Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HLM | |
Entity Registrant Name | HILLMAN COMPANIES INC | |
Entity Central Index Key | 1,029,831 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 24,490 | $ 14,106 |
Accounts receivable, net of allowances of $938 ($907 - 2016) | 84,941 | 71,082 |
Inventories, net | 224,419 | 220,893 |
Other current assets | 12,077 | 13,086 |
Total current assets | 345,927 | 319,167 |
Property and equipment, net of accumulated depreciation of $92,135 ($74,713 - 2016) | 132,416 | 119,428 |
Goodwill | 618,310 | 615,682 |
Other intangibles, net of accumulated amortization of $123,524 ($94,658 - 2016) | 690,327 | 715,812 |
Other assets | 13,137 | 11,547 |
Total assets | 1,800,117 | 1,781,636 |
Current liabilities: | ||
Accounts payable | 73,403 | 61,906 |
Current portion of senior term loans | 5,500 | 5,500 |
Current portion of capitalized lease and other obligations | 226 | 143 |
Accrued expenses: | ||
Salaries and wages | 11,509 | 8,303 |
Pricing allowances | 5,123 | 4,982 |
Income and other taxes | 4,193 | 3,208 |
Interest | 4,454 | 9,776 |
Other accrued expenses | 22,159 | 11,146 |
Total current liabilities | 126,567 | 104,964 |
Long-term Debt | 971,052 | 973,455 |
Deferred income taxes, net | 232,031 | 237,312 |
Other non-current liabilities | 7,308 | 7,979 |
Total liabilities | 1,336,958 | 1,323,710 |
Stockholders’ Equity: | ||
Preferred stock, $.01 par, 5,000 shares authorized, none issued or outstanding at September 30, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $.01 par, 5,000 shares authorized, issued and outstanding at September 30, 2017 and December 31, 2016 | 0 | 0 |
Additional paid-in capital | 550,536 | 548,534 |
Accumulated deficit | (63,029) | (56,226) |
Accumulated other comprehensive loss | (24,348) | (34,382) |
Total stockholders’ equity | 463,159 | 457,926 |
Total liabilities and stockholders’ equity | $ 1,800,117 | $ 1,781,636 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 5,000 | 5,000 |
Common stock, shares outstanding | 5,000 | 5,000 |
Allowance for Doubtful Accounts Receivable | $ 938 | $ 907 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 92,135 | 74,713 |
Less: Accumulated amortization | $ 123,524 | $ 94,658 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 218,955 | $ 211,528 | $ 631,994 | $ 628,032 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 119,468 | 111,158 | 341,315 | 336,441 |
Selling, general and administrative expenses | 69,165 | 68,023 | 203,091 | 200,171 |
Depreciation | 7,300 | 7,974 | 25,473 | 24,394 |
Amortization | 9,500 | 9,481 | 28,442 | 28,435 |
Management fees to related party | 127 | 148 | 390 | 420 |
Other (income) expense | (589) | (1,026) | (2,303) | (575) |
Income from operations | 13,984 | 15,770 | 35,586 | 38,746 |
Interest expense, net | 12,787 | 12,671 | 37,960 | 38,580 |
Interest expense on junior subordinated debentures | 3,152 | 3,152 | 9,456 | 9,456 |
Investment income on trust common securities | (95) | (95) | (284) | (284) |
Income (loss) before income taxes | (1,860) | 42 | (11,546) | (9,006) |
Income tax expense (benefit) | (538) | 479 | (4,759) | (2,471) |
Net loss | (1,322) | (437) | (6,787) | (6,535) |
Net loss from above | (1,322) | (437) | (6,787) | (6,535) |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 4,601 | (1,726) | 10,034 | 4,168 |
Total other comprehensive income (loss) | 4,601 | (1,726) | 10,034 | 4,168 |
Comprehensive income (loss) | $ 3,279 | $ (2,163) | $ 3,247 | $ (2,367) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (6,787) | $ (6,535) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 53,915 | 52,829 |
Loss on sale of property and equipment | 20 | 4 |
Deferred income taxes | (5,920) | (3,157) |
Share-based Compensation | 2,025 | 1,691 |
Gain (Loss) on Disposition of Assets | 0 | 832 |
Other Non Cash Interest And Change In Value Of Interest Rate Swap | (984) | 150 |
Deferred financing and original issue discount amortization | 1,907 | 1,979 |
Changes in operating items: | ||
Accounts receivable | (12,393) | (8,672) |
Inventories | 1,311 | 16,034 |
Other assets | (583) | (2,674) |
Accounts payable | 10,735 | 6,682 |
Other accrued liabilities | 10,173 | (3,287) |
Other items, net | 8 | (273) |
Net cash provided by operating activities | 53,427 | 55,603 |
Cash flows from investing activities: | ||
Capital expenditures | (35,864) | (29,402) |
Payments for (Proceeds from) Other Investing Activities | (1,500) | 0 |
Net cash used for investing activities | (37,364) | (29,402) |
Cash flows from financing activities: | ||
Repayments of senior term loans | (4,125) | (4,125) |
Borrowings on revolving credit loans | 5,000 | 16,000 |
Repayments of Lines of Credit | (5,000) | (44,000) |
Principal payments under capitalized lease obligations | (104) | (198) |
Net cash used for financing activities | (4,229) | (32,323) |
Effect of exchange rate changes on cash | (1,450) | 180 |
Net increase (decrease) in cash and cash equivalents | 10,384 | (5,942) |
Cash and cash equivalents at beginning of period | 14,106 | 11,385 |
Supplemental disclosure of cash flow information: | ||
Interest paid on junior subordinated debentures, net | 9,172 | 9,172 |
Interest paid | 41,047 | 42,016 |
Income taxes paid | $ 253 | $ 489 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited financial statements include the condensed consolidated accounts of The Hillman Companies, Inc. (“Hillman Companies”) and its wholly-owned subsidiaries (collectively “Hillman” or the “Company”). All significant intercompany balances and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements present information in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. Accordingly, they do not include all information or footnotes required by U.S. generally accepted accounting principles for complete financial statements. Management believes that the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring accruals and adjustments) necessary for a fair presentation. Operating results for the thirty-nine weeks ended September 30, 2017 do not necessarily indicate the results that may be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s annual report filed on Form 10-K for the year ended December 31, 2016 . For fiscal year 2017, the Company has changed from a calendar year ending on December 31 to a 52-53 week fiscal year ending on the last Saturday in December, effective beginning with the first quarter of 2017. In a 52 week fiscal year, each of the Company’s quarterly periods will comprise 13 weeks. The additional week in a 53 week fiscal year is added to the fourth quarter, making such quarter consist of 14 weeks. The Company’s first 53 week fiscal year will occur in fiscal year 2022. The Company made the fiscal year change on a prospective basis and has not adjusted operating results for prior periods. The change does not materially impact the comparability of quarters or year ended 2017 to the quarters or year ended 2016. The adoption of a 52-53 week year was not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or 15d-10; hence, no transition reports are required. In 2017, the Company completed the integration of its All Points subsidiary into the rest of its United States business. After this transition, discrete financial information for the All Points business is no longer regularly reviewed by the Chief Operating Decision Maker. Accordingly, to align the operating segments with the current way management reviews information to make operating decisions, assess performance, and allocate resources, the results of the Company's All Points business are now reported in the United States operating segment. Additional information on the Company's reportable segments is presented at the "Segment Information" note of the Notes to the Condensed Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies should be read in conjunction with the significant accounting policies included in the Form 10-K for the year ended December 31, 2016 . Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses for the reporting periods. Actual results may differ from these estimates. Reclassifications: Certain amounts in the prior year financial statements, primarily related to the reclassification of segment information and goodwill reporting units, were reclassified to conform to the current year’s presentation. These reclassifications had no impact on the prior periods' net income (loss), cash flows, or stockholders' equity. Stock Based Compensation: The Company has a stock-based employee compensation plan pursuant to which options, stock appreciation rights, restricted stock, and other stock-based awards may be granted. The Company uses a Black-Scholes option pricing model to determine the fair value of stock options on the dates of grant. Stock-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite vesting period or performance period of the award on a straight-line basis. The stock-based compensation expense is recorded in general and administrative expenses. In the thirty-nine weeks ended September 30, 2017 , the Company modified the vesting period of the outstanding awards, reducing the vesting period to four years from five years. The modification of the vesting term resulted in $687 of additional expense for the thirty-nine weeks ended September 30, 2017 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , ("ASU 2014-09") which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of 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. The ASU outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date by one year making the guidance effective for us in the fiscal year ending December 31, 2018, and for interim periods within that year. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. Early adoption is permitted as of the original effective date. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers . This guidance amends the principal-versus-agent implementation guidance and illustrations in ASU 2014-09. This ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. This ASU has the same effective date as the new revenue standard, ASU 2014-09, and entities are required to adopt this ASU by using the same transition method used to adopt the new revenue standard. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. This ASU clarifies the implementation guidance on identifying performance obligations and licensing on the previously issued ASU 2014-09. In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) : Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. ASU No. 2016-11 rescinds several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance relating to accounting for shipping and handling fees and freight services. In May 2016, the FASB also issued ASU 2016-12, which provided narrow scope improvements and practical expedients related to ASU 2014-09. The improvements address completed contracts and contract modifications at transition, noncash consideration, the presentation of sales taxes and other taxes collected from customers, and assessment of collectability when determining whether a transaction represents a valid contract. Additionally, on December 21, 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which provides disclosure relief, and clarifies the scope and application of the new revenue standard and related cost guidance. ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 are effective for the fiscal year ending December 31, 2018, and for interim periods within that year. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year. ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. While the Company is continuing to assess all potential impacts these standards may have on its financial statements, it believes that the adoption will not have a significant impact on its revenue streams. The Company has not yet determined its method of adoption. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption will be permitted for all entities. The new standard is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is currently evaluating the impact of implementing this guidance on its Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses . The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this ASU on its Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The ASU amends the guidance in ASC 230, Statement of Cash Flows, and clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice related to eight specific cash flow issues. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption this ASU to have a material impact on its Condensed Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The new standard eliminates the exception to the principle in ASC 740 for all intra-entity sales of assets other than inventory to be deferred until the transferred asset is sold to a third party or otherwise recovered through use. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not expect the adoption to have a material impact on its Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business. The new standard provides guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The updated guidance requires a prospective adoption. Early adoption is permitted. The ASU is effective for fiscal years beginning after December 15, 2017. The Company does not expect the provisions of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment. The new standard eliminates Step 2 from the goodwill impairment test and instead requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The updated guidance requires a prospective adoption. Early adoption is permitted. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The Company is in the process of evaluating the effects of the provisions of this ASU on its Condensed Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) : Scope of Modification Accounting. The new standard provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. This ASU is effective prospectively for annual periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the provisions of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) : Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Condensed Consolidated Financial Statements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill amounts by reporting unit are summarized as follows: Goodwill at Acquisitions Dispositions Other (1) Goodwill at December 31, 2016 September 30, 2017 United States $ 583,780 $ — $ — $ — $ 583,780 Canada 28,377 — — 2,153 30,530 Mexico 3,525 — — 475 4,000 Total $ 615,682 $ — $ — $ 2,628 $ 618,310 (1) These amounts relate to adjustments resulting from fluctuations in foreign currency exchange rates. Other intangibles, net, as of September 30, 2017 and December 31, 2016 consist of the following: Estimated Useful Life (Years) September 30, 2017 December 31, 2016 Customer relationships 20 $ 690,405 $ 687,642 Trademarks - All Others Indefinite 85,846 85,294 Trademarks - TagWorks 5 300 300 KeyWorks license 7 4,456 4,438 Patents 7-12 32,844 32,796 Intangible assets, gross 813,851 810,470 Less: Accumulated amortization 123,524 94,658 Other intangibles, net $ 690,327 $ 715,812 The amortization expense for amortizable assets including the adjustments resulting from fluctuations in foreign currency exchange rates was $9,500 and $28,442 for the thirteen and thirty-nine weeks ended September 30, 2017 , respectively, and $9,481 and $28,435 for the three and nine months ended September 30, 2016 , respectively. The Company tests goodwill and indefinite-lived intangible assets for impairment annually. Impairment is also tested when events or changes in circumstances indicate that the carrying values of the assets may be greater than their fair values. During the thirteen and thirty-nine weeks ended September 30, 2017 and three and nine months ended September 30, 2016 , the Company did not adjust goodwill or intangible assets to their fair values as a result of any impairment analyses. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company self-insures its product liability, automotive, workers' compensation, and general liability losses up to $250 per occurrence. Catastrophic coverage has been purchased from third party insurers for occurrences in excess of $250 up to $40,000 . Two risk areas involving significant accounting estimates are workers' compensation and automotive liability. Actuarial valuations performed by the Company's outside risk insurance expert were used by the Company's management to form the basis for workers' compensation and automotive liability loss reserves. The actuary contemplated the Company's specific loss history, actual claims reported, and industry trends among statistical and other factors to estimate the range of reserves required. Risk insurance reserves are comprised of specific reserves for individual claims and additional amounts expected for development of these claims, as well as for incurred but not yet reported claims. The Company believes the liability of approximately $2,311 recorded for such risks is adequate as of September 30, 2017 . As of September 30, 2017 , the Company has provided certain vendors and insurers letters of credit aggregating $6,359 related to our product purchases and insurance coverage for product liability, workers’ compensation, and general liability. The Company self-insures group health claims up to an annual stop loss limit of $250 per participant. Historical group insurance loss experience forms the basis for the recognition of group health insurance reserves. Provisions for losses expected under these programs are recorded based on an analysis of historical insurance claims data and certain actuarial assumptions. The Company believes the liability of approximately $1,634 recorded for such risks is adequate as of September 30, 2017 . The Company imports large quantities of fastener products which are subject to customs requirements and to tariffs and quotas set by governments through mutual agreements and bilateral actions. The Company could be subject to penalties and interest if it or its suppliers fail to comply with customs regulations or similar laws. The U.S. Department of Commerce has selected certain Chinese vendors of nail products for administrative review of compliance with anti-dumping duty and countervailing duty laws. The Company sourced product from selected vendors during the 2014 through 2016 periods currently open for review, and it is at least reasonably possible that the Company may be subject to additional duties pending the results of the review. The Company accrues for the duty expense once it is determined to be probable and the amount can be reasonably estimated. In the thirteen and thirty-nine weeks ended September 30, 2017 , the Company recorded expense of $4,128 and $6,274 , respectively, for anti-dumping duties, which is included in Cost of Goods Sold on the Condensed Consolidated Statement of Comprehensive Income (Loss). On October 1, 2013, The Hillman Group, Inc. ("Hillman Group") filed a complaint against Minute Key Inc., a manufacturer of fully-automatic, self-service key duplication kiosks, in the United States District Court for the Southern District of Ohio (Western Division), seeking a declaratory judgment of non-infringement and invalidity of a U.S. patent issued to Minute Key Inc. on September 10, 2013. Hillman Group's filing against Minute Key Inc. was in response to a letter dated September 10, 2013 in which Minute Key Inc. alleged that Hillman Group's FastKey™ product infringes the newly-issued patent. On October 23, 2013, Minute Key Inc. filed an answer and counterclaim against the Hillman Group alleging patent infringement. Minute Key Inc. also requested that the court dismiss the Hillman Group's complaint, enter judgment against the Hillman Group that the Company is willfully and deliberately infringing the patent, grant a permanent injunction, and award unspecified monetary damages to Minute Key Inc. Minute Key Inc. later filed two motions on March 17, 2014 seeking to voluntarily withdraw its counterclaim alleging infringement by Hillman Group and also to dismiss Hillman Group's complaint for non-infringement and invalidity. Shortly after an April 23, 2014 court-ordered mediation, Minute Key Inc. provided Hillman Group with a covenant promising not to sue for infringement of two of its patents against any existing Hillman Group product, including the FastKey™ and Key Express™ products. Hillman Group filed a motion on May 9, 2014 seeking to add additional claims to the case against Minute Key Inc. under Federal and Ohio state unfair competition statutes. These claims relate to Minute Key Inc.'s business conduct during competition with Hillman Group over a mutual client. In an August 15, 2014 order, the court granted Minute Key Inc.'s March 17, 2014 motions to dismiss the claims relating to patent infringement and also granted Hillman Group's May 9, 2014 motion to add its unfair competition claims. Hillman Group formally amended its complaint to add the unfair competition claims on September 4, 2014, and Minute Key Inc. answered on September 29, 2014 without filing any counterclaims. Minute Key Inc. filed a motion on October 1, 2014 to move the case from Cincinnati to either the District of Colorado or the Western District of Arkansas. The court denied that motion on February 3, 2015. It is not yet possible to assess the impact, if any, that the lawsuit will have on the Company. As a result of the Minute Key Inc. covenant not to sue, however, the Company's FastKey™ and Key Express™ products no longer face any threat of patent infringement liability from two of Minute Key Inc.'s patents. The scope of the lawsuit changed from a bilateral dispute over patent infringement to a lawsuit solely about Minute Key Inc.'s business conduct. Minute Key Inc. filed a motion for summary judgment on February 8, 2016. The court denied that motion on July 8, 2016. Following the denial of Minute Key Inc.’s summary judgment motion, a jury trial was held between August 24, 2016 and September 6, 2016. The jury returned a verdict in Hillman Group’s favor on September 6, 2016 finding that Minute Key Inc.’s actions violated the Federal Lanham Act and the Ohio Deceptive Trade Practices Act. Following this verdict against Minute Key Inc., Hillman Group has filed post-trial motions for recovery of its costs, attorney fees, pre-and post-judgment interest, and an injunction. Minute Key Inc. filed a post-trial motion to set aside the jury verdict. All post-trial motions are pending before the court. In addition, legal proceedings are pending which are either in the ordinary course of business or incidental to the Company’s business. Those legal proceedings incidental to the business of the Company are generally not covered by insurance or other indemnity. In the opinion of the Company’s management, the ultimate resolution of the pending litigation matters will not have a material adverse effect on the consolidated financial position, operations, or cash flows of the Company. |
Related Party Transactions
Related Party Transactions - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Related Party Transactions [Abstract] | ||||
