Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'CRR | ' | ' |
Entity Registrant Name | 'CARBO CERAMICS INC | ' | ' |
Entity Central Index Key | '0001009672 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,102,471 | ' |
Entity Public Float | ' | ' | $1,331,909,120 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $94,250 | $90,635 |
Trade accounts and other receivables, net | 125,179 | 103,258 |
Inventories: | ' | ' |
Finished goods | 87,218 | 102,625 |
Raw materials and supplies | 47,042 | 38,061 |
Total inventories | 134,260 | 140,686 |
Prepaid expenses and other current assets | 5,442 | 4,293 |
Prepaid income taxes | 1,888 | ' |
Deferred income taxes | 10,363 | 11,045 |
Total current assets | 371,382 | 349,917 |
Property, plant and equipment: | ' | ' |
Land and land improvements | 31,163 | 19,700 |
Land-use and mineral rights | 12,751 | 9,559 |
Buildings | 72,702 | 67,866 |
Machinery and equipment | 535,529 | 530,129 |
Construction in progress | 109,735 | 39,564 |
Total | 761,880 | 666,818 |
Less accumulated depreciation and amortization | 283,345 | 240,586 |
Net property, plant and equipment | 478,535 | 426,232 |
Goodwill | 12,164 | 12,164 |
Intangible and other assets, net | 16,870 | 20,565 |
Total assets | 878,951 | 808,878 |
Current liabilities: | ' | ' |
Accounts payable | 24,570 | 20,078 |
Accrued payroll and benefits | 13,650 | 13,986 |
Accrued freight | 6,873 | 4,925 |
Accrued utilities | 3,577 | 3,707 |
Accrued income taxes | ' | 727 |
Other accrued expenses | 8,018 | 7,407 |
Total current liabilities | 56,688 | 50,830 |
Deferred income taxes | 53,676 | 44,970 |
Shareholders' equity: | ' | ' |
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none outstanding | ' | ' |
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 23,080,632 and 23,092,906 shares issued and outstanding at December 31, 2013 and 2012, respectively | 231 | 231 |
Additional paid-in capital | 56,782 | 57,364 |
Retained earnings | 714,835 | 657,423 |
Accumulated other comprehensive loss | -3,261 | -1,940 |
Total shareholders' equity | 768,587 | 713,078 |
Total liabilities and shareholders' equity | $878,951 | $808,878 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, share authorized | 5,000 | 5,000 |
Preferred stock, share outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, share authorized | 80,000,000 | 80,000,000 |
Common stock, share issued | 23,080,632 | 23,092,906 |
Common stock, share outstanding | 23,080,632 | 23,092,906 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | $667,398 | $645,536 | $625,705 |
Cost of sales | 474,403 | 422,031 | 363,990 |
Gross profit | 192,995 | 223,505 | 261,715 |
Selling, general and administrative expenses | 68,447 | 64,033 | 62,381 |
Start-up costs | 0 | 68 | 184 |
(Gain) loss on disposal or impairment of assets | -43 | 518 | 1,548 |
Operating profit | 124,591 | 158,886 | 197,602 |
Other income (expense): | ' | ' | ' |
Interest income, net | 777 | 64 | 197 |
Foreign currency exchange loss, net | -17 | -76 | -135 |
Other, net | -150 | -284 | -214 |
Nonoperating expense, total | 610 | -296 | -152 |
Income before income taxes | 125,201 | 158,590 | 197,450 |
Income taxes | 40,315 | 52,657 | 67,314 |
Net income | $84,886 | $105,933 | $130,136 |
Earnings per share: | ' | ' | ' |
Basic | $3.67 | $4.59 | $5.62 |
Diluted | $3.67 | $4.59 | $5.62 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $84,886 | $105,933 | $130,136 |
Other comprehensive (loss) income: | ' | ' | ' |
Foreign currency translation adjustment | -2,031 | 2,960 | -1,198 |
Deferred income tax benefit (expense) | 710 | -1,035 | 1,447 |
Other comprehensive (loss) income, net of tax | -1,321 | 1,925 | 249 |
Comprehensive income | $83,565 | $107,858 | $130,385 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands | |||||
Balances at Dec. 31, 2010 | $521,979 | $231 | $57,475 | $468,387 | ($4,114) |
Net income | 130,136 | ' | ' | 130,136 | ' |
Foreign currency translation adjustment, net of tax expense (benefit) of ($710) in 2013, $1,035 in 2012 and ($1,447) in 2011 | 249 | ' | ' | ' | 249 |
Comprehensive income | 130,385 | ' | ' | ' | ' |
Exercise of stock options | 76 | ' | 76 | ' | ' |
Tax benefit (expense) from stock based compensation | 1,412 | ' | 1,412 | ' | ' |
Stock granted under restricted stock plan, net | 223 | ' | 223 | ' | ' |
Stock based compensation | 4,002 | ' | 4,002 | ' | ' |
Shares repurchased and retired | -6,649 | ' | -6,649 | ' | ' |
Shares surrendered by employees to pay taxes | -901 | ' | ' | -901 | ' |
Cash dividends, per share $1.14 in 2013 , $1.02 in 2012 and $0.88 in 2011 | -20,369 | ' | ' | -20,369 | ' |
Balances at Dec. 31, 2011 | 630,158 | 231 | 56,539 | 577,253 | -3,865 |
Net income | 105,933 | ' | ' | 105,933 | ' |
Foreign currency translation adjustment, net of tax expense (benefit) of ($710) in 2013, $1,035 in 2012 and ($1,447) in 2011 | 1,925 | ' | ' | ' | 1,925 |
Comprehensive income | 107,858 | ' | ' | ' | ' |
Exercise of stock options | 54 | ' | 54 | ' | ' |
Tax benefit (expense) from stock based compensation | 1,388 | ' | 1,388 | ' | ' |
Stock granted under restricted stock plan, net | 207 | 1 | 206 | ' | ' |
Stock based compensation | 4,903 | ' | 4,903 | ' | ' |
Shares repurchased and retired | -5,727 | -1 | -5,726 | ' | ' |
Shares surrendered by employees to pay taxes | -2,200 | ' | ' | -2,200 | ' |
Cash dividends, per share $1.14 in 2013 , $1.02 in 2012 and $0.88 in 2011 | -23,563 | ' | ' | -23,563 | ' |
Balances at Dec. 31, 2012 | 713,078 | 231 | 57,364 | 657,423 | -1,940 |
Net income | 84,886 | ' | ' | 84,886 | ' |
Foreign currency translation adjustment, net of tax expense (benefit) of ($710) in 2013, $1,035 in 2012 and ($1,447) in 2011 | -1,321 | ' | ' | ' | -1,321 |
Comprehensive income | 83,565 | ' | ' | ' | ' |
Tax benefit (expense) from stock based compensation | -205 | ' | -205 | ' | ' |
Stock granted under restricted stock plan, net | 210 | 1 | 209 | ' | ' |
Stock based compensation | 5,247 | ' | 5,247 | ' | ' |
Shares repurchased and retired | -5,834 | -1 | -5,833 | ' | ' |
Shares surrendered by employees to pay taxes | -1,124 | ' | ' | -1,124 | ' |
Cash dividends, per share $1.14 in 2013 , $1.02 in 2012 and $0.88 in 2011 | -26,350 | ' | ' | -26,350 | ' |
Balances at Dec. 31, 2013 | $768,587 | $231 | $56,782 | $714,835 | ($3,261) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign currency translation adjustment, tax expense (benefit) | ($710) | $1,035 | ($1,447) |
Cash dividends, per share | $1.14 | $1.02 | $0.88 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $84,886 | $105,933 | $130,136 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 47,472 | 44,893 | 36,015 |
Provision for doubtful accounts | 354 | 19 | 229 |
Deferred income taxes | 10,121 | 11,212 | 4,223 |
Excess tax benefits from stock based compensation | -134 | -1,384 | -1,399 |
(Gain) loss on disposal or impairment of assets | -43 | 518 | 1,548 |
Foreign currency transaction loss, net | 17 | 76 | 135 |
Stock compensation expense | 5,837 | 5,335 | 4,719 |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts and other receivables | -22,024 | 8,945 | -23,101 |
Inventories | 6,068 | -7,589 | -41,704 |
Prepaid expenses and other current assets | -1,136 | -150 | -1,142 |
Long-term prepaid expenses | 2,969 | 12,005 | -24,083 |
Accounts payable | 4,330 | -18,201 | 15,971 |
Accrued expenses | 1,677 | -10,628 | 11,846 |
Accrued income taxes, net | -2,823 | 5,397 | -1,980 |
Net cash provided by operating activities | 137,571 | 156,381 | 111,413 |
Investing activities | ' | ' | ' |
Capital expenditures | -99,936 | -77,189 | -90,395 |
Net cash used in investing activities | -99,936 | -77,189 | -90,395 |
Financing activities | ' | ' | ' |
Proceeds from bank borrowings | ' | 10,000 | ' |
Repayments on bank borrowings | ' | -10,000 | ' |
Net proceeds from stock based compensation | ' | 54 | 76 |
Dividends paid | -26,350 | -23,563 | -20,369 |
Purchase of common stock | -6,958 | -7,927 | -7,550 |
Excess tax benefits from stock based compensation | 134 | 1,384 | 1,399 |
Net cash used in financing activities | -33,174 | -30,052 | -26,444 |
Effect of exchange rate changes on cash | -846 | 225 | 40 |
Net increase (decrease) in cash and cash equivalents | 3,615 | 49,365 | -5,386 |
Cash and cash equivalents at beginning of year | 90,635 | 41,270 | 46,656 |
Cash and cash equivalents at end of year | 94,250 | 90,635 | 41,270 |
Supplemental cash flow information | ' | ' | ' |
Interest paid | 10 | 78 | 1 |
Income taxes paid | $33,015 | $36,036 | $65,071 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Significant Accounting Policies | ' | ||
1 | Significant Accounting Policies | ||
Description of Business | |||
CARBO Ceramics Inc. (the “Company”) was formed in 1987 and is a manufacturer of ceramic proppants and also produces resin-coated ceramic and resin-coated sand proppants. The Company has six production plants in: New Iberia, Louisiana; Eufaula, Alabama; McIntyre, Georgia; Toomsboro, Georgia; Luoyang, China; and Kopeysk, Russia; and a sand processing facility in Marshfield, Wisconsin. The Company predominantly markets its proppant products through pumping service companies that perform hydraulic fracturing for oil and gas companies. Finished goods inventories are stored at the plant sites and various domestic and international remote distribution facilities. The Company also provides the industry’s most widely used hydraulic fracture simulation software FracPro®, as well as hydraulic fracture design and consulting services. In addition, the Company provides a broad range of technologies for spill prevention, containment and countermeasures. The Company wound-down its geotechnical monitoring business in late 2012. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its operating subsidiaries. All significant intercompany transactions have been eliminated. | |||
Concentration of Credit Risk, Accounts Receivable and Other Receivables | |||
The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Receivables are generally due within 30 days. The majority of the Company’s receivables are from customers in the petroleum pressure pumping industry. The Company establishes an allowance for doubtful accounts based on its assessment of collectability risk and periodically evaluates the balance in the allowance based on a review of trade accounts receivable. Trade accounts receivable are periodically reviewed for collectability based on customers’ past credit history and current financial condition, and the allowance is adjusted if necessary. Credit losses historically have been insignificant. The allowance for doubtful accounts at December 31, 2013 and 2012 was $2,083 and $1,844, respectively. Other receivables were $2,781 and $1,732 as of December 31, 2013 and 2012, respectively, of which related mainly to miscellaneous receivables in the United States and China. | |||
Cash Equivalents | |||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheet for cash equivalents approximate fair value. | |||
Inventories | |||
Inventories are stated at the lower of cost (weighted average) or market. Finished goods inventories include costs of materials, plant labor and overhead incurred in the production of the Company’s products and costs to transfer finished goods to distribution centers. | |||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed on the straight-line method for financial reporting purposes using the following estimated useful lives: | |||
Buildings and improvements | 15 to 30 years | ||
Machinery and equipment | 3 to 30 years | ||
Land-use rights | 30 years | ||
