Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 27, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HANDY & HARMAN LTD. | ' | ' |
Trading Symbol | 'hnh | ' | ' |
Entity Central Index Key | '0000106618 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,974,177 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $70,800,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $10,300 | $15,301 |
Trade and other receivables - net of allowance for doubtful accounts of $1,981 and $2,004, respectively | 77,546 | 66,628 |
Inventories, net | 65,750 | 47,530 |
Deferred income tax assets - current | 20,507 | 24,373 |
Prepaid and other current assets | 9,578 | 8,016 |
Assets of discontinued operations | 651 | 32,111 |
Total current assets | 184,332 | 193,959 |
Property, plant and equipment at cost, less accumulated depreciation | 91,197 | 81,729 |
Goodwill | 77,512 | 59,783 |
Other intangibles, net | 48,336 | 33,218 |
Investment in associated company | 33,983 | 17,229 |
Deferred income tax assets | 59,686 | 112,568 |
Other non-current assets | 14,677 | 13,875 |
Total assets | 509,723 | 512,361 |
Current Liabilities: | ' | ' |
Trade payables | 34,823 | 29,530 |
Accrued liabilities | 28,483 | 25,735 |
Accrued environmental liabilities | 3,213 | 6,346 |
Accrued interest - related party | 0 | 634 |
Short-term debt | 304 | 778 |
Current portion of long-term debt | 12,818 | 8,943 |
Deferred income tax liabilities - current | 433 | 1,022 |
Liabilities of discontinued operations | 151 | 9,160 |
Total current liabilities | 80,225 | 82,148 |
Long-term debt | 144,069 | 128,807 |
Long-term debt - related party | 0 | 19,916 |
Accrued pension liability | 143,705 | 217,141 |
Other post-retirement benefit obligations | 2,065 | 5,452 |
Other liabilities | 5,787 | 6,969 |
Total liabilities | 375,851 | 460,433 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock - $.01 par value; authorized 180,000 shares; issued 13,444 and 13,140 shares, respectively | 134 | 131 |
Accumulated other comprehensive loss | -181,931 | -226,168 |
Additional paid-in capital | 565,441 | 559,970 |
Treasury stock, at cost - 458 and 0 shares, respectively | -9,796 | 0 |
Accumulated deficit | -239,976 | -282,005 |
Total stockholders' equity | 133,872 | 51,928 |
Liabilities and stockholders' equity | $509,723 | $512,361 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,981 | $2,004 |
Common stock - par value (in dollars per share) | $0.01 | $0.01 |
Common stock - shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock - issued (in shares) | 12,985,840 | 13,140,004 |
Treasury stock, at cost - 458 and 0 shares, respectively | 458,000 | 0 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $655,224 | $579,528 | $579,764 |
Cost of goods sold | 470,349 | 410,042 | 421,886 |
Gross profit | 184,875 | 169,486 | 157,878 |
Selling, general and administrative expenses | 128,583 | 116,383 | 105,283 |
Pension expense | 5,342 | 3,313 | 6,357 |
Asset impairment charge | 0 | 0 | 700 |
Operating income | 50,950 | 49,790 | 45,538 |
Other: | ' | ' | ' |
Interest expense | 13,705 | 16,719 | 16,268 |
Realized and unrealized gain on derivatives | -1,195 | -2,582 | -418 |
Other expense | 291 | 439 | 1,360 |
Income from continuing operations before tax and equity investment | 38,149 | 35,214 | 28,328 |
Tax provision (benefit) | 16,028 | 13,065 | -106,088 |
Gain from associated company, net of tax | -6,006 | 0 | 0 |
Income from continuing operations, net of tax | 28,127 | 22,149 | 134,416 |
Discontinued operations: | ' | ' | ' |
(Loss) income from discontinued operations, net of tax | -997 | 4,311 | 1,678 |
Gain on disposal of assets, net of tax | 14,899 | 21 | 2,681 |
Net income from discontinued operations | 13,902 | 4,332 | 4,359 |
Net income | $42,029 | $26,481 | $138,775 |
Basic and diluted income per share of common stock | ' | ' | ' |
Income from continuing operations, net of tax, per share | $2.12 | $1.70 | $10.71 |
Discontinued operations, net of tax, per share | $1.05 | $0.33 | $0.34 |
Net income per share (in dollars per share) | $3.17 | $2.03 | $11.05 |
Weighted average number of common shares outstanding (in shares) | 13,251 | 13,032 | 12,555 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $12,497 | $9,643 | $11,872 | $8,017 | $4,503 | $5,930 | $10,952 | $5,096 | $42,029 | $26,481 | $138,775 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in pension liability and post-retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | 68,328 | -43,702 | -82,805 |
Tax effect of changes in pension liability and post-retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | -25,653 | 14,455 | 27,211 |
Change in market value of securities | ' | ' | ' | ' | ' | ' | ' | ' | 7,113 | -14,948 | 7,835 |
Tax effect of change in market value of securities | ' | ' | ' | ' | ' | ' | ' | ' | -3,041 | 6,054 | -3,014 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -2,510 | 362 | -1,751 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 44,237 | -37,779 | -52,524 |
Comprehensive income (loss) | $54,450 | $7,694 | $12,691 | $11,431 | ($27,411) | $9,551 | $1,617 | $4,945 | $86,266 | ($11,298) | $86,251 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Accumulated Other Comprehensive Loss | Additional Paid-In Capital | Treasury Stock, at Cost | Accumulated Deficit |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | ($30,160) | $122 | ($135,865) | $552,844 | ' | ($447,261) |
Balance (in shares) at Dec. 31, 2010 | ' | 12,179 | ' | ' | ' | ' |
Stockholders' Equity Line Items | ' | ' | ' | ' | ' | ' |
Amortization, issuance, and forfeitures of restricted stock grants (in shares) | ' | 467 | ' | ' | ' | ' |
Amortization, issuance and forfeitures of restricted stock grants | 2,907 | 5 | ' | 2,902 | ' | 0 |
Unrealized gain (loss) on available-for-sale investments, net of tax | 4,821 | ' | 4,821 | ' | ' | ' |
Changes in pension liability and post-retirement benefit obligations, net of tax | -55,594 | ' | -55,594 | ' | ' | ' |
Foreign currency translation adjustments | -1,751 | ' | -1,751 | ' | ' | ' |
Net income | 138,775 | ' | ' | ' | ' | 138,775 |
Balance at Dec. 31, 2011 | 58,998 | 127 | -188,389 | 555,746 | ' | -308,486 |
Balance (in shares) at Dec. 31, 2011 | ' | 12,646 | ' | ' | ' | ' |
Stockholders' Equity Line Items | ' | ' | ' | ' | ' | ' |
Amortization, issuance, and forfeitures of restricted stock grants (in shares) | ' | 494 | ' | ' | ' | ' |
Amortization, issuance and forfeitures of restricted stock grants | 4,228 | 4 | ' | 4,224 | ' | 0 |
Unrealized gain (loss) on available-for-sale investments, net of tax | -8,894 | ' | -8,894 | ' | ' | ' |
Changes in pension liability and post-retirement benefit obligations, net of tax | -29,247 | ' | -29,247 | ' | ' | ' |
Foreign currency translation adjustments | 362 | ' | 362 | ' | ' | ' |
Net income | 26,481 | ' | ' | ' | ' | 26,481 |
Balance at Dec. 31, 2012 | 51,928 | 131 | -226,168 | 559,970 | ' | -282,005 |
Balance (in shares) at Dec. 31, 2012 | ' | 13,140 | ' | ' | ' | ' |
Stockholders' Equity Line Items | ' | ' | ' | ' | ' | ' |
Amortization, issuance, and forfeitures of restricted stock grants (in shares) | ' | 304 | ' | ' | ' | ' |
Amortization, issuance and forfeitures of restricted stock grants | 5,474 | 3 | ' | 5,471 | ' | 0 |
Unrealized gain (loss) on available-for-sale investments, net of tax | 1,710 | ' | 1,710 | ' | ' | ' |
Reclassification of unrealized loss on available-for-sale investments, net of tax | 2,362 | ' | 2,362 | ' | ' | ' |
Changes in pension liability and post-retirement benefit obligations, net of tax | 42,675 | ' | 42,675 | ' | ' | ' |
Foreign currency translation adjustments | -2,510 | ' | -2,510 | ' | ' | ' |
Purchases of treasury stock | -9,796 | ' | ' | ' | -9,796 | ' |
Net income | 42,029 | ' | ' | ' | ' | 42,029 |
Balance at Dec. 31, 2013 | $133,872 | $134 | ($181,931) | $565,441 | ($9,796) | ($239,976) |
Balance (in shares) at Dec. 31, 2013 | ' | 13,444 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $42,029 | $26,481 | $138,775 |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition: | ' | ' | ' |
Depreciation and amortization | 16,138 | 13,343 | 14,148 |
Non-cash stock-based compensation | 4,860 | 4,476 | 3,146 |
Non-cash gain from associated company | -6,006 | 0 | 0 |
Amortization of debt issuance costs | 852 | 2,654 | 2,628 |
Loss (gain) on early retirement of debt | 5,662 | 1,368 | -189 |
Accrued interest not paid in cash | 93 | 1,333 | 2,358 |
Deferred income taxes | 23,001 | 11,014 | -105,669 |
Gain from asset dispositions | -63 | -145 | -50 |
Asset impairment charge | 0 | 0 | 700 |
Non-cash loss (gain) from derivatives | 1,051 | -2,389 | -1,465 |
Reclassification of net cash settlements on precious metal contracts to investing activities | -2,346 | -193 | 1,047 |
Net cash provided by (used in) operating activities | 1,554 | 7,429 | -2,677 |
Non-cash gain on disposal of assets | -27,573 | -21 | -6,041 |
Change in operating assets and liabilities, net of acquisitions: | ' | ' | ' |
Trade and other receivables | 2,177 | 7,573 | -7,621 |
Inventories | 1,920 | -421 | -170 |
Prepaid and other current assets | -3,371 | 1,006 | -443 |
Other current liabilities | -9,544 | -14,417 | -14,876 |
Other items, net | -1,271 | -652 | -2,047 |
Net cash provided by operating activities | 49,163 | 58,439 | 21,554 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -16,226 | -20,295 | -12,046 |
Net cash settlements on precious metal contracts | 2,346 | 193 | -1,047 |
Acquisitions, net of cash acquired | -68,640 | -12,434 | -8,508 |
Proceeds from sales of assets | 413 | 2,257 | 186 |
Investments in associated company | 0 | -6,321 | -18,021 |
Proceeds from sale of discontinued operations | 45,334 | 0 | 26,532 |
Net cash used in investing activities of discontinued operations | -102 | -1,282 | -1,380 |
Net cash used in investing activities | -36,875 | -37,882 | -14,284 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from term loans - domestic | 10,000 | 116,838 | 50,000 |
Net revolver borrowings (repayments) | 30,950 | -23,849 | -18,785 |
Net (repayments) borrowings on loans - foreign | -3,517 | 1,547 | -707 |
Repayments of term loans | -9,318 | -91,374 | -4,452 |
Repurchases of Subordinated Notes | -36,307 | -10,847 | -35,074 |
Deferred finance charges | -771 | -2,743 | -1,469 |
Net change in overdrafts | 1,761 | -1,365 | 95 |
Purchases of treasury stock | -9,796 | 0 | 0 |
Other financing activities | -424 | -437 | 1,200 |
Net cash used in financing activities | -17,422 | -12,230 | -9,192 |
Net change for the year | -5,134 | 8,327 | -1,922 |
Effect of exchange rate changes on cash and cash equivalents | 133 | 133 | 1 |
Cash and cash equivalents at beginning of year | 15,301 | 6,841 | 8,762 |
Cash and cash equivalents at end of year | 10,300 | 15,301 | 6,841 |
Cash paid during the year for: | ' | ' | ' |
Interest | 8,704 | 11,272 | 11,159 |
Taxes | 7,519 | 4,191 | 4,344 |
Non-cash financing activities: | ' | ' | ' |
Sale of property for mortgage note receivable | $0 | $842 | $0 |
The_Company_and_Nature_of_Oper
The Company and Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company and Nature Of Operations | ' |
The Company and Nature of Operations | |
Handy & Harman Ltd. ("HNH") is a diversified manufacturer of engineered niche industrial products. HNH's diverse product offerings are marketed throughout the United States and internationally. HNH owns Handy & Harman Group Ltd. ("H&H Group"), which owns Handy & Harman ("H&H") and Bairnco Corporation ("Bairnco"). HNH manages its group of businesses on a decentralized basis with operations principally in North America. HNH's business units encompass the following segments: Joining Materials, Tubing, Building Materials, Arlon Electronic Materials ("Arlon") and Kasco Blades and Route Repair Services ("Kasco"). The Building Materials segment was formerly known as the Engineered Materials segment. All references herein to "we," "our" or the "Company" refer to HNH together with all of its subsidiaries. |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Accounting Policies | ' |
Summary of Accounting Policies | |
Basis of Presentation | |
The consolidated financial statements include the accounts of HNH and its subsidiaries. All material intercompany transactions and balances have been eliminated. | |
Discontinued Operations | |
The results of operations for businesses that have been disposed of or classified as held-for-sale are segregated from the results of the Company's continuing operations and classified as discontinued operations for each period presented in the Company's consolidated income statement. Similarly, the assets and liabilities of such businesses are reclassified from continuing operations and presented as discontinued operations for each period presented in the Company's consolidated balance sheet. Businesses are reported as discontinued operations when the Company no longer has continuing involvement in their operations and no longer has significant continuing cash flows from their operation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to bad debts, inventories, long-lived assets, intangibles, accrued expenses, income taxes, pensions and other post-retirement benefits, and contingencies and litigation. Estimates are based on historical experience, future cash flows and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Revenue Recognition | |
Revenues are recognized when title and risk of loss has passed to the customer. This condition is normally met when product has been shipped or the service performed. An allowance is provided for estimated returns and discounts based on experience. Cash received by the Company from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Rental revenues are derived from the rental of certain equipment to the food industry where customers prepay for the rental period, usually three to six month periods. For prepaid rental contracts, sales revenue is recognized on a straight-line basis over the term of the contract. Service revenues consist of repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants. | |
The Company experiences a certain degree of sales returns that varies over time, but is able to make a reasonable estimation of expected sales returns based upon history. The Company records all shipping and handling fees billed to customers as revenue, and related costs are charged principally to cost of goods sold, when incurred. The Company has also entered into agreements with certain customers under which the Company has agreed to pay rebates to such customers. These programs are typically structured to incentivize the customers to increase their annual purchases from the Company. The rebates are usually calculated as a percentage of the purchase amount, and such percentages may increase as the customer’s level of purchases rise. Rebates are recorded as a reduction of net sales in the consolidated income statement and are accounted for on an accrual basis. As of December 31, 2013 and 2012, accrued rebates payable totaled $5.4 million and $4.5 million, respectively, and are included in accrued liabilities on the consolidated balance sheet. In limited circumstances, the Company is required to collect and remit sales tax on certain of its sales. The Company accounts for sales taxes on a net basis, and such sales taxes are not included in net sales in the consolidated income statement. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and on deposit and highly liquid debt instruments with original maturities of three months or less. As of December 31, 2013 and 2012, the Company had cash held in foreign banks of $6.5 million and $8.0 million, respectively. The Company's credit risk arising from cash deposits held in U.S. banks in excess of insured amounts is reduced given that cash balances in U.S. banks are generally utilized to pay down the Company's revolving credit loans (see Note 11 - "Debt"). At December 31, 2013, the Company held cash and cash equivalents which exceeded federally-insured limits by approximately $2.2 million. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers. The Company has established an allowance for accounts that are expected to be uncollectible in the future. This estimated allowance is based primarily on management's evaluation of the financial condition of the customer and historical experience. The Company monitors its accounts receivable and charges to expense an amount equal to its estimate of expected credit losses. Accounts that are outstanding longer than contractual payment terms are considered past due. The Company considers a number of factors in determining its estimates, including the length of time its trade receivables are past due, the Company's previous loss history and the customer's current ability to pay its obligation. Accounts receivable balances are charged off against the allowance when it is determined that the receivable will not be recovered, and payments subsequently received on such receivables are credited to recovery of accounts written-off. The Company does not charge interest on past due receivables. | |
The Company believes that the credit risk with respect to trade accounts receivable is limited due to the Company's credit evaluation process, the allowance for doubtful accounts that has been established and the diversified nature of its customer base. There were no customers which accounted for more than 5% of consolidated net sales in 2013, 2012 or 2011. In 2013, 2012 and 2011, the 15 largest customers accounted for approximately 26%, 28% and 27% of consolidated net sales, respectively. | |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined by the last-in, first-out ("LIFO") method for certain precious metal inventory held in the United States. Non-precious metal inventories and remaining precious metal inventory are stated at the lower of cost (determined by the first-in, first-out method or average cost method) or market. For precious metal inventory, no segregation among raw materials, work in process and finished products is practicable. | |
Non-precious metal inventories are evaluated for estimated excess and obsolescence based upon assumptions about future demand and market conditions and are adjusted accordingly. If actual market conditions are less favorable than those projected, write-downs may be required. | |
Derivatives and Risks | |
Precious Metal and Commodity Risk | |
H&H's precious metal and commodity inventories are subject to market price fluctuations. H&H enters into commodity futures and forward contracts to mitigate the impact of price fluctuations on its precious and certain non-precious metal inventories that are not subject to fixed price contracts. The Company's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price increases in these commodities or markets could negatively impact H&H's earnings. H&H does not enter into derivatives or other financial instruments for trading or speculative purposes. H&H accounts for these contracts as either fair value hedges or economic hedges under the guidance in Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. | |
Fair Value Hedges. The fair values of these derivatives are recognized as derivative assets and liabilities on the consolidated balance sheet. The net change in fair value of the derivative assets and liabilities and the change in the fair value of the underlying hedged inventory are recognized in the consolidated income statement, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with the Company's precious metal inventory carried at fair value. | |
Economic Hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market and both realized and unrealized gains and losses are recorded in current period earnings in the consolidated income statement. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. | |
Interest Rate Risk | |
HNH enters into interest rate swap agreements in order to economically hedge a portion of its debt, which is subject to variable interest rates. As these derivatives are not designated as accounting hedges under U.S. GAAP, they are accounted for as derivatives with no hedge designation. The Company records the expense (or gain) both from the mark-to-market adjustments and net settlements in interest expense in the consolidated income statement as the hedges are intended to offset interest rate movements. | |
Foreign Currency Exchange Rate Risk | |
H&H and Bairnco are subject to the risk of price fluctuations related to anticipated revenues and operating costs, firm commitments for capital expenditures and existing assets or liabilities denominated in currencies other than U.S. dollars. H&H and Bairnco have not generally used derivative instruments to manage this risk. | |
Property, Plant and Equipment | |
Property, plant and equipment is recorded at historical cost. Depreciation of property, plant and equipment is provided principally on the straight line method over the estimated useful lives of the assets, which range as follows: machinery and equipment 3 – 15 years and buildings and improvements 10 – 30 years. Interest cost is capitalized for qualifying assets during the asset's acquisition period. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized. Gain or loss on dispositions is credited or charged to operating income. | |
Goodwill, Other Intangibles and Long-Lived Assets | |
Goodwill represents the difference between the purchase price and the fair value of net assets acquired in a business combination. Goodwill is reviewed annually for impairment in accordance with U.S. GAAP as of the end of the fourth quarter. The Company uses judgment in assessing whether assets may have become impaired between annual impairment tests. Circumstances that could trigger an interim impairment test include, but are not limited to: the occurrence of a significant change in circumstances, such as continuing adverse business conditions or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; or results of testing for recoverability of a significant asset group within a reporting unit. | |
The testing of goodwill for impairment is performed at a level referred to as a reporting unit. Goodwill is allocated to each reporting unit based on the goodwill valued in connection with each business combination consummated within each reporting unit. Five reporting units of the Company have goodwill assigned to them. | |
Goodwill impairment testing consists of a two-step process. Step 1 of the impairment test involves comparing the fair values of the applicable reporting units with their carrying values, including goodwill. If the carrying amount of a reporting unit exceeds the reporting unit's fair value, Step 2 of the goodwill impairment test is performed to determine the amount of impairment loss. Step 2 of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit's goodwill against the carrying value of that goodwill. In performing the first step of the impairment test, the Company also reconciles the aggregate estimated fair value of its reporting units to its enterprise value, which includes a control premium. | |
Accounting Standards Update ("ASU") 2011-08 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the two-step quantitative impairment test discussed above; otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. | |
Intangible assets with finite lives are amortized over their estimated useful lives. The Company also estimates the depreciable lives of property, plant and equipment, and reviews the assets for impairment if events, or changes in circumstances, indicate that it may not recover the carrying amount of an asset. Long-lived assets consisting of land and buildings used in previously operating businesses are carried at the lower of cost or fair value and are included primarily in other non-current assets on the consolidated balance sheet. A reduction in the carrying value of such long-lived assets used in previously operating businesses is recorded as an asset impairment charge in the consolidated income statement. | |
Investments | |
Investments are accounted for using the equity method of accounting if the investment provides the Company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, or additional shares held by affiliates, are considered in determining whether the equity method of accounting is appropriate. | |
Investments in equity securities that have readily determinable fair values that are classified as available-for-sale are measured at fair value on the consolidated balance sheet. Unrealized holding gains and losses on available-for-sale securities (including those classified as current assets) are excluded from earnings and reported in other comprehensive income (loss) until realized. Dividend and interest income, if any, are included in earnings. The Company uses the specific identification method to determine the cost of a security sold and the amount of realized gain or loss associated with any sales. The Company assesses whether an available-for-sale investment is impaired in each quarterly reporting period. If it is determined that an impairment is other than temporary, then an impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of an impairment does not include partial recoveries after the balance sheet date if they occur. | |
Stock-Based Compensation | |
The Company accounts for stock options and restricted stock granted to employees, directors and service providers as compensation expense, which is recognized in exchange for the services received. The compensation expense is based on the fair value of the equity instruments on the grant-date and is recognized as an expense over the service period of the recipients. | |
Income Taxes | |
Income taxes currently payable or tax refunds receivable are recorded on a net basis and included in accrued liabilities on the consolidated balance sheet. Deferred income taxes reflect the tax effect of net operating loss carryforwards ("NOLs"), capital loss or tax credit carryforwards and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and income tax purposes, as determined under enacted tax laws and rates. Valuation allowances are established if, based on the weight of available evidence, it is more likely than not that some portion or the entire deferred income tax asset will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. | |
Earnings Per Share | |
Basic earnings per share is based on the weighted-average number of shares of common stock outstanding during each year. Diluted earnings per share gives effect to dilutive potential common shares outstanding during each year. | |
Foreign Currency Translation | |
Assets and liabilities of foreign subsidiaries are translated at current exchange rates and related revenues and expenses are translated at average rates of exchange in effect during the year. Resulting cumulative translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss). | |
Advertising Costs | |
Advertising costs consist of sales promotion literature, samples, cost of trade shows, and general advertising costs, and are included in selling, general and administrative expenses in the consolidated income statement. Advertising, promotion and trade show costs totaled approximately $2.8 million in 2013, $2.4 million in 2012 and $2.2 million in 2011. | |
Legal Contingencies | |
The Company provides for legal contingencies when the liability is probable and the amount of the associated costs is reasonably estimable. The Company regularly monitors the progress of legal contingencies and revises the amounts recorded in the period in which a change in estimate occurs. | |
Environmental Liabilities | |
The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | |
Reclassifications | |
Certain amounts for prior years have been reclassified to conform to the current year presentation. In particular, the assets, liabilities and income or loss of discontinued operations (see Note 5 - "Discontinued Operations") have been reclassified into separate lines on the consolidated financial statements to segregate them from continuing operations. |
New_or_Recently_Adopted_Accoun
New or Recently Adopted Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
New or Recently Adopted Accounting Pronouncements | ' | |
New or Recently Adopted Accounting Pronouncements | ||
In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-02 that requires entities to disclose the following additional information about items reclassified out of accumulated other comprehensive income ("AOCI"): | ||
• | Changes in AOCI balances by component, with separate presentation of (1) reclassification adjustments and (2) current period other comprehensive income. | |
• | Significant items reclassified out of AOCI by component either on the face of the income statement or as a separate footnote to the financial statements. | |
The Company adopted the ASU in the first quarter of 2013, and such adoption did not have an effect on the Company's consolidated financial position or results of operations. | ||
In March 2013, the FASB issued ASU 2013-05, which indicates that the entire amount of a cumulative translation adjustment related to an entity's investment in a foreign entity should be released when there has been a: | ||
• | Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity. | |
• | Loss of a controlling financial interest in an investment in a foreign entity (i.e. the foreign entity is deconsolidated). | |
• | Step acquisition for a foreign entity (i.e. when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | |
The ASU is effective for the Company's 2014 fiscal year and is to be applied prospectively from the beginning of the fiscal year of adoption. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
2013 Acquisitions | |||||||||
Wolverine Joining Technologies, LLC | |||||||||
On April 16, 2013, the Company and its indirect subsidiary, Lucas-Milhaupt Warwick LLC (together with the Company, "Buyer"), entered into an asset purchase agreement ("Purchase Agreement") with Wolverine Tube, Inc. ("Wolverine") and its subsidiary, Wolverine Joining Technologies, LLC ("Wolverine Joining" and, together with Wolverine, "Seller"), pursuant to which the Buyer agreed to purchase substantially all of the assets of the Seller used in the business of Wolverine Joining, consisting of assets used for the development, manufacturing and sale of brazing, flux and soldering products and the alloys for electrical, catalyst and other industrial specialties, other than certain leased real property, and to assume certain liabilities related to such business. By acquiring Wolverine Joining, the Company increased its capacity to produce brazing filler metals and fluxes, and broadened its platform for continued global expansion. The purchase price for the acquisition was approximately $59.7 million, reflecting a final working capital adjustment and certain other reductions totaling approximately $0.3 million as provided in the Purchase Agreement. The closing of this transaction occurred on April 26, 2013. Funding of the purchase price for the acquisition was from cash on hand and borrowings under the Company's senior secured credit facility, which was amended in connection with the acquisition as discussed in Note 11 - "Debt." | |||||||||
In connection with the acquisition of Wolverine Joining, the Company currently expects to incur employee severance charges totaling approximately $0.4 million associated with the Company's integration activities. The majority of the costs have been recorded and paid as of December 31, 2013, and are reflected in selling, general and administrative expenses. | |||||||||
The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date on a preliminary basis (in thousands): | |||||||||
Trade and other receivables | $ | 9,491 | |||||||
Inventories | 17,864 | ||||||||
Prepaid and other current assets | 81 | ||||||||
Property, plant and equipment | 5,549 | ||||||||
Goodwill | 14,767 | ||||||||
Other intangibles | 13,657 | ||||||||
Total assets acquired | 61,409 | ||||||||
Trade payables | (1,167 | ) | |||||||
Accrued liabilities | (495 | ) | |||||||
Net assets acquired | $ | 59,747 | |||||||
The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets. The goodwill of $14.8 million arising from the acquisition consists largely of the synergies expected from combining the operations of the Buyer and Seller. All of the goodwill is assigned to the Company's Joining Materials segment and is expected to be deductible for income tax purposes. Other intangibles consist primarily of acquired trade names of $4.6 million and customer relationships of $9.0 million. These intangible assets have been assigned 20-year useful lives based on the long operating history, broad market recognition and continued demand for the associated brands, and the limited turnover and long-standing relationships Wolverine Joining has with its existing customer base. The valuation of acquired trade names was performed utilizing a relief from royalty method, and significant assumptions used in the valuation include the royalty rate assumed and the expected level of future sales. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation include the customer attrition rate assumed and the expected level of future sales. | |||||||||
The amount of net sales and operating income of the acquired business included in the consolidated income statement for the year ended December 31, 2013 was approximately $43.3 million and $1.6 million, respectively, including $3.5 million of intercompany sales which were eliminated in consolidation. The results of operations of the acquired business are reported within the Company's Joining Materials segment. Unaudited pro forma net sales and net income of the combined entity had the acquisition date been January 1, 2012 are as follows: | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
(in thousands, except per share) | 2013 | 2012 | |||||||
Net sales | $ | 680,374 | $ | 662,072 | |||||
Net income | $ | 43,411 | $ | 28,720 | |||||
Net income per share | $ | 3.28 | $ | 2.2 | |||||
Weighted-average shares outstanding | 13,251 | 13,032 | |||||||
This unaudited pro forma data is presented for informational purposes only and does not purport to be indicative of the results of future operations or of the results that would have occurred had the acquisition taken place on January 1, 2012. Such information for fiscal 2013 and 2012 is based on historical financial information with respect to the acquisition and does not include operational or other changes which might have been effected by the Company. The 2013 supplemental unaudited pro forma earnings were adjusted to exclude $0.6 million of acquisition-related costs incurred in 2013 and $0.5 million of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. The 2012 supplemental unaudited pro forma earnings were adjusted to include these charges. | |||||||||
PAM Fastening Technology, Inc. | |||||||||
On November 7, 2013, the Company, through its indirect subsidiary, OMG, Inc., acquired 100% of the stock of PAM Fastening Technology, Inc. ("PAM") for a cash purchase price of $9.2 million, net of cash acquired. PAM is a distributor of screw guns, collated screws and hot melt systems to the manufacturing and building industries in North America. The assets acquired and liabilities assumed included net working capital of accounts receivable, inventories and trade payables; property, plant and equipment; and intangible assets, primarily trade names and customer relationships, valued at $2.9 million, $0.2 million and $5.1 million, respectively. This acquisition provides the Company with an add on product category to its existing fastening system product line. The amount of net sales and operating income of the acquired business included in the consolidated income statement for the year ended December 31, 2013 was approximately $1.5 million and $0.2 million, respectively. The results of operations of the acquired business are reported within the Company's Building Materials segment. In connection with the PAM acquisition, the Company has recorded goodwill totaling approximately $3.4 million, which is not expected to be deductible for income tax purposes. | |||||||||
2012 Acquisitions | |||||||||
Zaklad Przetwórstwa Metali INMET Sp. z o.o. | |||||||||
On November 5, 2012, a subsidiary of H&H acquired 100% of the stock of Zaklad Przetwórstwa Metali INMET Sp. z o.o., a Polish manufacturer of brazing alloys and contact materials, for a cash purchase price of $4.0 million, net of cash acquired. The assets acquired and liabilities assumed included net working capital of accounts receivable, inventories and trade payables totaling $3.1 million; property, plant and equipment of $2.2 million; as well as assumed debt of $1.6 million. This acquisition provides H&H with a new family of fabricated joining materials and a broader presence in the European market. The amount of net sales and operating loss of the acquired business included in the consolidated income statement for the year ended December 31, 2013 was approximately $18.0 million and $0.6 million, respectively, including $8.7 million of intercompany sales which were eliminated in consolidation, as compared to net sales and operating loss of $1.7 million and $0.1 million, respectively, for the period from acquisition through December 31, 2012, including $1.2 million of intercompany sales which were eliminated in consolidation. The results of operations of the acquired business are reported within the Company's Joining Materials segment. | |||||||||
W.P. Hickman Company | |||||||||
On December 31, 2012, a subsidiary of H&H acquired substantially all of the assets of W.P. Hickman Company ("Hickman"), a North American manufacturer of perimeter metal roof edges for low slope roofs. The final cash purchase price was $8.2 million, which reflects proceeds from a final working capital adjustment of $0.3 million received in February 2013. The assets acquired and liabilities assumed included net working capital of accounts receivable, inventories and trade payables; property, plant and equipment; and intangible assets, primarily trade names and customer relationships, valued at $2.6 million, $1.2 million and $1.8 million, respectively. This acquisition provides H&H with an add on product category to its existing roofing business. The amount of net sales and operating income of the acquired business included in the consolidated income statement for the year ended December 31, 2013 was approximately $17.1 million and $1.3 million, respectively. The results of operations of the acquired business are reported within the Company's Building Materials segment. In connection with the Hickman acquisition, the Company has recorded goodwill totaling $2.8 million, which is expected to be deductible for income tax purposes. | |||||||||
There is additional contingent consideration that could be due from the Company under the Hickman asset purchase agreement if the combined net sales of certain identified products exceed the parameters set forth in the asset purchase agreement in 2013 and 2014. In no event shall the additional contingent consideration exceed $1.5 million. In accordance with ASC 805, Business Combinations, the estimated fair value, $0.2 million, related to the contingent portion of the purchase price was recognized at the acquisition date. There was no significant change in the estimated fair value of this liability during the year ended December 31, 2013. | |||||||||