Related Party Transactions Disclosure [Text Block] | The Company has recorded aggregate management fee charges and expenses from CCMP Capital Advisors, LLC (“CCMP”), Oak Hill Capital Partners III, L.P., Oak Hill Capital Management Partners III, L.P. and OHCP III HC RO, L.P. (collectively, “Oak Hill Funds”) of $127 and $390 for the thirteen and thirty-nine weeks ended September 30, 2017 , respectively, and $148 and $420 for the three and nine months ended September 30, 2016 , respectively. Gregory Mann and Gabrielle Mann are employed by Hillman. The Company leases an industrial warehouse and office facility from companies under the control of the Manns. The Company has recorded rental expense for the lease of this facility on an arm’s length basis. The rental expense for the lease of this facility was $88 and $265 for the thirteen and thirty-nine weeks ended September 30, 2017 , respectively, and $82 and $246 for the three and nine months ended September 30, 2016 , respectively. The Hillman Group Canada ULC subsidiary of Hillman entered into three leases for five properties containing an industrial warehouse, manufacturing plant, and office facilities on February 19, 2013. The owners of the properties under one lease are relatives of Richard Paulin, who was employed by The Hillman Group Canada ULC until his retirement effective April 30, 2017, and the owner of the properties under the other two leases is a company which is owned by Richard Paulin and certain of his relatives. The Company has recorded rental expense for the three leases on an arm's length basis. The rental expense for the three leases was $164 and $473 for the thirteen and thirty-nine weeks ended September 30, 2017 , respectively, and $158 and $468 for the three and nine months ended September 30, 2016 , respectively. | |||
Management fee charges and expenses | $ 127 | $ 148 | $ 390 | $ 420 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Accounting Standards Codification 740 (“ASC 740”) requires companies to apply their estimated annual effective tax rate on a year-to-date basis in each interim period. These rates are derived, in part, from expected annual pre-tax income or loss. In the thirteen and thirty-nine weeks ended September 30, 2017 , the Company applied an estimated annual effective tax rate to the interim period pre-tax income (loss) to calculate the income tax expense. Under ASC 740, companies should not apply the estimated annual effective tax rate to interim financial results if the estimated annual effective tax rate is not reliably predictable. In this situation, the interim tax rate should be based on the actual year-to-date results. For the three and nine months ended September 30, 2016 , reliable projections of the Company’s annual effective tax rate were difficult to determine, producing significant variations in the customary relationship between income tax expense and pre-tax book income. As such, the Company recorded income taxes for the period based on actual year-to-date results. For the thirteen and thirty-nine weeks ended September 30, 2017 , the effective income tax rates were 28.9% and 41.2% . The Company recorded a tax benefit for the thirteen and thirty-nine weeks ended September 30, 2017 of $538 and $4,759 , respectively. The effective income tax rate differed from the federal statutory tax rate in the thirteen and thirty-nine weeks ended September 30, 2017 primarily due to the decrease in the valuation allowance attributable to a foreign subsidiary and certain non-deductible expenses. Additionally, the effective income tax rate differed from the federal statutory tax rate in the thirteen and thirty-nine weeks ended September 30, 2017 due in part to a tax benefit recorded from the reconciliation of a prior year’s tax return to the amount reported for tax provision purposes. The remaining differences between the effective income tax rate and the federal statutory rate in the thirteen and thirty-nine weeks ended September 30, 2017 were due to state and foreign income taxes. The effective income tax rates were 1,140.5% and 27.4% for three and nine months ended September 30, 2016 , respectively. The Company recorded a tax provision / (benefit) for the three and nine months ended September 30, 2016 of $479 and $(2,471) , respectively. The effective income tax rate differed from the federal statutory tax rate in the three months ended September 30, 2016 primarily due to certain non-deductible expenses for tax in relationship to the income reported for the third quarter. In addition, due to the cumulative loss recognized in previous years and in the current year in Australia, any tax benefit recorded is offset by the valuation allowance recorded against the subsidiary's loss. While the tax benefit is offset by the valuation allowance, the loss decreases total income utilized in calculating the effective rate during the three months ended September 30, 2016. The effective income tax rate differed from the federal statutory tax rate in the three and nine months ended September 30, 2016 due in part to a tax benefit recorded in the current period from the reconciliation of a prior year’s tax return to the amount reported for tax provision purposes. The effective income tax rate differed from the federal statutory rate in the three and nine months ended September 30, 2016 also due in part to a valuation reserve recorded to offset the deferred tax assets of a foreign subsidiary. The remaining differences between the federal statutory rate and the effective tax rate in the three and nine months ended September 30, 2016 were primarily due to state and foreign income taxes. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | The following table summarizes the Company’s debt: September 30, 2017 December 31, 2016 Revolving loans $ — $ — Senior term loan, due 2020 532,125 536,250 6.375% Senior Notes, due 2022 330,000 330,000 11.6% Junior Subordinated Debentures - Preferred 105,443 105,443 Junior Subordinated Debentures - Common 3,261 3,261 Capital leases & other obligations 490 322 971,319 975,276 (Add) unamortized premium on 11.6% Junior Subordinated Debentures 19,072 19,936 (Subtract) current portion of long term debt and capital leases (5,726 ) (5,643 ) (Subtract) deferred financing fees (13,613 ) (16,114 ) Total long term debt, net $ 971,052 $ 973,455 As of September 30, 2017 , there was $532,125 outstanding under the Company’s term loan. As of September 30, 2017 , the Company had $0 outstanding under its revolving credit facility along with $6,359 of letters of credit. The Company has approximately $63,641 of available borrowings under the revolving credit facility as a source of liquidity. Additional information with respect to the fair value of the Company’s fixed rate senior notes and junior subordinated debentures is included in Note 10 - Fair Value Measurements . |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | The Company uses derivative financial instruments to manage our exposures to (1) interest rate fluctuations on our floating rate senior debt and (2) fluctuations in foreign currency exchange rates. The Company measures those instruments at fair value and recognizes changes in the fair value of derivatives in earnings in the period of change, unless the derivative qualifies as an effective hedge that offsets certain exposures. Interest Rate Swap Agreements On September 3, 2014 , the Company entered into two forward Interest Rate Swap Agreements (the “2014 Swaps”) with three -year terms for notional amounts of $90,000 and $40,000 . The forward start date of the 2014 Swaps was October 1, 2015 and the termination date is September 30, 2018 . The 2014 Swaps fix the interest rate at 2.2% plus the applicable interest rate margin of 3.5% for an effective rate of 5.7% . The interest rate on the term loan was 4.8% at September 30, 2017 . The total fair value of the interest rate swaps was $874 as of September 30, 2017 and was reported on the condensed consolidated balance sheet in other current liabilities with an increase in other income recorded in the statement of comprehensive loss for the favorable change of $984 in fair value since December 31, 2016 . The total fair value of the interest rate swaps was $1,858 as of December 31, 2016 and was reported on the condensed consolidated balance sheet in other non-current liabilities. The Company's interest rate swap agreements did not qualify for hedge accounting treatment because they did not meet the provisions specified in ASC 815, Derivatives and Hedging (“ASC 815”). Accordingly, the gain or loss on these derivatives was recognized in current earnings. Foreign Currency Forward Contracts During 2015 , 2016 , and 2017 , the Company entered into multiple foreign