Document and Entity Information
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2015shares | |
Document Information [Line Items] | |
Entity Registrant Name | Innophos Holdings, Inc. |
Trading Symbol | IPHS |
Entity Central Index Key | 1,364,099 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 19,238,346 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 86,047 | $ 36,207 |
Accounts receivable, net | 100,672 | 90,551 |
Inventories | 169,574 | 184,621 |
Other current assets | 47,935 | 60,135 |
Total current assets | 404,228 | 371,514 |
Property, plant and equipment, net | 197,112 | 198,988 |
Goodwill | 84,373 | 84,373 |
Intangibles and other assets, net | 66,021 | 73,536 |
Total assets | 751,734 | 728,411 |
Current liabilities: | ||
Current portion of long-term debt | 4,002 | 4,003 |
Accounts payable, trade and other | 42,433 | 53,137 |
Other current liabilities | 40,278 | 34,806 |
Total current liabilities | 86,713 | 91,946 |
Long-term debt | 282,000 | 132,002 |
Other long-term liabilities | 40,652 | 41,456 |
Total liabilities | $ 409,365 | $ 265,404 |
Commitments and contingencies (note 13) | ||
Stockholders’ equity: | ||
Common stock, par value $.001 per share; authorized 100,000,000 shares; issued 22,531,234 and 22,447,058 shares and outstanding 19,238,346 and 21,480,334 shares | $ 19 | $ 21 |
Paid-in capital | 127,763 | 124,558 |
Common stock held in treasury, at cost (3,292,888 and 966,724 shares) | (174,685) | (49,284) |
Retained earnings | 392,199 | 390,525 |
Accumulated other comprehensive loss | (2,927) | (2,813) |
Total stockholders’ equity | 342,369 | 463,007 |
Total liabilities and stockholders’ equity | $ 751,734 | $ 728,411 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common Stock, Shares, Issued | 22,531,234 | 22,447,058 |
Common Stock, Shares, Outstanding | 19,238,346 | 21,480,334 |
Treasury Stock, Shares | 3,292,888 | 966,724 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 199,612 | $ 208,815 | $ 618,515 | $ 644,698 |
Cost of goods sold | 162,491 | 157,852 | 499,873 | 499,230 |
Gross profit | 37,121 | 50,963 | 118,642 | 145,468 |
Operating expenses: | ||||
Selling, general and administrative | 23,368 | 19,419 | 60,026 | 58,075 |
Research & development expenses | 1,193 | 1,168 | 3,430 | 3,264 |
Total operating expenses | 24,561 | 20,587 | 63,456 | 61,339 |
Operating income | 12,560 | 30,376 | 55,186 | 84,129 |
Interest expense, net | 1,869 | 1,089 | 4,423 | 2,922 |
Foreign exchange loss | 2,629 | 1,804 | 5,061 | 1,763 |
Income before income taxes | 8,062 | 27,483 | 45,702 | 79,444 |
Provision for income taxes | 2,629 | 9,163 | 14,723 | 26,311 |
Net income | 5,433 | 18,320 | 30,979 | 53,133 |
Net income attributable to participating common shareholders | $ 5,416 | $ 18,281 | $ 30,916 | $ 53,021 |
Income per participating share: | ||||
Basic | $ 0.28 | $ 0.84 | $ 1.52 | $ 2.43 |
Diluted | $ 0.28 | $ 0.83 | $ 1.50 | $ 2.39 |
Weighted average participating shares outstanding: | ||||
Basic | 19,390,246 | 21,741,050 | 20,330,118 | 21,826,771 |
Diluted | 19,662,591 | 22,128,143 | 20,633,609 | 22,204,914 |
Other comprehensive (loss) income, net of tax: | ||||
Change in interest rate swaps, (net of tax ($22), ($236), $245 and ($268)) | $ (308) | $ 358 | $ (709) | $ (78) |
Change in pension and post-retirement plans, (net of tax ($7), ($19), ($108) and $20) | 283 | 146 | 595 | 218 |
Other comprehensive (loss) income, net of tax | (25) | 504 | (114) | 140 |
Comprehensive income | $ 5,408 | $ 18,824 | $ 30,865 | $ 53,273 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 189 | $ 220 | $ 434 | $ (48) |
Other Comprehensive Income (Loss) Pension and Post-Retirement Plans Tax Effect Period Increase Decrease | $ (96) | $ 47 | $ (204) | $ 67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 30,979 | $ 53,133 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Depreciation and amortization | 29,681 | 26,643 |
Amortization of deferred financing charges | 445 | 393 |
Deferred income tax (benefit) provision | 169 | (71) |
Share-based compensation | 2,243 | 2,688 |
Changes in assets and liabilities: | ||
Increase in accounts receivable | (10,091) | (6,249) |
Decrease in inventories | 15,057 | 17,678 |
Decrease in other current assets | 11,241 | 2,749 |
(Decrease) increase in accounts payable | (10,609) | 4,568 |
Increase in other current liabilities | 5,342 | 7,014 |
Changes in other long-term assets and liabilities | 1,480 | 1,525 |
Net cash provided from operating activities | 75,937 | 110,071 |
Cash flows used for investing activities: | ||
Capital expenditures | (21,770) | (21,000) |
Payments to Acquire Intangible Assets | 0 | (294) |
Net cash used for investing activities | (21,770) | (21,294) |
Cash flows used for financing activities: | ||
Proceeds from exercise of stock options | 190 | 159 |
Long-term debt borrowings | 156,000 | 0 |
Long-term debt repayments | (6,002) | (35,003) |
Payments of Financing Costs | (277) | 0 |
Excess tax benefits from exercise of stock options | 771 | 814 |
Common stock repurchases and restricted stock forfeitures | (125,402) | (14,384) |
Dividends paid | (29,322) | (28,022) |
Net cash used for financing activities | (4,042) | (76,436) |
Effect of Exchange Rate on Cash and Cash Equivalents | (285) | 68 |
Net change in cash | 49,840 | 12,409 |
Cash and cash equivalents at beginning of period | 36,207 | 32,755 |
Cash and cash equivalents at end of period | $ 86,047 | $ 45,164 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Number of Common Shares | Common Stock | Retained Earnings | Paid-in Capital | Accumulated Other Comprehensive Income(Loss) |
Balance, shares at Dec. 31, 2013 | 21,893,000 | |||||
Balance at Dec. 31, 2013 | $ 463,419 | $ 22 | $ 364,515 | $ 100,447 | $ (1,565) | |
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 Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | ||||||
Proceeds from stock award exercises and issuances | 160 | 160 | ||||
Share-based compensation | 3,280 | 3,280 | ||||
Stock Repurchased During Period, Shares | (528,000) | |||||
Stock Repurchased During Period, Value | (29,483) | $ (1) | (29,482) | |||
Excess tax benefits from exercise of stock options | 1,071 | 1,071 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (4,000) | |||||
Restricted Stock Award, Forfeitures | (202) | (202) | ||||
Dividends declared | $ (38,451) | (38,451) | ||||
Balance, shares at Dec. 31, 2014 | 21,480,334 | 21,480,000 | ||||
Balance at Dec. 31, 2014 | $ 463,007 | 21 | 390,525 | 75,274 | (2,813) | |
Net income | 30,979 | 30,979 | ||||
Other comprehensive (loss) income, net of tax | (114) | (114) | ||||
Proceeds from stock award exercises and issuances, shares | 84,000 | |||||
Proceeds from stock award exercises and issuances | 190 | 190 | ||||
Share-based compensation | $ 2,243 | 2,243 | ||||
Stock Repurchased During Period, Shares | (2,318,720) | (2,319,000) | ||||
Stock Repurchased During Period, Value | $ (125,000) | (2) | (124,998) | |||
Excess tax benefits from exercise of stock options | 771 | 771 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (7,000) | |||||
Restricted Stock Award, Forfeitures | (402) | (402) | ||||
Dividends declared | $ (29,305) | (29,305) | ||||
Balance, shares at Sep. 30, 2015 | 19,238,346 | 19,238,000 | ||||
Balance at Sep. 30, 2015 | $ 342,369 | $ 19 | $ 392,199 | $ (46,922) | $ (2,927) |