2011 Acquisition | |||||||||
Tiger Claw, Inc. | |||||||||
Pursuant to an asset purchase agreement dated March 23, 2011, a subsidiary of H&H acquired certain assets and assumed certain liabilities of Tiger Claw, Inc., a company that among other businesses, develops and manufactures hidden fastening systems for deck construction. The final purchase price was $8.5 million and was paid in cash. The assets acquired included, among other things, machinery, equipment, inventories, certain contracts, accounts receivable and intellectual property rights, all as related to the acquired business and as provided in the asset purchase agreement. The results of operations of the acquired business are reported within the Company's Building Materials segment, and goodwill totaling approximately $1.8 million was allocated to the segment in connection with the acquisition. HNH believes this acquisition enhances its product offerings of fastening systems for deck construction. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
The following businesses are classified as discontinued operations in the accompanying consolidated financial statements for 2013 and for the comparable periods of 2012 and 2011. | |||||||||||||
Continental Industries | |||||||||||||
In January 2013, the Company divested substantially all of the assets and existing operations of its Continental Industries, Inc. ("Continental") business unit, a wholly-owned subsidiary of H&H, for a cash sales price totaling approximately $37.4 million less transaction fees, reflecting a working capital adjustment of approximately $0.1 million paid in the third quarter of 2013. Proceeds of $3.7 million are currently held in escrow pending resolution of certain indemnification provisions contained in the sales agreement and are included in other receivables on the consolidated balance sheet. Located in the State of Oklahoma, Continental manufactured plastic and steel fittings and connectors for natural gas, propane and water distribution service lines, along with exothermic welding products for electrical grounding, cathodic protection and lightning protection. It was part of the Company's Building Materials segment. | |||||||||||||
Canfield Metal Coating Corporation | |||||||||||||
In June 2013, the Company divested substantially all of the assets and existing operations of its Canfield Metal Coating Corporation ("CMCC") business unit, a wholly-owned subsidiary of H&H, for a cash sales price totaling approximately $9.5 million less transaction fees, reflecting a final working capital adjustment of approximately $0.5 million. Located in the State of Ohio, CMCC manufactured electro-galvanized and painted cold rolled sheet steel products primarily for the construction, entry door, container and appliance industries. It was part of the Company's Building Materials segment. | |||||||||||||
Indiana Tube Mexico | |||||||||||||
In July 2013, the Company divested substantially all of the equipment owned or utilized by Indiana Tube de México, S. De R.L. de C.V. ("ITM") for the manufacture of refrigeration condensers for a cash sales price totaling $3.7 million, less transaction fees. ITM's operations, which were part of the Company's Tubing segment, were discontinued in June 2013. The purchase price for ITM's equipment was payable in two equal installments of $1.85 million, the first paid at the closing date for the transaction and the second paid upon final equipment transfer, which occurred in September 2013. | |||||||||||||
In connection with the shut-down of ITM's operations, the Company initiated a series of restructuring activities, which included the termination of all of ITM's employees and certain building lease termination costs. The total cost of these restructuring activities was $0.9 million, which was accrued as of June 30, 2013. Payment for the majority of these costs occurred during the third quarter of 2013, and the remaining restructuring payments were completed by the end of 2013. | |||||||||||||
Indiana Tube Denmark | |||||||||||||
In 2008, the Company decided to exit the welded specialty tubing market in Europe and close its Indiana Tube Denmark subsidiary ("ITD"). During 2009, ITD ceased operations and sold or disposed of its inventory and most of its equipment. ITD sold its facility for approximately $2.4 million in 2012, which included a note receivable for $0.8 million payable over a five year term. ITD was part of the Company's Tubing segment. The Company completed the final liquidation of ITD in July 2013 and recognized $2.6 million in foreign currency translation gains in earnings from discontinued operations during the third quarter of 2013, which were previously reported in accumulated other comprehensive loss on the consolidated balance sheet. | |||||||||||||
Kasco-France | |||||||||||||
During the third quarter of 2011, the Company sold the stock of EuroKasco, S.A.S. ("Kasco-France"), a part of its Kasco segment, to Kasco-France's former management team for one Euro plus 25% of any pretax earnings over the next three years. No additional consideration is expected to be collected for 2013 or 2012. Additionally, Kasco-France signed a five year supply agreement to purchase certain products from Kasco. | |||||||||||||
Arlon AFD | |||||||||||||
On February 4, 2011, Arlon LLC, an indirect wholly-owned subsidiary of HNH, sold substantially all of its assets and existing operations located primarily in the State of California related to its Adhesive Film Division for an aggregate sales price of $27.0 million. Net proceeds of approximately $24.2 million from this sale were used to repay indebtedness under the Company's revolving credit facility. | |||||||||||||
Arlon ECP and SignTech | |||||||||||||
On March 25, 2011, Arlon LLC and its subsidiaries sold substantially all of their assets and existing operations located primarily in the State of Texas related to Arlon LLC's Engineered Coated Products Division and its SignTech subsidiary for an aggregate sales price of $2.5 million. In addition, Arlon LLC sold a coater machine to the same purchaser for a price of $0.5 million. The net proceeds from these asset sales of $2.3 million were used to repay indebtedness under the Company's revolving credit facility. Amounts held in escrow in connection with the Arlon LLC asset sales, totaling $3.0 million, were recorded in trade and other receivables on the consolidated balance sheet as of December 31, 2011 and were received by the Company during the second quarter of 2012. | |||||||||||||
The assets and liabilities of discontinued operations have been segregated in the accompanying consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets of Discontinued Operations: | |||||||||||||
Trade and other receivables, net | $ | — | $ | 6,372 | |||||||||
Inventories, net | — | 7,097 | |||||||||||
Prepaid and other current assets | 587 | 1,438 | |||||||||||
Property, plant and equipment, net | — | 7,934 | |||||||||||
Goodwill | — | 9,156 | |||||||||||
Other non-current assets | 64 | 114 | |||||||||||
$ | 651 | $ | 32,111 | ||||||||||
Liabilities of Discontinued Operations | $ | 151 | $ | 9,160 | |||||||||
The net income from discontinued operations includes the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 20,094 | $ | 83,228 | $ | 102,033 | |||||||
Operating (loss) income | (1,559 | ) | 6,999 | 2,743 | |||||||||
Interest and other expense | (47 | ) | (91 | ) | (192 | ) | |||||||
Income tax benefit (expense) | 609 | (2,597 | ) | (873 | ) | ||||||||
(Loss) income from discontinued operations, net of tax | (997 | ) | 4,311 | 1,678 | |||||||||
Gain on disposal of assets | 27,573 | 21 | 6,041 | ||||||||||
Income tax expense | (12,674 | ) | — | (3,360 | ) | ||||||||
Net income from discontinued operations | $ | 13,902 | $ | 4,332 | $ | 4,359 | |||||||
Asset_Impairment_Charge
Asset Impairment Charge | 12 Months Ended |
Dec. 31, 2013 | |
Asset Impairment Charges [Abstract] | ' |
Asset Impairment Charge | ' |
Asset Impairment Charge | |
A non-cash asset impairment charge of $0.7 million was recorded in 2011 related to vacant land owned by the Company's Arlon segment located in Rancho Cucamonga, California. The Company reduced this property's carrying value by $0.7 million to reflect its lower fair market value. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories at December 31, 2013 and December 31, 2012 were comprised of: | |||||||||
December 31, | December 31, | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Finished products | $ | 21,887 | $ | 19,596 | |||||
In-process | 9,840 | 8,344 | |||||||
Raw materials | 15,246 | 14,130 | |||||||
Fine and fabricated precious metals in various stages of completion | 19,802 | 9,599 | |||||||
66,775 | 51,669 | ||||||||
LIFO reserve | (1,025 | ) | (4,139 | ) | |||||
$ | 65,750 | $ | 47,530 | ||||||
In order to produce certain of its products, H&H purchases, maintains and utilizes precious metal inventory. H&H records certain of its precious metal inventory at the lower of LIFO cost or market, with any adjustments recorded through cost of goods sold. The market value of the precious metal inventory exceeded LIFO cost by $1.0 million as of December 31, 2013 and $4.1 million as of December 31, 2012. The Company recorded non-cash LIFO liquidation gains of $0.6 million and $1.9 million in 2012 and 2011, respectively. No similar gain was recorded in 2013 due to an increase in ending precious metal inventory stated at LIFO cost. The increase in the amount of precious metal inventory from December 31, 2012 was principally attributable to the acquisition of Wolverine Joining (see Note 4 - "Acquisitions"), whose precious metal inventory is accounted for at fair value. | |||||||||
Certain customers and suppliers of H&H choose to do business on a "pool" basis and furnish precious metal to H&H for return in fabricated form or for purchase from or return to the supplier. When the customer metal is returned in fabricated form, the customer is charged a fabrication charge. The value of this customer metal is not included in the Company's consolidated balance sheet. To the extent H&H is able to utilize customer precious metal in its production processes, such customer metal replaces the need for H&H to purchase its own inventory. As of December 31, 2013, H&H's customer metal consisted of 247,103 ounces of silver, 576 ounces of gold and 1,392 ounces of palladium. | |||||||||
Supplemental inventory information: | December 31, | December 31, | |||||||
(in thousands, except per ounce) | 2013 | 2012 | |||||||
Precious metals stated at LIFO cost | $ | 5,090 | $ | 5,460 | |||||
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | 13,687 | $ | — | |||||
Market value per ounce: | |||||||||
Silver | $ | 19.49 | $ | 30.2 | |||||
Gold | $ | 1,201.50 | $ | 1,675.40 | |||||
Palladium | $ | 711 | $ | 702.85 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
December 31, | December 31, | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Land | $ | 9,177 | $ | 7,366 | |||||
Buildings, machinery and equipment | 169,411 | 155,253 | |||||||
Construction in progress | 7,357 | 7,513 | |||||||
185,945 | 170,132 | ||||||||
Accumulated depreciation | 94,748 | 88,403 | |||||||
$ | 91,197 | $ | 81,729 | ||||||
Depreciation expense for the years ended 2013, 2012 and 2011 was $11.9 million, $10.0 million and $10.8 million, respectively. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||||||||||
Goodwill and Other Intangibles | |||||||||||||||||||||||||
The changes in the net carrying amount of goodwill by reportable segment for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Segment | Balance at January 1, 2013 | Foreign Currency Translation Adjustments | Additions | Adjustments | Balance at | Accumulated | |||||||||||||||||||
31-Dec-13 | Impairment Losses | ||||||||||||||||||||||||
Joining Materials | $ | 1,494 | $ | 14 | $ | 14,767 | $ | — | $ | 16,275 | $ | — | |||||||||||||
Tubing | 1,895 | — | — | — | 1,895 | — | |||||||||||||||||||
Building Materials | 47,096 | — | 3,402 | (454 | ) | 50,044 | — | ||||||||||||||||||
Arlon | 9,298 | — | — | — | 9,298 | (1,140 | ) | ||||||||||||||||||
$ | 59,783 | $ | 14 | $ | 18,169 | $ | (454 | ) | $ | 77,512 | $ | (1,140 | ) | ||||||||||||
The $14.8 million addition to goodwill within the Joining Materials segment was due to the Company's acquisition of Wolverine Joining, and the $3.4 million addition within the Building Materials segment was due to the Company's acquisition of PAM. The $0.5 million adjustment to goodwill recorded during the year ended December 31, 2013 within the Building Materials segment is related to final purchase price allocation adjustments, including a final working capital adjustment, associated with the prior year acquisition of Hickman. For additional information, see Note 4 - "Acquisitions." | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Segment | Balance at January 1, 2012 | Foreign Currency Translation Adjustments | Additions | Balance at December 31, 2012 | Accumulated Impairment Losses | ||||||||||||||||||||
Joining Materials | $ | 1,489 | $ | 5 | $ | — | $ | 1,494 | $ | — | |||||||||||||||
Tubing | 1,895 | — | — | 1,895 | — | ||||||||||||||||||||
Building Materials | 43,829 | — | 3,267 | 47,096 | — | ||||||||||||||||||||
Arlon | 9,298 | — | — | 9,298 | (1,140 | ) | |||||||||||||||||||
$ | 56,511 | $ | 5 | $ | 3,267 | $ | 59,783 | $ | (1,140 | ) | |||||||||||||||
Other intangible assets as of December 31, 2013 and December 31, 2012 consisted of: | |||||||||||||||||||||||||
(in thousands) | December 31, 2013 | December 31, 2012 | Weighted-Average Amortization Life (in Years) | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||
Customer relationships | $ | 52,565 | $ | (16,259 | ) | $ | 36,306 | $ | 38,825 | $ | (13,232 | ) | $ | 25,593 | 16.5 | ||||||||||
Trademarks, trade names and brand names | 10,231 | (2,116 | ) | 8,115 | 5,048 | (1,634 | ) | 3,414 | 17.5 | ||||||||||||||||
Patents and patent applications | 5,103 | (1,870 | ) | 3,233 | 4,789 | (1,523 | ) | 3,266 | 15.5 | ||||||||||||||||
Non-compete agreements | 906 | (839 | ) | 67 | 906 | (809 | ) | 97 | 7.1 | ||||||||||||||||
Other | 1,808 | (1,193 | ) | 615 | 1,762 | (914 | ) | 848 | 6.1 | ||||||||||||||||
Total | $ | 70,613 | $ | (22,277 | ) | $ | 48,336 | $ | 51,330 | $ | (18,112 | ) | $ | 33,218 | |||||||||||
Amortization expense totaled $4.2 million, $3.3 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The increase in intangible assets and related amortization expense during 2013 was principally due to the Company's acquisition of Wolverine Joining and PAM discussed in Note 4 - "Acquisitions." The estimated amortization expense for each of the five succeeding years and thereafter is as follows: | |||||||||||||||||||||||||
(in thousands) | Customer Relationships | Trademarks, Trade Names and Brand Names | Patents and Patent Applications | Non-Compete Agreements | Other | Total | |||||||||||||||||||
2014 | $ | 3,421 | $ | 594 | $ | 356 | $ | 30 | $ | 290 | $ | 4,691 | |||||||||||||
2015 | 3,421 | 594 | 342 | 30 | 194 | 4,581 | |||||||||||||||||||
2016 | 3,421 | 594 | 270 | 7 | 85 | 4,377 | |||||||||||||||||||
2017 | 3,414 | 594 | 270 | — | 37 | 4,315 | |||||||||||||||||||
2018 | 3,378 | 594 | 270 | — | 9 | 4,251 | |||||||||||||||||||
Thereafter | 19,251 | 5,145 | 1,725 | — | — | 26,121 | |||||||||||||||||||
$ | 36,306 | $ | 8,115 | $ | 3,233 | $ | 67 | $ | 615 | $ | 48,336 | ||||||||||||||
These balances are subject to adjustment during the finalization of the purchase price allocations for the Wolverine Joining and PAM acquisitions. |
Investments
Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
On December 31, 2013 and December 31, 2012, the Company held an investment in the common stock of a public company, ModusLink Global Solutions, Inc. ("ModusLink"), which is classified as an investment in associated company on the consolidated balance sheet. The value of this investment increased from $17.2 million at December 31, 2012 to $34.0 million at December 31, 2013 due entirely to changes in the share price of ModusLink's common stock. | ||||||||||||||||
As of March 11, 2013, Steel Partners Holdings L.P. ("SPLP") and its associated companies, which include the Company, owned a combined total of 6,481,185 ModusLink common shares, which represented 14.7% of ModusLink's outstanding shares. SPLP is a majority shareholder of HNH, owning directly or indirectly through its subsidiaries in excess of 50% of HNH's common shares. The power to vote and dispose of the securities held by SPLP is controlled by Steel Partners Holdings GP Inc. ("SPH GP"). On February 11, 2013, SPLP entered into an agreement ("Investment Agreement") whereby, under certain conditions, it agreed to purchase 7,500,000 shares of ModusLink common stock at a price of $4.00 per share and receive warrants to purchase 2,000,000 additional shares of ModusLink common stock at an exercise price of $5.00 per share. | ||||||||||||||||
At its annual meeting held on March 12, 2013, ModusLink's stockholders voted to approve the Investment Agreement with SPLP and also to elect Warren G. Lichtenstein and Glen M. Kassan to the ModusLink Board of Directors, both of whom are directors of HNH, and Mr. Lichtenstein is Executive Chairman of SPH GP. Mr. Lichtenstein was also designated Chairman of the Board of ModusLink. Also on March 12, 2013, pursuant to the terms and conditions of the Investment Agreement, SPLP purchased the 7,500,000 shares of ModusLink's common stock. As of December 31, 2013, SPLP and HNH own 15.6% and 11.5% of ModusLink's common stock, respectively, for an aggregate ownership of 27.1%. The outstanding warrants to purchase 2,000,000 additional shares of ModusLink common stock held by SPLP will expire on the date that is five years following the closing of the Investment Agreement. | ||||||||||||||||
HNH had historically accounted for its investment in ModusLink as an available-for-sale security in non-current assets on the consolidated balance sheet. As of December 31, 2012, the cost of the Company's investment in ModusLink was $24.3 million, and the fair value was $17.2 million. The unrealized loss associated with this security was included in accumulated other comprehensive loss on the consolidated balance sheet and also in the consolidated statement of changes in stockholders' equity, net of tax. The change in the unrealized gain or loss was included in other comprehensive income (loss). | ||||||||||||||||
As a result of the board representation described above, together with SPLP's direct ownership of an additional 15.6% of ModusLink common stock, HNH has concluded that it has significant influence over the operating and financial policies of ModusLink, and therefore its investment in ModusLink became subject to the equity method of accounting as of March 12, 2013. | ||||||||||||||||
HNH has elected the option to value its investment in ModusLink using fair value effective March 12, 2013 in order to more appropriately reflect the value of ModusLink in its consolidated financial statements. As a result, the Company will carry its ModusLink investment on the consolidated balance sheet at fair value, with unrealized gains and losses on the investment reported in net income. On March 12, 2013, the accumulated unrealized loss of $4.3 million related to ModusLink that was recorded in accumulated other comprehensive loss, net of a tax benefit of $1.9 million, was reclassified to earnings. Prior to March 12, 2013, there had been no sales or realized gains or losses from this marketable security, and no impairments, whether other-than-temporary or not, recognized in the consolidated income statement. | ||||||||||||||||
ModusLink's fiscal year ends on July 31. Summarized unaudited information as to assets, liabilities and results of operations of ModusLink for the quarter ended October 31, 2013, its most recently completed fiscal quarter, as well as for the nine months ended October 31, 2013, the nearest practicable period corresponding to the period the Company has accounted for its investment in ModusLink under the equity method of accounting, and the comparable prior periods, are as follows: | ||||||||||||||||
October 31, | July 31, | |||||||||||||||
(in thousands) | 2013 | 2013 | ||||||||||||||
Current assets | $ | 319,994 | $ | 291,086 | ||||||||||||
Non-current assets | $ | 50,235 | $ | 52,610 | ||||||||||||
Current liabilities | $ | 199,324 | $ | 176,431 | ||||||||||||
Non-current liabilities | $ | 10,706 | $ | 10,360 | ||||||||||||
Stockholders' equity | $ | 160,199 | $ | 156,905 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net revenue | $ | 191,415 | $ | 197,051 | $ | 545,432 | $ | 543,733 | ||||||||
Gross profit | $ | 21,995 | $ | 18,624 | $ | 57,463 | $ | 46,002 | ||||||||
Income (loss) from continuing operations | $ | 538 | $ | (9,831 | ) | $ | (16,544 | ) | $ | (27,641 | ) | |||||
Net income (loss) | $ | 617 | $ | (10,660 | ) | $ | (16,530 | ) | $ | (37,037 | ) | |||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||
Debt at December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||||||||||||||||
(in thousands) | December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Foreign | $ | 304 | $ | 778 | ||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Senior Term Loan | 116,000 | 115,000 | ||||||||||||||||||||||||||
Revolving Facility | 30,950 | — | ||||||||||||||||||||||||||
Subordinated Notes, net of unamortized discount | — | 9,440 | ||||||||||||||||||||||||||
Other H&H debt - domestic | 8,279 | 8,597 | ||||||||||||||||||||||||||
Foreign loan facilities | 1,658 | 4,713 | ||||||||||||||||||||||||||
Sub total | 156,887 | 137,750 | ||||||||||||||||||||||||||
Less portion due within one year | 12,818 | 8,943 | ||||||||||||||||||||||||||
Long-term debt | 144,069 | 128,807 | ||||||||||||||||||||||||||
Long-term debt - related party | ||||||||||||||||||||||||||||
Subordinated Notes, net of unamortized discount | — | 19,916 | ||||||||||||||||||||||||||
Total long-term debt | 144,069 | 148,723 | ||||||||||||||||||||||||||
Total debt | $ | 157,191 | $ | 158,444 | ||||||||||||||||||||||||
Long-term debt at December 31, 2013 matures in each of the next five years as follows: | ||||||||||||||||||||||||||||
(in thousands) | Total | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||||
Long-term debt (a) | $ | 156,887 | $ | 12,818 | $ | 21,969 | $ | 15,691 | $ | 106,409 | $ | — | $ | — | ||||||||||||||
a) | Assumes repayment of the Revolving Facility on its contractual maturity date. | |||||||||||||||||||||||||||
Senior Credit Facility | ||||||||||||||||||||||||||||
On November 8, 2012, H&H Group entered into a $205.0 million senior secured credit facility, consisting of a revolving credit facility ("Revolving Facility") in an aggregate principal amount not to exceed $90.0 million and a term loan ("Senior Term Loan") in an aggregate principal amount of $115.0 million (collectively, "Senior Credit Facility"). On April 26, 2013, in connection with the acquisition of Wolverine Joining (see Note 4 - "Acquisitions"), the Company's Senior Credit Facility was amended, and on September 13, 2013, the Senior Credit Facility was further amended. These amendments, among other things, increased the lenders' commitments under the Revolving Facility to $160.0 million and their commitments under the Senior Term Loan to $125.0 million, provided H&H Group with additional flexibility regarding its ability to utilize net cash proceeds from permitted asset sales, reset the amount of dividends and other distributions that may be made by H&H Group to the Company following the payment of $7.0 million of previously declared dividends, and amended certain financial covenants and the amortization schedule of the term loan. The term loan, as amended, requires quarterly principal payments of $3.1 million, $3.9 million, $3.9 million and $3.9 million in 2014, 2015, 2016 and 2017, respectively. | ||||||||||||||||||||||||||||
The Senior Credit Facility will expire, with remaining outstanding balances due and payable, on November 8, 2017. The Senior Credit Facility is guaranteed by substantially all existing and thereafter acquired or created domestic and Canadian wholly-owned subsidiaries of H&H Group. The Senior Credit Facility restricts H&H Group's ability to transfer cash or other assets to HNH, subject to certain exceptions including required pension payments to the WHX Corporation Pension Plan ("WHX Pension Plan"). Borrowings under the Senior Credit Facility bear interest, at H&H Group's option, at a rate based on LIBOR or the Base Rate, as defined, plus an applicable margin as set forth in the loan agreement (2.75% and 1.75%, respectively, for LIBOR and Base Rate borrowings at December 31, 2013). The Revolving Facility provides for a commitment fee to be paid on unused borrowings, and usage under the Revolving Facility is governed by a defined Borrowing Base. The Revolving Facility also includes provisions for the issuance of letters of credit up to $15.0 million, with any such issuances reducing availability under the Revolving Facility. The Senior Credit Facility is subject to certain mandatory prepayment provisions and restrictive and financial covenants, which include a maximum ratio limit on Total Leverage and a minimum ratio limit on Fixed Charge Coverage, as defined, as well as a minimum liquidity level. | ||||||||||||||||||||||||||||
At December 31, 2013, letters of credit totaling $3.3 million had been issued. $3.1 million of the letters of credit guarantee various insurance activities, and $0.1 million are for environmental and other matters. Remaining excess availability under the Borrowing Base totaled $36.4 million at December 31, 2013. The weighted-average interest rates on the Senior Term Loan and Revolving Facility were 3.00% and 3.13%, respectively, at December 31, 2013, and the Company was in compliance with all debt covenants at December 31, 2013. | ||||||||||||||||||||||||||||
In connection with lending requirements under the Senior Credit Facility, H&H Group entered into an interest rate swap agreement in February 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, the Company receives one-month LIBOR in exchange for a fixed interest rate of 0.569% over the life of the agreement on an initial $56.4 million notional amount of debt, with the notional amount decreasing by $1.1 million, $1.8 million and $2.2 million per quarter in 2013, 2014 and 2015, respectively. The agreement expires in February 2016. In connection with the amendments made to the Senior Credit Facility in connection with the Wolverine Joining acquisition, H&H Group entered into a second interest rate swap agreement in June 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, the Company receives one-month LIBOR in exchange for a fixed interest rate of 0.598% over the life of the agreement on an initial $5.0 million notional amount of debt, with the notional amount decreasing by $0.1 million, $0.2 million and $0.2 million per quarter in 2013, 2014 and 2015, respectively. The agreement expires in February 2016. | ||||||||||||||||||||||||||||
Subordinated Notes | ||||||||||||||||||||||||||||
On October 15, 2010, H&H Group refinanced the prior indebtedness of H&H and Bairnco to the SPII Liquidating Series Trusts (Series A and Series E)("Steel Trusts"), each constituting a separate series of the SPII Liquidating Trust as successor-in-interest to Steel Partners II, L.P. In accordance with the terms of the associated exchange agreement, H&H Group made an approximately $6 million cash payment in partial satisfaction of prior indebtedness to the Steel Trusts and exchanged the remainder of such prior obligations for units consisting of (a) $72.9 million aggregate principal amount of 10% subordinated secured notes due 2017 ("Subordinated Notes") issued by H&H Group pursuant to an indenture, dated as of October 15, 2010 (as amended and restated effective December 13, 2010)("Indenture"), and (b) warrants, exercisable beginning October 15, 2013, to purchase an aggregate of 1,500,806 shares of the Company's common stock, with an exercise price of $11.00 per share ("Warrants"). The Subordinated Notes were redeemable until October 14, 2013, at H&H Group's option, upon payment of the principal amount of the notes, plus all accrued and unpaid interest thereon and an applicable premium set forth in the Indenture. All obligations outstanding under the Subordinated Notes bore interest at a rate of 10% per annum, 6% of which was payable in cash and 4% of which was payable in-kind. | ||||||||||||||||||||||||||||
On October 14, 2011, H&H Group redeemed $25.0 million principal amount of its outstanding Subordinated Notes on a pro-rata basis among all holders thereof at a redemption price of 102.8% of the principal amount and accrued but unpaid payment-in-kind-interest thereof, plus accrued and unpaid cash interest. Until October 15, 2013, the Subordinated Notes were not detachable from the Warrants that were issued with the Subordinated Notes as units ("Units"). Accordingly, a pro-rata portion of Warrants were also redeemed on October 14, 2011, as well as in subsequent redemptions. During 2011, the Company redeemed a total of approximately $35.1 million of Subordinated Notes, including the October redemption. In 2012, H&H Group repurchased an aggregate $10.8 million of Subordinated Notes, plus accrued interest. A (loss) gain of $(1.4) million and $0.2 million on repurchases of the Subordinated Notes is included in interest expense in the consolidated income statements for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||
On March 26, 2013, H&H Group instructed Wells Fargo Bank, National Association ("Wells Fargo"), as trustee and collateral agent, to deliver an irrevocable notice of H&H Group's election to redeem all of its outstanding Subordinated Notes to the holders of the Subordinated Notes. H&H Group also instructed Wells Fargo to redeem, on April 25, 2013, approximately $31.8 million principal amount of Subordinated Notes, representing all of the remaining outstanding Subordinated Notes, at a redemption price equal to 112.6% of the principal amount and accrued but unpaid payment-in-kind-interest thereof, plus accrued and unpaid cash interest. As indicated above, the Subordinated Notes were part of a unit, and, accordingly, the Warrants which comprised a portion of the Units were also redeemed. On March 26, 2013, H&H Group irrevocably deposited with Wells Fargo funds totaling $36.9 million for such redemption and interest payment in order to satisfy and discharge its obligations under the Indenture from both a legal and accounting perspective. Interest expense for the three months ended March 31, 2013 included a $5.7 million loss associated with the redemption of the Subordinated Notes, including the redemption premium and the write-off of remaining deferred finance costs and unamortized debt discounts. | ||||||||||||||||||||||||||||
Other Debt | ||||||||||||||||||||||||||||
A subsidiary of H&H has two mortgage agreements, each collateralized by real property. The mortgage balance on the first facility was $6.5 million and $6.8 million at December 31, 2013 and 2012, respectively. The mortgage bears interest at LIBOR plus a margin of 2.70%, or 2.87% at December 31, 2013, and matures in 2015. The mortgage on the second facility was $1.7 million and $1.8 million at December 31, 2013 and 2012, respectively. The mortgage bears interest at LIBOR plus a margin of 2.70%, or 2.86% at December 31, 2013, and matures in 2017. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Instruments | ' | ||||||||||||||
Derivative Instruments | |||||||||||||||
Precious Metal and Commodity Inventories | |||||||||||||||
As of December 31, 2013, the Company had the following outstanding futures contracts with settlement dates ranging from February 2014 to March 2014. There were no forward contracts outstanding at December 31, 2013. | |||||||||||||||
Notional Value | |||||||||||||||
Commodity | Amount | ($ in millions) | |||||||||||||
Silver | 650,000 | ounces | $ | 12.6 | |||||||||||
Gold | 1,000 | ounces | $ | 1.2 | |||||||||||
Copper | 350,000 | pounds | $ | 1.2 | |||||||||||
Tin | 40 | metric tons | $ | 0.9 | |||||||||||
Of the total futures contracts outstanding, 570,000 ounces of silver and substantially all of the copper contracts are designated and accounted for as fair value hedges. The remaining outstanding futures contracts for silver, and all of the contracts for gold and tin, are accounted for as economic hedges. | |||||||||||||||
The futures contracts are exchange traded contracts acquired through a third party broker. Accordingly, the Company has determined that there is minimal credit risk of default. The Company estimates the fair value of its derivative contracts through the use of market quotes or with the assistance of brokers when market information is not available. The Company maintains collateral on account with the third-party broker. Such collateral consists of both cash that varies in amount depending on the value of open futures contracts, as well as ounces of precious metal held on account by the broker. | |||||||||||||||
Debt Agreements | |||||||||||||||
In connection with its Senior Credit Facility, H&H Group entered into two interest rate swap agreements to reduce its exposure to interest rate fluctuations. See Note 11 - "Debt" for further discussion of the terms of these arrangements. | |||||||||||||||
The Company's Subordinated Notes had call premiums as well as Warrants associated with them. The Company treated the fair value of these features together as both a discount on the debt and a derivative liability at inception of the loan agreement. The discount was being amortized over the life of the notes as an adjustment to interest expense, and the derivative was marked to market at each balance sheet date. As discussed in Note 11 - "Debt," on March 26, 2013, the Company discharged its obligations associated with the Subordinated Notes and Warrants, and therefore, all discounts and derivative accounts related to the Subordinated Notes and Warrants are now zero. | |||||||||||||||
Effect of Derivative Instruments in the Consolidated Income Statements - Income/(Expense) | |||||||||||||||
(in thousands) | Year Ended | ||||||||||||||
December 31, | |||||||||||||||
Derivative | Income Statement Line | 2013 | 2012 | 2011 | |||||||||||
Commodity contracts | Cost of goods sold | $ | 2,528 | $ | — | $ | — | ||||||||
Total derivatives designated as hedging instruments | 2,528 | — | — | ||||||||||||
Commodity contracts | Realized and unrealized gain (loss) on derivatives | 1,988 | 522 | (1,236 | ) | ||||||||||
Interest rate swap agreements | Interest expense | (328 | ) | — | — | ||||||||||
Derivative features of Subordinated Notes | Realized and unrealized (loss) gain on derivatives | (793 | ) | 2,060 | 1,654 | ||||||||||
Total derivatives not designated as hedging instruments | 867 | 2,582 | 418 | ||||||||||||
Total derivatives | $ | 3,395 | $ | 2,582 | $ | 418 | |||||||||
Fair Value of Derivative Instruments on the Consolidated Balance Sheets - Asset/(Liability) | |||||||||||||||
(in thousands) | December 31, | December 31, | |||||||||||||
Derivative | Balance Sheet Location | 2013 | 2012 | ||||||||||||
Commodity contracts | Prepaid and other current assets | $ | 1,778 | $ | — | ||||||||||
Total derivatives designated as hedging instruments | 1,778 | — | |||||||||||||
Commodity contracts | (Accrued liabilities)/Prepaid and other current assets | (158 | ) | 100 | |||||||||||
Interest rate swap agreements | Other liabilities | (214 | ) | — | |||||||||||
Derivative features of Subordinated Notes | Long-term debt and long-term debt - related party | — | 793 | ||||||||||||
Total derivatives not designated as hedging instruments | (372 | ) | 893 | ||||||||||||
Total derivatives | $ | 1,406 | $ | 893 | |||||||||||
Pensions_and_Other_PostRetirem
Pensions and Other Post-Retirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pensions and Other Post-Retirement Benefits | ' | ||||||||||||||||||||||||
Pensions and Other Post-Retirement Benefits | |||||||||||||||||||||||||
The Company maintains several qualified and non-qualified pension plans and other post-retirement benefit plans. The Company's significant pension, post-retirement health care benefit and defined contribution plans are discussed below. The Company's other pension and post-retirement plans are not significant individually or in the aggregate. | |||||||||||||||||||||||||
Qualified Pension Plans | |||||||||||||||||||||||||
HNH sponsors a defined benefit pension plan, the WHX Pension Plan, covering many of H&H's employees and certain employees of H&H's former subsidiary, Wheeling-Pittsburgh Corporation ("WPC"). The WHX Pension Plan was established in May 1998 as a result of the merger of the former H&H plans, which covered substantially all H&H employees, and the WPC plan. The WPC plan, covering most United Steel Workers of America-represented employees of WPC, was created pursuant to a collective bargaining agreement ratified on August 12, 1997. Prior to that date, benefits were provided through a defined contribution plan, the Wheeling-Pittsburgh Steel Corporation Retirement Security Plan ("RSP Plan"). The assets of the RSP Plan were merged into the WPC plan as of December 1, 1997. Under the terms of the WHX Pension Plan, the benefit formula and provisions for the WPC and H&H participants continued as they were designed under each of the respective plans prior to the merger. | |||||||||||||||||||||||||
The qualified pension benefits under the WHX Pension Plan were frozen as of December 31, 2005 and April 30, 2006 for hourly and salaried non-bargaining participants, respectively, with the exception of a single operating unit. In 2011, the benefits were frozen for the remainder of the participants. | |||||||||||||||||||||||||
WPC employees ceased to be active participants in the WHX Pension Plan effective July 31, 2003, and as a result, such employees no longer accrue benefits under the WHX Pension Plan. | |||||||||||||||||||||||||
Bairnco Corporation had several pension plans, which covered substantially all of its employees. In 2006, Bairnco froze the Bairnco Corporation Retirement Plan and initiated employer contributions to its 401(k) plan. On June 2, 2008, two Bairnco plans (Salaried and Kasco) were merged into the WHX Pension Plan. The remaining plan that has not been merged with the WHX Pension Plan covers certain employees at a facility located in Bear, Delaware (the "Bear Plan"), and the pension benefits under the Bear Plan have been frozen. | |||||||||||||||||||||||||
Some of the Company's foreign subsidiaries provide retirement benefits for their employees through defined contribution plans or otherwise provide retirement benefits for employees consistent with local practices. The foreign plans are not significant in the aggregate and therefore are not included in the following disclosures. | |||||||||||||||||||||||||
Pension benefits are based on years of service and the amount of compensation earned during the participants' employment. However, as noted above, the qualified pension benefits have been frozen for all participants. | |||||||||||||||||||||||||
