Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $86,622 | $113,229 |
Accounts receivable, less allowances of $3,758 at March 31, 2014 and $3,424 at December 31, 2013 | 129,563 | 111,736 |
Inventories | 168,598 | 152,948 |
Prepaid expenses and other current assets | 22,630 | 21,220 |
Total current assets | 407,413 | 399,133 |
Property, plant and equipment, net | 71,477 | 68,059 |
Goodwill | 259,982 | 246,611 |
Intangible assets, net | 336,334 | 310,359 |
Deferred debt issuance costs, less accumulated amortization of $4,731 at March 31, 2014 and $4,161 at December 31, 2013 | 7,918 | 8,217 |
Other non-current assets | 13,058 | 12,534 |
Total assets | 1,096,182 | 1,044,913 |
Current liabilities: | ' | ' |
Accounts payable | 66,623 | 62,539 |
Accrued expenses | 50,845 | 55,590 |
Due to related party | 4,330 | 4,528 |
Current portion, long-term debt | 5,350 | 2,850 |
Other current liabilities | 4,050 | 4,623 |
Total current liabilities | 131,198 | 130,130 |
Deferred income taxes | 59,192 | 60,024 |
Long-term debt, less original issue discount | 319,471 | 280,389 |
Other non-current liabilities | 23,831 | 5,435 |
Total liabilities | 533,692 | 475,978 |
Stockholders' equity | ' | ' |
Trust shares, no par value, 500,000 authorized; 48,300 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 725,453 | 725,453 |
Accumulated other comprehensive income | 684 | 693 |
Accumulated deficit | -265,333 | -252,761 |
Total stockholders' equity attributable to Holdings | 460,804 | 473,385 |
Noncontrolling interest | 101,686 | 95,550 |
Total stockholders' equity | 562,490 | 568,935 |
Total liabilities and stockholders' equity | $1,096,182 | $1,044,913 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $3,758 | $3,424 |
Deferred debt issuance costs, accumulated amortization | $4,731 | $4,161 |
Trust shares, par value | ' | ' |
Trust shares, authorized | 500,000,000 | 500,000,000 |
Trust shares, issued | 48,300,000 | 48,300,000 |
Trust shares, outstanding | 48,300,000 | 48,300,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $246,048 | $241,567 |
Cost of sales | 169,696 | 165,194 |
Gross profit | 76,352 | 76,373 |
Operating expenses: | ' | ' |
Selling, general and administrative expense | 46,173 | 41,209 |
Supplemental put expense | ' | 6,396 |
Management fees | 4,735 | 4,316 |
Amortization expense | 7,349 | 7,630 |
Operating income | 18,095 | 16,822 |
Other income (expense): | ' | ' |
Interest income | 9 | 2 |
Interest expense | -4,581 | -5,341 |
Amortization of debt issuance costs | -570 | -485 |
Other income, net | 184 | 327 |
Income before income taxes | 13,137 | 11,325 |
Provision for income taxes | 5,764 | 7,699 |
Net income | 7,373 | 3,626 |
Less: Net income attributable to noncontrolling interest | 2,714 | 2,032 |
Net income attributable to Holdings | $4,659 | $1,594 |
Basic and fully diluted net income per share attributable to Holdings | $0.08 | $0.03 |
Weighted average number of shares of trust stock outstanding - basic and fully diluted | 48,300 | 48,300 |
Cash distributions declared per share | $0.36 | $0.36 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $7,373 | $3,626 |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation and other | -9 | -718 |
Total comprehensive income, net of tax | $7,364 | $2,908 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Accumulated Deficit [Member] | Accum. Other Comprehensive Income (Loss) [Member] | Stockholders' Equity Attributable to Holdings [Member] | Non-Controlling Interest [Member] |
In Thousands | ||||||
Beginning balance at Dec. 31, 2013 | $568,935 | $725,453 | ($252,761) | $693 | $473,385 | $95,550 |
Beginning balance, shares at Dec. 31, 2013 | ' | 48,300 | ' | ' | ' | ' |
Net income | 7,373 | ' | 4,659 | ' | 4,659 | 2,714 |
Other comprehensive loss - foreign currency translation and other | -9 | ' | ' | -9 | -9 | ' |
Option activity attributable to noncontrolling shareholders | 3,579 | ' | ' | ' | ' | 3,579 |
Effect of subsidiary stock option exercise | ' | ' | 157 | ' | 157 | -157 |
Distributions paid | -17,388 | ' | -17,388 | ' | -17,388 | ' |
Ending balance at Mar. 31, 2014 | $562,490 | $725,453 | ($265,333) | $684 | $460,804 | $101,686 |
Ending balance, shares at Mar. 31, 2014 | ' | 48,300 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $7,373 | $3,626 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 4,636 | 3,981 |
Amortization expense | 7,349 | 7,630 |
Amortization of debt issuance costs and original issue discount | 864 | 845 |
Supplemental put expense | ' | 6,396 |
Unrealized (gain) loss on interest rate and foreign currency derivatives | 92 | -385 |
Noncontrolling stockholder stock based compensation | 1,365 | 1,301 |
Excess tax benefit from subsidiary stock options | -1,061 | ' |
Deferred taxes | -594 | -857 |
Other | -53 | -71 |
Changes in operating assets and liabilities, net of acquisition: | ' | ' |
Increase in accounts receivable | -15,652 | -18,130 |
Increase in inventories | -7,063 | -2,010 |
Increase in prepaid expenses and other current assets | -3,274 | -187 |
Increase (decrease) in accounts payable and accrued expenses | -22 | 17,987 |
Net cash (used in) provided by operating activities | -6,040 | 20,126 |
Cash flows from investing activities: | ' | ' |
Acquisitions, net of cash acquired | -42,297 | ' |
Purchases of property and equipment | -3,631 | -3,328 |
Proceeds from sale of businesses | ' | 93 |
Payment of interest rate swap | -495 | ' |
Other investing activities | 7 | ' |
Net cash used in investing activities | -46,416 | -3,235 |
Cash flows from financing activities: | ' | ' |
Borrowings under credit facility | 59,000 | 15,000 |
Repayments under credit facility | -17,713 | -12,637 |
Distributions paid | -17,388 | -17,388 |
Net proceeds provided by noncontrolling shareholders | 1,156 | ' |
Distributions paid to noncontrolling shareholders | ' | -3,090 |
Debt issuance costs | -278 | ' |
Excess tax benefit from subsidiary stock options | 1,061 | ' |
Other | ' | -22 |
Net cash provided by (used in) financing activities | 25,838 | -18,137 |
Foreign currency impact on cash | 11 | -495 |
Net decrease in cash and cash equivalents | -26,607 | -1,741 |
Cash and cash equivalents - beginning of period | 113,229 | 18,241 |
Cash and cash equivalents - end of period | $86,622 | $16,500 |
Organization_and_Business_Oper
Organization and Business Operations | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Organization and Business Operations | ' |
Note A — Organization and business operations | |
Compass Diversified Holdings, a Delaware statutory trust (“the Trust”), was incorporated in Delaware on November 18, 2005. Compass Group Diversified Holdings, LLC, a Delaware limited liability Company (the “Company”), was also formed on November 18, 2005 with equity interests which were subsequently reclassified as the “Allocation Interests”. The Trust and the Company were formed to acquire and manage a group of small and middle-market businesses headquartered in North America. In accordance with the amended and restated Trust Agreement, dated as of April 25, 2006 (the “Trust Agreement”), the Trust is sole owner of 100% of the Trust Interests (as defined in the Company’s amended and restated operating agreement, dated as of April 25, 2006 (as amended and restated, the “LLC Agreement”)) of the Company and, pursuant to the LLC Agreement, the Company has, outstanding, the identical number of Trust Interests as the number of outstanding shares of the Trust. Compass Group Diversified Holdings, LLC, a Delaware limited liability company is the operating entity with a board of directors and other corporate governance responsibilities, similar to that of a Delaware corporation. | |
The Company is a controlling owner of eight businesses, or operating segments, at March 31, 2014. The segments are as follows: CamelBak Acquisition Corp. (“CamelBak”), The Ergo Baby Carrier, Inc. (“Ergobaby”), Fox Factory, Inc. (“FOX”), Liberty Safe and Security Products, Inc. (“Liberty Safe” or “Liberty”), Compass AC Holdings, Inc. (“ACI” or “Advanced Circuits”), American Furniture Manufacturing, Inc. (“AFM” or “American Furniture”), AMT Acquisition Corporation (“Arnold” or “Arnold Magnetics”) and Tridien Medical, Inc. (“Tridien”). Refer to Note D for further discussion of the operating segments. Compass Group Management LLC, a Delaware limited liability Company (“CGM” or the “Manager”), manages the day to day operations of the Company and oversees the management and operations of our businesses pursuant to a management services agreement (“MSA”). |
Presentation_and_Principles_of
Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Presentation and Principles of Consolidation | ' |
Note B — Presentation and principles of consolidation | |
The condensed consolidated financial statements for the three month periods ended March 31, 2014 and March 31, 2013, 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, 2013. | |
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 Holdings and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |
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. FOX sold 2,857,143 of its shares, and certain of its shareholders, including the Company, sold 7,000,000 shares at an initial offering price of $15.00 per share. FOX trades on the NASDAQ stock market under the ticker “FOXF”. 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. | |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update intended to provide guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The accounting standard was effective for the Company January 1, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. | |
In March 2013, the FASB issued an accounting standards update intended to provide guidance on 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. This accounting standard was effective for the Company on January 1, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. | |
In April 2014, the FASB issued an accounting standard update related to reporting discontinued operations and disclosures of disposals of components of an entity which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The new standard applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The amendment is effective for annual reporting periods beginning after December 15, 2014, which for the Company is January 1, 2015, and interim periods within those annual periods. The adoption of this standard is not expected to change the manner in which the Company currently presents discontinued operations in the consolidated financial statements. |
Acquisition
Acquisition | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Acquisition | ' | ||||||
Note C — Acquisition | |||||||