currency forward contracts. The table below summarizes the maturity dates and the fixed exchange rates of the contracts: 2015 FX Contracts 2016 FX Contracts 2017 FX Contracts Maturity date range: Minimum February 2015 April 2016 October 2017 Maximum December 2016 July 2017 April 2018 Fixed exchange rate range: Minimum 1.1384 1.2536 1.3002 Maximum 1.3831 1.3458 1.3518 The purpose of the Company's foreign currency forward contracts is to manage the Company's exposure to fluctuations in the exchange rate of the Canadian dollar. The total notional amount of contracts outstanding was C$15,533 and C$29,887 as of September 30, 2017 and December 31, 2016 , respectively. The total fair value of the outstanding foreign currency forward contracts was $(714) and $616 as of September 30, 2017 and December 31, 2016 , respectively, and was reported on the condensed consolidated balance sheets in other current liabilities and other current assets assets, respectively. An increase in other expense of $908 , including contracts settled during the thirty-nine weeks ended September 30, 2017 , was recorded in the statement of comprehensive loss for the unfavorable change in fair value from December 31, 2016 . The Company's foreign currency forward contracts did not qualify for hedge accounting treatment because they did not meet the provisions specified in ASC 815. Accordingly, the gain or loss on these derivatives was recognized in current earnings. The Company does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Additional information with respect to the fair value of derivative instruments is included in Note 10 - Fair Value Measurements . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The Company uses the accounting guidance that applies to all assets and liabilities that are being measured and reported on a fair value basis. The guidance defines fair value 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. The guidance also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Assets and liabilities carried at fair value are 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 reflecting the reporting entity’s own assumptions. The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy: As of September 30, 2017 Level 1 Level 2 Level 3 Total Trading securities $ 2,093 $ — $ — $ 2,093 Interest rate swaps — (874 ) — (874 ) Foreign exchange forward contracts — (714 ) — (714 ) As of December 31, 2016 Level 1 Level 2 Level 3 Total Trading securities $ 1,787 $ — $ — $ 1,787 Interest rate swaps — (1,858 ) — (1,858 ) Foreign exchange forward contracts — 616 — 616 Trading securities are valued using quoted prices on an active exchange. Trading securities represent assets held in a Rabbi Trust to fund deferred compensation liabilities and are included as other assets on the accompanying condensed consolidated balance sheets. The Company utilizes interest rate swap contracts to manage our targeted mix of fixed and floating rate debt, and these contracts are valued using observable benchmark rates at commonly quoted intervals for the full term of the swap contracts. As of September 30, 2017 and December 31, 2016 , the interest rate swaps were included in other current liabilities and non-current liabilities on the accompanying condensed consolidated balance sheets, respectively. The Company utilizes foreign exchange forward contracts to manage our exposure to currency fluctuations in the Canadian dollar versus the U.S. dollar. The forward contracts were valued using observable benchmark rates at commonly quoted intervals during the term of the forward contract. As of September 30, 2017 and December 31, 2016 , the foreign exchange forward contracts were included in other current liabilities and other current assets, respectively, on the accompanying condensed consolidated balance sheets. The fair value of the Company's fixed rate senior notes and junior subordinated debentures as of September 30, 2017 and December 31, 2016 were determined by utilizing current trading prices obtained from indicative market data. As a result, the fair value measurements of the Company's senior term notes and debentures are considered to be Level 2. September 30, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 6.375% Senior Notes $ 324,721 $ 327,938 $ 323,888 $ 304,013 Junior Subordinated Debentures 127,776 147,718 128,640 139,831 Cash, accounts receivable, accounts payable, and accrued liabilities are reflected in the condensed consolidated financial statements at book value, which approximates fair value, due to the short-term nature of these instruments. The carrying amount of the long-term debt under the revolving credit facility approximates the fair value at September 30, 2017 and December 31, 2016 as the interest rate is variable and approximates current market rates. The Company also believes the carrying amount of the long-term debt under the senior term loan approximates the fair value at September 30, 2017 and December 31, 2016 because, while subject to a minimum LIBOR floor rate, the interest rate approximates current market rates of debt with similar terms and comparable credit risk. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company’s segment reporting structure uses the Company’s management reporting structure as the foundation for how the Company manages its business. The Company periodically evaluates its segment reporting structure in accordance with ASC 350-20-55 and has concluded that it has three reportable segments as of September 30, 2017 : The United States, Canada, and All Other. The United States segment and the Canada segment are considered material by the Company’s management as of September 30, 2017 . The Company's other segments have been combined in the "All Other" category. In 2017, the Company completed the integration of its All Points subsidiary with the U.S. segment. After this transition, discrete financial information for the All Points business is no longer regularly reviewed by the Chief Operating Decision Maker. Accordingly, to align the operating segments with the current way management reviews information to make operating decisions, assess performance, and allocate resources, the results of the Company's All Points business are now reported in the United States operating segment. The Company evaluates the performance of its segments based on revenue and income (loss) from operations, and does not include segment assets or nonoperating income/expense items for management reporting purposes. The table below presents revenues and income (loss) from operations for our reportable segments for the thirteen and thirty-nine weeks ended September 30, 2017 and three and nine months ended September 30, 2016 . Thirteen Weeks Ended Three Months Ended Thirty-nine Weeks Ended Nine Months Ended Revenues United States $ 179,705 $ 176,211 $ 520,557 $ 520,886 Canada 37,430 33,313 106,292 101,612 All Other 1,820 2,004 5,145 5,534 Total revenues $ 218,955 $ 211,528 $ 631,994 $ 628,032 Segment income (loss) from operations United States $ 12,352 $ 15,535 $ 31,739 $ 36,894 Canada 1,480 1,035 3,140 2,798 All Other 152 (800 ) 707 (946 ) Total income from operations $ 13,984 $ 15,770 $ 35,586 $ 38,746 |
Subsequent Events (Notes)
Subsequent Events (Notes) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 48 | |
ST Fastening Systems [Domain] | ||
Business Acquisition [Line Items] | ||
