Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Document Information [Line Items] | ||
Entity Registrant Name | Innophos Holdings, Inc. | |
Trading Symbol | IPHS | |
Entity Central Index Key | 1364099 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 21,480,334 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $1,234 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $36,207 | $32,755 |
Accounts receivable, net | 90,551 | 88,434 |
Inventories | 184,621 | 181,467 |
Other current assets | 60,135 | 81,961 |
Total current assets | 371,514 | 384,617 |
Property, plant and equipment, net | 198,988 | 201,985 |
Goodwill | 84,373 | 84,373 |
Intangibles and other assets, net | 73,536 | 74,691 |
Total assets | 728,411 | 745,666 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current portion of long-term debt | 4,003 | 4,002 |
Accounts payable, trade and other | 53,137 | 38,717 |
Other current liabilities | 34,806 | 34,613 |
Total current liabilities | 91,946 | 77,332 |
Long-term debt | 132,002 | 159,007 |
Other long-term liabilities | 41,456 | 45,908 |
Total liabilities | 265,404 | 282,247 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, par value $.001 per share; authorized 100,000,000 shares; issued; 22,447,058 and 22,327,670 shares and outstanding 21,480,334 and 21,893,137 shares | 21 | 22 |
Paid-in capital | 124,558 | 120,046 |
Common stock held in treasury, at cost (966,724 and 434,533 shares) | -49,284 | -19,599 |
Retained earnings | 390,525 | 364,515 |
Accumulated other comprehensive loss | -2,813 | -1,565 |
Total stockholders’ equity | 463,007 | 463,419 |
Total liabilities and stockholders’ equity | $728,411 | $745,666 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 22,447,058 | 22,327,670 |
Common Stock, Shares, Outstanding | 21,480,334 | 21,893,137 |
Treasury Stock, Shares | 966,724 | 434,533 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $839,186 | $844,129 | $862,399 | |
Cost of goods sold | 651,722 | 685,830 | 684,979 | |
Gross profit | 187,464 | 158,299 | 177,420 | |
Operating expenses: | ||||
Selling, general and administrative | 76,020 | 70,501 | 64,320 | |
Research & development expenses | 4,649 | 3,928 | 3,107 | |
Total operating expenses | 80,669 | 74,429 | 67,427 | |
Operating income | 106,795 | 83,870 | [1] | 109,993 |
Interest expense, net | 4,354 | 4,426 | 5,977 | |
Foreign Currency Transaction Gain (Loss), before Tax | 5,085 | 3,197 | -1,957 | |
Income before income taxes | 97,356 | 76,247 | 105,973 | |
Provision for income taxes | 32,895 | 26,741 | 31,783 | |
Net income | 64,461 | 49,506 | 74,190 | |
Net income attributable to common shareholders | 64,324 | 49,442 | 74,150 | |
Income per share: | ||||
Basic | $2.96 | $2.25 | $3.40 | |
Diluted | $2.91 | $2.21 | $3.30 | |
Weighted average shares outstanding: | ||||
Basic | 21,753,270 | 21,933,843 | 21,795,155 | |
Diluted | 22,121,903 | 22,345,980 | 22,475,881 | |
Other comprehensive (loss) income, net of tax: | ||||
Change in interest rate swaps, (net of tax $221, ($825) and $71 | -360 | 1,345 | -114 | |
Change in pension and post-retirement plans, (net of tax $377, ($1,359) and $572 | -888 | 3,026 | -827 | |
Other comprehensive (loss) income, net of tax | -1,248 | 4,371 | -941 | |
Comprehensive income | $63,213 | $53,877 | $73,249 | |
[1] | The years ended December 31, 2013 and December 31, 2012 include a $7.2 million and $7.1 million benefit to earnings, respectively, for the CNA Fresh Water Claims in GTSP & Other. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $221 | ($825) | $71 |
Other Comprehensive Income (Loss) Pension and Post-Retirement Plans Tax Effect Period Increase Decrease | $377 | ($1,359) | $572 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (USD $) | Total | Number of Common Shares | Common Stock | Retained Earnings | Paid-in Capital | Accumulated Other Comprehensive Income(Loss) |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2011 | $393,208 | $22 | $292,144 | $106,037 | ($4,995) | |
Balance, shares at Dec. 31, 2011 | 21,620,000 | |||||
Net income | 74,190 | 74,190 | ||||
Other comprehensive (loss) income, net of tax | -941 | -941 | ||||
Proceeds from stock award exercises and issuances, shares | 340,000 | |||||
Proceeds from stock award exercises and issuances | -2,255 | -2,255 | ||||
Share-based compensation | 1,912 | 1,912 | ||||
Excess tax benefits from exercise of stock options | 3,931 | 3,931 | ||||
Common stock repurchases, shares | -150,000 | |||||
Common stock repurchases | -7,254 | -7,254 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 21,000 | |||||
Restricted Stock Award, Forfeitures | 1,000 | 1,000 | ||||
Dividends declared | -19,468 | -19,468 | ||||
Balance at Dec. 31, 2012 | 444,323 | 22 | 346,866 | 103,371 | -5,936 | |
Balance, shares at Dec. 31, 2012 | 21,831,000 | |||||
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 stock award exercises and issuances | -759 | -759 | ||||
Share-based compensation | 2,174 | 2,174 | ||||
Excess tax benefits from exercise of stock options | 2,849 | 2,849 | ||||
Common stock repurchases, shares | -150,000 | |||||
Common stock repurchases | -7,118 | -7,118 | ||||
Treasury stock reissued for acquisition of business, Shares, Treasury Stock Reissued | 5,000 | |||||
Treasury stock reissued for acquisition of business, Value, Treasury Stock Reissued | -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 | 64,461 | 64,461 | ||||
Other comprehensive (loss) income, net of tax | -1,248 | -1,248 | ||||
Proceeds from stock award exercises and issuances, shares | 119,000 | |||||
Proceeds from stock award exercises and issuances | 160 | 160 | ||||
Proceeds from stock award exercises and issuances | ||||||
Share-based compensation | 3,280 | 3,280 | ||||
Excess tax benefits from exercise of stock options | 1,071 | 1,071 | ||||
Common stock repurchases, shares | -528,000 | |||||
Common stock repurchases | -29,483 | -1 | -29,482 | |||
Restricted Stock Award, Forfeitures | -202 | -202 | ||||
Treasury stock reissued for acquisition of business, Shares, Treasury Stock Reissued | -4,000 | |||||
Dividends declared | -38,451 | -38,451 | ||||
Balance at Dec. 31, 2014 | $463,007 | $21 | $390,525 | $75,274 | ($2,813) | |
Balance, shares at Dec. 31, 2014 | 21,480,334 | 21,480,000 |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Comprehensive Income (Loss), Tax | $598,000 | ($2,184,000) | $643,000 |
Common Stock, Dividends, Per Share, Declared | $1.76 | $1.45 | $0.89 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $64,461 | $49,506 | $74,190 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Depreciation and amortization | 35,461 | 35,461 | 42,334 |
Amortization of deferred financing charges | 526 | 559 | 884 |
Deferred income tax provision | 2,846 | 1,484 | 167 |
Share-based compensation | 3,280 | 2,174 | 1,912 |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable | -2,087 | 5,913 | 13,018 |
(Increase) decrease in inventories | -3,054 | -18,348 | 12,212 |
Decrease (increase) in other current assets | 11,761 | 26,806 | -21,551 |
Increase in accounts payable | 14,195 | 2,248 | 1,928 |
Increase (decrease) in other current liabilities | 213 | -11,624 | -20,984 |
Changes in other long-term assets and liabilities | -821 | -2,502 | -3,575 |
Net cash provided from operating activities | 126,781 | 91,677 | 100,535 |
Cash flows from investing activities: | |||
Capital expenditures | -27,955 | -33,415 | -33,060 |
Acquisition of businessess, net of cash acquired | 0 | -4,425 | -71,706 |
Payments to Acquire Intangible Assets | -1,443 | 0 | 0 |
Net cash used for investing activities | -29,398 | -37,840 | -104,766 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 160 | 1,650 | 528 |
Long-term debt borrowings | 9,000 | 63,007 | 333,000 |
Long-term debt repayments | -36,004 | -76,000 | -309,000 |
Deferred financing costs | -191 | 0 | -1,461 |
Excess tax benefits from exercise of stock options | 1,071 | 2,849 | 3,931 |
Common stock repurchases | -29,684 | -7,188 | -7,254 |
Dividends paid | -38,394 | -31,837 | -24,810 |
Net cash used for financing activities | -94,042 | -47,519 | -5,066 |
Effect of Exchange Rate on Cash and Cash Equivalents | 111 | -378 | 870 |
Net change in cash | 3,452 | 5,940 | -8,427 |
Cash and cash equivalents at beginning of period | 32,755 | 26,815 | 35,242 |
Cash and cash equivalents at end of period | $36,207 | $32,755 | $26,815 |
Basis_of_Statement_Presentatio
Basis of Statement Presentation | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Statement Presentation [Text Block] | Basis of Statement Presentation: | |
Summary of Significant Accounting Policies | ||
Fiscal Year | ||
Our fiscal year end is December 31. | ||
Description of Business and Principles of Consolidation | ||
Innophos is a leading international producer of mineral based performance-critical specialty ingredients with applications in food, beverage, pharmaceutical, oral care and industrial end markets. Innophos combines more than a century of experience in specialty phosphate manufacture with a growing capability in a broad range of other specialty ingredients, to supply a product range produced to the highest standards of quality and consistency demanded by customers worldwide. Many of Innophos' products are application-specific compounds engineered to meet customer performance requirements and are often critical to the taste, texture, performance or nutritional content of foods, beverages, pharmaceuticals, oral care products and other applications. For example, Innophos products act as flavor enhancers in beverages, electrolytes in sports drinks, texture additives in cheeses, leavening agents in baked goods, pharmaceutical excipients, cleaning agents in toothpaste and provide a wide range of nutritional fortification solutions for food, beverage and nutritional supplement manufacturers. | ||
Innophos commenced operations as an independent company in August 2004 after purchasing our North American specialty phosphates business from affiliates of Rhodia, S.A., or Rhodia, which has been a part of Solvay S.A. since 2011. In November 2006, we completed an initial public offering and listed our common stock for trading on the Nasdaq Global Select Market under the symbol “IPHS”. | ||
• | In October 2011, Innophos acquired 100% of the stock of Kelatron's holding company, KI Acquisition, Inc., for a purchase price of approximately $21 million, subject to specified adjustments. Founded in 1975 and based in Ogden, Utah, Kelatron is a leading producer of technically advanced bioactive mineral ingredients, with a high quality base of customers in the supplement and sports nutrition markets. Bioactive mineral ingredients are manufactured to enhance the digestive system's ability to absorb these essential minerals. Kelatron products deliver a wide range of minerals that are essential in small quantities to a balanced diet (micronutrients) and are highly complementary to the macronutrients of calcium, magnesium, potassium and phosphorus currently manufactured by Innophos. | |
• | In July 2012, Innophos acquired 100% of the equity of AMT Labs, Inc. and an affiliated real estate company holding all AMT real property for $26.9 million, with $19.4 million being allocated to the AMT purchase and $7.5 million being allocated to the real estate entity. Located in North Salt Lake, Utah, AMT has been manufacturing bioactive mineral ingredients for the food, beverage, confectionary and dietary supplement industries for more than 20 years. | |
• | In December 2012, Innophos purchased all of Triarco Industries, Inc., ("Triarco"), assets for $44.8 million in cash plus $1 million in shares of common stock. Triarco, a privately held company based in New Jersey, has been manufacturing high quality custom ingredients for the food, beverage, dietary supplement and nutraceutical industries for more than 30 years. Triarco specializes in botanical and enzyme based ingredients that provide important benefits in growing markets such as sports nutrition, dietary supplements and fortified beverages. | |
• | In October 2013, Innophos purchased all of the assets of Chelated Minerals International, Inc., (CMI), for $5 million in cash. CMI, a privately held company based in Salt Lake City, Utah, has significant knowhow in the manufacture and science of chelated minerals supplied to the human nutrition market. | |
Innophos Holdings, Inc. is the parent of Innophos Investments Holdings, Inc., which owns 100% of Innophos, Inc; all are incorporated under the laws of the State of Delaware. All intercompany transactions are eliminated in consolidation. | ||
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. | ||
These prior period adjustments are not material to the financial results of the previously issued annual financial statements or the current financial statements. | ||
Certain prior year balances have been reclassified to conform to current year presentation. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with United States generally accepted accounting principles requires the use of judgments and estimates made by management. Actual results could differ from those estimates. Some of the more significant estimates pertaining to the Company include accruals for contingencies, distributor incentives and rebates, the valuation of inventories, the allowance for doubtful accounts, income tax valuation allowances, the recoverability of long-lived assets and goodwill analysis and cash flows and assumptions used in the recognition and measurement of assets acquired in business combinations. Management routinely reviews its estimates and assumptions utilizing currently available information, changes in facts and circumstances, and historical experience. | ||
Cash Equivalents | ||
All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. | ||
Accounts Receivable and Allowances for Doubtful Accounts | ||
Trade accounts receivable are recorded at the invoiced amount and does not bear interest. The collectability of accounts receivable is evaluated based on a combination of factors. Allowances for doubtful accounts are recorded based on the length of time the receivables are past due and historical experience. In circumstances when it is probable that a specific customer is unable to meet its financial obligations, an allowance is recorded against amounts due to reduce the receivable to the amount that is reasonably expected to be collected. | ||
Inventories | ||
Inventories are valued at the lower of cost or market. Cost is determined on the basis of the first-in, first-out method. These costs include raw materials, direct labor, manufacturing overhead and depreciation. Spare parts are included in inventory and are initially recorded at cost. | ||
Inventories, including spare parts, are evaluated for excess quantities, obsolescence or shelf-life expiration. This evaluation includes an analysis of historical sales levels by product and projections of future demand. To the extent management determines there are excess, obsolete or expired inventory quantities, valuation reserves are recorded against all or a portion of the value of the related products with the appropriate charge to cost of goods sold. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost less accumulated depreciation. Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. The cost and related accumulated depreciation of all property, plant and equipment retired or otherwise disposed of are eliminated from the accounts and any resulting gain or loss is reflected in net income. Interest is capitalized in connection with the construction of major renewals and improvements. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Depreciation is calculated on the straight-line basis over the estimated useful lives of the related assets, typically ranging from ten to forty years for buildings and improvements, three to twenty years for machinery and equipment, and three to seven years for capitalized software. Leasehold improvements are amortized over the lease term or the estimated useful life of the improvement, whichever is less. | ||
External direct costs in developing or obtaining internal use computer software and payroll, and payroll-related costs for employees dedicated solely to the project, to the extent of the time spent directly on the project and which they meet the requirements of ASC 350-40, are capitalized. | ||
Long-Lived Assets | ||
Under ASC 360,” Property, Plant, and Equipment,” long-lived assets including property, plant and equipment and amortizable intangible assets are evaluated and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The review of these long-lived assets is performed at the individual asset level, asset group level, or the product group level depending on the lowest level for which identifiable cash flows are largely independent. The Company’s asset groupings or product groupings vary based on the interrelationship of the long-lived assets and the identifiable cash flows. For example, in certain instances, multiple manufacturing units may work with one another to produce the lowest identifiable cash flows or in other instances a stand-alone unit may produce the lowest level of identifiable cash flows. There are other instances where a stand-alone unit may produce multiple products and the lowest level of identifiable cash flows is at the product group level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the undiscounted future cash flows expected to be generated by the asset, asset group or product group. When this comparison indicates that impairment must be recorded, the impairment recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. | ||
The determination of whether or not assets are impaired and the corresponding useful lives of these long-lived assets requires significant judgment. The development of future cash flow projections requires management estimates related to forecasted sales and expected costs trends. To the extent that changes in business conditions occur or other management decisions are made that result in adjusted management projections or alternative use of the assets, impairment losses or accelerated depreciation may occur in future periods. | ||
Goodwill | ||
Goodwill represents the excess of the acquisition cost over the fair value of net assets of the businesses acquired. ASC 350, “Intangibles—Goodwill and Other,” requires periodic tests of the impairment of goodwill. ASC 350 requires a comparison, at least annually, of the net book value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit, which corresponds to the discounted cash flows of the reporting unit, in the absence of an active market. If the entity determines that it's more likely than not that the fair value of a reporting unit exceeds the carrying amount, then performing the traditional two-step impairment test is unnecessary. If a company determines otherwise, then it is required to perform the first step of the two-step impairment test. When this comparison indicates that impairment must be recorded, the impairment recognized is the amount by which the carrying amount of the assets exceeds the fair value of these assets. The annual goodwill impairment review is conducted during the fourth quarter of each year. | ||
Other Intangible Assets | ||
Other intangible assets, which consist of developed technology, customer relationships, trade names, a non-compete agreement, patents, licenses and software, are amortized on a straight-line basis over their estimated useful lives which can be up to twenty years. | ||
Revenue Recognition | ||
Revenue from sales of our products to our customers is 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. In the United States and Canada, the Company records estimated reductions to revenue for distributor incentives and customer incentives such as rebates, at the time of the initial sale. Distributor and customer incentives in Mexico are immaterial to the financial statements. The estimated reductions are based on the sales terms, historical experience and trend analysis. Accruals for distributor incentives are reflected as a direct reduction to accounts receivable and accruals for rebates are recorded as accrued expenses. This analysis requires a significant amount of judgment from management. Changes in the assumptions used to calculate these estimates or changes resulting from actual results are recorded against revenue in the period in which the change occurs. | ||
Shipping and Handling Fees and Costs and Advertising Expenses | ||
Shipping and handling fees and costs invoiced to customers are included in Net sales. Shipping and handling fees and costs incurred by the Company are included in Cost of goods sold. Advertising expenses, which are not significant, are expensed as incurred. | ||
Foreign Currency Translation | ||
The U.S. dollar is the functional currency of the Canadian and Mexican operations. Accordingly, these operations monetary assets and liabilities are remeasured at current exchange rates, non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses related to monetary assets and liabilities are remeasured at average exchange rates and at historical exchange rates for the related revenue and expenses of non-monetary assets and liabilities. All translation gains and losses are included in net income. | ||
Research and Development Expenses | ||
Research and development expenditures, including expenditures relating to the development of new products and processes and significant improvements and refinements to existing products, are expensed as incurred. | ||
Employee Termination Benefits | ||
The Company does not have a written severance plan for its Mexican operations, nor does it offer similar termination benefits to affected employees in all Mexican restructuring initiatives. However, Mexican law requires payment of certain minimum termination benefits. Accordingly, in situations where minimum statutory termination benefits must be paid to the affected employees, the Company records employee severance costs associated with these activities in accordance with ASC 712, Compensation – Nonretirement Post Employment Benefits. The Company does have a written severance plan which is in accordance with ASC 712 for its U.S. and Canadian operations. The Company has an accrued obligation for post-employment benefits for U.S. and Canadian operations when the amounts are probable and reasonably estimated. In all other situations where the Company pays out termination benefits, including supplemental benefits paid in excess of statutory minimum amounts and benefits offered to affected employees based on management’s discretion, the Company records these termination costs in accordance with ASC 420, Exit or Disposal Cost Obligations. | ||
The timing of the recognition of charges for employee severance costs depends on whether the affected employees are required to render service beyond their legal notification period in order to receive the benefits. If affected employees are required to render service beyond their legal notification period, charges are recognized ratably over the future service period. Otherwise, charges are recognized when a specific plan has been confirmed by management and required employee communication requirements have been met. | ||
Legal Costs | ||
The Company expenses legal costs as incurred, including those legal costs which may be incurred in connection with a loss contingency. | ||
Income Taxes | ||
The Company’s significant subsidiaries are the Company's United States subsidiaries which file a consolidated U.S. tax return, the Company's Mexican subsidiaries which file a consolidated Mexico tax return and the Company's Canadian subsidiary which files a separate Canadian tax return. The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases using enacted tax rates applied to those differences. | ||
Deferred tax assets are assessed for realizability and a valuation allowance is provided if a portion of the associated tax benefit is not expected to be realized. | ||
If any material uncertain tax positions arise, the Company’s policy is to accrue associated penalties in selling, general and administrative expenses and to accrue interest as part of net interest expense. Other than the assessments disclosed in Note 15, Income Taxes, as of December 31, 2014, no significant 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. | ||
Environmental Costs | ||
Environmental liabilities are recorded undiscounted when it is probable that these liabilities have been incurred and the amounts can be reasonably estimated. These liabilities are estimated based on an assessment of many factors, including the amount of remediation costs, the timing and extent of remediation actions required by the applicable governmental authorities, and the amount of the Company’s liability after considering the liability and financial resources of other potentially responsible parties. Generally, the recording of these accruals coincides with the assertion of a claim or litigation, completion of a feasibility study or a commitment to a formal plan of action. Anticipated recoveries from third parties are recorded as a reduction of expense only when such amounts are realized. Any insurance receivables would be recorded gross of the estimated liability. | ||
Comprehensive Income (Loss) | ||
Comprehensive income (loss) is composed of net income (loss), adjusted for changes in comprehensive income items such as changes in defined benefit pension plan funded status. | ||
Share-based Compensation | ||
The Company recognizes compensation expense for its Long-Term Incentive Plans (LTIP). Under applicable accounting standards, the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. Refer to Note 11 for additional information. | ||
Business Combinations | ||
An acquired business is included in the consolidated financial statements upon obtaining control of the acquired assets. Assets acquired and liabilities assumed are recognized at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill. | ||