Statements of Stockholders' Eq8
Statements of Stockholders' Equity (Unaudited) Statements of Stockholders' Equity Parenthetical - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Tax | $ 230 | $ 598 |
Basis of Statement Presentation
Basis of Statement Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Statement Presentation Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Innophos have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) for interim financial reporting and do not include all disclosures required by US GAAP for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2014 and for the three years then ended. The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2014 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (US). Certain prior year balances have been reclassified to conform to current year presentation. Recently Issued Accounting Standards Adopted None. Issued but not yet adopted In May 2014, the Financial Accounting Standard Board (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, 2017 (early adoption is permitted to the interim periods within the year of adoption). In July 2015 the FASB deferred the effective date by one year. 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 US 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 US 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 our financial position, results of operations and related disclosures. In February 2015, the FASB issued amendments to the criteria for determining which entities are considered variable interest entities (VIEs) and to the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015 and early adoption is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015, and early adoption is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures, although it will change the financial statement classification of our debt issuance costs. As of September 30, 2015, we have $1.5 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of our debt. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value (“NRV”),” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under the new guidance, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin). The guidance defines NRV as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In September 2015, the FASB issued guidance which eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. Measurement period adjustments are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior-period information had been revised. The guidance is effective for annual periods beginning after December 15, 2015 and is to be applied prospectively to adjustments of provisional amounts that occur after the effective date. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share (EPS) | Earnings per share (EPS) The Company accounts for earnings per share in accordance with ASC 260, which requires two calculations of earnings per share (EPS) to be disclosed: basic EPS and diluted EPS. Under ASC Subtopic 260-10-45, as of January 1, 2009 unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock, are considered participating securities for purposes of calculating EPS. Under the two-class method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of EPS allocated to common stock, as shown in the table below. The numerator for basic and diluted earnings per share is net earnings attributable to shareholders reduced by dividends attributable to unvested shares. The denominator for basic earnings per share is the weighted average number of common stock outstanding during the period. The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive outstanding stock options, performance share awards and restricted stock awards. The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income $ 5,433 $ 18,320 $ 30,979 $ 53,133 Less: earnings attributable to unvested shares (17 ) (39 ) (63 ) (112 ) Net income available to participating common shareholders $ 5,416 $ 18,281 $ 30,916 $ 53,021 Weighted average number of participating common and potential common shares outstanding: Basic number of participating common shares outstanding 19,390,246 21,741,050 20,330,118 21,826,771 Dilutive effect of stock equivalents 272,345 387,093 303,491 378,143 Diluted number of weighted average participating common shares outstanding 19,662,591 22,128,143 20,633,609 22,204,914 Earnings per participating common share: Earnings per participating common share—Basic $ 0.28 $ 0.84 $ 1.52 $ 2.43 Earnings per participating common share—Diluted $ 0.28 $ 0.83 $ 1.50 $ 2.39 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 404,602 321,102 373,456 330,052 |
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2015 | |
Dividends [Abstract] | |
Dividends [Text Block] | Dividends The following is the dividend activity for the three and nine months ended September 30, 2015 and September 30, 2014 : Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 Dividends declared – per share $ 0.48 $ 0.48 $ 1.44 $ 1.28 Dividends declared – aggregate 9,261 10,477 29,322 28,022 Dividends paid – per share 0.48 0.48 1.44 1.28 Dividends paid – aggregate 9,261 10,477 29,322 28,022 Innophos Holdings, Inc. is a holding company that does not conduct any business operations of its own. As a result, it is dependent upon cash dividends, distributions and other transfers from its subsidiaries, most directly Innophos, Inc., its primary operating subsidiary, and Innophos Investments Holdings, Inc., the parent of Innophos, Inc., to make dividend payments on its common stock. |
Stockholders' Equity _ Share-Ba
Stockholders' Equity / Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Stockholders’ Equity / Stock-Based Compensation Restricted Stock On May 8, 2015 there were a total of 24,164 restricted shares granted to certain employees with a fair value of $1.2 million . These awards are classified as equity awards and vest annually over three years . The related compensation expense is based on the date of grant share price of $49.54 . The compensation expense is amortized on a straight-line basis over the requisite vesting period and accelerated for those employees that are retirement eligible during the vesting period. Stock Options On May 8, 2015 the Company granted 102,766 non-qualified stock options at an exercise price of $49.54 per share to certain employees with a fair value of $1.7 million . The non-qualified stock options vest annually over three years with a May 8, 2025 expiration date. The fair value of the options granted during 2015 was determined using the Black-Scholes option-pricing model. The assumptions used in the Black-Scholes option-pricing model were as follows: Non-qualified stock options Expected volatility 46.3 % Dividend yield 3.3 % Risk-free interest rate 1.7 % Expected term (years) 6.3 Weighted average grant date fair value of stock options $ 16.46 For the 2015 grants the expected volatility and the expected term are based on the Company's historical data. 