Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended |
Jun. 30, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'Innophos Holdings, Inc. |
Trading Symbol | 'IPHS |
Entity Central Index Key | '0001364099 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 21,843,311 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $38,468 | $32,755 |
Accounts receivable, net | 107,713 | 88,434 |
Inventories | 164,298 | 181,467 |
Other current assets | 69,380 | 81,961 |
Total current assets | 379,859 | 384,617 |
Property, plant and equipment, net | 201,690 | 201,985 |
Goodwill | 84,373 | 84,373 |
Intangibles and other assets, net | 71,669 | 74,691 |
Total assets | 737,591 | 745,666 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Current portion of long-term debt | 4,004 | 4,002 |
Accounts payable, trade and other | 37,800 | 38,717 |
Other current liabilities | 37,146 | 34,613 |
Total current liabilities | 78,950 | 77,332 |
Long-term debt | 135,004 | 159,007 |
Other long-term liabilities | 47,454 | 45,908 |
Total liabilities | 261,408 | 282,247 |
Commitments and contingencies (note 13) | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, par value $.001 per share; authorized 100,000,000 shares; issued 22,379,497 and 22,327,670 shares and outstanding 21,941,622 and 21,893,137 shares | 22 | 22 |
Paid-in capital | 122,334 | 120,046 |
Common stock held in treasury, at cost (437,875 and 434,533 shares) | -25,980 | -19,599 |
Retained earnings | 381,736 | 364,515 |
Accumulated other comprehensive loss | -1,929 | -1,565 |
Total stockholders’ equity | 476,183 | 463,419 |
Total liabilities and stockholders’ equity | $737,591 | $745,666 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common Stock, Shares, Issued | 22,393,464 | 22,327,670 |
Common Stock, Shares, Outstanding | 21,843,311 | 21,893,137 |
Treasury Stock, Shares | 550,153 | 434,533 |
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 | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $219,542 | $213,176 | $435,883 | $427,617 |
Cost of goods sold | 166,969 | 172,281 | 341,378 | 349,688 |
Gross profit | 52,573 | 40,895 | 94,505 | 77,929 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 19,683 | 17,939 | 38,656 | 36,295 |
Research & development expenses | 1,081 | 826 | 2,096 | 1,579 |
Total operating expenses | 20,764 | 18,765 | 40,752 | 37,874 |
Operating income | 31,809 | 22,130 | 53,753 | 40,055 |
Interest expense, net | 1,128 | 1,594 | 1,833 | 2,746 |
Foreign exchange (gain) loss | -1,042 | 2,915 | -41 | 2,417 |
Income before income taxes | 31,723 | 17,621 | 51,961 | 34,892 |
Provision for income taxes | 11,095 | 6,054 | 17,148 | 10,922 |
Net income | 20,628 | 11,567 | 34,813 | 23,970 |
Net income attributable to participating common shareholders | 20,585 | 11,549 | 34,740 | 23,932 |
Income per participating share: | ' | ' | ' | ' |
Basic | $0.94 | $0.53 | $1.59 | $1.09 |
Diluted | $0.93 | $0.52 | $1.56 | $1.07 |
Weighted average participating shares outstanding: | ' | ' | ' | ' |
Basic | 21,876,265 | 21,925,207 | 21,870,343 | 21,925,057 |
Diluted | 22,251,416 | 22,320,172 | 22,243,764 | 22,322,561 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Change in interest rate swaps, (net of tax ($32) and $121) | -384 | 1,293 | -436 | 1,489 |
Change in pension and post-retirement plans, (net of tax $39 and $85) | -50 | 138 | -72 | -356 |
Other comprehensive (loss) income, net of tax | -434 | 1,431 | -364 | 1,845 |
Comprehensive income | $20,194 | $12,998 | $34,449 | $25,815 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | ($236) | $792 | ($268) | $913 |
Other Comprehensive Income (Loss) Pension and Post-Retirement Plans Tax Effect Period Increase Decrease | ($19) | $169 | $20 | $254 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $34,813 | $23,970 |
Adjustments to reconcile net income to net cash provided from operating activities: | ' | ' |
Depreciation and amortization | 17,399 | 18,851 |
Amortization of deferred financing charges | 263 | 288 |
Deferred income tax provision | -71 | 1,331 |
Share-based compensation | 1,975 | 1,751 |
Changes in assets and liabilities: | ' | ' |
Increase in accounts receivable | -19,279 | -7,512 |
Decrease in inventories | 17,169 | 9,278 |
Decrease in other current assets | 12,146 | 10,451 |
(Decrease) increase in accounts payable | -917 | 3,745 |
Increase (decrease) in other current liabilities | 2,533 | -15,281 |
Changes in other long-term assets and liabilities | 2,019 | -3,143 |
Net cash provided from operating activities | 68,050 | 43,729 |
Cash flows used for investing activities: | ' | ' |
Capital expenditures | -14,722 | -15,879 |
Net cash used for investing activities | -14,722 | -15,879 |
Cash flows used for financing activities: | ' | ' |
Proceeds from exercise of stock options | 159 | 75 |
Long-term debt borrowings | 0 | 28,000 |
Long-term debt repayments | -24,001 | -36,000 |
Excess tax benefits from exercise of stock options | 154 | 1,041 |
Common stock repurchases and restricted stock forfeitures | -6,381 | -70 |
Dividends paid | -17,546 | -15,326 |
Net cash used for financing activities | -47,615 | -22,280 |
Net change in cash | 5,713 | 5,570 |
Cash and cash equivalents at beginning of period | 32,755 | 26,815 |
Cash and cash equivalents at end of period | $38,468 | $32,385 |
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, 2012 | $444,323 | ' | $22 | $346,866 | $103,371 | ($5,936) |
Balance, shares at Dec. 31, 2012 | ' | 21,831,000 | ' | ' | ' | ' |
Net income | 49,506 | ' | ' | 49,506 | ' | ' |
Other comprehensive (loss) income, net of tax | 4,371 | ' | ' | ' | ' | 4,371 |
Proceeds from stock award exercises and issuances, shares | ' | 217,000 | ' | ' | ' | ' |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | ' | ' | 0 | ' | ' | ' |
Proceeds from stock award exercises and issuances | -759 | ' | ' | ' | -759 | ' |
Share-based compensation | 2,174 | ' | ' | ' | 2,174 | ' |
Stock Repurchased During Period, Shares | ' | -150,000 | ' | ' | ' | ' |
Stock Repurchased During Period, Value | -7,118 | ' | ' | ' | -7,118 | ' |
Excess tax benefits from exercise of stock options | 2,849 | ' | ' | ' | 2,849 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | -5,000 | ' | ' | ' | ' |
Restricted Stock Award, Forfeitures | -70 | ' | ' | ' | -70 | ' |
Dividends declared | -31,857 | ' | ' | -31,857 | ' | ' |
Balance at Dec. 31, 2013 | 463,419 | ' | 22 | 364,515 | 100,447 | -1,565 |
Balance, shares at Dec. 31, 2013 | 21,893,137 | 21,893,000 | ' | ' | ' | ' |
Net income | 34,813 | ' | ' | 34,813 | ' | ' |
Other comprehensive (loss) income, net of tax | -364 | ' | ' | ' | ' | -364 |
Proceeds from stock award exercises and issuances, shares | ' | 66,000 | ' | ' | ' | ' |
Proceeds from stock award exercises and issuances | 159 | ' | ' | ' | 159 | ' |
Share-based compensation | 1,975 | ' | ' | ' | 1,975 | ' |
Stock Repurchased During Period, Shares | ' | -112,000 | ' | ' | ' | ' |
Stock Repurchased During Period, Value | -6,178 | ' | ' | ' | -6,178 | ' |
Excess tax benefits from exercise of stock options | 154 | ' | ' | ' | 154 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | -4,000 | ' | ' | ' | ' |
Restricted Stock Award, Forfeitures | -203 | ' | ' | ' | -203 | ' |
Dividends declared | -17,592 | ' | ' | -17,592 | ' | ' |
Balance at Jun. 30, 2014 | $476,183 | ' | $22 | $381,736 | $96,354 | ($1,929) |
Balance, shares at Jun. 30, 2014 | 21,843,311 | 21,843,000 | ' | ' | ' | ' |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Unaudited) Statements of Stockholders' Equity Parenthetical (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Other Comprehensive Income (Loss), Tax | ($248) | $2,184 |
