Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 10, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HBP | ' | ' |
Entity Registrant Name | 'HUTTIG BUILDING PRODUCTS INC | ' | ' |
Entity Central Index Key | '0001093082 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 24,656,211 | ' |
Entity Public Float | ' | ' | $50,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $561.50 | $521.10 | $479.30 |
Cost of sales | 450.4 | 420.4 | 390.1 |
Gross margin | 111.1 | 100.7 | 89.2 |
Operating expenses | 104.8 | 98.4 | 99 |
Goodwill impairment | ' | 1.9 | 0.4 |
Gain on disposal of capital assets | ' | -2.4 | ' |
Operating income (loss) | 6.3 | 2.8 | -10.2 |
Interest expense, net | 2.6 | 2.9 | 2.8 |
Income (loss) from continuing operations before income taxes | 3.7 | -0.1 | -13 |
Provision (benefit) for income taxes | 0.1 | ' | -0.3 |
Net income (loss) from continuing operations | 3.6 | -0.1 | -12.7 |
Net loss from discontinued operations, net of taxes | -0.4 | -0.4 | -0.5 |
Net income (loss) | $3.20 | ($0.50) | ($13.20) |
Net income (loss) from continuing operations per share - basic and diluted | $0.15 | ' | ($0.58) |
Net loss from discontinued operations per share - basic and diluted | ($0.02) | ($0.02) | ($0.02) |
Net income (loss) per share - basic and diluted | $0.13 | ($0.02) | ($0.60) |
Weighted average shares outstanding: | ' | ' | ' |
Basic shares outstanding | 22.8 | 22.9 | 22.2 |
Diluted shares outstanding | 22.8 | 22.9 | 22.2 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and equivalents | $0.60 | $2.30 |
Trade accounts receivable, net | 43.8 | 41.7 |
Inventories | 66.7 | 55 |
Other current assets | 7.2 | 7.3 |
Total current assets | 118.3 | 106.3 |
Property, Plant and Equipment: | ' | ' |
Land | 4.3 | 4.3 |
Building and improvements | 24.2 | 23.8 |
Machinery and equipment | 34.2 | 31.2 |
Gross property, plant and equipment | 62.7 | 59.3 |
Less accumulated depreciation | 46.1 | 43.7 |
Property, plant and equipment, net | 16.6 | 15.6 |
Other Assets: | ' | ' |
Goodwill | 6.3 | 6.3 |
Other | 1.9 | 2.2 |
Deferred income taxes | 7.9 | 7.1 |
Total other assets | 16.1 | 15.6 |
Total Assets | 151 | 137.5 |
Current Liabilities: | ' | ' |
Current maturities of long-term debt | 1.2 | 0.6 |
Trade accounts payable | 40.3 | 31.2 |
Deferred income taxes | 7.9 | 7.1 |
Accrued compensation | 3.5 | 4.1 |
Other accrued liabilities | 13.1 | 14.3 |
Total current liabilities | 66 | 57.3 |
Non-current Liabilities: | ' | ' |
Long-term debt, less current maturities | 60.8 | 59.2 |
Other non-current liabilities | 1.3 | 1.9 |
Total non-current liabilities | 62.1 | 61.1 |
Shareholders' Equity: | ' | ' |
Preferred shares; $.01 par (5,000,000 shares authorized) | ' | ' |
Common shares; $.01 par (50,000,000 shares authorized: 24,317,192 shares issued and outstanding at December 31, 2013 and 23,920,195 at December 31, 2012) | 0.2 | 0.2 |
Additional paid-in capital | 39.8 | 39.2 |
Accumulated deficit | -17.1 | -20.3 |
Total shareholders' equity | 22.9 | 19.1 |
Total Liabilities and Shareholders' Equity | $151 | $137.50 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,317,192 | 23,920,195 |
Common stock, shares outstanding | 24,317,192 | 23,920,195 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHARESHOLDERS EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
In Millions | ||||
Beginning Balance at Dec. 31, 2010 | $32.60 | $0.20 | $39 | ($6.60) |
Net income (loss) and comprehensive income (loss) | -13.2 | ' | ' | -13.2 |
Stock compensation expense | 0.5 | ' | 0.5 | ' |
Ending Balance at Dec. 31, 2011 | 19.9 | 0.2 | 39.5 | -19.8 |
Net income (loss) and comprehensive income (loss) | -0.5 | ' | ' | -0.5 |
Repurchase of shares of common stock | -1.1 | ' | -1.1 | ' |
Stock compensation expense | 0.8 | ' | 0.8 | ' |
Ending Balance at Dec. 31, 2012 | 19.1 | 0.2 | 39.2 | -20.3 |
Net income (loss) and comprehensive income (loss) | 3.2 | ' | ' | 3.2 |
Repurchase of shares of common stock | -0.4 | ' | -0.4 | ' |
Stock compensation expense | 1 | ' | 1 | ' |
Ending Balance at Dec. 31, 2013 | $22.90 | $0.20 | $39.80 | ($17.10) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net Income (loss) | $3.20 | ($0.50) | ($13.20) |
Adjustments to reconcile net loss to cash used in operations: | ' | ' | ' |
Net loss from discontinued operations | 0.4 | 0.4 | 0.5 |
Depreciation and amortization | 2.8 | 2.7 | 2.8 |
Non-cash interest expense | 0.3 | 0.4 | 0.4 |
Stock compensation expense | 1 | 0.8 | 0.5 |
Impairment of goodwill | ' | 1.9 | 0.4 |
Gain on disposal of capital assets | ' | -2.4 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts receivable | -2.1 | -2.3 | -2.3 |
Inventories | -11.7 | -10.2 | 1.4 |
Trade accounts payable | 9.1 | 2.9 | 2.2 |
Other | -1.8 | 2 | -0.8 |
Net cash provided by (used in) operating activities | 1.2 | -4.3 | -8.1 |
Cash Flows From Investing Activities: | ' | ' | ' |
Capital expenditures | -2.2 | -1.9 | -2 |
Proceeds from disposition of capital assets | ' | 3.3 | ' |
Cash (used in) provided by investing activities | -2.2 | 1.4 | -2 |
Cash Flows From Financing Activities: | ' | ' | ' |
Payments of long term debt and revolving credit debt agreements | -156.7 | -143.9 | -132.9 |
Borrowings of long term debt and revolving credit debt agreements | 157.4 | 150.2 | 143.2 |
Repayments of capital lease and other obligations | -1 | -0.7 | -0.3 |
Repurchase of shares of common stock | -0.4 | -1.1 | ' |
Cash (used in) provided by financing activities | -0.7 | 4.5 | 10 |
Net (decrease) increase in cash and equivalents | -1.7 | 1.6 | -0.1 |
Cash and equivalents, beginning of period | 2.3 | 0.7 | 0.8 |
Cash and equivalents, end of period | 0.6 | 2.3 | 0.7 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Interest paid | 2.3 | 2.5 | 2.4 |
Non-cash financing activities: | ' | ' | ' |
Assets acquired with debt obligations | 2.5 | 0.9 | 0.5 |
Debt issuance costs financed | $0.10 | $0.70 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES | |
Organization—Huttig Building Products, Inc. and subsidiary (the “Company” or “Huttig”) is a distributor of building materials used principally in new residential construction and in home improvement, remodeling and repair work. Huttig’s products are distributed through 27 distribution centers serving 41 states and are sold primarily to building materials dealers, national buying groups, home centers and industrial users including makers of manufactured homes. | |
Principles of Consolidation—The consolidated financial statements include the accounts of Huttig Building Products, Inc. and its wholly owned subsidiary. All significant inter-company accounts and transactions have been eliminated. | |
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Revenue Recognition—Revenues are recorded when title passes to the customer, which occurs upon delivery of product, less an allowance for returns, customer rebates and discounts for early payments. Returned products for which the Company assumes responsibility is estimated based on historical returns and are accrued as a reduction of sales at the time of the original sale. | |
Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes estimates including but not limited to the following financial statement items; allowance for doubtful accounts, slow-moving and obsolete inventory, lower of cost or market provisions for inventory, long-lived asset and goodwill impairments, contingencies including environmental liabilities, accrued expenses and self-insurance accruals, and income tax expense and net deferred tax assets. Actual results may differ from these estimates. | |
Cash and Equivalents—The Company considers all highly liquid interest-earning investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The carrying value of cash and equivalents approximates their fair value. | |
Accounts Receivable—Trade accounts receivable consist of amounts owed for orders shipped to customers and are stated net of an allowance for doubtful accounts. Huttig’s corporate management establishes an overall credit policy for sales to customers. The allowance for doubtful accounts is determined based on a number of factors including when customer accounts exceed 90 days past due and specific customer account reviews. | |
Inventory—Inventories are valued at the lower of cost or market. The Company’s entire inventory is comprised of finished goods. The Company reviews inventories on hand and records a provision for slow-moving and obsolete inventory. The provision for slow-moving and obsolete inventory is based on historical and expected sales. Approximately 86% of inventories were determined by using the LIFO (last-in, first-out) method of inventory valuation as of December 31, 2013 and December 31, 2012. The balance of all other inventories is determined by the average cost method, which approximates costs on a FIFO (first-in, first-out) method. The FIFO cost would be higher than the LIFO valuation by $11.7 million at December 31, 2013 and $10.5 million at December 31, 2012. | |
Supplier Rebates—The Company enters into agreements with certain vendors providing for inventory purchase based rebates upon purchasing volumes. The Company accrues the receipt of rebates base on purchases and records vendor rebates as a reduction of the cost of inventory purchased. | |
Property, Plant and Equipment—Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and is charged to operating expenses. Buildings and improvements lives range from 3 to 25 years. Machinery and equipment lives range from 3 to 10 years. The Company recorded depreciation expense of $2.7 million, $2.6 million and $2.7 million in 2013, 2012 and 2011, respectively. | |
Goodwill—Goodwill for each reporting unit is reviewed for impairment annually or more frequently if certain indicators arise. The Company also reassesses useful lives of previously recognized intangible assets. The Company first assesses the qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company does not calculate the fair value of a reporting unit unless it determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the two-step quantitative test is deemed necessary, the Company calculates the fair value using multiple assumptions of its future operations to determine future discounted cash flows including but not limited to such factors as sales levels, gross margin rates, capital requirements and discount rates. The carrying value of goodwill is considered impaired when a reporting unit’s fair value is less than its carrying value. In that event, goodwill impairment is recognized to the extent recorded goodwill exceeds the implied fair value of that goodwill. As the Company continues to face a challenging housing environment and general uncertainty in the U.S. economy, its assumptions may change significantly in the future resulting in further goodwill impairments in future periods. See Note 2, “Goodwill and Other Intangible Assets” for additional information. | |