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 and related disclosures. | ||
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. | ||
In June 2014, the FASB issued guidance which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for the interim and annual periods beginning on or after December 15, 2015; early adoption is permitted. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. | ||
In August 2014 the FASB issued guidance which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles in U.S. auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016; early adoption is permitted. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. | ||
In January 2015, the FASB issued new accounting rules which remove the concept of extraordinary items from U.S. GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The new rules will be effective for us in the first quarter of 2016. We do not anticipate the adoption of the new accounting rules will have a material impact on the our financial position, results of operations and related disclosures. |
Acquisitions
Acquisitions | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Business Combinations [Abstract] | ||||||
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 final purchase price allocation for CMI resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the acquisition date based upon their respective fair values summarized below: | ||||||
CMI | ||||||
Cash | $ | 97 | ||||
Accounts receivable | 299 | |||||
Inventory, including fair value adjustment of $20 | 125 | |||||
Property, plant and equipment | 1,092 | |||||
Goodwill | 1,265 | |||||
Intangible assets | 2,348 | |||||
Accounts payable | (69 | ) | ||||
Other current liabilities | (57 | ) | ||||
Total | $ | 5,100 | ||||
The intangible assets acquired with CMI include the following: | ||||||
Useful life | CMI | |||||
(years) | ||||||
Customer relationships | 10 | $ | 1,761 | |||
Developed technology | 7 | 353 | ||||
Trade name | 5 | 211 | ||||
Non-compete agreement | 3 | 23 | ||||
$ | 2,348 | |||||
The CMI transaction was treated as an asset purchase for U.S. federal tax purposes. The excess of purchase price over the fair value amounts assigned to the assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition and will be included in the Specialty Phosphates US segment. The Company expects the goodwill created to be deductible for tax purposes. | ||||||
Pro forma financial information (unaudited): | ||||||
The following unaudited pro forma information presents the combined results of operations for the twelve months ended December 31, 2013 as if the acquisition of CMI had been completed on January 1, 2013. The unaudited pro forma results do not reflect any material adjustments, operating efficiencies or potential cost savings which may result from the consolidation of operations. | ||||||
Year Ended | ||||||
December 31, | ||||||
2013 | ||||||
Revenues | $ | 845,610 | ||||
Net income | $ | 49,571 | ||||
Income per common share - Basic | $ | 2.26 | ||||
Income per common share - Diluted | $ | 2.22 | ||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories [Text Block] | Inventories: | |||||||
Inventories consist of the following: | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 60,697 | $ | 60,157 | ||||
Finished products | 111,600 | 108,334 | ||||||
Spare parts | 12,324 | 12,976 | ||||||
$ | 184,621 | $ | 181,467 | |||||
Inventory reserves for excess quantities, obsolescence or shelf-life expiration as of December 31, 2014 and December 31, 2013 were $12,626 and $13,857, respectively. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Current Assets: [Abstract] [Abstract] | ||||||||
Other Current Assets [Text Block] | Other Current Assets: | |||||||
Other current assets consist of the following: | ||||||||
2014 | 2013 | |||||||
Creditable taxes (value added taxes) | $ | 18,124 | $ | 24,257 | ||||
Vendor inventory deposits (prepaid) | 9,483 | 14,820 | ||||||
Prepaid income taxes | 12,658 | 12,269 | ||||||
Deferred income taxes | 12,647 | 22,078 | ||||||
Prepaid insurance | 2,109 | 2,329 | ||||||
Other | 5,114 | 6,208 | ||||||
$ | 60,135 | $ | 81,961 | |||||
Property_Plant_and_Equipment_n
Property, Plant and Equipment, net | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||||||||||||||||||||
Property, Plant and Equipment, net [Text Block] | Property, Plant and Equipment, net: | |||||||||||||||||||||||||
Property, plant and equipment, at cost, consist of the following: | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Useful life (years) | Gross | Accumulated Depreciation | Net Book Value | Gross | Accumulated Depreciation | Net Book Value | ||||||||||||||||||||
Land | - | $ | 19,213 | $ | — | $ | 19,213 | $ | 19,213 | $ | — | $ | 19,213 | |||||||||||||
Land improvements - | 15-Mar | 10,825 | 8,749 | 2,076 | 10,424 | 8,361 | 2,063 | |||||||||||||||||||
Buildings and improvements - | 9-Feb | 9,450 | 9,235 | 215 | 9,433 | 9,141 | 292 | |||||||||||||||||||
10 | 11,491 | 6,599 | 4,892 | 11,112 | 5,506 | 5,606 | ||||||||||||||||||||
14-16 | 12,103 | 7,319 | 4,784 | 11,950 | 6,528 | 5,422 | ||||||||||||||||||||
20 | 35,551 | 11,681 | 23,870 | 32,982 | 9,876 | 23,106 | ||||||||||||||||||||
25-40 | 22,209 | 5,358 | 16,851 | 22,193 | 4,605 | 17,588 | ||||||||||||||||||||
Machinery & Equipment - | 4-Jan | 15,865 | 11,665 | 4,200 | 14,416 | 7,677 | 6,739 | |||||||||||||||||||
5 | 38,141 | 25,769 | 12,372 | 32,486 | 22,467 | 10,019 | ||||||||||||||||||||
6 | 49,201 | 49,171 | 30 | 49,201 | 49,161 | 40 | ||||||||||||||||||||
7 | 53,183 | 36,805 | 16,378 | 50,607 | 32,908 | 17,699 | ||||||||||||||||||||
8 | 163,697 | 141,469 | 22,228 | 158,171 | 135,164 | 23,007 | ||||||||||||||||||||
9 | 26,684 | 26,221 | 463 | 26,691 | 26,144 | 547 | ||||||||||||||||||||
10 | 10,159 | 4,366 | 5,793 | 8,384 | 3,493 | 4,891 | ||||||||||||||||||||
11 | 12,079 | 11,431 | 648 | 12,856 | 10,496 | 2,360 | ||||||||||||||||||||
13-Dec | 11,603 | 10,000 | 1,603 | 11,606 | 9,029 | 2,577 | ||||||||||||||||||||
15 | 76,309 | 26,104 | 50,205 | 69,807 | 22,315 | 47,492 | ||||||||||||||||||||
16-25 | 1,737 | 890 | 847 | 2,245 | 806 | 1,439 | ||||||||||||||||||||
Construction-in-progress | - | 12,320 | — | 12,320 | 11,885 | — | 11,885 | |||||||||||||||||||
$ | 591,820 | $ | 392,832 | $ | 198,988 | $ | 565,662 | $ | 363,677 | $ | 201,985 | |||||||||||||||
Depreciation expense, excluding depreciation expense in changes of inventory, was $31,156, $28,147 and $37,930 in 2014, 2013 and 2012, respectively. Depreciation expense in changes of inventory was $(2,866), $327 and $(184), in 2014, 2013 and 2012, respectively. The carrying value of capitalized software, included in machinery and equipment, was $12,302, $15,374 and $21,572 for the years ended December 31, 2014, December 31, 2013 and December 31, 2012, respectively. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill [Abstract] | ||||||||||||||||||||
Goodwill [Text Block] | Goodwill: | |||||||||||||||||||
Specialty | Specialty | Specialty | GTSP & | Total | ||||||||||||||||
Phosphates | Phosphates | Phosphates | Other | |||||||||||||||||
US | Canada | Mexico | ||||||||||||||||||
Balance, December 31, 2012 | $ | 38,639 | $ | 2,530 | $ | 38,584 | $ | 3,355 | 83,108 | |||||||||||
Investment in CMI | 1,265 | — | — | — | 1,265 | |||||||||||||||
Balance, December 31, 2013 | $ | 39,904 | $ | 2,530 | $ | 38,584 | $ | 3,355 | $ | 84,373 | ||||||||||
Balance, December 31, 2014 | $ | 39,904 | $ | 2,530 | $ | 38,584 | $ | 3,355 | $ | 84,373 | ||||||||||
Intangibles_and_Other_Assets_n
Intangibles and Other Assets, net | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 | 2014 | 2013 | ||||||||||||||||||
(years) | ||||||||||||||||||||
Developed technology and application patents, net of accumulated amortization of $21,894 for 2014 and $19,015 for 2013 | 20-Jul | 24,381 | 25,817 | |||||||||||||||||
Customer relationships, net of accumulated amortization of $13,054 for 2014 and $10,295 for 2013 | 15-May | 25,758 | 28,517 | |||||||||||||||||
Trade names and license agreements, net of accumulated amortization of $7,573 for 2014 and $6,198 for 2013 | 20-May | 10,088 | 11,463 | |||||||||||||||||
Non-compete agreement, net of accumulated amortization of $954 for 2014 and $796 for 2013 | 10-Mar | 379 | 537 | |||||||||||||||||
Total intangibles | $ | 60,606 | $ | 66,334 | ||||||||||||||||
Deferred financing costs, net of accumulated amortization of $2,178 for 2014 and $1,652 for 2013 (see note 9) | $ | 1,673 | $ | 2,008 | ||||||||||||||||
Other tax assets | 7,013 | — | ||||||||||||||||||
Other assets | 4,244 | 6,349 | ||||||||||||||||||
Total other assets | $ | 12,930 | $ | 8,357 | ||||||||||||||||
$ | 73,536 | $ | 74,691 | |||||||||||||||||
Amortization expense for intangibles was $7,171, $6,987 and $4,567 in 2014, 2013 and 2012, respectively. Anticipated amortization expense for the next five years related to intangibles is as follows: | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Intangible amortization expense | $ | 7,129 | $ | 7,127 | $ | 6,912 | $ | 6,769 | $ | 6,229 | ||||||||||
The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events. | ||||||||||||||||||||
In 2013, the Company acquired $2.3 million of intangible assets as part of its acquisition of Chelated Minerals International, LLC. (see Note 2). |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Other Current Liabilities: | |||||||
Other current liabilities consist of the following: | ||||||||
2014 | 2013 | |||||||
Payroll related | $ | 12,703 | $ | 8,680 | ||||
Taxes other than income taxes | 5,057 | 5,610 | ||||||
Benefits and pensions | 6,640 | 7,240 | ||||||
Freight and rebates | 4,346 | 3,960 | ||||||
Income taxes | 1,302 | 4,368 | ||||||
Other | 4,758 | 4,755 | ||||||
$ | 34,806 | $ | 34,613 | |||||
ShortTerm_Borrowings_LongTerm_
Short-Term Borrowings, Long-Term Debt, and Interest Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | ||||||||||||
Short-Term Debt, Long-Term Debt and Interest Expense, Net [Text Block] | Short-term Borrowings, Long-Term Debt, and Interest Expense: | |||||||||||
Short-term borrowings and long-term debt consist of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Term loan due 2017 | $ | 92,000 | $ | 96,000 | ||||||||
Revolver borrowings under the credit facility | 44,000 | 67,000 | ||||||||||
Capital leases | 5 | 9 | ||||||||||
Total borrowings | $ | 136,005 | $ | 163,009 | ||||||||
Less current portion | 4,003 | 4,002 | ||||||||||
Long-term debt | $ | 132,002 | $ | 159,007 | ||||||||
In August 2010, Innophos entered into a Credit Agreement (the “Credit Agreement”) with a group of lenders (collectively, the “Lenders”). This agreement was amended and restated on December 21, 2012 increasing the Company's borrowing capacity, reducing interest rates extending the maturity to December 21, 2017. The agreement was again amended on December 18, 2014. This latest amendment deletes the requirement that Restricted Payments (as defined in the Credit Agreement) be deducted from the Consolidated EBITDA for purposes of determining the Fixed Charge Coverage Ratio (as defined in the Credit Agreement). The latest amendment also provides the Companies with additional flexibility to make certain Restricted Payments (as defined in the Credit Agreement), including the repurchase by the Registrant of its stock, provided that the Companies satisfy certain financial requirements. | ||||||||||||
The Credit Agreement provides Innophos with 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. Prepayments of term loan are required at the rate of 1% of original principal amount per quarter beginning on March 31, 2013. Interest accruing on amounts borrowed under the term loan and revolving line is based on an applicable margin over LIBOR (London Interbank Offered Rate) or bank base rate, ranging from 125 to 225 basis points for LIBOR and 25 to 125 basis points for base rate loans, in each case with loan period and interest alternative as chosen by the Company, which margin is adjusted quarterly depending on a total leverage ratio (as computed under the Credit Agreement) for the period in question. Commitment fees on the unused revolving line range from 15 to 37.5 basis points, depending on total leverage ratio (as computed under the Credit Agreement) for the period in question. The current applicable margin for LIBOR based loans, base rate loans and the commitment fee are 150, 50 and 20 basis points, respectively. | ||||||||||||
The Credit Agreement also provides for possible additional revolving indebtedness under an incremental facility of up to $50.0 million (i.e. an aggregate of revolving capacity up to $275.0 million) upon future request by Innophos Holdings, Inc. to existing Lenders (and depending on their consent) or from other willing financial institutions invited by the Company and reasonably acceptable to the administrative agent to join in the Credit Agreement. This revolving credit facility increase, if implemented, may provide for higher applicable margins to either the increased portion or possibly the entire revolving credit facility, with limitations, for interest rates than those in effect for the original revolving commitments under the Credit Agreement. | ||||||||||||
The obligations of the Company under the Credit Agreement are secured by first priority liens on substantially all the United States assets of the Company, as well as a pledge of 65% of the voting equity of entities holding the Companies’ foreign subsidiaries. | ||||||||||||
The Credit Agreement contains representations given to the Lenders about the nature and status of the Companies’ business that serve as conditions to future borrowings, and affirmative, as well as negative, covenants typical of senior facilities of this kind that prohibit or limit a variety of actions by the Companies and their subsidiaries generally without the Lenders’ approval. These include covenants that affect the ability of those entities, among other things, to (a) incur or guarantee indebtedness, (b) create liens, (c) enter into mergers, recapitalizations or assets purchases or sales, (d) change names, (e) make certain changes to their business, (f) make restricted payments that include dividends, purchases and redemptions of equity (g) make advances, investments or loans, (h) effect sales and leasebacks or (i) enter into transactions with affiliates, (j) allow negative pledges or limitations on the repayment abilities of subsidiaries or (k) amend subordinated debt. However, subject to continued compliance with the overall leverage restrictions described in more detail below, the Companies retain flexibility under the Credit Agreement to develop their business and achieve strategic goals by, among other things, being permitted to take on additional debt, pay dividends (as long as the Total Leverage Ratio shall be .25 less than the then applicable level described below), re-acquire equity and make domestic acquisitions. Foreign acquisitions and investments are also permitted up to a fixed limit which is set initially at $100.0 million and can increase with ongoing cash generation up to as high as $300.0 million. | ||||||||||||
Among its affirmative covenants, the Credit Agreement requires the Companies to maintain the following consolidated ratios (as defined and calculated according to the Credit Agreement) as of the end of each fiscal quarter: | ||||||||||||
(a) “Total Leverage Ratio” less than or equal to 3.00 to 1.00. | ||||||||||||
(b) “Senior Leverage Ratio” less than or equal to 2.50 to 1.00. | ||||||||||||
(c) “Fixed Charge Coverage Ratio” greater than or equal to 1.25 to 1.00. | ||||||||||||
As of December 31, 2014, the Accessible Borrowing Availability was 179.1 million and the Total Leverage Ratio, Senior Leverage Ratio, and Fixed Charge Coverage Ratio calculated in accordance with the agreement were 0.98, 0.98 and 3.15, respectively. | ||||||||||||
As of December 31, 2014, the Company was in full compliance with all debt covenant requirements. | ||||||||||||
The Credit Agreement provides for “Events of Default” that, unless waived, can or will lead to acceleration of obligations upon the occurrence, continuation and/or notice, as applicable, of specified events typical of senior facilities of this kind. These include (a) failures to pay interest or principal on loans, (b) misrepresentations, (c) failures to observe covenants, (d) cross defaults of other indebtedness in excess of $20.0 million, (e) uninsured and unsatisfied judgments in excess of $20.0 million or certain orders or injunctions, (f) bankruptcy and insolvency events, (g) events leading to aggregate liability under the Employee Retirement Income Security Act of 1974 (ERISA) in excess of $20.0 million, (h) changes of control, (i) invalidity of credit support /security agreements, and (i) certain disadvantageous changes in Credit Agreement debt compared to subordinated debt. | ||||||||||||
Fees and expenses incurred in 2012 with the amended and restated Credit Agreement were approximately $1.5 million. Additional fees and expenses incurred in 2014 with the latest amendment were approximately $0.2 million. The amounts above were recorded as deferred financing costs and are being amortized, along with the residual value of the initial fees and expenses incurred in 2010, over the term of the Credit Agreement using the effective interest method. | ||||||||||||
As of December 31, 2014, $92.0 million was outstanding under the Term Loan and $44.0 million was outstanding under the revolving line of credit, both of which approximate fair value because they have a floating interest rate, Level 2 input within the fair value hierarchy, with total availability at 179.1 million, taking into account $1.9 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 of floating rate debt under the new senior facility to a fixed rate to maturity obligation 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 $0.6 million as of December 31, 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. | ||||||||||||
Innophos and its subsidiaries and affiliates may from time to time seek to acquire or otherwise retire outstanding debt through public or privately negotiated transactions, exchanges or otherwise. Debt repurchases or exchanges, if any, will depend on prevailing market conditions, Company liquidity requirements, restrictive financial covenants and other factors applicable at the time. The amounts involved may be material. | ||||||||||||
Total interest paid by the Company for all indebtedness for 2014, 2013 and 2012 was $4,060, $4,622 and $5,432. | ||||||||||||
Interest expense, net consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense | $ | 3,977 | $ | 5,271 | $ | 5,419 | ||||||
Deferred financing cost | 526 | 559 | 884 | |||||||||
Interest income | (40 | ) | (1,049 | ) | (65 | ) | ||||||
Less: amount capitalized for capital projects | (109 | ) | (355 | ) | (261 | ) | ||||||
Total interest expense, net | $ | 4,354 | $ | 4,426 | $ | 5,977 | ||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | |||||||
Dec. 31, 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: | ||||||||
2014 | 2013 | |||||||
Deferred income taxes | $ | 24,400 | $ | 32,110 | ||||
Pension and post retirement liabilities | 10,714 | 11,175 | ||||||
Uncertain tax positions | 2,798 | — | ||||||
Environmental liabilities | 1,100 | 1,100 | ||||||
Other liabilities | 2,444 | 1,523 | ||||||
$ | 41,456 | $ | 45,908 | |||||
Stockholders_Equity_ShareBased
Stockholders' Equity / Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 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. Compensation expense is amortized on a straight-line basis over the requisite vesting period, generally three years, and accelerated for those employees that are retirement eligible during 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. The stock options generally vest annually over three years with a ten year term from date of grant. | ||||||||||||
• | Performance share awards which entitle the holder to receive, at the end of a performance cycle, 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. The performance shares generally vest at the end of a 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 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, which immediately vest, equal to a fixed retainer value. | ||||||||||||
The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | $ | 1,346 | $ | 1,002 | $ | 1,436 | |||||||
Restricted stock | 1,066 | 676 | 236 | ||||||||||
Performance shares | 598 | 196 | (120 | ) | |||||||||
Stock grants | 270 | 300 | 360 | ||||||||||
Total stock-based compensation expense | $ | 3,280 | $ | 2,174 | $ | 1,912 | |||||||
A summary of restricted stock activity during the three years ended December 31, 2014, is presented below: | |||||||||||||
Number | Weighted | ||||||||||||
of Shares | Average | ||||||||||||
Grant | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2012 | — | $ | — | ||||||||||
Granted | 14,370 | 50.12 | |||||||||||
Released | — | — | |||||||||||
Forfeited / Surrendered | (110 | ) | 50.12 | ||||||||||
Outstanding at December 31, 2012 | 14,260 | $ | — | ||||||||||
Outstanding at January 1, 2013 | 14,260 | $ | 50.12 | ||||||||||
Granted | 25,890 | 54.59 | |||||||||||
Released | (1,932 | ) | 50.12 | ||||||||||
Forfeited / Surrendered | (5,154 | ) | 52.65 | ||||||||||
Outstanding at December 31, 2013 | 33,064 | $ | 53.22 | ||||||||||
Outstanding at January 1, 2014 | 33,064 | $ | 53.22 | ||||||||||
Granted | 26,821 | 55.49 | |||||||||||
Released | (5,720 | ) | 52.81 | ||||||||||
Forfeited / Surrendered | (3,829 | ) | 53.13 | ||||||||||
Outstanding at December 31, 2014 | 50,336 | $ | 54.49 | ||||||||||
A summary of stock option activity during the three years ended December 31, 2014, is presented below: | |||||||||||||
Number of | Weighted | Weighted Average Grant Date Fair Value | |||||||||||
Options | Average | ||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding at January 1, 2012 | 900,142 | $ | 18.55 | ||||||||||
Granted | 39,683 | 50.12 | 20.41 | ||||||||||
Forfeited / Surrendered | (37,238 | ) | 16.62 | ||||||||||
Exercised | (181,165 | ) | 9.34 | ||||||||||
Outstanding at December 31, 2012 | 721,422 | $ | 22.69 | ||||||||||
Exercisable at December 31, 2012 | 545,829 | $ | 17.92 | ||||||||||
Outstanding at January 1, 2013 | 721,422 | $ | 22.69 | ||||||||||
Granted | 63,672 | 54.59 | 19.99 | ||||||||||
Forfeited / Surrendered | (23,389 | ) | 39.69 | ||||||||||
Exercised | (92,977 | ) | 20.63 | ||||||||||
Outstanding at December 31, 2013 | 668,728 | $ | 25.34 | ||||||||||
Exercisable at December 31, 2013 | 556,747 | $ | 20.6 | ||||||||||
Outstanding at January 1, 2014 | 668,728 | $ | 25.34 | ||||||||||
Granted | 77,391 | 20.15 | |||||||||||
Forfeited / Surrendered | (33,387 | ) | 21.58 | ||||||||||
Exercised | (87,412 | ) | 14.52 | ||||||||||
Outstanding at December 31, 2014 | 625,320 | $ | 30.87 | ||||||||||
Exercisable at December 31, 2014 | 498,719 | $ | 24.91 | ||||||||||
The fair value of the options granted during 2014, 2013 and 2012 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 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Expected volatility | 50.1 | % | 50.4 | % | 53.2 | % | |||||||
Dividend yield | 3.2 | % | 2.8 | % | 2.4 | % | |||||||
Risk-free interest rate | 2 | % | 1 | % | 1.3 | % | |||||||
Expected term | 6 | 6 | 6 | ||||||||||
Weighted average grant date fair value of stock options | $ | 20.15 | $ | 19.99 | $ | 20.41 | |||||||
Prior to 2009, since Innophos Holdings, Inc. was a newly public entity and had limited historical data on the price of its publicly traded shares, the expected volatility for the valuation of its stock options and performance shares was based solely on peer group historical volatility data equaling the expected term. The Company has 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. | |||||||||||||
A summary of performance share activity is presented below: | |||||||||||||
Number | Weighted | ||||||||||||
of Shares | Average | ||||||||||||
Grant | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2012 | 209,570 | 29.08 | |||||||||||
Granted (at targeted return on invested capital) | 43,106 | 50.12 | |||||||||||
Forfeited | — | — | |||||||||||
Vested | (138,781 | ) | 25.68 | ||||||||||
Adjustment to estimate of shares to be earned | (113,895 | ) | 41.19 | ||||||||||
Outstanding at December 31, 2012 | — | $ | — | ||||||||||
Outstanding at January 1, 2013 | — | $ | — | ||||||||||
Granted (at targeted return on invested capital) | 43,091 | 54.59 | |||||||||||
Forfeited | (4,854 | ) | 54.59 | ||||||||||
Vested | — | — | |||||||||||
Adjustment to estimate of shares to be earned | (25,848 | ) | 54.59 | ||||||||||
Outstanding at December 31, 2013 | 12,389 | $ | 54.59 | ||||||||||
Outstanding at January 1, 2014 | 12,389 | $ | 54.59 | ||||||||||
Granted (at targeted return on invested capital) | 44,698 | 55.49 | |||||||||||
Forfeited | — | — | |||||||||||
Vested | — | — | |||||||||||
Adjustment to estimate of shares to be earned | (12,389 | ) | 54.59 | ||||||||||
Outstanding at December 31, 2014 | 44,698 | $ | 55.49 | ||||||||||
The total intrinsic value of options exercised and stock grants during 2014, 2013 and 2012 was $5.2 million, $4.7 million and $8.3 million, respectively. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2014 was $17.4 million and $16.7 million, respectively. The total remaining unrecognized compensation expense related to share-based payments is as follows: | |||||||||||||
Unrecognized Compensation Expense | Restricted | Stock | Performance | ||||||||||
Stock | Options | Based | |||||||||||
Amount | $ | 1,417 | $ | 1,466 | $ | 1,665 | |||||||
Weighted-average years to be recognized | 1.5 | 1.5 | 2 | ||||||||||
