Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
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 Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 25,466,252 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 192.8 | $ 181.7 | $ 549.5 | $ 504.2 |
Cost of sales | 151.4 | 144.5 | 433.9 | 402.9 |
Gross margin | 41.4 | 37.2 | 115.6 | 101.3 |
Operating expenses | 33.6 | 30.8 | 94.7 | 88.7 |
Gain on disposal of assets | (0.4) | |||
Operating income | 7.8 | 6.4 | 20.9 | 13 |
Interest expense, net | 0.5 | 0.6 | 1.6 | 1.7 |
Income from continuing operations before income taxes | 7.3 | 5.8 | 19.3 | 11.3 |
Income tax expense (benefit) | 2.5 | (17.4) | 7.1 | (17.4) |
Income from continuing operations | 4.8 | 23.2 | 12.2 | 28.7 |
(Loss) income from discontinued operations, net of taxes | (0.1) | (2.7) | 4.3 | (3.1) |
Net income | $ 4.7 | $ 20.5 | $ 16.5 | $ 25.6 |
Income from continuing operations per share - basic and diluted | $ 0.19 | $ 0.92 | $ 0.48 | $ 1.14 |
Income (loss) from discontinued operations per share - basic and diluted | (0.11) | 0.17 | (0.13) | |
Net income per share - basic and diluted | $ 0.19 | $ 0.82 | $ 0.65 | $ 1.02 |
Weighted average shares outstanding: | ||||
Basic and diluted shares outstanding | 24.6 | 24.1 | 24.5 | 24.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
CURRENT ASSETS: | |||
Cash and equivalents | $ 1.1 | $ 0.3 | $ 2.8 |
Trade accounts receivable, net | 78.7 | 56.3 | 74.1 |
Net inventories | 84.4 | 64.3 | 71 |
Other current assets | 7.2 | 7.3 | 6.2 |
Total current assets | 171.4 | 128.2 | 154.1 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 5 | 4.3 | 4.3 |
Buildings and improvements | 29.5 | 26.5 | 26.4 |
Machinery and equipment | 41.5 | 37.3 | 37.2 |
Gross property, plant and equipment | 76 | 68.1 | 67.9 |
Less accumulated depreciation | 52.6 | 50.9 | 50.2 |
Property, plant and equipment, net | 23.4 | 17.2 | 17.7 |
OTHER ASSETS: | |||
Goodwill | 9.5 | 6.3 | 6.3 |
Other | 7.8 | 1.7 | 1.8 |
Deferred income taxes | 14.8 | 24 | 24.5 |
Total other assets | 32.1 | 32 | 32.6 |
TOTAL ASSETS | 226.9 | 177.4 | 204.4 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 0.8 | 1.2 | 0.7 |
Trade accounts payable | 57.2 | 43.6 | 52 |
Deferred income taxes | 5 | 4.9 | 5.2 |
Accrued compensation | 5.2 | 5.5 | 6 |
Other accrued liabilities | 13 | 13.8 | 13 |
Total current liabilities | 81.2 | 69 | 76.9 |
NON-CURRENT LIABILITIES: | |||
Long-term debt, less current maturities | 68.1 | 47.4 | 67.2 |
Other non-current liabilities | 7.3 | 8.1 | 8.2 |
Total non-current liabilities | 75.4 | 55.5 | 75.4 |
SHAREHOLDERS' EQUITY: | |||
Preferred shares: $.01 par (5,000,000 shares authorized) | |||
Common shares: $.01 par (50,000,000 shares authorized: 25,466,252; 24,977,208; and 24,879,750 shares issued at September 30, 2016, December 31, 2015 and September 30, 2015, respectively) | 0.3 | 0.2 | 0.2 |
Additional paid-in capital | 42.4 | 41.6 | 41.2 |
Retained earnings | 27.6 | 11.1 | 10.7 |
Total shareholders' equity | 70.3 | 52.9 | 52.1 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 226.9 | $ 177.4 | $ 204.4 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,466,252 | 24,977,208 | 24,879,750 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities: | ||||
Net income | $ 4.7 | $ 20.5 | $ 16.5 | $ 25.6 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Loss (income) from discontinued operations | 0.1 | 2.7 | (4.3) | 3.1 |
Depreciation and amortization | 1 | 0.7 | 2.8 | 2.2 |
Non-cash interest expense | 0.1 | 0.1 | 0.3 | 0.3 |
Stock-based compensation | 0.4 | 0.5 | 1.2 | 1.3 |
Deferred taxes | 2.4 | (19.3) | 9.3 | (19.3) |
Gain on disposal of assets | (0.4) | |||
Changes in operating assets and liabilities: | ||||
Trade accounts receivable | 4.1 | (2.1) | (20.9) | (25.6) |
Net inventories | (6) | 5.2 | (18) | (5.2) |
Trade accounts payable | 1 | (1.7) | 12.7 | 12.6 |
Other | 2.5 | 4 | (1.1) | 3.2 |
Cash provided by (used in) continuing operating activities | 10.3 | 10.6 | (1.5) | (2.2) |
Cash provided by (used in) discontinued operating activities | (0.8) | 1.7 | 3.6 | 1.3 |
Total cash provided by (used in) operating activities | 9.5 | 12.3 | 2.1 | (0.9) |
Cash Flows From Investing Activities: | ||||
Capital expenditures | (1.5) | (1.7) | (2.7) | (2.6) |
Acquisition | (17.3) | |||
Proceeds from disposition of capital assets | 0.1 | 2.5 | ||
Total cash used in investing activities | (1.5) | (1.6) | (20) | (0.1) |
Cash Flows From Financing Activities: | ||||
Borrowings of debt, net | (7.7) | (10.4) | 19.1 | 3.9 |
Repurchase shares of common stock | (0.4) | (0.6) | ||
Total cash (used in) provided by financing activities | (7.7) | (10.4) | 18.7 | 3.3 |
Net increase in cash and equivalents | 0.3 | 0.3 | 0.8 | 2.3 |
