Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'XRM | ' |
Entity Registrant Name | 'XERIUM TECHNOLOGIES INC | ' |
Entity Central Index Key | '0001287151 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 15,380,507 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $48,782 | $34,777 |
Accounts receivable, net | 92,985 | 84,456 |
Inventories, net | 81,417 | 77,391 |
Prepaid expenses | 7,531 | 9,386 |
Other current assets | 13,436 | 14,839 |
Total current assets | 244,151 | 220,849 |
Property and equipment, net | 292,957 | 308,806 |
Goodwill | 66,060 | 61,127 |
Intangible assets | 15,203 | 18,678 |
Other assets | 8,535 | 9,383 |
Total assets | 626,906 | 618,843 |
Current liabilities: | ' | ' |
Notes payable | 8,120 | 7,911 |
Accounts payable | 31,298 | 36,884 |
Accrued expenses | 74,191 | 59,757 |
Current maturities of long-term debt | 2,139 | 2,397 |
Total current liabilities | 115,748 | 106,949 |
Long-term debt, net of current maturities | 432,910 | 434,684 |
Deferred and long-term taxes | 16,061 | 16,582 |
Pension, other post-retirement and post-employment obligations | 81,252 | 83,949 |
Other long-term liabilities | 6,304 | 5,740 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' deficit | ' | ' |
Preferred stock, $0.001 par value, 1,000,000 shares authorized; no shares outstanding as of September 30, 2013 and December 31, 2012 | 0 | 0 |
Common stock, $0.001 par value, 20,000,000 shares authorized; 15,380,507 and 15,309,717 shares outstanding as of September 30, 2013 and December 31, 2012, respectively | 15 | 15 |
Stock warrants | 13,532 | 13,532 |
Paid-in capital | 414,151 | 413,124 |
Accumulated deficit | -413,128 | -413,839 |
Accumulated other comprehensive loss | -39,939 | -41,893 |
Total stockholders' deficit | -25,369 | -29,061 |
Total liabilities and stockholders' deficit | $626,906 | $618,843 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 15,370,146 | 15,309,717 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $135,042 | $134,231 | $413,171 | $404,973 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | 81,656 | 85,079 | 252,628 | 258,396 |
Selling | 17,242 | 18,546 | 53,349 | 57,104 |
General and administrative | 15,278 | 15,650 | 45,418 | 47,509 |
Research and development | 2,382 | 2,700 | 7,634 | 8,531 |
Restructuring and impairment | 3,034 | 5,840 | 8,454 | 10,943 |
Operating Costs and Expenses, Total | 119,592 | 127,815 | 367,483 | 382,483 |
Income from operations | 15,450 | 6,416 | 45,688 | 22,490 |
Interest expense, net | -9,378 | -9,777 | -31,697 | -28,494 |
Loss on extinguishment of debt | 0 | 0 | -3,123 | 0 |
Foreign exchange (loss) gain | -905 | -202 | -1,102 | 157 |
Income (loss) before provision for income taxes | 5,167 | -3,563 | 9,766 | -5,847 |
Provision for income taxes | -3,063 | -94 | -9,055 | -3,105 |
Net income (loss) | 2,104 | -3,657 | 711 | -8,952 |
Comprehensive income (loss) | $9,182 | ($1,781) | $2,665 | ($15,490) |
Net income (loss) per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.14 | ($0.24) | $0.05 | ($0.59) |
Diluted (in dollars per share) | $0.13 | ($0.24) | $0.05 | ($0.59) |
Shares used in computing net income (loss) per share: | ' | ' | ' | ' |
Basic (in shares) | 15,375,728 | 15,257,617 | 15,352,352 | 15,215,752 |
Diluted (in shares) | 16,044,291 | 15,257,617 | 15,791,597 | 15,215,752 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows-(Unaudited) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Operating activities | ' |
Net income (loss) | $711 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' |
Stock-based compensation | 1,141 |
Depreciation | 26,051 |
Amortization of intangibles | 1,368 |
Deferred financing cost amortization | 2,293 |
Foreign exchange loss on revaluation of debt | 1,626 |
Deferred taxes | 1,339 |
Asset impairment | 1,078 |
Gain on disposition of property and equipment | 154 |
Loss on extinguishment of debt | 3,123 |
Provision for doubtful accounts | 543 |
Change in assets and liabilities which provided (used) cash: | ' |
Accounts receivable | -10,599 |
Inventories | -5,195 |
Prepaid expenses | 1,714 |
Other current assets | -1,026 |
Accounts payable and accrued expenses | 7,436 |
Deferred and other long-term liabilities | -1,326 |
Net cash provided by operating activities | 30,431 |
Investing activities | ' |
Capital expenditures, gross | -15,562 |
Proceeds from disposals of property and equipment | 2,235 |
Net cash used in investing activities | -13,327 |
Financing activities | ' |
Proceeds from borrowings | 199,000 |
Principal payments on debt | -198,848 |
Payment of deferred financing fees | -3,030 |
Net cash used in financing activities | -2,878 |
Effect of exchange rate changes on cash flows | -221 |
Net increase (decrease) in cash | 14,005 |
Cash and cash equivalents at beginning of period | 34,777 |
Cash and cash equivalents at end of period | $48,782 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Description of Business and Significant Accounting Policies | ' | |||||||||||||||||||
Description of Business and Significant Accounting Policies | ||||||||||||||||||||
Description of Business | ||||||||||||||||||||
Xerium Technologies, Inc. (the "Company") is a leading global provider of industrial consumables and mechanical services used in the production of paper, paperboard, building products and nonwoven materials. Its operations are strategically located in the major paper-making regions of the world, including North America, Europe, South America and Asia-Pacific. | ||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||
The accompanying unaudited condensed consolidated interim financial statements at September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, such financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. The interim results presented herein are not necessarily indicative of the results to be expected for the entire year. In management’s opinion, these unaudited condensed consolidated interim financial statements contain all adjustments of a normal recurring nature necessary for a fair presentation of the financial statements for the interim periods presented. Certain reclassifications have been made to prior year amounts to conform to the presentation of current year amounts. These unaudited consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2012 as reported on the Company's Annual Report on Form 10-K filed on March 11, 2013. | ||||||||||||||||||||
Accounting Policies | ||||||||||||||||||||
Inventories, net | ||||||||||||||||||||
Inventories are generally valued at the lower of cost or market using the first-in, first-out (FIFO) method. Raw materials are valued principally on a weighted average cost basis. The Company’s work in process and finished goods are specifically identified and valued based on actual inputs to production. Provisions are recorded as appropriate to write-down obsolete and excess inventory to estimated net realizable value. The process for evaluating obsolete and excess inventory often requires management to make subjective judgments and estimates concerning future sales levels, quantities and prices at which such inventory will be able to be sold in the normal course of business, while considering the general aging of inventory and factoring in any new business conditions. | ||||||||||||||||||||
The components of inventories, net of allowances are as follows at: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Raw materials | $ | 20,378 | $ | 16,924 | ||||||||||||||||
Work in process | 24,744 | 23,681 | ||||||||||||||||||
Finished goods (includes consigned inventory of $8,620 at September 30, 2013 and $8,726 at December 31, 2012) | 36,295 | 36,786 | ||||||||||||||||||
$ | 81,417 | $ | 77,391 | |||||||||||||||||
In the second quarter of 2013, in connection with the closure of the Spain clothing facility, the Company reserved $692 of obsolete inventory. This charge is included in cost of products sold expense in the Consolidated Income Statement for the nine months ended September 30, 2013. | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, Intangibles—Goodwill and Other Intangible Assets (“Topic 350”). Topic 350 requires that goodwill and intangible assets that have indefinite lives not be amortized, but instead, must be tested for impairment at least annually or whenever events or business conditions warrant. During the nine months ended September 30, 2013, the Company evaluated events and business conditions to determine if a test for an impairment of goodwill was warranted. No such events or business conditions took place during this period, therefore no test was determined to be warranted at September 30, 2013. | ||||||||||||||||||||
Warranties | ||||||||||||||||||||
The Company offers warranties on certain rolls products that it sells. The specific terms and conditions of these warranties vary depending on the product sold, the country in which the product is sold and arrangements with the customer. The Company estimates the costs that may be incurred under its warranties and records a liability for such costs. Factors that affect the Company’s warranty liability include the number of units sold, historical and anticipated rates of warranty claims, cost per claim and new product introduction. The Company periodically assesses the adequacy of its recorded warranty claims and adjusts the amounts as necessary. The table below represents the changes in the Company’s warranty liability for the nine months ended September 30, 2013: | ||||||||||||||||||||
Balance at | Charged to | Effect of Foreign | Deduction | Balance at | ||||||||||||||||
December 31, | Cost | Currency | from | 30-Sep-13 | ||||||||||||||||
2012 | of Sales | Translation | Reserves | |||||||||||||||||
For the nine months ended September 30, 2013 | $ | 1,848 | $ | 1,254 | $ | 48 | $ | (1,378 | ) | $ | 1,772 | |||||||||
Net Income (Loss) Per Common Share | ||||||||||||||||||||
Net (loss) income per common share has been computed and presented pursuant to the provisions of ASC Topic 260, Earnings per Share (“Topic 260”). Net income (loss) per share is based on the weighted-average number of shares outstanding during the period. As of September 30, 2013 and 2012, the Company had outstanding restricted stock units (“RSUs”), deferred stock units (“DSUs”), warrants and options. | ||||||||||||||||||||
The following table sets forth the computation of basic and diluted weighted-average shares: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Weighted-average common shares outstanding–basic | 15,375,728 | 15,257,617 | 15,352,352 | 15,215,752 | ||||||||||||||||
Dilutive effect of stock-based compensation awards outstanding | 668,563 | — | 439,245 | — | ||||||||||||||||
Weighted-average common shares outstanding–diluted | 16,044,291 | 15,257,617 | 15,791,597 | 15,215,752 | ||||||||||||||||
Dilutive securities aggregating approximately 1.8 million were outstanding for the three and nine months ended September 30, 2012, but were not included in the computation of diluted earnings per share for the three months and nine months ended September 30, 2012 because the impact of including such shares would be anti-dilutive to the earnings per share calculations. | ||||||||||||||||||||
Impairment | ||||||||||||||||||||
The Company reviews its long-lived assets that have finite lives for impairment in accordance with ASC Topic 360, Property, Plant, and Equipment (“Topic 360”). This topic requires that companies evaluate the fair value of long-lived assets based on the anticipated undiscounted future cash flows to be generated by the assets when indicators of impairment exist to determine if there is impairment to the carrying value. Any change in the carrying amount of an asset as a result of the Company's evaluation has been recorded in either restructuring expense, if it was a result of the Company's restructuring activities, or general and administrative expense for all other impairments in the consolidated statements of operations. Impairment charges associated with restructuring are discussed in Note 7 "Restructuring Expense". | ||||||||||||||||||||
In 2013, the Company determined there was an impairment of $0.7 million to the carrying value of a vacant facility held for sale and certain other assets at March 31, 2013. This impairment charge is included in general and administrative expense in the Consolidated Statements of Operations for the nine months ended September 30, 2013. The facility and related assets were sold during the third quarter of 2013. | ||||||||||||||||||||
New Accounting Standards | ||||||||||||||||||||
In July of 2013, FASB issued ASU 2013-11 Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Taskforce) ("ASU 2013-11"). Beginning January 1, 2014, the effective date of this regulation, the Company will adopt the provisions of ASU 2013-11 related to presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Adoption of ASU 2013-11 is not expected to have a material impact to the consolidated financial statements. |
Derivatives_and_Hedging
Derivatives and Hedging | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Derivatives and Hedging | ' | |||||||
Derivatives and Hedging | ||||||||
As required by ASC Topic 815, Derivatives and Hedging (“Topic 815”), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. | ||||||||
Risk Management Objective of Using Derivatives | ||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. From time to time, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known cash amounts, the value of which are determined by interest rates or foreign exchange rates. | ||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges protect the Company from increases in interest rates above the strike rate of the interest rate cap. However, the Company’s financial statements are exposed to the effects of interest rate fluctuations below the strike rate negotiated in the interest rate cap agreements, which could have a material impact on its results of operations. | ||||||||
On August 8, 2011, the Company entered into two interest rate cap agreements with certain financial institutions, in notional amounts totaling $114,400, whereby the Company limits its variable interest rate exposure to the strike rate of the interest rate cap agreements. During the second quarter of 2013, in connection with the refinancing of its credit facility, the Company paid off its Euro-denominated debt, resulting in the termination of one of the interest rate cap agreements and accelerated amortization of $322 to interest expense. At September 30, 2013, the notional amount of the remaining agreement was $42,800. Under the terms of this interest rate cap agreement, the Company will receive payments based on the spread in rates if the three-month LIBOR rate increases above the negotiated cap rate of 3.0%. The interest rate cap is considered a designated hedging instrument and classified as Level 2 in the fair value hierarchy. Changes in fair value will be deferred in accumulated other comprehensive income (loss) and the cap purchase price will be reclassified from accumulated comprehensive loss into earnings as interest expense over the life of the agreement. The following represents the fair value of the interest rate cap and unrecognized losses included in accumulated other comprehensive loss at September 30, 2013 and December 31, 2012: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
Fair value of interest rate rate cap included in other assets in the Consolidated Balance Sheets | $ | 4 | $ | 16 | ||||
Unrecognized losses included in accumulated other comprehensive loss | $ | (257 | ) | $ | (644 | ) | ||
The Company expects to reclassify $108 from other comprehensive income (loss) to interest expense over the next twelve months. | ||||||||
Non-designated Hedges of Foreign Exchange Risk | ||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign exchange rates, but do not meet the strict hedge accounting requirements of Topic 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly to earnings. | ||||||||
The Company, from time to time, may enter into foreign exchange forward contracts to fix currencies at specified rates based on expected future cash flows to protect against the fluctuations in cash flows resulting from sales denominated in foreign currencies. Additionally, to manage its exposure to fluctuations in foreign currency on intercompany balances and certain purchase commitments, the Company from time to time may use foreign exchange forward contracts. | ||||||||
As of September 30, 2013 and December 31, 2012, the Company had outstanding derivatives that were not designated as hedges in qualifying hedging relationships. The value of these contracts is recognized at fair value based on market exchange forward rates and is recorded in other assets or other liabilities on the Consolidated Balance Sheets. The following represents the fair value of these derivatives at September 30, 2013 and December 31, 2012 and the change in fair value included in foreign exchange gain for the three and nine months ended September 30, 2013 and 2012: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Fair value of derivatives | $ | (287 | ) | $ | 357 | |||
Three Months Ended September 30, 2013: | Three Months Ended September 30, 2012: | |||||||
Change in fair value included in foreign exchange (loss) gain for the three months ended September 30, 2013 and September 30, 2012 | $ | (836 | ) | $ | 155 | |||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||
Change in fair value included in foreign exchange gain for the nine months ended September 30, 2013 and September 30, 2012 | $ | 706 | $ | 438 | ||||
The following represents the notional amounts of foreign exchange forward contracts at September 30, 2013: | ||||||||
Notional Sold | Notional Purchased | |||||||
Non-designated hedges of foreign exchange risk | $ | 25,812 | $ | (14,706 | ) | |||
Fair Value of Derivatives Under ASC Topic 820 | ||||||||
ASC Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | ||||||||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs including fair value of investments that do not have the ability to redeem at net asset value as of the measurement date, or during the first quarter following the measurement date. The derivative assets or liabilities are typically based on an entity’s own assumptions, as there is little, if any, market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. The Company determined that its derivative valuations, which are based on market exchange forward rates, fall within Level 2 of the fair value hierarchy. |
Longterm_Debt
Long-term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt | ' | |||||||
Long-term Debt | ||||||||
At September 30, 2013 and December 31, 2012, long-term debt consisted of the following: | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
New senior secured term loan facility, payable quarterly, U.S. Dollar denominated–LIBOR | $ | 198,500 | $ | — | ||||
(minimum 1.25%) plus 5.00% (6.25%) as of September 30, 2013, net of $1.0 million discount | ||||||||
Prior first lien debt, payable quarterly, U.S. Dollar denominated–LIBOR | — | 104,557 | ||||||
(minimum 1.25%) plus 5.00% (6.25%) as of December 31, 2012 | ||||||||
Prior first lien debt, payable quarterly, Euro denominated–EURIBOR | — | 95,979 | ||||||
(minimum 1.25%) plus 5.00% (6.25%) as of December 31, 2012 | ||||||||
198,500 | 200,536 | |||||||
Senior Notes (Unsecured), payable semi-annually–U.S. Dollar denominated interest rate fixed at 8.875%, matures June of 2018 | 236,410 | 236,410 | ||||||
Unsecured, interest rate fixed at 2.00%, Euro denominated | 139 | 135 | ||||||
435,049 | 437,081 | |||||||
Less current maturities | 2,139 | 2,397 | ||||||
Total | $ | 432,910 | $ | 434,684 | ||||
On May 17, 2013, the Company entered into a Credit and Guaranty Agreement for a $200 million term loan credit facility (the “New Term Credit Facility”), net of a discount of $1.0 million, among the Company, certain direct and indirect U.S. subsidiaries of the Company as guarantors and certain financial institutions. The Company also entered into a Revolving Credit and Guaranty Agreement for a $40.0 million asset-based revolving credit facility subject to a borrowing base (the “ABL Facility,” and collectively with the New Term Credit Facility, the “New Credit Facility”) among the Company, Xerium Canada Inc., as Canadian borrower, certain direct and indirect U.S. subsidiaries of the Company as guarantors and certain financial institutions. | ||||||||
The New Term Credit Facility provides for: | ||||||||
• | a six-year $200 million senior secured term loan facility, provided the facility would mature in March 2018 if any of the Company's senior notes due 2018 ("Senior Notes") remain outstanding at that time; and | |||||||
• | an uncommitted accordion option (the “Incremental Facility”) allowing for increases for borrowings under the New Term Credit Facility with the same terms, and borrowing of new tranches of term loans, up to an aggregate principal amount equal to (i) $75 million plus (ii) an additional amount (the “Facility Increase”) provided, if after giving effect to such Facility Increase (as well as any other additional term loans), on a pro forma basis, the Senior Secured Leverage Ratio (as defined in the New Term Credit Facility) for the most recent four consecutive fiscal quarters does not exceed 2.25:1. | |||||||
The ABL Facility provides for a $40 million senior secured revolving credit facility with a $20 million sub-limit on letters of credit. Availability under the ABL Facility is subject to a borrowing base that is based on a specified percentage of eligible accounts receivable and inventory. The term of the ABL Facility is five years, provided that if any of the Senior Notes remain outstanding in March 2018, the ABL Facility would mature at that time. | ||||||||
The Company used the borrowings under the New Term Credit Facility to refinance all of its outstanding indebtedness under its previously existing senior secured term loan and revolving credit facility entered into in 2011 (the "2011 Credit Facility"). The Company intends to draw upon the ABL Facility from time-to-time for working capital and general corporate purposes. | ||||||||
The New Term Credit Facility will require the Company to make amortization payments (payable in quarterly installments) equal to 1% of principal per annum with respect to the Term Loans with the remaining amount due at final maturity. Voluntary prepayments will be permitted, in whole or in part, subject to minimum prepayment requirements; provided that prepayments made prior to the date that is six months after the Closing Date of the New Term Credit Facility for the purpose of repricing or effectively repricing the term loan facilities must include a 1.0% prepayment premium; provided, further, that voluntary prepayments of loans bearing interest at the London Interbank Offered Rate (“LIBOR”) on a date other than the last day of the relevant interest period will be subject to the payment of customary breakage costs. | ||||||||
If the total amount of advances outstanding under the ABL Facility exceed either $40 million or the borrowing base, the Company must repay an amount equal to the excess borrowing. If obligations under all outstanding letters of credit exceeds $20 million, the Company must cash collateralize its letters of credit in an amount equal to the excess obligations outstanding. | ||||||||
The interest rates under the New Term Credit Facility will be calculated, at the Company's option, at either the base rate or LIBOR, plus a margin of 4.00% and 5.00%, respectively. Each of the base rate and LIBOR shall be subject to a minimum of 2.25% and 1.25%, respectively. If the Company's Senior Secured Leverage Ratio (as defined in the $200 million New Credit Facility) is less than 2.00:1 at any quarterly determination date, then the margins over the base rate and LIBOR will be 3.50% and 4.50%, respectively. | ||||||||
Depending on whether advances are made in U.S. Dollars or Canadian Dollars, interest rates under the ABL Facility will be calculated, at the Company's option, at either a U.S.-based or Canadian-based base rate ("Base Rate Loans") or LIBOR or the Canadian Dealer Offered Rate ("CDOR") (each, "Fixed Rate Loans"), respectively, plus a margin of 1.25% for Base Rate Loans and a margin of 2.25% for Fixed Rate Loans. If the Company draws advances on the ABL Facility that are greater than 33.3% but less than or equal to 66.7% of the $40 million limit, then the margins on Base Rate Loans and Fixed Rate Loans drop to 1.00% and 2.00%, respectively. The margins drop to 0.75% and 1.75%, respectively, if advances under the ABL Facility are greater than 66.7% of the $40 million limit. In addition to paying interest on outstanding advances under the ABL Facility, the Company will be required to pay a commitment fee to the lenders in respect of the unutilized commitments at a rate equal to 0.50% per annum if advances under the ABL Facility are less than or equal to 50% of the commitments or a rate equal to 0.375% per annum if advances under the ABL are more than 50% of the commitments. | ||||||||
The obligations under the New Credit Facility will be guaranteed by all of the Company's existing and future direct and indirect subsidiaries that are organized in the United States (subject to certain exceptions in the case of immaterial subsidiaries and joint ventures) and, in the case of the ABL Facility, by Xerium Canada Inc. and any future Canadian subsidiaries, provided that non-U.S. guarantors will only be liable for obligations of Xerium Canada Inc. and any other Canadian borrowers. The New Term Credit Facility is secured by a first-priority perfected security interest in substantially all of the assets of the Company, Xerium Canada Inc. and such subsidiary guarantors (collectively, the “Loan Parties”), in each case, now owned or later acquired, except with respect to the Loan Parties' accounts receivables and inventory, which are secured by a second-priority interest. The ABL Facility is secured by a first-priority perfected security interest in the Loan Parties' accounts receivables and inventory, and a second-priority interest in substantially all of the Loan Parties' other assets. | ||||||||
The New Credit Facility contains certain customary covenants that, subject to exceptions, restrict the Company's ability to, among other things: | ||||||||
•declare dividends or redeem or repurchase equity interests; | ||||||||
•prepay, redeem or purchase debt; | ||||||||
•incur liens and engage in sale-leaseback transactions; | ||||||||
•make loans and investments; | ||||||||
•incur additional indebtedness; | ||||||||
•amend or otherwise alter debt and other material agreements; | ||||||||
•make capital expenditures in excess of $42 million per fiscal year, subject to adjustment; | ||||||||
•engage in mergers, acquisitions and asset sales; | ||||||||
•transact with affiliates; and | ||||||||
•engage in businesses that are not related to the Company's existing business. | ||||||||
The New Credit Facility eliminates the interest coverage and leverage coverage ratio maintenance tests that were contained in the Company's 2011 Credit Facility. However, the ABL Facility contains a springing Fixed Charge Coverage Ratio (as defined in the ABL Facility), which must be not less than 1.00:1 during periods in which our Global Excess Availability (as defined in the ABL Facility) falls below certain minimum thresholds. | ||||||||
The New Credit Facility contains certain customary representations and warranties, affirmative covenants and events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults and cross-acceleration to certain indebtedness, certain events of bankruptcy, certain triggering events under U.S. and, in the case of the ABL Facility, Canadian employee benefit plans, material judgments, actual or asserted failures of any guarantee or security document supporting the New Credit Facility to be in full force and effect and a change of control. If an event of default occurs, the lenders under the New Credit Facility would be entitled to take various enforcement actions, including acceleration of amounts due under the New Credit Facility and all actions permitted to be taken by a secured creditor. The material risks associated with the New Credit Facility are substantially similar to the material risks regarding the 2011 Credit Facility identified in the section entitled "Risks Relating to Our Capital Structure" under "Item 1A - Risk Factors" of our Form 10-K for the year-ended December 31, 2012. | ||||||||
The Company has $236.4 million aggregate principal amount of 8.875% senior unsecured notes (the “Notes”). The Notes contain customary covenants that, subject to certain exceptions, restrict its ability to enter into certain transactions and engage in certain activities. | ||||||||
As of September 30, 2013, the outstanding balance of the Company's term debt under its New Term Credit Facility and Notes was $435.0 million, which is net of a $1.0 million discount. In addition, as of September 30, 2013, the Company had no outstanding borrowings under its current ABL Facility and had an aggregate of $22.2 million available for additional borrowing. The borrowing availability represents the borrowing base under the ABL Facility less commitments on outstanding letters of credit. Additionally, at September 30, 2013, the Company had $5.2 million available for borrowings from other credit facilities. | ||||||||
As of September 30, 2013 and December 31, 2012, the carrying value of the Company’s long-term debt was $435.0 million and $437.1 million, respectively, and its fair value was approximately $447.1 million and $410.1 million, respectively. The Company determined the fair value of its debt utilizing significant other observable inputs (Level 2 of the fair value hierarchy). |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company utilizes the asset and liability method for accounting for income taxes in accordance with ASC Topic 740, Income Taxes (“Topic 740”). Under Topic 740, deferred tax assets and liabilities are determined based on the difference between their financial reporting and tax basis. The assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reduces its deferred tax assets by a valuation allowance if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In making this determination, the Company evaluates all available information including the Company’s financial position and results of operations for the current and preceding years, as well as any available projected information for future years. | |
For the three and nine months ended September 30, 2013, the provision for income taxes was $(3,063) and $(9,055) as compared to $(94) and $(3,105) for the three and nine months ended September 30, 2012. The increase in tax expense was primarily attributable to the geographic mix of earnings in the three and nine months ended September 30, 2013 as compared to the three and nine months ended September 30, 2012, as well as tax expense due to the increase in unrecognized tax benefit in the three and nine months ended September 30, 2013. The provision for income taxes is primarily impacted by income earned in tax paying jurisdictions relative to income earned in non-tax paying jurisdictions. The majority of income recognized for purposes of computing the effective tax rate is earned in countries where the statutory income tax rates range from 25% to 39%; however, permanent income adjustments recorded against pre-tax earnings may result in an effective tax rate that is higher or lower than the statutory tax rate in these jurisdictions. The Company generates losses in certain jurisdictions for which no tax benefit is received, as the deferred tax assets in these jurisdictions (including the net operating losses) are fully reserved in the valuation allowance. For this reason, the Company recognizes minimal income tax expense or benefit in these jurisdictions, of which the most material jurisdictions are the United States, the United Kingdom and Australia. Due to these reserves, the geographic mix of the Company’s pre-tax earnings has a direct correlation with how high or low its annual effective tax rate is relative to consolidated earnings. As the Company continues to reorganize and restructure its operations, it is possible that deferred tax assets, for which no income tax benefit has previously been provided, may more likely than not become realized. The Company continues to evaluate future operations and will record an income tax benefit in the period where it believes it is more likely than not that the deferred tax asset will be able to be realized. We estimate the resulting potential income tax benefit to be up to $7,197. | |
As of September 30, 2013, the Company had a gross amount of unrecognized tax benefit of $4,375, exclusive of interest and penalties. The unrecognized tax benefit increased by approximately $1,100 during the nine months ended September 30, 2013, as a result of foreign currency effects, statute expirations, ongoing changes in currently reserved positions as a result of new facts or information, and the effects of income tax audits. Developments in ongoing tax audits related to the deductibility of a write down of an investment in a subsidiary and transfer pricing transactions increased the unrecognized tax benefit by $816 during the three and nine months ended September 30, 2013. The Company’s policy is to recognize interest and penalties related to income tax matters as income tax expense, which were immaterial for the nine months ended September 30, 2013 and 2012. The tax years 2000 through 2012 remain open to examination in a number of the major taxing jurisdictions to which the Company and its subsidiaries are subject. The Company believes that it has made adequate provisions for all income tax uncertainties. | |
In November of 2011, the Federal Revenue Department of the Ministry of Finance of (“FRD”) issued a tax assessment against the Company’s indirect subsidiary, Xerium Technologies Brasil Indústria e Comércio S.A. (“Xerium Brazil”), challenging the goodwill recorded in the 2005 acquisition of Wangner Itelpa and Huyck Indústria e Comércio S.A. by Robec Brasil Participações Ltda., a predecessor to Xerium Brazil. This assessment denied the amortization of that goodwill against net income for the years 2006 through 2010 and sought payment of approximately $40,592 (subject to currency exchange rates) in tax, penalties and interest as of September 30, 2013. The Company believes the transactions in question (i) complied with Brazilian tax and accounting rules, (ii) were effected for a legitimate business purpose, to consolidate the Company’s operating activities in Brazil into one legal entity, and (iii) were properly documented and declared to Brazilian tax and corporate authorities. Based on the foregoing, Xerium Brazil filed a response disputing the tax assessment. In December of 2012 an administrative panel at the first administrative appeals level within the FRD rendered a decision upholding the original assessment, but reducing the claimed penalties by 50%. This decision reduced the total assessed amount as of September 30, 2013 by approximately $10,892 to $29,700 (subject to currency exchange rates). On January 18, 2013, Xerium Brazil appealed the decision of the first administrative panel to the second of three administrative appeals courts potentially available to it within the FRD. | |
Although there can be no assurances, as of September 30, 2013, the Company believes it is more likely than not that it would prevail on every tax position under examination and therefore it did not accrue any amounts related to this assessment. The Company cannot assure a favorable outcome and cannot currently estimate the timing of the final resolution of this matter. The Company believes it has meritorious defenses and will vigorously contest this matter, and if the administrative courts of the FRD do not rule in the Company's favor, the Company intends to appeal its case to the Brazilian judicial courts. However, if management's views of the Company's position and the probable outcome of the assessment changes or the FRD’s initial position is sustained by Brazilian judicial courts, the amount accrued would adversely impact the Company’s financial condition and results of operations in the period in which any such determination or decision is made. |
Pensions_Other_Postretirement_
Pensions, Other Post-retirement and Post-employment Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pensions, Other Post-retirement and Post-employment Benefits | ' | |||||||||||||||
Pensions, Other Post-retirement and Post-employment Benefits | ||||||||||||||||
The Company accounts for its pensions, other post-retirement and post-employment benefit plans in accordance with ASC Topic 715, Compensation—Retirement Benefits (“Topic 715”). The Company has defined benefit pension plans covering substantially all of its U.S. and Canadian employees and employees of certain subsidiaries in other countries. Benefits are generally based on the employee’s years of service and compensation. These plans are funded in conformity with the funding requirements of applicable government regulations. The Company does not fund certain plans, as funding is not required. The Company plans to continue to fund its U.S. defined benefit plans to comply with the Pension Protection Act of 2006. In addition, the Company also intends to fund its U.K. and Canadian defined benefit plans in accordance with local regulations. | ||||||||||||||||
As required by Topic 715, the following tables summarize the components of net periodic benefit cost: | ||||||||||||||||
Defined Benefit Plans | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 934 | $ | 898 | $ | 2,873 | $ | 2,671 | ||||||||
Interest cost | 1,497 | 1,855 | 4,605 | 5,523 | ||||||||||||
Expected return on plan assets | (1,356 | ) | (1,392 | ) | (4,169 | ) | (4,142 | ) | ||||||||
Amortization of prior service cost | 7 | 4 | 10 | 11 | ||||||||||||
Amortization of net loss | 547 | 640 | 1,690 | 1,906 | ||||||||||||
$ | 1,629 | $ | 2,005 | $ | 5,009 | $ | 5,969 | |||||||||
Net periodic benefit cost | ||||||||||||||||
Comprehensive_Income_and_Accum
Comprehensive Income and Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Comprehensive Income (loss) and Accumulated Other Comprehensive Loss | ||||||||||||||||
Comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012 is as follows (net of taxes): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) | $ | 2,104 | $ | (3,657 | ) | $ | 711 | $ | (8,952 | ) | ||||||
Foreign currency translation adjustments | 7,462 | 2,571 | (650 | ) | (5,828 | ) | ||||||||||
Pension liability changes under Topic 715 | (398 | ) | (683 | ) | 2,217 | (593 | ) | |||||||||
Change in value of derivative instruments | 14 | (12 | ) | 387 | (117 | ) | ||||||||||
Comprehensive income (loss) | $ | 9,182 | $ | (1,781 | ) | $ | 2,665 | $ | (15,490 | ) | ||||||
The components of accumulated other comprehensive loss for the three months ended September 30, 2013 are as follows (net of taxes): | ||||||||||||||||
Foreign | Pension | Change in | Accumulated | |||||||||||||
Currency | Liability | Value of | Other | |||||||||||||
Translation | Changes Under | Derivative | Comprehensive | |||||||||||||
Adjustment | Topic 715 | Instruments | (Loss) Income | |||||||||||||
Balance at June 30, 2013 | $ | (4,859 | ) | $ | (41,887 | ) | $ | (271 | ) | $ | (47,017 | ) | ||||
Other comprehensive income (loss) before reclassifications | 7,462 | (902 | ) | — | 6,560 | |||||||||||
Amounts reclassified from other comprehensive (loss) income | ||||||||||||||||
Amortization of actuarial losses | — | 504 | 14 | 518 | ||||||||||||
Amortization of interest expense | — | — | — | — | ||||||||||||
Net current period other comprehensive (loss) income | 7,462 | (398 | ) | 14 | 7,078 | |||||||||||
Balance at September 30, 2013 | $ | 2,603 | $ | (42,285 | ) | $ | (257 | ) | $ | (39,939 | ) | |||||
The components of accumulated other comprehensive loss for the nine months ended September 30, 2013 are as follows (net of taxes): | ||||||||||||||||
Foreign | Pension | Change in | Accumulated | |||||||||||||
Currency | Liability | Value of | Other | |||||||||||||
Translation | Changes Under | Derivative | Comprehensive | |||||||||||||
Adjustment | Topic 715 | Instruments | (Loss) Income | |||||||||||||
Balance at December 31, 2012 | $ | 3,253 | $ | (44,502 | ) | $ | (644 | ) | $ | (41,893 | ) | |||||
Other comprehensive (loss) income before reclassifications | (650 | ) | 685 | 14 | 49 | |||||||||||
Amounts reclassified from other comprehensive (loss) income | ||||||||||||||||
Amortization of actuarial losses | — | 1,532 | — | 1,532 | ||||||||||||
Amortization of interest expense | — | — | 373 | 373 | ||||||||||||
Net current period other comprehensive (loss) income | (650 | ) | 2,217 | 387 | 1,954 | |||||||||||
Balance at September 30, 2013 | $ | 2,603 | $ | (42,285 | ) | $ | (257 | ) | $ | (39,939 | ) | |||||
For the three and nine months ended September 30, 2013, the amortization of actuarial losses is included in cost of products sold and general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (loss). |
Restructuring_Expense
Restructuring Expense | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring Expense | ' | |||||||||||||||||||
Restructuring and Impairment Expense | ||||||||||||||||||||
During the nine months ended September 30, 2013, the Company recorded restructuring and impairment expenses of approximately $8,454. These included charges relating to the reduction of base costs via previously announced headcount reductions, the closure of two clothing facilities in Spain and Argentina and the closure of a roll cover facility in Charlotte, NC. During the nine months ended September 30, 2012, the Company recorded restructuring and impairment expenses of approximately $10,943. These charges were primarily related to the voluntary redundancy program in Argentina, the relocation of a rolls cover facility in France, the transfer of certain equipment from a downsized location and the termination of various sales agency arrangements in Europe. | ||||||||||||||||||||
The following table sets forth the significant components and activity under restructuring programs for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Balance at | Charges (1) | Currency | Cash | Balance at | ||||||||||||||||
December 31, | Effects | Payments | 30-Sep-13 | |||||||||||||||||
2012 | ||||||||||||||||||||
Severance and other benefits | $ | 15,577 | $ | 5,743 | $ | (53 | ) | $ | (11,028 | ) | $ | 10,239 | ||||||||
Facility costs and other | 335 | 2,302 | 103 | (1,880 | ) | 860 | ||||||||||||||
Total | $ | 15,912 | $ | 8,045 | $ | 50 | $ | (12,908 | ) | $ | 11,099 | |||||||||
Balance at | Charges (2) | Currency | Cash | Balance at | ||||||||||||||||
December 31, | Effects | Payments | 30-Sep-12 | |||||||||||||||||
2011 | ||||||||||||||||||||
Severance and other benefits | $ | 800 | $ | 4,888 | $ | 9 | $ | (2,405 | ) | $ | 3,292 | |||||||||
Facility costs and other | 452 | 4,455 | (117 | ) | (4,456 | ) | 334 | |||||||||||||
Total | $ | 1,252 | $ | 9,343 | $ | (108 | ) | $ | (6,861 | ) | $ | 3,626 | ||||||||
(1) Amount excludes $409 impairment charges. | ||||||||||||||||||||
(2) Amount excludes $1,600 impairment charges. | ||||||||||||||||||||
Restructuring and impairment expense by segment, which is not included in Segment Earnings (Loss) in Note 8, is as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Clothing | $ | 2,888 | $ | 2,572 | $ | 6,875 | $ | 7,338 | ||||||||||||
Roll Covers | 86 | 3,223 | 1,518 | 3,402 | ||||||||||||||||
Corporate | 60 | 45 | 61 | 203 | ||||||||||||||||
Total | $ | 3,034 | $ | 5,840 | $ | 8,454 | $ | 10,943 | ||||||||||||
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
Business Segment Information | ||||||||||||||||
The Company is a global manufacturer and supplier of consumable products used primarily in the production of paper and is organized into two reportable segments: Clothing and Roll Covers. The Clothing segment represents the manufacture and sale of synthetic textile belts used to transport paper along the length of papermaking machines. The Roll Covers segment primarily represents the manufacture and refurbishment of covers used on the steel rolls of papermaking machines and the servicing of those rolls. The Company manages each of these operating segments separately. | ||||||||||||||||
Management evaluates segment performance based on earnings before interest, taxes, depreciation and amortization and before allocation of corporate charges. Such measure is then adjusted to exclude items that are of an unusual nature and are not used in measuring segment performance or are not segment specific (“Segment Earnings (Loss)”). The accounting policies of these segments are the same as those for the Company as a whole. Inter-segment net sales and inter-segment eliminations are not material for any of the periods presented. | ||||||||||||||||
Summarized financial information for the Company’s reportable segments is presented in the tables that follow for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Clothing | Roll | Corporate | Total | |||||||||||||
Covers | ||||||||||||||||
Three Months Ended September 30, 2013: | ||||||||||||||||
Net Sales | $ | 87,980 | $ | 47,062 | $ | — | $ | 135,042 | ||||||||
Segment Earnings (Loss) | $ | 20,109 | $ | 11,140 | $ | (4,332 | ) | |||||||||
Three Months Ended September 30, 2012: | ||||||||||||||||
Net Sales | $ | 88,873 | $ | 45,358 | $ | — | $ | 134,231 | ||||||||
Segment Earnings (Loss) | $ | 17,429 | $ | 9,914 | $ | (2,942 | ) | |||||||||
Nine months ended September 30, 2013: | ||||||||||||||||
Net Sales | $ | 267,331 | $ | 145,840 | $ | — | $ | 413,171 | ||||||||
Segment Earnings (Loss) | $ | 58,319 | $ | 35,802 | $ | (11,162 | ) | |||||||||
Nine months ended September 30, 2012: | ||||||||||||||||
Net Sales | $ | 265,671 | $ | 139,302 | $ | — | $ | 404,973 | ||||||||
Segment Earnings (Loss) | $ | 48,051 | $ | 29,930 | $ | (9,364 | ) | |||||||||
Provided below is a reconciliation of Segment earnings income (loss) to income (loss) before provision for income taxes for the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment Earnings (loss): | ||||||||||||||||
Clothing | $ | 20,109 | $ | 17,429 | $ | 58,319 | $ | 48,051 | ||||||||
Roll Covers | 11,140 | 9,914 | 35,802 | 29,930 | ||||||||||||
Corporate | (4,332 | ) | (2,942 | ) | (11,162 | ) | (9,364 | ) | ||||||||
Stock-based compensation | (547 | ) | (820 | ) | (1,141 | ) | (1,574 | ) | ||||||||
Inventory write-off | — | — | (692 | ) | — | |||||||||||
Impairment expense | — | — | (667 | ) | ||||||||||||
Legal fees related to term debt amendment | — | (30 | ) | — | (115 | ) | ||||||||||
Non-recurring expenses related to CEO retirement | — | (1,600 | ) | — | (3,096 | ) | ||||||||||
Interest expense, net | (9,378 | ) | (9,777 | ) | (31,697 | ) | (28,494 | ) | ||||||||
Depreciation and amortization | (8,791 | ) | (9,897 | ) | (27,419 | ) | (30,242 | ) | ||||||||
Loss on debt extinguishment | — | — | (3,123 | ) | — | |||||||||||
Restructuring expense | (3,034 | ) | (5,840 | ) | (8,454 | ) | (10,943 | ) | ||||||||
Income (loss) before provision for income taxes | $ | 5,167 | $ | (3,563 | ) | $ | 9,766 | $ | (5,847 | ) | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is involved in various legal matters which have arisen in the ordinary course of business as a result of various immaterial labor claims, taxing authority reviews and other routine legal matters. As of September 30, 2013, the Company accrued an immaterial amount in its financial statements for these matters for which the Company believed the possibility of loss was probable and was able to estimate the damages. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its financial position, results of operations or cash flow. The Company believes that any additional liability in excess of amounts provided which may result from the resolution of legal matters will not have a material adverse effect on the financial condition, liquidity or cash flow of the Company. | |
See Note 4 for a discussion of Xerium Brazil’s proceeding with the FRD. |
StockBased_Compensation_and_St
Stock-Based Compensation and Stockholders' Deficit | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation and Stockholders' Equity | ' | ||||||||||||||||
Stock-Based Compensation and Stockholders’ Deficit | |||||||||||||||||
The Company records stock-based compensation expense in accordance with ASC Topic 718, Accounting for Stock Compensation and has used the straight-line attribution method to recognize expense for time-based restricted stock units ("RSUs") and deferred stock units ("DSUs"). The Company recorded stock-based compensation expense during the three and nine months ended September 30, 2013 and September 30, 2012 as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
RSU, Options and DSU Awards (1) | $ | 547 | $ | 820 | $ | 1,141 | $ | 1,574 | |||||||||
-1 | Related to RSUs, Options and DSUs awarded to certain employees and non-employee directors. | ||||||||||||||||
Summary of Activity under the Long-Term Incentive Plans | |||||||||||||||||
On September 22, 2010, the Board approved the Company’s 2010 Long-Term Incentive Plan (the “2010 LTIP”) under the 2010 Equity Incentive Plan (the “2010 Plan”). Awards under the 2010 LTIP are both time-based and performance-based. Awards will be paid in the form of RSUs or shares of common stock of the Company. Time-based awards under the 2010 LTIP were approved in the form of 131,010 time-based RSUs granted on October 29, 2010 under the Company’s 2010 Plan. As of March 31, 2013, all of the time-based RSUs had vested in accordance with the 2010 LTIP and were converted to common stock. Performance-based awards under the 2010 LTIP in the amount of 20,709 vested on December 31, 2012, upon meeting various criteria, as included in the Company’s 2012 Annual Report on Form 10-K, and were converted into common stock, net of applicable tax withholdings. | |||||||||||||||||
On May 8, 2012, the Board approved the 2012 Executive Long-Term Incentive Plan (the “2012 Executive LTIP”) under the 2010 Plan. Awards under the 2012 Executive LTIP are both time-based and performance-based. A specific target share award is set for each participant in the 2012 Executive LTIP. Awards will be paid in the form of RSUs or shares of common stock of the Company. Time-based awards, or 50% of the total target award, were granted in the form of 54,750 time-based RSUs under the Company’s 2010 Plan. As of March 31, 2013, 16,582 time-based RSUs vested in accordance with the 2012 Executive LTIP and were converted to common stock, net of applicable tax withholdings. The remaining time-based RSUs will vest in equal installments on March 31, 2014, and March 31, 2015, and convert into shares of common stock as they vest. Performance-based awards, which constitute 50% of the total award, will be determined based on the Company’s performance against a three-year cumulative Adjusted EBITDA metric, adjusted for currency fluctuations during the term of the 2012 – 2014 Executive LTIP. The performance-based awards will convert into shares of the Company’s common stock and be paid after the close of the three-year performance period. The amount of the payment will be based on a sliding scale ranging from 50% if the metric is achieved at 85% of the target up to 200% if the metric is achieved at or above 115% of the target. | |||||||||||||||||
On June 13, 2013, at the 2013 Annual Meeting of Stockholders of Xerium Technologies, Inc., the stockholders of the Company approved an amendment to the Company’s 2010 Equity Incentive Plan, which increased the aggregate number of shares of the Company’s common stock that may be delivered under or in satisfaction of awards under such plan from 913,525 to 1,663,525, increased the number of shares that may be subject to option and stock appreciation right grants and that may be granted as stock awards to any one participant in a calendar year from 150,000 to 500,000, and set a maximum cash award that may be granted to any one participant in a calendar year at $2,000. This amendment was approved by the Company’s Board of Directors on March 12, 2013. | |||||||||||||||||
On June 13, 2013, after the stockholders had approved the amendment to the Company's 2010 Equity Incentive Plan, the Board approved the granting of awards under the 2013 Executive Long-Term Incentive Plan (the "2013 Executive LTIP") under the 2010 Plan. Awards under the 2013 Executive LTIP are both time-based and performance-based and will be paid in the form of RSUs or shares of common stock of the Company. Time-based awards, or 50% of the total target award, were granted in the form of 179,571 time-based RSUs under the Company’s 2010 Plan. These time-based awards will cliff vest on March 11, 2016, and will be converted to common stock, net of applicable tax withholdings. Performance-based awards, which constitute the remaining 50% of the total award, will vest depending on the Company’s stock price performance during the three year participant service period from March 11, 2013 through March 10, 2016. If the awards vest, they will convert into shares of the Company’s common stock and be paid after the close of the three-year performance period. | |||||||||||||||||
Other Stock Compensation Plans | |||||||||||||||||
On August 15, 2012, in connection with the previously announced anticipated retirement of Stephen R. Light, the Board of Directors of the Company appointed Harold C. Bevis to the position of President and Chief Executive Officer, effective immediately, and Mr. Light notified the Company of his resignation, effective as of that date, as the Company's Chairman, President and Chief Executive Officer. The Company granted Mr. Bevis a sign-on award of 204,208 restricted stock units and options to acquire 781,701 shares of the Company's Common Stock, par value $0.001 per share. Both the restricted stock units and the options will vest over a three year period, beginning on the second anniversary of the August 15, 2012 grant date. The options have a 10-year term and an exercise price of $4.00 per share, the August 15, 2012 closing price of the Company's common stock on the New York Stock Exchange. In addition, on August 15, 2012, the Company accelerated the vesting of Mr. Light's remaining 50,000 restricted stock units, issuing 27,900 shares of common stock, upon vesting, net of certain tax withholdings. | |||||||||||||||||
Directors’ Deferred Stock Unit Plan | |||||||||||||||||
Under the 2011 non-management directors stock plan ("2011 DSU Plan”), each director receives an annual retainer of $112, to be paid on a quarterly basis in arrears. Half of the annual retainer is payable in deferred stock units (“DSUs”), with the remaining half payable in cash. The non-management directors were awarded an aggregate of 7,247 DSUs under the 2011 DSU Plan for service during the quarter ended September 30, 2013. In addition, in accordance with the 2011 DSU Plan, 4,831 DSUs were settled in Common Stock during the quarter ended September 30, 2013. |
Supplemental_Guarantor_Financi
Supplemental Guarantor Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Supplemental Guarantor Financial Information | ' | |||||||||||||||||||
1. Supplemental Guarantor Financial Information | ||||||||||||||||||||
On May 26, 2011, the Company closed on the sale of its Notes. The Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by all of the domestic wholly owned subsidiaries of the Company (the “Guarantors”). In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, the following condensed consolidating financial statements present the financial position, results of operations and cash flows of Xerium Technologies, Inc. (referred to as “Parent” for the purpose of this note only) on a stand-alone parent-only basis, the Guarantors on a Guarantors-only basis, the combined non-Guarantor subsidiaries and elimination entries necessary to arrive at the information for the Parent, the Guarantors and non-Guarantor subsidiaries on a consolidated basis. | ||||||||||||||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Balance Sheet—(Unaudited) | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 13,614 | $ | (9 | ) | $ | 35,177 | $ | — | $ | 48,782 | |||||||||
Accounts receivable, net | — | 23,969 | 69,016 | — | 92,985 | |||||||||||||||
Intercompany receivables | (104,241 | ) | 110,566 | (6,325 | ) | — | — | |||||||||||||
Inventories, net | — | 16,729 | 65,459 | (771 | ) | 81,417 | ||||||||||||||
Prepaid expenses | 353 | 1,717 | 5,461 | — | 7,531 | |||||||||||||||
Other current assets | 134 | 3,412 | 9,890 | — | 13,436 | |||||||||||||||
Total current assets | (90,140 | ) | 156,384 | 178,678 | (771 | ) | 244,151 | |||||||||||||
Property and equipment, net | 4,778 | 58,553 | 229,626 | — | 292,957 | |||||||||||||||
Investments | 685,672 | 268,312 | — | (953,984 | ) | — | ||||||||||||||
Goodwill | — | 17,737 | 48,323 | — | 66,060 | |||||||||||||||
Intangible assets | 11,406 | 3,478 | 319 | — | 15,203 | |||||||||||||||
Other assets | 4 | — | 8,531 | — | 8,535 | |||||||||||||||
Total assets | $ | 611,720 | $ | 504,464 | $ | 465,477 | $ | (954,755 | ) | $ | 626,906 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,181 | $ | 7,558 | $ | 22,559 | $ | — | $ | 31,298 | ||||||||||
Accrued expenses | 14,110 | 8,416 | 51,665 | — | 74,191 | |||||||||||||||
Current notes payable | — | — | 8,120 | 8,120 | ||||||||||||||||
Current maturities of long-term debt | 2,000 | — | 139 | — | 2,139 | |||||||||||||||
Total current liabilities | 17,291 | 15,974 | 82,483 | — | 115,748 | |||||||||||||||
Long-term debt, net of current maturities | 432,910 | — | — | — | 432,910 | |||||||||||||||
Deferred and long-term taxes | 291 | 2,335 | 13,435 | — | 16,061 | |||||||||||||||
Pension, other post-retirement and post-employment obligations | 21,643 | 1,154 | 58,455 | — | 81,252 | |||||||||||||||
Other long-term liabilities | 88 | — | 6,216 | — | 6,304 | |||||||||||||||
Intercompany loans | 225,604 | (342,537 | ) | 116,933 | — | — | ||||||||||||||
Total stockholders’ (deficit) equity | (86,107 | ) | 827,538 | 187,955 | (954,755 | ) | (25,369 | ) | ||||||||||||
Total liabilities and stockholders’ equity | $ | 611,720 | $ | 504,464 | $ | 465,477 | $ | (954,755 | ) | $ | 626,906 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,471 | $ | 36 | $ | 28,270 | $ | — | $ | 34,777 | ||||||||||
Accounts receivable, net | — | 20,964 | 63,492 | — | 84,456 | |||||||||||||||
Intercompany receivables | (102,407 | ) | 107,944 | (5,537 | ) | — | — | |||||||||||||
Inventories, net | — | 15,672 | 62,569 | (850 | ) | 77,391 | ||||||||||||||
Prepaid expenses | 159 | 1,693 | 7,534 | — | 9,386 | |||||||||||||||
Other current assets | — | 2,970 | 11,869 | — | 14,839 | |||||||||||||||
Total current assets | (95,777 | ) | 149,279 | 168,197 | (850 | ) | 220,849 | |||||||||||||
Property and equipment, net | 734 | 62,157 | 245,915 | — | 308,806 | |||||||||||||||
Investments | 596,891 | 149,134 | — | (746,025 | ) | — | ||||||||||||||
Goodwill | — | 17,737 | 43,390 | — | 61,127 | |||||||||||||||
Intangible assets | 10,034 | 4,776 | 3,868 | — | 18,678 | |||||||||||||||
Other assets | 44 | — | 9,339 | — | 9,383 | |||||||||||||||
Total assets | $ | 511,926 | $ | 383,083 | $ | 470,709 | $ | (746,875 | ) | $ | 618,843 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 502 | $ | 8,629 | $ | 27,753 | $ | — | $ | 36,884 | ||||||||||
Accrued expenses | 6,005 | 6,579 | 47,173 | — | 59,757 | |||||||||||||||
Current notes payable | — | — | 7,911 | — | 7,911 | |||||||||||||||
Current maturities of long-term debt | 1,250 | — | 1,147 | — | 2,397 | |||||||||||||||
Total current liabilities | 7,757 | 15,208 | 83,984 | — | 106,949 | |||||||||||||||
Long-term debt, net of current maturities | 339,717 | — | 94,967 | — | 434,684 | |||||||||||||||
Deferred and long-term taxes | — | 2,335 | 14,247 | — | 16,582 | |||||||||||||||
Pension, other post-retirement and post-employment obligations | 21,677 | 1,000 | 61,272 | — | 83,949 | |||||||||||||||
Other long-term liabilities | 31 | — | 5,709 | — | 5,740 | |||||||||||||||
Intercompany loans | 229,239 | (358,187 | ) | 128,948 | — | — | ||||||||||||||
Total stockholders’ (deficit) equity | (86,495 | ) | 722,727 | 81,582 | (746,875 | ) | (29,061 | ) | ||||||||||||
Total liabilities and stockholders’ equity | $ | 511,926 | $ | 383,083 | $ | 470,709 | $ | (746,875 | ) | $ | 618,843 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Unaudited) | ||||||||||||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Net sales | $ | — | $ | 44,922 | $ | 102,702 | $ | (12,582 | ) | $ | 135,042 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of products sold | (421 | ) | 31,008 | 63,730 | (12,661 | ) | 81,656 | |||||||||||||
Selling | — | 5,048 | 12,194 | — | 17,242 | |||||||||||||||
General and administrative | 2,485 | 1,528 | 11,265 | — | 15,278 | |||||||||||||||
Research and development | — | 1,874 | 508 | — | 2,382 | |||||||||||||||
Restructuring and impairment | 60 | 37 | 2,937 | — | 3,034 | |||||||||||||||
2,124 | 39,495 | 90,634 | (12,661 | ) | 119,592 | |||||||||||||||
(Loss) income from operations | (2,124 | ) | 5,427 | 12,068 | 79 | 15,450 | ||||||||||||||
Interest (expense) income, net | (8,898 | ) | 1,408 | (1,888 | ) | — | (9,378 | ) | ||||||||||||
Foreign exchange loss | (538 | ) | (126 | ) | (241 | ) | — | (905 | ) | |||||||||||
Equity in subsidiaries income | 13,992 | 6,139 | — | (20,131 | ) | — | ||||||||||||||
Income (loss) before provision for income taxes | 2,432 | 12,848 | 9,939 | (20,052 | ) | 5,167 | ||||||||||||||
Provision for income taxes | (328 | ) | (23 | ) | (2,712 | ) | — | (3,063 | ) | |||||||||||
Net income | $ | 2,104 | $ | 12,825 | $ | 7,227 | $ | (20,052 | ) | $ | 2,104 | |||||||||
Comprehensive income | $ | 2,563 | $ | 12,975 | $ | 13,696 | $ | (20,052 | ) | $ | 9,182 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive (Loss) Income-(Unaudited) | ||||||||||||||||||||
For the three months ended September 30, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Net sales | $ | — | $ | 45,119 | $ | 100,831 | $ | (11,719 | ) | $ | 134,231 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of products sold | (342 | ) | 31,821 | 65,442 | (11,842 | ) | 85,079 | |||||||||||||
Selling | — | 5,393 | 13,153 | — | 18,546 | |||||||||||||||
General and administrative | 3,489 | 1,725 | 10,436 | — | 15,650 | |||||||||||||||
Research and development | — | 2,105 | 595 | — | 2,700 | |||||||||||||||
Restructuring and impairment | 45 | 19 | 5,776 | — | 5,840 | |||||||||||||||
3,192 | 41,063 | 95,402 | (11,842 | ) | 127,815 | |||||||||||||||
(Loss) income from operations | (3,192 | ) | 4,056 | 5,429 | 123 | 6,416 | ||||||||||||||
Interest (expense) income, net | (6,973 | ) | 1,490 | (4,294 | ) | — | (9,777 | ) | ||||||||||||
Foreign exchange loss | (193 | ) | (3 | ) | (6 | ) | — | (202 | ) | |||||||||||
Equity in subsidiaries income (deficit) | 5,093 | (13,056 | ) | — | 7,963 | — | ||||||||||||||
Dividend income | 1,656 | 18,904 | — | (20,560 | ) | — | ||||||||||||||
(Loss) Income before provision for income taxes | (3,609 | ) | 11,391 | 1,129 | (12,474 | ) | (3,563 | ) | ||||||||||||
Provision for income taxes | (48 | ) | (35 | ) | (11 | ) | — | (94 | ) | |||||||||||
Net (loss) income | $ | (3,657 | ) | $ | 11,356 | $ | 1,118 | $ | (12,474 | ) | $ | (3,657 | ) | |||||||
Comprehensive (loss) income | $ | (3,598 | ) | $ | 11,464 | $ | 2,827 | $ | (12,474 | ) | $ | (1,781 | ) | |||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income -(Unaudited) | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Net sales | $ | — | $ | 138,303 | $ | 311,319 | $ | (36,451 | ) | $ | 413,171 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of products sold | (1,270 | ) | 94,341 | 196,087 | (36,530 | ) | 252,628 | |||||||||||||
Selling | — | 15,239 | 38,110 | — | 53,349 | |||||||||||||||
General and administrative | 6,766 | 4,072 | 34,580 | — | 45,418 | |||||||||||||||
Research and development | — | 5,924 | 1,710 | — | 7,634 | |||||||||||||||
Restructuring and impairment | 61 | 831 | 7,562 | — | 8,454 | |||||||||||||||
5,557 | 120,407 | 278,049 | (36,530 | ) | 367,483 | |||||||||||||||
(Loss) income from operations | (5,557 | ) | 17,896 | 33,270 | 79 | 45,688 | ||||||||||||||
Interest (expense) income, net | (23,715 | ) | 4,219 | (12,201 | ) | — | (31,697 | ) | ||||||||||||
Foreign exchange loss | (442 | ) | (130 | ) | (530 | ) | — | (1,102 | ) | |||||||||||
Equity in subsidiaries income | 33,970 | 9,124 | — | (43,094 | ) | — | ||||||||||||||
Loss on extinguishment of debt | (3,123 | ) | — | — | — | (3,123 | ) | |||||||||||||
Dividend income | — | 1,555 | — | (1,555 | ) | — | ||||||||||||||
Income (loss) before provision for income taxes | 1,133 | 32,664 | 20,539 | (44,570 | ) | 9,766 | ||||||||||||||
Provision for income taxes | (422 | ) | 45 | (8,678 | ) | — | (9,055 | ) | ||||||||||||
Net income | $ | 711 | $ | 32,709 | $ | 11,861 | $ | (44,570 | ) | $ | 711 | |||||||||
Comprehensive income | $ | (632 | ) | $ | 32,815 | $ | 15,052 | $ | (44,570 | ) | $ | 2,665 | ||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income-(Unaudited) | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Net sales | $ | — | $ | 134,970 | $ | 305,628 | $ | (35,625 | ) | $ | 404,973 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of products sold | (1,150 | ) | 97,245 | 198,291 | (35,990 | ) | 258,396 | |||||||||||||
Selling | — | 16,725 | 40,379 | — | 57,104 | |||||||||||||||
General and administrative | 8,753 | 5,492 | 33,264 | — | 47,509 | |||||||||||||||
Research and development | — | 6,258 | 2,273 | — | 8,531 | |||||||||||||||
Restructuring and impairment | 203 | 182 | 10,558 | — | 10,943 | |||||||||||||||
7,806 | 125,902 | 284,765 | (35,990 | ) | 382,483 | |||||||||||||||
(Loss) income from operations | (7,806 | ) | 9,068 | 20,863 | 365 | 22,490 | ||||||||||||||
Interest (expense) income, net | (21,419 | ) | 5,035 | (12,110 | ) | — | (28,494 | ) | ||||||||||||
Foreign exchange loss | (501 | ) | (7 | ) | 665 | — | 157 | |||||||||||||
Equity in subsidiaries income | 19,221 | (10,668 | ) | — | (8,553 | ) | — | |||||||||||||
Dividend income | 1,656 | 18,904 | — | (20,560 | ) | — | ||||||||||||||
(Loss) income before provision for income taxes | (8,849 | ) | 22,332 | 9,418 | (28,748 | ) | (5,847 | ) | ||||||||||||
Provision for income taxes | (103 | ) | (108 | ) | (2,894 | ) | — | (3,105 | ) | |||||||||||
Net (loss) income | $ | (8,952 | ) | $ | 22,224 | $ | 6,524 | $ | (28,748 | ) | $ | (8,952 | ) | |||||||
Comprehensive income | $ | (8,261 | ) | $ | 22,860 | $ | (1,341 | ) | $ | (28,748 | ) | $ | (15,490 | ) | ||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Cash Flows-(Unaudited) | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | 711 | $ | 32,709 | $ | 11,861 | $ | (44,570 | ) | $ | 711 | |||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Stock-based compensation | 1,120 | — | 21 | — | 1,141 | |||||||||||||||
Depreciation | 94 | 5,599 | 20,358 | — | 26,051 | |||||||||||||||
Amortization of intangibles | — | 1,298 | 70 | — | 1,368 | |||||||||||||||
Deferred financing cost amortization | (1,466 | ) | — | 3,759 | — | 2,293 | ||||||||||||||
Foreign exchange loss on revaluation of debt | (410 | ) | (45 | ) | 2,081 | — | 1,626 | |||||||||||||
Deferred taxes | 291 | — | 1,048 | — | 1,339 | |||||||||||||||
Asset impairment | 17 | 341 | 720 | 1,078 | ||||||||||||||||
Loss on disposition of property and equipment | 132 | 17 | 5 | — | 154 | |||||||||||||||
Loss on extinguishment of debt | 3,123 | 3,123 | ||||||||||||||||||
Provision for doubtful accounts | — | 155 | 388 | — | 543 | |||||||||||||||
Undistributed equity in earnings of subsidiaries | (33,970 | ) | (9,124 | ) | — | 43,094 | — | |||||||||||||
Change in assets and liabilities which provided (used) cash: | ||||||||||||||||||||
Accounts receivable | 25 | (3,151 | ) | (7,473 | ) | — | (10,599 | ) | ||||||||||||
Inventories | — | (1,057 | ) | (4,059 | ) | (79 | ) | (5,195 | ) | |||||||||||
Prepaid expenses | (194 | ) | (23 | ) | 1,931 | — | 1,714 | |||||||||||||
Other current assets | (151 | ) | 47 | (922 | ) | — | (1,026 | ) | ||||||||||||
Accounts payable and accrued expenses | 8,667 | 55 | (2,841 | ) | 1,555 | 7,436 | ||||||||||||||
Deferred and other long-term liabilities | 93 | 153 | (1,572 | ) | — | (1,326 | ) | |||||||||||||
Intercompany loans | 1,834 | (2,635 | ) | 801 | — | — | ||||||||||||||
Net cash (used in) provided by operating activities | (20,084 | ) | 24,339 | 26,176 | — | 30,431 | ||||||||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures, gross | (4,274 | ) | (2,166 | ) | (9,122 | ) | — | (15,562 | ) | |||||||||||
Intercompany property and equipment transfers, net | 3 | 88 | (91 | ) | — | |||||||||||||||
Proceeds from disposals of property and equipment | — | 4 | 2,231 | — | 2,235 | |||||||||||||||
Net cash used in investing activities | (4,271 | ) | (2,074 | ) | (6,982 | ) | — | (13,327 | ) | |||||||||||
Financing activities | — | |||||||||||||||||||
Proceeds from borrowings | 199,000 | 199,000 | ||||||||||||||||||
Principal payments on debt | (105,057 | ) | — | (93,791 | ) | — | (198,848 | ) | ||||||||||||
Payment of deferred financing fees | (3,030 | ) | (3,030 | ) | ||||||||||||||||
Intercompany loans | (59,415 | ) | (22,310 | ) | 81,725 | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 31,498 | (22,310 | ) | (12,066 | ) | — | (2,878 | ) | ||||||||||||
Effect of exchange rate changes on cash flows | — | — | (221 | ) | — | (221 | ) | |||||||||||||
Net increase (decrease) in cash | 7,143 | (45 | ) | 6,907 | — | 14,005 | ||||||||||||||
Cash and cash equivalents at beginning of period | 6,471 | 36 | 28,270 | — | 34,777 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 13,614 | $ | (9 | ) | $ | 35,177 | $ | — | $ | 48,782 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Cash Flows-(Unaudited) | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net (loss) income | $ | (8,952 | ) | $ | 22,224 | $ | 6,524 | $ | (28,748 | ) | $ | (8,952 | ) | |||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Stock-based compensation | 1,574 | — | — | — | 1,574 | |||||||||||||||
Depreciation | 135 | 5,932 | 22,446 | — | 28,513 | |||||||||||||||
Amortization of intangibles | — | 1,659 | 70 | — | 1,729 | |||||||||||||||
Deferred financing cost amortization | 1,885 | — | 822 | — | 2,707 | |||||||||||||||
Foreign exchange loss on revaluation of debt | — | — | 879 | — | 879 | |||||||||||||||
Deferred taxes | — | — | (383 | ) | — | (383 | ) | |||||||||||||
Asset impairment | — | — | 1,600 | — | 1,600 | |||||||||||||||
Gain on disposition of property and equipment | — | 24 | (680 | ) | — | (656 | ) | |||||||||||||
Intercompany dividend | (1,656 | ) | (18,904 | ) | — | 20,560 | — | |||||||||||||
Provision for doubtful accounts | — | (150 | ) | 613 | — | 463 | ||||||||||||||
Undistributed equity in (earnings) loss of subsidiaries | (19,221 | ) | 10,668 | — | 8,553 | — | ||||||||||||||
Change in assets and liabilities which provided (used) cash: | ||||||||||||||||||||
Accounts receivable | 8 | 852 | 2,094 | — | 2,954 | |||||||||||||||
Inventories | — | 3,107 | (404 | ) | (365 | ) | 2,338 | |||||||||||||
Prepaid expenses | 122 | (671 | ) | (3,472 | ) | — | (4,021 | ) | ||||||||||||
Other current assets | — | 1,799 | (414 | ) | — | 1,385 | ||||||||||||||
Accounts payable and accrued expenses | 4,781 | (2,106 | ) | (730 | ) | — | 1,945 | |||||||||||||
Deferred and other long-term liabilities | 244 | (622 | ) | (780 | ) | — | (1,158 | ) | ||||||||||||
Intercompany loans | 1,891 | (394 | ) | (1,497 | ) | — | — | |||||||||||||
Net cash (used in) provided by operating activities | (19,189 | ) | 23,418 | 26,688 | — | 30,917 | ||||||||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures, gross | (22 | ) | (1,895 | ) | (11,305 | ) | — | (13,222 | ) | |||||||||||
Intercompany property and equipment transfers, net | 344 | (317 | ) | (27 | ) | — | — | |||||||||||||
Proceeds from disposals of property and equipment | — | 298 | 1,080 | — | 1,378 | |||||||||||||||
Net cash provided by (used in) investing activities | 322 | (1,914 | ) | (10,252 | ) | — | (11,844 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Increase in notes payable | — | — | 7,365 | — | 7,365 | |||||||||||||||
Principal payments on debt | (13,846 | ) | — | (14,119 | ) | — | (27,965 | ) | ||||||||||||
Payment of deferred financing fees | (1,047 | ) | — | (735 | ) | — | (1,782 | ) | ||||||||||||
Dividends paid | 1,656 | — | (1,656 | ) | — | — | ||||||||||||||
Intercompany loans | 31,091 | (21,778 | ) | (9,313 | ) | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 17,854 | (21,778 | ) | (18,458 | ) | — | (22,382 | ) | ||||||||||||
Effect of exchange rate changes on cash flows | — | 2 | (682 | ) | — | (680 | ) | |||||||||||||
Net decrease in cash | (1,013 | ) | (272 | ) | (2,704 | ) | — | (3,989 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 11,548 | 280 | 31,738 | — | 43,566 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 10,535 | $ | 8 | $ | 29,034 | $ | — | $ | 39,577 | ||||||||||
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Inventories, net | ' |
Inventories, net | |
Inventories are generally valued at the lower of cost or market using the first-in, first-out (FIFO) method. Raw materials are valued principally on a weighted average cost basis. The Company’s work in process and finished goods are specifically identified and valued based on actual inputs to production. Provisions are recorded as appropriate to write-down obsolete and excess inventory to estimated net realizable value. The process for evaluating obsolete and excess inventory often requires management to make subjective judgments and estimates concerning future sales levels, quantities and prices at which such inventory will be able to be sold in the normal course of business, while considering the general aging of inventory and factoring in any new business conditions. | |
Goodwill | ' |
Goodwill | |
The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, Intangibles—Goodwill and Other Intangible Assets (“Topic 350”). Topic 350 requires that goodwill and intangible assets that have indefinite lives not be amortized, but instead, must be tested for impairment at least annually or whenever events or business conditions warrant. During the nine months ended September 30, 2013, the Company evaluated events and business conditions to determine if a test for an impairment of goodwill was warranted. No such events or business conditions took place during this period, therefore no test was determined to be warranted at September 30, 2013. | |
Warranties | ' |
Warranties | |
The Company offers warranties on certain rolls products that it sells. The specific terms and conditions of these warranties vary depending on the product sold, the country in which the product is sold and arrangements with the customer. The Company estimates the costs that may be incurred under its warranties and records a liability for such costs. Factors that affect the Company’s warranty liability include the number of units sold, historical and anticipated rates of warranty claims, cost per claim and new product introduction. The Company periodically assesses the adequacy of its recorded warranty claims and adjusts the amounts as necessary. | |
Net (Loss) Income Per Common Share | ' |
Net Income (Loss) Per Common Share | |
Net (loss) income per common share has been computed and presented pursuant to the provisions of ASC Topic 260, Earnings per Share (“Topic 260”). Net income (loss) per share is based on the weighted-average number of shares outstanding during the period. |
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Components of Inventories | ' | |||||||||||||||||||
The components of inventories, net of allowances are as follows at: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Raw materials | $ | 20,378 | $ | 16,924 | ||||||||||||||||
Work in process | 24,744 | 23,681 | ||||||||||||||||||
Finished goods (includes consigned inventory of $8,620 at September 30, 2013 and $8,726 at December 31, 2012) | 36,295 | 36,786 | ||||||||||||||||||
$ | 81,417 | $ | 77,391 | |||||||||||||||||
Changes In Warranty Liability | ' | |||||||||||||||||||
The table below represents the changes in the Company’s warranty liability for the nine months ended September 30, 2013: | ||||||||||||||||||||
Balance at | Charged to | Effect of Foreign | Deduction | Balance at | ||||||||||||||||
December 31, | Cost | Currency | from | 30-Sep-13 | ||||||||||||||||
2012 | of Sales | Translation | Reserves | |||||||||||||||||
For the nine months ended September 30, 2013 | $ | 1,848 | $ | 1,254 | $ | 48 | $ | (1,378 | ) | $ | 1,772 | |||||||||
Computation of Basic and Diluted Weighted-Average Shares | ' | |||||||||||||||||||
The following table sets forth the computation of basic and diluted weighted-average shares: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Weighted-average common shares outstanding–basic | 15,375,728 | 15,257,617 | 15,352,352 | 15,215,752 | ||||||||||||||||
Dilutive effect of stock-based compensation awards outstanding | 668,563 | — | 439,245 | — | ||||||||||||||||
Weighted-average common shares outstanding–diluted | 16,044,291 | 15,257,617 | 15,791,597 | 15,215,752 | ||||||||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Notional Amounts Sold and Purchased | ' | |||||||
he following represents the notional amounts of foreign exchange forward contracts at September 30, 2013: | ||||||||
Notional Sold | Notional Purchased | |||||||
Non-designated hedges of foreign exchange risk | $ | 25,812 | $ | (14,706 | ) | |||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Long-Term Debt | ' | |||||||
At September 30, 2013 and December 31, 2012, long-term debt consisted of the following: | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
New senior secured term loan facility, payable quarterly, U.S. Dollar denominated–LIBOR | $ | 198,500 | $ | — | ||||
(minimum 1.25%) plus 5.00% (6.25%) as of September 30, 2013, net of $1.0 million discount | ||||||||
Prior first lien debt, payable quarterly, U.S. Dollar denominated–LIBOR | — | 104,557 | ||||||
(minimum 1.25%) plus 5.00% (6.25%) as of December 31, 2012 | ||||||||
Prior first lien debt, payable quarterly, Euro denominated–EURIBOR | — | 95,979 | ||||||
(minimum 1.25%) plus 5.00% (6.25%) as of December 31, 2012 | ||||||||
198,500 | 200,536 | |||||||
Senior Notes (Unsecured), payable semi-annually–U.S. Dollar denominated interest rate fixed at 8.875%, matures June of 2018 | 236,410 | 236,410 | ||||||
Unsecured, interest rate fixed at 2.00%, Euro denominated | 139 | 135 | ||||||
435,049 | 437,081 | |||||||
Less current maturities | 2,139 | 2,397 | ||||||
Total | $ | 432,910 | $ | 434,684 | ||||
Pensions_Other_Postretirement_1
Pensions, Other Post-retirement and Post-employment Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components Of Net Periodic Benefit Cost | ' | |||||||||||||||
As required by Topic 715, the following tables summarize the components of net periodic benefit cost: | ||||||||||||||||
Defined Benefit Plans | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 934 | $ | 898 | $ | 2,873 | $ | 2,671 | ||||||||
Interest cost | 1,497 | 1,855 | 4,605 | 5,523 | ||||||||||||
Expected return on plan assets | (1,356 | ) | (1,392 | ) | (4,169 | ) | (4,142 | ) | ||||||||
Amortization of prior service cost | 7 | 4 | 10 | 11 | ||||||||||||
Amortization of net loss | 547 | 640 | 1,690 | 1,906 | ||||||||||||
$ | 1,629 | $ | 2,005 | $ | 5,009 | $ | 5,969 | |||||||||
Net periodic benefit cost | ||||||||||||||||
Comprehensive_Income_and_Accum1
Comprehensive Income and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Components Of Comprehensive Income (Loss) | ' | |||||||||||||||
Comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012 is as follows (net of taxes): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) | $ | 2,104 | $ | (3,657 | ) | $ | 711 | $ | (8,952 | ) | ||||||
Foreign currency translation adjustments | 7,462 | 2,571 | (650 | ) | (5,828 | ) | ||||||||||
Pension liability changes under Topic 715 | (398 | ) | (683 | ) | 2,217 | (593 | ) | |||||||||
Change in value of derivative instruments | 14 | (12 | ) | 387 | (117 | ) | ||||||||||
Comprehensive income (loss) | $ | 9,182 | $ | (1,781 | ) | $ | 2,665 | $ | (15,490 | ) | ||||||
Components Of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
The components of accumulated other comprehensive loss for the three months ended September 30, 2013 are as follows (net of taxes): | ||||||||||||||||
Foreign | Pension | Change in | Accumulated | |||||||||||||
Currency | Liability | Value of | Other | |||||||||||||
Translation | Changes Under | Derivative | Comprehensive | |||||||||||||
Adjustment | Topic 715 | Instruments | (Loss) Income | |||||||||||||
Balance at June 30, 2013 | $ | (4,859 | ) | $ | (41,887 | ) | $ | (271 | ) | $ | (47,017 | ) | ||||
Other comprehensive income (loss) before reclassifications | 7,462 | (902 | ) | — | 6,560 | |||||||||||
Amounts reclassified from other comprehensive (loss) income | ||||||||||||||||
Amortization of actuarial losses | — | 504 | 14 | 518 | ||||||||||||
Amortization of interest expense | — | — | — | — | ||||||||||||
Net current period other comprehensive (loss) income | 7,462 | (398 | ) | 14 | 7,078 | |||||||||||
Balance at September 30, 2013 | $ | 2,603 | $ | (42,285 | ) | $ | (257 | ) | $ | (39,939 | ) | |||||
The components of accumulated other comprehensive loss for the nine months ended September 30, 2013 are as follows (net of taxes): | ||||||||||||||||
Foreign | Pension | Change in | Accumulated | |||||||||||||
Currency | Liability | Value of | Other | |||||||||||||
Translation | Changes Under | Derivative | Comprehensive | |||||||||||||
Adjustment | Topic 715 | Instruments | (Loss) Income | |||||||||||||
Balance at December 31, 2012 | $ | 3,253 | $ | (44,502 | ) | $ | (644 | ) | $ | (41,893 | ) | |||||
Other comprehensive (loss) income before reclassifications | (650 | ) | 685 | 14 | 49 | |||||||||||
Amounts reclassified from other comprehensive (loss) income | ||||||||||||||||
Amortization of actuarial losses | — | 1,532 | — | 1,532 | ||||||||||||
Amortization of interest expense | — | — | 373 | 373 | ||||||||||||
Net current period other comprehensive (loss) income | (650 | ) | 2,217 | 387 | 1,954 | |||||||||||
Balance at September 30, 2013 | $ | 2,603 | $ | (42,285 | ) | $ | (257 | ) | $ | (39,939 | ) | |||||
Restructuring_Expense_Tables
Restructuring Expense (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring Programs | ' | |||||||||||||||||||
The following table sets forth the significant components and activity under restructuring programs for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Balance at | Charges (1) | Currency | Cash | Balance at | ||||||||||||||||
December 31, | Effects | Payments | 30-Sep-13 | |||||||||||||||||
2012 | ||||||||||||||||||||
Severance and other benefits | $ | 15,577 | $ | 5,743 | $ | (53 | ) | $ | (11,028 | ) | $ | 10,239 | ||||||||
Facility costs and other | 335 | 2,302 | 103 | (1,880 | ) | 860 | ||||||||||||||
Total | $ | 15,912 | $ | 8,045 | $ | 50 | $ | (12,908 | ) | $ | 11,099 | |||||||||
Balance at | Charges (2) | Currency | Cash | Balance at | ||||||||||||||||
December 31, | Effects | Payments | 30-Sep-12 | |||||||||||||||||
2011 | ||||||||||||||||||||
Severance and other benefits | $ | 800 | $ | 4,888 | $ | 9 | $ | (2,405 | ) | $ | 3,292 | |||||||||
Facility costs and other | 452 | 4,455 | (117 | ) | (4,456 | ) | 334 | |||||||||||||
Total | $ | 1,252 | $ | 9,343 | $ | (108 | ) | $ | (6,861 | ) | $ | 3,626 | ||||||||
(1) Amount excludes $409 impairment charges. | ||||||||||||||||||||
Restructuring And Impairments Expense By Segment | ' | |||||||||||||||||||
expense by segment, which is not included in Segment Earnings (Loss) in Note 8, is as follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Clothing | $ | 2,888 | $ | 2,572 | $ | 6,875 | $ | 7,338 | ||||||||||||
Roll Covers | 86 | 3,223 | 1,518 | 3,402 | ||||||||||||||||
Corporate | 60 | 45 | 61 | 203 | ||||||||||||||||
Total | $ | 3,034 | $ | 5,840 | $ | 8,454 | $ | 10,943 | ||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summarized Financial Information | ' | |||||||||||||||
Summarized financial information for the Company’s reportable segments is presented in the tables that follow for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Clothing | Roll | Corporate | Total | |||||||||||||
Covers | ||||||||||||||||
Three Months Ended September 30, 2013: | ||||||||||||||||
Net Sales | $ | 87,980 | $ | 47,062 | $ | — | $ | 135,042 | ||||||||
Segment Earnings (Loss) | $ | 20,109 | $ | 11,140 | $ | (4,332 | ) | |||||||||
Three Months Ended September 30, 2012: | ||||||||||||||||
Net Sales | $ | 88,873 | $ | 45,358 | $ | — | $ | 134,231 | ||||||||
Segment Earnings (Loss) | $ | 17,429 | $ | 9,914 | $ | (2,942 | ) | |||||||||
Nine months ended September 30, 2013: | ||||||||||||||||
Net Sales | $ | 267,331 | $ | 145,840 | $ | — | $ | 413,171 | ||||||||
Segment Earnings (Loss) | $ | 58,319 | $ | 35,802 | $ | (11,162 | ) | |||||||||
Nine months ended September 30, 2012: | ||||||||||||||||
Net Sales | $ | 265,671 | $ | 139,302 | $ | — | $ | 404,973 | ||||||||
Segment Earnings (Loss) | $ | 48,051 | $ | 29,930 | $ | (9,364 | ) | |||||||||
Reconciliation of Segment Earnings (Loss) to Income Before Provision for Income Taxes | ' | |||||||||||||||
rovided below is a reconciliation of Segment earnings income (loss) to income (loss) before provision for income taxes for the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment Earnings (loss): | ||||||||||||||||
Clothing | $ | 20,109 | $ | 17,429 | $ | 58,319 | $ | 48,051 | ||||||||
Roll Covers | 11,140 | 9,914 | 35,802 | 29,930 | ||||||||||||
Corporate | (4,332 | ) | (2,942 | ) | (11,162 | ) | (9,364 | ) | ||||||||
Stock-based compensation | (547 | ) | (820 | ) | (1,141 | ) | (1,574 | ) | ||||||||
Inventory write-off | — | — | (692 | ) | — | |||||||||||
Impairment expense | — | — | (667 | ) | ||||||||||||
Legal fees related to term debt amendment | — | (30 | ) | — | (115 | ) | ||||||||||
Non-recurring expenses related to CEO retirement | — | (1,600 | ) | — | (3,096 | ) | ||||||||||
Interest expense, net | (9,378 | ) | (9,777 | ) | (31,697 | ) | (28,494 | ) | ||||||||
Depreciation and amortization | (8,791 | ) | (9,897 | ) | (27,419 | ) | (30,242 | ) | ||||||||
Loss on debt extinguishment | — | — | (3,123 | ) | — | |||||||||||
Restructuring expense | (3,034 | ) | (5,840 | ) | (8,454 | ) | (10,943 | ) | ||||||||
Income (loss) before provision for income taxes | $ | 5,167 | $ | (3,563 | ) | $ | 9,766 | $ | (5,847 | ) | ||||||
StockBased_Compensation_and_St1
Stock-Based Compensation and Stockholders' Deficit (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||
The Company recorded stock-based compensation expense during the three and nine months ended September 30, 2013 and September 30, 2012 as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
RSU, Options and DSU Awards (1) | $ | 547 | $ | 820 | $ | 1,141 | $ | 1,574 | |||||||||
-1 | Related to RSUs, Options and DSUs awarded to certain employees and non-employee directors. |
Supplemental_Guarantor_Financi1
Supplemental Guarantor Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Consolidating Balance Sheet | ' | |||||||||||||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Balance Sheet—(Unaudited) | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 13,614 | $ | (9 | ) | $ | 35,177 | $ | — | $ | 48,782 | |||||||||
Accounts receivable, net | — | 23,969 | 69,016 | — | 92,985 | |||||||||||||||
Intercompany receivables | (104,241 | ) | 110,566 | (6,325 | ) | — | — | |||||||||||||
Inventories, net | — | 16,729 | 65,459 | (771 | ) | 81,417 | ||||||||||||||
Prepaid expenses | 353 | 1,717 | 5,461 | — | 7,531 | |||||||||||||||
Other current assets | 134 | 3,412 | 9,890 | — | 13,436 | |||||||||||||||
Total current assets | (90,140 | ) | 156,384 | 178,678 | (771 | ) | 244,151 | |||||||||||||
Property and equipment, net | 4,778 | 58,553 | 229,626 | — | 292,957 | |||||||||||||||
Investments | 685,672 | 268,312 | — | (953,984 | ) | — | ||||||||||||||
Goodwill | — | 17,737 | 48,323 | — | 66,060 | |||||||||||||||
Intangible assets | 11,406 | 3,478 | 319 | — | 15,203 | |||||||||||||||
Other assets | 4 | — | 8,531 | — | 8,535 | |||||||||||||||
Total assets | $ | 611,720 | $ | 504,464 | $ | 465,477 | $ | (954,755 | ) | $ | 626,906 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,181 | $ | 7,558 | $ | 22,559 | $ | — | $ | 31,298 | ||||||||||
Accrued expenses | 14,110 | 8,416 | 51,665 | — | 74,191 | |||||||||||||||
Current notes payable | — | — | 8,120 | 8,120 | ||||||||||||||||
Current maturities of long-term debt | 2,000 | — | 139 | — | 2,139 | |||||||||||||||
Total current liabilities | 17,291 | 15,974 | 82,483 | — | 115,748 | |||||||||||||||
Long-term debt, net of current maturities | 432,910 | — | — | — | 432,910 | |||||||||||||||
Deferred and long-term taxes | 291 | 2,335 | 13,435 | — | 16,061 | |||||||||||||||
Pension, other post-retirement and post-employment obligations | 21,643 | 1,154 | 58,455 | — | 81,252 | |||||||||||||||
Other long-term liabilities | 88 | — | 6,216 | — | 6,304 | |||||||||||||||
Intercompany loans | 225,604 | (342,537 | ) | 116,933 | — | — | ||||||||||||||
Total stockholders’ (deficit) equity | (86,107 | ) | 827,538 | 187,955 | (954,755 | ) | (25,369 | ) | ||||||||||||
Total liabilities and stockholders’ equity | $ | 611,720 | $ | 504,464 | $ | 465,477 | $ | (954,755 | ) | $ | 626,906 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Balance Sheet | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,471 | $ | 36 | $ | 28,270 | $ | — | $ | 34,777 | ||||||||||
Accounts receivable, net | — | 20,964 | 63,492 | — | 84,456 | |||||||||||||||
Intercompany receivables | (102,407 | ) | 107,944 | (5,537 | ) | — | — | |||||||||||||
Inventories, net | — | 15,672 | 62,569 | (850 | ) | 77,391 | ||||||||||||||
Prepaid expenses | 159 | 1,693 | 7,534 | — | 9,386 | |||||||||||||||
Other current assets | — | 2,970 | 11,869 | — | 14,839 | |||||||||||||||
Total current assets | (95,777 | ) | 149,279 | 168,197 | (850 | ) | 220,849 | |||||||||||||
Property and equipment, net | 734 | 62,157 | 245,915 | — | 308,806 | |||||||||||||||
Investments | 596,891 | 149,134 | — | (746,025 | ) | — | ||||||||||||||
Goodwill | — | 17,737 | 43,390 | — | 61,127 | |||||||||||||||
Intangible assets | 10,034 | 4,776 | 3,868 | — | 18,678 | |||||||||||||||
Other assets | 44 | — | 9,339 | — | 9,383 | |||||||||||||||
Total assets | $ | 511,926 | $ | 383,083 | $ | 470,709 | $ | (746,875 | ) | $ | 618,843 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 502 | $ | 8,629 | $ | 27,753 | $ | — | $ | 36,884 | ||||||||||
Accrued expenses | 6,005 | 6,579 | 47,173 | — | 59,757 | |||||||||||||||
Current notes payable | — | — | 7,911 | — | 7,911 | |||||||||||||||
Current maturities of long-term debt | 1,250 | — | 1,147 | — | 2,397 | |||||||||||||||
Total current liabilities | 7,757 | 15,208 | 83,984 | — | 106,949 | |||||||||||||||
Long-term debt, net of current maturities | 339,717 | — | 94,967 | — | 434,684 | |||||||||||||||
Deferred and long-term taxes | — | 2,335 | 14,247 | — | 16,582 | |||||||||||||||
Pension, other post-retirement and post-employment obligations | 21,677 | 1,000 | 61,272 | — | 83,949 | |||||||||||||||
Other long-term liabilities | 31 | — | 5,709 | — | 5,740 | |||||||||||||||
Intercompany loans | 229,239 | (358,187 | ) | 128,948 | — | — | ||||||||||||||
Total stockholders’ (deficit) equity | (86,495 | ) | 722,727 | 81,582 | (746,875 | ) | (29,061 | ) | ||||||||||||
Total liabilities and stockholders’ equity | $ | 511,926 | $ | 383,083 | $ | 470,709 | $ | (746,875 | ) | $ | 618,843 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | ' | |||||||||||||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive Income (Unaudited) | ||||||||||||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Net sales | $ | — | $ | 44,922 | $ | 102,702 | $ | (12,582 | ) | $ | 135,042 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of products sold | (421 | ) | 31,008 | 63,730 | (12,661 | ) | 81,656 | |||||||||||||
Selling | — | 5,048 | 12,194 | — | 17,242 | |||||||||||||||
General and administrative | 2,485 | 1,528 | 11,265 | — | 15,278 | |||||||||||||||
Research and development | — | 1,874 | 508 | — | 2,382 | |||||||||||||||
Restructuring and impairment | 60 | 37 | 2,937 | — | 3,034 | |||||||||||||||
2,124 | 39,495 | 90,634 | (12,661 | ) | 119,592 | |||||||||||||||
(Loss) income from operations | (2,124 | ) | 5,427 | 12,068 | 79 | 15,450 | ||||||||||||||
Interest (expense) income, net | (8,898 | ) | 1,408 | (1,888 | ) | — | (9,378 | ) | ||||||||||||
Foreign exchange loss | (538 | ) | (126 | ) | (241 | ) | — | (905 | ) | |||||||||||
Equity in subsidiaries income | 13,992 | 6,139 | — | (20,131 | ) | — | ||||||||||||||
Income (loss) before provision for income taxes | 2,432 | 12,848 | 9,939 | (20,052 | ) | 5,167 | ||||||||||||||
Provision for income taxes | (328 | ) | (23 | ) | (2,712 | ) | — | (3,063 | ) | |||||||||||
Net income | $ | 2,104 | $ | 12,825 | $ | 7,227 | $ | (20,052 | ) | $ | 2,104 | |||||||||
Comprehensive income | $ | 2,563 | $ | 12,975 | $ | 13,696 | $ | (20,052 | ) | $ | 9,182 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Operations and Comprehensive (Loss) Income-(Unaudited) | ||||||||||||||||||||
For the three months ended September 30, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Net sales | $ | — | $ | 45,119 | $ | 100,831 | $ | (11,719 | ) | $ | 134,231 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of products sold | (342 | ) | 31,821 | 65,442 | (11,842 | ) | 85,079 | |||||||||||||
Selling | — | 5,393 | 13,153 | — | 18,546 | |||||||||||||||
General and administrative | 3,489 | 1,725 | 10,436 | — | 15,650 | |||||||||||||||
Research and development | — | 2,105 | 595 | — | 2,700 | |||||||||||||||
Restructuring and impairment | 45 | 19 | 5,776 | — | 5,840 | |||||||||||||||
3,192 | 41,063 | 95,402 | (11,842 | ) | 127,815 | |||||||||||||||
(Loss) income from operations | (3,192 | ) | 4,056 | 5,429 | 123 | 6,416 | ||||||||||||||
Interest (expense) income, net | (6,973 | ) | 1,490 | (4,294 | ) | — | (9,777 | ) | ||||||||||||
Foreign exchange loss | (193 | ) | (3 | ) | (6 | ) | — | (202 | ) | |||||||||||
Equity in subsidiaries income (deficit) | 5,093 | (13,056 | ) | — | 7,963 | — | ||||||||||||||
Dividend income | 1,656 | 18,904 | — | (20,560 | ) | — | ||||||||||||||
(Loss) Income before provision for income taxes | (3,609 | ) | 11,391 | 1,129 | (12,474 | ) | (3,563 | ) | ||||||||||||
Provision for income taxes | (48 | ) | (35 | ) | (11 | ) | — | (94 | ) | |||||||||||
Net (loss) income | $ | (3,657 | ) | $ | 11,356 | $ | 1,118 | $ | (12,474 | ) | $ | (3,657 | ) | |||||||
Comprehensive (loss) income | $ | (3,598 | ) | $ | 11,464 | $ | 2,827 | $ | (12,474 | ) | $ | (1,781 | ) | |||||||
Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
erium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Cash Flows-(Unaudited) | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | 711 | $ | 32,709 | $ | 11,861 | $ | (44,570 | ) | $ | 711 | |||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Stock-based compensation | 1,120 | — | 21 | — | 1,141 | |||||||||||||||
Depreciation | 94 | 5,599 | 20,358 | — | 26,051 | |||||||||||||||
Amortization of intangibles | — | 1,298 | 70 | — | 1,368 | |||||||||||||||
Deferred financing cost amortization | (1,466 | ) | — | 3,759 | — | 2,293 | ||||||||||||||
Foreign exchange loss on revaluation of debt | (410 | ) | (45 | ) | 2,081 | — | 1,626 | |||||||||||||
Deferred taxes | 291 | — | 1,048 | — | 1,339 | |||||||||||||||
Asset impairment | 17 | 341 | 720 | 1,078 | ||||||||||||||||
Loss on disposition of property and equipment | 132 | 17 | 5 | — | 154 | |||||||||||||||
Loss on extinguishment of debt | 3,123 | 3,123 | ||||||||||||||||||
Provision for doubtful accounts | — | 155 | 388 | — | 543 | |||||||||||||||
Undistributed equity in earnings of subsidiaries | (33,970 | ) | (9,124 | ) | — | 43,094 | — | |||||||||||||
Change in assets and liabilities which provided (used) cash: | ||||||||||||||||||||
Accounts receivable | 25 | (3,151 | ) | (7,473 | ) | — | (10,599 | ) | ||||||||||||
Inventories | — | (1,057 | ) | (4,059 | ) | (79 | ) | (5,195 | ) | |||||||||||
Prepaid expenses | (194 | ) | (23 | ) | 1,931 | — | 1,714 | |||||||||||||
Other current assets | (151 | ) | 47 | (922 | ) | — | (1,026 | ) | ||||||||||||
Accounts payable and accrued expenses | 8,667 | 55 | (2,841 | ) | 1,555 | 7,436 | ||||||||||||||
Deferred and other long-term liabilities | 93 | 153 | (1,572 | ) | — | (1,326 | ) | |||||||||||||
Intercompany loans | 1,834 | (2,635 | ) | 801 | — | — | ||||||||||||||
Net cash (used in) provided by operating activities | (20,084 | ) | 24,339 | 26,176 | — | 30,431 | ||||||||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures, gross | (4,274 | ) | (2,166 | ) | (9,122 | ) | — | (15,562 | ) | |||||||||||
Intercompany property and equipment transfers, net | 3 | 88 | (91 | ) | — | |||||||||||||||
Proceeds from disposals of property and equipment | — | 4 | 2,231 | — | 2,235 | |||||||||||||||
Net cash used in investing activities | (4,271 | ) | (2,074 | ) | (6,982 | ) | — | (13,327 | ) | |||||||||||
Financing activities | — | |||||||||||||||||||
Proceeds from borrowings | 199,000 | 199,000 | ||||||||||||||||||
Principal payments on debt | (105,057 | ) | — | (93,791 | ) | — | (198,848 | ) | ||||||||||||
Payment of deferred financing fees | (3,030 | ) | (3,030 | ) | ||||||||||||||||
Intercompany loans | (59,415 | ) | (22,310 | ) | 81,725 | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 31,498 | (22,310 | ) | (12,066 | ) | — | (2,878 | ) | ||||||||||||
Effect of exchange rate changes on cash flows | — | — | (221 | ) | — | (221 | ) | |||||||||||||
Net increase (decrease) in cash | 7,143 | (45 | ) | 6,907 | — | 14,005 | ||||||||||||||
Cash and cash equivalents at beginning of period | 6,471 | 36 | 28,270 | — | 34,777 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 13,614 | $ | (9 | ) | $ | 35,177 | $ | — | $ | 48,782 | |||||||||
Xerium Technologies, Inc. | ||||||||||||||||||||
Consolidating Statement of Cash Flows-(Unaudited) | ||||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Parent | Total | Total Non | Other | The | ||||||||||||||||
Guarantors | Guarantors | Eliminations | Company | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net (loss) income | $ | (8,952 | ) | $ | 22,224 | $ | 6,524 | $ | (28,748 | ) | $ | (8,952 | ) | |||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Stock-based compensation | 1,574 | — | — | — | 1,574 | |||||||||||||||
Depreciation | 135 | 5,932 | 22,446 | — | 28,513 | |||||||||||||||
Amortization of intangibles | — | 1,659 | 70 | — | 1,729 | |||||||||||||||
Deferred financing cost amortization | 1,885 | — | 822 | — | 2,707 | |||||||||||||||
Foreign exchange loss on revaluation of debt | — | — | 879 | — | 879 | |||||||||||||||
Deferred taxes | — | — | (383 | ) | — | (383 | ) | |||||||||||||
Asset impairment | — | — | 1,600 | — | 1,600 | |||||||||||||||
Gain on disposition of property and equipment | — | 24 | (680 | ) | — | (656 | ) | |||||||||||||
Intercompany dividend | (1,656 | ) | (18,904 | ) | — | 20,560 | — | |||||||||||||
Provision for doubtful accounts | — | (150 | ) | 613 | — | 463 | ||||||||||||||
Undistributed equity in (earnings) loss of subsidiaries | (19,221 | ) | 10,668 | — | 8,553 | — | ||||||||||||||
Change in assets and liabilities which provided (used) cash: | ||||||||||||||||||||
Accounts receivable | 8 | 852 | 2,094 | — | 2,954 | |||||||||||||||
Inventories | — | 3,107 | (404 | ) | (365 | ) | 2,338 | |||||||||||||
Prepaid expenses | 122 | (671 | ) | (3,472 | ) | — | (4,021 | ) | ||||||||||||
Other current assets | — | 1,799 | (414 | ) | — | 1,385 | ||||||||||||||
Accounts payable and accrued expenses | 4,781 | (2,106 | ) | (730 | ) | — | 1,945 | |||||||||||||
Deferred and other long-term liabilities | 244 | (622 | ) | (780 | ) | — | (1,158 | ) | ||||||||||||
Intercompany loans | 1,891 | (394 | ) | (1,497 | ) | — | — | |||||||||||||
Net cash (used in) provided by operating activities | (19,189 | ) | 23,418 | 26,688 | — | 30,917 | ||||||||||||||
Investing activities | ||||||||||||||||||||
Capital expenditures, gross | (22 | ) | (1,895 | ) | (11,305 | ) | — | (13,222 | ) | |||||||||||
Intercompany property and equipment transfers, net | 344 | (317 | ) | (27 | ) | — | — | |||||||||||||
Proceeds from disposals of property and equipment | — | 298 | 1,080 | — | 1,378 | |||||||||||||||
Net cash provided by (used in) investing activities | 322 | (1,914 | ) | (10,252 | ) | — | (11,844 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Increase in notes payable | — | — | 7,365 | — | 7,365 | |||||||||||||||
Principal payments on debt | (13,846 | ) | — | (14,119 | ) | — | (27,965 | ) | ||||||||||||
Payment of deferred financing fees | (1,047 | ) | — | (735 | ) | — | (1,782 | ) | ||||||||||||
Dividends paid | 1,656 | — | (1,656 | ) | — | — | ||||||||||||||
Intercompany loans | 31,091 | (21,778 | ) | (9,313 | ) | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 17,854 | (21,778 | ) | (18,458 | ) | — | (22,382 | ) | ||||||||||||
Effect of exchange rate changes on cash flows | — | 2 | (682 | ) | — | (680 | ) | |||||||||||||
Net decrease in cash | (1,013 | ) | (272 | ) | (2,704 | ) | — | (3,989 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 11,548 | 280 | 31,738 | — | 43,566 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 10,535 | $ | 8 | $ | 29,034 | $ | — | $ | 39,577 | ||||||||||
Description_of_Business_and_Si3
Description of Business and Significant Accounting Policies - Components of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories, Net [Abstract] | ' | ' |
Raw materials | $20,378 | $16,924 |
Work in process | 24,744 | 23,681 |
Finished goods (includes consigned inventory of $8,620 at September 30, 2013 and $8,726 at December 31, 2012) | 36,295 | 36,786 |
Inventories, net | $81,417 | $77,391 |
Description_of_Business_and_Si4
Description of Business and Significant Accounting Policies - Components of Inventories (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Consigned inventory | $8,620 | $8,726 |
Description_of_Business_and_Si5
Description of Business and Significant Accounting Policies - Changes In Warranty Liability (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Warranties, Increase (Decrease) | ' |
Beginning balance | $1,848 |
Charged to Cost of Sales | 1,254 |
Effect of Foreign Currency Translation | 48 |
Settlements | -1,378 |
Ending balance | $1,772 |
Description_of_Business_and_Si6
Description of Business and Significant Accounting Policies - Net Income (Loss) Per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Weighted-average common shares outstanding-basic | 15,375,728 | 15,257,617 | 15,352,352 | 15,215,752 |
Dilutive effect of stock-based compensation awards outstanding | 668,563 | 0 | 439,245 | 0 |
Weighted-average common shares outstanding-diluted | 16,044,291 | 15,257,617 | 15,791,597 | 15,215,752 |
Description_of_Business_and_Si7
Description of Business and Significant Accounting Policies - Anti-dilutive Shares (Detail) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Dilutive securities outstanding, not included in the computation | 1.7 | 1.8 |
Description_of_Business_and_Si8
Description of Business and Significant Accounting Policies - Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Asset impairment | $0 | $700 | $0 | $667 |
Derivatives_and_Hedging_Detail
Derivatives and Hedging (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 08, 2011 |
agreement | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate cap agreements | ' | ' | ' | ' | ' | ' | 2 |
Interest rate cap agreements with notional amounts totaling | $42,800 | ' | ' | $42,800 | ' | ' | $114,400 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | 322 | ' | ' | ' | ' | ' |
Derivatives interest cap rate | 3.00% | ' | ' | 3.00% | ' | ' | ' |
Fair value of interest rate rate cap included in other assets in the Consolidated Balance Sheets | 4 | ' | ' | 4 | ' | 16 | ' |
Unrecognized losses included in accumulated other comprehensive loss | ' | ' | ' | -257 | ' | -644 | ' |
Expecetd reclassification from accumulated other comprehensive income (loss) to interest expense | ' | ' | ' | 108 | ' | ' | ' |
Fair value contracts included in foreign exchange gain (loss) | -836 | ' | 155 | 706 | 438 | ' | ' |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Derivatives fair value of other assets (liabilities) | ($287) | ' | ' | ($287) | ' | $357 | ' |
Derivatives_and_Hedging_Notion
Derivatives and Hedging - Notional Amounts of Outstanding Foreign Exchange Forward Contracts (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Derivatives Sold | ' |
Derivative [Line Items] | ' |
Non-designated hedges of foreign exchange risk | $25,812 |
Derivatives Purchased | ' |
Derivative [Line Items] | ' |
Non-designated hedges of foreign exchange risk | $14,706 |
Longterm_Debt_Schedule_Of_Long
Long-term Debt - Schedule Of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Senior Bank Debt (Secured): | ' | ' |
Senior Bank Debt (Secured) | $198,500 | $200,536 |
Other Long-Term Debt: | ' | ' |
Carrying value of long-term debt | 435,049 | 437,081 |
Less current maturities | 2,139 | 2,397 |
Total | 432,910 | 434,684 |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | ' | ' |
Senior Bank Debt (Secured): | ' | ' |
Senior Bank Debt (Secured) | 198,500 | 0 |
First Lien Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Twelve | ' | ' |
Senior Bank Debt (Secured): | ' | ' |
Senior Bank Debt (Secured) | 0 | 104,557 |
First Lien Debt Payable Quarterly Euro Denominated Euribor Six Point Two Five Percentage As Of June Thirty Two Thousand Twelve | ' | ' |
Senior Bank Debt (Secured): | ' | ' |
Senior Bank Debt (Secured) | 0 | 95,979 |
Senior Notes Unsecured Payable Semi Annually Us Dollar Denominated Interest Rate Fixed At Eight Point Eight Seven Five Percentage Matures June Of Two Thousand Eighteen | ' | ' |
Senior Bank Debt (Secured): | ' | ' |
Senior Notes (Unsecured), payable semi-annually-U.S. Dollar denominated interest rate fixed at 8.875%, matures June of 2018 | 236,410 | 236,410 |
Unsecured Interest Rate Fixed At Two Percentage To Two Point Five Percentage Euro Denominated Primarily Short Term | ' | ' |
Other Long-Term Debt: | ' | ' |
Unsecured, interest rate fixed at 1.31% to 3.40%, Yen denominated | $139 | $135 |
Longterm_Debt_Schedule_Of_Long1
Long-term Debt - Schedule Of Long-Term Debt (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
LIBOR rate, minimum | 1.25% | ' |
Interest rate Percentage above LIBOR rate | 5.00% | ' |
Debt instrument interest rate | 6.25% | ' |
Debt discount | 1 | ' |
First Lien Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Twelve | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
LIBOR rate, minimum | 1.25% | ' |
Interest rate Percentage above LIBOR rate | 5.00% | ' |
Debt instrument interest rate | 6.25% | ' |
First Lien Debt Payable Quarterly Euro Denominated Euribor Six Point Two Five Percentage As Of June Thirty Two Thousand Twelve | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
LIBOR rate, minimum | 1.25% | ' |
Interest rate Percentage above LIBOR rate | 5.00% | ' |
Debt instrument interest rate | 6.25% | ' |
Senior Notes Unsecured Payable Semi Annually Us Dollar Denominated Interest Rate Fixed At Eight Point Eight Seven Five Percentage Matures June Of Two Thousand Eighteen | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt instrument fixed interest rate | 8.88% | 8.88% |
Debt instrument maturity | 1-Jun-18 | ' |
Unsecured Interest Rate Fixed At Two Percentage To Two Point Five Percentage Euro Denominated Primarily Short Term | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt instrument fixed interest rate | 2.00% | 2.00% |
Unsecured Interest Rate Fixed At One Point Three One Percentage To Three Point Four Zero Percentage Yen Denominated Primarily Short Term | Minimum | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt instrument fixed interest rate | 1.31% | 1.31% |
Unsecured Interest Rate Fixed At One Point Three One Percentage To Three Point Four Zero Percentage Yen Denominated Primarily Short Term | Maximum | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt instrument fixed interest rate | 3.40% | 3.40% |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Accordion Option, Senior Secured Leverage Ratio Threshold | 2.25 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $22,200,000 | ' |
Long-term debt, net of current maturities | 432,910,000 | 434,684,000 |
Carrying value of long-term debt | 435,049,000 | 437,081,000 |
Fair value of long-term debt | ' | 410,000,000 |
Revolving Credit Facility [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 40,000,000 | ' |
Debt Instrument, Collateral, Outstanding Letters of Credit Threshold | 20,000,000 | ' |
Debt Instrument, Covenant Compliance, Maximum Annual Capital Expenditures | 42,000,000 | ' |
Debt Instrument, Covenant Compliance, Minimum Fixed Charge Coverage Ratio | 1 | ' |
Revolving Credit Facility [Member] | Less than 33.3 percent | Base Rate [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ' |
Revolving Credit Facility [Member] | Less than 33.3 percent | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ' |
Revolving Credit Facility [Member] | Between 33.3 percent and 66.7 percent | Base Rate [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ' |
Revolving Credit Facility [Member] | Between 33.3 percent and 66.7 percent | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ' |
Revolving Credit Facility [Member] | More than 66.7 percent | Base Rate [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ' |
Revolving Credit Facility [Member] | More than 66.7 percent | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ' |
Revolving Credit Facility [Member] | Less than 50 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ' |
Revolving Credit Facility [Member] | More than 50 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% | ' |
Revolving Credit Facility [Member] | Minimum | Between 33.3 percent and 66.7 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, Asset-Based Lending Percentage Threshold | 33.30% | ' |
Revolving Credit Facility [Member] | Minimum | More than 66.7 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, Asset-Based Lending Percentage Threshold | 66.70% | ' |
Revolving Credit Facility [Member] | Minimum | More than 50 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Unused Capacity, Commitment Fee Percentage, Asset-Based Lending Percentage Threshold | 50.00% | ' |
Revolving Credit Facility [Member] | Maximum | Less than 33.3 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, Asset-Based Lending Percentage Threshold | 33.30% | ' |
Revolving Credit Facility [Member] | Maximum | Between 33.3 percent and 66.7 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate, Asset-Based Lending Percentage Threshold | 66.70% | ' |
Revolving Credit Facility [Member] | Maximum | Less than 50 percent | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Unused Capacity, Commitment Fee Percentage, Asset-Based Lending Percentage Threshold | 50.00% | ' |
Letter of Credit [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | ' |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt discount | 1,000,000 | ' |
Debt instrument percentage | 6.25% | ' |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | Term Loan [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Face Amount | 200,000,000 | ' |
Debt discount | 1,000,000 | ' |
Debt Instrument, Accordion Option, Tranch Amount | 75,000,000 | ' |
Debt Instrument, Basis Spread on Variable Rate, Senior Secured Leverage Ratio Threshold | 2 | ' |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | Term Loan [Member] | Base Rate [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.25% | ' |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 1.25% | ' |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | Term Loan [Member] | Below Threshold [Member] | Base Rate [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ' |
New Term Loan Debt Payable Quarterly Us Dollar Denominated London Interbank Offer Rate Six Point Two Five Percentage As Of June Thirty Two Thousand Thirteen [Member] | Term Loan [Member] | Below Threshold [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ' |
Senior Notes Unsecured Payable Semi Annually Us Dollar Denominated Interest Rate Fixed At Eight Point Eight Seven Five Percentage Matures June Of Two Thousand Eighteen | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Refinancing transaction, outstanding indebtedness | $236,410,000 | $236,410,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Minimum | Maximum | BRAZIL | |||||
Foreign Tax Authority [Member] | |||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | $3,063,000 | $94,000 | $9,055,000 | $3,105,000 | ' | ' | ' |
Statutory income tax rate in foreign countries | ' | ' | ' | ' | 25.00% | 39.00% | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | ' | 0 | ' | ' | ' | ' |
Gross unrecognized tax benefit | 0 | ' | 0 | ' | ' | ' | ' |
Tax years open to examination | ' | ' | ' | ' | '2000 | '2012 | ' |
Tax, penalties and interest | ' | ' | 40,592,000 | ' | ' | ' | ' |
Income Tax Examination, Percentage Increase (Decrease) in Liability from Prior Year | ' | ' | ' | ' | ' | ' | -50.00% |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | 10,892,000 | ' | 10,892,000 | ' | ' | ' | ' |
Income Tax Examination, Liability Recorded | $29,700,000 | ' | $29,700,000 | ' | ' | ' | ' |
Components_Of_Net_Periodic_Ben
Components Of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pensions, Other Post-Retirement And Post-Employment Benefits [Abstract] | ' | ' | ' | ' |
Service cost | $934 | $898 | $2,873 | $2,671 |
Interest cost | 1,497 | 1,855 | 4,605 | 5,523 |
Expected return on plan assets | -1,356 | -1,392 | -4,169 | -4,142 |
Amortization of prior service cost | 7 | 4 | 10 | 11 |
Amortization of net loss | 547 | 640 | 1,690 | 1,906 |
Net periodic benefit cost | $1,629 | $2,005 | $5,009 | $5,969 |
Comprehensive_Income_and_Accum2
Comprehensive Income and Accumulated Other Comprehensive Loss - Components Of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net (loss) income | $2,104 | ($3,657) | $711 | ($8,952) |
Foreign currency translation adjustments | 7,462 | 2,571 | -650 | -5,828 |
Pension liability changes under Topic 715 | -398 | -683 | 2,217 | -593 |
Change in value of derivative instruments | 14 | -12 | 387 | -117 |
Comprehensive loss | $9,182 | ($1,781) | $2,665 | ($15,490) |
Comprehensive_Income_and_Accum3
Comprehensive Income and Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at December 31, 2012 | ' | ($41,893) | ($47,017) |
Other comprehensive (loss) income before reclassifications | 6,560 | 49 | ' |
Amounts reclassified from other comprehensive (loss) income | ' | ' | ' |
Amortization of actuarial losses | 518 | 1,532 | ' |
Amortization of interest expense | 0 | 373 | ' |
Net current period other comprehensive (loss) income | 7,078 | 1,954 | ' |
Balance at September 30, 2013 | -39,939 | -39,939 | -47,017 |
Amortization of actuarial losses, tax | 0 | ' | ' |
Amortization of interest expense, tax | 0 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at December 31, 2012 | ' | 3,253 | -4,859 |
Other comprehensive (loss) income before reclassifications | 7,462 | -650 | ' |
Amounts reclassified from other comprehensive (loss) income | ' | ' | ' |
Amortization of actuarial losses | 0 | 0 | ' |
Amortization of interest expense | 0 | 0 | ' |
Net current period other comprehensive (loss) income | 7,462 | -650 | ' |
Balance at September 30, 2013 | 2,603 | 2,603 | -4,859 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at December 31, 2012 | ' | -44,502 | -41,887 |
Other comprehensive (loss) income before reclassifications | -902 | 685 | ' |
Amounts reclassified from other comprehensive (loss) income | ' | ' | ' |
Amortization of actuarial losses | 504 | 1,532 | ' |
Amortization of interest expense | 0 | 0 | ' |
Net current period other comprehensive (loss) income | -398 | 2,217 | ' |
Balance at September 30, 2013 | -42,285 | -42,285 | -41,887 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at December 31, 2012 | ' | -644 | -271 |
Other comprehensive (loss) income before reclassifications | 0 | 14 | ' |
Amounts reclassified from other comprehensive (loss) income | ' | ' | ' |
Amortization of actuarial losses | 14 | 0 | ' |
Amortization of interest expense | 0 | 373 | ' |
Net current period other comprehensive (loss) income | 14 | 387 | ' |
Balance at September 30, 2013 | ($257) | ($257) | ($271) |
Restructuring_and_Impairment_E
Restructuring and Impairment Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Restructuring expense | $3,034 | $5,840 | $8,454 | $10,943 |
Restructuring_and_Impairment_E1
Restructuring and Impairment Expense - Restructuring Programs (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Reserve | ' | ' |
Beginning Balance | $15,912 | $1,252 |
Charges | 8,045 | 9,343 |
Currency Effects | 50 | -108 |
Cash Payments | -12,908 | -6,861 |
Ending Balance | 11,099 | 3,626 |
Impairment charges | 409 | 2 |
Severance [Member] | ' | ' |
Restructuring Reserve | ' | ' |
Beginning Balance | 15,577 | 800 |
Charges | 5,743 | 4,888 |
Currency Effects | -53 | 9 |
Cash Payments | -11,028 | -2,405 |
Ending Balance | 10,239 | 3,292 |
Facility Costs And Other [Member] | ' | ' |
Restructuring Reserve | ' | ' |
Beginning Balance | 335 | 452 |
Charges | 2,302 | 4,455 |
Currency Effects | 103 | -117 |
Cash Payments | -1,880 | -4,456 |
Ending Balance | $860 | $334 |
Restructuring_and_Impairment_E2
Restructuring and Impairment Expense - By Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments expense | $3,034 | $5,840 | $8,454 | $10,943 |
Clothing | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments expense | 2,888 | 2,572 | 6,875 | 7,338 |
Roll Covers | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments expense | 86 | 3,223 | 1,518 | 3,402 |
Corporate | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments expense | $60 | $45 | $61 | $203 |
Summarized_Financial_Informati
Summarized Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $135,042 | $134,231 | $413,171 | $404,973 |
Segment Earnings (Loss) | 15,450 | 6,416 | 45,688 | 22,490 |
Clothing | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 87,980 | 88,873 | 267,331 | 265,671 |
Segment Earnings (Loss) | 20,109 | 17,429 | 58,319 | 48,051 |
Roll Covers | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 47,062 | 45,358 | 145,840 | 139,302 |
Segment Earnings (Loss) | 11,140 | 9,914 | 35,802 | 29,930 |
Corporate | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Earnings (Loss) | ($4,332) | ($2,942) | ($11,162) | ($9,364) |
Reconciliation_Of_Segment_Earn
Reconciliation Of Segment Earnings (Loss) To Income Before Provision For Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Earnings (Loss): | ' | ' | ' | ' | ' |
Segment Earnings (Loss) | $15,450 | ' | $6,416 | $45,688 | $22,490 |
Stock-based compensation | -547 | ' | -820 | -1,141 | -1,574 |
Inventory write-off | 0 | ' | 0 | 692 | 0 |
Impairment expense | 0 | -700 | 0 | -667 | ' |
Legal fees related to term debt amendment | ' | ' | -30 | ' | -115 |
Interest expense, net | -9,378 | ' | -9,777 | -31,697 | -28,494 |
Depreciation and amortization | -8,791 | ' | -9,897 | -27,419 | -30,242 |
Loss on extinguishment of debt | 0 | ' | 0 | -3,123 | 0 |
Restructuring expense | -3,034 | ' | -5,840 | -8,454 | -10,943 |
Income (loss) before provision for income taxes | 5,167 | ' | -3,563 | 9,766 | -5,847 |
Chief Executive Officer | ' | ' | ' | ' | ' |
Segment Earnings (Loss): | ' | ' | ' | ' | ' |
Non-recurring expenses related to CEO retirement | 0 | ' | -1,600 | 0 | -3,096 |
Clothing | ' | ' | ' | ' | ' |
Segment Earnings (Loss): | ' | ' | ' | ' | ' |
Segment Earnings (Loss) | 20,109 | ' | 17,429 | 58,319 | 48,051 |
Roll Covers | ' | ' | ' | ' | ' |
Segment Earnings (Loss): | ' | ' | ' | ' | ' |
Segment Earnings (Loss) | 11,140 | ' | 9,914 | 35,802 | 29,930 |
Corporate | ' | ' | ' | ' | ' |
Segment Earnings (Loss): | ' | ' | ' | ' | ' |
Segment Earnings (Loss) | ($4,332) | ' | ($2,942) | ($11,162) | ($9,364) |
StockBased_Compensation_and_St2
Stock-Based Compensation and Stockholders' Deficit - Stock-Based Compensation Expense (Detail) (RSU And DSU Awards, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
RSU And DSU Awards | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ||||
Stock-based compensation expense | $547 | [1] | $820 | [1] | $1,141 | [1] | $1,574 | [1] |
[1] | Related to RSUs, Options and DSUs awarded to certain employees and non-employee directors. |
StockBased_Compensation_and_St3
Stock-Based Compensation and Stockholders' Deficit - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 13, 2013 | Jun. 12, 2013 | Mar. 12, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
2010-2012 Long-Term Incentive Plan | 2012-2014 Executive Long-Term Incentive Plan | 2012-2014 Executive Long-Term Incentive Plan | 2012-2014 Executive Long-Term Incentive Plan | 2012-2014 Executive Long-Term Incentive Plan | 2012-2014 Executive Long-Term Incentive Plan | 2012-2014 Executive Long-Term Incentive Plan | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | Chief Executive Officer | Retiring Chief Executive Officer | Non-Management Directors Plan | Non-Management Directors Plan | |||
Time Based Restricted Stock Units (RSU) | Time Based Restricted Stock Units (RSU) | Time Based Awards | Performance Based Awards | Performance Based Awards | Performance Based Awards | Chief Executive Officer Stock Plan | Chief Executive Officer Stock Plan | Deferred Stock Unit (DSUs) | Deferred Stock Unit (DSUs) | |||||||
Minimum | Maximum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock units granted | ' | ' | 131,010 | 54,750 | ' | ' | ' | ' | ' | ' | ' | ' | 204,208 | 50,000 | ' | ' |
Stock units vested | ' | ' | ' | ' | 16,582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive plan description | ' | ' | ' | ' | ' | 'Time-based awards, or 50% of the total target award, were granted in the form of 54,750 time-based RSUs under the Companybs 2012 Plan. | 'The performance-based awards will convert into shares of the Companybs common stock and be paid after the close of the three-year performance period. The amount of the payment will be based on a sliding scale ranging from 50% if the metric is achieved at 85% of the target up to 200% if the metric is achieved at or above 115% of the target. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of award on sliding scale | ' | ' | ' | ' | ' | ' | ' | 50.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of payout based on company performance | ' | ' | ' | ' | ' | ' | ' | 85.00% | 115.00% | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,663,525 | 913,525 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Per Individual | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 150,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Cash Award Per Participant Per Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 781,701 | 27,900 | ' | ' |
Common stock, par value | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Annual Retainer Per Director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $112,000 |
Deferred Compensation Arrangement with Individual, Shares Awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,247 | ' |
Deferred Compensation Arrangement with Individual, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,831 | ' |
Supplemental_Guarantor_Financi2
Supplemental Guarantor Financial Information - Condensed Consolidated Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $48,782 | $34,777 | $39,577 | $43,566 |
Accounts receivable, net | 92,985 | 84,456 | ' | ' |
Inventories, net | 81,417 | 77,391 | ' | ' |
Prepaid expenses | 7,531 | 9,386 | ' | ' |
Other current assets | 13,436 | 14,839 | ' | ' |
Total current assets | 244,151 | 220,849 | ' | ' |
Property and equipment, net | 292,957 | 308,806 | ' | ' |
Goodwill | 66,060 | 61,127 | ' | ' |
Intangible assets | 15,203 | 18,678 | ' | ' |
Other assets | 8,535 | 9,383 | ' | ' |
Total assets | 626,906 | 618,843 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 31,298 | 36,884 | ' | ' |
Accrued expenses | 74,191 | 59,757 | ' | ' |
Notes payable | 8,120 | 7,911 | ' | ' |
Current maturities of long-term debt | 2,139 | 2,397 | ' | ' |
Total current liabilities | 115,748 | 106,949 | ' | ' |
Long-term debt, net of current maturities | 432,910 | 434,684 | ' | ' |
Deferred and long-term taxes | 16,061 | 16,582 | ' | ' |
Pension, other post-retirement and post-employment obligations | 81,252 | 83,949 | ' | ' |
Other long-term liabilities | 6,304 | 5,740 | ' | ' |
Total stockholders' (deficit) equity | -25,369 | -29,061 | ' | ' |
Total liabilities and stockholders' deficit | 626,906 | 618,843 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 13,614 | 6,471 | 10,535 | 11,548 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany receivable | -104,241 | -102,407 | ' | ' |
Prepaid expenses | 353 | 159 | ' | ' |
Other current assets | 134 | ' | ' | ' |
Total current assets | -90,140 | -95,777 | ' | ' |
Property and equipment, net | 4,778 | 734 | ' | ' |
Investments | 685,672 | 596,891 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets | 11,406 | 10,034 | ' | ' |
Other assets | 4 | 44 | ' | ' |
Total assets | 611,720 | 511,926 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 1,181 | 502 | ' | ' |
Accrued expenses | 14,110 | 6,005 | ' | ' |
Notes payable | ' | 0 | ' | ' |
Current maturities of long-term debt | 2,000 | 1,250 | ' | ' |
Total current liabilities | 17,291 | 7,757 | ' | ' |
Long-term debt, net of current maturities | 432,910 | 339,717 | ' | ' |
Pension, other post-retirement and post-employment obligations | 21,643 | 21,677 | ' | ' |
Other long-term liabilities | 88 | 31 | ' | ' |
Intercompany loans | 225,604 | 229,239 | ' | ' |
Total stockholders' (deficit) equity | -86,107 | -86,495 | ' | ' |
Total liabilities and stockholders' deficit | 611,720 | 511,926 | ' | ' |
Total Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | -9 | 36 | 8 | 280 |
Accounts receivable, net | 23,969 | 20,964 | ' | ' |
Intercompany receivable | 110,566 | 107,944 | ' | ' |
Inventories, net | 16,729 | 15,672 | ' | ' |
Prepaid expenses | 1,717 | 1,693 | ' | ' |
Other current assets | 3,412 | 2,970 | ' | ' |
Total current assets | 156,384 | 149,279 | ' | ' |
Property and equipment, net | 58,553 | 62,157 | ' | ' |
Investments | 268,312 | 149,134 | ' | ' |
Goodwill | 17,737 | 17,737 | ' | ' |
Intangible assets | 3,478 | 4,776 | ' | ' |
Total assets | 504,464 | 383,083 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 7,558 | 8,629 | ' | ' |
Accrued expenses | 8,416 | 6,579 | ' | ' |
Notes payable | ' | 0 | ' | ' |
Total current liabilities | 15,974 | 15,208 | ' | ' |
Deferred and long-term taxes | 2,335 | 2,335 | ' | ' |
Pension, other post-retirement and post-employment obligations | 1,154 | 1,000 | ' | ' |
Intercompany loans | -342,537 | -358,187 | ' | ' |
Total stockholders' (deficit) equity | 827,538 | 722,727 | ' | ' |
Total liabilities and stockholders' deficit | 504,464 | 383,083 | ' | ' |
Total Non-Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 35,177 | 28,270 | 29,034 | 31,738 |
Accounts receivable, net | 69,016 | 63,492 | ' | ' |
Intercompany receivable | -6,325 | -5,537 | ' | ' |
Inventories, net | 65,459 | 62,569 | ' | ' |
Prepaid expenses | 5,461 | 7,534 | ' | ' |
Other current assets | 9,890 | 11,869 | ' | ' |
Total current assets | 178,678 | 168,197 | ' | ' |
Property and equipment, net | 229,626 | 245,915 | ' | ' |
Goodwill | 48,323 | 43,390 | ' | ' |
Intangible assets | 319 | 3,868 | ' | ' |
Other assets | 8,531 | 9,339 | ' | ' |
Total assets | 465,477 | 470,709 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 22,559 | 27,753 | ' | ' |
Accrued expenses | 51,665 | 47,173 | ' | ' |
Notes payable | 8,120 | 7,911 | ' | ' |
Current maturities of long-term debt | 139 | 1,147 | ' | ' |
Total current liabilities | 82,483 | 83,984 | ' | ' |
Long-term debt, net of current maturities | 0 | 94,967 | ' | ' |
Deferred and long-term taxes | 13,435 | 14,247 | ' | ' |
Pension, other post-retirement and post-employment obligations | 58,455 | 61,272 | ' | ' |
Other long-term liabilities | 6,216 | 5,709 | ' | ' |
Intercompany loans | 116,933 | 128,948 | ' | ' |
Total stockholders' (deficit) equity | 187,955 | 81,582 | ' | ' |
Total liabilities and stockholders' deficit | 465,477 | 470,709 | ' | ' |
Other Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories, net | -771 | -850 | ' | ' |
Total current assets | -771 | -850 | ' | ' |
Investments | -953,984 | -746,025 | ' | ' |
Total assets | -954,755 | -746,875 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Notes payable | ' | 0 | ' | ' |
Total current liabilities | 0 | ' | ' | ' |
Total stockholders' (deficit) equity | -954,755 | -746,875 | ' | ' |
Total liabilities and stockholders' deficit | -954,755 | -746,875 | ' | ' |
The Company | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 48,782 | 34,777 | 39,577 | 43,566 |
Accounts receivable, net | 92,985 | 84,456 | ' | ' |
Inventories, net | 81,417 | 77,391 | ' | ' |
Prepaid expenses | 7,531 | 9,386 | ' | ' |
Other current assets | 13,436 | 14,839 | ' | ' |
Total current assets | 244,151 | 220,849 | ' | ' |
Property and equipment, net | 292,957 | 308,806 | ' | ' |
Goodwill | 66,060 | 61,127 | ' | ' |
Intangible assets | 15,203 | 18,678 | ' | ' |
Other assets | 8,535 | 9,383 | ' | ' |
Total assets | 626,906 | 618,843 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 31,298 | 36,884 | ' | ' |
Accrued expenses | 74,191 | 59,757 | ' | ' |
Notes payable | 8,120 | 7,911 | ' | ' |
Current maturities of long-term debt | 2,139 | 2,397 | ' | ' |
Total current liabilities | 115,748 | 106,949 | ' | ' |
Long-term debt, net of current maturities | 432,910 | 434,684 | ' | ' |
Deferred and long-term taxes | 16,061 | 16,582 | ' | ' |
Pension, other post-retirement and post-employment obligations | 81,252 | 83,949 | ' | ' |
Other long-term liabilities | 6,304 | 5,740 | ' | ' |
Total stockholders' (deficit) equity | -25,369 | -29,061 | ' | ' |
Total liabilities and stockholders' deficit | $626,906 | $618,843 | ' | ' |
Supplemental_Guarantor_Financi3
Supplemental Guarantor Financial Information - Consolidating Statement Of Operation and Comprehensive (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | $135,042 | $134,231 | $413,171 | $404,973 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | 81,656 | 85,079 | 252,628 | 258,396 |
Selling | 17,242 | 18,546 | 53,349 | 57,104 |
General and administrative | 15,278 | 15,650 | 45,418 | 47,509 |
Research and development | 2,382 | 2,700 | 7,634 | 8,531 |
Restructuring and impairment | 3,034 | 5,840 | 8,454 | 10,943 |
Operating Costs and Expenses, Total | 119,592 | 127,815 | 367,483 | 382,483 |
Income from operations | 15,450 | 6,416 | 45,688 | 22,490 |
Interest (expense) income, net | -9,378 | -9,777 | -31,697 | -28,494 |
Foreign exchange (loss) gain | -905 | -202 | -1,102 | 157 |
Loss on extinguishment of debt | 0 | 0 | -3,123 | 0 |
Income (loss) before provision for income taxes | 5,167 | -3,563 | 9,766 | -5,847 |
Provision for income taxes | -3,063 | -94 | -9,055 | -3,105 |
Net income (loss) | 2,104 | -3,657 | 711 | -8,952 |
Comprehensive income (loss) | 9,182 | -1,781 | 2,665 | -15,490 |
Parent | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | ' | ' | 0 | 0 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | -421 | -342 | -1,270 | -1,150 |
Selling | ' | ' | 0 | 0 |
General and administrative | 2,485 | 3,489 | 6,766 | 8,753 |
Research and development | 0 | 0 | 0 | 0 |
Restructuring and impairment | 60 | 45 | 61 | 203 |
Operating Costs and Expenses, Total | 2,124 | 3,192 | 5,557 | 7,806 |
Income from operations | -2,124 | -3,192 | -5,557 | -7,806 |
Interest (expense) income, net | -8,898 | -6,973 | -23,715 | -21,419 |
Foreign exchange (loss) gain | -538 | -193 | -442 | -501 |
Equity in subsidiaries income | 13,992 | 5,093 | 33,970 | 19,221 |
Dividend Income, Operating | ' | ' | ' | 1,656 |
Loss on extinguishment of debt | ' | ' | -3,123 | ' |
Dividend income | ' | ' | 0 | ' |
Income (loss) before provision for income taxes | 2,432 | -3,609 | 1,133 | -8,849 |
Provision for income taxes | -328 | -48 | -422 | -103 |
Net income (loss) | 2,104 | -3,657 | 711 | -8,952 |
Comprehensive income (loss) | 2,563 | -3,598 | -632 | -8,261 |
Total Guarantors | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 44,922 | 45,119 | 138,303 | 134,970 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | 31,008 | 31,821 | 94,341 | 97,245 |
Selling | 5,048 | 5,393 | 15,239 | 16,725 |
General and administrative | 1,528 | 1,725 | 4,072 | 5,492 |
Research and development | 1,874 | 2,105 | 5,924 | 6,258 |
Restructuring and impairment | 37 | 19 | 831 | 182 |
Operating Costs and Expenses, Total | 39,495 | 41,063 | 120,407 | 125,902 |
Income from operations | 5,427 | 4,056 | 17,896 | 9,068 |
Interest (expense) income, net | 1,408 | 1,490 | 4,219 | 5,035 |
Foreign exchange (loss) gain | -126 | -3 | -130 | -7 |
Equity in subsidiaries income | 6,139 | -13,056 | 9,124 | -10,668 |
Dividend Income, Operating | ' | ' | ' | 18,904 |
Loss on extinguishment of debt | ' | ' | 0 | ' |
Dividend income | ' | ' | 1,555 | ' |
Income (loss) before provision for income taxes | 12,848 | 11,391 | 32,664 | 22,332 |
Provision for income taxes | -23 | -35 | 45 | -108 |
Net income (loss) | 12,825 | 11,356 | 32,709 | 22,224 |
Comprehensive income (loss) | 12,975 | 11,464 | 32,815 | 22,860 |
Total Non-Guarantors | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 102,702 | 100,831 | 311,319 | 305,628 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | 63,730 | 65,442 | 196,087 | 198,291 |
Selling | 12,194 | 13,153 | 38,110 | 40,379 |
General and administrative | 11,265 | 10,436 | 34,580 | 33,264 |
Research and development | 508 | 595 | 1,710 | 2,273 |
Restructuring and impairment | 2,937 | 5,776 | 7,562 | 10,558 |
Operating Costs and Expenses, Total | 90,634 | 95,402 | 278,049 | 284,765 |
Income from operations | 12,068 | 5,429 | 33,270 | 20,863 |
Interest (expense) income, net | -1,888 | -4,294 | -12,201 | -12,110 |
Foreign exchange (loss) gain | -241 | -6 | -530 | 665 |
Equity in subsidiaries income | ' | ' | 0 | 0 |
Dividend Income, Operating | ' | ' | ' | 0 |
Loss on extinguishment of debt | ' | ' | 0 | ' |
Dividend income | ' | ' | 0 | ' |
Income (loss) before provision for income taxes | 9,939 | 1,129 | 20,539 | 9,418 |
Provision for income taxes | -2,712 | -11 | -8,678 | -2,894 |
Net income (loss) | 7,227 | 1,118 | 11,861 | 6,524 |
Comprehensive income (loss) | 13,696 | 2,827 | 15,052 | -1,341 |
Other Eliminations | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | -12,582 | -11,719 | -36,451 | -35,625 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | -12,661 | -11,842 | -36,530 | -35,990 |
Selling | ' | ' | 0 | 0 |
General and administrative | ' | ' | 0 | 0 |
Research and development | ' | ' | 0 | 0 |
Restructuring and impairment | ' | ' | 0 | 0 |
Operating Costs and Expenses, Total | -12,661 | -11,842 | -36,530 | -35,990 |
Income from operations | 79 | 123 | 79 | 365 |
Interest (expense) income, net | ' | ' | 0 | 0 |
Foreign exchange (loss) gain | ' | ' | 0 | 0 |
Equity in subsidiaries income | -20,131 | 7,963 | -43,094 | -8,553 |
Dividend Income, Operating | ' | ' | ' | -20,560 |
Loss on extinguishment of debt | ' | ' | 0 | ' |
Dividend income | ' | ' | -1,555 | ' |
Income (loss) before provision for income taxes | -20,052 | -12,474 | -44,570 | -28,748 |
Provision for income taxes | 0 | ' | 0 | 0 |
Net income (loss) | -20,052 | -12,474 | -44,570 | -28,748 |
Comprehensive income (loss) | -20,052 | -12,474 | -44,570 | -28,748 |
The Company | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 135,042 | 134,231 | 413,171 | 404,973 |
Costs and expenses: | ' | ' | ' | ' |
Cost of products sold | 81,656 | 85,079 | 252,628 | 258,396 |
Selling | 17,242 | 18,546 | 53,349 | 57,104 |
General and administrative | 15,278 | 15,650 | 45,418 | 47,509 |
Research and development | 2,382 | 2,700 | 7,634 | 8,531 |
Restructuring and impairment | 3,034 | 5,840 | 8,454 | 10,943 |
Operating Costs and Expenses, Total | 119,592 | 127,815 | 367,483 | 382,483 |
Income from operations | 15,450 | 6,416 | 45,688 | 22,490 |
Interest (expense) income, net | -9,378 | -9,777 | -31,697 | -28,494 |
Foreign exchange (loss) gain | -905 | -202 | -1,102 | 157 |
Equity in subsidiaries income | ' | ' | 0 | 0 |
Dividend Income, Operating | ' | ' | ' | 0 |
Loss on extinguishment of debt | ' | ' | -3,123 | ' |
Dividend income | ' | ' | 0 | ' |
Income (loss) before provision for income taxes | 5,167 | -3,563 | 9,766 | -5,847 |
Provision for income taxes | -3,063 | -94 | -9,055 | -3,105 |
Net income (loss) | 2,104 | -3,657 | 711 | -8,952 |
Comprehensive income (loss) | $9,182 | ($1,781) | $2,665 | ($15,490) |
Supplemental_Guarantor_Financi4
Supplemental Guarantor Financial Information - Consolidating Statement Of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net (loss) income | $711 | ($8,952) |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 1,141 | 1,574 |
Depreciation | 26,051 | 28,513 |
Amortization of intangibles | 1,368 | 1,729 |
Deferred financing cost amortization | 2,293 | 2,707 |
Unrealized foreign exchange loss on revaluation of debt | 1,626 | 879 |
Deferred taxes | 1,339 | -383 |
Asset impairment | 667 | ' |
Gain on disposition of property and equipment | 154 | -656 |
Loss on extinguishment of debt | 3,123 | 0 |
Provision for doubtful accounts | 543 | 463 |
Change in assets and liabilities which provided (used) cash: | ' | ' |
Accounts receivable | -10,599 | 2,954 |
Inventories | -5,195 | 2,338 |
Prepaid expenses | 1,714 | -4,021 |
Other current assets | -1,026 | 1,385 |
Accounts payable and accrued expenses | 7,436 | 1,945 |
Deferred and other long-term liabilities | -1,326 | -1,158 |
Net cash provided by operating activities | 30,431 | 30,917 |
Investing activities | ' | ' |
Capital expenditures, gross | -15,562 | -13,222 |
Proceeds from disposals of property and equipment | 2,235 | 1,378 |
Net cash used in investing activities | -13,327 | -11,844 |
Financing activities | ' | ' |
Proceeds from borrowings | 199,000 | 0 |
Principal payments on debt | -198,848 | -27,965 |
Payment of deferred financing fees | -3,030 | -1,782 |
Net cash used in financing activities | -2,878 | -22,382 |
Effect of exchange rate changes on cash flows | -221 | -680 |
Net increase (decrease) in cash | 14,005 | -3,989 |
Cash and cash equivalents at beginning of period | 34,777 | 43,566 |
Cash and cash equivalents at end of period | 48,782 | 39,577 |
Parent | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
Increase (Decrease) in Notes Payable, Current | ' | 0 |
Operating activities | ' | ' |
Net (loss) income | 711 | -8,952 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 1,120 | 1,574 |
Depreciation | 94 | 135 |
Amortization of intangibles | 0 | 0 |
Deferred financing cost amortization | -1,466 | 1,885 |
Unrealized foreign exchange loss on revaluation of debt | -410 | 0 |
Deferred taxes | 291 | 0 |
Asset impairment | 17 | 0 |
Gain on disposition of property and equipment | 132 | 0 |
Payments of Intercompany Dividends | ' | -1,656 |
Loss on extinguishment of debt | 3,123 | ' |
Provision for doubtful accounts | 0 | 0 |
Undistributed equity in (earnings) loss of subsidiaries | -33,970 | -19,221 |
Change in assets and liabilities which provided (used) cash: | ' | ' |
Accounts receivable | 25 | 8 |
Inventories | 0 | 0 |
Prepaid expenses | -194 | 122 |
Other current assets | -151 | 0 |
Accounts payable and accrued expenses | 8,667 | 4,781 |
Deferred and other long-term liabilities | 93 | 244 |
Intercompany loans | 1,834 | 1,891 |
Net cash provided by operating activities | -20,084 | -19,189 |
Investing activities | ' | ' |
Capital expenditures, gross | -4,274 | -22 |
Intercompany property and equipment transfers, net | 3 | 344 |
Proceeds from disposals of property and equipment | 0 | 0 |
Net cash used in investing activities | -4,271 | 322 |
Financing activities | ' | ' |
Proceeds from borrowings | 199,000 | ' |
Principal payments on debt | -105,057 | -13,846 |
Payment of deferred financing fees | -3,030 | -1,047 |
Payments of Dividends | ' | 1,656 |
Intercompany loans | -59,415 | 31,091 |
Net cash used in financing activities | 31,498 | 17,854 |
Effect of exchange rate changes on cash flows | 0 | 0 |
Net increase (decrease) in cash | 7,143 | -1,013 |
Cash and cash equivalents at beginning of period | 6,471 | 11,548 |
Cash and cash equivalents at end of period | 13,614 | 10,535 |
Total Guarantors | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
Increase (Decrease) in Notes Payable, Current | ' | 0 |
Operating activities | ' | ' |
Net (loss) income | 32,709 | 22,224 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 0 | 0 |
Depreciation | 5,599 | 5,932 |
Amortization of intangibles | 1,298 | 1,659 |
Deferred financing cost amortization | 0 | 0 |
Unrealized foreign exchange loss on revaluation of debt | -45 | 0 |
Deferred taxes | 0 | 0 |
Asset impairment | 341 | 0 |
Gain on disposition of property and equipment | 17 | 24 |
Payments of Intercompany Dividends | ' | -18,904 |
Loss on extinguishment of debt | 0 | ' |
Provision for doubtful accounts | 155 | -150 |
Undistributed equity in (earnings) loss of subsidiaries | -9,124 | 10,668 |
Change in assets and liabilities which provided (used) cash: | ' | ' |
Accounts receivable | -3,151 | 852 |
Inventories | -1,057 | 3,107 |
Prepaid expenses | -23 | -671 |
Other current assets | 47 | 1,799 |
Accounts payable and accrued expenses | 55 | -2,106 |
Deferred and other long-term liabilities | 153 | -622 |
Intercompany loans | -2,635 | -394 |
Net cash provided by operating activities | 24,339 | 23,418 |
Investing activities | ' | ' |
Capital expenditures, gross | -2,166 | -1,895 |
Intercompany property and equipment transfers, net | 88 | -317 |
Proceeds from disposals of property and equipment | 4 | 298 |
Net cash used in investing activities | -2,074 | -1,914 |
Financing activities | ' | ' |
Principal payments on debt | 0 | 0 |
Payment of deferred financing fees | ' | 0 |
Payments of Dividends | ' | 0 |
Intercompany loans | -22,310 | -21,778 |
Net cash used in financing activities | -22,310 | -21,778 |
Effect of exchange rate changes on cash flows | 0 | 2 |
Net increase (decrease) in cash | -45 | -272 |
Cash and cash equivalents at beginning of period | 36 | 280 |
Cash and cash equivalents at end of period | -9 | 8 |
Total Non-Guarantors | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
Increase (Decrease) in Notes Payable, Current | ' | 7,365 |
Operating activities | ' | ' |
Net (loss) income | 11,861 | 6,524 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 21 | 0 |
Depreciation | 20,358 | 22,446 |
Amortization of intangibles | 70 | 70 |
Deferred financing cost amortization | 3,759 | 822 |
Unrealized foreign exchange loss on revaluation of debt | 2,081 | 879 |
Deferred taxes | 1,048 | -383 |
Asset impairment | 720 | 1,600 |
Gain on disposition of property and equipment | 5 | -680 |
Payments of Intercompany Dividends | ' | 0 |
Loss on extinguishment of debt | 0 | ' |
Provision for doubtful accounts | 388 | 613 |
Undistributed equity in (earnings) loss of subsidiaries | 0 | 0 |
Change in assets and liabilities which provided (used) cash: | ' | ' |
Accounts receivable | -7,473 | 2,094 |
Inventories | -4,059 | -404 |
Prepaid expenses | 1,931 | -3,472 |
Other current assets | -922 | -414 |
Accounts payable and accrued expenses | -2,841 | -730 |
Deferred and other long-term liabilities | -1,572 | -780 |
Intercompany loans | 801 | -1,497 |
Net cash provided by operating activities | 26,176 | 26,688 |
Investing activities | ' | ' |
Capital expenditures, gross | -9,122 | -11,305 |
Intercompany property and equipment transfers, net | -91 | -27 |
Proceeds from disposals of property and equipment | 2,231 | 1,080 |
Net cash used in investing activities | -6,982 | -10,252 |
Financing activities | ' | ' |
Principal payments on debt | -93,791 | -14,119 |
Payment of deferred financing fees | ' | -735 |
Payments of Dividends | ' | -1,656 |
Intercompany loans | 81,725 | -9,313 |
Net cash used in financing activities | -12,066 | -18,458 |
Effect of exchange rate changes on cash flows | -221 | -682 |
Net increase (decrease) in cash | 6,907 | -2,704 |
Cash and cash equivalents at beginning of period | 28,270 | 31,738 |
Cash and cash equivalents at end of period | 35,177 | 29,034 |
Other Eliminations | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
Increase (Decrease) in Notes Payable, Current | ' | 0 |
Operating activities | ' | ' |
Net (loss) income | -44,570 | -28,748 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 0 | 0 |
Depreciation | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Deferred financing cost amortization | 0 | 0 |
Unrealized foreign exchange loss on revaluation of debt | 0 | 0 |
Deferred taxes | 0 | 0 |
Asset impairment | ' | 0 |
Gain on disposition of property and equipment | 0 | 0 |
Payments of Intercompany Dividends | ' | 20,560 |
Loss on extinguishment of debt | 0 | ' |
Provision for doubtful accounts | 0 | 0 |
Undistributed equity in (earnings) loss of subsidiaries | 43,094 | 8,553 |
Change in assets and liabilities which provided (used) cash: | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | -79 | -365 |
Prepaid expenses | 0 | 0 |
Other current assets | 0 | 0 |
Accounts payable and accrued expenses | 1,555 | 0 |
Deferred and other long-term liabilities | 0 | 0 |
Intercompany loans | 0 | 0 |
Net cash provided by operating activities | 0 | 0 |
Investing activities | ' | ' |
Capital expenditures, gross | 0 | 0 |
Intercompany property and equipment transfers, net | ' | 0 |
Proceeds from disposals of property and equipment | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Financing activities | ' | ' |
Principal payments on debt | 0 | 0 |
Payment of deferred financing fees | ' | 0 |
Payments of Dividends | ' | 0 |
Intercompany loans | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash flows | 0 | 0 |
Net increase (decrease) in cash | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
The Company | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
Increase (Decrease) in Notes Payable, Current | ' | 7,365 |
Operating activities | ' | ' |
Net (loss) income | 711 | -8,952 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 1,141 | 1,574 |
Depreciation | 26,051 | 28,513 |
Amortization of intangibles | 1,368 | 1,729 |
Deferred financing cost amortization | 2,293 | 2,707 |
Unrealized foreign exchange loss on revaluation of debt | 1,626 | 879 |
Deferred taxes | 1,339 | -383 |
Asset impairment | 1,078 | 1,600 |
Gain on disposition of property and equipment | 154 | -656 |
Payments of Intercompany Dividends | ' | 0 |
Loss on extinguishment of debt | 3,123 | ' |
Provision for doubtful accounts | 543 | 463 |
Undistributed equity in (earnings) loss of subsidiaries | 0 | 0 |
Change in assets and liabilities which provided (used) cash: | ' | ' |
Accounts receivable | -10,599 | 2,954 |
Inventories | -5,195 | 2,338 |
Prepaid expenses | 1,714 | -4,021 |
Other current assets | -1,026 | 1,385 |
Accounts payable and accrued expenses | 7,436 | 1,945 |
Deferred and other long-term liabilities | -1,326 | -1,158 |
Intercompany loans | 0 | 0 |
Net cash provided by operating activities | 30,431 | 30,917 |
Investing activities | ' | ' |
Capital expenditures, gross | -15,562 | -13,222 |
Intercompany property and equipment transfers, net | 0 | 0 |
Proceeds from disposals of property and equipment | 2,235 | 1,378 |
Net cash used in investing activities | -13,327 | -11,844 |
Financing activities | ' | ' |
Proceeds from borrowings | 199,000 | ' |
Principal payments on debt | -198,848 | -27,965 |
Payment of deferred financing fees | -3,030 | -1,782 |
Payments of Dividends | ' | 0 |
Intercompany loans | 0 | 0 |
Net cash used in financing activities | -2,878 | -22,382 |
Effect of exchange rate changes on cash flows | -221 | -680 |
Net increase (decrease) in cash | 14,005 | -3,989 |
Cash and cash equivalents at beginning of period | 34,777 | 43,566 |
Cash and cash equivalents at end of period | $48,782 | $39,577 |