Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HBP | ||
Entity Registrant Name | HUTTIG BUILDING PRODUCTS INC | ||
Entity Central Index Key | 1,093,082 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,079,226 | ||
Entity Public Float | $ 70 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 659.6 | $ 623.7 | $ 561.5 |
Cost of sales | 526.3 | 501.1 | 450.4 |
Gross margin | 133.3 | 122.6 | 111.1 |
Operating expenses | 119.2 | 114.3 | 104.8 |
Gain on disposal of assets | (0.4) | ||
Operating income | 14.5 | 8.3 | 6.3 |
Interest expense, net | 2.3 | 2.5 | 2.6 |
Income from continuing operations before income taxes | 12.2 | 5.8 | 3.7 |
(Benefit) provision for income taxes | (17.2) | 0 | 0.1 |
Net income from continuing operations | 29.4 | 5.8 | 3.6 |
Net loss from discontinued operations, net of taxes | (3.4) | (3.6) | (0.4) |
Net income | $ 26 | $ 2.2 | $ 3.2 |
Net income from continuing operations per share - basic and diluted | $ 1.17 | $ 0.23 | $ 0.15 |
Net loss from discontinued operations per share - basic and diluted | (0.14) | (0.15) | (0.02) |
Net income per share - basic and diluted | $ 1.04 | $ 0.09 | $ 0.13 |
Weighted average shares outstanding: | |||
Basic shares outstanding | 24.1 | 23.5 | 22.8 |
Diluted shares outstanding | 24.1 | 23.5 | 22.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and equivalents | $ 0.3 | $ 0.5 |
Trade accounts receivable, net | 56.3 | 48.9 |
Inventories | 64.3 | 67.4 |
Other current assets | 7.3 | 7.8 |
Total current assets | 128.2 | 124.6 |
Property, Plant and Equipment: | ||
Land | 4.3 | 4.3 |
Building and improvements | 26.5 | 25.4 |
Machinery and equipment | 37.3 | 36 |
Gross property, plant and equipment | 68.1 | 65.7 |
Less accumulated depreciation | 50.9 | 48.8 |
Property, plant and equipment, net | 17.2 | 16.9 |
Other Assets: | ||
Goodwill | 6.3 | 6.3 |
Other | 1.7 | 2.2 |
Deferred income taxes | 24 | 8 |
Total other assets | 32 | 16.5 |
Total Assets | 177.4 | 158 |
Current Liabilities: | ||
Current maturities of long-term debt | 1.2 | 1.3 |
Trade accounts payable | 43.6 | 39.4 |
Deferred income taxes | 4.9 | 8 |
Accrued compensation | 5.5 | 4 |
Other accrued liabilities | 13.8 | 13.4 |
Total current liabilities | 69 | 66.1 |
Non-current Liabilities: | ||
Long-term debt, less current maturities | 47.4 | 62.4 |
Other non-current liabilities | 8.1 | 3.8 |
Total non-current liabilities | $ 55.5 | $ 66.2 |
Shareholders’ Equity: | ||
Preferred shares; $.01 par (5,000,000 shares authorized) | ||
Common shares; $.01 par (50,000,000 shares authorized: 24,977,208 shares issued and outstanding at December 31, 2015 and 24,556,536 at December 31, 2014) | $ 0.2 | $ 0.2 |
Additional paid-in capital | 41.6 | 40.4 |
Retained earnings (accumulated deficit) | 11.1 | (14.9) |
Total shareholders’ equity | 52.9 | 25.7 |
Total Liabilities and Shareholders’ Equity | $ 177.4 | $ 158 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 24,977,208 | 24,556,536 |
Common stock, shares outstanding | 24,977,208 | 24,556,536 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) |
Beginning Balance at Dec. 31, 2012 | $ 19.1 | $ 0.2 | $ 39.2 | $ (20.3) |
Net income and comprehensive income | 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 and comprehensive income | 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 | 25.7 | 0.2 | 40.4 | (14.9) |
Net income and comprehensive income | 26 | 26 | ||
Repurchase of shares of common stock | (0.6) | (0.6) | ||
Stock compensation expense | 1.8 | 1.8 | ||
Ending Balance at Dec. 31, 2015 | $ 52.9 | $ 0.2 | $ 41.6 | $ 11.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Net income | $ 26 | $ 2.2 | $ 3.2 |
Adjustments to reconcile net income to cash provided by operations: | |||
Net loss from discontinued operations | 3.4 | 3.6 | 0.4 |
Depreciation and amortization | 3 | 3.1 | 2.8 |
Non-cash interest expense | 0.4 | 0.3 | 0.3 |
Stock compensation expense | 1.8 | 1.4 | 1 |
Deferred taxes | (19.1) | ||
Gain on disposal of capital assets | (0.4) | ||
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (7.8) | (4.6) | (2.1) |
Inventories | 1.5 | (0.7) | (11.7) |
Trade accounts payable | 4.2 | (1.4) | 9.1 |
Other | 4.1 | (0.1) | (1.8) |
Net cash provided by operating activities | 17.1 | 3.8 | 1.2 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (2.8) | (1.8) | (2.2) |
Proceeds from disposition of capital assets | 2.5 | ||
Cash used in investing activities | (0.3) | (1.8) | (2.2) |
Cash Flows From Financing Activities: | |||
Payments of long-term debt and revolving credit debt agreements | (183.8) | (205.2) | (156.7) |
Borrowings of long-term debt and revolving credit debt agreements | 169.1 | 205.6 | 157.4 |
Repayments of capital lease and other obligations | (1.7) | (1.7) | (1) |
Repurchase of shares of common stock | (0.6) | (0.8) | (0.4) |
Cash used in financing activities | (17) | (2.1) | (0.7) |
Net decrease in cash and equivalents | (0.2) | (0.1) | (1.7) |
Cash and equivalents, beginning of period | 0.5 | 0.6 | 2.3 |
Cash and equivalents, end of period | 0.3 | 0.5 | 0.6 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 1.8 | 2.2 | 2.3 |
Non-cash financing activities: | |||
Assets acquired with debt obligations | $ 1.4 | 2.4 | 2.5 |
Debt issuance costs financed | $ 0.6 | $ 0.1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Procedures | 12 Months Ended |
Dec. 31, 2015 | |
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 26 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 are 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 91% of inventories were determined by using last-in, first-out (“LIFO”) method of inventory valuation as of December 31, 2015 and December 31, 2014. The balance of all other inventories is determined by the average cost method. The FIFO cost would be higher than the LIFO valuation by $13.6 million at December 31, 2015 and $12.9 million at December 31, 2014. 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 based on purchases and records vendor rebates as a reduction of the cost of inventory purchased. Property, Plant and Equipment —Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and is charged to operating expenses. Buildings and improvements lives range from 3 to 25 years. Machinery and equipment lives range from 3 to 10 years. The Company recorded depreciation expense of $2.9 million, $3.0 million and $2.7 million in 2015, 2014 and 2013, 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 $28.8 million, $30.3 million and $28.4 million in 2015, 2014 and 2013, respectively. Income Taxes —Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and when such amounts are recognized 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 Per Share —Basic net income per share is computed by dividing income available to common stockholders by weighted average shares outstanding. Diluted net income 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 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 the Accounting Standards Codification (“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 40% of our sales in 2015. The Company had a single customer representing 13% of total sales in 2015 and 12% of total sales in 2014 and 2013. This customer is a buying group for multiple building material dealers. Collective Bargaining Agreements —As of December 31, 2015, 14% of our employees were represented by eight collective bargaining agreements with three of the agreements expiring in 2016. With regard to the three expiring agreements, 8% of our employees were covered thereunder. 