (0.13) | |||||||||||||||||||||||
2019: | |||||||||||||||||||||||||||||||||||
First | $ | 243,164 | $ | 33,089 | $ | 17,569 | $ | 9,986 | $ | 0.33 | $ | 0.33 | |||||||||||||||||||||||
Second | $ | 243,190 | $ | 32,436 | $ | 15,866 | $ | 6,146 | $ | 0.20 | $ | 0.20 | |||||||||||||||||||||||
Third | $ | 225,399 | $ | 29,444 | $ | 11,476 | $ | 7,180 | $ | 0.23 | $ | 0.23 | |||||||||||||||||||||||
Fourth | $ | 189,485 | $ | 10,168 | $ | (4,275) | $ | (7,534) | $ | (0.24) | $ | (0.24) |
Level | Average Daily Availability |
Base
Rate Loans
|
LIBOR Loans
|
|||||||||||||||||
III |
≥ $30,000,000
|
0.50% | 1.50% | |||||||||||||||||
II |
> $15,000,000 but < $30,000,000
|
0.75% | 1.75% | |||||||||||||||||
I |
≤ $15,000,000
|
1.00% | 2.00% |
Name | Amount | ||||||||||
Harold C. Bevis, President and Chief Executive Officer | $ | 500,000 |
1
|
||||||||
Christopher H. Bohnert, Chief Financial Officer | $ | 54,167 | |||||||||
Douglas F. Bowen, SVP & Managing Director | $ | 188,760 |
Name | Age | Principal Position(s) | ||||||||||||
Robert C. Griffin | 73 | Chairman and Director | ||||||||||||
Harold C. Bevis | 61 | President, Chief Executive Officer and Director | ||||||||||||
Roger L. Fix | 66 | Director | ||||||||||||
Wayne M. Rancourt | 58 | Director | ||||||||||||
James R. Ray, Jr. | 57 | Director | ||||||||||||
Janice E. Stipp | 61 | Director |
Name | Age | Principal Position(s) | ||||||||||||
Harold C. Bevis | 61 | President, Chief Executive Officer and Director | ||||||||||||
Christopher H. Bohnert | 54 | Chief Financial Officer | ||||||||||||
Douglas F. Bowen | 64 | Senior Vice President and Managing Director of Global Seating | ||||||||||||
Number of Securities to be
Issued upon Exercise of Outstanding Options, Warrants and Rights |
Weighted-average
Exercise Price of Outstanding Options, Warrants and Rights |
Number of
Securities Remaining Available for Future Issuance Under Equity Compensation Plans |
|||||||||||||||
2020 Equity Incentive Plan approved by security holders | — | $ | — | 2,867,653 | |||||||||||||
Exhibit No. | Description | |||||||
Asset Purchase Agreement, dated as of January 28, 2011, by and among CVG Alabama LLC and Bostrom Seating, Inc., (incorporated by reference to the Company’s annual report on Form 10-K (File No. 000-34365), filed on March 15, 2011). | ||||||||
Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 000-50890), filed on September 17, 2004). | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of May 12, 2011 (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 13, 2011). | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of May 15, 2015 (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 15, 2015). | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of May 17, 2018 (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 18, 2018). | ||||||||
Amended and Restated By-laws of the Company (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 000-50890), filed on September 17, 2004). | ||||||||
Certificate of Designations of Series A Preferred Stock (included as Exhibit A to the Rights Agreement incorporated by reference to Exhibit 4.8) (incorporated by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on May 22, 2009. | ||||||||
Certificate of Designations, Preferences and Rights of Series B Junior Participating Preferred Stock (incorporated by reference to the Company’s Current Report (File No. 001-34365,) filed on June 25, 2020).