Subsequent Events [Text Block] | On November 8, 2017, the Company entered into an Asset Purchase Agreement with Hargis Industries, LP doing business as ST Fastening Systems and other related parties pursuant to which Hillman acquired substantially all of the assets, and assumed certain liabilities, of ST Fastening Systems. ST Fastening Systems, which is located in Tyler, Texas, specializes in manufacturing and distributing threaded self-drilling fasteners, foam closure strips, and other accessories to the steel-frame, post-frame, and residential building markets. Pursuant to the terms of the Agreement, Hillman paid a cash purchase price of $48 million . The ST Fastening Systems business will be included in the Company’s United States reportable segment. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses for the reporting periods. Actual results may differ from these estimates. |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , ("ASU 2014-09") which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of 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. The ASU outlines a five-step model and related application guidance, which replaces most existing revenue recognition guidance. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date by one year making the guidance effective for us in the fiscal year ending December 31, 2018, and for interim periods within that year. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. Early adoption is permitted as of the original effective date. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers . This guidance amends the principal-versus-agent implementation guidance and illustrations in ASU 2014-09. This ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. Therefore, for contracts involving more than one specified good or service, the entity may be the principal for one or more specified goods or services and the agent for others. This ASU has the same effective date as the new revenue standard, ASU 2014-09, and entities are required to adopt this ASU by using the same transition method used to adopt the new revenue standard. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. This ASU clarifies the implementation guidance on identifying performance obligations and licensing on the previously issued ASU 2014-09. In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) : Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. ASU No. 2016-11 rescinds several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance relating to accounting for shipping and handling fees and freight services. In May 2016, the FASB also issued ASU 2016-12, which provided narrow scope improvements and practical expedients related to ASU 2014-09. The improvements address completed contracts and contract modifications at transition, noncash consideration, the presentation of sales taxes and other taxes collected from customers, and assessment of collectability when determining whether a transaction represents a valid contract. Additionally, on December 21, 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which provides disclosure relief, and clarifies the scope and application of the new revenue standard and related cost guidance. ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 are effective for the fiscal year ending December 31, 2018, and for interim periods within that year. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year. ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. While the Company is continuing to assess all potential impacts these standards may have on its financial statements, it believes that the adoption will not have a significant impact on its revenue streams. The Company has not yet determined its method of adoption. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption will be permitted for all entities. The new standard is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is currently evaluating the impact of implementing this guidance on its Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses . The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this ASU on its Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The ASU amends the guidance in ASC 230, Statement of Cash Flows, and clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows with the objective of reducing the existing diversity in practice related to eight specific cash flow issues. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption this ASU to have a material impact on its Condensed Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The new standard eliminates the exception to the principle in ASC 740 for all intra-entity sales of assets other than inventory to be deferred until the transferred asset is sold to a third party or otherwise recovered through use. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not expect the adoption to have a material impact on its Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business. The new standard provides guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The updated guidance requires a prospective adoption. Early adoption is permitted. The ASU is effective for fiscal years beginning after December 15, 2017. The Company does not expect the provisions of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment. The new standard eliminates Step 2 from the goodwill impairment test and instead requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The updated guidance requires a prospective adoption. Early adoption is permitted. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The Company is in the process of evaluating the effects of the provisions of this ASU on its Condensed Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) : Scope of Modification Accounting. The new standard provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. This ASU is effective prospectively for annual periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the provisions of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) : Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its Condensed Consolidated Financial Statements. |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassifications: Certain amounts in the prior year financial statements, primarily related to the reclassification of segment information and goodwill reporting units, were reclassified to conform to the current year’s presentation. These reclassifications had no impact on the prior periods' net income (loss), cash flows, or stockholders' equity. |
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain amounts in the prior year financial statements, primarily related to the reclassification of segment information and goodwill reporting units, were reclassified to conform to the current year’s presentation. These reclassifications had no impact on the prior periods' net income (loss), cash flows, or stockholders' equity. |
Stock Based Compensation Policy [Text Block] | Stock Based Compensation: The Company has a stock-based employee compensation plan pursuant to which options, stock appreciation rights, restricted stock, and other stock-based awards may be granted. The Company uses a Black-Scholes option pricing model to determine the fair value of stock options on the dates of grant. Stock-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite vesting period or performance period of the award on a straight-line basis. The stock-based compensation expense is recorded in general and administrative expenses. In the thirty-nine weeks ended September 30, 2017 , the Company modified the vesting period of the outstanding awards, reducing the vesting period to four years from five years. The modification of the vesting term resulted in $687 of additional expense for the thirty-nine weeks ended September 30, 2017 . |
Goodwill and Other Intangible19
Goodwill and Other Intangible Assets (Tables) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Summary of Goodwill Amounts by Reporting Unit | Goodwill amounts by reporting unit are summarized as follows: Goodwill at Acquisitions Dispositions Other (1) Goodwill at December 31, 2016 September 30, 2017 United States $ 583,780 $ — $ — $ — $ 583,780 Canada 28,377 — — 2,153 30,530 Mexico 3,525 — — 475 4,000 Total $ 615,682 $ — $ — $ 2,628 $ 618,310 (1) These amounts relate to adjustments resulting from fluctuations in foreign currency exchange rates. | |||