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 US Treasury securities in effect on the date of grant whose maturity period equals the options expected term. The Company applies an expected forfeiture rate to stock-based compensation expense. The estimate of the forfeiture rate is based primarily upon historical experience of employee turnover. As actual forfeitures become known, stock-based compensation expense is adjusted accordingly. Performance Share Awards On May 8, 2015, the Company granted 40,272 performance shares to certain employees with a fair value of $2.0 million . The performance shares vest at the end of the three year performance cycle and the number of shares distributable depends on the extent to which the Company attains pre-established performance goals. Amounts equivalent to declared dividends will accrue on the performance shares and will vest over the same period. Stock Grants In May 2015, the six independent members of the Board of Directors were granted a combined total of 9,792 shares of the Company's common stock with an aggregated fair value of approximately $0.5 million which immediately vested as part of their director fees. The Board of Directors authorized a new stock repurchase program, commencing January 1, 2015, pursuant to which the Company 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 depended upon market conditions and other factors. The repurchase program was funded through existing liquidity, including possible borrowings from the credit facility (see Note 9), and cash from operations. Treasury stock is recognized at the cost to reacquire the shares. Under the stock repurchase program, during the nine months ended September 30, 2015 , the Company repurchased 2,318,720 shares of its common stock on the open market at an average price of 53.91 per share, for an aggregate price of $125.0 million . The share repurchase program was completed in the third quarter of 2015. The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Stock options $ 327 $ 241 $ 1,029 $ 1,056 Restricted stock 300 273 938 830 Performance shares 31 199 (234 ) 532 Stock grants — — 510 270 Total share-based compensation expense $ 658 $ 713 $ 2,243 $ 2,688 During the third quarter of 2015, the Company identified a presentation misclassification between paid-in capital and common stock held in treasury on the second quarter balance sheet (not included herein), resulting in each classification being understated by $49.2 million as of June 30, 2015. All related disclosures, total stockholders’ equity and the Statement of Stockholders’ Equity were presented properly for all periods. The Company deems this balance sheet misclassification as immaterial. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | Inventories Inventories consist of the following: September 30, December 31, Raw materials $ 48,990 $ 60,697 Finished products 107,205 111,600 Spare parts 13,379 12,324 $ 169,574 $ 184,621 Inventory reserves for excess quantities, obsolescence or shelf-life expiration as of September 30, 2015 and December 31, 2014 were $13,201 and $12,626 , respectively. |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Current Assets: [Abstract] | |
Other Current Assets [Text Block] | Other Current Assets Other current assets consist of the following: September 30, December 31, Creditable taxes (value added taxes) 13,307 $ 18,124 Vendor inventory deposits (prepaid) 7,196 9,483 Prepaid income taxes 10,604 12,658 Deferred income taxes 11,921 12,647 Prepaid insurance 1,793 2,109 Other 3,114 5,114 $ 47,935 $ 60,135 |
Intangibles and Other Assets, n
Intangibles and Other Assets, net | 9 Months Ended |
Sep. 30, 2015 | |
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 (years) September 30, December 31, Developed technology and application patents, net of accumulated amortization of $24,106 for 2015 and $21,894 for 2014 7-20 $ 22,169 $ 24,381 Customer relationships, net of accumulated amortization of $15,122 for 2015 and $13,054 for 2014 5-15 23,690 25,758 Trade names and license agreements, net of accumulated amortization of $8,601 for 2015 and $7,573 for 2014 5-20 9,060 10,088 Non-compete agreements, net of accumulated amortization of $1,072 for 2015 and $954 for 2014 3-10 261 379 Total intangibles $ 55,180 $ 60,606 Deferred financing costs, net of accumulated amortization of $2,623 for 2015 and $2,178 for 2014 (see note 9) $ 1,504 $ 1,673 Other tax assets 6,359 7,013 Other assets 2,978 4,244 Total other assets $ 10,841 $ 12,930 $ 66,021 $ 73,536 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Other Current Liabilities Other current liabilities consist of the following: September 30, December 31, Payroll related $ 10,884 $ 12,703 Taxes other than income taxes 4,518 5,057 Benefits and pensions 5,290 6,640 Freight and rebates 4,767 4,346 Income taxes 2,374 1,302 Restructuring 6,904 — Other 5,541 4,758 $ 40,278 $ 34,806 |
Debt and Interest
Debt and Interest | 9 Months Ended |
Sep. 30, 2015 | |
Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | |
Debt and Interest | Short-term Borrowings, Long-Term Debt, and Interest Expense Short-term borrowings and long-term debt consist of the following: September 30, December 31, Term loan due 2017 $ 89,000 $ 92,000 Revolver borrowings under the credit facility due 2017 197,000 44,000 Capital leases 2 5 Total borrowings $ 286,002 $ 136,005 Less current portion 4,002 4,003 Long-term debt $ 282,000 $ 132,002 The Company's credit facility includes a term loan of $100.0 million and a revolving line of credit from the lenders of up to $225.0 million , including a $20.0 million letter of credit sub-facility, all maturing on December 21, 2017. Repayments of the term loan are required at the rate of 1% of original principal amount per quarter beginning on March 31, 2013. As of September 30, 2015 , $89.0 million was outstanding under the term loan and $197.0 million was outstanding under the revolving line of credit, both of which approximate fair value because they have a floating interest rate (determined using level 2 inputs within the fair value hierarchy) with total availability at $27.1 million , taking into account $0.9 million in face amount of letters of credit issued under the sub-facility. The current weighted average interest rate for all debt is 2.2% . Among its affirmative covenants, the credit agreement governing this credit facility 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) “Fixed Charge Coverage Ratio” greater than or equal to 1.25 to 1.00 . As of September 30, 2015 , the Company was in full compliance with all debt covenant requirements. In order to make restricted payments such as share repurchases or dividends, the Company must pass an incurrence test of (a) the total leverage ratio shall be 0.50 less than the applicable covenant level and (b) accessible borrowing availability of at least $25.0 million . In the third quarter of 2015, the Company successfully negotiated with the lenders to amend the credit agreement to remove the senior leverage ratio. Fees and expenses incurred in the third quarter of 2015 with the latest amendment were approximately $0.3 million . The amounts above were recorded as deferred financing costs and are being amortized over the term of the credit agreement using the effective interest method. Simultaneous with the term of the credit facility, Innophos entered into an interest rate swap, swapping the LIBOR exposure on $100.0 million adjusting quarterly consistent with the term loan, with a fixed rate of 0.9475% plus the applicable margin on the debt expiring in December 2017. This interest rate swap has been designated as a cashflow hedge (Level 2) with the changes in value recorded through other comprehensive income. The