The Board of Directors authorized a new stock repurchase program, commencing January 1, 2015, pursuant to which the Registrant intends to acquire for cash in open market or private transactions from time to time up to $125 million of its common stock over the ensuing 12 months. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. The repurchase program will be funded through existing liquidity, including possible borrowings from the Senior Credit Facility, and cash from operations. Treasury stock is recognized at the cost to reacquire the shares. The 2011 repurchase program in which up to $50 million of the Company's common stock could be repurchased from time to time at management’s discretion was terminated on December 31, 2014. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share [Text Block] | 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: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | 64,461 | 49,506 | 74,190 | |||||||||
Less: earnings attributable to unvested shares | (137 | ) | (64 | ) | (40 | ) | ||||||
Net income available to common shareholders | $ | 64,324 | $ | 49,442 | $ | 74,150 | ||||||
Weighted average number of common and potential common shares outstanding: | ||||||||||||
Basic number of common shares outstanding | 21,753,270 | 21,933,843 | 21,795,155 | |||||||||
Dilutive effect of stock equivalents | 368,633 | 412,137 | 680,726 | |||||||||
Diluted number of weighted average common shares outstanding | 22,121,903 | 22,345,980 | 22,475,881 | |||||||||
Earnings per common share: | ||||||||||||
Earnings per common share—Basic | $ | 2.96 | $ | 2.25 | $ | 3.4 | ||||||
Earnings per common share—Diluted | $ | 2.91 | $ | 2.21 | $ | 3.3 | ||||||
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 are 313,794, 330,420 and 40,696 for the years ended 2014, 2013 and 2012, respectively. |
Dividends
Dividends | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Dividends [Abstract] | ||||||||||||||||||||
Dividends [Text Block] | Dividends | |||||||||||||||||||
The following is the dividend activity for 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Total | ||||||||||||||||
Dividends declared – per share | $ | 0.4 | $ | 0.4 | $ | 0.48 | $ | 0.48 | $ | 1.76 | ||||||||||
Dividends declared – aggregate | 8,766 | 8,780 | 10,477 | 10,371 | $ | 38,394 | ||||||||||||||
Dividends paid – per share | 0.4 | 0.4 | 0.48 | 0.48 | $ | 1.76 | ||||||||||||||
Dividends paid – aggregate | 8,766 | 8,780 | 10,477 | 10,371 | $ | 38,394 | ||||||||||||||
2013 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | ||||||||||||||||
Dividends declared – per share | $ | 0.35 | $ | 0.35 | $ | 0.35 | $ | 0.4 | $ | 1.45 | ||||||||||
Dividends declared – aggregate | 7,641 | 7,685 | 7,694 | 8,817 | $ | 31,837 | ||||||||||||||
Dividends paid – per share | 0.35 | 0.35 | 0.35 | 0.4 | $ | 1.45 | ||||||||||||||
Dividends paid – aggregate | 7,641 | 7,685 | 7,694 | 8,817 | $ | 31,837 | ||||||||||||||
2012 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | ||||||||||||||||
Dividends declared – per share | $ | 0.27 | $ | 0.27 | $ | — | $ | 0.35 | $ | 0.89 | ||||||||||
Dividends declared – aggregate | 5,885 | 5,891 | — | 7,629 | $ | 19,405 | ||||||||||||||
Dividends paid – per share | 0.25 | 0.27 | 0.27 | 0.35 | $ | 1.14 | ||||||||||||||
Dividends paid – aggregate | 5,405 | 5,885 | 5,891 | 7,629 | $ | 24,810 | ||||||||||||||
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. |
Pension_Plans_and_Postretireme
Pension Plans and Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension Plans and Postretirement Benefits: | |||||||||||||||||||||||
Innophos maintains both defined contribution plans and noncontributory defined benefit pension plans that together cover substantially all U.S. and Canadian employees. | ||||||||||||||||||||||||
In the United States, salaried and hourly employees are covered by a defined contribution plan with a 401(k) feature. The plan provides for employee contributions, company matching contributions, and an age-weighted annual company contribution to eligible employees. Union-represented hourly employees, at our Nashville site, are covered by a traditional defined benefit plan providing benefits based on years of service and final average pay. On April 26, 2007, the Company and the Union for the hourly employees at our Nashville facility agreed that it would freeze its defined benefit pension plan (the “Plan”) as of August 1, 2007. The accrual of additional benefits or increase in the current level of benefits under the Plan ceased as of August 1, 2007, after which the Nashville union employees now participate in the Company’s existing non-contributory defined contribution benefit plan. All plans were established by Innophos in 2004. | ||||||||||||||||||||||||
In Canada, salaried employees are covered by defined contribution plans which provide for company contributions as a percent of pay, employee contributions, and company matching contributions. Union-represented hourly employees are covered by a defined benefit plan providing benefits based on a negotiated benefit level and years of service. The defined contribution plans were established by the Company in 2004; the defined benefit plan for union-represented hourly employees is a continuation of the Rhodia Canada Inc.’s pension plan for its Port Maitland union employees, which was included in the acquisition of the Phosphates Business from Rhodia on August 13, 2004. | ||||||||||||||||||||||||
Innophos also has other postretirement benefit plans covering substantially all of its U.S. and Canadian employees. Certain employee groups covered under the plans do not receive benefits post-age 65. In the United States, the health care plans are contributory with participants’ contributions adjusted annually, and limits on the company’s share of the costs; the life insurance plans are noncontributory. The effects of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, or the Act, are not significant. In Canada, the plans are non-contributory. | ||||||||||||||||||||||||
Innophos uses a December 31 measurement date for all of its plans. For the purposes of the following schedules, beginning of the year is January 1. | ||||||||||||||||||||||||
The weighted average discount rate at the measurement dates for the Company’s defined benefit pension plans and the post-retirement benefit plans is developed using a spot interest yield curve based upon a broad population of corporate bonds rated AA or higher, adjusted to match the duration of each plan’s projected benefit payment stream. | ||||||||||||||||||||||||
The expected return is based on a specific asset mix, active management, rebalancing among diversified asset classes within the portfolio, and a consistent underlying inflation assumption to calculate the appropriate long-term expected investment return. | ||||||||||||||||||||||||
As a sensitivity measure, the effect of a 25 basis-point decrease in our discount rate assumption would increase our net periodic benefit cost for our pension and post-retirement plans by approximately $86. A 1% decrease in our expected rate of return on plan assets would increase our pension plan expense by $175. | ||||||||||||||||||||||||
The amounts in accumulated other comprehensive income (loss), or AOCI, for all plans that are expected to be amortized as components of net periodic benefit cost (benefit) during 2014 are as follows: | ||||||||||||||||||||||||
Pension | Other | Total | ||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
Prior service cost | $ | 361 | $ | — | $ | 361 | ||||||||||||||||||
Net actuarial loss (gain) | 4,379 | (618 | ) | 3,761 | ||||||||||||||||||||
Transition obligation | — | 119 | 119 | |||||||||||||||||||||
The changes in benefit obligations recognized in other comprehensive loss during 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | Total | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Change in accumulated other comprehensive income | ||||||||||||||||||||||||
Amortization of net gain | $ | (99 | ) | $ | (366 | ) | $ | 55 | $ | (36 | ) | $ | (44 | ) | $ | (402 | ) | |||||||
Amortization of prior service cost / transition obligation | (94 | ) | (101 | ) | (28 | ) | (29 | ) | (122 | ) | (130 | ) | ||||||||||||
Net loss (gain) | 1,724 | (2,905 | ) | (293 | ) | (948 | ) | 1,431 | (3,853 | ) | ||||||||||||||
Total change in accumulated other comprehensive income | 1,531 | (3,372 | ) | (266 | ) | (1,013 | ) | 1,265 | (4,385 | ) | ||||||||||||||
Deferred taxes | (431 | ) | 992 | 54 | 367 | (377 | ) | 1,359 | ||||||||||||||||
Net amount recognized | $ | 1,100 | $ | (2,380 | ) | $ | (212 | ) | $ | (646 | ) | $ | 888 | $ | (3,026 | ) | ||||||||
U.S. Plans | ||||||||||||||||||||||||
Obligations and Funded Status—U.S. Plans At December 31 | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 2,904 | $ | 2,459 | $ | 4,308 | $ | 3,991 | ||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,459 | $ | 2,719 | $ | 3,991 | $ | 4,435 | ||||||||||||||||
Service cost | — | — | 289 | 337 | ||||||||||||||||||||
Interest cost | 119 | 105 | 168 | 149 | ||||||||||||||||||||
Actuarial (gain) loss | 369 | (329 | ) | 25 | (803 | ) | ||||||||||||||||||
Benefits paid | (43 | ) | (36 | ) | (165 | ) | (127 | ) | ||||||||||||||||
Benefit obligation at end of year | $ | 2,904 | $ | 2,459 | $ | 4,308 | $ | 3,991 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,872 | $ | 1,561 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 119 | 212 | — | — | ||||||||||||||||||||
Employer contributions | 150 | 135 | 165 | 127 | ||||||||||||||||||||
Benefits paid | (43 | ) | (36 | ) | (165 | ) | (127 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 2,098 | $ | 1,872 | $ | — | $ | — | ||||||||||||||||
Funded status of the plan | $ | (806 | ) | $ | (587 | ) | $ | (4,308 | ) | $ | (3,991 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (241 | ) | (217 | ) | ||||||||||||||||||
Noncurrent liabilities | (806 | ) | (587 | ) | (4,067 | ) | (3,774 | ) | ||||||||||||||||
Net amounts recognized | $ | (806 | ) | $ | (587 | ) | $ | (4,308 | ) | $ | (3,991 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive income | ||||||||||||||||||||||||
Prior service (credit) cost | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net actuarial loss (gain) | 620 | 248 | (582 | ) | (676 | ) | ||||||||||||||||||
Total amount recognized | $ | 620 | $ | 248 | $ | (582 | ) | $ | (676 | ) | ||||||||||||||
Deferred taxes | (236 | ) | (94 | ) | 221 | 257 | ||||||||||||||||||
Net amount recognized | 384 | 154 | (361 | ) | (419 | ) | ||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 289 | $ | 337 | $ | 327 | ||||||||||||
Interest cost | 119 | 105 | 110 | 168 | 149 | 161 | ||||||||||||||||||
Expected return on plan assets | (122 | ) | (111 | ) | (110 | ) | — | — | — | |||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost | — | — | — | — | — | (67 | ) | |||||||||||||||||
Actuarial loss (gain) | — | 50 | 14 | (69 | ) | — | — | |||||||||||||||||
Net periodic benefit cost | $ | (3 | ) | $ | 44 | $ | 14 | $ | 388 | $ | 486 | $ | 421 | |||||||||||
Weighted average assumptions for benefit obligation | ||||||||||||||||||||||||
Discount rate | 4 | % | 5 | % | 4 | % | 4 | % | 4.5 | % | 3.75 | % | ||||||||||||
Expected long-term rate of return on plan assets | 6.65 | % | 6.3 | % | 6.35 | % | NA | NA | NA | |||||||||||||||
Rate of compensation increase | NA | NA | NA | 3 | % | 3 | % | 3 | % | |||||||||||||||
Weighted average assumptions for net periodic benefit cost | ||||||||||||||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | 4.5 | % | 3.75 | % | 4.25 | % | ||||||||||||
Expected long-term rate of return on plan assets | 6.3 | % | 6.35 | % | 6.72 | % | NA | NA | NA | |||||||||||||||
Rate of compensation increase | NA | NA | NA | 3 | % | 3 | % | 3 | % | |||||||||||||||
Estimated Future Benefit Payments | Pension Benefits | Other Benefits | ||||||||||||||||||||||
Fiscal 2015 | $ | 91 | $ | 241 | ||||||||||||||||||||
Fiscal 2016 | 104 | 336 | ||||||||||||||||||||||
Fiscal 2017 | 123 | 379 | ||||||||||||||||||||||
Fiscal 2018 | 137 | 411 | ||||||||||||||||||||||
Fiscal 2019 | 145 | 424 | ||||||||||||||||||||||
Fiscal Years 2020-2024 | 819 | 1,768 | ||||||||||||||||||||||
Innophos expects to contribute approximately $0.1 million to its U.S. defined benefit pension plan in 2015. | ||||||||||||||||||||||||
The estimated actuarial loss, prior service cost, and transition obligation (asset) for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2015 fiscal year are $65, $0 and $0, respectively. | ||||||||||||||||||||||||
The estimated actuarial gain, prior service cost, and transition obligation (asset) for the postretirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2015 fiscal year are $22, $0 and $0, respectively. | ||||||||||||||||||||||||
Assumed health care cost trend rates on the U.S. plans do not have a significant effect on the amounts reported for the health care plans as a result of limits on the Company’s share of the cost. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The investment policy for the Company’s US defined benefit pension plan is designed to achieve long-term objectives of return, while mitigating against downside risk and considering expected cash flow. Investment managers appointed by the Plan are directed to achieve a satisfactory return through a diversified portfolio consistent with acceptable risks and prudent management. In accordance with the investment and risk philosophy of the Committee, a target asset mix of 90% equities and 10% fixed income instruments has been established. Investment weightings and results are tested regularly against appropriate benchmark portfolios. | ||||||||||||||||||||||||
Innophos, Inc.’s defined benefit pension plan invests in mutual funds and commercial paper and the weighted-average asset allocations at December 31, 2014 and 2013 by asset category are as follows: | ||||||||||||||||||||||||
Plan Assets at | ||||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Equity securities | 89.9 | % | 56.3 | % | ||||||||||||||||||||
Fixed income securities | 10.1 | 43.7 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The fair values of Innophos, Inc.’s pension plan assets at December 31, 2014 by asset category are as follows: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Equity securities | $ | 1,886 | $ | 1,886 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 212 | 212 | — | — | ||||||||||||||||||||
$ | 2,098 | $ | 2,098 | $ | — | $ | — | |||||||||||||||||
Defined Contribution Plan—U.S. | ||||||||||||||||||||||||
Innophos Inc.’s expense for the defined contribution plan was $3.0 million, $3.2 million and $3.3 million for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Canadian Plans | ||||||||||||||||||||||||
Obligations and Funded Status—Canadian Plans at December 31 | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 13,786 | $ | 12,256 | $ | 1,480 | $ | 1,803 | ||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 12,256 | $ | 13,322 | $ | 1,803 | $ | 1,905 | ||||||||||||||||
Service cost | 315 | 348 | 68 | 77 | ||||||||||||||||||||
Interest cost | 570 | 557 | 85 | 81 | ||||||||||||||||||||
Past service cost | 381 | — | — | — | ||||||||||||||||||||
Actuarial (gain) loss | 1,783 | (643 | ) | (299 | ) | (107 | ) | |||||||||||||||||
Benefits paid | (402 | ) | (468 | ) | (42 | ) | (29 | ) | ||||||||||||||||
Foreign currency exchange rate changes | (1,117 | ) | (860 | ) | (135 | ) | (124 | ) | ||||||||||||||||
Benefit obligation at end of year | $ | 13,786 | $ | 12,256 | $ | 1,480 | $ | 1,803 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 16,683 | $ | 15,085 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 1,424 | 2,432 | — | — | ||||||||||||||||||||
Employer contributions | 433 | 718 | 42 | 29 | ||||||||||||||||||||
Benefits paid | (402 | ) | (468 | ) | (42 | ) | (29 | ) | ||||||||||||||||
Foreign currency exchange rate changes | (1,411 | ) | (1,084 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 16,727 | $ | 16,683 | $ | — | $ | — | ||||||||||||||||
Funded status of the plan | $ | 2,941 | $ | 4,427 | $ | (1,480 | ) | $ | (1,803 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||
Noncurrent assets | $ | 2,941 | $ | 4,427 | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (90 | ) | (44 | ) | ||||||||||||||||||
Noncurrent liabilities | — | — | (1,390 | ) | (1,759 | ) | ||||||||||||||||||
Net amounts recognized | $ | 2,941 | $ | 4,427 | $ | (1,480 | ) | $ | (1,803 | ) | ||||||||||||||
Amounts recognized in accumulated other comprehensive income | ||||||||||||||||||||||||
Net transition obligation | $ | — | $ | — | $ | 119 | $ | 157 | ||||||||||||||||
Prior service cost | 361 | 97 | — | — | ||||||||||||||||||||
Net actuarial loss | 3,759 | 2,863 | (36 | ) | 285 | |||||||||||||||||||
Total amount recognized | $ | 4,120 | $ | 2,960 | $ | 83 | $ | 442 | ||||||||||||||||
Deferred taxes | (1,030 | ) | (740 | ) | (21 | ) | (111 | ) | ||||||||||||||||
Net amount recognized | 3,090 | 2,220 | 62 | 331 | ||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 315 | $ | 348 | $ | 339 | $ | 68 | $ | 77 | $ | 81 | ||||||||||||
Interest cost | 570 | 557 | 602 | 85 | 81 | 99 | ||||||||||||||||||
Expected return on plan assets | (925 | ) | (900 | ) | (944 | ) | — | — | — | |||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Actuarial loss | 99 | 316 | 261 | 14 | 36 | 47 | ||||||||||||||||||
Prior service cost | 94 | 101 | 104 | — | — | — | ||||||||||||||||||
Net transition obligation | — | — | — | 28 | 29 | 30 | ||||||||||||||||||
Net periodic benefit cost | $ | 153 | $ | 422 | $ | 362 | $ | 195 | $ | 223 | $ | 257 | ||||||||||||
Weighted average assumptions for balance sheet liability at end of year | ||||||||||||||||||||||||
Discount rate | 4 | % | 4.75 | % | 4.25 | % | 4 | % | 4.75 | % | 4.25 | % | ||||||||||||
Rate of compensation increase | NA | NA | NA | NA | NA | NA | ||||||||||||||||||
Weighted average assumptions for net periodic benefit cost at end of year | ||||||||||||||||||||||||
Discount rate | 4.75 | % | 4.25 | % | 5 | % | 4.75 | % | 4.25 | % | 5 | % | ||||||||||||
Expected long-term rate of return | 6 | % | 6 | % | 6.5 | % | NA | NA | NA | |||||||||||||||
Rate of compensation increase | NA | NA | NA | NA | NA | NA | ||||||||||||||||||
Accrued health care cost trend rates at end of year | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year (initial rate) | 8 | % | 9 | % | 10 | % | ||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate rate) | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year that the rate reaches the ultimate rate | 2033 | 2027 | 2019 | |||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Effect of a change in the assumed rate of increase in health benefit costs | ||||||||||||||||||||||||
Effect of a 1% increase on: | ||||||||||||||||||||||||
Total of service cost and interest cost | $ | 14 | $ | 26 | ||||||||||||||||||||
Postretirement benefit obligation | $ | 163 | $ | 262 | ||||||||||||||||||||
Effect of a 1% decrease on: | ||||||||||||||||||||||||
Total of service cost and interest cost | $ | (11 | ) | $ | (21 | ) | ||||||||||||||||||
Postretirement benefit obligation | $ | (134 | ) | $ | (212 | ) | ||||||||||||||||||
The estimated net actuarial loss, prior service cost, and transition obligation (asset) for all defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2015 fiscal year are $174, $120 and $0, respectively. | ||||||||||||||||||||||||
The estimated actuarial loss, prior service cost, and transition obligation (asset) for the postretirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2015 fiscal year are $0, $0 and $26, respectively. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
Innophos Canada Inc.’s pension plan invests in mutual funds and the weighted-average asset allocations at December 31, 2014 and 2013 by asset category are as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Equity securities | 49.3 | % | 63.7 | % | ||||||||||||||||||||
Debt securities | 50.7 | 33.2 | ||||||||||||||||||||||
Other (a) | — | 3.1 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The fair values of Innophos Canada, Inc.’s pension plan assets at December 31, 2014 by asset category are as follows: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Equity securities | $ | 8,239 | $ | 8,239 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 8,488 | — | 8,488 | — | ||||||||||||||||||||
$ | 16,727 | $ | 8,239 | $ | 8,488 | $ | — | |||||||||||||||||
(a) Primarily cash and cash equivalents. | ||||||||||||||||||||||||
The Pension Committee has promulgated a Statement of Investment Policies and Procedures based on the “prudent person portfolio approach” to ensure investment and administration of the assets of the Plan within the parameters set out in the Ontario Pension Benefits Act and the Regulations hereunder. Investment managers appointed by the Plan are directed to achieve a satisfactory return through a diversified portfolio consistent with acceptable risks and prudent management. In accordance with the investment and risk philosophy of the Committee, a target asset mix of 50% equities and 50% fixed income instruments has been established. Investment weightings and results are tested regularly against appropriate benchmark portfolios. | ||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||
Innophos Canada, Inc. contributed $0.4 million to its pension plan in 2014. | ||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||
Estimated Future Benefit Payments | Pension Benefits | Other Benefits | ||||||||||||||||||||||
Fiscal 2015 | $ | 451 | $ | 90 | ||||||||||||||||||||
Fiscal 2016 | 478 | 66 | ||||||||||||||||||||||
Fiscal 2017 | 501 | 59 | ||||||||||||||||||||||
Fiscal 2018 | 550 | 75 | ||||||||||||||||||||||
Fiscal 2019 | 580 | 72 | ||||||||||||||||||||||
Fiscal Years 2020-2024 | 3,546 | 549 | ||||||||||||||||||||||
Innophos does not plan to make contributions to its Canadian pension plan in 2015. | ||||||||||||||||||||||||
Defined Contribution Plans—Canada | ||||||||||||||||||||||||
Innophos Canada Inc.’s expense for the defined contribution plans was approximately $0.1 million for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||
In accordance with Mexican labor law, a Mexican employee is entitled to certain post-employment payments after reaching fifteen years of service. In addition, Mexican employees also participate in a statutory profit sharing program based on 10% of adjusted taxable income. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes: | |||||||||||||||||||||||
A reconciliation of the U.S. statutory rate and income taxes follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Income | Income tax | Income | Income | Income | Income tax | |||||||||||||||||||
before | expense | before | tax expense/ | (loss) before | expense/ | |||||||||||||||||||
income taxes | income taxes | (benefit) | income taxes | (benefit) | ||||||||||||||||||||
US | $ | 67,288 | $ | 23,275 | $ | 61,206 | $ | 21,906 | $ | 84,815 | $ | 25,973 | ||||||||||||
Canada/Mexico/Europe/Asia | 30,068 | 9,620 | 15,041 | 4,835 | 21,158 | 5,810 | ||||||||||||||||||
Total | $ | 97,356 | $ | 32,895 | $ | 76,247 | $ | 26,741 | $ | 105,973 | $ | 31,783 | ||||||||||||
Current income taxes | $ | 30,049 | $ | 25,257 | $ | 31,616 | ||||||||||||||||||
Deferred income taxes | 2,846 | 1,484 | 167 | |||||||||||||||||||||
Total | $ | 32,895 | $ | 26,741 | $ | 31,783 | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Income tax expense at the U.S. statutory rate | $ | 34,074 | $ | 26,688 | $ | 37,091 | ||||||||||||||||||
State income taxes | 3,819 | 3,087 | 2,458 | |||||||||||||||||||||
Domestic manufacturing deduction | (2,072 | ) | (1,639 | ) | (1,912 | ) | ||||||||||||||||||
Deferred tax true-up | — | (1,602 | ) | — | ||||||||||||||||||||
Uncertain tax positions | (745 | ) | 1,401 | 715 | ||||||||||||||||||||
CNA matter related non-taxable reimbursement | — | (329 | ) | (3,101 | ) | |||||||||||||||||||
Foreign tax rate differential | (932 | ) | (1,161 | ) | (1,233 | ) | ||||||||||||||||||
Change in valuation allowance | 562 | 555 | (2,237 | ) | ||||||||||||||||||||
Other non-deductible permanent items | (1,811 | ) | (259 | ) | 2 | |||||||||||||||||||
Provision for income taxes | $ | 32,895 | $ | 26,741 | $ | 31,783 | ||||||||||||||||||
Net deferred tax assets were reflected on the consolidated balance sheets as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net current deferred tax assets | $ | 12,647 | $ | 22,078 | ||||||||||||||||||||
Net noncurrent deferred tax assets | — | — | ||||||||||||||||||||||
Net current deferred tax liabilities | — | — | ||||||||||||||||||||||
Net noncurrent deferred tax liabilities | (24,400 | ) | (32,110 | ) | ||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (11,753 | ) | $ | (10,032 | ) | ||||||||||||||||||
The components of the Company’s deferred tax assets/ (liabilities) were as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||
Inventories | $ | 4,306 | $ | 5,443 | ||||||||||||||||||||
Accrued liabilities | 12,097 | 11,335 | ||||||||||||||||||||||
Tax losses | 5,278 | 10,296 | ||||||||||||||||||||||
Total deferred tax assets | 21,681 | 27,074 | ||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||
Gain on bond retirement | (1,072 | ) | (1,338 | ) | ||||||||||||||||||||
Intangibles | (11,400 | ) | (11,172 | ) | ||||||||||||||||||||
Fixed assets | (15,814 | ) | (20,010 | ) | ||||||||||||||||||||
Total deferred tax liabilities | (28,286 | ) | (32,520 | ) | ||||||||||||||||||||
Total valuation allowances | (5,148 | ) | (4,586 | ) | ||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (11,753 | ) | $ | (10,032 | ) | ||||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gross unrecognized tax benefits at January 1 | $ | 2,635 | $ | 1,100 | $ | — | ||||||||||||||||||
Additions for tax positions of prior years | 1,401 | 1,535 | 1,100 | |||||||||||||||||||||
Reductions for tax positions of prior years | (832 | ) | — | — | ||||||||||||||||||||
Reductions due to settlements | (406 | ) | — | — | ||||||||||||||||||||
Reductions due to lapse of applicable statute of limitations | — | — | — | |||||||||||||||||||||
Gross unrecognized tax benefits at December 31 | 2,798 | 2,635 | 1,100 | |||||||||||||||||||||
Net uncertain tax benefits, that if recognized would impact the effective tax rate, at December 31 | $ | 1,042 | $ | 2,116 | $ | 715 | ||||||||||||||||||