Basis_of_Statement_Presentatio
Basis of Statement Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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, 2013 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, 2013 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 six month period ended June 30, 2013. This prior period adjustment was not material to the financial results of the previously issued annual or interim financial statements. | |
Recently Issued Accounting Standards | |
Adopted | |
None. | |
Issued but not yet adopted | |
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of the amended guidance is not expected to have a material impact on our consolidated financial position or results of operations. | |
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, 2014 | June 30, 2013 | 30-Jun-14 | 30-Jun-13 | |||||||||||||
Net income | $ | 20,628 | $ | 11,567 | $ | 34,813 | $ | 23,970 | ||||||||
Less: earnings attributable to unvested shares | (43 | ) | (18 | ) | (73 | ) | (38 | ) | ||||||||
Net income available to participating common shareholders | $ | 20,585 | $ | 11,549 | $ | 34,740 | $ | 23,932 | ||||||||
Weighted average number of participating common and potential common shares outstanding: | ||||||||||||||||
Basic number of participating common shares outstanding | 21,876,265 | 21,925,207 | 21,870,343 | 21,925,057 | ||||||||||||
Dilutive effect of stock equivalents | 375,151 | 394,965 | 373,421 | 397,504 | ||||||||||||
Diluted number of weighted average participating common shares outstanding | 22,251,416 | 22,320,172 | 22,243,764 | 22,322,561 | ||||||||||||
Earnings per participating common share: | ||||||||||||||||
Earnings per participating common share—Basic | $ | 0.94 | $ | 0.53 | $ | 1.59 | $ | 1.09 | ||||||||
Earnings per participating common share—Diluted | $ | 0.93 | $ | 0.52 | $ | 1.56 | $ | 1.07 | ||||||||
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 | 383,971 | 411,832 | 385,701 | 409,293 | ||||||||||||
Dividends
Dividends | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Dividends [Abstract] | ' | |||||||||||||||
Dividends [Text Block] | ' | |||||||||||||||
Dividends | ||||||||||||||||
The following is the dividend activity for the three and six months ended June 30, 2014 and June 30, 2013: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Dividends declared – per share | $ | 0.4 | $ | 0.35 | $ | 0.8 | $ | 0.7 | ||||||||
Dividends declared – aggregate | 8,780 | 7,685 | 17,546 | 15,326 | ||||||||||||
Dividends paid – per share | 0.4 | 0.35 | 0.8 | 0.7 | ||||||||||||
Dividends paid – aggregate | 8,780 | 7,685 | 17,546 | 15,326 | ||||||||||||
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 $0.48 per share to be paid in the third quarter of 2014. |
Stockholders_Equity_ShareBased
Stockholders' Equity / Share-Based Compensation | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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: | ||||||||||||||||
• | 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. | |||||||||||||||
• | 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. | |||||||||||||||
• | 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 28, 2014 there were a total of 26,574 restricted shares granted to certain employees with a fair value of $1.5 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 $55.49. 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 28, 2014 the Company granted 76,720 non-qualified stock options at an exercise price of $55.49 per share to certain employees with a fair value of $1.5 million. The non-qualified stock options vest annually over three years with a March 28, 2024 expiration date. | ||||||||||||||||
The fair value of the options granted during 2014 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 | 50.1 | % | ||||||||||||||
Dividend yield | 3.2 | % | ||||||||||||||
Risk-free interest rate | 2 | % | ||||||||||||||
Expected term (years) | 6 | |||||||||||||||
Weighted average grant date fair value of stock options | $ | 20.15 | ||||||||||||||
For the 2014 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 28, 2014, the Company granted 44,321 performance shares to certain employees with a fair value of $2.5 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. | ||||||||||||||||
Stock Grants | ||||||||||||||||
In May 2014 the five external members of the Board of Directors were granted a combined total of 5,145 shares of the Company's common stock with an aggregated fair value of approximately $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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options | $ | 245 | $ | 273 | $ | 815 | $ | 699 | ||||||||
Restricted stock | 261 | 252 | 557 | 348 | ||||||||||||
Performance shares | 41 | 208 | 333 | 404 | ||||||||||||
Stock grants | 270 | 300 | 270 | 300 | ||||||||||||
Total share-based compensation expense | $ | 817 | $ | 1,033 | $ | 1,975 | $ | 1,751 | ||||||||
During 2011 the Board of Directors authorized a repurchase program for Company common stock of up to $50 million. Under the program, shares will be repurchased from time to time at management's discretion, either through open market transactions, block purchases, private transactions or other means and will be funded through existing liquidity and cash from operations. A five year time limit has been set for the expiration of the program as initially structured. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. However, annual repurchase amounts are expected at a minimum to be sufficient to reduce significantly, or eliminate, earnings per share dilution caused by shares issued upon the exercise of stock options and in connection with other equity based compensation plans. Treasury stock is recognized at the cost to reacquire the shares. During the second quarter of 2014, the Company repurchased 112,002 shares of its common stock on the open market at an average price of 55.16 per share or $6.2 million. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories [Text Block] | ' | |||||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 55,369 | $ | 60,157 | ||||
Finished products | 95,071 | 108,334 | ||||||
Spare parts | 13,858 | 12,976 | ||||||
$ | 164,298 | $ | 181,467 | |||||
Inventory reserves for excess quantities, obsolescence or shelf-life expiration as of June 30, 2014 and December 31, 2013 were $12,372 and $13,857, respectively. |
Other_Current_Assets
Other Current Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Current Assets: [Abstract] [Abstract] | ' | |||||||
Other Current Assets [Text Block] | ' | |||||||
Other Current Assets | ||||||||
Other current assets consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Creditable taxes (value added taxes) | $ | 21,566 | $ | 24,257 | ||||
Vendor inventory deposits (prepaid) | 8,411 | 14,820 | ||||||
Prepaid income taxes | 15,395 | 12,269 | ||||||
Deferred income taxes | 21,643 | 22,078 | ||||||
Other | 2,365 | 8,537 | ||||||
$ | 69,380 | $ | 81,961 | |||||
Intangibles_and_Other_Assets_n
Intangibles and Other Assets, net | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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 | June 30, | December 31, | ||||||||
(years) | 2014 | 2013 | ||||||||
Developed technology and application patents, net of accumulated amortization of $20,466 for 2014 and $19,015 for 2013 | 20-Jul | $ | 24,366 | $ | 25,817 | |||||
Customer relationships, net of accumulated amortization of $11,674 for 2014 and $10,295 for 2013 | 15-May | 27,138 | 28,517 | |||||||
Tradenames and license agreements, net of accumulated amortization of $6,888 for 2014 and $6,198 for 2013 | 20-May | 10,773 | 11,463 | |||||||