Valuation of Long-Lived Assets—The Company periodically evaluates the carrying value of its long-lived assets, including intangible and other tangible assets, when events and circumstances warrant such a review. The carrying value of long-lived assets is considered impaired when the anticipated undiscounted cash flows from such assets are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. | |
Shipping and Handling—Costs associated with shipping and handling products to the Company’s customers are charged to operating expense. Shipping and handling costs were $28.4 million, $26.9 million and $27.2 million in 2013, 2012 and 2011, respectively. | |
Income Taxes—Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and such amounts recognized are for tax purposes using currently enacted tax rates. A valuation allowance would be established to reduce deferred income tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company includes interest and penalties related to uncertain tax positions in income tax expense. See Note 10, “Income Taxes” for additional information. | |
Net Income (Loss) Per Share—Basic net income (loss) per share is computed by dividing income available to common stockholders by weighted average shares outstanding. Diluted net income (loss) per share reflects the effect of all other potentially dilutive common shares using the treasury stock method. See Note 11, “Basic and Diluted Net Income (Loss) Per Share” for additional information. | |
Accounting For Stock-Based Compensation—The Company has stock-based compensation plans covering the majority of its employee groups and a plan covering the Company’s Board of Directors. The Company accounts for share-based compensation utilizing the fair value recognition provisions of ASC 718, “Compensation-Stock Compensation”. The Company recognizes compensation cost for equity awards on a straight-line basis over the requisite service period for the entire award. See Note 9, “Stock and Incentive Compensation Plans” for additional information. | |
Concentration of Credit Risk—The Company is engaged in the distribution of building materials throughout the United States. The Company grants credit to customers, substantially all of whom are dependent upon the construction sector. The Company periodically evaluates its customers’ financial condition but does not generally require collateral. A significant portion of our sales are concentrated with a relatively small number of our customers. Our top ten customers represented 38% of our sales in 2013. In 2013, 2012, and 2011, the Company had a single customer representing 12%, 12% and 11% of total sales, respectively. This customer is a buying group for multiple building material dealers. | |
Segments—ASC 280, “Segment Reporting”, defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. At December 31, 2013 and 2012, under the definition of a segment, each of our branches is considered an operating segment of our business. Under ASC 280, operating segments may be aggregated if the operating segments have similar economic characteristics and if the nature of the products, distribution methods, customers and regulatory environments are similar. The Company has aggregated its branches into one reporting segment, consistent with ASC 280. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||||||
2 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Under ASC 350, “Intangibles-Goodwill and Other”, goodwill is reviewed for impairment annually or more frequently if certain indicators arise. In addition, the statement requires reassessment of the useful lives of previously recognized intangible assets. | |||||||||||||||||
The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill test. The Company does not calculate the fair value of a reporting unit unless it determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. | |||||||||||||||||
ASC 350 prescribes a two-step process for impairment testing of goodwill. During the fourth quarter of 2013 and 2012, the Company performed the annual test for impairment of its reporting units. In 2012, the Company experienced lower than anticipated sales trends and operating income at one reporting unit. After performing the first step of the impairment test, we determined the carrying amounts of goodwill in our one reporting unit exceeded fair value. As a result, we performed the second step and determined that the goodwill was impaired by approximately $1.9 million. In 2011, the Company recorded goodwill impairment of $0.4 million related to the reduction in fair value of two reporting units. The following table summarizes goodwill activity for the three years ended December 31, 2012 (in millions): | |||||||||||||||||
Goodwill | Accumulated | Goodwill, Net | |||||||||||||||
Impairments | |||||||||||||||||
Balance at January 1, 2011 | $ | 18.1 | $ | (9.5 | ) | $ | 8.6 | ||||||||||
Impairments in 2012 | — | (0.4 | ) | (0.4 | ) | ||||||||||||
Balance at December 31, 2011 | 18.1 | (9.9 | ) | 8.2 | |||||||||||||
Impairments in 2012 | — | (1.9 | ) | (1.9 | ) | ||||||||||||
Balance at December 31, 2012 | 18.1 | (11.8 | ) | 6.3 | |||||||||||||
No activity in 2013 | — | — | — | ||||||||||||||
Balance at December 31, 2013 | $ | 18.1 | $ | (11.8 | ) | $ | 6.3 | ||||||||||
Cost | Accumulated | ||||||||||||||||
Amortization | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amortizable intangible assets: (1) | |||||||||||||||||
Customer relationships | $ | 1.4 | $ | 1.4 | $ | 0.7 | $ | 0.6 | |||||||||
-1 | Amortizable intangible assets are included in “Other Assets”. | ||||||||||||||||
The Company recorded amortization expense of $0.1 million for the years ended December 31, 2013, 2012 and 2011. The Company expects to record amortization expense for its existing intangible assets of approximately $0.1 million in each year 2014 through 2018, and in total, approximately $0.2 million thereafter. |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ' | ||||||||||||
3 | ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||||||||||||
The allowance for doubtful accounts consisted of the following (in millions): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 0.6 | $ | 0.5 | $ | 0.7 | |||||||
Provision charged to expense | — | 0.6 | 0.7 | ||||||||||
Write-offs, less recoveries | — | (0.5 | ) | (0.9 | ) | ||||||||
Balance at end of year | $ | 0.6 | $ | 0.6 | $ | 0.5 | |||||||
The Company recorded bad debt expense of 0.0%, 0.1%, and 0.1% of net sales in 2013, 2012, 2011 respectively. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
4. LONG-TERM DEBT | |||||||||
Debt consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Revolving credit facility | $ | 59.8 | $ | 59.1 | |||||
Other obligations | 2.2 | 0.7 | |||||||
Total debt | 62 | 59.8 | |||||||
Less current portion | 1.2 | 0.6 | |||||||
Long-term debt | $ | 60.8 | $ | 59.2 | |||||
Credit Facility—The Company has a $120.0 million asset based senior secured revolving credit facility (“credit facility”). Borrowing availability under the credit facility is based on eligible accounts receivable, inventory and real estate. The real estate component of the borrowing base amortizes monthly over 12.5 years on a straight-line basis. Borrowings under the credit facility are collateralized by substantially all of the Company’s assets and are subject to certain operating limitations applicable to a loan of this type, which, among other things, place limitations on indebtedness, liens, investments, mergers and acquisitions, dispositions of assets, cash dividends and transactions with affiliates. The entire unpaid balance under the credit facility is due and payable on December 21, 2017, the maturity date of the credit agreement. | |||||||||
At December 31, 2013, under the credit facility, the Company had revolving credit borrowings of $59.8 million outstanding at a weighted average interest rate of 2.85%, letters of credit outstanding totaling $3.6 million, primarily for health and workers’ compensation insurance, and $41.2 million of additional committed borrowing capacity. The Company pays an unused commitment fee in the range of 0.30% to 0.375% per annum. In addition, the Company had $2.2 million of capital lease and other obligations outstanding at December 31, 2013. | |||||||||
The sole financial covenant in the credit facility is the fixed charge coverage ratio (“FCCR”) which must be tested by us if the excess borrowing availability falls below an amount in the range of $10.0 million to $15.0 million, depending on our borrowing base, and must also be tested on a pro forma basis prior to consummation of certain significant business transactions outside our ordinary course of business, as defined in the agreement. At December 31, 2013, the Company’s FCCR was in excess of the 1.25:1.00 covenant requirement. The Company had $41.2 million of excess borrowing availability at December 31, 2013. | |||||||||
Huttig believes that cash generated from our operations and funds available under the credit facility will provide sufficient funds to meet the operating needs of the business for at least the next twelve months. However, if Huttig’s availability falls below the required threshold and the Company does not meet the minimum FCCR, our lenders would have the right, but not the obligation, to terminate the loan commitments and accelerate the repayment of the entire amount outstanding under the credit facility. The lenders could also foreclose on Huttig’s assets that secure the credit facility. In that event, Huttig would be forced to seek alternative sources of financing, which may not be available on terms acceptable to the Company, or at all. | |||||||||
Maturities—At December 31, 2013, the aggregate scheduled maturities of debt are as follows (in millions): | |||||||||
2014 | $ | 1.2 | |||||||
2015 | 0.4 | ||||||||
2016 | 0.3 | ||||||||
2017 | 60 | ||||||||
2018 | 0.1 | ||||||||
Total | $ | 62 | |||||||
The fair value of long-term debt, as calculated using the aggregate cash flows from principal and interest payments over the life of the debt, was approximately $59.8 million and $59.1 million at December 31, 2013 and 2012, respectively, based upon a discounted cash flow analysis using current market interest rates. The fair value measurement inputs for long-term debt are classified as Level 3 (unobservable inputs) in the valuation hierarchy as defined by ASC 820, “Fair Value Measurements and Disclosures”. |
PREFERRED_SHARE_PURCHASE_RIGHT
PREFERRED SHARE PURCHASE RIGHTS | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
PREFERRED SHARE PURCHASE RIGHTS | ' | |
5 | PREFERRED SHARE PURCHASE RIGHTS | |
The Company has authorized 5.0 million shares of $0.01 par value preferred stock, of which 250,000 shares have been designated as Series A Junior Participating Preferred Stock. |
OTHER_ACCRUED_LIABILITIES
OTHER ACCRUED LIABILITIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
OTHER ACCRUED LIABILITIES | ' | |
6 | OTHER ACCRUED LIABILITIES | |
