Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 17, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FMSA | ||
Entity Registrant Name | FMSA HOLDINGS INC. | ||
Entity Central Index Key | 1010858 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 160,929,766 | ||
Entity Public Float | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $1,356,458 | $988,386 | $885,190 |
Cost of sales (excluding depreciation, depletion, amortization, and stock compensation expense shown separately) | 851,454 | 627,842 | 502,417 |
Operating expenses | |||
Selling, general and administrative expenses | 114,227 | 81,858 | 65,430 |
Depreciation, depletion, and amortization expense | 59,379 | 37,771 | 27,690 |
Stock compensation expense | 16,571 | 10,133 | 11,434 |
Other operating expense (income) | 3,163 | 2,826 | -207 |
Income from operations | 311,664 | 227,956 | 278,426 |
Interest expense, net | 60,842 | 61,926 | 56,714 |
Loss on extinguishment of debt | 11,760 | ||
Other non-operating expense | 2,786 | 4,394 | 1,870 |
Income before provision for income taxes | 248,036 | 149,876 | 219,842 |
Provision for income taxes | 77,413 | 45,219 | 70,369 |
Net income | 170,623 | 104,657 | 149,473 |
Less: Net income attributable to the noncontrolling interest | 173 | 696 | 587 |
Net income attributable to FMSA Holdings Inc. | $170,450 | $103,961 | $148,886 |
Earnings per share | |||
Basic | $1.08 | $0.67 | $0.96 |
Diluted | $1.03 | $0.63 | $0.91 |
Weighted average number of shares outstanding | |||
Basic | 157,949,664 | 156,008,218 | 155,826,794 |
Diluted | 166,277,124 | 164,637,554 | 164,328,324 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $170,623 | $104,657 | $149,473 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -2,353 | -2 | 308 |
Pension obligations | -950 | 914 | 166 |
Change in fair value of derivative swap agreements | -5,970 | 4,751 | -643 |
Total other comprehensive income (loss), net of tax | -9,273 | 5,663 | -169 |
Comprehensive income | 161,350 | 110,320 | 149,304 |
Comprehensive income attributable to the noncontrolling interest | 173 | 696 | 791 |
Comprehensive income attributable to FMSA Holdings Inc. | $161,177 | $109,624 | $148,513 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $76,923 | $17,815 |
Accounts receivable, net | 206,094 | 139,688 |
Inventories | 131,613 | 118,349 |
Deferred income taxes | 5,158 | 11,748 |
Prepaid expenses and other assets | 40,766 | 17,738 |
Total current assets | 460,554 | 305,338 |
Property, plant and equipment, net | 841,274 | 748,838 |
Goodwill | 84,677 | 87,452 |
Intangibles, net | 100,769 | 106,236 |
Other assets | 26,742 | 35,567 |
Total assets | 1,514,016 | 1,283,431 |
Current liabilities | ||
Current portion of long-term debt | 17,274 | 15,687 |
Accounts payable | 88,542 | 89,998 |
Accrued expenses | 36,025 | 28,706 |
Total current liabilities | 141,841 | 134,391 |
Long-term debt | 1,235,365 | 1,246,459 |
Deferred income taxes | 74,351 | 46,851 |
Other long-term liabilities | 28,985 | 21,088 |
Total liabilities | 1,480,542 | 1,448,789 |
Commitments and contingent liabilities | ||
Common stock: $0.01 par value, 272,000,000 authorized shares Shares outstanding: 160,913,266 and 156,462,356 at December 31, 2014 and December 31, 2013, respectively | 2,387 | 2,341 |
Preferred stock: $0.01 par value, 100,000,000 authorized shares Shares outstanding: 0 at December 31, 2014 and 2013, respectively | ||
Additional paid-in capital | 771,888 | 733,088 |
Retained earnings | 497,179 | 326,729 |
Accumulated other comprehensive income (loss) | -12,809 | -3,536 |
Total equity attributable to FMSA Holdings Inc. before treasury stock | 1,258,645 | 1,058,622 |
Less: Treasury stock at cost Shares in treasury: 77,765,480 and 77,706,150 at December 31, 2014 and December 31, 2013, respectively | -1,227,663 | -1,227,001 |
Total equity (deficit) attributable to FMSA Holdings Inc. | 30,982 | -168,379 |
Noncontrolling interest | 2,492 | 3,021 |
Total equity (deficit) | 33,474 | -165,358 |
Total liabilities and equity | $1,514,016 | $1,283,431 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 272,000,000 | 272,000,000 |
Common stock, shares outstanding | 160,913,266 | 156,462,356 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Shares in treasury | 77,765,480 | 77,706,150 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Subtotal [Member] | Non-controlling Interest [Member] |
In Thousands, except Share data | |||||||||
Beginning balances at Dec. 31, 2011 | ($447,992) | $2,331 | $0 | $705,849 | $73,882 | ($8,826) | ($1,224,285) | ($451,049) | $3,057 |
Beginning balances, shares at Dec. 31, 2011 | 155,669,000 | 0 | 77,453,000 | ||||||
Purchase of treasury stock | -1,014 | -1,014 | -1,014 | ||||||
Purchase of treasury stock, shares | -93,000 | 93,000 | |||||||
Stock options exercised | 716 | 3 | 713 | 716 | |||||
Stock options exercised, shares | 301,000 | ||||||||
Stock compensation expense | 11,434 | 11,434 | 11,434 | ||||||
Tax effect of stock options exercised | 901 | 901 | 901 | ||||||
Tax effect for deferred shareholder payments | 961 | 961 | 961 | ||||||
Purchase of noncontrolling interest | -238 | -238 | |||||||
Net income | 149,473 | 148,886 | 148,886 | 587 | |||||
Other comprehensive income (loss) | -169 | -373 | -373 | 204 | |||||
Ending balances at Dec. 31, 2012 | -285,928 | 2,334 | 0 | 719,858 | 222,768 | -9,199 | -1,225,299 | -289,538 | 3,610 |
Ending balances, shares at Dec. 31, 2012 | 155,877,000 | 0 | 77,546,000 | ||||||
Purchase of treasury stock | -1,702 | -1,702 | -1,702 | ||||||
Purchase of treasury stock, shares | -160,000 | 160,000 | |||||||
Stock options exercised | 1,277 | 7 | 1,270 | 1,277 | |||||
Stock options exercised, shares | 745,000 | ||||||||
Stock compensation expense | 10,133 | 10,133 | 10,133 | ||||||
Tax effect of stock options exercised | 1,827 | 1,827 | 1,827 | ||||||
Transactions with noncontrolling interest | -1,285 | -1,285 | |||||||
Net income | 104,657 | 103,961 | 103,961 | 696 | |||||
Other comprehensive income (loss) | 5,663 | 5,663 | 5,663 | ||||||
Ending balances at Dec. 31, 2013 | -165,358 | 2,341 | 0 | 733,088 | 326,729 | -3,536 | -1,227,001 | -168,379 | 3,021 |
Ending balances, shares at Dec. 31, 2013 | 156,462,000 | 0 | 77,706,000 | ||||||
Purchase of treasury stock | -662 | -662 | -662 | ||||||
Purchase of treasury stock, shares | -59,000 | 59,000 | |||||||
Stock options exercised | 6,540 | 46 | 6,494 | 6,540 | |||||
Stock options exercised, shares | 4,677,788 | 4,510,000 | |||||||
Stock compensation expense | 16,571 | 16,571 | 16,571 | ||||||
Tax effect of stock options exercised | 15,735 | 15,735 | 15,735 | ||||||
Transactions with noncontrolling interest | -702 | -702 | |||||||
Net income | 170,623 | 170,450 | 170,450 | 173 | |||||
Other comprehensive income (loss) | -9,273 | -9,273 | -9,273 | ||||||
Ending balances at Dec. 31, 2014 | $33,474 | $2,387 | $0 | $771,888 | $497,179 | ($12,809) | ($1,227,663) | $30,982 | $2,492 |
Ending balances, shares at Dec. 31, 2014 | 160,913,000 | 0 | 77,765,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Net income | $170,623 | $104,657 | $149,473 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and depletion | 54,111 | 35,917 | 27,562 |
Amortization | 11,991 | 8,446 | 6,743 |
Write-off of deferred financing costs | 11,358 | ||
Write-off and impairment of intangibles and long-lived assets | 200 | 273 | |
Loss on sale of fixed assets | 854 | ||
Unrealized loss (gain) on interest rate swaps | 208 | 3,009 | -123 |
Deferred income taxes | 37,810 | 826 | 10,085 |
Stock compensation expense | 16,571 | 10,133 | 11,434 |
Change in operating assets and liabilities, net of acquired balances: | |||
Accounts receivable | -66,406 | -22,097 | -2,172 |
Inventories | -13,264 | 158 | 4,502 |
Prepaid expenses and other assets | -23,454 | -11,698 | -4,067 |
Accounts payable | -1,456 | 46,542 | -14,263 |
Accrued expenses | 17,488 | -12,616 | -3,014 |
Net cash provided by operating activities | 205,276 | 174,635 | 186,433 |
Cash flows from investing activities | |||
Proceeds from sale of fixed assets | 5,160 | 1,650 | |
Capital expenditures | -143,491 | -111,514 | -109,016 |
Purchase of business and assets | -468,003 | ||
Net cash used in investing activities | -138,331 | -579,517 | -107,366 |
Cash flows from financing activities | |||
Proceeds from issuance of term loans | 41,000 | 1,226,950 | |
Payments on term debt | -12,512 | -841,025 | -115,000 |
Change in other long-term debt and capital leases | -4,830 | -2,356 | -5,634 |
Proceeds from borrowing on revolving credit facility | 32,267 | 148,100 | |
Payments on revolving credit facility | -73,000 | -107,100 | |
Settlement of contingent consideration | -9,600 | ||
Proceeds from option exercises | 6,540 | 1,277 | 716 |
Purchase of treasury stock | -662 | -1,702 | -1,014 |
Tax effect of stock options exercised and dividend equivalents | 15,735 | 1,827 | 901 |
Distributions to noncontrolling interest | -702 | -1,285 | |
Tax effect of deferred shareholder payments | 961 | ||
Financing costs | -1,913 | -14,171 | |
Net cash provided by (used in) financing activities | -7,677 | 410,515 | -119,070 |
Foreign currency adjustment | -160 | 316 | 104 |
Increase (decrease) in cash and cash equivalents | 59,108 | 5,949 | -39,899 |
Cash and cash equivalents: | |||
Beginning of period | 17,815 | 11,866 | 51,765 |
End of period | 76,923 | 17,815 | 11,866 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 62,167 | 57,694 | 52,047 |
Income taxes paid | 32,203 | 56,319 | 55,085 |
Non-cash investing activities: | |||
Equipment purchased under capital lease | $6,558 | $5,989 | $4,381 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Organization | 1 | Organization |
FMSA Holdings Inc. and its consolidated subsidiaries (the “Company”) is a supplier of proppants and sand products. The Company is organized into two segments: Proppant Solutions and Industrial & Recreational Products. This segmentation is based on the end markets we serve, our management structure and the financial information that is reviewed by the chief operating decision maker in deciding how to allocate resources and assess performance. | ||
The Proppant Solutions business serves the oil and gas recovery markets in the United States, Canada, Argentina, Mexico, China, northern Europe and the United Arab Emirates, providing raw and coated proppants primarily for use in hydraulic fracturing. The raw sand and substrate for our coated sand generally consists of high-purity silica sands produced at our facilities in Illinois, Wisconsin, Minnesota, Missouri and Texas. | ||
The Industrial & Recreational Products business provides raw and coated sands to the foundry, building products, glass, turf and landscape and filtration industries. | ||
In addition to its wholly-owned subsidiaries, the Company owns 90% of a holding company, Technimat LLC, which owns 70% of Santrol (Yixing) Proppant Co., a manufacturer of resin-based proppants located in China. During 2013, the company liquidated its interest in Santrol (Tianjin) Proppant Company Ltd., which was owned by Technimat. The noncontrolling interests in both entities are presented as “Noncontrolling interest” on the balance sheet. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of FMSA Holdings Inc. and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenue is recognized when delivery of products has occurred, the selling price is fixed or determinable, collectability is reasonably assured and title and risk of loss have transferred to the customer. This generally occurs when products leave a storage terminal or, in the case of direct shipments, when products leave a production facility. In a majority of cases, transportation costs to move product from a production facility to a storage terminal are borne by the Company and capitalized into the cost of inventory. These costs are included in the cost of sales as the product is sold. | |||||||||||||||||
The Company derives its revenue by mining and processing minerals that its customers purchase for various uses. Its net sales are primarily a function of the price per ton realized and the volumes sold. In a small number of instances, its net sales also include a charge for transportation services it provides to its customers. | |||||||||||||||||
In the Proppant Solutions segment, the Company primarily sells its products under market rate contracts with terms typically ranging from two to ten years. The Company invoices the majority of its customers on a per shipment basis when the customer takes possession of the product. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At various times, the Company maintains funds on deposit at its banks in excess of FDIC insurance limits. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Trade accounts receivable are stated at the amount management expects to collect, and do not bear interest. Management provides for uncollectible amounts based on its assessment of the current status of individual accounts. Accounts receivable are net of allowance for doubtful accounts of $4,255 and $796 as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market. Certain subsidiaries determine cost using the last-in, first-out (LIFO) method. If the first-in, first-out (FIFO) method of inventory accounting had been used, inventories would have been higher by $2,960 and $176 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
LIFO inventories comprise 16% and 24% of inventories reflected in the accompanying Consolidated Balance Sheets as of December 31, 2014 and 2013, respectively. The cost of inventories of all other subsidiaries is determined using the FIFO method. In 2013, the Company recognized $4,958 permanent write-down in the value of finished goods inventory, net of expected recoveries from suppliers. The inventory write-down is included in cost of sales. In the year ended December 31, 2014, the Company recorded a write-down of $908 of certain field trial inventory, which is included in other operating expense. | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at cost. Expenditures, including interest, for property, plant and equipment and items that substantially increase the useful lives of existing assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. | |||||||||||||||||
Depreciation on property, plant and equipment is computed on a straight-line basis over the estimated useful lives of the related assets. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements. | |||||||||||||||||
Depletion expense calculated for depletable land and mineral rights is based on cost multiplied by a depletion factor. The depletion factor varies based on production and other factors, but is generally equal to annual tons mined divided by total estimated remaining reserves for the mine. | |||||||||||||||||
The estimated service lives of property and equipment are principally as follows: | |||||||||||||||||
Land improvements | 10-40 years | ||||||||||||||||
Machinery and equipment | 3-20 years | ||||||||||||||||
Buildings and improvements | 10-40 years | ||||||||||||||||
Furniture, fixtures, and other | 3-10 years | ||||||||||||||||
Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No provision for depreciation is made on construction in progress until such time as the relevant assets are completed and put into use. Construction in progress at December 31, 2014, represents machinery and facilities under installation. | |||||||||||||||||
The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Interest cost capitalized was $6,765 and $2,540 in 2014 and 2013, respectively. | |||||||||||||||||
Depreciation and depletion expense was $54,111, $35,917, and $27,562 in years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
Included in land and improvements are occupancy rights in China of $354 that are held for a term of 50 years until December 2057. | |||||||||||||||||
The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of property, plant and equipment may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets or asset groups. The factors considered by management in performing this assessment include current operating results, trends, and prospects, as well as the effects of obsolescence, demand, competition, and other economic factors. As a result of these tests, the Company did not record a write down in the carrying value of certain minerals rights in the years ended December 31, 2014 and 2013, but the Company did record a write-down of $273 in the year ended December 31, 2012. | |||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
Deferred financing costs are amortized over the terms of the related debt obligations and are included in other assets. In connection with the refinancing of the Company’s debt in September 2013 (see note 10), the Company incurred financing costs of $15,132 of which $14,171 were capitalized. In connection with the refinancing, the Company wrote off $11,358 of costs that were previously capitalized. In 2014, the Company incurred additional deferred financing charges in connection with the amendment of the existing credit agreement whereby the applicable margin for B-1 and B-2 base rate and Eurodollar loans was reduced (refer to note 10). | |||||||||||||||||
The following table presents deferred financing costs as of December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred financing costs | $ | 37,936 | $ | 36,705 | |||||||||||||
Accumulated amortization | (17,510 | ) | (12,475 | ) | |||||||||||||
Deferred financing costs, net | $ | 20,426 | $ | 24,230 | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
Goodwill and indefinite-lived intangible assets are reviewed for impairment by applying a fair-value based test on an annual basis or more frequently if circumstances indicate that impairment may have occurred. The Company evaluates qualitative factors such as economic performance, industry conditions, and other factors to determine if it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. As a result of this evaluation at December 31, 2014, the Company performed a quantitative two-step impairment test. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an indication of goodwill impairment exists. The second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to the excess. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. | |||||||||||||||||
The Company reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of the assets or asset groups. | |||||||||||||||||
The evaluation of goodwill or other intangible assets for possible impairment includes estimating fair value using one or a combination of valuation techniques, such as discounted cash flows or based on comparable companies or transactions. These valuations require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. Although the Company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce a materially different result. | |||||||||||||||||
The Company did not recognize any impairment losses for goodwill or other intangible assets in the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
Basic and diluted earnings per share is presented for net income attributable to FMSA Holdings Inc. Basic earnings per share is computed by dividing income available to FMSA Holdings Inc. common stockholders by the weighted-average number of outstanding common shares for the period. Diluted earnings per share iscomputed by increasing the weighted-average number of outstanding common shares to include the additional common shares that would be outstanding after exercise of outstanding stock options and restricted stock units. Potential common shares in the diluted earnings per share calculation are excluded to the extent that they would be anti-dilutive. | |||||||||||||||||
Derivatives and Hedging Activities | |||||||||||||||||
Due to its variable-rate indebtedness, the Company is exposed to fluctuations in interest rates. The Company uses interest rate swaps to manage this exposure. These derivative instruments are recorded on the balance sheet at their fair values. Changes in the fair value of derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. For cash flow hedges in which the Company is hedging the variability of cash flows related to a variable-rate liability, the effective portion of the gain or loss on the derivative instrument is reported in other comprehensive income in the periods during which earnings are impacted by the variability of the cash flows of the hedged item. The ineffective portion of all hedges is recognized in current period earnings. As interest expense is accrued on the debt obligation, amounts in accumulated other comprehensive income (loss) related to the interest rate swaps are reclassified into income to obtain a net cost on the debt obligation equal to the effective yield of the fixed rate of each swap. In the event that an interest rate swap is terminated prior to maturity, gains or losses in accumulated other comprehensive income (loss) remain deferred and are reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. | |||||||||||||||||