Non-compete agreements, net of accumulated amortization of $875 for 2014 and $796 for 2013 | 10-Mar | 458 | 537 | |||||||
Total intangibles | $ | 62,735 | $ | 66,334 | ||||||
Deferred financing costs, net of accumulated amortization of $1,915 for 2014 and $1,652 for 2013 (see note 9) | $ | 1,745 | $ | 2,008 | ||||||
Other assets | 7,189 | 6,349 | ||||||||
Total other assets | $ | 8,934 | $ | 8,357 | ||||||
$ | 71,669 | $ | 74,691 | |||||||
Other_Current_Liabilities
Other Current Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
Other Current Liabilities | ||||||||
Other current liabilities consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Payroll related | $ | 11,125 | $ | 8,680 | ||||
Taxes other than income taxes | 6,564 | 5,610 | ||||||
Benefits and pensions | 5,370 | 7,240 | ||||||
Freight and rebates | 3,758 | 3,960 | ||||||
Income taxes | 4,509 | 4,368 | ||||||
Other | 5,820 | 4,755 | ||||||
$ | 37,146 | $ | 34,613 | |||||
Debt_and_Interest
Debt and Interest | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Term loan due 2017 | $ | 94,000 | $ | 96,000 | ||||||||||||
Revolver borrowings under the credit facility | 45,000 | 67,000 | ||||||||||||||
Capital leases | 8 | 9 | ||||||||||||||
Total borrowings | $ | 139,008 | $ | 163,009 | ||||||||||||
Less current portion | 4,004 | 4,002 | ||||||||||||||
Long-term debt | $ | 135,004 | $ | 159,007 | ||||||||||||
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 June 30, 2014, $94.0 million was outstanding under the Term Loan and $45.0 million was outstanding under the revolving line of credit, both of which approximate fair value because they have a floating interest rate (determined using level 2 inputs within the fair value hierarchy) with total availability at $177.7 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 $0.5 million as of June 30, 2014. | ||||||||||||||||
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 six months ended June 30, 2014 and June 30, 2013 was $2,160 and $2,394, respectively. | ||||||||||||||||
As of June 30, 2014, the Company was in full compliance with all debt covenant requirements. | ||||||||||||||||
Interest expense, net consists of the following: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense | $ | 1,022 | 1,538 | $ | 1,607 | 2,616 | ||||||||||
Deferred financing cost | 131 | 141 | 263 | 288 | ||||||||||||
Interest income | (9 | ) | (10 | ) | (14 | ) | (21 | ) | ||||||||
Less: amount capitalized for capital projects | (16 | ) | (75 | ) | (23 | ) | (137 | ) | ||||||||
Total interest expense, net | $ | 1,128 | $ | 1,594 | $ | 1,833 | $ | 2,746 | ||||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Deferred income taxes | $ | 31,214 | $ | 32,110 | ||||
Pension and post retirement liabilities | 10,936 | 11,175 | ||||||
Environmental liabilities | 1,100 | 1,100 | ||||||
Other liabilities | 4,204 | 1,523 | ||||||
$ | 47,454 | $ | 45,908 | |||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Inventory Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Income Taxes | |
The effective income tax rate on income before taxes was approximately 33% for the six months ended June 30, 2014 compared to approximately 31% for the comparable period in 2013. The variance in the effective tax rate is primarily due to increased taxable income in higher tax rate jurisdictions, civil penalties related to the Geismar facility which increased the effective tax rate by 1%, uncertain income tax position benefits which decreased the effective tax rate by 2% and state research and development credits which decreased the effective tax rate by 1%. These items were offset by Mexican CNA Water Tax Claims and other international benefits being recorded as discrete items for income tax provision purposes which decreased the prior year effective tax rate by 3%. | |
Business is conducted in various countries throughout the world and is subject to tax in numerous jurisdictions. A significant number of tax returns are filed and subject to examination by various federal, state and local tax authorities. Tax examinations are often complex, as tax authorities may disagree with the treatment of items reported requiring several years to resolve. As such, the Company maintains liabilities for possible assessments by tax authorities resulting from known tax exposures for uncertain income tax positions. 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 on income tax returns for the years 2007 through 2010. In addition, Innophos Canada, Inc. was assessed approximately $4.0 million for the tax years 2007 and 2008 by the Canadian tax authorities. The Company is contesting the full assessment. 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. The Company recognized in the consolidated statement of income approximately $0.5 million of benefit as a result of settlements with income tax authorities offset by revisions for existing uncertain income tax positions for the six months ended June 30, 2014. The company has also recognized a benefit of approximately $0.2 million for interest and penalties in the consolidated statement of income for the six months ended June 30, 2014. It is reasonably possible that new issues will be raised by tax authorities which may require adjustments to the amount of unrecognized tax benefits, however as of June 30, 2014, the Company estimates the liability for unrecognized tax benefits will not change during the next twelve months. Other than the items mentioned above, as of June 30, 2014, 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 $18,010 and $17,769 for the six months ended June 30, 2014 and June 30, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014. | |
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 return 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 to replace the closed system and allow the removal and separate handling of the Filter Material. We built that unit, which has been operating since 2012. | |
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. Based upon our receipt of a draft consent decree from the Government Parties in June 2014 and subsequent discussions with them, we have established an accrual of $0.9 million for settlement civil penalties. However, further discussions among all parties will be necessary to determine if the matter can be resolved by settlement. | |
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 phosphoric 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. | |
In July 2013, Innophos, Inc. was 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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | [1] | |||||||||||||||||||||||
Pension Plans and Postretirement Benefits | |||||||||||||||||||||||||
Net periodic benefit expense for the United States plans: | |||||||||||||||||||||||||
For the three months ended June 30, 2014 | For the three months ended June 30, 2013 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | — | $ | 78 | $ | 78 | $ | — | $ | 91 | $ | 91 | |||||||||||||
Interest cost | 31 | 43 | 74 | 27 | 40 | 67 | |||||||||||||||||||
Expected return on assets | (31 | ) | — | (31 | ) | (27 | ) | — | (27 | ) | |||||||||||||||
Amortization of | |||||||||||||||||||||||||
prior service cost | — | — | — | — | — | — | |||||||||||||||||||
unrecognized (gain) loss | — | (10 | ) | (10 | ) | 14 | — | 14 | |||||||||||||||||
Net periodic cost | $ | — | $ | 111 | $ | 111 | $ | 14 | $ | 131 | $ | 145 | |||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | — | $ | 156 | $ | 156 | $ | — | $ | 182 | $ | 182 | |||||||||||||
Interest cost | 61 | 87 | 148 | $ | 54 | $ | 81 | $ | 135 | ||||||||||||||||
Expected return on assets | (61 | ) | — | (61 | ) | $ | (55 | ) | $ | — | $ | (55 | ) | ||||||||||||