The Company holds approximately 4,220 acres of land and leasehold interests containing kaolin reserves near its plants in Georgia and Alabama. The Company also holds approximately 490 acres of land and leasehold interests near its resin-coating facility currently under construction in Marshfield, Wisconsin containing sand reserves for use as raw material in the production of its resin-coated sand products. The capitalized costs of land and mineral rights as well as costs incurred to develop such property are amortized using the units-of-production method based on estimated total tons of these reserves. | |||
Impairment of Long-Lived Assets and Intangible Assets | |||
Long-lived assets to be held and used and intangible assets that are subject to amortization are reviewed for impairment whenever events or circumstances indicate their carrying amounts might not be recoverable. Recoverability is assessed by comparing the undiscounted expected future cash flows from the assets with their carrying amount. If the carrying amount exceeds the sum of the undiscounted future cash flows an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Intangible assets that are not subject to amortization are tested for impairment at least annually by comparing their fair value with the carrying amount and recording an impairment loss for any excess of carrying amount over fair value. Fair values are generally determined based on discounted expected future cash flows or appraised values, as appropriate. During 2013, the Company recognized a gain of $43, and in 2012 and 2011, the Company recognized losses of $518 and $1,548, respectively, on disposal or impairment of various assets. The gain in 2013 consisted primarily of equipment disposals. The loss in 2012 consisted primarily of the wind down of the geotechnical monitoring business. The loss in 2011 consisted of an impairment of goodwill related to the Company’s geotechnical monitoring business, a write-down of a 6% interest in an investment accounted for under the cost method as a result of the sale of the business by majority shareholders and certain equipment disposals. | |||
Capitalized Software | |||
The Company capitalizes certain software costs, after technological feasibility has been established, which are amortized utilizing the straight-line method over the economic lives of the related products, generally not to exceed five years. | |||
Goodwill | |||
Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the date of acquisition. Goodwill relating to each of the Company’s reporting units is tested for impairment annually as well as when an event, or change in circumstances, indicates an impairment is more likely than not to have occurred. As a result of changes in business conditions in the geotechnical monitoring business during 2011, the Company recorded an impairment charge of $889 on goodwill associated with that reporting unit. The latest impairment review indicated goodwill related to other reporting units was not impaired. | |||
Revenue Recognition | |||
Revenue from proppant sales is recognized when title passes to the customer, generally upon delivery. Revenue from consulting and geotechnical services is recognized at the time service is performed. Revenue from the sale of fracture simulation software is recognized when title passes to the customer at time of shipment. Revenue from the sale of spill prevention services is recognized at the time service is performed. Revenue from the sale of containment goods is recognized at the time goods are delivered. | |||
Shipping and Handling Costs | |||
Shipping and handling costs are classified as cost of sales. Shipping costs consist of transportation costs to deliver products to customers. Handling costs include labor and overhead to maintain finished goods inventory and operate distribution facilities. | |||
Cost of Start-Up Activities | |||
Start-up activities, including organization costs, are expensed as incurred. There were no start-up costs during 2013. Start-up costs for 2012 primarily related to the start-up of the second resin-coating line at the Company’s New Iberia, Louisiana facility. Start-up costs for 2011 primarily related to the start-up of the fourth production line at the Company’s Toomsboro, Georgia facility. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Research and Development Costs | |||
Research and development costs are charged to operations when incurred and are included in Selling, General and Administrative expenses. The amounts incurred in 2013, 2012 and 2011 were $8,416, $6,916 and $7,335, respectively. | |||
Foreign Subsidiaries | |||
Financial statements of the Company’s foreign subsidiaries are translated using current exchange rates for assets and liabilities; average exchange rates for the period for revenues, expenses, gains and losses; and historical exchange rates for equity accounts. Resulting translation adjustments are included in, and the only component of, Accumulated Other Comprehensive Loss as a separate component of shareholders’ equity. | |||
New Accounting Pronouncements | |||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance on reporting of amounts reclassified from accumulated other comprehensive income. The new guidance requires a company to present significant amounts reclassified from each component of other comprehensive income and the income statement line items affected by the reclassification. The Company adopted this guidance as of January 1, 2013. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows. | |||
On September 13, 2013, the U.S. Treasury and IRS issued final Tangible Property Regulations (“TPR”) under IRC Section 162 and IRC Section 263(a). The regulations are not effective until tax years beginning on or after January 1, 2014; however, certain portions may require an accounting method change on a retroactive basis, thus requiring a IRC Section 481(a) adjustment related to fixed and real asset deferred taxes. The accounting rules under ASC 740 treat the release of the regulations as a change in tax law as of the date of issuance and require the Company to determine whether there will be an impact on its financial statements for the year ended December 31, 2013. Any such impact of the final tangible property regulations would affect temporary deferred taxes only and result in a balance sheet reclassification between current and deferred taxes. The Company has analyzed the expected impact of the TPR on the Company and concluded that the expected impact is immaterial. The Company will continue to monitor the impact of any future changes to the TPR on the Company prospectively. |
Intangible_and_Other_Assets
Intangible and Other Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Intangible and Other Assets | ' | ||||||||||||||||||||
2 | Intangible and Other Assets | ||||||||||||||||||||
Following is a summary of intangible assets as of December 31: | |||||||||||||||||||||
Weighted | 2013 | 2012 | |||||||||||||||||||
Average | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Intangibles: | |||||||||||||||||||||
Patents and licenses, software and hardware designs | 6 years | $ | 3,620 | $ | 1,461 | $ | 3,955 | $ | 1,684 | ||||||||||||
Developed technology | 10 years | 2,782 | 1,182 | 2,782 | 904 | ||||||||||||||||
Customer relationships and non-compete | 9 years | 2,838 | 1,428 | 2,838 | 1,092 | ||||||||||||||||
Trademark | Indefinite | 833 | — | 833 | — | ||||||||||||||||
$ | 10,073 | $ | 4,071 | $ | 10,408 | $ | 3,680 | ||||||||||||||
Amortization expense for 2013, 2012 and 2011 was $1,173, $1,224 and $1,131, respectively. Estimated amortization expense for each of the ensuing years through December 31, 2018 is $1,162, $1,086, $734, $638 and $565, respectively. | |||||||||||||||||||||
Following is a summary of other assets as of December 31: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Other assets: | |||||||||||||||||||||
Bauxite raw materials: | |||||||||||||||||||||
Inventories | $ | 9,949 | $ | 13,143 | |||||||||||||||||
Prepayments | 474 | 474 | |||||||||||||||||||
Other assets | 445 | 220 | |||||||||||||||||||
$ | 10,868 | $ | 13,837 | ||||||||||||||||||
Bauxite raw materials are used in the production of heavyweight ceramic products. As of December 31, 2013 and 2012, the Company has classified as long-term assets those bauxite raw materials inventories that are not expected to be consumed in production during the upcoming twelve month period. |
Bank_Borrowings
Bank Borrowings | 12 Months Ended | |
Dec. 31, 2013 | ||
Bank Borrowings | ' | |
3 | Bank Borrowings | |
The Company has an unsecured revolving credit agreement with a bank. On March 5, 2012, the Company entered into a first amendment to this credit agreement to (i) extend its maturity date from January 29, 2013 to July 29, 2013, (ii) increase the size from $10,000 to $25,000, and (iii) make other administrative changes to certain covenants and provisions. On July 25, 2013, the Company entered into a second amendment to this credit agreement to (i) extend its maturity date to July 25, 2018, (ii) increase the size of the revolving credit facility to $50,000, and (iii) make other administrative changes to certain covenants and provisions. | ||
The Company has the option of choosing either the bank’s fluctuating Base Rate or LIBOR Fixed Rate, plus an Applicable Margin, all as defined in the credit agreement. The terms of the credit agreement provide for certain affirmative and negative covenants and require the Company to maintain certain financial ratios. Commitment fees are payable quarterly at an annual rate between 0.375% and 0.50% of the unused line of credit. Commitment fees for 2013, 2012 and 2011 were $154, $107 and $51, respectively. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases | ' | ||||
4 | Leases | ||||
The Company leases certain property, plant and equipment under operating leases, primarily consisting of railroad equipment leases. Net minimum future rental payments due under non-cancelable operating leases with remaining terms in excess of one year as of December 31, 2013 are as follows: | |||||
2014 | $ | 14,655 | |||
2015 | 15,450 | ||||
2016 | 16,150 | ||||
2017 | 13,142 | ||||
2018 | 11,247 | ||||
Thereafter | 38,196 | ||||
Total | $ | 108,840 | |||
Leases of railroad equipment generally provide for renewal options at their fair rental value at the time of renewal. In the normal course of business, operating leases for railroad equipment are generally renewed or replaced by other leases. For the years ended December 31, 2014 and 2015, minimum future rental payments in the table above are presented net of sublease income related to subleases of railroad equipment of $1,985 and $1,619, respectively. Rent expense for all operating leases was $22,542 in 2013, $21,452 in 2012 and $11,590 in 2011. For the year ended December 31, 2013, rent expense is stated net of sublease income of $208. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
5 | Income Taxes | ||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Employee benefits | $ | 1,757 | $ | 1,032 | |||||||||||||||||||||
Inventories | 5,923 | 7,161 | |||||||||||||||||||||||
Goodwill | 1,358 | 1,842 | |||||||||||||||||||||||
Other | 4,438 | 3,761 | |||||||||||||||||||||||
Total deferred tax assets | 13,476 | 13,796 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation | 54,973 | 45,056 | |||||||||||||||||||||||
Foreign earnings | 1,816 | 2,665 | |||||||||||||||||||||||
Total deferred tax liabilities | 56,789 | 47,721 | |||||||||||||||||||||||