On March 31, 2014, the Company’s majority owned subsidiary, FOX, acquired certain assets and assumed certain liabilities of Sport Truck USA, Inc. (“Sport Truck”) a privately held global distributor, primarily of its own branded aftermarket suspension solutions and a reseller of FOX products. The transaction was accounted for as a business combination. FOX paid cash consideration of approximately $40.9 million, which is subject to certain working capital adjustments in accordance with the asset purchase agreement. Certain members of Sport Truck’s executive committee have agreed to refund up to $1.4 million of the proceeds from the sale, on a graduated basis, if they terminate their employment prior to March 31, 2017. As a result, such payments have been excluded from the acquisition consideration, and will be recognized as compensation expense over the three year service period. As of March 31, 2014, prepaid compensation expense of $0.5 million and $0.9 million is included in prepaid expenses and other current assets and other non-current assets, respectively, in the accompanying condensed consolidated balance sheet. The transaction is being financed with debt and includes a potential earn-out opportunity of up to a maximum of $29.3 million payable over the next three years contingent upon the achievement of certain performance based financial targets. The contingent consideration was fair valued at $19.0 million, based on probability weighted models. Refer to Note I — “Fair value measurements”. FOX will continue to assess the probability that the performance based financial targets will be met, and any subsequent changes in the estimated fair value of the liability will be reflected in earnings until the liability is fully settled. The total consideration was increased by the effective settlement of trade receivables of approximately $0.5 million. | |||||||
The preliminary purchase price of Sport Truck is allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of March 31, 2014 with the excess purchase price allocated to goodwill. The preliminary allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows: | |||||||
Sport Truck | Amounts | ||||||
Recognized as | |||||||
of Acquisition | |||||||
(in thousands) | Date | ||||||
Assets: | |||||||
Cash | $ | — | |||||
Accounts receivable, net | 1,240 | ||||||
Inventory | 8,505 | ||||||
Property, plant and equipment | 4,457 | ||||||
Intangible assets | 33,270 | ||||||
Goodwill (1) | 13,371 | ||||||
Other assets | 1,494 | ||||||
Total assets | $ | 62,337 | |||||
Liabilities: | |||||||
Current liabilities | $ | 1,933 | |||||
Total liabilities | $ | 1,933 | |||||
Net assets acquired | $ | 60,404 | |||||
(1) Goodwill is expected to be deductible for tax purposes. | |||||||
Acquisition Consideration | |||||||
(in thousands) | |||||||
Cash | $ | 40,896 | |||||
Settlement of pre-existing accounts | 473 | ||||||
Contingent consideration | 19,035 | ||||||
Total consideration at closing | $ | 60,404 | |||||
The intangible assets recorded in connection with the Sport Truck acquisition are as follows (in thousands): | |||||||
Intangible assets | Amount | Estimated | |||||
Useful Life | |||||||
Customer relationships | $ | 17,000 | 15 | ||||
Trade name | 16,270 | Indefinite | |||||
$ | 33,270 | ||||||
The primary areas of the preliminary purchase price allocation that have not been finalized relate to contingent consideration, intangible assets, and working capital. The values assigned to the identifiable intangible assets were determined by discounting the estimated future cash flows associated with these assets to their present value. The goodwill of $13.4 million reflects the strategic fit of Sport Truck with FOX’s operations. Sport Truck is well-aligned with FOX’s mission of improving vehicle performance, delivering best in-class service, and entering into strategic and adjacent markets. FOX incurred approximately $1.0 million in transaction costs which were expensed as incurred and included in selling, general and administrative expense in the accompanying condensed consolidated income statement, in connection with the acquisition of Sport Truck. |
Operating_Segment_Data
Operating Segment Data | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Operating Segment Data | ' | ||||||||||||||||||||||||
Note D — Operating segment data | |||||||||||||||||||||||||
At March 31, 2014, 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: | |||||||||||||||||||||||||
• | CamelBak is a diversified hydration and personal protection platform, offering products for outdoor, recreation and military applications. CamelBak offers a broad range of recreational / military hydration packs, reusable water bottles, specialized military gloves and performance accessories. Through its global distribution network, CamelBak products are available in more than 65 countries worldwide. CamelBak is headquartered in Petaluma, California. | ||||||||||||||||||||||||
• | Ergobaby is a premier designer, marketer and distributor of wearable baby carriers and related baby wearing products, as well as stroller travel systems and accessories. Ergobaby offers a broad range of wearable baby carriers, stroller travel systems and related products that are sold through more than 450 retailers and web shops in the United States and throughout the world. Ergobaby has two main product lines: baby carriers (baby carriers and accessories) and infant travel systems (strollers and accessories). Ergobaby is headquartered in Los Angeles, California. | ||||||||||||||||||||||||
• | FOX is a 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’s products offer innovative design, performance, durability and reliability that enhance ride dynamics by improving performance and control. FOX is headquartered in Scotts Valley, CA. | ||||||||||||||||||||||||
• | 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. | ||||||||||||||||||||||||
• | 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 low cost manufacturer of upholstered furniture sold to major and mid-sized retailers. American Furniture operates in the promotional-to-moderate priced upholstered segment of the furniture industry, which is characterized by affordable prices, fresh designs and fast delivery to the retailers. American Furniture was founded in 1998 and focuses on 3 product categories: (i) stationary, (ii) motion (reclining sofas/loveseats.) and (iii) recliners. 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 (Precision Thin Metals) 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. | ||||||||||||||||||||||||
• | 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 months ended March 31, 2014 and 2013 is presented below (in thousands): | |||||||||||||||||||||||||
Net sales of operating segments | Three months ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
CamelBak | $ | 38,770 | $ | 42,755 | |||||||||||||||||||||
Ergobaby | 19,572 | 16,207 | |||||||||||||||||||||||
FOX | 56,108 | 54,879 | |||||||||||||||||||||||
Liberty | 28,895 | 29,732 | |||||||||||||||||||||||
ACI | 20,862 | 21,764 | |||||||||||||||||||||||
American Furniture | 34,840 | 30,816 | |||||||||||||||||||||||
Arnold Magnetics | 30,679 | 30,373 | |||||||||||||||||||||||
Tridien | 16,322 | 15,041 | |||||||||||||||||||||||
Total | 246,048 | 241,567 | |||||||||||||||||||||||
Reconciliation of segment revenues to consolidated revenues: | |||||||||||||||||||||||||
Corporate and other | — | — | |||||||||||||||||||||||
Total consolidated revenues | $ | 246,048 | $ | 241,567 | |||||||||||||||||||||
International Revenues | Three months ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
CamelBak | $ | 10,191 | $ | 9,072 | |||||||||||||||||||||
Ergobaby | 11,105 | 9,151 | |||||||||||||||||||||||
FOX | 32,075 | 35,973 | |||||||||||||||||||||||
Arnold Magnetics | 14,268 | 14,914 | |||||||||||||||||||||||
$ | 67,639 | $ | 69,110 | ||||||||||||||||||||||
Profit (loss) of operating segments(1) | Three months ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
CamelBak | $ | 5,855 | $ | 8,938 | |||||||||||||||||||||
Ergobaby | 4,330 | 2,714 | |||||||||||||||||||||||
FOX | 4,747 | 6,062 | |||||||||||||||||||||||
Liberty | 1,710 | 2,857 | |||||||||||||||||||||||
ACI | 5,402 | 5,907 | |||||||||||||||||||||||
American Furniture | 1,120 | 573 | |||||||||||||||||||||||
Arnold Magnetics | 1,424 | 1,610 | |||||||||||||||||||||||
Tridien | 635 | 754 | |||||||||||||||||||||||
Total | 25,223 | 29,415 | |||||||||||||||||||||||
Reconciliation of segment profit to consolidated income (loss) from continuing operations before income taxes: | |||||||||||||||||||||||||
Interest expense, net | (4,572 | ) | (5,339 | ) | |||||||||||||||||||||
Other income, net | 184 | 327 | |||||||||||||||||||||||
Corporate and other (2) | (7,698 | ) | (13,078 | ) | |||||||||||||||||||||
Total consolidated income (loss) from continuing operations before income taxes | $ | 13,137 | $ | 11,325 | |||||||||||||||||||||
-1 | Segment profit (loss) represents operating income (loss). | ||||||||||||||||||||||||
-2 | Primarily relates to fair value adjustments related to the supplemental put liability during 2013, and management fees expensed and payable to CGM during 2014 and 2013. | ||||||||||||||||||||||||
Accounts receivable | Accounts | Accounts | |||||||||||||||||||||||
Receivable | Receivable | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
CamelBak | $ | 27,099 | $ | 18,054 | |||||||||||||||||||||
Ergobaby | 10,741 | 8,626 | |||||||||||||||||||||||
FOX | 31,182 | 34,197 | |||||||||||||||||||||||
Liberty | 15,741 | 13,029 | |||||||||||||||||||||||
ACI | 5,793 | 5,542 | |||||||||||||||||||||||
American Furniture | 16,798 | 11,502 | |||||||||||||||||||||||
Arnold Magnetics | 16,827 | 16,922 | |||||||||||||||||||||||
Tridien | 9,140 | 7,288 | |||||||||||||||||||||||
Total | 133,321 | 115,160 | |||||||||||||||||||||||
Reconciliation of segment to consolidated totals: | |||||||||||||||||||||||||
Corporate and other | — | — | |||||||||||||||||||||||
Total | 133,321 | 115,160 | |||||||||||||||||||||||
Allowance for doubtful accounts | (3,758 | ) | (3,424 | ) | |||||||||||||||||||||
Total consolidated net accounts receivable | $ | 129,563 | $ | 111,736 | |||||||||||||||||||||
Goodwill | Goodwill | Identifiable | Identifiable | Depreciation and Amortization | |||||||||||||||||||||
Assets | Assets | Expense | |||||||||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Three months ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2014(1) | 2013(1) | 2014 | 2013 | ||||||||||||||||||||
Goodwill and identifiable assets of operating segments | |||||||||||||||||||||||||
CamelBak | $ | 5,546 | $ | 5,546 | $ | 213,662 | $ | 218,081 | $ | 3,374 | $ | 3,196 | |||||||||||||
Ergobaby | 41,664 | 41,664 | 64,341 | 65,838 | 949 | 911 | |||||||||||||||||||
FOX | 45,295 | 31,924 | 149,499 | 93,700 | 2,038 | 1,885 | |||||||||||||||||||
Liberty | 32,684 | 32,684 | 45,911 | 49,247 | 1,524 | 1,750 | |||||||||||||||||||
ACI | 57,615 | 57,615 | 21,535 | 22,044 | 1,280 | 1,205 | |||||||||||||||||||
American Furniture | — | — | 33,725 | 32,851 | 59 | 43 | |||||||||||||||||||