Amortization of | |||||||||||||||||||||||||
prior service cost | — | — | — | $ | — | $ | — | $ | — | ||||||||||||||||
unrecognized (gain) loss | — | (20 | ) | (20 | ) | $ | 28 | $ | — | $ | 28 | ||||||||||||||
Net periodic cost | $ | — | $ | 223 | $ | 223 | $ | 27 | $ | 263 | $ | 290 | |||||||||||||
In April 2014, Innophos contributed approximately $0.2 million to its U.S. defined benefit pension plan to satisfy the full year 2014 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 2014 for the plan year 2013. | |||||||||||||||||||||||||
Net periodic benefit expense for the Canadian plans: | |||||||||||||||||||||||||
For the three months ended June 30, 2014 | For the three months ended June 30, 2013 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | 80 | $ | 17 | $ | 97 | $ | 88 | $ | 19 | $ | 107 | |||||||||||||
Interest cost | 145 | 21 | 166 | 140 | 20 | 160 | |||||||||||||||||||
Expected return on assets | (234 | ) | — | (234 | ) | (226 | ) | — | (226 | ) | |||||||||||||||
Amortization of | |||||||||||||||||||||||||
actuarial loss (gain) | 25 | 4 | 29 | 79 | 9 | 88 | |||||||||||||||||||
prior service cost | 23 | — | 23 | 25 | — | 25 | |||||||||||||||||||
net transition obligation | — | 7 | 7 | — | 8 | 8 | |||||||||||||||||||
Exchange rate changes | (244 | ) | 53 | (191 | ) | 94 | (21 | ) | 73 | ||||||||||||||||
Net periodic cost | $ | (205 | ) | $ | 102 | $ | (103 | ) | $ | 200 | $ | 35 | $ | 235 | |||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | ||||||||||||||||||||
Service cost | $ | 159 | $ | 34 | $ | 193 | $ | 177 | $ | 39 | $ | 216 | |||||||||||||
Interest cost | 287 | 43 | 330 | 282 | 41 | 323 | |||||||||||||||||||
Expected return on assets | (466 | ) | — | (466 | ) | (456 | ) | — | (456 | ) | |||||||||||||||
Amortization of | |||||||||||||||||||||||||
actuarial loss (gain) | 50 | 7 | 57 | 160 | 18 | 178 | |||||||||||||||||||
prior service cost | 47 | — | 47 | 51 | — | 51 | |||||||||||||||||||
net transition obligation | — | 14 | 14 | — | 15 | 15 | |||||||||||||||||||
Exchange rate changes | (25 | ) | 6 | (19 | ) | 204 | (47 | ) | 157 | ||||||||||||||||
Net periodic cost | $ | 52 | $ | 104 | $ | 156 | $ | 418 | $ | 66 | $ | 484 | |||||||||||||
Innophos Canada, Inc. made cash contributions to its Canadian defined benefit plan of $0.4 million during the six months ended June 30, 2014. Innophos Canada, Inc. does not plan to make any more cash contributions to its Canadian defined benefit plan during the remainder of 2014. | |||||||||||||||||||||||||
[1] | (a)The six months ended June 30, 2013 includes a $7.2 million benefit to earnings related to updates to the provision for the CNA Fresh Water Claims in GTSP & Other. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Changes in Accumulated Other Comprehensive Income by Component: | ||||||||||||
For the three months ended June 30, 2014 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at March 31, 2014 | $ | (2,165 | ) | $ | 670 | $ | (1,495 | ) | ||||
Other comprehensive income (loss) before reclassifications | (50 | ) | (384 | ) | (434 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income (loss) | (50 | ) | (384 | ) | (434 | ) | ||||||
Balance at June 30, 2014 | $ | (2,215 | ) | $ | 286 | $ | (1,929 | ) | ||||
For the three months ended June 30, 2013 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at March 31, 2013 | $ | (5,095 | ) | $ | (427 | ) | $ | (5,522 | ) | |||
Other comprehensive income before reclassifications | 138 | 1,293 | 1,431 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | 138 | 1,293 | 1,431 | |||||||||
Balance at June 30, 2013 | $ | (4,957 | ) | $ | 866 | $ | (4,091 | ) | ||||
For the six months ended June 30, 2014 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at December 31, 2013 | $ | (2,287 | ) | $ | 722 | $ | (1,565 | ) | ||||
Other comprehensive income (loss) before reclassifications | 72 | (436 | ) | (364 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income (loss) | 72 | (436 | ) | (364 | ) | |||||||
Balance at June 30, 2014 | $ | (2,215 | ) | $ | 286 | $ | (1,929 | ) | ||||
For the six months ended June 30, 2013 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at December 31, 2012 | $ | (5,313 | ) | $ | (623 | ) | $ | (5,936 | ) | |||
Other comprehensive income before reclassifications | 356 | 1,489 | 1,845 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | 356 | 1,489 | 1,845 | |||||||||
Balance at June 30, 2013 | $ | (4,957 | ) | $ | 866 | $ | (4,091 | ) | ||||
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 presented 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, CMI 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 June 30, 2014 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 157,267 | $ | 40,885 | $ | 21,390 | $ | — | $ | 219,542 | |||||||||||
Intersegment sales | 796 | 15,139 | 38 | (15,973 | ) | — | |||||||||||||||
Total sales | $ | 158,063 | $ | 56,024 | $ | 21,428 | $ | (15,973 | ) | $ | 219,542 | ||||||||||
Operating income | $ | 21,334 | $ | 10,320 | $ | 155 | $ | — | $ | 31,809 | |||||||||||
Depreciation and amortization expense | $ | 6,291 | $ | 2,277 | $ | 357 | $ | — | $ | 8,925 | |||||||||||
For the three months ended June 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 159,054 | $ | 43,370 | $ | 10,752 | $ | — | $ | 213,176 | |||||||||||
Intersegment sales | 778 | 14,860 | 128 | (15,766 | ) | — | |||||||||||||||
Total sales | $ | 159,832 | $ | 58,230 | $ | 10,880 | $ | (15,766 | ) | $ | 213,176 | ||||||||||
Operating income | $ | 23,759 | $ | 1,333 | $ | (2,962 | ) | $ | — | $ | 22,130 | ||||||||||
Depreciation and amortization expense | $ | 6,465 | $ | 2,318 | $ | 682 | $ | — | $ | 9,465 | |||||||||||
For the six months ended June 30, 2014 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 308,277 | $ | 85,374 | $ | 42,232 | $ | — | $ | 435,883 | |||||||||||
Intersegment sales | 1,550 | 27,757 | 39 | (29,346 | ) | — | |||||||||||||||
Total sales | $ | 309,827 | $ | 113,131 | $ | 42,271 | $ | (29,346 | ) | $ | 435,883 | ||||||||||
Operating income | $ | 41,547 | $ | 16,181 | $ | (3,975 | ) | $ | — | $ | 53,753 | ||||||||||
Depreciation and amortization expense | $ | 11,609 | $ | 5,046 | $ | 744 | $ | — | $ | 17,399 | |||||||||||
For the six months ended June 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 310,045 | $ | 82,285 | $ | 35,287 | $ | — | $ | 427,617 | |||||||||||
Intersegment sales | 1,301 | 27,123 | 239 | (28,663 | ) | — | |||||||||||||||
Total sales | $ | 311,346 | $ | 109,408 | $ | 35,526 | $ | (28,663 | ) | $ | 427,617 | ||||||||||
Operating income (a) (b) | $ | 34,551 | $ | 1,990 | $ | 3,514 | $ | — | $ | 40,055 | |||||||||||
Depreciation and amortization expense | $ | 13,572 | $ | 4,076 | $ | 1,203 | $ | — | $ | 18,851 | |||||||||||
(a) | The six months ended June 30, 2013 includes a $7.2 million benefit to earnings related to updates to the provision for the CNA Fresh Water Claims in GTSP & Other. | ||||||||||||||||||||
(b) | The six month period ended June 30, 2013 includes a $2.3 million charge to earnings for out of period costs in the US. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2014 | |
Business Acquisition [Line Items] | ' |
Business Combination Disclosure [Text Block] | ' |
Acquisitions | |
In October 2013, Innophos purchased 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 approximately $5 million, subject to specified adjustments, and was funded from cash on-hand. | |
