Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | |
Entity Registrant Name | Innophos Holdings, Inc. |
Trading Symbol | IPHS |
Entity Central Index Key | 1364099 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | FALSE |
Entity Common Stock, Shares Outstanding | 21,982,966 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $35,799 | $26,815 |
Accounts receivable, net | 99,230 | 94,033 |
Inventories | 157,933 | 162,941 |
Other current assets | 78,322 | 99,927 |
Total current assets | 371,284 | 383,716 |
Property, plant and equipment, net | 201,646 | 195,723 |
Goodwill | 83,879 | 83,879 |
Intangibles and other assets, net | 73,332 | 75,948 |
Total assets | 730,141 | 739,266 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current portion of long-term debt | 4,003 | 4,000 |
Accounts payable, trade and other | 43,564 | 36,485 |
Other current liabilities | 29,804 | 46,030 |
Total current liabilities | 77,371 | 86,515 |
Long-term debt | 158,007 | 172,000 |
Other long-term liabilities | 35,396 | 36,428 |
Total liabilities | 270,774 | 294,943 |
Commitments and contingencies (note 13) | ||
Stockholders’ equity: | ||
Common stock, par value $.001 per share; authorized 100,000,000 shares; issued 22,266,832 and 21,110,249 shares and outstanding 21,982,966 and 21,830,870 shares | 22 | 22 |
Paid-in capital | 117,516 | 115,782 |
Common stock held in treasury, at cost (283,866 and 279,379 shares) | -12,481 | -12,411 |
Retained earnings | 358,742 | 346,866 |
Accumulated other comprehensive loss | -4,432 | -5,936 |
Total stockholders’ equity | 459,367 | 444,323 |
Total liabilities and stockholders’ equity | $730,141 | $739,266 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock, Shares, Issued | 22,266,832 | 22,110,249 |
Common Stock, Shares, Outstanding | 21,982,966 | 21,830,870 |
Treasury Stock, Shares | 283,866 | 279,379 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Net sales | $219,993 | $211,188 | $647,610 | $653,620 |
Cost of goods sold | 181,288 | 168,409 | 530,976 | 512,605 |
Gross profit | 38,705 | 42,779 | 116,634 | 141,015 |
Operating expenses: | ||||
Selling, general and administrative | 17,156 | 17,417 | 53,451 | 49,687 |
Research & development expenses | 828 | 776 | 2,407 | 2,320 |
Total operating expenses | 17,984 | 18,193 | 55,858 | 52,007 |
Operating income | 20,721 | 24,586 | 60,776 | 89,008 |
Interest expense, net | 1,709 | 1,314 | 4,455 | 4,536 |
Foreign exchange loss (gain) | 674 | -1,800 | 3,091 | -2,199 |
Income before income taxes | 18,338 | 25,072 | 53,230 | 86,671 |
Provision for income taxes | 7,398 | 8,366 | 18,320 | 25,873 |
Net income | 10,940 | 16,706 | 34,910 | 60,798 |
Net income attributable to participating common shareholders | 10,924 | 16,695 | 34,856 | 60,758 |
Income per participating share: | ||||
Basic | $0.50 | $0.77 | $1.59 | $2.79 |
Diluted | $0.49 | $0.74 | $1.56 | $2.70 |
Weighted average participating shares outstanding: | ||||
Basic | 21,947,948 | 21,807,013 | 21,932,814 | 21,804,415 |
Diluted | 22,323,705 | 22,500,262 | 22,322,987 | 22,519,360 |
Other comprehensive income, net of tax: | ||||
Change in interest rate swaps, (net of tax ($213), $136, $700 and $312) | -347 | 221 | 1,142 | 509 |
Change in pension and post-retirement plans, (net of tax $4, ($18), $258 and $70) | 6 | -80 | 362 | 167 |
Other comprehensive income, net of tax | -341 | 141 | 1,504 | 676 |
Comprehensive income | $10,599 | $16,847 | $36,414 | $61,474 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | ($213) | $136 | $700 | $312 |
Other Comprehensive Income (Loss) Pension and Post-Retirement Plans Tax Effect Period Increase Decrease | $4 | ($18) | $258 | $70 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ||
Net income | $34,910 | $60,798 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Depreciation and amortization | 27,794 | 32,118 |
Amortization of deferred financing charges | 425 | 428 |
Deferred income tax provision (benefit) | 610 | -1,545 |
Share-based compensation | 1,766 | 3,319 |
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable | -5,197 | 11,278 |
Decrease in inventories | 5,008 | 17,508 |
Decrease (increase) in other current assets | 17,211 | -3,138 |
Increase in accounts payable | 7,079 | 2,844 |
Decrease in other current liabilities | -16,226 | -18,933 |
Changes in other long-term assets and liabilities | 650 | -3,884 |
Net cash provided from operating activities | 74,030 | 100,793 |
Cash flows used for investing activities: | ||
Capital expenditures | -30,333 | -15,997 |
Acquisition of businesses, net of cash acquired | 0 | -27,093 |
Net cash used for investing activities | -30,333 | -43,090 |
Cash flows used for financing activities: | ||
Proceeds from exercise of stock options | 500 | 381 |
Long-term debt borrowings | 28,000 | 15,000 |
Long-term debt repayments | -42,000 | -50,000 |
Excess tax benefits from exercise of stock options | 1,877 | 2,681 |
Common stock repurchases | -70 | -7,255 |
Dividends paid | -23,020 | -17,181 |
Net cash used for financing activities | -34,713 | -56,374 |
Net change in cash | 8,984 | 1,329 |
Cash and cash equivalents at beginning of period | 26,815 | 35,242 |
Cash and cash equivalents at end of period | $35,799 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Number of Common Shares | Common Stock | Retained Earnings | Paid-in Capital | Accumulated Other Comprehensive Income(Loss) |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2011 | $393,208 | $22 | $292,144 | $106,037 | ($4,995) | |
Balance, shares at Dec. 31, 2011 | 21,620,000 | |||||
Net income | 74,190 | 74,190 | ||||
Other comprehensive income (loss), net of tax | -941 | -941 | ||||
Proceeds from stock award exercises and issuances, shares | 340,000 | |||||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | ||||||
Proceeds from stock award exercises and issuances | -2,255 | -2,255 | ||||
Share-based compensation | 1,912 | 1,912 | ||||
Excess tax benefits from exercise of stock options | 3,931 | 3,931 | ||||
Stock Repurchased During Period, Shares | -150,000 | |||||
Stock Repurchased During Period, Value | -7,254 | -7,254 | ||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 21,000 | |||||
Stock Issued During Period, Value, Treasury Stock Reissued | 1,000 | 1,000 | ||||
Dividends declared | -19,468 | -19,468 | ||||
Balance at Dec. 31, 2012 | 444,323 | 22 | 346,866 | 103,371 | -5,936 | |
Balance, shares at Dec. 31, 2012 | 21,830,870 | 21,831,000 | ||||
Net income | 34,910 | 34,910 | ||||
Other comprehensive income (loss), net of tax | 1,504 | 1,504 | ||||
Proceeds from stock award exercises and issuances, shares | 156,000 | |||||
Proceeds from stock award exercises and issuances | -1,909 | -1,909 | ||||
Share-based compensation | 1,766 | 1,766 | ||||
Excess tax benefits from exercise of stock options | 1,877 | 1,877 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | -4,000 | |||||
Restricted Stock Award, Forfeitures | -70 | -70 | ||||
Dividends declared | -23,034 | -23,034 | ||||
Balance at Sep. 30, 2013 | $459,367 | $22 | $358,742 | $105,035 | ($4,432) | |
Balance, shares at Sep. 30, 2013 | 21,982,966 | 21,983,000 |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Unaudited) Statements of Stockholders' Equity Parenthetical (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Other Comprehensive Income (Loss), Tax | $958,000 | $643,000 |
Basis_of_Statement_Presentatio
Basis of Statement Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Statement Presentation |
Summary of Significant Accounting Policies | |
The accompanying unaudited condensed consolidated financial statements of Innophos Holdings, Inc. and Subsidiaries, or Company, have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S.) for interim financial reporting and do not include all disclosures required by generally accepted accounting principles in the U.S. for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2012 and for the three years then ended. | |
The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2012 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. | |
Certain prior year balances have been reclassified to conform to current year presentation. | |
Out of Period Adjustments | |
During the first quarter of fiscal 2013, we identified an adjustment necessary for a long-term supply contract. We corrected this item during the first quarter of fiscal 2013, which had the effect of increasing cost of goods sold by $2.3 million, and decreasing net income by $1.6 million for the nine month period ended September 30, 2013.. This prior period adjustment is not material to the financial results of the previously issued annual financial statements or current or previously issued interim financial statements. This adjustment is also not expected to be material to the full year 2013 financial statements. | |
Recently Issued Accounting Standards | |
Adopted | |
In January 2013, the Financial Accounting Standards Board, or FASB, issued a pronouncement updating the accounting for financial instruments, which clarifies the scope of disclosures about offsetting assets and liabilities. This pronouncement limits the scope of instruments subject to the offsetting disclosures to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending agreements subject to master netting arrangements or similar agreements. This pronouncement is effective for annual and interim periods beginning on or after January 1, 2013. The adoption of this accounting pronouncement did not have a material impact on the Company's consolidated financial position and results of operations. | |
In February 2013, the FASB issued an amendment to the accounting guidance for the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The amendment expands the existing disclosure by requiring entities to present information about significant items reclassified out of AOCI by component. In addition, an entity is required to provide information about the effects on net income of significant amounts reclassified out of each component of AOCI to net income either on the face of the statement where net income is presented or as a separate disclosure in the notes of the financial statements. The amendment is effective prospectively for annual or interim reporting periods beginning after December 15, 2012. The adoption of this accounting pronouncement did not have a material impact on the Company's consolidated financial position and results of operations. | |
In July 2013, the FASB issued amendments to allow the Federal Funds Effective Swap Rate (which is the Overnight Index Swap rate, or OIS rate, in the U.S.) to be designated as a benchmark interest rate for hedge accounting purposes under the derivatives and hedging guidance. The amendments also allow for the use of different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The initial adoption had no impact on our consolidated financial position and results of operation. | |