Pension benefits for the WPC bargained participants include both defined benefit and defined contribution features, since the plan includes the account balances from the RSP Plan. The gross benefit, before offsets, is calculated based on years of service and the benefit multiplier under the plan. The net defined benefit pension plan benefit is the gross amount offset for the benefits payable from the RSP Plan and benefits payable by the Pension Benefit Guaranty Corporation from previously terminated plans. Individual employee accounts established under the RSP Plan are maintained until retirement. Upon retirement, participants who are eligible for the WHX Pension Plan and maintain RSP Plan account balances will normally receive benefits from the WHX Pension Plan. When these participants become eligible for benefits under the WHX Pension Plan, their vested balances in the RSP Plan become assets of the WHX Pension Plan. Although these RSP Plan assets cannot be used to fund any of the net benefit that is the basis for determining the defined benefit plan's net benefit obligation at the end of the year, the Company has included the amount of the RSP Plan accounts of $19.4 million and $22.6 million on a gross-basis as both assets and liabilities of the plan as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Certain current and retired employees of H&H are covered by post-retirement medical benefit plans, which provide benefits for medical expenses and prescription drugs. Contributions from a majority of the participants are required, and for those retirees and spouses, the Company's payments are capped. The measurement date for plan obligations is December 31. | |||||||||||||||||||||||||
In 2011, the unrecognized actuarial losses were amortized over the average future service years of active participants in the WHX Pension Plan, which was approximately 10 years. Beginning in 2012, the actuarial losses are being amortized over the average future lifetime of the participants, which is expected to be approximately 21 years. The Company believes that the future lifetime of the participants is more appropriate because the WHX Pension Plan is completely inactive. | |||||||||||||||||||||||||
The components of pension expense and components of other post-retirement benefit expense for the Company's benefit plans included the following: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 218 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 18,594 | 21,651 | 22,553 | 98 | 163 | 171 | |||||||||||||||||||
Expected return on plan assets | (23,964 | ) | (27,005 | ) | (27,249 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 32 | 44 | 63 | — | — | — | |||||||||||||||||||
Amortization of actuarial loss | 10,680 | 8,623 | 10,772 | 8 | 86 | 41 | |||||||||||||||||||
Total | $ | 5,342 | $ | 3,313 | $ | 6,357 | $ | 106 | $ | 249 | $ | 212 | |||||||||||||
Actuarial assumptions used to develop the components of defined benefit pension expense and other post-retirement benefit expense were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rates: | |||||||||||||||||||||||||
WHX Pension Plan | 3.5 | % | 4.15 | % | 4.95 | % | N/A | N/A | N/A | ||||||||||||||||
Other post-retirement benefit plans | N/A | N/A | N/A | 3.65 | % | 4.2 | % | 5.1 | % | ||||||||||||||||
Bear Plan | 4 | % | 4.55 | % | 5.5 | % | N/A | N/A | N/A | ||||||||||||||||
Expected return on assets | 7.5 | % | 8 | % | 8 | % | N/A | N/A | N/A | ||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Health care cost trend rate - initial | N/A | N/A | N/A | 7.25 | % | 7.5 | % | 7.5 | % | ||||||||||||||||
Health care cost trend rate - ultimate | N/A | N/A | N/A | 5 | % | 5 | % | 5 | % | ||||||||||||||||
Year ultimate reached | N/A | N/A | N/A | 2022 | 2022 | 2016 | |||||||||||||||||||
The measurement date for plan obligations is December 31. The discount rate is the rate at which the plans' obligations could be effectively settled and is based on high quality bond yields as of the measurement date. | |||||||||||||||||||||||||
Summarized below is a reconciliation of the funded status for the Company's qualified defined benefit pension plans and post-retirement benefit plans: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 547,456 | $ | 532,619 | $ | 4,208 | $ | 4,092 | |||||||||||||||||
Service cost | — | — | — | — | |||||||||||||||||||||
Interest cost | 18,594 | 21,651 | 98 | 163 | |||||||||||||||||||||
Actuarial (gain) loss | (34,739 | ) | 36,227 | (1,403 | ) | 150 | |||||||||||||||||||
Participant contributions | — | — | 4 | 9 | |||||||||||||||||||||
Plan change | — | — | (1,506 | ) | — | ||||||||||||||||||||
Benefits paid | (34,495 | ) | (36,058 | ) | (317 | ) | (206 | ) | |||||||||||||||||
Insurance contract termination | — | (6,983 | ) | — | — | ||||||||||||||||||||
Transfer from Canfield Salaried SEPP | 724 | — | — | — | |||||||||||||||||||||
Benefit obligation at December 31 | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 330,471 | $ | 346,408 | $ | — | $ | — | |||||||||||||||||
Actual returns on plan assets | 43,924 | 10,924 | — | — | |||||||||||||||||||||
Participant contributions | — | — | 4 | 9 | |||||||||||||||||||||
Benefits paid | (34,495 | ) | (36,058 | ) | (317 | ) | (206 | ) | |||||||||||||||||
Company contributions | 13,349 | 16,180 | 313 | 197 | |||||||||||||||||||||
Insurance contract termination | — | (6,983 | ) | — | — | ||||||||||||||||||||
Transfer from Canfield Salaried SEPP | 724 | — | — | — | |||||||||||||||||||||
Fair value of plan assets at December 31 | 353,973 | 330,471 | — | — | |||||||||||||||||||||
Funded status | $ | (143,567 | ) | $ | (216,985 | ) | $ | (1,084 | ) | $ | (4,208 | ) | |||||||||||||
Accumulated benefit obligation ("ABO") for qualified defined benefit plans: | |||||||||||||||||||||||||
ABO at January 1 | $ | 547,456 | $ | 532,619 | $ | 4,208 | $ | 4,092 | |||||||||||||||||
ABO at December 31 | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Amounts recognized on the consolidated balance sheet: | |||||||||||||||||||||||||
Current liability | $ | — | $ | — | $ | (111 | ) | $ | (211 | ) | |||||||||||||||
Noncurrent liability | (143,567 | ) | (216,985 | ) | (973 | ) | (3,997 | ) | |||||||||||||||||
Total | $ | (143,567 | ) | $ | (216,985 | ) | $ | (1,084 | ) | $ | (4,208 | ) | |||||||||||||
The weighted-average assumptions used in the valuations at December 31 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rates: | |||||||||||||||||||||||||
WHX Pension Plan | 4.4 | % | 3.5 | % | N/A | N/A | |||||||||||||||||||
Bear Plan | 4.95 | % | 4 | % | N/A | N/A | |||||||||||||||||||
Other post-retirement benefit plans | N/A | N/A | 4.1 | % | 3.65 | % | |||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Health care cost trend rate - initial | N/A | N/A | 7.25 | % | 7.25 | % | |||||||||||||||||||
Health care cost trend rate - ultimate | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||
Year ultimate reached | N/A | N/A | 2022 | 2022 | |||||||||||||||||||||
The effect of a 1% increase (decrease) in health care cost trend rates on benefit expense and on other post-retirement benefit obligations is not significant. | |||||||||||||||||||||||||
Pretax amounts included in accumulated other comprehensive loss at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | 32 | $ | (1,506 | ) | $ | — | ||||||||||||||||
Net actuarial loss | 203,627 | 269,005 | 440 | 1,851 | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | 203,627 | $ | 269,037 | $ | (1,066 | ) | $ | 1,851 | ||||||||||||||||
The pretax amount of actuarial losses and prior service cost (credit) included in accumulated other comprehensive loss at December 31, 2013 that is expected to be recognized in net periodic benefit cost in 2014 is $7.7 million and $0.0 million, respectively, for defined benefit pension plans and $0.0 million and $(0.1) million, respectively, for other post-retirement benefit plans. | |||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in comprehensive income (loss) are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Current year actuarial gain (loss) | $ | 54,698 | $ | (52,305 | ) | $ | (93,031 | ) | $ | 1,403 | $ | (150 | ) | $ | (649 | ) | |||||||||
Amortization of actuarial loss | 10,680 | 8,623 | 10,772 | 8 | 86 | 41 | |||||||||||||||||||
Current year prior service credit | — | — | — | 1,506 | — | — | |||||||||||||||||||
Amortization of prior service cost | 32 | 44 | 62 | — | — | — | |||||||||||||||||||
Total recognized in comprehensive income (loss) | $ | 65,410 | $ | (43,638 | ) | $ | (82,197 | ) | $ | 2,917 | $ | (64 | ) | $ | (608 | ) | |||||||||
The actuarial loss occurred principally because the historical investment returns on the assets of the WHX Pension Plan have been lower than actuarial assumptions. | |||||||||||||||||||||||||
Benefit obligations were in excess of plan assets for all pension plans and other post-retirement benefit plans at both December 31, 2013 and 2012. The accumulated benefit obligation for all defined benefit pension plans was $497.5 million and $547.5 million at December 31, 2013 and 2012, respectively. Additional information for plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Projected benefit obligation | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Accumulated benefit obligation | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Fair value of plan assets | $ | 353,973 | $ | 330,471 | $ | — | $ | — | |||||||||||||||||
In determining the expected long-term rate of return on plan assets, the Company evaluated input from various investment professionals. In addition, the Company considered its historical compound returns, as well as the Company's forward-looking expectations. The Company determines its actuarial assumptions for its pension and other post-retirement plans on December 31 of each year to calculate liability information as of that date and pension and other post-retirement expense for the following year. The discount rate assumption is derived from the rate of return on high-quality bonds as of December 31 of each year. | |||||||||||||||||||||||||
The Company's investment policy is to maximize the total rate of return with a view to long-term funding objectives of the pension plan to ensure that funds are available to meet benefit obligations when due. Pension plan assets are diversified to the extent necessary to minimize risk and to achieve an optimal balance between risk and return. There are no target allocations. The WHX Pension Plan's assets are diversified as to type of assets, investment strategies employed and number of investment managers used. Investments may include equities, fixed income, cash equivalents, convertible securities and private investment funds. Derivatives may be used as part of the investment strategy. The Company may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with asset allocation guidelines established by the Company. | |||||||||||||||||||||||||
The fair value of pension investments is defined by reference to one of three categories (Level 1, Level 2 or Level 3) based on the reliability of inputs, as such terms are defined in Note 18 - "Fair Value Measurements." | |||||||||||||||||||||||||
The WHX/Bear Pension Plan assets at December 31, 2013 and 2012, by asset category, are as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013: | |||||||||||||||||||||||||
Assets (Liabilities) at Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large cap | $ | 27,389 | $ | 596 | $ | — | $ | 27,985 | |||||||||||||||||
U.S. mid-cap growth | 62,477 | — | — | 62,477 | |||||||||||||||||||||
U.S. small-cap value | 14,460 | 2,031 | — | 16,491 | |||||||||||||||||||||
International large cap value | 16,355 | — | — | 16,355 | |||||||||||||||||||||
Equity contracts | 96 | — | — | 96 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate bonds and loans | 33 | 63,405 | 503 | 63,941 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Common trust funds (1) | — | 98,610 | — | 98,610 | |||||||||||||||||||||
Fund of funds (2) | — | 41,898 | — | 41,898 | |||||||||||||||||||||
120,810 | 206,540 | 503 | 327,853 | ||||||||||||||||||||||
Shorts | (62,776 | ) | (938 | ) | — | (63,714 | ) | ||||||||||||||||||
Total | $ | 58,034 | $ | 205,602 | $ | 503 | 264,139 | ||||||||||||||||||
Cash and cash equivalents | 94,130 | ||||||||||||||||||||||||
Net payables | (4,296 | ) | |||||||||||||||||||||||
Total pension assets | $ | 353,973 | |||||||||||||||||||||||
Fair Value Measurements as of December 31, 2012: | |||||||||||||||||||||||||
Assets (Liabilities) at Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large cap | $ | 20,572 | $ | 543 | $ | — | $ | 21,115 | |||||||||||||||||
U.S. mid-cap growth | 36,065 | — | 209 | 36,274 | |||||||||||||||||||||
U.S. small-cap value | 15,295 | 138 | — | 15,433 | |||||||||||||||||||||
International large cap value | 16,118 | 116 | — | 16,234 | |||||||||||||||||||||
Equity contracts | 308 | — | — | 308 | |||||||||||||||||||||
Preferred stocks | 530 | 2,016 | — | 2,546 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate bonds and loans | 415 | 51,052 | 548 | 52,015 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Common trust funds (1) | — | 68,830 | — | 68,830 | |||||||||||||||||||||
Fund of funds (2) | — | 37,142 | — | 37,142 | |||||||||||||||||||||
89,303 | 159,837 | 757 | 249,897 | ||||||||||||||||||||||
Futures contracts, net | (58,148 | ) | 5,478 | — | (52,670 | ) | |||||||||||||||||||
Total | $ | 31,155 | $ | 165,315 | $ | 757 | 197,227 | ||||||||||||||||||
Cash and cash equivalents | 133,590 | ||||||||||||||||||||||||
Net payables | (346 | ) | |||||||||||||||||||||||
Total pension assets | $ | 330,471 | |||||||||||||||||||||||
-1 | Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities and are valued at their Net Asset Values ("NAV") that are calculated by the investment manager or sponsor of the fund. | ||||||||||||||||||||||||
-2 | Fund of funds consist of fund-of-fund LLC or commingled fund structures. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities. The LLCs are valued based on NAVs calculated by the fund and are not publicly available. | ||||||||||||||||||||||||
The Company's policy is to recognize transfers in and transfers out of Level 3 as of the date of the event or change in circumstances that caused the transfer. | |||||||||||||||||||||||||
Changes in the WHX/Bear Pension Plan assets for which fair value is determined using significant unobservable inputs (Level 3) were as follows during 2013 and 2012: | |||||||||||||||||||||||||
Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | U.S. Large Cap | U.S. Mid Cap Growth | Corporate Bonds and Loans | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance as of January 1, 2013 | $ | — | $ | 209 | $ | 548 | |||||||||||||||||||
Transfers into Level 3 | — | — | — | ||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | ||||||||||||||||||||||
Gains or losses included in changes in net assets | — | 23 | 85 | ||||||||||||||||||||||
Purchases, issuances, sales and settlements | |||||||||||||||||||||||||
Purchases | — | — | — | ||||||||||||||||||||||
Issuances | — | — | — | ||||||||||||||||||||||
Sales | — | (232 | ) | (130 | ) | ||||||||||||||||||||
Settlements | — | — | — | ||||||||||||||||||||||
Ending balance as of December 31, 2013 | $ | — | $ | — | $ | 503 | |||||||||||||||||||
Year Ended December 31, 2012 | U.S. Large Cap | U.S. Mid Cap Growth | Corporate Bonds and Loans | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance as of January 1, 2012 | $ | 593 | $ | — | $ | — | |||||||||||||||||||
Transfers into Level 3 | — | — | — | ||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | ||||||||||||||||||||||
Gains or losses included in changes in net assets | 673 | 145 | 11 | ||||||||||||||||||||||
Purchases, issuances, sales and settlements | |||||||||||||||||||||||||
Purchases | — | — | 547 | ||||||||||||||||||||||
Issuances | — | 64 | — | ||||||||||||||||||||||
Sales | (1,202 | ) | — | (10 | ) | ||||||||||||||||||||
Settlements | (64 | ) | — | — | |||||||||||||||||||||
Ending balance as of December 31, 2012 | $ | — | $ | 209 | $ | 548 | |||||||||||||||||||
The following tables present the category, fair value, redemption frequency and redemption notice period for those assets whose fair value was estimated using the NAV per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Class Name | Description | Fair Value December 31, 2013 | Redemption frequency | Redemption Notice Period | |||||||||||||||||||||
Fund of funds | Equity long/short hedge funds | $ | 5,707 | Quarterly | 45 day notice | ||||||||||||||||||||
Fund of funds | Fund of fund composites | $ | 36,191 | Quarterly | 45 day notice | ||||||||||||||||||||
Common trust funds | Equity long/short hedge funds | $ | 12,635 | Annually | 90 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 69,255 | Annually | 45 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 16,720 | Monthly | 90 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 34,991 | Monthly | 30 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 77,093 | Quarterly | 45 day notice | ||||||||||||||||||||
Class Name | Description | Fair Value December 31, 2012 | Redemption frequency | Redemption Notice Period | |||||||||||||||||||||
Fund of funds | Equity long/short hedge funds | $ | 4,862 | Quarterly | 45 day notice | ||||||||||||||||||||
Fund of funds | Fund of fund composites | $ | 32,280 | Quarterly | 45 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 55,853 | Annually | 45 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 12,977 | Monthly | 90 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 33,324 | Monthly | 30 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 64,490 | Quarterly | 45 day notice | ||||||||||||||||||||
Unfunded Commitments | |||||||||||||||||||||||||
As of December 31, 2013, the Plan had an unfunded commitment for additional capital of approximately $39.0 million to an event driven hedge fund. The commitment was funded in January 2014 through an in-kind transfer from one of the Plan's separately managed funds. | |||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
Employer contributions consist of funds paid from employer assets into a qualified pension trust account. The Company's funding policy is to contribute annually an amount that satisfies the minimum funding standards of ERISA. | |||||||||||||||||||||||||
The Company expects to have required minimum pension contributions for 2014, 2015, 2016, 2017, 2018 and for the five years thereafter of $24.3 million, $21.7 million, $17.1 million, $15.8 million, $13.9 million, and $27.6 million, respectively. Required future contributions are determined based upon assumptions such as discount rates on future obligations, assumed rates of return on plan assets and legislative changes. Pension costs and required funding obligations will be affected by changes in the factors and assumptions described in the previous sentence, as well as other changes such as any plan termination. | |||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||
Estimated future benefit payments for the benefit plans over the next ten years are as follows (in thousands): | |||||||||||||||||||||||||
Pension | Other Post-Retirement | ||||||||||||||||||||||||
Years | Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 34,813 | $ | 111 | |||||||||||||||||||||
2015 | 34,640 | 118 | |||||||||||||||||||||||
2016 | 34,456 | 112 | |||||||||||||||||||||||
2017 | 34,247 | 100 | |||||||||||||||||||||||
2018 | 34,018 | 94 | |||||||||||||||||||||||
2019- 2023 | 163,182 | 366 | |||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||
Certain employees participate in a Company sponsored savings plan, which qualifies under Section 401(k) of the Internal Revenue Code. This savings plan allows eligible employees to contribute from 1% to 75% of their income on a pretax basis. The Company presently makes a contribution to match 50% of the first 6% of the employee's contribution. The charge to expense for the Company's matching contribution amounted to $1.4 million, $1.8 million and $2.0 million in 2013, 2012 and 2011, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Statement of Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Stockholders' Equity | |||||||||||||||||
The Company's authorized capital stock is a total of 185,000,000 shares, consisting of 180,000,000 shares of common stock and 5,000,000 shares of preferred stock. Of the authorized shares, no shares of preferred stock have been issued. As of December 31, 2013 and 2012, 12,985,840 and 13,140,004 shares of common stock were outstanding, respectively. | |||||||||||||||||
Although the Board of Directors of HNH is expressly authorized to fix the designations, preferences and rights, limitations or restrictions of the preferred stock by adoption of a Preferred Stock Designation resolution, the Board of Directors has not yet done so. The common stock of HNH has voting power, is entitled to receive dividends when and if declared by the Board of Directors and is subject to any preferential dividend rights of any then-outstanding preferred stock, and in liquidation, after distribution of the preferential amount, if any, due to preferred stockholders, are entitled to receive all the remaining assets of the corporation. | |||||||||||||||||
Common Stock Repurchase Program | |||||||||||||||||
On May 29, 2013, the Company's Board of Directors approved the repurchase of up to an aggregate of $2.0 million of the Company's common stock. On June 27, 2013, the Board of Directors further approved the repurchase of up to an aggregate of $8.0 million of the Company's common stock, which was in addition to the previously approved repurchase up to an aggregate of $2.0 million of common stock. Such repurchases were made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. The Company repurchased 458,131 shares for a total purchase price of approximately $9.8 million under the repurchase program, which concluded at the end of 2013. | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
Changes, net of tax, in accumulated other comprehensive (loss) income and its components follow: | |||||||||||||||||
(in thousands) | Unrealized (Loss) Gain on Marketable Equity Securities | Foreign Currency Translation Adjustments | Change in Net Pension and Other Benefit Obligations | Total | |||||||||||||
Balance at December 31, 2012 | $ | (4,072 | ) | $ | 2,481 | $ | (224,577 | ) | $ | (226,168 | ) | ||||||
Current period income | 1,710 | 56 | 42,675 | 44,441 | |||||||||||||
Reclassification adjustments, net of tax | 2,362 | (2,566 | ) | — | (204 | ) | |||||||||||
Balance at December 31, 2013 | $ | — | $ | (29 | ) | $ | (181,902 | ) | $ | (181,931 | ) | ||||||
Income tax (provisions) benefits of $(28.7) million, $20.5 million and $24.2 million were recorded in accumulated other comprehensive loss for 2013, 2012 and 2011, respectively. | |||||||||||||||||
As discussed in Note 10 - "Investments," the Company's investment in ModusLink became subject to the equity method of accounting during the first quarter of 2013. Accordingly, the accumulated unrealized loss of $2.4 million on available-for-sale securities associated with this investment was reclassified out of accumulated other comprehensive loss and into earnings, as a component of gain from associated company, net of tax. | |||||||||||||||||
As discussed in Note 5 - "Discontinued Operations," the Company completed the final liquidation of ITD in July 2013 and recognized $2.6 million in foreign currency translation gains in earnings during the third quarter of 2013, which were previously reported in accumulated other comprehensive loss on the consolidated balance sheet. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company has granted restricted stock awards and stock options under its 2007 Incentive Stock Plan, as amended ("2007 Plan"), to certain employees, members of the Board of Directors and service providers. On May 21, 2013, the Company's stockholders approved an increase in the number of shares authorized for issuance under the 2007 Plan from 1,650,000 shares to 2,075,000 shares. | ||||||||||||||
Restricted Stock | ||||||||||||||
Restricted stock grants made to employees are in lieu of a long-term incentive plan component in the Company's bonus plan for those individuals who receive shares of restricted stock. Compensation expense is measured based on the fair value of the stock-based awards on the grant date, as measured by the NASDAQ closing price for the Company's common stock. Compensation expense is recognized in the consolidated income statement on a straight-line basis over the requisite service period, which is the vesting period. | ||||||||||||||
In 2011, the Compensation Committee of the Company's Board of Directors approved the grant of 495,600 shares of restricted stock awards to certain employees, members of the Board of Directors and service providers. The restricted stock grants made to the employees and service providers, totaling 289,600 shares, vested with respect to 25% of the award upon grant and vest in equal annual installments over a three year period from the grant date with respect to the remaining 75% of the award. Additionally, the Compensation Committee also approved the grant of (a) 1,000 shares of restricted stock to each Director other than the Chairman and Vice Chairman, and (b) 100,000 shares of restricted stock to each of the Chairman and Vice Chairman, or a total of 205,000 shares to Directors. On June 17, 2011, the Company granted 1,000 shares in a restricted stock award to a newly-appointed Director. The restricted stock grants to the Directors vested one year from the date of grant. | ||||||||||||||
In 2012 and 2013, respectively, the Compensation Committee approved the grant of an aggregate 525,400 and 319,788 shares of restricted stock to certain employees, members of the Board of Directors and service providers. The restricted stock grants made to the employees and service providers in 2012 and 2013 vest in equal annual installments over a three year period from the grant date. The restricted stock grants to the Directors vest one year from the grant date. | ||||||||||||||
The Company allows certain grantees to forego the issuance of shares to meet any applicable income tax withholding due as a result of the vesting of restricted stock. Such shares are returned to the unissued shares of the Company's common stock. During the years ended December 31, 2013 and 2012, 2,615 and 20,494 shares, respectively, were foregone in connection with income tax withholding obligations. | ||||||||||||||
Restricted stock activity under the 2007 Plan was as follows for the years ended December 31, 2013 and December 31, 2012: | ||||||||||||||
(shares) | Employees | Directors | Total | |||||||||||
Balance, January 1, 2013 | 503,440 | 458,000 | 961,440 | |||||||||||
Granted | 157,788 | 162,000 | 319,788 | |||||||||||
Forfeited | (13,202 | ) | — | (13,202 | ) | |||||||||
Reduced for income tax obligations | (2,615 | ) | — | (2,615 | ) | |||||||||
Balance, December 31, 2013 | 645,411 | 620,000 | 1,265,411 | |||||||||||
Vested at December 31, 2013 | 270,124 | 458,000 | 728,124 | |||||||||||
Non-vested at December 31, 2013 | 375,287 | 162,000 | 537,287 | |||||||||||
Employees | Directors | Total | ||||||||||||
Balance, January 1, 2012 | 261,934 | 206,000 | 467,934 | |||||||||||
Granted | 273,400 | 252,000 | 525,400 | |||||||||||
Forfeited | (11,400 | ) | — | (11,400 | ) | |||||||||
Reduced for income tax obligations | (20,494 | ) | — | (20,494 | ) | |||||||||
Balance, December 31, 2012 | 503,440 | 458,000 | 961,440 | |||||||||||
The Company has recognized compensation expense related to restricted shares of $4.9 million, $4.5 million and $3.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Unearned compensation expense related to restricted shares at December 31, 2013 is $3.6 million, which is net of an estimated 5% forfeiture rate for employees and service providers. This amount will be recognized over the remaining vesting period of the restricted shares. | ||||||||||||||
Stock Options | ||||||||||||||
In July 2007, stock options were granted to certain employees and Directors under the 2007 Plan. The 2007 Plan permits options to be granted up to a maximum contractual term of 10 years. The Company's policy is to use shares of unissued common stock upon exercise of stock options. | ||||||||||||||
The Company estimated the fair value of the stock options granted in accordance with U.S. GAAP using a Black-Scholes option-pricing model. The expected average risk-free rate was based on a U.S. treasury yield curve. The expected average life represented the period of time that options granted are expected to be outstanding. Expected volatility was based on historical volatilities of HNH's common stock. The expected dividend yield was based on historical information and management's plan. | ||||||||||||||
The Company recorded no compensation expense related to its stock options in 2013, 2012 or 2011 since the options fully vested prior to 2010. | ||||||||||||||
Stock option activity under the Company's 2007 Plan was as follows in 2013: | ||||||||||||||
Options | Shares (000's) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (000's) | ||||||||||
Outstanding options at December 31, 2012 | 49 | $ | 90 | 3.34 | $ | — | ||||||||
Granted | — | — | — | |||||||||||
Exercised | — | — | — | |||||||||||
Forfeited or expired | (7 | ) | 90 | — | ||||||||||
Outstanding at December 31, 2013 | 42 | $ | 90 | 2.34 | $ | — | ||||||||
Exercisable at December 31, 2013 | 42 | $ | 90 | 2.34 | $ | — | ||||||||
As of December 31, 2013, there were 767,389 shares reserved for future issuance under the 2007 Plan. | ||||||||||||||
On July 6, 2007, the Compensation Committee adopted an incentive arrangement for a member of the Board of Directors who is a related party to the Company. This arrangement provides, among other things, for this individual to receive a bonus equal to 10,000 multiplied by the difference of the fair market value of the Company's stock price and $90.00 per share. The incentive arrangement terminates July 6, 2015, to the extent not previously received. Under U.S. GAAP, the Company is required to adjust its obligation for the fair value of such incentive arrangements from the date of actual grant to the latest balance sheet date and to record such incentive arrangements as liabilities on the consolidated balance sheet. The Company recorded $0.2 million and $0.1 million of non-cash income in 2012 and 2011, respectively, associated with such awards. No income or expense was recorded in 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
Income Taxes | ' | ||||||||||||||
Income Taxes | |||||||||||||||
Income from continuing operations before tax and equity investment for the three years ended December 31 is as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Domestic | $ | 36,256 | $ | 28,717 | $ | 20,183 | |||||||||
Foreign | 1,893 | 6,497 | 8,145 | ||||||||||||
Total income from continuing operations before tax and equity investment | $ | 38,149 | $ | 35,214 | $ | 28,328 | |||||||||
The provision for (benefit from) income taxes for the three years ended December 31 is as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Current | |||||||||||||||
Domestic | $ | 2,591 | $ | 2,662 | $ | 1,564 | |||||||||
Foreign | 1,123 | 1,224 | 1,287 | ||||||||||||
Total income taxes, current | $ | 3,714 | $ | 3,886 | $ | 2,851 | |||||||||
Deferred | |||||||||||||||
Domestic | $ | 12,757 | $ | 9,071 | $ | (109,309 | ) | ||||||||
Foreign | (443 | ) | 108 | 370 | |||||||||||
Total income taxes, deferred | $ | 12,314 | $ | 9,179 | $ | (108,939 | ) | ||||||||
Total income tax provision (benefit) | $ | 16,028 | $ | 13,065 | $ | (106,088 | ) | ||||||||
Deferred income taxes result from temporary differences in the financial basis and tax basis of assets and liabilities. The amounts shown on the following table represent the tax effect of temporary differences between the Company's consolidated tax return basis of assets and liabilities and the corresponding basis for financial reporting, as well as tax credit and operating loss carryforwards. | |||||||||||||||
(in thousands) | December 31, | ||||||||||||||
Deferred Income Tax Sources | 2013 | 2012 | |||||||||||||
Current Deferred Income Tax Items: | |||||||||||||||
Inventories | $ | 2,426 | $ | 3,503 | |||||||||||
Environmental costs | 1,220 | 2,377 | |||||||||||||
Net operating loss carryforwards | 13,323 | 14,530 | |||||||||||||
Accrued liabilities | 3,046 | 3,264 | |||||||||||||
Other items, net | 913 | 1,023 | |||||||||||||
Current deferred income tax assets before valuation allowance | 20,928 | 24,697 | |||||||||||||
Valuation allowance | (421 | ) | (324 | ) | |||||||||||
Deferred income tax assets - current | $ | 20,507 | $ | 24,373 | |||||||||||
Foreign | $ | (433 | ) | $ | (1,022 | ) | |||||||||
Deferred income tax liabilities - current | $ | (433 | ) | $ | (1,022 | ) | |||||||||
Non-Current Deferred Income Tax Items: | |||||||||||||||
Post-retirement and post-employment employee benefits | $ | 904 | $ | 1,817 | |||||||||||
Net operating loss carryforwards | 27,198 | 45,794 | |||||||||||||
Pension liability | 53,624 | 81,392 | |||||||||||||
Impairment of long-lived assets | 2,636 | 2,528 | |||||||||||||
Minimum tax credit carryforwards | 3,265 | 2,287 | |||||||||||||
Miscellaneous other | 1,953 | 4,397 | |||||||||||||
Non-current deferred income tax assets before valuation allowance | 89,580 | 138,215 | |||||||||||||
Valuation allowance | (1,729 | ) | (1,814 | ) | |||||||||||
Non-current deferred income tax assets | 87,851 | 136,401 | |||||||||||||
Property, plant and equipment | (13,558 | ) | (13,802 | ) | |||||||||||
Intangible assets | (9,378 | ) | (7,526 | ) | |||||||||||
Undistributed foreign earnings | (568 | ) | (534 | ) | |||||||||||
Other items, net | (4,661 | ) | (1,971 | ) | |||||||||||
Non-current deferred income tax liabilities | (28,165 | ) | (23,833 | ) | |||||||||||
Net non-current deferred income tax assets | $ | 59,686 | $ | 112,568 | |||||||||||
As of December 31, 2010, the Company had established a deferred income tax valuation allowance of $116.7 million against its deferred income tax assets. The valuation allowance was recorded because the realizability of the deferred income tax benefit of the Company's net operating loss carryforwards and other deferred income tax assets was not considered "more likely than not." In the fourth quarter of 2011, the Company changed its judgment about the realizability of its deferred income tax assets. The recognition of this non-cash tax benefit followed an assessment of the Company's domestic operations and of the likelihood that the associated deferred income tax assets will be realized. We considered factors such as recent financial results, forecast future operating income of our subsidiaries, expected future taxable income, mix of taxable income and available carryforward periods. As a result, we estimated that it is more likely than not that we will be able to realize the benefit of certain deferred income tax assets. However, in certain jurisdictions, we do not consider it more likely than not that all of our state net operating loss carryforwards will be realized in future periods and have retained a valuation allowance against those. Because the determination of the realizability of deferred income tax assets is based upon management's judgment of future events and uncertainties, the amount of the deferred income tax assets realized could be reduced if actual future income or future income tax rates are lower than currently enacted rates. | |||||||||||||||
In accordance with ASC 740, Income Taxes, the effect of a change in the beginning-of-the-year balance of a valuation allowance that results from a change in circumstances that causes a change in judgment about the realizability of the related deferred income tax asset in future years should be included in income from continuing operations in the period of the change. Accordingly, in the fourth quarter of 2011, the Company recorded a non-cash tax benefit in income from continuing operations, net of tax, as a result of the reversal of its deferred income tax valuation allowance. | |||||||||||||||
Included in deferred income tax assets as of December 31, 2013 is a $40.5 million tax effect of the Company's U.S. federal NOLs of $106.9 million, as well as certain state NOLs. The U.S. federal NOLs expire between 2024 and 2029. Also included in deferred income tax assets are tax credit carryforwards of $3.3 million. The Company's 2013 tax provisions from continuing and discontinued operations reflect utilization of approximately $53.0 million of federal NOLs. | |||||||||||||||
In 2005, the Company experienced an ownership change as defined by Section 382 of the Internal Revenue Code upon its emergence from bankruptcy. Section 382 imposes annual limitations on the utilization of net operating carryforwards post-ownership change. The Company believes it qualifies for the bankruptcy exception to the general Section 382 limitations. Under this exception, the annual limitation imposed by Section 382 resulting from an ownership change will not apply; instead the NOLs must be reduced by certain interest expense paid to creditors who became stockholders as a result of the bankruptcy reorganization. Thus, the Company's U.S. federal NOLs of $106.9 million as of December 31, 2013 include a reduction of $31.0 million ($10.8 million tax-effect). | |||||||||||||||
The Company provides income taxes on the undistributed earnings of non-U.S. corporate subsidiaries, except to the extent that such earnings are permanently invested outside the United States. As of December 31, 2013, $14.1 million of accumulated undistributed earnings of non-U.S. corporate subsidiaries were permanently invested. At existing applicable income tax rates, additional taxes of approximately $4.9 million would need to be provided if such earnings were remitted. | |||||||||||||||
Total federal, state and foreign income taxes paid in 2013, 2012 and 2011 were $7.5 million, $4.2 million, and $4.3 million, respectively. On the consolidated balance sheet, net current income taxes totaled $0.0 million as of December 31, 2013 and a $0.2 million receivable as of December 31, 2012. | |||||||||||||||
The provision (benefit) for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Income from continuing operations before tax and equity investment | $ | 38,149 | $ | 35,214 | $ | 28,328 | |||||||||
Tax provision at statutory rate | $ | 13,352 | $ | 12,325 | $ | 9,915 | |||||||||
Increase (decrease) in tax due to: | |||||||||||||||
Foreign dividend income | — | — | 929 | ||||||||||||
State income tax, net of federal effect | 2,455 | 2,396 | 919 | ||||||||||||
Net increase (decrease) in valuation allowance | 12 | (454 | ) | (116,689 | ) | ||||||||||
(Decrease) increase in liability for uncertain tax positions | (679 | ) | 8 | 43 | |||||||||||
Net effect of foreign tax rate and tax holidays | 17 | (942 | ) | (369 | ) | ||||||||||
Other items, net | 871 | (268 | ) | (836 | ) | ||||||||||
Tax provision (benefit) | $ | 16,028 | $ | 13,065 | $ | (106,088 | ) | ||||||||