The Company has other accrued liabilities at December 31, 2013 and December 31, 2012 of $13.1 million and $14.3 million, respectively. Liabilities for self-insurance accruals were $3.5 million and $4.5 million, amounts due for sales incentive programs were $3.6 million and $3.1 million and deferred rent was $1.3 million and $1.5 million at December 31, 2013 and 2012, respectively. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
7. COMMITMENTS AND CONTINGENCIES | |||||||||||||
The Company leases certain of its vehicles, equipment and distribution facilities from various third parties with non-cancelable operating leases with various terms. Certain leases contain renewal or purchase options. Future minimum payments, by year, and in the aggregate, under these leases with initial terms of one year or more consisted of the following at December 31, 2013 (in millions): | |||||||||||||
Non- | Minimum | Net | |||||||||||
cancelable | Sublease | ||||||||||||
Operating | Income | ||||||||||||
Leases | |||||||||||||
2014 | $ | 10.3 | $ | (1.5 | ) | $ | 8.8 | ||||||
2015 | 10 | (1.4 | ) | 8.6 | |||||||||
2016 | 7.6 | (0.3 | ) | 7.3 | |||||||||
2017 | 5.2 | — | 5.2 | ||||||||||
2018 | 3.8 | — | 3.8 | ||||||||||
Thereafter | 2.9 | — | 2.9 | ||||||||||
Total minimum lease payments | $ | 39.8 | $ | (3.2 | ) | $ | 36.6 | ||||||
Operating lease obligations expire in varying amounts through 2020. Rental expense for all operating leases was $12.9 million, $13.6 million and $14.8 million in 2013, 2012 and 2011, respectively. Sublease income was $0.7 million, $0.6 million and $0.9 million in 2013, 2012 and 2011, respectively. Operating lease expense in 2011 is net of a one-time $0.9 million payment to the Company to relinquish lease rights to a long term operating lease. | |||||||||||||
The Company carries insurance policies on insurable risks with coverage and other terms that it believes to be appropriate. The Company generally has self-insured retention limits and has obtained fully insured layers of coverage above such self-insured retention limits. Accruals for self-insurance losses are made based on claims experience. Liabilities for existing and unreported claims are accrued for when it is probable that future costs will be incurred and can be reasonably estimated. | |||||||||||||
In 1995, Huttig was identified as a potentially responsible party in connection with the cleanup of contamination at a formerly owned property in Montana that was used for the manufacture of wood windows. Huttig is voluntarily remediating this property under the oversight of and in cooperation with the Montana Department of Environmental Quality (Montana DEQ) and are complying with a 1995 unilateral administrative order of the Montana DEQ to complete a remedial investigation and feasibility study. The remedial investigation was completed by Huttig and approved in 1998 by the Montana DEQ, which has also issued its final risk assessment of this property. Since 1998 Huttig has remained in active discussions with the Montana DEQ, expanded the remedial investigation where warranted, implemented voluntary interim cleanup actions, conducted pilot tests, and tested remedial technologies in the field. Huttig is currently working with the Montana DEQ to develop a final feasibility study which will present and evaluate several potential remedies. The Montana DEQ is ultimately expected to publicize a final remedy for public comment. After consideration of public comments, the Montana DEQ will then publish a record of decision and negotiate with Huttig for an administrative order of consent on the implementation of the final remedy. Huttig spent less than $0.5 million on costs related to this site in each of the years ended December 31, 2013, 2012 and 2011. The annual level of future remediation expenditures is difficult to estimate because of the uncertainty relating to the final remedy to be selected by the Montana DEQ. As of December 31, 2013, the Company has accrued $0.6 million for future costs of remediating this site, which management believes represents a reasonable estimate based on current facts and circumstances and the currently expected costs of remediation. Until the Montana DEQ selects a final remedy, however, management cannot estimate the top of the range of loss or cost to Huttig of the final remediation order. As a result, the Company may incur material adverse effect on the consolidated financial statements in the future with respect to this property. | |||||||||||||
In addition, some of the Company’s current and former distribution centers are located in areas of current or former industrial activity where environmental contamination may have occurred, and for which it, among others, could be held responsible. The Company currently believes that there are no material environmental liabilities at any of our distribution center locations. | |||||||||||||
The Company accrues expenses for contingencies when it is probable that an asset has been impaired or a liability has been incurred and management can reasonably estimate the expense. Contingencies for which the Company has made accruals include environmental, product liability and other legal matters. It is possible, however, that future results of operations for any particular quarter or annual period and our financial condition could be materially affected by changes in assumptions or other circumstances related to these matters. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||
8 | EMPLOYEE BENEFIT PLANS | ||||||||||||||
Defined Contribution Plans—The Company sponsored a qualified defined contribution plan covering substantially all its employees. The Company suspended the matching contributions effective January 2009. | |||||||||||||||
Defined Benefit Plans—The Company participates in several multi-employer pension plans that provide benefits to certain employees under collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: 1) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers 2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and 3) if the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Total contributions to these plans were $0.6 million in the year ended 2013 and $0.5 million in each of the years ended 2012 and 2011. A majority of the contributions are to the Western Conference of Teamsters Pension Plan. The Company does not contribute more than 5 percent of total contributions for any of these multi-employer pension plans. The Company’s participation in the multi-employer pension plans for the year ended December 31, 2013 is outlined in the table below. | |||||||||||||||
Legal Name of Plan | EIN - Plan Number | Pension | Financial | Surcharge | Expiration Date | 12/31/13 | |||||||||
Protection Act | Improvement | Imposed | of Collective- | Company | |||||||||||
Zone Status | Plan | Bargaining | Participants | ||||||||||||
Agreement | |||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 - 001 | Funded > 80% | No | No | 6/30/2014 to | 85 | |||||||||
4/30/15 | |||||||||||||||
Southern California Lumber Industry Retirement Fund | 95-6035266 - 001 | Funded > 80% | No | No | 6/30/14 | 12 | |||||||||
Central States, Southeast and Southwest Areas Pension Plan | 36-6044243 - 001 | Funded < 65% | Implemented | Yes | 3/31/16 | 4 |
STOCK_AND_INCENTIVE_COMPENSATI
STOCK AND INCENTIVE COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
STOCK AND INCENTIVE COMPENSATION PLANS | ' | ||||||||||||||||||||||||
9. STOCK AND INCENTIVE COMPENSATION PLANS | |||||||||||||||||||||||||
EVA Incentive Compensation Plan | |||||||||||||||||||||||||
The Company’s EVA Incentive Compensation Plan is intended to maximize shareholder value by aligning management’s interests with those of shareholders by rewarding management for sustainable and continuous improvement in operating results. The Company recorded $0.8 million, $1.3 million and $0.4 million in expense related to this plan in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
2005 Executive Incentive Compensation Plan | |||||||||||||||||||||||||
Under the Company’s 2005 Executive Incentive Compensation Plan, which was adopted in 2005 and subsequently amended in 2007, 2009, and 2012 (“2005 Plan”), incentive awards of up to 6,125,000 shares of common stock may be granted. In addition, upon adoption of this plan, no further awards may be issued under either the 1999 Stock Incentive Plan or the 2001 Stock Incentive Plan; however, shares forfeited under those plans are available for subsequent issuance under this 2005 Plan. The 2005 Plan allows the Company to grant awards to key employees, including restricted stock awards and stock options, subject primarily to the requirement of continued employment. The awards for the 2005 Plan are available for grant over a ten-year period unless terminated earlier by the Board of Directors. No options were issued in 2013, 2012 or 2011. The Company granted 570,680, 970,250, and 1,149,750 shares of restricted stock in 2013, 2012, and 2011, respectively. No monetary consideration is paid to the company by employees who receive restricted stock. The restricted shares vest ratably over three years. Restricted stock can be granted with or without performance restrictions. | |||||||||||||||||||||||||
2005 Non-Employee Directors’ Restricted Stock Plan | |||||||||||||||||||||||||
Under the Company’s 2005 Non-Employee Directors’ Restricted Stock Plan, which was adopted in 2005 and subsequently amended in 2007, 2009, and 2012, incentive awards of up to 575,000 shares of common stock may be granted. The awards for this plan are available for grant over a ten-year period unless terminated earlier by the Board of Directors. The Company granted 34,818, 78,064, and 52,500 restricted stock units in 2013, 2012, and 2011, respectively. These grants vest approximately one year later on the date of the following annual shareholders’ meeting. | |||||||||||||||||||||||||
Accounting For Stock-Based Compensation | |||||||||||||||||||||||||
The Company recognized approximately $1.0 million, $0.8 million, and $0.5 million in non-cash stock compensation expense for restricted stock awards in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
At December 31, 2013, the Company had 2,062,273 shares available under all of the stock compensation plans. On January 28, 2014, the Company issued 456,253 restricted shares. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The fair value of each option award is estimated as of the date of grant using the Black-Scholes option pricing model. The Company has not granted stock options in 2013, 2012 or 2011. | |||||||||||||||||||||||||
The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2013: | |||||||||||||||||||||||||
Shares | Weighted | Average | Aggregate | Average | Unrecognized | ||||||||||||||||||||
(000’s) | Average | Remaining | Intrinsic | Remaining | Compensation | ||||||||||||||||||||
Exercise Price | Contractual | Value | Vesting | Expense | |||||||||||||||||||||
Per Share | Term (Years) | (000’s) | Period | (000’s) | |||||||||||||||||||||
