(Mark
One)
|
||
þ
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
New York
|
11-1362020
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
37-18 Northern Blvd., Long Island City,
N.Y.
|
11101
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
Accelerated Filer o
|
Accelerated
Filer þ
|
|
Non-Accelerated
Filer o (Do
not check if a smaller reporting company)
|
Smaller
reporting company o
|
Page No.
|
|
PART
I - FINANCIAL INFORMATION
|
|
Item
1. Consolidated Financial
Statements:
|
|
Consolidated
Statements of Operations (Unaudited) for the Three Months Ended March 31,
2010 and 2009
|
3
|
Consolidated
Balance Sheets as of March 31, 2010 (Unaudited) and December
31, 2009
|
4
|
Consolidated
Statements of Cash Flows (Unaudited) for the Three Months Ended March 31,
2010 and 2009
|
5
|
Consolidated
Statement of Changes in Stockholders’ Equity (Unaudited) for the Three
Months Ended March 31, 2010
|
6
|
Notes
to Consolidated Financial Statements (Unaudited)
|
7
|
Item
2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations
|
22
|
Item
3. Quantitative and Qualitative
Disclosures about Market Risk
|
35
|
Item
4. Controls and
Procedures
|
36
|
PART
II – OTHER INFORMATION
|
|
Item
1. Legal Proceedings
|
37
|
Item
6. Exhibits
|
39
|
Signatures
|
39
|
(Dollars
in thousands, except share and per share data)
|
Three
Months Ended
March
31,
|
|||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
Net
sales
|
$ | 179,351 | $ | 172,222 | ||||
Cost
of sales
|
135,533 | 131,329 | ||||||
Gross profit
|
43,818 | 40,893 | ||||||
Selling,
general and administrative expenses
|
36,665 | 36,019 | ||||||
Restructuring
and integration expenses
|
753 | 1,163 | ||||||
Operating income
|
6,400 | 3,711 | ||||||
Other
income, net
|
398 | 105 | ||||||
Interest
expense
|
1,864 | 2,477 | ||||||
Earnings
from continuing operations before taxes
|
4,934 | 1,339 | ||||||
Provision
for income taxes
|
2,067 | 552 | ||||||
Earnings
from continuing operations
|
2,867 | 787 | ||||||
Loss
from discontinued operations, net of income taxes
|
(496 | ) | (260 | ) | ||||
Net earnings
|
$ | 2,371 | $ | 527 | ||||
Net
earnings per common share – Basic:
|
||||||||
Earnings
from continuing operations
|
$ | 0.13 | $ | 0.04 | ||||
Discontinued
operations
|
(0.02 | ) | (0.01 | ) | ||||
Net
earnings per common share – Basic
|
$ | 0.11 | $ | 0.03 | ||||
Net
earnings per common share – Diluted:
|
||||||||
Earnings
from continuing operations
|
$ | 0.13 | $ | 0.04 | ||||
Discontinued
operations
|
(0.02 | ) | (0.01 | ) | ||||
Net
earnings per common share – Diluted
|
$ | 0.11 | $ | 0.03 | ||||
Average
number of common shares
|
22,414,311 | 18,596,218 | ||||||
Average
number of common shares and dilutive common shares
|
22,495,888 | 18,596,218 |
(In thousands, except share and per share data)
|
March 31,
2010
|
December 31,
2009
|
||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 14,734 | $ | 10,618 | ||||
Accounts
receivable, less allowance for discounts and doubtful accounts of $7,674
and $6,962 for 2010 and 2009, respectively
|
142,388 | 124,823 | ||||||
Inventories
|
210,090 | 199,752 | ||||||
Deferred
income taxes
|
17,509 | 18,129 | ||||||
Assets
held for sale
|
433 | 1,405 | ||||||
Prepaid
expenses and other current assets
|
10,269 | 9,487 | ||||||
Total
current assets
|