Arnold Magnetics | 51,767 | 51,767 | 86,764 | 87,921 | 2,098 | 1,979 | |||||||||||||||||||
Tridien | 16,762 | 16,762 | 15,058 | 15,324 | 663 | 568 | |||||||||||||||||||
Total | 251,333 | 237,962 | 630,495 | 585,006 | 11,985 | 11,537 | |||||||||||||||||||
Reconciliation of segment to consolidated total: | |||||||||||||||||||||||||
Corporate and other identifiable assets | — | — | 76,142 | 101,560 | — | 74 | |||||||||||||||||||
Amortization of debt issuance costs and original issue discount | — | — | — | — | 864 | 845 | |||||||||||||||||||
Goodwill carried at Corporate level (2) | 8,649 | 8,649 | — | — | — | — | |||||||||||||||||||
Total | $ | 259,982 | $ | 246,611 | $ | 706,637 | $ | 686,566 | $ | 12,849 | $ | 12,456 | |||||||||||||
(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 | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Property, Plant and Equipment and Inventory | ' | ||||||||
Note E — Property, plant and equipment and inventory | |||||||||
Property, plant and equipment | |||||||||
Property, plant and equipment is comprised of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Machinery and equipment | $ | 98,880 | $ | 90,717 | |||||
Office furniture, computers and software | 9,530 | 11,385 | |||||||
Leasehold improvements | 14,211 | 15,354 | |||||||
Buildings and land | 3,331 | 425 | |||||||
125,952 | 117,881 | ||||||||
Less: accumulated depreciation | (54,475 | ) | (49,822 | ) | |||||
Total | $ | 71,477 | $ | 68,059 | |||||
Depreciation expense was $4.6 million and $4.0 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||
Inventory | |||||||||
Inventory is comprised of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 85,741 | $ | 74,325 | |||||
Work-in-process | 14,568 | 13,579 | |||||||
Finished goods | 77,353 | 73,664 | |||||||
Less: obsolescence reserve | (9,064 | ) | (8,620 | ) | |||||
Total | $ | 168,598 | $ | 152,948 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
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 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 at Arnold, which comprises three reporting units. | |||||||||||
2014 Annual goodwill impairment testing | |||||||||||
At March 31, 2014, the Company elected to use the qualitative assessment alternative to test goodwill for impairment for each of the reporting units that maintain a goodwill carrying value. The Company is currently in the process of evaluating the qualitative factors (Step 0) of each reporting unit to determine if the fair values of the reporting units exceed their respective carrying values. However, the Company has determined that two of Arnold’s three reporting units will require further quantitative testing (Step 1) since the Company cannot conclude that the fair value of Arnold’s reporting units exceeds their carrying values based solely on qualitative factors. Preliminary results of the quantitative analysis indicate that the fair value of these reporting units exceeds their carrying value. The Company expects to conclude on its goodwill impairment testing during the three months ended June 30, 2014. | |||||||||||
2013 Interim goodwill impairment testing | |||||||||||
At December 31, 2013, the Company performed an interim impairment analysis at the Tridien operating segment as a result of continuing revenue decreases and a 2014 forecast that indicated little to no growth. The result of the interim impairment analysis (Step 1) indicated that goodwill was impaired as of December 31, 2013. The completion of Step 2 resulted in a write down of goodwill of $11.5 million and intangible assets of $0.5 million as of December 31, 2013. The results of the Step 2 were preliminary as of the filing of the Company’s December 31, 2013 10-K. The Step 2 analysis for Tridien has been finalized and no adjustments were made to the impairment charges recorded as of December 31, 2013. | |||||||||||
A reconciliation of the change in the carrying value of goodwill for the three months ended March 31, 2014 and the year ended December 31, 2013, is as follows (in thousands): | |||||||||||
Three months ended | Year ended | ||||||||||
March 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Beginning balance: | |||||||||||
Goodwill | $ | 299,514 | $ | 298,962 | |||||||
Accumulated impairment losses | (52,903 | ) | (41,435 | ) | |||||||
246,611 | 257,527 | ||||||||||
Impairment losses | — | (11,468 | ) | ||||||||
Acquisition of businesses (1) | 13,371 | 552 | |||||||||
Total adjustments | 13,371 | (10,916 | ) | ||||||||
Ending balance: | |||||||||||
Goodwill | 312,885 | 299,514 | |||||||||
Accumulated impairment losses | (52,903 | ) | (52,903 | ) | |||||||
$ | 259,982 | $ | 246,611 | ||||||||
(1) | Relates to add-on acquisitions by FOX in the fourth quarter of 2013 and the first quarter of 2014. | ||||||||||
Other intangible assets | |||||||||||
2014 Annual indefinite lived impairment testing | |||||||||||
At March 31, 2014, the Company elected to use the qualitative assessment alternative to test indefinite lived intangible assets for impairment for each of the reporting units that maintain indefinite lived intangible assets. We are currently in the process of evaluating the qualitative factors (Step 0) of each indefinite lived intangible asset to determine if the fair values exceed their respective carrying values. Preliminary results of the qualitative analysis indicate that the carrying value of the Company’s indefinite-lived intangible assets are not impaired. The Company expects to conclude on its indefinite lived intangible asset impairment testing during the three months ended June 30, 2014. | |||||||||||
Other intangible assets are comprised of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||
March 31, | December 31, | Weighted | |||||||||
2014 | 2013 | Average | |||||||||
Useful Lives | |||||||||||
Customer relationships | $ | 209,574 | $ | 192,387 | 12 | ||||||
Technology and patents | 88,887 | 89,443 | 8 | ||||||||
Trade names, subject to amortization | 8,430 | 7,595 | 10 | ||||||||
Licensing and non-compete agreements | 7,768 | 7,736 | 4 | ||||||||
Distributor relations and other | 606 | 606 | 5 | ||||||||
315,265 | 297,767 | ||||||||||
Accumulated amortization: | |||||||||||
Customer relationships | (69,150 | ) | (64,752 | ) | |||||||
Technology and patents | (47,322 | ) | (44,703 | ) | |||||||
Trade names, subject to amortization | (2,408 | ) | (1,895 | ) | |||||||
Licensing and non-compete agreements | (7,011 | ) | (6,798 | ) | |||||||
Distributor relations and other | (606 | ) | (606 | ) | |||||||
Total accumulated amortization | (126,497 | ) | (118,754 | ) | |||||||
Trade names, not subject to amortization | 147,566 | 131,346 | |||||||||
Total intangibles, net | $ | 336,334 | $ | 310,359 | |||||||
Amortization expense related to intangible assets was $7.3 million and $7.6 million for the three months ended March 31, 2014 and 2013, respectively. Estimated charges to amortization expense of intangible assets over the next five years, is as follows, (in thousands): | |||||||||||
Apr. 1, 2014 through Dec. 31, 2014 | $ | 20,968 | |||||||||
2015 | 24,691 | ||||||||||
2016 | 17,282 | ||||||||||
2017 | 14,285 | ||||||||||
2018 | 13,364 | ||||||||||
$ | 90,590 |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 TD Securities. The Credit Facility provides for (i) a revolving line of credit of $290 million which has subsequently been increased to $320 million, and (ii) a $225 million term loan which has subsequently been increased to $279 million. The Term Loan Facility was issued at an original issuance discount of 96%. The Credit Agreement is secured by a first priority lien on all the assets of the Company (with the exception of FOX – see “FOX Credit Facility” below), including, but not limited to, the capital stock of the businesses, loan receivables from the Company’s businesses, cash and other assets. The Revolving Credit Facility also requires that the loan agreements between the Company and its businesses be secured by a first priority lien on the assets of the businesses subject to the letters of credit issued by third party lenders on behalf of such businesses. Amounts borrowed under the Revolving Credit Facility 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%. Amounts outstanding under the Term Loan bear interest at LIBOR plus 4.00% with a LIBOR floor of 1.00%, or base rate plus a margin ranging from 1.50% to 2.50% | |||||||||
Availability under our Revolving Credit Facility was approximately $318.4 million at March 31, 2014. Letters of credit outstanding at March 31, 2014 totaled approximately $1.6 million. At March 31, 2014, the Company was in compliance with all covenants. | |||||||||
FOX Credit Facility | |||||||||
FOX entered into a $60 million revolving credit facility with SunTrust Bank and other lenders (the “FOX Credit Facility”) in August 2013 in connection with their initial public offering. In March 2014, FOX amended the FOX Credit Facility in connection with the FOX acquisition of Sport Truck (the “FOX Amended Credit Agreement”). The FOX Amended Credit Agreement added FOX’s wholly owned subsidiary, ST USA Holding Corp., as a borrower, extended the term through March 31, 2019, and provided for a term loan facility of $50 million, in addition to the $60 million revolving credit facility which includes up to $10 million in letters of credit, up to $5 million in swingline loans. The facility is secured by substantially all of FOX’s tangible and intangible personal property. The term loan facility requires quarterly payments of approximately $.63 million from June 30, 2014 through March 31, 2016, $.94 million from June 30, 2016 through March 31, 2018, $1.3 million from June 30, 2018 through December 31, 2018, with the final payment of principal and interest due March 31, 2019. The proceeds of the term loan were used, in part, to fund the purchase of Sport Truck and to pay down existing amounts outstanding under the revolving credit facility. | |||||||||
The term loan and advances under the revolving credit portion of the FOX Amended Credit Agreement bear interest at either LIBOR plus an applicable margin ranging from 1.50% to 2.50%, or the Prime Rate, plus an applicable margin ranging from 0.50% to 1.50%. In addition to interest on amounts borrowed under the FOX Amended Credit Agreement, FOX will pay a quarterly commitment fee on the unused portion of the commitment as defined in the FOX Amended Credit Agreement, which can range from 0.20% to 0.30%. 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 maximum total leverage ratio and a fixed charge coverage ratio. FOX was in compliance with applicable covenants of the FOX Amended Credit Agreement as of March 31, 2014. | |||||||||
The following table provides the Company’s debt holdings at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving Credit Facility | $ | — | $ | — | |||||
FOX Revolving Credit Facility | — | 8,000 | |||||||