U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position. At December 31, 2013 and 2012, the Company had $1.3 million and $2.3 million, respectively, of unrecognized tax benefits recorded, all of which, net of federal benefit, would affect the Company's effective tax rate if recognized. The changes in the amount of unrecognized tax benefits in 2013 and 2012 were as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||
Beginning balance | $ | 2,273 | $ | 2,306 | |||||||||||
Additions for tax positions related to current year | 404 | 368 | |||||||||||||
Additions due to interest accrued | 80 | 100 | |||||||||||||
Tax positions of prior years: | |||||||||||||||
Payments | (250 | ) | (42 | ) | |||||||||||
Settlements | (640 | ) | — | ||||||||||||
Due to lapsed statutes of limitations | (488 | ) | (484 | ) | |||||||||||
Other | (35 | ) | 25 | ||||||||||||
Ending balance | $ | 1,344 | $ | 2,273 | |||||||||||
The Company recognizes interest and penalties related to uncertain tax positions in its income tax provision. As of December 31, 2013 and 2012, approximately $0.1 million and $0.4 million, respectively, of interest related to uncertain tax positions was accrued. No penalties were accrued. It is reasonably possible that the total amount of unrecognized tax benefits will decrease by as much as $0.3 million during the next twelve months as a result of the lapse of the applicable statutes of limitations in certain taxing jurisdictions. Adjustments to the reserve could occur in light of changing facts and circumstances with respect to the on-going examinations discussed below. | |||||||||||||||
The Company is generally no longer subject to federal, state or local income tax examinations by tax authorities for any year prior to 2010, except as set forth below. However, NOLs generated in prior years are subject to examination and potential adjustment by the Internal Revenue Service ("IRS") upon their utilization in future years' tax returns. | |||||||||||||||
The IRS initiated an examination of our federal consolidated income tax return for 2010 in the second quarter of 2012, which was settled during 2013 with minor adjustments. In 2014, the IRS will conduct a limited review of our 2012 federal consolidated income tax return. We do not currently believe an increase in the reserve for uncertain tax positions is necessary. In addition, certain subsidiaries were examined by the Commonwealth of Massachusetts ("Commonwealth") for the years 2003 to 2005, and the Company settled that examination during 2013 for $0.3 million. The Commonwealth also examined the 2008 tax return and issued an assessment for $0.3 million, which the Company is disputing. Examinations of 2009 and 2010 are also being conducted by the Commonwealth, as well as examinations by the State of New York and the State of Missouri for 2009 to 2011. These examinations are currently in progress, and we do not believe an increase in the reserve for uncertain tax positions is necessary. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
The computation of basic earnings per share of common stock is calculated by dividing net income by the weighted-average number of shares of the Company's common stock outstanding, as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share) | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations, net of tax | $ | 28,127 | $ | 22,149 | $ | 134,416 | |||||||
Weighted-average number of common shares outstanding | 13,251 | 13,032 | 12,555 | ||||||||||
Income from continuing operations, net of tax, per share | $ | 2.12 | $ | 1.7 | $ | 10.71 | |||||||
Net income from discontinued operations | $ | 13,902 | $ | 4,332 | $ | 4,359 | |||||||
Weighted-average number of common shares outstanding | 13,251 | 13,032 | 12,555 | ||||||||||
Discontinued operations, net of tax, per share | $ | 1.05 | $ | 0.33 | $ | 0.34 | |||||||
Net income | $ | 42,029 | $ | 26,481 | $ | 138,775 | |||||||
Weighted-average number of common shares outstanding | 13,251 | 13,032 | 12,555 | ||||||||||
Net income per share | $ | 3.17 | $ | 2.03 | $ | 11.05 | |||||||
Diluted earnings per share gives effect to dilutive potential common shares outstanding during the reporting period. The Company had potentially dilutive common share equivalents, in the form of outstanding stock options (see Note 15 - "Stock-Based Compensation"), during the years ended December 31, 2013, 2012 and 2011, although none were dilutive because the exercise price of these equivalents exceeded the market value of the Company's common stock during those periods. As of December 31, 2013, stock options for an aggregate of 42,200 shares are excluded from the calculations above. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. Fair value measurements are broken down into three levels based on the reliability of inputs as follows: | |||||||||||||||||
Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment ("Level 1"). | |||||||||||||||||
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures ("Level 2"). | |||||||||||||||||
Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date ("Level 3"). | |||||||||||||||||
The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables, and trade payables, approximate carrying value due to the short-term maturities of these assets and liabilities. Carrying cost approximates fair value for the Company's long-term debt which has variable interest rates. | |||||||||||||||||
The fair value of the Company's investment in associated company is a Level 1 measurement because the underlying security is listed on a national securities exchange. | |||||||||||||||||
The precious metal and commodity inventories associated with the Company's fair value hedges (see Note 12 - "Derivative Instruments") are reported at fair value. Fair value of these inventories is based on quoted market prices on commodity exchanges and are considered Level 1 measurements. The derivative instruments that the Company purchases in connection with its precious metal and commodity inventories, specifically commodity futures and forwards contracts, are also valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements. | |||||||||||||||||
The Company's interest rate swap agreements associated with its Senior Credit Facility are considered Level 2 measurements as the inputs are observable at commonly quoted intervals. Prior to the redemption of the Subordinated Notes and related Warrants, the embedded derivative features of the Subordinated Notes and Warrants (see Note 11 - "Debt") were valued at fair value on a recurring basis and were considered Level 3 measurements. | |||||||||||||||||
The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis, the amounts on the consolidated balance sheets as of December 31, 2013 and 2012, and the activity in those assets and liabilities that are valued using Level 3 measurements. | |||||||||||||||||
Asset (Liability) as of December 31, 2013 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Investment in associated company | $ | 33,983 | $ | 33,983 | $ | — | $ | — | |||||||||
Precious metal and commodity inventories recorded at fair value | $ | 14,766 | $ | 14,766 | $ | — | $ | — | |||||||||
Commodity contracts on precious metal and commodity inventories | $ | 1,620 | $ | 1,620 | $ | — | $ | — | |||||||||
Interest rate swap agreements | $ | (214 | ) | $ | — | $ | (214 | ) | $ | — | |||||||
Asset (Liability) as of December 31, 2012 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Investment in associated company | $ | 17,229 | $ | 17,229 | $ | — | $ | — | |||||||||
Commodity contracts on precious metal and commodity inventories | $ | 100 | $ | 127 | $ | (27 | ) | $ | — | ||||||||
Derivative features of Subordinated Notes | $ | 793 | $ | — | $ | — | $ | 793 | |||||||||
(in thousands) | Year ended December 31, | ||||||||||||||||
Activity | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 793 | $ | (1,314 | ) | ||||||||||||
Total net (losses) gains included in: | |||||||||||||||||
Net income | (793 | ) | 2,060 | ||||||||||||||
Other comprehensive income (loss) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Issuances | — | — | |||||||||||||||
Sales | — | — | |||||||||||||||
Settlements | — | 47 | |||||||||||||||
Net transfers into / (out of) Level 3 | — | — | |||||||||||||||
Ending balance | $ | — | $ | 793 | |||||||||||||
The (loss) income of $(0.8) million and $2.1 million for the years ended December 31, 2013 and 2012, respectively, noted above are (losses) gains that are attributable to the fair value of the embedded derivatives associated with the Company's Subordinated Notes and related redemption. The settlements relate to repurchases of certain Subordinated Notes (see Note 11- "Debt"). The valuation of the derivative features of the Subordinated Notes and Warrants utilized a customized binomial model, which valued the embedded derivatives in such notes and the associated Warrants in a unified way, using a cash flow approach. Interest rates and the market price of HNH's stock were significant inputs that influenced the valuation of the derivatives. | |||||||||||||||||
The Company's non-financial assets and liabilities measured at fair value on a non-recurring basis include goodwill and other intangible assets, any assets and liabilities acquired in a business combination, or its long-lived assets written-down to fair value. To measure fair value for such assets and liabilities, the Company uses techniques including an income approach, a market approach and/or appraisals (Level 3 inputs). The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to an asset or liability and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis ("DCF") require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in the DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from analysis of peer companies and consider the industry weighted-average return on debt and equity from a market participant perspective. A market approach values a business by considering the prices at which shares of capital stock, or related underlying assets, of reasonably comparable companies are trading in the public market or the transaction price at which similar companies have been acquired. If comparable companies are not available, the market approach is not used. | |||||||||||||||||
Long-lived assets consisting of land and buildings used in previously operating businesses and currently unused, which total $9.4 million as of December 31, 2013, are carried at the lower of cost or fair value, and are included primarily in other non-current assets on the consolidated balance sheet. A reduction in the carrying value of such long-lived assets is recorded as an asset impairment charge in the consolidated income statement. A non-cash asset impairment charge of $0.7 million was recorded in 2011 related to vacant land owned by the Company's Arlon segment located in Rancho Cucamonga, California. The Company reduced this property's carrying value by $0.7 million to reflect its lower fair market value. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Operating Lease Commitments | |||||
The Company leases certain facilities under non-cancelable operating lease arrangements. Rent expense for the Company in 2013, 2012 and 2011 was $4.8 million, $4.2 million and $4.5 million, respectively. Future minimum operating lease and rental commitments under non-cancelable operating leases are as follows (in thousands): | |||||
Year | Amount | ||||
2014 | 4,331 | ||||
2015 | 3,060 | ||||
2016 | 2,506 | ||||
2017 | 1,938 | ||||
2018 | 1,430 | ||||
Thereafter | 2,226 | ||||
$ | 15,491 | ||||
On June 30, 2008, Arlon Inc. (now Arlon, LLC), a wholly-owned subsidiary of Bairnco and part of the Arlon segment, (i) sold land and a building located in Rancho Cucamonga, California for $8.5 million and (ii) leased back such property under a 15 year operating lease with two 5-year renewal options. The annual lease payments are $0.6 million, and are subject to a maximum increase of 5% per annum. The lease expires in 2023. Such amounts are included in the operating lease commitment table above. Bairnco has agreed to guarantee the payment and performance of Arlon Inc. under the lease. To account for the sale leaseback, the property was removed from the books, but the recognition of a $1.8 million gain on the sale of the property was deferred and will be recognized ratably over the 15 year lease term as a reduction of lease expense. Approximately $1.2 million and $1.4 million of such deferred gain was included in other long-term liabilities on the consolidated balance sheets as of December 31, 2013 and 2012, respectively. | |||||
Environmental Matters | |||||
Certain subsidiaries of H&H Group have existing and contingent liabilities relating to environmental matters, including capital expenditures, costs of remediation, and potential fines and penalties relating to possible violations of national and state environmental laws. Those subsidiaries have substantial remediation expenses on an ongoing basis, although such costs are continually being readjusted based upon the emergence of new techniques and alternative methods. The Company had approximately $3.2 million accrued related to estimated environmental remediation costs as of December 31, 2013. In addition, the Company has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. During the quarter ended September 30, 2013, the Company recorded an insurance reimbursement receivable of $1.1 million for previously incurred remediation costs, which was collected during the quarter ended December 31, 2013. Based upon information currently available, the H&H Group subsidiaries do not expect that their respective environmental costs, including the incurrence of additional fines and penalties, if any, will have a material adverse effect on them or that the resolution of these environmental matters will have a material adverse effect on the financial position, results of operations or cash flows of such subsidiaries or the Company, but there can be no such assurances. The Company anticipates that the H&H Group subsidiaries will pay any such amounts out of their respective working capital, although there is no assurance that they will have sufficient funds to pay them. In the event that the H&H Group subsidiaries are unable to fund their liabilities, claims could be made against their respective parent companies, including H&H Group and/or HNH, for payment of such liabilities. | |||||
In addition, certain subsidiaries of H&H Group have been identified as potentially responsible parties ("PRPs") under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") or similar state statutes at sites and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws. | |||||
Among the sites where certain subsidiaries of H&H Group may have existing and material environmental liabilities are the following: | |||||
H&H has been working with the Connecticut Department of Environmental Protection ("CTDEP") with respect to its obligations under a 1989 consent order that applies to a property in Connecticut that H&H sold in 2003 ("Sold Parcel") and an adjacent parcel ("Adjacent Parcel") that together with the Sold Parcel comprises the site of a former H&H manufacturing facility. Remediation of all soil conditions on the Sold Parcel was completed on April 6, 2007. On September 11, 2008, the CTDEP advised H&H that it had approved H&H's December 28, 2007 Soil Remediation Action Report, as amended, thereby concluding the active remediation of the Sold Parcel. The remaining remediation and monitoring costs for the Sold Parcel are expected to approximate $0.1 million. With respect to the Adjacent Parcel, H&H has been conducting an ecological risk assessment and an environmental field investigation in order to assess viable remediation options. The total remediation costs for the Adjacent Parcel cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of H&H or the Company. | |||||
In 1986, Handy & Harman Electronic Materials Corporation ("HHEM"), a subsidiary of H&H, entered into an administrative consent order ("ACO") with the New Jersey Department of Environmental Protection ("NJDEP") with regard to certain property that it purchased in 1984 in New Jersey. The ACO involves investigation and remediation activities to be performed with regard to soil and groundwater contamination. Thereafter, in 1998, HHEM and H&H settled a case brought by the local municipality in regard to this site and also settled with certain of its insurance carriers. HHEM is actively remediating the property and continuing to investigate effective methods for achieving compliance with the ACO. A remedial investigation report was filed with the NJDEP in December 2007. By letter dated December 12, 2008, the NJDEP issued its approval with respect to additional investigation and remediation activities discussed in the December 2007 remedial investigation report. HHEM anticipates entering into discussions with the NJDEP to address that agency's potential natural resource damage claims, the ultimate scope and cost of which cannot be estimated at this time. Pursuant to a settlement agreement with the former owner/operator of the site, the responsibility for site investigation and remediation costs, as well as any other costs, as defined in the settlement agreement, related to or arising from environmental contamination on the property (collectively, "Costs") are contractually allocated 75% to the former owner/operator (with separate guaranties by the two joint venture partners of the former owner/operator for 37.5% each) and 25% jointly to HHEM and H&H after the first $1.0 million. The $1.0 million was paid solely by the former owner/operator. As of December 31, 2013, over and above the $1.0 million, total investigation and remediation costs of approximately $3.6 million and $1.2 million have been expended by the former owner/operator and HHEM, respectively, in accordance with the settlement agreement. Additionally, HHEM is currently being reimbursed indirectly through insurance coverage for a portion of the Costs for which HHEM is responsible. HHEM believes that there is additional excess insurance coverage, which it intends to pursue as necessary. HHEM anticipates that there will be additional remediation expenses to be incurred once a final remediation plan is agreed upon. There is no assurance that the former owner/operator or guarantors will continue to timely reimburse HHEM for expenditures and/or will be financially capable of fulfilling their obligations under the settlement agreement and the guaranties. The final Costs cannot be reasonably estimated at this time, and accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of HHEM or the Company. | |||||
In August 2006, H&H received a notice letter from the United States Environmental Protection Agency ("EPA") formally naming H&H as a PRP at a superfund site in Massachusetts ("Superfund Site"). H&H is part of a group of thirteen other PRPs ("PRP Group") that work cooperatively regarding remediation of the Superfund Site. On June 13, 2008, H&H executed a participation agreement, consent decree and settlement trust that all of the other PRPs have signed as well. The PRP Group has both chemical and radiological PRPs. H&H is a chemical PRP, not a radiological PRP. The remediation of radiological contamination at the Superfund Site, under the direction of the Department of Energy, has been completed and a final status survey was submitted to the EPA in August 2012 and subsequently approved. The PRP Group mobilized onto the site in June 2013 and performed its required cleanup obligations between June 2013 and December 2013, at which time the PRP Group demobilized from the site. Estimates for the final remediation costs were calculated, and H&H's total assessed share for the remaining remediation was $2.2 million, which was paid in August 2013. The Company's financial guarantee for this matter was removed following payment receipt. There is still a possibility that some radiological contaminated soil may become the responsibility of the chemical PRPs, which could result in an additional, maximum assessment of approximately $0.2 million based on current estimates. Because the assessment is an estimate and dependent upon several factors, including administrative closure costs, the Massachusetts Department of Environmental Protection ("MADEP") and EPA oversight costs, and continued collaboration and financial support from the town of Attleboro, the party responsible for the subsequent operations and maintenance activities at the Superfund Site, there can be no assurance that final resolution of this matter will not be material to the financial position, results of operations or cash flows of H&H or the Company. | |||||
HHEM is continuing to comply with a 1987 consent order from the MADEP to investigate and remediate the soil and groundwater conditions at a commercial/industrial property in Massachusetts. On June 30, 2010, HHEM filed a Response Action Outcome ("RAO") report to close the site since HHEM's licensed site professional concluded that groundwater monitoring demonstrated that the groundwater conditions have stabilized or continue to improve at the site. On June 20, 2013, HHEM received the MADEP's Notice of Audit Findings and Notice of Noncompliance ("Notice"). HHEM and its consultant met with the MADEP on July 29, 2013 to resolve any differences identified in the Notice. As a result of that meeting and subsequent discussions, HHEM will conduct additional sampling, testing, site investigations and install additional off-site wells. Once the additional work is completed and assessed, HHEM will submit a follow-up response letter to the MADEP by June 30, 2014. The cost of this additional work is estimated at $0.2 million. Additional costs could result from these testing activities and final acceptance of the remediation plan by the MADEP, which cannot be reasonably estimated at this time. | |||||
Other Litigation | |||||
In the ordinary course of our business, we are subject to periodic lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes, employment, environmental, health and safety matters, as well as claims associated with our historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against us, we do not believe any currently pending legal proceeding to which we are a party will have a material adverse effect on our business, prospects, financial condition, cash flows, results of operations or liquidity. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
As of December 31, 2013, SPLP owned directly or indirectly through its subsidiaries 7,228,735 shares of the Company's common stock, representing approximately 56.0% of issued shares. The power to vote and dispose of the securities held by SPLP is controlled by SPH GP. Warren G. Lichtenstein, our Chairman of the Board of Directors, is also the Executive Chairman of SPH GP. Certain other affiliates of SPH GP hold positions with the Company, including Glen M. Kassan, as former Chief Executive Officer and present Vice Chairman, Jack Howard, as Executive Chairman and Principal Executive Officer, James F. McCabe, Jr., as Chief Financial Officer and Leonard J. McGill, as Chief Legal Officer. | |
The Company was indebted to SPLP under H&H Group's Subordinated Notes until March 26, 2013, when it delivered an irrevocable notice of H&H Group's election to redeem all of its outstanding Subordinated Notes to the holders and irrevocably deposited funds for such redemption and interest payments in order to satisfy and discharge its obligations under the Indenture as more fully described in Note 11 - "Debt." In connection with this redemption, SPLP was entitled to receive proceeds of $25.0 million in connection with the redemption of $21.6 million face amount of notes held by SPLP. As of December 31, 2012, $0.6 million of accrued interest and $19.9 million of Subordinated Notes were owed to related parties. | |
On October 14, 2011, in connection with a redemption of $25.0 million of Subordinated Notes from all holders on a pro-rata basis, H&H Group redeemed $12.5 million face amount of notes held by SPLP for a total amount of $13.2 million, which included the redemption price of 102.8% of the principal amount, accrued but unpaid payment-in-kind-interest, plus accrued and unpaid cash interest. Until October 14, 2013, the Subordinated Notes and Warrants which comprise the Units were not detachable and, accordingly, a pro-rata portion of Warrants were also redeemed. | |
On January 1, 2012, the Company entered into a Management Services Agreement ("Management Services Agreement") with SP Corporate Services LLC ("SP Corporate"), which restructured its prior management services arrangements. SP Corporate is an affiliate of SPLP. Pursuant to the Management Services Agreement, SP Corporate provides the Company with certain executive and corporate services, including, without limitation, legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations and other similar services rendered for the Company or its subsidiaries. The Management Services Agreement further provided that the Company pay SP Corporate a fixed annual fee of approximately $10.98 million, consisting of (a) $1.74 million in consideration of the executive services provided by SP Corporate under the Management Services Agreement and (b) $9.24 million in consideration of the corporate services provided by SP Corporate under the Management Services Agreement. | |
Effective January 1, 2013, certain individuals employed by SP Corporate and their related expenses were transferred to the Company, and the fee paid under the Management Services Agreement was accordingly reduced by approximately $2.0 million. On March 27, 2013, the Company and SP Corporate entered into a First Amendment to the Management Services Agreement to modify the titles and designation of certain officers to be provided pursuant to the Management Services Agreement, and to adjust the fee thereunder, reflecting the aforementioned employee transfer and related change in the scope of services provided under the Management Services Agreement. The amended Management Services Agreement provides that the Company pay SP Corporate a fixed annual fee of approximately $8.89 million, effective January 1, 2013, consisting of (a) $1.74 million in consideration of the executive services provided by SP Corporate under the Management Services Agreement and (b) $7.15 million in consideration of the corporate services provided by SP Corporate under the Management Services Agreement. | |
The fees payable under the Management Services Agreement are subject to an annual review and such adjustments as may be agreed upon by SP Corporate and the Company. The Management Services Agreement has a term of one year and automatically renews for successive one-year periods unless and until terminated in accordance with the terms set forth therein, which include, under certain circumstances, the payment by the Company of a termination fee to SP Corporate. | |
In connection with the Management Services Agreement, the Company also entered into an Asset Purchase Agreement, dated January 1, 2012 ("Purchase Agreement"), pursuant to which the Company transferred to SP Corporate certain assets, which had previously been used, or held for use, by the Company and its subsidiaries to provide corporate services to the Company and its affiliates. In addition to certain fixed assets and contractual rights, approximately 37 employees of the Company and its subsidiaries were transferred to SP Corporate pursuant to the Purchase Agreement, including Mr. McCabe and certain other officers of the Company. All of the Company's officers who were transferred to SP Corporate pursuant to the Purchase Agreement continue to serve as officers of the Company pursuant to the Management Services Agreement. The Company's entry into the Management Services Agreement and the Purchase Agreement were approved by a special committee of the Board of Directors, composed entirely of independent directors. | |
In January 2011, a special committee of the Board of Directors of the Company approved a management and services fee to be paid to SP Corporate in the amount of $1.95 million for services performed in 2010. Such amount was paid in 2011. Also, for services performed by SP Corporate in 2011, the Company incurred a management and services fee of $1.74 million. In connection with the approval of the management and services fee, in March 2011, the special committee of the Board also approved a sub-lease of office space from an affiliate of SPLP for an estimated aggregate occupancy charge of approximately $0.4 million per year. The 2011 management services fee was paid as consideration for management and advisory services with respect to operations, strategic planning, finance and accounting, acquisition and divestiture activities and other aspects of the Company's businesses, as well as Glen Kassan's services as Chief Executive Officer, John Quicke's services as a Vice President and other assistance from affiliates of SPLP. | |
In 2011, the Company provided certain accounting services to SPLP. The Company billed SPLP $1.3 million on account of services provided in 2011. | |
In connection with the Investment Agreement discussed in Note 10 - "Investments," ModusLink agreed to reimburse SPLP's reasonably documented out-of-pocket expenses associated with the agreement up to a maximum of $0.2 million, which was principally paid by and reimbursed to the Company. |
Reportable_Segments
Reportable Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Reportable Segments | ' | ||||||||||||
Reportable Segments | |||||||||||||
HNH is a diversified holding company whose strategic business units encompass the following segments: Joining Materials, Tubing, Building Materials, Arlon Electronic Materials and Kasco Blades and Route Repair Services. For a more complete description of the Company's segments, see "Item 1 - Business - Products and Product Mix." | |||||||||||||
Management has determined that certain operating companies should be aggregated and presented within a single segment on the basis that such segments have similar economic characteristics and share other qualitative characteristics. Management reviews net sales, gross profit and operating income to evaluate segment performance. Operating income for the segments generally includes costs directly attributable to the segment and excludes other unallocated general corporate expenses. Interest expense, other income and expense, and income taxes are not presented by segment since they are excluded from the measure of segment profitability reviewed by the Company's management. | |||||||||||||
The following tables present information about the Company's reportable segments for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Income Statement Data | Year Ended | ||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Joining Materials | $ | 195,187 | $ | 174,621 | $ | 190,607 | |||||||
Tubing | 91,002 | 80,849 | 76,676 | ||||||||||
Building Materials | 226,806 | 189,106 | 178,948 | ||||||||||
Arlon | 84,060 | 80,815 | 81,282 | ||||||||||
Kasco | 58,169 | 54,137 | 52,251 | ||||||||||
Total net sales | $ | 655,224 | $ | 579,528 | $ | 579,764 | |||||||
Segment operating income: | |||||||||||||
Joining Materials (a) | $ | 16,624 | $ | 23,942 | $ | 24,747 | |||||||
Tubing | 17,434 | 14,258 | 13,958 | ||||||||||
Building Materials | 27,789 | 22,172 | 19,883 | ||||||||||
Arlon (b) | 10,769 | 11,594 | 8,348 | ||||||||||
Kasco | 4,496 | 4,431 | 4,227 | ||||||||||
Total segment operating income | 77,112 | 76,397 | 71,163 | ||||||||||
Unallocated corporate expenses and non-operating units | (20,895 | ) | (23,387 | ) | (19,318 | ) | |||||||
Unallocated pension expense | (5,342 | ) | (3,313 | ) | (6,357 | ) | |||||||
Gain from asset dispositions | 75 | 93 | 50 | ||||||||||
Operating income | 50,950 | 49,790 | 45,538 | ||||||||||
Interest expense | (13,705 | ) | (16,719 | ) | (16,268 | ) | |||||||
Realized and unrealized gain on derivatives | 1,195 | 2,582 | 418 | ||||||||||
Other expense | (291 | ) | (439 | ) | (1,360 | ) | |||||||
Income from continuing operations before tax and equity investment | $ | 38,149 | $ | 35,214 | $ | 28,328 | |||||||
a) | The results for the Joining Materials segment for 2012 and 2011 include gains of $0.6 million and $1.9 million, respectively, resulting from the liquidation of precious metal inventory valued at LIFO cost. No similar gain was recorded in 2013 due to an increase in ending inventory quantities. | ||||||||||||
b) | Segment operating income of the Arlon segment for 2011 includes an asset impairment charge of $0.7 million to write-down vacant land located in Rancho Cucamonga, California to fair value. | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | |||||||||||||
Joining Materials | $ | 3,135 | $ | 2,951 | $ | 1,574 | |||||||
Tubing | 3,679 | 5,157 | 2,882 | ||||||||||
Building Materials | 3,424 | 4,776 | 1,049 | ||||||||||
Arlon | 4,482 | 5,113 | 5,055 | ||||||||||
Kasco | 1,339 | 2,236 | 1,422 | ||||||||||
Corporate and other | 167 | 62 | 64 | ||||||||||
$ | 16,226 | $ | 20,295 | $ | 12,046 | ||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Depreciation and Amortization | |||||||||||||
Joining Materials | $ | 2,682 | $ | 1,110 | $ | 1,373 | |||||||
Tubing | 2,399 | 2,250 | 2,201 | ||||||||||
Building Materials | 4,600 | 4,132 | 4,049 | ||||||||||
Arlon | 4,211 | 3,828 | 4,041 | ||||||||||
Kasco | 2,095 | 1,920 | 2,199 | ||||||||||
Corporate and other | 151 | 103 | 285 | ||||||||||
$ | 16,138 | $ | 13,343 | $ | 14,148 | ||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Total Assets | |||||||||||||
Joining Materials | $ | 108,621 | $ | 53,088 | |||||||||
Tubing | 37,550 | 36,096 | |||||||||||
Building Materials | 134,320 | 121,392 | |||||||||||
Arlon | 71,046 | 66,255 | |||||||||||
Kasco | 23,612 | 25,215 | |||||||||||
Corporate and other | 133,923 | 178,204 | |||||||||||
Discontinued operations | 651 | 32,111 | |||||||||||
$ | 509,723 | $ | 512,361 | ||||||||||
The following table presents revenue and long-lived asset information by geographic area as of and for the years ended December 31. Foreign revenue is based on the country in which the legal subsidiary is domiciled. Long-lived assets in 2013 and 2012 consist of property, plant and equipment, plus approximately $9.4 million and $8.2 million, respectively, of land and buildings from previously operating businesses, and other non-operating assets that are carried at the lower of cost or fair value and are included primarily in other non-current assets on the consolidated balance sheets. Neither net sales nor long-lived assets from any single foreign country was material to the consolidated financial statements of the Company. | |||||||||||||
Geographic Information | |||||||||||||
(in thousands) | Net Sales | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 590,479 | $ | 512,470 | $ | 505,583 | |||||||
Foreign | 64,745 | 67,058 | 74,181 | ||||||||||
$ | 655,224 | $ | 579,528 | $ | 579,764 | ||||||||
(in thousands) | Long-Lived Assets | ||||||||||||
2013 | 2012 | ||||||||||||
United States | $ | 77,065 | $ | 66,537 | |||||||||
Foreign | 23,225 | 23,150 | |||||||||||
$ | 100,290 | $ | 89,687 | ||||||||||
Some of the Company's raw materials are available from a limited number of suppliers. Several raw materials used in Arlon's products are purchased from chemical companies, and their production is proprietary in nature. Other raw materials are purchased from a single approved vendor on a "sole source" basis. There can be no assurance that the production of these raw materials will be readily available. Although alternative sources could be developed in the future if necessary, the qualification procedure can take several months or longer and could therefore interrupt the production of our products and services if the primary raw material source became unexpectedly unavailable, which may result in increased cost or lost sales in future periods. |
Parent_Company_Condensed_Finan
Parent Company Condensed Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Condensed Financial Information | ' | ||||||||||||
Parent Company Condensed Financial Information | |||||||||||||
As discussed in Note 11 - "Debt," certain of the Company's subsidiaries have long-term debt outstanding which place restrictions on distributions of funds to HNH, subject to certain exceptions including required pension payments to the WHX Pension Plan. As these subsidiaries' restricted net assets represent a significant portion of the Company's consolidated net assets, the Company is presenting the following parent company condensed financial information. The HNH parent company condensed financial information is prepared on the same basis of accounting as the HNH consolidated financial statements, except that the HNH subsidiaries are accounted for under the equity method of accounting. | |||||||||||||
HANDY & HARMAN LTD. (PARENT ONLY) | |||||||||||||
Balance Sheets | |||||||||||||
(in thousands, except par value) | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Current Assets: | |||||||||||||
Cash and cash equivalents | $ | 1,853 | $ | 735 | |||||||||
Deferred income tax assets - current | 4,062 | 8,231 | |||||||||||
Prepaid and other current assets | 92 | 105 | |||||||||||
Total current assets | 6,007 | 9,071 | |||||||||||
Notes receivable from Bairnco | 4,627 | 4,627 | |||||||||||
Investment in associated company | 33,983 | 17,229 | |||||||||||
Deferred income tax assets | 64,088 | 102,221 | |||||||||||
Investments in and advances to subsidiaries, net | 278,730 | 226,878 | |||||||||||
Total assets | $ | 387,435 | $ | 360,026 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Current Liabilities: | |||||||||||||
Trade payables | $ | 61 | $ | 99 | |||||||||
Accrued liabilities | 718 | 648 | |||||||||||
Total current liabilities | 779 | 747 | |||||||||||
Accrued interest - Handy & Harman | 12,193 | 12,193 | |||||||||||
Notes payable to Handy & Harman | 98,188 | 80,083 | |||||||||||
Accrued pension liability | 142,403 | 215,075 | |||||||||||
Total liabilities | 253,563 | 308,098 | |||||||||||
Commitments and Contingencies | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock - $.01 par value; authorized 180,000 shares; | |||||||||||||
issued 13,444 and 13,140 shares, respectively | 134 | 131 | |||||||||||
Accumulated other comprehensive loss | (181,931 | ) | (226,168 | ) | |||||||||
Additional paid-in capital | 565,441 | 559,970 | |||||||||||
Treasury stock, at cost - 458 and 0 shares, respectively | (9,796 | ) | — | ||||||||||
Accumulated deficit | (239,976 | ) | (282,005 | ) | |||||||||
Total stockholders' equity | 133,872 | 51,928 | |||||||||||
Liabilities and stockholders' equity | $ | 387,435 | $ | 360,026 | |||||||||
HANDY & HARMAN LTD. (PARENT ONLY) | |||||||||||||
Statements of Income and Comprehensive Income (Loss) | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity in income of subsidiaries, net of tax | $ | 44,275 | $ | 35,498 | $ | 40,044 | |||||||
Selling, general and administrative expenses | (7,790 | ) | (7,720 | ) | (5,883 | ) | |||||||
Pension expense | (5,206 | ) | (3,195 | ) | (6,316 | ) | |||||||
Other: | |||||||||||||
Interest expense - Handy & Handy notes payable | — | (4,087 | ) | (2,889 | ) | ||||||||