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, 2015 and 2014, 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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. ASC 350 prescribes a two-step process for impairment testing of goodwill. During the fourth quarter in each of 2015, 2014 and 2013, the Company performed the annual test for impairment of its reporting units and there was no impairment of goodwill. The following table summarizes goodwill activity for the three years in the period ended December 31, 2015 (in millions): Accumulated Goodwill, Goodwill Impairments Net Balance at January 1, 2013 $ 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 No activity in 2015 — — — Balance at December 31, 2015 $ 18.1 $ (11.8 ) $ 6.3 Accumulated Cost Amortization 2015 2014 2015 2014 Amortizable intangible assets: (1) Customer relationships $ 1.4 $ 1.4 $ 0.9 $ 0.8 (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, 2015, 2014 and 2013. The Company expects to record amortization expense for its existing intangible assets of approximately $0.1 million annually in each of 2016 through 2020. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Balance at beginning of year $ 0.6 $ 0.6 $ 0.6 Provision charged to expense 0.3 0.2 — Write-offs, less recoveries (0.1 ) (0.2 ) — Balance at end of year $ 0.8 $ 0.6 $ 0.6 The Company recorded bad debt expense of less than 0.1% of net sales in each of 2015, 2014 and 2013. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT Debt consisted of the following (in millions): December 31, 2015 2014 Revolving credit facility $ 46.1 $ 60.8 Other obligations 2.5 2.9 Total debt 48.6 63.7 Less current portion 1.2 1.3 Long-term debt $ 47.4 $ 62.4 Credit Facility —The Company has a $160.0 million asset-based senior secured revolving credit facility (“credit facility”). Borrowing availability under the credit facility is based on eligible accounts receivable, inventory and real estate. The real estate component of the borrowing base amortizes monthly over 12.5 years on a straight-line basis. Borrowings under the credit facility are collateralized by substantially all of the Company’s assets and are subject to certain operating limitations applicable to a loan of this type, which, among other things, place limitations on indebtedness, liens, investments, mergers and acquisitions, dispositions of assets, cash dividends and transactions with affiliates. The entire unpaid balance under the credit facility is due and payable on May 28, 2019, the maturity date of the credit agreement. At December 31, 2015, under the credit facility, the Company had revolving credit borrowings of $46.1 million outstanding at a weighted average interest rate of 2.31% per annum, letters of credit outstanding totaling $3.0 million, primarily for health and workers’ compensation insurance, and $67.8 million of additional committed borrowing capacity. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $2.5 million of capital lease and other obligations outstanding at December 31, 2015. The sole financial covenant in the credit facility is the minimum fixed charge coverage ratio (“FCCR”) of 1.05:1.00 and must be tested by the Company only 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. FCCR 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, 2015, the aggregate scheduled maturities of debt were as follows (in millions): 2016 $ 1.2 2017 0.6 2018 0.4 2019 46.3 2020 0.1 Total $ 48.6 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 $46.1 million and $60.8 million at December 31, 2015 and 2014, 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, 2015 | |
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, 2015 | |
Text Block [Abstract] | |
Other Accrued Liabilities | 6. OTHER ACCRUED LIABILITIES The Company has other accrued liabilities at December 31, 2015 and December 31, 2014 of $13.8 million and $13.4 million, respectively. Liabilities for self-insurance accruals were $4.3 million and $3.5 million, amounts due for sales incentive programs were $4.2 million and $3.9 million and deferred rent was $0.8 million and $1.0 million at December 31, 2015 and 2014, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in millions): Non-cancelable Minimum Operating Sublease Leases Income Net 2016 $ 10.1 $ (0.8 ) $ 9.3 2017 7.9 (0.3 ) 7.6 2018 6.4 — 6.4 2019 4.7 — 4.7 2020 2.6 — 2.6 Thereafter 2.4 — 2.4 Total minimum lease payments $ 34.1 $ (1.1 ) $ 33.0 Operating lease obligations expire in varying amounts through 2022. Rental expense for all operating leases was $13.3 million, $13.3 million and $12.9 million in 2015, 2014 and 2013, respectively. Sublease income was $0.9 million, $0.8 million and $0.7 million in 2015, 2014 and 2013, 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. On February 18, 2015, the DEQ issued an amendment to the unilateral administrative order of the DEQ outlining the final remediation of the property in its ROD. Under the ROD, the DEQ estimated the remediation costs of the property to be $8.3 million. The Company submitted a comprehensive final RAWP in September 2015 that was approved by the DEQ. During the process of finalizing the RAWP in the third quarter of 2015 the Company considered a multitude of factors including, but not limited to, consultation with third party experts, the evaluation of remedial action alternatives, and discussions with DEQ. The culmination of the information, data, and risk analysis resulted in excluding certain potential cost saving remedial action alternatives from the final RAWP that had been previously proposed for inclusion in the RAWP. Eliminating these potential cost savings remedial action alternatives from the final RAWP caused the Company to reassess the total estimated remediation costs of the project. The Company estimates the total remaining cost of implementing the RAWP to be $8.0 million at December 31, 2015 with respect to the contingent liability. The Company is currently implementing the RAWP and has received approval for certain specific work plans required prior to commencing field work at the site. The Company anticipates field work will commence in the second quarter of 2016 subject to DEQ oversight and approval. As of December 31, 2015, the Company believes the accrual represents a reasonable best estimate of the total remaining remediation costs, based on facts, circumstances, and information currently available to Huttig. However, there are currently unknown variables relating to the actual levels of contaminants and amounts of soil that will ultimately require treatment or removal and as part of the remediation process, additional soil and groundwater sampling, and bench and pilot testing is required to ensure the remediation will achieve the projected outcome required by the DEQ. 