Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 12, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HBP | ||
Entity Registrant Name | HUTTIG BUILDING PRODUCTS INC | ||
Entity Central Index Key | 1093082 | ||
Current Fiscal Year End Date | -19 | ||
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 | 24,956,066 | ||
Entity Public Float | $100 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $623.70 | $561.50 | $521.10 |
Cost of sales | 501.1 | 450.4 | 420.4 |
Gross margin | 122.6 | 111.1 | 100.7 |
Operating expenses | 114.3 | 104.8 | 98.4 |
Goodwill impairment | 1.9 | ||
Gain on disposal of capital assets | -2.4 | ||
Operating income | 8.3 | 6.3 | 2.8 |
Interest expense, net | 2.5 | 2.6 | 2.9 |
Income (loss) from continuing operations before income taxes | 5.8 | 3.7 | -0.1 |
Provision for income taxes | 0.1 | ||
Net income (loss) from continuing operations | 5.8 | 3.6 | -0.1 |
Net loss from discontinued operations, net of taxes | -3.6 | -0.4 | -0.4 |
Net income (loss) | $2.20 | $3.20 | ($0.50) |
Net income from continuing operations per share-basic and diluted | $0.23 | $0.15 | |
Net loss from discontinued operations per share-basic and diluted | ($0.15) | ($0.02) | ($0.02) |
Net income (loss) per share-basic and diluted | $0.09 | $0.13 | ($0.02) |
Weighted average shares outstanding: | |||
Basic shares outstanding | 23.5 | 22.8 | 22.9 |
Diluted shares outstanding | 23.5 | 22.8 | 22.9 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and equivalents | $0.50 | $0.60 |
Trade accounts receivable, net | 48.9 | 44.3 |
Inventories | 67.4 | 66.7 |
Other current assets | 7.8 | 7.2 |
Total current assets | 124.6 | 118.8 |
Property, Plant and Equipment: | ||
Land | 4.3 | 4.3 |
Building and improvements | 25.4 | 24.2 |
Machinery and equipment | 36 | 34.2 |
Gross property, plant and equipment | 65.7 | 62.7 |
Less accumulated depreciation | 48.8 | 46.1 |
Property, plant and equipment, net | 16.9 | 16.6 |
Other Assets: | ||
Goodwill | 6.3 | 6.3 |
Other | 2.2 | 1.9 |
Deferred income taxes | 8 | 7.9 |
Total other assets | 16.5 | 16.1 |
Total Assets | 158 | 151.5 |
Current Liabilities: | ||
Current maturities of long-term debt | 1.3 | 1.2 |
Trade accounts payable | 39.4 | 40.8 |
Deferred income taxes | 8 | 7.9 |
Accrued compensation | 4 | 3.5 |
Other accrued liabilities | 13.4 | 13.1 |
Total current liabilities | 66.1 | 66.5 |
Non-current Liabilities: | ||
Long-term debt, less current maturities | 62.4 | 60.8 |
Other non-current liabilities | 3.8 | 1.3 |
Total non-current liabilities | 66.2 | 62.1 |
Shareholders' Equity: | ||
Preferred shares; $.01 par (5,000,000 shares authorized) | ||
Common shares; $.01 par (50,000,000 shares authorized: 24,556,536 shares issued and outstanding at December 31, 2014 and 24,317,192 at December 31, 2013) | 0.2 | 0.2 |
Additional paid-in capital | 40.4 | 39.8 |
Accumulated deficit | -14.9 | -17.1 |
Total shareholders' equity | 25.7 | 22.9 |
Total Liabilities and Shareholders' Equity | $158 | $151.50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 24,556,536 | 24,317,192 |
Common stock, shares outstanding | 24,556,536 | 24,317,192 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
In Millions | ||||
Beginning Balance at Dec. 31, 2011 | $19.90 | $0.20 | $39.50 | ($19.80) |
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 | 22.9 | 0.2 | 39.8 | -17.1 |
Net income (loss) and comprehensive income (loss) | 2.2 | 2.2 | ||
Repurchase of shares of common stock | -0.8 | -0.8 | ||
Stock compensation expense | 1.4 | 1.4 | ||
Ending Balance at Dec. 31, 2014 | $25.70 | $0.20 | $40.40 | ($14.90) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net Income (loss) | $2.20 | $3.20 | ($0.50) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operations: | |||
Net loss from discontinued operations | 3.6 | 0.4 | 0.4 |
Depreciation and amortization | 3.1 | 2.8 | 2.7 |
Non-cash interest expense | 0.3 | 0.3 | 0.4 |
Stock compensation expense | 1.4 | 1 | 0.8 |
Impairment of goodwill | 1.9 | ||
Gain on disposal of capital assets | -2.4 | ||
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -4.6 | -2.1 | -2.3 |
Inventories | -0.7 | -11.7 | -10.2 |
Trade accounts payable | -1.4 | 9.1 | 2.9 |
Other | -0.1 | -1.8 | 2 |
Net cash provided by (used in) operating activities | 3.8 | 1.2 | -4.3 |
Cash Flows From Investing Activities: | |||
Capital expenditures | -1.8 | -2.2 | -1.9 |
Proceeds from disposition of capital assets | 3.3 | ||
Cash (used in) provided by investing activities | -1.8 | -2.2 | 1.4 |
Cash Flows From Financing Activities: | |||
Payments of long-term debt and revolving credit debt agreements | -205.2 | -156.7 | -143.9 |
Borrowings of long-term debt and revolving credit debt agreements | 205.6 | 157.4 | 150.2 |
Repayments of capital lease and other obligations | -1.7 | -1 | -0.7 |
Repurchase of shares of common stock | -0.8 | -0.4 | -1.1 |
Cash (used in) provided by financing activities | -2.1 | -0.7 | 4.5 |
Net (decrease) increase in cash and equivalents | -0.1 | -1.7 | 1.6 |
Cash and equivalents, beginning of period | 0.6 | 2.3 | 0.7 |
Cash and equivalents, end of period | 0.5 | 0.6 | 2.3 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 2.2 | 2.3 | 2.5 |
Non-cash financing activities: | |||
Assets acquired with debt obligations | 2.4 | 2.5 | 0.9 |
Debt issuance costs financed | $0.60 | $0.10 | $0.70 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Procedures | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Procedures | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES |
Organization—Huttig Building Products, Inc. and its wholly owned 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 inter-company accounts and transactions have been eliminated in consolidation. | |
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, income tax expense and deferred taxes. 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 89% of inventories were determined by using last-in, first-out (“LIFO”) method of inventory valuation as of December 31, 2014 and December 31, 2013. The balance of all other inventories is determined by the average cost method, which approximates first-in, first-out (“FIFO”) cost method. The FIFO cost would be higher than the LIFO valuation by $12.9 million at December 31, 2014 and $11.7 million at December 31, 2013. | |
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 $3.0 million, $2.7 million and $2.6 million in 2014, 2013 and 2012, 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, our 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 $30.3 million, $28.4 million and $26.9 million in 2014, 2013 and 2012, 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. 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 2014. The Company had a single customer representing 12% of total sales in 2014, 2013, and 2012. This customer is a buying group for multiple building material dealers. | |
Collective Bargaining Agreements—As of December 31, 2014, 13% of our employees are represented by eight collective bargaining agreements with four of the agreements expiring in 2015. With regard to the four expiring agreements, 9% of our employees are covered thereby. | |