Interest income - Bairnco notes receivable | — | 560 | 491 | ||||||||||
Other income (expense) | — | 15 | (3 | ) | |||||||||
Income before tax and equity investment | 31,279 | 21,071 | 25,444 | ||||||||||
Tax benefit | 4,744 | 5,410 | 113,331 | ||||||||||
Gain from associated company, net of tax | 6,006 | — | — | ||||||||||
Net income | 42,029 | 26,481 | 138,775 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Changes in pension liability and post-retirement benefit obligations | 68,328 | (43,702 | ) | (82,805 | ) | ||||||||
Tax effect of changes in pension liability and post-retirement benefit obligations | (25,653 | ) | 14,455 | 27,211 | |||||||||
Change in market value of securities | 7,113 | (14,948 | ) | 7,835 | |||||||||
Tax effect of change in market value of securities | (3,041 | ) | 6,054 | (3,014 | ) | ||||||||
Foreign currency translation adjustments | (2,510 | ) | 362 | (1,751 | ) | ||||||||
Other comprehensive income (loss) | 44,237 | (37,779 | ) | (52,524 | ) | ||||||||
Comprehensive income (loss) | $ | 86,266 | $ | (11,298 | ) | $ | 86,251 | ||||||
HANDY & HARMAN LTD. (PARENT ONLY) | |||||||||||||
Statements of Cash Flows | |||||||||||||
(in thousands) | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 42,029 | $ | 26,481 | $ | 138,775 | |||||||
Adjustments to reconcile net income to net cash | |||||||||||||
used in operating activities: | |||||||||||||
Equity in income of subsidiaries, net of tax | (44,275 | ) | (35,498 | ) | (40,044 | ) | |||||||
Payment in kind interest expense - Handy & Harman | — | 4,087 | 2,889 | ||||||||||
Payment in kind interest income - Bairnco | — | (560 | ) | (491 | ) | ||||||||
Non-cash stock-based compensation | 4,860 | 4,476 | 2,837 | ||||||||||
Non-cash gain from associated company | (6,006 | ) | — | — | |||||||||
Deferred income taxes | (5,945 | ) | (5,410 | ) | (113,490 | ) | |||||||
Change in operating assets and liabilities: | |||||||||||||
Advances from affiliates | — | — | (424 | ) | |||||||||
Pension payments - WHX Pension Plan | (13,106 | ) | (15,919 | ) | (15,235 | ) | |||||||
Pension expense | 5,206 | 3,195 | 6,316 | ||||||||||
Other current assets and liabilities | 45 | (1,047 | ) | (1,330 | ) | ||||||||
Net cash used in operating activities | (17,192 | ) | (20,195 | ) | (20,197 | ) | |||||||
Cash flows from investing activities: | |||||||||||||
Investments in marketable securities | — | (6,321 | ) | (18,021 | ) | ||||||||
Dividends from subsidiaries | 10,000 | 6,321 | 18,021 | ||||||||||
Net cash provided by investing activities | 10,000 | — | — | ||||||||||
Cash flows from financing activities: | |||||||||||||
Notes payable - Handy & Harman | 18,106 | 19,419 | 18,735 | ||||||||||
Purchases of treasury stock | (9,796 | ) | — | — | |||||||||
Net cash provided by financing activities | 8,310 | 19,419 | 18,735 | ||||||||||
Net change for the year | 1,118 | (776 | ) | (1,462 | ) | ||||||||
Cash and cash equivalents at beginning of year | 735 | 1,511 | 2,973 | ||||||||||
Cash and cash equivalents at end of year | $ | 1,853 | $ | 735 | $ | 1,511 | |||||||
Unaudited_Quarterly_Results
Unaudited Quarterly Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Results | ' | ||||||||||||||||
Unaudited Quarterly Results | |||||||||||||||||
Unaudited quarterly financial results during the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
(in thousands, except per share amounts) | Fiscal 2013 Quarter Ended (Unaudited) | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Net sales | $ | 148,957 | $ | 182,084 | $ | 171,874 | $ | 152,309 | |||||||||
Operating income | $ | 11,201 | $ | 17,964 | $ | 16,249 | $ | 5,536 | |||||||||
Income from continuing operations before tax and equity investment | $ | 2,180 | $ | 17,687 | $ | 14,004 | $ | 4,278 | |||||||||
Net income (loss) from discontinued operations | $ | 9,541 | $ | 1,661 | $ | 2,904 | $ | (204 | ) | ||||||||
Net income | $ | 8,017 | $ | 11,872 | $ | 9,643 | $ | 12,497 | |||||||||
Comprehensive income | $ | 11,431 | $ | 12,691 | $ | 7,694 | $ | 54,450 | |||||||||
Basic and diluted income per share of common stock | |||||||||||||||||
(Loss) income from continuing operations, net of tax, per share | $ | (0.11 | ) | $ | 0.76 | $ | 0.51 | $ | 0.96 | ||||||||
Discontinued operations, net of tax, per share | $ | 0.72 | $ | 0.12 | $ | 0.22 | $ | (0.01 | ) | ||||||||
Net income per share | $ | 0.61 | $ | 0.88 | $ | 0.73 | $ | 0.95 | |||||||||
(in thousands, except per share amounts) | Fiscal 2012 Quarter Ended (Unaudited) | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Net sales | $ | 144,386 | $ | 164,430 | $ | 144,628 | $ | 126,084 | |||||||||
Operating income | $ | 10,482 | $ | 19,397 | $ | 12,855 | $ | 7,056 | |||||||||
Income from continuing operations before tax and equity investment | $ | 7,519 | $ | 16,546 | $ | 7,331 | $ | 3,818 | |||||||||
Net income from discontinued operations | $ | 585 | $ | 1,230 | $ | 1,205 | $ | 1,312 | |||||||||
Net income | $ | 5,096 | $ | 10,952 | $ | 5,930 | $ | 4,503 | |||||||||
Comprehensive income (loss) | $ | 4,945 | $ | 1,617 | $ | 9,551 | $ | (27,411 | ) | ||||||||
Basic and diluted income per share of common stock | |||||||||||||||||
Income from continuing operations, net of tax, per share | $ | 0.35 | $ | 0.74 | $ | 0.36 | $ | 0.24 | |||||||||
Discontinued operations, net of tax, per share | $ | 0.05 | $ | 0.09 | $ | 0.09 | $ | 0.1 | |||||||||
Net income per share | $ | 0.4 | $ | 0.83 | $ | 0.45 | $ | 0.34 | |||||||||
Other comprehensive income (loss) of $41.8 million and $(29.2) million, net of tax, were recorded in the fourth quarter of 2013 and 2012, respectively, principally from unrealized actuarial gains (losses) associated with the Company's defined benefit pension plans. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements include the accounts of HNH and its subsidiaries. All material intercompany transactions and balances have been eliminated. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to bad debts, inventories, long-lived assets, intangibles, accrued expenses, income taxes, pensions and other post-retirement benefits, and contingencies and litigation. Estimates are based on historical experience, future cash flows and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Discontinued Operations | ' |
Discontinued Operations | |
The results of operations for businesses that have been disposed of or classified as held-for-sale are segregated from the results of the Company's continuing operations and classified as discontinued operations for each period presented in the Company's consolidated income statement. Similarly, the assets and liabilities of such businesses are reclassified from continuing operations and presented as discontinued operations for each period presented in the Company's consolidated balance sheet. Businesses are reported as discontinued operations when the Company no longer has continuing involvement in their operations and no longer has significant continuing cash flows from their operation. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and on deposit and highly liquid debt instruments with original maturities of three months or less. | |
The Company's credit risk arising from cash deposits held in U.S. banks in excess of insured amounts is reduced given that cash balances in U.S. banks are generally utilized to pay down the Company's revolving credit loans | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues are recognized when title and risk of loss has passed to the customer. This condition is normally met when product has been shipped or the service performed. An allowance is provided for estimated returns and discounts based on experience. Cash received by the Company from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Rental revenues are derived from the rental of certain equipment to the food industry where customers prepay for the rental period, usually three to six month periods. For prepaid rental contracts, sales revenue is recognized on a straight-line basis over the term of the contract. Service revenues consist of repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants. | |
The Company experiences a certain degree of sales returns that varies over time, but is able to make a reasonable estimation of expected sales returns based upon history. The Company records all shipping and handling fees billed to customers as revenue, and related costs are charged principally to cost of goods sold, when incurred. The Company has also entered into agreements with certain customers under which the Company has agreed to pay rebates to such customers. These programs are typically structured to incentivize the customers to increase their annual purchases from the Company. The rebates are usually calculated as a percentage of the purchase amount, and such percentages may increase as the customer’s level of purchases rise. Rebates are recorded as a reduction of net sales in the consolidated income statement and are accounted for on an accrual basis. As of December 31, 2013 and 2012, accrued rebates payable totaled $5.4 million and $4.5 million, respectively, and are included in accrued liabilities on the consolidated balance sheet. In limited circumstances, the Company is required to collect and remit sales tax on certain of its sales. The Company accounts for sales taxes on a net basis, and such sales taxes are not included in net sales in the consolidated income statement. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and on deposit and highly liquid debt instruments with original maturities of three months or less. As of December 31, 2013 and 2012, the Company had cash held in foreign banks of $6.5 million and $8.0 million, respectively. The Company's credit risk arising from cash deposits held in U.S. banks in excess of insured amounts is reduced given that cash balances in U.S. banks are generally utilized to pay down the Company's revolving credit loans (see Note 11 - "Debt"). At December 31, 2013, the Company held cash and cash equivalents which exceeded federally-insured limits by approximately $2.2 million. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers. The Company has established an allowance for accounts that are expected to be uncollectible in the future. This estimated allowance is based primarily on management's evaluation of the financial condition of the customer and historical experience. The Company monitors its accounts receivable and charges to expense an amount equal to its estimate of expected credit losses. Accounts that are outstanding longer than contractual payment terms are considered past due. The Company considers a number of factors in determining its estimates, including the length of time its trade receivables are past due, the Company's previous loss history and the customer's current ability to pay its obligation. Accounts receivable balances are charged off against the allowance when it is determined that the receivable will not be recovered, and payments subsequently received on such receivables are credited to recovery of accounts written-off. The Company does not charge interest on past due receivables. | |
The Company believes that the credit risk with respect to trade accounts receivable is limited due to the Company's credit evaluation process, the allowance for doubtful accounts that has been established and the diversified nature of its customer base. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined by the last-in, first-out ("LIFO") method for certain precious metal inventory held in the United States. Non-precious metal inventories and remaining precious metal inventory are stated at the lower of cost (determined by the first-in, first-out method or average cost method) or market. For precious metal inventory, no segregation among raw materials, work in process and finished products is practicable. | |
Non-precious metal inventories are evaluated for estimated excess and obsolescence based upon assumptions about future demand and market conditions and are adjusted accordingly. If actual market conditions are less favorable than those projected, write-downs may be required. | |
Derivatives and Risks | ' |
Derivatives and Risks | |
Precious Metal and Commodity Risk | |
H&H's precious metal and commodity inventories are subject to market price fluctuations. H&H enters into commodity futures and forward contracts to mitigate the impact of price fluctuations on its precious and certain non-precious metal inventories that are not subject to fixed price contracts. The Company's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price increases in these commodities or markets could negatively impact H&H's earnings. H&H does not enter into derivatives or other financial instruments for trading or speculative purposes. H&H accounts for these contracts as either fair value hedges or economic hedges under the guidance in Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. | |
Fair Value Hedges. The fair values of these derivatives are recognized as derivative assets and liabilities on the consolidated balance sheet. The net change in fair value of the derivative assets and liabilities and the change in the fair value of the underlying hedged inventory are recognized in the consolidated income statement, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with the Company's precious metal inventory carried at fair value. | |
Economic Hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market and both realized and unrealized gains and losses are recorded in current period earnings in the consolidated income statement. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. | |
Interest Rate Risk | |
HNH enters into interest rate swap agreements in order to economically hedge a portion of its debt, which is subject to variable interest rates. As these derivatives are not designated as accounting hedges under U.S. GAAP, they are accounted for as derivatives with no hedge designation. The Company records the expense (or gain) both from the mark-to-market adjustments and net settlements in interest expense in the consolidated income statement as the hedges are intended to offset interest rate movements. | |
Foreign Currency Exchange Rate Risk | |
H&H and Bairnco are subject to the risk of price fluctuations related to anticipated revenues and operating costs, firm commitments for capital expenditures and existing assets or liabilities denominated in currencies other than U.S. dollars. H&H and Bairnco have not generally used derivative instruments to manage this risk. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment is recorded at historical cost. Depreciation of property, plant and equipment is provided principally on the straight line method over the estimated useful lives of the assets, which range as follows: machinery and equipment 3 – 15 years and buildings and improvements 10 – 30 years. Interest cost is capitalized for qualifying assets during the asset's acquisition period. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized. Gain or loss on dispositions is credited or charged to operating income. | |
Goodwill, Intangibles and Long-Lived Assets | ' |
Goodwill, Other Intangibles and Long-Lived Assets | |
Goodwill represents the difference between the purchase price and the fair value of net assets acquired in a business combination. Goodwill is reviewed annually for impairment in accordance with U.S. GAAP as of the end of the fourth quarter. The Company uses judgment in assessing whether assets may have become impaired between annual impairment tests. Circumstances that could trigger an interim impairment test include, but are not limited to: the occurrence of a significant change in circumstances, such as continuing adverse business conditions or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; or results of testing for recoverability of a significant asset group within a reporting unit. | |
The testing of goodwill for impairment is performed at a level referred to as a reporting unit. Goodwill is allocated to each reporting unit based on the goodwill valued in connection with each business combination consummated within each reporting unit. Five reporting units of the Company have goodwill assigned to them. | |
Goodwill impairment testing consists of a two-step process. Step 1 of the impairment test involves comparing the fair values of the applicable reporting units with their carrying values, including goodwill. If the carrying amount of a reporting unit exceeds the reporting unit's fair value, Step 2 of the goodwill impairment test is performed to determine the amount of impairment loss. Step 2 of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit's goodwill against the carrying value of that goodwill. In performing the first step of the impairment test, the Company also reconciles the aggregate estimated fair value of its reporting units to its enterprise value, which includes a control premium. | |
Accounting Standards Update ("ASU") 2011-08 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the two-step quantitative impairment test discussed above; otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. | |
Intangible assets with finite lives are amortized over their estimated useful lives. The Company also estimates the depreciable lives of property, plant and equipment, and reviews the assets for impairment if events, or changes in circumstances, indicate that it may not recover the carrying amount of an asset. Long-lived assets consisting of land and buildings used in previously operating businesses are carried at the lower of cost or fair value and are included primarily in other non-current assets on the consolidated balance sheet. A reduction in the carrying value of such long-lived assets used in previously operating businesses is recorded as an asset impairment charge in the consolidated income statement. | |
Investments | ' |
Investments | |
Investments are accounted for using the equity method of accounting if the investment provides the Company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, or additional shares held by affiliates, are considered in determining whether the equity method of accounting is appropriate. | |
Investments in equity securities that have readily determinable fair values that are classified as available-for-sale are measured at fair value on the consolidated balance sheet. Unrealized holding gains and losses on available-for-sale securities (including those classified as current assets) are excluded from earnings and reported in other comprehensive income (loss) until realized. Dividend and interest income, if any, are included in earnings. The Company uses the specific identification method to determine the cost of a security sold and the amount of realized gain or loss associated with any sales. The Company assesses whether an available-for-sale investment is impaired in each quarterly reporting period. If it is determined that an impairment is other than temporary, then an impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of an impairment does not include partial recoveries after the balance sheet date if they occur. | |
Stock-based Compensation | ' |
Stock-Based Compensation | |
The Company accounts for stock options and restricted stock granted to employees, directors and service providers as compensation expense, which is recognized in exchange for the services received. The compensation expense is based on the fair value of the equity instruments on the grant-date and is recognized as an expense over the service period of the recipients. | |
Income Taxes | ' |
Income Taxes | |
Income taxes currently payable or tax refunds receivable are recorded on a net basis and included in accrued liabilities on the consolidated balance sheet. Deferred income taxes reflect the tax effect of net operating loss carryforwards ("NOLs"), capital loss or tax credit carryforwards and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and income tax purposes, as determined under enacted tax laws and rates. Valuation allowances are established if, based on the weight of available evidence, it is more likely than not that some portion or the entire deferred income tax asset will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share is based on the weighted-average number of shares of common stock outstanding during each year. Diluted earnings per share gives effect to dilutive potential common shares outstanding during each year. | |
Foreign Currency Translations | ' |
Foreign Currency Translation | |
Assets and liabilities of foreign subsidiaries are translated at current exchange rates and related revenues and expenses are translated at average rates of exchange in effect during the year. Resulting cumulative translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss). | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs consist of sales promotion literature, samples, cost of trade shows, and general advertising costs, and are included in selling, general and administrative expenses in the consolidated income statement. Advertising, promotion and trade show costs totaled approximately $2.8 million in 2013, $2.4 million in 2012 and $2.2 million in 2011. | |
Legal Contingencies | ' |
Legal Contingencies | |
The Company provides for legal contingencies when the liability is probable and the amount of the associated costs is reasonably estimable. The Company regularly monitors the progress of legal contingencies and revises the amounts recorded in the period in which a change in estimate occurs. | |
Environmental Liabilities | ' |
Environmental Liabilities | |
The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | |
Reclassification | ' |
Reclassifications | |
Certain amounts for prior years have been reclassified to conform to the current year presentation. In particular, the assets, liabilities and income or loss of discontinued operations (see Note 5 - "Discontinued Operations") have been reclassified into separate lines on the consolidated financial statements to segregate them from continuing operations. |
New_or_Recently_Adopted_Accoun1
New or Recently Adopted Accounting Pronouncements (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
New or Recently Adopted Accounting Pronouncements | ' | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-02 that requires entities to disclose the following additional information about items reclassified out of accumulated other comprehensive income ("AOCI"): | ||
• | Changes in AOCI balances by component, with separate presentation of (1) reclassification adjustments and (2) current period other comprehensive income. | |
• | Significant items reclassified out of AOCI by component either on the face of the income statement or as a separate footnote to the financial statements. | |
The Company adopted the ASU in the first quarter of 2013, and such adoption did not have an effect on the Company's consolidated financial position or results of operations. | ||
In March 2013, the FASB issued ASU 2013-05, which indicates that the entire amount of a cumulative translation adjustment related to an entity's investment in a foreign entity should be released when there has been a: | ||
• | Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity. | |
• | Loss of a controlling financial interest in an investment in a foreign entity (i.e. the foreign entity is deconsolidated). | |
• | Step acquisition for a foreign entity (i.e. when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | |
The ASU is effective for the Company's 2014 fiscal year and is to be applied prospectively from the beginning of the fiscal year of adoption. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Purchase Price Allocation | ' | ||||||||
The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date on a preliminary basis (in thousands): | |||||||||
Trade and other receivables | $ | 9,491 | |||||||
Inventories | 17,864 | ||||||||
Prepaid and other current assets | 81 | ||||||||
Property, plant and equipment | 5,549 | ||||||||
Goodwill | 14,767 | ||||||||
Other intangibles | 13,657 | ||||||||
Total assets acquired | 61,409 | ||||||||
Trade payables | (1,167 | ) | |||||||
Accrued liabilities | (495 | ) | |||||||
Net assets acquired | $ | 59,747 | |||||||
Pro Forma Information | ' | ||||||||
Unaudited pro forma net sales and net income of the combined entity had the acquisition date been January 1, 2012 are as follows: | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
(in thousands, except per share) | 2013 | 2012 | |||||||
Net sales | $ | 680,374 | $ | 662,072 | |||||
Net income | $ | 43,411 | $ | 28,720 | |||||
Net income per share | $ | 3.28 | $ | 2.2 | |||||
Weighted-average shares outstanding | 13,251 | 13,032 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations | ' | ||||||||||||
The assets and liabilities of discontinued operations have been segregated in the accompanying consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets of Discontinued Operations: | |||||||||||||
Trade and other receivables, net | $ | — | $ | 6,372 | |||||||||
Inventories, net | — | 7,097 | |||||||||||
Prepaid and other current assets | 587 | 1,438 | |||||||||||
Property, plant and equipment, net | — | 7,934 | |||||||||||
Goodwill | — | 9,156 | |||||||||||
Other non-current assets | 64 | 114 | |||||||||||
$ | 651 | $ | 32,111 | ||||||||||
Liabilities of Discontinued Operations | $ | 151 | $ | 9,160 | |||||||||
The net income from discontinued operations includes the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 20,094 | $ | 83,228 | $ | 102,033 | |||||||
Operating (loss) income | (1,559 | ) | 6,999 | 2,743 | |||||||||
Interest and other expense | (47 | ) | (91 | ) | (192 | ) | |||||||
Income tax benefit (expense) | 609 | (2,597 | ) | (873 | ) | ||||||||
(Loss) income from discontinued operations, net of tax | (997 | ) | 4,311 | 1,678 | |||||||||
Gain on disposal of assets | 27,573 | 21 | 6,041 | ||||||||||
Income tax expense | (12,674 | ) | — | (3,360 | ) | ||||||||
Net income from discontinued operations | $ | 13,902 | $ | 4,332 | $ | 4,359 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories at December 31, 2013 and December 31, 2012 were comprised of: | |||||||||
December 31, | December 31, | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Finished products | $ | 21,887 | $ | 19,596 | |||||
In-process | 9,840 | 8,344 | |||||||
Raw materials | 15,246 | 14,130 | |||||||
Fine and fabricated precious metals in various stages of completion | 19,802 | 9,599 | |||||||
66,775 | 51,669 | ||||||||
LIFO reserve | (1,025 | ) | (4,139 | ) | |||||
$ | 65,750 | $ | 47,530 | ||||||
Inventory Supplemental Disclosure | ' | ||||||||
As of December 31, 2013, H&H's customer metal consisted of 247,103 ounces of silver, 576 ounces of gold and 1,392 ounces of palladium. | |||||||||
Supplemental inventory information: | December 31, | December 31, | |||||||
(in thousands, except per ounce) | 2013 | 2012 | |||||||
Precious metals stated at LIFO cost | $ | 5,090 | $ | 5,460 | |||||
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | 13,687 | $ | — | |||||
Market value per ounce: | |||||||||
Silver | $ | 19.49 | $ | 30.2 | |||||
Gold | $ | 1,201.50 | $ | 1,675.40 | |||||
Palladium | $ | 711 | $ | 702.85 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment, Net | ' | ||||||||
December 31, | December 31, | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Land | $ | 9,177 | $ | 7,366 | |||||
Buildings, machinery and equipment | 169,411 | 155,253 | |||||||
Construction in progress | 7,357 | 7,513 | |||||||
185,945 | 170,132 | ||||||||
Accumulated depreciation | 94,748 | 88,403 | |||||||
$ | 91,197 | $ | 81,729 | ||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Reconciliation of the change in the carrying value of goodwill | ' | ||||||||||||||||||||||||
The changes in the net carrying amount of goodwill by reportable segment for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Segment | Balance at January 1, 2013 | Foreign Currency Translation Adjustments | Additions | Adjustments | Balance at | Accumulated | |||||||||||||||||||
31-Dec-13 | Impairment Losses | ||||||||||||||||||||||||
Joining Materials | $ | 1,494 | $ | 14 | $ | 14,767 | $ | — | $ | 16,275 | $ | — | |||||||||||||
Tubing | 1,895 | — | — | — | 1,895 | — | |||||||||||||||||||
Building Materials | 47,096 | — | 3,402 | (454 | ) | 50,044 | — | ||||||||||||||||||
Arlon | 9,298 | — | — | — | 9,298 | (1,140 | ) | ||||||||||||||||||
$ | 59,783 | $ | 14 | $ | 18,169 | $ | (454 | ) | $ | 77,512 | $ | (1,140 | ) | ||||||||||||
The $14.8 million addition to goodwill within the Joining Materials segment was due to the Company's acquisition of Wolverine Joining, and the $3.4 million addition within the Building Materials segment was due to the Company's acquisition of PAM. The $0.5 million adjustment to goodwill recorded during the year ended December 31, 2013 within the Building Materials segment is related to final purchase price allocation adjustments, including a final working capital adjustment, associated with the prior year acquisition of Hickman. For additional information, see Note 4 - "Acquisitions." | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Segment | Balance at January 1, 2012 | Foreign Currency Translation Adjustments | Additions | Balance at December 31, 2012 | Accumulated Impairment Losses | ||||||||||||||||||||
Joining Materials | $ | 1,489 | $ | 5 | $ | — | $ | 1,494 | $ | — | |||||||||||||||
Tubing | 1,895 | — | — | 1,895 | — | ||||||||||||||||||||
Building Materials | 43,829 | — | 3,267 | 47,096 | — | ||||||||||||||||||||
Arlon | 9,298 | — | — | 9,298 | (1,140 | ) | |||||||||||||||||||
$ | 56,511 | $ | 5 | $ | 3,267 | $ | 59,783 | $ | (1,140 | ) | |||||||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||||||||||
Other intangible assets as of December 31, 2013 and December 31, 2012 consisted of: | |||||||||||||||||||||||||
(in thousands) | December 31, 2013 | December 31, 2012 | Weighted-Average Amortization Life (in Years) | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||
Customer relationships | $ | 52,565 | $ | (16,259 | ) | $ | 36,306 | $ | 38,825 | $ | (13,232 | ) | $ | 25,593 | 16.5 | ||||||||||
Trademarks, trade names and brand names | 10,231 | (2,116 | ) | 8,115 | 5,048 | (1,634 | ) | 3,414 | 17.5 | ||||||||||||||||
Patents and patent applications | 5,103 | (1,870 | ) | 3,233 | 4,789 | (1,523 | ) | 3,266 | 15.5 | ||||||||||||||||
Non-compete agreements | 906 | (839 | ) | 67 | 906 | (809 | ) | 97 | 7.1 | ||||||||||||||||
Other | 1,808 | (1,193 | ) | 615 | 1,762 | (914 | ) | 848 | 6.1 | ||||||||||||||||
Total | $ | 70,613 | $ | (22,277 | ) | $ | 48,336 | $ | 51,330 | $ | (18,112 | ) | $ | 33,218 | |||||||||||
Summary of Estimated Amortization Expense | ' | ||||||||||||||||||||||||
The increase in intangible assets and related amortization expense during 2013 was principally due to the Company's acquisition of Wolverine Joining and PAM discussed in Note 4 - "Acquisitions." The estimated amortization expense for each of the five succeeding years and thereafter is as follows: | |||||||||||||||||||||||||
(in thousands) | Customer Relationships | Trademarks, Trade Names and Brand Names | Patents and Patent Applications | Non-Compete Agreements | Other | Total | |||||||||||||||||||
2014 | $ | 3,421 | $ | 594 | $ | 356 | $ | 30 | $ | 290 | $ | 4,691 | |||||||||||||
2015 | 3,421 | 594 | 342 | 30 | 194 | 4,581 | |||||||||||||||||||
2016 | 3,421 | 594 | 270 | 7 | 85 | 4,377 | |||||||||||||||||||
2017 | 3,414 | 594 | 270 | — | 37 | 4,315 | |||||||||||||||||||
2018 | 3,378 | 594 | 270 | — | 9 | 4,251 | |||||||||||||||||||
Thereafter | 19,251 | 5,145 | 1,725 | — | — | 26,121 | |||||||||||||||||||
$ | 36,306 | $ | 8,115 | $ | 3,233 | $ | 67 | $ | 615 | $ | 48,336 | ||||||||||||||
These balances are subject to adjustment during the finalization of the purchase price allocations for the Wolverine Joining and PAM acquisitions. |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||
Summarized unaudited information as to assets, liabilities and results of operations of ModusLink for the quarter ended October 31, 2013, its most recently completed fiscal quarter, as well as for the nine months ended October 31, 2013, the nearest practicable period corresponding to the period the Company has accounted for its investment in ModusLink under the equity method of accounting, and the comparable prior periods, are as follows: | ||||||||||||||||
October 31, | July 31, | |||||||||||||||
(in thousands) | 2013 | 2013 | ||||||||||||||
Current assets | $ | 319,994 | $ | 291,086 | ||||||||||||
Non-current assets | $ | 50,235 | $ | 52,610 | ||||||||||||
Current liabilities | $ | 199,324 | $ | 176,431 | ||||||||||||
Non-current liabilities | $ | 10,706 | $ | 10,360 | ||||||||||||
Stockholders' equity | $ | 160,199 | $ | 156,905 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net revenue | $ | 191,415 | $ | 197,051 | $ | 545,432 | $ | 543,733 | ||||||||
Gross profit | $ | 21,995 | $ | 18,624 | $ | 57,463 | $ | 46,002 | ||||||||
Income (loss) from continuing operations | $ | 538 | $ | (9,831 | ) | $ | (16,544 | ) | $ | (27,641 | ) | |||||
Net income (loss) | $ | 617 | $ | (10,660 | ) | $ | (16,530 | ) | $ | (37,037 | ) | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Debt | ' | |||||||||||||||||||||||||||
Debt at December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||||||||||||||||
(in thousands) | December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Short-term debt | ||||||||||||||||||||||||||||
Foreign | $ | 304 | $ | 778 | ||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Senior Term Loan | 116,000 | 115,000 | ||||||||||||||||||||||||||
Revolving Facility | 30,950 | — | ||||||||||||||||||||||||||
Subordinated Notes, net of unamortized discount | — | 9,440 | ||||||||||||||||||||||||||
Other H&H debt - domestic | 8,279 | 8,597 | ||||||||||||||||||||||||||
Foreign loan facilities | 1,658 | 4,713 | ||||||||||||||||||||||||||
Sub total | 156,887 | 137,750 | ||||||||||||||||||||||||||
Less portion due within one year | 12,818 | 8,943 | ||||||||||||||||||||||||||
Long-term debt | 144,069 | 128,807 | ||||||||||||||||||||||||||
Long-term debt - related party | ||||||||||||||||||||||||||||
Subordinated Notes, net of unamortized discount | — | 19,916 | ||||||||||||||||||||||||||
Total long-term debt | 144,069 | 148,723 | ||||||||||||||||||||||||||
Total debt | $ | 157,191 | $ | 158,444 | ||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||||||||||
Long-term debt at December 31, 2013 matures in each of the next five years as follows: | ||||||||||||||||||||||||||||
(in thousands) | Total | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||||
Long-term debt (a) | $ | 156,887 | $ | 12,818 | $ | 21,969 | $ | 15,691 | $ | 106,409 | $ | — | $ | — | ||||||||||||||
a) | Assumes repayment of the Revolving Facility on its contractual maturity date. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Outstanding Forward and Future Contracts | ' | ||||||||||||||
As of December 31, 2013, the Company had the following outstanding futures contracts with settlement dates ranging from February 2014 to March 2014. There were no forward contracts outstanding at December 31, 2013. | |||||||||||||||
Notional Value | |||||||||||||||
Commodity | Amount | ($ in millions) | |||||||||||||
Silver | 650,000 | ounces | $ | 12.6 | |||||||||||
Gold | 1,000 | ounces | $ | 1.2 | |||||||||||
Copper | 350,000 | pounds | $ | 1.2 | |||||||||||
Tin | 40 | metric tons | $ | 0.9 | |||||||||||
Effect of Derivative Instruments on the Consolidated Income Statements | ' | ||||||||||||||
Effect of Derivative Instruments in the Consolidated Income Statements - Income/(Expense) | |||||||||||||||
(in thousands) | Year Ended | ||||||||||||||
December 31, | |||||||||||||||
Derivative | Income Statement Line | 2013 | 2012 | 2011 | |||||||||||
Commodity contracts | Cost of goods sold | $ | 2,528 | $ | — | $ | — | ||||||||
Total derivatives designated as hedging instruments | 2,528 | — | — | ||||||||||||
Commodity contracts | Realized and unrealized gain (loss) on derivatives | 1,988 | 522 | (1,236 | ) | ||||||||||
Interest rate swap agreements | Interest expense | (328 | ) | — | — | ||||||||||
Derivative features of Subordinated Notes | Realized and unrealized (loss) gain on derivatives | (793 | ) | 2,060 | 1,654 | ||||||||||
Total derivatives not designated as hedging instruments | 867 | 2,582 | 418 | ||||||||||||
Total derivatives | $ | 3,395 | $ | 2,582 | $ | 418 | |||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheets | ' | ||||||||||||||
Fair Value of Derivative Instruments on the Consolidated Balance Sheets - Asset/(Liability) | |||||||||||||||
(in thousands) | December 31, | December 31, | |||||||||||||
Derivative | Balance Sheet Location | 2013 | 2012 | ||||||||||||
Commodity contracts | Prepaid and other current assets | $ | 1,778 | $ | — | ||||||||||
Total derivatives designated as hedging instruments | 1,778 | — | |||||||||||||
Commodity contracts | (Accrued liabilities)/Prepaid and other current assets | (158 | ) | 100 | |||||||||||
Interest rate swap agreements | Other liabilities | (214 | ) | — | |||||||||||
Derivative features of Subordinated Notes | Long-term debt and long-term debt - related party | — | 793 | ||||||||||||
Total derivatives not designated as hedging instruments | (372 | ) | 893 | ||||||||||||
Total derivatives | $ | 1,406 | $ | 893 | |||||||||||
Pensions_and_Other_PostRetirem1
Pensions and Other Post-Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 218 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 18,594 | 21,651 | 22,553 | 98 | 163 | 171 | |||||||||||||||||||
Expected return on plan assets | (23,964 | ) | (27,005 | ) | (27,249 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 32 | 44 | 63 | — | — | — | |||||||||||||||||||
Amortization of actuarial loss | 10,680 | 8,623 | 10,772 | 8 | 86 | 41 | |||||||||||||||||||
Total | $ | 5,342 | $ | 3,313 | $ | 6,357 | $ | 106 | $ | 249 | $ | 212 | |||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||
The weighted-average assumptions used in the valuations at December 31 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rates: | |||||||||||||||||||||||||
WHX Pension Plan | 4.4 | % | 3.5 | % | N/A | N/A | |||||||||||||||||||
Bear Plan | 4.95 | % | 4 | % | N/A | N/A | |||||||||||||||||||
Other post-retirement benefit plans | N/A | N/A | 4.1 | % | 3.65 | % | |||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Health care cost trend rate - initial | N/A | N/A | 7.25 | % | 7.25 | % | |||||||||||||||||||
Health care cost trend rate - ultimate | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||
Year ultimate reached | N/A | N/A | 2022 | 2022 | |||||||||||||||||||||
Actuarial assumptions used to develop the components of defined benefit pension expense and other post-retirement benefit expense were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rates: | |||||||||||||||||||||||||
WHX Pension Plan | 3.5 | % | 4.15 | % | 4.95 | % | N/A | N/A | N/A | ||||||||||||||||
Other post-retirement benefit plans | N/A | N/A | N/A | 3.65 | % | 4.2 | % | 5.1 | % | ||||||||||||||||
Bear Plan | 4 | % | 4.55 | % | 5.5 | % | N/A | N/A | N/A | ||||||||||||||||