|
||||||||
Registration Rights Agreement, dated July 6, 2005, among the Company, the subsidiary guarantors party thereto and the purchasers named therein (incorporated herein by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on July 8, 2005). | ||||||||
Commercial Vehicle Group, Inc. Rights Agreement, dated as of May 21, 2009, by and between the Company and Computershare Trust Company, N.A. (incorporated by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on May 22, 2009). | ||||||||
Form of Rights Certificate (included as Exhibit B to the Rights Agreement) (incorporated by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on May 22, 2009). | ||||||||
Form of Summary of Rights to Purchase (included as Exhibit C to the Rights Agreement) (incorporated by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on May 22, 2009). | ||||||||
Commercial Vehicle Group, Inc. Amendment No. 1 to Rights Agreement, dated as of March 9, 2011, by and between the Company and Computershare Trust Company, N.A. (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on March 9, 2011). | ||||||||
Form of Certificate of Common Stock of the Company (incorporated by reference to the Company’s registration statement on Form S-1/A (File No. 333-115708), filed August 3, 2004). | ||||||||
Amended and Restated Loan and Security Agreement, dated as of April 26, 2011, by and among the Company, certain of the Company’s subsidiaries, as borrowers, and Bank of America, N.A. as agent and lender (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on April 28, 2011). | ||||||||
Second Amended and Restated Loan and Security Agreement, dated as of November 15, 2013, by and among the Company, certain of the Company’s subsidiaries, as borrowers, and Bank of America, N.A. as agent and lender, (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on November 21, 2013). | ||||||||
Third Amended and Restated Loan and Security Agreement, dated as of April 12, 2017, by and among the Company, certain of the Company’s subsidiaries, as borrowers, and Bank of America, N.A. as agent and other lender parties thereto (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on April 13, 2017). | ||||||||
Term Loan Agreement, dated as of April 12, 2017, by and among the Company, Bank of America, N.A., as administrative agent, and other lender parties thereto (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on April 13, 2017). | ||||||||
Description of Securities (incorporated by reference to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 16, 2020.
|
Exhibit No. | Description | |||||||
Commercial Vehicle Group, Inc. Fourth Amended and Restated Equity Incentive Plan (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 13, 2011). | ||||||||
Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (incorporated by reference from the Company proxy statement on Form Schedule 14A (File No. 001-34365), filed on April 11, 2014). | ||||||||
Amended and Restated Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (incorporated by reference from the Company's current report on Form 8-K (File No. 001-34365), filed on May 17, 2017). | ||||||||
Commercial Vehicle Group, Inc. 2017 Annual Incentive Plan (incorporated by reference from the Company current report on Form 10-Q (File No. 001-34365), filed on May 5, 2017). | ||||||||
Commercial Vehicle Group, Inc. Annual Incentive Plan (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on March 14, 2018). | ||||||||
Registration Agreement, dated October 5, 2000, by and among Bostrom Holding, Inc. and the investors listed on Schedule A attached thereto (incorporated by reference to the Company’s registration statement on Form S-1 (File No. 333-115708), filed on May 21, 2004). | ||||||||
Joinder to the Registration Agreement, dated as of May 20, 2004, by and among Commercial Vehicle Group, Inc. and the prior stockholders of Trim Systems (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 000-50890), filed on September 17, 2004). | ||||||||
Assignment and Assumption Agreement, dated as of June 1, 2004, between Mayflower Vehicle Systems PLC and Mayflower Vehicle Systems, Inc. (incorporated by reference to the Company’s registration statement on Form S-1 (File No. 333-125626), filed on June 8, 2005). | ||||||||
Form of Cash Performance Award pursuant to the Commercial Vehicle Group, Inc. Fourth Amended and Restated Equity Incentive Plan (incorporated by reference to the Company’s Annual Report on Form 10-K (File No. 001-34365), filed on March 11, 2013). | ||||||||
Form of Restricted Stock Agreement pursuant to the Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (incorporated by reference from the Company quarterly report on Form 10-Q (File No. 001-34365), filed on November 7, 2014). | ||||||||
Offer letter, dated September 27, 2013, to C. Timothy Trenary (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on September 30, 2013). | ||||||||
Change in Control & Non-Competition Agreement dated January 23, 2014 with C. Timothy Trenary (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on January 24, 2014). | ||||||||
Amended and Restated Deferred Compensation Plan dated November 5, 2008 (incorporated by reference to the Company’s annual report on Form 10-K (File No. 000-50890), filed on March 16, 2009). | ||||||||
Form of indemnification agreement with directors and executive officers (incorporated by reference to the Company’s annual report on Form 10-K (File No. 000-50890), filed on March 14, 2008). | ||||||||
Change in Control & Non-Competition Agreement dated October 24, 2014 with Patrick Miller (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on October 28, 2014). | ||||||||
Employment Agreement, dated as of March 22, 2016, between the Company and Patrick E. Miller (incorporated by reference to the company’s current report on form 8-K (File No. 001-34365), filed on March 24, 2016). | ||||||||
Retention Bonus Agreement between the Company and Mr. Trenary effective March 22, 2016 (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on August 3, 2016). | ||||||||
Offer letter, dated May 25, 2017, to Douglas Bowen (incorporated by reference to Exhibit 10.20 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 16, 2020). |
Change in Control & Non-Competition Agreement dated November 7, 2017 with Douglas Bowen (incorporated by reference to Exhibit 10.21 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 16, 2020).