Issued but not yet adopted | |
In July 2013, the FASB issued amendments to guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments require entities to present an unrecognized tax benefit netted against certain deferred tax assets when specific requirements are met. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption is permitted). The Company is currently assessing the impact of the amended guidance on its consolidated financial position. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share (EPS) | Earnings per share (EPS) | |||||||||||||||
The Company accounts for earnings per share in accordance with ASC 260 and related guidance, which requires two calculations of earnings per share (EPS) to be disclosed: basic EPS and diluted EPS. Under ASC Subtopic 260-10-45, as of January 1, 2009 unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock, are considered participating securities for purposes of calculating EPS. Under the two-class method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of EPS allocated to common stock, as shown in the table below. | ||||||||||||||||
The numerator for basic and diluted earnings per share is net earnings attributable to shareholders reduced by dividends attributable to unvested shares. The denominator for basic earnings per share is the weighted average number of common stock outstanding during the period. The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive outstanding stock options, performance share awards and restricted stock awards. | ||||||||||||||||
The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||
Net income | $ | 10,940 | $ | 16,706 | $ | 34,910 | $ | 60,798 | ||||||||
Less: earnings attributable to unvested shares | (16 | ) | (11 | ) | (54 | ) | (40 | ) | ||||||||
Net income available to participating common shareholders | $ | 10,924 | $ | 16,695 | $ | 34,856 | $ | 60,758 | ||||||||
Weighted average number of participating common and potential common shares outstanding: | ||||||||||||||||
Basic number of participating common shares outstanding | 21,947,948 | 21,807,013 | 21,932,814 | 21,804,415 | ||||||||||||
Dilutive effect of stock equivalents | 375,757 | 693,249 | 390,173 | 714,945 | ||||||||||||
Diluted number of weighted average participating common shares outstanding | 22,323,705 | 22,500,262 | 22,322,987 | 22,519,360 | ||||||||||||
Earnings per participating common share: | ||||||||||||||||
Earnings per participating common share—Basic | $ | 0.5 | $ | 0.77 | $ | 1.59 | $ | 2.79 | ||||||||
Earnings per participating common share—Diluted | $ | 0.49 | $ | 0.74 | $ | 1.56 | $ | 2.7 | ||||||||
Total outstanding options, performance share awards and unvested restricted stock not included in the calculation of diluted earnings per share as the effect would be anti-dilutive | 396,952 | 387,878 | 382,503 | 366,182 | ||||||||||||
Dividends
Dividends | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Dividends [Text Block] | Dividends | |||||||||||||||
The following is the dividend activity for the three and nine months ended September 30, 2013 and September 30, 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Dividends declared – per share | $ | 0.35 | $ | — | $ | 1.05 | $ | 0.54 | ||||||||
Dividends declared – aggregate | 7,694 | — | 23,020 | 11,776 | ||||||||||||
Dividends paid – per share | 0.35 | 0.27 | 1.05 | 0.79 | ||||||||||||
Dividends paid – aggregate | 7,694 | 5,891 | 23,020 | 17,181 | ||||||||||||
We are a holding company that does not conduct any business operations of our own. As a result, we are dependent upon cash dividends, distributions and other transfers from our subsidiaries, most directly Innophos, Inc., our primary operating subsidiary, and Innophos Investments Holdings, Inc., its parent, to make dividend payments on our Common Stock. The Company's Board of Directors declared an increase to its quarterly dividend to $0.40 per share to be paid in the fourth quarter of 2013. |
Stockholders_Equity_ShareBased
Stockholders' Equity / Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Share-Based Compensation | Stockholders’ Equity / Stock-Based Compensation | |||||||||||||||
Our compensation programs include share-based payments. The primary share-based awards and their general terms and conditions currently in effect are as follows: | ||||||||||||||||
• | Stock options, which entitle the holder to purchase, after the end of a vesting term, a specified number of shares of the Company’s common stock at an exercise price per share set equal to the market price of the Company’s common stock on the date of grant. | |||||||||||||||
• | Performance share awards which entitle the holder to receive, at the end of a vesting term, a number of shares of the Company’s common stock, within a range of shares from zero to a specified maximum (generally 200%), calculated using a combination of performance indicators as defined solely by reference to the Company’s own activities. Amounts equivalent to dividends will accrue over the performance period and are paid on performance share awards when vested and distributed. | |||||||||||||||
• | Restricted stock grants, which entitle the holder to receive, at the end of each vesting term, a specified number of shares of the Company's common stock, and which also entitle the holder to receive dividends paid on such grants throughout the vesting period. | |||||||||||||||
• | Annual stock retainer grants, which entitle independent members of the Board of Directors to receive a number of shares of the Company’s common stock equal to a fixed retainer value. | |||||||||||||||
Restricted Stock | ||||||||||||||||
On March 29, 2013 there were a total of 25,853 restricted shares granted to certain employees with a fair value of $1.4 million. These awards are classified as equity awards and vest annually over three years. The related compensation expense is based on the date of grant share price of $54.59. The compensation expense is amortized on a straight-line basis over the requisite vesting period and accelerated for those employees that are retirement eligible during the vesting period. | ||||||||||||||||
Stock Options | ||||||||||||||||
On March 29, 2013 the Company granted 63,580 non-qualified stock options at an exercise price of $54.59 per share to certain employees with a fair value of $1.3 million. The non-qualified stock options vest annually over three years with a March 29, 2023 expiration date. | ||||||||||||||||
The fair value of the options granted during 2013 was determined using the Black-Scholes option-pricing model. The assumptions used in the Black-Scholes option-pricing model were as follows: | ||||||||||||||||
Non-qualified stock options | ||||||||||||||||
Expected volatility | 50.4 | % | ||||||||||||||
Dividend yield | 2.8 | % | ||||||||||||||
Risk-free interest rate | 1 | % | ||||||||||||||
Expected term (years) | 6 | |||||||||||||||
Weighted average grant date fair value of stock options | $ | 19.99 | ||||||||||||||
For the 2013 grants the Company had chosen a blended volatility which consists of 50% historical volatility average of a peer group and 50% historical volatility of Innophos. The expected term for the stock options is based on the simplified method since the Company has limited data on the exercises of stock options. These stock options qualify as “plain vanilla” stock options in accordance with SAB 110. The dividend yield is the expected annual dividend payments divided by the average stock price up to the date of grant. The risk-free interest rates are derived from the U.S. Treasury securities in effect on the date of grant whose maturity period equals the options expected term. The Company applies an expected forfeiture rate to stock-based compensation expense. The estimate of the forfeiture rate is based primarily upon historical experience of employee turnover. As actual forfeitures become known, stock-based compensation expense is adjusted accordingly. | ||||||||||||||||
Performance Share Awards | ||||||||||||||||
On March 29, 2013, the Company granted 43,091 performance shares to certain employees with a fair value of $2.4 million. The performance shares vest at the end of the three year performance cycle and the number of shares distributable depends on the extent to which the Company attains pre-established performance goals. Amounts equivalent to declared dividends will accrue on the performance shares and will vest over the same period. | ||||||||||||||||
In connection with the vesting of the performance share awards issued in 2010, the Company issued 92,911 shares of common stock, net of minimum tax withholdings, to certain employees as required under the terms of the plan in the first quarter of 2013. | ||||||||||||||||
Stock Grants | ||||||||||||||||
In May 2013 the five external members of the Board of Directors were each granted 1,136 shares of the Company's common stock with an aggregated fair value of $0.3 million which immediately vested as part of their director fees. | ||||||||||||||||
The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock options | $ | 73 | $ | 291 | $ | 772 | $ | 1,147 | ||||||||
Restricted stock | 169 | 57 | 517 | 180 | ||||||||||||
Performance shares | (227 | ) | 643 | 177 | 1,632 | |||||||||||
Stock grants | — | — | 300 | 360 | ||||||||||||
Total share-based compensation expense | $ | 15 | $ | 991 | $ | 1,766 | $ | 3,319 | ||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories [Text Block] | Inventories | |||||||
Inventories consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 51,201 | $ | 49,856 | ||||
Finished products | 96,231 | 103,563 | ||||||
Spare parts | 10,501 | 9,522 | ||||||
$ | 157,933 | $ | 162,941 | |||||
Inventory reserves for excess quantities, obsolescence or shelf-life expiration as of September 30, 2013 and December 31, 2012 were $12,215 and $11,551, respectively. |
Other_Current_Assets
Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Current Assets: [Abstract] [Abstract] | ||||||||
Other Current Assets [Text Block] | Other Current Assets | |||||||
Other current assets consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Creditable taxes (value added taxes) | $ | 19,352 | $ | 35,181 | ||||
Vendor inventory deposits (prepaid) | 21,481 | 19,445 | ||||||
Prepaid income taxes | 22,750 | 22,000 | ||||||
Deferred income taxes | 9,217 | 13,611 | ||||||
Other prepaids | 3,312 | 2,884 | ||||||
Other | 2,210 | 6,806 | ||||||
$ | 78,322 | $ | 99,927 | |||||
Depreciation_and_Amortization_
Depreciation and Amortization (Notes) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Depreciation and amortization expense [Line Items] | ||||||||||||
