VIASYSTEMS GROUP INC

CIK:0001101169|SEC Filings

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2015

11. Accumulated Other Comprehensive Income

Changes in accumulated other comprehensive income, by component, for the three months ended March 31, 2015 and 2014, were as follows:


	2015								2014
	Cash Flow Hedges (see Note 7)			Foreign Currency Translation		Total			Cash Flow Hedges (see Note 7)			Foreign Currency Translation		Total
Accumulated other comprehensive (loss) income at beginning of year	$	(1,053	)	$	7,528	$	6,475		$	933		$	7,528	$	8,461

Other comprehensive (loss) income, net of tax and before reclassifications		918			—		918			(3,501	)		—		(3,501	)
Amounts reclassified from accumulated other comprehensive income, net of tax		(407	)		—		(407	)		203			—		203

Other comprehensive income (loss), net of tax,		511			—		511			(3,298	)		—		(3,298	)

Accumulated other comprehensive (loss) income at March 31,	$	(542	)	$	7,528	$	6,986		$	(2,365	)	$	7,528	$	5,163

Other comprehensive (loss) income for the three-month periods ended March 31, 2015 and 2014, was net of taxes of $0.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (8,313)us-gaap_ProfitLoss	$ (9,357)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	22,899us-gaap_DepreciationAndAmortization	23,492us-gaap_DepreciationAndAmortization
Non-cash stock compensation expense	1,540us-gaap_ShareBasedCompensation	1,729us-gaap_ShareBasedCompensation
Amortization of deferred financing costs	759us-gaap_AmortizationOfFinancingCosts	655us-gaap_AmortizationOfFinancingCosts
(Gain) loss on disposition of assets, net	92us-gaap_GainLossOnDispositionOfAssets	(1,070)us-gaap_GainLossOnDispositionOfAssets
Deferred income taxes	(431)	(2,527)
Non-cash impact of exchange rate changes	(309)	(186)
Amortization of original issue premium on long term debt	(173)
Change in assets and liabilities:
Accounts receivable	(4,081)	(10,379)
Inventories	7,331us-gaap_IncreaseDecreaseInInventories	(3,187)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other	7,352	521
Accounts payable	(1,042)	(26,774)
Accrued and other liabilities	616	16,300
Net cash provided by (used in) operating activities	26,240	(10,783)
Cash flows from investing activities:
Capital expenditures	(15,713)	(14,999)
Proceeds from disposals of property, plant and equipment	147	1,041
Net cash used in investing activities	(15,566)	(13,958)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities and term loans	163us-gaap_ProceedsFromLinesOfCredit	20,000us-gaap_ProceedsFromLinesOfCredit
Repayments of borrowings under mortgages and credit facilities	(269)us-gaap_RepaymentsOfLinesOfCredit	(10,328)us-gaap_RepaymentsOfLinesOfCredit
Proceeds from exercise of stock options	215
Withholding taxes related to stock awards net share settlements	(1,115)	(585)
Financing and other fees		(19)us-gaap_PaymentsOfFinancingCosts
Net cash (used in) provided by financing activities	(1,006)	9,068
Net change in cash and cash equivalents	9,668	(15,673)
Cash and cash equivalents, beginning of the period	71,964	54,738
Cash and cash equivalents, end of the period	81,632	39,065
Supplemental cash flow information:
Interest paid	176us-gaap_InterestPaid	386us-gaap_InterestPaid
Income taxes paid, net	$ 6,802us-gaap_IncomeTaxesPaidNet	$ 4,226us-gaap_IncomeTaxesPaidNet

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 81,632	$ 71,964
Accounts receivable, net	219,865us-gaap_AccountsReceivableNetCurrent	215,784us-gaap_AccountsReceivableNetCurrent
Inventories	130,864us-gaap_InventoryNet	138,195us-gaap_InventoryNet
Prepaid expenses and other	31,671	38,694
Total current assets	464,032us-gaap_AssetsCurrent	464,637us-gaap_AssetsCurrent
Property, plant and equipment, net	409,559us-gaap_PropertyPlantAndEquipmentNet	415,607us-gaap_PropertyPlantAndEquipmentNet
Goodwill	151,283us-gaap_Goodwill	151,283us-gaap_Goodwill
Intangible assets, net	88,797us-gaap_FiniteLivedIntangibleAssetsNet	90,158us-gaap_FiniteLivedIntangibleAssetsNet
Deferred financing costs, net	12,356	13,115
Other assets	745us-gaap_OtherAssetsNoncurrent	705us-gaap_OtherAssetsNoncurrent
Total assets	1,126,772us-gaap_Assets	1,135,505us-gaap_Assets
Current liabilities:
Current maturities of long-term debt	1,134us-gaap_DebtCurrent	1,093us-gaap_DebtCurrent
Accounts payable	174,304us-gaap_AccountsPayableCurrent	175,346us-gaap_AccountsPayableCurrent
Accrued and other liabilities	99,649	99,757
Total current liabilities	275,087us-gaap_LiabilitiesCurrent	276,196us-gaap_LiabilitiesCurrent
Long-term debt, less current maturities	612,348	612,915
Other non-current liabilities	43,835us-gaap_OtherLiabilitiesNoncurrent	43,730us-gaap_OtherLiabilitiesNoncurrent
Total liabilities	931,270us-gaap_Liabilities	932,841us-gaap_Liabilities
Stockholders' equity:
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 20,903,142 and 20,921,111 shares issued and outstanding	209us-gaap_CommonStockValue	209us-gaap_CommonStockValue
Paid-in capital	2,402,145	2,401,505
Accumulated deficit	(2,217,765)	(2,209,279)
Accumulated other comprehensive income	6,986	6,475
Total Viasystems stockholders' equity	191,575us-gaap_StockholdersEquity	198,910us-gaap_StockholdersEquity
Noncontrolling interest	3,927us-gaap_MinorityInterest	3,754us-gaap_MinorityInterest
Total stockholders' equity	195,502	202,664
Total liabilities and stockholders' equity	$ 1,126,772	$ 1,135,505