The Company formally designates and documents instruments at inception that qualify for hedge accounting of underlying exposures in accordance with GAAP. Both at inception and for each reporting period, the Company assesses whether the financial instruments used in hedging transactions are effective in offsetting changes in cash flows of the related underlying exposure. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
Assets and liabilities of all foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are reflected as accumulated other comprehensive income (loss) in equity. | |||||||||||||||||
Concentration of Labor | |||||||||||||||||
Approximately 12% of the Company’s domestic labor force is covered under six union agreements that expire at various times through November 2016. None of the contracts expire before March 2015. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
At December 31, 2014, we had two customers whose receivable balances exceeded 10% of our total receivables. Approximately, 21% and 18% of the accounts receivable balance are from these two customers, respectively. At December 31, 2013, we had three customers whose receivable balances exceeded 10% of our total receivables. Approximately 20%, 13%, and 11% of the accounts receivable balance are from these three customers, respectively. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method to account for deferred income taxes. Deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax bases. Management reviews the Company’s deferred tax assets to determine whether their value can be realized based upon available evidence. A valuation allowance is established if management believes it is more likely than not that some portion of the deferred tax assets will not be realized. | |||||||||||||||||
Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | |||||||||||||||||
The Company recognizes a tax benefit associated with an uncertain tax position when the tax position is more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties accrued related to unrecognized tax uncertainties in income tax expense. | |||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||
We estimate the future cost of dismantling, restoring and reclaiming operating excavation sites and related facilities in accordance with federal, state and local regulatory requirements. We record the initial estimated present value of reclamation costs as an asset retirement obligation and increase the carrying amount of the related asset by a corresponding amount. We allocate reclamation costs to expense over the life of the related assets and adjust the related liability for changes resulting from the passage of time and revisions to either the timing or amount of the original present value estimate. If the asset retirement obligation is settled for more or less than the carrying amount of the liability, a loss or gain will be recognized, respectively. | |||||||||||||||||
Research and Development (R&D) | |||||||||||||||||
The Company’s research and development expenses consist of personnel and other direct and indirect costs for internally funded project development. Total expenses for R&D for the years ended December 31, 2014, 2013, and 2012 were $6,286, $5,364, and $1,815, respectively. Total research and development expenditures represented 0.46%, 0.54%, and 0.21% of revenues in 2014, 2013, and 2012, respectively. | |||||||||||||||||
Change in Classification | |||||||||||||||||
During the current year the Company modified the presentation of certain recoverable value-added taxes and other taxes remitted in Mexico to more appropriately reflect the nature of the underlying tax-related receivables. Comparative amounts in the consolidated balance sheets were reclassified for consistency, which resulted in $7,163 being reclassified from accounts receivable, net to prepaid expenses and other assets as of December 31, 2013. Since the reclassification is entirely within current assets, there is no net effect on current and long-term assets. | |||||||||||||||||
The consolidated statements of cash flows were also modified to reflect the reclassification and resulted in $1,366 and $1,332 being reclassified from the change in accounts receivable to the change in prepaids and other assets for the years ended December 31, 2013 and 2012, respectively. There was no net effect to cash flows provided by operating activities for either period. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Accumulated other comprehensive income (loss) is a separate line within equity that reports the Company’s cumulative income that has not been reported as part of net income. Items that are included in this line are the income or loss from foreign currency translation, actuarial gains and losses and prior service cost related to pension liabilities, and the unrealized gains and losses on certain investments or hedges, net of taxes. The components of accumulated other comprehensive income (loss) attributable to FMSA Holdings Inc. at December 31, 2014 and 2013 were as follows: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Gross | Tax Effect | Net Amount | |||||||||||||||
Foreign currency translation | $ | (4,979 | ) | $ | — | $ | (4,979 | ) | |||||||||
Additional pension liability | (4,236 | ) | 1,588 | (2,648 | ) | ||||||||||||
Unrealized loss on interest rate hedges | (8,292 | ) | 3,110 | (5,182 | ) | ||||||||||||
$ | (17,507 | ) | $ | 4,698 | $ | (12,809 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||
Gross | Tax Effect | Net Amount | |||||||||||||||
Foreign currency translation | $ | (2,626 | ) | $ | — | $ | (2,626 | ) | |||||||||
Additional pension liability | (2,717 | ) | 1,019 | (1,698 | ) | ||||||||||||
Unrealized gain on interest rate hedges | 1,260 | (472 | ) | 788 | |||||||||||||
$ | (4,083 | ) | $ | 547 | $ | (3,536 | ) | ||||||||||
The following table presents the changes in accumulated other comprehensive income by component for the year ended December 31, 2014: | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Unrealized | Additional | Foreign | Total | ||||||||||||||
gain (loss) on | pension | currency | |||||||||||||||
interest rate | liability | translation | |||||||||||||||
hedges | |||||||||||||||||
Beginning balance | $ | 788 | $ | (1,698 | ) | $ | (2,626 | ) | $ | (3,536 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (7,609 | ) | (1,062 | ) | (2,353 | ) | (11,024 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 1,639 | 112 | — | 1,751 | |||||||||||||
Ending balance | $ | (5,182 | ) | $ | (2,648 | ) | $ | (4,979 | ) | $ | (12,809 | ) | |||||
The following table presents the reclassifications out of accumulated comprehensive income during the year ended December 31, 2014: | |||||||||||||||||
Details about accumulated other comprehensive income | Amount reclassified | Affected line item on the | |||||||||||||||
from accumulated | |||||||||||||||||
other comprehensive | statement of income | ||||||||||||||||
income | |||||||||||||||||
Change in fair value of derivative swap agreements | |||||||||||||||||
Interest rate hedging contracts | $ | 2,623 | Interest expense | ||||||||||||||
Tax effect | (984 | ) | Tax expense (benefit) | ||||||||||||||
$ | 1,639 | Net of tax | |||||||||||||||
Amortization of pension obligations | |||||||||||||||||
Prior service cost | $ | 16 | Cost of sales | ||||||||||||||
Actuarial losses | 164 | Cost of sales | |||||||||||||||
180 | Total before tax | ||||||||||||||||
Tax effect | (68 | ) | Tax expense | ||||||||||||||
$ | 112 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 1,751 | Net of tax | ||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Pronouncements | 3 | Recent Accounting Pronouncements |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). Under ASU 2014-09, companies recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for reporting periods beginning after December 15, 2016. The Company is in the process of evaluating the effect of the new guidance on its financial statements and disclosures. | ||
On February 18, 2015, the FASB issued Accounting Standards Update No. 2015-02 – Consolidation (Topic 810). The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments modify the evaluation of whether certain limited partnerships and similar entities are variable interest entities (VIEs) or voting interest entities, impact the consolidation analysis of VIEs, and provide an exception for certain registered money market funds. The Company does not have any unconsolidated or consolidated legal entities impacted by this amendment. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 4 | Inventories | |||||||
At December 31, 2014 and 2013, inventories consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 19,803 | $ | 16,766 | |||||
Work-in-process | 23,568 | 24,576 | |||||||
Finished goods | 91,202 | 77,183 | |||||||
134,573 | 118,525 | ||||||||
Less: LIFO reserve | (2,960 | ) | (176 | ) | |||||
Inventories | $ | 131,613 | $ | 118,349 | |||||
Inventories include raw stockpiles of silica and other industrial sand available for shipment, as well as supplies for routine facilities maintenance. We value inventory at the lower of cost or market. |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant, and Equipment | 5 | Property, Plant, and Equipment | |||||||
At December 31, 2014 and 2013, property, plant and equipment consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 63,800 | $ | 38,557 | |||||
Mineral reserves and mine development | 303,804 | 280,727 | |||||||
Machinery and equipment | 478,225 | 426,798 | |||||||
Buildings and improvements | 146,165 | 100,217 | |||||||
Furniture, fixtures and other | 3,604 | 2,558 | |||||||
Construction in progress | 110,677 | 112,819 | |||||||
1,106,275 | 961,676 | ||||||||
Accumulated depletion and depreciation | (265,001 | ) | (212,838 | ) | |||||
Property, plant and equipment, net | $ | 841,274 | $ | 748,838 | |||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | 6 | Accrued Expenses | |||||||
At December 31, 2014 and 2013, accrued expenses consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Accrued payroll and fringe benefits | $ | 21,845 | $ | 12,386 | |||||
Contingent consideration | — | 9,833 | |||||||
Accrued income taxes | 627 | — | |||||||
Other accrued expenses | 13,553 | 6,487 | |||||||
Accrued expenses | $ | 36,025 | $ | 28,706 | |||||
Contingent consideration relates to the Great Plains Sands, LLC acquisition in June 2013 was paid in July 2014. |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Long-Term Liabilities | 7 | Other Long-Term Liabilities | |||||||
At December 31, 2014 and 2013, other long-term liabilities consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Interest rate swaps | $ | 11,696 | $ | 5,637 | |||||
Accrued asset retirement obligations | 3,122 | 2,680 | |||||||
Accrued compensation and benefits | 7,081 | 8,057 | |||||||
Other | 7,086 | 4,714 | |||||||
Other long term liabilities | $ | 28,985 | $ | 21,088 | |||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | 8 | Acquisitions | |||||||||||
The Company made three acquisitions in 2013. On April 30, 2013, the Company acquired 100% of Self-Suspending Proppant LLC (“SSP”) for total consideration of $56,320 plus contingent consideration. The Company accounted for this transaction as an acquisition of a group of assets. SSP owned the exclusive rights to certain intellectual property related to providing proppant with enhanced performance attributes through proprietary coating technology. The contingent consideration is a fixed percentage of the cumulative product margin, less certain adjustments, generated by our Propel SSP sales and any other product incorporating SSP technology for the five years commencing on October 1, 2015. Because the earnout is dependent on future sales and the related cost of sales, the amounts of which are highly uncertain, it is not possible to estimate the amount that will be paid. The contingent consideration will be capitalized, and the associated amortization expense will be recognized, at the time a payment is probable and reasonably estimable. | |||||||||||||
On June 12, 2013, the Company purchased Great Plains Sands, LLC (“Great Plains”), located in Minnesota, for total purchase consideration of $73,579. The Company accounted for this acquisition under ASC 805 as a business combination. Included in the purchase amount is contingent consideration of $9,600 for additional payments due to the seller based on the acquired plant meeting certain operating targets. The Company believes it is highly likely these targets will be met and therefore has discounted the payments only to reflect the time value of money until the expected payment date, which is within one year. The goodwill of $3,887 is primarily attributable to the synergies expected to arise after the acquisition. The Company expects that all of the goodwill generated in this acquisition will be deductible for tax purposes. The production facilities were not complete at the time of the acquisition, and accordingly there were no preacquisition revenues or cost of sales. As a result, pro forma results would not be meaningful in evaluating the financial effect of this acquisition. It is not practicable to determine revenue and net income included in the Company’s operating results relating to Great Plains since the date of acquisition because Great Plains has been fully integrated into the Company’s operations, and the operating results of Great Plains can therefore not be separately identified. | |||||||||||||
On September 6, 2013, the Company purchased certain assets and assumed certain liabilities from FTS International Services, LLC (“FTSI”) and affiliates. The Company acquired sand reserves, frac sand production capacity, resin coating capacity and logistics assets consisting of terminals and railcars. The assets are located in various states, including Texas, Wisconsin, Missouri, Alabama, and Illinois. In connection withthis acquisition, the Company also entered into a ten year supply agreement with FTSI. In April 2014, the agreed upon quantities of certain raw sand required under the supply agreement were lowered to 80% of the original quantity. The total consideration was $347,704. The Company accounted for this acquisition under ASC 805 as a business combination. The goodwill of $49,456 is primarily attributable to the synergies expected to arise after the acquisition. The Company expects that all of the goodwill generated in this acquisition will be deductible for tax purposes. The historical financial information for the assets acquired was impracticable to obtain, and inclusion of pro forma information would require the Company to make estimates and assumptions regarding these assets’ historical financial results that may not be reasonable or accurate. As a result, pro forma results are not presented. It is not practicable to determine revenue and net income included in the Company’s operating results relating to FTSI since the date of acquisition because FTSI has been fully integrated into the Company’s operations, and the operating results of FTSI can therefore not be separately identified. | |||||||||||||
The purchase price for each of these acquisitions was assigned to the fair value of the assets acquired. Such determination of fair value is based on valuation models that incorporate the present value of expected future cash flows and profitability projections. There are many assumptions and estimates underlying the determination of the fair value. Although the Company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce a materially different result. | |||||||||||||
The purchase price for the three transactions in 2013 has been allocated to the fair value of the assets acquired and liabilities assumed as follows: | |||||||||||||
SSP | Great Plains | FTSI | |||||||||||
Sands | |||||||||||||
Land and buildings | $ | — | $ | 7,623 | $ | 2,428 | |||||||
Inventory | — | 1,085 | 25,990 | ||||||||||
Machinery and equipment | — | 13,200 | 125,239 | ||||||||||
Mineral reserves | — | 48,100 | 95,500 | ||||||||||
Other assets | — | 1,568 | — | ||||||||||
Acquired technology | 56,320 | — | — | ||||||||||
Supply agreement | — | — | 50,700 | ||||||||||
Other intangibles | — | — | 687 | ||||||||||
Goodwill | — | 3,887 | 49,456 | ||||||||||
Liabilities assumed | — | (1,884 | ) | (2,296 | ) | ||||||||
Net assets acquired | $ | 56,320 | $ | 73,579 | $ | 347,704 | |||||||
Cash consideration | $ | 56,320 | $ | 63,979 | $ | 347,704 | |||||||
Contingent consideration | — | 9,600 | — | ||||||||||
Total purchase consideration | $ | 56,320 | $ | 73,579 | $ | 347,704 | |||||||
The company capitalized $1,320 of transaction related expenses in connection with the SSP transaction. The Company recognized $7,113 of transaction related expenses in connection with the Great Plains and FTSI acquisitions, which is included in selling, general and administrative expenses. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and Other Intangible Assets | 9 | Goodwill and Other Intangible Assets | |||||||||||||||||||
The following table summarizes the activity in goodwill for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||
Balance at | Current Year | Current Year | Currency | Balance at | |||||||||||||||||
Beginning of Year | Acquisitions | Dispositions | Translation/Other | End of Year | |||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Proppant Solutions | $ | 70,991 | $ | — | $ | — | $ | (2,775 | ) | $ | 68,216 | ||||||||||
Industrial & Recreational Products | 16,461 | — | — | — | 16,461 | ||||||||||||||||
Total | $ | 87,452 | $ | — | $ | — | $ | (2,775 | ) | $ | 84,677 | ||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Proppant Solutions | $ | 18,676 | $ | 53,343 | $ | (1,050 | ) | $ | 22 | $ | 70,991 | ||||||||||
Industrial & Recreational Products | 16,461 | — | — | — | 16,461 | ||||||||||||||||
Total | $ | 35,137 | $ | 53,343 | $ | (1,050 | ) | $ | 22 | $ | 87,452 | ||||||||||
Currency translation and other relates to the impact of the change in foreign currency exchange rates from our international entities on goodwill, an adjustment to the initial FTSI purchase price allocation from exercising an option to acquire an additional mining facility, and an adjustment recorded to goodwill related to the post-acquisition settlement of escrow proceeds. | |||||||||||||||||||||
Information regarding our acquired intangible assets as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||||||||||
Amount | Amortization | Assets, net | |||||||||||||||||||
Acquired technology and patents | $ | 56,928 | $ | (608 | ) | $ | 56,320 | ||||||||||||||
Supply agreement | 50,700 | (6,760 | ) | 43,940 | |||||||||||||||||
Other intangible assets | 687 | (178 | ) | 509 | |||||||||||||||||
Intangible assets | $ | 108,315 | $ | (7,546 | ) | $ | 100,769 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||||||||||
Amount | Amortization | Assets, net | |||||||||||||||||||
Acquired technology and patents | $ | 57,128 | $ | (553 | ) | $ | 56,575 | ||||||||||||||
Supply agreement | 50,700 | (1,690 | ) | 49,010 | |||||||||||||||||
Other intangible assets | 687 | (36 | ) | 651 | |||||||||||||||||
Intangible assets | $ | 108,515 | $ | (2,279 | ) | $ | 106,236 | ||||||||||||||
The acquired technology from the SSP acquisition will be amortized ratably over its estimated useful life once product using the technology is first commercialized. The supply agreement is being amortized ratably over the life of the agreement, which is 10 years. | |||||||||||||||||||||
Estimated future amortization expense related to intangible assets at December 31, 2014 is as follows: | |||||||||||||||||||||
Amortization | |||||||||||||||||||||
2015 | $ | 5,213 | |||||||||||||||||||
2016 | 5,210 | ||||||||||||||||||||
2017 | 5,192 | ||||||||||||||||||||
2018 | 5,147 | ||||||||||||||||||||
2019 | 5,096 | ||||||||||||||||||||
Thereafter | 18,591 | ||||||||||||||||||||
Total | $ | 44,449 | |||||||||||||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Long-Term Debt | 10 | Long-Term Debt | |||||||||||||||||||
Total | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Term Loans—Term B-1 | 319,917 | 322,714 | |||||||||||||||||||
Term Loans—Term B-2 | 910,900 | 878,605 | |||||||||||||||||||
Industrial Revenue bond | 10,000 | 10,000 | |||||||||||||||||||
Revolving credit facility and other | 1,098 | 42,775 | |||||||||||||||||||
Capital leases, net | 10,724 | 8,052 | |||||||||||||||||||
$ | 1,252,639 | $ | 1,262,146 | ||||||||||||||||||
Less: current portion | (17,274 | ) | (15,687 | ) | |||||||||||||||||
Long-term debt including leases | $ | 1,235,365 | $ | 1,246,459 | |||||||||||||||||