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 final amount of remediation costs and expenditures are difficult to estimate with certainty and as a result, the amount of actual costs and expenses ultimately incurred by Huttig with respect to this property could be lower than, or exceed the amount accrued as of December 31, 2015 by a material amount and could have a material adverse effect on our liquidity, financial condition or operating results of any fiscal quarter or year in which estimated costs or additional expenses are, or not incurred. On June 29, 2015, certain private plaintiffs owning properties adjacent to the Montana site sued the Company, Crane Co., and other defendants in the Montana Fourth Judicial District Court seeking remediation of the property in excess of what is contemplated by the ROD and other damages. In October 2015, the lawsuit was amended to include additional plaintiffs and was formally served. Crane Co. asserted its right of indemnification under the Distribution Agreement between the Company and Crane Co. dated December 6, 1999. The Company is defending the lawsuit vigorously. The Company has filed a declaratory action against certain liability insurers seeking, inter alia, defense and indemnification for the costs of implementing the final remediation activities associated with the Montana property and defense and indemnification costs associated with the related lawsuit described above. This case currently is pending in the United States District Court for the Eastern District of Missouri. A trial date has been set for August 21, 2017. The parties are in discovery. In addition, some of the Company’s current and former distribution centers are located in areas of current or former industrial activity where environmental contamination may have occurred, and for which the Company, among others, could be held responsible. The Company currently believes that there are no material environmental liabilities at any of its 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 actual expenses could, or could not exceed our accrual by a material amount which could have a material adverse effect on the Company’s future liquidity, financial condition or operating results in the period in which any such additional expenses are incurred or recognized. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 8. EMPLOYEE BENEFIT PLANS Defined Contribution Plans —The Company sponsors 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. The Company’s total contributions to these plans were $1.0 million, $0.6 million, and $0.6 million in the years ended December 31, 2015, 2014, and 2013, respectively. A majority of the contributions were to the Western Conference of Teamsters Pension Plan. The Company does not contribute more than 5% percent of total contributions for any of these multi-employer pension plans. The Company’s participation in the multi-employer pension plans as of December 31, 2015 is outlined in the table below. Expiration Pension Financial of Collective- 12/31/2015 Protection Act Improvement Surcharge Bargaining Company Legal Name of Plan EIN Zone Status Plan Imposed Agreement Participants Western Conference of Teamsters Pension Plan 91-6145047 Funded No No 12/31/2016 to 89 4/30/2018 Southern California Lumber Industry Retirement Fund 95-6035266 - 001 Funded > 80% No No 6/30/2017 14 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 - 001 Funded < 65% Implemented No 12/27/2020 2 During 2015, Huttig completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or the “Pension Fund,” and entered into a new agreement with the Pension Fund, which adopted an alternative method for determining an employer's unfunded obligation that would limit Huttig’s funding obligations to the Pension Fund in the future. As part of the agreement, Pension Fund participants were moved to a new pension plan sponsored by the Pension Fund. In connection with the complete withdrawal from the Pension Fund, Huttig was subject to a withdrawal liability of approximately $0.4 million which was paid in December 2015. |
Stock and Incentive Compensatio
Stock and Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock and Incentive Compensation Plans | 9. STOCK AND INCENTIVE COMPENSATION PLANS Incentive Compensation Plan The Company’s EVA Incentive Compensation Plan was terminated effective upon the stockholders’ approval of the 2015 amendment to the Company’s 2005 Executive Incentive Compensation Plan. Instead, performance-based goals for 2015 annual cash incentive awards were adopted under the new amended plan, and awards issued thereunder subject to the limitations set forth therein. The Company recorded $1.3 million, $1.0 million and $0.8 million in expense related to compensation plans in the years ended December 31, 2015, 2014 and 2013, 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, 2012, and 2015 (“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, stock options, other stock-based incentive awards and cash based incentive awards 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 2015, 2014 or 2013. The Company granted 500,468, 456,253, and 570,680 shares of restricted stock in 2015, 2014, and 2013, 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, 2012, and 2015, 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 expiring March 31, 2025, unless terminated earlier by the Board of Directors. The Company granted 90,820 shares of restricted stock in 2015. The Company granted 20,688 and 34,818 restricted stock units in 2014 and 2013, 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 $1.8 million, $1.4 million, and $1.0 million in non-cash stock compensation expense for restricted stock awards in 2015, 2014 and 2013, respectively. At December 31, 2015, the Company had 1,636,636 shares available for future awards under all of its stock compensation plans. On February 3, 2016, the Company issued 241,073 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 2015, 2014 or 2013. The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2015: Average Weighted Average Aggregate Remaining Unrecognized Average Remaining Intrinsic Vesting Compensation Shares Exercise Price Contractual Value Period Expense (000’s) Per Share Term (Years) (000’s) (months) (000’s) Options Outstanding at January 1, 2013 205 $ 8.46 Granted — — Exercised — — Forfeited (18 ) 9.01 Options Outstanding at December 31, 2013 187 8.40 Granted — — Exercised — — Forfeited (82 ) 7.34 Options Outstanding at December 31, 2014 105 9.23 Granted — — Exercised — — Forfeited (43 ) 9.89 Options Outstanding at December 31, 2015 62 $ 8.78 0.1 — — $ — Exercisable at December 31, 2015 62 $ 8.78 0.1 — N/A N/A The following table summarizes information about stock options outstanding at December 31, 2015: OPTIONS OUTSTANDING OPTIONS EXERCISABLE Weighted Average Number Remaining Number Range of Outstanding Contractual Life Weighted Average Exercisable Weighted Average Exercise Price (000’s) (Years) Exercise Price (000’s) Exercise Price $8.78 62 0.1 $ 8.78 62 $ 8.78 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 requisite service periods. The following summary presents the information regarding the restricted stock and restricted stock units for the three years in the period ended December 31, 2015: Average Weighted Average Aggregate Remaining Unrecognized Average Remaining Intrinsic Vesting Compensation Shares Grant Date Contractual Value Period Expense (000’s) Fair Value Term (Years) (000’s) (months) (000’s) Outstanding at January 1, 2013 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 Granted 591 3.24 Restricted stock vested (781 ) 2.03 Forfeited (116 ) 3.45 Outstanding at December 31, 2015 1,098 $ 3.16 8.1 $ 4,090 5.3 $ 1,520 Restricted stock and restricted stock units vested at December 31, 2015 197 $ 2.86 N/A $ 733 N/A N/A |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES The provision for income taxes, relating to continuing operations, is composed of the following as of December 31, 2015, 2014, and 2013 (in millions): 2015 2014 2013 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 (16.4 ) — — State and local tax (0.8 ) — — Total deferred (17.2 ) — — Total income tax $ (17.2 ) $ — $ 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 income follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State and local taxes 2.0 2.0 2.0 Contingency accrual adjustment — — (1.2 ) Nondeductible items 1.9 4.5 5.9 Other, net (0.8 ) (1.7 ) 3.8 Change in valuation allowance (177.9 ) (39.5 ) (42.8 ) Effective income tax rate (139.8 ) % 0.3 % 2.7 % At December 31, 2014, our valuation allowance on deferred tax assets was approximately $29.7 million. From 2008 through 2014, the Company maintained a full valuation allowance on its net deferred tax asset position. In each reporting period, we have assessed the available positive and negative evidence to estimate if sufficient future taxable income would be generated to utilize the existing deferred tax assets. Our history of operating losses limited the weight we applied to other subjective evidence such as our projections for future profitability. Before we changed our judgment on the need for a full valuation allowance, a sustained period of operating profitability was required. In 2015, our operations were in a position of cumulative profits for the most recent periods. We concluded that as a result of (i) our cumulative profits, (ii) achieving full year profitability in 2013 and 2014, (iii) the issuance of the DEQ final record of decision on our formerly owned property in Montana and our subsequent completion of the final RAWP approved by DEQ, (iv) our 2015 business results, and (v) our projections of continued profitability for 2016 and beyond, that it is more likely than not that a significant portion of our deferred tax assets will be realized. Accordingly, in 2015, we released a significant portion of our valuation allowance on our net deferred tax assets, resulting in a $22.5 million benefit in our provision for income taxes. The remaining valuation allowance as of December 31, 2015 is $7.2 million and relates primarily to certain state net operating loss carryforwards that are not more likely than not to be realized in future periods. The income tax benefit from continuing operations for 2015 was $17.2 million on income before taxes of $12.2 million. The income tax benefit from discontinued operations 2015 was $1.9 million on a net loss before taxes of $5.3 million. For 2014, no income tax expense was recorded on income of $5.8 million. In 2015, the difference between our effective tax rate and the U.S. statutory rate was primarily due to the release of a significant portion of the valuation allowance on our net deferred tax assets, as discussed above. In 2014, the difference between our effective tax rate and the U.S. statutory rate was primarily due to continuing to maintain a full valuation allowance against our net deferred tax assets. In the periods after which our valuation allowance is released, we expect an increase in our effective tax rate as a result of recording tax expense on our earnings. At December 31, 2015, the Company had gross deferred tax assets of $34.8 million and a valuation allowance $7.2 million, netting to deferred tax assets of $27.6 million. The Company had deferred tax liabilities of $8.5 million at December 31, 2015. After classifying $3.6 million of short-term deferred tax assets against short-term deferred tax liabilities, the Company had net current deferred tax liabilities of $4.9 million, as well as long-term deferred tax assets of $24.0 million at December 31, 2015 compared to $8.0 million in both net current deferred tax liabilities and net long-term deferred tax assets at December 31, 2014. Deferred income taxes at December 31, 2015 and 2014 are comprised of the following (in millions): 2015 2014 Assets Liabilities Assets Liabilities Income tax loss carryforwards $ 24.1 $ — $ 29.8 $ — Other accrued liabilities 3.5 — 2.6 — Employee benefits related 2.5 — 2.1 — Property, plant and equipment 1.4 — 1.4 — Insurance related 1.2 — 1.0 — Goodwill 0.7 — 0.9 — Inventories 1.0 — 0.5 — Accounts receivables 0.3 — 0.2 — LIFO — 8.0 — 8.5 Other 0.1 0.5 0.2 0.5 Gross deferred tax assets and liabilities 34.8 8.5 38.7 9.0 Valuation allowance (7.2 ) — (29.7 ) — Total $ 27.6 $ 8.5 $ 9.0 $ 9.0 The Company has both federal and state tax loss carryforwards reflected above. The Company’s federal tax loss carryforwards of approximately $53 million will begin to expire in 2029. The Company has substantially concluded all U.S. federal income tax matters for years through 2008. The state tax loss carryforwards have expiration dates from 2016 to 2034. The Company has no material uncertain tax positions at December 31, 2015. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | 11. BASIC AND DILUTED NET INCOME 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 for the years ended December 31, 2015, 2014 and 2013 (in millions): 2015 2014 2013 Earnings allocated to participating shareholders $ 1.2 $ 0.3 $ 0.2 Number of participating securities 1.0 1.3 1.7 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, 2015, 2014 and 2013 (in millions): 2015 2014 2013 Weighted-average number of common shares-basic 24.1 23.5 22.8 Dilutive potential common shares — — — Weighted-average number of common shares-dilutive 24.1 23.5 22.8 The calculation of diluted earnings per common share for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 excludes the impact of anti-dilutive stock options. The Company had 0.1 million stock options outstanding at December 31, 2015 which were all anti-dilutive. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014. 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 2015 Net sales $ 147.4 $ 175.1 $ 181.7 $ 155.4 $ 659.6 Gross margin 28.5 35.6 37.2 32.0 133.3 Operating expenses 27.9 30.0 30.8 30.5 119.2 Operating income 0.6 6.0 6.4 1.5 14.5 Net income from continuing operations 0.1 5.4 23.2 0.7 29.4 Net loss from discontinued operations (0.1 ) (0.3 ) (2.7 ) (0.3 ) (3.4 ) Net income (loss) per share—Diluted Net income from continuing operations $ — $ 0.21 $ 0.92 $ 0.03 $ 1.17 Net loss from discontinued operations — (0.01 ) (0.11 ) (0.01 ) (0.14 ) Net income — 0.20 0.82 0.02 1.04 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 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 13. DISCONTINUED OPERATIONS The discontinued operations of the Company had no sales in 2015, 2014 or 2013. In 2015, loss from discontinued operations of $3.4 million was recorded. In 2014, loss from discontinued operations of $3.6 million was recorded. The losses were primarily related to changes in estimates associated with the future remediation and monitoring activities at the formerly owned property in Montana. In 2013, loss from discontinued operations of $0.4 million was recorded. 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, 2015 | |
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 2015 , the Financial Accounting Standards Board ("FASB") issued accounting guidance, "Simplifying the Presentation of Debt Issuance Costs" which requires debt issuance costs related to a recognized debt liability to be presented in the statement of financial position as a direct deduction from the carrying amount of that debt. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after Dec. 15, 2015, with early adoption permitted for financial statements not yet issued. The company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In November 2015, the FASB issued accounting guidance, "Balance Sheet Classification of Deferred Taxes" which removes the requirement to separate deferred tax liabilities and assets into current and noncurrent amounts and instead requires all such amounts be classified as noncurrent on the Statement of Financial Position. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2016, with early adoption permitted, including adoption in an interim period, for financial periods not yet reported. The standard may be adopted on a prospective or retrospective basis. Monsanto is required to adopt the standard in the first quarter of fiscal year 2018. The company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies and Procedures (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 26 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 are 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 91% of inventories were determined by using last-in, first-out (“LIFO”) method of inventory valuation as of December 31, 2015 and December 31, 2014. The balance of all other inventories is determined by the average cost method. The FIFO cost would be higher than the LIFO valuation by $13.6 million at December 31, 2015 and $12.9 million at December 31, 2014. |
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 d on purchases and records vendor rebates as a reduction of the cost of inventory purchased. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and is charged to operating expenses. Buildings and improvements lives range from 3 to 25 years. Machinery and equipment lives range from 3 to 10 years. The Company recorded depreciation expense of $2.9 million, $3.0 million and $2.7 million in 2015, 2014 and 2013, 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 $ 28.8 million, $30.3 million and $28.4 million in 2015, 2014 and 2013, respectively. |
Income Taxes | Income Taxes —Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and when such amounts are recognized 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 Per Share | Net Income Per Share —Basic net income per share is computed by dividing income available to common stockholders by weighted average shares outstanding. Diluted net income 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 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 the Accounting Standards Codification (“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 40% of our sales in 2015. The Company had a single customer representing 13% of total sales in 2015 and 12% of total sales in 2014 and 2013. This customer is a buying group for multiple building material dealers. |
Collective Bargaining Agreements | Collective Bargaining Agreements —As of December 31, 2015, 14% of our employees were represented by eight collective bargaining agreements with three of the agreements expiring in 2016. With regard to the three expiring agreements, 8% of our employees were covered thereunder. |
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, 2015 and 2014, 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. |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Other Intangible Assets | The following table summarizes goodwill activity for the three years in the period ended December 31, 2015 (in millions): Accumulated Goodwill, Goodwill Impairments Net Balance at January 1, 2013 $ 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 No activity in 2015 — — — Balance at December 31, 2015 $ 18.1 $ (11.8 ) $ 6.3 Accumulated Cost Amortization 2015 2014 2015 2014 Amortizable intangible assets: (1) Customer relationships $ 1.4 $ 1.4 $ 0.9 $ 0.8 (1) Amortizable intangible assets are included in “Other Assets.” |
Allowance for Doubtful Accoun23
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Allowance for Doubtful Accounts | The allowance for doubtful accounts consisted of the following (in millions): December 31, 2015 2014 2013 Balance at beginning of year $ 0.6 $ 0.6 $ 0.6 Provision charged to expense 0.3 0.2 — Write-offs, less recoveries (0.1 ) (0.2 ) — Balance at end of year $ 0.8 $ 0.6 $ 0.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): December 31, 2015 2014 Revolving credit facility $ 46.1 $ 60.8 Other obligations 2.5 2.9 Total debt 48.6 63.7 Less current portion 1.2 1.3 Long-term debt $ 47.4 $ 62.4 |
Scheduled Maturities of Debt | Maturities —At December 31, 2015, the aggregate scheduled maturities of debt were as follows (in millions): 2016 $ 1.2 2017 0.6 2018 0.4 2019 46.3 2020 0.1 Total $ 48.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in millions): Non-cancelable Minimum Operating Sublease Leases Income Net 2016 $ 10.1 $ (0.8 ) $ 9.3 2017 7.9 (0.3 ) 7.6 2018 6.4 — 6.4 2019 4.7 — 4.7 2020 2.6 — 2.6 Thereafter 2.4 — 2.4 Total minimum lease payments $ 34.1 $ (1.1 ) $ 33.0 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 is outlined in the table below. Expiration Pension Financial of Collective- 12/31/2015 Protection Act Improvement Surcharge Bargaining Company Legal Name of Plan EIN Zone Status Plan Imposed Agreement Participants Western Conference of Teamsters Pension Plan 91-6145047 Funded No No 12/31/2016 to 89 4/30/2018 Southern California Lumber Industry Retirement Fund 95-6035266 - 001 Funded > 80% No No 6/30/2017 14 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 - 001 Funded < 65% Implemented No 12/27/2020 2 |