Components of Other Intangibles, Net | Other intangibles, net, as of September 30, 2017 and December 31, 2016 consist of the following: Estimated Useful Life (Years) September 30, 2017 December 31, 2016 Customer relationships 20 $ 690,405 $ 687,642 Trademarks - All Others Indefinite 85,846 85,294 Trademarks - TagWorks 5 300 300 KeyWorks license 7 4,456 4,438 Patents 7-12 32,844 32,796 Intangible assets, gross 813,851 810,470 Less: Accumulated amortization 123,524 94,658 Other intangibles, net $ 690,327 $ 715,812 | |||
Amortization | $ 9,500 | $ 9,481 | $ 28,442 | $ 28,435 |
Long-Term Debt Long Term Debt (
Long-Term Debt Long Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the Company’s debt: September 30, 2017 December 31, 2016 Revolving loans $ — $ — Senior term loan, due 2020 532,125 536,250 6.375% Senior Notes, due 2022 330,000 330,000 11.6% Junior Subordinated Debentures - Preferred 105,443 105,443 Junior Subordinated Debentures - Common 3,261 3,261 Capital leases & other obligations 490 322 971,319 975,276 (Add) unamortized premium on 11.6% Junior Subordinated Debentures 19,072 19,936 (Subtract) current portion of long term debt and capital leases (5,726 ) (5,643 ) (Subtract) deferred financing fees (13,613 ) (16,114 ) Total long term debt, net $ 971,052 $ 973,455 |
Derivatives and Hedging Foreign
Derivatives and Hedging Foreign Currency Contracts (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | During 2015 , 2016 , and 2017 , the Company entered into multiple foreign currency forward contracts. The table below summarizes the maturity dates and the fixed exchange rates of the contracts: 2015 FX Contracts 2016 FX Contracts 2017 FX Contracts Maturity date range: Minimum February 2015 April 2016 October 2017 Maximum December 2016 July 2017 April 2018 Fixed exchange rate range: Minimum 1.1384 1.2536 1.3002 Maximum 1.3831 1.3458 1.3518 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Measurement of Assets and Liabilities at Fair Value on Recurring Basis | The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy: As of September 30, 2017 Level 1 Level 2 Level 3 Total Trading securities $ 2,093 $ — $ — $ 2,093 Interest rate swaps — (874 ) — (874 ) Foreign exchange forward contracts — (714 ) — (714 ) As of December 31, 2016 Level 1 Level 2 Level 3 Total Trading securities $ 1,787 $ — $ — $ 1,787 Interest rate swaps — (1,858 ) — (1,858 ) Foreign exchange forward contracts — 616 — 616 |
Fair Value of Company's Fixed Rate Senior Notes and Junior Subordinated Debentures | The fair value of the Company's fixed rate senior notes and junior subordinated debentures as of September 30, 2017 and December 31, 2016 were determined by utilizing current trading prices obtained from indicative market data. As a result, the fair value measurements of the Company's senior term notes and debentures are considered to be Level 2. September 30, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 6.375% Senior Notes $ 324,721 $ 327,938 $ 323,888 $ 304,013 Junior Subordinated Debentures 127,776 147,718 128,640 139,831 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Revenues and Income from Operations for Reportable Segments | The Company’s segment reporting structure uses the Company’s management reporting structure as the foundation for how the Company manages its business. The Company periodically evaluates its segment reporting structure in accordance with ASC 350-20-55 and has concluded that it has three reportable segments as of September 30, 2017 : The United States, Canada, and All Other. The United States segment and the Canada segment are considered material by the Company’s management as of September 30, 2017 . The Company's other segments have been combined in the "All Other" category. In 2017, the Company completed the integration of its All Points subsidiary with the U.S. segment. After this transition, discrete financial information for the All Points business is no longer regularly reviewed by the Chief Operating Decision Maker. Accordingly, to align the operating segments with the current way management reviews information to make operating decisions, assess performance, and allocate resources, the results of the Company's All Points business are now reported in the United States operating segment. The Company evaluates the performance of its segments based on revenue and income (loss) from operations, and does not include segment assets or nonoperating income/expense items for management reporting purposes. The table below presents revenues and income (loss) from operations for our reportable segments for the thirteen and thirty-nine weeks ended September 30, 2017 and three and nine months ended September 30, 2016 . Thirteen Weeks Ended Three Months Ended Thirty-nine Weeks Ended Nine Months Ended Revenues United States $ 179,705 $ 176,211 $ 520,557 $ 520,886 Canada 37,430 33,313 106,292 101,612 All Other 1,820 2,004 5,145 5,534 Total revenues $ 218,955 $ 211,528 $ 631,994 $ 628,032 Segment income (loss) from operations United States $ 12,352 $ 15,535 $ 31,739 $ 36,894 Canada 1,480 1,035 3,140 2,798 All Other 152 (800 ) 707 (946 ) Total income from operations $ 13,984 $ 15,770 $ 35,586 $ 38,746 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Additional share based compensation from modification | $ 687 |
Reclassifications [Text Block] | Reclassifications: Certain amounts in the prior year financial statements, primarily related to the reclassification of segment information and goodwill reporting units, were reclassified to conform to the current year’s presentation. These reclassifications had no impact on the prior periods' net income (loss), cash flows, or stockholders' equity. |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment of indefinite-lived intangibles | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets - Summary of Goodwill Amounts by Reporting Unit (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | $ 615,682 |
Acquisitions | 0 |
Dispositions | 0 |
Other | 2,628 |
Goodwill, Ending balance | 618,310 |
United States excluding All Points Segment [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 583,780 |
Acquisitions | 0 |
Dispositions | 0 |
Other | 0 |
Goodwill, Ending balance | 583,780 |
Canada [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 28,377 |
Acquisitions | 0 |
Dispositions | 0 |
Other | 2,153 |
Goodwill, Ending balance | 30,530 |
Mexico [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning balance | 3,525 |
Acquisitions | 0 |
Dispositions | 0 |
Other | 475 |
Goodwill, Ending balance | $ 4,000 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets - Components of Other Intangibles, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite Lived And Indefinite Lived Intangible Assets Gross | $ 813,851 | $ 813,851 | $ 810,470 | ||
Less: Accumulated amortization | 123,524 | 123,524 | 94,658 | ||
Other intangibles, net | 690,327 | 690,327 | 715,812 | ||
Amortization | $ 9,500 | $ 9,481 | 28,442 | $ 28,435 | |
Trademarks - All Others [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated Useful Life | Indefinite | ||||
Indefinite Intangible assets, gross | $ 85,846 | 85,846 | 85,294 | ||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated Useful Life | 20 years | ||||
Finite-lived intangible assets, gross | $ 690,405 | 690,405 | 687,642 | ||
Trademarks - TagWorks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated Useful Life | 5 years | ||||
Finite-lived intangible assets, gross | $ 300 | 300 | 300 | ||
KeyWorks License [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated Useful Life | 7 years | ||||
Finite-lived intangible assets, gross | $ 4,456 | 4,456 | 4,438 | ||
Patents [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $ 32,844 | $ 32,844 | $ 32,796 | ||
Patents [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated Useful Life | 7 years | ||||
Patents [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated Useful Life | 12 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($)patent | Sep. 30, 2017USD ($) | |
Loss Contingencies [Line Items] | ||