395,423 | 364,214 | ||||||
Property,
plant and equipment, net
|
61,967 | 61,478 | ||||||
Goodwill
|
1,437 | 1,437 | ||||||
Other
intangibles, net
|
11,803 | 12,368 | ||||||
Deferred
income taxes
|
28,605 | 29,542 | ||||||
Other
assets
|
14,325 | 15,420 | ||||||
Total
assets
|
$ | 513,560 | $ | 484,459 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Notes
payable
|
$ | 75,707 | $ | 58,430 | ||||
Current
portion of long-term debt
|
81 | 67 | ||||||
Accounts
payable
|
69,826 | 54,381 | ||||||
Sundry
payables and accrued expenses
|
19,293 | 24,114 | ||||||
Accrued
customer returns
|
26,306 | 20,442 | ||||||
Accrued
rebates
|
25,394 | 25,276 | ||||||
Payroll
and commissions
|
15,132 | 21,913 | ||||||
Total
current liabilities
|
231,739 | 204,623 | ||||||
Long-term
debt
|
17,703 | 17,908 | ||||||
Post-retirement
medical benefits
|
19,490 | 19,355 | ||||||
Other
accrued liabilities
|
23,907 | 23,821 | ||||||
Accrued
asbestos liabilities
|
24,472 | 24,874 | ||||||
Total
liabilities
|
317,311 | 290,581 | ||||||
Commitments
and contingencies Stockholders’ equity:
|
||||||||
Common
stock – par value $2.00 per share:
|
||||||||
Authorized
– 30,000,000 shares; issued 23,936,036 shares
|
47,872 | 47,872 | ||||||
Capital
in excess of par value
|
77,230 | 77,238 | ||||||
Retained
earnings
|
81,336 | 80,083 | ||||||
Accumulated
other comprehensive income
|
4,719 | 5,475 | ||||||
Treasury
stock – at cost 1,387,511 and 1,562,649 shares in 2010 and 2009,
respectively
|
(14,908 | ) | (16,790 | ) | ||||
Total
stockholders’ equity
|
196,249 | 193,878 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 513,560 | $ | 484,459 |
(In thousands)
|
Three Months Ended
March 31,
|
|||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
earnings
|
$ | 2,371 | $ | 527 | ||||
Adjustments
to reconcile net earnings to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation
and amortization
|
3,285 | 3,652 | ||||||
Increase
in allowance for doubtful accounts
|
411 | 1,061 | ||||||
Increase
in inventory reserves
|
1,048 | 2,000 | ||||||
Amortization
of deferred gain on sale of building
|
(262 | ) | (262 | ) | ||||
Gain
on disposal of property, plant and equipment
|
(198 | ) |
–
|
|||||
Equity
loss from joint ventures
|
94 | 58 | ||||||
Employee
stock ownership plan allocation
|
408 | 85 | ||||||
Stock-based
compensation
|
205 | 125 | ||||||
Decrease
(increase) in deferred income taxes
|
1,557 | (8 | ) | |||||
Loss
from discontinued operation, net of income tax
|
496 | 260 | ||||||
Change
in assets and liabilities:
|
||||||||
Increase
in accounts receivable
|
(17,976 | ) | (8,332 | ) | ||||
Decrease
(increase) in inventories
|
(11,387 | ) | 23,226 | |||||
Increase
in prepaid expenses and other current assets
|
(266 | ) | (304 | ) | ||||
Increase
(decrease) in accounts payable
|
8,958 | (13,221 | ) | |||||
Increase
(decrease) in sundry payables and accrued expenses
|
(5,578 | ) | 9,145 | |||||
Net
changes in other assets and liabilities
|
(606 | ) | 535 | |||||
Net
cash provided by (used in) operating activities
|
(17,440 | ) | 18,547 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds
from the sale of property, plant and equipment
|
4 |
–
|
||||||
Net
cash received from the sale of land and buildings
|
873 |
–
|
||||||
Divestiture
of joint ventures
|
1,000 | 4,000 | ||||||
Capital