(months) | |||||||||||||||||||||||||
Options Outstanding at January 1, 2011 | 251 | $ | 7.81 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (40 | ) | 4.34 | ||||||||||||||||||||||
Options Outstanding at December 31, 2011 | 211 | 8.47 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (6 | ) | 9.13 | ||||||||||||||||||||||
Options Outstanding at December 31, 2012 | 205 | 8.46 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (18 | ) | 9.01 | ||||||||||||||||||||||
Options Outstanding at December 31, 2013 | 187 | $ | 8.4 | 1.2 | — | — | $ | — | |||||||||||||||||
Exercisable at December 31, 2013 | 187 | $ | 8.4 | 1.2 | — | N/A | N/A | ||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | ||||||||||||||||||||||||
Range of | Number | Weighted Average | Weighted Average | Number | Weighted Average | ||||||||||||||||||||
Exercise Price | Outstanding | Remaining | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||||||
(000’s) | Contractual Life | (000’s) | |||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||
$7.23 | 76 | 0.3 | $ | 7.23 | 76 | $ | 7.23 | ||||||||||||||||||
$8.78 | 71 | 2.1 | 8.78 | 71 | 8.78 | ||||||||||||||||||||
$9.12 | 5 | 1.6 | 9.12 | 5 | 9.12 | ||||||||||||||||||||
$10.09 | 35 | 1.3 | 10.09 | 35 | 10.09 | ||||||||||||||||||||
Total | 187 | 1.2 | $ | 8.4 | 187 | $ | 8.4 | ||||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||||||||||
Restricted stock grants are recorded as unearned compensation on the date of grant in additional paid in capital at fair market value. The unearned compensation is being amortized to expense over the respective vesting periods. | |||||||||||||||||||||||||
The following summary presents the information regarding the restricted stock and restricted stock units for the three years ended December 31, 2013: | |||||||||||||||||||||||||
Shares | Weighted | Average | Aggregate | Average | Unrecognized | ||||||||||||||||||||
(000’s) | Average | Remaining | Intrinsic | Remaining | Compensation | ||||||||||||||||||||
Grant | Contractual | Value | Vesting | Expense | |||||||||||||||||||||
Date Fair | Term (Years) | (000’s) | Period | (000’s) | |||||||||||||||||||||
Value | (months) | ||||||||||||||||||||||||
Outstanding at January 1, 2011 | 1,420 | $ | 1.09 | ||||||||||||||||||||||
Granted | 1,202 | 0.75 | |||||||||||||||||||||||
Restricted stock vested | (568 | ) | 1.21 | ||||||||||||||||||||||
Forfeited | (17 | ) | 1.37 | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 2,037 | 0.85 | |||||||||||||||||||||||
Granted | 1,048 | 0.87 | |||||||||||||||||||||||
Restricted stock vested | (854 | ) | 0.71 | ||||||||||||||||||||||
Forfeited | (65 | ) | 0.71 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,166 | 0.92 | |||||||||||||||||||||||
Granted | 605 | 2.35 | |||||||||||||||||||||||
Restricted stock vested | (947 | ) | 0.75 | ||||||||||||||||||||||
Forfeited | (16 | ) | 1.09 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,808 | $ | 1.48 | 8.1 | $ | 6,946 | 7.6 | $ | 1,314 | ||||||||||||||||
Restricted stock units vested at December 31, 2013 | 208 | $ | 2.28 | 6.4 | $ | 803 | N/A | N/A | |||||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
10. INCOME TAXES | |||||||||||||||||
The provision for income taxes, relating to continuing operations, is composed of the following (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Current: | |||||||||||||||||
U.S. Federal benefit | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
State and local tax (benefit) | 0.1 | 0.1 | (0.2 | ) | |||||||||||||
Total current | 0.1 | — | (0.3 | ) | |||||||||||||
Deferred: | |||||||||||||||||
U.S. Federal tax (benefit) | — | — | — | ||||||||||||||
State and local tax | — | — | — | ||||||||||||||
Total deferred | — | — | — | ||||||||||||||
Total income benefit | $ | 0.1 | $ | — | $ | (0.3 | ) | ||||||||||
A reconciliation of income taxes based on the application of the statutory federal income tax rate to income taxes as set forth in the consolidated statements of operations follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State and local taxes | 2 | 2 | 2 | ||||||||||||||
Contingency accrual adjustment | (1.2 | ) | — | 2.6 | |||||||||||||
Change in valuation allowance | (42.8 | ) | 96.6 | (35.5 | ) | ||||||||||||
Nondeductible items | 5.9 | (121.2 | ) | (1.5 | ) | ||||||||||||
Other, net | 3.8 | (12.4 | ) | (0.3 | ) | ||||||||||||
Effective income tax rate | 2.7 | % | — | % | 2.3 | % | |||||||||||
In 2013, the Company recorded income from continuing operations before income taxes of $3.7 million. In 2012 and 2011, the Company recorded a loss from continuing operations before income taxes of $0.1 million and $13.0 million, respectively. The Company has recorded a decrease in the valuation allowance of $1.5 million for the year ended December 31, 2013 and an decrease of $0.1 million for the year ended December 31, 2012. | |||||||||||||||||
Deferred income taxes at December 31, 2013 and 2012 are comprised of the following (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Property, plant and equipment | $ | 1.3 | $ | — | $ | 1 | $ | — | |||||||||
Goodwill | 1 | — | 1.2 | — | |||||||||||||
Employee benefits related | 2 | — | 2.3 | — | |||||||||||||
Inventories | 0.6 | — | 0.9 | — | |||||||||||||
LIFO | 8.2 | — | 7.4 | ||||||||||||||
Insurance related | 1 | — | 1.1 | — | |||||||||||||
Other accrued liabilities | 1.2 | — | 0.9 | — | |||||||||||||
Accounts receivables | 0.2 | — | 0.3 | — | |||||||||||||
Income tax loss carryforwards | 31.1 | — | 31.3 | — | |||||||||||||
Other | 0.5 | 0.6 | 0.6 | 0.6 | |||||||||||||
Gross deferred tax assets and liabilities | 38.9 | 8.8 | 39.6 | 8 | |||||||||||||
Valuation allowance | (30.1 | ) | — | (31.6 | ) | — | |||||||||||
Total | $ | 8.8 | $ | 8.8 | $ | 8 | $ | 8 | |||||||||
Huttig has gross deferred tax assets of $38.9 million and a valuation allowance of $30.1 million netting to deferred tax assets of $8.8 million at December 31, 2013. After classifying $0.9 of short-term deferred tax assets with short-term deferred tax liabilities, the Company has current deferred tax liabilities of $7.9 million at December 31, 2013. The Company expects its deferred tax liabilities to be settled with utilization of its deferred tax assets. The deferred tax liabilities enable the Company to partially utilize the deferred tax assets at December 31, 2013 and the balance of the deferred tax assets are covered by the Company’s valuation allowance. The Company is not relying on future pre-tax income at December 31, 2013 to support the utilization of the deferred tax assets. | |||||||||||||||||
The Company has both federal and state tax loss carryforwards reflected above. The Company’s federal tax loss carryforwards of approximately $69 million will begin to expire in 2028. The state tax loss carryforwards have expiration dates from 2014 to 2033. The total deferred income tax assets (liabilities) as presented in the accompanying consolidated balance sheets are as follows (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net current deferred taxes | $ | (7.9 | ) | $ | (7.1 | ) | |||||||||||
Net long-term deferred taxes | 7.9 | 7.1 | |||||||||||||||
Huttig is subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2008. Open tax years related to state jurisdictions remain subject to examination but are not considered material. The Company has no material uncertain tax positions at December 31, 2013. |
BASIC_AND_DILUTED_NET_INCOME_L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | ' | ||||||||||||
11. BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | |||||||||||||
The Company calculates its basic income per share by dividing net income allocated to common shares outstanding by the weighted average number of common shares outstanding. Unvested shares of restricted stock participate in dividends on the same basis as common shares. As a result, these share-based awards meet the definition of participating securities and the Company applies the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In periods in which the Company has net losses, the losses are not allocated to participating securities because the participating security holders are not obligated to share in such losses. The following table presents the number of participating securities and earnings allocated to those securities. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings allocated to participating shareholders | $ | 0.2 | $ | — | $ | — | |||||||
Number of participating securities | 1.7 | 2 | 2.3 | ||||||||||
The diluted earnings per share calculations include the effect of the assumed exercise using the treasury stock method for both stock options and unvested restricted stock units, except when the effect would be anti-dilutive. The following table presents the number of common shares used in the calculation of net income per share from continuing operations for the periods ended December 31, 2013 and December 31, 2012. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average number of common shares-basic | 22.8 | 22.9 | 22.1 | ||||||||||
Dilutive potential common shares | — | — | — | ||||||||||
Weighted-average number of common shares-dilutive | 22.8 | 22.9 | 22.1 | ||||||||||
The calculation of diluted earnings per common share for both the years ended December 31, 2013 and December 31, 2012 excludes the impact of antidilutive stock options and restricted stock units. The Company had 0.2 million stock options outstanding at December 31, 2013 which were all antidilutive. |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||||||
12 | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
The following table provides selected consolidated financial information from continuing operations on a quarterly basis for each quarter of 2013 and 2012. The Company’s business is seasonal and particularly sensitive to weather conditions. Interim amounts are therefore subject to significant fluctuations (in millions, except per share data). | |||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 124.5 | $ | 148.9 | $ | 153.3 | $ | 134.8 | $ | 561.5 | |||||||||||
Gross margin | 23.1 | 29.8 | 30.8 | 27.4 | 111.1 | ||||||||||||||||
Operating expenses | 24.5 | 26.2 | 27 | 27.1 | 104.8 | ||||||||||||||||
Operating income (loss ) | (1.4 | ) | 3.6 | 3.8 | 0.3 | 6.3 | |||||||||||||||
Net income (loss) from continuing operations | (2.0 | ) | 2.8 | 3.2 | (0.4 | ) | 3.6 | ||||||||||||||
Net loss from discontinued operations | — | (0.2 | ) | (0.2 | ) | — | (0.4 | ) | |||||||||||||
Net income (loss) per share—Diluted | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | (0.09 | ) | $ | 0.11 | $ | 0.13 | $ | (0.02 | ) | $ | 0.15 | |||||||||
Net loss from discontinued operations | — | — | (0.01 | ) | — | (0.02 | ) | ||||||||||||||
Net income (loss) | $ | (0.09 | ) | $ | 0.11 | $ | 0.12 | $ | (0.02 | ) | $ | 0.13 | |||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 116.6 | $ | 137.8 | $ | 141.1 | $ | 125.6 | $ | 521.1 | |||||||||||