FOX Term Loan | 50,000 | — | |||||||
Term Loan Facility | 279,038 | 279,750 | |||||||
Original issue discount | (4,217 | ) | (4,511 | ) | |||||
Total debt | $ | 324,821 | $ | 283,239 | |||||
Less: Current portion, term loan facilities | (5,350 | ) | (2,850 | ) | |||||
Less: Current portion, revolving credit facilities | — | — | |||||||
Long term debt | $ | 319,471 | $ | 280,389 | |||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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 derivative on October 31, 2011: | ||||
• | 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 March 31, 2014, this Swap had a fair value loss of $3.7 million. The fair value is reflected in other current liabilities of $2.0 million and other non-current liabilities of $1.7 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 transaction associated with the Term Loan 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. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Note I — Fair value measurement | |||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring basis at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurements at March 31, 2014 | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Liabilities: | |||||||||||||||||
Call option of noncontrolling shareholder (1) | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||
Put option of noncontrolling shareholders (2) | 50 | — | — | 50 | |||||||||||||
Contingent consideration - Sport Truck (3) | 19,035 | — | — | 19,035 | |||||||||||||
Interest rate swap | 3,723 | — | 3,723 | — | |||||||||||||
-1 | Represents a noncontrolling shareholder’s call option to purchase additional common stock in Tridien. | ||||||||||||||||
-2 | Represents put options issued to noncontrolling shareholders in connection with the Liberty acquisition. | ||||||||||||||||
-3 | Represents contingent purchase price consideration in connection with the Company’s FOX subsidiary’s acquisition of Sport Truck on March 31, 2014. | ||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Assets: | |||||||||||||||||
Interest rate cap | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Call option of noncontrolling shareholder (1) | 25 | — | — | 25 | |||||||||||||
Put option of noncontrolling shareholders (2) | 50 | — | — | 50 | |||||||||||||
Interest rate swap | 4,126 | — | 4,126 | — | |||||||||||||
Reconciliations of the change in the carrying value of our Level 3 fair value measurements from January 1, 2014 through March 31, 2014 and from January 1, 2013 through March 31, 2013 are as follows (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at January 1 | $ | 75 | $ | 51,598 | |||||||||||||
Supplemental put expense (1) | — | 6,396 | |||||||||||||||
Contingent consideration - Sport Truck | 19,035 | — | |||||||||||||||
Balance at March 31 | $ | 19,110 | $ | 57,994 | |||||||||||||
-1 | As a result of the termination of the Supplemental Put Agreement on July 1, 2013, the Company has derecognized the supplemental put liability. | ||||||||||||||||
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, 2013. | |||||||||||||||||
Contingent Consideration: | |||||||||||||||||
FOX entered into a contingent consideration arrangement associated with the purchase of Sport Truck on March 31, 2014. The earnout provision provides for the payments of cash of up to $29.3 million upon achievement of adjusted EBITDA targets by the acquired business through 2016. The contingent consideration was valued at $19 million using Level 3 unobservable inputs, primarily probability weighted models. | |||||||||||||||||
At March 31, 2014, the carrying value of the Company’s outstanding Term Loan Facility, including the current portion, was $279.0 million, compared with a fair value of $271.7 million. The estimated fair value of the outstanding Term Loan Facility is based on quoted market prices for similar debt issues and is, therefore, classified as Level 2 in the fair value hierarchy. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equity [Abstract] | ' | ||||
Stockholders' Equity | ' | ||||
Note J — Stockholders’ equity | |||||
Trust Shares | |||||
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. | |||||
Allocation Interests | |||||
The Allocation Interests represent the original equity interest in the Company. The holders of the Allocation Interests (“Holders”) are entitled to receive distributions pursuant to a profit allocation formula upon the occurrence of certain events. The distributions of the profit allocation is paid 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 Holders, at each five year anniversary date of the acquisition of one of the Company’s businesses (“Holding Event”). The Manager, as the original holders of the Allocation Interests, previously had the right to cause the Company to purchase the Allocation Interests upon termination of the MSA in accordance with a Supplemental Put Agreement. 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 advisor under the Investment Advisor’s Act of 1940 (the “Advisor’s Act”), as amended. In connection with the amendment resulting from the Managers’ registration as an investment advisor under the Advisor’s Act, the Company and the Manager agreed to terminate the Supplemental Put Agreement. The Company historically recorded the obligation associated with the Supplemental Put agreement as a liability that represented the amount the Company would have to pay to physically settle the purchase of the Allocation Interests upon termination of the MSA. As a result of the termination of the Supplemental Put Agreement, the Company currently records distributions of the profit allocation to the Holders upon occurrence of a Sale Event or Holding Event as dividends declared on Allocation Interests to stockholders’ equity when they are approved by the Company’s board of directors. | |||||
Earnings per share | |||||
Prior to the termination of the Supplemental Put Agreement, basic and diluted earnings per share attributable to Holdings were calculated on a weighted average basis. Upon termination of the Supplemental Put Agreement, basic and diluted earnings per share is calculated using the two-class method which requires the Company to allocate participating securities that have rights to earnings that otherwise would have been available only to Trust shareholders as a separate class of securities in calculating earnings per share. The Allocation Interests are considered participating securities that contain participating rights to receive profit allocations upon the occurrence of a Holding Event or Sale Event. The calculation of basic and diluted earnings per share for the quarter ended March 31, 2014 reflects the incremental increase during the period in the profit allocation distribution to Holders related to Holding Events. | |||||
Basic and diluted earnings per share for the quarter ended March 31, 2014 is calculated as follows: | |||||
Net income attributable to Holdings | $ | 4,659 | |||
Less: Effect of contribution based profit - Holding Event | 804 | ||||
Net income from Holdings attributable to Trust shares | $ | 3,855 | |||
Basic and diluted weighted average shares outstanding | 48,300 | ||||
Net income per share - basic and fully diluted | $ | 0.08 | |||
Distributions | |||||
• | On January 30, 2014, the Company paid a distribution of $0.36 per share to holders of record as of January 23, 2014. This distribution was declared on January 9, 2014. | ||||
• | On April 30, 2014, the Company paid a distribution of $0.36 per share to holders of record as of April 23, 2014. This distribution was declared on April 10, 2014. |
Warranties
Warranties | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 three months ended March 31, 2014 and the year ended December 31, 2013 is as follows (in thousands): | |||||||||
Three months ended | Year Ended | ||||||||
31-Mar-14 | December 31, 2013 | ||||||||
Warranty liability: | |||||||||
Beginning balance | $ | 5,815 | $ | 6,410 | |||||
Accrual | 1,509 | 6,713 | |||||||
Warranty payments | (1,342 | ) | (7,308 | ) | |||||
Ending balance | $ | 5,983 | $ | 5,815 | |||||
Noncontrolling_Interest
Noncontrolling Interest | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||
% Ownership (1) | % Ownership (1) | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Primary | Fully | Primary | Fully | ||||||||||||||
Diluted | Diluted | ||||||||||||||||
CamelBak | 89.9 | 79.7 | 89.9 | 79.7 | |||||||||||||
Ergobaby | 81 | 74.7 | 81 | 75 | |||||||||||||
FOX (refer to Note B) | 53.5 | 49.8 | 53.9 | 49.8 | |||||||||||||
Liberty | 96.2 | 84.8 | 96.2 | 84.8 | |||||||||||||
ACI | 69.4 | 69.4 | 69.4 | 69.4 | |||||||||||||
American Furniture | 99.9 | 99.9 | 99.9 | 99.9 | |||||||||||||
Arnold Magnetics | 96.7 | 87.2 | 96.7 | 87.2 | |||||||||||||
Tridien | 81.3 | 65.4 | 81.3 | 66.5 | |||||||||||||
Noncontrolling Interest Balances | |||||||||||||||||
(in thousands) | March 31, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
CamelBak | $ | 13,927 | $ | 13,519 | |||||||||||||
Ergobaby | 13,081 | 12,571 | |||||||||||||||
FOX | 69,186 | 64,949 | |||||||||||||||
Liberty | 2,460 | 2,339 | |||||||||||||||
ACI | (1,778 | ) | (2,529 | ) | |||||||||||||
American Furniture | 260 | 260 | |||||||||||||||
Arnold Magnetics | 1,823 | 1,808 | |||||||||||||||
Tridien | 2,627 | 2,533 | |||||||||||||||
Allocation Interests | 100 | 100 | |||||||||||||||
$ | 101,686 | $ | 95,550 | ||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
United States Federal Statutory Rate | 35 | % | 35 | % | |||||
Foreign and State income taxes (net of Federal benefits) | 1 | 12.2 | |||||||
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders (1) | 6.2 | 21.2 | |||||||
Impact of subsidiary employee stock options | 0.4 | 1 | |||||||
Domestic production activities deduction | (2.4 | ) | (2.5 | ) | |||||
Non-recognition of NOL carryforwards at subsidiaries | (1.2 | ) | (2.0 | ) | |||||
Other | 4.9 | 3.1 | |||||||
Effective income tax rate | 43.9 | % | 68 | % | |||||
-1 | The effective income tax rate for all periods includes a significant loss at the Company’s parent which is taxed as a partnership. |
Defined_Benefit_Plan
Defined Benefit Plan | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 $1.2 million is recognized in the consolidated balance sheet as a component of other non-current liabilities at March 31, 2014. Net periodic benefit cost consists of the following for the three months ended March 31, 2014 and 2013: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Service cost | $ | 118 | $ | 113 | |||||
Interest cost | 76 | 70 | |||||||
Expected return on plan assets | (198 | ) | (201 | ) | |||||
Net periodic benefit cost | $ | (4 | ) | $ | (18 | ) | |||
During the three months ended March 31, 2014, per the terms of the agreement, Arnold has contributed $0.1 million to the plan. For the remainder of 2014, the expected contribution to the plan will be approximately $0.4 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 March 31, 2014 were considered Level 3. |