Net deferred tax liabilities | $ | 43,313 | $ | 33,925 | |||||||||||||||||||||
Foreign earnings in the table above are presented net of foreign tax credits of $5,019 and $4,432 as of December 31, 2013 and 2012, respectively, which are expected to be utilized upon repatriation of the foreign earnings. | |||||||||||||||||||||||||
Significant components of the provision for income taxes for the years ended December 31 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 27,188 | $ | 37,596 | $ | 57,429 | |||||||||||||||||||
State | 2,164 | 2,268 | 4,288 | ||||||||||||||||||||||
Foreign | 842 | 1,581 | 1,374 | ||||||||||||||||||||||
Total current | 30,194 | 41,445 | 63,091 | ||||||||||||||||||||||
Deferred | 10,121 | 11,212 | 4,223 | ||||||||||||||||||||||
$ | 40,315 | $ | 52,657 | $ | 67,314 | ||||||||||||||||||||
Provision has been made for deferred U.S. income taxes on all foreign earnings based on the Company’s intent to repatriate foreign earnings. The reconciliation of income taxes computed at the U.S. statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
U.S. statutory rate | $ | 43,820 | 35 | % | $ | 55,507 | 35 | % | $ | 69,107 | 35 | % | |||||||||||||
State income taxes, net of federal tax benefit | 2,097 | 1.7 | 2,199 | 1.4 | 3,103 | 1.6 | |||||||||||||||||||
Mining depletion | (2,751 | ) | (2.2 | ) | (2,606 | ) | (1.6 | ) | (1,162 | ) | (0.6 | ) | |||||||||||||
Section 199 Manufacturing Benefit and other | (2,851 | ) | (2.3 | ) | (2,443 | ) | (1.6 | ) | (3,734 | ) | (1.9 | ) | |||||||||||||
$ | 40,315 | 32.2 | % | $ | 52,657 | 33.2 | % | $ | 67,314 | 34.1 | % | ||||||||||||||
The Company had a recorded reserve of $153 associated with uncertain tax positions as of December 31, 2013 and there were no significant changes to the recorded reserve during 2013. If these uncertain tax positions are recognized, substantially all of this amount would impact the effective tax rate. Related accrued interest and penalties are recorded in income tax expense and are not material. | |||||||||||||||||||||||||
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates, the most significant of which are U.S. federal and certain state jurisdictions. The 2010 and subsequent tax years are still subject to examination. Various U.S. state jurisdiction tax years remain open to examination as well though the Company believes assessments, if any, would be immaterial to its consolidated financial statements. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2013 | ||
Shareholders' Equity | ' | |
6 | Shareholders’ Equity | |
Common Stock | ||
Holders of Common Stock are entitled to one vote per share on all matters to be voted on by shareholders and do not have cumulative voting rights. Subject to preferences of any Preferred Stock, the holders of Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up of the Company, holders of Common Stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of any Preferred Stock then outstanding. The Common Stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Common Stock. All outstanding shares of Common Stock are fully paid and non-assessable. | ||
On January 21, 2014, the Board of Directors declared a cash dividend of $0.30 per share. The dividend was paid on February 18, 2014 to shareholders of record on February 3, 2014. | ||
Preferred Stock | ||
The Company’s charter authorizes 5,000 shares of Preferred Stock. The Board of Directors has the authority to issue Preferred Stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the Company’s shareholders. In connection with adoption of a shareholder rights plan on February 13, 2002, the Company created the Series A Preferred Stock and authorized 2,000 shares of the Series A Preferred Stock. This shareholder rights plan expired in February 2012. | ||
Common Stock Repurchase Program | ||
On August 28, 2008, the Company’s Board of Directors authorized the repurchase of up to two million shares of the Company’s Common Stock. Shares are effectively retired at the time of purchase. During the years ended December 31, 2013, 2012 and 2011, the Company repurchased and retired 75,000, 60,000 and 55,000 shares respectively, at an aggregate price of $5,833, $5,727 and $6,649, respectively. As of December 31, 2013, the Company has repurchased and retired 1,952,576 shares at an aggregate price of $84,134. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Based Compensation | ' | ||||||||
7 | Stock Based Compensation | ||||||||
The CARBO Ceramics Inc. Omnibus Incentive Plan (the “Omnibus Incentive Plan”) provides for granting of cash-based awards, stock options (both non-qualified and incentive) and other equity-based awards (including stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units or share-denominated performance units) to employees and non-employee directors. The amount paid under the Omnibus Incentive Plan to any single participant in any calendar year with respect to any cash-based award shall not exceed $2,000. Awards may be granted with respect to a number of shares of the Company’s Common Stock that in the aggregate does not exceed 750,000 shares prior to the fifth anniversary of its effective date, plus (i) the number of shares that are forfeited, cancelled or returned, and (ii) the number of shares that are withheld from the participants to satisfy an option exercise price or minimum statutory tax withholding obligations. No more than 50,000 shares may be granted to any single participant in any calendar year. Equity-based awards may be subject to performance-based and/or service-based conditions. With respect to stock options and stock appreciation rights granted, the exercise price shall not be less than the market value of the underlying Common Stock on the date of grant. The maximum term of an option is ten years. Restricted stock awards granted generally vest (i.e., transfer and forfeiture restrictions on these shares are lifted) in equal annual installments over a three-year period, but subject to certain limitations, awards may specify other vesting periods. As of December 31, 2013, 496,455 shares were available for issuance under the Omnibus Incentive Plan. | |||||||||
As of December 31, 2012, all compensation cost related to stock options granted under the expired stock option plan has been recognized. During 2012, a total of 2,425 options, with a weighted-average exercise price of $22.35 per share, were exercised. There were no options outstanding at December 31, 2012 and thereafter. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was none, $118, and $346, respectively. | |||||||||
A summary of restricted stock activity and related information for the year ended December 31, 2013 is presented below: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Nonvested at January 1, 2013 | 115,722 | $ | 99.5 | ||||||
Granted | 90,243 | $ | 82.18 | ||||||
Vested | (52,621 | ) | $ | 94.92 | |||||
Forfeited | (17,149 | ) | $ | 93.91 | |||||
Nonvested at December 31, 2013 | 136,195 | $ | 90.5 | ||||||
As of December 31, 2013, there was $6,467 of total unrecognized compensation cost, net of estimated forfeitures, related to restricted shares granted under the Omnibus Incentive Plan. That cost is expected to be recognized over a weighted-average period of 1.8 years. The weighted-average grant date fair value of restricted stock granted during the years ended December 31, 2013, 2012 and 2011 was $82.18, $105.22 and $104.07, respectively. The total fair value of shares vested during the years ended December 31, 2013, 2012 and 2011 was $4,995, $4,696 and $2,712, respectively. | |||||||||
The Company has made phantom stock awards to key international employees pursuant to the Omnibus Incentive Plan. The units subject to an award vest and cease to be forfeitable in equal annual installments over a three-year period. Participants awarded units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a share of Common Stock on the vesting date. In no event will Common Stock of the Company be issued with regard to outstanding phantom shares. As of December 31, 2013, there were 14,590 units of phantom shares granted under the plan, of which 6,156 have vested and 1,304 have been forfeited, with a total value of $831, a portion of which is accrued as a liability within Accrued Payroll and Benefits. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
8 | Earnings Per Share | ||||||||||||
ASC Topic 260, “Earnings Per Share”, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested restricted stock awards are participating securities. Accordingly, earnings per common share are computed using the two-class method. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share under the two-class method: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||
Net income | $ | 84,886 | $ | 105,933 | $ | 130,136 | |||||||
Effect of reallocating undistributed earnings of participating securities | (530 | ) | (553 | ) | (749 | ) | |||||||
Net income available under the two-class method | $ | 84,356 | $ | 105,380 | $ | 129,387 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share—weighted-average shares | 22,957,013 | 22,968,696 | 23,011,087 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options (See Note 7) | — | 625 | 1,332 | ||||||||||
Deferred stock awards (See Note 7) | — | — | — | ||||||||||
Dilutive potential common shares | — | 625 | 1,332 | ||||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares | 22,957,013 | 22,969,321 | 23,012,419 | ||||||||||
Basic earnings per share | $ | 3.67 | $ | 4.59 | $ | 5.62 | |||||||
Diluted earnings per share | $ | 3.67 | $ | 4.59 | $ | 5.62 | |||||||
Quarterly_Operating_ResultsUna
Quarterly Operating Results-(Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Operating Results-(Unaudited) | ' | ||||||||||||||||
9 | Quarterly Operating Results—(Unaudited) | ||||||||||||||||
Quarterly results for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 147,657 | $ | 153,744 | $ | 201,477 | $ | 164,520 | |||||||||
Gross profit | 42,384 | 39,333 | 62,759 | 48,519 | |||||||||||||
Net income | 17,577 | 16,307 | 30,148 | 20,854 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.76 | $ | 0.71 | $ | 1.31 | $ | 0.9 | |||||||||
Diluted | $ | 0.76 | $ | 0.71 | $ | 1.31 | $ | 0.9 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 163,166 | $ | 177,614 | $ | 151,134 | $ | 153,622 | |||||||||
Gross profit | 63,464 | 64,253 | 50,150 | 45,638 | |||||||||||||
Net income | 30,291 | 31,917 | 23,898 | 19,827 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.31 | $ | 1.38 | $ | 1.04 | $ | 0.86 | |||||||||
Diluted | $ | 1.31 | $ | 1.38 | $ | 1.04 | $ | 0.86 | |||||||||
Quarterly data may not sum to full year data reported in the Consolidated Financial Statements due to rounding. |
Sales_to_Customers
Sales to Customers | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Sales to Customers | ' | ||||||||
10 | Sales to Customers | ||||||||
The following schedule presents customers from whom the Company derived 10% or more of total revenues for the years ended December 31: | |||||||||
Major Customers | |||||||||
A | B | ||||||||
2013 | 13.1 | % | 34.7 | % | |||||
2012 | 13.7 | % | 35.2 | % | |||||
2011 | 15 | % | 33.3 | % |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Geographic Information | ' | ||||||||||||
11 | Geographic Information | ||||||||||||
Long-lived assets, consisting of net property, plant and equipment and other long-term assets, as of December 31 in the United States and other countries are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 454,031 | $ | 403,534 | $ | 377,667 | |||||||