expenditures
|
(3,065 | ) | (1,320 | ) | ||||
Acquisitions
of businesses and assets
|
–
|
(5,996 | ) | |||||
Net
cash used in investing activities
|
(1,188 | ) | (3,316 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net
borrowings (repayments) under line-of-credit agreements
|
17,278 | (9,792 | ) | |||||
Net
repayment of long-term debt
|
(262 | ) | (34 | ) | ||||
Increase
(decrease) in overdraft balances
|
6,486 | (308 | ) | |||||
Adjustment
to costs related to issuance of common stock
|
36 |
–
|
||||||
Dividends
paid
|
(1,118 | ) |
–
|
|||||
Net
cash provided by (used in) financing activities
|
22,420 | (10,134 | ) | |||||
Effect
of exchange rate changes on cash
|
324 | (720 | ) | |||||
Net
increase in cash and cash equivalents
|
4,116 | 4,377 | ||||||
CASH
AND CASH EQUIVALENTS at beginning of the period
|
10,618 | 6,608 | ||||||
CASH
AND CASH EQUIVALENTS at end of the period
|
$ | 14,734 | $ | 10,985 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 728 | $ | 2,987 | ||||
Income
taxes
|
$ | 524 | $ | 889 |
(In
thousands)
|
Common
Stock
|
Capital
in
Excess
of
Par Value
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Treasury
Stock
|
Total
|
||||||||||||||||||
Balance
at December 31, 2009
|
$ | 47,872 | $ | 77,238 | $ | 80,083 | $ | 5,475 | $ | (16,790 | ) | $ | 193,878 | |||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||||||
Net
earnings
|
2,371 | 2,371 | ||||||||||||||||||||||
Foreign
currency translation adjustment
|
396 | 396 | ||||||||||||||||||||||
Pension
and retiree medical adjustment, net of tax
|
(1,152 | ) | (1,152 | ) | ||||||||||||||||||||
Total
comprehensive income (loss)
|
1,615 | |||||||||||||||||||||||
Cash
dividends paid
|
(1,118 | ) | (1,118 | ) | ||||||||||||||||||||
Adjustment
to costs related to issuance of common stock
|
36 | 36 | ||||||||||||||||||||||
Stock-based
compensation
|
205 | 205 | ||||||||||||||||||||||
Employee
Stock Ownership Plan
|
(249 | ) | 1,882 | 1,633 | ||||||||||||||||||||
Balance
at March 31, 2010
|
$ | 47,872 | $ | 77,230 | $ | 81,336 | $ | 4,719 | $ | (14,908 | ) | $ | 196,249 |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 8,774 | $ | 1,971 | $ | 10,745 | ||||||
Restructuring
and integration costs:
|
||||||||||||
Amounts
provided for during 2010
|
525 | 228 | 753 | |||||||||
Cash
payments
|
(1,741 | ) | (192 | ) | (1,933 | ) | ||||||
Exit
activity liability at March 31, 2010
|
$ | 7,558 | $ | 2,007 | $ | 9,565 |
Engine
Management
|
Temperature
Control
|
Other
|
Total
|
|||||||||||||
Exit
activity liability at December 31, 2009
|
$ | 1,395 | $ | 385 | $ | 1,422 | $ | 3,202 | ||||||||
Restructuring
costs:
|
||||||||||||||||
Amounts
provided for during 2010
|
72 | — | — | 72 | ||||||||||||
Cash
payments
|
(215 | ) | (23 | ) | (248 | ) | (486 | ) | ||||||||
Exit
activity liability at March 31, 2010
|
$ | 1,252 | $ | 362 | $ | 1,174 | $ | 2,788 |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 1,347 | $ | — | $ | 1,347 | ||||||
Integration
costs:
|
||||||||||||
Amounts
provided for during 2010
|
407 | 173 | 580 | |||||||||
Cash
payments
|
(653 | ) | (92 | ) | (745 | ) | ||||||
Exit
activity liability at March 31, 2010
|
$ | 1,101 | $ | 81 | $ | 1,182 |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 532 | $ | — | $ | 532 | ||||||
Integration
costs:
|
||||||||||||