Presentation_and_Principles_of1
Presentation and Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
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 Holdings and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | |
FOX 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. FOX sold 2,857,143 of its shares, and certain of its shareholders, including the Company, sold 7,000,000 shares at an initial offering price of $15.00 per share. FOX trades on the NASDAQ stock market under the ticker “FOXF”. 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. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update intended to provide guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The accounting standard was effective for the Company January 1, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. | |
In March 2013, the FASB issued an accounting standards update intended to provide guidance on 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. This accounting standard was effective for the Company on January 1, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. | |
In April 2014, the FASB issued an accounting standard update related to reporting discontinued operations and disclosures of disposals of components of an entity which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The new standard applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The amendment is effective for annual reporting periods beginning after December 15, 2014, which for the Company is January 1, 2015, and interim periods within those annual periods. The adoption of this standard is not expected to change the manner in which the Company currently presents discontinued operations in the consolidated financial statements. |
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule of Assets Acquired and Liabilities Assumed as of the Acquisition Date | ' | ||||||
The preliminary allocation of the purchase price to the net tangible and intangible assets acquired and liabilities assumed is as follows: | |||||||
Sport Truck | Amounts | ||||||
Recognized as | |||||||
of Acquisition | |||||||
(in thousands) | Date | ||||||
Assets: | |||||||
Cash | $ | — | |||||
Accounts receivable, net | 1,240 | ||||||
Inventory | 8,505 | ||||||
Property, plant and equipment | 4,457 | ||||||
Intangible assets | 33,270 | ||||||
Goodwill (1) | 13,371 | ||||||
Other assets | 1,494 | ||||||
Total assets | $ | 62,337 | |||||
Liabilities: | |||||||
Current liabilities | $ | 1,933 | |||||
Total liabilities | $ | 1,933 | |||||
Net assets acquired | $ | 60,404 | |||||
(1) Goodwill is expected to be deductible for tax purposes. | |||||||
Acquisition Consideration | |||||||
(in thousands) | |||||||
Cash | $ | 40,896 | |||||
Settlement of pre-existing accounts | 473 | ||||||
Contingent consideration | 19,035 | ||||||
Total consideration at closing | $ | 60,404 | |||||
Schedule of Intangible Assets Recorded as Part of Acquisition | ' | ||||||
The intangible assets recorded in connection with the Sport Truck acquisition are as follows (in thousands): | |||||||
Intangible assets | Amount | Estimated | |||||
Useful Life | |||||||
Customer relationships | $ | 17,000 | 15 | ||||
Trade name | 16,270 | Indefinite | |||||
$ | 33,270 | ||||||
Operating_Segment_Data_Tables
Operating Segment Data (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 months ended March 31, 2014 and 2013 is presented below (in thousands): | |||||||||||||||||||||||||
Net sales of operating segments | Three months ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
CamelBak | $ | 38,770 | $ | 42,755 | |||||||||||||||||||||
Ergobaby | 19,572 | 16,207 | |||||||||||||||||||||||
FOX | 56,108 | 54,879 | |||||||||||||||||||||||
Liberty | 28,895 | 29,732 | |||||||||||||||||||||||
ACI | 20,862 | 21,764 | |||||||||||||||||||||||
American Furniture | 34,840 | 30,816 | |||||||||||||||||||||||
Arnold Magnetics | 30,679 | 30,373 | |||||||||||||||||||||||
Tridien | 16,322 | 15,041 | |||||||||||||||||||||||
Total | 246,048 | 241,567 | |||||||||||||||||||||||
Reconciliation of segment revenues to consolidated revenues: | |||||||||||||||||||||||||
Corporate and other | — | — | |||||||||||||||||||||||
Total consolidated revenues | $ | 246,048 | $ | 241,567 | |||||||||||||||||||||
Revenues from Geographic Locations Outside Domestic Country | ' | ||||||||||||||||||||||||
International Revenues | Three months ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
CamelBak | $ | 10,191 | $ | 9,072 | |||||||||||||||||||||
Ergobaby | 11,105 | 9,151 | |||||||||||||||||||||||
FOX | 32,075 | 35,973 | |||||||||||||||||||||||
Arnold Magnetics | 14,268 | 14,914 | |||||||||||||||||||||||
$ | 67,639 | $ | 69,110 | ||||||||||||||||||||||
Summary of Profit (Loss) of Operating Segments | ' | ||||||||||||||||||||||||
Profit (loss) of operating segments (1) | Three months ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
CamelBak | $ | 5,855 | $ | 8,938 | |||||||||||||||||||||
Ergobaby | 4,330 | 2,714 | |||||||||||||||||||||||
FOX | 4,747 | 6,062 | |||||||||||||||||||||||
Liberty | 1,710 | 2,857 | |||||||||||||||||||||||
ACI | 5,402 | 5,907 | |||||||||||||||||||||||
American Furniture | 1,120 | 573 | |||||||||||||||||||||||
Arnold Magnetics | 1,424 | 1,610 | |||||||||||||||||||||||
Tridien | 635 | 754 | |||||||||||||||||||||||
Total | 25,223 | 29,415 | |||||||||||||||||||||||
Reconciliation of segment profit to consolidated income (loss) from continuing operations before income taxes: | |||||||||||||||||||||||||
Interest expense, net | (4,572 | ) | (5,339 | ) | |||||||||||||||||||||
Other income, net | 184 | 327 | |||||||||||||||||||||||
Corporate and other (2) | (7,698 | ) | (13,078 | ) | |||||||||||||||||||||
Total consolidated income (loss) from continuing operations before income taxes | $ | 13,137 | $ | 11,325 | |||||||||||||||||||||
-1 | Segment profit (loss) represents operating income (loss). | ||||||||||||||||||||||||
-2 | Primarily relates to fair value adjustments related to the supplemental put liability during 2013, and management fees expensed and payable to CGM during 2014 and 2013. | ||||||||||||||||||||||||
Summary of Accounts Receivable of Operating Segment | ' | ||||||||||||||||||||||||
Accounts receivable | Accounts | Accounts | |||||||||||||||||||||||
Receivable | Receivable | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
CamelBak | $ | 27,099 | $ | 18,054 | |||||||||||||||||||||
Ergobaby | 10,741 | 8,626 | |||||||||||||||||||||||
FOX | 31,182 | 34,197 | |||||||||||||||||||||||
Liberty | 15,741 | 13,029 | |||||||||||||||||||||||
ACI | 5,793 | 5,542 | |||||||||||||||||||||||
American Furniture | 16,798 | 11,502 | |||||||||||||||||||||||
Arnold Magnetics | 16,827 | 16,922 | |||||||||||||||||||||||
Tridien | 9,140 | 7,288 | |||||||||||||||||||||||
Total | 133,321 | 115,160 | |||||||||||||||||||||||
Reconciliation of segment to consolidated totals: | |||||||||||||||||||||||||
Corporate and other | — | — | |||||||||||||||||||||||
Total | 133,321 | 115,160 | |||||||||||||||||||||||
Allowance for doubtful accounts | (3,758 | ) | (3,424 | ) | |||||||||||||||||||||
Total consolidated net accounts receivable | $ | 129,563 | $ | 111,736 | |||||||||||||||||||||
Summary of Goodwill and Identifiable Assets of Operating Segments | ' | ||||||||||||||||||||||||
Goodwill | Goodwill | Identifiable | Identifiable | Depreciation and Amortization | |||||||||||||||||||||
Assets | Assets | Expense | |||||||||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Three months ended March 31, | |||||||||||||||||||||
2014 | 2013 | 2014(1) | 2013(1) | 2014 | 2013 | ||||||||||||||||||||
Goodwill and identifiable assets of operating segments | |||||||||||||||||||||||||
CamelBak | $ | 5,546 | $ | 5,546 | $ | 213,662 | $ | 218,081 | $ | 3,374 | $ | 3,196 | |||||||||||||
Ergobaby | 41,664 | 41,664 | 64,341 | 65,838 | 949 | 911 | |||||||||||||||||||
FOX | 45,295 | 31,924 | 149,499 | 93,700 | 2,038 | 1,885 | |||||||||||||||||||
Liberty | 32,684 | 32,684 | 45,911 | 49,247 | 1,524 | 1,750 | |||||||||||||||||||
ACI | 57,615 | 57,615 | 21,535 | 22,044 | 1,280 | 1,205 | |||||||||||||||||||
American Furniture | — | — | 33,725 | 32,851 | 59 | 43 | |||||||||||||||||||
Arnold Magnetics | 51,767 | 51,767 | 86,764 | 87,921 | 2,098 | 1,979 | |||||||||||||||||||
Tridien | 16,762 | 16,762 | 15,058 | 15,324 | 663 | 568 | |||||||||||||||||||
Total | 251,333 | 237,962 | 630,495 | 585,006 | 11,985 | 11,537 | |||||||||||||||||||
Reconciliation of segment to consolidated total: | |||||||||||||||||||||||||
Corporate and other identifiable assets | — | — | 76,142 | 101,560 | — | 74 | |||||||||||||||||||
Amortization of debt issuance costs and original issue discount | — | — | — | — | 864 | 845 | |||||||||||||||||||
Goodwill carried at Corporate level (2) | 8,649 | 8,649 | — | — | — | — | |||||||||||||||||||
Total | $ | 259,982 | $ | 246,611 | $ | 706,637 | $ | 686,566 | $ | 12,849 | $ | 12,456 | |||||||||||||
(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) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment is comprised of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Machinery and equipment | $ | 98,880 | $ | 90,717 | |||||
Office furniture, computers and software | 9,530 | 11,385 | |||||||
Leasehold improvements | 14,211 | 15,354 | |||||||
Buildings and land | 3,331 | 425 | |||||||
125,952 | 117,881 | ||||||||
Less: accumulated depreciation | (54,475 | ) | (49,822 | ) | |||||
Total | $ | 71,477 | $ | 68,059 | |||||
Summary of Inventory | ' | ||||||||
Inventory is comprised of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 85,741 | $ | 74,325 | |||||
Work-in-process | 14,568 | 13,579 | |||||||
Finished goods | 77,353 | 73,664 | |||||||
Less: obsolescence reserve | (9,064 | ) | (8,620 | ) | |||||
Total | $ | 168,598 | $ | 152,948 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
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 three months ended March 31, 2014 and the year ended December 31, 2013, is as follows (in thousands): | |||||||||||
Three months ended | Year ended | ||||||||||
March 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Beginning balance: | |||||||||||
Goodwill | $ | 299,514 | $ | 298,962 | |||||||
Accumulated impairment losses | (52,903 | ) | (41,435 | ) | |||||||
246,611 | 257,527 | ||||||||||
Impairment losses | — | (11,468 | ) | ||||||||
Acquisition of businesses (1) | 13,371 | 552 | |||||||||
Total adjustments | 13,371 | (10,916 | ) | ||||||||
Ending balance: | |||||||||||
Goodwill | 312,885 | 299,514 | |||||||||
Accumulated impairment losses | (52,903 | ) | (52,903 | ) | |||||||
$ | 259,982 | $ | 246,611 | ||||||||
(1) | Relates to add-on acquisitions by FOX in the fourth quarter of 2013 and the first quarter of 2014. | ||||||||||
Summary of Other Intangible Assets | ' | ||||||||||