fair value of this interest rate swap is a liability of approximately $0.6 million as of September 30, 2015 . We manage our interest rate risk by balancing the amount of fixed-rate and floating-rate debt to the extent practicable consistent with our credit status. Total interest paid by the Company for all indebtedness for the nine months ended September 30, 2015 and September 30, 2014 was $4,089 and $3,154 , respectively. Interest expense, net consists of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Interest expense $ 1,767 $ 1,008 $ 4,099 2,615 Deferred financing cost 160 130 445 393 Interest income (21 ) (14 ) (58 ) (28 ) Less: amount capitalized for capital projects (37 ) (35 ) (63 ) (58 ) Total interest expense, net $ 1,869 $ 1,089 $ 4,423 $ 2,922 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Long-Term Liabilities Other long-term liabilities consist of the following: September 30, December 31, Deferred income taxes $ 22,824 $ 24,400 Pension and post retirement liabilities 10,201 10,714 Uncertain tax positions 2,677 2,798 Environmental liabilities 1,100 1,100 Other liabilities 3,850 2,444 $ 40,652 $ 41,456 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The effective income tax rate on income before taxes was approximately 32% for the nine months ended September 30, 2015 compared to approximately 33% for the comparable period in 2014. The variance in the effective tax rate is primarily due to uncertain income tax position benefits which decreased the effective tax rate by 1% in the prior year and R&D and state research and development credits which decreased the prior year effective tax rate by 1% , more than offset by increased taxable income in lower tax rate jurisdictions in the current year. 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 2013. In addition, Innophos Canada, Inc. was assessed approximately $3.5 million for the tax years 2007 and 2008 by the Canadian tax authorities. The Company is contesting the full assessment. 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. It is reasonably possible that new issues will be raised by tax authorities which may require adjustments to the amount of unrecognized tax benefits as of September 30, 2015 . Other than the items mentioned above, as of September 30, 2015 , no material adjustments have been proposed to the Company's tax positions and the Company currently does not anticipate any adjustments that would result in a material change to its financial position during the next twelve months. Income taxes paid were $10,075 and $24,123 for the nine months ended September 30, 2015 and September 30, 2014 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Commitments and Contingencies Environmental The Company's operations are subject to extensive and changing federal and state environmental laws and regulations. The Company's manufacturing sites have an extended history of industrial use, and soil and groundwater contamination have or may have occurred in the past and might occur or be discovered in the future. Environmental efforts are difficult to assess for numerous reasons, including the discovery of new remedial sites, discovery of new information and scarcity of reliable information pertaining to certain sites, improvements in technology, changes in environmental laws and regulations, numerous possible remedial techniques and solutions, difficulty in assessing the involvement of and the financial capability of other potentially responsible parties and the extended time periods over which remediation occurs. Other than the items listed below, the Company is not aware of material environmental liabilities which are probable and estimable. As the Company's environmental contingencies are more clearly determined, it is reasonably possible that amounts may need to be accrued. However, management does not believe, based on current information, that environmental remediation requirements will have a material impact on the Company's results of operations, financial position or cash flows. Future environmental spending is probable at our site in Nashville, TN, the eastern portion of which had been used historically as a landfill, and a western parcel previously acquired from a third party, which reportedly had housed, but no longer does, a fertilizer and pesticide manufacturing facility. We have an estimated liability with a range of $0.9 million - $1.3 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 September 30, 2015 . Litigation 2008 RCRA Civil Enforcement - Geismar, Louisiana plant Following several inspections by the Environmental Protection Agency, or EPA, at our Geismar, Louisiana 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 enclosed system and allow the removal and separate handling of the Filter Material. We built that unit, which has been operating since 2012. In an attempt to address the remaining concerns of the Government Parties, we and PCS undertook joint efforts to explore possible technical solutions to the issue of Raffinate treatment. Based upon work so far, there appears to be at least one technically viable approach, namely that of “deep well injection,” which we believe is acceptable to regulators as part of a negotiated solution among the parties. Although we cannot give assurances as to the future course or ultimate outcome of ongoing negotiations, including whether litigation may ultimately ensue, we believe, based on our appreciation of the current state of the proceedings, that deep well injection is likely to be employed as the technologically acceptable approach for Raffinate and that we will not be asked to contribute substantially to the cost of the deep well to be specified by the Government Parties in an anticipated consent decree for settlement of this enforcement matter. However, in negotiated settlements leading to consent decrees with the Governmental Parties, it is also common for penalties relating to previous “non-compliance” to be assessed and, in that connection, we have been advised by the Governmental Parties that they expect to seek penalties against both PCS and us in this case. Although we have argued and made submissions to the effect that for purposes of settlement penalties there is no basis for any substantial penalty to be levied against us, nevertheless, we can give no assurance as to that outcome, or if a penalty is initially assessed as to its amount, or whether it will be necessary for us to oppose or seek indemnity for the assessment by further litigation. Based upon our receipt of a draft consent decree from the Government Parties in June 2014 and subsequent discussions with them, we have established an accrual of $0.9 million for settlement civil penalties. However, further discussions among all parties will be necessary to determine if the matter can be resolved by settlement. Other Legal Matters In March 2008, Sudamfos S.A., or Sudamfos, an Argentine phosphate producer, filed an arbitration before the ICC International Court of Arbitration, Paris, France, concerning an alleged agreement for our Mexicana subsidiary, or 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. In November 2015, Sudamfos and Mexicana executed an agreement under which Sudamfos will pay $1.4 million through an immediate payment of $0.1 million and the remaining $1.3 million over three years, secured by a lien on Sudamfos' operating plant site. In July 2013, Innophos, Inc. was assessed approximately $1.2 million of sales/use taxes by the State of Louisiana and Ascension Parish. This tax assessment covers certain raw materials used in the production of Phosphoric Acid. The Company is contesting both tax assessments. This assessment covers periods 2004 to 2010 for the Parish and 2007 to 2010 for the State. We have concluded that the contingent liability arising from this matter is neither remote nor probable, but reasonably possible. In addition, we are party to legal proceedings and contractual disputes that arise in the ordinary course of our business. Except as to the matters specifically discussed, management believes that these matters represent remote liabilities. However, these matters cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on our business, results of operations, financial condition, and/or cash flows. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension Plans and Postretirement Benefits Net periodic benefit expense for the United States plans: For the three months ended September 30, 2015 For the three months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ — $ 80 $ 80 $ — $ 78 $ 78 Interest cost 29 42 71 30 44 74 Expected return on assets (35 ) — (35 ) (30 ) — (30 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss 17 (6 ) 11 — (10 ) (10 ) Net periodic cost $ 11 $ 116 $ 127 $ — $ 112 $ 112 For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost — $ 239 $ 239 $ — $ 234 $ 234 Interest cost 86 126 212 91 131 222 Expected return on assets (104 ) — (104 ) (91 ) — (91 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss 49 (17 ) 32 — (30 ) (30 ) Net periodic cost $ 31 $ 348 $ 379 $ — $ 335 $ 335 In April 2015, Innophos contributed approximately $0.1 million to its US defined benefit pension plan to satisfy the full year 2015 minimum contribution requirements. Innophos made its entire cash contribution of $3.0 million for the US defined contribution plan during the first quarter of 2015 for the plan year 2014. Net periodic benefit expense for the Canadian plans: For the three months ended September 30, 2015 For the three months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 84 $ 12 $ 96 $ 79 $ 18 $ 97 Interest cost 124 13 137 144 21 165 Expected return on assets (188 ) — (188 ) (234 ) — (234 ) Amortization of actuarial loss (gain) 38 — 38 25 4 29 prior service cost 26 — 26 24 — 24 net transition obligation — 6 6 — 7 7 Exchange rate changes 429 (104 ) 325 329 (74 ) 255 Net periodic cost $ 513 $ (73 ) $ 440 $ 367 $ (24 ) $ 343 For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 262 $ 36 $ 298 $ 238 $ 52 $ 290 Interest cost 386 41 427 431 64 495 Expected return on assets (588 ) — (588 ) (700 ) — (700 ) Amortization of actuarial loss (gain) 120 — 120 75 11 86 prior service cost 83 — 83 71 — 71 net transition obligation — 18 18 — 21 21 Exchange rate changes 780 (182 ) 598 304 (68 ) 236 Net periodic cost $ 1,043 $ (87 ) $ 956 $ 419 $ 80 $ 499 Innophos Canada, Inc. does not plan to make cash contributions to its Canadian defined benefit plan in 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income by Component: For the three months ended September 30, 2015 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2015 $ (2,863 ) $ (39 ) $ (2,902 ) Other comprehensive income (loss) before reclassifications 283 (308 ) (25 ) Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income (loss) 283 (308 ) (25 ) Balance at September 30, 2015 $ (2,580 ) $ (347 ) $ (2,927 ) For the three months ended September 30, 2014 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2014 $ (2,215 ) $ 286 $ (1,929 ) Other comprehensive income before reclassifications 146 358 504 Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 146 358 504 Balance at September 30, 2014 $ (2,069 ) $ 644 $ (1,425 ) For the nine months ended September 30, 2015 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at December 31, 2014 $ (3,175 ) $ 362 $ (2,813 ) Other comprehensive income (loss) before reclassifications 595 (709 ) (114 ) Amounts reclassified from accumulated other comprehensive income (loss) — — — Net current period other comprehensive income (loss) 595 (709 ) (114 ) Balance at September 30, 2015 $ (2,580 ) $ (347 ) $ (2,927 ) For the nine months ended September 30, 2014 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at December 31, 2013 $ (2,287 ) $ 722 $ (1,565 ) Other comprehensive income (loss) before reclassifications 218 (78 ) 140 Amounts reclassified from accumulated other comprehensive income (loss) — — — Net current period other comprehensive income (loss) 218 (78 ) 140 Balance at September 30, 2014 $ (2,069 ) $ 644 $ (1,425 ) |
Restructuring Costs (Notes)
Restructuring Costs (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Costs Given the 2015 margin compression that the Company is experiencing, management evaluated several initiatives to improve the overall operating efficiency of the organization. As a result of this evaluation which was conducted during the third quarter of 2015, we launched an initiative to reduce our cost structure by implementing various staff reduction actions. In accordance with the applicable guidance for non-retirement post-employment benefits, we accounted for the related termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated. We have incurred costs associated with involuntary termination benefits associated with our corporate-related initiatives. During the three and nine months ended September 30, 2015, we incurred restructuring costs of $8.6 million . The amounts recorded within selling, general and administrative expenses in the statements of operations were $5.9 million and cost of goods sold were $2.7 million . The payments associated with these actions are expected to be completed within 12 to18 months from September 30, 2015. The following table summarizes the activities related to severance and benefits: For the three and nine months ended September 30, 2015 Restructuring Costs Balance at December 31, 2014 $ — Expense recorded 8,628 Payments made (1,185 ) Balance at September 30, 2015 $ 7,443 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting [Text Block] | Segment Reporting The company discloses certain financial and supplementary information about its reportable segments, revenue by products and revenues by geographic area. Operating segments are defined as components of an enterprise about which separate discrete financial information is evaluated regularly by the chief operating decision maker, in order to decide how to allocate resources and assess performance. The primary performance indicators for the chief operating decision maker are sales and operating income, with sales presented on a ship-from basis. All references to sales in this Form 10-Q, either on a ship-from or ship-to basis, are on the same basis of revenue recognition and are recognized when title and risk of loss passes to the customer, which occurs either upon shipment or delivery, depending upon the agreed sales terms with customers. The Company's reportable segments reflect the core businesses in which Innophos operates and how it is managed. The Company reports its core specialty phosphates business separately from granular triple