The U.S. operations do not have any Federal tax loss carry forwards as of December 31, 2014. The Company realized tax benefits of $1,071 and $2,849 from stock options exercised in 2014 and 2013, respectively. | ||||||||||||||||||||||||
The Company maintained a $5.1 million and $4.6 million valuation allowance at December 31, 2014 and 2013, respectively, primarily related to foreign net operating loss carryforwards as it is more likely than not that these tax benefits will not be realized. The net operating losses will expire in the years 2015 through 2032. | ||||||||||||||||||||||||
As of December 31, 2014, taxes have not been provided on approximately $232.6 million of accumulated foreign unremitted earnings that are expected to remain invested indefinitely. Due to complexities in the tax laws and the assumptions that would have to be made, it is not practicable to estimate the amounts of income taxes that would have to be provided. | ||||||||||||||||||||||||
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 2012. In addition, Innophos Canada, Inc. was assessed approximately $3.5 million at current exchange rates for the tax years 2007, and 2008 by the Canadian tax authorities. After lengthy discussions, the Canadian tax authorities have reassessed these amounts in August 2014 and the Company filed a Notice of Objection with the Canada Revenue Agency Appeals Board in November 2014. The Company believes that its tax position is more likely than not to be sustained. Also, certain state income tax assessments are under protest and the Company believes its financial position is sustainable. The Company estimates the liability for unrecognized tax benefits will not materially change during the next twelve months as a result of possible settlements of income tax authority examinations. The Company has recorded $0.2 million of interest and penalties in the statement of financial position. Other than the items mentioned above, as of December 31, 2014, no significant 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 (net of refunds) were $30,327, $9,402 and $45,080 for 2014, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments And Contingencies Disclosure [Text Block] | Commitments and Contingencies: | ||||
Leases | |||||
Under agreements expiring through 2020, the Company leases railcars and other equipment under various operating leases. Rental expense for 2014, 2013 and 2012 was $6,670, $6,324 and $6,172, respectively. Minimum annual rentals for all operating leases are: | |||||
Year Ending | Lease Payments | ||||
2015 | $ | 6,349 | |||
2016 | 4,650 | ||||
2017 | 3,903 | ||||
2018 | 3,080 | ||||
2019 | 2,619 | ||||
Thereafter | 7,790 | ||||
Purchase Commitments and Supplier Concentration | |||||
The Company has multiple raw material supply contracts one of which with an initial term through 2018 at prices established annually based on a formula. The minimum annual purchase obligation for several of these raw material supply contracts, at current prices, approximates $96.3 million for 2015. | |||||
Our business activities depend on long-term or renewable contracts to supply materials or products. In particular, we rely to a significant degree on single-source supply contracts and some of these contractual relationships may be with a relatively limited number of suppliers. Although most of our supplier relationships are typically the result of multiple contractual arrangements of varying terms, in any given year, one or more of these contracts may come up for renewal. In addition, from time to time, we enter into toll manufacturing agreements or other arrangements to produce minimum quantities of product for a certain duration. If we experience delays in delivering contracted production, we may be subject to contractual liabilities to the buyers to whom we have promised the products. | |||||
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-$1.3 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 December 31, 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 of 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in Accumulated Other Comprehensive Income (Loss) by Component: | |||||||||||
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 (loss) before reclassifications | 3,026 | 1,345 | 4,371 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||||
Net current period other comprehensive income (loss) | 3,026 | 1,345 | 4,371 | |||||||||
Balance at December 31, 2013 | (2,287 | ) | 722 | (1,565 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (888 | ) | (360 | ) | (1,248 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||||
Net current period other comprehensive income (loss) | (888 | ) | (360 | ) | (1,248 | ) | ||||||
Balance at December 31, 2014 | $ | (3,175 | ) | $ | 362 | $ | (2,813 | ) | ||||
Financial_Instruments_and_Conc
Financial Instruments and Concentration of Credit Risks | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments and Concentration of Credit Risks [Abstract] | |
Concentration Risk Disclosure [Text Block] | Financial Instruments and Concentration of Credit Risks: |
The Company believes that its concentration of credit risk related to trade accounts receivable is limited since these receivables are spread among a number of customers and are geographically dispersed. The ten largest customers accounted for 29%, 30% and 35%, respectively, of net sales for 2014, 2013 and 2012. No customer accounted for more than 10% of our sales in the last three years. |
Valuation_Allowances
Valuation Allowances | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation Allowance [Abstract] | |||||||||||||||||||||
Valuation Allowances [Text Block] | Valuation Allowances: | ||||||||||||||||||||
Valuation allowances as of December 31, 2014, 2013 and 2012, and the changes in the valuation allowances for the year ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||
Balance, January 1, | Charged/ | Deductions | (Credited) | Balance, December 31, 2014 | |||||||||||||||||
2014 | (credited) | (Bad debts) | to Goodwill | ||||||||||||||||||
to costs | |||||||||||||||||||||
and | |||||||||||||||||||||
expenses | |||||||||||||||||||||
Deferred taxes valuation allowances | $ | 4,586 | $ | 562 | $ | 5,148 | |||||||||||||||
Balance, January 1, | Charged/ | Deductions | (Credited) | Balance, December 31, 2013 | |||||||||||||||||
2013 | (credited) | (Bad debts) | to Goodwill | ||||||||||||||||||
to costs | |||||||||||||||||||||
and | |||||||||||||||||||||
expenses | |||||||||||||||||||||
Deferred taxes valuation allowances | $ | 4,031 | $ | 555 | $ | — | $ | — | $ | 4,586 | |||||||||||
Balance, January 1, | Charged/ | Deductions | (Credited) | Balance, December 31, 2012 | |||||||||||||||||
2012 | (credited) | (Bad debts) | to Goodwill | ||||||||||||||||||
to costs | |||||||||||||||||||||
and | |||||||||||||||||||||
expenses | |||||||||||||||||||||
Deferred taxes valuation allowances | $ | 6,549 | $ | (2,518 | ) | $ | — | $ | — | $ | 4,031 | ||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 on a ship-from basis. All references to sales in this Form 10-K, 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, Triarco and CMI 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 year ended December 31, 2014 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 594,446 | $ | 167,423 | $ | 77,317 | $ | — | $ | 839,186 | |||||||||||
Intersegment sales | 4,391 | 54,797 | 117 | (59,305 | ) | — | |||||||||||||||
Total sales | 598,837 | 222,220 | 77,434 | (59,305 | ) | 839,186 | |||||||||||||||
Operating income | $ | 81,762 | $ | 28,887 | $ | (3,854 | ) | — | $ | 106,795 | |||||||||||
Depreciation and amortization expense | $ | 24,264 | $ | 9,416 | $ | 1,781 | $ | — | $ | 35,461 | |||||||||||
Other data | |||||||||||||||||||||
Capital expenditures | $ | 15,432 | $ | 12,201 | $ | 322 | $ | — | $ | 27,955 | |||||||||||
Long-lived assets | 120,226 | 77,403 | 1,359 | — | 198,988 | ||||||||||||||||
Total assets | 711,480 | 276,588 | 2,285 | — | 990,353 | ||||||||||||||||
Reconciliation of total assets to reported assets | |||||||||||||||||||||
Total assets | $ | 711,480 | $ | 276,588 | $ | 2,285 | $ | — | $ | 990,353 | |||||||||||
Eliminations | (244,499 | ) | (17,443 | ) | — | — | (261,942 | ) | |||||||||||||
Reported assets (c) | $ | 466,981 | $ | 259,145 | $ | 2,285 | $ | — | $ | 728,411 | |||||||||||
For the year ended December 31, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 607,578 | $ | 169,851 | $ | 66,700 | $ | — | $ | 844,129 | |||||||||||
Intersegment sales | 2,910 | 55,359 | 308 | (58,577 | ) | — | |||||||||||||||
Total sales | 610,488 | 225,210 | 67,008 | (58,577 | ) | 844,129 | |||||||||||||||
Operating income (a) (b) | $ | 76,802 | $ | 11,677 | $ | (4,609 | ) | $ | 83,870 | ||||||||||||
Depreciation and amortization expense | $ | 26,537 | $ | 7,200 | $ | 1,724 | $ | — | $ | 35,461 | |||||||||||
Other data | |||||||||||||||||||||
Capital expenditures | $ | 11,084 | $ | 22,237 | $ | 94 | $ | — | $ | 33,415 | |||||||||||
Long-lived assets | 123,893 | 76,698 | 1,394 | — | 201,985 | ||||||||||||||||
Total assets | 720,740 | 291,264 | 2,670 | — | 1,014,674 | ||||||||||||||||
Reconciliation of total assets to reported assets | |||||||||||||||||||||
Total assets | $ | 720,740 | $ | 291,264 | $ | 2,670 | $ | — | $ | 1,014,674 | |||||||||||
Eliminations | (255,928 | ) | (13,080 | ) | — | — | (269,008 | ) | |||||||||||||
Reported assets (c) | $ | 464,812 | $ | 278,184 | $ | 2,670 | $ | — | $ | 745,666 | |||||||||||
For the year ended December 31, 2012 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 569,816 | $ | 187,743 | $ | 104,840 | $ | — | $ | 862,399 | |||||||||||
Intersegment sales | 1,779 | 55,830 | 409 | (58,018 | ) | — | |||||||||||||||
Total sales | 571,595 | 243,573 | 105,249 | (58,018 | ) | 862,399 | |||||||||||||||
Operating income (a) (b) | $ | 86,002 | $ | 21,913 | $ | 2,078 | — | $ | 109,993 | ||||||||||||
Depreciation and amortization expense | $ | 23,214 | $ | 14,578 | $ | 4,542 | $ | — | $ | 42,334 | |||||||||||
Other data | |||||||||||||||||||||
Capital expenditures | $ | 11,068 | $ | 20,481 | $ | 1,511 | $ | — | $ | 33,060 | |||||||||||
Long-lived assets | 130,869 | 63,447 | 1,407 | — | 195,723 | ||||||||||||||||
Total assets | 714,753 | 296,315 | 6,655 | — | 1,017,723 | ||||||||||||||||
Reconciliation of total assets to reported assets | |||||||||||||||||||||
Total assets | $ | 714,753 | $ | 296,315 | $ | 6,655 | $ | — | $ | 1,017,723 | |||||||||||
Eliminations | (260,559 | ) | (18,653 | ) | — | — | (279,212 | ) | |||||||||||||
Reported assets (c) | $ | 454,194 | $ | 277,662 | $ | 6,655 | $ | — | $ | 738,511 | |||||||||||
(a) | The years ended December 31, 2013 and December 31, 2012 include a $7.2 million and $7.1 million benefit to earnings, respectively, for the CNA Fresh Water Claims in GTSP & Other. | ||||||||||||||||||||
(b) | The years ended December 31, 2013 and December 31, 2012 include a $2.3 million and $2.4 million charge to earnings, respectively, for out of period costs in GTSP & Other. | ||||||||||||||||||||
(c) | GTSP & Other reflects only direct assets. All Mexico indirect assets are included in Specialty Phosphates Mexico. | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Product Revenues | 2014 | 2013 | 2012 | ||||||||||||||||||
Specialty Ingredients | $ | 548,583 | $ | 556,223 | $ | 514,535 | |||||||||||||||
Food & Technical Grade PPA | 140,712 | 145,805 | 151,779 | ||||||||||||||||||
STPP & Detergent Grade PPA | 72,574 | 75,401 | 91,246 | ||||||||||||||||||
GTSP & Other | 77,317 | 66,700 | 104,839 | ||||||||||||||||||
Total | $ | 839,186 | $ | 844,129 | $ | 862,399 | |||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Geographic Revenues | 2014 | 2013 | 2012 | ||||||||||||||||||
US | $ | 496,613 | $ | 495,276 | $ | 471,851 | |||||||||||||||
Mexico | 119,514 | 132,737 | 131,353 | ||||||||||||||||||
Canada | 36,719 | 36,574 | 38,905 | ||||||||||||||||||
Other foreign countries | 186,340 | 179,542 | 220,290 | ||||||||||||||||||
Total | $ | 839,186 | $ | 844,129 | $ | 862,399 | |||||||||||||||
Revenues for the geographic information are attributed to geographic areas based on the destination of the sale. | |||||||||||||||||||||
Intersegment sales are recorded based on established transfer price. | |||||||||||||||||||||
Long-lived assets include property, plant and equipment. |
Quarterly_Information_unaudite
Quarterly Information (unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly information (unaudited): | |||||||||||||||||||
2014 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | December 31 | Total | ||||||||||||||||
Net sales | $ | 216,341 | $ | 219,542 | $ | 208,815 | $ | 194,488 | $ | 839,186 | ||||||||||
Gross profit | 41,932 | 52,573 | 50,963 | 41,996 | 187,464 | |||||||||||||||
Net income | 14,185 | 20,628 | 18,320 | 11,328 | 64,461 | |||||||||||||||
Per share data: | ||||||||||||||||||||
Income per share: | ||||||||||||||||||||
Basic | $ | 0.65 | $ | 0.94 | $ | 0.84 | $ | 0.52 | ||||||||||||
Diluted | $ | 0.64 | $ | 0.93 | $ | 0.83 | $ | 0.52 | ||||||||||||
2013 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | September 30 | 31-Dec | Total | ||||||||||||||||
Net sales | $ | 214,441 | $ | 213,176 | $ | 219,993 | $ | 196,519 | $ | 844,129 | ||||||||||
Gross profit | 37,034 | (a) | 40,895 | 38,705 | 41,665 | 158,299 | ||||||||||||||
Net income | 12,403 | (a) | 11,567 | 10,940 | 14,596 | 49,506 | ||||||||||||||
Per share data: | ||||||||||||||||||||
Income per share: | ||||||||||||||||||||
Basic | $ | 0.56 | (a) | $ | 0.53 | $ | 0.5 | $ | 0.66 | |||||||||||
Diluted | $ | 0.55 | (a) | $ | 0.52 | $ | 0.49 | $ | 0.65 | |||||||||||
(a) The first quarter of fiscal 2013 included a benefit to earnings, primarily for the settlement of the CNA Fresh Water Claims, decreasing cost of goods sold by $7.2 million and increasing net income by $5.4 million and out of period adjustments increasing cost of goods sold by $2.3 million and decreasing net income by $1.6 million. |
Basis_of_Statement_Presentatio1
Basis of Statement Presentation (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Basis of Statement Presentation: [Abstract] | ||
Fiscal Period, Policy [Policy Text Block] | Fiscal Year | |
Our fiscal year end is December 31. | ||
Description of Business and Principles of Consolidation [Policy Text Block] | Description of Business and Principles of Consolidation | |
Innophos is a leading international producer of mineral based performance-critical specialty ingredients with applications in food, beverage, pharmaceutical, oral care and industrial end markets. Innophos combines more than a century of experience in specialty phosphate manufacture with a growing capability in a broad range of other specialty ingredients, to supply a product range produced to the highest standards of quality and consistency demanded by customers worldwide. Many of Innophos' products are application-specific compounds engineered to meet customer performance requirements and are often critical to the taste, texture, performance or nutritional content of foods, beverages, pharmaceuticals, oral care products and other applications. For example, Innophos products act as flavor enhancers in beverages, electrolytes in sports drinks, texture additives in cheeses, leavening agents in baked goods, pharmaceutical excipients, cleaning agents in toothpaste and provide a wide range of nutritional fortification solutions for food, beverage and nutritional supplement manufacturers. | ||
Innophos commenced operations as an independent company in August 2004 after purchasing our North American specialty phosphates business from affiliates of Rhodia, S.A., or Rhodia, which has been a part of Solvay S.A. since 2011. In November 2006, we completed an initial public offering and listed our common stock for trading on the Nasdaq Global Select Market under the symbol “IPHS”. | ||
• | In October 2011, Innophos acquired 100% of the stock of Kelatron's holding company, KI Acquisition, Inc., for a purchase price of approximately $21 million, subject to specified adjustments. Founded in 1975 and based in Ogden, Utah, Kelatron is a leading producer of technically advanced bioactive mineral ingredients, with a high quality base of customers in the supplement and sports nutrition markets. Bioactive mineral ingredients are manufactured to enhance the digestive system's ability to absorb these essential minerals. Kelatron products deliver a wide range of minerals that are essential in small quantities to a balanced diet (micronutrients) and are highly complementary to the macronutrients of calcium, magnesium, potassium and phosphorus currently manufactured by Innophos. | |
• | In July 2012, Innophos acquired 100% of the equity of AMT Labs, Inc. and an affiliated real estate company holding all AMT real property for $26.9 million, with $19.4 million being allocated to the AMT purchase and $7.5 million being allocated to the real estate entity. Located in North Salt Lake, Utah, AMT has been manufacturing bioactive mineral ingredients for the food, beverage, confectionary and dietary supplement industries for more than 20 years. | |
• | In December 2012, Innophos purchased all of Triarco Industries, Inc., ("Triarco"), assets for $44.8 million in cash plus $1 million in shares of common stock. Triarco, a privately held company based in New Jersey, has been manufacturing high quality custom ingredients for the food, beverage, dietary supplement and nutraceutical industries for more than 30 years. Triarco specializes in botanical and enzyme based ingredients that provide important benefits in growing markets such as sports nutrition, dietary supplements and fortified beverages. | |
• | In October 2013, Innophos purchased all of the assets of Chelated Minerals International, Inc., (CMI), for $5 million in cash. CMI, a privately held company based in Salt Lake City, Utah, has significant knowhow in the manufacture and science of chelated minerals supplied to the human nutrition market. | |
Innophos Holdings, Inc. is the parent of Innophos Investments Holdings, Inc., which owns 100% of Innophos, Inc; all are incorporated under the laws of the State of Delaware. All intercompany transactions are eliminated in consolidation. | ||
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. | ||
These prior period adjustments are not material to the financial results of the previously issued annual financial statements or the current financial statements. | ||
Certain prior year balances have been reclassified to conform to current year presentation. | ||
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Innophos Holdings, Inc. is the parent of Innophos Investments Holdings, Inc., which owns 100% of Innophos, Inc; all are incorporated under the laws of the State of Delaware. All intercompany transactions are eliminated in consolidation. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |
The preparation of financial statements in conformity with United States generally accepted accounting principles requires the use of judgments and estimates made by management. Actual results could differ from those estimates. Some of the more significant estimates pertaining to the Company include accruals for contingencies, distributor incentives and rebates, the valuation of inventories, the allowance for doubtful accounts, income tax valuation allowances, the recoverability of long-lived assets and goodwill analysis and cash flows and assumptions used in the recognition and measurement of assets acquired in business combinations. Management routinely reviews its estimates and assumptions utilizing currently available information, changes in facts and circumstances, and historical experience. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents | |
All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. | ||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowances for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and does not bear interest. The collectability of accounts receivable is evaluated based on a combination of factors. Allowances for doubtful accounts are recorded based on the length of time the receivables are past due and historical experience. In circumstances when it is probable that a specific customer is unable to meet its financial obligations, an allowance is recorded against amounts due to reduce the receivable to the amount that is reasonably expected to be collected. | ||
Inventory, Policy [Policy Text Block] | Inventories | |
Inventories are valued at the lower of cost or market. Cost is determined on the basis of the first-in, first-out method. These costs include raw materials, direct labor, manufacturing overhead and depreciation. Spare parts are included in inventory and are initially recorded at cost. | ||
Inventories, including spare parts, are evaluated for excess quantities, obsolescence or shelf-life expiration. This evaluation includes an analysis of historical sales levels by product and projections of future demand. To the extent management determines there are excess, obsolete or expired inventory quantities, valuation reserves are recorded against all or a portion of the value of the related products with the appropriate charge to cost of goods sold. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment | |
Property, plant and equipment are stated at cost less accumulated depreciation. Major renewals and improvements are capitalized. Maintenance, repairs and minor renewals are expensed as incurred. The cost and related accumulated depreciation of all property, plant and equipment retired or otherwise disposed of are eliminated from the accounts and any resulting gain or loss is reflected in net income. Interest is capitalized in connection with the construction of major renewals and improvements. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Depreciation is calculated on the straight-line basis over the estimated useful lives of the related assets, typically ranging from ten to forty years for buildings and improvements, three to twenty years for machinery and equipment, and three to seven years for capitalized software. Leasehold improvements are amortized over the lease term or the estimated useful life of the improvement, whichever is less. | ||
External direct costs in developing or obtaining internal use computer software and payroll, and payroll-related costs for employees dedicated solely to the project, to the extent of the time spent directly on the project and which they meet the requirements of ASC 350-40, are capitalized. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets | |
Under ASC 360,” Property, Plant, and Equipment,” long-lived assets including property, plant and equipment and amortizable intangible assets are evaluated and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The review of these long-lived assets is performed at the individual asset level, asset group level, or the product group level depending on the lowest level for which identifiable cash flows are largely independent. The Company’s asset groupings or product groupings vary based on the interrelationship of the long-lived assets and the identifiable cash flows. For example, in certain instances, multiple manufacturing units may work with one another to produce the lowest identifiable cash flows or in other instances a stand-alone unit may produce the lowest level of identifiable cash flows. There are other instances where a stand-alone unit may produce multiple products and the lowest level of identifiable cash flows is at the product group level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the undiscounted future cash flows expected to be generated by the asset, asset group or product group. When this comparison indicates that impairment must be recorded, the impairment recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. | ||
The determination of whether or not assets are impaired and the corresponding useful lives of these long-lived assets requires significant judgment. The development of future cash flow projections requires management estimates related to forecasted sales and expected costs trends. To the extent that changes in business conditions occur or other management decisions are made that result in adjusted management projections or alternative use of the assets, impairment losses or accelerated depreciation may occur in future periods. | ||
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill | |
Goodwill represents the excess of the acquisition cost over the fair value of net assets of the businesses acquired. ASC 350, “Intangibles—Goodwill and Other,” requires periodic tests of the impairment of goodwill. ASC 350 requires a comparison, at least annually, of the net book value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit, which corresponds to the discounted cash flows of the reporting unit, in the absence of an active market. If the entity determines that it's more likely than not that the fair value of a reporting unit exceeds the carrying amount, then performing the traditional two-step impairment test is unnecessary. If a company determines otherwise, then it is required to perform the first step of the two-step impairment test. When this comparison indicates that impairment must be recorded, the impairment recognized is the amount by which the carrying amount of the assets exceeds the fair value of these assets. The annual goodwill impairment review is conducted during the fourth quarter of each year. | ||
Other Intangible Assets [Policy Text Block] | Other Intangible Assets | |
Other intangible assets, which consist of developed technology, customer relationships, trade names, a non-compete agreement, patents, licenses and software, are amortized on a straight-line basis over their estimated useful lives which can be up to twenty years. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |
Revenue from sales of our products to our customers is 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. In the United States and Canada, the Company records estimated reductions to revenue for distributor incentives and customer incentives such as rebates, at the time of the initial sale. Distributor and customer incentives in Mexico are immaterial to the financial statements. The estimated reductions are based on the sales terms, historical experience and trend analysis. Accruals for distributor incentives are reflected as a direct reduction to accounts receivable and accruals for rebates are recorded as accrued expenses. This analysis requires a significant amount of judgment from management. Changes in the assumptions used to calculate these estimates or changes resulting from actual results are recorded against revenue in the period in which the change occurs. | ||
Shipping, Handling, Costs and Advertising Expenses [Policy Text Block] | Shipping and Handling Fees and Costs and Advertising Expenses | |
Shipping and handling fees and costs invoiced to customers are included in Net sales. Shipping and handling fees and costs incurred by the Company are included in Cost of goods sold. Advertising expenses, which are not significant, are expensed as incurred. | ||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | |
The U.S. dollar is the functional currency of the Canadian and Mexican operations. Accordingly, these operations monetary assets and liabilities are remeasured at current exchange rates, non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses related to monetary assets and liabilities are remeasured at average exchange rates and at historical exchange rates for the related revenue and expenses of non-monetary assets and liabilities. All translation gains and losses are included in net income. | ||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses | |
Research and development expenditures, including expenditures relating to the development of new products and processes and significant improvements and refinements to existing products, are expensed as incurred. | ||
Employee Termination Benefits [Policy Text Block] | Employee Termination Benefits | |
The Company does not have a written severance plan for its Mexican operations, nor does it offer similar termination benefits to affected employees in all Mexican restructuring initiatives. However, Mexican law requires payment of certain minimum termination benefits. Accordingly, in situations where minimum statutory termination benefits must be paid to the affected employees, the Company records employee severance costs associated with these activities in accordance with ASC 712, Compensation – Nonretirement Post Employment Benefits. The Company does have a written severance plan which is in accordance with ASC 712 for its U.S. and Canadian operations. The Company has an accrued obligation for post-employment benefits for U.S. and Canadian operations when the amounts are probable and reasonably estimated. In all other situations where the Company pays out termination benefits, including supplemental benefits paid in excess of statutory minimum amounts and benefits offered to affected employees based on management’s discretion, the Company records these termination costs in accordance with ASC 420, Exit or Disposal Cost Obligations. | ||
The timing of the recognition of charges for employee severance costs depends on whether the affected employees are required to render service beyond their legal notification period in order to receive the benefits. If affected employees are required to render service beyond their legal notification period, charges are recognized ratably over the future service period. Otherwise, charges are recognized when a specific plan has been confirmed by management and required employee communication requirements have been met. | ||
Legal Costs, Policy [Policy Text Block] | Legal Costs | |
The Company expenses legal costs as incurred, including those legal costs which may be incurred in connection with a loss contingency. | ||
Income Tax, Policy [Policy Text Block] | Income Taxes | |
The Company’s significant subsidiaries are the Company's United States subsidiaries which file a consolidated U.S. tax return, the Company's Mexican subsidiaries which file a consolidated Mexico tax return and the Company's Canadian subsidiary which files a separate Canadian tax return. The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases using enacted tax rates applied to those differences. | ||
Deferred tax assets are assessed for realizability and a valuation allowance is provided if a portion of the associated tax benefit is not expected to be realized. | ||
If any material uncertain tax positions arise, the Company’s policy is to accrue associated penalties in selling, general and administrative expenses and to accrue interest as part of net interest expense. Other than the assessments disclosed in Note 15, Income Taxes, as of December 31, 2014, no significant 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. | ||
Environmental Costs, Policy [Policy Text Block] | Environmental Costs | |
Environmental liabilities are recorded undiscounted when it is probable that these liabilities have been incurred and the amounts can be reasonably estimated. These liabilities are estimated based on an assessment of many factors, including the amount of remediation costs, the timing and extent of remediation actions required by the applicable governmental authorities, and the amount of the Company’s liability after considering the liability and financial resources of other potentially responsible parties. Generally, the recording of these accruals coincides with the assertion of a claim or litigation, completion of a feasibility study or a commitment to a formal plan of action. Anticipated recoveries from third parties are recorded as a reduction of expense only when such amounts are realized. Any insurance receivables would be recorded gross of the estimated liability. | ||
Other Comprehensive Income (Loss) [Policy Text Block] | . | |
Comprehensive Income (Loss) | ||
Comprehensive income (loss) is composed of net income (loss), adjusted for changes in comprehensive income items such as changes in defined benefit pension plan funded status. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation | |
The Company recognizes compensation expense for its Long-Term Incentive Plans (LTIP). Under applicable accounting standards, the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. Refer to Note 11 for additional information. | ||
Business Combinations Policy [Policy Text Block] | Business Combinations | |
An acquired business is included in the consolidated financial statements upon obtaining control of the acquired assets. Assets acquired and liabilities assumed are recognized at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill. | ||
New Accounting Pronouncements, Policy [Policy 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 and related disclosures. | ||
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. | ||
In June 2014, the FASB issued guidance which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for the interim and annual periods beginning on or after December 15, 2015; early adoption is permitted. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. | ||
In August 2014 the FASB issued guidance which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles in U.S. auditing standards. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016; early adoption is permitted. We do not anticipate that the adoption of this standard will have a material impact on our financial position, results of operations and related disclosures. | ||
In January 2015, the FASB issued new accounting rules which remove the concept of extraordinary items from U.S. GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The new rules will be effective for us in the first quarter of 2016. We do not anticipate the adoption of the new accounting rules will have a material impact on the our financial position, results of operations and related disclosures. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Business Combinations [Abstract] | ||||||
Schedule of Purchase Price Allocation [Table Text Block] | The final purchase price allocation for CMI resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the acquisition date based upon their respective fair values summarized below: | |||||
CMI | ||||||
Cash | $ | 97 | ||||
Accounts receivable | 299 | |||||
Inventory, including fair value adjustment of $20 | 125 | |||||
Property, plant and equipment | 1,092 | |||||
Goodwill | 1,265 | |||||
Intangible assets | 2,348 | |||||
Accounts payable | (69 | ) | ||||
Other current liabilities | (57 | ) | ||||
Total | $ | 5,100 | ||||
The intangible assets acquired with CMI include the following: | ||||||
Useful life | CMI | |||||
(years) | ||||||
Customer relationships | 10 | $ | 1,761 | |||
Developed technology | 7 | 353 | ||||
Trade name | 5 | 211 | ||||
Non-compete agreement | 3 | 23 | ||||
$ | 2,348 | |||||
Business Acquisition, Pro Forma Information [Table Text Block] | ||||||
Year Ended | ||||||
December 31, | ||||||
2013 | ||||||
Revenues | $ | 845,610 | ||||
Net income | $ | 49,571 | ||||
Income per common share - Basic | $ | 2.26 | ||||
Income per common share - Diluted | $ | 2.22 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 60,697 | $ | 60,157 | ||||
Finished products | 111,600 | 108,334 | ||||||
Spare parts | 12,324 | 12,976 | ||||||
$ | 184,621 | $ | 181,467 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Current Assets: [Abstract] | ||||||||
Schedule of Other Assets [Table Text Block] | Other current assets consist of the following: | |||||||
2014 | 2013 | |||||||
Creditable taxes (value added taxes) | $ | 18,124 | $ | 24,257 | ||||
Vendor inventory deposits (prepaid) | 9,483 | 14,820 | ||||||
Prepaid income taxes | 12,658 | 12,269 | ||||||
Deferred income taxes | 12,647 | 22,078 | ||||||
Prepaid insurance | 2,109 | 2,329 | ||||||
Other | 5,114 | 6,208 | ||||||
$ | 60,135 | $ | 81,961 | |||||
Property_Plant_and_Equipment_n1
Property, Plant and Equipment, net (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, at cost, consist of the following: | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Useful life (years) | Gross | Accumulated Depreciation | Net Book Value | Gross | Accumulated Depreciation | Net Book Value | ||||||||||||||||||||
Land | - | $ | 19,213 | $ | — | $ | 19,213 | $ | 19,213 | $ | — | $ | 19,213 | |||||||||||||
Land improvements - | 15-Mar | 10,825 | 8,749 | 2,076 | 10,424 | 8,361 | 2,063 | |||||||||||||||||||
Buildings and improvements - | 9-Feb | 9,450 | 9,235 | 215 | 9,433 | 9,141 | 292 | |||||||||||||||||||
10 | 11,491 | 6,599 | 4,892 | 11,112 | 5,506 | 5,606 | ||||||||||||||||||||
14-16 | 12,103 | 7,319 | 4,784 | 11,950 | 6,528 | 5,422 | ||||||||||||||||||||
20 | 35,551 | 11,681 | 23,870 | 32,982 | 9,876 | 23,106 | ||||||||||||||||||||
25-40 | 22,209 | 5,358 | 16,851 | 22,193 | 4,605 | 17,588 | ||||||||||||||||||||
Machinery & Equipment - | 4-Jan | 15,865 | 11,665 | 4,200 | 14,416 | 7,677 | 6,739 | |||||||||||||||||||
5 | 38,141 | 25,769 | 12,372 | 32,486 | 22,467 | 10,019 | ||||||||||||||||||||
6 | 49,201 | 49,171 | 30 | 49,201 | 49,161 | 40 | ||||||||||||||||||||
7 | 53,183 | 36,805 | 16,378 | 50,607 | 32,908 | 17,699 | ||||||||||||||||||||
8 | 163,697 | 141,469 | 22,228 | 158,171 | 135,164 | 23,007 | ||||||||||||||||||||
9 | 26,684 | 26,221 | 463 | 26,691 | 26,144 | 547 | ||||||||||||||||||||
10 | 10,159 | 4,366 | 5,793 | 8,384 | 3,493 | 4,891 | ||||||||||||||||||||
11 | 12,079 | 11,431 | 648 | 12,856 | 10,496 | 2,360 | ||||||||||||||||||||
13-Dec | 11,603 | 10,000 | 1,603 | 11,606 | 9,029 | 2,577 | ||||||||||||||||||||
15 | 76,309 | 26,104 | 50,205 | 69,807 | 22,315 | 47,492 | ||||||||||||||||||||
16-25 | 1,737 | 890 | 847 | 2,245 | 806 | 1,439 | ||||||||||||||||||||
Construction-in-progress | - | 12,320 | — | 12,320 | 11,885 | — | 11,885 | |||||||||||||||||||
$ | 591,820 | $ | 392,832 | $ | 198,988 | $ | 565,662 | $ | 363,677 | $ | 201,985 | |||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill [Abstract] | ||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ||||||||||||||||||||
Specialty | Specialty | Specialty | GTSP & | Total | ||||||||||||||||
Phosphates | Phosphates | Phosphates | Other | |||||||||||||||||
US | Canada | Mexico | ||||||||||||||||||
Balance, December 31, 2012 | $ | 38,639 | $ | 2,530 | $ | 38,584 | $ | 3,355 | 83,108 | |||||||||||
Investment in CMI | 1,265 | — | — | — | 1,265 | |||||||||||||||
Balance, December 31, 2013 | $ | 39,904 | $ | 2,530 | $ | 38,584 | $ | 3,355 | $ | 84,373 | ||||||||||
Balance, December 31, 2014 | $ | 39,904 | $ | 2,530 | $ | 38,584 | $ | 3,355 | $ | 84,373 | ||||||||||
Intangibles_and_Other_Assets_n1
Intangibles and Other Assets, net Intangibles and Other Assets, net (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Intangibles and Other Assets, net: [Abstract] | ||||||||||||||||||||
Intangibles and Other Assets [Table Text Block] | Intangibles and other assets consist of the following: | |||||||||||||||||||
Useful life | 2014 | 2013 | ||||||||||||||||||
(years) | ||||||||||||||||||||
Developed technology and application patents, net of accumulated amortization of $21,894 for 2014 and $19,015 for 2013 | 20-Jul | 24,381 | 25,817 | |||||||||||||||||
Customer relationships, net of accumulated amortization of $13,054 for 2014 and $10,295 for 2013 | 15-May | 25,758 | 28,517 | |||||||||||||||||
Trade names and license agreements, net of accumulated amortization of $7,573 for 2014 and $6,198 for 2013 | 20-May | 10,088 | 11,463 | |||||||||||||||||
Non-compete agreement, net of accumulated amortization of $954 for 2014 and $796 for 2013 | 10-Mar | 379 | 537 | |||||||||||||||||
Total intangibles | $ | 60,606 | $ | 66,334 | ||||||||||||||||
Deferred financing costs, net of accumulated amortization of $2,178 for 2014 and $1,652 for 2013 (see note 9) | $ | 1,673 | $ | 2,008 | ||||||||||||||||
Other tax assets | 7,013 | — | ||||||||||||||||||
Other assets | 4,244 | 6,349 | ||||||||||||||||||
Total other assets | $ | 12,930 | $ | 8,357 | ||||||||||||||||
$ | 73,536 | $ | 74,691 | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Anticipated amortization expense for the next five years related to intangibles is as follows: | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Intangible amortization expense | $ | 7,129 | $ | 7,127 | $ | 6,912 | $ | 6,769 | $ | 6,229 | ||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: | |||||||
2014 | 2013 | |||||||
Payroll related | $ | 12,703 | $ | 8,680 | ||||
Taxes other than income taxes | 5,057 | 5,610 | ||||||
Benefits and pensions | 6,640 | 7,240 | ||||||
Freight and rebates | 4,346 | 3,960 | ||||||
Income taxes | 1,302 | 4,368 | ||||||
Other | 4,758 | 4,755 | ||||||
$ | 34,806 | $ | 34,613 | |||||
ShortTerm_Borrowings_LongTerm_1
Short-Term Borrowings, Long-Term Debt, and Interest Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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: | |||||||||||
2014 | 2013 | |||||||||||
Term loan due 2017 | $ | 92,000 | $ | 96,000 | ||||||||
Revolver borrowings under the credit facility | 44,000 | 67,000 | ||||||||||
Capital leases | 5 | 9 | ||||||||||
Total borrowings | $ | 136,005 | $ | 163,009 | ||||||||
Less current portion | 4,003 | 4,002 | ||||||||||
Long-term debt | $ | 132,002 | $ | 159,007 | ||||||||
Components of Interest Expense, Net [Table Text Block] | Interest expense, net consists of the following: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense | $ | 3,977 | $ | 5,271 | $ | 5,419 | ||||||
Deferred financing cost | 526 | 559 | 884 | |||||||||
Interest income | (40 | ) | (1,049 | ) | (65 | ) | ||||||
Less: amount capitalized for capital projects | (109 | ) | (355 | ) | (261 | ) | ||||||
Total interest expense, net | $ | 4,354 | $ | 4,426 | $ | 5,977 | ||||||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||||||||
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following: | |||||||
2014 | 2013 | |||||||
Deferred income taxes | $ | 24,400 | $ | 32,110 | ||||
Pension and post retirement liabilities | 10,714 | 11,175 | ||||||
Uncertain tax positions | 2,798 | — | ||||||
Environmental liabilities | 1,100 | 1,100 | ||||||
Other liabilities | 2,444 | 1,523 | ||||||
$ | 41,456 | $ | 45,908 | |||||
Stockholders_Equity_ShareBased1
Stockholders' Equity / Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | $ | 1,346 | $ | 1,002 | $ | 1,436 | |||||||
Restricted stock | 1,066 | 676 | 236 | ||||||||||
Performance shares | 598 | 196 | (120 | ) | |||||||||
Stock grants | 270 | 300 | 360 | ||||||||||
Total stock-based compensation expense | $ | 3,280 | $ | 2,174 | $ | 1,912 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity during the three years ended December 31, 2014, is presented below: | ||||||||||||
Number of | Weighted | Weighted Average Grant Date Fair Value | |||||||||||
Options | Average | ||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding at January 1, 2012 | 900,142 | $ | 18.55 | ||||||||||
Granted | 39,683 | 50.12 | 20.41 | ||||||||||
Forfeited / Surrendered | (37,238 | ) | 16.62 | ||||||||||
Exercised | (181,165 | ) | 9.34 | ||||||||||
Outstanding at December 31, 2012 | 721,422 | $ | 22.69 | ||||||||||
Exercisable at December 31, 2012 | 545,829 | $ | 17.92 | ||||||||||
Outstanding at January 1, 2013 | 721,422 | $ | 22.69 | ||||||||||
Granted | 63,672 | 54.59 | 19.99 | ||||||||||
Forfeited / Surrendered | (23,389 | ) | 39.69 | ||||||||||
Exercised | (92,977 | ) | 20.63 | ||||||||||
Outstanding at December 31, 2013 | 668,728 | $ | 25.34 | ||||||||||
Exercisable at December 31, 2013 | 556,747 | $ | 20.6 | ||||||||||
Outstanding at January 1, 2014 | 668,728 | $ | 25.34 | ||||||||||
Granted | 77,391 | 20.15 | |||||||||||
Forfeited / Surrendered | (33,387 | ) | 21.58 | ||||||||||
Exercised | (87,412 | ) | 14.52 | ||||||||||
Outstanding at December 31, 2014 | 625,320 | $ | 30.87 | ||||||||||
Exercisable at December 31, 2014 | 498,719 | $ | 24.91 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The assumptions used in the Black-Scholes option-pricing model were as follows: | ||||||||||||
Non-qualified stock options | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Expected volatility | 50.1 | % | 50.4 | % | 53.2 | % | |||||||
Dividend yield | 3.2 | % | 2.8 | % | 2.4 | % | |||||||
Risk-free interest rate | 2 | % | 1 | % | 1.3 | % | |||||||
Expected term | 6 | 6 | 6 | ||||||||||
Weighted average grant date fair value of stock options | $ | 20.15 | $ | 19.99 | $ | 20.41 | |||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of performance share activity is presented below: | ||||||||||||
Number | Weighted | ||||||||||||
of Shares | Average | ||||||||||||
Grant | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2012 | 209,570 | 29.08 | |||||||||||
Granted (at targeted return on invested capital) | 43,106 | 50.12 | |||||||||||
Forfeited | — | — | |||||||||||
Vested | (138,781 | ) | 25.68 | ||||||||||
Adjustment to estimate of shares to be earned | (113,895 | ) | 41.19 | ||||||||||
Outstanding at December 31, 2012 | — | $ | — | ||||||||||
Outstanding at January 1, 2013 | — | $ | — | ||||||||||
Granted (at targeted return on invested capital) | 43,091 | 54.59 | |||||||||||
Forfeited | (4,854 | ) | 54.59 | ||||||||||
Vested | — | — | |||||||||||
Adjustment to estimate of shares to be earned | (25,848 | ) | 54.59 | ||||||||||
Outstanding at December 31, 2013 | 12,389 | $ | 54.59 | ||||||||||
Outstanding at January 1, 2014 | 12,389 | $ | 54.59 | ||||||||||
Granted (at targeted return on invested capital) | 44,698 | 55.49 | |||||||||||
Forfeited | — | — | |||||||||||
Vested | — | — | |||||||||||
Adjustment to estimate of shares to be earned | (12,389 | ) | 54.59 | ||||||||||
Outstanding at December 31, 2014 | 44,698 | $ | 55.49 | ||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The total remaining unrecognized compensation expense related to share-based payments is as follows: | ||||||||||||
Unrecognized Compensation Expense | Restricted | Stock | Performance | ||||||||||
Stock | Options | Based | |||||||||||
Amount | $ | 1,417 | $ | 1,466 | $ | 1,665 | |||||||
Weighted-average years to be recognized | 1.5 | 1.5 | 2 | ||||||||||
The Board of Directors authorized a new stock repurchase program, commencing January 1, 2015, pursuant to which the Registrant intends to acquire for cash in open market or private transactions from time to time up to $125 million of its common stock over the ensuing 12 months. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. The repurchase program will be funded through existing liquidity, including possible borrowings from the Senior Credit Facility, and cash from operations. Treasury stock is recognized at the cost to reacquire the shares. The 2011 repurchase program in which up to $50 million of the Company's common stock could be repurchased from time to time at management’s discretion was terminated on December 31, 2014. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | 64,461 | 49,506 | 74,190 | |||||||||
Less: earnings attributable to unvested shares | (137 | ) | (64 | ) | (40 | ) | ||||||
Net income available to common shareholders | $ | 64,324 | $ | 49,442 | $ | 74,150 | ||||||
Weighted average number of common and potential common shares outstanding: | ||||||||||||
Basic number of common shares outstanding | 21,753,270 | 21,933,843 | 21,795,155 | |||||||||
Dilutive effect of stock equivalents | 368,633 | 412,137 | 680,726 | |||||||||
Diluted number of weighted average common shares outstanding | 22,121,903 | 22,345,980 | 22,475,881 | |||||||||
Earnings per common share: | ||||||||||||
Earnings per common share—Basic | $ | 2.96 | $ | 2.25 | $ | 3.4 | ||||||
Earnings per common share—Diluted | $ | 2.91 | $ | 2.21 | $ | 3.3 | ||||||
Dividends_Tables
Dividends (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Dividends [Abstract] | ||||||||||||||||||||
Schedule of Dividends Payable [Table Text Block] | The following is the dividend activity for 2014, 2013 and 2012: | |||||||||||||||||||
2014 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Total | ||||||||||||||||
Dividends declared – per share | $ | 0.4 | $ | 0.4 | $ | 0.48 | $ | 0.48 | $ | 1.76 | ||||||||||
Dividends declared – aggregate | 8,766 | 8,780 | 10,477 | 10,371 | $ | 38,394 | ||||||||||||||
Dividends paid – per share | 0.4 | 0.4 | 0.48 | 0.48 | $ | 1.76 | ||||||||||||||
Dividends paid – aggregate | 8,766 | 8,780 | 10,477 | 10,371 | $ | 38,394 | ||||||||||||||
2013 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | ||||||||||||||||
Dividends declared – per share | $ | 0.35 | $ | 0.35 | $ | 0.35 | $ | 0.4 | $ | 1.45 | ||||||||||
Dividends declared – aggregate | 7,641 | 7,685 | 7,694 | 8,817 | $ | 31,837 | ||||||||||||||
Dividends paid – per share | 0.35 | 0.35 | 0.35 | 0.4 | $ | 1.45 | ||||||||||||||
Dividends paid – aggregate | 7,641 | 7,685 | 7,694 | 8,817 | $ | 31,837 | ||||||||||||||
2012 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Total | ||||||||||||||||
Dividends declared – per share | $ | 0.27 | $ | 0.27 | $ | — | $ | 0.35 | $ | 0.89 | ||||||||||
Dividends declared – aggregate | 5,885 | 5,891 | — | 7,629 | $ | 19,405 | ||||||||||||||
Dividends paid – per share | 0.25 | 0.27 | 0.27 | 0.35 | $ | 1.14 | ||||||||||||||
Dividends paid – aggregate | 5,405 | 5,885 | 5,891 | 7,629 | $ | 24,810 | ||||||||||||||
Pension_Plans_and_Postretireme1
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | ||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The amounts in accumulated other comprehensive income (loss), or AOCI, for all plans that are expected to be amortized as components of net periodic benefit cost (benefit) during 2014 are as follows: | |||||||||||||||||||||||
Pension | Other | Total | ||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
Prior service cost | $ | 361 | $ | — | $ | 361 | ||||||||||||||||||
Net actuarial loss (gain) | 4,379 | (618 | ) | 3,761 | ||||||||||||||||||||
Transition obligation | — | 119 | 119 | |||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The changes in benefit obligations recognized in other comprehensive loss during 2014 and 2013 are as follows: | |||||||||||||||||||||||
Pension Benefits | Other Benefits | Total | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Change in accumulated other comprehensive income | ||||||||||||||||||||||||
Amortization of net gain | $ | (99 | ) | $ | (366 | ) | $ | 55 | $ | (36 | ) | $ | (44 | ) | $ | (402 | ) | |||||||
Amortization of prior service cost / transition obligation | (94 | ) | (101 | ) | (28 | ) | (29 | ) | (122 | ) | (130 | ) | ||||||||||||
Net loss (gain) | 1,724 | (2,905 | ) | (293 | ) | (948 | ) | 1,431 | (3,853 | ) | ||||||||||||||
Total change in accumulated other comprehensive income | 1,531 | (3,372 | ) | (266 | ) | (1,013 | ) | 1,265 | (4,385 | ) | ||||||||||||||
Deferred taxes | (431 | ) | 992 | 54 | 367 | (377 | ) | 1,359 | ||||||||||||||||
Net amount recognized | $ | 1,100 | $ | (2,380 | ) | $ | (212 | ) | $ | (646 | ) | $ | 888 | $ | (3,026 | ) | ||||||||
US [Member] | ||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | ||||||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | U.S. Plans | |||||||||||||||||||||||
Obligations and Funded Status—U.S. Plans At December 31 | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 2,904 | $ | 2,459 | $ | 4,308 | $ | 3,991 | ||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,459 | $ | 2,719 | $ | 3,991 | $ | 4,435 | ||||||||||||||||
Service cost | — | — | 289 | 337 | ||||||||||||||||||||
Interest cost | 119 | 105 | 168 | 149 | ||||||||||||||||||||
Actuarial (gain) loss | 369 | (329 | ) | 25 | (803 | ) | ||||||||||||||||||
Benefits paid | (43 | ) | (36 | ) | (165 | ) | (127 | ) | ||||||||||||||||
Benefit obligation at end of year | $ | 2,904 | $ | 2,459 | $ | 4,308 | $ | 3,991 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,872 | $ | 1,561 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 119 | 212 | — | — | ||||||||||||||||||||