Stock and Incentive Compensat27
Stock and Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Transactions Pursuant to Company's Stock Incentive Plans | The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2015: Average Weighted Average Aggregate Remaining Unrecognized Average Remaining Intrinsic Vesting Compensation Shares Exercise Price Contractual Value Period Expense (000’s) Per Share Term (Years) (000’s) (months) (000’s) Options Outstanding at January 1, 2013 205 $ 8.46 Granted — — Exercised — — Forfeited (18 ) 9.01 Options Outstanding at December 31, 2013 187 8.40 Granted — — Exercised — — Forfeited (82 ) 7.34 Options Outstanding at December 31, 2014 105 9.23 Granted — — Exercised — — Forfeited (43 ) 9.89 Options Outstanding at December 31, 2015 62 $ 8.78 0.1 — — $ — Exercisable at December 31, 2015 62 $ 8.78 0.1 — N/A N/A |
Details of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2015: OPTIONS OUTSTANDING OPTIONS EXERCISABLE Weighted Average Number Remaining Number Range of Outstanding Contractual Life Weighted Average Exercisable Weighted Average Exercise Price (000’s) (Years) Exercise Price (000’s) Exercise Price $8.78 62 0.1 $ 8.78 62 $ 8.78 |
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 in the period ended December 31, 2015: Average Weighted Average Aggregate Remaining Unrecognized Average Remaining Intrinsic Vesting Compensation Shares Grant Date Contractual Value Period Expense (000’s) Fair Value Term (Years) (000’s) (months) (000’s) Outstanding at January 1, 2013 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 Granted 591 3.24 Restricted stock vested (781 ) 2.03 Forfeited (116 ) 3.45 Outstanding at December 31, 2015 1,098 $ 3.16 8.1 $ 4,090 5.3 $ 1,520 Restricted stock and restricted stock units vested at December 31, 2015 197 $ 2.86 N/A $ 733 N/A N/A |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Details of Provision for Income Taxes | The provision for income taxes, relating to continuing operations, is composed of the following as of December 31, 2015, 2014, and 2013 (in millions): 2015 2014 2013 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 (16.4 ) — — State and local tax (0.8 ) — — Total deferred (17.2 ) — — Total income tax $ (17.2 ) $ — $ 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 income follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State and local taxes 2.0 2.0 2.0 Contingency accrual adjustment — — (1.2 ) Nondeductible items 1.9 4.5 5.9 Other, net (0.8 ) (1.7 ) 3.8 Change in valuation allowance (177.9 ) (39.5 ) (42.8 ) Effective income tax rate (139.8 ) % 0.3 % 2.7 % |
Deferred Income Taxes | Deferred income taxes at December 31, 2015 and 2014 are comprised of the following (in millions): 2015 2014 Assets Liabilities Assets Liabilities Income tax loss carryforwards $ 24.1 $ — $ 29.8 $ — Other accrued liabilities 3.5 — 2.6 — Employee benefits related 2.5 — 2.1 — Property, plant and equipment 1.4 — 1.4 — Insurance related 1.2 — 1.0 — Goodwill 0.7 — 0.9 — Inventories 1.0 — 0.5 — Accounts receivables 0.3 — 0.2 — LIFO — 8.0 — 8.5 Other 0.1 0.5 0.2 0.5 Gross deferred tax assets and liabilities 34.8 8.5 38.7 9.0 Valuation allowance (7.2 ) — (29.7 ) — Total $ 27.6 $ 8.5 $ 9.0 $ 9.0 |
Basic and Diluted Net Income 29
Basic and Diluted Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 for the years ended December 31, 2015, 2014 and 2013 (in millions): 2015 2014 2013 Earnings allocated to participating shareholders $ 1.2 $ 0.3 $ 0.2 Number of participating securities 1.0 1.3 1.7 |
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, 2015, 2014 and 2013 (in millions): 2015 2014 2013 Weighted-average number of common shares-basic 24.1 23.5 22.8 Dilutive potential common shares — — — Weighted-average number of common shares-dilutive 24.1 23.5 22.8 |
Selected Quarterly Financial 30
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014. 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 2015 Net sales $ 147.4 $ 175.1 $ 181.7 $ 155.4 $ 659.6 Gross margin 28.5 35.6 37.2 32.0 133.3 Operating expenses 27.9 30.0 30.8 30.5 119.2 Operating income 0.6 6.0 6.4 1.5 14.5 Net income from continuing operations 0.1 5.4 23.2 0.7 29.4 Net loss from discontinued operations (0.1 ) (0.3 ) (2.7 ) (0.3 ) (3.4 ) Net income (loss) per share—Diluted Net income from continuing operations $ — $ 0.21 $ 0.92 $ 0.03 $ 1.17 Net loss from discontinued operations — (0.01 ) (0.11 ) (0.01 ) (0.14 ) Net income — 0.20 0.82 0.02 1.04 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 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies and Procedures - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)StateCustomerAgreementSegmentCenter | Dec. 31, 2014USD ($)Segment | Dec. 31, 2013USD ($) | |
Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of distribution centers | Center | 26 | ||
Number of states in which products are distributed | State | 41 | ||
Allowance for doubtful accounts days | 90 days | ||
Inventory valuation LIFO method | 91.00% | 91.00% | |
FIFO cost higher than LIFO valuation | $ 13.6 | $ 12.9 | |
Company recorded depreciation expense | 2.9 | 3 | $ 2.7 |
Shipping and handling products cost | $ 28.8 | $ 30.3 | $ 28.4 |
Percentage of consolidated revenues of company's top ten clients | 40.00% | ||
Number of major customers | Customer | 10 | ||
Percentage of employees represented under collective bargaining agreements | 14.00% | ||
Number of collective bargaining agreements | Agreement | 8 | ||
Percentage of employees covered under four expiring collective bargaining agreements | 8.00% | ||
Number of collective bargaining agreements expired in next year | Agreement | 3 | ||
Collective bargaining agreements expiration period | 2,016 | ||
Aggregate number of reporting segment | Segment | 1 | 1 | |
Major Customer [Member] | |||
Business And Summary Of Significant Accounting Policies [Line Items] | |||
Total sales in percentage | 13.00% | 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 Intangible32
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | |||
Amortization expense | $ 0.1 | $ 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 | $ 0.1 | $ 0.1 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 18.1 | $ 18.1 | $ 18.1 | $ 18.1 |
Accumulated Impairments | (11.8) | (11.8) | (11.8) | (11.8) |
Goodwill, Net | 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 | $ 0.9 | $ 0.8 |
Allowance for Doubtful Accoun34
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Balance at beginning of year | $ 0.6 | $ 0.6 | $ 0.6 |
Provision charged to expense | 0.3 | 0.2 | 0 |
Write-offs, less recoveries | (0.1) | (0.2) | 0 |
Balance at end of year | $ 0.8 | $ 0.6 | $ 0.6 |
Allowance for Doubtful Accoun35