super-phosphate, or GTSP, and other non-specialty phosphate products (GTSP & Other). Innophos Nutrition (formerly Kelatron, AMT, Triarco and CMI) is included in the Specialty Phosphates US & Canada segment and in the Specialty Ingredients product line. Specialty Phosphates consists of the products lines Specialty Ingredients, Food & Technical Grade PPA, and STPP & Detergent Grade PPA. GTSP & Other includes fertilizer co-product GTSP and other non-specialty phosphate products. For the three months ended September 30, 2015 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 145,617 $ 40,304 $ 13,691 $ — $ 199,612 Intersegment sales 1,743 15,117 26 (16,886 ) — Total sales $ 147,360 $ 55,421 $ 13,717 $ (16,886 ) $ 199,612 Operating income (a) $ 15,366 $ 3,865 $ (6,671 ) $ — $ 12,560 Depreciation and amortization expense $ 6,622 $ 1,637 $ 789 $ — $ 9,048 For the three months ended September 30, 2014 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 147,220 $ 43,075 $ 18,520 $ — $ 208,815 Intersegment sales 2,086 11,094 55 (13,235 ) — Total sales $ 149,306 $ 54,169 $ 18,575 $ (13,235 ) $ 208,815 Operating income $ 23,603 $ 5,904 $ 869 $ — $ 30,376 Depreciation and amortization expense $ 6,483 $ 2,156 $ 605 $ — $ 9,244 For the nine months ended September 30, 2015 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 441,116 $ 126,410 $ 50,989 $ — $ 618,515 Intersegment sales 7,704 43,335 171 (51,210 ) — Total sales $ 448,820 $ 169,745 $ 51,160 $ (51,210 ) $ 618,515 Operating income (a) $ 45,023 $ 18,145 $ (7,982 ) $ — $ 55,186 Depreciation and amortization expense $ 20,348 $ 6,930 $ 2,403 $ 29,681 For the nine months ended September 30, 2014 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 455,497 $ 128,449 $ 60,752 $ — $ 644,698 Intersegment sales 3,636 38,852 94 (42,582 ) — Total sales $ 459,133 $ 167,301 $ 60,846 $ (42,582 ) $ 644,698 Operating income $ 65,150 $ 22,085 $ (3,106 ) $ — $ 84,129 Depreciation and amortization expense $ 18,092 $ 7,202 $ 1,349 $ — $ 26,643 (a) The three and nine month periods ended September 30, 2015 include an $8.6 million charge to earnings for restructuring costs in GTSP & Other. |
Basis of Statement Presentati25
Basis of Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards Adopted None. Issued but not yet adopted In May 2014, the Financial Accounting Standard Board (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, 2017 (early adoption is permitted to the interim periods within the year of adoption). In July 2015 the FASB deferred the effective date by one year. 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 US 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 US 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 our financial position, results of operations and related disclosures. In February 2015, the FASB issued amendments to the criteria for determining which entities are considered variable interest entities (VIEs) and to the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015 and early adoption is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015, and early adoption is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures, although it will change the financial statement classification of our debt issuance costs. As of September 30, 2015, we have $1.5 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of our debt. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value (“NRV”),” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under the new guidance, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin). The guidance defines NRV as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. In September 2015, the FASB issued guidance which eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. Measurement period adjustments are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if prior-period information had been revised. The guidance is effective for annual periods beginning after December 15, 2015 and is to be applied prospectively to adjustments of provisional amounts that occur after the effective date. Early application is permitted. We do not anticipate the adoption of the new accounting rules will have a material impact on our financial position, results of operations and related disclosures. |
Description of Business and Principles of Consolidation [Policy Text Block] | 1. Basis of Statement Presentation Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Innophos have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) for interim financial reporting and do not include all disclosures required by US GAAP for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2014 and for the three years then ended. The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2014 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the |
Earnings Per Share (EPS) Earnin
Earnings Per Share (EPS) Earnings Per Share (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income $ 5,433 $ 18,320 $ 30,979 $ 53,133 Less: earnings attributable to unvested shares (17 ) (39 ) (63 ) (112 ) Net income available to participating common shareholders $ 5,416 $ 18,281 $ 30,916 $ 53,021 Weighted average number of participating common and potential common shares outstanding: Basic number of participating common shares outstanding 19,390,246 21,741,050 20,330,118 21,826,771 Dilutive effect of stock equivalents 272,345 387,093 303,491 378,143 Diluted number of weighted average participating common shares outstanding 19,662,591 22,128,143 20,633,609 22,204,914 Earnings per participating common share: Earnings per participating common share—Basic $ 0.28 $ 0.84 $ 1.52 $ 2.43 Earnings per participating common share—Diluted $ 0.28 $ 0.83 $ 1.50 $ 2.39 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 404,602 321,102 373,456 330,052 |
Dividends (Tables)
Dividends (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Dividends [Abstract] | |
Schedule of Dividends Payable [Table Text Block] | The following is the dividend activity for the three and nine months ended September 30, 2015 and September 30, 2014 : Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 Dividends declared – per share $ 0.48 $ 0.48 $ 1.44 $ 1.28 Dividends declared – aggregate 9,261 10,477 29,322 28,022 Dividends paid – per share 0.48 0.48 1.44 1.28 Dividends paid – aggregate 9,261 10,477 29,322 28,022 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of stock-based compensation expense, all of which has been classified as selling, general and administrative expense: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Stock options $ 327 $ 241 $ 1,029 $ 1,056 Restricted stock 300 273 938 830 Performance shares 31 199 (234 ) 532 Stock grants — — 510 270 Total share-based compensation expense $ 658 $ 713 $ 2,243 $ 2,688 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: September 30, December 31, Raw materials $ 48,990 $ 60,697 Finished products 107,205 111,600 Spare parts 13,379 12,324 $ 169,574 $ 184,621 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Current Assets: [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other current assets consist of the following: September 30, December 31, Creditable taxes (value added taxes) 13,307 $ 18,124 Vendor inventory deposits (prepaid) 7,196 9,483 Prepaid income taxes 10,604 12,658 Deferred income taxes 11,921 12,647 Prepaid insurance 1,793 2,109 Other 3,114 5,114 $ 47,935 $ 60,135 |