International (primarily China and Russia) | 35,372 | 36,535 | 40,835 | ||||||||||
Total | $ | 489,403 | $ | 440,069 | $ | 418,502 | |||||||
Revenues outside the United States accounted for 21%, 23% and 21% of the Company’s revenues for 2013, 2012 and 2011, respectively. Revenues for the years ended December 31 in the United States, Canada and other countries are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues: | |||||||||||||
United States | $ | 529,603 | $ | 500,106 | $ | 495,777 | |||||||
Canada | 43,329 | 30,929 | 34,001 | ||||||||||
Other international | 94,466 | 114,501 | 95,927 | ||||||||||
Total | $ | 667,398 | $ | 645,536 | $ | 625,705 | |||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Benefit Plans | ' | ||||||||||||
12 | Benefit Plans | ||||||||||||
The Company has defined contribution savings and profit sharing plans pursuant to Section 401(k) of the Internal Revenue Code. Benefit costs recognized as expense under these plans consisted of the following for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Contributions: | |||||||||||||
Profit sharing | $ | 2,126 | $ | 2,132 | $ | 2,690 | |||||||
Savings | 1,609 | 1,241 | 1,081 | ||||||||||
$ | 3,735 | $ | 3,373 | $ | 3,771 | ||||||||
All contributions to the plans are 100% participant directed. Participants are allowed to invest up to 20% of contributions in the Company’s Common Stock. |
Commitments
Commitments | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments | ' | |
13 | Commitments | |
In January 2011, the Company entered into an agreement with one of the Company’s existing suppliers to purchase from the supplier at least 70 percent of the annual kaolin requirements for the Eufaula plant at specified contract prices. The term of the agreement was three years, with options to extend for an additional six years. In May 2012, the agreement was amended to require the Company to purchase from the supplier at least 50 percent of the annual kaolin requirements for the Eufaula, Alabama plant at specified contract prices for the remainder of 2012 and the ensuing five calendar years. The agreement has options to extend the term for an additional three years. For the years ended December 31, 2013, 2012 and 2011, the Company purchased from the supplier $3,788, 3,012 and $3,205, respectively, of kaolin under the agreement. | ||
In January 2003, the Company entered into a mining agreement with a contractor to provide kaolin for the Company’s McIntyre plant at specified contract prices, from lands owned or leased by either the Company or the contractor. The term of the agreement, which commenced on January 1, 2003, and remains in effect until such time as all Company-owned minerals have been depleted, requires the Company to accept delivery from the contractor of at least 80 percent of the McIntyre plant’s annual kaolin requirements. For the years ended December 31, 2013, 2012 and 2011, the Company purchased $1,381, $2,491 and $2,900, respectively, of kaolin under the agreement. | ||
In October 2008, the Company entered into a ten-year agreement, with options to extend for an additional ten years, to purchase a minimum of 40,000 tons of uncalcined bauxite each year during the first three years of the agreement. Thereafter, the minimum required purchase increased to 70,000 tons annually. The bauxite is purchased at specified contract prices. After meeting annual minimum requirements for the first three years, the agreement was terminated in 2012 with no further required minimum purchases. For the year ended December 31, 2011, the Company purchased $1,400 of bauxite under the agreement. | ||
In 2002, the Company entered into a ten-year agreement with a supplier to purchase hard clay for its China plant at a specified contract price. The ten-year agreement, which expired in 2011, required the Company to accept delivery from the supplier for at least 80 percent of the plant’s annual requirements. For the year ended December 31, 2011, the Company purchased $2,918 of material under this agreement. | ||
In July 2011, the Company entered into a new agreement with a supplier to provide hydro sized sand for the Company’s Marshfield, Wisconsin plant at a specified contract price. The term of the agreement was five years commencing on July 30, 2011 and required the Company to purchase a minimum of 40,000 tons and 100,000 tons of hydro sized sand during 2011 and 2012, respectively. Effective January 30, 2012, the agreement was amended and requires the Company to purchase a minimum of 150,000 tons of hydro sized sand annually during 2012 and 2013 and a minimum of 350,000 tons of hydro sized sand in 2014, all at a stated contract price. For the years ended December 31, 2013, 2012 and 2011, the Company purchased $3,546, 2,538 and $462, respectively, of sand under this agreement. | ||
In May 2012, the Company entered into a new supply agreement to provide kaolin and bauxite to a manufacturing plant in Millen, Georgia, once operations commence. Construction of the facility is expected to be completed in early 2014. The agreement requires the Company to purchase at least 50 percent of the plant’s annual requirements of such products, and has an initial term of five years with options to extend for an additional five years. | ||
The Company has entered into a lease agreement dated November 1, 2008 with the Development Authority of Wilkinson County (the “Wilkinson County Development Authority”) and a lease agreement dated November 1, 2012 with the Development Authority of Jenkins County (the “Jenkins County Development Authority” and together with the Wilkinson County Development Authority, the “Development Authorities”) each in the State of Georgia. Pursuant to the 2008 agreement, the Wilkinson County Development Authority holds the title to the real and personal property of the Company’s McIntyre and Toomsboro manufacturing facilities and leases the facilities to the Company for an annual rental fee of $50 per year through the year 2022. Pursuant to the 2012 agreement, the Jenkins County Development Authority holds title to the real estate and personal property of the Company’s Millen, Georgia manufacturing facility, which is currently under construction, and leases the facility to the Company until the tenth anniversary of completion of the final phase of the facility. At any time prior to the scheduled termination of either lease, the Company has the option to terminate the lease and purchase the property for a nominal fee plus the payment of any rent payable through the balance of the lease term. Furthermore, the Company has security interests in the titles held by the Development Authorities. The Company has also entered into a Memorandum of Understanding (the “MOU”) with the Development Authorities and other local agencies, under which the Company receives tax incentives in exchange for its commitment to invest in the county and increase employment. The MOU with the Jenkins County Development Authority also requires the Company to pay an administrative payment of $50 per year during the term of the Millen lease. The Company is required to achieve certain employment levels in order to retain its tax incentives. In the event the Company does not meet the agreed-upon employment targets or the MOU is otherwise terminated, the Company would be subjected to additional property taxes annually. The properties subject to these lease agreements are included in Property, Plant and Equipment (net book value of $292,190 at December 31, 2013) in the accompanying consolidated financial statements. | ||
The Company uses natural gas to power its domestic manufacturing plants. From time to time the Company enters into contracts to purchase a portion of the anticipated natural gas requirements at specified prices. As of December 31, 2013, the Company had natural gas contracts totaling $21,010, $21,009, $13,949 and $3,551 for years ended 2014, 2015, 2016 and 2017, respectively. |
Employment_Agreements
Employment Agreements | 12 Months Ended | |
Dec. 31, 2013 | ||
Employment Agreements | ' | |
14 | Employment Agreements | |
The Company has an employment agreement through December 31, 2014 with its President and Chief Executive Officer. The agreement provides for an annual base salary and incentive bonus. If the President and Chief Executive Officer is terminated early without cause, the Company will be obligated to pay two years base salary and a prorated incentive bonus. Under the agreement, the timing of the payment of severance obligations to the President in the event of the termination of his employment under certain circumstances has been conformed so that a portion of such obligations will be payable in a lump sum, with the remainder of the obligations to be paid over an 18 month period. The agreement also contains a two-year non-competition covenant that would become effective upon termination for any reason. The employment agreement extends automatically for successive one-year periods without prior written notice. |
Foreign_Currencies
Foreign Currencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Foreign Currencies | ' | |
15 | Foreign Currencies | |
As of December 31, 2013, the Company’s net investment that is subject to foreign currency fluctuations totaled $89,580, and the Company has recorded a cumulative foreign currency translation loss of $3,261, net of deferred income tax benefit. This cumulative translation loss is included in and is the only component of Accumulated Other Comprehensive Loss. There were no amounts reclassified to net income during the year ended December 31, 2013. |
Legal_Proceedings_and_Regulato
Legal Proceedings and Regulatory Matters | 12 Months Ended | |
Dec. 31, 2013 | ||
Legal Proceedings and Regulatory Matters | ' | |
16 | Legal Proceedings and Regulatory Matters | |
The Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business. While the outcome of these matters is currently not determinable, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. | ||
On February 9, 2012, the Company and two of its officers, Gary A. Kolstad and Ernesto Bautista III, were named as defendants in a purported class-action lawsuit filed in the United States District Court for the Southern District of New York (the “February SDNY Lawsuit”), brought on behalf of shareholders who purchased the Company’s Common Stock between October 27, 2011 and January 26, 2012 (the “Relevant Time Period”). On April 10, 2012, a second purported class-action lawsuit was filed against the same defendants in the United States District Court for the Southern District of New York, brought on behalf of shareholders who purchased or sold CARBO Ceramics Inc. option contracts during the Relevant Time Period (the “April SDNY Lawsuit”, and collectively with the February SDNY Lawsuit, the “Federal Securities Lawsuit”). In June 2012, the February SNDY Lawsuit and the April SDNY Lawsuit were consolidated, and will proceed as one lawsuit. The Federal Securities Lawsuit alleges violations of the federal securities laws arising from statements concerning the Company’s business operations and business prospects that were made during the Relevant Time Period and requests unspecified damages and costs. In September 2012, the Company and Messrs. Kolstad and Bautista filed a motion to dismiss this lawsuit. The motion to dismiss was granted, and the Federal Securities Lawsuit was dismissed without prejudice in June 2013. In September 2013, the plaintiffs filed a motion requesting leave to file a second amended complaint and sustain the lawsuit. In January 2014, the Court denied plaintiffs’ motion, and entered a judgment in favor of the Company and Messrs. Kolstad and Bautista. The plaintiffs have the right to appeal this judgment for a period of 30 days from entry. | ||