Expected return on assets | 7.5 | % | 8 | % | 8 | % | N/A | N/A | N/A | ||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
Health care cost trend rate - initial | N/A | N/A | N/A | 7.25 | % | 7.5 | % | 7.5 | % | ||||||||||||||||
Health care cost trend rate - ultimate | N/A | N/A | N/A | 5 | % | 5 | % | 5 | % | ||||||||||||||||
Year ultimate reached | N/A | N/A | N/A | 2022 | 2022 | 2016 | |||||||||||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||||||||||||
Summarized below is a reconciliation of the funded status for the Company's qualified defined benefit pension plans and post-retirement benefit plans: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 547,456 | $ | 532,619 | $ | 4,208 | $ | 4,092 | |||||||||||||||||
Service cost | — | — | — | — | |||||||||||||||||||||
Interest cost | 18,594 | 21,651 | 98 | 163 | |||||||||||||||||||||
Actuarial (gain) loss | (34,739 | ) | 36,227 | (1,403 | ) | 150 | |||||||||||||||||||
Participant contributions | — | — | 4 | 9 | |||||||||||||||||||||
Plan change | — | — | (1,506 | ) | — | ||||||||||||||||||||
Benefits paid | (34,495 | ) | (36,058 | ) | (317 | ) | (206 | ) | |||||||||||||||||
Insurance contract termination | — | (6,983 | ) | — | — | ||||||||||||||||||||
Transfer from Canfield Salaried SEPP | 724 | — | — | — | |||||||||||||||||||||
Benefit obligation at December 31 | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 330,471 | $ | 346,408 | $ | — | $ | — | |||||||||||||||||
Actual returns on plan assets | 43,924 | 10,924 | — | — | |||||||||||||||||||||
Participant contributions | — | — | 4 | 9 | |||||||||||||||||||||
Benefits paid | (34,495 | ) | (36,058 | ) | (317 | ) | (206 | ) | |||||||||||||||||
Company contributions | 13,349 | 16,180 | 313 | 197 | |||||||||||||||||||||
Insurance contract termination | — | (6,983 | ) | — | — | ||||||||||||||||||||
Transfer from Canfield Salaried SEPP | 724 | — | — | — | |||||||||||||||||||||
Fair value of plan assets at December 31 | 353,973 | 330,471 | — | — | |||||||||||||||||||||
Funded status | $ | (143,567 | ) | $ | (216,985 | ) | $ | (1,084 | ) | $ | (4,208 | ) | |||||||||||||
Accumulated benefit obligation ("ABO") for qualified defined benefit plans: | |||||||||||||||||||||||||
ABO at January 1 | $ | 547,456 | $ | 532,619 | $ | 4,208 | $ | 4,092 | |||||||||||||||||
ABO at December 31 | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Amounts recognized on the consolidated balance sheet: | |||||||||||||||||||||||||
Current liability | $ | — | $ | — | $ | (111 | ) | $ | (211 | ) | |||||||||||||||
Noncurrent liability | (143,567 | ) | (216,985 | ) | (973 | ) | (3,997 | ) | |||||||||||||||||
Total | $ | (143,567 | ) | $ | (216,985 | ) | $ | (1,084 | ) | $ | (4,208 | ) | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in comprehensive income (loss) are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Current year actuarial gain (loss) | $ | 54,698 | $ | (52,305 | ) | $ | (93,031 | ) | $ | 1,403 | $ | (150 | ) | $ | (649 | ) | |||||||||
Amortization of actuarial loss | 10,680 | 8,623 | 10,772 | 8 | 86 | 41 | |||||||||||||||||||
Current year prior service credit | — | — | — | 1,506 | — | — | |||||||||||||||||||
Amortization of prior service cost | 32 | 44 | 62 | — | — | — | |||||||||||||||||||
Total recognized in comprehensive income (loss) | $ | 65,410 | $ | (43,638 | ) | $ | (82,197 | ) | $ | 2,917 | $ | (64 | ) | $ | (608 | ) | |||||||||
Pretax amounts included in accumulated other comprehensive loss at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | 32 | $ | (1,506 | ) | $ | — | ||||||||||||||||
Net actuarial loss | 203,627 | 269,005 | 440 | 1,851 | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | 203,627 | $ | 269,037 | $ | (1,066 | ) | $ | 1,851 | ||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||||||||||||||||||||||
Additional information for plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Projected benefit obligation | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Accumulated benefit obligation | $ | 497,540 | $ | 547,456 | $ | 1,084 | $ | 4,208 | |||||||||||||||||
Fair value of plan assets | $ | 353,973 | $ | 330,471 | $ | — | $ | — | |||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||
The WHX/Bear Pension Plan assets at December 31, 2013 and 2012, by asset category, are as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013: | |||||||||||||||||||||||||
Assets (Liabilities) at Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large cap | $ | 27,389 | $ | 596 | $ | — | $ | 27,985 | |||||||||||||||||
U.S. mid-cap growth | 62,477 | — | — | 62,477 | |||||||||||||||||||||
U.S. small-cap value | 14,460 | 2,031 | — | 16,491 | |||||||||||||||||||||
International large cap value | 16,355 | — | — | 16,355 | |||||||||||||||||||||
Equity contracts | 96 | — | — | 96 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate bonds and loans | 33 | 63,405 | 503 | 63,941 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Common trust funds (1) | — | 98,610 | — | 98,610 | |||||||||||||||||||||
Fund of funds (2) | — | 41,898 | — | 41,898 | |||||||||||||||||||||
120,810 | 206,540 | 503 | 327,853 | ||||||||||||||||||||||
Shorts | (62,776 | ) | (938 | ) | — | (63,714 | ) | ||||||||||||||||||
Total | $ | 58,034 | $ | 205,602 | $ | 503 | 264,139 | ||||||||||||||||||
Cash and cash equivalents | 94,130 | ||||||||||||||||||||||||
Net payables | (4,296 | ) | |||||||||||||||||||||||
Total pension assets | $ | 353,973 | |||||||||||||||||||||||
Fair Value Measurements as of December 31, 2012: | |||||||||||||||||||||||||
Assets (Liabilities) at Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. large cap | $ | 20,572 | $ | 543 | $ | — | $ | 21,115 | |||||||||||||||||
U.S. mid-cap growth | 36,065 | — | 209 | 36,274 | |||||||||||||||||||||
U.S. small-cap value | 15,295 | 138 | — | 15,433 | |||||||||||||||||||||
International large cap value | 16,118 | 116 | — | 16,234 | |||||||||||||||||||||
Equity contracts | 308 | — | — | 308 | |||||||||||||||||||||
Preferred stocks | 530 | 2,016 | — | 2,546 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate bonds and loans | 415 | 51,052 | 548 | 52,015 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Common trust funds (1) | — | 68,830 | — | 68,830 | |||||||||||||||||||||
Fund of funds (2) | — | 37,142 | — | 37,142 | |||||||||||||||||||||
89,303 | 159,837 | 757 | 249,897 | ||||||||||||||||||||||
Futures contracts, net | (58,148 | ) | 5,478 | — | (52,670 | ) | |||||||||||||||||||
Total | $ | 31,155 | $ | 165,315 | $ | 757 | 197,227 | ||||||||||||||||||
Cash and cash equivalents | 133,590 | ||||||||||||||||||||||||
Net payables | (346 | ) | |||||||||||||||||||||||
Total pension assets | $ | 330,471 | |||||||||||||||||||||||
-1 | Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities and are valued at their Net Asset Values ("NAV") that are calculated by the investment manager or sponsor of the fund. | ||||||||||||||||||||||||
-2 | Fund of funds consist of fund-of-fund LLC or commingled fund structures. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities. The LLCs are valued based on NAVs calculated by the fund and are not publicly available. | ||||||||||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward | ' | ||||||||||||||||||||||||
WHX/Bear Pension Plan assets for which fair value is determined using significant unobservable inputs (Level 3) were as follows during 2013 and 2012: | |||||||||||||||||||||||||
Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | U.S. Large Cap | U.S. Mid Cap Growth | Corporate Bonds and Loans | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance as of January 1, 2013 | $ | — | $ | 209 | $ | 548 | |||||||||||||||||||
Transfers into Level 3 | — | — | — | ||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | ||||||||||||||||||||||
Gains or losses included in changes in net assets | — | 23 | 85 | ||||||||||||||||||||||
Purchases, issuances, sales and settlements | |||||||||||||||||||||||||
Purchases | — | — | — | ||||||||||||||||||||||
Issuances | — | — | — | ||||||||||||||||||||||
Sales | — | (232 | ) | (130 | ) | ||||||||||||||||||||
Settlements | — | — | — | ||||||||||||||||||||||
Ending balance as of December 31, 2013 | $ | — | $ | — | $ | 503 | |||||||||||||||||||
Year Ended December 31, 2012 | U.S. Large Cap | U.S. Mid Cap Growth | Corporate Bonds and Loans | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance as of January 1, 2012 | $ | 593 | $ | — | $ | — | |||||||||||||||||||
Transfers into Level 3 | — | — | — | ||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | ||||||||||||||||||||||
Gains or losses included in changes in net assets | 673 | 145 | 11 | ||||||||||||||||||||||
Purchases, issuances, sales and settlements | |||||||||||||||||||||||||
Purchases | — | — | 547 | ||||||||||||||||||||||
Issuances | — | 64 | — | ||||||||||||||||||||||
Sales | (1,202 | ) | — | (10 | ) | ||||||||||||||||||||
Settlements | (64 | ) | — | — | |||||||||||||||||||||
Ending balance as of December 31, 2012 | $ | — | $ | 209 | $ | 548 | |||||||||||||||||||
Category, fair value, redemption frequency, and redemption notice period for those assets whose fair value is estimated using the NAV | ' | ||||||||||||||||||||||||
The following tables present the category, fair value, redemption frequency and redemption notice period for those assets whose fair value was estimated using the NAV per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Class Name | Description | Fair Value December 31, 2013 | Redemption frequency | Redemption Notice Period | |||||||||||||||||||||
Fund of funds | Equity long/short hedge funds | $ | 5,707 | Quarterly | 45 day notice | ||||||||||||||||||||
Fund of funds | Fund of fund composites | $ | 36,191 | Quarterly | 45 day notice | ||||||||||||||||||||
Common trust funds | Equity long/short hedge funds | $ | 12,635 | Annually | 90 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 69,255 | Annually | 45 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 16,720 | Monthly | 90 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 34,991 | Monthly | 30 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 77,093 | Quarterly | 45 day notice | ||||||||||||||||||||
Class Name | Description | Fair Value December 31, 2012 | Redemption frequency | Redemption Notice Period | |||||||||||||||||||||
Fund of funds | Equity long/short hedge funds | $ | 4,862 | Quarterly | 45 day notice | ||||||||||||||||||||
Fund of funds | Fund of fund composites | $ | 32,280 | Quarterly | 45 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 55,853 | Annually | 45 day notice | ||||||||||||||||||||
Common trust funds | Event driven hedge funds | $ | 12,977 | Monthly | 90 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 33,324 | Monthly | 30 day notice | ||||||||||||||||||||
Separately managed fund | Separately managed fund | $ | 64,490 | Quarterly | 45 day notice | ||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||
Estimated future benefit payments for the benefit plans over the next ten years are as follows (in thousands): | |||||||||||||||||||||||||
Pension | Other Post-Retirement | ||||||||||||||||||||||||
Years | Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 34,813 | $ | 111 | |||||||||||||||||||||
2015 | 34,640 | 118 | |||||||||||||||||||||||
2016 | 34,456 | 112 | |||||||||||||||||||||||
2017 | 34,247 | 100 | |||||||||||||||||||||||
2018 | 34,018 | 94 | |||||||||||||||||||||||
2019- 2023 | 163,182 | 366 | |||||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Statement of Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
Changes, net of tax, in accumulated other comprehensive (loss) income and its components follow: | |||||||||||||||||
(in thousands) | Unrealized (Loss) Gain on Marketable Equity Securities | Foreign Currency Translation Adjustments | Change in Net Pension and Other Benefit Obligations | Total | |||||||||||||
Balance at December 31, 2012 | $ | (4,072 | ) | $ | 2,481 | $ | (224,577 | ) | $ | (226,168 | ) | ||||||
Current period income | 1,710 | 56 | 42,675 | 44,441 | |||||||||||||
Reclassification adjustments, net of tax | 2,362 | (2,566 | ) | — | (204 | ) | |||||||||||
Balance at December 31, 2013 | $ | — | $ | (29 | ) | $ | (181,902 | ) | $ | (181,931 | ) | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Restricted stock activity under the Company's 2007 Plan | ' | |||||||||||||
Restricted stock activity under the 2007 Plan was as follows for the years ended December 31, 2013 and December 31, 2012: | ||||||||||||||
(shares) | Employees | Directors | Total | |||||||||||
Balance, January 1, 2013 | 503,440 | 458,000 | 961,440 | |||||||||||
Granted | 157,788 | 162,000 | 319,788 | |||||||||||
Forfeited | (13,202 | ) | — | (13,202 | ) | |||||||||
Reduced for income tax obligations | (2,615 | ) | — | (2,615 | ) | |||||||||
Balance, December 31, 2013 | 645,411 | 620,000 | 1,265,411 | |||||||||||
Vested at December 31, 2013 | 270,124 | 458,000 | 728,124 | |||||||||||
Non-vested at December 31, 2013 | 375,287 | 162,000 | 537,287 | |||||||||||
Employees | Directors | Total | ||||||||||||
Balance, January 1, 2012 | 261,934 | 206,000 | 467,934 | |||||||||||
Granted | 273,400 | 252,000 | 525,400 | |||||||||||
Forfeited | (11,400 | ) | — | (11,400 | ) | |||||||||
Reduced for income tax obligations | (20,494 | ) | — | (20,494 | ) | |||||||||
Balance, December 31, 2012 | 503,440 | 458,000 | 961,440 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
The Company recorded no compensation expense related to its stock options in 2013, 2012 or 2011 since the options fully vested prior to 2010. | ||||||||||||||
Stock option activity under the Company's 2007 Plan was as follows in 2013: | ||||||||||||||
Options | Shares (000's) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (000's) | ||||||||||
Outstanding options at December 31, 2012 | 49 | $ | 90 | 3.34 | $ | — | ||||||||
Granted | — | — | — | |||||||||||
Exercised | — | — | — | |||||||||||
Forfeited or expired | (7 | ) | 90 | — | ||||||||||
Outstanding at December 31, 2013 | 42 | $ | 90 | 2.34 | $ | — | ||||||||
Exercisable at December 31, 2013 | 42 | $ | 90 | 2.34 | $ | — | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Income before Income Tax | ' | ||||||||||||||
Income from continuing operations before tax and equity investment for the three years ended December 31 is as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Domestic | $ | 36,256 | $ | 28,717 | $ | 20,183 | |||||||||
Foreign | 1,893 | 6,497 | 8,145 | ||||||||||||
Total income from continuing operations before tax and equity investment | $ | 38,149 | $ | 35,214 | $ | 28,328 | |||||||||
Schedule of Components of the Provision for (Benefit From) Income Taxes | ' | ||||||||||||||
The provision for (benefit from) income taxes for the three years ended December 31 is as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Current | |||||||||||||||
Domestic | $ | 2,591 | $ | 2,662 | $ | 1,564 | |||||||||
Foreign | 1,123 | 1,224 | 1,287 | ||||||||||||
Total income taxes, current | $ | 3,714 | $ | 3,886 | $ | 2,851 | |||||||||
Deferred | |||||||||||||||
Domestic | $ | 12,757 | $ | 9,071 | $ | (109,309 | ) | ||||||||
Foreign | (443 | ) | 108 | 370 | |||||||||||
Total income taxes, deferred | $ | 12,314 | $ | 9,179 | $ | (108,939 | ) | ||||||||
Total income tax provision (benefit) | $ | 16,028 | $ | 13,065 | $ | (106,088 | ) | ||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||
The amounts shown on the following table represent the tax effect of temporary differences between the Company's consolidated tax return basis of assets and liabilities and the corresponding basis for financial reporting, as well as tax credit and operating loss carryforwards. | |||||||||||||||
(in thousands) | December 31, | ||||||||||||||
Deferred Income Tax Sources | 2013 | 2012 | |||||||||||||
Current Deferred Income Tax Items: | |||||||||||||||
Inventories | $ | 2,426 | $ | 3,503 | |||||||||||
Environmental costs | 1,220 | 2,377 | |||||||||||||
Net operating loss carryforwards | 13,323 | 14,530 | |||||||||||||
Accrued liabilities | 3,046 | 3,264 | |||||||||||||
Other items, net | 913 | 1,023 | |||||||||||||
Current deferred income tax assets before valuation allowance | 20,928 | 24,697 | |||||||||||||
Valuation allowance | (421 | ) | (324 | ) | |||||||||||
Deferred income tax assets - current | $ | 20,507 | $ | 24,373 | |||||||||||
Foreign | $ | (433 | ) | $ | (1,022 | ) | |||||||||
Deferred income tax liabilities - current | $ | (433 | ) | $ | (1,022 | ) | |||||||||
Non-Current Deferred Income Tax Items: | |||||||||||||||
Post-retirement and post-employment employee benefits | $ | 904 | $ | 1,817 | |||||||||||
Net operating loss carryforwards | 27,198 | 45,794 | |||||||||||||
Pension liability | 53,624 | 81,392 | |||||||||||||
Impairment of long-lived assets | 2,636 | 2,528 | |||||||||||||
Minimum tax credit carryforwards | 3,265 | 2,287 | |||||||||||||
Miscellaneous other | 1,953 | 4,397 | |||||||||||||
Non-current deferred income tax assets before valuation allowance | 89,580 | 138,215 | |||||||||||||
Valuation allowance | (1,729 | ) | (1,814 | ) | |||||||||||
Non-current deferred income tax assets | 87,851 | 136,401 | |||||||||||||
Property, plant and equipment | (13,558 | ) | (13,802 | ) | |||||||||||
Intangible assets | (9,378 | ) | (7,526 | ) | |||||||||||
Undistributed foreign earnings | (568 | ) | (534 | ) | |||||||||||
Other items, net | (4,661 | ) | (1,971 | ) | |||||||||||
Non-current deferred income tax liabilities | (28,165 | ) | (23,833 | ) | |||||||||||
Net non-current deferred income tax assets | $ | 59,686 | $ | 112,568 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||
The provision (benefit) for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Income from continuing operations before tax and equity investment | $ | 38,149 | $ | 35,214 | $ | 28,328 | |||||||||
Tax provision at statutory rate | $ | 13,352 | $ | 12,325 | $ | 9,915 | |||||||||
Increase (decrease) in tax due to: | |||||||||||||||
Foreign dividend income | — | — | 929 | ||||||||||||
State income tax, net of federal effect | 2,455 | 2,396 | 919 | ||||||||||||
Net increase (decrease) in valuation allowance | 12 | (454 | ) | (116,689 | ) | ||||||||||
(Decrease) increase in liability for uncertain tax positions | (679 | ) | 8 | 43 | |||||||||||
Net effect of foreign tax rate and tax holidays | 17 | (942 | ) | (369 | ) | ||||||||||
Other items, net | 871 | (268 | ) | (836 | ) | ||||||||||
Tax provision (benefit) | $ | 16,028 | $ | 13,065 | $ | (106,088 | ) | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||||
The changes in the amount of unrecognized tax benefits in 2013 and 2012 were as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||
Beginning balance | $ | 2,273 | $ | 2,306 | |||||||||||
Additions for tax positions related to current year | 404 | 368 | |||||||||||||
Additions due to interest accrued | 80 | 100 | |||||||||||||
Tax positions of prior years: | |||||||||||||||
Payments | (250 | ) | (42 | ) | |||||||||||
Settlements | (640 | ) | — | ||||||||||||
Due to lapsed statutes of limitations | (488 | ) | (484 | ) | |||||||||||
Other | (35 | ) | 25 | ||||||||||||
Ending balance | $ | 1,344 | $ | 2,273 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | ' | ||||||||||||
The computation of basic earnings per share of common stock is calculated by dividing net income by the weighted-average number of shares of the Company's common stock outstanding, as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share) | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations, net of tax | $ | 28,127 | $ | 22,149 | $ | 134,416 | |||||||
Weighted-average number of common shares outstanding | 13,251 | 13,032 | 12,555 | ||||||||||
Income from continuing operations, net of tax, per share | $ | 2.12 | $ | 1.7 | $ | 10.71 | |||||||
Net income from discontinued operations | $ | 13,902 | $ | 4,332 | $ | 4,359 | |||||||
Weighted-average number of common shares outstanding | 13,251 | 13,032 | 12,555 | ||||||||||
Discontinued operations, net of tax, per share | $ | 1.05 | $ | 0.33 | $ | 0.34 | |||||||
Net income | $ | 42,029 | $ | 26,481 | $ | 138,775 | |||||||
Weighted-average number of common shares outstanding | 13,251 | 13,032 | 12,555 | ||||||||||
Net income per share | $ | 3.17 | $ | 2.03 | $ | 11.05 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis, the amounts on the consolidated balance sheets as of December 31, 2013 and 2012, and the activity in those assets and liabilities that are valued using Level 3 measurements. | |||||||||||||||||
Asset (Liability) as of December 31, 2013 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Investment in associated company | $ | 33,983 | $ | 33,983 | $ | — | $ | — | |||||||||
Precious metal and commodity inventories recorded at fair value | $ | 14,766 | $ | 14,766 | $ | — | $ | — | |||||||||
Commodity contracts on precious metal and commodity inventories | $ | 1,620 | $ | 1,620 | $ | — | $ | — | |||||||||
Interest rate swap agreements | $ | (214 | ) | $ | — | $ | (214 | ) | $ | — | |||||||
Asset (Liability) as of December 31, 2012 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Investment in associated company | $ | 17,229 | $ | 17,229 | $ | — | $ | — | |||||||||
Commodity contracts on precious metal and commodity inventories | $ | 100 | $ | 127 | $ | (27 | ) | $ | — | ||||||||
Derivative features of Subordinated Notes | $ | 793 | $ | — | $ | — | $ | 793 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||
(in thousands) | Year ended December 31, | ||||||||||||||||
Activity | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 793 | $ | (1,314 | ) | ||||||||||||
Total net (losses) gains included in: | |||||||||||||||||
Net income | (793 | ) | 2,060 | ||||||||||||||
Other comprehensive income (loss) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Issuances | — | — | |||||||||||||||
Sales | — | — | |||||||||||||||
Settlements | — | 47 | |||||||||||||||
Net transfers into / (out of) Level 3 | — | — | |||||||||||||||
Ending balance | $ | — | $ | 793 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Future minimum operating lease and rental commitments under non-cancelable operating leases are as follows (in thousands): | |||||
Year | Amount | ||||
2014 | 4,331 | ||||
2015 | 3,060 | ||||
2016 | 2,506 | ||||
2017 | 1,938 | ||||
2018 | 1,430 | ||||
Thereafter | 2,226 | ||||
$ | 15,491 | ||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Information about Reportable Segments | ' | ||||||||||||
The following tables present information about the Company's reportable segments for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Income Statement Data | Year Ended | ||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Joining Materials | $ | 195,187 | $ | 174,621 | $ | 190,607 | |||||||
Tubing | 91,002 | 80,849 | 76,676 | ||||||||||
Building Materials | 226,806 | 189,106 | 178,948 | ||||||||||
Arlon | 84,060 | 80,815 | 81,282 | ||||||||||
Kasco | 58,169 | 54,137 | 52,251 | ||||||||||
Total net sales | $ | 655,224 | $ | 579,528 | $ | 579,764 | |||||||
Segment operating income: | |||||||||||||
Joining Materials (a) | $ | 16,624 | $ | 23,942 | $ | 24,747 | |||||||
Tubing | 17,434 | 14,258 | 13,958 | ||||||||||
Building Materials | 27,789 | 22,172 | 19,883 | ||||||||||
Arlon (b) | 10,769 | 11,594 | 8,348 | ||||||||||
Kasco | 4,496 | 4,431 | 4,227 | ||||||||||
Total segment operating income | 77,112 | 76,397 | 71,163 | ||||||||||
Unallocated corporate expenses and non-operating units | (20,895 | ) | (23,387 | ) | (19,318 | ) | |||||||
Unallocated pension expense | (5,342 | ) | (3,313 | ) | (6,357 | ) | |||||||
Gain from asset dispositions | 75 | 93 | 50 | ||||||||||
Operating income | 50,950 | 49,790 | 45,538 | ||||||||||
Interest expense | (13,705 | ) | (16,719 | ) | (16,268 | ) | |||||||
Realized and unrealized gain on derivatives | 1,195 | 2,582 | 418 | ||||||||||
Other expense | (291 | ) | (439 | ) | (1,360 | ) | |||||||
Income from continuing operations before tax and equity investment | $ | 38,149 | $ | 35,214 | $ | 28,328 | |||||||
a) | The results for the Joining Materials segment for 2012 and 2011 include gains of $0.6 million and $1.9 million, respectively, resulting from the liquidation of precious metal inventory valued at LIFO cost. No similar gain was recorded in 2013 due to an increase in ending inventory quantities. | ||||||||||||
b) | Segment operating income of the Arlon segment for 2011 includes an asset impairment charge of $0.7 million to write-down vacant land located in Rancho Cucamonga, California to fair value. | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | |||||||||||||
Joining Materials | $ | 3,135 | $ | 2,951 | $ | 1,574 | |||||||
Tubing | 3,679 | 5,157 | 2,882 | ||||||||||
Building Materials | 3,424 | 4,776 | 1,049 | ||||||||||
Arlon | 4,482 | 5,113 | 5,055 | ||||||||||
Kasco | 1,339 | 2,236 | 1,422 | ||||||||||
Corporate and other | 167 | 62 | 64 | ||||||||||
$ | 16,226 | $ | 20,295 | $ | 12,046 | ||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Depreciation and Amortization | |||||||||||||
Joining Materials | $ | 2,682 | $ | 1,110 | $ | 1,373 | |||||||
Tubing | 2,399 | 2,250 | 2,201 | ||||||||||
Building Materials | 4,600 | 4,132 | 4,049 | ||||||||||
Arlon | 4,211 | 3,828 | 4,041 | ||||||||||
Kasco | 2,095 | 1,920 | 2,199 | ||||||||||
Corporate and other | 151 | 103 | 285 | ||||||||||
$ | 16,138 | $ | 13,343 | $ | 14,148 | ||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Total Assets | |||||||||||||
Joining Materials | $ | 108,621 | $ | 53,088 | |||||||||
Tubing | 37,550 | 36,096 | |||||||||||
Building Materials | 134,320 | 121,392 | |||||||||||
Arlon | 71,046 | 66,255 | |||||||||||
Kasco | 23,612 | 25,215 | |||||||||||
Corporate and other | 133,923 | 178,204 | |||||||||||
Discontinued operations | 651 | 32,111 | |||||||||||
$ | 509,723 | $ | 512,361 | ||||||||||
The following table presents revenue and long-lived asset information by geographic area as of and for the years ended December 31. Foreign revenue is based on the country in which the legal subsidiary is domiciled. Long-lived assets in 2013 and 2012 consist of property, plant and equipment, plus approximately $9.4 million and $8.2 million, respectively, of land and buildings from previously operating businesses, and other non-operating assets that are carried at the lower of cost or fair value and are included primarily in other non-current assets on the consolidated balance sheets. Neither net sales nor long-lived assets from any single foreign country was material to the consolidated financial statements of the Company. | |||||||||||||
Geographic Information | |||||||||||||
(in thousands) | Net Sales | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 590,479 | $ | 512,470 | $ | 505,583 | |||||||
Foreign | 64,745 | 67,058 | 74,181 | ||||||||||
$ | 655,224 | $ | 579,528 | $ | 579,764 | ||||||||
(in thousands) | Long-Lived Assets | ||||||||||||
2013 | 2012 | ||||||||||||
United States | $ | 77,065 | $ | 66,537 | |||||||||
Foreign | 23,225 | 23,150 | |||||||||||
$ | 100,290 | $ | 89,687 | ||||||||||
Parent_Company_Condensed_Finan1
Parent Company Condensed Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of Condensed Balance Sheet | ' | ||||||||||||
Balance Sheets | |||||||||||||
(in thousands, except par value) | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Current Assets: | |||||||||||||
Cash and cash equivalents | $ | 1,853 | $ | 735 | |||||||||
Deferred income tax assets - current | 4,062 | 8,231 | |||||||||||
Prepaid and other current assets | 92 | 105 | |||||||||||
Total current assets | 6,007 | 9,071 | |||||||||||
Notes receivable from Bairnco | 4,627 | 4,627 | |||||||||||
Investment in associated company | 33,983 | 17,229 | |||||||||||
Deferred income tax assets | 64,088 | 102,221 | |||||||||||
Investments in and advances to subsidiaries, net | 278,730 | 226,878 | |||||||||||
Total assets | $ | 387,435 | $ | 360,026 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Current Liabilities: | |||||||||||||
Trade payables | $ | 61 | $ | 99 | |||||||||
Accrued liabilities | 718 | 648 | |||||||||||
Total current liabilities | 779 | 747 | |||||||||||
Accrued interest - Handy & Harman | 12,193 | 12,193 | |||||||||||
Notes payable to Handy & Harman | 98,188 | 80,083 | |||||||||||
Accrued pension liability | 142,403 | 215,075 | |||||||||||
Total liabilities | 253,563 | 308,098 | |||||||||||
Commitments and Contingencies | |||||||||||||
Stockholders' Equity: | |||||||||||||
Common stock - $.01 par value; authorized 180,000 shares; | |||||||||||||
issued 13,444 and 13,140 shares, respectively | 134 | 131 | |||||||||||
Accumulated other comprehensive loss | (181,931 | ) | (226,168 | ) | |||||||||
Additional paid-in capital | 565,441 | 559,970 | |||||||||||
Treasury stock, at cost - 458 and 0 shares, respectively | (9,796 | ) | — | ||||||||||
Accumulated deficit | (239,976 | ) | (282,005 | ) | |||||||||
Total stockholders' equity | 133,872 | 51,928 | |||||||||||
Liabilities and stockholders' equity | $ | 387,435 | $ | 360,026 | |||||||||
Schedule of Condensed Income Statement | ' | ||||||||||||
Statements of Income and Comprehensive Income (Loss) | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity in income of subsidiaries, net of tax | $ | 44,275 | $ | 35,498 | $ | 40,044 | |||||||
Selling, general and administrative expenses | (7,790 | ) | (7,720 | ) | (5,883 | ) | |||||||
Pension expense | (5,206 | ) | (3,195 | ) | (6,316 | ) | |||||||
Other: | |||||||||||||
Interest expense - Handy & Handy notes payable | — | (4,087 | ) | (2,889 | ) | ||||||||
Interest income - Bairnco notes receivable | — | 560 | 491 | ||||||||||
Other income (expense) | — | 15 | (3 | ) | |||||||||
Income before tax and equity investment | 31,279 | 21,071 | 25,444 | ||||||||||
Tax benefit | 4,744 | 5,410 | 113,331 | ||||||||||
Gain from associated company, net of tax | 6,006 | — | — | ||||||||||
Net income | 42,029 | 26,481 | 138,775 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Changes in pension liability and post-retirement benefit obligations | 68,328 | (43,702 | ) | (82,805 | ) | ||||||||
Tax effect of changes in pension liability and post-retirement benefit obligations | (25,653 | ) | 14,455 | 27,211 | |||||||||
Change in market value of securities | 7,113 | (14,948 | ) | 7,835 | |||||||||
Tax effect of change in market value of securities | (3,041 | ) | 6,054 | (3,014 | ) | ||||||||
Foreign currency translation adjustments | (2,510 | ) | 362 | (1,751 | ) | ||||||||
Other comprehensive income (loss) | 44,237 | (37,779 | ) | (52,524 | ) | ||||||||
Comprehensive income (loss) | $ | 86,266 | $ | (11,298 | ) | $ | 86,251 | ||||||
Schedule of Condensed Cash Flow Statement | ' | ||||||||||||
Statements of Cash Flows | |||||||||||||
(in thousands) | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 42,029 | $ | 26,481 | $ | 138,775 | |||||||
Adjustments to reconcile net income to net cash | |||||||||||||
used in operating activities: | |||||||||||||
Equity in income of subsidiaries, net of tax | (44,275 | ) | (35,498 | ) | (40,044 | ) | |||||||
Payment in kind interest expense - Handy & Harman | — | 4,087 | 2,889 | ||||||||||
Payment in kind interest income - Bairnco | — | (560 | ) | (491 | ) | ||||||||
Non-cash stock-based compensation | 4,860 | 4,476 | 2,837 | ||||||||||
Non-cash gain from associated company | (6,006 | ) | — | — | |||||||||
Deferred income taxes | (5,945 | ) | (5,410 | ) | (113,490 | ) | |||||||
Change in operating assets and liabilities: | |||||||||||||
Advances from affiliates | — | — | (424 | ) | |||||||||
Pension payments - WHX Pension Plan | (13,106 | ) | (15,919 | ) | (15,235 | ) | |||||||
Pension expense | 5,206 | 3,195 | 6,316 | ||||||||||
Other current assets and liabilities | 45 | (1,047 | ) | (1,330 | ) | ||||||||
Net cash used in operating activities | (17,192 | ) | (20,195 | ) | (20,197 | ) | |||||||
Cash flows from investing activities: | |||||||||||||
Investments in marketable securities | — | (6,321 | ) | (18,021 | ) | ||||||||
Dividends from subsidiaries | 10,000 | 6,321 | 18,021 | ||||||||||
Net cash provided by investing activities | 10,000 | — | — | ||||||||||
Cash flows from financing activities: | |||||||||||||
Notes payable - Handy & Harman | 18,106 | 19,419 | 18,735 | ||||||||||
Purchases of treasury stock | (9,796 | ) | — | — | |||||||||
Net cash provided by financing activities | 8,310 | 19,419 | 18,735 | ||||||||||
Net change for the year | 1,118 | (776 | ) | (1,462 | ) | ||||||||
Cash and cash equivalents at beginning of year | 735 | 1,511 | 2,973 | ||||||||||
Cash and cash equivalents at end of year | $ | 1,853 | $ | 735 | $ | 1,511 | |||||||
Unaudited_Quarterly_Results_Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
Unaudited quarterly financial results during the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
(in thousands, except per share amounts) | Fiscal 2013 Quarter Ended (Unaudited) | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Net sales | $ | 148,957 | $ | 182,084 | $ | 171,874 | $ | 152,309 | |||||||||
Operating income | $ | 11,201 | $ | 17,964 | $ | 16,249 | $ | 5,536 | |||||||||
Income from continuing operations before tax and equity investment | $ | 2,180 | $ | 17,687 | $ | 14,004 | $ | 4,278 | |||||||||
Net income (loss) from discontinued operations | $ | 9,541 | $ | 1,661 | $ | 2,904 | $ | (204 | ) | ||||||||
Net income | $ | 8,017 | $ | 11,872 | $ | 9,643 | $ | 12,497 | |||||||||
Comprehensive income | $ | 11,431 | $ | 12,691 | $ | 7,694 | $ | 54,450 | |||||||||
Basic and diluted income per share of common stock | |||||||||||||||||
(Loss) income from continuing operations, net of tax, per share | $ | (0.11 | ) | $ | 0.76 | $ | 0.51 | $ | 0.96 | ||||||||
Discontinued operations, net of tax, per share | $ | 0.72 | $ | 0.12 | $ | 0.22 | $ | (0.01 | ) | ||||||||
Net income per share | $ | 0.61 | $ | 0.88 | $ | 0.73 | $ | 0.95 | |||||||||
(in thousands, except per share amounts) | Fiscal 2012 Quarter Ended (Unaudited) | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Net sales | $ | 144,386 | $ | 164,430 | $ | 144,628 | $ | 126,084 | |||||||||
Operating income | $ | 10,482 | $ | 19,397 | $ | 12,855 | $ | 7,056 | |||||||||
Income from continuing operations before tax and equity investment | $ | 7,519 | $ | 16,546 | $ | 7,331 | $ | 3,818 | |||||||||
Net income from discontinued operations | $ | 585 | $ | 1,230 | $ | 1,205 | $ | 1,312 | |||||||||
Net income | $ | 5,096 | $ | 10,952 | $ | 5,930 | $ | 4,503 | |||||||||
Comprehensive income (loss) | $ | 4,945 | $ | 1,617 | $ | 9,551 | $ | (27,411 | ) | ||||||||
Basic and diluted income per share of common stock | |||||||||||||||||
Income from continuing operations, net of tax, per share | $ | 0.35 | $ | 0.74 | $ | 0.36 | $ | 0.24 | |||||||||
Discontinued operations, net of tax, per share | $ | 0.05 | $ | 0.09 | $ | 0.09 | $ | 0.1 | |||||||||
Net income per share | $ | 0.4 | $ | 0.83 | $ | 0.45 | $ | 0.34 | |||||||||
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Cash and Cash Equivalents) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $10,300,000 | $15,301,000 | $6,841,000 | $8,762,000 |
Cash and cash equivalents which exceeded federally-insured limits | 2,200,000 | ' | ' | ' |
Cash Held in Foreign Banks | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $6,500,000 | $8,000,000 | ' | ' |
Summary_of_Accounting_Policies3
Summary of Accounting Policies (Revenue Recognition) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Minimum | Maximum | ||
Rental Revenues | Rental Revenues | |||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Rental period (in months) | ' | ' | '3 months | '6 months |
Accrued Rebates Payable | $5.40 | $4.50 | ' | ' |
Summary_of_Accounting_Policies4
Summary of Accounting Policies (Accounts Receivable and Allowance for Doubtful Accounts) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration Risk [Line Items] | ' | ' | ' |
Largest Customers (in number of customers) | 15 | ' | ' |
Sales Revenue, Goods, Net | Customer Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Largest customers as a percentage of sales | 26.00% | 28.00% | 27.00% |
Summary_of_Accounting_Policies5
Summary of Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Machinery & Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets (in years) | '3 years |
Machinery & Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets (in years) | '15 years |
Buildings and Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets (in years) | '10 years |
Buildings and Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of assets (in years) | '30 years |
Summary_of_Accounting_Policies6
Summary of Accounting Policies (Advertising Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising, promotion and trade show costs | $2.80 | $2.40 | $2.20 |
Acquisitions_Wolverine_Narrati
Acquisitions (Wolverine Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | |
Wolverine | Wolverine | Wolverine Joining | Wolverine Joining | Wolverine and Wolverine Joining | Wolverine and Wolverine Joining | Trade Names | Customer Relationships | |
Wolverine and Wolverine Joining | Wolverine and Wolverine Joining | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ' | $59,700,000 | ' | ' | ' | ' | ' | ' |
Final working capital and other adjustments | ' | ' | 300,000 | ' | ' | ' | ' | ' |
Employee severance charges | ' | ' | ' | 400,000 | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | 14,767,000 | ' | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | 13,657,000 | 4,600,000 | 9,000,000 |
Useful lives | ' | ' | ' | ' | '20 years | ' | ' | ' |
Sales | 43,300,000 | ' | ' | ' | ' | ' | ' | ' |
Operating income | 1,600,000 | ' | ' | ' | ' | ' | ' | ' |
Intercompany sales | 3,500,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | 600,000 | ' | ' | ' |
Fair value adjustment | ' | ' | ' | ' | $500,000 | ' | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Jan. 31, 2013 | Jun. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Feb. 04, 2011 | Mar. 25, 2011 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | Indiana Tube Denmark | Indiana Tube Denmark | Indiana Tube Denmark | Kasco-France | Handy & Harman Group Ltd. | Handy & Harman Group Ltd. | Handy & Harman Group Ltd. | Handy & Harman Group Ltd. | Arlon CM | Arlon CM | Arlon CM | |
USD ($) | USD ($) | EUR (€) | Continental Industries | Canfield | Indiana Tube Mexico | Indiana Tube Mexico | Adhesive Film Division | Arlon LLC Engineered Coated Products Devision and SignTech Subsidiary | Arlon LLC Engineered Coated Products Devision and SignTech Subsidiary | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
installment | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate sale price | ' | ' | ' | ' | ' | $2,400,000 | ' | $37,400,000 | $9,500,000 | $3,700,000 | ' | $27,000,000 | $2,500,000 | ' |
Working capital adjustment | ' | ' | ' | ' | ' | ' | ' | 100,000 | 500,000 | ' | ' | ' | ' | ' |
Net sale proceeds | -102,000 | -1,282,000 | -1,380,000 | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | 24,200,000 | 2,300,000 | ' |
Sale price of stock | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Sale price, percentage of pretax earnings (as a percent) | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' |
Sale price, term (in years) | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Supply agreement, term (in years) | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Sale price installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,850,000 | ' | ' | ' | ' |