The allocation of the purchase price for the acquisition has been prepared on a preliminary basis and changes to that allocation may occur as additional information becomes available related to various contingent liabilities. No provisional amounts have been provided for these contingent liabilities. No measurement period adjustments have been recognized in the three and six month periods ended June 30, 2014. |
Basis_of_Statement_Presentatio1
Basis of Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Statement Presentation: [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Recently Issued Accounting Standards | |
Adopted | |
None. | |
Issued but not yet adopted | |
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of the amended guidance is not expected to have a material impact on our consolidated financial position or results of operations. | |
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. | |
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 six month period ended June 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, 2013 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, 2013 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) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, 2014 | June 30, 2013 | 30-Jun-14 | 30-Jun-13 | |||||||||||||
Net income | $ | 20,628 | $ | 11,567 | $ | 34,813 | $ | 23,970 | ||||||||
Less: earnings attributable to unvested shares | (43 | ) | (18 | ) | (73 | ) | (38 | ) | ||||||||
Net income available to participating common shareholders | $ | 20,585 | $ | 11,549 | $ | 34,740 | $ | 23,932 | ||||||||
Weighted average number of participating common and potential common shares outstanding: | ||||||||||||||||
Basic number of participating common shares outstanding | 21,876,265 | 21,925,207 | 21,870,343 | 21,925,057 | ||||||||||||
Dilutive effect of stock equivalents | 375,151 | 394,965 | 373,421 | 397,504 | ||||||||||||
Diluted number of weighted average participating common shares outstanding | 22,251,416 | 22,320,172 | 22,243,764 | 22,322,561 | ||||||||||||
Earnings per participating common share: | ||||||||||||||||
Earnings per participating common share—Basic | $ | 0.94 | $ | 0.53 | $ | 1.59 | $ | 1.09 | ||||||||
Earnings per participating common share—Diluted | $ | 0.93 | $ | 0.52 | $ | 1.56 | $ | 1.07 | ||||||||
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 | 383,971 | 411,832 | 385,701 | 409,293 | ||||||||||||
Dividends_Tables
Dividends (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Dividends [Abstract] | ' | |||||||||||||||
Schedule of Dividends Payable [Table Text Block] | ' | |||||||||||||||
The following is the dividend activity for the three and six months ended June 30, 2014 and June 30, 2013: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Dividends declared – per share | $ | 0.4 | $ | 0.35 | $ | 0.8 | $ | 0.7 | ||||||||
Dividends declared – aggregate | 8,780 | 7,685 | 17,546 | 15,326 | ||||||||||||
Dividends paid – per share | 0.4 | 0.35 | 0.8 | 0.7 | ||||||||||||
Dividends paid – aggregate | 8,780 | 7,685 | 17,546 | 15,326 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options | $ | 245 | $ | 273 | $ | 815 | $ | 699 | ||||||||
Restricted stock | 261 | 252 | 557 | 348 | ||||||||||||
Performance shares | 41 | 208 | 333 | 404 | ||||||||||||
Stock grants | 270 | 300 | 270 | 300 | ||||||||||||
Total share-based compensation expense | $ | 817 | $ | 1,033 | $ | 1,975 | $ | 1,751 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The fair value of the options granted during 2014 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 | 50.1 | % | ||||||||||||||
Dividend yield | 3.2 | % | ||||||||||||||
Risk-free interest rate | 2 | % | ||||||||||||||
Expected term (years) | 6 | |||||||||||||||
Weighted average grant date fair value of stock options | $ | 20.15 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 55,369 | $ | 60,157 | ||||
Finished products | 95,071 | 108,334 | ||||||
Spare parts | 13,858 | 12,976 | ||||||
$ | 164,298 | $ | 181,467 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Current Assets: [Abstract] | ' | |||||||
Schedule of Other Assets [Table Text Block] | ' | |||||||
Other current assets consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Creditable taxes (value added taxes) | $ | 21,566 | $ | 24,257 | ||||
Vendor inventory deposits (prepaid) | 8,411 | 14,820 | ||||||
Prepaid income taxes | 15,395 | 12,269 | ||||||
Deferred income taxes | 21,643 | 22,078 | ||||||
Other | 2,365 | 8,537 | ||||||
$ | 69,380 | $ | 81,961 | |||||
Intangibles_and_Other_Assets_n1
Intangibles and Other Assets, net Intangibles and Other Assets, net (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Intangibles and Other Assets, net: [Abstract] | ' | |||||||||
Intangibles and Other Assets [Table Text Block] | ' | |||||||||
Intangibles and other assets consist of the following: | ||||||||||
Useful life | June 30, | December 31, | ||||||||
(years) | 2014 | 2013 | ||||||||
Developed technology and application patents, net of accumulated amortization of $20,466 for 2014 and $19,015 for 2013 | 20-Jul | $ | 24,366 | $ | 25,817 | |||||
Customer relationships, net of accumulated amortization of $11,674 for 2014 and $10,295 for 2013 | 15-May | 27,138 | 28,517 | |||||||
Tradenames and license agreements, net of accumulated amortization of $6,888 for 2014 and $6,198 for 2013 | 20-May | 10,773 | 11,463 | |||||||
Non-compete agreements, net of accumulated amortization of $875 for 2014 and $796 for 2013 | 10-Mar | 458 | 537 | |||||||
Total intangibles | $ | 62,735 | $ | 66,334 | ||||||
Deferred financing costs, net of accumulated amortization of $1,915 for 2014 and $1,652 for 2013 (see note 9) | $ | 1,745 | $ | 2,008 | ||||||
Other assets | 7,189 | 6,349 | ||||||||
Total other assets | $ | 8,934 | $ | 8,357 | ||||||
$ | 71,669 | $ | 74,691 | |||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities [Table Text Block] | ' | |||||||
Other current liabilities consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Payroll related | $ | 11,125 | $ | 8,680 | ||||
Taxes other than income taxes | 6,564 | 5,610 | ||||||
Benefits and pensions | 5,370 | 7,240 | ||||||
Freight and rebates | 3,758 | 3,960 | ||||||
Income taxes | 4,509 | 4,368 | ||||||
Other | 5,820 | 4,755 | ||||||
$ | 37,146 | $ | 34,613 | |||||
Debt_and_Interest_Tables
Debt and Interest (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Term loan due 2017 | $ | 94,000 | $ | 96,000 | ||||||||||||
Revolver borrowings under the credit facility | 45,000 | 67,000 | ||||||||||||||
Capital leases | 8 | 9 | ||||||||||||||
Total borrowings | $ | 139,008 | $ | 163,009 | ||||||||||||
Less current portion | 4,004 | 4,002 | ||||||||||||||
Long-term debt | $ | 135,004 | $ | 159,007 | ||||||||||||
Components of Interest Expense, Net [Table Text Block] | ' | |||||||||||||||
Interest expense, net consists of the following: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense | $ | 1,022 | 1,538 | $ | 1,607 | 2,616 | ||||||||||
Deferred financing cost | 131 | 141 | 263 | 288 | ||||||||||||
Interest income | (9 | ) | (10 | ) | (14 | ) | (21 | ) | ||||||||
Less: amount capitalized for capital projects | (16 | ) | (75 | ) | (23 | ) | (137 | ) | ||||||||
Total interest expense, net | $ | 1,128 | $ | 1,594 | $ | 1,833 | $ | 2,746 | ||||||||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ' | |||||||
Schedule of Other Long-Term Liabilities | ' | |||||||
Other long-term liabilities consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Deferred income taxes | $ | 31,214 | $ | 32,110 | ||||
Pension and post retirement liabilities | 10,936 | 11,175 | ||||||
Environmental liabilities | 1,100 | 1,100 | ||||||
Other liabilities | 4,204 | 1,523 | ||||||
$ | 47,454 | $ | 45,908 | |||||
Pension_Plans_and_Postretireme1