Allowance for Doubtful Accounts - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Maximum [Member] | |||
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Percentage of bad debt expense | 0.10% | 0.10% | 0.10% |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 46.1 | $ 60.8 |
Other obligations | 2.5 | 2.9 |
Total debt | 48.6 | 63.7 |
Less current portion | 1.2 | 1.3 |
Long-term debt | $ 47.4 | $ 62.4 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Asset based senior secured revolving credit | $ 160,000,000 | |
Revolving credit borrowing | 46,100,000 | $ 60,800,000 |
Letters of credit outstanding | 3,000,000 | |
Capital lease and other obligations | 2,500,000 | 2,900,000 |
Long-term debt, Fair value | 46,100,000 | $ 60,800,000 |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Fall of excess borrowing availability | 12,500,000 | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Fall of excess borrowing availability | $ 20,000,000 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility maturity date | May 28, 2019 | |
Amortization period on real estate component of borrowing base | 12 years 6 months | |
Revolving credit borrowing | $ 46,100,000 | |
Weighted average interest rate | 2.31% | |
Additional committed borrowing capacity | $ 67,800,000 | |
Unused commitment fees | 0.25% | |
Fixed charge coverage ratio of credit facility | 105.00% |
Debt - Scheduled Maturities of
Debt - Scheduled Maturities of Debt (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 1.2 |
2,017 | 0.6 |
2,018 | 0.4 |
2,019 | 46.3 |
2,020 | 0.1 |
Total | $ 48.6 |
Preferred Shares - Additional I
Preferred Shares - Additional Information (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 - Add
Other Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Other accrued liabilities | $ 13.8 | $ 13.4 |
Liabilities for self-insurance accruals | 4.3 | 3.5 |
Amounts due for sales incentive programs | 4.2 | 3.9 |
Deferred rent | $ 0.8 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Non-cancelable Operating Leases, 2016 | $ 10.1 |
Non-cancelable Operating Leases, 2017 | 7.9 |
Non-cancelable Operating Leases, 2018 | 6.4 |
Non-cancelable Operating Leases, 2019 | 4.7 |
Non-cancelable Operating Leases, 2020 | 2.6 |
Non-cancelable Operating Leases, Thereafter | 2.4 |
Non-cancelable Operating Leases, Total minimum lease payments | 34.1 |
Minimum Sublease Income, 2016 | (0.8) |
Minimum Sublease Income, 2017 | (0.3) |
Minimum Sublease Income, Total minimum lease payments | (1.1) |
Net, 2016 | 9.3 |
Net, 2017 | 7.6 |
Net, 2018 | 6.4 |
Net, 2019 | 4.7 |
Net, 2020 | 2.6 |
Net, Thereafter | 2.4 |
Net, Total minimum lease payments | $ 33 |
Commitments and Contingencies42
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Feb. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ||||
Operating lease obligation expiration period | 2,022 | |||
Rental expense for operating leases | $ 13.3 | $ 13.3 | $ 12.9 | |
Sublease income | 0.9 | $ 0.8 | $ 0.7 | |
Estimated total costs to remediate property | $ 8.3 | |||
Accrual for reasonably estimable remediation cost increased | $ 8 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plan [Abstract] | |||
Total contributions to multi-employer plans | $ 1 | $ 0.6 | $ 0.6 |
Maximum Contribution of total contributions for multi-employer pension plans | 5.00% | ||
Withdrawal liability from pension fund | $ 0.4 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Company's Participation in Multi-Employer Pension Plans (Detail) | 12 Months Ended |
Dec. 31, 2015Company | |
Western Conference of Teamsters Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 916,145,047 |
Plan number | 1 |
Pension Protection Act Zone Status | At least 80 percent |
Financial Improvement Plan | No |
Surcharge Imposed | No |
Company Participants | 89 |
Western Conference of Teamsters Pension Plan [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date of Collective Bargaining Agreement | Dec. 31, 2016 |
Western Conference of Teamsters Pension Plan [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date of Collective Bargaining Agreement | Apr. 30, 2018 |
Southern CA Lumber Industry Retirement Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 956,035,266 |
Plan number | 1 |
Pension Protection Act Zone Status | At least 80 percent |
Financial Improvement Plan | No |
Surcharge Imposed | No |
Company Participants | 14 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2017 |
Central States Southeast and Southwest Areas Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 366,044,243 |
Plan number | 1 |
Pension Protection Act Zone Status | Less than 65 percent |
Financial Improvement Plan | Implemented |
Surcharge Imposed | No |
Company Participants | 2 |
Expiration Date of Collective Bargaining Agreement | Dec. 27, 2020 |
Stock and Incentive Compensat45
Stock and Incentive Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | Feb. 03, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Stock compensation expense | $ 1.8 | $ 1.4 | $ 1 | |
Shares available under all of the stock compensation plans | 1,636,636 | |||
Method used for fair value assumption | Black-Scholes option pricing model | |||
Stock options granted | 0 | 0 | 0 | |
Subsequent Event [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Restricted shares issued | 241,073 | |||
2005 Executive Incentive Compensation Plan [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Expense related to incentive compensation plan | $ 1.3 | $ 1 | $ 0.8 | |
Number of common stock expected to be granted | 6,125,000 | |||
Expiration period | 10 years | |||
Restricted stock shares granted | 500,468 | 456,253 | 570,680 | |
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 | |||
Expiration period | 10 years | |||
Restricted stock shares granted | 90,820 | 20,688 | 34,818 | |
Restricted stock vesting period | 1 year | |||
Expiration date | Mar. 31, 2025 |
Stock and Incentive Compensat46
Stock and Incentive Compensation Plans - Summary of Stock Option Transactions Pursuant to Company's Stock Incentive Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options Outstanding, Shares, beginning balance | 105,000 | 187,000 | 205,000 |
Granted, Shares | 0 | 0 | 0 |
Forfeited, Shares | (43,000) | (82,000) | (18,000) |
Options Outstanding, Shares, ending balance | 62,000 | 105,000 | 187,000 |
Exercisable, Shares | 62,000 | ||
Options Outstanding, Weighted Average Exercise Price Per Share, beginning balance | $ 9.23 | $ 8.40 | $ 8.46 |
Forfeited, Weighted Average Exercise Price Per Share | 9.89 | 7.34 | 9.01 |
Options Outstanding, Weighted Average Exercise Price Per Share, ending balance | 8.78 | $ 9.23 | $ 8.40 |
Exercisable, Weighted Average Exercise Price Per Share | $ 8.78 | ||
Options Outstanding, Average Remaining Contractual Term (Years) | 1 month 6 days | ||
Exercisable, Average Remaining Contractual Term (Years) | 1 month 6 days | ||
Options Outstanding, Average Remaining Vesting Period (months) | 0 months |
Stock and Incentive Compensat47