Depreciation and amortization expense [Table Text Block] | Depreciation and Amortization Expense | |||||||||||
Depreciation expense has steadily declined from the assets acquired at the inception of Innophos on August 13, 2004. Approximately 70% of the depreciable assets from the inception of Innophos had a useful life of 6 to 10 years. The assets acquired after the inception of Innophos have become a much larger factor of depreciation expense and the useful lives assigned to these assets are generally longer. Please see the table below for additional analysis of that factor: | ||||||||||||
Nine months ended | ||||||||||||
September 30, | 2012 | 2011 | ||||||||||
2013 | ||||||||||||
Depreciation expense on fair value of assets in connection with the formation of Innophos on August 13, 2004 | $ | 5,581 | $ | 19,794 | $ | 23,974 | ||||||
Amortization expense on fair value of intangibles in connection with the formation of Innophos on August 13, 2004 | 2,170 | 2,995 | 2,996 | |||||||||
Depreciation expense from capital expenditures after 8/13/04 | 14,368 | 17,585 | 15,292 | |||||||||
Acquisitions - depreciation expense | 845 | 572 | 49 | |||||||||
Acquisitions - intangible amortization expense | 3,030 | 1,572 | 532 | |||||||||
Changes in depreciation expense included in inventory | 1,800 | (184 | ) | 833 | ||||||||
Total | $ | 27,794 | $ | 42,334 | $ | 43,676 | ||||||
Intangibles_and_Other_Assets_n
Intangibles and Other Assets, net | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Intangibles and Other Assets, net: [Abstract] | ||||||||||
Intangibles and Other Assets, net [Text Block] | Intangibles and Other Assets, net | |||||||||
Intangibles and other assets consist of the following: | ||||||||||
Useful life | September 30, | December 31, | ||||||||
(years) | 2013 | 2012 | ||||||||
Developed technology and application patents, net of accumulated amortization of $18,295 for 2013 and $16,155 for 2012 | 20-Jul | $ | 26,185 | $ | 28,325 | |||||
Customer relationships, net of accumulated amortization of $9,611 for 2013 and $7,666 for 2012 | 15-May | 27,439 | 29,384 | |||||||
Tradenames and license agreements, net of accumulated amortization of $5,854 for 2013 and $4,852 for 2012 | 20-May | 11,596 | 12,598 | |||||||
Non-compete agreements, net of accumulated amortization of $757 for 2013 and $644 for 2012 | 10-Apr | 553 | 666 | |||||||
Total intangibles | $ | 65,773 | $ | 70,973 | ||||||
Deferred financing costs, net of accumulated amortization of $1,517 for 2013 and $1,092 for 2012 (see note 10) | $ | 2,142 | $ | 2,567 | ||||||
Deferred income taxes | 1,928 | — | ||||||||
Other assets | 3,489 | 2,408 | ||||||||
Total other assets | $ | 7,559 | $ | 4,975 | ||||||
$ | 73,332 | $ | 75,948 | |||||||
Other_Current_Liabilities
Other Current Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Other Current Liabilities | |||||||
Other current liabilities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Payroll related | $ | 8,857 | $ | 10,723 | ||||
Freight and rebates | 4,164 | 4,604 | ||||||
Benefits and pensions | 6,195 | 6,727 | ||||||
Taxes other than income taxes | 3,680 | 8,352 | ||||||
CNA water tax claims | — | 10,855 | ||||||
Other | 6,908 | 4,769 | ||||||
$ | 29,804 | $ | 46,030 | |||||
Debt_and_Interest
Debt and Interest | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | ||||||||||||||||
Debt and Interest | Short-term Borrowings, Long-Term Debt, and Interest Expense | |||||||||||||||
Short-term borrowings and long-term debt consist of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Term loan due 2017 | $ | 97,000 | $ | 100,000 | ||||||||||||
Revolver borrowings under the credit facility | 65,000 | 76,000 | ||||||||||||||
Capital leases | 10 | — | ||||||||||||||
Total borrowings | $ | 162,010 | $ | 176,000 | ||||||||||||
Less current portion | 4,003 | 4,000 | ||||||||||||||
Long-term debt | $ | 158,007 | $ | 172,000 | ||||||||||||
The Company's credit facility includes a term loan of $100.0 million and a revolving line of credit from the Lenders of up to $225.0 million, including a $20.0 million letter of credit sub-facility, all maturing on December 21, 2017. Repayments of the term loan are required at the rate of 1% of original principal amount per quarter beginning on March 31, 2013. | ||||||||||||||||
As of September 30, 2013, $97.0 million was outstanding under the Term Loan and $65.0 million was outstanding under the revolving line of credit, both of which approximate fair value because they have a floating interest rate, Level 2 input within the fair value hierarchy, with total availability at $157.7 million, taking into account $2.3 million in face amount of letters of credit issued under the sub-facility. The current weighted average interest rate for all debt is 2.4%. | ||||||||||||||||
Simultaneously with initiating the new senior facility, Innophos entered into an interest rate swap, swapping the LIBOR exposure on $100.0 million adjusting quarterly consistent with the Term Loan, with a fixed rate of 0.9475% plus the applicable margin on the debt expiring in December 2017. This interest rate swap has been designated as a cashflow hedge (Level 2) with the changes in value recorded through other comprehensive income. The fair value of this interest rate swap is an asset of approximately $0.8 million as of September 30, 2013. | ||||||||||||||||
We manage our interest rate risk by balancing the amount of fixed-rate and floating-rate debt to the extent practicable consistent with our credit status. | ||||||||||||||||
Total interest paid by the Company for all indebtedness for the nine months ended September 30, 2013 and September 30, 2012 was $3,429 and $4,355. | ||||||||||||||||
As of September 30, 2013, the Company was in full compliance with all debt covenant requirements. | ||||||||||||||||
Interest expense, net consists of the following: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest expense | $ | 1,664 | 1,371 | $ | 4,280 | 4,350 | ||||||||||
Deferred financing cost | 137 | 141 | 425 | 428 | ||||||||||||
Interest income | (8 | ) | (11 | ) | (29 | ) | (55 | ) | ||||||||
Less: amount capitalized for capital projects | (84 | ) | (187 | ) | (221 | ) | (187 | ) | ||||||||
Total interest expense, net | $ | 1,709 | $ | 1,314 | $ | 4,455 | $ | 4,536 | ||||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | Other Long-Term Liabilities | |||||||
Other long-term liabilities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Deferred income taxes | $ | 20,337 | $ | 21,497 | ||||
Pension and post retirement liabilities (U.S. and Canada only) | 7,254 | 7,253 | ||||||
Profit sharing and post employment liabilities | 4,514 | 4,435 | ||||||
Environmental liabilities | 1,100 | 1,100 | ||||||
Other liabilities | 2,191 | 2,143 | ||||||
$ | 35,396 | $ | 36,428 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Expense (Benefit) [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes |
The effective income tax rate on income before taxes was approximately 34% for the nine months ended September 30, 2013 compared to approximately 30% for the comparable period in 2012. The variance in the effective tax rate is primarily due to recording of uncertain income tax positions which increased the effective tax rate by 3% over the prior year and the Mexican CNA Water Tax Claims being recorded as discrete items for income tax provision purposes which increased the effective tax rate by 2% over the prior year. | |
The Company has recorded tax contingencies of $2.1 million, net of Federal benefit, for uncertain income tax positions in accordance with ASC 740-10-05-6. The Company’s policy is to accrue associated penalties in selling, general and administrative expenses and to accrue interest in net interest expense. Currently, the Company is under examination, or has been contacted for examination, by certain foreign jurisdictions for its income tax returns for the years 2006 through 2008. In 2011, our subsidiary, Innophos Mexicana requested a refund of $2.5 million for the 2009 tax year which was disputed by the Mexican tax authorities, however, in June of 2013, the Mexican courts ruled in the Company's favor. In addition, our subsidiary, Innophos Canada, Inc. was assessed approximately $4.0 million for the tax years 2006, 2007, and 2008 by the Canadian tax authorities. In April 2012, the Company filed a response to the Canadian tax authorities for the above tax matter disputing the full assessment and a follow up response on October 15, 2013. The Company believes that its tax position is more likely than not to be sustained and has not recorded a charge for this tax matter. On March 19, 2013, Internal Revenue Service commenced an examination of the Company's 2010 tax return. The company is also currently under audit in various other state tax jurisdictions for the years 2009 and 2010. Other than the assessments mentioned above, as of September 30, 2013, no material adjustments have been proposed to the Company's tax positions and the Company currently does not anticipate any adjustments that would result in a material change to its financial position during the next twelve months. | |
Income taxes paid were $21,723 and $36,931 for the nine months ended September 30, 2013 and September 30, 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Commitments and Contingencies |
Environmental | |
The Company's operations are subject to extensive and changing federal and state environmental laws and regulations. The Company's manufacturing sites have an extended history of industrial use, and soil and groundwater contamination have or may have occurred in the past and might occur or be discovered in the future. | |
Environmental efforts are difficult to assess for numerous reasons, including the discovery of new remedial sites, discovery of new information and scarcity of reliable information pertaining to certain sites, improvements in technology, changes in environmental laws and regulations, numerous possible remedial techniques and solutions, difficulty in assessing the involvement of and the financial capability of other potentially responsible parties and the extended time periods over which remediation occurs. Other than the items listed below, the Company is not aware of material environmental liabilities which are probable and estimable. As the Company's environmental contingencies are more clearly determined, it is reasonably possible that amounts may need to be accrued. However, management does not believe, based on current information, that environmental remediation requirements will have a material impact on the Company's results of operations, financial position or cash flows. | |
Future environmental spending is probable at our site in Nashville, TN, the eastern portion of which had been used historically as a landfill, and a western parcel previously acquired from a third party, which reportedly had housed, but no longer does, a fertilizer and pesticide manufacturing facility. We have an estimated liability with a range of $0.9 million-$1.2 million. The remedial action plan for that site has yet to be finalized, and as such, the Company has recorded a liability, which represents the Company's best estimate, of $1.1 million as of September 30, 2013. | |
Litigation | |
2008 RCRA Civil Enforcement - Geismar, Louisiana plant | |
Following several inspections by the Environmental Protection Agency, or EPA, at our Geismar, LA purified phosphoric acid, or PPA, plant and related submissions we made to support claimed exemptions from the federal Resource, Conservation and Recovery Act, or RCRA, in March 2008, EPA referred our case to the Department of Justice, or DOJ, for civil enforcement. Although no citations were ever issued or formal proceedings instituted, the agencies claim we violate RCRA by failing to manage appropriately two materials that DOJ/EPA alleges are hazardous wastes. Those materials are: (i) Filter Material from an enclosed intermediate filtration step to further process green phosphoric acid we receive as raw material via pipeline from the adjacent site operated by an affiliate of Potash Corporation of Saskatchewan, or PCS; and (ii) Raffinate, a co-product we provide to PCS under a long-term contract we have with PCS. | |
Since referral of the case to DOJ, we and PCS have engaged in periodic discussions with DOJ/EPA and the Louisiana Department of Environmental Quality, or LDEQ, or collectively the Government Parties, in order to resolve the matter. In addition to asserting that the two materials in question are not hazardous wastes, we have also sought to demonstrate that both the nature and character of the materials as well as their use, handling and disposition were detailed in a solid waste permit amendment application filed in 1989 by PCS's predecessor, when our plant was first constructed, and approved by the LDEQ under the state RCRA program. | |
In the course of discussions with the Government Parties, the DOJ/EPA has required that we undertake, as an interim measure, the construction of a new filter unit that would replace the existing closed system and allow the removal and separate handling of the Filter Material. We built that unit, which is now in operation. | |
In an attempt to address the remaining concerns of the Government Parties, we and PCS undertook joint efforts to explore possible technical solutions to the issue of Raffinate treatment. Based upon work so far, there appears to be at least one technically viable approach, namely that of “deep well injection,” which we believe is acceptable to regulators as part of a negotiated solution among the parties. | |
Although we cannot give assurances as to the future course or ultimate outcome of ongoing negotiations, including whether litigation may ultimately ensue, we believe, based on our appreciation of the current state of the proceedings, that deep well injection is likely to be employed as the technologically acceptable approach for Raffinate and that we will not be asked to contribute substantially to the cost of the deep well to be specified by the Government Parties in an anticipated consent decree for settlement of this enforcement matter. However, in negotiated settlements leading to consent decrees with the Governmental Parties, it is also common for penalties relating to previous “non-compliance” to be assessed and, in that connection, we have been advised by the Governmental Parties that they expect to seek penalties against both PCS and us in this case. Although we have argued and made submissions to the effect that for purposes of settlement penalties there is no basis for any substantial penalty to be levied against us, nevertheless, we can give no assurance as to that outcome, or if a penalty is initially assessed as to its amount, or whether it will be necessary for us to oppose or seek indemnity for the assessment by further litigation. As a result, we have concluded that the contingent liability arising from compliance costs in this matter remains, as we have previously disclosed, neither remote nor probable, but reasonably possible. | |
Other Legal Matters | |
In March 2008, Sudamfos S.A., or Sudamfos, an Argentine phosphate producer, filed an arbitration before the ICC International Court of Arbitration, Paris, France, concerning an alleged agreement for our Mexicana subsidiary, Mexicana, to sell it 12,500 metric tons of phosphoric acid, but subsequently withdrew the proceeding. In October 2008, Mexicana filed suit in Mexico against Sudamfos to collect approximately $1.2 million representing the contract price for prior deliveries of acid for which Sudamfos had refused to pay. In October 2009, Sudamfos answered the suit and counterclaimed for $3.0 million based upon the agreement originally alleged in the arbitration. In subsequent proceedings including available appeals, Mexicana's claim was sustained and Sudamfos' counterclaim was denied. Mexicana has now begun formal collection proceedings against Sudamfos. | |
Innophos, Inc. has been assessed approximately $1.2 million of sales/use taxes by the State of Louisiana and Ascension Parish. This tax assessment covers certain raw materials used in the production of Phosphoric Acid. The Company is contesting both tax assessments. This assessment covers periods 2004 to 2010 for the Parish and 2007 to 2010 for the State. We have concluded that the contingent liability arising from this matter is neither remote nor probable, but reasonably possible. | |
In addition, we are party to legal proceedings and contractual disputes that arise in the ordinary course of our business. Except as to the matters specifically discussed, management believes that these matters represent remote liabilities. However, these matters cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on our business, results of operations, financial condition, and/or cash flows. |
Pension_Plans_and_Postretireme
Pension Plans and Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension Plans and Postretirement Benefits | [1] | ||||||||||||||||||||||||
Net periodic benefit expense for the United States plans: | ||||||||||||||||||||||||||
For the three months ended September 30, 2013 | For the three months ended September 30, 2012 | |||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||||
Service cost | $ | — | $ | 91 | $ | 91 | $ | — | $ | 81 | $ | 81 | ||||||||||||||
Interest cost | 27 | 40 | 67 | 28 | 34 | 62 | ||||||||||||||||||||
Expected return on assets | (27 | ) | — | (27 | ) | (28 | ) | — | (28 | ) | ||||||||||||||||
Amortization of | ||||||||||||||||||||||||||
prior service cost | — | — | — | — | 33 | 33 | ||||||||||||||||||||
unrecognized (gain) loss | 14 | — | 14 | 4 | (7 | ) | (3 | ) | ||||||||||||||||||
Net periodic cost | $ | 14 | $ | 131 | $ | 145 | $ | 4 | $ | 141 | $ | 145 | ||||||||||||||
For the nine months ended September 30, 2013 | For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||||
Service cost | $ | — | $ | 273 | $ | 273 | $ | — | 162,000 | $ | 243 | $ | 243 | |||||||||||||
Interest cost | 81 | 121 | 202 | 82 | 72,000 | 106 | 188 | |||||||||||||||||||
Expected return on assets | (82 | ) | — | (82 | ) | (82 | ) | — | — | (82 | ) | |||||||||||||||
Amortization of | ||||||||||||||||||||||||||
prior service cost | — | — | — | — | 97 | 97 | ||||||||||||||||||||
unrecognized (gain) loss | 42 | — | 42 | 10 | (21 | ) | (11 | ) | ||||||||||||||||||
Net periodic cost | $ | 41 | $ | 394 | $ | 435 | $ | 10 | $ | 425 | $ | 435 | ||||||||||||||
In April 2013, Innophos contributed approximately $0.1 million to its U.S. defined benefit pension plan to satisfy the full year 2013 minimum contribution requirements. | ||||||||||||||||||||||||||
Innophos made its entire cash contribution of $2.9 million for the U.S. defined contribution plan during the first quarter of 2013 for the plan year 2012. | ||||||||||||||||||||||||||
Net periodic benefit expense for the Canadian plans: | ||||||||||||||||||||||||||
For the three months ended September 30, 2013 | For the three months ended September 30, 2012 | |||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||||
Service cost | $ | 86 | $ | 19 | $ | 105 | $ | 85 | $ | 21 | $ | 106 | ||||||||||||||
Interest cost | 138 | 20 | 158 | 151 | 26 | 177 | ||||||||||||||||||||
Expected return on assets | (223 | ) | — | (223 | ) | (236 | ) | — | (236 | ) | ||||||||||||||||
Amortization of | ||||||||||||||||||||||||||
actuarial loss (gain) | 78 | 9 | 87 | 65 | 11 | 76 | ||||||||||||||||||||
prior service cost | 25 | — | 25 | 26 | — | 26 | ||||||||||||||||||||
net transition obligation | — | 8 | 8 | — | 7 | 7 | ||||||||||||||||||||
Exchange rate changes | (18 | ) | 4 | (14 | ) | 122 | 22 | 144 | ||||||||||||||||||
Net periodic cost | $ | 86 | $ | 60 | $ | 146 | $ | 213 | $ | 87 | $ | 300 | ||||||||||||||
For the nine months ended September 30, 2013 | For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||||
Service cost | $ | 263 | $ | 58 | $ | 321 | $ | 253 | $ | 61 | $ | 314 | ||||||||||||||
Interest cost | 420 | 61 | 481 | 451 | 74 | 525 | ||||||||||||||||||||
Expected return on assets | (679 | ) | — | (679 | ) | (706 | ) | — | (706 | ) | ||||||||||||||||
Amortization of | ||||||||||||||||||||||||||
actuarial loss (gain) | 238 | 27 | 265 | 195 | 35 | 230 | ||||||||||||||||||||
prior service cost | 76 | — | 76 | 78 | — | 78 | ||||||||||||||||||||
net transition obligation | — | 23 | 23 | — | 23 | 23 | ||||||||||||||||||||
Exchange rate changes | 186 | (43 | ) | 143 | 142 | 29 | 171 | |||||||||||||||||||
Net periodic cost | $ | 504 | $ | 126 | $ | 630 | $ | 413 | $ | 222 | $ | 635 | ||||||||||||||
Innophos Canada, Inc. made cash contributions to its Canadian defined benefit plan of $0.6 million during the nine months ended September 30, 2013. Innophos Canada, Inc. plans to make additional cash contributions to its Canadian defined benefit plan of approximately $0.2 million during the remainder of 2013. | ||||||||||||||||||||||||||
[1] | (a)The nine month period ended September 30, 2013 includes a $7.2 million benefit to earnings for the settlement of the Mexican CNA Water Tax Claims. The nine months ended September 30, 2012 includes a $7.1 million benefit to earnings related to updates to the provision for the CNA Fresh Water Claims in GTSP & Other.(b)The nine month period ended September 30, 2013 includes a $2.3 million charge to earnings for out of period costs in the US. The nine months ended September 30, 2012 includes a $2.4 million of out of period cost in Mexico in GTSP & Other. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Segment Reporting [Text Block] | Segment Reporting | |||||||||||||||||||||
The company discloses certain financial and supplementary information about its reportable segments, revenue by products and revenues by geographic area. Operating segments are defined as components of an enterprise about which separate discrete financial information is evaluated regularly by the chief operating decision maker, in order to decide how to allocate resources and assess performance. The primary performance indicators for the chief operating decision maker are sales and operating income, with sales on a ship-from basis. All references to sales in this Form 10-Q, either on a ship-from or ship-to basis, are on the same basis of revenue recognition and are recognized when title and risk of loss passes to the customer, which occurs either upon shipment or delivery, depending upon the agreed sales terms with customers. | ||||||||||||||||||||||
The Company's reportable segments reflect the core businesses in which Innophos operates and how it is managed. The Company reports its core specialty phosphates business separately from granular triple super-phosphate, or GTSP, and other non-specialty phosphate products (GTSP & Other). Kelatron, AMT and Triarco are included in the Specialty Phosphates US & Canada segment and in the Specialty Ingredients product line. Specialty Phosphates consists of the products lines Specialty Ingredients, Food & Technical Grade PPA, and STPP & Detergent Grade PPA. GTSP & Other includes fertilizer co-product GTSP and other non-specialty phosphate products. | ||||||||||||||||||||||
For the three months ended September 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 153,588 | $ | 44,712 | $ | 21,693 | $ | — | $ | 219,993 | ||||||||||||
Intersegment sales | 720 | 16,972 | — | (17,692 | ) | — | ||||||||||||||||
Total sales | $ | 154,308 | $ | 61,684 | $ | 21,693 | $ | (17,692 | ) | $ | 219,993 | |||||||||||
Operating income | $ | 21,482 | $ | 2,964 | $ | (3,725 | ) | $ | — | $ | 20,721 | |||||||||||
Depreciation and amortization expense | $ | 6,967 | $ | 1,740 | $ | 236 | $ | — | $ | 8,943 | ||||||||||||
For the three months ended September 30, 2012 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 144,664 | $ | 41,222 | $ | 25,302 | $ | — | $ | 211,188 | ||||||||||||
Intersegment sales | 370 | 14,087 | 57 | (14,514 | ) | — | ||||||||||||||||
Total sales | $ | 145,034 | $ | 55,309 | $ | 25,359 | $ | (14,514 | ) | $ | 211,188 | |||||||||||
Operating income | $ | 22,759 | $ | 2,369 | $ | (542 | ) | $ | — | $ | 24,586 | |||||||||||
Depreciation and amortization expense | $ | 5,732 | $ | 3,670 | $ | 1,160 | $ | — | $ | 10,562 | ||||||||||||
For the nine months ended September 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 463,633 | $ | 126,997 | $ | 56,980 | $ | — | $ | 647,610 | ||||||||||||
Intersegment sales | 2,021 | 44,095 | 239 | (46,355 | ) | — | ||||||||||||||||
Total sales | $ | 465,654 | — | $ | 171,092 | $ | 57,219 | $ | (46,355 | ) | $ | 647,610 | ||||||||||
Operating income (a) (b) | $ | 56,032 | $ | 4,954 | $ | (210 | ) | $ | — | $ | 60,776 | |||||||||||
Depreciation and amortization expense | $ | 20,540 | $ | 5,815 | $ | 1,439 | $ | — | $ | 27,794 | ||||||||||||
For the nine months ended September 30, 2012 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 432,528 | $ | 139,951 | $ | 81,141 | $ | — | $ | 653,620 | ||||||||||||
Intersegment sales | 1,218 | 45,082 | 320 | (46,620 | ) | — | ||||||||||||||||
Total sales | $ | 433,746 | $ | 185,033 | $ | 81,461 | $ | (46,620 | ) | $ | 653,620 | |||||||||||
Operating income (a) (b) | $ | 70,262 | $ | 17,156 | $ | 1,590 | $ | — | $ | 89,008 | ||||||||||||
Depreciation and amortization expense | $ | 17,280 | $ | 11,233 | $ | 3,605 | $ | — | $ | 32,118 | ||||||||||||
(a) | The nine month period ended September 30, 2013 includes a $7.2 million benefit to earnings for the settlement of the Mexican CNA Water Tax Claims. The nine months ended September 30, 2012 includes a $7.1 million benefit to earnings related to updates to the provision for the CNA Fresh Water Claims in GTSP & Other. | |||||||||||||||||||||
(b) | The nine month period ended September 30, 2013 includes a $2.3 million charge to earnings for out of period costs in the US. The nine months ended September 30, 2012 includes a $2.4 million of out of period cost in Mexico in GTSP & Other. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Business Acquisition [Line Items] | |
Business Combination Disclosure [Text Block] | Acquisitions |
In July 2012, Innophos purchased AMT Labs, Inc. and an affiliated company holding real property. The purchase accounting for the acquisition was closed in the first quarter of 2013 and no adjustments were recognized. | |
In December 2012, Innophos acquired the assets of Triarco Industries, Inc. ("Triarco"). Triarco, a privately held company based in New Jersey, has been manufacturing high quality custom ingredients for the food, beverage and dietary supplement industries for more than 30 years. Triarco specializes in botanical and enzyme based ingredients that provide important nutritional benefits and are often formulated with bioactive minerals and specialty phosphates. In the transaction, an Innophos subsidiary purchased all of Triarco's assets for $44.1 million in cash plus $1 million in shares of Innophos Holdings, Inc. Common Stock. The preliminary allocation of the purchase price of the acquisition has currently been included in these financial statements and changes to that allocation may occur as additional information becomes available. An additional fair value adjustment decreasing inventory (and increasing goodwill) by approximately $0.7 million was recognized in the period ended March 31, 2013. This fair value adjustment has been reclassified on the December 31, 2012 balance sheet. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events |
On October 17, 2013, Innophos Acquisition II (an indirect subsidiary of Innophos, Inc.) acquired substantially all of the assets of privately held Chelated Minerals International, Inc., (CMI), based in Salt Lake City, Utah. CMI has significant knowhow in the manufacture and science of chelated minerals supplied to the human nutrition market. The acquisition of CMI strengthens Innophos’ position in micronutrient ingredients, which further enhances the Company’s ability to supply a broad range of nutrition fortification solutions to its customers. Innophos enjoys a strong position in macronutrient minerals such as calcium, magnesium and potassium that are required in relatively large amounts for a balanced diet. The human diet also requires smaller quantities of a wide range of other minerals such as chromium, selenium, zinc and iron classified as micronutrients. | |
The acquisition had a purchase price of $5 million, subject to specified adjustments, and was funded from cash on-hand. |
Basis_of_Statement_Presentatio1
Basis of Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Statement Presentation: [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards |
Adopted | |
In January 2013, the Financial Accounting Standards Board, or FASB, issued a pronouncement updating the accounting for financial instruments, which clarifies the scope of disclosures about offsetting assets and liabilities. This pronouncement limits the scope of instruments subject to the offsetting disclosures to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending agreements subject to master netting arrangements or similar agreements. This pronouncement is effective for annual and interim periods beginning on or after January 1, 2013. The adoption of this accounting pronouncement did not have a material impact on the Company's consolidated financial position and results of operations. | |
In February 2013, the FASB issued an amendment to the accounting guidance for the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The amendment expands the existing disclosure by requiring entities to present information about significant items reclassified out of AOCI by component. In addition, an entity is required to provide information about the effects on net income of significant amounts reclassified out of each component of AOCI to net income either on the face of the statement where net income is presented or as a separate disclosure in the notes of the financial statements. The amendment is effective prospectively for annual or interim reporting periods beginning after December 15, 2012. The adoption of this accounting pronouncement did not have a material impact on the Company's consolidated financial position and results of operations. | |
In July 2013, the FASB issued amendments to allow the Federal Funds Effective Swap Rate (which is the Overnight Index Swap rate, or OIS rate, in the U.S.) to be designated as a benchmark interest rate for hedge accounting purposes under the derivatives and hedging guidance. The amendments also allow for the use of different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The initial adoption had no impact on our consolidated financial position and results of operation. | |
Issued but not yet adopted | |
In July 2013, the FASB issued amendments to guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments require entities to present an unrecognized tax benefit netted against certain deferred tax assets when specific requirements are met. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption is permitted). The Company is currently assessing the impact of the amended guidance on its consolidated financial position. | |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Out of Period Adjustments |
During the first quarter of fiscal 2013, we identified an adjustment necessary for a long-term supply contract. We corrected this item during the first quarter of fiscal 2013, which had the effect of increasing cost of goods sold by $2.3 million, and decreasing net income by $1.6 million for the nine month period ended September 30, 2013. | |
Description of Business and Principles of Consolidation [Policy Text Block] | 1. Basis of Statement Presentation |
Summary of Significant Accounting Policies | |
The accompanying unaudited condensed consolidated financial statements of Innophos Holdings, Inc. and Subsidiaries, or Company, have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S.) for interim financial reporting and do not include all disclosures required by generally accepted accounting principles in the U.S. for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2012 and for the three years then ended. | |
The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2012 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. | |
Certain prior year balances have been reclassified to conform to current year presentation. |
Earnings_Per_Share_EPS_Earning
Earnings Per Share (EPS) Earnings Per Share (EPS) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||
Net income | $ | 10,940 | $ | 16,706 | $ | 34,910 | $ | 60,798 | ||||||||
Less: earnings attributable to unvested shares | (16 | ) | (11 | ) | (54 | ) | (40 | ) | ||||||||
Net income available to participating common shareholders | $ | 10,924 | $ | 16,695 | $ | 34,856 | $ | 60,758 | ||||||||
Weighted average number of participating common and potential common shares outstanding: | ||||||||||||||||
Basic number of participating common shares outstanding | 21,947,948 | 21,807,013 | 21,932,814 | 21,804,415 | ||||||||||||
Dilutive effect of stock equivalents | 375,757 | 693,249 | 390,173 | 714,945 | ||||||||||||
Diluted number of weighted average participating common shares outstanding | 22,323,705 | 22,500,262 | 22,322,987 | 22,519,360 | ||||||||||||
Earnings per participating common share: | ||||||||||||||||
Earnings per participating common share—Basic | $ | 0.5 | $ | 0.77 | $ | 1.59 | $ | 2.79 | ||||||||
Earnings per participating common share—Diluted | $ | 0.49 | $ | 0.74 | $ | 1.56 | $ | 2.7 | ||||||||
Total outstanding options, performance share awards and unvested restricted stock not included in the calculation of diluted earnings per share as the effect would be anti-dilutive | 396,952 | 387,878 | 382,503 | 366,182 | ||||||||||||
Dividends_Tables
Dividends (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Dividends [Abstract] | ||||||||||||||||
Schedule of Dividends Payable [Table Text Block] | The following is the dividend activity for the three and nine months ended September 30, 2013 and September 30, 2012: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Dividends declared – per share | $ | 0.35 | $ | — | $ | 1.05 | $ | 0.54 | ||||||||
Dividends declared – aggregate | 7,694 | — | 23,020 | 11,776 | ||||||||||||
Dividends paid – per share | 0.35 | 0.27 | 1.05 | 0.79 | ||||||||||||
Dividends paid – aggregate | 7,694 | 5,891 | 23,020 | 17,181 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock options | $ | 73 | $ | 291 | $ | 772 | $ | 1,147 | ||||||||
Restricted stock | 169 | 57 | 517 | 180 | ||||||||||||
Performance shares | (227 | ) | 643 | 177 | 1,632 | |||||||||||
Stock grants | — | — | 300 | 360 | ||||||||||||
Total share-based compensation expense | $ | 15 | $ | 991 | $ | 1,766 | $ | 3,319 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of the options granted during 2013 was determined using the Black-Scholes option-pricing model. The assumptions used in the Black-Scholes option-pricing model were as follows: | |||||||||||||||
Non-qualified stock options | ||||||||||||||||
Expected volatility | 50.4 | % | ||||||||||||||
Dividend yield | 2.8 | % | ||||||||||||||
Risk-free interest rate | 1 | % | ||||||||||||||
Expected term (years) | 6 | |||||||||||||||
Weighted average grant date fair value of stock options | $ | 19.99 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 51,201 | $ | 49,856 | ||||
Finished products | 96,231 | 103,563 | ||||||
Spare parts | 10,501 | 9,522 | ||||||
$ | 157,933 | $ | 162,941 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Current Assets: [Abstract] | ||||||||
Schedule of Other Assets [Table Text Block] | Other current assets consist of the following: | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Creditable taxes (value added taxes) | $ | 19,352 | $ | 35,181 | ||||
Vendor inventory deposits (prepaid) | 21,481 | 19,445 | ||||||
Prepaid income taxes | 22,750 | 22,000 | ||||||
Deferred income taxes | 9,217 | 13,611 | ||||||
Other prepaids | 3,312 | 2,884 | ||||||
Other | 2,210 | 6,806 | ||||||
$ | 78,322 | $ | 99,927 | |||||
Depreciation_and_Amortization_1
Depreciation and Amortization (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Depreciation and amortization expense [Line Items] | ||||||||||||
Depreciation and amortization expense [Table Text Block] | Please see the table below for additional analysis of that factor: | |||||||||||
Nine months ended | ||||||||||||
September 30, | 2012 | 2011 | ||||||||||
2013 | ||||||||||||
Depreciation expense on fair value of assets in connection with the formation of Innophos on August 13, 2004 | $ | 5,581 | $ | 19,794 | $ | 23,974 | ||||||
Amortization expense on fair value of intangibles in connection with the formation of Innophos on August 13, 2004 | 2,170 | 2,995 | 2,996 | |||||||||
Depreciation expense from capital expenditures after 8/13/04 | 14,368 | 17,585 | 15,292 | |||||||||
Acquisitions - depreciation expense | 845 | 572 | 49 | |||||||||
Acquisitions - intangible amortization expense | 3,030 | 1,572 | 532 | |||||||||
Changes in depreciation expense included in inventory | 1,800 | (184 | ) | 833 | ||||||||
Total | $ | 27,794 | $ | 42,334 | $ | 43,676 | ||||||
Intangibles_and_Other_Assets_n1
Intangibles and Other Assets, net Intangibles and Other Assets, net (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Intangibles and Other Assets, net: [Abstract] | ||||||||||
Intangibles and Other Assets [Table Text Block] | Intangibles and other assets consist of the following: | |||||||||
Useful life | September 30, | December 31, | ||||||||
(years) | 2013 | 2012 | ||||||||
Developed technology and application patents, net of accumulated amortization of $18,295 for 2013 and $16,155 for 2012 | 20-Jul | $ | 26,185 | $ | 28,325 | |||||
Customer relationships, net of accumulated amortization of $9,611 for 2013 and $7,666 for 2012 | 15-May | 27,439 | 29,384 | |||||||
Tradenames and license agreements, net of accumulated amortization of $5,854 for 2013 and $4,852 for 2012 | 20-May | 11,596 | 12,598 | |||||||
Non-compete agreements, net of accumulated amortization of $757 for 2013 and $644 for 2012 | 10-Apr | 553 | 666 | |||||||
Total intangibles | $ | 65,773 | $ | 70,973 | ||||||
Deferred financing costs, net of accumulated amortization of $1,517 for 2013 and $1,092 for 2012 (see note 10) | $ | 2,142 | $ | 2,567 | ||||||
Deferred income taxes | 1,928 | — | ||||||||
Other assets | 3,489 | 2,408 | ||||||||
Total other assets | $ | 7,559 | $ | 4,975 | ||||||
$ | 73,332 | $ | 75,948 | |||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Payroll related | $ | 8,857 | $ | 10,723 | ||||
Freight and rebates | 4,164 | 4,604 | ||||||
Benefits and pensions | 6,195 | 6,727 | ||||||
Taxes other than income taxes | 3,680 | 8,352 | ||||||
CNA water tax claims | — | 10,855 | ||||||
Other | 6,908 | 4,769 | ||||||
$ | 29,804 | $ | 46,030 | |||||
Debt_and_Interest_Tables
Debt and Interest (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | ||||||||||||||||
Short-Term Borrowings and Long-Term Debt [Table Text Block] | Short-term borrowings and long-term debt consist of the following: | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Term loan due 2017 | $ | 97,000 | $ | 100,000 | ||||||||||||
Revolver borrowings under the credit facility | 65,000 | 76,000 | ||||||||||||||
Capital leases | 10 | — | ||||||||||||||
Total borrowings | $ | 162,010 | $ | 176,000 | ||||||||||||
Less current portion | 4,003 | 4,000 | ||||||||||||||
Long-term debt | $ | 158,007 | $ | 172,000 | ||||||||||||
Components of Interest Expense, Net [Table Text Block] | Interest expense, net consists of the following: | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest expense | $ | 1,664 | 1,371 | $ | 4,280 | 4,350 | ||||||||||
Deferred financing cost | 137 | 141 | 425 | 428 | ||||||||||||
Interest income | (8 | ) | (11 | ) | (29 | ) | (55 | ) | ||||||||
Less: amount capitalized for capital projects | (84 | ) | (187 | ) | (221 | ) | (187 | ) | ||||||||
Total interest expense, net | $ | 1,709 | $ | 1,314 | $ | 4,455 | $ | 4,536 | ||||||||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||||||||
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following: | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Deferred income taxes | $ | 20,337 | $ | 21,497 | ||||
Pension and post retirement liabilities (U.S. and Canada only) | 7,254 | 7,253 | ||||||
Profit sharing and post employment liabilities | 4,514 | 4,435 | ||||||
Environmental liabilities | 1,100 | 1,100 | ||||||
Other liabilities | 2,191 | 2,143 | ||||||
$ | 35,396 | $ | 36,428 | |||||
Pension_Plans_and_Postretireme1
Pension Plans and Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
US [Member] | |||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | |||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit expense for the United States plans: | ||||||||||||||||||||||||
For the three months ended September 30, 2013 | For the three months ended September 30, 2012 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | — | $ | 91 | $ | 91 | $ | — | $ | 81 | $ | 81 | |||||||||||||
Interest cost | 27 | 40 | 67 | 28 | 34 | 62 | |||||||||||||||||||
Expected return on assets | (27 | ) | — | (27 | ) | (28 | ) | — | (28 | ) | |||||||||||||||
Amortization of | |||||||||||||||||||||||||
prior service cost | — | — | — | — | 33 | 33 | |||||||||||||||||||
unrecognized (gain) loss | 14 | — | 14 | 4 | (7 | ) | (3 | ) | |||||||||||||||||
Net periodic cost | $ | 14 | $ | 131 | $ | 145 | $ | 4 | $ | 141 | $ | 145 | |||||||||||||
For the nine months ended September 30, 2013 | For the nine months ended September 30, 2012 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | — | $ | 273 | $ | 273 | $ | — | 162,000 | $ | 243 | $ | 243 | ||||||||||||
Interest cost | 81 | 121 | 202 | 82 | 72,000 | 106 | 188 | ||||||||||||||||||
Expected return on assets | (82 | ) | — | (82 | ) | (82 | ) | — | — | (82 | ) | ||||||||||||||
Amortization of | |||||||||||||||||||||||||
prior service cost | — | — | — | — | 97 | 97 | |||||||||||||||||||
unrecognized (gain) loss | 42 | — | 42 | 10 | (21 | ) | (11 | ) | |||||||||||||||||
Net periodic cost | $ | 41 | $ | 394 | $ | 435 | $ | 10 | $ | 425 | $ | 435 | |||||||||||||
Canada [Member] | |||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | |||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit expense for the Canadian plans: | ||||||||||||||||||||||||
For the three months ended September 30, 2013 | For the three months ended September 30, 2012 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | 86 | $ | 19 | $ | 105 | $ | 85 | $ | 21 | $ | 106 | |||||||||||||
Interest cost | 138 | 20 | 158 | 151 | 26 | 177 | |||||||||||||||||||
Expected return on assets | (223 | ) | — | (223 | ) | (236 | ) | — | (236 | ) | |||||||||||||||
Amortization of | |||||||||||||||||||||||||
actuarial loss (gain) | 78 | 9 | 87 | 65 | 11 | 76 | |||||||||||||||||||
prior service cost | 25 | — | 25 | 26 | — | 26 | |||||||||||||||||||
net transition obligation | — | 8 | 8 | — | 7 | 7 | |||||||||||||||||||
Exchange rate changes | (18 | ) | 4 | (14 | ) | 122 | 22 | 144 | |||||||||||||||||
Net periodic cost | $ | 86 | $ | 60 | $ | 146 | $ | 213 | $ | 87 | $ | 300 | |||||||||||||
For the nine months ended September 30, 2013 | For the nine months ended September 30, 2012 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | 263 | $ | 58 | $ | 321 | $ | 253 | $ | 61 | $ | 314 | |||||||||||||
Interest cost | 420 | 61 | 481 | 451 | 74 | 525 | |||||||||||||||||||
Expected return on assets | (679 | ) | — | (679 | ) | (706 | ) | — | (706 | ) | |||||||||||||||
Amortization of | |||||||||||||||||||||||||
actuarial loss (gain) | 238 | 27 | 265 | 195 | 35 | 230 | |||||||||||||||||||
prior service cost | 76 | — | 76 | 78 | — | 78 | |||||||||||||||||||
net transition obligation | — | 23 | 23 | — | 23 | 23 | |||||||||||||||||||
Exchange rate changes | 186 | (43 | ) | 143 | 142 | 29 | 171 | ||||||||||||||||||
Net periodic cost | $ | 504 | $ | 126 | $ | 630 | $ | 413 | $ | 222 | $ | 635 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ||||||||||||||||||||||
For the three months ended September 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 153,588 | $ | 44,712 | $ | 21,693 | $ | — | $ | 219,993 | ||||||||||||
Intersegment sales | 720 | 16,972 | — | (17,692 | ) | — | ||||||||||||||||
Total sales | $ | 154,308 | $ | 61,684 | $ | 21,693 | $ | (17,692 | ) | $ | 219,993 | |||||||||||
Operating income | $ | 21,482 | $ | 2,964 | $ | (3,725 | ) | $ | — | $ | 20,721 | |||||||||||
Depreciation and amortization expense | $ | 6,967 | $ | 1,740 | $ | 236 | $ | — | $ | 8,943 | ||||||||||||
For the three months ended September 30, 2012 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 144,664 | $ | 41,222 | $ | 25,302 | $ | — | $ | 211,188 | ||||||||||||
Intersegment sales | 370 | 14,087 | 57 | (14,514 | ) | — | ||||||||||||||||
Total sales | $ | 145,034 | $ | 55,309 | $ | 25,359 | $ | (14,514 | ) | $ | 211,188 | |||||||||||
Operating income | $ | 22,759 | $ | 2,369 | $ | (542 | ) | $ | — | $ | 24,586 | |||||||||||
Depreciation and amortization expense | $ | 5,732 | $ | 3,670 | $ | 1,160 | $ | — | $ | 10,562 | ||||||||||||
For the nine months ended September 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 463,633 | $ | 126,997 | $ | 56,980 | $ | — | $ | 647,610 | ||||||||||||
Intersegment sales | 2,021 | 44,095 | 239 | (46,355 | ) | — | ||||||||||||||||
Total sales | $ | 465,654 | — | $ | 171,092 | $ | 57,219 | $ | (46,355 | ) | $ | 647,610 | ||||||||||
Operating income (a) (b) | $ | 56,032 | $ | 4,954 | $ | (210 | ) | $ | — | $ | 60,776 | |||||||||||
Depreciation and amortization expense | $ | 20,540 | $ | 5,815 | $ | 1,439 | $ | — | $ | 27,794 | ||||||||||||
For the nine months ended September 30, 2012 | Specialty | Specialty | GTSP & | Eliminations | Total | |||||||||||||||||
Phosphates | Phosphates | Other | ||||||||||||||||||||
US & Canada | Mexico | |||||||||||||||||||||
Sales | $ | 432,528 | $ | 139,951 | $ | 81,141 | $ | — | $ | 653,620 | ||||||||||||
Intersegment sales | 1,218 | 45,082 | 320 | (46,620 | ) | — | ||||||||||||||||
Total sales | $ | 433,746 | $ | 185,033 | $ | 81,461 | $ | (46,620 | ) | $ | 653,620 | |||||||||||
Operating income (a) (b) | $ | 70,262 | $ | 17,156 | $ | 1,590 | $ | — | $ | 89,008 | ||||||||||||
Depreciation and amortization expense | $ | 17,280 | $ | 11,233 | $ | 3,605 | $ | — | $ | 32,118 | ||||||||||||
Basis_of_Statement_Presentatio2
Basis of Statement Presentation Basis of Statement Presentation (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||
Prior Period Reclassification Adjustment | $2.30 | $2.40 |
Cost of Sales [Member] | ||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||
Prior Period Reclassification Adjustment | 2.3 | |
Net Income [Member] | ||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||
Prior Period Reclassification Adjustment | $1.60 |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Earnings Per Share Reconciliation [Abstract] | |||||
Net income | $10,940 | $16,706 | $34,910 | $60,798 | $74,190 |
Less: earnings attributable to unvested shares | -16 | -11 | -54 | -40 | |
Net income available to participating common shareholders | $10,924 | $16,695 | $34,856 | $60,758 | |
Basic number of common shares, outstanding | 21,947,948 | 21,807,013 | 21,932,814 | 21,804,415 | |
Dilutive effect of stock equivalents | 375,757 | 693,249 | 390,173 | 714,945 | |
Dilutived number of weighted average common shares outstanding | 22,323,705 | 22,500,262 | 22,322,987 | 22,519,360 | |
Earnings per common share - Basic | $0.50 | $0.77 | $1.59 | $2.79 | |
Earnings per common share - Diluted | $0.49 | $0.74 | $1.56 | $2.70 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 396,952 | 387,878 | 382,503 | 366,182 |
Dividends_Details
Dividends (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Dividends [Abstract] | |||||
Dividends declared - per share | $0.40 | $0.35 | $0 | $1.05 | $0.54 |
Dividends declared - aggregate | $7,694 | $0 | $23,020 | $11,776 | |
Dividends paid - per share | $0.35 | $0.27 | $1.05 | $0.79 | |
Dividends paid - aggregate | $7,694 | $5,891 | $23,020 | $17,181 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
BoardMembers | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Granted During Period, Value, Share-based Compensation, Gross | $300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $19.99 | ||||
Stock Grants Expense | 0 | 0 | 300,000 | 360,000 | |
External Members of the Board of Directors | 5 | ||||
Shares owned by external directors | 1,136 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Range of Shares, Minimum | 0 | 0 | |||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Range of Shares as Caluclated Using Performance Indicators, Maximum | 200.00% | 200.00% | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 63,580 | ||||
Stock Granted During Period, Value, Share-based Compensation, Gross | 1,300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $54.59 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 29-Mar-23 | ||||
Performance Share Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 43,091 | ||||
Stock Granted During Period, Value, Share-based Compensation, Gross | 2,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period | 92,911 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 25,853 | ||||
Stock Granted During Period, Value, Share-based Compensation, Gross | $1,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $54.59 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Assumptions Used in the Option-Pricing Model (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Share-based Compensation [Abstract] | ||
Expected volatility | 50.40% | |
Dividend yield | 2.80% | |
Risk-free interest rate | 1.00% | |
Expected term | 6 years | |
Weighted average grant date fair value of stock options | $19.99 | |
Share-based Compensation Arrangement by Share-based Payament Award, Fair Value Assumptions, Historical Average Volatility Rate of Peer Group | 50.00% | |
Share-based Compensation Arrangement by Share-based Payament Award, Fair Value Assumptions, Historical Average Volatility Rate | 50.00% |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Compensation Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation [Abstract] | ||||
Stock options | $73 | $291 | $772 | $1,147 |
Restricted stock | 169 | 57 | 517 | 180 |
Performance shares | -227 | 643 | 177 | 1,632 |
Stock Grants Expense | 0 | 0 | 300 | 360 |
Total stock-based compensation expense | $15 | $991 | $1,766 | $3,319 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $51,201 | $49,856 |
Finished goods | 96,231 | 103,563 |
Spare parts | 10,501 | 9,522 |
Inventory, Net | 157,933 | 162,941 |
Inventory Valuation Reserves | $12,215 | $11,551 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Assets: [Abstract] | ||
Creditable taxes (value added taxes) | $19,352 | $35,181 |
Vendor inventory deposits (prepaid) | 21,481 | 19,445 |
Prepaid income taxes | 22,750 | 22,000 |
Other prepaids | 3,312 | 2,884 |
Deferred income taxes | 9,217 | 13,611 |
Other | 2,210 | 6,806 |
Other Assets, Current | $78,322 | $99,927 |
Depreciation_and_Amortization_2
Depreciation and Amortization (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 13, 2004 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | |
Tangible Assets Acquired on 8/13/2004 [Member] | Tangible Assets Acquired on 8/13/2004 [Member] | Tangible Assets Acquired on 8/13/2004 [Member] | Tangible Assets Acquired on 8/13/2004 [Member] | Intangible Assets Acquired on 8/13/2004 [Member] | Intangible Assets Acquired on 8/13/2004 [Member] | Intangible Assets Acquired on 8/13/2004 [Member] | Tangible Assets Capital Expenditures after 8/13/2004 [Member] [Member] | Tangible Assets Capital Expenditures after 8/13/2004 [Member] [Member] | Tangible Assets Capital Expenditures after 8/13/2004 [Member] [Member] | Tangible Assets Acquired after 8/13/2004 [Member] | Tangible Assets Acquired after 8/13/2004 [Member] | Tangible Assets Acquired after 8/13/2004 [Member] | Intangible Assets Acquired after 8/13/2004 [Member] | Intangible Assets Acquired after 8/13/2004 [Member] | Intangible Assets Acquired after 8/13/2004 [Member] | Changes in Inventory Depreciation [Member] | Changes in Inventory Depreciation [Member] | Changes in Inventory Depreciation [Member] | Minimum [Member] | Maximum [Member] | |||||||
Depreciation and amortization expense [Line Items] | |||||||||||||||||||||||||||
Property, Plant and Equipment, Gross | $0.70 | ||||||||||||||||||||||||||
Depreciation and amortization | $8,943,000 | $10,562,000 | $27,794,000 | $32,118,000 | $42,334,000 | $43,676,000 | $5,581,000 | $19,794,000 | $23,974,000 | $2,170,000 | $2,995,000 | $2,996,000 | $14,368,000 | $17,585,000 | $15,292,000 | $845,000 | $572,000 | $49,000 | $3,030,000 | $1,572,000 | $532,000 | $1,800,000 | ($184,000) | $833,000 | |||
Property, Plant and Equipment, Useful Life | 6 years | 10 years |
Intangibles_and_Other_Assets_n2
Intangibles and Other Assets, net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Developed Technology and Application Patents [Member] | Developed Technology and Application Patents [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trade Names and License Agreements [Member] | Trade Names and License Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Trade Names [Member] | Trade Names [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $18,295 | $16,155 | $9,611 | $7,666 | $5,854 | $4,852 | $757 | $644 | ||||||||||
Accumulated Amortization, Deferred Finance Costs | 1,517 | 1,092 | ||||||||||||||||
Finite-Lived Intangible Assets, Useful Life | 7 years | 20 years | 4 years | 10 years | 5 years | 15 years | 5 years | 20 years | ||||||||||
Intangible Assets, Net (Excluding Goodwill) | 65,773 | 70,973 | 26,185 | 28,325 | 27,439 | 29,384 | 11,596 | 12,598 | 553 | 666 | ||||||||