Pension Plans and Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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 June 30, 2014 | For the three months ended June 30, 2013 | |||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||
Service cost | $ | — | $ | 78 | $ | 78 | $ | — | $ | 91 | $ | 91 | ||||||||||||
Interest cost | 31 | 43 | 74 | 27 | 40 | 67 | ||||||||||||||||||
Expected return on assets | (31 | ) | — | (31 | ) | (27 | ) | — | (27 | ) | ||||||||||||||
Amortization of | ||||||||||||||||||||||||
prior service cost | — | — | — | — | — | — | ||||||||||||||||||
unrecognized (gain) loss | — | (10 | ) | (10 | ) | 14 | — | 14 | ||||||||||||||||
Net periodic cost | $ | — | $ | 111 | $ | 111 | $ | 14 | $ | 131 | $ | 145 | ||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | |||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||
Service cost | $ | — | $ | 156 | $ | 156 | $ | — | $ | 182 | $ | 182 | ||||||||||||
Interest cost | 61 | 87 | 148 | $ | 54 | $ | 81 | $ | 135 | |||||||||||||||
Expected return on assets | (61 | ) | — | (61 | ) | $ | (55 | ) | $ | — | $ | (55 | ) | |||||||||||
Amortization of | ||||||||||||||||||||||||
prior service cost | — | — | — | $ | — | $ | — | $ | — | |||||||||||||||
unrecognized (gain) loss | — | (20 | ) | (20 | ) | $ | 28 | $ | — | $ | 28 | |||||||||||||
Net periodic cost | $ | — | $ | 223 | $ | 223 | $ | 27 | $ | 263 | $ | 290 | ||||||||||||
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 June 30, 2014 | For the three months ended June 30, 2013 | |||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||
Service cost | $ | 80 | $ | 17 | $ | 97 | $ | 88 | $ | 19 | $ | 107 | ||||||||||||
Interest cost | 145 | 21 | 166 | 140 | 20 | 160 | ||||||||||||||||||
Expected return on assets | (234 | ) | — | (234 | ) | (226 | ) | — | (226 | ) | ||||||||||||||
Amortization of | ||||||||||||||||||||||||
actuarial loss (gain) | 25 | 4 | 29 | 79 | 9 | 88 | ||||||||||||||||||
prior service cost | 23 | — | 23 | 25 | — | 25 | ||||||||||||||||||
net transition obligation | — | 7 | 7 | — | 8 | 8 | ||||||||||||||||||
Exchange rate changes | (244 | ) | 53 | (191 | ) | 94 | (21 | ) | 73 | |||||||||||||||
Net periodic cost | $ | (205 | ) | $ | 102 | $ | (103 | ) | $ | 200 | $ | 35 | $ | 235 | ||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | |||||||||||||||||||||||
Pension benefits | Other benefits | Total | Pension benefits | Other benefits | Total | |||||||||||||||||||
Service cost | $ | 159 | $ | 34 | $ | 193 | $ | 177 | $ | 39 | $ | 216 | ||||||||||||
Interest cost | 287 | 43 | 330 | 282 | 41 | 323 | ||||||||||||||||||
Expected return on assets | (466 | ) | — | (466 | ) | (456 | ) | — | (456 | ) | ||||||||||||||
Amortization of | ||||||||||||||||||||||||
actuarial loss (gain) | 50 | 7 | 57 | 160 | 18 | 178 | ||||||||||||||||||
prior service cost | 47 | — | 47 | 51 | — | 51 | ||||||||||||||||||
net transition obligation | — | 14 | 14 | — | 15 | 15 | ||||||||||||||||||
Exchange rate changes | (25 | ) | 6 | (19 | ) | 204 | (47 | ) | 157 | |||||||||||||||
Net periodic cost | $ | 52 | $ | 104 | $ | 156 | $ | 418 | $ | 66 | $ | 484 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||
Changes in Accumulated Other Comprehensive Income by Component: | ||||||||||||
For the three months ended June 30, 2014 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at March 31, 2014 | $ | (2,165 | ) | $ | 670 | $ | (1,495 | ) | ||||
Other comprehensive income (loss) before reclassifications | (50 | ) | (384 | ) | (434 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income (loss) | (50 | ) | (384 | ) | (434 | ) | ||||||
Balance at June 30, 2014 | $ | (2,215 | ) | $ | 286 | $ | (1,929 | ) | ||||
For the three months ended June 30, 2013 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at March 31, 2013 | $ | (5,095 | ) | $ | (427 | ) | $ | (5,522 | ) | |||
Other comprehensive income before reclassifications | 138 | 1,293 | 1,431 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | 138 | 1,293 | 1,431 | |||||||||
Balance at June 30, 2013 | $ | (4,957 | ) | $ | 866 | $ | (4,091 | ) | ||||
For the six months ended June 30, 2014 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at December 31, 2013 | $ | (2,287 | ) | $ | 722 | $ | (1,565 | ) | ||||
Other comprehensive income (loss) before reclassifications | 72 | (436 | ) | (364 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income (loss) | 72 | (436 | ) | (364 | ) | |||||||
Balance at June 30, 2014 | $ | (2,215 | ) | $ | 286 | $ | (1,929 | ) | ||||
For the six months ended June 30, 2013 | Pension and Other Postretirement Adjustments | Changes in Fair Value of Effective Cash Flow Hedges | Total | |||||||||
Balance at December 31, 2012 | $ | (5,313 | ) | $ | (623 | ) | $ | (5,936 | ) | |||
Other comprehensive income before reclassifications | 356 | 1,489 | 1,845 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||
Net current period other comprehensive income | 356 | 1,489 | 1,845 | |||||||||
Balance at June 30, 2013 | $ | (4,957 | ) | $ | 866 | $ | (4,091 | ) | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
For the three months ended June 30, 2014 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 157,267 | $ | 40,885 | $ | 21,390 | $ | — | $ | 219,542 | |||||||||||
Intersegment sales | 796 | 15,139 | 38 | (15,973 | ) | — | |||||||||||||||
Total sales | $ | 158,063 | $ | 56,024 | $ | 21,428 | $ | (15,973 | ) | $ | 219,542 | ||||||||||
Operating income | $ | 21,334 | $ | 10,320 | $ | 155 | $ | — | $ | 31,809 | |||||||||||
Depreciation and amortization expense | $ | 6,291 | $ | 2,277 | $ | 357 | $ | — | $ | 8,925 | |||||||||||
For the three months ended June 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 159,054 | $ | 43,370 | $ | 10,752 | $ | — | $ | 213,176 | |||||||||||
Intersegment sales | 778 | 14,860 | 128 | (15,766 | ) | — | |||||||||||||||
Total sales | $ | 159,832 | $ | 58,230 | $ | 10,880 | $ | (15,766 | ) | $ | 213,176 | ||||||||||
Operating income | $ | 23,759 | $ | 1,333 | $ | (2,962 | ) | $ | — | $ | 22,130 | ||||||||||
Depreciation and amortization expense | $ | 6,465 | $ | 2,318 | $ | 682 | $ | — | $ | 9,465 | |||||||||||
For the six months ended June 30, 2014 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 308,277 | $ | 85,374 | $ | 42,232 | $ | — | $ | 435,883 | |||||||||||
Intersegment sales | 1,550 | 27,757 | 39 | (29,346 | ) | — | |||||||||||||||
Total sales | $ | 309,827 | $ | 113,131 | $ | 42,271 | $ | (29,346 | ) | $ | 435,883 | ||||||||||
Operating income | $ | 41,547 | $ | 16,181 | $ | (3,975 | ) | $ | — | $ | 53,753 | ||||||||||
Depreciation and amortization expense | $ | 11,609 | $ | 5,046 | $ | 744 | $ | — | $ | 17,399 | |||||||||||
For the six months ended June 30, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 310,045 | $ | 82,285 | $ | 35,287 | $ | — | $ | 427,617 | |||||||||||
Intersegment sales | 1,301 | 27,123 | 239 | (28,663 | ) | — | |||||||||||||||
Total sales | $ | 311,346 | $ | 109,408 | $ | 35,526 | $ | (28,663 | ) | $ | 427,617 | ||||||||||
Operating income (a) (b) | $ | 34,551 | $ | 1,990 | $ | 3,514 | $ | — | $ | 40,055 | |||||||||||
Depreciation and amortization expense | $ | 13,572 | $ | 4,076 | $ | 1,203 | $ | — | $ | 18,851 | |||||||||||
Basis_of_Statement_Presentatio2
Basis of Statement Presentation Basis of Statement Presentation (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Prior Period Reclassification Adjustment | $1.60 |
Cost of Sales [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Prior Period Reclassification Adjustment | $2.30 |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' | ' |
Net income | $20,628 | $11,567 | $34,813 | $23,970 | $49,506 |