Intangibles and Other Assets,31
Intangibles and Other Assets, net Intangibles and Other Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangibles and Other Assets, net: [Abstract] | |
Intangibles and Other Assets [Table Text Block] | Intangibles and other assets consist of the following: Useful life (years) September 30, December 31, Developed technology and application patents, net of accumulated amortization of $24,106 for 2015 and $21,894 for 2014 7-20 $ 22,169 $ 24,381 Customer relationships, net of accumulated amortization of $15,122 for 2015 and $13,054 for 2014 5-15 23,690 25,758 Trade names and license agreements, net of accumulated amortization of $8,601 for 2015 and $7,573 for 2014 5-20 9,060 10,088 Non-compete agreements, net of accumulated amortization of $1,072 for 2015 and $954 for 2014 3-10 261 379 Total intangibles $ 55,180 $ 60,606 Deferred financing costs, net of accumulated amortization of $2,623 for 2015 and $2,178 for 2014 (see note 9) $ 1,504 $ 1,673 Other tax assets 6,359 7,013 Other assets 2,978 4,244 Total other assets $ 10,841 $ 12,930 $ 66,021 $ 73,536 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: September 30, December 31, Payroll related $ 10,884 $ 12,703 Taxes other than income taxes 4,518 5,057 Benefits and pensions 5,290 6,640 Freight and rebates 4,767 4,346 Income taxes 2,374 1,302 Restructuring 6,904 — Other 5,541 4,758 $ 40,278 $ 34,806 |
Debt and Interest (Tables)
Debt and Interest (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Short-term Borrowings, Long-Term Debt, and Interest Expense: [Abstract] | |
Short-Term Borrowings and Long-Term Debt [Table Text Block] | Short-term borrowings and long-term debt consist of the following: September 30, December 31, Term loan due 2017 $ 89,000 $ 92,000 Revolver borrowings under the credit facility due 2017 197,000 44,000 Capital leases 2 5 Total borrowings $ 286,002 $ 136,005 Less current portion 4,002 4,003 Long-term debt $ 282,000 $ 132,002 |
Components of Interest Expense, Net [Table Text Block] | Interest expense, net consists of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Interest expense $ 1,767 $ 1,008 $ 4,099 2,615 Deferred financing cost 160 130 445 393 Interest income (21 ) (14 ) (58 ) (28 ) Less: amount capitalized for capital projects (37 ) (35 ) (63 ) (58 ) Total interest expense, net $ 1,869 $ 1,089 $ 4,423 $ 2,922 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following: September 30, December 31, Deferred income taxes $ 22,824 $ 24,400 Pension and post retirement liabilities 10,201 10,714 Uncertain tax positions 2,677 2,798 Environmental liabilities 1,100 1,100 Other liabilities 3,850 2,444 $ 40,652 $ 41,456 |
Pension Plans and Postretirem35
Pension Plans and Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
UNITED STATES | |
Pension Plans and Postretirement Benefits [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit expense for the United States plans: For the three months ended September 30, 2015 For the three months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ — $ 80 $ 80 $ — $ 78 $ 78 Interest cost 29 42 71 30 44 74 Expected return on assets (35 ) — (35 ) (30 ) — (30 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss 17 (6 ) 11 — (10 ) (10 ) Net periodic cost $ 11 $ 116 $ 127 $ — $ 112 $ 112 For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost — $ 239 $ 239 $ — $ 234 $ 234 Interest cost 86 126 212 91 131 222 Expected return on assets (104 ) — (104 ) (91 ) — (91 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss 49 (17 ) 32 — (30 ) (30 ) Net periodic cost $ 31 $ 348 $ 379 $ — $ 335 $ 335 |
CANADA | |
Pension Plans and Postretirement Benefits [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit expense for the Canadian plans: For the three months ended September 30, 2015 For the three months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 84 $ 12 $ 96 $ 79 $ 18 $ 97 Interest cost 124 13 137 144 21 165 Expected return on assets (188 ) — (188 ) (234 ) — (234 ) Amortization of actuarial loss (gain) 38 — 38 25 4 29 prior service cost 26 — 26 24 — 24 net transition obligation — 6 6 — 7 7 Exchange rate changes 429 (104 ) 325 329 (74 ) 255 Net periodic cost $ 513 $ (73 ) $ 440 $ 367 $ (24 ) $ 343 For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 262 $ 36 $ 298 $ 238 $ 52 $ 290 Interest cost 386 41 427 431 64 495 Expected return on assets (588 ) — (588 ) (700 ) — (700 ) Amortization of actuarial loss (gain) 120 — 120 75 11 86 prior service cost 83 — 83 71 — 71 net transition obligation — 18 18 — 21 21 Exchange rate changes 780 (182 ) 598 304 (68 ) 236 Net periodic cost $ 1,043 $ (87 ) $ 956 $ 419 $ 80 $ 499 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Changes in Accumulated Other Comprehensive Income by Component: For the three months ended September 30, 2015 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2015 $ (2,863 ) $ (39 ) $ (2,902 ) Other comprehensive income (loss) before reclassifications 283 (308 ) (25 ) Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income (loss) 283 (308 ) (25 ) Balance at September 30, 2015 $ (2,580 ) $ (347 ) $ (2,927 ) For the three months ended September 30, 2014 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2014 $ (2,215 ) $ 286 $ (1,929 ) Other comprehensive income before reclassifications 146 358 504 Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income 146 358 504 Balance at September 30, 2014 $ (2,069 ) $ 644 $ (1,425 ) |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | For the three and nine months ended September 30, 2015 Restructuring Costs Balance at December 31, 2014 $ — Expense recorded 8,628 Payments made (1,185 ) Balance at September 30, 2015 $ 7,443 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended September 30, 2015 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 145,617 $ 40,304 $ 13,691 $ — $ 199,612 Intersegment sales 1,743 15,117 26 (16,886 ) — Total sales $ 147,360 $ 55,421 $ 13,717 $ (16,886 ) $ 199,612 Operating income (a) $ 15,366 $ 3,865 $ (6,671 ) $ — $ 12,560 Depreciation and amortization expense $ 6,622 $ 1,637 $ 789 $ — $ 9,048 For the three months ended September 30, 2014 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 147,220 $ 43,075 $ 18,520 $ — $ 208,815 Intersegment sales 2,086 11,094 55 (13,235 ) — Total sales $ 149,306 $ 54,169 $ 18,575 $ (13,235 ) $ 208,815 Operating income $ 23,603 $ 5,904 $ 869 $ — $ 30,376 Depreciation and amortization expense $ 6,483 $ 2,156 $ 605 $ — $ 9,244 For the nine months ended September 30, 2015 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 441,116 $ 126,410 $ 50,989 $ — $ 618,515 Intersegment sales 7,704 43,335 171 (51,210 ) — Total sales $ 448,820 $ 169,745 $ 51,160 $ (51,210 ) $ 618,515 Operating income (a) $ 45,023 $ 18,145 $ (7,982 ) $ — $ 55,186 Depreciation and amortization expense $ 20,348 $ 6,930 $ 2,403 $ 29,681 For the nine months ended September 30, 2014 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 455,497 $ 128,449 $ 60,752 $ — $ 644,698 Intersegment sales 3,636 38,852 94 (42,582 ) — Total sales $ 459,133 $ 167,301 $ 60,846 $ (42,582 ) $ 644,698 Operating income $ 65,150 $ 22,085 $ (3,106 ) $ — $ 84,129 Depreciation and amortization expense $ 18,092 $ 7,202 $ 1,349 $ — $ 26,643 |
Basis of Statement Presentati39