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, 2014 and 2013, 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, 2014 | |||||||||||||||||
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 2014 and 2013, the Company performed the annual test for impairment of its reporting units and there was no impairment of goodwill. In 2012, the Company recorded goodwill impairment of $1.9 million related to the reduction in fair value of one reporting unit. The following table summarizes goodwill activity for the three years ended December 31, 2014 (in millions): | |||||||||||||||||
Goodwill | Accumulated | Goodwill, Net | |||||||||||||||
Impairments | |||||||||||||||||
Balance at January 1, 2012 | $ | 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 | |||||||||||||
No activity in 2014 | — | — | — | ||||||||||||||
Balance at December 31, 2014 | $ | 18.1 | $ | (11.8 | ) | $ | 6.3 | ||||||||||
Cost | Accumulated | ||||||||||||||||
Amortization | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortizable intangible assets: (1) | |||||||||||||||||
Customer relationships | $ | 1.4 | $ | 1.4 | $ | 0.8 | $ | 0.7 | |||||||||
-1 | Amortizable intangible assets are included in “Other Assets.” | ||||||||||||||||
The Company recorded amortization expense of $0.1 million for each of the years ended December 31, 2014, 2013 and 2012. The Company expects to record amortization expense for its existing intangible assets of approximately $0.1 million in each year 2015 through 2020. |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 0.6 | $ | 0.6 | $ | 0.5 | |||||||
Provision charged to expense | 0.2 | — | 0.6 | ||||||||||
Write-offs, less recoveries | (0.2 | ) | — | (0.5 | ) | ||||||||
Balance at end of year | $ | 0.6 | $ | 0.6 | $ | 0.6 | |||||||
The Company recorded bad debt expense of less than 0.1% of net sales in each of 2014 and 2013 and 0.1% of net sales in 2012. |
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt | 4. LONG-TERM DEBT | ||||||||
Debt consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Revolving credit facility | $ | 60.8 | $ | 59.8 | |||||
Other obligations | 2.9 | 2.2 | |||||||
Total debt | 63.7 | 62 | |||||||
Less current portion | 1.3 | 1.2 | |||||||
Long-term debt | $ | 62.4 | $ | 60.8 | |||||
Credit Facility—In May 2014, the Company amended and extended its asset-based senior secured revolving credit facility (“credit facility”) to, among other things, extend the term for five years, increase the commitment from $120.0 million to $160.0 million, reduce the applicable margin to calculate the interest rate and modify the sole financial covenant. Additionally, the amendment provided the Company with additional flexibility with respect to permitted acquisitions, purchase money indebtedness, capital lease obligations, share repurchase and dividends. | |||||||||
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 May 28, 2019, the maturity date of the credit agreement. | |||||||||
At December 31, 2014, under the credit facility, the Company had revolving credit borrowings of $60.8 million outstanding at a weighted average interest rate of 2.02%, letters of credit outstanding totaling $3.0 million, primarily for health and workers’ compensation insurance, and $48.6 million of additional committed borrowing capacity. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $2.9 million of capital lease and other obligations outstanding at December 31, 2014. | |||||||||
The sole financial covenant in the credit facility is the fixed charge coverage ratio (“FCCR”) of 1.05:1.00 and must be tested by the Company if the excess borrowing availability falls below an amount in the range of $12.5 million to $20.0 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. | |||||||||
The Company believes that cash generated from its operations and funds available under the credit facility will provide sufficient funds to meet the operating needs of the Company for at least the next twelve months. However, if the Company’s availability falls below the required threshold and the Company does not meet the minimum FCCR, its lenders would have the right to terminate the loan commitments and accelerate the repayment of the entire amount outstanding under the credit facility. The lenders could also foreclose on the Company’s assets that secure the credit facility. In that event, the Company would be forced to seek alternative sources of financing, which may not be available on terms acceptable to it, or at all. | |||||||||
Maturities—At December 31, 2014, the aggregate scheduled maturities of debt are as follows (in millions): | |||||||||
2015 | $ | 1.3 | |||||||
2016 | 0.6 | ||||||||
2017 | 0.5 | ||||||||
2018 | 0.4 | ||||||||
2019 | 60.9 | ||||||||
Total | $ | 63.7 | |||||||
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 $60.8 million and $59.8 million at December 31, 2014 and 2013, 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_Shares
Preferred Shares | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Preferred Shares | 5. PREFERRED SHARES |
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. No such shares have been issued. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Other Accrued Liabilities | 6. OTHER ACCRUED LIABILITIES |
The Company has other accrued liabilities at December 31, 2014 and December 31, 2013 of $13.4 million and $13.1 million, respectively. Liabilities for self-insurance accruals were $3.5 million and $3.5 million, amounts due for sales incentive programs were $3.9 million and $3.6 million and deferred rent was $1.0 million and $1.3 million at December 31, 2014 and 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2014 (in millions): | |||||||||||||
Non- | Minimum | Net | |||||||||||
cancelable | Sublease | ||||||||||||
Operating | Income | ||||||||||||
Leases | |||||||||||||
2015 | $ | 11 | $ | (1.6 | ) | $ | 9.5 | ||||||
2016 | 9.4 | (0.5 | ) | 8.9 | |||||||||
2017 | 6.5 | (0.2 | ) | 6.2 | |||||||||
2018 | 4.6 | — | 4.6 | ||||||||||
2019 | 3 | — | 3 | ||||||||||
Thereafter | 0.8 | — | 0.8 | ||||||||||
Total minimum lease payments | $ | 35.3 | $ | (2.3 | ) | $ | 33 | ||||||
Operating lease obligations expire in varying amounts through 2021. Rental expense for all operating leases was $13.3 million, $12.9 million and $13.6 million in 2014, 2013 and 2012, respectively. Sublease income was $0.8 million, $0.7 million and $0.6 million in 2014, 2013 and 2012, respectively. | |||||||||||||