Cash and equivalents, beginning of period | 0.8 | 2.5 | 0.3 | 0.5 |
Cash and equivalents, end of period | 1.1 | 2.8 | 1.1 | 2.8 |
Supplemental Disclosure of Cash Flow Information: | ||||
Interest paid | $ 0.5 | $ 0.4 | 1.4 | 1.3 |
Income taxes paid | $ 0.4 | $ 0.1 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | 1. BASIS OF PRESENTATION The unaudited interim condensed consolidated financial statements of Huttig Building Products, Inc. and its subsidiary (the “Company” or “Huttig”) were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The condensed consolidated results of operations and resulting cash flows for the interim periods presented are not necessarily indicative of the results that might be expected for the full year. Due to the seasonal nature of Huttig’s business, operating profitability is usually lower in the Company’s first and fourth quarters than in the second and third quarters. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS In March 2016, the Financial Accounting Standards Board ("FASB") issued accounting guidance, "Improvements to Employee Share-Based Payment Accounting", which will simplify the income tax consequences, accounting for forfeitures and classification on the Statements of Consolidated Cash Flows. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued accounting guidance, "Leases", which will supersede the existing lease guidance and will require all leases with a term greater than 12 months to be recognized in the statements of financial position and eliminate current real estate-specific lease guidance, while maintaining substantially similar classification criteria for distinguishing between finance leases and operating leases. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. This standard will be adopted on a modified retrospective basis. Huttig is required to adopt the standard in the first quarter of 2019. 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 December 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. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In May 2014, the FASB issued accounting guidance, "Revenue from Contracts with Customers" which has been further clarified and amended. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and clarify guidance for multiple-element arrangements. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Statement of Consolidated Financial Position. In August 2015, the FASB amended the guidance to allow for the deferral of the effective date of this standard. The standard is effective for fiscal years, and interim periods within those years, beginning after Dec. 15, 2017. Accordingly, Huttig is required to adopt this standard in the first quarter of fiscal year 2018. One-year early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Comprehensive Income | 3. COMPREHENSIVE INCOME Comprehensive income refers to net income adjusted by gains and losses that in conformity with GAAP are excluded from net income. Other comprehensive items are amounts that are included in shareholders’ equity in the condensed consolidated balance sheets. The Company has no comprehensive income items and therefore the comprehensive net income is equal to net income for all periods presented. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT Debt consisted of the following (in millions): September 30, December 31, September 30, 2016 2015 2015 Revolving credit facility $ 66.2 $ 46.1 $ 65.8 Other obligations 2.7 2.5 2.1 Total debt 68.9 48.6 67.9 Less current portion 0.8 1.2 0.7 Long-term debt $ 68.1 $ 47.4 $ 67.2 Credit Agreement — 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 the Company is 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. At September 30, 2016, under the credit facility, the Company had revolving credit borrowings of $66.2 million outstanding at a weighted average interest rate of 2.2% per annum, letters of credit outstanding totaling $3.0 million, primarily for health and workers’ compensation insurance and $83.2 million of excess committed borrowing capacity. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $2.7 million of capital lease and other obligations outstanding at September 30, 2016. The sole financial covenant in the credit facility is the fixed charge coverage ratio of 1.05:1.00, which must be tested by the Company if the excess committed borrowing availability falls below an amount in a range between $12.5 million to $20.0 million, which amounts depend on the Company’s borrowing base, and must also be tested on a pro forma basis prior to consummation of certain significant transactions outside the ordinary course of the Company’s business, as defined in the credit agreement. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 5. CONTINGENCIES 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. As described in Note 7 — “Commitments and Contingencies” to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company was previously identified as a potentially responsible party in connection with the cleanup of contamination at a formerly owned property in Montana. On February 18, 2015, the Montana Department of Environmental Quality (the “DEQ”) issued an amendment to the unilateral administrative order of the DEQ outlining the final remediation of the property in its Record of Decision (the “ROD”). Under the ROD, the DEQ estimated the remediation costs of the property to be $8.3 million. The Company submitted a comprehensive final remedial action work plan (the “RAWP”) in September 2015 that was approved by the DEQ. The Company is currently implementing the RAWP and has commenced field work at the Montana site subject to DEQ oversight and approval. As of September 30, 2016, the Company estimates the total remaining cost to implement the RAWP to be $7.3 million, as compared to $8.0 million at December 31, 2015. As of September 30, 2016, 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 that is required to ensure the remediation will achieve the projected outcome required by the DEQ. 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 September 30, 2016 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 are 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 the Company was formally served. Crane Co. asserted its right of indemnification under the Distribution Agreement between the Company and Crane Co. dated December 6, 1999. On September 30, 2016, the Company conducted a mediation with the plaintiffs at which the litigation was not resolved. The Company continues to defend the lawsuit vigorously. Due to the uncertain nature of this litigation at this time, the Company cannot currently make an estimate of the potential loss or range of potential loss. Should additional information be made available to the Company to reasonably estimate the potential loss, or range of potential loss, associated with this case in future periods, the Company will disclose such estimated potential loss. In December 2014, the Company filed a declaratory action in the United States District Court for the Eastern District of Missouri 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. The Company entered into settlement agreements with certain of the insurers as well as with Crane Co. and all claims against the insurers were dismissed as of July 2016, and Huttig agreed to release Crane Co. of any of Huttig’s claims related to the Distribution Agreement, including its rights under Crane Co.’s insurance policies. In addition to the Montana site, 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 current and former 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS 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. Although the Company does not currently pay dividends, holders of unvested shares of restricted stock have a right to 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 (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Earnings allocated to participating shareholders $ 0.2 $ 0.9 $ 0.6 $ 1.2 Number of participating securities 1.0 1.0 1.0 1.0 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 (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average number of common shares-basic 24.6 24.1 24.5 24.1 Dilutive potential common shares — — — — Weighted-average number of common shares-dilutive 24.6 24.1 24.5 24.1 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES The Company’s effective tax rate for continuing operations was 36.8% for |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Employee Compensation | 8. STOCK-BASED EMPLOYEE COMPENSATION The Company recognized $1.2 million and $1.3 million in non-cash stock-based compensation expense in the nine-month periods ended September 30, 2016 and September 30, 2015, respectively. During the first nine months of 2016, the Company granted an aggregate of 583,882 shares of restricted stock at a fair market value of $3.518 per share under its 2005 Executive Incentive Compensation Plan, as amended and restated. The restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date. During the first nine months of 2016, the Company granted 53,274 shares of restricted stock under its Non-Employee Directors’ Restricted Stock Plan, as amended, at an average fair market value of $4.505 per share. The directors’ restricted shares vest on the date of the 2017 Annual Meeting. The unearned compensation expense is being amortized into expense on a straight-line basis over the requisite service period for the entire award. As of September 30, 2016 and 2015, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was $2.6 million and $2.1 million, respectively. |