On September 5, 2013, the Company entered into an amendment (“2013 Amended Credit Agreement”) to the Amended Credit Agreement. The 2013 Amended Credit Agreement caused the issuance of two new term loans, Senior Secured Term B-1 (“B-1 Term Loan”) of $325,000 and Senior Secured Term B-2 (“B-2 Term Loan”) of $885,000, and a new Revolving Credit Agreement (“New Revolver”) with a commitment amount of $75,000. The proceeds of the borrowings under the 2013 Amended Credit Agreement were used to repay amounts outstanding under the previous credit facility and to fund the acquisition of the proppant assets of FTSI (see note 8). The Revolving Credit Facility and the Term B-1 and B-2 Loans are secured by a first priority lien on substantially all of the Company’s domestic assets. | |||||||||||||||||||||
The B-1 Term Loan matures on March 15, 2017 and requires quarterly principal repayments of $800 (1% annually) with the balance due at maturity. The B-1 Term Loan initially bore interest at the Eurodollar rate plus 4.00% or the Base Rate plus 3.00%. The B-2 Term Loan matures on September 5, 2019 and requires quarterly principal repayments of $2,200 (1% annually) with the balance due at maturity. The B-2 Term Loan initially bore interest at the same rate as the B-1 Term Loan except that the Eurodollar rate has a floor of 1.00% and the Base Rate has a floor of 2.00%. The New Revolver expires on September 5, 2018 and bears interest at the same rate as the B-1 Term Loan. The applicable margin on the loans is reduced by 0.25% if the Company’s leverage ratio falls below 2.75. | |||||||||||||||||||||
Subsequently in March 2014, the Company amended the existing credit agreement whereby the applicable margin for B-1 and B-2 Base Rate loans was reduced to 2.5% and B-1 and B-2 Eurodollar Rate loans wasreduced to 3.5%. As of December 31, 2014, the borrowings for the B-1 Term Loan and the New Revolver bore interest at 3.8% and the B-2 Term Loan at 4.5%. Additionally, the Company pays a commitment fee of 0.5% per annum, based on the daily average of the unused commitment under the New Revolver. | |||||||||||||||||||||
The terms of the 2013 Amended Credit Agreement provide for customary representations and warranties and affirmative covenants. The credit facility also contains customary negative covenants setting forth limitations on further indebtedness, liens, investments, disposition of assets, acquisitions, junior payments and restrictions on subsidiary distributions. The Company must maintain a leverage ratio as of the end of each quarter of no more than 4.75 if the aggregate revolver borrowing is equal to or greater than 25% of the total revolver commitment. | |||||||||||||||||||||
In February 2014 the Company executed a joinder agreement to borrow $41,000 as an additional B-2 Term Loan. The proceeds of this borrowing were used to repay then outstanding amounts under the New Revolver. The additional borrowings mature on the same date as the then existing B-2 Term Loan (September 5, 2019) and the required quarterly principal repayments for the B-2 Term Loan were increased by one-quarter of 1% of the amount borrowed with the balance due at maturity. There were no other changes in the terms, interest rates or covenants of the 2013 Amended Credit Agreement. | |||||||||||||||||||||
In August and September 2014, the Company executed additional joinder agreements for incremental revolving commitments to the Revolving Credit Facility for $46,629 and $3,371 respectively, which brings the Company’s total Revolving Credit Facility commitment to $125,000. As of December 31, 2014, there was $113,467 available borrowing remaining on this facility due to $11,533 of outstanding letters of credit that reduce the amount available to borrow. There were no other changes in the terms, interest rates or covenants of the Revolving Credit Facility. | |||||||||||||||||||||
The Company has a $10,000 Industrial Revenue Bond outstanding related to the construction of manufacturing facility in Wisconsin. The bond bears interest, which is payable monthly, at a variable rate. The rate was 0.05% at December 31, 2014. The bond matures on September 1, 2027 and is collateralized by a letter of credit of $10,000. | |||||||||||||||||||||
Maturities of long-term debt are as follows: | |||||||||||||||||||||
Capital Lease Obligations | Other | Total | |||||||||||||||||||
Long-term | Principal | ||||||||||||||||||||
Lease | Less | Present | Debt | Payments | |||||||||||||||||
Payment | Interest | Value | |||||||||||||||||||
Year Ended | |||||||||||||||||||||
2015 | $ | 5,209 | $ | 285 | $ | 4,924 | $ | 13,508 | $ | 18,432 | |||||||||||
2016 | 3,640 | 128 | 3,512 | 12,525 | 16,037 | ||||||||||||||||
2017 | 1,918 | 38 | 1,880 | 322,693 | 324,573 | ||||||||||||||||
2018 | 239 | 11 | 228 | 9,277 | 9,505 | ||||||||||||||||
2019 | 183 | 3 | 180 | 873,874 | 874,054 | ||||||||||||||||
Thereafter | — | — | — | 10,038 | 10,038 | ||||||||||||||||
$ | 11,189 | $ | 465 | $ | 10,724 | $ | 1,241,915 | $ | 1,252,639 | ||||||||||||
Information pertaining to assets and related accumulated depreciation in the balance sheet for capital lease items is as follows: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cost | $ | 18,131 | $ | 11,648 | |||||||||||||||||
Accumulated depreciation | (5,111 | ) | (2,011 | ) | |||||||||||||||||
Net book value | $ | 13,020 | $ | 9,637 | |||||||||||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings per Share | 11 | Earnings per Share | |||||||||||
The table below shows the computation of basic and diluted earnings per share of common stock for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income attributable to FMSA Holdings Inc. | $ | 170,450 | $ | 103,961 | $ | 148,886 | |||||||
Denominator: | |||||||||||||
Basic weighted average shares outstanding | 157,949,664 | 156,008,218 | 155,826,794 | ||||||||||
Dilutive effect of employee stock options | 8,327,460 | 8,629,336 | 8,501,530 | ||||||||||
Diluted weighted average shares outstanding | 166,277,124 | 164,637,554 | 164,328,324 | ||||||||||
Earnings per common share—basic | $ | 1.08 | $ | 0.67 | $ | 0.96 | |||||||
Earnings per common share—diluted | $ | 1.03 | $ | 0.63 | $ | 0.91 | |||||||
The calculation of diluted weighted average shares outstanding for 2014, 2013, and 2012 excludes 715,068, 1,112,038, and 1,442,620 potential common shares because the effect of including those potential common shares would be antidilutive. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Derivative Instruments | 12 | Derivative Instruments | |||||||||
The Company enters into interest rate swap agreements as a means to hedge its variable interest rate risk on debt instruments. The notional value of these swap agreements is $542,300 at December 31, 2014 and effectively fixes the variable rate in a range of 0.830% to 3.115%. The notional amount of these instruments is scheduled to increase over time to provide a hedge against variable interest rate debt. The interest rate swap agreements mature at various dates between March 31, 2015 and September 5, 2019. | |||||||||||
Certain of the interest rate swaps qualify for cash flow hedge accounting treatment. The following table summarizes the fair values and the respective classification in the Consolidated Balance Sheets as of December 31, 2014 and 2013: | |||||||||||
Assets (Liabilities) | |||||||||||
Interest Rate Swap Agreements | Balance Sheet Classification | 2014 | 2013 | ||||||||
Designated as hedges | Other long-term liabilities | $ | (10,253 | ) | $ | (2,297 | ) | ||||
Not designated as hedges | Other long-term liabilities | (1,443 | ) | (3,340 | ) | ||||||
Designated as hedges | Other assets | 333 | 2,706 | ||||||||
$ | (11,363 | ) | $ | (2,931 | ) | ||||||
In the years ended December 31, 2014 and 2012, we recognized $21 and $0, respectively, in interest expense, representing the ineffective portion of our interest rate swap agreements designated as hedges. In the year ended December 31, 2013, we recognized $15 in interest income, representing the ineffective portion of our interest rate swap agreements designed as hedges. We expect $3,382 to be reclassified from accumulated other comprehensive income into interest expense in the year ending December 31, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 13 | Fair Value Measurements | |||||||||||||||
Financial instruments held by the Company include cash equivalents, accounts receivable, accounts payable, long-term debt and interest rate swaps. The Company is also liable for contingent consideration from an acquisition that is subject to fair value measurement. Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. Based on the examination of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | |||||||||||||||||
Level 1 Quoted market prices in active markets for identical assets or liabilities | |||||||||||||||||
Level 2 Observable market based inputs or unobservable inputs that are corroborated by market data | |||||||||||||||||
Level 3 Unobservable inputs that are not corroborated by market data | |||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The book value of cash equivalents, accounts receivable, accounts payable, and revolving credit facilities are considered to be representative of their fair values because of their short maturities. The carrying value of the Company’s long-term debt is recognized at amortized cost. The value of the Company’s Term B-1 and Term B-2 loans differs from amortized costs and is valued at prices obtained from a readily-available source for trading non-public debt, which represent active market prices and therefore is considered Level 1. The fair value of the Company’s Term B-1 loan was $295,750 and $329,469 and Term B-2 loan was $796,500 and $898,496 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
The following table presents the amounts carried at fair value as of December 31, 2014 and 2013 for the Company’s other financial instruments. | |||||||||||||||||
Quoted Prices in | Other | Unobservable | Total | ||||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (11,363 | ) | $ | — | $ | (11,363 | ) | |||||||
$ | — | $ | (11,363 | ) | $ | — | $ | (11,363 | ) | ||||||||
December 31, 2013 | |||||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | (9,833 | ) | $ | (9,833 | ) | |||||||
Interest rate swap agreements | — | (2,931 | ) | — | (2,931 | ) | |||||||||||
$ | — | $ | (2,931 | ) | $ | (9,833 | ) | $ | (12,764 | ) | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 14 | Income Taxes | |||||||||||
Income before provision for income taxes includes the following components: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 238,332 | $ | 137,456 | $ | 205,493 | |||||||
Foreign | 9,704 | 12,420 | 14,349 | ||||||||||
$ | 248,036 | $ | 149,876 | $ | 219,842 | ||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal | $ | 30,656 | $ | 34,578 | $ | 51,537 | |||||||
State and local | 3,754 | 3,329 | 2,429 | ||||||||||
Foreign | 5,193 | 6,486 | 6,318 | ||||||||||
Sub-total | 39,603 | 44,393 | 60,284 | ||||||||||
Change in deferred | 37,810 | 826 | 10,085 | ||||||||||
Total | $ | 77,413 | $ | 45,219 | $ | 70,369 | |||||||
The difference between the statutory federal and state income tax rates and the Company’s effective tax rate is due principally to tax depletion and nondeductible expenses. A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net | 1.2 | 2.2 | 1.1 | ||||||||||
Foreign tax rate differential and adjustment | 0.6 | 1.4 | 0.6 | ||||||||||
U.S. statutory depletion | (5.8 | ) | (6.9 | ) | (3.2 | ) | |||||||
Manufacturers deduction | (0.9 | ) | (2.1 | ) | (2.4 | ) | |||||||
Other items, net | 1.1 | 0.6 | 0.9 | ||||||||||
Effective rate | 31.2 | % | 30.2 | % | 32 | % | |||||||
Significant components of deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Current: | |||||||||||||
Accrued liabilities | $ | 1,924 | $ | 2,976 | |||||||||
Inventory | 3,435 | 8,346 | |||||||||||
Foreign tax credit carryforwards | — | 426 | |||||||||||
Valuation allowance | (201 | ) | — | ||||||||||
5,158 | 11,748 | ||||||||||||
Long-term: | |||||||||||||
Property, plant and equipment | (99,352 | ) | (65,028 | ) | |||||||||
Stock compensation | 19,702 | 15,921 | |||||||||||
Deferred compensation | 1,274 | 1,372 | |||||||||||
Interest rate derivatives | 4,221 | 1,026 | |||||||||||
Additional pension liability | 1,590 | 978 | |||||||||||
Intangibles | (3,370 | ) | (542 | ) | |||||||||
Other assets | 1,383 | (578 | ) | ||||||||||
Foreign tax credit carryforwards | 1,309 | — | |||||||||||
Valuation allowance | (1,108 | ) | — | ||||||||||
(74,351 | ) | (46,851 | ) | ||||||||||
Net deferred tax (liabilities) assets | $ | (69,193 | ) | $ | (35,103 | ) | |||||||
As of December 31, 2014 and 2013, the Company had deferred tax assets relating to foreign tax credit carryforwards of $1,309 and $426, respectively, which are available to be utilized through 2024. The Company has provided a valuation allowance to reduce the carrying value of these deferred tax assets in 2014, as management has concluded that, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. | |||||||||||||
At December 31, 2014 and 2013, and 2012, cumulative undistributed earnings of foreign subsidiaries included in consolidated retained earnings amounted to $14,003, $12,368, and $16,411, respectively. These earnings are indefinitely reinvested in international operations. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practical to estimate the amount of income taxes that would have to be provided if the Company was to conclude that such earnings will be remitted in the foreseeable future. | |||||||||||||
The Company or its subsidiaries file income tax returns in the United States, Canada, China, Mexico, and Denmark. The Company is subject to income tax examinations for its U.S. Federal income taxes for the preceding three fiscal years and, in general, is subject to state and local income tax examinations for the same periods. The Company has tax years that remain open and subject to examination by tax authorities in the following major taxing jurisdictions: Canada for years after 2009, Mexico for years after 2008, and China and Denmark for years after 2010. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Uncertain tax benefits balance as of January 1 | $ | 3,038 | $ | 3,366 | $ | 2,249 | |||||||
Increases (decreases) for tax positions in prior years | 2,201 | — | 99 | ||||||||||
Increases (decreases) for tax positions in current year | 88 | 143 | 1,018 | ||||||||||
Lapses in statutes of limitations | — | (471 | ) | — | |||||||||
$ | 5,327 | $ | 3,038 | $ | 3,366 | ||||||||
Interest and penalty amounts previously included in the reconciliation have been removed. | |||||||||||||
At December 31, 2014 and 2013, the Company had $5,327 and $3,038, respectively, of unrecognized tax benefits. If the $5,327 were recognized, the full amount would affect the effective tax rate. We do not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. Interest and penalties are recorded in provision for income taxes. At December 31, 2014 and 2013, the Company had $1,365 and $1,506, respectively, of accrued interest and penalties related to unrecognized tax benefits recorded. |
Common_Stock_and_Stock_Based_C
Common Stock and Stock Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Common Stock and Stock Based Compensation | 15 | Common Stock and Stock Based Compensation | |||||||||||
The Company has a single class of par value $0.01 per share common stock. Each share of common stock has identical rights and privileges and is entitled to one vote per share. The company has authorized, but not issued, a single class of par value $0.01 per share preferred stock. | |||||||||||||
The Company has several stock plans that allow for granting of options to acquire common shares to employees and key non-employees. As of December 31, 2013, the plans consisted of the FML Holdings, Inc. Non-Qualified Stock Option Plan (the “1997 Plan”), the Long Term Incentive Compensation Plan (the “2006 Plan”), and the FML Holdings, Inc. Stock Option Plan (the “2010 Plan”). At December 31, 2014, the 1997 Plan, the 2006 Plan, and the 2010 Plan were still in existence, and a new plan, the FMSA Holdings Inc. 2014 Long Term Incentive Plan (the “LTIP”) was added as of September 11, 2014. The LTIP authorized and issued both non-qualified stock options as well as restricted stock units (“RSU’s”). | |||||||||||||
For all stock plans, the options are exercisable for a ten year period. Options are exercisable at times determined by the compensation committee of the Company and, as set forth in each individual option agreement. The options may become exercisable over a period of years or become exercisable only if performance or other goals set by the Board are attained, or may be a combination of both. Options may be exercised, in whole or in part, at any time after becoming exercisable, but not later than the date the option expires, which is typically 10 years from the grant date. Options granted after 2009 contain a 7 year vesting period that may be shortened to five years upon attainment of certain Company performance, except for stock issued under the LTIP Plan, which has a 5 year vesting period that may be shortened to 3 years upon attainment of certain Company performance goals as determined by the compensation committee. The stock plans also contain a change in control provision that provides for immediate vesting upon certain changes of ownership of the company. All options granted prior to 2010 are fully vested. RSU’s granted under the LTIP vest after a 6 year period and vesting can be accelerated to 4 years upon attainment of certain Company performance goals as determined by the compensation committee. | |||||||||||||
The weighted-average fair value of RSU’s granted during the year ended December 31, 2014 was $12.96, based on the closing price of the underlying share as of the grant date. The weighted-average fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $8.49, $5.35 and $5.45, respectively, based on the Black-Scholes-Merton options-pricing model, with the following assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected volatility | 48.72 | % | 46.38 | % | 49.66 | % | |||||||
Risk free interest rate | 1.94 - 2.03 | % | 1.12 - 2.00 | % | 0.97 - 1.26 | % | |||||||
Expected option life | 6.5 years | 6.5 years | 6.5 years | ||||||||||
The Company has no current plans to declare a dividend that would require a dividend yield assumption other than zero. Expected volatility is based on the volatilities of various comparable companies’ common stock. Although the Company has been publicly traded since October 3, 2014, the Company does not believe the expected volatility of options can yet be computed based solely on the price of the Company’s common stock. The comparable companies were selected by analyzing public companies in the industry based on various factors including, but not limited to, company size, financial data availability, active trading volume, and capital structure. The risk free interest rate is an interpolated rate from the U.S. constant maturity treasury rate for a term corresponding to the expected option life. Because the Company does not have sufficient historical data to provide a reasonable basis to estimate the expected life of the options, the Company uses the simplified method, which assumes the expected life is the mid-point between the vesting date and the end of the contractual term. | |||||||||||||
In determining the underlying value of the Company’s stock prior to the commencement of public trading on October 3, 2014, the company used a combination of the guideline company approach and a discounted cash flow analysis. The key assumptions in this estimate include management’s projections of future cash flows, the Company-specific cost of capital used as a discount rate, lack of marketability discount, and qualitative factors to compare the Company to comparable guideline companies. Following the Company’s IPO on October 3, 2014, the shares were valued at the closing price as of the date of issuance. | |||||||||||||
The Company recorded $16,571, $10,133 and $11,434 of stock compensation expense related to these options and RSU’s, which is included in additional paid-in capital, for the years ended December 31, 2014, 2013 and 2012, respectively. Option activity during 2014 is as follows: | |||||||||||||
Restricted | Options | Weighted | |||||||||||
Stock | Average | ||||||||||||
Units | Exercise | ||||||||||||
Price, Options | |||||||||||||
Outstanding at December 31, 2013 | — | 18,980,942 | $ | 3.98 | |||||||||
Granted | 258,536 | 2,243,864 | 15.86 | ||||||||||
Exercised | — | (4,677,788 | ) | 1.4 | |||||||||
Forfeited | — | — | — | ||||||||||
Expired | — | (440,300 | ) | 6.3 | |||||||||
Outstanding at December 31, 2014 | 258,536 | 16,106,718 | $ | 6.19 | |||||||||
Exercisable at December 31, 2014 | — | 11,493,056 | $ | 4.46 | |||||||||