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, the Montana Department of Environmental Quality (“DEQ”) issued a Unilateral Administrative Order (“UAO”) requiring the Company to complete a remedial investigation and feasibility study to a formerly owned property in Montana that was used for the manufacture and treatment of wood windows. Since 1995, the Company has been working with the DEQ to comply with the UAO. During the first quarter of 2014, the DEQ issued its initial proposed plan for the final clean-up of the property in its report titled Proposed Final Cleanup for the Missoula White Pine Sash State Superfund Facility (“Proposed Plan”). Based on the Company’s review of the Proposed Plan, including discussions with third-party specialists, the Company recorded a charge of $3.1 million in the first quarter of 2014, which was reflected in discontinued operations. That charge increased our total accrual for estimated remediation costs to $3.7 million. On February 18, 2015, the DEQ issued an amendment to the UAO outlining the final remediation of the property in its Record of Decision (the “ROD”). Under the ROD, the DEQ estimated the remediation costs of the property to be $8.3 million. Based on the Company’s review of the ROD, including discussions with third-party specialists, the Company believes the accrual as of December 31, 2014 represents a reasonable estimate of its expected remaining costs of remediation in light of current facts and circumstances. The next step is for the Company to prepare a work plan for the implementation of the ROD to be submitted to the DEQ by April 20, 2015. The Company considered in its estimate, among other things, discussions with the DEQ, including the utilization of alternative remediation methods. Potential indemnification or other claims we may be able to assert against third parties and possible insurance coverage have also been considered but any potential recoveries have not been recognized at this time. The ultimate amount of remediation expenditures is difficult to reliably estimate because a work plan for the final remediation has not yet been developed or approved. As such, there is some uncertainty regarding the implementation of the final remediation. Since the top end of the range of our potential remediation costs for the property is unknown, our actual remediation expenses ultimately incurred could exceed our accrual by a material amount which could have a material adverse effect on our future liquidity, financial condition or operating results in any period in which any such additional expenses are recognized. | |||||||||||||
The Company has filed a declaratory action against certain insurers seeking reimbursement and indemnification for the costs of our investigation and remediation activities associated with the Montana property. No trial date is set. At this time the Company has not recognized any recovery due to the early stage of this litigation. | |||||||||||||
In addition, some of our current and former distribution centers are located in areas of current or former industrial activity where environmental contamination may have occurred, and for which the Company, 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, 2014 | |||||||||||||
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, $0.6 million, and $0.5 million in the years ended December 31, 2014, 2013, and 2012, respectively. A majority of the contributions are to the Western Conference of Teamsters Pension Plan. The Company does not contribute more than five percent of total contributions for any of these multi-employer pension plans. The Company’s participation in the multi-employer pension plans as of December 31, 2014 is outlined in the table below. | |||||||||||||
Legal Name of Plan | EIN—Plan Number | Pension | Financial | Surcharge | Expiration Date | 12/31/14 | |||||||
Protection Act | Improvement | Imposed | of Collective- | Company | |||||||||
Zone Status | Plan | Bargaining | Participants | ||||||||||
Agreement | |||||||||||||
Western Conference of | 91-6145047 - 001 | Funded > 80% | No | No | 3/31/2015 to | 78 | |||||||
Teamsters Pension Plan | |||||||||||||
6/30/17 | |||||||||||||
Southern California Lumber Industry Retirement Fund | 95-6035266 - 001 | Funded > 80% | No | No | 6/30/17 | 14 | |||||||
Central States, Southeast and Southwest Areas Pension Plan | 36-6044243 - 001 | Funded < 65% | Implemented | Yes | 3/31/16 | 3 |
Stock_and_Incentive_Compensati
Stock and Incentive Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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 its shareholders by rewarding management for sustainable and continuous improvement in operating results. The Company recorded $1.0 million, $0.8 million and $1.3 million in expense related to this plan in the years ended December 31, 2014, 2013 and 2012, 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. 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. Awards under 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 2014, 2013 or 2012. The Company granted 456,253, 570,680, and 970,250 shares of restricted stock in 2014, 2013, and 2012, 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. Awards under this plan are available for grant over a ten-year period unless terminated earlier by the Board of Directors. The Company granted 20,688, 34,818, and 78,064 restricted stock units in 2014, 2013, and 2012, respectively. These grants vest approximately one year later on the date of the following annual stockholders’ meeting on which they are granted. | |||||||||||||||||||||||||
Accounting For Stock-Based Compensation | |||||||||||||||||||||||||
The Company recognized approximately $1.4 million, $1.0 million, and $0.8 million in non-cash stock compensation expense for restricted stock awards in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
At December 31, 2014, the Company had 1,884,241 shares available under all of its stock compensation plans. On January 27, 2015, the Company issued 500,468 shares of restricted stock. | |||||||||||||||||||||||||
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 did not grant stock options in 2014, 2013 or 2012. | |||||||||||||||||||||||||
The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2014: | |||||||||||||||||||||||||
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, 2012 | 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 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (82 | ) | 7.34 | ||||||||||||||||||||||
Options Outstanding at December 31, 2014 | 105 | $ | 9.23 | 0.8 | — | — | $ | — | |||||||||||||||||
Exercisable at December 31, 2014 | 105 | $ | 9.23 | 0.8 | — | N/A | N/A | ||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2014: | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
$8.78 | 65 | 1.1 | 8.78 | 65 | 8.78 | ||||||||||||||||||||
$9.12 | 5 | 0.6 | 9.12 | 5 | 9.12 | ||||||||||||||||||||
$10.09 | 35 | 0.3 | 10.09 | 35 | 10.09 | ||||||||||||||||||||
Total | 105 | 0.8 | $ | 9.23 | 105 | $ | 9.23 | ||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||
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, 2012 | 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 | |||||||||||||||||||||||
Granted | 477 | 3.64 | |||||||||||||||||||||||
Restricted stock vested | (862 | ) | 1.13 | ||||||||||||||||||||||
Forfeited | (19 | ) | 1.37 | ||||||||||||||||||||||
Outstanding at December 31, 2014 | 1,404 | $ | 2.44 | 7.8 | $ | 4,779 | 6.6 | $ | 1,744 | ||||||||||||||||