Restructuring reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' |
Foreign currency translation gains | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price on disposal of equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Escrow held in trade and other receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 |
Note receivable | ' | ' | ' | ' | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note receivable payment term (in years) | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Wolverine_Assets_
Acquisitions (Wolverine - Assets Acquired and Liabilities Assumed) (Details) (Wolverine and Wolverine Joining, USD $) | Apr. 16, 2013 |
In Thousands, unless otherwise specified | |
Wolverine and Wolverine Joining | ' |
Business Acquisition [Line Items] | ' |
Trade and other receivables | $9,491 |
Inventories | 17,864 |
Prepaid and other current assets | 81 |
Property, plant and equipment | 5,549 |
Goodwill | 14,767 |
Other intangibles | 13,657 |
Total assets acquired | 61,409 |
Trade payables | -1,167 |
Accrued liabilities | -495 |
Net assets acquired | $59,747 |
Discontinued_Operations_Assets
Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets of Discontinued Operations: | ' | ' |
Trade and other receivables, net | $0 | $6,372 |
Inventories, net | 0 | 7,097 |
Prepaid and other current assets | 587 | 1,438 |
Property, plant and equipment, net | 0 | 7,934 |
Goodwill | 0 | 9,156 |
Other non-current assets | 64 | 114 |
Total Assets | 651 | 32,111 |
Liabilities of Discontinued Operations | ' | ' |
Liabilities of Discontinued Operations | $151 | $9,160 |
Acquisitions_Wolverine_Pro_For
Acquisitions (Wolverine - Pro Forma Information) (Details) (Wolverine and Wolverine Joining, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Wolverine and Wolverine Joining | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net sales | $680,374 | $662,072 |
Net income | $43,411 | $28,720 |
Net income per share | $3.28 | $2.20 |
Weighted-average shares outstanding | 13,251 | 13,032 |
Discontinued_Operations_Income
Discontinued Operations (Income (Loss) from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $20,094 | $83,228 | $102,033 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -1,559 | 6,999 | 2,743 |
Interest and other expense | ' | ' | ' | ' | ' | ' | ' | ' | -47 | -91 | -192 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 609 | -2,597 | -873 |
(Loss) income from discontinued operations, net of tax | -204 | 2,904 | 1,661 | 9,541 | 1,312 | 1,205 | 1,230 | 585 | -997 | 4,311 | 1,678 |
Gain on disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 27,573 | 21 | 6,041 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -12,674 | 0 | -3,360 |
Net income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $13,902 | $4,332 | $4,359 |
Acquisitions_PAM_Details
Acquisitions (PAM) (Details) (PAM Fastening Technology, Inc., USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Nov. 07, 2013 | Dec. 31, 2012 | |
PAM Fastening Technology, Inc. | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of interest acquired (as a percent) | ' | 100.00% | ' |
Acquisition purchase price | ' | $9,200,000 | ' |
Working capital | ' | 2,900,000 | ' |
Property, plant and equipment | ' | 200,000 | ' |
Other intangibles | ' | 5,100,000 | ' |
Sales | 1,500,000 | ' | ' |
Operating income | 200,000 | ' | ' |
Goodwill | ' | ' | $3,400,000 |
Acquisitions_Zaklad_Details
Acquisitions (Zaklad) (Details) (Zaklad, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2012 | |
Zaklad | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of interest acquired (as a percent) | ' | ' | 100.00% |
Acquisition purchase price | ' | ' | $4,000,000 |
Trade payables | ' | ' | 3,100,000 |
Property, plant and equipment | ' | ' | 2,200,000 |
Assumed debt | ' | ' | 1,600,000 |
Sales | 18,000,000 | 1,700,000 | ' |
Operating income | -600,000 | -100,000 | ' |
Intercompany sales | $8,700,000 | $1,200,000 | ' |
Acquisitions_WP_Hickman_Detail
Acquisitions (W.P. Hickman) (Details) (W.P. Hickman, USD $) | 0 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
W.P. Hickman | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition purchase price | $8,200,000 | ' |
Proceeds from working capital adjustment | 300,000 | ' |
Working capital | 2,600,000 | ' |
Property, plant and equipment | 1,200,000 | ' |
Intangible assets acquired | 1,800,000 | ' |
Goodwill | 2,800,000 | ' |
Sales | ' | 17,100,000 |
Operating income | ' | 1,300,000 |
Range of outcomes, Value, High | 1,500,000 | ' |
Contingent consideration at fair value | $200,000 | ' |
Acquisitions_Tiger_Claw_Detail
Acquisitions (Tiger Claw) (Details) (Tiger Claw, USD $) | Mar. 23, 2011 |
Tiger Claw | ' |
Business Acquisition [Line Items] | ' |
Acquisition purchase price | $8,500,000 |
Goodwill | $1,800,000 |
Asset_Impairment_Charge_Detail
Asset Impairment Charge (Details) (Arlon, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Arlon | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' |
Asset Impairment Charges | $0.70 |
Inventories_Summary_Details
Inventories (Summary) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished products | $21,887 | $19,596 |
In-process | 9,840 | 8,344 |
Raw materials | 15,246 | 14,130 |
Fine and fabricated precious metals in various stages of completion | 19,802 | 9,599 |
Inventory, before LIFO reserve | 66,775 | 51,669 |
LIFO reserve | -1,025 | -4,139 |
Inventory, Net | $65,750 | $47,530 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
oz | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
LIFO reserve | $1,025,000 | $4,139,000 | ' |
Effect of LIFO Inventory Liquidation on Income | $0 | $600,000 | $1,900,000 |
Customer metal, ounces of silver | 247,103.12 | ' | ' |
Customer metal, ounces of gold | 575.883 | ' | ' |
Customer metal, ounces of palladium | 1,392.02 | ' | ' |
Inventories_Supplemental_Infor
Inventories (Supplemental Information) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Precious metals stated at LIFO cost | $5,090 | $5,460 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $13,687 | $0 |
Market value per ounce: (in dollars per ounce) | ' | ' |
Silver | 19.49 | 30.2 |
Gold | 1,201.50 | 1,675.40 |
Palladium | 711 | 702.85 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $185,945,000 | $170,132,000 | ' |
Accumulated depreciation | 94,748,000 | 88,403,000 | ' |
Property, plant and equipment, net | 91,197,000 | 81,729,000 | ' |
Depreciation | 11,900,000 | 10,000,000 | 10,800,000 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 9,177,000 | 7,366,000 | ' |
Buildings, machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 169,411,000 | 155,253,000 | ' |
Construction in progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $7,357,000 | $7,513,000 | ' |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Changes in the Net Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | $59,783 | $56,511 |
Foreign Currency Translation Adjustments | 14 | 5 |
Additions | 18,169 | 3,267 |
Adjustments | -454 | ' |
Balance at end of period | 77,512 | 59,783 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' |
Accumulated Impairment Losses | -1,140 | -1,140 |
Joining Materials | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 1,494 | 1,489 |
Foreign Currency Translation Adjustments | 14 | 5 |
Additions | 14,767 | 0 |
Adjustments | 0 | ' |
Balance at end of period | 16,275 | 1,494 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' |
Accumulated Impairment Losses | 0 | 0 |
Tubing | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 1,895 | 1,895 |
Foreign Currency Translation Adjustments | 0 | 0 |
Additions | 0 | 0 |
Adjustments | 0 | ' |
Balance at end of period | 1,895 | 1,895 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' |
Accumulated Impairment Losses | 0 | 0 |
Building Materials | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 47,096 | 43,829 |
Foreign Currency Translation Adjustments | 0 | 0 |
Additions | 3,402 | 3,267 |
Adjustments | -454 | ' |
Balance at end of period | 50,044 | 47,096 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' |
Accumulated Impairment Losses | 0 | 0 |
Arlon | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 9,298 | 9,298 |
Foreign Currency Translation Adjustments | 0 | 0 |
Additions | 0 | 0 |
Adjustments | 0 | ' |
Balance at end of period | 9,298 | 9,298 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' |
Accumulated Impairment Losses | ($1,140) | ($1,140) |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill acquired during the period | $18,169,000 | $3,267,000 | ' |
Adjustments | 454,000 | ' | ' |
Amortization expense | 4,200,000 | 3,300,000 | 3,300,000 |
Joining Materials | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill acquired during the period | 14,767,000 | 0 | ' |
Adjustments | 0 | ' | ' |
Building Materials | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill acquired during the period | 3,402,000 | 3,267,000 | ' |
Adjustments | $454,000 | ' | ' |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $70,613 | $51,330 |
Accumulated Amortization | -22,277 | -18,112 |
Net | 48,336 | 33,218 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 52,565 | 38,825 |
Accumulated Amortization | -16,259 | -13,232 |
Net | 36,306 | 25,593 |
Weighted-Average Amortization Life (in Years) | '16 years 6 months | ' |
Trademarks, trade names and brand names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 10,231 | 5,048 |
Accumulated Amortization | -2,116 | -1,634 |
Net | 8,115 | 3,414 |
Weighted-Average Amortization Life (in Years) | '17 years 6 months | ' |
Patents and patent applications | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 5,103 | 4,789 |
Accumulated Amortization | -1,870 | -1,523 |
Net | 3,233 | 3,266 |
Weighted-Average Amortization Life (in Years) | '15 years 6 months | ' |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 906 | 906 |
Accumulated Amortization | -839 | -809 |
Net | 67 | 97 |
Weighted-Average Amortization Life (in Years) | '7 years 1 month 6 days | ' |
Other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,808 | 1,762 |
Accumulated Amortization | -1,193 | -914 |
Net | $615 | $848 |
Weighted-Average Amortization Life (in Years) | '6 years 1 month 6 days | ' |
Goodwill_and_Other_Intangibles5
Goodwill and Other Intangibles (Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | $4,691 | ' |
2015 | 4,581 | ' |
2016 | 4,377 | ' |
2017 | 4,315 | ' |
2018 | 4,251 | ' |
Thereafter | 26,121 | ' |
Net | 48,336 | 33,218 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 3,421 | ' |
2015 | 3,421 | ' |
2016 | 3,421 | ' |
2017 | 3,414 | ' |
2018 | 3,378 | ' |
Thereafter | 19,251 | ' |
Net | 36,306 | 25,593 |
Trademarks, Trade Names and Brand Names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 594 | ' |
2015 | 594 | ' |
2016 | 594 | ' |
2017 | 594 | ' |
2018 | 594 | ' |
Thereafter | 5,145 | ' |
Net | 8,115 | ' |
Patents and patent applications | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 356 | ' |
2015 | 342 | ' |
2016 | 270 | ' |
2017 | 270 | ' |
2018 | 270 | ' |
Thereafter | 1,725 | ' |
Net | 3,233 | 3,266 |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 30 | ' |
2015 | 30 | ' |
2016 | 7 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Net | 67 | 97 |
Other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 290 | ' |
2015 | 194 | ' |
2016 | 85 | ' |
2017 | 37 | ' |
2018 | 9 | ' |
Thereafter | 0 | ' |
Net | $615 | $848 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 12, 2013 | Feb. 11, 2013 | Mar. 12, 2013 | |
HNH | ModusLink | ModusLink | ModusLink | ModusLink | ModusLink | ModusLink | Accumulated Net Unrealized Investment Gain (Loss) | ||||
HNH | Steel Partner Holdings & HNH | Steel Partner Holdings | Steel Partner Holdings | Steel Partner Holdings | ModusLink | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of LIFO Inventory Liquidation on Income | $0 | $600,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to subsidiaries, net | 33,983,000 | 17,229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in associated company | ' | 17,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares owned (in shares) | ' | ' | ' | ' | ' | 6,481,185 | ' | ' | ' | ' | ' |
Ownership percentage (as a percent) | ' | ' | ' | 11.50% | ' | 14.70% | 27.10% | 15.60% | ' | ' | ' |
Number of shares purchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' |
Stock price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' |
Number of warrants purchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Cost of investment | ' | ' | ' | ' | 24,300,000 | ' | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' |
Accumulated unrealized loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 |
Tax benefit on accumulated unrealized loss | ($3,041,000) | $6,054,000 | ($3,014,000) | ' | ' | ' | ' | ' | ' | ' | $1,900,000 |
Investments_Summarized_Informa
Investments (Summarized Information as to Assets, Liabilities and Results of Operations) (Details) (ModusLink, USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2013 |
ModusLink | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Current assets | $319,994 | ' | $319,994 | ' | $291,086 |
Non-current assets | 50,235 | ' | 50,235 | ' | 52,610 |
Current liabilities | 199,324 | ' | 199,324 | ' | 176,431 |
Non-current liabilities | 10,706 | ' | 10,706 | ' | 10,360 |
Stockholders' equity | 160,199 | ' | 160,199 | ' | 156,905 |
Net revenue | 191,415 | 197,051 | 545,432 | 543,733 | ' |
Gross profit | 21,995 | 18,624 | 57,463 | 46,002 | ' |
Income (loss) from continuing operations | 538 | -9,831 | -16,544 | -27,641 | ' |
Net income (loss) | $617 | ($10,660) | ($16,530) | ($37,037) | ' |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 26, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 14, 2011 | Oct. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Senior Term Loan | Senior Term Loan | Senior Term Loan | Senior Term Loan | Revolving Facility | Revolving Facility | Subordinated Notes, net of unamortized discount | Subordinated Notes, net of unamortized discount | Subordinated Notes, net of unamortized discount | Subordinated Notes, net of unamortized discount | Other H&H debt - domestic | Other H&H debt - domestic | Foreign loan facilities | Foreign loan facilities | Foreign | Foreign | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Short-term debt | $304,000 | $778,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $304,000 | $778,000 | |
Long-term Debt | 156,887,000 | [1] | 137,750,000 | 116,000,000 | 160,000,000 | 115,000,000 | 115,000,000 | 30,950,000 | 0 | 0 | 9,440,000 | ' | ' | 8,279,000 | 8,597,000 | 1,658,000 | 4,713,000 | ' | ' |
Current portion of long-term debt | 12,818,000 | 8,943,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term debt | 144,069,000 | 128,807,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term debt - related party | 0 | 19,916,000 | ' | ' | ' | ' | ' | ' | 0 | 19,916,000 | 25,000,000 | 72,900,000 | ' | ' | ' | ' | ' | ' | |
Long Term Debt, Including Related Parties Debt | 144,069,000 | 148,723,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, Long-term and Short-term, Combined Amount, Including Related Parties Debt | $157,191,000 | $158,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Assumes repayment of the Revolving Facility on its contractual maturity date. |
Debt_Long_Term_Debt_Maturities
Debt (Long Term Debt Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | $156,887,000 | [1] | $137,750,000 |
2014 | 12,818,000 | [1] | ' |
2015 | 21,969,000 | [1] | ' |
2016 | 15,691,000 | [1] | ' |
2017 | 106,409,000 | [1] | ' |
2018 | 0 | [1] | ' |
Thereafter | 0 | [1] | ' |
Subordinated Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | $0 | $9,440,000 | |
[1] | Assumes repayment of the Revolving Facility on its contractual maturity date. |
Debt_Senior_Credit_Facility_De
Debt (Senior Credit Facility) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | Jun. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 13, 2013 | Nov. 08, 2012 | Dec. 31, 2013 | Apr. 26, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Interest rate swap agreements | Interest rate swap agreements | London Interbank Offered Rate (LIBOR) | U.S. Base Rate | Revolving Facility | Revolving Facility | Revolving Facility | Revolving Facility | Loans Payable | Loans Payable | Loans Payable | Loans Payable | Loans Payable | Letter of Credit | Letter of Credit | Letter of Credit | Letter of Credit | |||||
Senior Notes | Senior Notes | Line of Credit | Line of Credit | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Revolving Facility | Line of Credit | Line of Credit | Line of Credit | Line of Credit | |||||||||
Insurance Activities | Environmental and Other Matters | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Senior secured credit facility | ' | ' | $205,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate maximum principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 90,000,000 | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | |
Long-term Debt | 156,887,000 | [1] | 137,750,000 | ' | ' | ' | ' | ' | 30,950,000 | 0 | ' | ' | 116,000,000 | 160,000,000 | 115,000,000 | 115,000,000 | ' | ' | ' | ' | ' |
Paid dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Principal payments 2014 | 12,818,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments 2015 | 21,969,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments 2016 | 15,691,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments 2017 | 106,409,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | 'LIBOR | 'Base Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basis spread on variable rate (as a percentage) | ' | ' | ' | ' | ' | 2.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | 3,100,000 | 100,000 | |
Remaining excess availability under the Borrowing Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,400,000 | ' | ' | ' | |
Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | 3.13% | ' | ' | ' | ' | |
Fixed interest rate (as a percent) | ' | ' | ' | 0.60% | 0.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notional amount of debt | ' | ' | ' | 5,000,000 | 56,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notional amount 2013 | ' | ' | ' | 100,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notional amount 2014 | ' | ' | ' | 200,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Notional amount 2015 | ' | ' | ' | $200,000 | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Assumes repayment of the Revolving Facility on its contractual maturity date. |
Debt_Subordinated_Notes_Detail
Debt (Subordinated Notes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 15, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 26, 2013 | Oct. 14, 2011 | Oct. 15, 2010 | Oct. 15, 2010 | Oct. 15, 2010 | |
Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Common Stock | |||||
Payable in Cash | Payable In-Kind | Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt - related party | ' | 0 | 19,916,000 | ' | 72,900,000 | 19,916,000 | ' | 0 | ' | 25,000,000 | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | 6.00% | 4.00% | ' |
Number of securities called by warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,806 |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 |
Redemption amount | ' | ' | ' | ' | ' | 10,800,000 | 35,100,000 | ' | 31,800,000 | 25,000,000 | ' | ' | ' |
Redemption amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 112.60% | 102.80% | ' | ' | ' |
(Loss) gain on repurchase of debt instrument | ' | ' | ' | ' | ' | -1,400,000 | 200,000 | ' | ' | ' | ' | ' | ' |
Irrevocable deposit | ' | ' | ' | ' | ' | ' | ' | ' | 36,900,000 | ' | ' | ' | ' |
Loss on Extinguishment of Debt | ($5,700,000) | ($5,662,000) | ($1,368,000) | $189,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Other_Debt_Details
Debt (Other Debt) (Details) (USD $) | Dec. 31, 2013 | Apr. 26, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Long-term Debt | $156,887,000 | [1] | ' | $137,750,000 | ' |
Loans Payable | Senior Notes | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Weighted average interest rate (as a percent) | 3.00% | ' | ' | ' | |
Long-term Debt | 116,000,000 | 160,000,000 | 115,000,000 | 115,000,000 | |
Mortgage Loans on Real Estate | Mortgage Loan, First Facility | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Mortgage agreements | 6,500,000 | ' | 6,800,000 | ' | |
Weighted average interest rate (as a percent) | 2.87% | ' | ' | ' | |
Mortgage Loans on Real Estate | Mortgage Loan, First Facility | LIBOR | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Basis spread on variable rate (as a percentage) | ' | ' | 2.70% | ' | |
Mortgage Loans on Real Estate | Mortgage Loan, Second Facility | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Mortgage agreements | 1,700,000 | ' | 1,800,000 | ' | |
Weighted average interest rate (as a percent) | ' | ' | 0.00% | ' | |
Foreign Loan Facilities | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Long-term Debt | $1,658,000 | ' | $4,713,000 | ' | |
[1] | Assumes repayment of the Revolving Facility on its contractual maturity date. |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (Futures and Forwards Contracts) | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Total derivatives designated as hedging instruments | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |
Silver and Copper, Ounces | Gold, Ounces | Silver, Ounces | |
oz | oz | oz | |
Derivative [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 570,000 | 1,000 | 650,000 |
Derivative_Instruments_Outstan
Derivative Instruments (Outstanding Forward and Future Contracts) (Details) (Not Designated as Hedging Instrument, Futures and Forwards Contracts, USD $) | Dec. 31, 2013 |
oz | |
Silver, Ounces | ' |
Derivative [Line Items] | ' |
Outstanding forward and future contracts (in ounces) | 650,000 |
Notional amount of debt | $12,600,000 |
Gold, Ounces | ' |
Derivative [Line Items] | ' |
Outstanding forward and future contracts (in ounces) | 1,000 |
Notional amount of debt | 1,200,000 |
Copper, Ounces | ' |
Derivative [Line Items] | ' |
Outstanding forward and future contracts (in ounces) | 350,000 |
Notional amount of debt | 1,200,000 |
Tin, Ounces | ' |
Derivative [Line Items] | ' |
Outstanding forward and future contracts (in ounces) | 40 |
Notional amount of debt | $900,000 |
Derivative_Instruments_Effect_
Derivative Instruments (Effect of Derivative Instruments on Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | $3,395 | $2,582 | $418 |
Cost of goods sold | Realized and Unrealized (Loss) Gain on Derivatives | Commodity contracts | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | 2,528 | 0 | 0 |
Not Designated as Hedging Instrument | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | 867 | 2,582 | 418 |
Not Designated as Hedging Instrument | Realized and Unrealized (Loss) Gain on Derivatives | Commodity contracts | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | 1,988 | 522 | -1,236 |
Not Designated as Hedging Instrument | Realized and Unrealized (Loss) Gain on Derivatives | Interest rate swap agreements | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | -328 | 0 | 0 |
Not Designated as Hedging Instrument | Realized and Unrealized (Loss) Gain on Derivatives | Derivative features of Subordinated Notes | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | -793 | 2,060 | 1,654 |
Not Designated as Hedging Instrument | Total derivatives designated as hedging instruments | Commodity contracts | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain Loss on Derivative Instruments Including Interest Income or Expense), Net, Pretax | $2,528 | $0 | $0 |
Derivative_Instruments_Fair_Va
Derivative Instruments (Fair Value of Derivative Instruments in the Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Total derivatives | $1,406 | $893 |
Not Designated as Hedging Instrument | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivatives | -372 | 893 |
Not Designated as Hedging Instrument | Prepaid and other current assets | Commodity contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivatives | 1,778 | 0 |
Not Designated as Hedging Instrument | Total derivatives designated as hedging instruments | Commodity contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivatives | 1,778 | 0 |
Not Designated as Hedging Instrument | (Accrued liabilities)/Prepaid and other current assets | Commodity contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivatives | -158 | 100 |
Not Designated as Hedging Instrument | Other liabilities | Interest rate swap agreements | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivatives | -214 | 0 |
Not Designated as Hedging Instrument | Long-term debt and long-term debt - related party | Derivative features of Subordinated Notes | ' | ' |
Derivative [Line Items] | ' | ' |
Total derivatives | $0 | $793 |
Pensions_and_Other_PostRetirem2
Pensions and Other Post-Retirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Unfunded commitment for additional capital | $39,000,000 | ' | ' |
Expected required benefits 2014 | 24,300,000 | ' | ' |
Expected required benefits 2015 | 21,700,000 | ' | ' |
Expected required benefits 2016 | 17,100,000 | ' | ' |
Expected required benefits 2017 | 15,800,000 | ' | ' |
Expected required benefits 2018 | 13,900,000 | ' | ' |
Expected required benefits, Thereafter | 27,600,000 | ' | ' |
Maximum annual contribution per employee (as a percent) | 6.00% | ' | ' |
Employer matching contribution (as a percent) | 50.00% | ' | ' |
Expense for Company's matching contribution | 1,400,000 | 1,800,000 | 2,000,000 |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum annual contribution per employee (as a percent) | 1.00% | ' | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum annual contribution per employee (as a percent) | 75.00% | ' | ' |
Other Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 19,400,000 | 22,600,000 | ' |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 353,973,000 | 330,471,000 | 346,408,000 |
Amortization period for pension plan actuarial gains (losses) (in years) | '21 years | '10 years | '10 years |
Amount of actuarial losses included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost | 7,700,000 | ' | ' |
Amount of prior service cost included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost | 0 | ' | ' |
Accumulated benefit obligation for all defined benefit pension plans | 497,540,000 | 547,456,000 | 532,619,000 |
Expected required benefits 2014 | 34,813,000 | ' | ' |
Expected required benefits 2015 | 34,640,000 | ' | ' |
Expected required benefits 2016 | 34,456,000 | ' | ' |
Expected required benefits 2017 | 34,247,000 | ' | ' |
Expected required benefits 2018 | 34,018,000 | ' | ' |
Expected required benefits, Thereafter | 163,182,000 | ' | ' |
Benefits paid | 34,495,000 | 36,058,000 | ' |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Amount of actuarial losses included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost | 0 | ' | ' |
Amount of prior service cost included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost | -100,000 | ' | ' |
Accumulated benefit obligation for all defined benefit pension plans | 1,084,000 | 4,208,000 | 4,092,000 |
Expected required benefits 2014 | 111,000 | ' | ' |
Expected required benefits 2015 | 118,000 | ' | ' |
Expected required benefits 2016 | 112,000 | ' | ' |
Expected required benefits 2017 | 100,000 | ' | ' |
Expected required benefits 2018 | 94,000 | ' | ' |
Expected required benefits, Thereafter | 366,000 | ' | ' |
Benefits paid | $317,000 | $206,000 | ' |
Pensions_and_Other_PostRetirem3
Pensions and Other Post-Retirement Benefits (Components of Pension Expense and Other Post-Retirement Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $0 | $0 | $218 |
Interest cost | 18,594 | 21,651 | 22,553 |
Expected return on plan assets | -23,964 | -27,005 | -27,249 |
Amortization of prior service cost | 32 | 44 | 63 |
Amortization of actuarial loss | 10,680 | 8,623 | 10,772 |
Total | 5,342 | 3,313 | 6,357 |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 98 | 163 | 171 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial loss | 8 | 86 | 41 |
Total | $106 | $249 | $212 |
Pensions_and_Other_PostRetirem4
Pensions and Other Post-Retirement Benefits (Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on assets (as a percent) | 7.50% | 8.00% | 8.00% |
Pension Benefits | WHX Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates (as a percent) | 3.50% | 4.15% | 4.95% |
Pension Benefits | Bear Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates (as a percent) | 4.00% | 4.55% | 5.50% |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates (as a percent) | 3.65% | 4.20% | 5.10% |
Other Post-Retirement Benefits | Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate - initial (as a percent) | 7.25% | 7.50% | 7.50% |
Health care cost trend rate - ultimate (as a percent) | 5.00% | 5.00% | 5.00% |
Year ultimate reached | '2022 | '2022 | '2016 |
Pensions_and_Other_PostRetirem5
Pensions and Other Post-Retirement Benefits (Reconciliation of the Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | $547,456 | $532,619 | ' |
Service cost | 0 | 0 | 218 |
Interest cost | 18,594 | 21,651 | 22,553 |
Actuarial (gain) loss | -34,739 | 36,227 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -34,495 | -36,058 | ' |
Plan change | 0 | 0 | ' |
Insurance contract termination | 0 | -6,983 | ' |
Transfer from Canfield Salaried SEPP | 724 | 0 | ' |
Benefit obligation at December 31 | 497,540 | 547,456 | 532,619 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at January 1 | 330,471 | 346,408 | ' |
Actual returns on plan assets | 43,924 | 10,924 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -34,495 | -36,058 | ' |
Company contributions | 13,349 | 16,180 | ' |
Transfer from Canfield Salaried SEPP | 724 | 0 | ' |
Fair value of plan assets at December 31 | 353,973 | 330,471 | 346,408 |
Funded status | -143,567 | -216,985 | ' |
ABO at January 1 | 547,456 | 532,619 | ' |
ABO at December 31 | 497,540 | 547,456 | 532,619 |
Amounts recognized on the consolidated balance sheet: | ' | ' | ' |
Current liability | 0 | 0 | ' |
Noncurrent liability | -143,567 | -216,985 | ' |
Total | -143,567 | -216,985 | ' |
Other Post-Retirement Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | 4,208 | 4,092 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 98 | 163 | 171 |
Actuarial (gain) loss | -1,403 | 150 | ' |
Participant contributions | 4 | 9 | ' |
Benefits paid | -317 | -206 | ' |
Plan change | -1,506 | 0 | ' |
Insurance contract termination | 0 | 0 | ' |
Transfer from Canfield Salaried SEPP | 0 | 0 | ' |
Benefit obligation at December 31 | 1,084 | 4,208 | 4,092 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at January 1 | 0 | 0 | ' |
Actual returns on plan assets | 0 | 0 | ' |
Participant contributions | 4 | 9 | ' |
Benefits paid | -317 | -206 | ' |
Company contributions | 313 | 197 | ' |
Transfer from Canfield Salaried SEPP | 0 | 0 | ' |
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Funded status | -1,084 | -4,208 | ' |
ABO at January 1 | 4,208 | 4,092 | ' |
ABO at December 31 | 1,084 | 4,208 | 4,092 |
Amounts recognized on the consolidated balance sheet: | ' | ' | ' |
Current liability | -111 | -211 | ' |
Noncurrent liability | -973 | -3,997 | ' |
Total | ($1,084) | ($4,208) | ' |
Pensions_and_Other_PostRetirem6
Pensions and Other Post-Retirement Benefits (Weighted Average Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | WHX Pension Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rates (as a percent) | 4.40% | 3.50% |
Pension Benefits | Bear Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rates (as a percent) | 4.95% | 4.00% |
Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rates (as a percent) | 4.10% | 3.65% |
Other Post-Retirement Benefits | Other Postretirement Benefit Expense Assumption | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend rate - initial (as a percent) | 7.25% | 7.25% |
Health care cost trend rate - ultimate (as a percent) | 5.00% | 5.00% |
Year ultimate reached | '2022 | '2022 |
Pensions_and_Other_PostRetirem7
Pensions and Other Post-Retirement Benefits (Pretax Amounts Included in Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | $0 | $32 |
Net actuarial loss | 203,627 | 269,005 |
Accumulated other comprehensive loss | 203,627 | 269,037 |
Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | -1,506 | 0 |
Net actuarial loss | 440 | 1,851 |
Accumulated other comprehensive loss | ($1,066) | $1,851 |
Pensions_and_Other_PostRetirem8
Pensions and Other Post-Retirement Benefits (Other Changes Recognized in Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Current year actuarial gain (loss) | $54,698 | ($52,305) | ($93,031) |
Amortization of actuarial loss | 10,680 | 8,623 | 10,772 |
Current year prior service credit | 0 | 0 | 0 |
Amortization of prior service cost | 32 | 44 | 62 |
Total recognized in comprehensive income (loss) | 65,410 | -43,638 | -82,197 |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Current year actuarial gain (loss) | 1,403 | -150 | -649 |
Amortization of actuarial loss | 8 | 86 | 41 |
Current year prior service credit | 1,506 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in comprehensive income (loss) | $2,917 | ($64) | ($608) |
Pensions_and_Other_PostRetirem9
Pensions and Other Post-Retirement Benefits (Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | $497,540 | $547,456 | $532,619 |
Accumulated benefit obligation | 497,540 | 547,456 | 532,619 |
Fair value of plan assets | 353,973 | 330,471 | 346,408 |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | 1,084 | 4,208 | 4,092 |
Accumulated benefit obligation | 1,084 | 4,208 | 4,092 |
Fair value of plan assets | $0 | $0 | $0 |
Recovered_Sheet1
Pensions and Other Post-Retirement Benefits (WHX/Bear Pension Plan Assets) (Details) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $353,973 | $330,471 | $346,408 | ||
U.S. large cap | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27,985 | 21,115 | ' | ||
U.S. large cap | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27,389 | 20,572 | ' | ||
U.S. large cap | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 596 | 543 | ' | ||
U.S. large cap | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | 593 | ||
U.S. mid-cap growth | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 62,477 | 36,274 | ' | ||
U.S. mid-cap growth | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 62,477 | 36,065 | ' | ||
U.S. mid-cap growth | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
U.S. mid-cap growth | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 209 | 0 | ||
U.S. small-cap value | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16,491 | 15,433 | ' | ||
U.S. small-cap value | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 14,460 | 15,295 | ' | ||
U.S. small-cap value | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,031 | 138 | ' | ||
U.S. small-cap value | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
International large cap value | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16,355 | 16,234 | ' | ||
International large cap value | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16,355 | 16,118 | ' | ||
International large cap value | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 116 | ' | ||
International large cap value | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Equity contracts | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 96 | 308 | ' | ||
Equity contracts | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 96 | 308 | ' | ||
Equity contracts | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Equity contracts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Preferred stock | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 2,546 | ' | ||
Preferred stock | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 530 | ' | ||
Preferred stock | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 2,016 | ' | ||
Preferred stock | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
Corporate bonds and loans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 63,941 | 52,015 | ' | ||
Corporate bonds and loans | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 33 | 415 | ' | ||
Corporate bonds and loans | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 63,405 | 51,052 | ' | ||
Corporate bonds and loans | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 503 | 548 | 0 | ||
Common trust funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 98,610 | [1] | 68,830 | [1] | ' |
Common trust funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Common trust funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 98,610 | [1] | 68,830 | [1] | ' |
Common trust funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Fund of funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 41,898 | [2] | 37,142 | [2] | ' |
Fund of funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Fund of funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 41,898 | [2] | 37,142 | [2] | ' |
Fund of funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Total fair value including futures contracts | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 327,853 | 249,897 | ' | ||
Total fair value including futures contracts | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 120,810 | 89,303 | ' | ||
Total fair value including futures contracts | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 206,540 | 159,837 | ' | ||
Total fair value including futures contracts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 503 | 757 | ' | ||
Shorts | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | -63,714 | -52,670 | ' | ||
Shorts | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | -62,776 | -58,148 | ' | ||
Shorts | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | -938 | 5,478 | ' | ||
Shorts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 264,139 | 197,227 | ' | ||
Total | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 58,034 | 31,155 | ' | ||
Total | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 205,602 | 165,315 | ' | ||
Total | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 503 | 757 | ' | ||
Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 94,130 | 133,590 | ' | ||
Net payables | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ($4,296) | ($346) | ' | ||
[1] | Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities and are valued at their Net Asset Values ("NAV") that are calculated by the investment manager or sponsor of the fund. | ||||
[2] | Fund of funds consist of fund-of-fund LLC or commingled fund structures. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities. The LLCs are valued based on NAVs calculated by the fund and are not publicly available. |
Recovered_Sheet2
Pensions and Other Post-Retirement Benefits (Fair Value WHX/Bear Pension Plan Assets, Significant Unobservable Inputs) (Details) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | U.S. large cap | U.S. large cap | U.S. large cap | U.S. large cap | U.S. mid-cap growth | U.S. mid-cap growth | U.S. mid-cap growth | U.S. mid-cap growth | Corporate bonds and loans | Corporate bonds and loans | Corporate bonds and loans | Corporate bonds and loans | |||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||