Losses up to per occurrence related to product liability, automotive, workers' compensation and general liability | $ 250 | $ 250 |
Liability recorded for such risk insurance reserves | 2,311 | 2,311 |
Aggregate vendors and insurers letters of credit related to product purchases and insurance coverage of product liability, workers' compensation and general liability | 6,359 | 6,359 |
Group health claims up to annual stop loss limit per participant | 250 | 250 |
Liability recorded for such group health insurance reserves | 1,634 | 1,634 |
Loss Contingency, Loss in Period | $ 4,128 | $ 6,274 |
Patent Infringement from Minute Key Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Number of patents found not infringed | patent | 2 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Occurrences in excess for purchased catastrophic coverage | $ 40,000 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Occurrences in excess for purchased catastrophic coverage | $ 250 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Management fees to related party | $ 127 | $ 148 | $ 390 | $ 420 |
Companies Controlled by Manns [Member] | ||||
Operating Leases, Rent Expense | 88 | 82 | 265 | 246 |
Richard Paulin [Member] | ||||
Operating Leases, Rent Expense | $ 164 | $ 158 | $ 473 | $ 468 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rates | 28.90% | 1140.50% | 41.20% | 27.40% |
Income tax expense (benefit) | $ (538) | $ 479 | $ (4,759) | $ (2,471) |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 971,052 | $ 973,455 |
Loan outstanding amount | 6,359 | |
6.375% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of senior notes | $ 330,000 | 330,000 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Adjusted interest rate | 4.80% | |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ 13,613 | 16,114 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 0 | 0 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 532,125 | $ 536,250 |
Long-Term Debt Long Term Debt32
Long-Term Debt Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Long-term Debt | $ 971,052 | $ 973,455 |
Capital Lease Obligations | 490 | 322 |
Debt, Long-term and Short-term, Combined Amount | 971,319 | 975,276 |
Long-term Debt, Current Maturities | (5,726) | (5,643) |
Long-term Debt [Member] | ||
Debt Issuance Costs, Net | (13,613) | (16,114) |
6.375% Senior Notes [Member] | ||
Principal amount of senior notes | 330,000 | 330,000 |
Junior Subordinated Debentures - Preferred [Domain] | ||
Trust Preferred Security At Face Value | 105,443 | 105,443 |
Trust Preferred Securities - Common [Domain] | ||
Trust Preferred Security At Face Value | 3,261 | 3,261 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 63,641 | |
Long-term Line of Credit | 0 | 0 |
Term Loan [Member] | ||
Long-term Debt | 532,125 | 536,250 |
Junior Subordinated Debentures - Preferred [Domain] | ||
Debt Instrument, Unamortized Premium | $ 19,072 | $ 19,936 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) $ in Thousands | Sep. 03, 2014USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |||
Fair value interest rate swaps | $ (874) | $ (1,858) | |
Unfavorable change in fair value | $ 984 | ||
2014 Swap No. 1 [Member] | |||
Derivative [Line Items] | |||
Term of derivative instrument | 3 years | ||
Notional amount of derivative instrument | $ 90,000 | ||
Effective date of agreement | Sep. 3, 2014 | ||
Termination date of derivative | Sep. 30, 2018 | ||
Fixed interest rate of Swap Agreement | 2.20% | ||
Derivative, Basis Spread on Variable Rate | 3.50% | ||
Derivative, Variable Interest Rate | 5.70% | ||
2014 Swap No. 2 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivative instrument | $ 40,000 | ||
2015 FX Contracts [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivative instrument | $ 15,533 | 29,887 | |
2015 FX Contracts [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Termination date of derivative | Feb. 11, 2015 | ||
Forward exchange rate | 1.1384 | ||
2015 FX Contracts [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Termination date of derivative | Dec. 28, 2016 | ||
Forward exchange rate | 1.3831 | ||
2016 FX Contracts [Domain] | Minimum [Member] | |||
Derivative [Line Items] | |||
Termination date of derivative | Apr. 27, 2016 | ||
Forward exchange rate | 1.2536 | ||
2016 FX Contracts [Domain] | Maximum [Member] | |||
Derivative [Line Items] | |||
Termination date of derivative | Jul. 5, 2017 | ||
Forward exchange rate | 1.3458 | ||
2017 FX Contracts [Domain] | Minimum [Member] | |||
Derivative [Line Items] | |||
Termination date of derivative | Oct. 11, 2017 | ||
Forward exchange rate | 1.3002 | ||
2017 FX Contracts [Domain] | Maximum [Member] | |||
Derivative [Line Items] | |||
Termination date of derivative | Apr. 4, 2018 | ||
Forward exchange rate | 1.3518 | ||
Foreign Exchange Forward Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Current | $ (714) | ||
Fair value of derivative asset | $ 616 | ||
Increase in other income | $ (908) |
Fair Value Measurements - Measu
Fair Value Measurements - Measurement of Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $ (874) | $ (1,858) |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 2,093 | 1,787 |
Interest rate swaps | (874) | (1,858) |
Fair Value Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 2,093 | 1,787 |
Interest rate swaps | 0 | 0 |
Fair Value Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 0 | 0 |
Interest rate swaps | (874) | (1,858) |
Fair Value Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 0 | 0 |
Interest rate swaps | 0 | 0 |
Foreign Exchange Forward Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Current | (714) | |
Derivative Asset, Current | 616 | |
Foreign Exchange Forward Contract [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Current | 0 | |
Derivative Asset, Current | 0 | |
Foreign Exchange Forward Contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Current | (714) | |
Derivative Asset, Current | 616 | |
Foreign Exchange Forward Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Current | $ 0 | |
Derivative Asset, Current | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Company's Fixed Rate Senior Notes and Junior Subordinated Debentures (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
6.375% Senior Notes [Member] | Estimated Fair Value [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Debt | $ 327,938 | $ 304,013 |
6.375% Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Debt | 324,721 | 323,888 |
Junior Subordinated Debentures [Member] | Estimated Fair Value [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Debt | 147,718 | 139,831 |
Junior Subordinated Debentures [Member] | Carrying Amount [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Debt | $ 127,776 | $ 128,640 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and Income from Operations for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Sales Information [Line Items] | |||||
Goodwill | $ 618,310 | $ 618,310 | $ 615,682 | ||
Revenues | |||||
Total revenues | 218,955 | $ 211,528 | 631,994 | $ 628,032 | |
Segment income (loss) from operations | |||||
Total income from operations | 13,984 | 15,770 | 35,586 | 38,746 | |
United States excluding All Points Segment [Member] | |||||
Sales Information [Line Items] | |||||
Goodwill | 583,780 | 583,780 | 583,780 | ||
Revenues | |||||
Total revenues | 179,705 | 176,211 | 520,557 | 520,886 | |
Segment income (loss) from operations | |||||
Total income from operations | 12,352 | 15,535 | 31,739 | 36,894 | |
Canada [Member] | |||||
Sales Information [Line Items] | |||||
Goodwill | 30,530 | 30,530 | $ 28,377 | ||
Revenues | |||||
Total revenues | 37,430 | 33,313 | 106,292 | 101,612 | |
Segment income (loss) from operations | |||||
Total income from operations | 1,480 | 1,035 | 3,140 | 2,798 | |
Other Segments [Member] | |||||
Revenues | |||||
Total revenues | 1,820 | 2,004 | 5,145 | 5,534 | |
Segment income (loss) from operations | |||||
Total income from operations | $ 152 | $ (800) | $ 707 | $ (946) |