Restricted stock units vested at December 31, 2014 | 243 | $ | 2.32 | 5.8 | $ | 827 | N/A | N/A | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current: | |||||||||||||||||
U.S. Federal benefit | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||||
State and local tax | 0.1 | 0.1 | 0.1 | ||||||||||||||
Total current | — | 0.1 | — | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. Federal tax | — | — | — | ||||||||||||||
State and local tax | — | — | — | ||||||||||||||
Total deferred | — | — | — | ||||||||||||||
Total income benefit | $ | — | $ | 0.1 | $ | — | |||||||||||
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: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State and local taxes | 2 | 2 | 2 | ||||||||||||||
Contingency accrual adjustment | — | (1.2 | ) | — | |||||||||||||
Nondeductible items | 4.5 | 5.9 | (121.2 | ) | |||||||||||||
Other, net | (1.7 | ) | 3.8 | (12.4 | ) | ||||||||||||
Change in valuation allowance | (39.5 | ) | (42.8 | ) | 96.6 | ||||||||||||
Effective income tax rate | 0.3 | % | 2.7 | % | — | % | |||||||||||
In 2014, the Company recorded income from continuing operations before income taxes of $5.8 million. In 2013, the Company recorded income from continuing operations before income taxes of $3.7 million, and a loss of $0.1 million in 2012. The Company has recorded a decrease in the valuation allowance of $0.4 million for the year ended December 31, 2014 and a decrease of $1.5 million for the year ended December 31, 2013. | |||||||||||||||||
Deferred income taxes at December 31, 2014 and 2013 are comprised of the following (in millions): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Income tax loss carryforwards | $ | 29.8 | $ | — | $ | 31.1 | $ | — | |||||||||
Other accrued liabilities | 2.6 | — | 1.2 | — | |||||||||||||
Employee benefits related | 2.1 | — | 2 | — | |||||||||||||
Property, plant and equipment | 1.4 | — | 1.3 | — | |||||||||||||
Insurance related | 1 | — | 1 | — | |||||||||||||
Goodwill | 0.9 | — | 1 | — | |||||||||||||
Inventories | 0.5 | — | 0.6 | — | |||||||||||||
Accounts receivables | 0.2 | — | 0.2 | — | |||||||||||||
LIFO | — | 8.5 | — | 8.2 | |||||||||||||
Other | 0.2 | 0.5 | 0.5 | 0.6 | |||||||||||||
Gross deferred tax assets and liabilities | 38.7 | 9 | 38.9 | 8.8 | |||||||||||||
Valuation allowance | (29.7 | ) | — | (30.1 | ) | — | |||||||||||
Total | $ | 9 | $ | 9 | $ | 8.8 | $ | 8.8 | |||||||||
The Company has gross deferred tax assets of $38.7 million and a valuation allowance of $29.7 million netting to deferred tax assets of $9.0 million at December 31, 2014. At December 31, 2014, the Company has $9.0 million that is more likely than not to be utilized in future periods. After classifying $1.0 of short-term deferred tax assets with short-term deferred tax liabilities, the Company has current deferred tax liabilities of $8.0 million at December 31, 2014. 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, 2014 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, 2014 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 $66 million will begin to expire in 2028. The state tax loss carryforwards have expiration dates from 2015 to 2033. The total deferred income tax assets (liabilities) as presented in the accompanying consolidated balance sheets are as follows (in millions): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net current deferred taxes | $ | (8.0 | ) | $ | (7.9 | ) | |||||||||||
Net long-term deferred taxes | 8 | 7.9 | |||||||||||||||
The Company 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, 2014. |
Basic_and_Diluted_Net_Income_L
Basic and Diluted Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings allocated to participating shareholders | $ | 0.3 | $ | 0.2 | $ | — | |||||||
Number of participating securities | 1.3 | 1.7 | 2 | ||||||||||
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, 2014, December 31, 2013 and December 31, 2012. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average number of common shares-basic | 23.5 | 22.8 | 22.9 | ||||||||||
Dilutive potential common shares | — | — | — | ||||||||||
Weighted-average number of common shares-dilutive | 23.5 | 22.8 | 22.9 | ||||||||||
The calculation of diluted earnings per common share for both the years ended December 31, 2014 and December 31, 2013 excludes the impact of anti-dilutive stock options. The calculation of diluted earnings per common share for the year ended December 31, 2012 excludes the impact of anti-dilutive stock options and restricted stock units. The Company had 0.1 million stock options outstanding at December 31, 2014 which were all anti-dilutive. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 2014 and 2013. 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 | |||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 135.3 | $ | 168.7 | $ | 174.5 | $ | 145.2 | $ | 623.7 | |||||||||||
Gross margin | 26.5 | 33.5 | 33.9 | 28.7 | 122.6 | ||||||||||||||||
Operating expenses | 26.7 | 29.4 | 29.7 | 28.5 | 114.3 | ||||||||||||||||
Operating income (loss ) | (0.2 | ) | 4.1 | 4.2 | 0.2 | 8.3 | |||||||||||||||
Net income (loss) from continuing operations | (0.8 | ) | 3.4 | 3.6 | (0.4 | ) | 5.8 | ||||||||||||||
Net loss from discontinued operations | (3.2 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (3.6 | ) | |||||||||||
Net income (loss) per share—Diluted | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | (0.03 | ) | $ | 0.14 | $ | 0.14 | $ | (0.02 | ) | $ | 0.23 | |||||||||
Net loss from discontinued operations | (0.14 | ) | (0.01 | ) | — | — | (0.15 | ) | |||||||||||||
Net income (loss) | (0.17 | ) | 0.13 | 0.14 | (0.02 | ) | 0.09 | ||||||||||||||
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 |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 13. DISCONTINUED OPERATIONS |
The discontinued operations of the Company had no sales in 2014, 2013 or 2012. In 2014, loss from discontinued operations of $3.6 million was recorded which was primarily related to a $3.1 million change in estimate in the first quarter of 2014 associated with the future remediation and monitoring activities at the formerly owned property in Montana. In 2013 and 2012, loss from discontinued operations of $0.4 million was recorded in each year. The loss in the three years is related to environmental and legal expenses related to the formerly owned property in Montana. |
Recent_Accounting_Standards_or
Recent Accounting Standards or Updates Not Yet Effective | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards or Updates Not Yet Effective | 14. RECENT ACCOUNTING STANDARDS OR UPDATES NOT YET EFFECTIVE |