Change in plan assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at January 1 | $353,973 | $330,471 | $346,408 | $27,985 | $21,115 | $0 | $593 | $62,477 | $36,274 | $209 | $0 | $63,941 | $52,015 | $548 | $0 |
Transfers into Level 3 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 0 |
Transfers out of Level 3 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 0 |
Gains or losses included in changes in net assets | ' | ' | ' | ' | ' | 0 | 673 | ' | ' | 23 | 145 | ' | ' | 85 | 11 |
Purchases | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 547 |
Issuances | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 64 | ' | ' | 0 | 0 |
Sales | ' | ' | ' | ' | ' | 0 | -1,202 | ' | ' | -232 | 0 | ' | ' | -130 | -10 |
Settlements | ' | ' | ' | ' | ' | 0 | -64 | ' | ' | 0 | 0 | ' | ' | 0 | 0 |
Fair value of plan assets at December 31 | $353,973 | $330,471 | $346,408 | $27,985 | $21,115 | $0 | $0 | $62,477 | $36,274 | $0 | $209 | $63,941 | $52,015 | $503 | $548 |
Recovered_Sheet3
Pensions and Other Post-Retirement Benefits (Assets with Fair Value Estimated Using NAV per share) (Details) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | Fund of funds | Fund of funds | Common trust funds | Common trust funds | Equity long/short hedge funds, Quarterly | Equity long/short hedge funds, Quarterly | Fund of fund composites, Quarterly | Fund of fund composites, Quarterly | Equity long/short hedge funds Annually | Event driven hedge funds, Annually | Event driven hedge funds, Annually | Event driven hedge funds, Monthly | Event driven hedge funds, Monthly | Separately managed fund, Monthly | Separately managed fund, Monthly | Separately managed fund, Quarterly | Separately managed fund, Quarterly | |||||||
Fund of funds | Fund of funds | Fund of funds | Fund of funds | Fund of funds | Common trust funds | Common trust funds | Common trust funds | Common trust funds | Separately managed fund | Separately managed fund | Separately managed fund | Separately managed fund | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value December 31 | $353,973 | $330,471 | $346,408 | $41,898 | [1] | $37,142 | [1] | $98,610 | [2] | $68,830 | [2] | $5,707 | $4,862 | $36,191 | $32,280 | $12,635 | $69,255 | $55,853 | $16,720 | $12,977 | $34,991 | $33,324 | $77,093 | $64,490 |
Redemption frequency | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | 'Quarterly | 'Quarterly | 'Quarterly | 'Annually | 'Annually | 'Annually | 'Monthly | 'Monthly | 'Monthly | 'Monthly | 'Quarterly | 'Quarterly | ||||
Redemption Notice Period | ' | ' | ' | ' | ' | ' | ' | '45 day notice | '45 day notice | '45 day notice | '45 day notice | '90 day notice | '45 day notice | '45 day notice | '90 day notice | '90 day notice | '30 day notice | '30 day notice | '45 day notice | '45 day notice | ||||
[1] | Fund of funds consist of fund-of-fund LLC or commingled fund structures. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities. The LLCs are valued based on NAVs calculated by the fund and are not publicly available. | |||||||||||||||||||||||
[2] | Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities and are valued at their Net Asset Values ("NAV") that are calculated by the investment manager or sponsor of the fund. |
Recovered_Sheet4
Pensions and Other Post-Retirement Benefits (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | $24,300 |
2015 | 21,700 |
2016 | 17,100 |
2017 | 15,800 |
2018 | 13,900 |
2019- 2023 | 27,600 |
Pension Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 34,813 |
2015 | 34,640 |
2016 | 34,456 |
2017 | 34,247 |
2018 | 34,018 |
2019- 2023 | 163,182 |
Other Post-Retirement Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 111 |
2015 | 118 |
2016 | 112 |
2017 | 100 |
2018 | 94 |
2019- 2023 | $366 |
Stockholders_Equity_Authorized
Stockholders' Equity (Authorized and Outstanding Shares) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2013 | 29-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | |
Common Stock | Common Stock | Common Stock | Treasury Stock | |||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Authorized repurchase amount | ' | ' | $8,000,000 | $2,000,000 | ' | ' |
Stock repurchased during the period, shares | ' | ' | ' | ' | 458,131 | ' |
Stock repurchased during the period, value | $9,796,000 | ' | ' | ' | ' | $9,796,000 |
Capital Stock, Authorized (in shares) | 185,000,000 | ' | ' | ' | ' | ' |
Common stock - shares authorized (in shares) | 180,000,000 | 180,000,000 | ' | ' | ' | ' |
Preferred stock - shares authorized (in shares) | 5,000,000 | ' | ' | ' | ' | ' |
Common stock - issued (in shares) | 12,985,840 | 13,140,004 | ' | ' | ' | ' |
Stockholders_Equity_Other_Comp
Stockholders' Equity (Other Comprehensive Income (Loss) Net of Tax) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at beginning of period | ($226,168,000) | ' | ' |
Current period income | 44,441,000 | ' | ' |
Reclassification adjustments, net of tax | -204,000 | ' | ' |
Balance at end of period | -181,931,000 | -226,168,000 | ' |
Income tax benefits (losses) recorded in accumulated other comprehensive loss | -28,700,000 | 20,500,000 | 24,200,000 |
Unrealized (Loss) Gain on Marketable Equity Securities | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at beginning of period | -4,072,000 | ' | ' |
Current period income | 1,710,000 | ' | ' |
Reclassification adjustments, net of tax | 2,362,000 | ' | ' |
Balance at end of period | 0 | ' | ' |
Foreign Currency Translation Adjustments | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at beginning of period | 2,481,000 | ' | ' |
Current period income | 56,000 | ' | ' |
Reclassification adjustments, net of tax | -2,566,000 | ' | ' |
Balance at end of period | -29,000 | ' | ' |
Change in Net Pension and Other Benefit Obligations | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at beginning of period | -224,577,000 | ' | ' |
Current period income | 42,675,000 | ' | ' |
Reclassification adjustments, net of tax | 0 | ' | ' |
Balance at end of period | ($181,902,000) | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 06, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | 22-May-12 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2011 | Jun. 17, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-13 | |
Restricted Stock | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | 2007 Incentive Stock Plan | ||||
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Common Stock | ||||||
Employees | Directors | Directors Other than the Chairman and Vice Chairman | Chairman and Vice Chairman | Directors | Directors | Directors | Directors | Employees | Employees | Employees | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares approved for grant, restricted shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,650,000 |
Granted | ' | ' | ' | ' | ' | 495,600 | 319,788 | 319,788 | 525,400 | ' | ' | ' | ' | ' | 1,000 | 100,000 | 1,000 | 205,000 | 162,000 | 252,000 | 289,600 | 157,788 | 273,400 | ' |
Award vesting tranche (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 75.00% | ' | ' |
Award vesting period (in years) | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced for income tax obligations (in shares) | ' | ' | ' | ' | ' | ' | ' | 2,615 | 20,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 2,615 | 20,494 | ' |
Non-cash stock based compensation | ' | ' | ' | ' | ' | ' | ' | $4,900,000 | $4,500,000 | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned compensation expense, restricted shares | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeiture rate, restricted shares (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual term (in years) | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for future issuance (in shares) | ' | ' | ' | ' | 767,389 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bonus multiplier | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price for bonus calculation (in dollars per share) | ' | ' | $90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | $200,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Activity) (Details) (2007 Incentive Stock Plan, Restricted Stock) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2011 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 17, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employees | Employees | Employees | Directors | Directors | Directors | Directors | |||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 961,440 | 467,934 | ' | 503,440 | 261,934 | ' | ' | 458,000 | 206,000 |
Granted | 495,600 | 319,788 | 319,788 | 525,400 | 289,600 | 157,788 | 273,400 | 1,000 | 205,000 | 162,000 | 252,000 |
Forfeited | ' | ' | -13,202 | -11,400 | ' | -13,202 | -11,400 | ' | ' | 0 | 0 |
Reduced for income tax obligations | ' | ' | -2,615 | -20,494 | ' | -2,615 | -20,494 | ' | ' | 0 | 0 |
Balance at end of period | ' | ' | 1,265,411 | 961,440 | ' | 645,411 | 503,440 | ' | ' | 620,000 | 458,000 |
Vested (in shares) | ' | ' | 728,124 | ' | ' | 270,124 | ' | ' | ' | 458,000 | ' |
Non-vested (in shares) | ' | ' | 537,287 | ' | ' | 375,287 | ' | ' | ' | 162,000 | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock option activity) (Details) (2007 Incentive Stock Plan, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
2007 Incentive Stock Plan | ' | ' |
Shares | ' | ' |
Outstanding options at beginning of period | 49 | ' |
Granted | 0 | ' |
Exercised | 0 | ' |
Forfeited or expired | -7 | ' |
Outstanding options at end of period | 42 | 49 |
Exercisable at December 31, 2013 | 42 | ' |
Weighted-Average Exercise Price (in Dollars per share) | ' | ' |
Outstanding options at beginning of period | $90 | ' |
Granted | $0 | ' |
Exercised | $0 | ' |
Forfeited or expired | $90 | ' |
Outstanding options at end of period | $90 | $90 |
Exercisable at December 31, 2013 | $90 | ' |
Weighted-Average Remaining Contractual Term (in years) | ' | ' |
Outstanding options at beginning of period | '2 years 4 months 2 days | '3 years 4 months 2 days |
Outstanding options at end of period | '2 years 4 months 2 days | '3 years 4 months 2 days |
Exercisable at December 31, 2013 | '2 years 4 months 2 days | ' |
Outstanding at end of period | $0 | $0 |
Exercisable at end of period | $0 | ' |
Income_Taxes_Income_Before_Inc
Income Taxes (Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | $36,256 | $28,717 | $20,183 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,893 | 6,497 | 8,145 |
Income from continuing operations before tax and equity investment | $4,278 | $14,004 | $17,687 | $2,180 | $3,818 | $7,331 | $16,546 | $7,519 | $38,149 | $35,214 | $28,328 |
Income_Taxes_Provision_for_Ben
Income Taxes (Provision for (Benefit From) Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Domestic | $2,591 | $2,662 | $1,564 |
Foreign | 1,123 | 1,224 | 1,287 |
Total income taxes, current | 3,714 | 3,886 | 2,851 |
Deferred | ' | ' | ' |
Domestic | 12,757 | 9,071 | -109,309 |
Foreign | -443 | 108 | 370 |
Total income taxes, deferred | 12,314 | 9,179 | -108,939 |
Total income tax provision (benefit) | $16,028 | $13,065 | ($106,088) |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Deferred Income Tax Items: | ' | ' |
Inventories | $2,426 | $3,503 |
Environmental costs | 1,220 | 2,377 |
Net operating loss carryforwards | 13,323 | 14,530 |
Accrued liabilities | 3,046 | 3,264 |
Other items, net | 913 | 1,023 |
Current deferred income tax assets before valuation allowance | 20,928 | 24,697 |
Valuation allowance | -421 | -324 |
Deferred income tax assets - current | 20,507 | 24,373 |
Foreign | -433 | -1,022 |
Deferred income tax liabilities - current | -433 | -1,022 |
Non-Current Deferred Income Tax Items: | ' | ' |
Post-retirement and post-employment employee benefits | 904 | 1,817 |
Net operating loss carryforwards | 27,198 | 45,794 |
Pension liability | 53,624 | 81,392 |
Impairment of long-lived assets | 2,636 | 2,528 |
Minimum tax credit carryforwards | 3,265 | 2,287 |
Miscellaneous other | 1,953 | 4,397 |
Non-current deferred income tax assets before valuation allowance | 89,580 | 138,215 |
Valuation allowance | -1,729 | -1,814 |
Non-current deferred income tax assets | 87,851 | 136,401 |
Property, plant and equipment | -13,558 | -13,802 |
Intangible assets | -9,378 | -7,526 |
Undistributed foreign earnings | -568 | -534 |
Other items, net | -4,661 | -1,971 |
Non-current deferred income tax liabilities | -28,165 | -23,833 |
Deferred income tax assets | $59,686 | $112,568 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred tax assets, valuation allowance | ' | ' | ' | $116,700,000 |
Deferred tax assets, tax credit carryforwards | 3,300,000 | ' | ' | ' |
Utilization of net operating losses | 53,000,000 | ' | ' | ' |
Accumulated undistributed earnings of non-U.S. corporate subsidiaries | 14,100,000 | ' | ' | ' |
Additional taxes to be provided if undistributed foreign earnings are remitted | 4,900,000 | ' | ' | ' |
Income taxes paid | 7,519,000 | 4,191,000 | 4,344,000 | ' |
Net current income taxes payable | 0 | ' | ' | ' |
Net income taxes receivable | ' | 200,000 | ' | ' |
Federal | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets, net operating losses | 40,500,000 | ' | ' | ' |
Net operating losses | 106,900,000 | ' | ' | ' |
Reduction of net operating losses | 31,000,000 | ' | ' | ' |
Reduction of net operating losses, tax | 10,800,000 | ' | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets, net operating losses | $106,900,000 | ' | ' | ' |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before tax and equity investment | $4,278,000 | $14,004,000 | $17,687,000 | $2,180,000 | $3,818,000 | $7,331,000 | $16,546,000 | $7,519,000 | $38,149,000 | $35,214,000 | $28,328,000 |
Tax provision at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 13,352,000 | 12,325,000 | 9,915,000 |
Foreign dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 929,000 |
State income tax, net of federal effect | ' | ' | ' | ' | ' | ' | ' | ' | 2,455,000 | 2,396,000 | 919,000 |
Net increase (decrease) in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | -454,000 | -116,689,000 |
(Decrease) increase in liability for uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | -679,000 | 8,000 | 43,000 |
Net effect of foreign tax rate and tax holidays | ' | ' | ' | ' | ' | ' | ' | ' | 17,000 | -942,000 | -369,000 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 871,000 | -268,000 | -836,000 |
Total income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 16,028,000 | 13,065,000 | -106,088,000 |
Unrecognized tax benefits that would impact effective tax rate if recognized | $1,300,000 | ' | ' | ' | $2,300,000 | ' | ' | ' | $1,300,000 | $2,300,000 | ' |
Income_Taxes_Changes_in_the_Am
Income Taxes (Changes in the Amount of Unrecognized Tax Benefits and Income Tax Examination) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning balance | $2,273,000 | $2,306,000 |
Additions for tax positions related to current year | 404,000 | 368,000 |
Additions due to interest accrued | 80,000 | 100,000 |
Payments | -250,000 | -42,000 |
Settlements | -640,000 | 0 |
Due to lapsed statutes of limitations | -488,000 | -484,000 |
Other | -35,000 | 25,000 |
Ending balance | 1,344,000 | 2,273,000 |
Unrecognized tax benefits, interest on income taxes accrued | 100,000 | 400,000 |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 300,000 | ' |
Massachusetts | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Income tax settlement | 300,000 | ' |
Assessment issued by tax authority | $300,000 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $28,127 | $22,149 | $134,416 |
Weighted average number of common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 13,251 | 13,032 | 12,555 |
Income from continuing operations, net of tax, per share | $0.96 | $0.51 | $0.76 | ($0.11) | $0.24 | $0.36 | $0.74 | $0.35 | $2.12 | $1.70 | $10.71 |
Net income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 13,902 | 4,332 | 4,359 |
Discontinued operations, net of tax, per share | ($0.01) | $0.22 | $0.12 | $0.72 | $0.10 | $0.09 | $0.09 | $0.05 | $1.05 | $0.33 | $0.34 |
Net income | $12,497 | $9,643 | $11,872 | $8,017 | $4,503 | $5,930 | $10,952 | $5,096 | $42,029 | $26,481 | $138,775 |
Net income per share | $0.95 | $0.73 | $0.88 | $0.61 | $0.34 | $0.45 | $0.83 | $0.40 | $3.17 | $2.03 | $11.05 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Stock Options) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Outstanding options excluded from diluted earnings per share calculation due to anti-dilutive effect | 42,200 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value) (Details) (Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in associated company | $33,983 | $17,229 |
Total | Commodity contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Precious metal and commodity inventories recorded at fair value | 14,766 | ' |
Derivative contracts | 1,620 | 100 |
Total | Derivative features of Subordinated Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative contracts | -214 | 793 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in associated company | 33,983 | 17,229 |
Level 1 | Commodity contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Precious metal and commodity inventories recorded at fair value | 14,766 | ' |
Derivative contracts | 1,620 | 127 |
Level 1 | Derivative features of Subordinated Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative contracts | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in associated company | 0 | 0 |
Level 2 | Commodity contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Precious metal and commodity inventories recorded at fair value | 0 | ' |
Derivative contracts | 0 | -27 |
Level 2 | Derivative features of Subordinated Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative contracts | -214 | 0 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in associated company | 0 | 0 |
Level 3 | Commodity contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Precious metal and commodity inventories recorded at fair value | 0 | ' |
Derivative contracts | 0 | 0 |
Level 3 | Derivative features of Subordinated Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative contracts | $0 | $793 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Roll Forward) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance at beginning of period | $793 | ($1,314) |
Net income | -793 | 2,060 |
Other comprehensive income (loss) | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 47 |
Net transfers into / (out of) Level 3 | 0 | 0 |
Balance at end of period | $0 | $793 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Net income | ($793,000) | $2,060,000 | ' |
Long-lived assets, currently not in use | 9,400,000 | ' | ' |
Asset impairment charge | 0 | 0 | 700,000 |
Arlon | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Asset impairment charge | ' | ' | $700,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Operating Lease Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $4,331 |
2015 | 3,060 |
2016 | 2,506 |
2017 | 1,938 |
2018 | 1,430 |
Thereafter | 2,226 |
Operating Leases, Future Minimum Payments Due | $15,491 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Operating Lease Commitments Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
renewal_option | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Rent expense | ' | $4.80 | $4.20 | $4.50 |
Gross proceeds | 8.5 | ' | ' | ' |
Operating lease term (in years) | '15 years | ' | ' | ' |
Number of renewal options (in number of renewal options) | 2 | ' | ' | ' |
Renewal option period (in years) | '5 years | ' | ' | ' |
Annual rental payments | 0.6 | ' | ' | ' |
Maximum increase per year (as a percent) | 5.00% | ' | ' | ' |
Deferred gain | $1.80 | $1.20 | $1.40 | ' |
Deferred gain amortization period (in years) | '15 years | ' | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Environmental Matters) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Former Owner / Operator | Superfund | Sold Parcel | Costs | Costs | Costs | Costs | Costs | Costs | Industrial Property | |||
potentially_responsible_party | Former Owner / Operator | Second Joint Venture Partner of Former Owner / Operator | First Joint Venture Partner of Former Owner / Operator | HHEM and H&H | HHEM | |||||||
Environmetal Remediation Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued environmental liabilities | $3,213,000 | $6,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded third-party environmental recoveries receivable | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remediation cost, expected cost | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | 200,000 |
Ownership responsibility for site investigation and remediation costs (as a percent) | ' | ' | 75.00% | ' | ' | ' | ' | 37.50% | 37.50% | 25.00% | ' | ' |
Environmental loss contingencies, payments | ' | ' | ' | 2,200,000 | ' | 1,000,000 | ' | ' | ' | 1,000,000 | ' | ' |
Environmental remediation expense | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | 1,200,000 | ' |
Environmental loss contingencies, number of potentially responsible parties | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual for environmental loss contingencies | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 26, 2013 | Dec. 31, 2012 | Oct. 14, 2011 | Oct. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 26, 2013 | Dec. 31, 2013 | Oct. 14, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | SPH Group Holding LLC | SPH Group Holding LLC | SPH Group Holding LLC | SPH Group Holding LLC | Steel Partner Holdings | SPII Liquidating Trust | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | ||||
Subordinated Notes | Subordinated Notes | Subordinated Notes | Subordinated Notes | Employees | Executive Services Fee | Executive Services Fee | Executive Services Fee | Corporate Services Fee | Corporate Services Fee | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock - issued (in shares) | 12,985,840 | 13,140,004 | ' | ' | ' | ' | ' | 7,228,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Managing member ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accrued interest due to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Subordinated notes due to related party | 0 | 19,916,000 | 0 | ' | 19,916,000 | 25,000,000 | 72,900,000 | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repayments of subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption amount (as a percent) | ' | ' | ' | 112.60% | ' | 102.80% | ' | ' | ' | ' | ' | ' | 102.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related party management services fees and other arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,950,000 | 8,890,000 | 10,980,000 | ' | 1,740,000 | 1,740,000 | 1,740,000 | 7,150,000 | 9,240,000 | |
Related Party Management Services Fees and Other Arrangements, Reduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | |
Number of employees transferred (in employees) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | |
Sublease rentals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | |
Sales revenue for account services | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt | $156,887,000 | [1] | $137,750,000 | $0 | ' | $9,440,000 | ' | ' | ' | ' | ' | $21,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Assumes repayment of the Revolving Facility on its contractual maturity date. |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $152,309,000 | $171,874,000 | $182,084,000 | $148,957,000 | $126,084,000 | $144,628,000 | $164,430,000 | $144,386,000 | $655,224,000 | $579,528,000 | $579,764,000 | |||
Segment operating income: | 5,536,000 | 16,249,000 | 17,964,000 | 11,201,000 | 7,056,000 | 12,855,000 | 19,397,000 | 10,482,000 | 50,950,000 | 49,790,000 | 45,538,000 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -13,705,000 | -16,719,000 | -16,268,000 | |||
Realized and unrealized gain on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 1,195,000 | 2,582,000 | 418,000 | |||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -291,000 | -439,000 | -1,360,000 | |||
Income from continuing operations before tax and equity investment | 4,278,000 | 14,004,000 | 17,687,000 | 2,180,000 | 3,818,000 | 7,331,000 | 16,546,000 | 7,519,000 | 38,149,000 | 35,214,000 | 28,328,000 | |||
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gains resulting from liquidation of precious metal inventory valued at LIFO cost | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 600,000 | 1,900,000 | |||
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | 77,112,000 | 76,397,000 | 71,163,000 | |||
Joining Materials | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 195,187,000 | 174,621,000 | 190,607,000 | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | 16,624,000 | [1] | 23,942,000 | [1] | 24,747,000 | [1] |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gains resulting from liquidation of precious metal inventory valued at LIFO cost | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 1,900,000 | ' | |||
Tubing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 91,002,000 | 80,849,000 | 76,676,000 | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | 17,434,000 | 14,258,000 | 13,958,000 | |||
Building Materials | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 226,806,000 | 189,106,000 | 178,948,000 | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | 27,789,000 | 22,172,000 | 19,883,000 | |||
Arlon | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 84,060,000 | 80,815,000 | 81,282,000 | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | 10,769,000 | [2] | 11,594,000 | [2] | 8,348,000 | [2] |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | |||
Kasco | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 58,169,000 | 54,137,000 | 52,251,000 | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | 4,496,000 | 4,431,000 | 4,227,000 | |||
Unallocated corporate expenses and non-operating units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | -20,895,000 | -23,387,000 | -19,318,000 | |||
Unallocated pension expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | -5,342,000 | -3,313,000 | -6,357,000 | |||
Gain from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating income: | ' | ' | ' | ' | ' | ' | ' | ' | $75,000 | $93,000 | $50,000 | |||
[1] | The results for the Joining Materials segment for 2012 and 2011 include gains of $0.6 million and $1.9 million, respectively, resulting from the liquidation of precious metal inventory valued at LIFO cost. | |||||||||||||
[2] | Segment operating income of the Arlon segment for 2011 includes an asset impairment charge of $0.7 million to write-down vacant land located in Rancho Cucamonga, California to fair value. |
Reportable_Segments_Capital_Ex
Reportable Segments (Capital Expenditures, Depreciation and Total Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | $16,226 | $20,295 | $12,046 |
Depreciation and Amortization | 16,138 | 13,343 | 14,148 |
Total Assets | 509,723 | 512,361 | ' |
Joining Materials | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 3,135 | 2,951 | 1,574 |
Depreciation and Amortization | 2,682 | 1,110 | 1,373 |
Total Assets | 108,621 | 53,088 | ' |
Tubing | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 3,679 | 5,157 | 2,882 |
Depreciation and Amortization | 2,399 | 2,250 | 2,201 |
Total Assets | 37,550 | 36,096 | ' |
Building Materials | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 3,424 | 4,776 | 1,049 |
Depreciation and Amortization | 4,600 | 4,132 | 4,049 |
Total Assets | 134,320 | 121,392 | ' |
Arlon | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 4,482 | 5,113 | 5,055 |
Depreciation and Amortization | 4,211 | 3,828 | 4,041 |
Total Assets | 71,046 | 66,255 | ' |
Kasco | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 1,339 | 2,236 | 1,422 |
Depreciation and Amortization | 2,095 | 1,920 | 2,199 |
Total Assets | 23,612 | 25,215 | ' |
Corporate and other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 167 | 62 | 64 |
Depreciation and Amortization | 151 | 103 | 285 |
Total Assets | 133,923 | 178,204 | ' |
Discontinued operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 651 | 32,111 | ' |
Inactive Properties | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | $9,400 | $8,200 | ' |
Reportable_Segments_Revenues_D
Reportable Segments (Revenues) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | $655,224 | $579,528 | $579,764 |
Long-Lived Assets | 100,290 | 89,687 | ' |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 590,479 | 512,470 | 505,583 |
Long-Lived Assets | 77,065 | 66,537 | ' |
Foreign | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net Sales | 64,745 | 67,058 | 74,181 |
Long-Lived Assets | $23,225 | $23,150 | ' |
Parent_Company_Condensed_Finan2
Parent Company Condensed Financial Information (Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $10,300 | $15,301 | $6,841 | $8,762 |
Deferred income tax assets - current | 20,507 | 24,373 | ' | ' |
Prepaid and other current assets | 9,578 | 8,016 | ' | ' |
Total current assets | 184,332 | 193,959 | ' | ' |
Deferred income tax assets | 59,686 | 112,568 | ' | ' |
Investments in and advances to subsidiaries, net | 33,983 | 17,229 | ' | ' |
Total assets | 509,723 | 512,361 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Trade payables | 34,823 | 29,530 | ' | ' |
Accrued liabilities | 28,483 | 25,735 | ' | ' |
Total current liabilities | 80,225 | 82,148 | ' | ' |
Accrued pension liability | 143,705 | 217,141 | ' | ' |
Total liabilities | 375,851 | 460,433 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Common stock - $.01 par value; authorized 180,000 shares; issued 13,444 and 13,140 shares, respectively | 134 | 131 | ' | ' |
Accumulated other comprehensive loss | -181,931 | -226,168 | ' | ' |
Additional paid-in capital | 565,441 | 559,970 | ' | ' |
Treasury stock, at cost - 458 and 0 shares, respectively | -9,796 | 0 | ' | ' |
Accumulated deficit | -239,976 | -282,005 | ' | ' |
Total stockholders' equity | 133,872 | 51,928 | 58,998 | -30,160 |
Liabilities and stockholders' equity | 509,723 | 512,361 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,853 | 735 | 1,511 | 2,973 |
Deferred income tax assets - current | 4,062 | 8,231 | ' | ' |
Prepaid and other current assets | 92 | 105 | ' | ' |
Total current assets | 6,007 | 9,071 | ' | ' |
Notes receivable from Bairnco | 4,627 | 4,627 | ' | ' |
Investments in Associates | 33,983 | 17,229 | ' | ' |
Deferred income tax assets | 64,088 | 102,221 | ' | ' |
Investments in and advances to subsidiaries, net | 278,730 | 226,878 | ' | ' |
Total assets | 387,435 | 360,026 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Trade payables | 61 | 99 | ' | ' |
Accrued liabilities | 718 | 648 | ' | ' |
Total current liabilities | 779 | 747 | ' | ' |
Accrued interest - Handy & Harman | 12,193 | 12,193 | ' | ' |
Notes payable to Handy & Harman | 98,188 | 80,083 | ' | ' |
Accrued pension liability | 142,403 | 215,075 | ' | ' |
Total liabilities | 253,563 | 308,098 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Common stock - $.01 par value; authorized 180,000 shares; issued 13,444 and 13,140 shares, respectively | 134 | 131 | ' | ' |
Accumulated other comprehensive loss | -181,931 | -226,168 | ' | ' |
Additional paid-in capital | 565,441 | 559,970 | ' | ' |
Treasury stock, at cost - 458 and 0 shares, respectively | -9,796 | 0 | ' | ' |
Accumulated deficit | -239,976 | -282,005 | ' | ' |
Total stockholders' equity | 133,872 | 51,928 | ' | ' |
Liabilities and stockholders' equity | $387,435 | $360,026 | ' | ' |
Parent_Company_Condensed_Finan3
Parent Company Condensed Financial Information (Statement of Income and Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ($128,583) | ($116,383) | ($105,283) |
Pension expense | ' | ' | ' | ' | ' | ' | ' | ' | -5,342 | -3,313 | -6,357 |
Other: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before tax and equity investment | 4,278 | 14,004 | 17,687 | 2,180 | 3,818 | 7,331 | 16,546 | 7,519 | 38,149 | 35,214 | 28,328 |
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -16,028 | -13,065 | 106,088 |
Gain from associated company, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 6,006 | 0 | 0 |
Net income | 12,497 | 9,643 | 11,872 | 8,017 | 4,503 | 5,930 | 10,952 | 5,096 | 42,029 | 26,481 | 138,775 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in pension liability and post-retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | 68,328 | -43,702 | -82,805 |
Tax effect of changes in pension liability and post-retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | -25,653 | 14,455 | 27,211 |
Change in market value of securities | ' | ' | ' | ' | ' | ' | ' | ' | 7,113 | -14,948 | 7,835 |
Tax effect of change in market value of securities | ' | ' | ' | ' | ' | ' | ' | ' | -3,041 | 6,054 | -3,014 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -2,510 | 362 | -1,751 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 44,237 | -37,779 | -52,524 |
Comprehensive income (loss) | 54,450 | 7,694 | 12,691 | 11,431 | -27,411 | 9,551 | 1,617 | 4,945 | 86,266 | -11,298 | 86,251 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in income of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 44,275 | 35,498 | 40,044 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -7,790 | -7,720 | -5,883 |
Pension expense | ' | ' | ' | ' | ' | ' | ' | ' | -5,206 | -3,195 | -6,316 |
Other: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense - Handy & Handy notes payable | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4,087 | -2,889 |
Interest income - Bairnco notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 560 | 491 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15 | -3 |
Income from continuing operations before tax and equity investment | ' | ' | ' | ' | ' | ' | ' | ' | 31,279 | 21,071 | 25,444 |
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 4,744 | 5,410 | 113,331 |
Gain from associated company, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 6,006 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 42,029 | 26,481 | 138,775 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in pension liability and post-retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | 68,328 | -43,702 | -82,805 |
Tax effect of changes in pension liability and post-retirement benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | -25,653 | 14,455 | 27,211 |
Change in market value of securities | ' | ' | ' | ' | ' | ' | ' | ' | 7,113 | -14,948 | 7,835 |
Tax effect of change in market value of securities | ' | ' | ' | ' | ' | ' | ' | ' | -3,041 | 6,054 | -3,014 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -2,510 | 362 | -1,751 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 44,237 | -37,779 | -52,524 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $86,266 | ($11,298) | $86,251 |
Parent_Company_Condensed_Finan4
Parent Company Condensed Financial Information (Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $42,029 | $26,481 | $138,775 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
Non-cash stock-based compensation | 200 | 100 | ' |
Non-cash gain from associated company | -6,006 | 0 | 0 |
Deferred income taxes | 23,001 | 11,014 | -105,669 |
Change in operating assets and liabilities: | ' | ' | ' |
Pension expense | 5,342 | 3,313 | 6,357 |
Net cash provided by operating activities | 49,163 | 58,439 | 21,554 |
Cash flows from investing activities: | ' | ' | ' |
Net cash used in investing activities | -36,875 | -37,882 | -14,284 |
Cash flows from financing activities: | ' | ' | ' |
Purchases of treasury stock | -9,796 | 0 | 0 |
Net cash used in financing activities | -17,422 | -12,230 | -9,192 |
Net change for the year | -5,134 | 8,327 | -1,922 |
Cash and cash equivalents at beginning of year | 15,301 | 6,841 | 8,762 |
Cash and cash equivalents at end of year | 10,300 | 15,301 | 6,841 |
Parent | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 42,029 | 26,481 | 138,775 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
Equity in income of subsidiaries, net of tax | -44,275 | -35,498 | -40,044 |
Payment in kind interest expense - Handy & Harman | 0 | 4,087 | 2,889 |
Interest income - Bairnco notes receivable | 0 | -560 | -491 |
Non-cash stock-based compensation | 4,860 | 4,476 | 2,837 |
Non-cash gain from associated company | -6,006 | 0 | 0 |
Deferred income taxes | -5,945 | -5,410 | -113,490 |
Change in operating assets and liabilities: | ' | ' | ' |
Advances from affiliates | 0 | 0 | -424 |
Pension payments - WHX Pension Plan | -13,106 | -15,919 | -15,235 |
Pension expense | 5,206 | 3,195 | 6,316 |
Other current assets and liabilities | 45 | -1,047 | -1,330 |
Net cash provided by operating activities | -17,192 | -20,195 | -20,197 |
Cash flows from investing activities: | ' | ' | ' |
Investments in marketable securities | 0 | -6,321 | -18,021 |
Dividends from subsidiaries | 10,000 | 6,321 | 18,021 |
Net cash used in investing activities | 10,000 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Notes payable - Handy & Harman | 18,106 | 19,419 | 18,735 |
Purchases of treasury stock | -9,796 | 0 | 0 |
Net cash used in financing activities | 8,310 | 19,419 | 18,735 |
Net change for the year | 1,118 | -776 | -1,462 |
Cash and cash equivalents at beginning of year | 735 | 1,511 | 2,973 |
Cash and cash equivalents at end of year | $1,853 | $735 | $1,511 |
Unaudited_Quarterly_Results_De
Unaudited Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $152,309,000 | $171,874,000 | $182,084,000 | $148,957,000 | $126,084,000 | $144,628,000 | $164,430,000 | $144,386,000 | $655,224,000 | $579,528,000 | $579,764,000 |
Segment operating income: | 5,536,000 | 16,249,000 | 17,964,000 | 11,201,000 | 7,056,000 | 12,855,000 | 19,397,000 | 10,482,000 | 50,950,000 | 49,790,000 | 45,538,000 |
Income from continuing operations before tax and equity investment | 4,278,000 | 14,004,000 | 17,687,000 | 2,180,000 | 3,818,000 | 7,331,000 | 16,546,000 | 7,519,000 | 38,149,000 | 35,214,000 | 28,328,000 |
(Loss) income from discontinued operations, net of tax | -204,000 | 2,904,000 | 1,661,000 | 9,541,000 | 1,312,000 | 1,205,000 | 1,230,000 | 585,000 | -997,000 | 4,311,000 | 1,678,000 |
Net income | 12,497,000 | 9,643,000 | 11,872,000 | 8,017,000 | 4,503,000 | 5,930,000 | 10,952,000 | 5,096,000 | 42,029,000 | 26,481,000 | 138,775,000 |
Comprehensive income (loss) | 54,450,000 | 7,694,000 | 12,691,000 | 11,431,000 | -27,411,000 | 9,551,000 | 1,617,000 | 4,945,000 | 86,266,000 | -11,298,000 | 86,251,000 |
Basic and diluted income per share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations, net of tax, per share | $0.96 | $0.51 | $0.76 | ($0.11) | $0.24 | $0.36 | $0.74 | $0.35 | $2.12 | $1.70 | $10.71 |
Discontinued operations, net of tax, per share | ($0.01) | $0.22 | $0.12 | $0.72 | $0.10 | $0.09 | $0.09 | $0.05 | $1.05 | $0.33 | $0.34 |
Net income per share | $0.95 | $0.73 | $0.88 | $0.61 | $0.34 | $0.45 | $0.83 | $0.40 | $3.17 | $2.03 | $11.05 |
Other comprehensive income (loss) recorded primarily from unrealized actuarial gain (loss) associated with the Company's defined benefit pension plans | $41,800,000 | ' | ' | ' | ($29,200,000) | ' | ' | ' | ' | ' | ' |