Options outstanding as of December 31, 2014 have an aggregate intrinsic value of $44,094 and a weighted average remaining contractual life of 6.6 years. Options that are exercisable as of December 31, 2014 have an aggregate intrinsic value of $39,653 and a weighted average remaining contractual life of 5.9 years. The aggregate intrinsic value represents the difference between the fair value of the Company’s shares of $6.92 per share at December 31, 2014 and the exercise price of the dilutive options, multiplied by the number of dilutive options outstanding at that date. | |||||||||||||
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $51,410, $6,564 and $2,574, respectively. | |||||||||||||
Net cash proceeds from the exercise of stock options were $6,540, $1,277 and $716 in the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
There was $16,143, $2,461, and $965 of income tax benefits realized from stock option exercises in the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
At December 31, 2014, options to purchase 16,106,728 common shares were outstanding at a range of exercise prices of $1.43 to $20.52 per share. At December 31, 2013, options to purchase 18,980,942 common shares were outstanding. As of December 31, 2014, $19,874 of unrecognized compensation cost related to non-vested stock options and RSU’s is expected to be recognized over a weighted-average period of approximately 4.0 remaining years. |
Defined_Benefit_Plans
Defined Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Defined Benefit Plans | 16 | Defined Benefit Plans | |||||||||||||||
The Company maintains two defined benefit pension plans covering all union employees at certain facilities that provide benefits based upon years of service or a combination of employee earnings and length of service. The plans are underfunded by $2,249 and $926 as of December 31, 2014 and 2013, respectively. The Company is expected to fund the minimum annual contributions as determined by applicable regulations, which will be $65 for 2015; the Company reserves the right to make contributions in excess of this amount. | |||||||||||||||||
The following assumptions were used to determine the Company’s obligations under the plans: | |||||||||||||||||
Wedron Pension | Troy Grove Pension | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Discount rate | 3.75 | % | 4.5 | % | 4 | % | 5 | % | |||||||||
Long-term rate of return on plan assets | 9 | % | 9 | % | 9 | % | 9 | % | |||||||||
The difference in the discount rates used for the Wedron Pension and the Troy Grove Pension is due to the differing characteristics of the two plans, including employee characteristics and plan size. The Company uses a cash flow matching approach to determine its discount rate using each plan’s projected cash flows and the Citigroup Discount Curve. | |||||||||||||||||
The long term rate of return on assets is based on management’s estimate of future long term rates of return on similar assets and is consistent with historical returns on such assets. | |||||||||||||||||
The written investment policy for the pension plans includes a target allocation of about 70% in equities and 30% in fixed income investments. Only high-quality diversified securities similar to stocks and bonds are used. Higher-risk securities or strategies (such as derivatives) are not currently used but could be used incidentally by mutual funds held by the plan. The pension plans’ obligations are long-term in nature and the investment policy is therefore focused on the long-term. Goals include achieving gross returns at least equal to relevant indices. Management and the plans’ investment advisor regularly review and discuss investment performance, adherence to the written investment policy, and the investment policy itself. | |||||||||||||||||
Benefits under the Wedron plan were frozen effective December 31, 2012.The following relates to the defined benefit plans as of December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 7,418 | $ | 8,105 | |||||||||||||
Service cost | 74 | 86 | |||||||||||||||
Interest cost | 332 | 300 | |||||||||||||||
Actuarial (gain) loss | 1,568 | (805 | ) | ||||||||||||||
Benefit payments | (246 | ) | (268 | ) | |||||||||||||
Benefit obligation at end of year | $ | 9,146 | $ | 7,418 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,492 | $ | 5,552 | |||||||||||||
Actual return on plan assets | 454 | 887 | |||||||||||||||
Employer contributions | 197 | 321 | |||||||||||||||
Benefit payments | (246 | ) | (268 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 6,897 | $ | 6,492 | |||||||||||||
Accrued benefit cost | $ | (2,249 | ) | $ | (926 | ) | |||||||||||
The accrued benefit cost is included in the Consolidated Balance Sheets in other long-term liabilities. | |||||||||||||||||
The following relates to the defined benefit plans as of December 31, 2014, 2013, and 2012: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 74 | $ | 86 | $ | 211 | |||||||||||
Interest cost | 332 | 300 | 306 | ||||||||||||||
Expected return on plan assets | (585 | ) | (503 | ) | (433 | ) | |||||||||||
Amortization of prior service cost | 19 | 19 | 19 | ||||||||||||||
Amortization of net actuarial loss | 159 | 253 | 265 | ||||||||||||||
Net periodic benefit cost | $ | (1 | ) | $ | 155 | $ | 368 | ||||||||||
Changes in other comprehensive income (loss) | |||||||||||||||||
Net actuarial gain (loss) | $ | (1,699 | ) | $ | 1,189 | $ | (25 | ) | |||||||||
Amortization of prior service costs | 16 | 19 | 19 | ||||||||||||||
Amortization of net actuarial loss | 164 | 253 | 265 | ||||||||||||||
Deferred tax asset | 569 | (565 | ) | (93 | ) | ||||||||||||
Other comprehensive loss | $ | (950 | ) | $ | 896 | $ | 166 | ||||||||||
The net actuarial loss and prior service cost that the Company expects will be amortized from accumulated other comprehensive loss into periodic benefit cost in the year ending December 31, 2015, are $265 and $19, respectively. | |||||||||||||||||
Benefits expected to be paid out over the next ten years: | |||||||||||||||||
Year Ending | Benefit | ||||||||||||||||
Payment | |||||||||||||||||
2015 | $ | 321 | |||||||||||||||
2016 | 350 | ||||||||||||||||
2017 | 382 | ||||||||||||||||
2018 | 414 | ||||||||||||||||
2019 | 439 | ||||||||||||||||
2020-2024 | 2,540 | ||||||||||||||||
Fair value measurements for assets held in the benefit plans as of December 31, 2014 are as follows: | |||||||||||||||||
Quoted Prices | Other | Unobservable | Balance at | ||||||||||||||
in Active | Observable | Inputs | December 31, | ||||||||||||||
Markets | Inputs | (Level 3) | 2014 | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Cash | $ | 443 | $ | — | $ | — | $ | 443 | |||||||||
Fixed income | 2,212 | — | — | 2,212 | |||||||||||||
Mutual funds | 4,242 | — | — | 4,242 | |||||||||||||
$ | 6,897 | $ | — | $ | — | $ | 6,897 | ||||||||||
Other_Benefit_Plans
Other Benefit Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Postemployment Benefits [Abstract] | ||
Other Benefit Plans | 17 | Other Benefit Plans |
Certain union employees participate in a multiemployer defined benefit pension plan under which monthly contributions are made by the Company based upon payroll costs as governed by the collective bargaining agreement. The risks of participating in a multiemployer plan are different from a single-employer plan in the following aspects (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (c) if the Company chooses to stop participating in the multiemployer plan, the Company may be required to pay the multiemployer plan an amount based on the underfunded status of the multiemployer plan, referred to as a withdrawal liability. The Company has no plans or intentions to stop participating in the plan as of December 31, 2014. Pension expense for such plans totaled $(1), $155, and $368 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||
The Company has a defined contribution plan (401(k) Plan) covering substantially all employees. Under the provisions of the 401(k) Plan, the Company matches 50% of each employee’s contribution up to 5% of an employee’s annual salary. Company contributions were $1,179, $965, and $739 for the years ended December 31, 2014, 2013, and 2012, respectively. Included in these contributions are Company contributions to the 401(k) Plan for Wedron Silica union members, which were $315, $266, and $0 for the years ended December 31, 2014, 2013, and 2012 respectively. | ||
The Company previously maintained an Employee Stock Bonus Plan (ESBP). This plan covered substantially all non-union employees. Discretionary contributions accrued at December 31, 2014 and 2013 were $4,295 and $2,103, respectively. Participant accounts in the Employee Stock Bonus Plan held 6,903,326 and 8,115,086 of common stock shares of the Company as of December 31, 2014 and 2013. | ||
The Company, as plan sponsor, merged the ESBP with the 401(K) Plan as of January 1, 2015. All of the assets of the ESBP were rolled over and credited to plan accounts in the 401(k) Plan. | ||
Effective January 1, 1999, the Company adopted a Supplemental Executive Retirement Plan (SERP) for certain employees who participate in the Company’s 401(k) plan and/or the Employee Stock Bonus Plan (ESBP). The purpose of the SERP is to provide an opportunity for the participants of the SERP to defer compensation and to receive their pro rata share of former ESBP contributions. Due to income restrictions imposed by the IRS code, such contributions were formerly made to the ESBP but, in some instances, were forfeited by these employees to the remaining ESBP participant accounts. Accrued Company contributions to the SERP were $151 and $15 for the years ended December 31, 2014 and 2013, respectively. | ||
The Company has deferred compensation agreements with various management employees that provide for supplemental payments upon retirement. These amounts are being accrued for over the estimated employment periods of these individuals. |
SelfInsured_Plans
Self-Insured Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Insurance [Abstract] | ||
Self-Insured Plans | 18 | Self-Insured Plans |
Certain subsidiaries, located in Illinois and Michigan, are self-insured for workers’ compensation up to $1,000 per occurrence and $3,000 in the aggregate. The Company has an accrued liability of $388 and $748 as of December 31, 2014 and 2013, respectively, for anticipated future payments on claims incurred to date. Management believes these amounts are adequate to cover all required payments. | ||
The Company is also self-insured for medical benefits. The Company has an accrued liability of $3,506 and $2,017 as of December 31, 2014 and 2013, respectively, for anticipated future payments on claims incurred to date. Management believes this amount is adequate to cover all required payments. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | 19 | Commitments and Contingencies | |||||||||||
Certain subsidiaries are defendants in lawsuits in which the alleged injuries are claimed to be silicosis-related and to have resulted, in whole or in part, from exposure to silica-containing products, allegedly including those sold by certain subsidiaries. In the majority of cases, there are numerous other defendants. In accordance with its insurance obligations, the defense of these actions has been tendered to and the cases are being defended by the subsidiaries’ insurance carriers. Management believes that the Company’s substantial level of existing and available insurance coverage combined with various open indemnities is more than sufficient to cover any exposure to silicosis-related expenses. | |||||||||||||
The Company has entered into numerous mineral rights agreements, in which payments under the agreements are expensed as incurred. Certain agreements require annual payments while other agreements require payments based upon annual tons mined and others a combination thereof. Total royalty expense was $3,786, $1,818 and $1,503 for the years ended December 31, 2014, 2013 and 2012, respectively. The Company leases certain machinery, equipment (including railcars), buildings and office space under operating lease arrangements. Total rent expense associated with these leases was $56,247, $34,195, and $25,375 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Minimum lease payments, primarily for railcars, equipment and office leases, due under the long-term operating lease obligations are shown below. The table below now properly includes railcar leases, which comprise substantially all of the Company’s equipment lease obligations. | |||||||||||||
Equipment | Real Estate | Total | |||||||||||
2015 | $ | 53,838 | $ | 2,699 | $ | 56,537 | |||||||
2016 | 46,503 | 2,378 | 48,881 | ||||||||||
2017 | 36,078 | 1,669 | 37,747 | ||||||||||
2018 | 28,171 | 1,472 | 29,643 | ||||||||||
2019 | 14,676 | 1,335 | 16,011 | ||||||||||
Thereafter | 3,993 | 2,491 | 6,484 | ||||||||||
Total | $ | 183,259 | $ | 12,044 | $ | 195,303 | |||||||
Transactions_With_Related_Part
Transactions With Related Parties | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Transactions With Related Parties | 20 | Transactions With Related Parties |
The Company had purchases from an affiliated entity for freight, logistic services and consulting services related to its operations in China of $2,902, $1,382, and $3,463 in the years ended December 31, 2014, 2013, and 2012, respectively. | ||
The Company had purchases from an affiliated entity for material purchases related to its operations in China of $44, $32, and $334 in the years ended December 31, 2014, 2013, and 2012, respectively. | ||
The Company paid a management fee of $825, $2,821, and $1,000 in the years ended December 31, 2014, 2013, and 2012, respectively. Concurrent with the Company’s initial public offering on October 3, 2014, the Company no longer pays a management fee to American Securities LLC. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting | 21 | Segment Reporting | |||||||||||
The Company organizes its business into two reportable segments, Proppant Solutions and Industrial & Recreational Products. The reportable segments are consistent with how management views the markets served by the Company and the financial information reviewed by the chief operating decision maker in deciding how to allocate resources and assess performance. | |||||||||||||
The chief operating decision maker primarily evaluates an operating segment’s performance based on segment contribution margin, which excludes certain corporate costs not associated with the operations of the segment. These corporate costs are separately stated below and include costs that are related to functional areas such as operations management, corporate purchasing, accounting, treasury, information technology, legal and human resources. The other accounting policies of the segments are the same as those in the summary of significant accounting policies included in Note 2. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Proppant Solutions | $ | 1,232,232 | $ | 856,212 | $ | 757,851 | |||||||
Industrial & Recreational Products | 124,226 | 132,174 | 127,339 | ||||||||||
Total revenue | 1,356,458 | 988,386 | 885,190 | ||||||||||
Segment contribution margin | |||||||||||||
Proppant Solutions | 430,779 | 296,320 | 316,251 | ||||||||||
Industrial & Recreational Products | 34,473 | 34,765 | 37,837 | ||||||||||
Total segment contribution margin | 465,252 | 331,085 | 354,088 | ||||||||||
Operating expenses excluded from segment contribution margin | |||||||||||||
Cost of sales | — | 4,959 | — | ||||||||||
Selling, general, and administrative | 74,475 | 47,440 | 36,745 | ||||||||||
Depreciation, depletion, and amortization | 59,379 | 37,771 | 27,690 | ||||||||||
Stock compensation expense | 16,571 | 10,133 | 11,434 | ||||||||||
Other operating expense (income) | 3,163 | 2,826 | (207 | ) | |||||||||
Interest expense, net | 60,842 | 61,926 | 56,714 | ||||||||||
Loss on extinguishment of debt | — | 11,760 | — | ||||||||||
Other non-operating expense | 2,786 | 4,394 | 1,870 | ||||||||||
Income before provision for income taxes | $ | 248,036 | $ | 149,876 | $ | 219,842 | |||||||
Total assets reported in the Proppant Solutions segment were $1,271,700 and total assets reported in the I&R segment were $63,270 as of December 31, 2014. | |||||||||||||
The Company’s two largest customers, Haliburton and FTSI, accounted for 19% and 16% of consolidated net sales in the year ended December 31, 2014 and 19% and 11% of consolidated net sales in the year ended December 31, 2013, respectively. In the year ended December 31, 2012, the Company’s two largest customers, Haliburton and Baker Hughes, accounted for 25% and 11% of consolidated net sales. All three are customers of our Proppant Solutions segment. |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Geographic Information | 22 | Geographic Information | |||||||||||
The following tables show total Company revenues and long-lived assets. Revenues are attributed to geographic regions based on the selling location. Long-lived assets are located in the respective geographic regions. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Domestic | $ | 1,254,071 | $ | 920,636 | $ | 795,372 | |||||||
International | 102,387 | 67,750 | 89,818 | ||||||||||
Revenue | $ | 1,356,458 | $ | 988,386 | $ | 885,190 | |||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Long-lived assets | |||||||||||||
Domestic | $ | 832,280 | $ | 737,652 | |||||||||
International | 8,994 | 11,186 | |||||||||||
Long-lived assets | $ | 841,274 | $ | 748,838 | |||||||||
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (unaudited) | 23 | Quarterly Financial Data (unaudited) | |||||||||||||||
The following table sets forth our unaudited quarterly consolidated statements of operations for each of the last four quarters for the periods ended December 31, 2014 and 2013. This unaudited quarterly information has been prepared on the same basis as our annual audited financial statements and includes all adjustments, consisting only of normal recurring adjustments that are necessary to present fairly the financial information for the fiscal quarters presented. | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
2014:00:00 | |||||||||||||||||
Revenue | $ | 294,932 | $ | 334,291 | $ | 373,479 | $ | 353,756 | |||||||||
Cost of sales | 191,112 | 211,190 | 228,583 | 220,569 | |||||||||||||
Operating expenses | 36,745 | 43,930 | 50,525 | 62,140 | |||||||||||||
Interest expense, net | 17,906 | 16,572 | 16,567 | 9,797 | |||||||||||||
Other non-operating expense | 291 | 250 | 2,206 | 39 | |||||||||||||
Provision for income taxes | 14,266 | 18,146 | 21,436 | 23,565 | |||||||||||||
Net income | 34,612 | 44,203 | 54,162 | 37,646 | |||||||||||||
Less: Net income attributable to the non-controlling interest | 73 | 282 | 85 | (267 | ) | ||||||||||||
Net income attributable to FMSA Holdings Inc. | 34,539 | 43,921 | 54,077 | 37,913 | |||||||||||||
Earnings per share, basic | $ | 0.22 | $ | 0.28 | $ | 0.34 | $ | 0.24 | |||||||||
Earnings per share, diluted | $ | 0.21 | $ | 0.27 | $ | 0.32 | $ | 0.23 | |||||||||
Weighted average common shares outstanding, basic | 156,462,356 | 156,684,036 | 158,049,782 | 160,542,636 | |||||||||||||
Weighted average common shares outstanding, diluted | 165,082,614 | 165,642,288 | 166,911,474 | 167,025,422 | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
2013:00:00 | |||||||||||||||||
Revenue | $ | 220,047 | $ | 228,194 | $ | 265,667 | $ | 274,478 | |||||||||
Cost of sales | 132,133 | 134,273 | 165,666 | 195,770 | |||||||||||||
Operating expenses | 26,504 | 29,710 | 33,932 | 42,442 | |||||||||||||
Interest expense, net | 12,993 | 13,548 | 16,224 | 19,161 | |||||||||||||
Loss on extinguishment of debt | — | — | 11,760 | — | |||||||||||||
Other non-operating expense | 320 | 250 | 2,037 | 1,787 | |||||||||||||
Provision for income taxes | 14,504 | 15,190 | 11,032 | 4,493 | |||||||||||||
Net income | 33,593 | 35,223 | 25,016 | 10,825 | |||||||||||||
Less: Net income attributable to the non-controlling interest | 36 | 216 | 269 | 175 | |||||||||||||
Net income attributable to FMSA Holdings Inc. | 33,557 | 35,007 | 24,747 | 10,650 | |||||||||||||
Earnings per share, basic | $ | 0.22 | $ | 0.22 | $ | 0.16 | $ | 0.07 | |||||||||
Earnings per share, diluted | $ | 0.2 | $ | 0.21 | $ | 0.15 | $ | 0.06 | |||||||||
Weighted average common shares outstanding, basic | 155,877,318 | 155,958,000 | 155,992,136 | 156,185,596 | |||||||||||||
Weighted average common shares outstanding, diluted | 164,601,208 | 164,508,830 | 164,600,392 | 164,826,390 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||||||
The consolidated financial statements include the accounts of FMSA Holdings Inc. and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||
Revenue is recognized when delivery of products has occurred, the selling price is fixed or determinable, collectability is reasonably assured and title and risk of loss have transferred to the customer. This generally occurs when products leave a storage terminal or, in the case of direct shipments, when products leave a production facility. In a majority of cases, transportation costs to move product from a production facility to a storage terminal are borne by the Company and capitalized into the cost of inventory. These costs are included in the cost of sales as the product is sold. | |||||||||||||||||