Deferred Finance Costs, Net | 2,142 | 2,567 | ||||||||||||||||
Deferred Tax Assets, Net | 1,928 | 0 | ||||||||||||||||
Other Assets, Miscellaneous | 3,489 | 2,408 | ||||||||||||||||
Other Assets | 7,559 | 4,975 | ||||||||||||||||
Other Assets, Noncurrent | $73,332 | $75,948 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Payroll related | $8,857 | $10,723 |
Freight and rebates | 4,164 | 4,604 |
Benefits and pensions | 6,195 | 6,727 |
Accrual for Taxes Other than Income Taxes, Current | 3,680 | 8,352 |
CNA water tax claims | 0 | 10,855 |
Other | 6,908 | 4,769 |
Other Liabilities, Current | $29,804 | $46,030 |
Debt_and_Interest_Details
Debt and Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 21, 2012 | |
Rate | Rate | Rate | ||||
Debt Instrument [Line Items] | ||||||
Term loan due 2015 | $97,000,000 | $97,000,000 | $100,000,000 | |||
Revolver borrowings under the credit facility | 65,000,000 | 65,000,000 | 76,000,000 | |||
Capital Lease Obligations | 10,000 | 10,000 | 0 | |||
Debt and Capital Lease Obligations | 162,010,000 | 162,010,000 | 176,000,000 | |||
Long-term Debt and Capital Lease Obligations, Current | 4,003,000 | 4,003,000 | 4,000,000 | |||
Long-term Debt and Capital Lease Obligations | 158,007,000 | 158,007,000 | 172,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 225,000,000 | |||||
Repayments of Debt, Percent of Original Loan Balance | 1.00% | |||||
Document Period End Date | 30-Sep-13 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 157,700,000 | 157,700,000 | ||||
Debt, Weighted Average Interest Rate | 2.40% | 2.40% | ||||
Amortization of Financing Costs | 137,000 | 141,000 | 425,000 | 428,000 | ||
Notional Amount of Interest Rate Derivatives | 100,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.95% | |||||
Interest Rate Derivative Assets, at Fair Value | 800,000 | 800,000 | ||||
Interest Paid | 3,429,000 | 4,355,000 | ||||
Interest Expense [Abstract] | ||||||
Interest expense | 1,664,000 | 1,371,000 | 4,280,000 | 4,350,000 | ||
Deferred financing cost | 137,000 | 141,000 | 425,000 | 428,000 | ||
Interest income | -8,000 | -11,000 | -29,000 | -55,000 | ||
Less: amount capitalized for capital projects | -84,000 | -187,000 | -221,000 | -187,000 | ||
Total interest expense, net | 1,709,000 | 1,314,000 | 4,455,000 | 4,536,000 | ||
Letter of Credit, Sub-Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolver borrowings under the credit facility | 2,300,000 | 2,300,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term loan due 2015 | $97,000,000 | $97,000,000 | $100,000,000 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||
Deferred income taxes | $20,337 | $21,497 |
Pension and post retirement liabilities (U.S. and Canada only) | 7,254 | 7,253 |
Profit sharing and post employment liabilities | 4,514 | 4,435 |
Environmental liabilities | 1,100 | 1,100 |
Other liabilities | 2,191 | 2,143 |
Other Liabilities, Noncurrent | $35,396 | $36,428 |
Income_Taxes_Narratives_Detail
Income Taxes - Narratives (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Rate | Rate | |
Income Tax Examination [Line Items] | ||
Effective Income Tax Rate, Continuing Operations | 34.00% | 30.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments | 2.00% | |
Effective Income Tax Rate Reconciliation, Tax Contingencies | 3.00% | |
Unrecognized Tax Benefits | $2,100,000 | |
Income Tax Examination, Likelihood of Material Adjustments, Month | 12 months | |
Income Taxes Paid | 21,723,000 | 36,931,000 |
Mexico [Member] | ||
Income Tax Examination [Line Items] | ||
Income Tax Examination, Disputed Refund Requested from Taxing Authority | 2,500,000 | |
Canada [Member] | ||
Income Tax Examination [Line Items] | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $4,000,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2009 | Oct. 31, 2008 | Dec. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Environmental [Member] | Mexicana vs. Sudamfos Lawsuit [Member] | Mexicana vs. Sudamfos Lawsuit [Member] | Mexicana vs. Sudamfos Lawsuit [Member] | Louisiana sales and use tax [Member] | Minimum [Member] | Maximum [Member] | |||
t | Environmental [Member] | Environmental [Member] | |||||||
Loss Contingencies [Line Items] | |||||||||
Environmental Exit Costs, Anticipated Cost | $900,000 | $1,200,000 | |||||||
Accrual for Environmental Loss Contingencies | 1,100,000 | 1,100,000 | 1,100,000 | ||||||
Document Period End Date | 30-Sep-13 | ||||||||
Loss Contingency, Damages Sought, Value | 1,200,000 | 1,200,000 | |||||||
Phosphoric Acid | 12,500 | ||||||||
Loss Contingency, Damages Sought, Counter Lawsuit | $3,000,000 |
Pension_Plans_and_Postretireme2
Pension Plans and Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $91,000 | $81,000 | $273,000 | $243,000 |
Defined Benefit Plan, Interest Cost | 67,000 | 62,000 | 202,000 | 188,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -27,000 | -28,000 | -82,000 | -82,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 14,000 | -3,000 | 42,000 | -11,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 33,000 | 0 | 97,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 145,000 | 145,000 | 435,000 | 435,000 |
Employer Contributions | 100,000 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 2,900,000 | |||
Canada [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 105,000 | 106,000 | 321,000 | 314,000 |
Defined Benefit Plan, Interest Cost | 158,000 | 177,000 | 481,000 | 525,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -223,000 | -236,000 | -679,000 | -706,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 87,000 | 76,000 | 265,000 | 230,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 25,000 | 26,000 | 76,000 | 78,000 |
Defined Benefit Plan, Other Costs | 8,000 | 7,000 | 23,000 | 23,000 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -14,000 | 144,000 | 143,000 | 171,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 146,000 | 300,000 | 630,000 | 635,000 |
Planned Employer Contributions | 200,000 | 200,000 | ||
Employer Contributions | 600,000 | |||
Pension Benefits [Member] | US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 27,000 | 28,000 | 81,000 | 82,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -27,000 | -28,000 | -82,000 | -82,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 14,000 | 4,000 | 42,000 | 10,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 14,000 | 4,000 | 41,000 | 10,000 |
Pension Benefits [Member] | Canada [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 86,000 | 85,000 | 263,000 | 253,000 |
Defined Benefit Plan, Interest Cost | 138,000 | 151,000 | 420,000 | 451,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -223,000 | -236,000 | -679,000 | -706,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 78,000 | 65,000 | 238,000 | 195,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 25,000 | 26,000 | 76,000 | 78,000 |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -18,000 | 122,000 | 186,000 | 142,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 86,000 | 213,000 | 504,000 | 413,000 |
Other Benefits [Member] | US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 91,000 | 81,000 | 273,000 | 243,000 |
Defined Benefit Plan, Interest Cost | 40,000 | 34,000 | 121,000 | 106,000 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | -7,000 | 0 | -21,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 33,000 | 0 | 97,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 131,000 | 141,000 | 394,000 | 425,000 |
Other Benefits [Member] | Canada [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 19,000 | 21,000 | 58,000 | 61,000 |
Defined Benefit Plan, Interest Cost | 20,000 | 26,000 | 61,000 | 74,000 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | 9,000 | 11,000 | 27,000 | 35,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Costs | 8,000 | 7,000 | 23,000 | 23,000 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 4,000 | 22,000 | -43,000 | 29,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | $60,000 | $87,000 | $126,000 | $222,000 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ||||||
Sales | $219,993,000 | $211,188,000 | $647,610,000 | $653,620,000 | ||
Intersegment sales | 0 | 0 | 0 | 0 | ||
Total sales | 219,993,000 | 211,188,000 | 647,610,000 | 653,620,000 | ||
Operating income | 20,721,000 | 24,586,000 | 60,776,000 | 89,008,000 | ||
Depreciation and amortization expense | 8,943,000 | 10,562,000 | 27,794,000 | 32,118,000 | 42,334,000 | 43,676,000 |
Litigation Settlement, Expense | 7,200,000 | 7,100,000 | ||||
Prior Period Reclassification Adjustment | 2,300,000 | 2,400,000 | ||||
Specialty Phosphates US & Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 153,588,000 | 144,664,000 | 463,633,000 | 432,528,000 | ||
Intersegment sales | 720,000 | 370,000 | 2,021,000 | 1,218,000 | ||
Total sales | 154,308,000 | 145,034,000 | 465,654,000 | 433,746,000 | ||
Operating income | 21,482,000 | 22,759,000 | 56,032,000 | 70,262,000 | ||
Depreciation and amortization expense | 6,967,000 | 5,732,000 | 20,540,000 | 17,280,000 | ||
Specialty Phosphates Mexico [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 44,712,000 | 41,222,000 | 126,997,000 | 139,951,000 | ||
Intersegment sales | 16,972,000 | 14,087,000 | 44,095,000 | 45,082,000 | ||
Total sales | 61,684,000 | 55,309,000 | 171,092,000 | 185,033,000 | ||
Operating income | 2,964,000 | 2,369,000 | 4,954,000 | 17,156,000 | ||
Depreciation and amortization expense | 1,740,000 | 3,670,000 | 5,815,000 | 11,233,000 | ||
GTSP & Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 21,693,000 | 25,302,000 | 56,980,000 | 81,141,000 | ||
Intersegment sales | 0 | 57,000 | 239,000 | 320,000 | ||
Total sales | 21,693,000 | 25,359,000 | 57,219,000 | 81,461,000 | ||
Operating income | -3,725,000 | -542,000 | -210,000 | 1,590,000 | ||
Depreciation and amortization expense | 236,000 | 1,160,000 | 1,439,000 | 3,605,000 | ||
Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Intersegment sales | -17,692,000 | -14,514,000 | -46,355,000 | -46,620,000 | ||
Total sales | -17,692,000 | -14,514,000 | -46,355,000 | -46,620,000 | ||
Operating income | 0 | 0 | 0 | 0 | ||
Depreciation and amortization expense | $0 | $0 | $0 | $0 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Triarco [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Description of Acquired Entity | P30Y | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired | $44,100,000 | ||
Business Acquisition, Cost of Acquired Entity, Equity Interests Issued and Issuable | 1,000,000 | ||
Inventory Valuation Reserves | $12,215,000 | $11,551,000 | $700,000 |
Subsequent_Events_Details
Subsequent Events (Details) (CMI [Member], USD $) | Oct. 17, 2013 |
In Millions, unless otherwise specified | |
CMI [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | $5 |