Gross margin | 21.4 | 27.3 | 27.6 | 24.4 | 100.7 | ||||||||||||||||
Operating expenses | 23.5 | 24.8 | 25.6 | 24.5 | 98.4 | ||||||||||||||||
Goodwill impairment | — | — | — | 1.9 | 1.9 | ||||||||||||||||
Gain on disposal of capital assets | — | — | (2.4 | ) | — | (2.4 | ) | ||||||||||||||
Operating income (loss ) | (2.1 | ) | 2.5 | 4.4 | (2.0 | ) | 2.8 | ||||||||||||||
Net income (loss) from continuing operations | (2.8 | ) | 1.7 | 3.7 | (2.7 | ) | (0.1 | ) | |||||||||||||
Net loss from discontinued operations | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | |||||||||||
Net income (loss) per share—Diluted | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | (0.12 | ) | $ | 0.07 | $ | 0.15 | $ | (0.12 | ) | $ | — | |||||||||
Net loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
Net income (loss) | $ | (0.13 | ) | $ | 0.07 | $ | 0.14 | $ | (0.13 | ) | $ | (0.02 | ) | ||||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations And Disposal Groups [Abstract] | ' |
DISCONTINUED OPERATIONS | ' |
13. DISCONTINUED OPERATIONS | |
The discontinued operations of the Company had no sales in 2013, 2012 or 2011. In 2013 and 2012, loss from discontinued operation of $0.4 million was recorded in each year. In 2011, loss from discontinued operations of $0.5 million was recorded. The loss in the three years is related to environmental and legal expenses related to the formerly owned property in Montana. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
Organization—Huttig Building Products, Inc. and subsidiary (the “Company” or “Huttig”) is a distributor of building materials used principally in new residential construction and in home improvement, remodeling and repair work. Huttig’s products are distributed through 27 distribution centers serving 41 states and are sold primarily to building materials dealers, national buying groups, home centers and industrial users including makers of manufactured homes. | |
Principles of Consolidation | ' |
Principles of Consolidation—The consolidated financial statements include the accounts of Huttig Building Products, Inc. and its wholly owned subsidiary. All significant inter-company accounts and transactions have been eliminated. | |
Reclassifications | ' |
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Revenue Recognition | ' |
Revenue Recognition—Revenues are recorded when title passes to the customer, which occurs upon delivery of product, less an allowance for returns, customer rebates and discounts for early payments. Returned products for which the Company assumes responsibility is estimated based on historical returns and are accrued as a reduction of sales at the time of the original sale. | |
Use of Estimates | ' |
Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes estimates including but not limited to the following financial statement items; allowance for doubtful accounts, slow-moving and obsolete inventory, lower of cost or market provisions for inventory, long-lived asset and goodwill impairments, contingencies including environmental liabilities, accrued expenses and self-insurance accruals, and income tax expense and net deferred tax assets. Actual results may differ from these estimates. | |
Cash and Equivalents | ' |
Cash and Equivalents—The Company considers all highly liquid interest-earning investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The carrying value of cash and equivalents approximates their fair value. | |
Accounts Receivable | ' |
Accounts Receivable—Trade accounts receivable consist of amounts owed for orders shipped to customers and are stated net of an allowance for doubtful accounts. Huttig’s corporate management establishes an overall credit policy for sales to customers. The allowance for doubtful accounts is determined based on a number of factors including when customer accounts exceed 90 days past due and specific customer account reviews. | |
Inventory | ' |
Inventory— Inventories are valued at the lower of cost or market. The Company’s entire inventory is comprised of finished goods. The Company reviews inventories on hand and records a provision for slow-moving and obsolete inventory. The provision for slow-moving and obsolete inventory is based on historical and expected sales. Approximately 86% of inventories were determined by using the LIFO (last-in, first-out) method of inventory valuation as of December 31, 2013 and December 31, 2012. The balance of all other inventories is determined by the average cost method, which approximates costs on a FIFO (first-in, first-out) method. The FIFO cost would be higher than the LIFO valuation by $11.7 million at December 31, 2013 and $10.5 million at December 31, 2012. | |
Supplier Rebates | ' |
Supplier Rebates—The Company enters into agreements with certain vendors providing for inventory purchase based rebates upon purchasing volumes. The Company accrues the receipt of rebates base on purchases and records vendor rebates as a reduction of the cost of inventory purchased. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment—Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and is charged to operating expenses. Buildings and improvements lives range from 3 to 25 years. Machinery and equipment lives range from 3 to 10 years. The Company recorded depreciation expense of $2.7 million, $2.6 million and $2.7 million in 2013, 2012 and 2011, respectively. | |
Goodwill | ' |
Goodwill—Goodwill for each reporting unit is reviewed for impairment annually or more frequently if certain indicators arise. The Company also reassesses useful lives of previously recognized intangible assets. The Company first assesses the qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company does not calculate the fair value of a reporting unit unless it determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the two-step quantitative test is deemed necessary, the Company calculates the fair value using multiple assumptions of its future operations to determine future discounted cash flows including but not limited to such factors as sales levels, gross margin rates, capital requirements and discount rates. The carrying value of goodwill is considered impaired when a reporting unit’s fair value is less than its carrying value. In that event, goodwill impairment is recognized to the extent recorded goodwill exceeds the implied fair value of that goodwill. As the Company continues to face a challenging housing environment and general uncertainty in the U.S. economy, its assumptions may change significantly in the future resulting in further goodwill impairments in future periods. See Note 2, “Goodwill and Other Intangible Assets” for additional information. | |
Valuation of Long-Lived Assets | ' |
Valuation of Long-Lived Assets—The Company periodically evaluates the carrying value of its long-lived assets, including intangible and other tangible assets, when events and circumstances warrant such a review. The carrying value of long-lived assets is considered impaired when the anticipated undiscounted cash flows from such assets are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. | |
Shipping and Handling | ' |
Shipping and Handling—Costs associated with shipping and handling products to the Company’s customers are charged to operating expense. Shipping and handling costs were $28.4 million, $26.9 million and $27.2 million in 2013, 2012 and 2011, respectively. | |
Income Taxes | ' |
Income Taxes— Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and such amounts recognized are for tax purposes using currently enacted tax rates. A valuation allowance would be established to reduce deferred income tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company includes interest and penalties related to uncertain tax positions in income tax expense. See Note 10, “Income Taxes” for additional information. | |
Net Income (Loss) Per Share | ' |
Net Income (Loss) Per Share—Basic net income (loss) per share is computed by dividing income available to common stockholders by weighted average shares outstanding. Diluted net income (loss) per share reflects the effect of all other potentially dilutive common shares using the treasury stock method. See Note 11, “Basic and Diluted Net Income (Loss) Per Share” for additional information. | |
Accounting For Stock-Based Compensation | ' |
Accounting For Stock-Based Compensation— The Company has stock-based compensation plans covering the majority of its employee groups and a plan covering the Company’s Board of Directors. The Company accounts for share-based compensation utilizing the fair value recognition provisions of ASC 718, “Compensation-Stock Compensation”. The Company recognizes compensation cost for equity awards on a straight-line basis over the requisite service period for the entire award. See Note 9, “Stock and Incentive Compensation Plans” for additional information. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk—The Company is engaged in the distribution of building materials throughout the United States. The Company grants credit to customers, substantially all of whom are dependent upon the construction sector. The Company periodically evaluates its customers’ financial condition but does not generally require collateral. A significant portion of our sales are concentrated with a relatively small number of our customers. Our top ten customers represented 38% of our sales in 2013. In 2013, 2012, and 2011, the Company had a single customer representing 12%, 12% and 11% of total sales, respectively. This customer is a buying group for multiple building material dealers. | |
Segments | ' |
Segments—ASC 280, “Segment Reporting”, defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. At December 31, 2013 and 2012, under the definition of a segment, each of our branches is considered an operating segment of our business. Under ASC 280, operating segments may be aggregated if the operating segments have similar economic characteristics and if the nature of the products, distribution methods, customers and regulatory environments are similar. The Company has aggregated its branches into one reporting segment, consistent with ASC 280. |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Goodwill and Other Intangible Assets | ' | ||||||||||||||||
The following table summarizes goodwill activity for the three years ended December 31, 2012 (in millions): | |||||||||||||||||
Goodwill | Accumulated | Goodwill, Net | |||||||||||||||
Impairments | |||||||||||||||||
Balance at January 1, 2011 | $ | 18.1 | $ | (9.5 | ) | $ | 8.6 | ||||||||||
Impairments in 2012 | — | (0.4 | ) | (0.4 | ) | ||||||||||||
Balance at December 31, 2011 | 18.1 | (9.9 | ) | 8.2 | |||||||||||||
Impairments in 2012 | — | (1.9 | ) | (1.9 | ) | ||||||||||||
Balance at December 31, 2012 | 18.1 | (11.8 | ) | 6.3 | |||||||||||||
No activity in 2013 | — | — | — | ||||||||||||||
Balance at December 31, 2013 | $ | 18.1 | $ | (11.8 | ) | $ | 6.3 | ||||||||||