On June 13, 2012, the Directors of the Company and Mr. Bautista were named as defendants in a purported derivative action lawsuit brought on behalf of the Company by a stockholder in District Court in Harris County, Texas (the “Harris County Lawsuit”). This lawsuit alleges various breaches of fiduciary duty and other duties by the defendants that generally are related to the Federal Securities Lawsuit, as well as a breach of duty by certain defendants in connection with stock sales. The lawsuit requests unspecified damages and costs, and has been further stayed, pending final resolution of the Federal Securities Lawsuit. | ||
In October 2013, the Company made a voluntary disclosure to the State of Georgia Environmental Protection Department (“EPD”) concerning the air emissions of its Toomsboro, Georgia manufacturing facility. Specifically, the disclosure concerns the emission of a specific substance that exceeds permitted levels under applicable regulations. In November 2013, the Company entered into a consent decree to resolve this matter with EPD. Pursuant to the consent decree, the Company paid the EPD $300, and has agreed to install additional emissions control equipment by May 2014. | ||
The Company cannot predict the ultimate outcome or duration of any lawsuit described in this report. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events | ' | |
17 | Subsequent Events | |
In January 2014, the Company awarded 73,785 shares of restricted stock to certain employees. The fair value of the stock award on the date of grant totaled $8,278, which will be recognized as expense, net of estimated forfeitures, on a straight-line basis over the three-year vesting period. | ||
In January 2014, the Company awarded 3,590 units of phantom shares to certain key international employees. The fair value of the stock award on the date of grant totaled $403. | ||
In February 2014, the Company repurchased and retired 36,969 common shares at an aggregate price of $4,062 under the common stock repurchase program. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its operating subsidiaries. All significant intercompany transactions have been eliminated. | |||
Concentration of Credit Risk, Accounts Receivable and Other Receivables | ' | ||
Concentration of Credit Risk, Accounts Receivable and Other Receivables | |||
The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Receivables are generally due within 30 days. The majority of the Company’s receivables are from customers in the petroleum pressure pumping industry. The Company establishes an allowance for doubtful accounts based on its assessment of collectability risk and periodically evaluates the balance in the allowance based on a review of trade accounts receivable. Trade accounts receivable are periodically reviewed for collectability based on customers’ past credit history and current financial condition, and the allowance is adjusted if necessary. Credit losses historically have been insignificant. The allowance for doubtful accounts at December 31, 2013 and 2012 was $2,083 and $1,844, respectively. Other receivables were $2,781 and $1,732 as of December 31, 2013 and 2012, respectively, of which related mainly to miscellaneous receivables in the United States and China. | |||
Cash Equivalents | ' | ||
Cash Equivalents | |||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheet for cash equivalents approximate fair value. | |||
Inventories | ' | ||
Inventories | |||
Inventories are stated at the lower of cost (weighted average) or market. Finished goods inventories include costs of materials, plant labor and overhead incurred in the production of the Company’s products and costs to transfer finished goods to distribution centers. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed on the straight-line method for financial reporting purposes using the following estimated useful lives: | |||
Buildings and improvements | 15 to 30 years | ||
Machinery and equipment | 3 to 30 years | ||
Land-use rights | 30 years | ||
The Company holds approximately 4,220 acres of land and leasehold interests containing kaolin reserves near its plants in Georgia and Alabama. The Company also holds approximately 490 acres of land and leasehold interests near its resin-coating facility currently under construction in Marshfield, Wisconsin containing sand reserves for use as raw material in the production of its resin-coated sand products. The capitalized costs of land and mineral rights as well as costs incurred to develop such property are amortized using the units-of-production method based on estimated total tons of these reserves. | |||
Impairment of Long-Lived Assets and Intangible Assets | ' | ||
Impairment of Long-Lived Assets and Intangible Assets | |||
Long-lived assets to be held and used and intangible assets that are subject to amortization are reviewed for impairment whenever events or circumstances indicate their carrying amounts might not be recoverable. Recoverability is assessed by comparing the undiscounted expected future cash flows from the assets with their carrying amount. If the carrying amount exceeds the sum of the undiscounted future cash flows an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Intangible assets that are not subject to amortization are tested for impairment at least annually by comparing their fair value with the carrying amount and recording an impairment loss for any excess of carrying amount over fair value. Fair values are generally determined based on discounted expected future cash flows or appraised values, as appropriate. During 2013, the Company recognized a gain of $43, and in 2012 and 2011, the Company recognized losses of $518 and $1,548, respectively, on disposal or impairment of various assets. The gain in 2013 consisted primarily of equipment disposals. The loss in 2012 consisted primarily of the wind down of the geotechnical monitoring business. The loss in 2011 consisted of an impairment of goodwill related to the Company’s geotechnical monitoring business, a write-down of a 6% interest in an investment accounted for under the cost method as a result of the sale of the business by majority shareholders and certain equipment disposals. | |||
Capitalized Software | ' | ||
Capitalized Software | |||
The Company capitalizes certain software costs, after technological feasibility has been established, which are amortized utilizing the straight-line method over the economic lives of the related products, generally not to exceed five years. | |||
Goodwill | ' | ||
Goodwill | |||
Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the date of acquisition. Goodwill relating to each of the Company’s reporting units is tested for impairment annually as well as when an event, or change in circumstances, indicates an impairment is more likely than not to have occurred. As a result of changes in business conditions in the geotechnical monitoring business during 2011, the Company recorded an impairment charge of $889 on goodwill associated with that reporting unit. The latest impairment review indicated goodwill related to other reporting units was not impaired. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue from proppant sales is recognized when title passes to the customer, generally upon delivery. Revenue from consulting and geotechnical services is recognized at the time service is performed. Revenue from the sale of fracture simulation software is recognized when title passes to the customer at time of shipment. Revenue from the sale of spill prevention services is recognized at the time service is performed. Revenue from the sale of containment goods is recognized at the time goods are delivered. | |||
Shipping and Handling Costs | ' | ||
Shipping and Handling Costs | |||
Shipping and handling costs are classified as cost of sales. Shipping costs consist of transportation costs to deliver products to customers. Handling costs include labor and overhead to maintain finished goods inventory and operate distribution facilities. | |||
Cost of Start-Up Activities | ' | ||
Cost of Start-Up Activities | |||
Start-up activities, including organization costs, are expensed as incurred. There were no start-up costs during 2013. Start-up costs for 2012 primarily related to the start-up of the second resin-coating line at the Company’s New Iberia, Louisiana facility. Start-up costs for 2011 primarily related to the start-up of the fourth production line at the Company’s Toomsboro, Georgia facility. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Research and Development Costs | ' | ||
Research and Development Costs | |||
Research and development costs are charged to operations when incurred and are included in Selling, General and Administrative expenses. The amounts incurred in 2013, 2012 and 2011 were $8,416, $6,916 and $7,335, respectively. | |||
Foreign Subsidiaries | ' | ||
Foreign Subsidiaries | |||
Financial statements of the Company’s foreign subsidiaries are translated using current exchange rates for assets and liabilities; average exchange rates for the period for revenues, expenses, gains and losses; and historical exchange rates for equity accounts. Resulting translation adjustments are included in, and the only component of, Accumulated Other Comprehensive Loss as a separate component of shareholders’ equity. | |||
New Accounting Pronouncements | ' | ||
New Accounting Pronouncements | |||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance on reporting of amounts reclassified from accumulated other comprehensive income. The new guidance requires a company to present significant amounts reclassified from each component of other comprehensive income and the income statement line items affected by the reclassification. The Company adopted this guidance as of January 1, 2013. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows. | |||
On September 13, 2013, the U.S. Treasury and IRS issued final Tangible Property Regulations (“TPR”) under IRC Section 162 and IRC Section 263(a). The regulations are not effective until tax years beginning on or after January 1, 2014; however, certain portions may require an accounting method change on a retroactive basis, thus requiring a IRC Section 481(a) adjustment related to fixed and real asset deferred taxes. The accounting rules under ASC 740 treat the release of the regulations as a change in tax law as of the date of issuance and require the Company to determine whether there will be an impact on its financial statements for the year ended December 31, 2013. Any such impact of the final tangible property regulations would affect temporary deferred taxes only and result in a balance sheet reclassification between current and deferred taxes. The Company has analyzed the expected impact of the TPR on the Company and concluded that the expected impact is immaterial. The Company will continue to monitor the impact of any future changes to the TPR on the Company prospectively. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Estimated Useful Lives of Property Plant and Equipment | ' | ||
Depreciation is computed on the straight-line method for financial reporting purposes using the following estimated useful lives: | |||
Buildings and improvements | 15 to 30 years | ||
Machinery and equipment | 3 to 30 years | ||
Land-use rights | 30 years |
Intangible_and_Other_Assets_Ta
Intangible and Other Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Intangible Assets | ' | ||||||||||||||||||||
Following is a summary of intangible assets as of December 31: | |||||||||||||||||||||
Weighted | 2013 | 2012 | |||||||||||||||||||
Average | |||||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Intangibles: | |||||||||||||||||||||
Patents and licenses, software and hardware designs | 6 years | $ | 3,620 | $ | 1,461 | $ | 3,955 | $ | 1,684 | ||||||||||||
Developed technology | 10 years | 2,782 | 1,182 | 2,782 | 904 | ||||||||||||||||
Customer relationships and non-compete | 9 years | 2,838 | 1,428 | 2,838 | 1,092 | ||||||||||||||||
Trademark | Indefinite | 833 | — | 833 | — | ||||||||||||||||
$ | 10,073 | $ | 4,071 | $ | 10,408 | $ | 3,680 | ||||||||||||||
Other Assets | ' | ||||||||||||||||||||
Following is a summary of other assets as of December 31: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Other assets: | |||||||||||||||||||||
Bauxite raw materials: | |||||||||||||||||||||
Inventories | $ | 9,949 | $ | 13,143 | |||||||||||||||||
Prepayments | 474 | 474 | |||||||||||||||||||
Other assets | 445 | 220 | |||||||||||||||||||
$ | 10,868 | $ | 13,837 | ||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Net Minimum Future Rental Payments Due Under Non-Cancelable Operating Leases | ' | ||||
Net minimum future rental payments due under non-cancelable operating leases with remaining terms in excess of one year as of December 31, 2013 are as follows: | |||||
2014 | $ | 14,655 | |||
2015 | 15,450 | ||||
2016 | 16,150 | ||||
2017 | 13,142 | ||||
2018 | 11,247 | ||||
Thereafter | 38,196 | ||||
Total | $ | 108,840 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
Significant components of the Company’s deferred tax assets and liabilities as of December 31 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Employee benefits | $ | 1,757 | $ | 1,032 | |||||||||||||||||||||
Inventories | 5,923 | 7,161 | |||||||||||||||||||||||
Goodwill | 1,358 | 1,842 | |||||||||||||||||||||||
Other | 4,438 | 3,761 | |||||||||||||||||||||||
Total deferred tax assets | 13,476 | 13,796 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation | 54,973 | 45,056 | |||||||||||||||||||||||
Foreign earnings | 1,816 | 2,665 | |||||||||||||||||||||||
Total deferred tax liabilities | 56,789 | 47,721 | |||||||||||||||||||||||
Net deferred tax liabilities | $ | 43,313 | $ | 33,925 | |||||||||||||||||||||
Significant Components of Provision for Income Taxes | ' | ||||||||||||||||||||||||
Significant components of the provision for income taxes for the years ended December 31 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 27,188 | $ | 37,596 | $ | 57,429 | |||||||||||||||||||
State | 2,164 | 2,268 | 4,288 | ||||||||||||||||||||||
Foreign | 842 | 1,581 | 1,374 | ||||||||||||||||||||||
Total current | 30,194 | 41,445 | 63,091 | ||||||||||||||||||||||
Deferred | 10,121 | 11,212 | 4,223 | ||||||||||||||||||||||
$ | 40,315 | $ | 52,657 | $ | 67,314 | ||||||||||||||||||||
Reconciliation of Income Taxes Computed at U.S. Statutary Tax Rate to Income Tax Expense | ' | ||||||||||||||||||||||||
The reconciliation of income taxes computed at the U.S. statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
U.S. statutory rate | $ | 43,820 | 35 | % | $ | 55,507 | 35 | % | $ | 69,107 | 35 | % | |||||||||||||
State income taxes, net of federal tax benefit | 2,097 | 1.7 | 2,199 | 1.4 | 3,103 | 1.6 | |||||||||||||||||||
Mining depletion | (2,751 | ) | (2.2 | ) | (2,606 | ) | (1.6 | ) | (1,162 | ) | (0.6 | ) | |||||||||||||
Section 199 Manufacturing Benefit and other | (2,851 | ) | (2.3 | ) | (2,443 | ) | (1.6 | ) | (3,734 | ) | (1.9 | ) | |||||||||||||
$ | 40,315 | 32.2 | % | $ | 52,657 | 33.2 | % | $ | 67,314 | 34.1 | % | ||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary of Restricted Stock Activity and Related Information | ' | ||||||||
A summary of restricted stock activity and related information for the year ended December 31, 2013 is presented below: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Nonvested at January 1, 2013 | 115,722 | $ | 99.5 | ||||||
Granted | 90,243 | $ | 82.18 | ||||||
Vested | (52,621 | ) | $ | 94.92 | |||||
Forfeited | (17,149 | ) | $ | 93.91 | |||||
Nonvested at December 31, 2013 | 136,195 | $ | 90.5 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Computation of Basic and Diluted Earnings per Share under Two-Class Method | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share under the two-class method: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||
Net income | $ | 84,886 | $ | 105,933 | $ | 130,136 | |||||||
Effect of reallocating undistributed earnings of participating securities | (530 | ) | (553 | ) | (749 | ) | |||||||
Net income available under the two-class method | $ | 84,356 | $ | 105,380 | $ | 129,387 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share—weighted-average shares | 22,957,013 | 22,968,696 | 23,011,087 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options (See Note 7) | — | 625 | 1,332 | ||||||||||
Deferred stock awards (See Note 7) | — | — | — | ||||||||||
Dilutive potential common shares | — | 625 | 1,332 | ||||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares | 22,957,013 | 22,969,321 | 23,012,419 | ||||||||||
Basic earnings per share | $ | 3.67 | $ | 4.59 | $ | 5.62 | |||||||
Diluted earnings per share | $ | 3.67 | $ | 4.59 | $ | 5.62 | |||||||
Quarterly_Operating_ResultsUna1
Quarterly Operating Results-(Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Operating Results | ' | ||||||||||||||||
Quarterly results for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 147,657 | $ | 153,744 | $ | 201,477 | $ | 164,520 | |||||||||
Gross profit | 42,384 | 39,333 | 62,759 | 48,519 | |||||||||||||
Net income | 17,577 | 16,307 | 30,148 | 20,854 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.76 | $ | 0.71 | $ | 1.31 | $ | 0.9 | |||||||||
Diluted | $ | 0.76 | $ | 0.71 | $ | 1.31 | $ | 0.9 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 163,166 | $ | 177,614 | $ | 151,134 | $ | 153,622 | |||||||||
Gross profit | 63,464 | 64,253 | 50,150 | 45,638 | |||||||||||||
Net income | 30,291 | 31,917 | 23,898 | 19,827 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.31 | $ | 1.38 | $ | 1.04 | $ | 0.86 | |||||||||
Diluted | $ | 1.31 | $ | 1.38 | $ | 1.04 | $ | 0.86 |
Sales_to_Customers_Tables
Sales to Customers (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Total Revenue from Major Customers | ' | ||||||||
The following schedule presents customers from whom the Company derived 10% or more of total revenues for the years ended December 31: | |||||||||
Major Customers | |||||||||
A | B | ||||||||
2013 | 13.1 | % | 34.7 | % | |||||
2012 | 13.7 | % | 35.2 | % | |||||
2011 | 15 | % | 33.3 | % |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Long Lived Assets | ' | ||||||||||||
Geographic Information for Long-Lived Assets and Revenues in United States and other Countries | ' | ||||||||||||
Long-lived assets, consisting of net property, plant and equipment and other long-term assets, as of December 31 in the United States and other countries are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 454,031 | $ | 403,534 | $ | 377,667 | |||||||
International (primarily China and Russia) | 35,372 | 36,535 | 40,835 | ||||||||||
Total | $ | 489,403 | $ | 440,069 | $ | 418,502 | |||||||
Revenues From External Customers | ' | ||||||||||||
Geographic Information for Long-Lived Assets and Revenues in United States and other Countries | ' | ||||||||||||
Revenues for the years ended December 31 in the United States, Canada and other countries are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues: | |||||||||||||
United States | $ | 529,603 | $ | 500,106 | $ | 495,777 | |||||||
Canada | 43,329 | 30,929 | 34,001 | ||||||||||
Other international | 94,466 | 114,501 | 95,927 | ||||||||||
Total | $ | 667,398 | $ | 645,536 | $ | 625,705 | |||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Benefit Costs Recognized as Expense under Plans | ' | ||||||||||||
Benefit costs recognized as expense under these plans consisted of the following for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Contributions: | |||||||||||||
Profit sharing | $ | 2,126 | $ | 2,132 | $ | 2,690 | |||||||
Savings | 1,609 | 1,241 | 1,081 | ||||||||||
$ | 3,735 | $ | 3,373 | $ | 3,771 | ||||||||
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Facility | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of production plants | 6 | ' | ' |
Allowance for doubtful accounts | $2,083 | $1,844 | ' |
Other receivables | 2,781 | 1,732 | ' |
Disposal or impairment of various assets, gain (loss) | 43 | -518 | -1,548 |
Interest percentage in cost method investee | ' | ' | 6.00% |
Impairment of goodwill | ' | ' | 889 |
Start-up costs | 0 | 68 | 184 |
Research and development expenses | $8,416 | $6,916 | $7,335 |
Georgia and Alabama | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Area of land and leasehold interests | 4,220 | ' | ' |
Marshfield, Wisconsin | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Area of land and leasehold interests | 490 | ' | ' |
Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Receivables collection period | '30 days | ' | ' |
Maturity period for all highly liquid investments when purchased to be cash equivalents | '3 months | ' | ' |
Capitalized software estimated useful life | '5 years | ' | ' |
Estimated_Useful_Lives_of_Prop
Estimated Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property plant and equipment | '15 years |
Building and Building Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property plant and equipment | '30 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property plant and equipment | '3 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property plant and equipment | '30 years |
Land Use Rights | Average | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property plant and equipment | '30 years |
Summary_of_Intangible_Assets_D
Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets by Major Class [Line Items] | ' | ' |
Intangible Assets, Gross (Excluding Goodwill) | $10,073 | $10,408 |
Finite Lived Intangible Assets, Accumulated Amortization | 4,071 | 3,680 |
Patents and licenses, software and hardware designs | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Weighted average life | '6 years | ' |
Finite-lived intangible assets, gross | 3,620 | 3,955 |
Finite Lived Intangible Assets, Accumulated Amortization | 1,461 | 1,684 |
Developed technology | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Weighted average life | '10 years | ' |
Finite-lived intangible assets, gross | 2,782 | 2,782 |
Finite Lived Intangible Assets, Accumulated Amortization | 1,182 | 904 |
Customer relationships and non-compete | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Weighted average life | '9 years | ' |
Finite-lived intangible assets, gross | 2,838 | 2,838 |
Finite Lived Intangible Assets, Accumulated Amortization | 1,428 | 1,092 |
Trademark | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Weighted average life | 'Indefinite | ' |
Indefinite-lived intangible assets | $833 | $833 |
Intangible_and_Other_Assets_Ad
Intangible and Other Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Amortization expense for intangible assets | $1,173 | $1,224 | $1,131 |
Estimated amortization expense for intangible assets for year one | 1,162 | ' | ' |
Estimated amortization expense for intangible assets for year two | 1,086 | ' | ' |