Employer contributions | 150 | 135 | 165 | 127 | ||||||||||||||||||||
Benefits paid | (43 | ) | (36 | ) | (165 | ) | (127 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 2,098 | $ | 1,872 | $ | — | $ | — | ||||||||||||||||
Funded status of the plan | $ | (806 | ) | $ | (587 | ) | $ | (4,308 | ) | $ | (3,991 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (241 | ) | (217 | ) | ||||||||||||||||||
Noncurrent liabilities | (806 | ) | (587 | ) | (4,067 | ) | (3,774 | ) | ||||||||||||||||
Net amounts recognized | $ | (806 | ) | $ | (587 | ) | $ | (4,308 | ) | $ | (3,991 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive income | ||||||||||||||||||||||||
Prior service (credit) cost | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net actuarial loss (gain) | 620 | 248 | (582 | ) | (676 | ) | ||||||||||||||||||
Total amount recognized | $ | 620 | $ | 248 | $ | (582 | ) | $ | (676 | ) | ||||||||||||||
Deferred taxes | (236 | ) | (94 | ) | 221 | 257 | ||||||||||||||||||
Net amount recognized | 384 | 154 | (361 | ) | (419 | ) | ||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 289 | $ | 337 | $ | 327 | ||||||||||||
Interest cost | 119 | 105 | 110 | 168 | 149 | 161 | ||||||||||||||||||
Expected return on plan assets | (122 | ) | (111 | ) | (110 | ) | — | — | — | |||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost | — | — | — | — | — | (67 | ) | |||||||||||||||||
Actuarial loss (gain) | — | 50 | 14 | (69 | ) | — | — | |||||||||||||||||
Net periodic benefit cost | $ | (3 | ) | $ | 44 | $ | 14 | $ | 388 | $ | 486 | $ | 421 | |||||||||||
Weighted average assumptions for benefit obligation | ||||||||||||||||||||||||
Discount rate | 4 | % | 5 | % | 4 | % | 4 | % | 4.5 | % | 3.75 | % | ||||||||||||
Expected long-term rate of return on plan assets | 6.65 | % | 6.3 | % | 6.35 | % | NA | NA | NA | |||||||||||||||
Rate of compensation increase | NA | NA | NA | 3 | % | 3 | % | 3 | % | |||||||||||||||
Weighted average assumptions for net periodic benefit cost | ||||||||||||||||||||||||
Discount rate | 5 | % | 4 | % | 4.5 | % | 4.5 | % | 3.75 | % | 4.25 | % | ||||||||||||
Expected long-term rate of return on plan assets | 6.3 | % | 6.35 | % | 6.72 | % | NA | NA | NA | |||||||||||||||
Rate of compensation increase | NA | NA | NA | 3 | % | 3 | % | 3 | % | |||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ||||||||||||||||||||||||
Estimated Future Benefit Payments | Pension Benefits | Other Benefits | ||||||||||||||||||||||
Fiscal 2015 | $ | 91 | $ | 241 | ||||||||||||||||||||
Fiscal 2016 | 104 | 336 | ||||||||||||||||||||||
Fiscal 2017 | 123 | 379 | ||||||||||||||||||||||
Fiscal 2018 | 137 | 411 | ||||||||||||||||||||||
Fiscal 2019 | 145 | 424 | ||||||||||||||||||||||
Fiscal Years 2020-2024 | 819 | 1,768 | ||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | Innophos, Inc.’s defined benefit pension plan invests in mutual funds and commercial paper and the weighted-average asset allocations at December 31, 2014 and 2013 by asset category are as follows: | |||||||||||||||||||||||
Plan Assets at | ||||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Equity securities | 89.9 | % | 56.3 | % | ||||||||||||||||||||
Fixed income securities | 10.1 | 43.7 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The fair values of Innophos, Inc.’s pension plan assets at December 31, 2014 by asset category are as follows: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Equity securities | $ | 1,886 | $ | 1,886 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 212 | 212 | — | — | ||||||||||||||||||||
$ | 2,098 | $ | 2,098 | $ | — | $ | — | |||||||||||||||||
Canada [Member] | ||||||||||||||||||||||||
Pension Plans and Postretirement Benefits [Line Items] | ||||||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | Canadian Plans | |||||||||||||||||||||||
Obligations and Funded Status—Canadian Plans at December 31 | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 13,786 | $ | 12,256 | $ | 1,480 | $ | 1,803 | ||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 12,256 | $ | 13,322 | $ | 1,803 | $ | 1,905 | ||||||||||||||||
Service cost | 315 | 348 | 68 | 77 | ||||||||||||||||||||
Interest cost | 570 | 557 | 85 | 81 | ||||||||||||||||||||
Past service cost | 381 | — | — | — | ||||||||||||||||||||
Actuarial (gain) loss | 1,783 | (643 | ) | (299 | ) | (107 | ) | |||||||||||||||||
Benefits paid | (402 | ) | (468 | ) | (42 | ) | (29 | ) | ||||||||||||||||
Foreign currency exchange rate changes | (1,117 | ) | (860 | ) | (135 | ) | (124 | ) | ||||||||||||||||
Benefit obligation at end of year | $ | 13,786 | $ | 12,256 | $ | 1,480 | $ | 1,803 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 16,683 | $ | 15,085 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 1,424 | 2,432 | — | — | ||||||||||||||||||||
Employer contributions | 433 | 718 | 42 | 29 | ||||||||||||||||||||
Benefits paid | (402 | ) | (468 | ) | (42 | ) | (29 | ) | ||||||||||||||||
Foreign currency exchange rate changes | (1,411 | ) | (1,084 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 16,727 | $ | 16,683 | $ | — | $ | — | ||||||||||||||||
Funded status of the plan | $ | 2,941 | $ | 4,427 | $ | (1,480 | ) | $ | (1,803 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||
Noncurrent assets | $ | 2,941 | $ | 4,427 | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (90 | ) | (44 | ) | ||||||||||||||||||
Noncurrent liabilities | — | — | (1,390 | ) | (1,759 | ) | ||||||||||||||||||
Net amounts recognized | $ | 2,941 | $ | 4,427 | $ | (1,480 | ) | $ | (1,803 | ) | ||||||||||||||
Amounts recognized in accumulated other comprehensive income | ||||||||||||||||||||||||
Net transition obligation | $ | — | $ | — | $ | 119 | $ | 157 | ||||||||||||||||
Prior service cost | 361 | 97 | — | — | ||||||||||||||||||||
Net actuarial loss | 3,759 | 2,863 | (36 | ) | 285 | |||||||||||||||||||
Total amount recognized | $ | 4,120 | $ | 2,960 | $ | 83 | $ | 442 | ||||||||||||||||
Deferred taxes | (1,030 | ) | (740 | ) | (21 | ) | (111 | ) | ||||||||||||||||
Net amount recognized | 3,090 | 2,220 | 62 | 331 | ||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 315 | $ | 348 | $ | 339 | $ | 68 | $ | 77 | $ | 81 | ||||||||||||
Interest cost | 570 | 557 | 602 | 85 | 81 | 99 | ||||||||||||||||||
Expected return on plan assets | (925 | ) | (900 | ) | (944 | ) | — | — | — | |||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Actuarial loss | 99 | 316 | 261 | 14 | 36 | 47 | ||||||||||||||||||
Prior service cost | 94 | 101 | 104 | — | — | — | ||||||||||||||||||
Net transition obligation | — | — | — | 28 | 29 | 30 | ||||||||||||||||||
Net periodic benefit cost | $ | 153 | $ | 422 | $ | 362 | $ | 195 | $ | 223 | $ | 257 | ||||||||||||
Weighted average assumptions for balance sheet liability at end of year | ||||||||||||||||||||||||
Discount rate | 4 | % | 4.75 | % | 4.25 | % | 4 | % | 4.75 | % | 4.25 | % | ||||||||||||
Rate of compensation increase | NA | NA | NA | NA | NA | NA | ||||||||||||||||||
Weighted average assumptions for net periodic benefit cost at end of year | ||||||||||||||||||||||||
Discount rate | 4.75 | % | 4.25 | % | 5 | % | 4.75 | % | 4.25 | % | 5 | % | ||||||||||||
Expected long-term rate of return | 6 | % | 6 | % | 6.5 | % | NA | NA | NA | |||||||||||||||
Rate of compensation increase | NA | NA | NA | NA | NA | NA | ||||||||||||||||||
Accrued health care cost trend rates at end of year | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year (initial rate) | 8 | % | 9 | % | 10 | % | ||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate rate) | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year that the rate reaches the ultimate rate | 2033 | 2027 | 2019 | |||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||
Estimated Future Benefit Payments | Pension Benefits | Other Benefits | ||||||||||||||||||||||
Fiscal 2015 | $ | 451 | $ | 90 | ||||||||||||||||||||
Fiscal 2016 | 478 | 66 | ||||||||||||||||||||||
Fiscal 2017 | 501 | 59 | ||||||||||||||||||||||
Fiscal 2018 | 550 | 75 | ||||||||||||||||||||||
Fiscal 2019 | 580 | 72 | ||||||||||||||||||||||
Fiscal Years 2020-2024 | 3,546 | 549 | ||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | Innophos Canada Inc.’s pension plan invests in mutual funds and the weighted-average asset allocations at December 31, 2014 and 2013 by asset category are as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Equity securities | 49.3 | % | 63.7 | % | ||||||||||||||||||||
Debt securities | 50.7 | 33.2 | ||||||||||||||||||||||
Other (a) | — | 3.1 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The fair values of Innophos Canada, Inc.’s pension plan assets at December 31, 2014 by asset category are as follows: | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Equity securities | $ | 8,239 | $ | 8,239 | $ | — | $ | — | ||||||||||||||||
Fixed income securities | 8,488 | — | 8,488 | — | ||||||||||||||||||||
$ | 16,727 | $ | 8,239 | $ | 8,488 | $ | — | |||||||||||||||||
(a) Primarily cash and cash equivalents. | ||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Effect of a change in the assumed rate of increase in health benefit costs | ||||||||||||||||||||||||
Effect of a 1% increase on: | ||||||||||||||||||||||||
Total of service cost and interest cost | $ | 14 | $ | 26 | ||||||||||||||||||||
Postretirement benefit obligation | $ | 163 | $ | 262 | ||||||||||||||||||||
Effect of a 1% decrease on: | ||||||||||||||||||||||||
Total of service cost and interest cost | $ | (11 | ) | $ | (21 | ) | ||||||||||||||||||
Postretirement benefit obligation | $ | (134 | ) | $ | (212 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gross unrecognized tax benefits at January 1 | $ | 2,635 | $ | 1,100 | $ | — | ||||||||||||||||||
Additions for tax positions of prior years | 1,401 | 1,535 | 1,100 | |||||||||||||||||||||
Reductions for tax positions of prior years | (832 | ) | — | — | ||||||||||||||||||||
Reductions due to settlements | (406 | ) | — | — | ||||||||||||||||||||
Reductions due to lapse of applicable statute of limitations | — | — | — | |||||||||||||||||||||
Gross unrecognized tax benefits at December 31 | 2,798 | 2,635 | 1,100 | |||||||||||||||||||||
Net uncertain tax benefits, that if recognized would impact the effective tax rate, at December 31 | $ | 1,042 | $ | 2,116 | $ | 715 | ||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | A reconciliation of the U.S. statutory rate and income taxes follows: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Income | Income tax | Income | Income | Income | Income tax | |||||||||||||||||||
before | expense | before | tax expense/ | (loss) before | expense/ | |||||||||||||||||||
income taxes | income taxes | (benefit) | income taxes | (benefit) | ||||||||||||||||||||
US | $ | 67,288 | $ | 23,275 | $ | 61,206 | $ | 21,906 | $ | 84,815 | $ | 25,973 | ||||||||||||
Canada/Mexico/Europe/Asia | 30,068 | 9,620 | 15,041 | 4,835 | 21,158 | 5,810 | ||||||||||||||||||
Total | $ | 97,356 | $ | 32,895 | $ | 76,247 | $ | 26,741 | $ | 105,973 | $ | 31,783 | ||||||||||||
Current income taxes | $ | 30,049 | $ | 25,257 | $ | 31,616 | ||||||||||||||||||
Deferred income taxes | 2,846 | 1,484 | 167 | |||||||||||||||||||||
Total | $ | 32,895 | $ | 26,741 | $ | 31,783 | ||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Income tax expense at the U.S. statutory rate | $ | 34,074 | $ | 26,688 | $ | 37,091 | ||||||||||||||||||
State income taxes | 3,819 | 3,087 | 2,458 | |||||||||||||||||||||
Domestic manufacturing deduction | (2,072 | ) | (1,639 | ) | (1,912 | ) | ||||||||||||||||||
Deferred tax true-up | — | (1,602 | ) | — | ||||||||||||||||||||
Uncertain tax positions | (745 | ) | 1,401 | 715 | ||||||||||||||||||||
CNA matter related non-taxable reimbursement | — | (329 | ) | (3,101 | ) | |||||||||||||||||||
Foreign tax rate differential | (932 | ) | (1,161 | ) | (1,233 | ) | ||||||||||||||||||
Change in valuation allowance | 562 | 555 | (2,237 | ) | ||||||||||||||||||||
Other non-deductible permanent items | (1,811 | ) | (259 | ) | 2 | |||||||||||||||||||
Provision for income taxes | $ | 32,895 | $ | 26,741 | $ | 31,783 | ||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred tax assets were reflected on the consolidated balance sheets as follows: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net current deferred tax assets | $ | 12,647 | $ | 22,078 | ||||||||||||||||||||
Net noncurrent deferred tax assets | — | — | ||||||||||||||||||||||
Net current deferred tax liabilities | — | — | ||||||||||||||||||||||
Net noncurrent deferred tax liabilities | (24,400 | ) | (32,110 | ) | ||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (11,753 | ) | $ | (10,032 | ) | ||||||||||||||||||
The components of the Company’s deferred tax assets/ (liabilities) were as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||
Inventories | $ | 4,306 | $ | 5,443 | ||||||||||||||||||||
Accrued liabilities | 12,097 | 11,335 | ||||||||||||||||||||||
Tax losses | 5,278 | 10,296 | ||||||||||||||||||||||
Total deferred tax assets | 21,681 | 27,074 | ||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||
Gain on bond retirement | (1,072 | ) | (1,338 | ) | ||||||||||||||||||||
Intangibles | (11,400 | ) | (11,172 | ) | ||||||||||||||||||||
Fixed assets | (15,814 | ) | (20,010 | ) | ||||||||||||||||||||
Total deferred tax liabilities | (28,286 | ) | (32,520 | ) | ||||||||||||||||||||
Total valuation allowances | (5,148 | ) | (4,586 | ) | ||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (11,753 | ) | $ | (10,032 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum annual rentals for all operating leases are: | ||||
Year Ending | Lease Payments | ||||
2015 | $ | 6,349 | |||
2016 | 4,650 | ||||
2017 | 3,903 | ||||
2018 | 3,080 | ||||
2019 | 2,619 | ||||
Thereafter | 7,790 | ||||
Valuation_Allowances_Tables
Valuation Allowances (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation Allowance [Abstract] | |||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | Valuation allowances as of December 31, 2014, 2013 and 2012, and the changes in the valuation allowances for the year ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||
Balance, January 1, | Charged/ | Deductions | (Credited) | Balance, December 31, 2014 | |||||||||||||||||
2014 | (credited) | (Bad debts) | to Goodwill | ||||||||||||||||||
to costs | |||||||||||||||||||||
and | |||||||||||||||||||||
expenses | |||||||||||||||||||||
Deferred taxes valuation allowances | $ | 4,586 | $ | 562 | $ | 5,148 | |||||||||||||||
Balance, January 1, | Charged/ | Deductions | (Credited) | Balance, December 31, 2013 | |||||||||||||||||
2013 | (credited) | (Bad debts) | to Goodwill | ||||||||||||||||||
to costs | |||||||||||||||||||||
and | |||||||||||||||||||||
expenses | |||||||||||||||||||||
Deferred taxes valuation allowances | $ | 4,031 | $ | 555 | $ | — | $ | — | $ | 4,586 | |||||||||||
Balance, January 1, | Charged/ | Deductions | (Credited) | Balance, December 31, 2012 | |||||||||||||||||
2012 | (credited) | (Bad debts) | to Goodwill | ||||||||||||||||||
to costs | |||||||||||||||||||||
and | |||||||||||||||||||||
expenses | |||||||||||||||||||||
Deferred taxes valuation allowances | $ | 6,549 | $ | (2,518 | ) | $ | — | $ | — | $ | 4,031 | ||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | |||||||||||||||||||||
For the year ended December 31, 2014 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 594,446 | $ | 167,423 | $ | 77,317 | $ | — | $ | 839,186 | |||||||||||
Intersegment sales | 4,391 | 54,797 | 117 | (59,305 | ) | — | |||||||||||||||
Total sales | 598,837 | 222,220 | 77,434 | (59,305 | ) | 839,186 | |||||||||||||||
Operating income | $ | 81,762 | $ | 28,887 | $ | (3,854 | ) | — | $ | 106,795 | |||||||||||
Depreciation and amortization expense | $ | 24,264 | $ | 9,416 | $ | 1,781 | $ | — | $ | 35,461 | |||||||||||
Other data | |||||||||||||||||||||
Capital expenditures | $ | 15,432 | $ | 12,201 | $ | 322 | $ | — | $ | 27,955 | |||||||||||
Long-lived assets | 120,226 | 77,403 | 1,359 | — | 198,988 | ||||||||||||||||
Total assets | 711,480 | 276,588 | 2,285 | — | 990,353 | ||||||||||||||||
Reconciliation of total assets to reported assets | |||||||||||||||||||||
Total assets | $ | 711,480 | $ | 276,588 | $ | 2,285 | $ | — | $ | 990,353 | |||||||||||
Eliminations | (244,499 | ) | (17,443 | ) | — | — | (261,942 | ) | |||||||||||||
Reported assets (c) | $ | 466,981 | $ | 259,145 | $ | 2,285 | $ | — | $ | 728,411 | |||||||||||
For the year ended December 31, 2013 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 607,578 | $ | 169,851 | $ | 66,700 | $ | — | $ | 844,129 | |||||||||||
Intersegment sales | 2,910 | 55,359 | 308 | (58,577 | ) | — | |||||||||||||||
Total sales | 610,488 | 225,210 | 67,008 | (58,577 | ) | 844,129 | |||||||||||||||
Operating income (a) (b) | $ | 76,802 | $ | 11,677 | $ | (4,609 | ) | $ | 83,870 | ||||||||||||
Depreciation and amortization expense | $ | 26,537 | $ | 7,200 | $ | 1,724 | $ | — | $ | 35,461 | |||||||||||
Other data | |||||||||||||||||||||
Capital expenditures | $ | 11,084 | $ | 22,237 | $ | 94 | $ | — | $ | 33,415 | |||||||||||
Long-lived assets | 123,893 | 76,698 | 1,394 | — | 201,985 | ||||||||||||||||
Total assets | 720,740 | 291,264 | 2,670 | — | 1,014,674 | ||||||||||||||||
Reconciliation of total assets to reported assets | |||||||||||||||||||||
Total assets | $ | 720,740 | $ | 291,264 | $ | 2,670 | $ | — | $ | 1,014,674 | |||||||||||
Eliminations | (255,928 | ) | (13,080 | ) | — | — | (269,008 | ) | |||||||||||||
Reported assets (c) | $ | 464,812 | $ | 278,184 | $ | 2,670 | $ | — | $ | 745,666 | |||||||||||
For the year ended December 31, 2012 | Specialty | Specialty | GTSP & | Eliminations | Total | ||||||||||||||||
Phosphates | Phosphates | Other | |||||||||||||||||||
US & Canada | Mexico | ||||||||||||||||||||
Sales | $ | 569,816 | $ | 187,743 | $ | 104,840 | $ | — | $ | 862,399 | |||||||||||
Intersegment sales | 1,779 | 55,830 | 409 | (58,018 | ) | — | |||||||||||||||
Total sales | 571,595 | 243,573 | 105,249 | (58,018 | ) | 862,399 | |||||||||||||||
Operating income (a) (b) | $ | 86,002 | $ | 21,913 | $ | 2,078 | — | $ | 109,993 | ||||||||||||
Depreciation and amortization expense | $ | 23,214 | $ | 14,578 | $ | 4,542 | $ | — | $ | 42,334 | |||||||||||
Other data | |||||||||||||||||||||
Capital expenditures | $ | 11,068 | $ | 20,481 | $ | 1,511 | $ | — | $ | 33,060 | |||||||||||
Long-lived assets | 130,869 | 63,447 | 1,407 | — | 195,723 | ||||||||||||||||
Total assets | 714,753 | 296,315 | 6,655 | — | 1,017,723 | ||||||||||||||||
Reconciliation of total assets to reported assets | |||||||||||||||||||||
Total assets | $ | 714,753 | $ | 296,315 | $ | 6,655 | $ | — | $ | 1,017,723 | |||||||||||
Eliminations | (260,559 | ) | (18,653 | ) | — | — | (279,212 | ) | |||||||||||||
Reported assets (c) | $ | 454,194 | $ | 277,662 | $ | 6,655 | $ | — | $ | 738,511 | |||||||||||
(a) | The years ended December 31, 2013 and December 31, 2012 include a $7.2 million and $7.1 million benefit to earnings, respectively, for the CNA Fresh Water Claims in GTSP & Other. | ||||||||||||||||||||
(b) | The years ended December 31, 2013 and December 31, 2012 include a $2.3 million and $2.4 million charge to earnings, respectively, for out of period costs in GTSP & Other. | ||||||||||||||||||||
(c) | GTSP & Other reflects only direct assets. All Mexico indirect assets are included in Specialty Phosphates Mexico. | ||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Product Revenues | 2014 | 2013 | 2012 | ||||||||||||||||||
Specialty Ingredients | $ | 548,583 | $ | 556,223 | $ | 514,535 | |||||||||||||||
Food & Technical Grade PPA | 140,712 | 145,805 | 151,779 | ||||||||||||||||||
STPP & Detergent Grade PPA | 72,574 | 75,401 | 91,246 | ||||||||||||||||||
GTSP & Other | 77,317 | 66,700 | 104,839 | ||||||||||||||||||
Total | $ | 839,186 | $ | 844,129 | $ | 862,399 | |||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Geographic Revenues | 2014 | 2013 | 2012 | ||||||||||||||||||
US | $ | 496,613 | $ | 495,276 | $ | 471,851 | |||||||||||||||
Mexico | 119,514 | 132,737 | 131,353 | ||||||||||||||||||
Canada | 36,719 | 36,574 | 38,905 | ||||||||||||||||||
Other foreign countries | 186,340 | 179,542 | 220,290 | ||||||||||||||||||
Total | $ | 839,186 | $ | 844,129 | $ | 862,399 | |||||||||||||||
Quarterly_Information_unaudite1
Quarterly Information (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | December 31 | Total | ||||||||||||||||
Net sales | $ | 216,341 | $ | 219,542 | $ | 208,815 | $ | 194,488 | $ | 839,186 | ||||||||||
Gross profit | 41,932 | 52,573 | 50,963 | 41,996 | 187,464 | |||||||||||||||
Net income | 14,185 | 20,628 | 18,320 | 11,328 | 64,461 | |||||||||||||||
Per share data: | ||||||||||||||||||||
Income per share: | ||||||||||||||||||||
Basic | $ | 0.65 | $ | 0.94 | $ | 0.84 | $ | 0.52 | ||||||||||||
Diluted | $ | 0.64 | $ | 0.93 | $ | 0.83 | $ | 0.52 | ||||||||||||
2013 | ||||||||||||||||||||
Quarters ended | ||||||||||||||||||||
31-Mar | 30-Jun | September 30 | 31-Dec | Total | ||||||||||||||||
Net sales | $ | 214,441 | $ | 213,176 | $ | 219,993 | $ | 196,519 | $ | 844,129 | ||||||||||
Gross profit | 37,034 | (a) | 40,895 | 38,705 | 41,665 | 158,299 | ||||||||||||||
Net income | 12,403 | (a) | 11,567 | 10,940 | 14,596 | 49,506 | ||||||||||||||
Per share data: | ||||||||||||||||||||
Income per share: | ||||||||||||||||||||
Basic | $ | 0.56 | (a) | $ | 0.53 | $ | 0.5 | $ | 0.66 | |||||||||||
Diluted | $ | 0.55 | (a) | $ | 0.52 | $ | 0.49 | $ | 0.65 | |||||||||||
(a) The first quarter of fiscal 2013 included a benefit to earnings, primarily for the settlement of the CNA Fresh Water Claims, decreasing cost of goods sold by $7.2 million and increasing net income by $5.4 million and out of period adjustments increasing cost of goods sold by $2.3 million and decreasing net income by $1.6 million. |
Basis_of_Statement_Presentatio2
Basis of Statement Presentation (Details) (USD $) | 12 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2012 | Oct. 31, 2011 | Oct. 31, 2013 |
Finite-Lived Intangible Assets, Useful Life, Maximum | 20 years | |||||
Weighted Average Grant Date Fair Value, Granted | $20.15 | $19.99 | $20.41 | |||
Income Tax Examination, Likelihood of Material Adjustments, Month | P12M | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | $19,400,000 | |||||
Innophos, Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||
Triarco [Member] | ||||||
Stock Issued During Period, Shares, Acquisitions | 1 | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 44,800,000 | |||||
Kelatron Corporation [Member] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 21,000,000 | |||||
AMT [Member] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 26,900,000 | |||||
AMT Labs Real Estate [Member] | ||||||
Business Acquisition, Purchase Price Allocation, Property | 7,500,000 | |||||
CMI Corporation [Member] [Domain] | ||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 5,000,000 | |||||
Minimum [Member] | Building and Building Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | 10 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Minimum [Member] | Software [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | 3 years | ||||
Maximum [Member] | Building and Building Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life | 40 years | 40 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | ||||
Maximum [Member] | Software [Member] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | 7 years | ||||
Cost of Sales [Member] | ||||||
Prior Period Reclassification Adjustment | 2,300,000 | 2,300,000 | 2,400,000 | |||
Net Income [Member] | ||||||
Prior Period Reclassification Adjustment | $1,600,000 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 17, 2012 | Oct. 17, 2013 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $19,400 | |||
Inventory Valuation Reserves | 12,626 | 13,857 | ||
CMI [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,100 | |||
Business Acquisition, Purchase Price Allocation, Property | $1,092 |
Acquisitions_Schedule_of_Purch
Acquisitions Schedule of Purchase Price Allocation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2012 | Oct. 31, 2013 | Oct. 17, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $84,373 | $84,373 | $83,108 | |||
Total | 19,400 | |||||
CMI [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | 97 | |||||
Accounts receivable | 299 | |||||
Inventory | 125 | |||||
Property, plant and equipment | 1,092 | |||||
Goodwill | 1,265 | |||||
Intangible assets | 2,348 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 69 | |||||
Other current liabilities | -57 | |||||
Total | 5,100 | |||||
Fair Value, inventory step up | 20 | |||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite-lived Intangible Asset, Amount | 2,348 | |||||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite Lived Intangible Asset, Useful Life | 10 years | |||||
Customer Relationships [Member] | CMI [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite-lived Intangible Asset, Amount | 1,761 | |||||
Developed Technology Rights [Member] | CMI [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite-lived Intangible Asset, Amount | 353 | |||||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite Lived Intangible Asset, Useful Life | 5 years | |||||
Trade Names [Member] | CMI [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite-lived Intangible Asset, Amount | 211 | |||||
Noncompete Agreements [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite Lived Intangible Asset, Useful Life | 3 years | |||||
Noncompete Agreements [Member] | CMI [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite-lived Intangible Asset, Amount | $23 | |||||
Developed Technology and Application Patents [Member] | ||||||
Finite-Lived Intangible Assets [Abstract] | ||||||
Acquired Finite Lived Intangible Asset, Useful Life | 7 years |
Acquisitions_Business_Acquisit
Acquisitions Business Acquisition, Pro Forma Information (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Revenues | $845,610 | |
Net income | 49,571 | |
Income per common share - Basic | $2.26 | |