Cost | Accumulated | ||||||||||||||||
Amortization | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amortizable intangible assets: (1) | |||||||||||||||||
Customer relationships | $ | 1.4 | $ | 1.4 | $ | 0.7 | $ | 0.6 | |||||||||
-1 | Amortizable intangible assets are included in “Other Assets”. |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT1
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Allowance for Doubtful Accounts | ' | ||||||||||||
The allowance for doubtful accounts consisted of the following (in millions): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 0.6 | $ | 0.5 | $ | 0.7 | |||||||
Provision charged to expense | — | 0.6 | 0.7 | ||||||||||
Write-offs, less recoveries | — | (0.5 | ) | (0.9 | ) | ||||||||
Balance at end of year | $ | 0.6 | $ | 0.6 | $ | 0.5 | |||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-term Debt | ' | ||||||||
Debt consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Revolving credit facility | $ | 59.8 | $ | 59.1 | |||||
Other obligations | 2.2 | 0.7 | |||||||
Total debt | 62 | 59.8 | |||||||
Less current portion | 1.2 | 0.6 | |||||||
Long-term debt | $ | 60.8 | $ | 59.2 | |||||
Scheduled Maturities of Debt | ' | ||||||||
Maturities—At December 31, 2013, the aggregate scheduled maturities of debt are as follows (in millions): | |||||||||
2014 | $ | 1.2 | |||||||
2015 | 0.4 | ||||||||
2016 | 0.3 | ||||||||
2017 | 60 | ||||||||
2018 | 0.1 | ||||||||
Total | $ | 62 | |||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Summary of Future Minimum Payments | ' | ||||||||||||
Future minimum payments, by year, and in the aggregate, under these leases with initial terms of one year or more consisted of the following at December 31, 2013 (in millions): | |||||||||||||
Non- | Minimum | Net | |||||||||||
cancelable | Sublease | ||||||||||||
Operating | Income | ||||||||||||
Leases | |||||||||||||
2014 | $ | 10.3 | $ | (1.5 | ) | $ | 8.8 | ||||||
2015 | 10 | (1.4 | ) | 8.6 | |||||||||
2016 | 7.6 | (0.3 | ) | 7.3 | |||||||||
2017 | 5.2 | — | 5.2 | ||||||||||
2018 | 3.8 | — | 3.8 | ||||||||||
Thereafter | 2.9 | — | 2.9 | ||||||||||
Total minimum lease payments | $ | 39.8 | $ | (3.2 | ) | $ | 36.6 | ||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||
Summary of Company's Participation in Multi-Employer Pension Plans | ' | ||||||||||||||
The Company’s participation in the multi-employer pension plans for the year ended December 31, 2013 is outlined in the table below. | |||||||||||||||
Legal Name of Plan | EIN - Plan Number | Pension | Financial | Surcharge | Expiration Date | 12/31/13 | |||||||||
Protection Act | Improvement | Imposed | of Collective- | Company | |||||||||||
Zone Status | Plan | Bargaining | Participants | ||||||||||||
Agreement | |||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 - 001 | Funded > 80% | No | No | 6/30/2014 to | 85 | |||||||||
4/30/15 | |||||||||||||||
Southern California Lumber Industry Retirement Fund | 95-6035266 - 001 | Funded > 80% | No | No | 6/30/14 | 12 | |||||||||
Central States, Southeast and Southwest Areas Pension Plan | 36-6044243 - 001 | Funded < 65% | Implemented | Yes | 3/31/16 | 4 |
STOCK_AND_INCENTIVE_COMPENSATI1
STOCK AND INCENTIVE COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Stock Option Transactions Pursuant to Company's Stock Incentive Plans | ' | ||||||||||||||||||||||||
The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2013: | |||||||||||||||||||||||||
Shares | Weighted | Average | Aggregate | Average | Unrecognized | ||||||||||||||||||||
(000’s) | Average | Remaining | Intrinsic | Remaining | Compensation | ||||||||||||||||||||
Exercise Price | Contractual | Value | Vesting | Expense | |||||||||||||||||||||
Per Share | Term (Years) | (000’s) | Period | (000’s) | |||||||||||||||||||||
(months) | |||||||||||||||||||||||||
Options Outstanding at January 1, 2011 | 251 | $ | 7.81 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (40 | ) | 4.34 | ||||||||||||||||||||||
Options Outstanding at December 31, 2011 | 211 | 8.47 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (6 | ) | 9.13 | ||||||||||||||||||||||
Options Outstanding at December 31, 2012 | 205 | 8.46 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (18 | ) | 9.01 | ||||||||||||||||||||||
Options Outstanding at December 31, 2013 | 187 | $ | 8.4 | 1.2 | — | — | $ | — | |||||||||||||||||
Exercisable at December 31, 2013 | 187 | $ | 8.4 | 1.2 | — | N/A | N/A | ||||||||||||||||||
Details of Stock Options Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | ||||||||||||||||||||||||
Range of Exercise Price | Number | Weighted Average | Weighted Average | Number | Weighted Average | ||||||||||||||||||||
Outstanding | Remaining | Exercise Price | Exercisable | Exercise Price | |||||||||||||||||||||
(000’s) | Contractual Life | (000’s) | |||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||
$ 7.23 | 76 | 0.3 | $ | 7.23 | 76 | $ | 7.23 | ||||||||||||||||||
$ 8.78 | 71 | 2.1 | 8.78 | 71 | 8.78 | ||||||||||||||||||||
$ 9.12 | 5 | 1.6 | 9.12 | 5 | 9.12 | ||||||||||||||||||||
$10.09 | 35 | 1.3 | 10.09 | 35 | 10.09 | ||||||||||||||||||||
Total | 187 | 1.2 | $ | 8.4 | 187 | $ | 8.4 | ||||||||||||||||||
Summary of Restricted Stock and Restricted Stock Units | ' | ||||||||||||||||||||||||
The following summary presents the information regarding the restricted stock and restricted stock units for the three years ended December 31, 2013: | |||||||||||||||||||||||||
Shares | Weighted | Average | Aggregate | Average | Unrecognized | ||||||||||||||||||||
(000’s) | Average | Remaining | Intrinsic | Remaining | Compensation | ||||||||||||||||||||
Grant Date | Contractual | Value | Vesting | Expense | |||||||||||||||||||||
Fair Value | Term (Years) | (000’s) | Period | (000’s) | |||||||||||||||||||||
(months) | |||||||||||||||||||||||||
Outstanding at January 1, 2011 | 1,420 | $ | 1.09 | ||||||||||||||||||||||
Granted | 1,202 | 0.75 | |||||||||||||||||||||||
Restricted stock vested | (568 | ) | 1.21 | ||||||||||||||||||||||
Forfeited | (17 | ) | 1.37 | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 2,037 | 0.85 | |||||||||||||||||||||||
Granted | 1,048 | 0.87 | |||||||||||||||||||||||
Restricted stock vested | (854 | ) | 0.71 | ||||||||||||||||||||||
Forfeited | (65 | ) | 0.71 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,166 | 0.92 | |||||||||||||||||||||||
Granted | 605 | 2.35 | |||||||||||||||||||||||
Restricted stock vested | (947 | ) | 0.75 | ||||||||||||||||||||||
Forfeited | (16 | ) | 1.09 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,808 | $ | 1.48 | 8.1 | $ | 6,946 | 7.6 | $ | 1,314 | ||||||||||||||||
Restricted stock units vested at | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
208 | $ | 2.28 | 6.4 | $ | 803 | N/A | N/A | ||||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Details of Provision for Income Taxes | ' | ||||||||||||||||
The provision for income taxes, relating to continuing operations, is composed of the following (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Current: | |||||||||||||||||
U.S. Federal benefit | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
State and local tax (benefit) | 0.1 | 0.1 | (0.2 | ) | |||||||||||||
Total current | 0.1 | — | (0.3 | ) | |||||||||||||
Deferred: | |||||||||||||||||
U.S. Federal tax (benefit) | — | — | — | ||||||||||||||
State and local tax | — | — | — | ||||||||||||||
Total deferred | — | — | — | ||||||||||||||
Total income benefit | $ | 0.1 | $ | — | $ | (0.3 | ) | ||||||||||
Details of Reconciliation of Income Taxes | ' | ||||||||||||||||
A reconciliation of income taxes based on the application of the statutory federal income tax rate to income taxes as set forth in the consolidated statements of operations follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State and local taxes | 2 | 2 | 2 | ||||||||||||||
Contingency accrual adjustment | (1.2 | ) | — | 2.6 | |||||||||||||
Change in valuation allowance | (42.8 | ) | 96.6 | (35.5 | ) | ||||||||||||
Nondeductible items | 5.9 | (121.2 | ) | (1.5 | ) | ||||||||||||
Other, net | 3.8 | (12.4 | ) | (0.3 | ) | ||||||||||||
Effective income tax rate | 2.7 | % | — | % | 2.3 | % | |||||||||||
Deferred Income Taxes | ' | ||||||||||||||||
Deferred income taxes at December 31, 2013 and 2012 are comprised of the following (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Property, plant and equipment | $ | 1.3 | $ | — | $ | 1 | $ | — | |||||||||
Goodwill | 1 | — | 1.2 | — | |||||||||||||
Employee benefits related | 2 | — | 2.3 | — | |||||||||||||
Inventories | 0.6 | — | 0.9 | — | |||||||||||||
LIFO | 8.2 | — | 7.4 | ||||||||||||||
Insurance related | 1 | — | 1.1 | — | |||||||||||||
Other accrued liabilities | 1.2 | — | 0.9 | — | |||||||||||||
Accounts receivables | 0.2 | — | 0.3 | — | |||||||||||||
Income tax loss carryforwards | 31.1 | — | 31.3 | — | |||||||||||||
Other | 0.5 | 0.6 | 0.6 | 0.6 | |||||||||||||
Gross deferred tax assets and liabilities | 38.9 | 8.8 | 39.6 | 8 | |||||||||||||
Valuation allowance | (30.1 | ) | — | (31.6 | ) | — | |||||||||||
Total | $ | 8.8 | $ | 8.8 | $ | 8 | $ | 8 | |||||||||
Schedule of Deferred Tax Assets and Liabilities Classifications | ' | ||||||||||||||||
The total deferred income tax assets (liabilities) as presented in the accompanying consolidated balance sheets are as follows (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net current deferred taxes | $ | (7.9 | ) | $ | (7.1 | ) | |||||||||||
Net long-term deferred taxes | 7.9 | 7.1 |
BASIC_AND_DILUTED_NET_INCOME_L1
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Summary of Number of Participating Securities and Earning Allocated to those Securities | ' | ||||||||||||
The following table presents the number of participating securities and earnings allocated to those securities. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings allocated to participating shareholders | $ | 0.2 | $ | — | $ | — | |||||||
Number of participating securities | 1.7 | 2 | 2.3 | ||||||||||
Summary of Diluted Earnings Per Share | ' | ||||||||||||
The following table presents the number of common shares used in the calculation of net income per share from continuing operations for the periods ended December 31, 2013 and December 31, 2012. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average number of common shares-basic | 22.8 | 22.9 | 22.1 | ||||||||||
Dilutive potential common shares | — | — | — | ||||||||||
Weighted-average number of common shares-dilutive | 22.8 | 22.9 | 22.1 |
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Selected Quarterly Financial Data | ' | ||||||||||||||||||||
Interim amounts are therefore subject to significant fluctuations (in millions, except per share data). | |||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 124.5 | $ | 148.9 | $ | 153.3 | $ | 134.8 | $ | 561.5 | |||||||||||
Gross margin | 23.1 | 29.8 | 30.8 | 27.4 | 111.1 | ||||||||||||||||
Operating expenses | 24.5 | 26.2 | 27 | 27.1 | 104.8 | ||||||||||||||||