Estimated amortization expense for intangible assets for year three | 734 | ' | ' |
Estimated amortization expense for intangible assets for year four | 638 | ' | ' |
Estimated amortization expense for intangible assets for year five | $565 | ' | ' |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Other Assets | $445 | $220 |
Other Assets, Total | 10,868 | 13,837 |
Bauxite raw materials | Inventories | ' | ' |
Other Assets [Line Items] | ' | ' |
Inventory, Raw Materials | 9,949 | 13,143 |
Bauxite raw materials | Prepayments | ' | ' |
Other Assets [Line Items] | ' | ' |
Inventory, Raw Materials | $474 | $474 |
Bank_Borrowings_Additional_Inf
Bank Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit amendment date | 5-Mar-12 | ' | ' |
Frequency of payments for commitment fees | 'Quarterly | ' | ' |
Commitment fees | $154 | $107 | $51 |
Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Commitment fees on unused line of credit, percentage | 0.38% | ' | ' |
Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Commitment fees on unused line of credit, percentage | 0.50% | ' | ' |
Before Amendment | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit maturity date | 29-Jan-13 | ' | ' |
Line of credit, maximum borrowing capacity | 10,000 | ' | ' |
After Amendment | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit maturity date | 29-Jul-13 | ' | ' |
Line of credit, maximum borrowing capacity | 25,000 | ' | ' |
Second Amendment | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit amendment date | 25-Jul-13 | ' | ' |
Line of credit maturity date | 25-Jul-18 | ' | ' |
Line of credit, maximum borrowing capacity | $50,000 | ' | ' |
Net_Minimum_Future_Rental_Paym
Net Minimum Future Rental Payments Due under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property, plant and equipment, operating lease payments | ' |
2014 | $14,655 |
2015 | 15,450 |
2016 | 16,150 |
2017 | 13,142 |
2018 | 11,247 |
Thereafter | 38,196 |
Total | $108,840 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 |
Scenario, Forecast | Scenario, Forecast | ||||
Railroad Equipment | Railroad Equipment | ||||
Schedule of Operating Leases [Line Items] | ' | ' | ' | ' | ' |
Sublease income | $208 | ' | ' | $1,619 | $1,985 |
Rent expense for all operating leases | $22,542 | $21,452 | $11,590 | ' | ' |
Significant_Components_of_Defe
Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Employee benefits | $1,757 | $1,032 |
Inventories | 5,923 | 7,161 |
Goodwill | 1,358 | 1,842 |
Other | 4,438 | 3,761 |
Total deferred tax assets | 13,476 | 13,796 |
Deferred tax liabilities: | ' | ' |
Depreciation | 54,973 | 45,056 |
Foreign earnings | 1,816 | 2,665 |
Total deferred tax liabilities | 56,789 | 47,721 |
Net deferred tax liabilities | $43,313 | $33,925 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Foreign tax credits | $5,019 | $4,432 |
Uncertain tax positions | $153 | ' |
Significant_Components_of_Prov
Significant Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $27,188 | $37,596 | $57,429 |
State | 2,164 | 2,268 | 4,288 |
Foreign | 842 | 1,581 | 1,374 |
Total current | 30,194 | 41,445 | 63,091 |
Deferred | 10,121 | 11,212 | 4,223 |
Income taxes | $40,315 | $52,657 | $67,314 |
Reconciliation_of_Income_Taxes
Reconciliation of Income Taxes Computed at U.S. Statutory Tax Rate to Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of income taxes amount | ' | ' | ' |
U.S. statutory rate | $43,820 | $55,507 | $69,107 |
State income taxes, net of federal tax benefit | 2,097 | 2,199 | 3,103 |
Mining depletion | -2,751 | -2,606 | -1,162 |
Section 199 Manufacturing Benefit and other | -2,851 | -2,443 | -3,734 |
Income taxes | $40,315 | $52,657 | $67,314 |
Reconciliation of income taxes rate | ' | ' | ' |
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 1.70% | 1.40% | 1.60% |
Mining depletion | -2.20% | -1.60% | -0.60% |
Section 199 Manufacturing Benefit and other | -2.30% | -1.60% | -1.90% |
Effective Income Tax Rate, Continuing Operations, Total | 32.20% | 33.20% | 34.10% |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 64 Months Ended | 1 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 13, 2002 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 28, 2008 | Jan. 21, 2014 | Feb. 28, 2014 |
Vote | Series A Preferred Stock | Stock Repurchase Program | Stock Repurchase Program | Stock Repurchase Program | Stock Repurchase Program | Stock Repurchase Program | Subsequent Event | Subsequent Event | |||
Maximum | Dividend Declared | Stock Repurchase Program | |||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock votes per share | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' |
Cash dividend, date dividend paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Feb-14 | ' |
Cash dividend, record date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Feb-14 | ' |
Preferred stock, shares authorized | 5,000 | 5,000 | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' |
Shareholder rights plan, expiration period | '2012-02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Board of Directors authorized the repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Repurchased and retired, shares | ' | ' | ' | ' | 75,000 | 60,000 | 55,000 | 1,952,576 | ' | ' | 36,969 |
Repurchased and retired, aggregate price | $5,834 | $5,727 | $6,649 | ' | $5,833 | $5,727 | $6,649 | $84,134 | ' | ' | $4,062 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options exercised | ' | 2,425 | ' |
Weighted-average exercise price of options exercised | ' | $22.35 | ' |
Options outstanding | ' | 0 | ' |
Total intrinsic value of options exercised | $0 | $118 | $346 |
Omnibus Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for issuance under the plan | 496,455 | ' | ' |
Omnibus Incentive Plan | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Cash-based award paid to a single participant in any calendar year | 2,000 | ' | ' |
Aggregate number of common stock for issuance under the plan | 750,000 | ' | ' |
Period of years for which the 750,000 shares can be granted over | '5 years | ' | ' |
Shares granted to any single participant in any calendar year | 50,000 | ' | ' |
Omnibus Incentive Plan | Employee Stock Options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term Period | 10 | ' | ' |
Omnibus Incentive Plan | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Unrecognized compensation expense, net | 6,467 | ' | ' |
Unrecognized compensation expense, net, weighted average period | '1 year 9 months 18 days | ' | ' |
Weighted average grant date fair value | $82.18 | $105.22 | $104.07 |
Total fair value of restricted stock vested | 4,995 | 4,696 | 2,712 |
Omnibus Incentive Plan | Phantom Share Units (PSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Units granted | 14,590 | ' | ' |
Units vested | 6,156 | ' | ' |
Units forfeited | 1,304 | ' | ' |
Total fair value of units outstanding | $831 | ' | ' |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity and Related Information (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | ' |
Shares | ' |
Beginning Balance | 115,722 |
Granted | 90,243 |
Vested | -52,621 |
Forfeited | -17,149 |
Ending Balance | 136,195 |
Weighted-Average Grant-Date Fair Value | ' |
Beginning Balance | $99.50 |
Granted | $82.18 |
Vested | $94.92 |
Forfeited | $93.91 |
Ending Balance | $90.50 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings per Share under Two-Class Method (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $20,854 | $30,148 | $16,307 | $17,577 | $19,827 | $23,898 | $31,917 | $30,291 | $84,886 | $105,933 | $130,136 |
Effect of reallocating undistributed earnings of participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -530 | -553 | -749 |
Net income available under the two-class method | ' | ' | ' | ' | ' | ' | ' | ' | $84,356 | $105,380 | $129,387 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share-weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 22,957,013 | 22,968,696 | 23,011,087 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625 | 1,332 |
Denominator for diluted earnings per share-adjusted weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 22,957,013 | 22,969,321 | 23,012,419 |
Basic earnings per share | $0.90 | $1.31 | $0.71 | $0.76 | $0.86 | $1.04 | $1.38 | $1.31 | $3.67 | $4.59 | $5.62 |
Diluted earnings per share | $0.90 | $1.31 | $0.71 | $0.76 | $0.86 | $1.04 | $1.38 | $1.31 | $3.67 | $4.59 | $5.62 |
Employee Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625 | 1,332 |
Deferred Stock Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly_Operating_Results_De
Quarterly Operating Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $164,520 | $201,477 | $153,744 | $147,657 | $153,622 | $151,134 | $177,614 | $163,166 | $667,398 | $645,536 | $625,705 |
Gross profit | 48,519 | 62,759 | 39,333 | 42,384 | 45,638 | 50,150 | 64,253 | 63,464 | 192,995 | 223,505 | 261,715 |
Net income | $20,854 | $30,148 | $16,307 | $17,577 | $19,827 | $23,898 | $31,917 | $30,291 | $84,886 | $105,933 | $130,136 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.90 | $1.31 | $0.71 | $0.76 | $0.86 | $1.04 | $1.38 | $1.31 | $3.67 | $4.59 | $5.62 |
Diluted | $0.90 | $1.31 | $0.71 | $0.76 | $0.86 | $1.04 | $1.38 | $1.31 | $3.67 | $4.59 | $5.62 |
Schedule_of_Total_Revenue_from
Schedule of Total Revenue from Major Customers (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Major Customer A | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of total revenue | 13.10% | 13.70% | 15.00% |
Major Customer B | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of total revenue | 34.70% | 35.20% | 33.30% |
Geographic_Information_for_Lon
Geographic Information for Long-Lived Assets and Revenues in United States and other Countries (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | $489,403 | ' | ' | ' | $440,069 | ' | ' | ' | $489,403 | $440,069 | $418,502 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 164,520 | 201,477 | 153,744 | 147,657 | 153,622 | 151,134 | 177,614 | 163,166 | 667,398 | 645,536 | 625,705 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 454,031 | ' | ' | ' | 403,534 | ' | ' | ' | 454,031 | 403,534 | 377,667 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 529,603 | 500,106 | 495,777 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 43,329 | 30,929 | 34,001 |
Other International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 94,466 | 114,501 | 95,927 |
International, Primarily China and Russia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | $35,372 | ' | ' | ' | $36,535 | ' | ' | ' | $35,372 | $36,535 | $40,835 |
Geographic_Information_Additio
Geographic Information - Additional Information (Detail) (Outside United States) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Outside United States | ' | ' | ' |
Revenues Outside United States Disclosure [Line Items] | ' | ' | ' |
Percentage of total revenue | 21.00% | 23.00% | 21.00% |
Benefit_Costs_Recognized_as_Ex
Benefit Costs Recognized as Expense Under Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Benefit plan contributions | ' | ' | ' |
Benefit plan contributions | $3,735 | $3,373 | $3,771 |
Profit Sharing Plan | ' | ' | ' |
Benefit plan contributions | ' | ' | ' |
Benefit plan contributions | 2,126 | 2,132 | 2,690 |
Savings Plan | ' | ' | ' |
Benefit plan contributions | ' | ' | ' |
Benefit plan contributions | $1,609 | $1,241 | $1,081 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Plan Disclosure [Line Items] | ' |
Percentage of participant directed contributions to benefit plans | 100.00% |
Maximum | ' |
Defined Contribution Plan Disclosure [Line Items] | ' |