The Company derives its revenue by mining and processing minerals that its customers purchase for various uses. Its net sales are primarily a function of the price per ton realized and the volumes sold. In a small number of instances, its net sales also include a charge for transportation services it provides to its customers. | |||||||||||||||||
In the Proppant Solutions segment, the Company primarily sells its products under market rate contracts with terms typically ranging from two to ten years. The Company invoices the majority of its customers on a per shipment basis when the customer takes possession of the product. | |||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At various times, the Company maintains funds on deposit at its banks in excess of FDIC insurance limits. | |||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||
Trade accounts receivable are stated at the amount management expects to collect, and do not bear interest. Management provides for uncollectible amounts based on its assessment of the current status of individual accounts. Accounts receivable are net of allowance for doubtful accounts of $4,255 and $796 as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
Inventories | Inventories | ||||||||||||||||
Inventories are stated at the lower of cost or market. Certain subsidiaries determine cost using the last-in, first-out (LIFO) method. If the first-in, first-out (FIFO) method of inventory accounting had been used, inventories would have been higher by $2,960 and $176 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
LIFO inventories comprise 16% and 24% of inventories reflected in the accompanying Consolidated Balance Sheets as of December 31, 2014 and 2013, respectively. The cost of inventories of all other subsidiaries is determined using the FIFO method. In 2013, the Company recognized $4,958 permanent write-down in the value of finished goods inventory, net of expected recoveries from suppliers. The inventory write-down is included in cost of sales. In the year ended December 31, 2014, the Company recorded a write-down of $908 of certain field trial inventory, which is included in other operating expense. | |||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are stated at cost. Expenditures, including interest, for property, plant and equipment and items that substantially increase the useful lives of existing assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. | |||||||||||||||||
Depreciation on property, plant and equipment is computed on a straight-line basis over the estimated useful lives of the related assets. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements. | |||||||||||||||||
Depletion expense calculated for depletable land and mineral rights is based on cost multiplied by a depletion factor. The depletion factor varies based on production and other factors, but is generally equal to annual tons mined divided by total estimated remaining reserves for the mine. | |||||||||||||||||
The estimated service lives of property and equipment are principally as follows: | |||||||||||||||||
Land improvements | 10-40 years | ||||||||||||||||
Machinery and equipment | 3-20 years | ||||||||||||||||
Buildings and improvements | 10-40 years | ||||||||||||||||
Furniture, fixtures, and other | 3-10 years | ||||||||||||||||
Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No provision for depreciation is made on construction in progress until such time as the relevant assets are completed and put into use. Construction in progress at December 31, 2014, represents machinery and facilities under installation. | |||||||||||||||||
The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Interest cost capitalized was $6,765 and $2,540 in 2014 and 2013, respectively. | |||||||||||||||||
Depreciation and depletion expense was $54,111, $35,917, and $27,562 in years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
Included in land and improvements are occupancy rights in China of $354 that are held for a term of 50 years until December 2057. | |||||||||||||||||
The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of property, plant and equipment may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets or asset groups. The factors considered by management in performing this assessment include current operating results, trends, and prospects, as well as the effects of obsolescence, demand, competition, and other economic factors. As a result of these tests, the Company did not record a write down in the carrying value of certain minerals rights in the years ended December 31, 2014 and 2013, but the Company did record a write-down of $273 in the year ended December 31, 2012. | |||||||||||||||||
Deferred Financing Costs | Deferred Financing Costs | ||||||||||||||||
Deferred financing costs are amortized over the terms of the related debt obligations and are included in other assets. In connection with the refinancing of the Company’s debt in September 2013 (see note 10), the Company incurred financing costs of $15,132 of which $14,171 were capitalized. In connection with the refinancing, the Company wrote off $11,358 of costs that were previously capitalized. In 2014, the Company incurred additional deferred financing charges in connection with the amendment of the existing credit agreement whereby the applicable margin for B-1 and B-2 base rate and Eurodollar loans was reduced (refer to note 10). | |||||||||||||||||
The following table presents deferred financing costs as of December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred financing costs | $ | 37,936 | $ | 36,705 | |||||||||||||
Accumulated amortization | (17,510 | ) | (12,475 | ) | |||||||||||||
Deferred financing costs, net | $ | 20,426 | $ | 24,230 | |||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||
Goodwill and indefinite-lived intangible assets are reviewed for impairment by applying a fair-value based test on an annual basis or more frequently if circumstances indicate that impairment may have occurred. The Company evaluates qualitative factors such as economic performance, industry conditions, and other factors to determine if it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. As a result of this evaluation at December 31, 2014, the Company performed a quantitative two-step impairment test. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an indication of goodwill impairment exists. The second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized equal to the excess. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. | |||||||||||||||||
The Company reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of the assets or asset groups. | |||||||||||||||||
The evaluation of goodwill or other intangible assets for possible impairment includes estimating fair value using one or a combination of valuation techniques, such as discounted cash flows or based on comparable companies or transactions. These valuations require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in working capital and capital expenditures, selling prices, profitability, and the cost of capital. Although the Company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce a materially different result. | |||||||||||||||||
The Company did not recognize any impairment losses for goodwill or other intangible assets in the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
Earnings per Share | Earnings per Share | ||||||||||||||||
Basic and diluted earnings per share is presented for net income attributable to FMSA Holdings Inc. Basic earnings per share is computed by dividing income available to FMSA Holdings Inc. common stockholders by the weighted-average number of outstanding common shares for the period. Diluted earnings per share iscomputed by increasing the weighted-average number of outstanding common shares to include the additional common shares that would be outstanding after exercise of outstanding stock options and restricted stock units. Potential common shares in the diluted earnings per share calculation are excluded to the extent that they would be anti-dilutive. | |||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities | ||||||||||||||||
Due to its variable-rate indebtedness, the Company is exposed to fluctuations in interest rates. The Company uses interest rate swaps to manage this exposure. These derivative instruments are recorded on the balance sheet at their fair values. Changes in the fair value of derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. For cash flow hedges in which the Company is hedging the variability of cash flows related to a variable-rate liability, the effective portion of the gain or loss on the derivative instrument is reported in other comprehensive income in the periods during which earnings are impacted by the variability of the cash flows of the hedged item. The ineffective portion of all hedges is recognized in current period earnings. As interest expense is accrued on the debt obligation, amounts in accumulated other comprehensive income (loss) related to the interest rate swaps are reclassified into income to obtain a net cost on the debt obligation equal to the effective yield of the fixed rate of each swap. In the event that an interest rate swap is terminated prior to maturity, gains or losses in accumulated other comprehensive income (loss) remain deferred and are reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. | |||||||||||||||||
The Company formally designates and documents instruments at inception that qualify for hedge accounting of underlying exposures in accordance with GAAP. Both at inception and for each reporting period, the Company assesses whether the financial instruments used in hedging transactions are effective in offsetting changes in cash flows of the related underlying exposure. | |||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||||||
Assets and liabilities of all foreign operations are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are reflected as accumulated other comprehensive income (loss) in equity. | |||||||||||||||||
Concentration of Labor | Concentration of Labor | ||||||||||||||||
Approximately 12% of the Company’s domestic labor force is covered under six union agreements that expire at various times through November 2016. None of the contracts expire before March 2015. | |||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||||||||||||
At December 31, 2014, we had two customers whose receivable balances exceeded 10% of our total receivables. Approximately, 21% and 18% of the accounts receivable balance are from these two customers, respectively. At December 31, 2013, we had three customers whose receivable balances exceeded 10% of our total receivables. Approximately 20%, 13%, and 11% of the accounts receivable balance are from these three customers, respectively. | |||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||
The Company uses the asset and liability method to account for deferred income taxes. Deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax bases. Management reviews the Company’s deferred tax assets to determine whether their value can be realized based upon available evidence. A valuation allowance is established if management believes it is more likely than not that some portion of the deferred tax assets will not be realized. | |||||||||||||||||
Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | |||||||||||||||||
The Company recognizes a tax benefit associated with an uncertain tax position when the tax position is more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties accrued related to unrecognized tax uncertainties in income tax expense. | |||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | ||||||||||||||||
We estimate the future cost of dismantling, restoring and reclaiming operating excavation sites and related facilities in accordance with federal, state and local regulatory requirements. We record the initial estimated present value of reclamation costs as an asset retirement obligation and increase the carrying amount of the related asset by a corresponding amount. We allocate reclamation costs to expense over the life of the related assets and adjust the related liability for changes resulting from the passage of time and revisions to either the timing or amount of the original present value estimate. If the asset retirement obligation is settled for more or less than the carrying amount of the liability, a loss or gain will be recognized, respectively. | |||||||||||||||||
Research and Development (R&D) | Research and Development (R&D) | ||||||||||||||||
The Company’s research and development expenses consist of personnel and other direct and indirect costs for internally funded project development. Total expenses for R&D for the years ended December 31, 2014, 2013, and 2012 were $6,286, $5,364, and $1,815, respectively. Total research and development expenditures represented 0.46%, 0.54%, and 0.21% of revenues in 2014, 2013, and 2012, respectively. | |||||||||||||||||
Change in Classification | Change in Classification | ||||||||||||||||
During the current year the Company modified the presentation of certain recoverable value-added taxes and other taxes remitted in Mexico to more appropriately reflect the nature of the underlying tax-related receivables. Comparative amounts in the consolidated balance sheets were reclassified for consistency, which resulted in $7,163 being reclassified from accounts receivable, net to prepaid expenses and other assets as of December 31, 2013. Since the reclassification is entirely within current assets, there is no net effect on current and long-term assets. | |||||||||||||||||
The consolidated statements of cash flows were also modified to reflect the reclassification and resulted in $1,366 and $1,332 being reclassified from the change in accounts receivable to the change in prepaids and other assets for the years ended December 31, 2013 and 2012, respectively. There was no net effect to cash flows provided by operating activities for either period. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Accumulated other comprehensive income (loss) is a separate line within equity that reports the Company’s cumulative income that has not been reported as part of net income. Items that are included in this line are the income or loss from foreign currency translation, actuarial gains and losses and prior service cost related to pension liabilities, and the unrealized gains and losses on certain investments or hedges, net of taxes. The components of accumulated other comprehensive income (loss) attributable to FMSA Holdings Inc. at December 31, 2014 and 2013 were as follows: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Gross | Tax Effect | Net Amount | |||||||||||||||
Foreign currency translation | $ | (4,979 | ) | $ | — | $ | (4,979 | ) | |||||||||
Additional pension liability | (4,236 | ) | 1,588 | (2,648 | ) | ||||||||||||
Unrealized loss on interest rate hedges | (8,292 | ) | 3,110 | (5,182 | ) | ||||||||||||
$ | (17,507 | ) | $ | 4,698 | $ | (12,809 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||
Gross | Tax Effect | Net Amount | |||||||||||||||
Foreign currency translation | $ | (2,626 | ) | $ | — | $ | (2,626 | ) | |||||||||
Additional pension liability | (2,717 | ) | 1,019 | (1,698 | ) | ||||||||||||
Unrealized gain on interest rate hedges | 1,260 | (472 | ) | 788 | |||||||||||||
$ | (4,083 | ) | $ | 547 | $ | (3,536 | ) | ||||||||||
The following table presents the changes in accumulated other comprehensive income by component for the year ended December 31, 2014: | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Unrealized | Additional | Foreign | Total | ||||||||||||||
gain (loss) on | pension | currency | |||||||||||||||
interest rate | liability | translation | |||||||||||||||
hedges | |||||||||||||||||
Beginning balance | $ | 788 | $ | (1,698 | ) | $ | (2,626 | ) | $ | (3,536 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (7,609 | ) | (1,062 | ) | (2,353 | ) | (11,024 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 1,639 | 112 | — | 1,751 | |||||||||||||
Ending balance | $ | (5,182 | ) | $ | (2,648 | ) | $ | (4,979 | ) | $ | (12,809 | ) | |||||
The following table presents the reclassifications out of accumulated comprehensive income during the year ended December 31, 2014: | |||||||||||||||||
Details about accumulated other comprehensive income | Amount reclassified | Affected line item on the | |||||||||||||||
from accumulated | |||||||||||||||||
other comprehensive | statement of income | ||||||||||||||||
income | |||||||||||||||||
Change in fair value of derivative swap agreements | |||||||||||||||||
Interest rate hedging contracts | $ | 2,623 | Interest expense | ||||||||||||||
Tax effect | (984 | ) | Tax expense (benefit) | ||||||||||||||
$ | 1,639 | Net of tax | |||||||||||||||
Amortization of pension obligations | |||||||||||||||||
Prior service cost | $ | 16 | Cost of sales | ||||||||||||||
Actuarial losses | 164 | Cost of sales | |||||||||||||||
180 | Total before tax | ||||||||||||||||
Tax effect | (68 | ) | Tax expense | ||||||||||||||
$ | 112 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 1,751 | Net of tax | ||||||||||||||
Recent Accounting Pronouncements | In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). Under ASU 2014-09, companies recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for reporting periods beginning after December 15, 2016. The Company is in the process of evaluating the effect of the new guidance on its financial statements and disclosures. | ||||||||||||||||
On February 18, 2015, the FASB issued Accounting Standards Update No. 2015-02 – Consolidation (Topic 810). The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments modify the evaluation of whether certain limited partnerships and similar entities are variable interest entities (VIEs) or voting interest entities, impact the consolidation analysis of VIEs, and provide an exception for certain registered money market funds. The Company does not have any unconsolidated or consolidated legal entities impacted by this amendment. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Estimated Service Lives of Property and Equipment | The estimated service lives of property and equipment are principally as follows: | ||||||||||||||||
Land improvements | 10-40 years | ||||||||||||||||
Machinery and equipment | 3-20 years | ||||||||||||||||
Buildings and improvements | 10-40 years | ||||||||||||||||
Furniture, fixtures, and other | 3-10 years | ||||||||||||||||
Summary of Deferred Financing Costs | The following table presents deferred financing costs as of December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred financing costs | $ | 37,936 | $ | 36,705 | |||||||||||||
Accumulated amortization | (17,510 | ) | (12,475 | ) | |||||||||||||
Deferred financing costs, net | $ | 20,426 | $ | 24,230 | |||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) attributable to FMSA Holdings Inc. at December 31, 2014 and 2013 were as follows: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Gross | Tax Effect | Net Amount | |||||||||||||||
Foreign currency translation | $ | (4,979 | ) | $ | — | $ | (4,979 | ) | |||||||||
Additional pension liability | (4,236 | ) | 1,588 | (2,648 | ) | ||||||||||||
Unrealized loss on interest rate hedges | (8,292 | ) | 3,110 | (5,182 | ) | ||||||||||||
$ | (17,507 | ) | $ | 4,698 | $ | (12,809 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||
Gross | Tax Effect | Net Amount | |||||||||||||||
Foreign currency translation | $ | (2,626 | ) | $ | — | $ | (2,626 | ) | |||||||||
Additional pension liability | (2,717 | ) | 1,019 | (1,698 | ) | ||||||||||||
Unrealized gain on interest rate hedges | 1,260 | (472 | ) | 788 | |||||||||||||
$ | (4,083 | ) | $ | 547 | $ | (3,536 | ) | ||||||||||
Changes in Accumulated Other Comprehensive Income by Component | The following table presents the changes in accumulated other comprehensive income by component for the year ended December 31, 2014: | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Unrealized | Additional | Foreign | Total | ||||||||||||||
gain (loss) on | pension | currency | |||||||||||||||
interest rate | liability | translation | |||||||||||||||
hedges | |||||||||||||||||
Beginning balance | $ | 788 | $ | (1,698 | ) | $ | (2,626 | ) | $ | (3,536 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (7,609 | ) | (1,062 | ) | (2,353 | ) | (11,024 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 1,639 | 112 | — | 1,751 | |||||||||||||
Ending balance | $ | (5,182 | ) | $ | (2,648 | ) | $ | (4,979 | ) | $ | (12,809 | ) | |||||
Reclassifications out of Accumulated Comprehensive Income | The following table presents the reclassifications out of accumulated comprehensive income during the year ended December 31, 2014: | ||||||||||||||||