Operating income (loss ) | (1.4 | ) | 3.6 | 3.8 | 0.3 | 6.3 | |||||||||||||||
Net income (loss) from continuing operations | (2.0 | ) | 2.8 | 3.2 | (0.4 | ) | 3.6 | ||||||||||||||
Net loss from discontinued operations | — | (0.2 | ) | (0.2 | ) | — | (0.4 | ) | |||||||||||||
Net income (loss) per share—Diluted | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | (0.09 | ) | $ | 0.11 | $ | 0.13 | $ | (0.02 | ) | $ | 0.15 | |||||||||
Net loss from discontinued operations | — | — | (0.01 | ) | — | (0.02 | ) | ||||||||||||||
Net income (loss) | $ | (0.09 | ) | $ | 0.11 | $ | 0.12 | $ | (0.02 | ) | $ | 0.13 | |||||||||
2012 | |||||||||||||||||||||
Net sales | $ | 116.6 | $ | 137.8 | $ | 141.1 | $ | 125.6 | $ | 521.1 | |||||||||||
Gross margin | 21.4 | 27.3 | 27.6 | 24.4 | 100.7 | ||||||||||||||||
Operating expenses | 23.5 | 24.8 | 25.6 | 24.5 | 98.4 | ||||||||||||||||
Goodwill impairment | — | — | — | 1.9 | 1.9 | ||||||||||||||||
Gain on disposal of capital assets | — | — | (2.4 | ) | — | (2.4 | ) | ||||||||||||||
Operating income (loss ) | (2.1 | ) | 2.5 | 4.4 | (2.0 | ) | 2.8 | ||||||||||||||
Net income (loss) from continuing operations | (2.8 | ) | 1.7 | 3.7 | (2.7 | ) | (0.1 | ) | |||||||||||||
Net loss from discontinued operations | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | |||||||||||
Net income (loss) per share—Diluted | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | (0.12 | ) | $ | 0.07 | $ | 0.15 | $ | (0.12 | ) | $ | — | |||||||||
Net loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
Net income (loss) | $ | (0.13 | ) | $ | 0.07 | $ | 0.14 | $ | (0.13 | ) | $ | (0.02 | ) | ||||||||
Recovered_Sheet1
Summary of Significant Accounting Policies and Procedures - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | ||
Center | |||
State | |||
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of distribution centers | 27 | ' | ' |
Number of states in which products are distributed | 41 | ' | ' |
Allowance for doubtful accounts days | '90 days | ' | ' |
Inventory valuation LIFO method | 86.00% | 86.00% | ' |
FIFO cost higher than LIFO valuation | $11.70 | $10.50 | ' |
Company recorded depreciation expense | 2.7 | 2.6 | 2.7 |
Shipping and handling products cost | $28.40 | $26.90 | $27.20 |
Percentage of consolidated revenues of company's top ten clients | 38.00% | ' | ' |
Aggregate number of reporting segment | 1 | 1 | ' |
Major Customer [Member] | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Total sales in percentage | 12.00% | 12.00% | 11.00% |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Buildings and improvements lives | '3 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Buildings and improvements lives | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Original maturity of cash equivalents | 'all highly liquid interest-earning investments with an original maturity of three months or less at the date of purchase | ' | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Buildings and improvements lives | '25 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Buildings and improvements lives | '10 years | ' | ' |
Recovered_Sheet2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill impairment | $1.90 | ' | $1.90 | $0.40 |
Amortization expense | ' | 0.1 | 0.1 | 0.1 |
Expected amortization expense, 2014 | ' | 0.1 | ' | ' |
Expected amortization expense, 2015 | ' | 0.1 | ' | ' |
Expected amortization expense, 2016 | ' | 0.1 | ' | ' |
Expected amortization expense, 2017 | ' | 0.1 | ' | ' |
Expected amortization expense, 2018 | ' | 0.1 | ' | ' |
Expected amortization expense, thereafter | ' | $0.20 | ' | ' |
Recovered_Sheet3
Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Beginning Balance, Goodwill | ' | $18.10 | $18.10 | $18.10 |
Ending Balance, Goodwill | 18.1 | 18.1 | 18.1 | 18.1 |
Beginning Balance, Accumulated Impairments | ' | -11.8 | -9.9 | -9.5 |
Goodwill impairment | -1.9 | ' | -1.9 | -0.4 |
Ending Balance, Accumulated Impairments | -11.8 | -11.8 | -11.8 | -9.9 |
Beginning Balance, Goodwill Net | ' | 6.3 | 8.2 | 8.6 |
Goodwill, Net | ' | ' | -1.9 | -0.4 |
Ending Balance, Goodwill Net | 6.3 | 6.3 | 6.3 | 8.2 |
Customer relationships [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Cost amortizable intangible assets | ' | 1.4 | 1.4 | ' |
Accumulated amortization intangible assets | $0.60 | $0.70 | $0.60 | ' |
Recovered_Sheet4
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of year | $0.60 | $0.50 | $0.70 |
Provision charged to expense | ' | 0.6 | 0.7 |
Write-offs, less recoveries | ' | -0.5 | -0.9 |
Balance at end of year | $0.60 | $0.60 | $0.50 |
Recovered_Sheet5
Allowance for Doubtful Accounts - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Percentage of bad debt expense | 0.00% | 0.10% | 0.10% |
LongTerm_Debt_Summary_of_Longt
Long-Term Debt - Summary of Long-term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Total debt | $62 | $59.80 |
Less current portion | 1.2 | 0.6 |
Long-term debt | 60.8 | 59.2 |
Revolving credit facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total debt | 59.8 | 59.1 |
Other obligations [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total debt | $2.20 | $0.70 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Line of Credit Facility [Line Items] | ' | ' |
Asset based senior secured revolving credit | $120,000,000 | ' |
Credit facility maturity date | 21-Dec-17 | ' |
Revolving credit borrowing | 62,000,000 | 59,800,000 |
Weighted average interest rate | 2.85% | ' |
Letters of credit outstanding | 3,600,000 | ' |
Additional committed borrowing capacity | 41,200,000 | ' |
Capital lease and other obligations | 2,200,000 | ' |
Fixed charge coverage ratio | 10,000,000 | ' |
Fixed charge coverage ratio | 15,000,000 | ' |
Available borrowing capacity | 41,200,000 | ' |
Long term debt, Fair value | 59,800,000 | 59,100,000 |
Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unused commitment fees | 0.30% | ' |
FCCR | 1.25% | ' |
Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unused commitment fees | 0.38% | ' |
Revolving credit facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit borrowing | $59,800,000 | $59,100,000 |
Amended amortization on real estate component of borrowing base [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amortization on real estate component of borrowing base | '12 years 6 months | ' |
LongTerm_Debt_Scheduled_Maturi
Long-Term Debt - Scheduled Maturities of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $1.20 | ' |
2015 | 0.4 | ' |
2016 | 0.3 | ' |
2017 | 60 | ' |
2018 | 0.1 | ' |
Total | $62 | $59.80 |
Recovered_Sheet6
Preferred Share Purchase Rights - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accelerated Share Repurchases [Line Items] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Accelerated Share Repurchases [Line Items] | ' | ' |
Preferred stock, shares authorized | 250,000 | ' |
Other_Accrued_Liabilities_Addi
Other Accrued Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Other accrued liabilities | $13.10 | $14.30 |
Liabilities for self-insurance accruals | 3.5 | 4.5 |
Amounts due for sales incentive programs | 3.6 | 3.1 |
Deferred rent | $1.30 | $1.50 |
Recovered_Sheet7
Commitments and Contingencies - Summary of Future Minimum Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Non-cancelable Operating Leases, 2014 | $10.30 |
Non-cancelable Operating Leases, 2015 | 10 |
Non-cancelable Operating Leases, 2016 | 7.6 |
Non-cancelable Operating Leases, 2017 | 5.2 |
Non-cancelable Operating Leases, 2018 | 3.8 |
Non-cancelable Operating Leases, Thereafter | 2.9 |
Non-cancelable Operating Leases, Total minimum lease payments | 39.8 |
Minimum Sublease Income, 2014 | -1.5 |
Minimum Sublease Income, 2015 | -1.4 |
Minimum Sublease Income, 2016 | -0.3 |
Minimum Sublease Income, 2017 | ' |
Minimum Sublease Income, 2018 | ' |
Minimum Sublease Income, Thereafter | ' |
Minimum Sublease Income, Total minimum lease payments | -3.2 |
Net, 2014 | 8.8 |
Net, 2015 | 8.6 |
Net, 2016 | 7.3 |
Net, 2017 | 5.2 |
Net, 2018 | 3.8 |
Net, Thereafter | 2.9 |
Net, Total minimum lease payments | $36.60 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases Future Minimum Payments [Line Items] | ' | ' | ' |
Rental expense for operating leases | $12.90 | $13.60 | $14.80 |
Sublease income | 0.7 | 0.6 | 0.9 |
One-time payment for operating lease expense | ' | ' | 0.9 |
Future remediation cost | 0.6 | ' | ' |
Maximum [Member] | ' | ' | ' |
Leases Future Minimum Payments [Line Items] | ' | ' | ' |
Estimated remediation cost | $0.50 | $0.50 | $0.50 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plan [Abstract] | ' | ' | ' |
Total contributions to multi-employer plans | $0.60 | $0.50 | $0.50 |
Maximum Contribution of total contributions for multi-employer pension plans | 5.00% | ' | ' |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Company's Participation in Multi-Employer Pension Plans (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Company | |
Western Conference of Teamsters Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
EIN | '916145047 |
Plan number | '001 |
Pension Protection Act Zone Status | 'At least 80 percent |
Financial Improvement Plan | 'No |
Surcharge Imposed | 'No |
Company Participants | 85 |
Western Conference of Teamsters Pension Plan [Member] | Minimum [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expiration Date of Collective Bargaining Agreement | 30-Jun-14 |
Western Conference of Teamsters Pension Plan [Member] | Maximum [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expiration Date of Collective Bargaining Agreement | 30-Apr-15 |
Southern CA Lumber Industry Retirement Fund [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
EIN | '956035266 |
Plan number | '001 |
Pension Protection Act Zone Status | 'At least 80 percent |
Financial Improvement Plan | 'No |
Surcharge Imposed | 'No |
Expiration Date of Collective Bargaining Agreement | 30-Jun-14 |
Company Participants | 12 |
Central States Southeast and Southwest Areas Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
EIN | '366044243 |
Plan number | '001 |
Pension Protection Act Zone Status | 'Less than 65 percent |
Financial Improvement Plan | 'Implemented |
Surcharge Imposed | 'Yes |
Expiration Date of Collective Bargaining Agreement | 31-Mar-16 |
Company Participants | 4 |
Recovered_Sheet8
Stock and Incentive Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 28, 2014 |
EVA Incentive Compensation Plan [Member] | EVA Incentive Compensation Plan [Member] | EVA Incentive Compensation Plan [Member] | 2005 Executive Incentive Compensation Plan [Member] | 2005 Executive Incentive Compensation Plan [Member] | 2005 Executive Incentive Compensation Plan [Member] | 2005 Executive Incentive Compensation Plan [Member] | 2005 Executive Incentive Compensation Plan [Member] | 2005 Executive Incentive Compensation Plan [Member] | 2005 Non-Employee Directors Restricted Stock Plan [Member] | 2005 Non-Employee Directors Restricted Stock Plan [Member] | 2005 Non-Employee Directors Restricted Stock Plan [Member] | Subsequent Event [Member] | ||||