Participants contribution percentage allowed to invest in Company's common stock | 20.00% |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2008 | Oct. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2002 | Dec. 31, 2002 | Nov. 01, 2008 | Jan. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2003 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | Dec. 31, 2011 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 | Jan. 30, 2012 | Jan. 30, 2012 | Jan. 30, 2012 | Jul. 31, 2011 | Jul. 31, 2011 | Jan. 30, 2012 | Nov. 30, 2012 | 31-May-12 | 31-May-12 |
Lease Agreements | During 2014 | During 2015 | During 2016 | During 2017 | Bauxite raw materials | Bauxite raw materials | Bauxite raw materials | Bauxite raw materials | Bauxite raw materials | Hard Clays | Hard Clays | Hard Clays | McIntyre | McIntyre | McIntyre | McIntyre | McIntyre | McIntyre | Eufaula | Eufaula | Eufaula | Eufaula | Eufaula | Eufaula | Eufaula | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Marshfield, Wisconsin | Millen Georgia | Millen Georgia | Millen Georgia | ||||
Natural Gas Purchase Contract | Natural Gas Purchase Contract | Natural Gas Purchase Contract | Natural Gas Purchase Contract | Supplier 4 | Supplier 4 | Supplier 4 | Supplier 4 | Supplier 4 | Supplier 6 | Supplier 6 | Supplier 6 | Wilkinson County Development Authority | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | kaolin | Prior Agreement | After Amendment | During 2013 | During 2014 | During 2011 | During 2012 | During 2012 | Jenkins County Development Authority | Kaolin And Bauxite | Kaolin And Bauxite | ||||||||
Within Three Years From Agreement Date | More Than Three Years From Agreement Date | CHINA | CHINA | Minimum | Supplier 3 | Supplier 3 | Supplier 3 | Supplier 3 | Supplier 3 | Supplier 2 | Supplier 2 | Supplier 2 | Supplier 2 | Supplier 2 | Supplier 2 | Supplier 2 | After Amendment | After Amendment | Prior Agreement | Prior Agreement | After Amendment | Supplier 7 | Supplier 7 | |||||||||||||||||||
T | T | CHINA | Minimum | After Amendment | Minimum | Minimum | T | T | T | T | T | Minimum | ||||||||||||||||||||||||||||||
After Amendment | ||||||||||||||||||||||||||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment effective date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2003-01-01 | ' | ' | ' | ' | 'May 2012 | ' | ' | '2011-01-01 | ' | ' | ' | ' | ' | ' | '2011-07-30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase commitment, period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Additional purchase commitment, period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Purchase obligation percentage of annual requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | 70.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Purchase commitment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,400 | ' | ' | $2,918 | ' | ' | ' | ' | $1,381 | $2,491 | $2,900 | ' | ' | $3,788 | $3,012 | $3,205 | ' | ' | ' | $3,546 | $2,538 | $462 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement entry date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-08 | ' | ' | ' | ' | ' | ' | ' | 1-Nov-08 | 1-Jan-03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Nov-12 | 31-May-12 | ' |
Minimum quantity to be purchased annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 350,000 | 40,000 | 100,000 | 150,000 | ' | ' | ' |
Purchase commitment coverage period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement Termination Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase commitment, commencing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2012-01-30 | ' | ' | ' | ' | ' | ' | ' | ' |
Facility construction completion period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Construction of the facility is expected to be completed in early 2014. | ' |
Annual rental fee | 22,542 | 21,452 | 11,590 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease agreement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Through the year 2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Until the tenth anniversary of completion of the final phase of the facility | ' | ' |
Lease administrative fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' |
Net book value of property leased | 478,535 | 426,232 | ' | 292,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Natural gas purchase commitment annually | ' | ' | ' | ' | $21,010 | $21,009 | $13,949 | $3,551 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment_Agreements_Addition
Employment Agreements - Additional Information (Detail) (President and Chief Executive Officer) | 12 Months Ended |
Dec. 31, 2013 | |
President and Chief Executive Officer | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' |
Obligation payable | '18 months |
Employee benefit payments period | '2 years |
Non competition covenant period | '2 years |
Employment agreement extension period | '1 year |
Foreign_Currencies_Additional_
Foreign Currencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Foreign Currency Balance [Line Items] | ' | ' |
Investment subject to foreign currency fluctuations | $89,580 | ' |
Cumulative foreign currency translation loss, net of deferred income tax benefit | 3,261 | 1,940 |
Amount reclassified to net income | $0 | ' |
Legal_Proceedings_and_Regulato1
Legal Proceedings and Regulatory Matters - Additional Information (Detail) (USD $) | 1 Months Ended | |||||||
Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Jun. 13, 2012 | Apr. 10, 2012 | Feb. 09, 2012 | Jan. 31, 2014 | |
LegalMatter | Defendant | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Law suit filing date | ' | ' | ' | ' | 'On June 13, 2012, the Directors of the Company and Mr. Bautista were named as defendants in a purported derivative action lawsuit brought on behalf of the Company by a stockholder in District Court in Harris County, Texas (the "Harris County Lawsuit"). | 'On April 10, 2012, a second purported class-action lawsuit was filed against the same defendants in the United States District Court for the Southern District of New York, brought on behalf of shareholders who purchased or sold CARBO Ceramics Inc. option contracts during the Relevant Time Period (the bApril SDNY Lawsuit, and collectively with the February SDNY Lawsuit, the bFederal Securities Lawsuitb) | 'On February 9, 2012, the Company and two of its officers, Gary A. Kolstad and Ernesto Bautista III, were named as defendants in a purported class-action lawsuit filed in the United States District Court for the Southern District of New York (the "February SDNY Lawsuit"), brought on behalf of shareholders who purchased the Company's Common Stock between October 27, 2011 and January 26, 2012 (the "Relevant Time Period"). | ' |
Name of defendant | ' | ' | 'The Company and Messrs. Kolstad and Bautista | ' | 'The Directors of the Company and Mr. Bautista | 'The Company and two of its officers, Gary A. Kolstad and Ernesto Bautista III | 'The Company and two of its officers, Gary A. Kolstad and Ernesto Bautista III | ' |
Name of plaintiff | ' | ' | ' | ' | 'Stockholder in District Court in Harris County, Texas | 'Shareholders who purchased or sold CARBO Ceramics Inc. option contracts during the Relevant Time Period | 'Shareholders who purchased the Company's Common Stock between October 27, 2011 and January 26, 2012 | ' |
Number of officers named as defendants | ' | ' | ' | ' | ' | ' | 2 | ' |
Number of lawsuits | ' | ' | ' | 1 | ' | ' | ' | ' |
Suit Consolidation | ' | ' | ' | ' | ' | 'In June 2012, the February SNDY Lawsuit and the April SDNY Lawsuit were consolidated, and will proceed as one lawsuit. | 'In June 2012, the February SNDY Lawsuit and the April SDNY Lawsuit were consolidated, and will proceed as one lawsuit. | ' |
Actions Taken by Defendant | 'Install additional emissions control equipment by May 2014. | ' | ' | ' | ' | 'In September 2012, the Company and Messrs. Kolstad and Bautista filed a motion to dismiss this lawsuit. The motion to dismiss was granted, and the Federal Securities Lawsuit was dismissed without prejudice in June 2013. In September 2013, the plaintiffs filed a motion requesting leave to file a second amended complaint and sustain the lawsuit. In January 2014, the Court denied plaintiffs' motion, and entered a judgment in favor of the Company and Messrs. Kolstad and Bautista. The plaintiffs have the right to appeal this judgment for a period of 30 days from entry. | 'In September 2012, the Company and Messrs. Kolstad and Bautista filed a motion to dismiss this lawsuit. The motion to dismiss was granted, and the Federal Securities Lawsuit was dismissed without prejudice in June 2013. In September 2013, the plaintiffs filed a motion requesting leave to file a second amended complaint and sustain the lawsuit. In January 2014, the Court denied plaintiffs' motion, and entered a judgment in favor of the Company and Messrs. Kolstad and Bautista. The plaintiffs have the right to appeal this judgment for a period of 30 days from entry. | ' |
Laws affected | ' | ' | ' | 'The Federal Securities Lawsuit alleges violations of the federal securities laws arising from statements concerning the Companybs business operations and business prospects that were made during the Relevant Time Period and requests unspecified damages and costs. | 'This lawsuit alleges various breaches of fiduciary duty and other duties by the defendants that generally are related to the Federal Securities Lawsuit, as well as a breach of duty by certain defendants in connection with stock sales. The lawsuit requests unspecified damages and costs | 'The Federal Securities Lawsuit alleges violations of the federal securities laws arising from statements concerning the Companybs business operations and business prospects that were made during the Relevant Time Period and requests unspecified damages and costs. | 'The Federal Securities Lawsuit alleges violations of the federal securities laws arising from statements concerning the Companybs business operations and business prospects that were made during the Relevant Time Period and requests unspecified damages and costs. | ' |
Appeal period | ' | ' | ' | ' | ' | ' | ' | '30 days |
Company assessment and process | ' | 'In October 2013, the Company made a voluntary disclosure to the State of Georgia Environmental Protection Department ("EPD") concerning the air emissions of its Toomsboro, Georgia manufacturing facility. Specifically, the disclosure concerns the emission of a specific substance that exceeds permitted levels under applicable regulations. | ' | ' | ' | ' | ' | ' |
Payments for Environmental Liabilities | $300 | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 64 Months Ended | 1 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 28, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
Stock Repurchase Program | Stock Repurchase Program | Stock Repurchase Program | Stock Repurchase Program | Subsequent Event | Subsequent Event | Subsequent Event | ||||
Stock Repurchase Program | Phantom Stock | Restricted Stock | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares or units awarded to certain employees | ' | ' | ' | ' | ' | ' | ' | ' | 3,590 | 73,785 |
Fair value of the stock award on the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | $403 | $8,278 |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Repurchased and retired, shares | ' | ' | ' | 75,000 | 60,000 | 55,000 | 1,952,576 | 36,969 | ' | ' |
Repurchased and retired, aggregate price | $5,834 | $5,727 | $6,649 | $5,833 | $5,727 | $6,649 | $84,134 | $4,062 | ' | ' |