Amounts
provided for during 2010
|
— | 27 | 27 | |||||||||
Cash
payments
|
(532 | ) | (27 | ) | (559 | ) | ||||||
Exit
activity liability at March 31, 2010
|
$ | — | $ | — | $ | — |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 3,693 | $ | 1,971 | $ | 5,664 | ||||||
Integration
costs:
|
||||||||||||
Amounts
provided for during 2010
|
46 | 28 | 74 | |||||||||
Cash
payments
|
(70 | ) | (73 | ) | (143 | ) | ||||||
Exit
activity liability at March 31, 2010
|
$ | 3,669 | $ | 1,926 | $ | 5,595 |
Engine
Management
|
Temperature
Control
|
Other
|
Total
|
|||||||||||||
Exit
activity liability at December 31, 2009
|
$ | 7,017 | $ | 364 | $ | 162 | $ | 7,543 | ||||||||
Integration
costs:
|
||||||||||||||||
Amounts
provided for during 2010
|
358 | 323 | — | 681 | ||||||||||||
Cash
payments
|
(1,220 | ) | (190 | ) | (37 | ) | (1,447 | ) | ||||||||
Exit
activity liability at March 31, 2010
|
$ | 6,155 | $ | 497 | $ | 125 | $ | 6,777 |
March
31,
2010
|
December
31,
2009
|
|||||||
(In
thousands)
|
||||||||
Finished
goods, net
|
$ | 139,471 | $ | 130,054 | ||||
Work
in process, net
|
5,304 | 4,472 | ||||||
Raw
materials, net
|
65,315 | 65,226 | ||||||
Total
inventories, net
|
$ | 210,090 | $ | 199,752 |
March
31,
2010
|
December
31,
2009
|
|||||||
(In
thousands)
|
||||||||
Revolving
credit facilities (1)
|
$ | 75,707 | $ | 58,430 | ||||
15%
convertible subordinated debentures
|
12,300 | 12,300 | ||||||
15%
unsecured promissory notes
|
5,098 | 5,339 | ||||||
Other
|
386 | 336 | ||||||
Total
debt
|
$ | 93,491 | $ | 76,405 | ||||
Current
maturities of debt
|
$ | 75,788 | $ | 58,497 | ||||
Long-term
debt
|
17,703 | 17,908 | ||||||
Total
debt
|
$ | 93,491 | $ | 76,405 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(Years)
|
||||||||||
Outstanding
at December 31, 2009
|
378,095 | $ | 13.26 | 3.7 | ||||||||
Expired
|
(48,671 | ) | $ | 14.74 | — | |||||||
Exercised
|
— | — | — | |||||||||
Forfeited,
other
|
(8,900 | ) | $ | 12.75 | 5.5 | |||||||
Outstanding
at March 31, 2010
|
320,524 | $ | 13.05 | 3.2 | ||||||||
Options
exercisable at March 31, 2010
|
320,524 | $ | 13.05 | 3.2 |
Shares
|
Weighted Average
Grant Date Fair
Value Per Share
|
|||||||
Balance
at December 31, 2009
|
288,425 | $ | 9.40 | |||||
Granted
|
— | — | ||||||
Vested
|
— | — | ||||||
Forfeited
|
(725 | ) | $ | 12.16 | ||||
Balance
at March 31, 2010
|
287,700 | $ | 9.39 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
|
2010
|
2009
|
||||||
Pension Benefits (1) | ||||||||
Service
cost
|
$ | 22 | $ | 22 | ||||
Interest
cost
|
36 | 72 | ||||||
Amortization
of prior service cost
|
40 | 28 | ||||||
Actuarial
net (gain) loss
|
— | (33 | ) | |||||
Net
periodic benefit cost
|
$ | 98 | $ | 89 | ||||
Post
Retirement Benefits
|
||||||||
Service
cost
|
$ | 55 | $ | 74 | ||||
Interest
cost
|
283 | 273 | ||||||
Amortization
of prior service cost
|
(2,258 | ) | (2,317 | ) | ||||
Amortization
of transition obligation
|
1 | 1 | ||||||
Actuarial
net (gain) loss
|
319 | 383 | ||||||
Net
periodic benefit credit
|
$ | (1,600 | ) | $ | (1,586 | ) |
(1)
|
The
components of net periodic benefit costs for the three months ended March
31, 2009 includes the pension cost related to the U.K. pension plan which
was disposed of in November 2009 in connection with the sale of our
European distribution
business.