Income per common share - Diluted | $2.22 | |
CMI [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | 2,348 | |
CMI [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | $1,761 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $60,697 | $60,157 |
Finished goods | 111,600 | 108,334 |
Spare parts | 12,324 | 12,976 |
Inventory, Net | 184,621 | 181,467 |
Inventory Valuation Reserves | $12,626 | $13,857 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets: [Abstract] | ||
Creditable taxes (value added taxes) | $18,124 | $24,257 |
Deposits Assets, Current | 9,483 | 14,820 |
Prepaid income taxes | 12,658 | 12,269 |
Deferred income taxes | 12,647 | 22,078 |
Prepaid Insurance | 2,109 | 2,329 |
Other | 5,114 | 6,208 |
Other Assets, Current | $60,135 | $81,961 |
Property_Plant_and_Equipment_n2
Property, Plant and Equipment, net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | $591,820 | $565,662 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 392,832 | 363,677 | |
Property, Plant and Equipment, Net | 198,988 | 201,985 | 195,723 |
Depreciation | 31,156 | 28,147 | 37,930 |
depreciation related to changes in inventory | -2,866 | 327 | -184 |
Unamortized capitalized software | 12,302 | 15,374 | 21,572 |
Land [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 19,213 | 19,213 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 0 | 0 | |
Property, Plant and Equipment, Net | 19,213 | 19,213 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 12,320 | 11,885 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 0 | 0 | |
Property, Plant and Equipment, Net | 12,320 | 11,885 | |
Land Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 10,825 | 10,424 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 8,749 | 8,361 | |
Property, Plant and Equipment, Net | 2,076 | 2,063 | |
Buildings and Building Improvements 2 to 9 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 9,450 | 9,433 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 9,235 | 9,141 | |
Property, Plant and Equipment, Net | 215 | 292 | |
Buildings and Building Improvements 10 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 11,491 | 11,112 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 6,599 | 5,506 | |
Property, Plant and Equipment, Net | 4,892 | 5,606 | |
Buildings and Building Improvements 14 to 16 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 12,103 | 11,950 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 7,319 | 6,528 | |
Property, Plant and Equipment, Net | 4,784 | 5,422 | |
Buildings and Building Improvements 25 to 40 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 22,209 | 22,193 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 5,358 | 4,605 | |
Property, Plant and Equipment, Net | 16,851 | 17,588 | |
Buildings and Building Improvements 20 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 35,551 | 32,982 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 11,681 | 9,876 | |
Property, Plant and Equipment, Net | 23,870 | 23,106 | |
Machinery and Equipment 1 to 4 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 15,865 | 14,416 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 11,665 | 7,677 | |
Property, Plant and Equipment, Net | 4,200 | 6,739 | |
Machinery and Equipment 5 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 38,141 | 32,486 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 25,769 | 22,467 | |
Property, Plant and Equipment, Net | 12,372 | 10,019 | |
Machinery and Equipment 6 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 49,201 | 49,201 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 49,171 | 49,161 | |
Property, Plant and Equipment, Net | 30 | 40 | |
Machinery and Equipment 7 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 53,183 | 50,607 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 36,805 | 32,908 | |
Property, Plant and Equipment, Net | 16,378 | 17,699 | |
Machinery and Equipment 8 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 163,697 | 158,171 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 141,469 | 135,164 | |
Property, Plant and Equipment, Net | 22,228 | 23,007 | |
Machinery and Equipment 9 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 26,684 | 26,691 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 26,221 | 26,144 | |
Property, Plant and Equipment, Net | 463 | 547 | |
Machinery and Equipment 10 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 10,159 | 8,384 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 4,366 | 3,493 | |
Property, Plant and Equipment, Net | 5,793 | 4,891 | |
Machinery and Equipment 11 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 12,079 | 12,856 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 11,431 | 10,496 | |
Property, Plant and Equipment, Net | 648 | 2,360 | |
Machinery and Equipment 12 to 13 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 11,603 | 11,606 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 10,000 | 9,029 | |
Property, Plant and Equipment, Net | 1,603 | 2,577 | |
Machinery and Equipment 15 [Member] [Domain] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 76,309 | 69,807 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 26,104 | 22,315 | |
Property, Plant and Equipment, Net | 50,205 | 47,492 | |
Machinery and Equipment 15 to 25 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Gross | 1,737 | 2,245 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 890 | 806 | |
Property, Plant and Equipment, Net | $847 | $1,439 | |
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 10 years | 10 years | |
Minimum [Member] | Buildings and Building Improvements 2 to 9 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Minimum [Member] | Buildings and Building Improvements 14 to 16 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 14 years | ||
Minimum [Member] | Buildings and Building Improvements 25 to 40 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Minimum [Member] | Machinery and Equipment 1 to 4 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Minimum [Member] | Machinery and Equipment 12 to 13 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Minimum [Member] | Machinery and Equipment 15 to 25 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 16 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |
Maximum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 40 years | 40 years | |
Maximum [Member] | Buildings and Building Improvements 2 to 9 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 9 years | ||
Maximum [Member] | Buildings and Building Improvements 14 to 16 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 16 years | ||
Maximum [Member] | Buildings and Building Improvements 25 to 40 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Machinery and Equipment 1 to 4 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Maximum [Member] | Machinery and Equipment 12 to 13 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 13 years | ||
Maximum [Member] | Machinery and Equipment 15 to 25 [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, Plant and Equipment, Useful Life | 25 years |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $84,373 | $83,108 | |
Goodwill, Ending Balance | 84,373 | 84,373 | 83,108 |
Specialty Phosphates US [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 39,904 | 38,639 | |
Goodwill, Ending Balance | 39,904 | 39,904 | 38,639 |
Specialty Phosphates Canada [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 2,530 | 2,530 | |
Goodwill, Ending Balance | 2,530 | 2,530 | 2,530 |
Specialty Phosphates Mexico [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 38,584 | 38,584 | |
Goodwill, Ending Balance | 38,584 | 38,584 | 38,584 |
GTSP & Other [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 3,355 | 3,355 | |
Goodwill, Ending Balance | 3,355 | 3,355 | 3,355 |
CMI Corporation [Member] [Domain] | |||
Goodwill [Line Items] | |||
Goodwill, Period Increase (Decrease) | 1,265 | ||
CMI Corporation [Member] [Domain] | Specialty Phosphates US [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Period Increase (Decrease) | 1,265 | ||
CMI Corporation [Member] [Domain] | Specialty Phosphates Canada [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Period Increase (Decrease) | 0 | ||
CMI Corporation [Member] [Domain] | Specialty Phosphates Mexico [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Period Increase (Decrease) | 0 | ||
CMI Corporation [Member] [Domain] | GTSP & Other [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Period Increase (Decrease) | $0 |
Intangibles_and_Other_Assets_n2
Intangibles and Other Assets, net Intangibles and Other Assets, net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Oct. 17, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization, Deferred Finance Costs | $1,652 | 2,178 | |
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Intangible Assets, Net (Excluding Goodwill) | 66,334 | 60,606 | |
Deferred Finance Costs, Net | 2,008 | 1,673 | |
Long-term Investments and Receivables, Net | 0 | 7,013 | |
Other Assets, Miscellaneous | 6,349 | 4,244 | |
Other Assets | 8,357 | 12,930 | |
Other Assets, Noncurrent | 74,691 | 73,536 | |
Developed Technology and Application Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 19,015 | 21,894 | |
Intangible Assets, Net (Excluding Goodwill) | 25,817 | 24,381 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 10,295 | 13,054 | |
Intangible Assets, Net (Excluding Goodwill) | 28,517 | 25,758 | |
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 7 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
Trade Names and License Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 6,198 | 7,573 | |
Intangible Assets, Net (Excluding Goodwill) | 11,463 | 10,088 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 796 | 954 | |
Intangible Assets, Net (Excluding Goodwill) | 537 | 379 | |
Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 10 years | ||
Developed Technology Rights [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Developed Technology Rights [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 15 years | ||
Trade Names [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 5 years | ||
Trade Names [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Useful Life | 20 years | ||
CMI [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,348 | ||
Acquired Finite-lived Intangible Asset, Amount | 2,348 | ||
CMI [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 1,761 | ||
CMI [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 23 | ||
CMI [Member] | Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 353 | ||
CMI [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 211 |
Intangibles_and_Other_Assets_n3
Intangibles and Other Assets, net Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization Expense for Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Amortization Expense | $7,171 | $6,987 | $4,567 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Future Amortization Expense, Year One | 7,129 | ||
Future Amortization Expense, Year Two | 7,127 | ||
Future Amortization Expense, Year Three | 6,912 | ||
Future Amortization Expense, Year Four | 6,769 | ||
Future Amortization Expense, Year Five | $6,229 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Payroll related | $12,703 | $8,680 |
Taxes | 0 | 0 |
Accrual for Taxes Other than Income Taxes, Current | 5,057 | 5,610 |
Benefits and pensions | 6,640 | 7,240 |
Freight and rebates | 4,346 | 3,960 |
Accrued Income Taxes, Current | 1,302 | 4,368 |
Other | 4,758 | 4,755 |
Other Liabilities, Current | $34,806 | $34,613 |
ShortTerm_Borrowings_LongTerm_2
Short-Term Borrowings, Long-Term Debt, and Interest Expense (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 21, 2012 | |
Rate | ||||
Debt Instrument [Line Items] | ||||
Term loan due 2017 | $92,000,000 | $96,000,000 | ||
Revolver borrowings under the credit facility | 44,000,000 | 67,000,000 | ||
Capital Lease Obligations | 5,000 | 9,000 | ||
Short-Term and Long-Term Debt Total, Gross | 136,005,000 | 163,009,000 | ||
Current portion of long-term debt | 4,003,000 | 4,002,000 | ||
Long-term debt | 132,002,000 | 159,007,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 225,000,000 | |||
Securities Owned and Pledged as Collateral, Voting Equity | 0.65 | |||
Repayments of Debt, Percent of Original Loan Balance | 1.00% | |||
Debt Instrument Covenant, Initial Permitted Foreign Investments | 100,000,000 | |||
Debt Instrument Covenant, Maximum Permitted Foriegn Investment | 300,000,000 | |||
Debt Instrument, Covenant, Total Leverage Ratio | 0.25 | |||
Total Leverage Ratio | 0.98 | |||
Senior Leverage Ratio | 0.98 | |||
Fixed Charge Coverage Ratio | 3.15 | |||
Debt Default, Cross Defaults of Other Indebtedness | 20,000,000 | |||
Debt Default, Uninsured and Unsatisfied Judgments | 20,000,000 | |||
Debt Default, Retirement Income Security Act of 1974 Liability | 20,000,000 | |||
Deferred Finance Costs, Gross | 200,000 | 1,500,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 179,100,000 | |||
Debt, Weighted Average Interest Rate | 2.40% | |||
Amortization of Financing Costs | 526,000 | 559,000 | 884,000 | |
Notional Amount of Interest Rate Derivatives | 100,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.95% | |||
Interest Rate Derivative Assets, at Fair Value | 600,000 | |||
Proceeds from Issuance of Long-term Debt | 9,000,000 | 63,007,000 | 333,000,000 | |
Interest Paid | 4,060,000 | 4,622,000 | 5,432,000 | |
Interest Expense [Abstract] | ||||
Interest expense | 3,977,000 | 5,271,000 | 5,419,000 | |
Deferred financing cost | 526,000 | 559,000 | 884,000 | |
Interest income | -40,000 | -1,049,000 | -65,000 | |
Less: amount capitalized for capital projects | -109,000 | -355,000 | -261,000 | |
Total interest expense, net | 4,354,000 | 4,426,000 | 5,977,000 | |
Liquidity Disclosure, Sufficient Cash and Waivers Note | P12M | |||
Letter of Credit, Sub-Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolver borrowings under the credit facility | 1,900,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan due 2017 | 92,000,000 | 100,000,000 | ||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 275,000,000 | |||
Line of Credit Facility, Additional Borrowing Capacity | $50,000,000 | |||
High Range Ratio [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Covenant, Total Leverage Ratio | 3 | |||
Debt Instrument Covenant, Senior Leverage Ratio | 2.5 | |||
Debt Instrument Covenant, Fixed Charge Coverage Ratio | 1.25 | |||
Low Range Ratio [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Covenant, Total Leverage Ratio | 1 | |||
Debt Instrument Covenant, Senior Leverage Ratio | 1 | |||
Debt Instrument Covenant, Fixed Charge Coverage Ratio | 1 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.38% | |||
Commitment Fees [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Margin and Commitment Fee Rate | 0.20% | |||
LIBOR Based Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Margin and Commitment Fee Rate | 1.50% | |||
LIBOR Based Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
LIBOR Based Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Base Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Margin and Commitment Fee Rate | 0.50% | |||
Base Rate Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Base Rate Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||
Deferred income taxes | $24,400 | $32,110 |
Pension and post retirement liabilities (U.S. and Canada only) | 10,714 | 11,175 |
Liability for Uncertain Tax Positions, Noncurrent | 2,798 | 0 |
Environmental liabilities | 1,100 | 1,100 |
Other liabilities | 2,444 | 1,523 |
Other Liabilities, Noncurrent | $41,456 | $45,908 |
Stockholders_Equity_ShareBased2
Stockholders' Equity / Share-Based Compensation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $125,000,000 | $50,000,000 | ||
Expected term | 6 years | 6 years | 6 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $20.15 | $19.99 | $20.41 | |
Stock Grants Expense | $270,000 | $300,000 | $360,000 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Range of Shares, Minimum | 0 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Range of Shares as Caluclated Using Performance Indicators, Maximum | 200.00% | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $19.99 | $20.41 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 625,320 | 668,728 | 721,422 | 900,142 |
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 10 years | |||
Performance Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 3 years |
Stockholders_Equity_ShareBased3
Stockholders' Equity / Share-Based Compensation - Schedule of Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Stock options | $1,346 | $1,002 | $1,436 |
Restricted stock | 1,066 | 676 | 236 |
Performance shares | 598 | 196 | -120 |
Stock grants | 270 | 300 | 360 |
Total stock-based compensation expense | $3,280 | $2,174 | $1,912 |
Stockholders_Equity_ShareBased4
Stockholders' Equity / Share-Based Compensation - Roll Forward of Outstanding Share-Based Options (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.15 | $19.99 | $20.41 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding Number of Options, beginning balance | 668,728 | 721,422 | 900,142 |
Granted | 77,391 | 63,672 | 39,683 |
Forfeited / Surrendered | -33,387 | -23,389 | -37,238 |
Exercised | -87,412 | -92,977 | -181,165 |
Outstanding Number of Options, ending balance | 625,320 | 668,728 | 721,422 |
Exercisable | 498,719 | 556,747 | 545,829 |
Weighted Average Exercise Price, Beginning Balance | $25.34 | $22.69 | $18.55 |
Weighted Average Exercise Price, Granted | $20.15 | $54.59 | $50.12 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $19.99 | $20.41 | |
Weighted Average Exercise Price, Forfeited / Surrendered | $21.58 | $39.69 | $16.62 |
Weighted Average Exercise Price, Exercised | $14.52 | $20.63 | $9.34 |
Weighted Average Exercise Price, Ending Balance | $30.87 | $25.34 | $22.69 |
Weighted Average Exercise Price, Exercisable | $24.91 | $20.60 | $17.92 |
Stockholders_Equity_ShareBased5
Stockholders' Equity / Share-Based Compensation - Summary of Assumptions Used in the Option-Pricing Model (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation [Abstract] | |||
Expected volatility | 50.10% | 50.40% | 53.20% |
Dividend yield | 3.20% | 2.80% | 2.40% |
Risk-free interest rate | 2.00% | 1.00% | 1.30% |
Expected term | 6 years | 6 years | 6 years |
Weighted average grant date fair value of stock options | $20.15 | $19.99 | $20.41 |
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% |
Stockholders_Equity_ShareBased6
Stockholders' Equity / Share-Based Compensation - Summary of Performance Share Activity (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $17.40 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 16.7 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $5.20 | $4.70 | $8.30 | |
Performance Based [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 44,698 | 12,389 | 209,570 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $55.49 | $54.59 | $29.08 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 44,698 | 43,091 | 43,106 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $55.49 | $54.59 | $50.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 4,854 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 | $54.59 | $0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | -138,781 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $25.68 | |
Adjustment to estimate of shares to be earned | -12,389 | -25,848 | 113,895 | |
Weighted Average Grant Date Fair Value, Per Share, Adjustment | $54.59 | $54.59 | $41.19 |
Stockholders_Equity_ShareBased7
Stockholders' Equity / Share-Based Compensation - Unrecognized Compensation Expense Related to Share-Based Payments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Amount | $1,417 |
Weighted-average years to be recognized | 1 year 6 months |
Stock Options [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Amount | 1,466 |
Weighted-average years to be recognized | 1 year 6 months |
Performance Based [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Amount | $1,665 |
Weighted-average years to be recognized | 2 years |
Stockholders_Equity_ShareBased8
Stockholders' Equity / Share-Based Compensation Summary of Restricted Stock Activity (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 50,336 | 33,064 | 14,260 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value, Net of Vested Options, Per Share | $50.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $55.49 | $54.59 | $50.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $54.49 | $53.22 | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,821 | 25,890 | 14,370 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -5,720 | 1,932 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $52.81 | $50.12 | $0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -3,829 | -5,154 | -110 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $53.13 | $52.65 | $50.12 |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $11,328 | $18,320 | $20,628 | $14,185 | $14,596 | $10,940 | $11,567 | $12,403 | $64,461 | $49,506 | $74,190 |
Less: earnings attributable to unvested shares | -137 | -64 | -40 | ||||||||
Net income available to common shareholders | $64,324 | $49,442 | $74,150 | ||||||||
Basic number of common shares, outstanding | 21,753,270 | 21,933,843 | 21,795,155 | ||||||||
Dilutive effect of stock equivalents | 368,633 | 412,137 | 680,726 | ||||||||
Dilutived number of weighted average common shares outstanding | 22,121,903 | 22,345,980 | 22,475,881 | ||||||||
Earnings per common share - Basic | $0.52 | $0.84 | $0.94 | $0.65 | $0.66 | $0.50 | $0.53 | $0.56 | $2.96 | $2.25 | $3.40 |
Earnings per common share - Diluted | $0.52 | $0.83 | $0.93 | $0.64 | $0.65 | $0.49 | $0.52 | $0.55 | $2.91 | $2.21 | $3.30 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 313,794 | 330,420 | 40,696 |
Dividends_Details
Dividends (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends [Abstract] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $0.48 | $0.48 | $0.40 | $0.40 | $0.40 | $0.35 | $0.35 | $0.35 | $0.35 | $0 | $0.27 | $0.27 | $1.76 | $1.45 | $0.89 |
Dividends declared - aggregate | $10,371,000 | $10,477,000 | $8,780,000 | $8,766,000 | $8,817,000 | $7,694,000 | $7,685,000 | $7,641,000 | $7,629,000 | $0 | $5,891,000 | $5,885,000 | $38,394,000 | $31,837,000 | $19,405,000 |
Dividends paid - per share | $0.48 | $0.48 | $0.40 | $0.40 | $0.40 | $0.35 | $0.35 | $0.35 | $0.35 | $0.27 | $0.27 | $0.25 | $1.76 | $1.45 | $1.14 |
Dividends paid - aggregate | $10,371,000 | $10,477,000 | $8,780,000 | $8,766,000 | $8,817,000 | $7,694,000 | $7,685,000 | $7,641,000 | $7,629,000 | $5,891,000 | $5,885,000 | $5,405,000 | $38,394,000 | $31,837,000 | $24,810,000 |
Pension_Plans_and_Postretireme2
Pension Plans and Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Sensitivity Analysis Threshold Used In Discount Rate Assumptions | 0.00% | ||
Defined Benefit Plan, Increase in Periodic Benefit Cost | $86,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 1.00% | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 175,000 | ||
Other Postretirement Benefit Plans, Foreign Country, Required Benefits, Years of Service | 15 years | ||
US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 3,000,000 | 3,200,000 | 3,300,000 |
Planned Employer Contributions | 100,000 | ||
Defined Benefit Plan, Estimated Actuarial Net Gains Losses for 2012 | 65,000 | ||
Defined Benefit Plan, Estimated Amortization of Prior Service Cost for 2012 | 0 | ||
Defined Benefit Plan, Estimated Amortization of Transition Obligations (Assets) for 2012 | 0 | ||
Postretirement Plan, Estimated Actuarial Net Gains Losses for 2012 | 22,000 | ||
Postretirement Plan, Estimated Prior Service Cost for 2012 | 0 | ||
Postretirement Plan, Estimated Amortization of Transition Obligation (Assets) for 2012 | 0 | ||
Canada [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 100,000 | 100,000 | 100,000 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 163,000 | 262,000 | |
Employer Contributions | 400,000 | ||
Defined Benefit Plan, Estimated Actuarial Net Gains Losses for 2012 | 174,000 | ||
Defined Benefit Plan, Estimated Amortization of Prior Service Cost for 2012 | 120,000 | ||
Defined Benefit Plan, Estimated Amortization of Transition Obligations (Assets) for 2012 | 0 | ||
Postretirement Plan, Estimated Actuarial Net Gains Losses for 2012 | 0 | ||
Postretirement Plan, Estimated Prior Service Cost for 2012 | 0 | ||
Postretirement Plan, Estimated Amortization of Transition Obligation (Assets) for 2012 | $26,000 | ||
Mexico [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Statutory Profit Sharing Program, Adjusted Taxable Income, Percentage | 10.00% | ||
Equity Securities [Member] | US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Ontario Pension Benefits Act | 90.00% | ||
Equity Securities [Member] | Canada [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Ontario Pension Benefits Act | 50.00% | ||
Debt Securities [Member] | US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Ontario Pension Benefits Act | 10.00% | ||
Debt Securities [Member] | Canada [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Ontario Pension Benefits Act | 50.00% |
Pension_Plans_and_Postretireme3
Pension Plans and Postretirement Benefits Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $361 |
Net actuarial loss/(gain) | 3,761 |
Transition obligation | 119 |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | 361 |
Net actuarial loss/(gain) | 4,379 |
Transition obligation | 0 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | 0 |
Net actuarial loss/(gain) | -618 |
Transition obligation | $119 |
Pension_Plans_and_Postretireme4
Pension Plans and Postretirement Benefits Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net gain | ($44) | ($402) | |
Amortization of prior service cost | -122 | -130 | |
Net loss arising during period | 1,431 | -3,853 | |