Details about accumulated other comprehensive income | Amount reclassified | Affected line item on the | |||||||||||||||
from accumulated | |||||||||||||||||
other comprehensive | statement of income | ||||||||||||||||
income | |||||||||||||||||
Change in fair value of derivative swap agreements | |||||||||||||||||
Interest rate hedging contracts | $ | 2,623 | Interest expense | ||||||||||||||
Tax effect | (984 | ) | Tax expense (benefit) | ||||||||||||||
$ | 1,639 | Net of tax | |||||||||||||||
Amortization of pension obligations | |||||||||||||||||
Prior service cost | $ | 16 | Cost of sales | ||||||||||||||
Actuarial losses | 164 | Cost of sales | |||||||||||||||
180 | Total before tax | ||||||||||||||||
Tax effect | (68 | ) | Tax expense | ||||||||||||||
$ | 112 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 1,751 | Net of tax | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | At December 31, 2014 and 2013, inventories consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 19,803 | $ | 16,766 | |||||
Work-in-process | 23,568 | 24,576 | |||||||
Finished goods | 91,202 | 77,183 | |||||||
134,573 | 118,525 | ||||||||
Less: LIFO reserve | (2,960 | ) | (176 | ) | |||||
Inventories | $ | 131,613 | $ | 118,349 | |||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | At December 31, 2014 and 2013, property, plant and equipment consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 63,800 | $ | 38,557 | |||||
Mineral reserves and mine development | 303,804 | 280,727 | |||||||
Machinery and equipment | 478,225 | 426,798 | |||||||
Buildings and improvements | 146,165 | 100,217 | |||||||
Furniture, fixtures and other | 3,604 | 2,558 | |||||||
Construction in progress | 110,677 | 112,819 | |||||||
1,106,275 | 961,676 | ||||||||
Accumulated depletion and depreciation | (265,001 | ) | (212,838 | ) | |||||
Property, plant and equipment, net | $ | 841,274 | $ | 748,838 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summery of Accrued Expenses | At December 31, 2014 and 2013, accrued expenses consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Accrued payroll and fringe benefits | $ | 21,845 | $ | 12,386 | |||||
Contingent consideration | — | 9,833 | |||||||
Accrued income taxes | 627 | — | |||||||
Other accrued expenses | 13,553 | 6,487 | |||||||
Accrued expenses | $ | 36,025 | $ | 28,706 | |||||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Summary of Other Long-Term Liabilities | At December 31, 2014 and 2013, other long-term liabilities consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Interest rate swaps | $ | 11,696 | $ | 5,637 | |||||
Accrued asset retirement obligations | 3,122 | 2,680 | |||||||
Accrued compensation and benefits | 7,081 | 8,057 | |||||||
Other | 7,086 | 4,714 | |||||||
Other long term liabilities | $ | 28,985 | $ | 21,088 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Summary of Fair Value of the Assets Acquired and Liabilities Assumed | The purchase price for the three transactions in 2013 has been allocated to the fair value of the assets acquired and liabilities assumed as follows: | ||||||||||||
SSP | Great Plains | FTSI | |||||||||||
Sands | |||||||||||||
Land and buildings | $ | — | $ | 7,623 | $ | 2,428 | |||||||
Inventory | — | 1,085 | 25,990 | ||||||||||
Machinery and equipment | — | 13,200 | 125,239 | ||||||||||
Mineral reserves | — | 48,100 | 95,500 | ||||||||||
Other assets | — | 1,568 | — | ||||||||||
Acquired technology | 56,320 | — | — | ||||||||||
Supply agreement | — | — | 50,700 | ||||||||||
Other intangibles | — | — | 687 | ||||||||||
Goodwill | — | 3,887 | 49,456 | ||||||||||
Liabilities assumed | — | (1,884 | ) | (2,296 | ) | ||||||||
Net assets acquired | $ | 56,320 | $ | 73,579 | $ | 347,704 | |||||||
Cash consideration | $ | 56,320 | $ | 63,979 | $ | 347,704 | |||||||
Contingent consideration | — | 9,600 | — | ||||||||||
Total purchase consideration | $ | 56,320 | $ | 73,579 | $ | 347,704 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Summary of Activity in Goodwill | The following table summarizes the activity in goodwill for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||
Balance at | Current Year | Current Year | Currency | Balance at | |||||||||||||||||
Beginning of Year | Acquisitions | Dispositions | Translation/Other | End of Year | |||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Proppant Solutions | $ | 70,991 | $ | — | $ | — | $ | (2,775 | ) | $ | 68,216 | ||||||||||
Industrial & Recreational Products | 16,461 | — | — | — | 16,461 | ||||||||||||||||
Total | $ | 87,452 | $ | — | $ | — | $ | (2,775 | ) | $ | 84,677 | ||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Proppant Solutions | $ | 18,676 | $ | 53,343 | $ | (1,050 | ) | $ | 22 | $ | 70,991 | ||||||||||
Industrial & Recreational Products | 16,461 | — | — | — | 16,461 | ||||||||||||||||
Total | $ | 35,137 | $ | 53,343 | $ | (1,050 | ) | $ | 22 | $ | 87,452 | ||||||||||
Summary of Acquired Intangible Assets | Information regarding our acquired intangible assets as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||||||||||
Amount | Amortization | Assets, net | |||||||||||||||||||
Acquired technology and patents | $ | 56,928 | $ | (608 | ) | $ | 56,320 | ||||||||||||||
Supply agreement | 50,700 | (6,760 | ) | 43,940 | |||||||||||||||||
Other intangible assets | 687 | (178 | ) | 509 | |||||||||||||||||
Intangible assets | $ | 108,315 | $ | (7,546 | ) | $ | 100,769 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||||||||||
Amount | Amortization | Assets, net | |||||||||||||||||||
Acquired technology and patents | $ | 57,128 | $ | (553 | ) | $ | 56,575 | ||||||||||||||
Supply agreement | 50,700 | (1,690 | ) | 49,010 | |||||||||||||||||
Other intangible assets | 687 | (36 | ) | 651 | |||||||||||||||||
Intangible assets | $ | 108,515 | $ | (2,279 | ) | $ | 106,236 | ||||||||||||||
Summary of Estimated Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense related to intangible assets at December 31, 2014 is as follows: | ||||||||||||||||||||
Amortization | |||||||||||||||||||||
2015 | $ | 5,213 | |||||||||||||||||||
2016 | 5,210 | ||||||||||||||||||||
2017 | 5,192 | ||||||||||||||||||||
2018 | 5,147 | ||||||||||||||||||||
2019 | 5,096 | ||||||||||||||||||||
Thereafter | 18,591 | ||||||||||||||||||||
Total | $ | 44,449 | |||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Long-Term Debt | Total | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Term Loans—Term B-1 | 319,917 | 322,714 | |||||||||||||||||||
Term Loans—Term B-2 | 910,900 | 878,605 | |||||||||||||||||||
Industrial Revenue bond | 10,000 | 10,000 | |||||||||||||||||||
Revolving credit facility and other | 1,098 | 42,775 | |||||||||||||||||||
Capital leases, net | 10,724 | 8,052 | |||||||||||||||||||
$ | 1,252,639 | $ | 1,262,146 | ||||||||||||||||||
Less: current portion | (17,274 | ) | (15,687 | ) | |||||||||||||||||
Long-term debt including leases | $ | 1,235,365 | $ | 1,246,459 | |||||||||||||||||
Maturities of Long-Term Debt | Maturities of long-term debt are as follows: | ||||||||||||||||||||
Capital Lease Obligations | Other | Total | |||||||||||||||||||
Long-term | Principal | ||||||||||||||||||||
Lease | Less | Present | Debt | Payments | |||||||||||||||||
Payment | Interest | Value | |||||||||||||||||||
Year Ended | |||||||||||||||||||||
2015 | $ | 5,209 | $ | 285 | $ | 4,924 | $ | 13,508 | $ | 18,432 | |||||||||||
2016 | 3,640 | 128 | 3,512 | 12,525 | 16,037 | ||||||||||||||||
2017 | 1,918 | 38 | 1,880 | 322,693 | 324,573 | ||||||||||||||||
2018 | 239 | 11 | 228 | 9,277 | 9,505 | ||||||||||||||||
2019 | 183 | 3 | 180 | 873,874 | 874,054 | ||||||||||||||||
Thereafter | — | — | — | 10,038 | 10,038 | ||||||||||||||||
$ | 11,189 | $ | 465 | $ | 10,724 | $ | 1,241,915 | $ | 1,252,639 | ||||||||||||
Summary of Asset and Related Accumulated Depreciation in Balance Sheet for Capital Lease Items | Information pertaining to assets and related accumulated depreciation in the balance sheet for capital lease items is as follows: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cost | $ | 18,131 | $ | 11,648 | |||||||||||||||||
Accumulated depreciation | (5,111 | ) | (2,011 | ) | |||||||||||||||||
Net book value | $ | 13,020 | $ | 9,637 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic and Diluted Earnings per Share | The table below shows the computation of basic and diluted earnings per share of common stock for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income attributable to FMSA Holdings Inc. | $ | 170,450 | $ | 103,961 | $ | 148,886 | |||||||
Denominator: | |||||||||||||
Basic weighted average shares outstanding | 157,949,664 | 156,008,218 | 155,826,794 | ||||||||||
Dilutive effect of employee stock options | 8,327,460 | 8,629,336 | 8,501,530 | ||||||||||
Diluted weighted average shares outstanding | 166,277,124 | 164,637,554 | 164,328,324 | ||||||||||
Earnings per common share—basic | $ | 1.08 | $ | 0.67 | $ | 0.96 | |||||||
Earnings per common share—diluted | $ | 1.03 | $ | 0.63 | $ | 0.91 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Fair Values of Derivative Instrument and Respective Classification in Consolidated Balance Sheets | The following table summarizes the fair values and the respective classification in the Consolidated Balance Sheets as of December 31, 2014 and 2013: | ||||||||||
Assets (Liabilities) | |||||||||||
Interest Rate Swap Agreements | Balance Sheet Classification | 2014 | 2013 | ||||||||
Designated as hedges | Other long-term liabilities | $ | (10,253 | ) | $ | (2,297 | ) | ||||
Not designated as hedges | Other long-term liabilities | (1,443 | ) | (3,340 | ) | ||||||
Designated as hedges | Other assets | 333 | 2,706 | ||||||||
$ | (11,363 | ) | $ | (2,931 | ) | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Instruments Carried at Fair Value | The following table presents the amounts carried at fair value as of December 31, 2014 and 2013 for the Company’s other financial instruments. | ||||||||||||||||
Quoted Prices | Other | Unobservable | Total | ||||||||||||||
in Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (11,363 | ) | $ | — | $ | (11,363 | ) | |||||||
$ | — | $ | (11,363 | ) | $ | — | $ | (11,363 | ) | ||||||||
December 31, 2013 | |||||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | (9,833 | ) | $ | (9,833 | ) | |||||||
Interest rate swap agreements | — | (2,931 | ) | — | (2,931 | ) | |||||||||||
$ | — | $ | (2,931 | ) | $ | (9,833 | ) | $ | (12,764 | ) | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Before Income Taxes | Income before provision for income taxes includes the following components: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 238,332 | $ | 137,456 | $ | 205,493 | |||||||
Foreign | 9,704 | 12,420 | 14,349 | ||||||||||
$ | 248,036 | $ | 149,876 | $ | 219,842 | ||||||||
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal | $ | 30,656 | $ | 34,578 | $ | 51,537 | |||||||
State and local | 3,754 | 3,329 | 2,429 | ||||||||||
Foreign | 5,193 | 6,486 | 6,318 | ||||||||||
Sub-total | 39,603 | 44,393 | 60,284 | ||||||||||
Change in deferred | 37,810 | 826 | 10,085 | ||||||||||
Total | $ | 77,413 | $ | 45,219 | $ | 70,369 | |||||||
Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate | The difference between the statutory federal and state income tax rates and the Company’s effective tax rate is due principally to tax depletion and nondeductible expenses. A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net | 1.2 | 2.2 | 1.1 | ||||||||||
Foreign tax rate differential and adjustment | 0.6 | 1.4 | 0.6 | ||||||||||
U.S. statutory depletion | (5.8 | ) | (6.9 | ) | (3.2 | ) | |||||||
Manufacturers deduction | (0.9 | ) | (2.1 | ) | (2.4 | ) | |||||||
Other items, net | 1.1 | 0.6 | 0.9 | ||||||||||
Effective rate | 31.2 | % | 30.2 | % | 32 | % | |||||||
Schedule of Components of Net Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Current: | |||||||||||||
Accrued liabilities | $ | 1,924 | $ | 2,976 | |||||||||
Inventory | 3,435 | 8,346 | |||||||||||
Foreign tax credit carryforwards | — | 426 | |||||||||||
Valuation allowance | (201 | ) | — | ||||||||||
5,158 | 11,748 | ||||||||||||
Long-term: | |||||||||||||
Property, plant and equipment | (99,352 | ) | (65,028 | ) | |||||||||
Stock compensation | 19,702 | 15,921 | |||||||||||
Deferred compensation | 1,274 | 1,372 | |||||||||||
Interest rate derivatives | 4,221 | 1,026 | |||||||||||
Additional pension liability | 1,590 | 978 | |||||||||||
Intangibles | (3,370 | ) | (542 | ) | |||||||||
Other assets | 1,383 | (578 | ) | ||||||||||
Foreign tax credit carryforwards | 1,309 | — | |||||||||||
Valuation allowance | (1,108 | ) | — | ||||||||||
(74,351 | ) | (46,851 | ) | ||||||||||
Net deferred tax (liabilities) assets | $ | (69,193 | ) | $ | (35,103 | ) | |||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Uncertain tax benefits balance as of January 1 | $ | 3,038 | $ | 3,366 | $ | 2,249 | |||||||
Increases (decreases) for tax positions in prior years | 2,201 | — | 99 | ||||||||||
Increases (decreases) for tax positions in current year | 88 | 143 | 1,018 | ||||||||||
Lapses in statutes of limitations | — | (471 | ) | — | |||||||||
$ | 5,327 | $ | 3,038 | $ | 3,366 | ||||||||
Common_Stock_and_Stock_Based_C1
Common Stock and Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Fair Value Assumptions Based on Black-Scholes-Merton Options-Pricing Model | The weighted-average fair value of RSU’s granted during the year ended December 31, 2014 was $12.96, based on the closing price of the underlying share as of the grant date. The weighted-average fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $8.49, $5.35 and $5.45, respectively, based on the Black-Scholes-Merton options-pricing model, with the following assumptions: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected volatility | 48.72 | % | 46.38 | % | 49.66 | % | |||||||
Risk free interest rate | 1.94 - 2.03 | % | 1.12 - 2.00 | % | 0.97 - 1.26 | % | |||||||
Expected option life | 6.5 years | 6.5 years | 6.5 years | ||||||||||
Schedule of Stock Option Activity | Option activity during 2014 is as follows: | ||||||||||||
Restricted | Options | Weighted | |||||||||||
Stock | Average | ||||||||||||
Units | Exercise | ||||||||||||
Price, Options | |||||||||||||
Outstanding at December 31, 2013 | — | 18,980,942 | $ | 3.98 | |||||||||
Granted | 258,536 | 2,243,864 | 15.86 | ||||||||||
Exercised | — | (4,677,788 | ) | 1.4 | |||||||||
Forfeited | — | — | — | ||||||||||
Expired | — | (440,300 | ) | 6.3 | |||||||||
Outstanding at December 31, 2014 | 258,536 | 16,106,718 | $ | 6.19 | |||||||||
Exercisable at December 31, 2014 | — | 11,493,056 | $ | 4.46 |
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Assumptions Used to Determine the Company's Obligations | The following assumptions were used to determine the Company’s obligations under the plans: | ||||||||||||||||
Wedron Pension | Troy Grove Pension | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Discount rate | 3.75 | % | 4.5 | % | 4 | % | 5 | % | |||||||||
Long-term rate of return on plan assets | 9 | % | 9 | % | 9 | % | 9 | % | |||||||||
Summary of Estimated Future Benefit Payment | Benefits expected to be paid out over the next ten years: | ||||||||||||||||
Year Ending | Benefit | ||||||||||||||||
Payment | |||||||||||||||||
2015 | $ | 321 | |||||||||||||||
2016 | 350 | ||||||||||||||||
2017 | 382 | ||||||||||||||||
2018 | 414 | ||||||||||||||||
2019 | 439 | ||||||||||||||||
2020-2024 | 2,540 | ||||||||||||||||
Summary of Fair Value Measurements for Assets Held in Benefit Plans | Fair value measurements for assets held in the benefit plans as of December 31, 2014 are as follows: | ||||||||||||||||
Quoted Prices | Other | Unobservable | Balance at | ||||||||||||||
in Active | Observable | Inputs | December 31, | ||||||||||||||
Markets | Inputs | (Level 3) | 2014 | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Cash | $ | 443 | $ | — | $ | — | $ | 443 | |||||||||
Fixed income | 2,212 | — | — | 2,212 | |||||||||||||
Mutual funds | 4,242 | — | — | 4,242 | |||||||||||||
$ | 6,897 | $ | — | $ | — | $ | 6,897 | ||||||||||
Change In Benefit Obligation [Member] | |||||||||||||||||
Summary of Defined Benefit Plans | The following relates to the defined benefit plans as of December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 7,418 | $ | 8,105 | |||||||||||||
Service cost | 74 | 86 | |||||||||||||||
Interest cost | 332 | 300 | |||||||||||||||
Actuarial (gain) loss | 1,568 | (805 | ) | ||||||||||||||
Benefit payments | (246 | ) | (268 | ) | |||||||||||||
Benefit obligation at end of year | $ | 9,146 | $ | 7,418 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,492 | $ | 5,552 | |||||||||||||
Actual return on plan assets | 454 | 887 | |||||||||||||||
Employer contributions | 197 | 321 | |||||||||||||||
Benefit payments | (246 | ) | (268 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 6,897 | $ | 6,492 | |||||||||||||
Accrued benefit cost | $ | (2,249 | ) | $ | (926 | ) | |||||||||||
Net Periodic Benefit Cost [Member] | |||||||||||||||||
Summary of Defined Benefit Plans | The following relates to the defined benefit plans as of December 31, 2014, 2013, and 2012: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 74 | $ | 86 | $ | 211 | |||||||||||
Interest cost | 332 | 300 | 306 | ||||||||||||||
Expected return on plan assets | (585 | ) | (503 | ) | (433 | ) | |||||||||||
Amortization of prior service cost | 19 | 19 | 19 | ||||||||||||||
Amortization of net actuarial loss | 159 | 253 | 265 | ||||||||||||||
Net periodic benefit cost | $ | (1 | ) | $ | 155 | $ | 368 | ||||||||||
Changes in other comprehensive income (loss) | |||||||||||||||||
Net actuarial gain (loss) | $ | (1,699 | ) | $ | 1,189 | $ | (25 | ) | |||||||||
Amortization of prior service costs | 16 | 19 | 19 | ||||||||||||||
Amortization of net actuarial loss | 164 | 253 | 265 | ||||||||||||||
Deferred tax asset | 569 | (565 | ) | (93 | ) | ||||||||||||
Other comprehensive loss | $ | (950 | ) | $ | 896 | $ | 166 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Minimum Lease Payments Under Long-term Operating Lease Obligations | Minimum lease payments, primarily for railcars, equipment and office leases, due under the long-term operating lease obligations are shown below. The table below now properly includes railcar leases, which comprise substantially all of the Company’s equipment lease obligations. | ||||||||||||
Equipment | Real Estate | Total | |||||||||||
2015 | $ | 53,838 | $ | 2,699 | $ | 56,537 | |||||||
2016 | 46,503 | 2,378 | 48,881 | ||||||||||
2017 | 36,078 | 1,669 | 37,747 | ||||||||||
2018 | 28,171 | 1,472 | 29,643 | ||||||||||
2019 | 14,676 | 1,335 | 16,011 | ||||||||||
Thereafter | 3,993 | 2,491 | 6,484 | ||||||||||
Total | $ | 183,259 | $ | 12,044 | $ | 195,303 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summarized Financial Information for Reportable Segments | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Proppant Solutions | $ | 1,232,232 | $ | 856,212 | $ | 757,851 | |||||||
Industrial & Recreational Products | 124,226 | 132,174 | 127,339 | ||||||||||
Total revenue | 1,356,458 | 988,386 | 885,190 | ||||||||||
Segment contribution margin | |||||||||||||
Proppant Solutions | 430,779 | 296,320 | 316,251 | ||||||||||
Industrial & Recreational Products | 34,473 | 34,765 | 37,837 | ||||||||||
Total segment contribution margin | 465,252 | 331,085 | 354,088 | ||||||||||
Operating expenses excluded from segment contribution margin | |||||||||||||
Cost of sales | — | 4,959 | — | ||||||||||
Selling, general, and administrative | 74,475 | 47,440 | 36,745 | ||||||||||
Depreciation, depletion, and amortization | 59,379 | 37,771 | 27,690 | ||||||||||
Stock compensation expense | 16,571 | 10,133 | 11,434 | ||||||||||
Other operating expense (income) | 3,163 | 2,826 | (207 | ) | |||||||||
Interest expense, net | 60,842 | 61,926 | 56,714 | ||||||||||
Loss on extinguishment of debt | — | 11,760 | — | ||||||||||
Other non-operating expense | 2,786 | 4,394 | 1,870 | ||||||||||
Income before provision for income taxes | $ | 248,036 | $ | 149,876 | $ | 219,842 | |||||||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Summary of Revenue and Long-lived Assets | The following tables show total Company revenues and long-lived assets. Revenues are attributed to geographic regions based on the selling location. Long-lived assets are located in the respective geographic regions. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Domestic | $ | 1,254,071 | $ | 920,636 | $ | 795,372 | |||||||
International | 102,387 | 67,750 | 89,818 | ||||||||||
Revenue | $ | 1,356,458 | $ | 988,386 | $ | 885,190 | |||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Long-lived assets | |||||||||||||
Domestic | $ | 832,280 | $ | 737,652 | |||||||||
International | 8,994 | 11,186 | |||||||||||