In April 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-08 (ASU 2014-08), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends ASC 205, Presentation of Financial Statements and ASC 360, Property, Plant, and Equipment. This update changes the criteria for a disposal transaction to qualify as a discontinued operation, and expands the disclosure requirements surrounding discontinued operations. ASU 2014-08 is effective for fiscal years beginning after December 15, 2014. Management does not believe it will have a material effect on the Company’s consolidated financial statements. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue for which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Procedures (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization | Organization—Huttig Building Products, Inc. and its wholly owned 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 inter-company accounts and transactions have been eliminated in consolidation. |
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, income tax expense and deferred taxes. 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 89% of inventories were determined by using last-in, first-out (“LIFO”) method of inventory valuation as of December 31, 2014 and December 31, 2013. The balance of all other inventories is determined by the average cost method, which approximates first-in, first-out (“FIFO”) cost method. The FIFO cost would be higher than the LIFO valuation by $12.9 million at December 31, 2014 and $11.7 million at December 31, 2013. |
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 $3.0 million, $2.7 million and $2.6 million in 2014, 2013 and 2012, 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, our 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 $30.3 million, $28.4 million and $26.9 million in 2014, 2013 and 2012, 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. 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 2014. The Company had a single customer representing 12% of total sales in 2014, 2013, and 2012. This customer is a buying group for multiple building material dealers. |
Collective Bargaining Agreements | Collective Bargaining Agreements—As of December 31, 2014, 13% of our employees are represented by eight collective bargaining agreements with four of the agreements expiring in 2015. With regard to the four expiring agreements, 9% of our employees are covered thereby. |
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, 2014 and 2013, 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, 2014 | |||||||||||||||||
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, 2014 (in millions): | ||||||||||||||||
Goodwill | Accumulated | Goodwill, Net | |||||||||||||||
Impairments | |||||||||||||||||
Balance at January 1, 2012 | $ | 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 | |||||||||||||
No activity in 2014 | — | — | — | ||||||||||||||
Balance at December 31, 2014 | $ | 18.1 | $ | (11.8 | ) | $ | 6.3 | ||||||||||
Cost | Accumulated | ||||||||||||||||
Amortization | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortizable intangible assets: (1) | |||||||||||||||||
Customer relationships | $ | 1.4 | $ | 1.4 | $ | 0.8 | $ | 0.7 | |||||||||
-1 | Amortizable intangible assets are included in “Other Assets.” |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Summary of Allowance for Doubtful Accounts | The allowance for doubtful accounts consisted of the following (in millions): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 0.6 | $ | 0.6 | $ | 0.5 | |||||||
Provision charged to expense | 0.2 | — | 0.6 | ||||||||||
Write-offs, less recoveries | (0.2 | ) | — | (0.5 | ) | ||||||||
Balance at end of year | $ | 0.6 | $ | 0.6 | $ | 0.6 | |||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Long-term Debt | Debt consisted of the following (in millions): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Revolving credit facility | $ | 60.8 | $ | 59.8 | |||||
Other obligations | 2.9 | 2.2 | |||||||
Total debt | 63.7 | 62 | |||||||
Less current portion | 1.3 | 1.2 | |||||||
Long-term debt | $ | 62.4 | $ | 60.8 | |||||
Scheduled Maturities of Debt | Maturities—At December 31, 2014, the aggregate scheduled maturities of debt are as follows (in millions): | ||||||||
2015 | $ | 1.3 | |||||||
2016 | 0.6 | ||||||||
2017 | 0.5 | ||||||||
2018 | 0.4 | ||||||||
2019 | 60.9 | ||||||||
Total | $ | 63.7 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2014 (in millions): | ||||||||||||
Non- | Minimum | Net | |||||||||||
cancelable | Sublease | ||||||||||||
Operating | Income | ||||||||||||
Leases | |||||||||||||
2015 | $ | 11 | $ | (1.6 | ) | $ | 9.5 | ||||||
2016 | 9.4 | (0.5 | ) | 8.9 | |||||||||
2017 | 6.5 | (0.2 | ) | 6.2 | |||||||||
2018 | 4.6 | — | 4.6 | ||||||||||
2019 | 3 | — | 3 | ||||||||||
Thereafter | 0.8 | — | 0.8 | ||||||||||
Total minimum lease payments | $ | 35.3 | $ | (2.3 | ) | $ | 33 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 as of December 31, 2014 is outlined in the table below. | ||||||||||||
Legal Name of Plan | EIN—Plan Number | Pension | Financial | Surcharge | Expiration Date | 12/31/14 | |||||||
Protection Act | Improvement | Imposed | of Collective- | Company | |||||||||
Zone Status | Plan | Bargaining | Participants | ||||||||||
Agreement | |||||||||||||
Western Conference of | 91-6145047 - 001 | Funded > 80% | No | No | 3/31/2015 to | 78 | |||||||
Teamsters Pension Plan | |||||||||||||
6/30/17 | |||||||||||||
Southern California Lumber Industry Retirement Fund | 95-6035266 - 001 | Funded > 80% | No | No | 6/30/17 | 14 | |||||||
Central States, Southeast and Southwest Areas Pension Plan | 36-6044243 - 001 | Funded < 65% | Implemented | Yes | 3/31/16 | 3 |
Stock_and_Incentive_Compensati1
Stock and Incentive Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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, 2014: | ||||||||||||||||||||||||
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, 2012 | 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 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (82 | ) | 7.34 | ||||||||||||||||||||||
Options Outstanding at December 31, 2014 | 105 | $ | 9.23 | 0.8 | — | — | $ | — | |||||||||||||||||
Exercisable at December 31, 2014 | 105 | $ | 9.23 | 0.8 | — | N/A | N/A | ||||||||||||||||||
Details of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2014: | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
$8.78 | 65 | 1.1 | 8.78 | 65 | 8.78 | ||||||||||||||||||||
$9.12 | 5 | 0.6 | 9.12 | 5 | 9.12 | ||||||||||||||||||||
$10.09 | 35 | 0.3 | 10.09 | 35 | 10.09 | ||||||||||||||||||||
Total | 105 | 0.8 | $ | 9.23 | 105 | $ | 9.23 | ||||||||||||||||||
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, 2014: | ||||||||||||||||||||||||
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, 2012 | 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 | |||||||||||||||||||||||
Granted | 477 | 3.64 | |||||||||||||||||||||||
Restricted stock vested | (862 | ) | 1.13 | ||||||||||||||||||||||
Forfeited | (19 | ) | 1.37 | ||||||||||||||||||||||
Outstanding at December 31, 2014 | 1,404 | $ | 2.44 | 7.8 | $ | 4,779 | 6.6 | $ | 1,744 | ||||||||||||||||
Restricted stock units vested at December 31, 2014 | 243 | $ | 2.32 | 5.8 | $ | 827 | N/A | N/A | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current: | |||||||||||||||||
U.S. Federal benefit | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||||
State and local tax | 0.1 | 0.1 | 0.1 | ||||||||||||||
Total current | — | 0.1 | — | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. Federal tax | — | — | — | ||||||||||||||
State and local tax | — | — | — | ||||||||||||||
Total deferred | — | — | — | ||||||||||||||
Total income benefit | $ | — | $ | 0.1 | $ | — | |||||||||||
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: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State and local taxes | 2 | 2 | 2 | ||||||||||||||
Contingency accrual adjustment | — | (1.2 | ) | — | |||||||||||||
Nondeductible items | 4.5 | 5.9 | (121.2 | ) | |||||||||||||
Other, net | (1.7 | ) | 3.8 | (12.4 | ) | ||||||||||||
Change in valuation allowance | (39.5 | ) | (42.8 | ) | 96.6 | ||||||||||||
Effective income tax rate | 0.3 | % | 2.7 | % | — | % | |||||||||||
Deferred Income Taxes | Deferred income taxes at December 31, 2014 and 2013 are comprised of the following (in millions): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Income tax loss carryforwards | $ | 29.8 | $ | — | $ | 31.1 | $ | — | |||||||||
Other accrued liabilities | 2.6 | — | 1.2 | — | |||||||||||||
Employee benefits related | 2.1 | — | 2 | — | |||||||||||||
Property, plant and equipment | 1.4 | — | 1.3 | — | |||||||||||||
Insurance related | 1 | — | 1 | — | |||||||||||||
Goodwill | 0.9 | — | 1 | — | |||||||||||||
Inventories | 0.5 | — | 0.6 | — | |||||||||||||
Accounts receivables | 0.2 | — | 0.2 | — | |||||||||||||
LIFO | — | 8.5 | — | 8.2 | |||||||||||||
Other | 0.2 | 0.5 | 0.5 | 0.6 | |||||||||||||
Gross deferred tax assets and liabilities | 38.7 | 9 | 38.9 | 8.8 | |||||||||||||
Valuation allowance | (29.7 | ) | — | (30.1 | ) | — | |||||||||||
Total | $ | 9 | $ | 9 | $ | 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): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net current deferred taxes | $ | (8.0 | ) | $ | (7.9 | ) | |||||||||||
Net long-term deferred taxes | 8 | 7.9 |
Basic_and_Diluted_Net_Income_L1
Basic and Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Summary of Number of Participating Securities and Earning Allocations to those Securities | The following table presents the number of participating securities and earnings allocated to those securities. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings allocated to participating shareholders | $ | 0.3 | $ | 0.2 | $ | — | |||||||
Number of participating securities | 1.3 | 1.7 | 2 | ||||||||||
Summary of Diluted Earning 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, 2014, December 31, 2013 and December 31, 2012. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average number of common shares-basic | 23.5 | 22.8 | 22.9 | ||||||||||
Dilutive potential common shares | — | — | — | ||||||||||
Weighted-average number of common shares-dilutive | 23.5 | 22.8 | 22.9 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Summary of Selected Quarterly Financial Data | The following table provides selected consolidated financial information from continuing operations on a quarterly basis for each quarter of 2014 and 2013. 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 | |||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 135.3 | $ | 168.7 | $ | 174.5 | $ | 145.2 | $ | 623.7 | |||||||||||
Gross margin | 26.5 | 33.5 | 33.9 | 28.7 | 122.6 | ||||||||||||||||
Operating expenses | 26.7 | 29.4 | 29.7 | 28.5 | 114.3 | ||||||||||||||||
Operating income (loss ) | (0.2 | ) | 4.1 | 4.2 | 0.2 | 8.3 | |||||||||||||||
Net income (loss) from continuing operations | (0.8 | ) | 3.4 | 3.6 | (0.4 | ) | 5.8 | ||||||||||||||
Net loss from discontinued operations | (3.2 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (3.6 | ) | |||||||||||
Net income (loss) per share—Diluted | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | (0.03 | ) | $ | 0.14 | $ | 0.14 | $ | (0.02 | ) | $ | 0.23 | |||||||||
Net loss from discontinued operations | (0.14 | ) | (0.01 | ) | — | — | (0.15 | ) | |||||||||||||
Net income (loss) | (0.17 | ) | 0.13 | 0.14 | (0.02 | ) | 0.09 | ||||||||||||||
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 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Procedures - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | Segment | ||
Agreement | |||
Customer | |||
State | |||
Center | |||
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 | 89.00% | 89.00% | |
FIFO cost higher than LIFO valuation | $12.90 | $11.70 | |
Company recorded depreciation expense | 3 | 2.7 | 2.6 |
Shipping and handling products cost | $30.30 | $28.40 | $26.90 |
Percentage of consolidated revenues of company's top ten clients | 38.00% | ||
Number of major customers | 10 | ||
Percentage of employees represented under collective bargaining agreements | 13.00% | ||
Number of collective bargaining agreements | 8 | ||
Percentage of employees covered under four expiring collective bargaining agreements | 9.00% | ||
Number of collective bargaining agreements expired in next year | 4 | ||
Collective bargaining agreements expiration period | 2015 | ||
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% | 12.00% |
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 | ||
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 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill impairment | $0 | $0 | $1.90 | $1.90 | ||
Amortization expense | 0.1 | 0.1 | 0.1 | |||
Expected amortization expense, 2015 | 0.1 | 0.1 | ||||
Expected amortization expense, 2016 | 0.1 | 0.1 | ||||
Expected amortization expense, 2017 | 0.1 | 0.1 | ||||
Expected amortization expense, 2018 | 0.1 | 0.1 | ||||
Expected amortization expense, 2019 | 0.1 | 0.1 | ||||
Expected amortization expense, 2020 | $0.10 | $0.10 |
Goodwill_and_Other_Intangible_3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance, Goodwill | $18.10 | |||||
Ending Balance, Goodwill | 18.1 | 18.1 | 18.1 | 18.1 | 18.1 | 18.1 |
Beginning Balance, Accumulated Impairments | -9.9 | |||||
Goodwill impairment | 0 | 0 | -1.9 | -1.9 | ||
Ending Balance, Accumulated Impairments | -11.8 | -11.8 | -11.8 | -11.8 | -11.8 | -11.8 |
Beginning Balance, Goodwill Net | 8.2 | |||||
Goodwill, Net | -1.9 | |||||
Ending Balance, Goodwill Net | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 |
Customer relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Cost amortizable intangible assets | 1.4 | 1.4 | ||||
Accumulated amortization intangible assets | $0.80 | $0.70 | $0.80 | $0.70 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Balance at beginning of year | $0.60 | $0.60 | $0.50 |
Provision charged to expense | 0.2 | 0.6 | |
Write-offs, less recoveries | -0.2 | -0.5 | |
Balance at end of year | $0.60 | $0.60 | $0.60 |
Allowance_for_Doubtful_Account3
Allowance for Doubtful Accounts - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Percentage of bad debt expense | 0.10% | ||
Maximum [Member] | |||
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Percentage of bad debt expense | 0.10% | 0.10% |
LongTerm_Debt_Summary_of_Longt
Long-Term Debt - Summary of Long-term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Revolving credit facility | $60.80 | $59.80 |
Other obligations | 2.9 | 2.2 |
Total debt | 63.7 | 62 |
Total debt | 63.7 | 62 |
Less current portion | 1.3 | 1.2 |
Long-term debt | $62.40 | $60.80 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
31-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | |||
Asset based senior secured revolving credit facility extended term | 5 years | ||
Credit facility maturity date | 28-May-19 | ||
Revolving credit borrowing | $63,700,000 | $62,000,000 | |
Weighted average interest rate | 2.02% | ||
Letters of credit outstanding | 3,000,000 | ||
Additional committed borrowing capacity | 48,600,000 | ||
Unused commitment fees | 0.25% | ||
Capital lease and other obligations | 2,900,000 | ||
Fixed charge coverage ratio of credit facility | 1.05% | ||
Long term debt, Fair value | 60,800,000 | 59,800,000 | |
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Asset based senior secured revolving credit | 120,000,000 | ||
Fixed charge coverage ratio | 12,500,000 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Asset based senior secured revolving credit | 160,000,000 | ||
Fixed charge coverage ratio | 20,000,000 | ||
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 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit borrowing | $60,800,000 |
LongTerm_Debt_Scheduled_Maturi
Long-Term Debt - Scheduled Maturities of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $1.30 | |
2016 | 0.6 | |
2017 | 0.5 | |
2018 | 0.4 | |
2019 | 60.9 | |
Total debt | $63.70 | $62 |
Preferred_Shares_Additional_In
Preferred Shares - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accelerated Share Repurchases [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | |
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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Other accrued liabilities | $13.40 | $13.10 |
Liabilities for self-insurance accruals | 3.5 | 3.5 |
Amounts due for sales incentive programs | 3.9 | 3.6 |
Deferred rent | $1 | $1.30 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of Future Minimum Payments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Non-cancelable Operating Leases, 2015 | $11 |
Non-cancelable Operating Leases, 2016 | 9.4 |
Non-cancelable Operating Leases, 2017 | 6.5 |
Non-cancelable Operating Leases, 2018 | 4.6 |
Non-cancelable Operating Leases, 2019 | 3 |
Non-cancelable Operating Leases, Thereafter | 0.8 |
Non-cancelable Operating Leases, Total minimum lease payments | 35.3 |
Minimum Sublease Income, 2015 | -1.6 |
Minimum Sublease Income, 2016 | -0.5 |
Minimum Sublease Income, 2017 | -0.2 |
Minimum Sublease Income, 2018 | 0 |
Minimum Sublease Income, 2019 | 0 |
Minimum Sublease Income, Thereafter | 0 |
Minimum Sublease Income, Total minimum lease payments | -2.3 |
Net, 2015 | 9.5 |
Net, 2016 | 8.9 |
Net, 2017 | 6.2 |
Net, 2018 | 4.6 |
Net, 2019 | 3 |
Net, Thereafter | 0.8 |
Net, Total minimum lease payments | $33 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Feb. 18, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 |
Contingencies And Commitments [Line Items] | |||||
Rental expense for operating leases | $13.30 | $12.90 | $13.60 | ||
Sublease income | 0.8 | 0.7 | 0.6 | ||
Estimated total costs to remediate property | 8.3 | ||||
Total accrual for estimated remediation cost | 3.7 | ||||
Discontinued Operations [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Environmental remediation expense | $3.10 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plan [Abstract] | |||
Total contributions to multi-employer plans | $0.60 | $0.60 | $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, 2014 | |
Company | |
Western Conference of Teamsters Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 916145047 |
Plan number | 1 |
Pension Protection Act Zone Status | At least 80 percent |
Financial Improvement Plan | No |
Surcharge Imposed | No |
Company Participants | 78 |
Western Conference of Teamsters Pension Plan [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date of Collective Bargaining Agreement | 31-Mar-15 |
Western Conference of Teamsters Pension Plan [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date of Collective Bargaining Agreement | 30-Jun-17 |
Southern CA Lumber Industry Retirement Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 956035266 |
Plan number | 1 |
Pension Protection Act Zone Status | At least 80 percent |
Financial Improvement Plan | No |
Surcharge Imposed | No |
Expiration Date of Collective Bargaining Agreement | 30-Jun-17 |
Company Participants | 14 |
Central States Southeast and Southwest Areas Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 366044243 |
Plan number | 1 |
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 | 3 |
Stock_and_Incentive_Compensati2
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 27, 2015 |
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Stock compensation expense | $1.40 | $1 | $0.80 | |
Shares available under all of the stock compensation plans | 1,884,241 | |||
Method used for fair value assumption | Black-Scholes option pricing model | |||
Subsequent Event [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Restricted shares issued | 500,468 | |||
EVA Incentive Compensation Plan [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Expense related to EVA incentive compensation plan | $1 | $0.80 | $1.30 | |
2005 Executive Incentive Compensation Plan [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Number of common stock expected to be granted | 6,125,000 | |||
Restricted stock shares granted | 456,253 | 570,680 | 970,250 | |
Expiration period | 10 years | |||
Restricted stock vesting period | 3 years | |||
2005 Executive Incentive Compensation Plan [Member] | Options Held [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Options issued | 0 | 0 | 0 | |
2005 Non-Employee Directors Restricted Stock Plan [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Number of common stock expected to be granted | 575,000 | |||
Restricted stock shares granted | 20,688 | 34,818 | 78,064 | |
Expiration period | 10 years | |||
Restricted stock vesting period | 1 year |
Stock_and_Incentive_Compensati3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options Outstanding, Shares, beginning balance | 187 | 205 | 211 |
Granted, Shares | 0 | 0 | 0 |
Exercised, Shares | 0 | 0 | 0 |
Forfeited, Shares | -82 | -18 | -6 |
Options Outstanding, Shares, ending balance | 105 | 187 | 205 |
Options Outstanding, Weighted Average Exercise Price Per Share, beginning balance | $8.40 | $8.46 | $8.47 |
Exercisable, Shares | 105 | ||
Granted, Weighted Average Exercise Price Per Share | $0 | $0 | $0 |
Exercised, Weighted Average Exercise Price Per Share | $0 | $0 | $0 |
Forfeited, Weighted Average Exercise Price Per Share | $7.34 | $9.01 | $9.13 |
Options Outstanding, Weighted Average Exercise Price Per Share, ending balance | $9.23 | $8.40 | $8.46 |
Exercisable, Weighted Average Exercise Price Per Share | $9.23 | ||
Options Outstanding, Average Remaining Contractual Term (Years) | 9 months 18 days | ||