Stock and Incentive Compensation Plans - Details of Stock Options Outstanding (Detail) - $8.78 [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Price, Lower Range Limit | $ 8.78 |
Number of Outstanding Options | shares | 62 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 8.78 |
Number of Exercisable Options | shares | 62 |
Options Exercisable, Weighted Average Exercise Price | $ 8.78 |
Stock and Incentive Compensat48
Stock and Incentive Compensation Plans - Summary of Restricted Stock and Restricted Stock Units (Detail) - Restricted Stock and Restricted Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Beginning Balance, Shares | 1,404 | 1,808 | 2,166 |
Granted | 591 | 477 | 605 |
Restricted stock vested | (781) | (862) | (947) |
Forfeited | (116) | (19) | (16) |
Restricted Stock Ending Balance, Shares | 1,098 | 1,404 | 1,808 |
Restricted stock and restricted stock units vested at December 31, 2015 | 197 | ||
Restricted Stock Beginning Balance, Weighted Average Grant Date Fair Value | $ 2.44 | $ 1.48 | $ 0.92 |
Granted, Weighted Average Grant Date Fair Value | 3.24 | 3.64 | 2.35 |
Restricted stock vested, Weighted Average Grant Date Fair Value | 2.03 | 1.13 | 0.75 |
Forfeited, Weighted Average Grant Date Fair Value | 3.45 | 1.37 | 1.09 |
Restricted Stock Ending Balance, Weighted Average Grant Date Fair Value | 3.16 | $ 2.44 | $ 1.48 |
Restricted stock and restricted stock units vested, Weighted Average Grant Date Fair Value | $ 2.86 | ||
Restricted Stock Outstanding, Average Remaining Contractual Term (Years) | 8 years 1 month 6 days | ||
Restricted Outstanding, Aggregate Intrinsic Value | $ 4,090 | ||
Restricted stock and restricted stock units vested, Aggregate Intrinsic Value | $ 733 | ||
Restricted Stock Outstanding, Average Remaining Vesting Period (months) | 5 years 3 months 18 days | ||
Restricted Stock Outstanding, Unrecognized Compensation Expense | $ 1,520 |
Income Taxes - Details of Provi
Income Taxes - Details of Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | (16.4) | ||
State and local tax | (0.8) | ||
Total deferred | (17.2) | ||
Total income tax | $ (17.2) | $ 0 | $ 0.1 |
Income Taxes - Details of Recon
Income Taxes - Details of Reconciliation of Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 1.90% | 4.50% | 5.90% |
Other, net | (0.80%) | (1.70%) | 3.80% |
Change in valuation allowance | (177.90%) | (39.50%) | (42.80%) |
Effective income tax rate | (139.80%) | 0.30% | 2.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Valuation allowance for net deferred tax assets | $ 7.2 | $ 29.7 | $ 7.2 | $ 29.7 | |||||||
Valuation allowance result in benefit of provision of income tax | (22.5) | ||||||||||
Deferred tax assets not to be utilized in future period | 7.2 | 7.2 | |||||||||
(Benefit) provision for income taxes | (17.2) | 0 | $ 0.1 | ||||||||
Income from continuing operations before income taxes | 12.2 | 5.8 | 3.7 | ||||||||
Income tax expense (benefit) from discontinued operations | (1.9) | ||||||||||
Income (loss) from discontinued operation before tax | (5.3) | ||||||||||
Income from continuing operations | 0.7 | $ 23.2 | $ 5.4 | $ 0.1 | (0.4) | $ 3.6 | $ 3.4 | $ (0.8) | 29.4 | 5.8 | $ 3.6 |
Gross deferred tax assets | 34.8 | 38.7 | 34.8 | 38.7 | |||||||
Net deferred tax assets | 27.6 | 9 | 27.6 | 9 | |||||||
Deferred tax liabilities | 8.5 | 9 | 8.5 | 9 | |||||||
Short-term deferred tax liabilities | 3.6 | 3.6 | |||||||||
Current net deferred tax liabilities | 4.9 | 8 | 4.9 | 8 | |||||||
Long term deferred tax assets | 24 | $ 8 | 24 | $ 8 | |||||||
Domestic Country [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Federal tax loss carryforwards | $ 53 | $ 53 | |||||||||
Operating loss carryforwards expiration year | 2,029 | ||||||||||
State and Local Jurisdiction [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating loss carryforwards expiration year | 2,034 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Income tax loss carryforwards | $ 24.1 | $ 29.8 |
Other accrued liabilities | 3.5 | 2.6 |
Employee benefits related | 2.5 | 2.1 |
Property, plant and equipment | 1.4 | 1.4 |
Insurance related | 1.2 | 1 |
Goodwill | 0.7 | 0.9 |
Inventories | 1 | 0.5 |
Accounts receivables | 0.3 | 0.2 |
Other, assets | 0.1 | 0.2 |
Gross deferred tax assets | 34.8 | 38.7 |
Valuation allowance | (7.2) | (29.7) |
Deferred Tax Assets, Total | 27.6 | 9 |
Liabilities | ||
LIFO | 8 | 8.5 |
Other, liabilities | 0.5 | 0.5 |
Gross deferred tax liabilities | 8.5 | 9 |
Deferred Tax Liabilities, Total | $ 8.5 | $ 9 |
Basic and Diluted Net Income 53
Basic and Diluted Net Income Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Earnings allocated to participating shareholders | $ 1.2 | $ 0.3 | $ 0.2 |
Number of participating securities | 1 | 1.3 | 1.7 |
Basic and Diluted Net Income 54
Basic and Diluted Net Income Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Number Of Shares Outstanding [Abstract] | |||
Weighted-average number of common shares-basic | 24.1 | 23.5 | 22.8 |
Dilutive potential common shares | 0 | 0 | 0 |
Weighted-average number of common shares-dilutive | 24.1 | 23.5 | 22.8 |
Basic and Diluted Net Income 55
Basic and Diluted Net Income Per Share - Additional Information (Detail) shares in Millions | 12 Months Ended |
Dec. 31, 2015shares | |
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 56
Selected Quarterly Financial Data - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 155.4 | $ 181.7 | $ 175.1 | $ 147.4 | $ 145.2 | $ 174.5 | $ 168.7 | $ 135.3 | $ 659.6 | $ 623.7 | $ 561.5 |
Gross margin | 32 | 37.2 | 35.6 | 28.5 | 28.7 | 33.9 | 33.5 | 26.5 | 133.3 | 122.6 | 111.1 |
Operating expenses | 30.5 | 30.8 | 30 | 27.9 | 28.5 | 29.7 | 29.4 | 26.7 | 119.2 | 114.3 | 104.8 |
Operating income (loss) | 1.5 | 6.4 | 6 | 0.6 | 0.2 | 4.2 | 4.1 | (0.2) | 14.5 | 8.3 | 6.3 |
Net income (loss) from continuing operations | 0.7 | 23.2 | 5.4 | 0.1 | (0.4) | 3.6 | 3.4 | (0.8) | 29.4 | 5.8 | 3.6 |
Net loss from discontinued operations | $ (0.3) | $ (2.7) | $ (0.3) | $ (0.1) | $ (0.1) | $ (0.1) | $ (0.2) | $ (3.2) | $ (3.4) | $ (3.6) | $ (0.4) |
Net income (loss) from continuing operations | $ 0.03 | $ 0.92 | $ 0.21 | $ (0.02) | $ 0.14 | $ 0.14 | $ (0.03) | $ 1.17 | $ 0.23 | $ 0.15 | |
Net loss from discontinued operations | (0.01) | (0.11) | (0.01) | (0.01) | (0.14) | (0.14) | (0.15) | (0.02) | |||
Net income (loss) | $ 0.02 | $ 0.82 | $ 0.20 | $ (0.02) | $ 0.14 | $ 0.13 | $ (0.17) | $ 1.04 | $ 0.09 | $ 0.13 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations [Line Items] | |||||||||||
Net loss from discontinued operations | $ (300,000) | $ (2,700,000) | $ (300,000) | $ (100,000) | $ (100,000) | $ (100,000) | $ (200,000) | $ (3,200,000) | $ (3,400,000) | $ (3,600,000) | $ (400,000) |
Discontinued Operations [Member] | |||||||||||
Discontinued Operations [Line Items] | |||||||||||
Sales from discontinued operations | 0 | 0 | 0 | ||||||||
Net loss from discontinued operations | $ (3,400,000) | $ (3,600,000) | $ (400,000) |