Options Held [Member] | Options Held [Member] | Options Held [Member] | ||||||||||||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense related to EVA incentive compensation plan | ' | ' | ' | $0.80 | $1.30 | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock expected to be granted | ' | ' | ' | ' | ' | ' | 6,125,000 | ' | ' | ' | ' | ' | 575,000 | ' | ' | ' |
Restricted stock shares granted | ' | ' | ' | ' | ' | ' | 570,680 | 970,250 | 1,149,750 | ' | ' | ' | 34,818 | 78,064 | 52,500 | ' |
Expiration period | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Restricted stock vesting period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Stock compensation expense | $1 | $0.80 | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available under all of the stock compensation plans | 2,062,273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 456,253 |
Method used for fair value assumption | 'Black-Scholes option pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet9
Stock and Incentive Compensation Plans - Summary of Stock Option Transactions Pursuant to Company's Stock Incentive Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Options Outstanding, Shares, beginning balance | 205 | 211 | 251 |
Granted, Shares | ' | ' | ' |
Exercised, Shares | ' | ' | ' |
Forfeited, Shares | -18 | -6 | -40 |
Options Outstanding, Shares, ending balance | 187 | 205 | 211 |
Options Outstanding, Weighted Average Exercise Price Per Share, beginning balance | $8.46 | $8.47 | $7.81 |
Exercisable, Shares | 187 | ' | ' |
Granted, Weighted Average Exercise Price Per Share | ' | ' | ' |
Exercised, Weighted Average Exercise Price Per Share | ' | ' | ' |
Forfeited, Weighted Average Exercise Price Per Share | $9.01 | $9.13 | $4.34 |
Options Outstanding, Weighted Average Exercise Price Per Share, ending balance | $8.40 | $8.46 | $8.47 |
Exercisable, Weighted Average Exercise Price Per Share | $8.40 | ' | ' |
Options Outstanding, Average Remaining Contractual Term (Years) | '1 year 2 months 12 days | ' | ' |
Exercisable, Average Remaining Contractual Term (Years) | '1 year 2 months 12 days | ' | ' |
Option Outstanding, Aggregate Intrinsic Value | ' | ' | ' |
Exercisable, Aggregate Intrinsic Value | ' | ' | ' |
Options Outstanding, Average Remaining Vesting Period (months) | '0 months | ' | ' |
Option Outstanding, Unrecognized Compensation Expenses | ' | ' | ' |
Stock_and_Incentive_Compensati2
Stock and Incentive Compensation Plans - Details of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Number of Outstanding Options | 187 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '1 year 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $8.40 |
Number of Exercisable Options | 187 |
Options Exercisable, Weighted Average Exercise Price | $8.40 |
$7.23 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Range of Exercise Price, Lower Range Limit | $7.23 |
Number of Outstanding Options | 76 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $7.23 |
Number of Exercisable Options | 76 |
Options Exercisable, Weighted Average Exercise Price | $7.23 |
$8.78 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Range of Exercise Price, Lower Range Limit | $8.78 |
Number of Outstanding Options | 71 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '2 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $8.78 |
Number of Exercisable Options | 71 |
Options Exercisable, Weighted Average Exercise Price | $8.78 |
$9.12 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Range of Exercise Price, Lower Range Limit | $9.12 |
Number of Outstanding Options | 5 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '1 year 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $9.12 |
Number of Exercisable Options | 5 |
Options Exercisable, Weighted Average Exercise Price | $9.12 |
$10.09 [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Range of Exercise Price, Lower Range Limit | $10.09 |
Number of Outstanding Options | 35 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '1 year 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $10.09 |
Number of Exercisable Options | 35 |
Options Exercisable, Weighted Average Exercise Price | $10.09 |
Stock_and_Incentive_Compensati3
Stock and Incentive Compensation Plans - Summary of Restricted Stock and Restricted Stock Units (Detail) (Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Line Items] | ' | ' | ' |
Restricted Stock Beginning Balance, Shares | 2,166,000 | 2,037,000 | 1,420,000 |
Granted | 605,000 | 1,048,000 | 1,202,000 |
Restricted stock vested | -947,000 | -854,000 | -568,000 |
Forfeited | -16,000 | -65,000 | -17,000 |
Restricted Stock Ending Balance, Shares | 1,808,000 | 2,166,000 | 2,037,000 |
Restricted Stock Beginning Balance, Weighted Average Grant Date Fair Value | $0.92 | $0.85 | $1.09 |
Restricted stock units vested at December 31, 2013 | 208,000 | ' | ' |
Granted, Weighted Average Grant Date Fair Value | $2.35 | $0.87 | $0.75 |
Restricted stock vested, Weighted Average Grant Date Fair Value | $0.75 | $0.71 | $1.21 |
Forfeited, Weighted Average Grant Date Fair Value | $1.09 | $0.71 | $1.37 |
Restricted Stock Ending Balance, Weighted Average Grant Date Fair Value | $1.48 | $0.92 | $0.85 |
Restricted stock units vested, Weighted Average Grant Date Fair Value | $2.28 | ' | ' |
Restricted Stock Outstanding, Average Remaining Contractual Term (Years) | '8 years 1 month 6 days | ' | ' |
Restricted stock units , Average Remaining Contractual Term (Years) | '6 years 4 months 24 days | ' | ' |
Restricted Outstanding, Aggregate Intrinsic Value | $6,946 | ' | ' |
Restricted stock units vested, Aggregate Intrinsic Value | 803 | ' | ' |
Restricted Stock Outstanding, Average Remaining Vesting Period (months) | '7 months 18 days | ' | ' |
Restricted Stock Outstanding, Unrecognized Compensation Expense | $1,314 | ' | ' |
Income_Taxes_Details_of_Provis
Income Taxes - Details of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. Federal benefit | ' | ($0.10) | ($0.10) |
State and local tax (benefit) | 0.1 | 0.1 | -0.2 |
Total current | 0.1 | ' | -0.3 |
Deferred: | ' | ' | ' |
U.S. Federal tax (benefit) | ' | ' | ' |
State and local tax | ' | ' | ' |
Total deferred | ' | ' | ' |
Total income benefit | $0.10 | ' | ($0.30) |
Income_Taxes_Details_of_Reconc
Income Taxes - Details of Reconciliation of Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in taxes resulting from: | ' | ' | ' |
State and local taxes | 2.00% | 2.00% | 2.00% |
Contingency accrual adjustment | -1.20% | ' | 2.60% |
Change in valuation allowance | -42.80% | 96.60% | -35.50% |
Nondeductible items | 5.90% | -121.20% | -1.50% |
Other, net | 3.80% | -12.40% | -0.30% |
Effective income tax rate | 2.70% | ' | 2.30% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income (loss) from continuing operations before income taxes | $3.70 | ($0.10) | ($13) |
Decrease in the valuation allowance | 1.5 | 0.1 | ' |
Gross deferred tax assets | 38.9 | 39.6 | ' |
Valuation Allowance for net deferred tax assets | 30.1 | 31.6 | ' |
Net deferred tax assets | 8.8 | 8 | ' |
Short term deferred tax liabilities | 0.9 | ' | ' |
Current net deferred tax liabilities | 7.9 | 7.1 | ' |
Domestic Country [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Federal tax loss carryforwards | $69 | ' | ' |
Operating loss carryforwards expiration year | '2028 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards expiration year | '2033 | ' | ' |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Property, plant and equipment | $1.30 | $1 |
Goodwill | 1 | 1.2 |
Employee benefits related | 2 | 2.3 |
Inventories | 0.6 | 0.9 |
Insurance related | 1 | 1.1 |
Other accrued liabilities | 1.2 | 0.9 |
Accounts receivables | 0.2 | 0.3 |
Income tax loss carryforwards | 31.1 | 31.3 |
Other, assets | 0.5 | 0.6 |
Gross deferred tax assets | 38.9 | 39.6 |
Valuation allowance | -30.1 | -31.6 |
Deferred Tax Assets, Total | 8.8 | 8 |
Liabilities | ' | ' |
LIFO | 8.2 | 7.4 |
Other, liabilities | 0.6 | 0.6 |
Gross deferred tax liabilities | 8.8 | 8 |
Deferred Tax Liabilities, Total | $8.80 | $8 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities Classifications (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Net current deferred taxes | ($7.90) | ($7.10) |
Net long-term deferred taxes | $7.90 | $7.10 |
Recovered_Sheet10
Basic and Diluted Net Income (Loss) Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Earnings allocated to participating shareholders | $0.20 | ' | ' |
Number of participating securities | 1.7 | 2 | 2.3 |
Recovered_Sheet11
Basic and Diluted Net Income (Loss) Per Share - Summary of Diluted Earning Per Share (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average number of common shares-basic | 22.8 | 22.9 | 22.2 |
Dilutive potential common shares | ' | ' | ' |
Weighted-average number of common shares-dilutive | 22.8 | 22.9 | 22.2 |
Basic_and_Diluted_Net_Income_L2
Basic and Diluted Net Income (Loss) Per Share - Additional Information (Detail) (Stock Option [Member]) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Stock Option [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive shares not included in the computation of basic and diluted income per share | 0.2 |
Recovered_Sheet12
Selected Quarterly Financial Data - Summary of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $134.80 | $153.30 | $148.90 | $124.50 | $125.60 | $141.10 | $137.80 | $116.60 | $561.50 | $521.10 | $479.30 |
Gross margin | 27.4 | 30.8 | 29.8 | 23.1 | 24.4 | 27.6 | 27.3 | 21.4 | 111.1 | 100.7 | 89.2 |
Operating expenses | 27.1 | 27 | 26.2 | 24.5 | 24.5 | 25.6 | 24.8 | 23.5 | 104.8 | 98.4 | 99 |
Goodwill impairment | ' | ' | ' | ' | 1.9 | ' | ' | ' | ' | 1.9 | 0.4 |
Gain on disposal of capital assets | ' | ' | ' | ' | ' | -2.4 | ' | ' | ' | -2.4 | ' |
Operating income (loss) | 0.3 | 3.8 | 3.6 | -1.4 | -2 | 4.4 | 2.5 | -2.1 | 6.3 | 2.8 | -10.2 |
Net income (loss) from continuing operations | -0.4 | 3.2 | 2.8 | -2 | -2.7 | 3.7 | 1.7 | -2.8 | 3.6 | -0.1 | -12.7 |
Net loss from discontinued operations | ' | ($0.20) | ($0.20) | ' | ($0.10) | ($0.10) | ($0.10) | ($0.10) | ($0.40) | ($0.40) | ($0.50) |
Net income (loss) from continuing operations | ($0.02) | $0.13 | $0.11 | ($0.09) | ($0.12) | $0.15 | $0.07 | ($0.12) | $0.15 | ' | ($0.58) |
Net loss from discontinued operations | ' | ($0.01) | ' | ' | ($0.01) | ($0.01) | ' | ($0.01) | ($0.02) | ($0.02) | ($0.02) |
Net income (loss) | ($0.02) | $0.12 | $0.11 | ($0.09) | ($0.13) | $0.14 | $0.07 | ($0.13) | $0.13 | ($0.02) | ($0.60) |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 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] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from discontinued operation | ($0.20) | ($0.20) | ($0.10) | ($0.10) | ($0.10) | ($0.10) | ($0.40) | ($0.40) | ($0.50) |
Sales from discontinued operations | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |