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 | ' |
Entity Registrant Name | 'Compass Diversified Holdings | ' |
Entity Central Index Key | '0001345126 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 48,300,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $151,163 | $18,241 |
Accounts receivable, less allowances of $3,634 at September 30, 2013 and $3,049 at December 31, 2012 | 129,011 | 100,647 |
Inventories | 143,982 | 127,283 |
Prepaid expenses and other current assets | 19,704 | 21,488 |
Total current assets | 443,860 | 267,659 |
Property, plant and equipment, net | 66,382 | 68,488 |
Goodwill | 257,527 | 257,527 |
Intangible assets, net | 317,557 | 340,666 |
Deferred debt issuance costs, less accumulated amortization of $3,591 at September 30, 2013 and $2,038 at December 31, 2012 | 8,775 | 8,238 |
Other non-current assets | 13,580 | 12,623 |
Total assets | 1,107,681 | 955,201 |
Current liabilities: | ' | ' |
Accounts payable | 67,511 | 52,207 |
Accrued expenses | 58,169 | 48,139 |
Due to related party | 4,225 | 3,765 |
Current portion of supplemental put obligation | ' | 5,185 |
Current portion, long-term debt | 2,850 | 2,550 |
Other current liabilities | 4,184 | 1,953 |
Total current liabilities | 136,939 | 113,799 |
Supplemental put obligation | ' | 46,413 |
Deferred income taxes | 62,200 | 63,982 |
Long-term debt, less original issue discount | 297,307 | 267,008 |
Other non-current liabilities | 5,740 | 7,787 |
Total liabilities | 502,186 | 498,989 |
Stockholders' equity | ' | ' |
Trust shares, no par value, 500,000 authorized; 48,300 shares issued and outstanding at September 30, 2013 and December 31, 2012 | 650,043 | 650,043 |
Accumulated other comprehensive income (loss) | 129 | -132 |
Accumulated deficit | -137,625 | -235,283 |
Total stockholders' equity attributable to Holdings | 512,547 | 414,628 |
Noncontrolling interest | 92,948 | 41,584 |
Total stockholders' equity | 605,495 | 456,212 |
Total liabilities and stockholders' equity | $1,107,681 | $955,201 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $3,634 | $3,049 |
Deferred debt issuance costs, less accumulated amortization | $3,591 | $2,038 |
Trust shares, par value | ' | ' |
Trust shares, authorized | 500,000 | 500,000 |
Trust shares, issued | 48,300 | 48,300 |
Trust shares, outstanding | 48,300 | 48,300 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $265,512 | $241,228 | $752,854 | $666,571 |
Cost of sales | 183,040 | 164,281 | 516,652 | 455,036 |
Gross profit | 82,472 | 76,947 | 236,202 | 211,535 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expense | 42,468 | 39,422 | 124,671 | 119,756 |
Supplemental put expense (reversal) (refer to Note B) | -61,303 | 5,029 | -45,995 | 6,391 |
Management fees | 4,892 | 4,429 | 13,642 | 13,294 |
Amortization expense | 7,310 | 7,699 | 22,384 | 22,639 |
Impairment expense | ' | ' | 900 | ' |
Operating income | 89,105 | 20,368 | 120,600 | 49,455 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 2 | 8 | 35 | 51 |
Interest expense | -5,080 | -5,068 | -14,640 | -18,804 |
Amortization of debt issuance costs | -542 | -485 | -1,553 | -1,326 |
Loss on debt extinguishment | ' | -856 | -1,785 | -856 |
Other expense, net | -75 | 173 | -91 | -223 |
Income from continuing operations before income taxes | 83,410 | 14,140 | 102,566 | 28,297 |
Provision for income taxes | 5,114 | 7,361 | 18,688 | 17,119 |
Income from continuing operations | 78,296 | 6,779 | 83,878 | 11,178 |
Loss from discontinued operations, net of income tax | ' | ' | ' | -1,168 |
Loss on sale of discontinued operations, net of income tax | ' | -334 | ' | -464 |
Net income | 78,296 | 6,445 | 83,878 | 9,546 |
Less: Income from continuing operations attributable to noncontrolling interest | 4,909 | 2,959 | 9,466 | 6,996 |
Less: Loss from discontinued operations attributable to noncontrolling interest | ' | ' | ' | -226 |
Net income attributable to Holdings | 73,387 | 3,486 | 74,412 | 2,776 |
Amounts attributable to Holdings: | ' | ' | ' | ' |
Income from continuing operations | 73,387 | 3,820 | 74,412 | 4,182 |
Loss from discontinued operations, net of income tax | ' | ' | ' | -942 |
Loss on sale of discontinued operations, net of income tax | ' | -334 | ' | -464 |
Net income attributable to Holdings | $73,387 | $3,486 | $74,412 | $2,776 |
Basic and fully diluted income (loss) per share attributable to Holdings | ' | ' | ' | ' |
Continuing operations | $1.52 | $0.08 | $1.54 | $0.09 |
Discontinued operations | ' | ($0.01) | ' | ($0.03) |
Basic and fully diluted income (loss) per share attributable to Holdings | $1.52 | $0.07 | $1.54 | $0.06 |
Weighted average number of shares of trust stock outstanding - basic and fully diluted | 48,300 | 48,300 | 48,300 | 48,300 |
Cash distributions declared per share (refer to Note J) | $0.36 | $0.36 | $1.08 | $1.08 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $78,296 | $6,445 | $83,878 | $9,546 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation and other | 686 | 424 | 261 | -363 |
Total comprehensive income, net of tax | $78,982 | $6,869 | $84,139 | $9,183 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | FOX IPO [Member] | Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] | Accum. Other Comprehensive Income (Loss) [Member] | Stockholders' Equity Attrib. to Holdings [Member] | Stockholders' Equity Attrib. to Holdings [Member] | Non-Controlling Interest [Member] | Non-Controlling Interest [Member] |
In Thousands | FOX IPO [Member] | FOX IPO [Member] | FOX IPO [Member] | |||||||
Beginning balance at Dec. 31, 2012 | $456,212 | ' | $650,043 | ($235,283) | ' | ($132) | $414,628 | ' | $41,584 | ' |
Beginning balance, shares at Dec. 31, 2012 | ' | ' | 48,300 | ' | ' | ' | ' | ' | ' | ' |
Net income | 83,878 | ' | ' | 74,412 | ' | ' | 74,412 | ' | 9,466 | ' |
Other comprehensive loss - foreign currency translation and other | 261 | ' | ' | ' | ' | 261 | 261 | ' | ' | ' |
Effect of subsidiary initial public offering (refer to Note C) | ' | 117,038 | ' | ' | 75,410 | ' | ' | 75,410 | ' | 41,628 |
Distribution to noncontrolling interest holders | -3,090 | ' | ' | ' | ' | ' | ' | ' | -3,090 | ' |
Option activity attributable to noncontrolling shareholders | 3,360 | ' | ' | ' | ' | ' | ' | ' | 3,360 | ' |
Distributions paid | -52,164 | ' | ' | -52,164 | ' | ' | -52,164 | ' | ' | ' |
Ending balance at Sep. 30, 2013 | $605,495 | ' | $650,043 | ($137,625) | ' | $129 | $512,547 | ' | $92,948 | ' |
Ending balance, shares at Sep. 30, 2013 | ' | ' | 48,300 | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $83,878 | $9,546 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation expense | 12,286 | 10,771 |
Amortization expense | 22,384 | 27,102 |
Impairment expense | 900 | ' |
Amortization of debt issuance costs and original issue discount | 2,489 | 2,421 |
Loss on debt extinguishment | 1,785 | 856 |
Supplemental put expense (reversal) | -45,995 | 6,391 |
Unrealized loss on interest rate and foreign currency derivatives | 68 | 2,108 |
Noncontrolling stockholder charges | 3,367 | 3,250 |
Deferred taxes | -2,121 | -2,315 |
Other | 189 | 1,399 |
Changes in operating assets and liabilities, net of acquisition: | ' | ' |
Increase in accounts receivable | -28,244 | -22,898 |
Increase in inventories | -16,720 | -22,563 |
Increase in prepaid expenses and other current assets | -668 | -1,674 |
Increase in accounts payable and accrued expenses | 26,044 | 20,661 |
Payment of profit allocation | -5,603 | -13,675 |
Net cash provided by operating activities | 54,039 | 21,380 |
Cash flows from investing activities: | ' | ' |
Acquisitions, net of cash acquired | ' | -125,434 |
Purchases of property and equipment | -14,673 | -9,718 |
Proceeds released from escrow related to Staffmark sale | ' | 5,045 |
Proceeds from the FOX IPO | 80,913 | ' |
Proceeds from the HALO sale | 1,244 | 66,473 |
Purchase of noncontrolling interest | ' | -15,128 |
Proceeds from sale leaseback transaction | 4,372 | ' |
Other investing activities | 260 | 974 |
Net cash provided by (used in) investing activities | 72,116 | -77,788 |
Cash flows from financing activities: | ' | ' |
Borrowings under credit facility | 117,500 | 169,500 |
Repayments under credit facility | -89,062 | -122,867 |
Redemption of CamelBak preferred stock | ' | -48,022 |
Distributions paid | -52,164 | -52,164 |
Proceeds provided from noncontrolling shareholders | ' | 11,833 |
Proceeds provided from noncontrolling shareholders received in connection with the FOX IPO | 36,122 | ' |
Distributions paid to noncontrolling shareholders | -3,090 | -16,289 |
Debt issuance costs | -2,697 | -3,154 |
Excess tax benefit on stock-based compensation, and other | -103 | 5,389 |
Net cash provided by (used in) investing activities | 6,506 | -55,774 |
Foreign currency impact on cash | 261 | -199 |
Net increase (decrease) in cash and cash equivalents | 132,922 | -112,381 |
Cash and cash equivalents - beginning of period | 18,241 | 132,370 |
Cash and cash equivalents - end of period | $151,163 | $19,989 |
Organization_and_Business_Oper
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Organization and Business Operations | ' |
Note A — Organization and business operations | |
Compass Diversified Holdings, a Delaware statutory trust (“Holdings”), was organized in Delaware on November 18, 2005. Compass Group Diversified Holdings LLC, a Delaware limited liability company (the “Company” or “CODI”), was also formed on November 18, 2005. Holdings is the sole owner of 100% of the Trust Interests (as defined in the LLC Agreement). Compass Group Management LLC, a Delaware limited liability company (“CGM” or the “Manager”), is the sole owner of 100% of the Allocation Interests (as defined in the LLC Agreement). Together, the Trust Interests and Allocation Interests constitute the LLC Interests (as defined in the LLC Agreement). The Manager was formerly the sole owner of 100% of the Interests of the Company, as defined in the Company’s operating agreement dated as of November 18, 2005, which were subsequently reclassified as the “Allocation Interests” pursuant to the LLC Agreement. | |
The Company is a controlling owner of eight businesses, or operating segments, at September 30, 2013. The operating segments are as follows: Compass AC Holdings, Inc. (“ACI” or “Advanced Circuits”), AFM Holding Corporation (“AFM” or “American Furniture”), AMT Acquisition Corporation (“Arnold” or “Arnold Magnetics”) CamelBak Products, LLC (“CamelBak”), The ERGO Baby Carrier, Inc. (“Ergobaby”), FOX Factory Holding Corp. (“FOX”), Liberty Safe and Security Products, Inc. (“Liberty Safe” or “Liberty”), and Anodyne Medical Device, Inc., d/b/a Tridien Medical (“Tridien”). Refer to Note D for further discussion of the operating segments. | |
Presentation_and_Principles_of
Presentation and Principles of Consolidation | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Presentation and Principles of Consolidation | ' | ||||
Note B — Presentation and principles of consolidation | |||||
The condensed consolidated financial statements for the three and nine month periods ended September 30, 2013 and September 30, 2012, are unaudited, and in the opinion of management, contain all adjustments necessary for a fair presentation of the condensed consolidated financial statements. Such adjustments consist solely of normal recurring items. Interim results are not necessarily indicative of results for a full year or any subsequent interim period. The condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and presented as permitted by Form 10-Q and do not contain certain information included in the annual consolidated financial statements and accompanying notes of the Company. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||
Seasonality | |||||
Earnings of certain of the Company’s operating segments are seasonal in nature. Earnings from AFM are typically highest in the months of January through April of each year, coinciding with homeowners’ tax refunds. Revenue and earnings from FOX are typically highest in the third quarter, coinciding with the delivery of product for the new bike year. Earnings from Liberty are typically lowest in the second quarter due to lower demand for safes at the onset of summer. Earnings from CamelBak are typically higher in the spring and summer months as this corresponds with warmer weather in the Northern Hemisphere and an increase in hydration related activities. | |||||
Consolidation | |||||
The condensed consolidated financial statements include the accounts of the Company and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||
Termination of Supplemental Put Agreement | |||||
The Company entered into a Supplemental Put Agreement with the Manager at the time of the Company’s Initial Public Offering in connection with the Management Service Agreement (“MSA”). Pursuant to the Supplemental Put Agreement, the Manager had the right to cause the Company to purchase the Allocation Interests then owned by the Manager upon termination of the MSA for a price to be determined in accordance with the Supplemental Put Agreement. The Allocation Interests entitle the holders to receive distributions pursuant to a profit allocation formula upon the occurrence of certain events. The distributions of the profit allocation will be paid only upon the occurrence of the sale of a material amount of capital stock or assets of one of the Company’s businesses (“Sale Event”) or, at the option of the Manager, at each five year anniversary date of the acquisition of one of the Company’s businesses (“Holding Event”). The Company historically recorded the Supplemental Put obligation at an amount equal to the fair value of the profit allocation. This amount is determined using a model that multiplies the trailing twelve-month EBITDA for each business unit by an estimated enterprise value multiple to determine an estimated selling price of the business unit. This amount represented the obligation of the Company to physically settle the purchase of the Allocation Interest at the option of the Manager upon the termination of the MSA. Prior to July 1, 2013 the Company recorded increases or decreases in the obligation through the consolidated statement of operations. | |||||
On July 1, 2013, the Company and the Manager amended the MSA to provide for certain modifications related to the Manager’s registration as an investment adviser under the Investment Advisers Act of 1940 (“Advisor’s Act”), as amended. In connection with the amendment resulting from the Manager’s registration as an investment adviser under the Adviser’s Act, the Company and the Manager agreed to terminate the Supplemental Put Agreement, which had the effect of eliminating the Manager’s right to require the Company to purchase the Allocation Interests upon termination of the MSA. Pursuant to the MSA, as amended, the Manager will continue to manage the day-to-day operations and affairs of the Company, oversee the management and operations of the Company’s businesses, perform certain other services for the Company and receive management fees, and the holders of the Allocation Interests will continue to receive the profit allocation upon the occurrence of a Sale Event or a Holding Event. | |||||
As a result of the termination of the Supplemental Put Agreement, the Company has derecognized the supplemental put liability associated with the Manager’s put right, reversing the entire $61.3 million liability at June 30, 2013 through supplemental put expense on the condensed consolidated statement of operations during the three months ended September 30, 2013. The Company will record future Holding Events and Sale Events as dividends declared on Allocations Interests to stockholders’ equity when they are approved by the Company’s board of directors. As a result of the initial public offering of Fox Factory Holding Corp. (“FOX IPO”), the Company’s board of directors approved and declared on October 30, 2013 a profit allocation payment totaling $16.0 million to be made to holders of Allocation Interests in November of 2013. | |||||
Accounting Standards Codification (“ASC”) 260, Earnings per Share, requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders, and that have non-forfeitable rights to dividend or dividend equivalents as a separate class of securities in calculating earnings per share. We have granted Allocation Interests that contain participating rights to receive profit allocations upon certain events. The participating rights of the Allocation Interests are limited to these events, and until declaration of a distribution subsequent to the occurrence of one of these events, there is no allocation to the Allocation Interests. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. | |||||
Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. | |||||
Reclassification | |||||
Certain amounts in the historical condensed consolidated financial statements have been reclassified to conform to the current period presentation. In connection with the exercise of the option for a $30.0 million incremental term loan in April 2012, the Company reclassified approximately $0.9 million from interest expense to loss on debt extinguishment within the condensed consolidated statements of operations during the nine months ended September 30, 2012. The expense was the result of the write off of a portion of unamortized original issue discount in connection with the Company repaying one of its lenders, which did not renew under the new terms of the term loan. The reclassification had no impact on the condensed consolidated statement of cash flows. | |||||
Discontinued Operations | |||||
On May 1, 2012, the Company sold its majority owned subsidiary, HALO. As such, the results of operations for the periods from April 1, 2012 through the date of sale and January 1, 2012 through the date of sale have been reclassified to exclude discontinued operations in the nine months ended September 30, 2012, respectively, in accordance with accounting guidelines. Summarized operating results included in discontinued operations for the nine months ended September 30, 2012 were as follows (in thousands): | |||||
For the period | |||||
Jan. 1, 2012 | |||||
through | |||||
disposition | |||||
Net sales | $ | 51,253 | |||
Operating loss | (2,141 | ) | |||
Loss from continuing operations before income taxes | (2,141 | ) | |||
Benefit for income taxes | (973 | ) | |||
Loss from discontinued operations | $ | (1,168 | ) | ||
Recent Accounting Pronouncements | |||||
In July 2013, the FASB issued amended guidance for the presentation of an unrecognized tax benefit when a net operating loss carry forward exists, which is effective for the Company January 1, 2014. This amended guidance requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carry forward, a similar tax loss or a tax credit carry forward. If an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. The Company does not expect the adoption of this amended guidance to have a significant impact on the condensed consolidated financial statements. | |||||
In March 2013, the FASB issued amended guidance for a parent’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity, which is effective for the Company January 1, 2014. This amended guidance was issued to resolve diversity in practice as it relates to the release of the cumulative translation adjustment into net income upon derecognition of a subsidiary or group of assets within a foreign entity. | |||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued amended guidance for presenting comprehensive income, which is effective for the Company January 1, 2013, and applied prospectively. This amended guidance requires an entity to disclose significant amounts reclassified out of accumulated other comprehensive income by component and their corresponding effect on the respective line items in net income. The adoption of this amended guidance did not have a significant impact on the condensed consolidated financial statements. | |||||
Initial_Public_Offering
Initial Public Offering | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Initial Public Offering | ' | ||||||||||||
Note C — Initial public offering | |||||||||||||
FOX Initial Public Offering | |||||||||||||
On August 13, 2013, the Company’s FOX operating segment completed an initial public offering of its common stock pursuant to a registration statement on Form S-1. In the FOX IPO, FOX sold 2,857,143 shares and certain of its shareholders sold 7,000,000 shares (including 5,800,238 shares held by CODI) at an initial offering price of $15.00 per share. FOX trades on the NASDAQ stock market under the ticker “FOXF”. CODI received approximately $80.9 million in net proceeds from the sale of their shares. Upon completion of the FOX IPO, Fox used a portion of the proceeds received from the sale of their shares as well as proceeds from a new credit facility with a third party lender to repay $61.5 million in outstanding indebtedness under their existing credit facility with the Company. | |||||||||||||
The Company’s ownership interest in FOX was reduced from 75.8% to 53.9% on a primary basis and from 70.6% to 49.8% on a fully diluted basis as a result of the FOX IPO. In connection with the FOX IPO, CGM’s Management Services Agreement (“FOX MSA”) with FOX under which the Manager provided various management services, was terminated. FOX paid $0.5 million in each of the years ended December 2012 and 2011, and $0.3 million in 2013 through the effective date of the FOX IPO under the FOX MSA. | |||||||||||||
The following table details the amounts recorded in the condensed consolidated statement of stockholders’ equity as a result of the FOX IPO (in thousands): | |||||||||||||
Accumulated | NCI | Total | |||||||||||
Deficit | |||||||||||||
Effect of FOX IPO proceeds | $ | 73,421 | 36,125 | $ | 109,546 | ||||||||
Effect of FOX IPO proceeds on NCI (1) | — | 7,492 | 7,492 | ||||||||||
Effect of FOX IPO on majority trust shares (2) | 1,989 | (1,989 | ) | — | |||||||||
— | |||||||||||||
$ | 75,410 | $ | 41,628 | $ | 117,038 | ||||||||
-1 | Represents the effect on noncontrolling shareholders resulting from the CODI proceeds from the FOX IPO. | ||||||||||||
-2 | Represents the majority ownership effect on CODI resulting from the FOX IPO. | ||||||||||||
Profit Allocation Payment | |||||||||||||
As a result of the FOX IPO, the Company declared to pay approximately $16.0 million of the profit allocation to Allocation Interest holders in the fourth quarter of 2013. | |||||||||||||
Operating_Segment_Data
Operating Segment Data | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Operating Segment Data | ' | ||||||||||||||||||||||||||||||||
Note D — Operating segment data | |||||||||||||||||||||||||||||||||
At September 30, 2013, the Company had eight reportable operating segments. Each operating segment represents a platform acquisition. The Company’s operating segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies. A description of each of the reportable segments and the types of products and services from which each segment derives its revenues is as follows: | |||||||||||||||||||||||||||||||||
• | Advanced Circuits, an electronic components manufacturing company, is a provider of prototype, quick-turn and volume production rigid printed circuit boards. ACI manufactures and delivers custom printed circuit boards to customers primarily in North America. ACI is headquartered in Aurora, Colorado. | ||||||||||||||||||||||||||||||||
• | American Furniture is a leading domestic manufacturer of upholstered furniture for the promotional segment of the marketplace. AFM offers a broad product line of stationary and motion furniture, including sofas, loveseats, sectionals, recliners and complementary products, sold primarily at retail price points ranging between $199 and $1,399. AFM is a low-cost manufacturer and is able to ship most products in its line within 48 hours of receiving an order. AFM is headquartered in Ecru, Mississippi and its products are sold in the United States. | ||||||||||||||||||||||||||||||||
• | Arnold Magnetics is a leading global manufacturer of engineered magnetic solutions for a wide range of specialty applications and end-markets, including energy, medical, aerospace and defense, consumer electronics, general industrial and automotive. Arnold Magnetics produces high performance permanent magnets (PMAG), flexible magnets (FlexMag) and precision foil products (Rolled Products) that are mission critical in motors, generators, sensors and other systems and components. Based on its long-term relationships, the company has built a diverse and blue-chip customer base totaling more than 2,000 clients worldwide. Arnold Magnetics is headquartered in Rochester, New York. | ||||||||||||||||||||||||||||||||
• | CamelBak is a designer and manufacturer of personal hydration products for outdoor, recreation and military use. CamelBak offers a complete line of technical hydration packs, reusable BPA-free water bottles, performance hydration accessories, specialized military gloves and performance accessories. Through its global distribution network, CamelBak products are available in more than 50 countries worldwide. CamelBak is headquartered in Petaluma, California. | ||||||||||||||||||||||||||||||||
• | Ergobaby is a premier designer, marketer and distributor of baby-wearing products, a premium line of stroller travel systems and related accessories. Ergobaby’s reputation for product innovation, reliability and safety has led to numerous awards and accolades from consumer surveys and publications. Ergobaby offers a broad range of wearable baby carriers and related products that are sold through more than 600 retailers and web shops in the United States and internationally. Ergobaby is headquartered in Los Angeles, California. | ||||||||||||||||||||||||||||||||
• | FOX is a leading designer, manufacturer and marketer of high-performance suspension products used primarily on mountain bikes, side-by-side vehicles, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles or ATVs, snowmobiles, specialty vehicles and applications and motorcycles. FOX designs its products for, and markets its products to, some of the world’s leading original equipment manufacturers, or OEMs, in its markets, and to customers through the aftermarket channel. FOX is headquartered in Scotts Valley, California and its products are sold worldwide. | ||||||||||||||||||||||||||||||||
• | Liberty Safe is a designer, manufacturer and marketer of premium home and gun safes in North America. From it’s over 204,000 square foot manufacturing facility, Liberty produces a wide range of home and gun safe models in a broad assortment of sizes, features and styles. Liberty is headquartered in Payson, Utah. | ||||||||||||||||||||||||||||||||
• | Tridien is a leading designer and manufacturer of powered and non-powered medical therapeutic support surfaces and patient positioning devices serving the acute care, long-term care and home health care markets. Tridien is headquartered in Coral Springs, Florida and its products are sold primarily in North America. | ||||||||||||||||||||||||||||||||
The tabular information that follows shows data for each of the operating segments reconciled to amounts reflected in the consolidated financial statements. The results of operations of each of the operating segments are included in consolidated operating results as of their date of acquisition. | |||||||||||||||||||||||||||||||||
Segment profit is determined based on internal performance measures used by the Chief Executive Officer to assess the performance of each business. Segment profit excludes certain charges from the acquisitions of the Company’s initial businesses not pushed down to the segments which are reflected in the Corporate and other line item. There were no significant inter-segment transactions. | |||||||||||||||||||||||||||||||||
A disaggregation of the Company’s consolidated revenue and other financial data for the three and nine months ended September 30, 2013 and 2012 is presented below (in thousands): | |||||||||||||||||||||||||||||||||
Net sales of operating segments | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
ACI | $ | 22,022 | $ | 22,229 | $ | 66,453 | $ | 62,878 | |||||||||||||||||||||||||
American Furniture | 26,277 | 20,728 | 79,318 | 72,359 | |||||||||||||||||||||||||||||
Arnold Magnetics | 32,381 | 31,951 | 95,405 | 75,787 | |||||||||||||||||||||||||||||
CamelBak | 34,661 | 36,672 | 111,927 | 121,140 | |||||||||||||||||||||||||||||
Ergobaby | 16,946 | 18,540 | 49,573 | 45,565 | |||||||||||||||||||||||||||||
FOX | 82,293 | 72,865 | 207,488 | 179,256 | |||||||||||||||||||||||||||||
Liberty | 35,242 | 23,385 | 96,828 | 67,000 | |||||||||||||||||||||||||||||
Tridien | 15,690 | 14,858 | 45,862 | 42,586 | |||||||||||||||||||||||||||||
Total | 265,512 | 241,228 | 752,854 | 666,571 | |||||||||||||||||||||||||||||
Reconciliation of segment revenues to consolidated revenues: | |||||||||||||||||||||||||||||||||
Corporate and other | — | — | — | — | |||||||||||||||||||||||||||||
Total consolidated revenues | $ | 265,512 | $ | 241,228 | $ | 752,854 | $ | 666,571 | |||||||||||||||||||||||||
International Revenues | |||||||||||||||||||||||||||||||||
Revenues from geographic locations outside the United States were material for the following operating segments: FOX, Ergobaby, CamelBak and Arnold, in each of the periods presented. There were no significant inter-segment transactions. | |||||||||||||||||||||||||||||||||
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Arnold Magnetics | $ | 14,971 | $ | 13,932 | $ | 45,116 | $ | 44,017 | |||||||||||||||||||||||||
CamelBak | 6,377 | 5,246 | 22,189 | 20,387 | |||||||||||||||||||||||||||||
ERGObaby | 10,727 | 11,157 | 28,408 | 26,659 | |||||||||||||||||||||||||||||
Fox | 55,288 | 50,366 | 135,129 | 114,993 | |||||||||||||||||||||||||||||
Profit of operating segments (1) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
ACI | $ | 5,673 | $ | 6,273 | $ | 17,903 | $ | 18,349 | |||||||||||||||||||||||||
American Furniture | (166 | ) | (581 | ) | 186 | (1,032 | ) | ||||||||||||||||||||||||||
Arnold Magnetics (2) | 2,704 | 2,031 | 7,473 | (1,795 | ) | ||||||||||||||||||||||||||||
CamelBak | 3,490 | 5,085 | 16,316 | 21,105 | |||||||||||||||||||||||||||||
Ergobaby | 3,051 | 4,240 | 9,015 | 7,905 | |||||||||||||||||||||||||||||
FOX | 14,774 | 10,991 | 30,979 | 22,137 | |||||||||||||||||||||||||||||
Liberty | 4,224 | 2,051 | 10,400 | 4,268 | |||||||||||||||||||||||||||||
Tridien | 577 | 1,130 | 1,168 | 3,054 | |||||||||||||||||||||||||||||
Total | 34,327 | 31,220 | 93,440 | 73,991 | |||||||||||||||||||||||||||||
Reconciliation of segment profit to consolidated income from continuing operations before income taxes: | |||||||||||||||||||||||||||||||||
Interest expense, net | (5,078 | ) | (5,916 | ) | (14,605 | ) | (18,753 | ) | |||||||||||||||||||||||||
Other income (expense), net | (75 | ) | 173 | (91 | ) | (223 | ) | ||||||||||||||||||||||||||
Corporate and other (3) | 54,236 | (11,337 | ) | 23,822 | (26,718 | ) | |||||||||||||||||||||||||||
Total consolidated income from continuing operations before income taxes | $ | 83,410 | $ | 14,140 | $ | 102,566 | $ | 28,297 | |||||||||||||||||||||||||
-1 | Segment profit represents operating income. | ||||||||||||||||||||||||||||||||
-2 | The three and nine months ended September 30, 2012 results include acquisition-related costs in connection with the acquisition of Arnold expensed in accordance with acquisition accounting. | ||||||||||||||||||||||||||||||||
-3 | Includes a reversal in the amount of $61.3 million of supplemental put obligation during the three and nine months ended September 30, 2013 associated with the termination of the Supplemental Put Agreement. | ||||||||||||||||||||||||||||||||
Accounts receivable | Accounts | Accounts | |||||||||||||||||||||||||||||||
Receivable | Receivable | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
ACI | $ | 6,124 | $ | 6,045 | |||||||||||||||||||||||||||||
American Furniture | 12,963 | 8,840 | |||||||||||||||||||||||||||||||
Arnold Magnetics | 18,307 | 15,850 | |||||||||||||||||||||||||||||||
CamelBak | 20,159 | 23,665 | |||||||||||||||||||||||||||||||
Ergobaby | 8,060 | 6,262 | |||||||||||||||||||||||||||||||
FOX | 39,643 | 25,664 | |||||||||||||||||||||||||||||||
Liberty | 19,441 | 11,914 | |||||||||||||||||||||||||||||||
Tridien | 7,948 | 5,456 | |||||||||||||||||||||||||||||||
Total | 132,645 | 103,696 | |||||||||||||||||||||||||||||||
Reconciliation of segment to consolidated totals: | |||||||||||||||||||||||||||||||||
Corporate and other | — | — | |||||||||||||||||||||||||||||||
Total | 132,645 | 103,696 | |||||||||||||||||||||||||||||||
Allowance for doubtful accounts | (3,634 | ) | (3,049 | ) | |||||||||||||||||||||||||||||
Total consolidated net accounts receivable | $ | 129,011 | $ | 100,647 | |||||||||||||||||||||||||||||
Goodwill | Goodwill | Identifiable | Identifiable | Depreciation and | Depreciation and | ||||||||||||||||||||||||||||
September 30, | Dec. 31, | Assets | Assets | Amortization Expense | Amortization Expense | ||||||||||||||||||||||||||||
September 30, | Dec. 31, | Three months ended | Nine months ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013(1) | 2012(1) | 2013(1) | 2012(1) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Goodwill and identifiable assets of operating segments | |||||||||||||||||||||||||||||||||
ACI | $ | 57,615 | $ | 57,615 | $ | 23,205 | $ | 28,044 | $ | 1,250 | $ | 1,255 | $ | 3,658 | $ | 3,712 | |||||||||||||||||
American Furniture | — | — | 23,586 | 23,827 | 48 | 39 | 137 | 112 | |||||||||||||||||||||||||
Arnold Magnetics | 51,767 | 51,767 | 89,328 | 90,877 | 2,016 | 1,762 | 6,075 | 7,432 | |||||||||||||||||||||||||
CamelBak | 5,546 | 5,546 | 217,405 | 231,102 | 3,269 | 3,257 | 9,708 | 9,796 | |||||||||||||||||||||||||
Ergobaby | 41,664 | 41,664 | 65,046 | 70,002 | 918 | 846 | 2,734 | 3,179 | |||||||||||||||||||||||||
FOX | 31,372 | 31,372 | 97,424 | 86,188 | 1,944 | 1,865 | 5,757 | 5,320 | |||||||||||||||||||||||||
Liberty | 32,684 | 32,684 | 46,946 | 38,265 | 1,470 | 1,703 | 4,690 | 5,265 | |||||||||||||||||||||||||
Tridien | 19,555 | 19,555 | 16,534 | 18,934 | 542 | 616 | 1,666 | 1,753 | |||||||||||||||||||||||||
Total | 240,203 | 240,203 | 579,474 | 587,239 | 11,457 | 11,343 | 34,425 | 36,569 | |||||||||||||||||||||||||
Reconciliation of segment to consolidated total: | — | — | |||||||||||||||||||||||||||||||
Corporate and other identifiable assets | — | — | 141,669 | 9,788 | 89 | 67 | 245 | 193 | |||||||||||||||||||||||||
Amortization of debt issuance costs and original issue discount | — | — | — | — | 823 | 845 | 2,489 | 2,421 | |||||||||||||||||||||||||
Goodwill carried at Corporate level (2) | 17,324 | 17,324 | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 257,527 | $ | 257,527 | $ | 721,143 | $ | 597,027 | $ | 12,369 | $ | 12,255 | $ | 37,159 | $ | 39,183 | |||||||||||||||||
-1 | Does not include accounts receivable balances per schedule above. | ||||||||||||||||||||||||||||||||
-2 | Represents goodwill resulting from purchase accounting adjustments not “pushed down” to the segments. This amount is allocated back to the respective segments for purposes of goodwill impairment testing. |
Property_Plant_and_Equipment_a
Property, Plant and Equipment and Inventory | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Property, Plant and Equipment and Inventory | ' | ||||||||
Note E — Property, plant and equipment and inventory | |||||||||
Property, plant and equipment is comprised of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 87,847 | $ | 79,088 | |||||
Office furniture, computers and software | 7,944 | 6,548 | |||||||
Leasehold improvements | 15,626 | 11,915 | |||||||
Buildings and land | 425 | 4,517 | |||||||
111,842 | 102,068 | ||||||||
Less: accumulated depreciation | (45,460 | ) | (33,580 | ) | |||||
Total | $ | 66,382 | $ | 68,488 | |||||
Depreciation expense was $4.1 million and $12.2 million for the three and nine months ended September 30, 2013, respectively, and $3.9 million and $10.8 million for the three and nine months ended September 30, 2012, respectively. | |||||||||
During the three months ended June 30, 2013, ACI executed a sale leaseback transaction on a new manufacturing facility in Aurora, CO. The resulting lease qualified and was accounted for as an operating lease. The net proceeds from the sale-leaseback transaction totaled $4.4 million. No gain was recorded as a result of the sale leaseback. The Company and its subsidiaries recognize lease expense, including predetermined fixed escalations, on a straight-line basis over the initial lease term including reasonably assured renewal periods from the time that the Company and its subsidiaries control the leased property. | |||||||||
Inventory is comprised of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 76,467 | $ | 62,906 | |||||
Work-in-process | 15,820 | 12,989 | |||||||
Finished goods | 60,430 | 60,564 | |||||||
Less: obsolescence reserve | (8,734 | ) | (9,176 | ) | |||||
Total | $ | 143,982 | $ | 127,283 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Note F — Goodwill and other intangible assets | |||||||||||||
Goodwill represents the difference between purchase cost and the fair value of net assets acquired in business acquisitions. Indefinite lived intangible assets, representing trademarks and trade names, are not amortized unless their useful life is determined to be finite. Long-lived intangible assets are subject to amortization using the straight-line method. Goodwill and indefinite lived intangible assets are tested for impairment annually as of March 31st of each year and more often if a triggering event occurs, by comparing the fair value of each reporting unit to its carrying value. Each of the Company’s businesses represents a reporting unit, except Arnold, which is comprised of three reporting units. | |||||||||||||
2013 Annual goodwill impairment testing | |||||||||||||
The Company is required to perform impairment reviews of goodwill balances at each of its Reporting Units (“RU”) at least annually and more frequently in certain circumstances in order to determine that the fair value of each RU equals or exceeds its carrying value. Each of the Company’s businesses represents a RU and Arnold is comprised of three RUs. Each of its RU was subject to impairment review at March 31, 2013, which represents the annual date for impairment testing, with the exception of American Furniture. The balance of American Furniture’s goodwill was completely written off in 2011. | |||||||||||||
At March 31, 2013, the Company elected to use the qualitative assessment alternative (step 0) to test goodwill for impairment for each of the RU that maintain a goodwill carrying value with the exception of Arnold which required further quantitative testing (step 1), in that the Company could not conclude that the fair value of the RUs exceeded the carrying value based on qualitative factors alone. As of March 31, 2013, the Company has concluded that the estimated fair value of each of its RU subject to the qualitative assessment exceeded its carrying value, in addition, based on the step 1 quantitative impairment analysis of the three RU’s at Arnold, the Company has concluded that the fair value for each of Arnold’s three RU exceeded its carrying amount. | |||||||||||||
During the second quarter of 2013, one of Tridien’s largest customers lost a large contract program that was being serviced substantially with Tridien product. The expected lost sales and net income were significant enough to trigger an interim goodwill impairment analysis. The result of the interim goodwill impairment analysis indicated that the implied fair value of goodwill exceeded the carrying value of goodwill ($28.2 million) by approximately 6%. The weighted average cost of capital used in the analysis was 14.5%. A 1% increase in the weighted average cost of capital would require the Company to impair Tridien’s goodwill balance. | |||||||||||||
A reconciliation of the change in the carrying value of goodwill for the nine months ended September 30, 2013 and the year ended December 31, 2012, is as follows (in thousands): | |||||||||||||
Nine months ended | Year ended | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance: | |||||||||||||
Goodwill | $ | 298,962 | $ | 247,002 | |||||||||
Accumulated impairment losses | (41,435 | ) | (41,435 | ) | |||||||||
257,527 | 205,567 | ||||||||||||
Impairment losses | — | — | |||||||||||
Acquisition of businesses (1) | — | 51,441 | |||||||||||
Adjustment to purchase accounting | — | 519 | |||||||||||
Total adjustments | — | 51,960 | |||||||||||
Ending balance: | |||||||||||||
Goodwill | 298,962 | 298,962 | |||||||||||
Accumulated impairment losses | (41,435 | ) | (41,435 | ) | |||||||||
$ | 257,527 | $ | 257,527 | ||||||||||
(1) | Relates to the purchase of Arnold Magnetics in 2012. | ||||||||||||
Other intangible assets | |||||||||||||
2013 Annual indefinite-lived impairment testing | |||||||||||||
The Financial Accounting Standards Board issued an Accounting Standards Update 2012 (“2012-02 ASU”) in July 2012 that permits companies to make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset, other than goodwill, is impaired. This ASU was effective for fiscal years beginning after December 15, 2012. | |||||||||||||
The optional qualitative assessment permits an entity to consider events and circumstances that could affect the fair value of the indefinite-lived intangible asset and avoid the quantitative test if the entity is able to support a conclusion that the indefinite-lived intangible asset is not impaired. The Company’s indefinite-lived intangible assets consist of trade names with a carrying value of approximately $131.7 million. At March 31, 2013, the Company elected to use the qualitative assessment alternative to test its indefinite-lived intangible assets for impairment. As of March 31, 2013, the Company has concluded that the estimated fair value of each of its indefinite lived intangible assets exceeded its carrying value. | |||||||||||||
During the second quarter of 2013, one of Tridien’s largest customers lost a large contract program that was being serviced substantially with Tridien product. The expected lost sales and net income were significant enough to trigger an interim indefinite-lived asset impairment analysis. The analysis indicated that sales of Tridien product, reliant on trade names could not fully support the carrying value of Tridien’s trade names. As such, the Company wrote down the value of the trade names by $0.9 million to a carrying value of approximately $0.6 million. | |||||||||||||
Other intangible assets are comprised of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||
September 30, | December 31, | Weighted | |||||||||||
2013 | 2012 | Average | |||||||||||
Useful | |||||||||||||
Lives | |||||||||||||
Customer relationships | $ | 191,878 | $ | 191,878 | 12 | ||||||||
Technology and patents | 89,557 | 89,541 | 8 | ||||||||||
Trade names, subject to amortization | 7,595 | 7,595 | 10 | ||||||||||
Licensing and non-compete agreements | 7,736 | 7,736 | 4 | ||||||||||
Distributor relations and other | 606 | 606 | 5 | ||||||||||
297,372 | 297,356 | ||||||||||||
Accumulated amortization: | |||||||||||||
Customer relationships | (60,618 | ) | (48,316 | ) | |||||||||
Technology and patents | (41,995 | ) | (33,808 | ) | |||||||||
Trade names, subject to amortization | (1,666 | ) | (977 | ) | |||||||||
Licensing and non-compete agreements | (6,619 | ) | (5,503 | ) | |||||||||
Distributor relations and other | (606 | ) | (516 | ) | |||||||||
Total accumulated amortization | (111,504 | ) | (89,120 | ) | |||||||||
Trade names, not subject to amortization | 131,689 | 132,430 | |||||||||||
Total intangibles, net | $ | 317,557 | $ | 340,666 | |||||||||
Amortization expense related to intangible assets was $7.3 million and $22.4 million for the three and nine months ended September 30, 2013, respectively, and $7.7 million and $22.6 million for the three and nine months ended September 30, 2012, respectively. Estimated charges to amortization expense of intangible assets over the next five years, is as follows, (in thousands): | |||||||||||||
October 1, 2013 through Dec. 31, 2013 | $ | 6,621 | |||||||||||
2014 | 28,431 | ||||||||||||
2015 | 24,805 | ||||||||||||
2016 | 18,531 | ||||||||||||
2017 | 17,253 | ||||||||||||
$ | 95,641 | ||||||||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note G — Debt | |||||||||
On October 27, 2011, the Company obtained a $515 million credit facility, with an optional $135 million increase, from a group of lenders led by Toronto Dominion (Texas) LLC (the “Credit Facility”). The Credit Facility provided for (i) a Revolving Credit Facility of $290 million due in October 2016, and (ii) a $225 million Term Loan Facility due in October 2017. The Term Loan Facility was issued at an original issuance discount of 96% and required quarterly payments of approximately $0.56 million commencing March 31, 2012. The Credit Facility is secured by a first priority lien on all the assets of the Company, including, but not limited to, the capital stock of the businesses, loan receivables from the Company’s businesses, cash and other assets. | |||||||||
On April 2, 2012, the Company exercised its option for an incremental term loan in the amount of $30 million. The incremental term loan was issued at 99% of par value and increased the term loans outstanding under the Credit Facility from approximately $224.4 million to approximately $254.4 million. The Company received total proceeds of $52.9 million in connection with this amendment, of which $22.9 million was used to repay an existing bank that did not agree to participate in the amendment. As a result, the Company removed the unamortized original issue discount related to this bank, and recorded a loss on debt extinguishment in the amount of $0.9 million. The remaining net proceeds from this incremental term loan were primarily used to reduce outstanding borrowings under the Revolving Credit Facility. | |||||||||
On April 3, 2013, the Company exercised its option for an incremental term loan in the amount of $30 million. The incremental term loan was issued at par value and increased the term loans outstanding under the Credit Facility to approximately $281.9 million. The quarterly amortization payments increased to approximately $0.7 million as a result of this incremental term loan. In addition, the Company amended its Credit Facility to reduce the margin on its LIBOR Loans from 5.00% to 4.00% and on its Base Rate Loans from 4.00% to 3.00% and reduced the LIBOR floor from 1.25% to 1.00%. The Company also amended the pricing terms of its Revolving Credit Facility. Under the terms of the amendment, amounts borrowed under the Revolving Credit Facility now bear interest based on a leverage ratio defined in the credit agreement at either LIBOR plus a margin ranging from 2.50% to 3.50%, or base rate plus a margin ranging from 1.50% to 2.50%. Further, the unused fee for the revolving credit facility was reduced from 1.00% to 0.75% when leverage is lower than a defined ratio and the maturity date for the Revolving Credit Facility was extended by six months to April 2017. The Company paid a fee in connection with this amendment of approximately $1.8 million, and incurred additional fees and expenses of approximately $0.1 million in the aggregate. The Company received total proceeds of $69.2 million in connection with this amendment, of which $39.2 million was used to repay existing banks that did not participate in the amendment. As a result, the Company accelerated the unamortized original issue discount and debt issuance costs related to these banks, and recorded a loss on debt extinguishment in the amount of $1.8 million. The remaining net proceeds from this incremental term loan were primarily used to reduce outstanding borrowings under the Revolving Credit Facility. | |||||||||
On August 6, 2013, the Company exercised an option under its Credit Agreement to expand its Revolving Credit Facility by $30 million, increasing the total amount available under the facility to $320 million subject to borrowing base restrictions. The Company intends to utilize the incremental borrowing capacity under the Revolving Credit Facility to fund future growth opportunities and provide for working capital and general corporate purposes. | |||||||||
Borrowing base availability under our Revolving Credit Facility was approximately $318.4 million at September 30, 2013. Letters of credit outstanding at September 30, 2013 totaled approximately $1.6 million. At September 30, 2013, the Company was in compliance with its covenants under the Credit Facility. | |||||||||
FOX Credit Facility | |||||||||
On August 7, 2013, FOX entered into a $60 million revolving credit facility with SunTrust Bank and other lenders (the “FOX Credit Facility”). The FOX Credit Facility expires on August 7, 2018 and provides a revolving loan facility of $60 million which includes up to $10 million in letters of credit and up to $5 million in swingline loans. The facility is secured by substantially all of Fox’s tangible and intangible personal property. Advances under the Fox Credit Facility bear interest at either the LIBOR or the Prime Rate, plus an applicable margin ranging from 0.50% to 1.50% based upon the Consolidated Net Leverage Ratio. At September 30, 2013, the interest rate on outstanding amounts under the facility was 2.13%. In addition to interest on amounts borrowed under the FOX Credit Facility, Fox will pay a quarterly commitment fee on the unused portion of the commitment as defined in the FOX Credit Facility, which can range from 0.20% to 0.30% based on its Consolidated Net Leverage Ratio. FOX paid approximately $0.8 million in fees upon entering into the FOX Credit Facility and recorded this amount as deferred debt issuance costs in the accompanying condensed consolidated balance sheet. This amount will be amortized over the term of the facility. | |||||||||
FOX drew $28.5 million upon closing and used $21.6 million of those proceeds to repay the remaining outstanding amount of their related party facility with the Company. The remainder of the proceeds was used to pay expenses related to the FOX IPO and for working capital requirements. At September 30, 2013, $24.5 million was outstanding under the FOX Credit Facility. | |||||||||
FOX is subject to certain customary affirmative and restrictive covenants arising under the FOX Credit Facility. In addition, FOX is required to maintain certain financial covenants, including a Leverage Ratio and a Fixed Charge Ratio. Fox was in compliance with applicable covenants as of September 30, 2013. | |||||||||
The following table provides the Company’s debt holdings at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving Credit Facility | $ | — | $ | 24,000 | |||||
FOX Credit Facility | 24,500 | — | |||||||
Term Loan Facility | 280,463 | 252,525 | |||||||
Original issue discount | (4,806 | ) | (6,967 | ) | |||||
Total debt | $ | 300,157 | $ | 269,558 | |||||
Less: Current portion, term loan facilities | (2,850 | ) | (2,550 | ) | |||||
Long term debt | $ | 297,307 | $ | 267,008 | |||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |||
Derivative Instruments and Hedging Activities | ' | |||
Note H — Derivative instruments and hedging activities | ||||
The Credit Facility requires the Company to hedge the interest on fifty percent of the outstanding debt under the Term Loan Facility. The Company purchased the following derivatives on October 31, 2011: | ||||
• | A two-year interest rate cap (“Cap”) with a notional amount of $200 million effective December 31, 2011 through December 31, 2013. The agreement caps the three-month LIBOR rate at 2.5% in exchange for a fixed payment of $0.3 million. At September 30, 2013 this Cap had a fair value of $0.0 million and is reflected in other current assets on the consolidated balance sheet. The difference between the fixed payment and its mark-to-market value is reflected as a component of interest expense; and | |||
• | A three-year interest rate swap (“Swap”) with a notional amount of $200 million effective January 1, 2014 through December 31, 2016. The agreement requires the Company to pay interest on the notional amount at the rate of 2.49% in exchange for the three-month LIBOR rate, with a floor of 1.5%. At September 30, 2013, this Swap had a fair value loss of $4.0 million. The fair value is reflected in other current liabilities of $1.5 million and other non-current liabilities of $2.5 million with its periodic mark-to-market value reflected as a component of interest expense. | |||
The Company did not elect hedge accounting for the above derivative transactions associated with the Credit Facility and as a result, periodic mark-to-market changes in fair value are reflected as a component of interest expense in the consolidated statement of operations. | ||||
Certain of the Company’s subsidiaries enter into foreign currency hedging transactions to limit their risk exposure to fluctuations in foreign currency rates. The Company has not elected hedge accounting for these transactions. These foreign currency instruments are marked-to-market and accordingly $0.2 million of loss was recorded during the three months ended September 30, 2013 to other income/expense, and $0.04 million of gain was recorded during the nine months ended September 30, 2013 to other income/expense. The notional amount of these currency hedging transactions totaled $3.1 million at September 30, 2013 and the fair value was $(0.04) million and is included in other current liabilities on the condensed consolidated balance sheet. Refer to Note I for the related fair value disclosures. | ||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||||||||||||||||
Note I — Fair value measurement | |||||||||||||||||||||||||||||||||
Recurring basis: | |||||||||||||||||||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring basis at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Interest rate cap | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Foreign currency instruments (1) | 40 | — | 40 | — | |||||||||||||||||||||||||||||
Call option of noncontrolling shareholder (2) | 25 | — | — | 25 | |||||||||||||||||||||||||||||
Put option of noncontrolling shareholders (3) | 50 | — | — | 50 | |||||||||||||||||||||||||||||
Interest rate swap | 3,976 | — | 3,976 | — | |||||||||||||||||||||||||||||
-1 | Comprised of foreign currency instruments that do not qualify as hedges. | ||||||||||||||||||||||||||||||||
-2 | Represents a noncontrolling shareholder’s call option to purchase additional common stock in Tridien. | ||||||||||||||||||||||||||||||||
-3 | Represents put options issued to noncontrolling shareholders in connection with the Liberty acquisition. | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Interest rate cap | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Supplemental put obligation | $ | 51,598 | $ | — | $ | — | $ | 51,598 | |||||||||||||||||||||||||
Call option of noncontrolling shareholder | 25 | — | — | 25 | |||||||||||||||||||||||||||||
Put option of noncontrolling shareholders | 50 | — | — | 50 | |||||||||||||||||||||||||||||
Interest rate swap | 3,997 | — | 3,997 | — | |||||||||||||||||||||||||||||
Reconciliations of the change in the carrying value of our Level 3 supplemental put obligation from January 1, 2013 through September 30, 2013 and from January 1, 2012 through September 30, 2012 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 51,598 | $ | 49,489 | |||||||||||||||||||||||||||||
Supplemental put expense (reversal) | 6,396 | (1,540 | ) | ||||||||||||||||||||||||||||||
Payment of supplemental put obligation | — | (13,675 | ) | ||||||||||||||||||||||||||||||
Balance at March 31 | $ | 57,994 | $ | 34,274 | |||||||||||||||||||||||||||||
Supplemental put expense | 8,912 | 2,902 | |||||||||||||||||||||||||||||||
Payment of supplemental put obligation | (5,603 | ) | — | ||||||||||||||||||||||||||||||
Balance at June 30 | $ | 61,303 | $ | 37,176 | |||||||||||||||||||||||||||||
Supplemental put expense | — | 5,029 | |||||||||||||||||||||||||||||||
Supplemental put termination | (61,303 | ) | — | ||||||||||||||||||||||||||||||
Balance at September 30 | $ | — | $ | 42,205 | |||||||||||||||||||||||||||||
Valuation Techniques | |||||||||||||||||||||||||||||||||
The Company has not changed its valuation techniques in measuring the fair value of any of its financial assets and liabilities during the period. For details of the Company’s fair value measurement policies under the fair value hierarchy, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |||||||||||||||||||||||||||||||||
Supplemental Put obligation: | |||||||||||||||||||||||||||||||||
The change in the supplemental put liability during the three and nine months ended September 30, 2013 was due to the termination of the Supplemental Put Agreement on July 1, 2013. In addition, during the three months ended June 30, 2013, the Company paid $5.6 million of the supplemental put liability related to the contribution-based profit allocation for the fifth anniversary of the acquisition of FOX. Refer to Note B for discussion regarding the termination of the Supplemental Put Agreement. | |||||||||||||||||||||||||||||||||
Foreign currency instruments – liability: | |||||||||||||||||||||||||||||||||
The Company’s foreign currency instruments consist of over-the-counter foreign currency instruments which are not traded on a public exchange. The fair value of the Company’s foreign currency instruments were determined based on inputs that were readily available in public markets or could be derived from information available in publicly quoted markets. As such, the Company categorized the foreign currency instruments as Level 2. | |||||||||||||||||||||||||||||||||
Nonrecurring basis: | |||||||||||||||||||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a nonrecurring basis at September 30, 2013. The fair value was determined by applying the relief from royalty technique to forecasted revenues (in thousands). | |||||||||||||||||||||||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trade name at Tridien (1) | $ | 580 | $ | — | $ | — | $ | 580 | $ | — | $ | — | $ | 900 | $ | — | |||||||||||||||||
-1 | Please refer to Note F for discussion regarding the impairment of the indefinite-lived tradename asset at Tridien. |
Stockholders_Equity
Stockholder's Equity | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Equity [Abstract] | ' | |||
Stockholder's Equity | ' | |||
Note J — Stockholder’s equity | ||||
The Trust is authorized to issue 500,000,000 Trust shares and the Company is authorized to issue a corresponding number of LLC interests. The Company will at all times have the identical number of LLC interests outstanding as Trust shares. Each Trust share represents an undivided beneficial interest in the Trust, and each Trust share is entitled to one vote per share on any matter with respect to which members of the Company are entitled to vote. | ||||
Distributions: | ||||
• | On January 31, 2013, the Company paid a distribution of $0.36 per share to holders of record as of January 25, 2013. This distribution was declared on January 10, 2013. | |||
• | On April 30, 2013, the Company paid a distribution of $0.36 per share to holders of record as of April 23, 2013. This distribution was declared on April 9, 2013. | |||
• | On July 30, 2013, the Company paid a distribution of $0.36 per share to holders of record as of July 23, 2013. This distribution was declared on July 10, 2013. | |||
• | On October 30, 2013, the Company paid a distribution of $0.36 per share to holders of record as of October 23, 2013. This distribution was declared on October 10, 2013. |
Warranties
Warranties | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Warranties | ' | ||||||||
Note K — Warranties | |||||||||
The Company’s CamelBak, Ergobaby, FOX, Liberty and Tridien operating segments estimate their exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability quarterly and adjusts the amount as necessary. A reconciliation of the change in the carrying value of the Company’s warranty liability for the nine months ended September 30, 2013 and the year ended December 31, 2012 is as follows (in thousands): | |||||||||
Nine months ended | Year ended | ||||||||
September 30, 2013 | December 31, | ||||||||
2012 | |||||||||
Beginning balance | $ | 6,410 | $ | 4,311 | |||||
Accrual | 4,226 | 5,903 | |||||||
Warranty payments | (4,023 | ) | (3,804 | ) | |||||
Ending balance | $ | 6,613 | $ | 6,410 | |||||
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Noncontrolling Interest | ' | ||||||||||||||||
Note L — Noncontrolling interest | |||||||||||||||||
Noncontrolling interest represents the portion of the Company’s majority-owned subsidiary’s net income (loss) and equity that is owned by noncontrolling shareholders. The following tables reflect the Company’s ownership percentage of its majority owned operating segments and related noncontrolling interest balances as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
% Ownership | % Ownership | ||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Primary | Fully | Primary | Fully | ||||||||||||||
Diluted | Diluted | ||||||||||||||||
ACI | 69.4 | 69.4 | 69.4 | 69.4 | |||||||||||||
American Furniture | 99.9 | 99.9 | 99.9 | 99.9 | |||||||||||||
Arnold Magnetics | 96.7 | 87.3 | 96.7 | 87.6 | |||||||||||||
CamelBak | 89.9 | 79.7 | 89.9 | 79.7 | |||||||||||||
Ergobaby | 81 | 74.1 | 81.1 | 77.1 | |||||||||||||
FOX (refer to Note C) | 53.9 | 49.8 | 75.8 | 70.6 | |||||||||||||
Liberty | 96.2 | 85 | 96.2 | 86.7 | |||||||||||||
Tridien | 81.3 | 67.2 | 81.3 | 67.4 | |||||||||||||
Noncontrolling Interest Balances | |||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
ACI | $ | (3,165 | ) | $ | (5,359 | ) | |||||||||||
American Furniture | 260 | 260 | |||||||||||||||
Arnold Magnetics | 1,775 | 1,610 | |||||||||||||||
CamelBak | 13,352 | 12,173 | |||||||||||||||
Ergobaby | 12,214 | 11,195 | |||||||||||||||
FOX | 61,861 | 12,530 | |||||||||||||||
Liberty | 2,225 | 1,752 | |||||||||||||||
Tridien | 4,326 | 7,323 | |||||||||||||||
CGM | 100 | 100 | |||||||||||||||
$ | 92,948 | $ | 41,584 | ||||||||||||||
Tridien Preferred Stock Redemption | |||||||||||||||||
On February 7, 2013, Tridien redeemed 175,000 shares of its Redeemable Preferred Stock at a redemption price of $100 per share, aggregating $17.5 million. The purpose of this redemption was to recapitalize Tridien in the normal course of business. The Company received $14.4 million of the redemption payout and non-controlling shareholders of Tridien received the remaining $3.1 million. In connection with this redemption, Tridien amended its inter-company loan agreement (the “Loan Agreement”). The Loan Agreement was amended to (i) provide for additional term loan borrowings of $16.5 million and reduce the revolving loan commitment of $4.0 million, (ii) permit the proceeds from the additional term loans and an additional advance under the revolving loan commitment to fund such preferred stock redemption, (iii) extend the maturity dates of the term loans and revolving loan commitment under the Loan Agreement, (iv) provide for annual amortization of $500,000 in respect of such additional term loan borrowings constituting Term A Loans, and (v) modify borrowing rates under the Loan Agreement. All other material terms and conditions of the Loan Agreement were unchanged. The primary and fully diluted ownership percentages of Tridien did not change as a result of this redemption. The noncontrolling shareholders’ portion of the preferred stock redemption was recorded to noncontrolling interest on the condensed consolidated balance sheet and was funded by the Company through a draw on its Revolving Credit Facility. | |||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Note M — Income taxes | |||||||||
Each fiscal quarter the Company estimates its annual effective tax rate and applies that rate to its interim pre-tax earnings. In this regard, the Company reflects the full year’s estimated tax impact of certain unusual or infrequently occurring items and the effects of changes in tax laws or rates in the interim period in which they occur. | |||||||||
The computation of the annual estimated effective tax rate in each interim period requires certain estimates and significant judgment, including the projected operating income for the year, projections of the proportion of income earned and taxed in other jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, as additional information is obtained or as the tax environment changes. | |||||||||
The reconciliation between the Federal Statutory Rate and the effective income tax rate for the nine months ended September 30, 2013 and 2012 are as follows: | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
United States Federal Statutory Rate | 35 | % | 35 | % | |||||
Foreign and State income taxes (net of Federal benefits) | 1.8 | 9 | |||||||
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders | 0.5 | 9.4 | |||||||
Effect of supplemental put expense (reversal) | (15.7 | ) | 7.9 | ||||||
Impact of subsidiary employee stock options | 0.3 | (2.0 | ) | ||||||
Domestic production activities deduction | (1.4 | ) | (2.9 | ) | |||||
Non-deductible acquisition costs | — | 3.1 | |||||||
Non-recognition of NOL carryforwards at subsidiaries | 0.1 | 3.5 | |||||||
Other | (2.4 | ) | (2.5 | ) | |||||
Effective income tax rate | 18.2 | % | 60.5 | % | |||||
Defined_Benefit_Plan
Defined Benefit Plan | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
Defined Benefit Plan | ' | ||||||||||||
Note N — Defined Benefit Plan | |||||||||||||
In connection with the acquisition of Arnold, the Company has a defined benefit plan covering substantially all of Arnold’s employees at its Lupfig, Switzerland location. The benefits are based on years of service and the employees’ highest average compensation during the specific period. | |||||||||||||
The unfunded liability of $1.3 million is recognized in the consolidated balance sheet as a component of other non-current liabilities at September 30, 2013. Net periodic benefit cost consists of the following for the three and nine months ended September 30, 2013: | |||||||||||||
Three months | Date of acquisition | Nine months | |||||||||||
ended | through | ended | |||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | |||||||||||
Service cost | $ | 119 | $ | 269 | $ | 357 | |||||||
Interest cost | 73 | 193 | 220 | ||||||||||
Expected return on plan assets | (195 | ) | (23 | ) | (565 | ) | |||||||
Net periodic benefit cost | $ | (3 | ) | $ | 439 | $ | 12 | ||||||
During the three and nine months ended September 30, 2013, per the terms of the agreement, Arnold has contributed $0.1 million and $0.3 million to the plan, respectively. For the remainder of 2013, the expected contribution to the plan will be approximately $0.2 million. | |||||||||||||
The plan assets are pooled with assets of other participating employers and are not separable; therefore the fair values of the pension plan assets at September 30, 2013 were considered Level 3. | |||||||||||||
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note O — Subsequent event | |
Profit Allocation Payment | |
As a result of the FOX IPO, the Company’s board of directors approved and declared on October 30, 2013 the payment of approximately $16.0 million of the profit allocation to Allocation Interest holders in November 2013. | |
Presentation_and_Principles_of1
Presentation and Principles of Consolidation (Policies) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Earnings Per Share | ' | ||||
Accounting Standards Codification (“ASC”) 260, Earnings per Share, requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders, and that have non-forfeitable rights to dividend or dividend equivalents as a separate class of securities in calculating earnings per share. We have granted Allocation Interests that contain participating rights to receive profit allocations upon certain events. The participating rights of the Allocation Interests are limited to these events, and until declaration of a distribution subsequent to the occurrence of one of these events, there is no allocation to the Allocation Interests. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. | |||||
Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. | |||||
Seasonality | ' | ||||
Seasonality | |||||
Earnings of certain of the Company’s operating segments are seasonal in nature. Earnings from AFM are typically highest in the months of January through April of each year, coinciding with homeowners’ tax refunds. Revenue and earnings from FOX are typically highest in the third quarter, coinciding with the delivery of product for the new bike year. Earnings from Liberty are typically lowest in the second quarter due to lower demand for safes at the onset of summer. Earnings from CamelBak are typically higher in the spring and summer months as this corresponds with warmer weather in the Northern Hemisphere and an increase in hydration related activities. | |||||
Consolidation | ' | ||||
Consolidation | |||||
The condensed consolidated financial statements include the accounts of the Company and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||
Termination of Supplemental Put Agreement | ' | ||||
Termination of Supplemental Put Agreement | |||||
The Company entered into a Supplemental Put Agreement with the Manager at the time of the Company’s Initial Public Offering in connection with the Management Service Agreement (“MSA”). Pursuant to the Supplemental Put Agreement, the Manager had the right to cause the Company to purchase the Allocation Interests then owned by the Manager upon termination of the MSA for a price to be determined in accordance with the Supplemental Put Agreement. The Allocation Interests entitle the holders to receive distributions pursuant to a profit allocation formula upon the occurrence of certain events. The distributions of the profit allocation will be paid only upon the occurrence of the sale of a material amount of capital stock or assets of one of the Company’s businesses (“Sale Event”) or, at the option of the Manager, at each five year anniversary date of the acquisition of one of the Company’s businesses (“Holding Event”). The Company historically recorded the Supplemental Put obligation at an amount equal to the fair value of the profit allocation. This amount is determined using a model that multiplies the trailing twelve-month EBITDA for each business unit by an estimated enterprise value multiple to determine an estimated selling price of the business unit. This amount represented the obligation of the Company to physically settle the purchase of the Allocation Interest at the option of the Manager upon the termination of the MSA. Prior to July 1, 2013 the Company recorded increases or decreases in the obligation through the consolidated statement of operations. | |||||
On July 1, 2013, the Company and the Manager amended the MSA to provide for certain modifications related to the Manager’s registration as an investment adviser under the Investment Advisers Act of 1940 (“Advisor’s Act”), as amended. In connection with the amendment resulting from the Manager’s registration as an investment adviser under the Adviser’s Act, the Company and the Manager agreed to terminate the Supplemental Put Agreement, which had the effect of eliminating the Manager’s right to require the Company to purchase the Allocation Interests upon termination of the MSA. Pursuant to the MSA, as amended, the Manager will continue to manage the day-to-day operations and affairs of the Company, oversee the management and operations of the Company’s businesses, perform certain other services for the Company and receive management fees, and the holders of the Allocation Interests will continue to receive the profit allocation upon the occurrence of a Sale Event or a Holding Event. | |||||
As a result of the termination of the Supplemental Put Agreement, the Company has derecognized the supplemental put liability associated with the Manager’s put right, reversing the entire $61.3 million liability at June 30, 2013 through supplemental put expense on the condensed consolidated statement of operations during the three months ended September 30, 2013. The Company will record future Holding Events and Sale Events as dividends declared on Allocations Interests to stockholders’ equity when they are approved by the Company’s board of directors. As a result of the initial public offering of Fox Factory Holding Corp. (“FOX IPO”), the Company’s board of directors approved and declared on October 30, 2013 a profit allocation payment totaling $16.0 million to be made to holders of Allocation Interests in November of 2013. | |||||
Reclassification | ' | ||||
Reclassification | |||||
Certain amounts in the historical condensed consolidated financial statements have been reclassified to conform to the current period presentation. In connection with the exercise of the option for a $30.0 million incremental term loan in April 2012, the Company reclassified approximately $0.9 million from interest expense to loss on debt extinguishment within the condensed consolidated statements of operations during the nine months ended September 30, 2012. The expense was the result of the write off of a portion of unamortized original issue discount in connection with the Company repaying one of its lenders, which did not renew under the new terms of the term loan. The reclassification had no impact on the condensed consolidated statement of cash flows. | |||||
Discontinued Operations | ' | ||||
Discontinued Operations | |||||
On May 1, 2012, the Company sold its majority owned subsidiary, HALO. As such, the results of operations for the periods from April 1, 2012 through the date of sale and January 1, 2012 through the date of sale have been reclassified to exclude discontinued operations in the nine months ended September 30, 2012, respectively, in accordance with accounting guidelines. Summarized operating results included in discontinued operations for the nine months ended September 30, 2012 were as follows (in thousands): | |||||
For the period | |||||
Jan. 1, 2012 | |||||
through | |||||
disposition | |||||
Net sales | $ | 51,253 | |||
Operating loss | (2,141 | ) | |||
Loss from continuing operations before income taxes | (2,141 | ) | |||
Benefit for income taxes | (973 | ) | |||
Loss from discontinued operations | $ | (1,168 | ) | ||
Recent Accounting Pronouncements | ' | ||||
Recent Accounting Pronouncements | |||||
In July 2013, the FASB issued amended guidance for the presentation of an unrecognized tax benefit when a net operating loss carry forward exists, which is effective for the Company January 1, 2014. This amended guidance requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carry forward, a similar tax loss or a tax credit carry forward. If an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. The Company does not expect the adoption of this amended guidance to have a significant impact on the condensed consolidated financial statements. | |||||
In March 2013, the FASB issued amended guidance for a parent’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity, which is effective for the Company January 1, 2014. This amended guidance was issued to resolve diversity in practice as it relates to the release of the cumulative translation adjustment into net income upon derecognition of a subsidiary or group of assets within a foreign entity. | |||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued amended guidance for presenting comprehensive income, which is effective for the Company January 1, 2013, and applied prospectively. This amended guidance requires an entity to disclose significant amounts reclassified out of accumulated other comprehensive income by component and their corresponding effect on the respective line items in net income. The adoption of this amended guidance did not have a significant impact on the condensed consolidated financial statements. |
Presentation_and_Principles_of2
Presentation and Principles of Consolidation (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Operating Results Included in Discontinued Operations | ' | ||||
Summarized operating results included in discontinued operations for the nine months ended September 30, 2012 were as follows (in thousands): | |||||
For the period | |||||
Jan. 1, 2012 | |||||
through | |||||
disposition | |||||
Net sales | $ | 51,253 | |||
Operating loss | (2,141 | ) | |||
Loss from continuing operations before income taxes | (2,141 | ) | |||
Benefit for income taxes | (973 | ) | |||
Loss from discontinued operations | $ | (1,168 | ) | ||
Initial_Public_Offering_Tables
Initial Public Offering (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Condensed Consolidated Statement of Stockholders' Equity | ' | ||||||||||||
The following table details the amounts recorded in the condensed consolidated statement of stockholders’ equity as a result of the FOX IPO (in thousands): | |||||||||||||
Accumulated | NCI | Total | |||||||||||
Deficit | |||||||||||||
Effect of FOX IPO proceeds | $ | 73,421 | 36,125 | $ | 109,546 | ||||||||
Effect of FOX IPO proceeds on NCI (1) | — | 7,492 | 7,492 | ||||||||||
Effect of FOX IPO on majority trust shares (2) | 1,989 | (1,989 | ) | — | |||||||||
— | |||||||||||||
$ | 75,410 | $ | 41,628 | $ | 117,038 | ||||||||
-1 | Represents the effect on noncontrolling shareholders resulting from the CODI proceeds from the FOX IPO. | ||||||||||||
-2 | Represents the majority ownership effect on CODI resulting from the FOX IPO. |
Operating_Segment_Data_Tables
Operating Segment Data (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Net Sales of Operating Segments | ' | ||||||||||||||||||||||||||||||||
A disaggregation of the Company’s consolidated revenue and other financial data for the three and nine months ended September 30, 2013 and 2012 is presented below (in thousands): | |||||||||||||||||||||||||||||||||
Net sales of operating segments | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
ACI | $ | 22,022 | $ | 22,229 | $ | 66,453 | $ | 62,878 | |||||||||||||||||||||||||
American Furniture | 26,277 | 20,728 | 79,318 | 72,359 | |||||||||||||||||||||||||||||
Arnold Magnetics | 32,381 | 31,951 | 95,405 | 75,787 | |||||||||||||||||||||||||||||
CamelBak | 34,661 | 36,672 | 111,927 | 121,140 | |||||||||||||||||||||||||||||
Ergobaby | 16,946 | 18,540 | 49,573 | 45,565 | |||||||||||||||||||||||||||||
FOX | 82,293 | 72,865 | 207,488 | 179,256 | |||||||||||||||||||||||||||||
Liberty | 35,242 | 23,385 | 96,828 | 67,000 | |||||||||||||||||||||||||||||
Tridien | 15,690 | 14,858 | 45,862 | 42,586 | |||||||||||||||||||||||||||||
Total | 265,512 | 241,228 | 752,854 | 666,571 | |||||||||||||||||||||||||||||
Reconciliation of segment revenues to consolidated revenues: | |||||||||||||||||||||||||||||||||
Corporate and other | — | — | — | — | |||||||||||||||||||||||||||||
Total consolidated revenues | $ | 265,512 | $ | 241,228 | $ | 752,854 | $ | 666,571 | |||||||||||||||||||||||||
Revenues from Geographic Locations Outside Domestic Country | ' | ||||||||||||||||||||||||||||||||
Revenues from geographic locations outside the United States were material for the following operating segments: FOX, Ergobaby, CamelBak and Arnold, in each of the periods presented. There were no significant inter-segment transactions. | |||||||||||||||||||||||||||||||||
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Arnold Magnetics | $ | 14,971 | $ | 13,932 | $ | 45,116 | $ | 44,017 | |||||||||||||||||||||||||
CamelBak | 6,377 | 5,246 | 22,189 | 20,387 | |||||||||||||||||||||||||||||
ERGObaby | 10,727 | 11,157 | 28,408 | 26,659 | |||||||||||||||||||||||||||||
Fox | 55,288 | 50,366 | 135,129 | 114,993 | |||||||||||||||||||||||||||||
Summary of Profit of Operating Segments | ' | ||||||||||||||||||||||||||||||||
Profit of operating segments (1) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
ACI | $ | 5,673 | $ | 6,273 | $ | 17,903 | $ | 18,349 | |||||||||||||||||||||||||
American Furniture | (166 | ) | (581 | ) | 186 | (1,032 | ) | ||||||||||||||||||||||||||
Arnold Magnetics (2) | 2,704 | 2,031 | 7,473 | (1,795 | ) | ||||||||||||||||||||||||||||
CamelBak | 3,490 | 5,085 | 16,316 | 21,105 | |||||||||||||||||||||||||||||
Ergobaby | 3,051 | 4,240 | 9,015 | 7,905 | |||||||||||||||||||||||||||||
FOX | 14,774 | 10,991 | 30,979 | 22,137 | |||||||||||||||||||||||||||||
Liberty | 4,224 | 2,051 | 10,400 | 4,268 | |||||||||||||||||||||||||||||
Tridien | 577 | 1,130 | 1,168 | 3,054 | |||||||||||||||||||||||||||||
Total | 34,327 | 31,220 | 93,440 | 73,991 | |||||||||||||||||||||||||||||
Reconciliation of segment profit to consolidated income from continuing operations before income taxes: | |||||||||||||||||||||||||||||||||
Interest expense, net | (5,078 | ) | (5,916 | ) | (14,605 | ) | (18,753 | ) | |||||||||||||||||||||||||
Other income (expense), net | (75 | ) | 173 | (91 | ) | (223 | ) | ||||||||||||||||||||||||||
Corporate and other (3) | 54,236 | (11,337 | ) | 23,822 | (26,718 | ) | |||||||||||||||||||||||||||
Total consolidated income from continuing operations before income taxes | $ | 83,410 | $ | 14,140 | $ | 102,566 | $ | 28,297 | |||||||||||||||||||||||||
-1 | Segment profit represents operating income. | ||||||||||||||||||||||||||||||||
-2 | The three and nine months ended September 30, 2012 results include acquisition-related costs in connection with the acquisition of Arnold expensed in accordance with acquisition accounting. | ||||||||||||||||||||||||||||||||
-3 | Includes a reversal in the amount of $61.3 million of supplemental put obligation during the three and nine months ended September 30, 2013 associated with the termination of the Supplemental Put Agreement. | ||||||||||||||||||||||||||||||||
Summary of Accounts Receivable of Operating Segment | ' | ||||||||||||||||||||||||||||||||
Accounts receivable | Accounts | Accounts | |||||||||||||||||||||||||||||||
Receivable | Receivable | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
ACI | $ | 6,124 | $ | 6,045 | |||||||||||||||||||||||||||||
American Furniture | 12,963 | 8,840 | |||||||||||||||||||||||||||||||
Arnold Magnetics | 18,307 | 15,850 | |||||||||||||||||||||||||||||||
CamelBak | 20,159 | 23,665 | |||||||||||||||||||||||||||||||
Ergobaby | 8,060 | 6,262 | |||||||||||||||||||||||||||||||
FOX | 39,643 | 25,664 | |||||||||||||||||||||||||||||||
Liberty | 19,441 | 11,914 | |||||||||||||||||||||||||||||||
Tridien | 7,948 | 5,456 | |||||||||||||||||||||||||||||||
Total | 132,645 | 103,696 | |||||||||||||||||||||||||||||||
Reconciliation of segment to consolidated totals: | |||||||||||||||||||||||||||||||||
Corporate and other | — | — | |||||||||||||||||||||||||||||||
Total | 132,645 | 103,696 | |||||||||||||||||||||||||||||||
Allowance for doubtful accounts | (3,634 | ) | (3,049 | ) | |||||||||||||||||||||||||||||
Total consolidated net accounts receivable | $ | 129,011 | $ | 100,647 | |||||||||||||||||||||||||||||
Summary of Goodwill and Identifiable Assets of Operating Segments | ' | ||||||||||||||||||||||||||||||||
Goodwill | Goodwill | Identifiable | Identifiable | Depreciation and | Depreciation and | ||||||||||||||||||||||||||||
September 30, | Dec. 31, | Assets | Assets | Amortization Expense | Amortization Expense | ||||||||||||||||||||||||||||
September 30, | Dec. 31, | Three months ended | Nine months ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013(1) | 2012(1) | 2013(1) | 2012(1) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Goodwill and identifiable assets of operating segments | |||||||||||||||||||||||||||||||||
ACI | $ | 57,615 | $ | 57,615 | $ | 23,205 | $ | 28,044 | $ | 1,250 | $ | 1,255 | $ | 3,658 | $ | 3,712 | |||||||||||||||||
American Furniture | — | — | 23,586 | 23,827 | 48 | 39 | 137 | 112 | |||||||||||||||||||||||||
Arnold Magnetics | 51,767 | 51,767 | 89,328 | 90,877 | 2,016 | 1,762 | 6,075 | 7,432 | |||||||||||||||||||||||||
CamelBak | 5,546 | 5,546 | 217,405 | 231,102 | 3,269 | 3,257 | 9,708 | 9,796 | |||||||||||||||||||||||||
Ergobaby | 41,664 | 41,664 | 65,046 | 70,002 | 918 | 846 | 2,734 | 3,179 | |||||||||||||||||||||||||
FOX | 31,372 | 31,372 | 97,424 | 86,188 | 1,944 | 1,865 | 5,757 | 5,320 | |||||||||||||||||||||||||
Liberty | 32,684 | 32,684 | 46,946 | 38,265 | 1,470 | 1,703 | 4,690 | 5,265 | |||||||||||||||||||||||||
Tridien | 19,555 | 19,555 | 16,534 | 18,934 | 542 | 616 | 1,666 | 1,753 | |||||||||||||||||||||||||
Total | 240,203 | 240,203 | 579,474 | 587,239 | 11,457 | 11,343 | 34,425 | 36,569 | |||||||||||||||||||||||||
Reconciliation of segment to consolidated total: | — | — | |||||||||||||||||||||||||||||||
Corporate and other identifiable assets | — | — | 141,669 | 9,788 | 89 | 67 | 245 | 193 | |||||||||||||||||||||||||
Amortization of debt issuance costs and original issue discount | — | — | — | — | 823 | 845 | 2,489 | 2,421 | |||||||||||||||||||||||||
Goodwill carried at Corporate level (2) | 17,324 | 17,324 | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 257,527 | $ | 257,527 | $ | 721,143 | $ | 597,027 | $ | 12,369 | $ | 12,255 | $ | 37,159 | $ | 39,183 | |||||||||||||||||
-1 | Does not include accounts receivable balances per schedule above. | ||||||||||||||||||||||||||||||||
-2 | Represents goodwill resulting from purchase accounting adjustments not “pushed down” to the segments. This amount is allocated back to the respective segments for purposes of goodwill impairment testing. |
Property_Plant_and_Equipment_a1
Property, Plant and Equipment and Inventory (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment is comprised of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 87,847 | $ | 79,088 | |||||
Office furniture, computers and software | 7,944 | 6,548 | |||||||
Leasehold improvements | 15,626 | 11,915 | |||||||
Buildings and land | 425 | 4,517 | |||||||
111,842 | 102,068 | ||||||||
Less: accumulated depreciation | (45,460 | ) | (33,580 | ) | |||||
Total | $ | 66,382 | $ | 68,488 | |||||
Summary of Inventory | ' | ||||||||
Inventory is comprised of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 76,467 | $ | 62,906 | |||||
Work-in-process | 15,820 | 12,989 | |||||||
Finished goods | 60,430 | 60,564 | |||||||
Less: obsolescence reserve | (8,734 | ) | (9,176 | ) | |||||
Total | $ | 143,982 | $ | 127,283 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Reconciliation of Change in Carrying Value of Goodwill | ' | ||||||||||||
A reconciliation of the change in the carrying value of goodwill for the nine months ended September 30, 2013 and the year ended December 31, 2012, is as follows (in thousands): | |||||||||||||
Nine months ended | Year ended | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance: | |||||||||||||
Goodwill | $ | 298,962 | $ | 247,002 | |||||||||
Accumulated impairment losses | (41,435 | ) | (41,435 | ) | |||||||||
257,527 | 205,567 | ||||||||||||
Impairment losses | — | — | |||||||||||
Acquisition of businesses (1) | — | 51,441 | |||||||||||
Adjustment to purchase accounting | — | 519 | |||||||||||
Total adjustments | — | 51,960 | |||||||||||
Ending balance: | |||||||||||||
Goodwill | 298,962 | 298,962 | |||||||||||
Accumulated impairment losses | (41,435 | ) | (41,435 | ) | |||||||||
$ | 257,527 | $ | 257,527 | ||||||||||
(1) | Relates to the purchase of Arnold Magnetics in 2012. | ||||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||
Other intangible assets are comprised of the following at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||
September 30, | December 31, | Weighted | |||||||||||
2013 | 2012 | Average | |||||||||||
Useful | |||||||||||||
Lives | |||||||||||||
Customer relationships | $ | 191,878 | $ | 191,878 | 12 | ||||||||
Technology and patents | 89,557 | 89,541 | 8 | ||||||||||
Trade names, subject to amortization | 7,595 | 7,595 | 10 | ||||||||||
Licensing and non-compete agreements | 7,736 | 7,736 | 4 | ||||||||||
Distributor relations and other | 606 | 606 | 5 | ||||||||||
297,372 | 297,356 | ||||||||||||
Accumulated amortization: | |||||||||||||
Customer relationships | (60,618 | ) | (48,316 | ) | |||||||||
Technology and patents | (41,995 | ) | (33,808 | ) | |||||||||
Trade names, subject to amortization | (1,666 | ) | (977 | ) | |||||||||
Licensing and non-compete agreements | (6,619 | ) | (5,503 | ) | |||||||||
Distributor relations and other | (606 | ) | (516 | ) | |||||||||
Total accumulated amortization | (111,504 | ) | (89,120 | ) | |||||||||
Trade names, not subject to amortization | 131,689 | 132,430 | |||||||||||
Total intangibles, net | $ | 317,557 | $ | 340,666 | |||||||||
Summary of Estimated Charges to Amortization Expense of Intangible Assets | ' | ||||||||||||
Estimated charges to amortization expense of intangible assets over the next five years, is as follows, (in thousands): | |||||||||||||
October 1, 2013 through Dec. 31, 2013 | $ | 6,621 | |||||||||||
2014 | 28,431 | ||||||||||||
2015 | 24,805 | ||||||||||||
2016 | 18,531 | ||||||||||||
2017 | 17,253 | ||||||||||||
$ | 95,641 | ||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Debt Holdings | ' | ||||||||
The following table provides the Company’s debt holdings at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving Credit Facility | $ | — | $ | 24,000 | |||||
FOX Credit Facility | 24,500 | — | |||||||
Term Loan Facility | 280,463 | 252,525 | |||||||
Original issue discount | (4,806 | ) | (6,967 | ) | |||||
Total debt | $ | 300,157 | $ | 269,558 | |||||
Less: Current portion, term loan facilities | (2,850 | ) | (2,550 | ) | |||||
Long term debt | $ | 297,307 | $ | 267,008 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring basis at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Interest rate cap | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Foreign currency instruments (1) | 40 | — | 40 | — | |||||||||||||||||||||||||||||
Call option of noncontrolling shareholder (2) | 25 | — | — | 25 | |||||||||||||||||||||||||||||
Put option of noncontrolling shareholders (3) | 50 | — | — | 50 | |||||||||||||||||||||||||||||
Interest rate swap | 3,976 | — | 3,976 | — | |||||||||||||||||||||||||||||
-1 | Comprised of foreign currency instruments that do not qualify as hedges. | ||||||||||||||||||||||||||||||||
-2 | Represents a noncontrolling shareholder’s call option to purchase additional common stock in Tridien. | ||||||||||||||||||||||||||||||||
-3 | Represents put options issued to noncontrolling shareholders in connection with the Liberty acquisition. | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Interest rate cap | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Supplemental put obligation | $ | 51,598 | $ | — | $ | — | $ | 51,598 | |||||||||||||||||||||||||
Call option of noncontrolling shareholder | 25 | — | — | 25 | |||||||||||||||||||||||||||||
Put option of noncontrolling shareholders | 50 | — | — | 50 | |||||||||||||||||||||||||||||
Interest rate swap | 3,997 | — | 3,997 | — | |||||||||||||||||||||||||||||
Reconciliations of Change in Carrying Value of Level 3 Supplemental put Liability | ' | ||||||||||||||||||||||||||||||||
Reconciliations of the change in the carrying value of our Level 3 supplemental put obligation from January 1, 2013 through September 30, 2013 and from January 1, 2012 through September 30, 2012 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 51,598 | $ | 49,489 | |||||||||||||||||||||||||||||
Supplemental put expense (reversal) | 6,396 | (1,540 | ) | ||||||||||||||||||||||||||||||
Payment of supplemental put obligation | — | (13,675 | ) | ||||||||||||||||||||||||||||||
Balance at March 31 | $ | 57,994 | $ | 34,274 | |||||||||||||||||||||||||||||
Supplemental put expense | 8,912 | 2,902 | |||||||||||||||||||||||||||||||
Payment of supplemental put obligation | (5,603 | ) | — | ||||||||||||||||||||||||||||||
Balance at June 30 | $ | 61,303 | $ | 37,176 | |||||||||||||||||||||||||||||
Supplemental put expense | — | 5,029 | |||||||||||||||||||||||||||||||
Supplemental put termination | (61,303 | ) | — | ||||||||||||||||||||||||||||||
Balance at September 30 | $ | — | $ | 42,205 | |||||||||||||||||||||||||||||
Summary of Assets and Liabilities Carried at Fair Value Measured on Non-recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a nonrecurring basis at September 30, 2013. The fair value was determined by applying the relief from royalty technique to forecasted revenues (in thousands). | |||||||||||||||||||||||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Trade name at Tridien (1) | $ | 580 | $ | — | $ | — | $ | 580 | $ | — | $ | — | $ | 900 | $ | — | |||||||||||||||||
-1 | Please refer to Note F for discussion regarding the impairment of the indefinite-lived tradename asset at Tridien. |
Warranties_Tables
Warranties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Change in Carrying Value of Company's Warranty Liability | ' | ||||||||
A reconciliation of the change in the carrying value of the Company’s warranty liability for the nine months ended September 30, 2013 and the year ended December 31, 2012 is as follows (in thousands): | |||||||||
Nine months ended | Year ended | ||||||||
September 30, 2013 | December 31, | ||||||||
2012 | |||||||||
Beginning balance | $ | 6,410 | $ | 4,311 | |||||
Accrual | 4,226 | 5,903 | |||||||
Warranty payments | (4,023 | ) | (3,804 | ) | |||||
Ending balance | $ | 6,613 | $ | 6,410 | |||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Company's Ownership Percentage of its Majority Owned Operating Segments and Related Noncontrolling Interest | ' | ||||||||||||||||
The following tables reflect the Company’s ownership percentage of its majority owned operating segments and related noncontrolling interest balances as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
% Ownership | % Ownership | ||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Primary | Fully | Primary | Fully | ||||||||||||||
Diluted | Diluted | ||||||||||||||||
ACI | 69.4 | 69.4 | 69.4 | 69.4 | |||||||||||||
American Furniture | 99.9 | 99.9 | 99.9 | 99.9 | |||||||||||||
Arnold Magnetics | 96.7 | 87.3 | 96.7 | 87.6 | |||||||||||||
CamelBak | 89.9 | 79.7 | 89.9 | 79.7 | |||||||||||||
Ergobaby | 81 | 74.1 | 81.1 | 77.1 | |||||||||||||
FOX (refer to Note C) | 53.9 | 49.8 | 75.8 | 70.6 | |||||||||||||
Liberty | 96.2 | 85 | 96.2 | 86.7 | |||||||||||||
Tridien | 81.3 | 67.2 | 81.3 | 67.4 | |||||||||||||
Noncontrolling Interest Balances | |||||||||||||||||
(in thousands) | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
ACI | $ | (3,165 | ) | $ | (5,359 | ) | |||||||||||
American Furniture | 260 | 260 | |||||||||||||||
Arnold Magnetics | 1,775 | 1,610 | |||||||||||||||
CamelBak | 13,352 | 12,173 | |||||||||||||||
Ergobaby | 12,214 | 11,195 | |||||||||||||||
FOX | 61,861 | 12,530 | |||||||||||||||
Liberty | 2,225 | 1,752 | |||||||||||||||
Tridien | 4,326 | 7,323 | |||||||||||||||
CGM | 100 | 100 | |||||||||||||||
$ | 92,948 | $ | 41,584 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Reconciliation Between Federal Statutory Rate and Effective Income Tax Rate | ' | ||||||||
The reconciliation between the Federal Statutory Rate and the effective income tax rate for the nine months ended September 30, 2013 and 2012 are as follows: | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
United States Federal Statutory Rate | 35 | % | 35 | % | |||||
Foreign and State income taxes (net of Federal benefits) | 1.8 | 9 | |||||||
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders | 0.5 | 9.4 | |||||||
Effect of supplemental put expense (reversal) | (15.7 | ) | 7.9 | ||||||
Impact of subsidiary employee stock options | 0.3 | (2.0 | ) | ||||||
Domestic production activities deduction | (1.4 | ) | (2.9 | ) | |||||
Non-deductible acquisition costs | — | 3.1 | |||||||
Non-recognition of NOL carryforwards at subsidiaries | 0.1 | 3.5 | |||||||
Other | (2.4 | ) | (2.5 | ) | |||||
Effective income tax rate | 18.2 | % | 60.5 | % | |||||
Defined_Benefit_Plan_Tables
Defined Benefit Plan (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
Summary of Net Periodic Benefit Cost | ' | ||||||||||||
Net periodic benefit cost consists of the following for the three and nine months ended September 30, 2013: | |||||||||||||
Three months | Date of acquisition | Nine months | |||||||||||
ended | through | ended | |||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | |||||||||||
Service cost | $ | 119 | $ | 269 | $ | 357 | |||||||
Interest cost | 73 | 193 | 220 | ||||||||||
Expected return on plan assets | (195 | ) | (23 | ) | (565 | ) | |||||||
Net periodic benefit cost | $ | (3 | ) | $ | 439 | $ | 12 | ||||||
Organization_and_Business_Oper1
Organization and Business Operations - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Organization And Business Operations [Line Items] | ' |
Sole owner of Trust interest of the company | 100.00% |
Number of businesses/reportable segments owned | 8 |
CGM [Member] | ' |
Organization And Business Operations [Line Items] | ' |
Sole owner of Allocation interest of the reporting entity | 100.00% |
Sole owner of interest of the reporting entity | 100.00% |
Presentation_and_Principles_of3
Presentation and Principles of Consolidation - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||
Apr. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 30, 2013 | |
FOX [Member] | Subsequent Event [Member] | |||||
FOX [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' |
Supplemental put liability | ' | ' | $61,300,000 | $46,413,000 | ' | ' |
Profit allocation payment | ' | ' | ' | ' | 16,000,000 | 16,000,000 |
Reclassification of interest expense to loss on debt extinguishment | ' | 900,000 | ' | ' | ' | ' |
Exercise of the option for incremental term loan | $30,000,000 | ' | ' | ' | ' | ' |
Presentation_and_Principles_of4
Presentation and Principles of Consolidation - Summary of Operating Results Included in Discontinued Operations (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Disposition Results Of Operations [Abstract] | ' |
Net sales | $51,253 |
Operating loss | -2,141 |
Loss from continuing operations before income taxes | -2,141 |
Benefit for income taxes | -973 |
Loss from discontinued operations | ($1,168) |
Initial_Public_Offering_Additi
Initial Public Offering - Additional Information (Detail) (FOX [Member], USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Aug. 13, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Subsidiary stock issued during period shares new issues | 2,857,143 | ' | ' | ' |
Number of shares to be sold by shareholders | 7,000,000 | ' | ' | ' |
Repayment of intercompany line of credit facility issued to subsidiary | $61.50 | ' | ' | ' |
Amount paid by FOX under MSA with CGM | ' | 0.3 | 0.5 | 0.5 |
Profit allocation payment | ' | 16 | ' | ' |
Primary Basis [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Change in company's ownership interest | ' | 75.80% | ' | ' |
Change in company's ownership interest | ' | 53.90% | ' | ' |
Fully Diluted Basis [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Change in company's ownership interest | ' | 70.60% | ' | ' |
Change in company's ownership interest | ' | 49.80% | ' | ' |
CODI [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Number of common shares sold by parent in subsidiary IPO | 5,800,238 | ' | ' | ' |
Initial offering price per share | $15 | ' | ' | ' |
Proceeds to Parent from shares of common stock sold in subsidiary IPO | $80.90 | ' | ' | ' |
Initial_Public_Offering_Summar
Initial Public Offering - Summary of Condensed Consolidated Statement of Stockholders' Equity (Detail) (FOX IPO [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Subsidiary, Sale of Stock [Line Items] | ' |
Effect of FOX IPO proceeds | $109,546 |
Effect of FOX IPO proceeds on NCI | 7,492 |
Total | 117,038 |
Accumulated Deficit [Member] | ' |
Subsidiary, Sale of Stock [Line Items] | ' |
Effect of FOX IPO proceeds | 73,421 |
Effect of FOX IPO on majority trust shares | 1,989 |
Total | 75,410 |
Non-Controlling Interest [Member] | ' |
Subsidiary, Sale of Stock [Line Items] | ' |
Effect of FOX IPO proceeds | 36,125 |
Effect of FOX IPO proceeds on NCI | 7,492 |
Effect of FOX IPO on majority trust shares | -1,989 |
Total | $41,628 |
Operating_Segment_Data_Additio
Operating Segment Data - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable operating segments | 8 |
American Furniture [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Minimum retail price | 199 |
Maximum retail price | 1,399 |
Maximum shipment duration, in hours | '48 hours |
Arnold Magnetics [Member] | Minimum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of clients | 2,000 |
CamelBak [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Minimum number of countries in which entity products available | 50 |
Ergobaby [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Minimum number of retailers | 600 |
Liberty [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Manufacturing facility area | 204,000 |
Operating_Segment_Data_Summary
Operating Segment Data - Summary of Net Sales of Operating Segments (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, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | $265,512 | $241,228 | $752,854 | $666,571 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 265,512 | 241,228 | 752,854 | 666,571 |
Operating Segments [Member] | ACI [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 22,022 | 22,229 | 66,453 | 62,878 |
Operating Segments [Member] | American Furniture [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 26,277 | 20,728 | 79,318 | 72,359 |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 32,381 | 31,951 | 95,405 | 75,787 |
Operating Segments [Member] | CamelBak [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 34,661 | 36,672 | 111,927 | 121,140 |
Operating Segments [Member] | Ergobaby [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 16,946 | 18,540 | 49,573 | 45,565 |
Operating Segments [Member] | FOX [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 82,293 | 72,865 | 207,488 | 179,256 |
Operating Segments [Member] | Liberty [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 35,242 | 23,385 | 96,828 | 67,000 |
Operating Segments [Member] | Tridien [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | 15,690 | 14,858 | 45,862 | 42,586 |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated revenues | ' | ' | ' | ' |
Operating_Segment_Data_Revenue
Operating Segment Data - Revenues from Geographic Location Outside Domestic Country (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 |
Arnold Magnetics [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
International revenues | $14,971 | $13,932 | $45,116 | $44,107 |
CamelBak [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
International revenues | 6,377 | 5,246 | 22,189 | 20,387 |
Ergobaby [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
International revenues | 10,727 | 11,157 | 28,408 | 26,659 |
FOX [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
International revenues | $55,288 | $50,366 | $135,129 | $114,993 |
Operating_Segment_Data_Summary1
Operating Segment Data - Summary of Profit of Operating Segments (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, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | $83,410 | $14,140 | $102,566 | $28,297 |
Interest expense, net | -5,080 | -5,068 | -14,640 | -18,804 |
Other income (expense), net | -75 | 173 | -91 | -223 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 34,327 | 31,220 | 93,440 | 73,991 |
Operating Segments [Member] | ACI [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 5,673 | 6,273 | 17,903 | 18,349 |
Operating Segments [Member] | American Furniture [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | -166 | -581 | 186 | -1,032 |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 2,704 | 2,031 | 7,473 | -1,795 |
Operating Segments [Member] | CamelBak [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 3,490 | 5,085 | 16,316 | 21,105 |
Operating Segments [Member] | Ergobaby [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 3,051 | 4,240 | 9,015 | 7,905 |
Operating Segments [Member] | FOX [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 14,774 | 10,991 | 30,979 | 22,137 |
Operating Segments [Member] | Liberty [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 4,224 | 2,051 | 10,400 | 4,268 |
Operating Segments [Member] | Tridien [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | 577 | 1,130 | 1,168 | 3,054 |
Reconciliation of Segment to Consolidated [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Interest expense, net | -5,078 | -5,916 | -14,605 | -18,753 |
Other income (expense), net | -75 | 173 | -91 | -223 |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | $54,236 | ($11,337) | $23,822 | ($26,718) |
Operating_Segment_Data_Summary2
Operating Segment Data - Summary of Profit of Operating Segments (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Reconciliation Of Operating Profit Loss From Segments To Consolidated [Abstract] | ' |
Reversal in the amount of supplemental put liability | $61.30 |
Operating_Segment_Data_Summary3
Operating Segment Data - Summary of Accounts Receivable of Operating Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | $132,645 | $103,696 |
Allowance for doubtful accounts | -3,634 | -3,049 |
Total consolidated net accounts receivable | 129,011 | 100,647 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 132,645 | 103,696 |
Operating Segments [Member] | ACI [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 6,124 | 6,045 |
Operating Segments [Member] | American Furniture [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 12,963 | 8,840 |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 18,307 | 15,850 |
Operating Segments [Member] | CamelBak [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 20,159 | 23,665 |
Operating Segments [Member] | Ergobaby [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 8,060 | 6,262 |
Operating Segments [Member] | FOX [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 39,643 | 25,664 |
Operating Segments [Member] | Liberty [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 19,441 | 11,914 |
Operating Segments [Member] | Tridien [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 7,948 | 5,456 |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | ' | ' |
Operating_Segment_Data_Summary4
Operating Segment Data - Summary of Goodwill and Identifiable Assets of Operating Segments (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 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | $257,527 | ' | $257,527 | ' | $257,527 | $205,567 |
Identifiable Assets | 721,143 | ' | 721,143 | ' | 597,027 | ' |
Depreciation and Amortization Expense | 12,369 | 12,255 | 37,159 | 39,183 | ' | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 240,203 | ' | 240,203 | ' | 240,203 | ' |
Identifiable Assets | 579,474 | ' | 579,474 | ' | 587,239 | ' |
Depreciation and Amortization Expense | 11,457 | 11,343 | 34,425 | 36,569 | ' | ' |
Operating Segments [Member] | ACI [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 57,615 | ' | 57,615 | ' | 57,615 | ' |
Identifiable Assets | 23,205 | ' | 23,205 | ' | 28,044 | ' |
Depreciation and Amortization Expense | 1,250 | 1,255 | 3,658 | 3,712 | ' | ' |
Operating Segments [Member] | American Furniture [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Identifiable Assets | 23,586 | ' | 23,586 | ' | 23,827 | ' |
Depreciation and Amortization Expense | 48 | 39 | 137 | 112 | ' | ' |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 51,767 | ' | 51,767 | ' | 51,767 | ' |
Identifiable Assets | 89,328 | ' | 89,328 | ' | 90,877 | ' |
Depreciation and Amortization Expense | 2,016 | 1,762 | 6,075 | 7,432 | ' | ' |
Operating Segments [Member] | CamelBak [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 5,546 | ' | 5,546 | ' | 5,546 | ' |
Identifiable Assets | 217,405 | ' | 217,405 | ' | 231,102 | ' |
Depreciation and Amortization Expense | 3,269 | 3,257 | 9,708 | 9,796 | ' | ' |
Operating Segments [Member] | Ergobaby [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 41,664 | ' | 41,664 | ' | 41,664 | ' |
Identifiable Assets | 65,046 | ' | 65,046 | ' | 70,002 | ' |
Depreciation and Amortization Expense | 918 | 846 | 2,734 | 3,179 | ' | ' |
Operating Segments [Member] | FOX [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 31,372 | ' | 31,372 | ' | 31,372 | ' |
Identifiable Assets | 97,424 | ' | 97,424 | ' | 86,188 | ' |
Depreciation and Amortization Expense | 1,944 | 1,865 | 5,757 | 5,320 | ' | ' |
Operating Segments [Member] | Liberty [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 32,684 | ' | 32,684 | ' | 32,684 | ' |
Identifiable Assets | 46,946 | ' | 46,946 | ' | 38,265 | ' |
Depreciation and Amortization Expense | 1,470 | 1,703 | 4,690 | 5,265 | ' | ' |
Operating Segments [Member] | Tridien [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | 19,555 | ' | 19,555 | ' | 19,555 | ' |
Identifiable Assets | 16,534 | ' | 16,534 | ' | 18,934 | ' |
Depreciation and Amortization Expense | 542 | 616 | 1,666 | 1,753 | ' | ' |
Reconciliation of Segment to Consolidated [Member] | Amortization of Debt Issuance Costs and Original Issue Discount [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation and Amortization Expense | 823 | 845 | 2,489 | 2,421 | ' | ' |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Identifiable Assets | 141,669 | ' | 141,669 | ' | 9,788 | ' |
Depreciation and Amortization Expense | 89 | 67 | 245 | 193 | ' | ' |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | $17,324 | ' | $17,324 | ' | $17,324 | ' |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Inventory - Summary of Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $111,842 | $102,068 |
Less: accumulated depreciation | -45,460 | -33,580 |
Total | 66,382 | 68,488 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 87,847 | 79,088 |
Office Furniture, Computers and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 7,944 | 6,548 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 15,626 | 11,915 |
Buildings and Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $425 | $4,517 |
Property_Plant_and_Equipment_a3
Property, Plant and Equipment and Inventory - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property Plant And Equipment Net By Type [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $4.10 | ' | $3.90 | $12.20 | $10.80 |
Net proceeds from the sale-leaseback transaction | ' | 4.4 | ' | ' | ' |
Gain on sale-leaseback | ' | $0 | ' | ' | ' |
Property_Plant_and_Equipment_a4
Property, Plant and Equipment and Inventory - Summary of Inventory (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials and supplies | $76,467 | $62,906 |
Work-in-process | 15,820 | 12,989 |
Finished goods | 60,430 | 60,564 |
Less: obsolescence reserve | -8,734 | -9,176 |
Total | $143,982 | $127,283 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment | Segment | |||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Number of reporting units at Arnold Subsidiary | ' | ' | 3 | ' | 3 | ' |
Implied fair value of goodwill exceeds carrying value of goodwill | ' | 6.00% | ' | ' | ' | ' |
Carrying value of goodwill | ' | $28,200,000 | ' | ' | ' | ' |
Weighted average cost of capital | ' | 14.50% | ' | ' | ' | ' |
Increase in weighted average cost of capital | ' | 1.00% | ' | ' | ' | ' |
Carrying value of trade names | 95,641,000 | ' | ' | ' | 95,641,000 | ' |
Amortization expense | 7,310,000 | ' | ' | 7,699,000 | 22,384,000 | 22,639,000 |
Trade Names [Member] | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets | ' | ' | 131,700,000 | ' | ' | ' |
Write down of trade names | ' | 900,000 | ' | ' | ' | ' |
Carrying value of trade names | ' | $600,000 | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Reconciliation of Change in Carrying Value of Goodwill (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Beginning balance: | ' | ' |
Goodwill | $298,962 | $247,002 |
Accumulated impairment losses | -41,435 | -41,435 |
Goodwill, Beginning balance | 257,527 | 205,567 |
Impairment losses | ' | ' |
Acquisition of businesses | ' | 51,441 |
Adjustment to purchase accounting | ' | 519 |
Total adjustments | ' | 51,960 |
Ending balance: | ' | ' |
Goodwill | 298,962 | 298,962 |
Accumulated impairment losses | -41,435 | -41,435 |
Goodwill, Ending balance | $257,527 | $257,527 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | $297,372 | $297,356 |
Total accumulated amortization | -111,504 | -89,120 |
Trade names, not subject to amortization | 131,689 | 132,430 |
Total intangibles, net | 317,557 | 340,666 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 191,878 | 191,878 |
Total accumulated amortization | -60,618 | -48,316 |
Weighted average useful lives | '12 years | ' |
Technology and Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 89,557 | 89,541 |
Total accumulated amortization | -41,995 | -33,808 |
Weighted average useful lives | '8 years | ' |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 7,595 | 7,595 |
Total accumulated amortization | -1,666 | -977 |
Weighted average useful lives | '10 years | ' |
Licensing and Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 7,736 | 7,736 |
Total accumulated amortization | -6,619 | -5,503 |
Weighted average useful lives | '4 years | ' |
Distributor Relations and Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 606 | 606 |
Total accumulated amortization | ($606) | ($516) |
Weighted average useful lives | '5 years | ' |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Summary of Estimated Charges to Amortization Expense of Intangible Assets (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
October 1, 2013 through Dec. 31, 2013 | $6,621 |
2014 | 28,431 |
2015 | 24,805 |
2016 | 18,531 |
2017 | 17,253 |
Total amortization expense | $95,641 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Apr. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 02, 2012 | Oct. 27, 2011 | Apr. 03, 2013 | Apr. 02, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Oct. 27, 2011 | Apr. 03, 2013 | Apr. 02, 2012 | Apr. 02, 2012 | Apr. 03, 2013 | Apr. 02, 2012 | Apr. 03, 2013 | Apr. 02, 2012 | Apr. 03, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Apr. 03, 2013 | Sep. 30, 2013 | Oct. 27, 2011 | Apr. 03, 2013 | Apr. 03, 2013 | Apr. 03, 2013 | Apr. 03, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | Sep. 30, 2013 | Aug. 07, 2013 | Aug. 07, 2013 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Base Rate Loans Debt Instrument [Member] | Base Rate Loans Debt Instrument [Member] | Base Rate Loans Debt Instrument [Member] | Base Rate Loans Debt Instrument [Member] | Term Loan and Revolving Credit Facility [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | FOX Credit Facility [Member] | ||||||||
Minimum [Member] | Minimum [Member] | Amendment [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | LIBOR Loans Debt Instrument [Member] | LIBOR Loans Debt Instrument [Member] | Base Rate Loans Debt Instrument [Member] | Base Rate Loans Debt Instrument [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Letter of Credit [Member] | Swing Line Loans [Member] | |||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility obtained | ' | ' | ' | ' | ' | ' | $515,000,000 | ' | ' | ' | ' | $225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $320,000,000 | ' | ' | $290,000,000 | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | $10,000,000 | $5,000,000 |
Optional increase from group of lenders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly payments to be made | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental revolving credit facility commitment and additional term loans | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | 52,900,000 | ' | ' | ' | ' | 69,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,500,000 | ' | ' | ' | ' | ' | ' |
Percentage of incremental term loan on par value | ' | ' | ' | ' | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended term loan | ' | ' | ' | ' | ' | 224,400,000 | ' | 281,900,000 | 254,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,500,000 | ' | ' | ' | ' | ' | ' |
Repayments of bank debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' | ' | ' | 39,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain losses on extinguishment of debt | ' | -856,000 | -1,785,000 | -856,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in quarterly amortization payments | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in margin on base rate loans | ' | ' | ' | ' | ' | ' | ' | 'From 4.00% to 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in margin on LIBOR loans | ' | ' | ' | ' | ' | ' | ' | ' | 'From 5.00% to 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in LIBOR floor rate | ' | ' | ' | ' | ' | ' | ' | 'From 1.25% to 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in LIBOR loans | ' | ' | ' | ' | ' | ' | ' | ' | 'From 1.50% to 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective LIBOR floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fluctuating rate equal to LIBOR for relative period margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 4.00% | 4.00% | 5.00% | ' | ' | ' | ' | ' | ' | 2.50% | 3.50% | 1.50% | 2.50% | ' | ' | 0.50% | ' | 1.50% | ' | ' | ' |
Credit facility, unused fee description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Reduced from 1.00% to 0.75% when leverage is lower than a defined ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | 0.30% | ' | ' |
Credit facility, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest based on a leverage ratio defined in the credit agreement at either LIBOR plus a margin ranging from 2.50% to 3.50%, or base rate plus a margin ranging from 1.50% to 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maturity extended period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expansion of revolving credit facility | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing availability under the revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date of FOX credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Aug-18 | ' | ' | ' | ' | ' | ' | ' |
Fox credit facility interest rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR or the Prime Rate, plus an applicable margin ranging from 0.50% to 1.50% based upon the Consolidated Net Leverage Ratio | ' | ' | ' | ' | ' | ' | ' |
Interest rate on credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.13% | ' | ' | ' | ' | ' | ' |
Deferred debt issuance costs | ' | ' | 8,775,000 | ' | 8,238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Amount utilized to repay the remaining outstanding amount of their related party facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,600,000 | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Debt_Holdings_
Debt - Summary of Debt Holdings (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $300,157 | $269,558 |
Less: Current portion, term loan facilities | -2,850 | -2,550 |
Long term debt | 297,307 | 267,008 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ' | 24,000 |
FOX Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 24,500 | ' |
Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 280,463 | 252,525 |
Original Issue Discount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ($4,806) | ($6,967) |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Derivative [Line Items] | ' | ' |
Percentage of outstanding debt under the term loan facility | ' | 50.00% |
Other Income Expense [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Other income expense | $0.20 | $0.04 |
Other Current Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of currency hedging transactions | -0.04 | -0.04 |
Two-Year Interest Rate Cap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest rate cap period | ' | '2 years |
Notional amount | 200 | 200 |
Description of interest rate of basis spread on variable rate | ' | 'Three-month LIBOR rate at 2.5% |
Agreement caps | 2.50% | 2.50% |
Fixed payment | 0.3 | 0.3 |
Fair value of interest | 0 | 0 |
Three-Year Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | 200 | 200 |
Description of interest rate of basis spread on variable rate | ' | 'Three-month LIBOR rate, with a floor of 1.5% |
Fair value of interest | 4 | 4 |
Interest rate swap agreement with bank, agreement period | ' | '3 years |
Interest rate on notional amount | 2.49% | 2.49% |
Interest rate on LIBOR | 1.50% | 1.50% |
Three-Year Interest Rate Swap [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of interest | 1.5 | 1.5 |
Three-Year Interest Rate Swap [Member] | Other Noncurrent A Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of interest | 2.5 | 2.5 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | $3.10 | $3.10 |
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | Fair Value Measurements Recurring [Member] | ||
Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Carrying Value [Member] | Carrying Value [Member] | |||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency instruments | ' | ' | ' | ' | 40 | ' | ' | ' | 40 | ' |
Supplemental put obligation | 61,300 | 46,413 | ' | ' | ' | ' | ' | 51,598 | ' | 51,598 |
Call option of noncontrolling shareholder | ' | ' | ' | ' | ' | ' | 25 | 25 | 25 | 25 |
Put option of noncontrolling shareholders | ' | ' | ' | ' | ' | ' | 50 | 50 | 50 | 50 |
Interest rate swap | ' | ' | ' | ' | $3,976 | $3,997 | ' | ' | $3,976 | $3,997 |
Fair_Value_Measurement_Reconci
Fair Value Measurement - Reconciliations of Change in Carrying Value of Level 3 Supplemental Put Liability (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | ' |
Supplemental put obligation, beginning balance | $61,303 | $57,994 | $51,598 | $37,176 | $34,274 | $49,489 |
Supplemental put expense (reversal) | ' | 8,912 | 6,396 | 5,029 | 2,902 | -1,540 |
Payment of supplemental put obligation | ' | -5,603 | ' | ' | ' | -13,675 |
Supplemental put termination | -61,303 | ' | ' | ' | ' | ' |
Supplemental put obligation, ending balance | ' | $61,303 | $57,994 | $42,205 | $37,176 | $34,274 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Payment of supplemental put liability | $5,603 | ' | ' | $13,675 |
Fair_Value_Measurement_Summary1
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value Measured on Non-recurring Basis (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 |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Impairment Expenses | ' | ' | $900 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | ' | ' | ' | ' |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Impairment Expenses | ' | ' | 900 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Level 1 [Member] | ' | ' | ' | ' |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Assets Measured on Nonrecurring Basis | ' | ' | ' | ' |
Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Level 2 [Member] | ' | ' | ' | ' |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Assets Measured on Nonrecurring Basis | ' | ' | ' | ' |
Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Assets Measured on Nonrecurring Basis | 580 | ' | 580 | ' |
Carrying Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | ' | ' | ' | ' |
Fair Value Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Assets Measured on Nonrecurring Basis | $580 | ' | $580 | ' |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jul. 30, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 30, 2013 |
Subsequent Event [Member] | ||||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Trust shares, authorized | ' | ' | ' | 500,000 | 500,000 | ' |
Trust shares, voting rights | ' | ' | ' | 'One vote per share | ' | ' |
Distribution made to holders, date of record | 23-Jul-13 | 23-Apr-13 | 25-Jan-13 | ' | ' | 23-Oct-13 |
Distribution made to holders, declaration date | 10-Jul-13 | 9-Apr-13 | 10-Jan-13 | ' | ' | 10-Oct-13 |
Distribution made to holders, distribution date | 30-Jul-13 | 30-Apr-13 | 31-Jan-13 | ' | ' | 30-Oct-13 |
Distribution declared per share | $0.36 | $0.36 | $0.36 | ' | ' | $0.36 |
Warranties_Change_in_Carrying_
Warranties - Change in Carrying Value of Company's Warranty Liability (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Guarantees [Abstract] | ' | ' |
Product Warranty Accrual, Beginning Balance | $6,410 | $4,311 |
Accrual | 4,226 | 5,903 |
Warranty payments | -4,023 | -3,804 |
Product Warranty Accrual, Ending Balance | $6,613 | $6,410 |
Noncontrolling_Interest_Compan
Noncontrolling Interest - Company's Ownership Percentage of its Majority Owned Operating Segments and Related Noncontrolling Interest (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | $92,948 | $41,584 |
ACI [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | -3,165 | -5,359 |
ACI [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 69.40% | 69.40% |
ACI [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 69.40% | 69.40% |
American Furniture [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 260 | 260 |
American Furniture [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 99.90% | 99.90% |
American Furniture [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 99.90% | 99.90% |
Arnold Magnetics [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 1,775 | 1,610 |
Arnold Magnetics [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 96.70% | 96.70% |
Arnold Magnetics [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 87.30% | 87.60% |
CamelBak [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 13,352 | 12,173 |
CamelBak [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 89.90% | 89.90% |
CamelBak [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 79.70% | 79.70% |
Ergobaby [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 12,214 | 11,195 |
Ergobaby [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 81.00% | 81.10% |
Ergobaby [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 74.10% | 77.10% |
FOX [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 61,861 | 12,530 |
FOX [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 53.90% | 75.80% |
FOX [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 49.80% | 70.60% |
Liberty [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 2,225 | 1,752 |
Liberty [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 96.20% | 96.20% |
Liberty [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 85.00% | 86.70% |
Tridien [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 4,326 | 7,323 |
Tridien [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 81.30% | 81.30% |
Tridien [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 67.20% | 67.40% |
CGM [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | $100 | $100 |
Noncontrolling_Interest_Additi
Noncontrolling Interest - Additional Information (Detail) (Tridien [Member], USD $) | 0 Months Ended |
Feb. 07, 2013 | |
Noncontrolling Interest [Line Items] | ' |
Number of redeemable preferred stock, shares | 175,000 |
Redemption price, preferred stock | $100 |
Aggregate amount, preferred stock | $17,500,000 |
Term Loan [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Loan agreement amended to provide additional term loan | 16,500,000 |
Expected amortized amount annually | 500,000 |
Revolving Credit Facility [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Loan agreement amended to provide additional term loan | 4,000,000 |
Reporting Entity [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Proceeds from redeemable preferred stock of affiliates | 14,400,000 |
Non-Controlling Interest [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Proceeds from redeemable preferred stock of affiliates | $3,100,000 |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Federal Statutory Rate and Effective Income Tax Rate (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
United States Federal Statutory Rate | 35.00% | 35.00% |
Foreign and State income taxes (net of Federal benefits) | 1.80% | 9.00% |
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders | 0.50% | 9.40% |
Effect of supplemental put expense (reversal) | -15.70% | 7.90% |
Impact of subsidiary employee stock options | 0.30% | -2.00% |
Domestic production activities deduction | -1.40% | -2.90% |
Non-deductible acquisition costs | ' | 3.10% |
Non-recognition of NOL carryforwards at subsidiaries | 0.10% | 3.50% |
Other | -2.40% | -2.50% |
Effective income tax rate | 18.20% | 60.50% |
Defined_Benefit_Plan_Additiona
Defined Benefit Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Unfunded liability | $1.30 | $1.30 |
Expected contribution to the Foreign Plan | ' | 0.2 |
Arnold [Member] | Switzerland [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Contribution to the Foreign Plan | $0.10 | $0.30 |
Defined_Benefit_Plan_Summary_o
Defined Benefit Plan - Summary of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Postemployment Benefits [Abstract] | ' | ' | ' |
Service cost | $119 | $269 | $357 |
Interest cost | 73 | 193 | 220 |
Expected return on plan assets | -195 | -23 | -565 |
Net periodic benefit cost | ($3) | $439 | $12 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (FOX [Member], USD $) | 9 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Oct. 30, 2013 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Profit allocation payment | $16 | $16 |