Exercisable, Average Remaining Contractual Term (Years) | 9 months 18 days | ||
Option Outstanding, Aggregate Intrinsic Value | $0 | ||
Exercisable, Aggregate Intrinsic Value | 0 | ||
Options Outstanding, Average Remaining Vesting Period (months) | 0 months | ||
Option Outstanding, Unrecognized Compensation Expenses | $0 |
Stock_and_Incentive_Compensati4
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, 2014 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Outstanding Options | 105 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $9.23 |
Number of Exercisable Options | 105 |
Options Exercisable, Weighted Average Exercise Price | $9.23 |
$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 | 65 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $8.78 |
Number of Exercisable Options | 65 |
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) | 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) | 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_Compensati5
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Beginning Balance, Shares | 1,808,000 | 2,166,000 | 2,037,000 |
Granted | 477,000 | 605,000 | 1,048,000 |
Restricted stock vested | -862,000 | -947,000 | -854,000 |
Forfeited | -19,000 | -16,000 | -65,000 |
Restricted Stock Ending Balance, Shares | 1,404,000 | 1,808,000 | 2,166,000 |
Restricted stock units vested at December 31, 2013 | 243,000 | ||
Restricted Stock Beginning Balance, Weighted Average Grant Date Fair Value | $1.48 | $0.92 | $0.85 |
Granted, Weighted Average Grant Date Fair Value | $3.64 | $2.35 | $0.87 |
Restricted stock vested, Weighted Average Grant Date Fair Value | $1.13 | $0.75 | $0.71 |
Forfeited, Weighted Average Grant Date Fair Value | $1.37 | $1.09 | $0.71 |
Restricted Stock Ending Balance, Weighted Average Grant Date Fair Value | $2.44 | $1.48 | $0.92 |
Restricted stock units vested, Weighted Average Grant Date Fair Value | $2.32 | ||
Restricted Stock Outstanding, Average Remaining Contractual Term (Years) | 7 years 9 months 18 days | ||
Restricted stock units , Average Remaining Contractual Term (Years) | 5 years 9 months 18 days | ||
Restricted Outstanding, Aggregate Intrinsic Value | $4,779 | ||
Restricted stock units vested, Aggregate Intrinsic Value | 827 | ||
Restricted Stock Outstanding, Average Remaining Vesting Period (months) | 6 months 18 days | ||
Restricted Stock Outstanding, Unrecognized Compensation Expense | $1,744 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
U.S. Federal benefit | ($0.10) | ($0.10) | |
State and local tax | 0.1 | 0.1 | 0.1 |
Total current | 0.1 | ||
Deferred: | |||
U.S. Federal tax | 0 | 0 | 0 |
State and local tax | 0 | 0 | 0 |
Total deferred | 0 | 0 | 0 |
Total income benefit | $0.10 |
Income_Taxes_Details_of_Reconc
Income Taxes - Details of Reconciliation of Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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% | ||
Nondeductible items | 4.50% | 5.90% | -121.20% |
Other, net | -1.70% | 3.80% | -12.40% |
Change in valuation allowance | -39.50% | -42.80% | 96.60% |
Effective income tax rate | 0.30% | 2.70% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Loss Carryforwards [Line Items] | |||
Income (loss) from continuing operations before income taxes | $5.80 | $3.70 | ($0.10) |
Decrease in the valuation allowance | -0.4 | -1.5 | |
Gross deferred tax assets | 38.7 | 38.9 | |
Valuation allowance for net deferred tax assets | 29.7 | 30.1 | |
Net deferred tax assets | 9 | 8.8 | |
Short term deferred tax liabilities | 1 | ||
Current net deferred tax liabilities | 8 | 7.9 | |
Deferred tax assets not to be utilized in future period | 9 | ||
Domestic Country [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Federal tax loss carryforwards | $66 | ||
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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Income tax loss carryforwards | $29.80 | $31.10 |
Other accrued liabilities | 2.6 | 1.2 |
Employee benefits related | 2.1 | 2 |
Property, plant and equipment | 1.4 | 1.3 |
Insurance related | 1 | 1 |
Goodwill | 0.9 | 1 |
Inventories | 0.5 | 0.6 |
Accounts receivables | 0.2 | 0.2 |
Other, assets | 0.2 | 0.5 |
Gross deferred tax assets | 38.7 | 38.9 |
Valuation allowance | -29.7 | -30.1 |
Deferred Tax Assets, Total | 9 | 8.8 |
Liabilities | ||
LIFO | 8.5 | 8.2 |
Other, liabilities | 0.5 | 0.6 |
Gross deferred tax liabilities | 9 | 8.8 |
Deferred Tax Liabilities, Total | $9 | $8.80 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities Classifications (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net current deferred taxes | ($8) | ($7.90) |
Net long-term deferred taxes | $8 | $7.90 |
Basic_and_Diluted_Net_Income_L2
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Earnings allocated to participating shareholders | $0.30 | $0.20 | |
Number of participating securities | 1.3 | 1.7 | 2 |
Basic_and_Diluted_Net_Income_L3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Weighted-average number of common shares-basic | 23.5 | 22.8 | 22.9 |
Dilutive potential common shares | 0 | 0 | 0 |
Weighted-average number of common shares-dilutive | 23.5 | 22.8 | 22.9 |
Basic_and_Diluted_Net_Income_L4
Basic and Diluted Net Income (Loss) Per Share - Additional Information (Detail) (Stock Option [Member]) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
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 | 0.1 |
Selected_Quarterly_Financial_D2
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $145.20 | $174.50 | $168.70 | $135.30 | $134.80 | $153.30 | $148.90 | $124.50 | $623.70 | $561.50 | $521.10 |
Gross margin | 28.7 | 33.9 | 33.5 | 26.5 | 27.4 | 30.8 | 29.8 | 23.1 | 122.6 | 111.1 | 100.7 |
Operating expenses | 28.5 | 29.7 | 29.4 | 26.7 | 27.1 | 27 | 26.2 | 24.5 | 114.3 | 104.8 | 98.4 |
Operating income (loss ) | 0.2 | 4.2 | 4.1 | -0.2 | 0.3 | 3.8 | 3.6 | -1.4 | 8.3 | 6.3 | 2.8 |
Net income (loss) from continuing operations | -0.4 | 3.6 | 3.4 | -0.8 | -0.4 | 3.2 | 2.8 | -2 | 5.8 | 3.6 | -0.1 |
Net loss from discontinued operations | ($0.10) | ($0.10) | ($0.20) | ($3.20) | ($0.20) | ($0.20) | ($3.60) | ($0.40) | ($0.40) | ||
Net income (loss) from continuing operations | ($0.02) | $0.14 | $0.14 | ($0.03) | ($0.02) | $0.13 | $0.11 | ($0.09) | $0.23 | $0.15 | |
Net loss from discontinued operations | ($0.01) | ($0.14) | ($0.01) | ($0.15) | ($0.02) | ($0.02) | |||||
Net income (loss) | ($0.02) | $0.14 | $0.13 | ($0.17) | ($0.02) | $0.12 | $0.11 | ($0.09) | $0.09 | $0.13 | ($0.02) |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Discontinued Operations [Line Items] | |||||||||
Income (Loss) from discontinued operation | ($100,000) | ($100,000) | ($200,000) | ($3,200,000) | ($200,000) | ($200,000) | ($3,600,000) | ($400,000) | ($400,000) |
Discontinued Operations [Member] | |||||||||
Discontinued Operations [Line Items] | |||||||||
Sales from discontinued operations | 0 | 0 | 0 | ||||||
Income (Loss) from discontinued operation | -3,600,000 | -400,000 | -400,000 | ||||||
Future remediation cost | $3,100,000 |