Other intangible assets are comprised of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||
March 31, | December 31, | Weighted | |||||||||
2014 | 2013 | Average | |||||||||
Useful Lives | |||||||||||
Customer relationships | $ | 209,574 | $ | 192,387 | 12 | ||||||
Technology and patents | 88,887 | 89,443 | 8 | ||||||||
Trade names, subject to amortization | 8,430 | 7,595 | 10 | ||||||||
Licensing and non-compete agreements | 7,768 | 7,736 | 4 | ||||||||
Distributor relations and other | 606 | 606 | 5 | ||||||||
315,265 | 297,767 | ||||||||||
Accumulated amortization: | |||||||||||
Customer relationships | (69,150 | ) | (64,752 | ) | |||||||
Technology and patents | (47,322 | ) | (44,703 | ) | |||||||
Trade names, subject to amortization | (2,408 | ) | (1,895 | ) | |||||||
Licensing and non-compete agreements | (7,011 | ) | (6,798 | ) | |||||||
Distributor relations and other | (606 | ) | (606 | ) | |||||||
Total accumulated amortization | (126,497 | ) | (118,754 | ) | |||||||
Trade names, not subject to amortization | 147,566 | 131,346 | |||||||||
Total intangibles, net | $ | 336,334 | $ | 310,359 | |||||||
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): | |||||||||||
Apr. 1, 2014 through Dec. 31, 2014 | $ | 20,968 | |||||||||
2015 | 24,691 | ||||||||||
2016 | 17,282 | ||||||||||
2017 | 14,285 | ||||||||||
2018 | 13,364 | ||||||||||
$ | 90,590 | ||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Debt Holdings | ' | ||||||||
The following table provides the Company’s debt holdings at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving Credit Facility | $ | — | $ | — | |||||
FOX Revolving Credit Facility | — | 8,000 | |||||||
FOX Term Loan | 50,000 | — | |||||||
Term Loan Facility | 279,038 | 279,750 | |||||||
Original issue discount | (4,217 | ) | (4,511 | ) | |||||
Total debt | $ | 324,821 | $ | 283,239 | |||||
Less: Current portion, term loan facilities | (5,350 | ) | (2,850 | ) | |||||
Less: Current portion, revolving credit facilities | — | — | |||||||
Long term debt | $ | 319,471 | $ | 280,389 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurements at March 31, 2014 | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Liabilities: | |||||||||||||||||
Call option of noncontrolling shareholder (1) | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||
Put option of noncontrolling shareholders (2) | 50 | — | — | 50 | |||||||||||||
Contingent consideration - Sport Truck (3) | 19,035 | — | — | 19,035 | |||||||||||||
Interest rate swap | 3,723 | — | 3,723 | — | |||||||||||||
-1 | Represents a noncontrolling shareholder’s call option to purchase additional common stock in Tridien. | ||||||||||||||||
-2 | Represents put options issued to noncontrolling shareholders in connection with the Liberty acquisition. | ||||||||||||||||
-3 | Represents contingent purchase price consideration in connection with the Company’s FOX subsidiary’s acquisition of Sport Truck on March 31, 2014. | ||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Assets: | |||||||||||||||||
Interest rate cap | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Call option of noncontrolling shareholder (1) | 25 | — | — | 25 | |||||||||||||
Put option of noncontrolling shareholders (2) | 50 | — | — | 50 | |||||||||||||
Interest rate swap | 4,126 | — | 4,126 | — | |||||||||||||
Reconciliations of Change in Carrying Value of Level 3 Fair Value Measurements | ' | ||||||||||||||||
Reconciliations of the change in the carrying value of our Level 3 fair value measurements from January 1, 2014 through March 31, 2014 and from January 1, 2013 through March 31, 2013 are as follows (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance at January 1 | $ | 75 | $ | 51,598 | |||||||||||||
Supplemental put expense (1) | — | 6,396 | |||||||||||||||
Contingent consideration - Sport Truck | 19,035 | — | |||||||||||||||
Balance at March 31 | $ | 19,110 | $ | 57,994 | |||||||||||||
-1 | As a result of the termination of the Supplemental Put Agreement on July 1, 2013, the Company has derecognized the supplemental put liability. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equity [Abstract] | ' | ||||
Summary of Basic and Diluted Earnings Per Share | ' | ||||
Basic and diluted earnings per share for the quarter ended March 31, 2014 is calculated as follows: | |||||
Net income attributable to Holdings | $ | 4,659 | |||
Less: Effect of contribution based profit - Holding Event | 804 | ||||
Net income from Holdings attributable to Trust shares | $ | 3,855 | |||
Basic and diluted weighted average shares outstanding | 48,300 | ||||
Net income per share - basic and fully diluted | $ | 0.08 |
Warranties_Tables
Warranties (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 three months ended March 31, 2014 and the year ended December 31, 2013 is as follows (in thousands): | |||||||||
Three months ended | Year Ended | ||||||||
31-Mar-14 | December 31, 2013 | ||||||||
Warranty liability: | |||||||||
Beginning balance | $ | 5,815 | $ | 6,410 | |||||
Accrual | 1,509 | 6,713 | |||||||
Warranty payments | (1,342 | ) | (7,308 | ) | |||||
Ending balance | $ | 5,983 | $ | 5,815 | |||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||
% Ownership (1) | % Ownership (1) | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Primary | Fully | Primary | Fully | ||||||||||||||
Diluted | Diluted | ||||||||||||||||
CamelBak | 89.9 | 79.7 | 89.9 | 79.7 | |||||||||||||
Ergobaby | 81 | 74.7 | 81 | 75 | |||||||||||||
FOX (refer to Note B) | 53.5 | 49.8 | 53.9 | 49.8 | |||||||||||||
Liberty | 96.2 | 84.8 | 96.2 | 84.8 | |||||||||||||
ACI | 69.4 | 69.4 | 69.4 | 69.4 | |||||||||||||
American Furniture | 99.9 | 99.9 | 99.9 | 99.9 | |||||||||||||
Arnold Magnetics | 96.7 | 87.2 | 96.7 | 87.2 | |||||||||||||
Tridien | 81.3 | 65.4 | 81.3 | 66.5 | |||||||||||||
Noncontrolling Interest Balances | |||||||||||||||||
(in thousands) | March 31, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
CamelBak | $ | 13,927 | $ | 13,519 | |||||||||||||
Ergobaby | 13,081 | 12,571 | |||||||||||||||
FOX | 69,186 | 64,949 | |||||||||||||||
Liberty | 2,460 | 2,339 | |||||||||||||||
ACI | (1,778 | ) | (2,529 | ) | |||||||||||||
American Furniture | 260 | 260 | |||||||||||||||
Arnold Magnetics | 1,823 | 1,808 | |||||||||||||||
Tridien | 2,627 | 2,533 | |||||||||||||||
Allocation Interests | 100 | 100 | |||||||||||||||
$ | 101,686 | $ | 95,550 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
United States Federal Statutory Rate | 35 | % | 35 | % | |||||
Foreign and State income taxes (net of Federal benefits) | 1 | 12.2 | |||||||
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders (1) | 6.2 | 21.2 | |||||||
Impact of subsidiary employee stock options | 0.4 | 1 | |||||||
Domestic production activities deduction | (2.4 | ) | (2.5 | ) | |||||
Non-recognition of NOL carryforwards at subsidiaries | (1.2 | ) | (2.0 | ) | |||||
Other | 4.9 | 3.1 | |||||||
Effective income tax rate | 43.9 | % | 68 | % | |||||
-1 | The effective income tax rate for all periods includes a significant loss at the Company’s parent which is taxed as a partnership. |
Defined_Benefit_Plan_Tables
Defined Benefit Plan (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Postemployment Benefits [Abstract] | ' | ||||||||
Summary of Net Periodic Benefit Cost | ' | ||||||||
Net periodic benefit cost consists of the following for the three months ended March 31, 2014 and 2013: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Service cost | $ | 118 | $ | 113 | |||||
Interest cost | 76 | 70 | |||||||
Expected return on plan assets | (198 | ) | (201 | ) | |||||
Net periodic benefit cost | $ | (4 | ) | $ | (18 | ) | |||
Organization_and_Business_Oper1
Organization and Business Operations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Sole owner of Trust interest of the company | 100.00% |
Number of businesses/operating segments owned | 8 |
Presentation_and_Principles_of2
Presentation and Principles of Consolidation - Additional Information (Detail) (FOX [Member], USD $) | 0 Months Ended | 3 Months Ended | |
Aug. 13, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Primary Basis [Member] | Fully Diluted Basis [Member] | ||
Subsidiary stock issued during period shares new issues | 2,857,143 | ' | ' |
Number of shares to be sold by shareholders | 7,000,000 | ' | ' |
Initial offering price per share | $15 | ' | ' |
Change in company's ownership interest | ' | 75.80% | 70.60% |
Change in company's ownership interest | ' | 53.90% | 49.80% |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ' | ' | ' |
Fair value of contingent consideration | $19,035,000 | ' | ' |
Goodwill | 259,982,000 | 246,611,000 | 257,527,000 |
Sport Truck [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash consideration paid related to working capital adjustments | 40,896,000 | ' | ' |
Refund of proceeds from the sale | 1,400,000 | ' | ' |
Fair value of contingent consideration | 19,035,000 | ' | ' |
Total consideration increased after settlement | 500,000 | ' | ' |
Opportunity of earn-out | 29,300,000 | ' | ' |
Goodwill | 13,371,000 | ' | ' |
Transaction costs expensed included in selling, general and administrative expense | 1,000,000 | ' | ' |
Sport Truck [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Prepaid compensation expense | 500,000 | ' | ' |
Sport Truck [Member] | Other Non-Current Assets [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Prepaid compensation expense | $900,000 | ' | ' |
Acquisition_Schedule_of_Assets
Acquisition - Schedule of Assets Acquired and Liabilities Assumed as of the Acquisition Date (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ' | ' | ' |
Intangible assets | $33,270 | ' | ' |
Goodwill | 259,982 | 246,611 | 257,527 |
Acquisition Consideration | ' | ' | ' |
Contingent consideration | 19,035 | ' | ' |
Sport Truck [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash | ' | ' | ' |
Accounts receivable, net | 1,240 | ' | ' |
Inventory | 8,505 | ' | ' |
Property, plant and equipment | 4,457 | ' | ' |
Intangible assets | 33,270 | ' | ' |
Goodwill | 13,371 | ' | ' |
Other assets | 1,494 | ' | ' |
Total assets | 62,337 | ' | ' |
Liabilities: | ' | ' | ' |
Current liabilities | 1,933 | ' | ' |
Total liabilities | 1,933 | ' | ' |
Net assets acquired | 60,404 | ' | ' |
Acquisition Consideration | ' | ' | ' |
Cash | 40,896 | ' | ' |
Settlement of pre-existing accounts | 473 | ' | ' |
Contingent consideration | 19,035 | ' | ' |
Total consideration at closing | $60,404 | ' | ' |
Acquisition_Schedule_of_Intang
Acquisition - Schedule of Intangible Assets Recorded as Part of Acquisition (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, Amount | $33,270 |
Customer Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, Amount | 17,000 |
Estimated Useful Life | '15 years |
Trade Names [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, Amount | $16,270 |