Long-lived assets | $ | 841,274 | $ | 748,838 | |||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Data | The following table sets forth our unaudited quarterly consolidated statements of operations for each of the last four quarters for the periods ended December 31, 2014 and 2013. This unaudited quarterly information has been prepared on the same basis as our annual audited financial statements and includes all adjustments, consisting only of normal recurring adjustments that are necessary to present fairly the financial information for the fiscal quarters presented. | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
2014:00:00 | |||||||||||||||||
Revenue | $ | 294,932 | $ | 334,291 | $ | 373,479 | $ | 353,756 | |||||||||
Cost of sales | 191,112 | 211,190 | 228,583 | 220,569 | |||||||||||||
Operating expenses | 36,745 | 43,930 | 50,525 | 62,140 | |||||||||||||
Interest expense, net | 17,906 | 16,572 | 16,567 | 9,797 | |||||||||||||
Other non-operating expense | 291 | 250 | 2,206 | 39 | |||||||||||||
Provision for income taxes | 14,266 | 18,146 | 21,436 | 23,565 | |||||||||||||
Net income | 34,612 | 44,203 | 54,162 | 37,646 | |||||||||||||
Less: Net income attributable to the non-controlling interest | 73 | 282 | 85 | (267 | ) | ||||||||||||
Net income attributable to FMSA Holdings Inc. | 34,539 | 43,921 | 54,077 | 37,913 | |||||||||||||
Earnings per share, basic | $ | 0.22 | $ | 0.28 | $ | 0.34 | $ | 0.24 | |||||||||
Earnings per share, diluted | $ | 0.21 | $ | 0.27 | $ | 0.32 | $ | 0.23 | |||||||||
Weighted average common shares outstanding, basic | 156,462,356 | 156,684,036 | 158,049,782 | 160,542,636 | |||||||||||||
Weighted average common shares outstanding, diluted | 165,082,614 | 165,642,288 | 166,911,474 | 167,025,422 | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
2013:00:00 | |||||||||||||||||
Revenue | $ | 220,047 | $ | 228,194 | $ | 265,667 | $ | 274,478 | |||||||||
Cost of sales | 132,133 | 134,273 | 165,666 | 195,770 | |||||||||||||
Operating expenses | 26,504 | 29,710 | 33,932 | 42,442 | |||||||||||||
Interest expense, net | 12,993 | 13,548 | 16,224 | 19,161 | |||||||||||||
Loss on extinguishment of debt | — | — | 11,760 | — | |||||||||||||
Other non-operating expense | 320 | 250 | 2,037 | 1,787 | |||||||||||||
Provision for income taxes | 14,504 | 15,190 | 11,032 | 4,493 | |||||||||||||
Net income | 33,593 | 35,223 | 25,016 | 10,825 | |||||||||||||
Less: Net income attributable to the non-controlling interest | 36 | 216 | 269 | 175 | |||||||||||||
Net income attributable to FMSA Holdings Inc. | 33,557 | 35,007 | 24,747 | 10,650 | |||||||||||||
Earnings per share, basic | $ | 0.22 | $ | 0.22 | $ | 0.16 | $ | 0.07 | |||||||||
Earnings per share, diluted | $ | 0.2 | $ | 0.21 | $ | 0.15 | $ | 0.06 | |||||||||
Weighted average common shares outstanding, basic | 155,877,318 | 155,958,000 | 155,992,136 | 156,185,596 | |||||||||||||
Weighted average common shares outstanding, diluted | 164,601,208 | 164,508,830 | 164,600,392 | 164,826,390 |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segments | |
Country | |
Organization [Line Items] | |
Number of reportable segments | 2 |
Number of countries in which Proppant solutions business serves | 7 |
Santrol (Yixing) Proppant Co [Member] | |
Organization [Line Items] | |
Ownership percentage in subsidiary | 70.00% |
Technimat LLC [Member] | |
Organization [Line Items] | |
Ownership percentage in subsidiary company | 90.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Labor_Unions | Customer | ||||
Customer | |||||
Significant Of Accounting Policies [Line Items] | |||||
Allowance for doubtful accounts | $4,255,000 | $796,000 | |||
Higher inventories valuation using FIFO | 2,960,000 | 176,000 | |||
Inventory percentage | 16.00% | 24.00% | |||
Write down in value of inventory | 908,000 | ||||
Write down value of inventory included in other operating expense | 4,958,000 | ||||
Provision for depreciation | 0 | ||||
Interest cost capitalized | 6,765,000 | 2,540,000 | |||
Depreciation and depletion expense | 54,111,000 | 35,917,000 | 27,562,000 | ||
Land and land improvements | 354,000 | ||||
Property plant and equipment, estimated useful life | 50 years | ||||
Carrying value of minerals | 0 | 0 | 273,000 | ||
Financing costs | 1,913,000 | 1,913,000 | 14,171,000 | ||
Capitalized costs | 20,426,000 | 20,426,000 | 24,230,000 | 20,426,000 | |
Financing costs write off | 11,358,000 | 11,358,000 | |||
Goodwill and other intangible asset impairment losses | 0 | 0 | 0 | ||
Number of union Agreements | 6 | ||||
Contract expire date | 2016-11 | ||||
Number of customer | 2 | 3 | |||
Total expense for research and development | 6,286,000 | 5,364,000 | 1,815,000 | ||
Minimum [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Debt instrument maturity period | 3 months | ||||
Tax benefit recognition, threshold limit | 50.00% | ||||
Current And Long Term Assets [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Reclassification adjustments | 7,163,000 | ||||
Adjustments to Operating Activities [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Reclassification adjustments | $1,366,000 | $1,332,000 | |||
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Accounts receivable, percentage | 12.00% | ||||
Revenues [Member] | Research And Development Concentration Risk [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Accounts receivable, percentage | 0.46% | 0.54% | 0.21% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Accounts receivable, percentage | 10.00% | 10.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Accounts receivable, percentage | 21.00% | 20.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Accounts receivable, percentage | 18.00% | 13.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | |||||
Significant Of Accounting Policies [Line Items] | |||||
Accounts receivable, percentage | 11.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Estimated Service Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 50 years |
Minimum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 3 years |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 10 years |
Minimum [Member] | Furniture, Fixtures and Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 20 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 40 years |
Maximum [Member] | Furniture, Fixtures and Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated service lives | 10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Deferred Financing Costs (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Deferred Finance Costs, Net [Abstract] | |||
Deferred financing costs | $37,936 | $36,705 | |
Accumulated amortization | -17,510 | -12,475 | |
Deferred financing costs, net | $20,426 | $24,230 | $20,426 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Gross | ($17,507) | ($4,083) |
Accumulated other comprehensive income (loss), Tax Effect | 4,698 | 547 |
Accumulated other comprehensive income (loss) | -12,809 | -3,536 |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Gross | -4,979 | -2,626 |
Accumulated other comprehensive income (loss) | -4,979 | -2,626 |
Additional Pension Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Gross | -4,236 | -2,717 |
Accumulated other comprehensive income (loss), Tax Effect | 1,588 | 1,019 |
Accumulated other comprehensive income (loss) | -2,648 | -1,698 |
Unrealized Gain (Loss) on Interest Rate Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Gross | -8,292 | 1,260 |
Accumulated other comprehensive income (loss), Tax Effect | 3,110 | -472 |
Accumulated other comprehensive income (loss) | ($5,182) | $788 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income by Component (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | ($3,536) |
Other comprehensive income (loss) before reclassifications | -11,024 |
Amounts reclassified from accumulated other comprehensive income | 1,751 |
Ending balance | -12,809 |
Unrealized Gain (Loss) on Interest Rate Hedges [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | 788 |
Other comprehensive income (loss) before reclassifications | -7,609 |
Amounts reclassified from accumulated other comprehensive income | 1,639 |
Ending balance | -5,182 |
Additional Pension Liability [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | -1,698 |
Other comprehensive income (loss) before reclassifications | -1,062 |
Amounts reclassified from accumulated other comprehensive income | 112 |
Ending balance | -2,648 |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | -2,626 |
Other comprehensive income (loss) before reclassifications | -2,353 |
Ending balance | ($4,979) |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Reclassifications out of Accumulated Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | $248,036 | $149,876 | $219,842 | ||||||||
Provision for income taxes | -23,565 | -21,436 | -18,146 | -14,266 | -4,493 | -11,032 | -15,190 | -14,504 | -77,413 | -45,219 | -70,369 |
Net income | 37,646 | 54,162 | 44,203 | 34,612 | 10,825 | 25,016 | 35,223 | 33,593 | 170,623 | 104,657 | 149,473 |
Cost of sales | 220,569 | 228,583 | 211,190 | 191,112 | 195,770 | 165,666 | 134,273 | 132,133 | 851,454 | 627,842 | 502,417 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income | 1,751 | ||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on Interest Rate Hedges [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | 2,623 | ||||||||||
Provision for income taxes | -984 | ||||||||||
Net income | 1,639 | ||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 16 | ||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 164 | ||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Additional Pension Liability [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 180 | ||||||||||
Provision for income taxes | -68 | ||||||||||
Net income | $112 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $19,803 | $16,766 |
Work-in-process | 23,568 | 24,576 |
Finished goods | 91,202 | 77,183 |
Inventory gross | 134,573 | 118,525 |
Less: LIFO reserve | -2,960 | -176 |
Inventories | $131,613 | $118,349 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $1,106,275 | $961,676 |
Accumulated depletion and depreciation | -265,001 | -212,838 |
Property, plant, and equipment, net | 841,274 | 748,838 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 63,800 | 38,557 |
Mineral Reserves and Mine Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 303,804 | 280,727 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 478,225 | 426,798 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 146,165 | 100,217 |
Furniture, Fixtures and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | 3,604 | 2,558 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment gross | $110,677 | $112,819 |
Accrued_Expenses_Summery_of_Ac
Accrued Expenses - Summery of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll and fringe benefits | $21,845 | $12,386 |
Contingent consideration | 9,833 | |
Accrued income taxes | 627 | |
Other accrued expenses | 13,553 | 6,487 |
Accrued expenses | $36,025 | $28,706 |
Other_LongTerm_Liabilities_Sum
Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Interest rate swaps | $11,696 | $5,637 |
Accrued asset retirement obligations | 3,122 | 2,680 |
Accrued compensation and benefits | 7,081 | 8,057 |
Other | 7,086 | 4,714 |
Other long term liabilities | $28,985 | $21,088 |
Acquisitions_Summary_of_Fair_V
Acquisitions - Summary of Fair Value of the Assets Acquired and Liabilities Assumed (Detail) (USD $) | 1 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2013 | Jun. 12, 2013 | Sep. 06, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquisition Date [Line Items] | ||||||
Goodwill | $84,677 | $87,452 | $35,137 | |||
Self-Suspending Proppant LLC [Member] | ||||||
Acquisition Date [Line Items] | ||||||
Acquired technology | 56,320 | |||||
Net assets acquired | 56,320 | |||||
Cash consideration | 56,320 | |||||
Total purchase consideration | 56,320 | |||||
Great Plains Sands, LLC [Member] | ||||||
Acquisition Date [Line Items] | ||||||
Land and buildings | 7,623 | |||||
Inventory | 1,085 | |||||
Machinery and equipment | 13,200 | |||||
Mineral reserves | 48,100 | |||||
Other assets | 1,568 | |||||
Goodwill | 3,887 | |||||
Liabilities assumed | -1,884 | |||||
Net assets acquired | 73,579 | |||||
Cash consideration | 63,979 | |||||
Contingent consideration | 9,600 | |||||
Total purchase consideration | 73,579 | |||||
FTS International Services, Inc [Member] | ||||||
Acquisition Date [Line Items] | ||||||
Land and buildings | 2,428 | |||||
Inventory | 25,990 | |||||
Machinery and equipment | 125,239 | |||||
Mineral reserves | 95,500 | |||||
Supply agreement | 50,700 | |||||
Other intangibles | 687 | |||||
Goodwill | 49,456 | |||||
Liabilities assumed | -2,296 | |||||
Net assets acquired | 347,704 | |||||
Cash consideration | 347,704 | |||||
Total purchase consideration | $347,704 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2014 | Jun. 12, 2013 | Sep. 06, 2013 | Dec. 31, 2012 | Apr. 30, 2014 |
Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Number of acquisition | 3 | ||||||
Goodwill | $87,452 | 84,677 | $35,137 | ||||
Self-Suspending Proppant LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership acquired | 100.00% | ||||||
Business acquisition date | 30-Apr-13 | ||||||
Total purchase consideration | 56,320 | ||||||
Transaction related expenses | 1,320 | ||||||
Great Plains Sands, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition date | 12-Jun-13 | ||||||
Total purchase consideration | 73,579 | ||||||
Contingent consideration | 9,600 | ||||||
Goodwill | 3,887 | ||||||
Transaction related expenses | 7,113 | ||||||
FTS International Services, Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition date | 6-Sep-13 | ||||||
Total purchase consideration | 347,704 | ||||||
Goodwill | $49,456 | ||||||
Acquisition based supply agreement term | 10 years | ||||||
Percentage of lowest supply of row sand under the supply agreement | 80.00% |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Activity in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Balance at Beginning of Year | $87,452 | $35,137 |
Current Year Acquisitions | 53,343 | |
Current Year Dispositions | -1,050 | |
Currency Translation/Other | -2,775 | 22 |
Balance at End of Year | 84,677 | 87,452 |
Proppant Solutions [Member] | ||
Goodwill [Line Items] | ||
Balance at Beginning of Year | 70,991 | 18,676 |
Current Year Acquisitions | 53,343 | |
Current Year Dispositions | -1,050 | |
Currency Translation/Other | -2,775 | 22 |
Balance at End of Year | 68,216 | 70,991 |
Industrial & Recreational Products [Member] | ||
Goodwill [Line Items] | ||
Balance at Beginning of Year | 16,461 | 16,461 |
Current Year Acquisitions | ||
Current Year Dispositions | ||
Currency Translation/Other | ||
Balance at End of Year | $16,461 | $16,461 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Acquired Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $108,315 | $108,515 |
Accumulated Amortization | -7,546 | -2,279 |
Intangible Assets, net | 100,769 | 106,236 |
Acquired Technology and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 56,928 | 57,128 |
Accumulated Amortization | -608 | -553 |
Intangible Assets, net | 56,320 | 56,575 |
Supply Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 50,700 | 50,700 |
Accumulated Amortization | -6,760 | -1,690 |
Intangible Assets, net | 43,940 | 49,010 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 687 | 687 |
Accumulated Amortization | -178 | -36 |
Intangible Assets, net | $509 | $651 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (Supply Agreement [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Supply Agreement [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life of acquired intangible assets | 10 years |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Summary of Estimated Future Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Intangible Liability Disclosure [Abstract] | |
2015 | $5,213 |
2016 | 5,210 |
2017 | 5,192 |
2018 | 5,147 |
2019 | 5,096 |
Thereafter | 18,591 |
Total | $44,449 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Industrial Revenue bond | $10,000 | $10,000 |
Revolving credit facility and other | 1,098 | 42,775 |
Capital leases, net | 10,724 | 8,052 |
Long term debt | 1,252,639 | 1,262,146 |
Long term debt | 1,252,639 | 1,262,146 |
Less: current portion | -17,274 | -15,687 |
Long-term debt including leases | 1,235,365 | 1,246,459 |
Term Loans - Term B-1 [Member] | ||
Debt Instrument [Line Items] | ||
Term Loans | 319,917 | 322,714 |
Term Loans - Term B-2 [Member] | ||
Debt Instrument [Line Items] | ||
Term Loans | $910,900 | $878,605 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Aug. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 05, 2013 | Mar. 31, 2014 | Feb. 28, 2014 |
Debt Instrument [Line Items] | |||||||
Revolving credit facility commitment | $113,467 | ||||||
Debt instrument borrowings, maturity date | 1-Sep-27 | ||||||
Basis spread on variable rate, percentage | 0.05% | ||||||
Change in margin on the loan | 0.25% | ||||||
Leverage ratio | 2.75 | ||||||
Line of credit facility, incremental revolving commitments | 3,371 | 46,629 | |||||
Borrowings on additional capacity | 125,000 | 125,000 | 32,267 | 148,100 | |||
Outstanding Letters of credit | 11,533 | ||||||
Industrial revenue bond outstanding | 10,000 | ||||||
Letter of credit | 10,000 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Leverage ratio | 475.00% | ||||||
Line of credit facility, commitment fee percentage | 25.00% | ||||||
Amended Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment amount on revolving credit | 75,000 | ||||||
Term Loan B-1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument borrowings, maturity date | 15-Mar-17 | ||||||
Principal repayment on term loan, amount | 800 | ||||||
Principal repayment on term loan, percentage | 1.00% | ||||||
Term Loan B-1 [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, percentage | 3.00% | 2.50% | |||||
Term Loan B-1 [Member] | Eurodollar [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, percentage | 4.00% | 3.50% | |||||
Term Loan B-1 [Member] | Amended Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility commitment | 325,000 | ||||||
Term Loan B-2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument borrowings, maturity date | 5-Sep-19 | 5-Sep-19 | |||||
Principal repayment on term loan, amount | 2,200 | ||||||
Principal repayment on term loan, percentage | 1.00% | ||||||
Debt instrument increased borrowings | 41,000 | ||||||
Debt instrument borrowings, interest rate term | One-quarter of 1% | ||||||
Term Loan B-2 [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, percentage | 2.50% | ||||||
Term Loan interest | 2.00% | ||||||
Term Loan B-2 [Member] | Eurodollar [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, percentage | 3.50% | ||||||
Term Loan interest | 1.00% | ||||||
Term Loan B-2 [Member] | Amended Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility commitment | $885,000 | ||||||
New Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving commitment expiry date | 5-Sep-18 |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt - Maturities of Long-term debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations, Lease Payment, 2015 | $5,209 | |
Capital Lease Obligations, Lease Payment, 2016 | 3,640 | |
Capital Lease Obligations, Lease Payment, 2017 | 1,918 | |
Capital Lease Obligations, Lease Payment, 2018 | 239 | |
Capital Lease Obligations, Lease Payment, 2019 | 183 | |
Capital Lease Obligations, Lease Payment, Thereafter | 0 | |
Capital Lease Obligations, Lease Payment, Total | 11,189 | |
Capital Lease Obligations, Less Interest, 2015 | 285 | |
Capital Lease Obligations, Less Interest, 2016 | 128 | |
Capital Lease Obligations, Less Interest, 2017 | 38 | |
Capital Lease Obligations, Less Interest, 2018 | 11 | |
Capital Lease Obligations, Less Interest, 2019 | 3 | |
Capital Lease Obligations, Less Interest, Thereafter | 0 | |
Capital Lease Obligations, Less Interest, Total | 465 | |
Capital Lease Obligations, Present Value, 2015 | 4,924 | |
Capital Lease Obligations, Present Value, 2016 | 3,512 | |
Capital Lease Obligations, Present Value, 2017 | 1,880 | |
Capital Lease Obligations, Present Value, 2018 | 228 | |
Capital Lease Obligations, Present Value, 2019 | 180 | |
Capital Lease Obligations, Present Value, Thereafter | 0 | |
Capital Lease Obligations, Present Value, Total | 10,724 | |
Other Long-term Debt, Total | 1,252,639 | 1,262,146 |
Total Principal Payments, 2015 | 18,432 | |
Total Principal Payments, 2016 | 16,037 | |
Total Principal Payments, 2017 | 324,573 | |
Total Principal Payments, 2018 | 9,505 | |
Total Principal Payments, 2019 | 874,054 | |
Total Principal Payments, Thereafter | 10,038 | |
Total Principal Payments, Total | 1,252,639 | |
Other Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-term Debt, 2015 | 13,508 | |
Other Long-term Debt, 2016 | 12,525 | |
Other Long-term Debt, 2017 | 322,693 | |
Other Long-term Debt, 2018 | 9,277 | |