Rights Agreement
Rights Agreement | 9 Months Ended |
Sep. 30, 2016 | |
Warrants And Rights Note Disclosure [Abstract] | |
Rights Agreement | 9. RIGHTS AGREEMENT On May 18, 2016, the Board of Directors (the “Board”) of the Company entered into a rights agreement (the “Rights Agreement”) with Computershare Trust Company, N.A. and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, $0.01 par value per share, of the Company. The dividend was payable upon the close of business on May 31, 2016 to the stockholders of record upon the close of business on that date. The Board adopted the Rights Agreement to protect stockholder value by attempting to reduce the risk that the Company’s ability to use its net operating losses to reduce potential future federal income tax obligations may become substantially limited. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (“Preferred Shares”), of the Company at a price of $13.86 per one one-hundredth of a Preferred Share, subject to adjustment. As a result of the Rights Agreement, any person or group that acquires beneficial ownership of 4.99% or more of the Company’s common stock without the approval of the Board would be subject to significant dilution in the ownership interest of that person or group. In connection with the entry into the Rights Agreement, on May 18, 2016, the Company filed with the Secretary of State of the State of Delaware an Amended and Restated Certificate of Designation of Series A Junior Participating Preferred Stock to create the Preferred Shares. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | 10. ACQUISITION During the second quarter of 2016 the Company purchased the assets of a distributor and door fabricator in the Mid-Atlantic region. All transaction costs incurred as part of this acquisition were expensed. The Company preliminarily recorded goodwill of $3.2 million and other intangible assets of $6.7 million related to this acquisition. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 11. DISCONTINUED OPERATIONS The Company recorded $4.3 million in after-tax income from discontinued operations for the nine month period ended September 30, 2016 primarily as a result of payments received from settlement agreements with insurers, as well as with Crane Co., in connection with the declaratory action filed in the United States District court for the Eastern District of Missouri. The Company recorded a loss of $3.1 million for the nine month period ended September 30, 2015 due to environmental and related legal expenses. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | In March 2016, the Financial Accounting Standards Board ("FASB") issued accounting guidance, "Improvements to Employee Share-Based Payment Accounting", which will simplify the income tax consequences, accounting for forfeitures and classification on the Statements of Consolidated Cash Flows. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued accounting guidance, "Leases", which will supersede the existing lease guidance and will require all leases with a term greater than 12 months to be recognized in the statements of financial position and eliminate current real estate-specific lease guidance, while maintaining substantially similar classification criteria for distinguishing between finance leases and operating leases. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. This standard will be adopted on a modified retrospective basis. Huttig is required to adopt the standard in the first quarter of 2019. 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 December 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. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In May 2014, the FASB issued accounting guidance, "Revenue from Contracts with Customers" which has been further clarified and amended. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and clarify guidance for multiple-element arrangements. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Statement of Consolidated Financial Position. In August 2015, the FASB amended the guidance to allow for the deferral of the effective date of this standard. The standard is effective for fiscal years, and interim periods within those years, beginning after Dec. 15, 2017. Accordingly, Huttig is required to adopt this standard in the first quarter of fiscal year 2018. One-year early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): September 30, December 31, September 30, 2016 2015 2015 Revolving credit facility $ 66.2 $ 46.1 $ 65.8 Other obligations 2.7 2.5 2.1 Total debt 68.9 48.6 67.9 Less current portion 0.8 1.2 0.7 Long-term debt $ 68.1 $ 47.4 $ 67.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Earnings allocated to participating shareholders $ 0.2 $ 0.9 $ 0.6 $ 1.2 Number of participating securities 1.0 1.0 1.0 1.0 |
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 (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average number of common shares-basic 24.6 24.1 24.5 24.1 Dilutive potential common shares — — — — Weighted-average number of common shares-dilutive 24.6 24.1 24.5 24.1 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 66.2 | $ 46.1 | $ 65.8 |
Other obligations | 2.7 | 2.5 | 2.1 |
Total debt | 68.9 | 48.6 | 67.9 |
Less current portion | 0.8 | 1.2 | 0.7 |
Long-term debt | $ 68.1 | $ 47.4 | $ 67.2 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Line of Credit Facility [Line Items] | |||
Asset-based senior secured revolving credit | $ 160,000,000 | ||
Revolving credit borrowing | 66,200,000 | $ 46,100,000 | $ 65,800,000 |
Letters of credit outstanding | 3,000,000 | ||
Capital lease and other obligations | 2,700,000 | $ 2,500,000 | $ 2,100,000 |
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fall of excess committed borrowing availability | 12,500,000 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fall of excess committed 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 | $ 66,200,000 | ||
Weighted average interest rate | 2.20% | ||
Excess committed borrowing capacity | $ 83,200,000 | ||
Unused commitment fees | 0.25% | ||
Fixed charge coverage ratio of credit facility | 105.00% |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Feb. 18, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments And Contingencies Disclosure [Abstract] | |||
Estimated total costs to remediate property | $ 8.3 | ||
Accrual for reasonably estimable remediation cost | $ 7.3 | $ 8 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Earnings allocated to participating shareholders | $ 0.2 | $ 0.9 | $ 0.6 | $ 1.2 |
Number of participating securities | 1 | 1 | 1 | 1 |
Earnings Per Share - Summary 24
Earnings Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||||
Weighted-average number of common shares-basic | 24.6 | 24.1 | 24.5 | 24.1 |
Dilutive potential common shares | 0 | 0 | 0 | 0 |
Weighted-average number of common shares-dilutive | 24.6 | 24.1 | 24.5 | 24.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective income tax rate reconciliation, percent | 36.80% | |||
Valuation allowance result in benefit of provision of income tax | $ (21.7) | |||
Income tax expense (benefit) | $ 2.5 | $ (17.4) | $ 7.1 | $ (17.4) |
Deferred tax assets not to be utilized in future period | $ 7.2 | $ 7.2 | ||
Prior to September 30, 2015 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax expense (benefit) | $ 0 | |||
Percentage of valuation allowance, deferred tax assets | 100.00% | 100.00% |
Stock-Based Employee Compensa26
Stock-Based Employee Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)Installment$ / sharesshares | Sep. 30, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ | $ 1.2 | $ 1.3 |
Number of installments of restricted shares | Installment | 3 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense of restricted stock | $ | $ 2.6 | $ 2.1 |
2005 Executive Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 583,882 | |
Fair market value of restricted shares granted | $ / shares | $ 3.518 | |
Non-Employee Directors Restricted Stock Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 53,274 | |
Fair market value of restricted shares granted | $ / shares | $ 4.505 |
Rights Agreement - Additional I
Rights Agreement - Additional Information (Detail) - $ / shares | May 18, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Class Of Warrant Or Right [Line Items] | ||||
Conversion basis of dividend distribution | one preferred share purchase right (a “Right”) for each outstanding share of common stock | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividend payable date | May 31, 2016 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock acquisition beneficial ownership percentage | 4.99% | |||
Series A Junior Participating Preferred Stock [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Preferred stock, par value | $ 0.01 | |||
Purchase price of one one-hundredth of preferred shares | $ 13.86 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||||
Business acquisition, goodwill | $ 9.5 | $ 6.3 | $ 6.3 | |
Distributor and Door Fabricator in Mid-Atlantic Region [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, goodwill | $ 3.2 | |||
Business acquisition, intangibles | $ 6.7 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of taxes | $ (0.1) | $ (2.7) | $ 4.3 | $ (3.1) |
Discontinued Operations [Member] | ||||
Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of taxes | $ 4.3 | $ (3.1) |