Less: earnings attributable to unvested shares | -43 | -18 | -73 | -38 | ' |
Net income available to participating common shareholders | $20,585 | $11,549 | $34,740 | $23,932 | ' |
Basic number of common shares, outstanding | 21,876,265 | 21,925,207 | 21,870,343 | 21,925,057 | ' |
Dilutive effect of stock equivalents | 375,151 | 394,965 | 373,421 | 397,504 | ' |
Dilutived number of weighted average common shares outstanding | 22,251,416 | 22,320,172 | 22,243,764 | 22,322,561 | ' |
Earnings per common share - Basic | $0.94 | $0.53 | $1.59 | $1.09 | ' |
Earnings per common share - Diluted | $0.93 | $0.52 | $1.56 | $1.07 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 383,971 | 411,832 | 385,701 | 409,293 | ' |
Dividends_Details
Dividends (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Dividends [Abstract] | ' | ' | ' | ' | ' |
Dividends declared - per share | $0.48 | $0.40 | $0.35 | $0.80 | $0.70 |
Dividends declared - aggregate | ' | $8,780 | $7,685 | $17,546 | $15,326 |
Common Stock, Dividends, Per Share, Cash Paid | ' | $0.40 | $0.35 | $0.80 | $0.70 |
Dividends paid - aggregate | ' | $8,780 | $7,685 | $17,546 | $15,326 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||||
31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
BoardMembers | Minimum [Member] | Maximum [Member] | Stock Options [Member] | Performance Share Awards [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 112,002 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | ' | ' | ' | 76,720 | 44,321 | 26,574 |
Share Based Compensation Arrangement By Share Based Payment Award, Range of Shares, Minimum | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Range of Shares as Caluclated Using Performance Indicators, Maximum | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' |
Stock Granted During Period, Value, Share-based Compensation, Gross | $300,000 | ' | ' | ' | ' | ' | $1,500,000 | $2,500,000 | $1,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '6 years | ' | ' | ' | '3 years | ' | '3 years |
External Members of the Board of Directors | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares owned by external directors | 5,145 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | ' | ' | $20.15 | ' | ' | ' | $55.49 | ' | $55.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | ' | ' | ' | ' | ' | ' | 28-Mar-24 | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | $55.16 | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | $6,200,000 | ($6,178,000) | ($7,118,000) | ' | ' | ' | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Assumptions Used in the Option-Pricing Model (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation [Abstract] | ' |
Expected volatility | 50.10% |
Dividend yield | 3.20% |
Risk-free interest rate | 2.00% |
Expected term | '6 years |
Weighted average grant date fair value of stock options | $20.15 |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Stock options | $245 | $273 | $815 | $699 |
Restricted stock | 261 | 252 | 557 | 348 |
Performance shares | 41 | 208 | 333 | 404 |
Stock Grants Expense | 270 | 300 | 270 | 300 |
Total stock-based compensation expense | $817 | $1,033 | $1,975 | $1,751 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $55,369 | $60,157 |
Finished goods | 95,071 | 108,334 |
Spare parts | 13,858 | 12,976 |
Inventory, Net | 164,298 | 181,467 |
Inventory Valuation Reserves | $12,372 | $13,857 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets: [Abstract] | ' | ' |
Creditable taxes (value added taxes) | $21,566 | $24,257 |
Vendor inventory deposits (prepaid) | 8,411 | 14,820 |
Prepaid income taxes | 15,395 | 12,269 |
Deferred income taxes | 21,643 | 22,078 |
Other | 2,365 | 8,537 |
Other Assets, Current | $69,380 | $81,961 |
Intangibles_and_Other_Assets_n2
Intangibles and Other Assets, net (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
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 | ' | ' | $20,466 | $19,015 | $11,674 | $10,295 | ' | ' | $6,888 | $6,198 | $875 | $796 | ' | ' | ' | ' | ' | ' |
Accumulated Amortization, Deferred Finance Costs | 1,915 | 1,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | ' | ' | ' | ' | ' | ' | '7 years | '20 years | ' | ' | ' | ' | '3 years | '10 years | '5 years | '15 years | '5 years | '20 years |
Intangible Assets, Net (Excluding Goodwill) | 62,735 | 66,334 | 24,366 | 25,817 | 27,138 | 28,517 | ' | ' | 10,773 | 11,463 | 458 | 537 | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | 1,745 | 2,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets, Miscellaneous | 7,189 | 6,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets | 8,934 | 8,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets, Noncurrent | $71,669 | $74,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Payroll related | $11,125 | $8,680 |
Freight and rebates | 6,564 | 5,610 |
Benefits and pensions | 5,370 | 7,240 |
Accrual for Taxes Other than Income Taxes, Current | 3,758 | 3,960 |
Accrued Income Taxes | 4,509 | 4,368 |
Other | 5,820 | 4,755 |
Other Liabilities, Current | $37,146 | $34,613 |
Debt_and_Interest_Details
Debt and Interest (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 21, 2012 | |
Rate | Rate | Rate | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan due 2017 | $94,000,000 | ' | ' | $94,000,000 | ' | $96,000,000 | ' | ' |
Revolver borrowings under the credit facility | 45,000,000 | ' | ' | 45,000,000 | ' | 67,000,000 | ' | ' |
Capital Lease Obligations | 8,000 | ' | ' | 8,000 | ' | 9,000 | ' | ' |
Debt and Capital Lease Obligations | 139,008,000 | ' | ' | 139,008,000 | ' | 163,009,000 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 4,004,000 | ' | ' | 4,004,000 | ' | 4,002,000 | ' | ' |
Long-term Debt and Capital Lease Obligations | 135,004,000 | ' | ' | 135,004,000 | ' | 159,007,000 | ' | ' |
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-Jun-14 | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 177,700,000 | ' | ' | 177,700,000 | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 2.40% | ' | ' | 2.40% | ' | ' | ' | ' |
Amortization of Financing Costs | 131,000 | 141,000 | ' | 263,000 | 288,000 | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 0.95% | ' |
Interest Rate Derivative Assets, at Fair Value | 500,000 | ' | ' | 500,000 | ' | ' | ' | ' |
Interest Paid | ' | ' | 2,394,000 | 2,160,000 | ' | ' | ' | ' |
Interest Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 1,022,000 | 1,538,000 | ' | 1,607,000 | 2,616,000 | ' | ' | ' |
Deferred financing cost | 131,000 | 141,000 | ' | 263,000 | 288,000 | ' | ' | ' |
Interest income | -9,000 | -10,000 | ' | -14,000 | -21,000 | ' | ' | ' |
Less: amount capitalized for capital projects | -16,000 | -75,000 | ' | -23,000 | -137,000 | ' | ' | ' |
Total interest expense, net | 1,128,000 | 1,594,000 | ' | 1,833,000 | 2,746,000 | ' | ' | ' |
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 2017 | $94,000,000 | ' | ' | $94,000,000 | ' | ' | ' | $100,000,000 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ' | ' |
Deferred income taxes | $31,214 | $32,110 |
Pension and post retirement liabilities | 10,936 | 11,175 |
Environmental liabilities | 1,100 | 1,100 |
Other liabilities | 4,204 | 1,523 |
Other Liabilities, Noncurrent | $47,454 | $45,908 |
Income_Taxes_Narratives_Detail
Income Taxes - Narratives (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Rate | Rate | ||
Income Tax Examination [Line Items] | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | ' | 33.00% | 31.00% |
Effective Income Tax Rate Reconciliation, Tax Contingencies | ' | 2.00% | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | ' | 1.00% | ' |