Estimated Useful Life | 'Indefinite |
Operating_Segment_Data_Additio
Operating Segment Data - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable operating segments | 8 |
CamelBak [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Minimum number of countries in which entity products available | 65 |
Ergobaby [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Minimum number of retailers | 450 |
Number of product lines | 2 |
Liberty [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Manufacturing facility area | 204,000 |
American Furniture [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of product segment | 3 |
Arnold Magnetics [Member] | Minimum [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of clients | 2,000 |
Operating_Segment_Data_Summary
Operating Segment Data - Summary of Net Sales of Operating Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | $246,048 | $241,567 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 246,048 | 241,567 |
Operating Segments [Member] | CamelBak [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 38,770 | 42,755 |
Operating Segments [Member] | Ergobaby [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 19,572 | 16,207 |
Operating Segments [Member] | FOX [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 56,108 | 54,879 |
Operating Segments [Member] | Liberty [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 28,895 | 29,732 |
Operating Segments [Member] | ACI [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 20,862 | 21,764 |
Operating Segments [Member] | American Furniture [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 34,840 | 30,816 |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 30,679 | 30,373 |
Operating Segments [Member] | Tridien [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated revenues | 16,322 | 15,041 |
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 Locations Outside Domestic Country (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
International revenues | $246,048 | $241,567 |
Non United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
International revenues | 67,639 | 69,110 |
Non United States [Member] | CamelBak [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
International revenues | 10,191 | 9,072 |
Non United States [Member] | Ergobaby [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
International revenues | 11,105 | 9,151 |
Non United States [Member] | FOX [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
International revenues | 32,075 | 35,973 |
Non United States [Member] | Arnold Magnetics [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
International revenues | $14,268 | $14,914 |
Operating_Segment_Data_Summary1
Operating Segment Data - Summary of Profit (Loss) of Operating Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | $13,137 | $11,325 |
Interest expense, net | -4,581 | -5,341 |
Other income, net | 184 | 327 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 25,223 | 29,415 |
Operating Segments [Member] | CamelBak [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 5,855 | 8,938 |
Operating Segments [Member] | Ergobaby [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 4,330 | 2,714 |
Operating Segments [Member] | FOX [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 4,747 | 6,062 |
Operating Segments [Member] | Liberty [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 1,710 | 2,857 |
Operating Segments [Member] | ACI [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 5,402 | 5,907 |
Operating Segments [Member] | American Furniture [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 1,120 | 573 |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 1,424 | 1,610 |
Operating Segments [Member] | Tridien [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | 635 | 754 |
Reconciliation of Segment to Consolidated [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Interest expense, net | -4,572 | -5,339 |
Other income, net | 184 | 327 |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Total consolidated income (loss) from continuing operations before income taxes | ($7,698) | ($13,078) |
Operating_Segment_Data_Summary2
Operating Segment Data - Summary of Accounts Receivable of Operating Segment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | $133,321 | $115,160 |
Allowance for doubtful accounts | -3,758 | -3,424 |
Total consolidated net accounts receivable | 129,563 | 111,736 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 133,321 | 115,160 |
Operating Segments [Member] | CamelBak [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 27,099 | 18,054 |
Operating Segments [Member] | Ergobaby [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 10,741 | 8,626 |
Operating Segments [Member] | FOX [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 31,182 | 34,197 |
Operating Segments [Member] | Liberty [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 15,741 | 13,029 |
Operating Segments [Member] | ACI [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 5,793 | 5,542 |
Operating Segments [Member] | American Furniture [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 16,798 | 11,502 |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 16,827 | 16,922 |
Operating Segments [Member] | Tridien [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | 9,140 | 7,288 |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total | ' | ' |
Operating_Segment_Data_Summary3
Operating Segment Data - Summary of Goodwill and Identifiable Assets of Operating Segments (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | $259,982 | ' | $246,611 | $257,527 |
Identifiable Assets | 706,637 | ' | 686,566 | ' |
Depreciation and Amortization Expense | 12,849 | 12,456 | ' | ' |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 251,333 | ' | 237,962 | ' |
Identifiable Assets | 630,495 | ' | 585,006 | ' |
Depreciation and Amortization Expense | 11,985 | 11,537 | ' | ' |
Operating Segments [Member] | CamelBak [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 5,546 | ' | 5,546 | ' |
Identifiable Assets | 213,662 | ' | 218,081 | ' |
Depreciation and Amortization Expense | 3,374 | 3,196 | ' | ' |
Operating Segments [Member] | Ergobaby [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 41,664 | ' | 41,664 | ' |
Identifiable Assets | 64,341 | ' | 65,838 | ' |
Depreciation and Amortization Expense | 949 | 911 | ' | ' |
Operating Segments [Member] | FOX [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 45,295 | ' | 31,924 | ' |
Identifiable Assets | 149,499 | ' | 93,700 | ' |
Depreciation and Amortization Expense | 2,038 | 1,885 | ' | ' |
Operating Segments [Member] | Liberty [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 32,684 | ' | 32,684 | ' |
Identifiable Assets | 45,911 | ' | 49,247 | ' |
Depreciation and Amortization Expense | 1,524 | 1,750 | ' | ' |
Operating Segments [Member] | ACI [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 57,615 | ' | 57,615 | ' |
Identifiable Assets | 21,535 | ' | 22,044 | ' |
Depreciation and Amortization Expense | 1,280 | 1,205 | ' | ' |
Operating Segments [Member] | American Furniture [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Identifiable Assets | 33,725 | ' | 32,851 | ' |
Depreciation and Amortization Expense | 59 | 43 | ' | ' |
Operating Segments [Member] | Arnold Magnetics [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 51,767 | ' | 51,767 | ' |
Identifiable Assets | 86,764 | ' | 87,921 | ' |
Depreciation and Amortization Expense | 2,098 | 1,979 | ' | ' |
Operating Segments [Member] | Tridien [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | 16,762 | ' | 16,762 | ' |
Identifiable Assets | 15,058 | ' | 15,324 | ' |
Depreciation and Amortization Expense | 663 | 568 | ' | ' |
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 | 864 | 845 | ' | ' |
Reconciliation of Segment to Consolidated [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Identifiable Assets | 76,142 | ' | 101,560 | ' |
Depreciation and Amortization Expense | ' | 74 | ' | ' |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Goodwill | $8,649 | ' | $8,649 | ' |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Inventory - Summary of Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $125,952 | $117,881 |
Less: accumulated depreciation | -54,475 | -49,822 |
Total | 71,477 | 68,059 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 98,880 | 90,717 |
Office Furniture, Computers and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 9,530 | 11,385 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 14,211 | 15,354 |
Buildings and Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $3,331 | $425 |
Property_Plant_and_Equipment_a3
Property, Plant and Equipment and Inventory - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property Plant And Equipment [Abstract] | ' | ' |
Depreciation expense | $4,636 | $3,981 |
Property_Plant_and_Equipment_a4
Property, Plant and Equipment and Inventory - Summary of Inventory (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Raw materials and supplies | $85,741 | $74,325 |
Work-in-process | 14,568 | 13,579 |
Finished goods | 77,353 | 73,664 |
Less: obsolescence reserve | -9,064 | -8,620 |
Total | $168,598 | $152,948 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Reporting_Unit | |||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Number of reporting units at Arnold Subsidiary | 3 | ' | ' |
Number of reporting unit identified as requiring further quantitative testing | 2 | ' | ' |
Goodwill impairment expense | ' | ' | ($11,468,000) |
Amortization expense | 7,349,000 | 7,630,000 | ' |
Tridien [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment expense | ' | ' | 11,500,000 |
Intangible assets written down | ' | ' | $500,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Reconciliation of Change in Carrying Value of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Beginning balance: | ' | ' |
Goodwill | $299,514 | $298,962 |
Accumulated impairment losses | -52,903 | -41,435 |
Goodwill, Beginning balance | 246,611 | 257,527 |
Impairment losses | ' | -11,468 |
Acquisition of businesses | 13,371 | 552 |
Total adjustments | 13,371 | -10,916 |
Ending balance: | ' | ' |
Goodwill | 312,885 | 299,514 |
Accumulated impairment losses | -52,903 | -52,903 |
Goodwill, Ending balance | $259,982 | $246,611 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | $315,265 | $297,767 |
Total accumulated amortization | -126,497 | -118,754 |
Trade names, not subject to amortization | 147,566 | 131,346 |
Total intangibles, net | 336,334 | 310,359 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 209,574 | 192,387 |
Total accumulated amortization | -69,150 | -64,752 |
Weighted average useful lives | '12 years | ' |
Technology and Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 88,887 | 89,443 |