Other Long-term Debt, 2019 | 873,874 | |
Other Long-term Debt, Thereafter | 10,038 | |
Other Long-term Debt, Total | $1,241,915 |
Long_Term_Debt_Summary_of_Asse
Long Term Debt - Summary of Asset and Related Accumulated Depreciation in Balance Sheet for Capital Lease Items (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capital Lease Obligations [Abstract] | ||
Cost | $18,131 | $11,648 |
Accumulated depreciation | -5,111 | -2,011 |
Net book value | $13,020 | $9,637 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income attributable to FMSA Holdings Inc. | $37,913 | $54,077 | $43,921 | $34,539 | $10,650 | $24,747 | $35,007 | $33,557 | $170,450 | $103,961 | $148,886 |
Denominator: | |||||||||||
Basic weighted average shares outstanding | 160,542,636 | 158,049,782 | 156,684,036 | 156,462,356 | 156,185,596 | 155,992,136 | 155,958,000 | 155,877,318 | 157,949,664 | 156,008,218 | 155,826,794 |
Dilutive effect of employee stock options | 8,327,460 | 8,629,336 | 8,501,530 | ||||||||
Diluted weighted average shares outstanding | 166,277,124 | 164,637,554 | 164,328,324 | ||||||||
Earnings per common share-basic | $0.24 | $0.34 | $0.28 | $0.22 | $0.07 | $0.16 | $0.22 | $0.22 | $1.08 | $0.67 | $0.96 |
Earnings per common share-diluted | $0.23 | $0.32 | $0.27 | $0.21 | $0.06 | $0.15 | $0.21 | $0.20 | $1.03 | $0.63 | $0.91 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Securities excluded from computation of earning per share | 715,068 | 1,112,038 | 1,442,620 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||||||||||
Interest expense | ($9,797) | ($16,567) | ($16,572) | ($17,906) | ($19,161) | ($16,224) | ($13,548) | ($12,993) | ($60,842) | ($61,926) | ($56,714) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Interest expense | 3,382 | ||||||||||
Interest Rate Swap Agreements [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Notional amount of swap agreements | 542,300 | 542,300 | |||||||||
Interest expense | ($21) | $15 | $0 | ||||||||
Interest Rate Swap Agreements [Member] | Minimum [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, minimum variable interest rate | 0.83% | 0.83% | |||||||||
Interest rate swap agreement, maturity date | 31-Mar-15 | ||||||||||
Interest Rate Swap Agreements [Member] | Maximum [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, maximum variable interest rate | 3.12% | 3.12% | |||||||||
Interest rate swap agreement, maturity date | 5-Sep-19 |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Values of Derivative Instrument and Respective Classification in Consolidated Balance Sheets (Detail) (Interest Rate Swap Agreements [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value | ($11,363) | ($2,931) |
Designated as Hedges [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | -10,253 | -2,297 |
Designated as Hedges [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 333 | 2,706 |
Not Designated as Hedges [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | ($1,443) | ($3,340) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Term Loan B-1 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fair value of long term debt | $295,750 | $329,469 |
Term Loan B-2 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fair value of long term debt | $796,500 | $898,496 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Instruments Carried at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | ($11,363) | ($12,764) |
Contingent consideration liability | -9,833 | |
Interest Rate Swap Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap agreements | -11,363 | -2,931 |
Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | -11,363 | -2,931 |
Other Observable Inputs (Level 2) [Member] | Interest Rate Swap Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap agreements | -11,363 | -2,931 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net Asset (Liability) | -9,833 | |
Contingent consideration liability | ($9,833) |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $238,332 | $137,456 | $205,493 |
Foreign | 9,704 | 12,420 | 14,349 |
Income before income taxes | $248,036 | $149,876 | $219,842 |
Income_Taxes_Schedule_of_Compo1
Income Taxes - Schedule of Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $30,656 | $34,578 | $51,537 | ||||||||
State and local | 3,754 | 3,329 | 2,429 | ||||||||
Foreign | 5,193 | 6,486 | 6,318 | ||||||||
Sub-total | 39,603 | 44,393 | 60,284 | ||||||||
Change in deferred | 37,810 | 826 | 10,085 | ||||||||
Total | $23,565 | $21,436 | $18,146 | $14,266 | $4,493 | $11,032 | $15,190 | $14,504 | $77,413 | $45,219 | $70,369 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. Statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | |||
State income taxes, net | 1.20% | 2.20% | 1.10% |
Foreign tax rate differential and adjustment | 0.60% | 1.40% | 0.60% |
U.S. statutory depletion | -5.80% | -6.90% | -3.20% |
Manufacturers deduction | -0.90% | -2.10% | -2.40% |
Other items, net | 1.10% | 0.60% | 0.90% |
Effective rate | 31.20% | 30.20% | 32.00% |
Income_Taxes_Schedule_of_Compo2
Income Taxes - Schedule of Components of Net Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current: | ||
Accrued liabilities | $1,924 | $2,976 |
Inventory | 3,435 | 8,346 |
Foreign tax credit carryforwards | 1,309 | 426 |
Valuation allowance | -201 | |
Deferred tax (liabilities) assets, Current | 5,158 | 11,748 |
Long-term: | ||
Property, plant and equipment | -99,352 | -65,028 |
Stock compensation | 19,702 | 15,921 |
Deferred compensation | 1,274 | 1,372 |
Interest rate derivatives | 4,221 | 1,026 |
Additional pension liability | 1,590 | 978 |
Intangibles | -3,370 | -542 |
Other assets | 1,383 | |
Other assets | -578 | |
Foreign tax credit carryforwards | 1,309 | 426 |
Valuation allowance | -1,108 | |
Deferred tax (liabilities) assets, long-term | -74,351 | -46,851 |
Net deferred tax (liabilities) assets | ($69,193) | ($35,103) |
IncomeTaxes_Additional_Informa
IncomeTaxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Foreign tax credit carryforwards | $1,309 | $426 | ||
Foreign tax credits carryforward description | Utilized through 2024 | |||
Cumulative undistributed earnings | 14,003 | 12,368 | 16,411 | |
Unrecognized tax benefits | 5,327 | 3,038 | 3,366 | 2,249 |
Amount of accrued interest and penalties related to unrecognized tax benefits | $1,365 | $1,506 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, beginning balance | $3,038 | $3,366 | $2,249 |
Increases (decreases) for tax positions in prior years | 2,201 | 99 | |
Increases (decreases) for tax positions in current year | 88 | 143 | 1,018 |
Lapses in statutes of limitations | -471 | ||
Unrecognized Tax Benefits, ending balance | $5,327 | $3,038 | $3,366 |
Common_Stock_and_Stock_Based_C2
Common Stock and Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, par value | $0.01 | $0.01 | |
Preferred stock, par value | $0.01 | $0.01 | |
Option exercisable period | 5 years 10 months 24 days | ||
Option expiration period | 10 years | ||
Weighted-average fair value of options granted | $8.49 | $5.35 | $5.45 |
Stock compensation expense | $16,571 | $10,133 | $11,434 |
Aggregate intrinsic value of option outstanding | 44,094 | ||
Weighted average remaining contractual life | 6 years 7 months 6 days | ||
Aggregate intrinsic value of option exercisable | 39,653 | ||
Aggregate intrinsic value | $6.92 | ||
Aggregate intrinsic value of stock options exercised | 51,410 | 6,564 | 2,574 |
Proceeds from option exercises | 6,540 | 1,277 | 716 |
Income tax benefits realized from stock option exercises | 16,143 | 2,461 | 965 |
Purchase shares outstanding | 16,106,718 | 18,980,942 | |
Unrecognized compensation cost of non-vested stock options | $19,874 | ||
Weighted-average period of unrecognized compensation of non-vested stock options | 4 years | ||
Weighted Average Exercise Price, Option, Granted | $15.86 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value | $12.96 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of option | 7 years | ||
Weighted Average Exercise Price, Option, Granted | $20.52 | ||
Maximum [Member] | LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of option | 5 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of option | 6 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of option | 5 years | ||
Weighted Average Exercise Price, Option, Granted | $1.43 | ||
Minimum [Member] | LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of option | 3 years | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of option | 4 years | ||
Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option exercisable period | 10 years |
Common_Stock_and_Stock_Based_C3
Common Stock and Stock Based Compensation - Schedule of Fair Value Assumptions Based on Black-Scholes-Merton Options-Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 48.72% | 46.38% | 49.66% |
Risk free interest rate, minimum | 1.94% | 1.12% | 0.97% |
Risk free interest rate, maximum | 2.03% | 2.00% | 1.26% |
Expected option life | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Common_Stock_and_Stock_Based_C4
Common Stock and Stock Based Compensation - Summary of Share Based Compensation Activity Of Option and Non-option Instruments (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, Outstanding Beginning Balance | 18,980,942 |
Options, Granted | 2,243,864 |
Options, Exercised | -4,677,788 |
Options, Forfeited | 0 |
Options, Expired | -440,300 |
Options, Outstanding Ending Balance | 16,106,718 |
Options, Exercisable Ending Balance | 11,493,056 |
Weighted Average Exercise Price, Option, Outstanding Beginning Balance | $3.98 |
Weighted Average Exercise Price, Option, Granted | $15.86 |
Weighted Average Exercise Price, Option, Exercised | $1.40 |
Weighted Average Exercise Price, Option, Forfeited | $0 |
Weighted Average Exercise Price, Option, Expired | $6.30 |
Weighted Average Exercise Price, Option, Outstanding Ending Balance | $6.19 |
Weighted Average Exercise Price, Option, Exercisable Ending Balance | $4.46 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units, Outstanding Beginning Balance | 0 |
Restricted Stock Units, Granted | 258,536 |
Restricted Stock Units, Outstanding Ending Balance | 258,536 |
Defined_Benefit_Plans_Addition
Defined Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension_Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of defined benefit pension plans | 2 | |
Underfunded pension plan | $2,249 | $926 |
Expected minimum annual contribution | 321 | |
Defined Benefit Plan, Future Amortization of Gain | 265 | |
Defined Benefit Plan, Future Amortization of Prior Service Cost | 19 | |
Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target plan asset allocations | 70.00% | |
Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan target plan asset allocations | 30.00% | |
Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected minimum annual contribution | $65 |
Defined_Benefit_Plans_Summary_
Defined Benefit Plans - Summary of Assumptions Used to Determine the Company's Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Wedron Pension [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 3.75% | 4.50% |
Long-term rate of return on plan assets | 9.00% | 9.00% |
Troy Grove Pension [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Discount rate | 4.00% | 5.00% |
Long-term rate of return on plan assets | 9.00% | 9.00% |
Defined_Benefit_Plans_Summary_1
Defined Benefit Plans - Summary of Defined Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Benefit obligation at beginning of year | $7,418 | $8,105 | |
Service cost | 74 | 86 | 211 |
Interest cost | 332 | 300 | 306 |
Actuarial (gain) loss | 1,568 | -805 | |
Benefit payments | -246 | -268 | |
Benefit obligation at end of year | 9,146 | 7,418 | 8,105 |
Fair value of plan assets at beginning of year | 6,492 | 5,552 | |
Actual return on plan assets | 454 | 887 | |
Employer contributions | 197 | 321 | |
Benefit payments | -246 | -268 | |
Fair value of plan assets at end of year | 6,897 | 6,492 | 5,552 |
Accrued benefit cost | -2,249 | -926 | |
Service cost | 74 | 86 | 211 |
Interest cost | 332 | 300 | 306 |
Expected return on plan assets | -585 | -503 | -433 |
Amortization of prior service cost | 19 | 19 | 19 |
Amortization of net actuarial loss | 159 | 253 | 265 |
Net periodic benefit cost | -1 | 155 | 368 |
Net actuarial gain (loss) | -1,699 | 1,189 | -25 |
Amortization of prior service costs | 16 | 19 | 19 |
Amortization of net actuarial loss | 164 | 253 | 265 |
Deferred tax asset | 569 | -565 | -93 |
Other comprehensive loss | ($950) | $896 | $166 |
Defined_Benefit_Plans_Estimate
Defined Benefit Plans - Estimated Future Benefit Payment (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $321 |
2016 | 350 |
2017 | 382 |
2018 | 414 |
2019 | 439 |
2020-2024 | $2,540 |
Defined_Benefit_Plans_Summary_2
Defined Benefit Plans - Summary of Fair Value Measurements for Assets Held in Benefit Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $6,897 | $6,492 | $5,552 |
Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,212 | ||
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 4,242 | ||
Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 6,897 | ||
Quoted Prices in Active Markets (Level 1) [Member] | Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 2,212 | ||
Quoted Prices in Active Markets (Level 1) [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 4,242 | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 443 | ||
Cash [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $443 |
Other_Benefit_Plans_Additional
Other Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense for multiemployer defined benefit pension plan | ($1) | $155 | $368 |
Defined contribution 401(k) plan, Company's contribution matching employee's contribution Percentage | 50.00% | ||
Defined contribution 401(k) plan, Maximum Annual Contributions Per Employee Percent | 5.00% | ||
Company contributions to the Supplemental Executive Retirement Plan (SERP) | 1,179 | 965 | 739 |
Discretionary contributions accrued on Employee Stock Bonus Plan | 4,295 | 2,103 | |
Shares held in participant accounts in Employee Stock Bonus Plan | 6,903,326 | 8,115,086 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to the Supplemental Executive Retirement Plan (SERP) | 151 | 15 | |
Wedron Silica Union Members [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to the Supplemental Executive Retirement Plan (SERP) | $315 | $266 | $0 |
SelfInsured_Plans_Additional_I
Self-Insured Plans - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accruals For Self Insurance [Line Items] | ||
Self insured plans for employees | $3,000 | |
Workers Compensation [Member] | ||
Accruals For Self Insurance [Line Items] | ||
Self insured plans for employees | 1,000 | |
Accrued Liability | 388 | 748 |
Medical Benefits [Member] | ||
Accruals For Self Insurance [Line Items] | ||
Accrued Liability | $3,506 | $2,017 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Total royalty expense | $3,786 | $1,818 | $1,503 |
Rent expense for lease | $56,247 | $34,195 | $25,375 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Minimum Lease Payments Under Long-term Operating Lease Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $56,537 |
2016 | 48,881 |
2017 | 37,747 |
2018 | 29,643 |
2019 | 16,011 |
Thereafter | 6,484 |
Total | 195,303 |
Equipment [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 53,838 |
2016 | 46,503 |
2017 | 36,078 |
2018 | 28,171 |
2019 | 14,676 |
Thereafter | 3,993 |
Total | 183,259 |
Real Estate [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 2,699 |
2016 | 2,378 |
2017 | 1,669 |
2018 | 1,472 |
2019 | 1,335 |
Thereafter | 2,491 |
Total | $12,044 |
Recovered_Sheet1
Transactions with Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Purchases from an affiliated entity | $2,902 | $1,382 | $3,463 |
Management fees payment | 825 | 2,821 | 1,000 |
Material Purchases [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases from an affiliated entity | $44 | $32 | $334 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Total Assets | 1,514,016 | 1,283,431 | |
Customer Concentration Risk [Member] | Revenues [Member] | Haliburton [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated net sales | 19.00% | 19.00% | 25.00% |
Customer Concentration Risk [Member] | Revenues [Member] | FTS International Services, Inc [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated net sales | 16.00% | 11.00% | |
Customer Concentration Risk [Member] | Revenues [Member] | Baker Hughes [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated net sales | 11.00% | ||
Proppant Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,271,700 | ||
Industrial & Recreational Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 63,270 |
Segment_Reporting_Summarized_F
Segment Reporting - Summarized Financial Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | |||||||||||
Revenue | $353,756 | $373,479 | $334,291 | $294,932 | $274,478 | $265,667 | $228,194 | $220,047 | $1,356,458 | $988,386 | $885,190 |
Segment contribution margin | |||||||||||
Segment contribution margin | 465,252 | 331,085 | 354,088 | ||||||||
Operating expenses excluded from segment contribution margin | |||||||||||
Cost of sales | 4,959 | ||||||||||
Selling, general, and administrative | 74,475 | 47,440 | 36,745 | ||||||||
Depreciation, depletion, and amortization | 59,379 | 37,771 | 27,690 | ||||||||
Stock compensation expense | 16,571 | 10,133 | 11,434 | ||||||||
Other operating expense (income) | 3,163 | 2,826 | -207 | ||||||||
Interest expense, net | 9,797 | 16,567 | 16,572 | 17,906 | 19,161 | 16,224 | 13,548 | 12,993 | 60,842 | 61,926 | 56,714 |
Loss on extinguishment of debt | 11,760 | 11,760 | |||||||||
Other non-operating expense | 39 | 2,206 | 250 | 291 | 1,787 | 2,037 | 250 | 320 | 2,786 | 4,394 | 1,870 |
Income before provision for income taxes | 248,036 | 149,876 | 219,842 | ||||||||
Proppant Solutions [Member] | |||||||||||
Revenue | |||||||||||
Revenue | 1,232,232 | 856,212 | 757,851 | ||||||||
Segment contribution margin | |||||||||||
Segment contribution margin | 430,779 | 296,320 | 316,251 | ||||||||
Industrial & Recreational Products [Member] | |||||||||||
Revenue | |||||||||||
Revenue | 124,226 | 132,174 | 127,339 | ||||||||
Segment contribution margin | |||||||||||
Segment contribution margin | $34,473 | $34,765 | $37,837 |
Geographic_Information_Summary
Geographic Information - Summary of Revenue and Long-lived Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Geographic Information [Line Items] | |||||||||||
Revenue | $353,756 | $373,479 | $334,291 | $294,932 | $274,478 | $265,667 | $228,194 | $220,047 | $1,356,458 | $988,386 | $885,190 |
Long-lived assets | 841,274 | 748,838 | 841,274 | 748,838 | |||||||
Domestic [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Revenue | 1,254,071 | 920,636 | 795,372 | ||||||||
Long-lived assets | 832,280 | 737,652 | 832,280 | 737,652 | |||||||
International [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Revenue | 102,387 | 67,750 | 89,818 | ||||||||
Long-lived assets | $8,994 | $11,186 | $8,994 | $11,186 |
Recovered_Sheet2
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Revenue | $353,756 | $373,479 | $334,291 | $294,932 | $274,478 | $265,667 | $228,194 | $220,047 | $1,356,458 | $988,386 | $885,190 |
Cost of sales | 220,569 | 228,583 | 211,190 | 191,112 | 195,770 | 165,666 | 134,273 | 132,133 | 851,454 | 627,842 | 502,417 |
Operating expenses | 62,140 | 50,525 | 43,930 | 36,745 | 42,442 | 33,932 | 29,710 | 26,504 | |||
Interest expense, net | 9,797 | 16,567 | 16,572 | 17,906 | 19,161 | 16,224 | 13,548 | 12,993 | 60,842 | 61,926 | 56,714 |
Loss on extinguishment of debt | 11,760 | 11,760 | |||||||||
Other non-operating expense | 39 | 2,206 | 250 | 291 | 1,787 | 2,037 | 250 | 320 | 2,786 | 4,394 | 1,870 |
Provision for income taxes | 23,565 | 21,436 | 18,146 | 14,266 | 4,493 | 11,032 | 15,190 | 14,504 | 77,413 | 45,219 | 70,369 |
Net income | 37,646 | 54,162 | 44,203 | 34,612 | 10,825 | 25,016 | 35,223 | 33,593 | 170,623 | 104,657 | 149,473 |
Less: Net income attributable to the non-controlling interest | -267 | 85 | 282 | 73 | 175 | 269 | 216 | 36 | 173 | 696 | 587 |
Net income attributable to FMSA Holdings Inc. | $37,913 | $54,077 | $43,921 | $34,539 | $10,650 | $24,747 | $35,007 | $33,557 | $170,450 | $103,961 | $148,886 |
Earnings per share, basic | $0.24 | $0.34 | $0.28 | $0.22 | $0.07 | $0.16 | $0.22 | $0.22 | $1.08 | $0.67 | $0.96 |
Earnings per share, diluted | $0.23 | $0.32 | $0.27 | $0.21 | $0.06 | $0.15 | $0.21 | $0.20 | $1.03 | $0.63 | $0.91 |
Weighted average common shares outstanding, basic | 160,542,636 | 158,049,782 | 156,684,036 | 156,462,356 | 156,185,596 | 155,992,136 | 155,958,000 | 155,877,318 | 157,949,664 | 156,008,218 | 155,826,794 |
Weighted average common shares outstanding, diluted | 167,025,422 | 166,911,474 | 165,642,288 | 165,082,614 | 164,826,390 | 164,600,392 | 164,508,830 | 164,601,208 | 166,277,124 | 164,637,554 | 164,328,324 |