|
||||||||
Offer letter, dated March 23, 2020, to Harold Bevis (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on March 26, 2020) | ||||||||
Employment Agreement between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of September 9, 2020 (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on September 11, 2020) | ||||||||
Restricted Stock Agreement between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of April 3, 2020. | ||||||||
Performance Award Agreement (cash) between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of January 6, 2021. | ||||||||
Performance Award Agreement (performance shares) between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of January 6, 2021. | ||||||||
Restricted Stock Agreement between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of December 31, 2020. | ||||||||
Offer letter, dated October 5, 2020, to Christopher Bohnert (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on October 5, 2020) | ||||||||
Offer letter, dated November 11, 2020, to Angela O’Leary (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on November 17, 2020) | ||||||||
Change in Control & Non-Competition Agreement dated March 8, 2021 with Christopher Bohnert. | ||||||||
Change in Control & Non-Competition Agreement dated March 8, 2021 with Angela O’Leary. | ||||||||
Amendment No. 2 dated as of May 11, 2020, to the Third Amended and Restated Loan and Security Agreement dated as of April 12, 2017 among the Company, the other Borrowers, the Lenders, and Bank of America, N.A., as agent for the Lenders (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on August 10, 2020). | ||||||||
First Amendment to Term Loan and Security Agreement, dated as of May 11, 2020 among the Company, its Subsidiaries, the Lenders and Bank of America, N.A., as administrative agent (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on August 10, 2020 | ||||||||
Exhibit No. | Description | |||||||
Subsidiaries of Commercial Vehicle Group, Inc. | ||||||||
Consent of KPMG LLP. | ||||||||
302 Certification by Harold C. Bevis, President and Chief Executive Officer. | ||||||||
302 Certification by Christopher H. Bohnert, Executive Vice President and Chief Financial Officer. | ||||||||
906 Certification by Harold C. Bevis pursuant to 18 U.S.C. Section 1350, as adopted pursuant to the Sarbanes-Oxley Act of 2002. | ||||||||
906 Certification by Christopher H. Bohnert pursuant to 18 U.S.C. Section 1350, as adopted pursuant to the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Schema Document | |||||||
101.CAL | XBRL Calculation Linkbase Document | |||||||
101.LAB | XBRL Label Linkbase Document | |||||||
101.PRE | XBRL Presentation Linkbase Document | |||||||
101.DEF | XBRL Definition Linkbase Document |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit to this annual report on Form 10-K. | ||||
** | The schedules and exhibits to the Asset Purchase Agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S—K. The Company will furnish supplementally a copy of any such omitted schedules or exhibits to the SEC upon request. |
COMMERCIAL VEHICLE GROUP, INC. | |||||
By: | /s/ Harold C. Bevis | ||||
Harold C. Bevis | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ Robert C. Griffin | Chairman and Director | |||||||
Robert C. Griffin | ||||||||
/s/ Harold C. Bevis | President, Chief Executive Officer | |||||||
Harold C. Bevis | (Principal Executive Officer) and Director | |||||||
/s/ Roger L. Fix | Director | |||||||
Roger L. Fix | ||||||||
/s/ Wayne M. Rancourt | Director | |||||||
Wayne M. Rancourt | ||||||||
/s/ James R. Ray, Jr. | Director | |||||||
James R. Ray, Jr. | ||||||||
/s/ Janice E. Stipp | Director | |||||||
Janice E. Stipp | ||||||||
/s/ Christopher H. Bohnert | Chief Financial Officer | |||||||
Christopher H. Bohnert | (Principal Financial Officer) | |||||||
/s/ Angela M. O'Leary | Chief Accounting Officer | |||||||
Angela M. O'Leary | (Principal Accounting Officer) |
Vesting Date
|
Percentage of Restricted Shares Vesting on such Vesting Date | ||||
December 31, 2020 | 33⅓% | ||||
December 31, 2021 | 33⅓% | ||||
December 31, 2022 | 33⅓% |
Date: ___________________ |
Holder
|
Company’s TSR Ranking Relative to Peer Group | Percentage of the Cash Performance Award | ||||
Top Quartile | 200% | ||||
Second Quartile | 100% | ||||
Third Quartile | 50% | ||||
Bottom Quartile | 0% |
Company’s TSR Ranking Relative to Peer Group | Percentage of the Number Performance Shares | ||||
Top Quartile | 200% | ||||
Second Quartile | 100% | ||||
Third Quartile | 50% | ||||
Bottom Quartile | 0% |
Vesting Date
|
Percentage of Restricted Shares Vesting on such Vesting Date | ||||
December 31, 2021 | 33⅓% | ||||
December 31, 2022 | 33⅓% | ||||
December 31, 2023 | 33⅓% |
Date: ___________________ |
Holder
|
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Commercial Vehicle Group, Inc.