|
March
31, 2010
|
December
31, 2009
|
|||||||||||||||
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||
Cash
and cash equivalents
|
$ | 14,734 | $ | 14,734 | $ | 10,618 | $ | 10,618 | ||||||||
Deferred
compensation
|
5,147 | 5,147 | 5,319 | 5,319 | ||||||||||||
Short
term borrowings
|
75,788 | 75,788 | 58,497 | 58,497 | ||||||||||||
Long-term
debt
|
17,703 | 17,703 | 17,908 | 17,908 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
|
2010
|
2009
|
||||||
Basic Net Earnings per Common Shares: | ||||||||
Earnings
from continuing operations
|
$ | 2,867 | $ | 787 | ||||
Loss
from discontinued operation
|
(496 | ) | (260 | ) | ||||
Net
earnings available to common stockholders
|
$ | 2,371 | $ | 527 | ||||
Weighted
average common shares outstanding
|
22,414 | 18,596 | ||||||
Net
earnings from continuing operations per common share
|
$ | 0.13 | $ | 0.04 | ||||
Loss
from discontinued operation per common share
|
(0.02 | ) | (0.01 | ) | ||||
Basic
net earnings per common share
|
$ | 0.11 | $ | 0.03 | ||||
Diluted
Net Earnings per Common Share:
|
||||||||
Earnings
from continuing operations
|
$ | 2,867 | $ | 787 | ||||
Loss
from discontinued operation
|
(496 | ) | (260 | ) | ||||
Net
earnings available to common stockholders
|
$ | 2,371 | $ | 527 | ||||
Weighted
average common shares outstanding
|
22,414 | 18,596 | ||||||
Plus
incremental shares from assumed conversions:
|
||||||||
Dilutive
effect of restricted stock
|
82 | — | ||||||
Dilutive
effect of stock options
|
— | — | ||||||
Dilutive
effect of convertible debentures
|
— | — | ||||||
Weighted
average common shares outstanding – Diluted
|
22,496 | 18,596 | ||||||
Net
earnings from continuing operations per common share
|
$ | 0.13 | $ | 0.04 | ||||
Loss
from discontinued operation per common share
|
(0.02 | ) | (0.01 | ) | ||||
Diluted
net earnings per common share
|
$ | 0.11 | $ | 0.03 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2010
|
2009
|
|||||||
Stock
options
|
321 | 455 | ||||||
Restricted
shares
|
119 | 189 | ||||||
15%
convertible subordinated debentures
|
820 | — | ||||||
6.75%
convertible subordinated debentures
|
— | 1,394 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2010
|
2009
|
|||||||
Net
earnings as reported
|
$ | 2,371 | $ | 527 | ||||
Foreign
currency translation adjustment
|
396 | (1,180 | ) | |||||
Postretirement
benefit plans:
|
||||||||
Reclassification
adjustment for recognition of prior period amounts
|
(1,343 | ) | (1,313 | ) | ||||
Unrecognized
amounts
|
191 | 210 | ||||||
Total
comprehensive income (loss)
|
$ | 1,615 | $ | (1,756 | ) |
Three
Months Ended
|
||||||||
March
31,
|
||||||||
2010
|
2009
|
|||||||
Net
Sales
|
||||||||
Engine
Management
|
$ | 137,097 | $ | 124,313 | ||||
Temperature
Control
|
40,015 | 40,260 | ||||||
Europe
|
— | 6,721 | ||||||
All
Other
|
2,239 | 928 | ||||||
Consolidated
|
$ | 179,351 | $ | 172,222 | ||||
Intersegment
Revenue
|
||||||||
Engine
Management
|
$ | 4,432 | $ | 7,260 | ||||
Temperature
Control
|
919 | 698 | ||||||
Europe
|
— | 21 | ||||||
All
Other
|
(5,351 | ) | (7,979 | ) | ||||
Consolidated
|
$ | — | $ | — | ||||
Operating
Profit
|
||||||||
Engine
Management
|
$ | 9,550 | $ | 7,575 | ||||
Temperature
Control
|
23 | (1,329 | ) | |||||
Europe
|
— | 221 | ||||||
All
Other
|
(3,173 | ) | (2,756 | ) | ||||
Consolidated
|
$ | 6,400 | $ | 3,711 |
Three
Months Ended
|
||||||||
March
31,
|
||||||||
2010
|
2009
|
|||||||
Balance,
beginning of period
|
$ | 10,476 | $ | 10,162 | ||||
Liabilities
accrued for current year sales
|
10,527 | 10,276 | ||||||
Settlements
of warranty claims
|
(10,438 | ) | (9,915 | ) | ||||
Balance,
end of period
|
$ | 10,565 | $ | 10,523 |
ITEM
2.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
|
Three Months Ended
March 31,
|
Engine
Management
|
Temperature
Control
|
Europe
|
Other
|
Total
|
|||||||||||||||
2010
|
||||||||||||||||||||