Total change in accumulated other comprehensive income | 1,265 | -4,385 | |
Deferred taxes | -377 | 1,359 | |
Net amount recognized | 888 | -3,026 | 827 |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net gain | -99 | -366 | |
Amortization of prior service cost | -94 | -101 | |
Net loss arising during period | 1,724 | -2,905 | |
Total change in accumulated other comprehensive income | 1,531 | -3,372 | |
Deferred taxes | -431 | 992 | |
Net amount recognized | 1,100 | -2,380 | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net gain | 55 | -36 | |
Amortization of prior service cost | -28 | -29 | |
Net loss arising during period | -293 | -948 | |
Total change in accumulated other comprehensive income | -266 | -1,013 | |
Deferred taxes | 54 | 367 | |
Net amount recognized | ($212) | ($646) |
Pension_Plans_and_Postretireme5
Pension Plans and Postretirement Benefits Schedule of Accumulated and Projected Benefit Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | ($3,761) | ||
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | -4,379 | ||
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss (gain) | 618 | ||
US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets at End of Year | 2,098 | ||
US [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 2,904 | 2,459 | |
Projected Benefit Obligation at Beginning of Year | 2,459 | 2,719 | |
Service cost | 0 | 0 | 0 |
Interest cost | 119 | 105 | 110 |
Actuarial loss (gain) | -369 | 329 | |
Actual Benefits Paid | -43 | -36 | |
Projected Benefit Obligation at End of Year | 2,904 | 2,459 | 2,719 |
Fair Value of Plan Assets at Beginning of Year | 1,872 | 1,561 | |
Actual Return on Plan Assets | 119 | 212 | |
Employer Contributions | 150 | 135 | |
Funded Status of the Plan | -806 | -587 | |
Fair Value of Plan Assets at End of Year | 2,098 | 1,872 | 1,561 |
Noncurrent Assets | 0 | 0 | |
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | -806 | -587 | |
Net Amounts Recognized | -806 | -587 | |
Prior service (credit) cost | 0 | 0 | |
Net actuarial loss (gain) | 620 | 248 | |
Total Amount Recognized | 620 | 248 | |
Deferred taxes | -236 | -94 | |
Net amount recognized | 384 | 154 | |
US [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 4,308 | 3,991 | |
Projected Benefit Obligation at Beginning of Year | 3,991 | 4,435 | |
Service cost | 289 | 337 | 327 |
Interest cost | 168 | 149 | 161 |
Actuarial loss (gain) | -25 | 803 | |
Actual Benefits Paid | -165 | -127 | |
Projected Benefit Obligation at End of Year | 4,308 | 3,991 | 4,435 |
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Employer Contributions | 165 | 127 | |
Funded Status of the Plan | -4,308 | -3,991 | |
Fair Value of Plan Assets at End of Year | 0 | 0 | 0 |
Noncurrent Assets | 0 | 0 | |
Current Liabilities | -241 | -217 | |
Noncurrent Liabilities | -4,067 | -3,774 | |
Net Amounts Recognized | -4,308 | -3,991 | |
Prior service (credit) cost | 0 | 0 | |
Net actuarial loss (gain) | -582 | -676 | |
Total Amount Recognized | -582 | -676 | |
Deferred taxes | 221 | 257 | |
Net amount recognized | -361 | -419 | |
Canada [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contributions | 400 | ||
Fair Value of Plan Assets at End of Year | 16,727 | ||
Canada [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 13,786 | 12,256 | |
Projected Benefit Obligation at Beginning of Year | 12,256 | 13,322 | |
Service cost | 315 | 348 | 339 |
Interest cost | 570 | 557 | 602 |
Defined Benefit Plan, Prior Service Cost Adjustments due to Amendments | 381 | 0 | |
Actuarial loss (gain) | -1,783 | 643 | |
Actual Benefits Paid | -402 | -468 | |
Exchange Rate Changes | -1,117 | -860 | |
Projected Benefit Obligation at End of Year | 13,786 | 12,256 | 13,322 |
Fair Value of Plan Assets at Beginning of Year | 16,683 | 15,085 | |
Actual Return on Plan Assets | 1,424 | 2,432 | |
Employer Contributions | 433 | 718 | |
Exchange Rate Changes | -1,411 | -1,084 | |
Funded Status of the Plan | 2,941 | 4,427 | |
Fair Value of Plan Assets at End of Year | 16,727 | 16,683 | 15,085 |
Noncurrent Assets | 2,941 | 4,427 | |
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | 0 | 0 | |
Net Amounts Recognized | 2,941 | 4,427 | |
Net Transition (Asset)/Obligation | 0 | 0 | |
Prior service (credit) cost | 361 | 97 | |
Net actuarial loss (gain) | 3,759 | 2,863 | |
Total Amount Recognized | 4,120 | 2,960 | |
Deferred taxes | -1,030 | -740 | |
Net amount recognized | 3,090 | 2,220 | |
Canada [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 1,480 | 1,803 | |
Projected Benefit Obligation at Beginning of Year | 1,803 | 1,905 | |
Service cost | 68 | 77 | 81 |
Interest cost | 85 | 81 | 99 |
Defined Benefit Plan, Prior Service Cost Adjustments due to Amendments | 0 | 0 | |
Actuarial loss (gain) | 299 | 107 | |
Actual Benefits Paid | -42 | -29 | |
Exchange Rate Changes | -135 | -124 | |
Projected Benefit Obligation at End of Year | 1,480 | 1,803 | 1,905 |
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Employer Contributions | 42 | 29 | |
Exchange Rate Changes | 0 | 0 | |
Funded Status of the Plan | -1,480 | -1,803 | |
Fair Value of Plan Assets at End of Year | 0 | 0 | 0 |
Noncurrent Assets | 0 | 0 | |
Current Liabilities | -90 | -44 | |
Noncurrent Liabilities | -1,390 | -1,759 | |
Net Amounts Recognized | -1,480 | -1,803 | |
Net Transition (Asset)/Obligation | 119 | 157 | |
Prior service (credit) cost | 0 | 0 | |
Net actuarial loss (gain) | -36 | 285 | |
Total Amount Recognized | 83 | 442 | |
Deferred taxes | -21 | -111 | |
Net amount recognized | $62 | $331 |
Pension_Plans_and_Postretireme6
Pension Plans and Postretirement Benefits Schedule of Net Benefit Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return | 1.00% | ||
US [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $0 | $0 | $0 |
Interest cost | 119 | 105 | 110 |
Expected Return on Assets | -122 | -111 | -110 |
Prior Service Cost | 0 | 0 | 0 |
Actuarial (Gain)/Loss | 0 | 50 | 14 |
Net Periodic Cost | -3 | 44 | 14 |
US [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 289 | 337 | 327 |
Interest cost | 168 | 149 | 161 |
Expected Return on Assets | 0 | 0 | 0 |
Prior Service Cost | 0 | 0 | -67 |
Actuarial (Gain)/Loss | -69 | 0 | 0 |
Net Periodic Cost | 388 | 486 | 421 |
Canada [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 315 | 348 | 339 |
Interest cost | 570 | 557 | 602 |
Expected Return on Assets | -925 | -900 | -944 |
Prior Service Cost | 94 | 101 | 104 |
Net Transition Obligation | 0 | 0 | 0 |
Actuarial (Gain)/Loss | 99 | 316 | 261 |
Net Periodic Cost | 153 | 422 | 362 |
Canada [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 68 | 77 | 81 |
Interest cost | 85 | 81 | 99 |
Expected Return on Assets | 0 | 0 | 0 |
Prior Service Cost | 0 | 0 | 0 |
Net Transition Obligation | 28 | 29 | 30 |
Actuarial (Gain)/Loss | 14 | 36 | 47 |
Net Periodic Cost | $195 | $223 | $257 |
Balance Sheet Liability [Member] | US [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.00% | 5.00% | 4.00% |
Expected Long-Term Rate of Return | 6.65% | 6.30% | 6.35% |
Balance Sheet Liability [Member] | US [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.00% | 4.50% | 3.75% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Balance Sheet Liability [Member] | Canada [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.00% | 4.75% | 4.25% |
Balance Sheet Liability [Member] | Canada [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.00% | 4.75% | 4.25% |
Net Periodic Benefit Cost [Member] | US [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 5.00% | 4.00% | 4.50% |
Expected Long-Term Rate of Return | 6.30% | 6.35% | 6.72% |
Net Periodic Benefit Cost [Member] | US [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.50% | 3.75% | 4.25% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Net Periodic Benefit Cost [Member] | Canada [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.75% | 4.25% | 5.00% |
Expected Long-Term Rate of Return | 6.00% | 6.00% | 6.50% |
Net Periodic Benefit Cost [Member] | Canada [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.75% | 4.25% | 5.00% |
Health Care Cost Trend Rate Assumed for Next Year (Initial Rate) | 8.00% | 9.00% | 10.00% |
Rate to which the Cost Trend Rate is Assumed to Decline (Ultimate Rate) | 5.00% | 5.00% | 5.00% |
Year that the Rate Reaches the Ultimate Rate | 2033 | 2027 | 2019 |
Pension_Plans_and_Postretireme7
Pension Plans and Postretirement Benefits Schedule of Expected Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
US [Member] | Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2012 | $91 |
Fiscal 2013 | 104 |
Fiscal 2014 | 123 |
Fiscal 2015 | 137 |
Fiscal 2016 | 145 |
Fiscal Years 2017-2021 | 819 |
US [Member] | Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2012 | 241 |
Fiscal 2013 | 336 |
Fiscal 2014 | 379 |
Fiscal 2015 | 411 |
Fiscal 2016 | 424 |
Fiscal Years 2017-2021 | 1,768 |
Canada [Member] | Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2012 | 451 |
Fiscal 2013 | 478 |
Fiscal 2014 | 501 |
Fiscal 2015 | 550 |
Fiscal 2016 | 580 |
Fiscal Years 2017-2021 | 3,546 |
Canada [Member] | Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2012 | 90 |
Fiscal 2013 | 66 |
Fiscal 2014 | 59 |
Fiscal 2015 | 75 |
Fiscal 2016 | 72 |
Fiscal Years 2017-2021 | $549 |
Pension_Plans_and_Postretireme8
Pension Plans and Postretirement Benefits Schedule of Allocation of Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 100.00% | 100.00% |
Fair Value of Plan Assets at End of Year | $2,098 | |
US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 2,098 | |
US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 89.90% | 56.30% |
Fair Value of Plan Assets at End of Year | 1,886 | |
US [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 1,886 | |
US [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
US [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
US [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 10.10% | 43.70% |
Fair Value of Plan Assets at End of Year | 212 | |
US [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 212 | |
US [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
US [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
Canada [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 100.00% | 100.00% |
Fair Value of Plan Assets at End of Year | 16,727 | |
Canada [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 8,239 | |
Canada [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 8,488 | |
Canada [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
Canada [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 49.30% | 63.70% |
Fair Value of Plan Assets at End of Year | 8,239 | |
Canada [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 8,239 | |
Canada [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
Canada [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
Canada [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 8,488 | |
Canada [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 0 | |
Canada [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | 8,488 | |
Canada [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets at End of Year | $0 | |
Canada [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 50.70% | 33.20% |
Canada [Member] | Other than Securities Investment [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 0.00% | 3.10% |
Pension_Plans_and_Postretireme9
Pension Plans and Postretirement Benefits Schedule of Health Care Cost Trend Rates (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $175 | |
Canada [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total of Service Cost and Interest Cost | 14 | 26 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 163 | 262 |
Total of Service Cost and Interest Cost | -11 | -21 |
Postretirement Benefit Obligation | ($134) | ($212) |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income before Income Tax and Income Tax Expense / (Benefit), Domestic and Foreign (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income before Income Tax and Income Tax Expense (Benefit), Domestic and Foreign [Line Items] | |||
US, Income before income taxes | $67,288 | $61,206 | $84,815 |
Canada/Mexico/Europe/Asia, Income before income taxes | 30,068 | 15,041 | 21,158 |
Income before income taxes | 97,356 | 76,247 | 105,973 |
US, Income tax expense | 23,275 | 21,906 | 25,973 |
Canada/Mexico/Europe/Asia, Income tax expense | 9,620 | 4,835 | 5,810 |
Provision for income taxes | -32,895 | -26,741 | -31,783 |
Current income taxes | 30,049 | 25,257 | 31,616 |
Deferred income taxes | $2,846 | $1,484 | $167 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax expense at the U.S. statutory rate | $34,074 | $26,688 | $37,091 |
State income taxes (net of federal tax effect and state valuation allowance) | 3,819 | 3,087 | 2,458 |
Domestic manufacturing deduction | -2,072 | -1,639 | -1,912 |
Income Tax Reconciliation, Other Adjustments | 0 | -1,602 | 0 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | -745 | 1,401 | 715 |
Non-deductible permanent items | 0 | -329 | -3,101 |
Foreign tax rate differential | -932 | -1,161 | -1,233 |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 562 | 555 | -2,237 |
Permanent book / tax differences | -1,811 | -259 | 2 |
Provision for income taxes | $32,895 | $26,741 | $31,783 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net current deferred tax assets | $12,647 | $22,078 |
Net noncurrent deferred tax assets | 0 | 0 |
Net current deferred tax liabilities | 0 | 0 |
Net noncurrent deferred tax liabilities | -24,400 | -32,110 |
Net deferred tax assets (liabilities) | -11,753 | -10,032 |
Inventories | 4,306 | 5,443 |
Accrued liabilities | 12,097 | 11,335 |
Tax losses | 5,278 | 10,296 |
Total deferred tax assets | 21,681 | 27,074 |
Gain on bond retirement | -1,072 | -1,338 |
Intangibles | -11,400 | -11,172 |
Fixed assets | -15,814 | -20,010 |
Total deferred tax liabilities | -28,286 | -32,520 |
Total valuation allowances | ($5,148) | ($4,586) |
Income_Taxes_Narratives_Detail
Income Taxes - Narratives (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ||||
Tax Benefit from Stock Options Exercised | $1,071,000 | $2,849,000 | ||
Total valuation allowances | -5,148,000 | -4,586,000 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 232,600,000 | |||
Unrecognized Tax Benefits | 2,798,000 | 2,635,000 | 1,100,000 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 200,000 | |||
Income Taxes Paid | 30,327,000 | 9,402,000 | 45,080,000 | |
Canada Revenue Agency [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $3,500,000 |
Income_Taxes_Schedule_of_Unrec
Income Taxes Schedule of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $2,798 | $2,635 | $1,100 | $0 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 1,401 | 1,535 | 1,100 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -832 | 0 | 0 | |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | -406 | 0 | 0 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | 0 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $1,042 | $2,116 | $715 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2009 | Oct. 31, 2008 | Dec. 31, 2008 | Sep. 30, 2013 | |
t | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for Environmental Loss Contingencies | $1,100,000 | $1,100,000 | |||||
Income Tax Expense (Benefit) | 32,895,000 | 26,741,000 | 31,783,000 | ||||
Loss Contingency, Settlement Agreement, Consideration | 7,200,000 | ||||||
Operating Leases, Rent Expense | 6,670,000 | 6,324,000 | 6,172,000 | ||||
2012 | 6,349,000 | ||||||
2013 | 4,650,000 | ||||||
2014 | 3,903,000 | ||||||
2015 | 3,080,000 | ||||||
2016 | 2,619,000 | ||||||
Thereafter | 7,790,000 | ||||||
Environmental [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for Environmental Loss Contingencies | 1,100,000 | ||||||
Mexicana vs. Sudamfos Lawsuit [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | 1,200,000 | ||||||
Phosphoric Acid, Metric Tons | 12,500 | ||||||
Loss Contingency, Damages Sought, Counter Lawsuit | 3,000,000 | ||||||
Louisiana sales and use tax [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | 1,200,000 | ||||||
Minimum [Member] | Environmental [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental Exit Costs, Anticipated Cost | 900,000 | ||||||
Maximum [Member] | Environmental [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental Exit Costs, Anticipated Cost | 1,300,000 | ||||||
Commitments [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Unrecorded Unconditional Purchase Obligation, Due within One Year | 96,300,000 | ||||||
Civil Penalty [Domain] | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated Litigation Liability | $900,000 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive loss | ($2,813) | ($1,565) | ($5,936) |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | -1,248 | 4,371 | |
Reclassification From Accumulated Other Comprehensive Income Net Of Tax | 0 | 0 | |
Other comprehensive (loss) income, net of tax | -1,248 | 4,371 | -941 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive loss | 362 | 722 | -623 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | -360 | 1,345 | |
Reclassification From Accumulated Other Comprehensive Income Net Of Tax | 0 | 0 | |
Other comprehensive (loss) income, net of tax | -360 | 1,345 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Domain] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive loss | -3,175 | -2,287 | -5,313 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | -888 | 3,026 | |
Reclassification From Accumulated Other Comprehensive Income Net Of Tax | 0 | 0 | |
Other comprehensive (loss) income, net of tax | ($888) | $3,026 |
Financial_Instruments_and_Conc1
Financial Instruments and Concentration of Credit Risks (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration Risk [Line Items] | |||
Entity-Wide Revenue, Major Customer, Number | 10 | ||
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 29.00% | 30.00% | 35.00% |
Sales Revenue, Goods, Net [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk Threshold, Percentage | 10.00% |
Valuation_Allowances_Details
Valuation Allowances (Details) (Valuation Allowance of Deferred Tax Assets [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deferred taxes valuation allowances, beginning balance | $4,586 | $4,031 | $6,549 |
Charged/(credited) to costs and expenses | 562 | 555 | -2,518 |
Deductions (Bad debts) | 0 | 0 | |
(Credited) to Goodwill | 0 | 0 | |
Deferred taxes valuation allowances, ending balance | $5,148 | $4,586 | $4,031 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | $839,186,000 | $844,129,000 | $862,399,000 | |||||||||
Total sales | 194,488,000 | 208,815,000 | 219,542,000 | 216,341,000 | 196,519,000 | 219,993,000 | 213,176,000 | 214,441,000 | 839,186,000 | 844,129,000 | 862,399,000 | |
Operating income | 106,795,000 | 83,870,000 | [1] | 109,993,000 | ||||||||
Depreciation and amortization expense | 35,461,000 | 35,461,000 | 42,334,000 | |||||||||
Capital expenditures | 27,955,000 | 33,415,000 | 33,060,000 | |||||||||
Long-lived assets | 198,988,000 | 201,985,000 | 198,988,000 | 201,985,000 | 195,723,000 | |||||||
Segment Reporting Information, Gross Assets | 990,353,000 | 1,014,674,000 | 990,353,000 | 1,014,674,000 | 1,017,723,000 | |||||||
Segment Reporting Information, Eliminations | -261,942,000 | -269,008,000 | -261,942,000 | -269,008,000 | -279,212,000 | |||||||
Total assets | 728,411,000 | 745,666,000 | 728,411,000 | 745,666,000 | 738,511,000 | |||||||
Gain (Loss) Related to Litigation Settlement | 7,200,000 | |||||||||||
Litigation Settlement, Expense | 7,100,000 | |||||||||||
US [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 496,613,000 | 495,276,000 | 471,851,000 | |||||||||
Mexico [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 119,514,000 | 132,737,000 | 131,353,000 | |||||||||
Canada [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 36,719,000 | 36,574,000 | 38,905,000 | |||||||||
Other foreign countries [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 186,340,000 | 179,542,000 | 220,290,000 | |||||||||
Specialty Ingredients [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 548,583,000 | 556,223,000 | 514,535,000 | |||||||||
Food & Technical Grade PPA [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 140,712,000 | 145,805,000 | 151,779,000 | |||||||||
STPP & Detergent Grade PPA [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 72,574,000 | 75,401,000 | 91,246,000 | |||||||||
GTSP & Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total sales | 77,317,000 | 66,700,000 | 104,839,000 | |||||||||
Specialty Phosphates US & Canada [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 594,446,000 | 607,578,000 | 569,816,000 | |||||||||
Total sales | 598,837,000 | 610,488,000 | 571,595,000 | |||||||||
Operating income | 81,762,000 | 76,802,000 | [1] | 86,002,000 | ||||||||
Depreciation and amortization expense | 24,264,000 | 26,537,000 | 23,214,000 | |||||||||
Capital expenditures | 15,432,000 | 11,084,000 | 11,068,000 | |||||||||
Long-lived assets | 120,226,000 | 123,893,000 | 120,226,000 | 123,893,000 | 130,869,000 | |||||||
Segment Reporting Information, Gross Assets | 711,480,000 | 720,740,000 | 711,480,000 | 720,740,000 | 714,753,000 | |||||||
Segment Reporting Information, Eliminations | -244,499,000 | -255,928,000 | -244,499,000 | -255,928,000 | -260,559,000 | |||||||
Total assets | 466,981,000 | 464,812,000 | 466,981,000 | 464,812,000 | 454,194,000 | |||||||
Specialty Phosphates Mexico [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 167,423,000 | 169,851,000 | 187,743,000 | |||||||||
Total sales | 222,220,000 | 225,210,000 | 243,573,000 | |||||||||
Operating income | 28,887,000 | 11,677,000 | [1] | 21,913,000 | ||||||||
Depreciation and amortization expense | 9,416,000 | 7,200,000 | 14,578,000 | |||||||||
Capital expenditures | 12,201,000 | 22,237,000 | 20,481,000 | |||||||||
Long-lived assets | 77,403,000 | 76,698,000 | 77,403,000 | 76,698,000 | 63,447,000 | |||||||
Segment Reporting Information, Gross Assets | 276,588,000 | 291,264,000 | 276,588,000 | 291,264,000 | 296,315,000 | |||||||
Segment Reporting Information, Eliminations | -17,443,000 | -13,080,000 | -17,443,000 | -13,080,000 | -18,653,000 | |||||||
Total assets | 259,145,000 | 278,184,000 | 259,145,000 | 278,184,000 | 277,662,000 | |||||||
GTSP & Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 77,317,000 | 66,700,000 | 104,840,000 | |||||||||
Total sales | 77,434,000 | 67,008,000 | 105,249,000 | |||||||||
Operating income | -3,854,000 | -4,609,000 | [1] | 2,078,000 | ||||||||
Depreciation and amortization expense | 1,781,000 | 1,724,000 | 4,542,000 | |||||||||
Capital expenditures | 322,000 | 94,000 | 1,511,000 | |||||||||
Long-lived assets | 1,359,000 | 1,394,000 | 1,359,000 | 1,394,000 | 1,407,000 | |||||||
Segment Reporting Information, Gross Assets | 2,285,000 | 2,670,000 | 2,285,000 | 2,670,000 | 6,655,000 | |||||||
Segment Reporting Information, Eliminations | 0 | 0 | 0 | 0 | 0 | |||||||
Total assets | 2,285,000 | 2,670,000 | 2,285,000 | 2,670,000 | 6,655,000 | |||||||
Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 0 | 0 | 0 | |||||||||
Total sales | -59,305,000 | -58,577,000 | -58,018,000 | |||||||||
Operating income | 0 | [1] | 0 | |||||||||
Depreciation and amortization expense | 0 | 0 | 0 | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Long-lived assets | 0 | 0 | 0 | 0 | 0 | |||||||
Segment Reporting Information, Gross Assets | 0 | 0 | 0 | 0 | 0 | |||||||
Segment Reporting Information, Eliminations | 0 | 0 | 0 | 0 | 0 | |||||||
Total assets | 0 | 0 | 0 | 0 | 0 | |||||||
Cost of Sales [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain (Loss) Related to Litigation Settlement | 7,200,000 | |||||||||||
Prior Period Reclassification Adjustment | 2,300,000 | 2,300,000 | 2,400,000 | |||||||||
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 0 | 0 | 0 | |||||||||
Segment Reconciling Items [Member] | Specialty Phosphates US & Canada [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 4,391,000 | 2,910,000 | 1,779,000 | |||||||||
Segment Reconciling Items [Member] | Specialty Phosphates Mexico [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 54,797,000 | 55,359,000 | 55,830,000 | |||||||||
Segment Reconciling Items [Member] | GTSP & Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 117,000 | 308,000 | 409,000 | |||||||||
Segment Reconciling Items [Member] | Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | ($59,305,000) | ($58,577,000) | ($58,018,000) | |||||||||
[1] | The years ended December 31, 2013 and December 31, 2012 include a $7.2 million and $7.1 million benefit to earnings, respectively, for the CNA Fresh Water Claims in GTSP & Other. |
Quarterly_Information_unaudite2
Quarterly Information (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Gain (Loss) Related to Litigation Settlement | $7,200,000 | ||||||||||
Net sales | 194,488,000 | 208,815,000 | 219,542,000 | 216,341,000 | 196,519,000 | 219,993,000 | 213,176,000 | 214,441,000 | 839,186,000 | 844,129,000 | 862,399,000 |
Gross profit | 41,996,000 | 50,963,000 | 52,573,000 | 41,932,000 | 41,665,000 | 38,705,000 | 40,895,000 | 37,034,000 | 187,464,000 | 158,299,000 | 177,420,000 |
Net income (loss) | 11,328,000 | 18,320,000 | 20,628,000 | 14,185,000 | 14,596,000 | 10,940,000 | 11,567,000 | 12,403,000 | 64,461,000 | 49,506,000 | 74,190,000 |
Basic | $0.52 | $0.84 | $0.94 | $0.65 | $0.66 | $0.50 | $0.53 | $0.56 | $2.96 | $2.25 | $3.40 |
Diluted | $0.52 | $0.83 | $0.93 | $0.64 | $0.65 | $0.49 | $0.52 | $0.55 | $2.91 | $2.21 | $3.30 |
Litigation Settlement, Expense | 7,100,000 | ||||||||||
Net Income [Member] | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Gain (Loss) Related to Litigation Settlement | 5,400,000 | ||||||||||
Prior Period Reclassification Adjustment | 1,600,000 | ||||||||||
Cost of Sales [Member] | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Gain (Loss) Related to Litigation Settlement | 7,200,000 | ||||||||||
Prior Period Reclassification Adjustment | $2,300,000 | $2,300,000 | $2,400,000 |