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By | /s/ Laura Macias | ||||||||||||||||||||||
Laura L. Macias | |||||||||||||||||||||||
Chief Human Resources Officer | |||||||||||||||||||||||
Executive:
|
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By: | /s/ Christopher Bohnert | ||||||||||||||||||||||
Christopher Bohnert | |||||||||||||||||||||||
Chief Financial Officer | |||||||||||||||||||||||
Page 14 of 14 Change in Control & Non-competition Agreement | Bohnert
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Commercial Vehicle Group, Inc.
|
|||||||||||||||||||||||
By | /s/ Laura Macias | ||||||||||||||||||||||
Laura L. Macias | |||||||||||||||||||||||
Chief Human Resources Officer | |||||||||||||||||||||||
Executive:
|
|||||||||||||||||||||||
By: | /s/ Angela O’Leary | ||||||||||||||||||||||
Angela O’Leary | |||||||||||||||||||||||
Corporate Controller and Chief Accounting Officer | |||||||||||||||||||||||
Page 14 of 13 Change in Control & Non-competition Agreement | O’Leary
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EXHIBIT 21.1 | |||||||||||
Subsidiaries of Commercial Vehicle Group, Inc. | |||||||||||
Entity | Jurisdiction | ||||||||||
1 | C.I.E.B. Kahovec, spol. s r.o. | Czech Republic | |||||||||
2 | Cabarrus Plastics, Inc. | North Carolina, United States | |||||||||
3 | Comercial Vehicle Group México, S. de R.L. de C.V. | Mexico | |||||||||
4 | Commercial Vehicle Group (Thailand) Company Limited | Thailand | |||||||||
5 | CVG Alabama, LLC | Delaware, United States | |||||||||
6 | CVG AR LLC | Delaware, United States | |||||||||
7 | CVG CS LLC | Delaware, United States | |||||||||
8 | CVG CVS Holdings, LLC | Delaware, United States | |||||||||
9 | CVG European Holdings, LLC | Delaware, United States | |||||||||
10 | CVG FSE, LLC | Delaware, United States | |||||||||
11 | CVG Global S.à r.l. | Luxembourg | |||||||||
12 | CVG International Holdings, Inc. | Barbados | |||||||||
13 | CVG International S.à r.l. | Luxembourg | |||||||||
14 | CVG Logistics, LLC | Delaware, United States | |||||||||
15 | CVG Management Corporation | Delaware, United States | |||||||||
16 | CVG Monona Wire, LLC | Iowa, United States | |||||||||
17 | CVG Monona, LLC | Delaware, United States | |||||||||
18 | CVG National Seating Company, LLC | Delaware, United States | |||||||||
19 | CVG Seating (India) Private Limited | India | |||||||||
20 | CVG Sprague Devices, LLC | Delaware, United States | |||||||||
21 | CVG Ukraine LLC | Ukraine | |||||||||
22 | CVG Vehicle Components (Beijing) Co., Ltd. | China | |||||||||
23 | CVG Vehicle Components (Shanghai) Co., Ltd. | China | |||||||||
24 | CVS Holdings Limited | United Kingdom | |||||||||
25 | EMD Servicios, S.A. de C.V. | Mexico | |||||||||
26 | KAB Seating Limited | United Kingdom | |||||||||
27 | KAB Seating Pty. Ltd. | Australia | |||||||||
28 | KAB Seating S.A. | Belgium | |||||||||
29 | Mayflower Vehicle Systems, LLC | Delaware, United States | |||||||||
30 | Monona (Mexico) Holdings LLC | Illinois, United States | |||||||||
31 | MWC de México, S. de R.L. de C.V. | Mexico | |||||||||
32 | PEKM Kabeltechnik s.r.o. | Czech Republic | |||||||||
33 | T.S. México, S. de R.L. de C.V. | Mexico | |||||||||
34 | Trim Systems Operating Corp. | Delaware, United States | |||||||||
35 | Trim Systems, Inc. | Delaware, United States |
[/s/ Harold C. Bevis] | |||||
Harold C. Bevis
Chief Executive Officer (Principal Executive Officer) |
[/s/ Christopher H. Bohnert] | |||||
Christopher H. Bohnert
Chief Financial Officer (Principal Financial Officer) |
[/s/ Harold C. Bevis] | |||||
Harold C. Bevis
Chief Executive Officer (Principal Executive Officer) |
[/s/ Christopher H. Bohnert] | |||||
Christopher H. Bohnert
Chief Financial Officer (Principal Financial Officer) |