Total accumulated amortization | -47,322 | -44,703 |
Weighted average useful lives | '8 years | ' |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 8,430 | 7,595 |
Total accumulated amortization | -2,408 | -1,895 |
Weighted average useful lives | '10 years | ' |
Licensing and Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets, gross | 7,768 | 7,736 |
Total accumulated amortization | -7,011 | -6,798 |
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) | ($606) |
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 $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
Apr. 1, 2014 through Dec. 31, 2014 | $20,968 |
2015 | 24,691 |
2016 | 17,282 |
2017 | 14,285 |
2018 | 13,364 |
Total amortization expense | $90,590 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Oct. 27, 2011 | Oct. 27, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 27, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Letter of Credit [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] | 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] | ||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Floor [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Letter of Credit [Member] | Swing Line Loans [Member] | ||||||||||
Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Prime Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Prime Rate [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
Quarterly Payments from June 30, 2014 through March 31, 2016 [Member] | Quarterly Payments from June 30, 2016 through March 31, 2018 [Member] | Quarterly Payments from June 30, 2018 through Dec 31, 2018 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility obtained | $318.40 | $515 | $225 | ' | ' | ' | ' | ' | ' | $290 | ' | ' | ' | ' | $60 | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' | $10 | $5 |
Optional increase from group of lenders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in credit facility amount | ' | ' | 279 | ' | ' | ' | ' | ' | ' | 320 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount | ' | ' | 96.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fluctuating rate equal to LIBOR for relative period margin | ' | ' | ' | ' | 4.00% | 1.00% | 2.50% | 1.50% | ' | ' | 3.50% | 2.50% | ' | ' | ' | ' | 1.50% | 0.50% | ' | 2.50% | 1.50% | ' | ' | ' | ' | ' | ' |
Reduction in LIBOR loans | ' | ' | ' | '1.50% to 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date of FOX credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fox credit facility interest rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus an applicable margin ranging from 1.50% to 2.50%, or the Prime Rate, plus an applicable margin ranging from 0.50% to 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility quarterly payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.63 | $0.94 | $1.30 | ' | ' |
Debt_Summary_of_Debt_Holdings_
Debt - Summary of Debt Holdings (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Less: Current portion | ($5,350) | ($2,850) |
Long term debt | 319,471 | 280,389 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ' | ' |
Less: Current portion | ' | ' |
Revolving Credit Facility [Member] | FOX [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ' | 8,000 |
Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 279,038 | 279,750 |
Less: Current portion | -5,350 | -2,850 |
Term Loan Facility [Member] | FOX [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 50,000 | ' |
Original Issue Discount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | -4,217 | -4,511 |
Debt Net of Discount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $324,821 | $283,239 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Derivative [Line Items] | ' |
Percentage of outstanding debt under the term loan facility | 50.00% |
Three-Year Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Notional amount | 200 |
Description of interest rate of basis spread on variable rate | 'Three-month LIBOR rate, with a floor of 1.5% |
Interest rate swap agreement with bank, agreement period | '3 years |
Interest rate on notional amount | 2.49% |
Fair value of interest | 3.7 |
Three-Year Interest Rate Swap [Member] | Other Current Liabilities [Member] | ' |
Derivative [Line Items] | ' |
Fair value of interest | 2 |
Three-Year Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ' |
Derivative [Line Items] | ' |
Fair value of interest | 1.7 |
Three-Year Interest Rate Swap [Member] | Interest Rate Floor [Member] | ' |
Derivative [Line Items] | ' |
Interest rate on LIBOR | 1.50% |
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Liabilities: | ' | ' |
Contingent consideration - Sport Truck | $19,035 | ' |
Fair Value Measurements Recurring [Member] | Carrying Value [Member] | ' | ' |
Assets: | ' | ' |
Interest rate cap | ' | ' |
Liabilities: | ' | ' |
Call option of noncontrolling shareholder | 25 | 25 |
Put option of noncontrolling shareholders | 50 | 50 |
Contingent consideration - Sport Truck | 19,035 | ' |
Interest rate swap | 3,723 | 4,126 |
Fair Value Measurements Recurring [Member] | Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Interest rate cap | ' | ' |
Liabilities: | ' | ' |
Call option of noncontrolling shareholder | ' | ' |
Put option of noncontrolling shareholders | ' | ' |
Contingent consideration - Sport Truck | ' | ' |
Interest rate swap | ' | ' |
Fair Value Measurements Recurring [Member] | Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Interest rate cap | ' | ' |
Liabilities: | ' | ' |
Interest rate swap | 3,723 | 4,126 |
Fair Value Measurements Recurring [Member] | Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Interest rate cap | ' | ' |
Liabilities: | ' | ' |
Call option of noncontrolling shareholder | 25 | 25 |
Put option of noncontrolling shareholders | 50 | 50 |
Contingent consideration - Sport Truck | $19,035 | ' |
Fair_Value_Measurement_Reconci
Fair Value Measurement - Reconciliations of Change in Carrying Value of Level 3 Fair Value Measurements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of liability, Beginning balance | $75 | $51,598 |
Supplemental put expense | ' | 6,396 |
Contingent consideration - Sport Truck | 19,035 | ' |
Fair value of liability, Ending balance | $19,110 | $57,994 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | Sport Truck [Member] | Level 3 [Member] | Level 2 [Member] | ||
Sport Truck [Member] | Term Loan Facility [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Earnout provision provided for the payments of cash | ' | ' | ' | $29,300,000 | ' | ' |
Business acquisition year | ' | ' | ' | 'through 2016 | ' | ' |
Contingent consideration | 19,035,000 | ' | ' | 19,035,000 | 19,000,000 | ' |
Outstanding Term Loan Facility, carrying value | ' | 279,038,000 | 279,750,000 | ' | ' | ' |
Outstanding Term Loan Facility, fair value | ' | ' | ' | ' | ' | $271,700,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
Jan. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | |
Subsequent Event [Member] | ||||
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Trust shares, authorized | ' | 500,000,000 | 500,000,000 | ' |
Trust shares, voting rights | ' | 'One vote per share | ' | ' |
Distribution made to holders, date of record | 23-Jan-14 | ' | ' | 23-Apr-14 |
Distribution made to holders, declaration date | 9-Jan-14 | ' | ' | 10-Apr-14 |
Distribution made to holders, distribution date | 30-Jan-14 | ' | ' | 30-Apr-14 |
Distribution declared per share | $0.36 | ' | ' | $0.36 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Net income attributable to Holdings | $4,659 | $1,594 |
Less: Effect of contribution based profit-Holding Event | 804 | ' |
Net income from Holdings attributable to Trust shares | $3,855 | ' |
Basic and diluted weighted average shares outstanding | 48,300 | ' |
Net income per share - basic and fully diluted | $0.08 | ' |
Warranties_Change_in_Carrying_
Warranties - Change in Carrying Value of Company's Warranty Liability (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Guarantees [Abstract] | ' | ' |
Product Warranty Accrual, Beginning Balance | $5,815 | $6,410 |
Accrual | 1,509 | 6,713 |
Warranty payments | -1,342 | -7,308 |
Product Warranty Accrual, Ending balance | $5,983 | $5,815 |
Noncontrolling_Interest_Compan
Noncontrolling Interest - Company's Ownership Percentage of its Majority Owned Operating Segments and Related Noncontrolling Interest (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | $101,686 | $95,550 |
CamelBak [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 13,927 | 13,519 |
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 | 13,081 | 12,571 |
Ergobaby [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 81.00% | 81.00% |
Ergobaby [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 74.70% | 75.00% |
FOX [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 69,186 | 64,949 |
FOX [Member] | % Ownership Primary [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 53.50% | 53.90% |
FOX [Member] | % Ownership Fully Diluted [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
% Ownership | 49.80% | 49.80% |
Liberty [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 2,460 | 2,339 |
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 | 84.80% | 84.80% |
ACI [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | -1,778 | -2,529 |
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 | 1,823 | 1,808 |
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 | 87.20% | 87.20% |
Tridien [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | 2,627 | 2,533 |
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 | 65.40% | 66.50% |
Allocation Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | $100 | $100 |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Federal Statutory Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
United States Federal Statutory Rate | 35.00% | 35.00% |
Foreign and State income taxes (net of Federal benefits) | 1.00% | 12.20% |
Expenses of Compass Group Diversified Holdings, LLC representing a pass through to shareholders | 6.20% | 21.20% |
Impact of subsidiary employee stock options | 0.40% | 1.00% |
Domestic production activities deduction | -2.40% | -2.50% |
Non-recognition of NOL carryforwards at subsidiaries | -1.20% | -2.00% |
Other | 4.90% | 3.10% |
Effective income tax rate | 43.90% | 68.00% |
Defined_Benefit_Plan_Additiona
Defined Benefit Plan - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Unfunded liability | $1.20 |
Expected contribution to the Foreign Plan | 0.4 |
Arnold [Member] | Switzerland [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Contribution to the Foreign Plan | $0.10 |
Defined_Benefit_Plan_Summary_o
Defined Benefit Plan - Summary of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Service cost | $118 | $113 |
Interest cost | 76 | 70 |
Expected return on plan assets | -198 | -201 |
Net periodic benefit cost | ($4) | ($18) |