Unrecognized Tax Benefits | ' | $500,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | 200,000 | ' |
Income Tax Examination, Likelihood of Unfavorable Settlement | 'P12M | ' | ' |
Income Taxes Paid | ' | 18,010,000 | 17,769,000 |
Canada [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 4,000,000 | $4,000,000 | ' |
Civil penalty [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Other Adjustments | ' | 1.00% | ' |
Mexican CNA water tax [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Other Adjustments | ' | 3.00% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Oct. 31, 2009 | Oct. 31, 2008 | Dec. 31, 2009 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
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] | Civil penalty [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 | ' | ' | ' | ' | ' | ' | ' |
Estimated Litigation Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 |
Document Period End Date | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
US [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $78,000 | $91,000 | $156,000 | $182,000 |
Defined Benefit Plan, Interest Cost | 74,000 | 67,000 | 148,000 | 135,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -31,000 | -27,000 | -61,000 | -55,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | -10,000 | 14,000 | -20,000 | 28,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 111,000 | 145,000 | 223,000 | 290,000 |
Employer Contributions | ' | ' | 200,000 | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | ' | ' | 2,900,000 | ' |
Canada [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 97,000 | 107,000 | 193,000 | 216,000 |
Defined Benefit Plan, Interest Cost | 166,000 | 160,000 | 330,000 | 323,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -234,000 | -226,000 | -466,000 | -456,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 29,000 | 88,000 | 57,000 | 178,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 23,000 | 25,000 | 47,000 | 51,000 |
Defined Benefit Plan, Other Costs | 7,000 | 8,000 | 14,000 | 15,000 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -191,000 | 73,000 | -19,000 | 157,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | -103,000 | 235,000 | 156,000 | 484,000 |
Employer Contributions | ' | ' | 400,000 | ' |
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 | 31,000 | 27,000 | 61,000 | 54,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -31,000 | -27,000 | -61,000 | -55,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 14,000 | 0 | 28,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 0 | 14,000 | 0 | 27,000 |
Pension Benefits [Member] | Canada [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 80,000 | 88,000 | 159,000 | 177,000 |
Defined Benefit Plan, Interest Cost | 145,000 | 140,000 | 287,000 | 282,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -234,000 | -226,000 | -466,000 | -456,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 25,000 | 79,000 | 50,000 | 160,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 23,000 | 25,000 | 47,000 | 51,000 |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -244,000 | 94,000 | -25,000 | 204,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | -205,000 | 200,000 | 52,000 | 418,000 |
Other Benefits [Member] | US [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 78,000 | 91,000 | ' | 182,000 |
Defined Benefit Plan, Interest Cost | 43,000 | 40,000 | 87,000 | 81,000 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | -10,000 | 0 | -20,000 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 156,000 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 111,000 | 131,000 | 223,000 | 263,000 |
Other Benefits [Member] | Canada [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 17,000 | 19,000 | 34,000 | 39,000 |
Defined Benefit Plan, Interest Cost | 21,000 | 20,000 | 43,000 | 41,000 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | 4,000 | 9,000 | 7,000 | 18,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Costs | 7,000 | 8,000 | 14,000 | 15,000 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 53,000 | -21,000 | 6,000 | -47,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | $102,000 | $35,000 | $104,000 | $66,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($1,929) | ($4,091) | ($1,929) | ($4,091) | ($1,565) | ($1,495) | ($5,522) | ($5,936) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -434 | 1,431 | -364 | 1,845 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other comprehensive income (loss), net of Tax | -434 | 1,431 | -364 | 1,845 | 4,371 | ' | ' | ' |
Pension and Other Postretirement Plans Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,215 | -4,957 | -2,215 | -4,957 | -2,287 | -2,165 | -5,095 | -5,313 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -50 | 138 | 72 | 356 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other comprehensive income (loss), net of Tax | -50 | 138 | 72 | 356 | ' | ' | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 286 | 866 | 286 | 866 | 722 | 670 | -427 | -623 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -384 | 1,293 | -436 | 1,489 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Other comprehensive income (loss), net of Tax | ($384) | $1,293 | ($436) | $1,489 | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | $219,542,000 | $213,176,000 | $435,883,000 | $427,617,000 |
Revenue from Related Parties | 0 | 0 | 0 | 0 |
Total sales | 219,542,000 | 213,176,000 | 435,883,000 | 427,617,000 |
Operating income | 31,809,000 | 22,130,000 | 53,753,000 | 40,055,000 |
Depreciation and amortization expense | 8,925,000 | 9,465,000 | 17,399,000 | 18,851,000 |
Litigation Settlement, Expense | ' | ' | ' | 7,200,000 |
Prior Period Reclassification Adjustment | ' | ' | ' | 1,600,000 |
Specialty Phosphates US & Canada [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 157,267,000 | 159,054,000 | 308,277,000 | 310,045,000 |
Revenue from Related Parties | 796,000 | 778,000 | 1,550,000 | 1,301,000 |
Total sales | 158,063,000 | 159,832,000 | 309,827,000 | 311,346,000 |
Operating income | 21,334,000 | 23,759,000 | 41,547,000 | 34,551,000 |
Depreciation and amortization expense | 6,291,000 | 6,465,000 | 11,609,000 | 13,572,000 |
Specialty Phosphates Mexico [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 40,885,000 | 43,370,000 | 85,374,000 | 82,285,000 |
Revenue from Related Parties | 15,139,000 | 14,860,000 | 27,757,000 | 27,123,000 |
Total sales | 56,024,000 | 58,230,000 | 113,131,000 | 109,408,000 |
Operating income | 10,320,000 | 1,333,000 | 16,181,000 | 1,990,000 |
Depreciation and amortization expense | 2,277,000 | 2,318,000 | 5,046,000 | 4,076,000 |
GTSP & Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 21,390,000 | 10,752,000 | 42,232,000 | 35,287,000 |
Revenue from Related Parties | 38,000 | 128,000 | 39,000 | 239,000 |
Total sales | 21,428,000 | 10,880,000 | 42,271,000 | 35,526,000 |
Operating income | 155,000 | -2,962,000 | -3,975,000 | 3,514,000 |
Depreciation and amortization expense | 357,000 | 682,000 | 744,000 | 1,203,000 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 0 | 0 | 0 | 0 |
Revenue from Related Parties | -15,973,000 | -15,766,000 | -29,346,000 | -28,663,000 |
Total sales | -15,973,000 | -15,766,000 | -29,346,000 | -28,663,000 |
Operating income | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Cost of Sales [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Prior Period Reclassification Adjustment | ' | ' | ' | $2,300,000 |
Acquisitions_Details
Acquisitions (Details) (CMI [Member], USD $) | Oct. 31, 2013 |
In Millions, unless otherwise specified | |
CMI [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $5 |