Net
sales
|
$ | 137,097 | $ | 40,015 | $ | — | $ | 2,239 | $ | 179,351 | ||||||||||
Gross
margins
|
33,134 | 8,253 | — | 2,431 | 43,818 | |||||||||||||||
Gross
margin percentage
|
24.2 | % | 20.6 | % | — | — | 24.4 | % | ||||||||||||
2009
|
||||||||||||||||||||
Net
sales
|
$ | 124,313 | $ | 40,260 | $ | 6,721 | $ | 928 | $ | 172,222 | ||||||||||
Gross
margins
|
30,525 | 6,247 | 1,828 | 2,293 | 40,893 | |||||||||||||||
Gross
margin percentage
|
24.6 | % | 15.5 | % | 27.2 | % | — | 23.7 | % |
Engine
Management
|
Temperature
Control
|
Other
|
Total
|
|||||||||||||
Exit
activity liability at December 31, 2009
|
$ | 8,412 | $ | 749 | $ | 1,584 | $ | 10,745 | ||||||||
Restructuring
and integration costs:
|
||||||||||||||||
Amounts
provided for during 2010
|
430 | 323 | — | 753 | ||||||||||||
Cash
payments
|
(1,435 | ) | (213 | ) | (285 | ) | (1,933 | ) | ||||||||
Exit
activity liability at March 31,
2010
|
$ | 7,407 | $ | 859 | $ | 1,299 | $ | 9,565 |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 8,774 | $ | 1,971 | $ | 10,745 | ||||||
Restructuring
and integration costs:
|
||||||||||||
Amounts
provided for during 2010
|
525 | 228 | 753 | |||||||||
Cash
payments
|
(1,741 | ) | (192 | ) | (1,933 | ) | ||||||
Exit
activity liability at March 31,
2010
|
$ | 7,558 | $ | 2,007 | $ | 9,565 |
Engine
Management
|
Temperature
Control
|
Other
|
Total
|
|||||||||||||
Exit
activity liability at December 31, 2009
|
$ | 1,395 | $ | 385 | $ | 1,422 | $ | 3,202 | ||||||||
Restructuring
costs:
|
||||||||||||||||
Amounts
provided for during 2010
|
72 | — | — | 72 | ||||||||||||
Cash
payments
|
(215 | ) | (23 | ) | (248 | ) | (486 | ) | ||||||||
Exit
activity liability at March 31,
2010
|
$ | 1,252 | $ | 362 | $ | 1,174 | $ | 2,788 |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 1,347 | $ | — | $ | 1,347 | ||||||
Integration
costs:
|
||||||||||||
Amounts
provided for during 2010
|
407 | 173 | 580 | |||||||||
Cash
payments
|
(653 | ) | (92 | ) | (745 | ) | ||||||
Exit
activity liability at March 31,
2010
|
$ | 1,101 | $ | 81 | $ | 1,182 |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 532 | $ | — | $ | 532 | ||||||
Integration
costs:
|
||||||||||||
Amounts
provided for during 2010
|
— | 27 | 27 | |||||||||
Cash
payments
|
(532 | ) | (27 | ) | (559 | ) | ||||||
Exit
activity liability at March 31,
2010
|
$ | — | $ | — | $ | — |
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
||||||||||
Exit
activity liability at December 31, 2009
|
$ | 3,693 | $ | 1,971 | $ | 5,664 | ||||||
Integration
costs:
|
||||||||||||
Amounts
provided for during 2010
|
46 | 28 | 74 | |||||||||
Cash
payments
|
(70 | ) | (73 | ) | (143 | ) | ||||||
Exit
activity liability at March 31,
2010
|
$ | 3,669 | $ | 1,926 | $ | 5,595 |
Engine
Management
|
Temperature
Control
|
Other
|
Total
|
|||||||||||||
Exit
activity liability at December 31, 2009
|
$ | 7,017 | $ | 364 | $ | 162 | $ | 7,543 | ||||||||
Integration
costs:
|
||||||||||||||||
Amounts
provided for during 2010
|
358 | 323 | — | 681 | ||||||||||||
Cash
payments
|
(1,220 | ) | (190 | ) | (37 | ) | (1,447 | ) | ||||||||
Exit
activity liability at March 31,
2010
|
$ | 6,155 | $ | 497 | $ | 125 | $ | 6,777 |
(in thousands)
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015-
2028
|
Total
|
|||||||||||||||||||||
Principal
payments of long term debt
|
$ |
─
|
$ | 17,639 | $ |
─
|
$ |
─
|
$ |
─
|
$ |
─
|
$ | 17,639 | ||||||||||||||
Lease
obligations
|
8,928 | 7,685 | 5,979 | 5,905 | 5,187 | 9,879 | 43,563 | |||||||||||||||||||||
Post
retirement benefits
|
1,080 | 1,104 | 1,135 | 1,182 | 1,238 | 11,645 | 17,384 | |||||||||||||||||||||
Severance
payments related to restructuring and integration
|
4,097 | 920 | 751 | 652 | 530 | 3,876 | 10,826 | |||||||||||||||||||||
Total
commitments
|
$ | 14,105 | $ | 27,348 | $ | 7,865 | $ | 7,739 | $ | 6,955 | $ | 25,400 | $ | 89,412 |