Basis of Statement Presentation Presentation (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred Finance Costs, Net | $ 1,504 | $ 1,673 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net income | $ 5,433 | $ 18,320 | $ 30,979 | $ 53,133 | $ 64,461 |
Less: earnings attributable to unvested shares | (17) | (39) | (63) | (112) | |
Net income available to participating common shareholders | $ 5,416 | $ 18,281 | $ 30,916 | $ 53,021 | |
Basic number of common shares, outstanding | 19,390,246 | 21,741,050 | 20,330,118 | 21,826,771 | |
Dilutive effect of stock equivalents | 272,345 | 387,093 | 303,491 | 378,143 | |
Dilutived number of weighted average common shares outstanding | 19,662,591 | 22,128,143 | 20,633,609 | 22,204,914 | |
Earnings per common share - Basic | $ 0.28 | $ 0.84 | $ 1.52 | $ 2.43 | |
Earnings per common share - Diluted | $ 0.28 | $ 0.83 | $ 1.50 | $ 2.39 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 404,602 | 321,102 | 373,456 | 330,052 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Dividends Payable [Line Items] | ||||
Dividends declared - per share | $ 0.48 | $ 0.48 | $ 1.44 | $ 1.28 |
Dividends declared - aggregate | $ 9,261 | $ 10,477 | $ 29,322 | $ 28,022 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.48 | $ 0.48 | $ 1.44 | $ 1.28 |
Dividends paid - aggregate | $ 9,261 | $ 10,477 | $ 29,322 | $ 28,022 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)BoardMembersshares | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Prior Period Reclassification Adjustment | $ 49,200 | ||||
Share-based Compensation | $ 500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months | ||||
External Members of the Board of Directors | BoardMembers | 6 | ||||
Shares owned by external directors | shares | 9,792 | ||||
Stock Repurchase Program, Authorized Amount | $ 125,000 | ||||
Stock Repurchased During Period, Shares | shares | 2,318,720 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 53.91 | ||||
Stock Repurchased During Period, Value | $ (125,000) | $ (29,483) | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 24,164 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 49.54 | ||||
Share-based Compensation | $ 1,200 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 102,766 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 49.54 | ||||
Share-based Compensation | $ 1,700 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 40,272 | ||||
Share-based Compensation | $ 2,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Assumptions Used in the Option-Pricing Model (Details) | 3 Months Ended |
Sep. 30, 2015$ / sharesRate | |
Share-bsed Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 46.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 16.46 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation [Abstract] | ||||
Stock options | $ 327 | $ 241 | $ 1,029 | $ 1,056 |
Restricted stock | 300 | 273 | 938 | 830 |
Performance shares | 31 | 199 | (234) | 532 |
Stock Grants Expense | 0 | 0 | 510 | 270 |
Total stock-based compensation expense | $ 658 | $ 713 | $ 2,243 | $ 2,688 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 48,990 | $ 60,697 |
Finished goods | 107,205 | 111,600 |
Spare parts | 13,379 | 12,324 |
Inventory, Net | 169,574 | 184,621 |
Inventory Valuation Reserves | $ 13,201 | $ 12,626 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Current Assets: [Abstract] | ||
Creditable taxes (value added taxes) | $ 13,307 | $ 18,124 |
Vendor inventory deposits (prepaid) | 7,196 | 9,483 |
Prepaid income taxes | 10,604 | 12,658 |
Deferred income taxes | 11,921 | 12,647 |
Prepaid Insurance | 1,793 | 2,109 |
Other | 3,114 | 5,114 |
Other Assets, Current | $ 47,935 | $ 60,135 |
Intangibles and Other Assets,47
Intangibles and Other Assets, net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization, Deferred Finance Costs | $ 2,623 | $ 2,178 |
Intangible Assets, Net (Excluding Goodwill) | 55,180 | 60,606 |
Deferred Finance Costs, Net | 1,504 | 1,673 |
Long-term Investments and Receivables, Net | 6,359 | 7,013 |
Other Assets, Miscellaneous | 2,978 | 4,244 |
Other Assets | 10,841 | 12,930 |
Other Assets, Noncurrent | 66,021 | 73,536 |
Developed Technology and Application Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 24,106 | 21,894 |
Intangible Assets, Net (Excluding Goodwill) | 22,169 | 24,381 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 15,122 | 13,054 |
Intangible Assets, Net (Excluding Goodwill) | $ 23,690 | 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 | $ 8,601 | 7,573 |
Intangible Assets, Net (Excluding Goodwill) | 9,060 | 10,088 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,072 | 954 |
Intangible Assets, Net (Excluding Goodwill) | $ 261 | $ 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 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Liabilities, Current [Abstract] | ||
Payroll related | $ 10,884 | $ 12,703 |
Freight and rebates | 4,518 | 5,057 |
Benefits and pensions | 5,290 | 6,640 |
Accrual for Taxes Other than Income Taxes, Current | 4,767 | 4,346 |
Accrued Income Taxes | 2,374 | 1,302 |
Equity repurchases | 6,904 | 0 |
Other | 5,541 | 4,758 |
Other Liabilities, Current | $ 40,278 | $ 34,806 |
Debt and Interest (Details)
Debt and Interest (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($)Rate | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Rate | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($)Rate | Dec. 21, 2012USD ($) | |
Debt Instrument [Line Items] | |||||||
Term loan due 2017 | $ 89,000 | $ 89,000 | $ 92,000 | ||||
Revolver borrowings under the credit facility | 197,000 | 197,000 | 44,000 | ||||
Capital Lease Obligations | 2 | 2 | 5 | ||||
Debt and Capital Lease Obligations | 286,002 | 286,002 | 136,005 | ||||
Long-term Debt and Capital Lease Obligations, Current | 4,002 | 4,002 | 4,003 | ||||
Long-term Debt and Capital Lease Obligations | 282,000 | $ 282,000 | $ 132,002 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 225,000 | ||||||
Repayments of Debt, Percent of Original Loan Balance | 1.00% | ||||||
Document Period End Date | Sep. 30, 2015 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,100 | $ 27,100 | |||||
Debt, Weighted Average Interest Rate | Rate | 2.20% | 2.20% | |||||
Amortization of Financing Costs | $ 160 | $ 130 | $ 445 | $ 393 | |||
Notional Amount of Interest Rate Derivatives | $ 100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 0.9475% | ||||||
Interest Rate Derivative Assets, at Fair Value | 600 | 600 | |||||
Interest Paid | 4,089 | 3,154 | |||||
Interest Expense [Abstract] | |||||||
Interest expense | 1,767 | 1,008 | 4,099 | 2,615 | |||
Deferred financing cost | 160 | 130 | 445 | 393 | |||
Interest income | (21) | (14) | (58) | (28) | |||
Less: amount capitalized for capital projects | (37) | (35) | (63) | (58) | |||
Total interest expense, net | 1,869 | $ 1,089 | 4,423 | $ 2,922 | |||
Deferred Finance Costs, Gross | 300 | 300 | |||||
Letter of Credit, Sub-Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolver borrowings under the credit facility | 900 | 900 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 20,000 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan due 2017 | $ 89,000 | $ 89,000 | $ 100,000 | ||||
High Range Ratio [Member] | |||||||
Interest Expense [Abstract] | |||||||
Debt Instrument, Covenant, Total Leverage Ratio | 3 | ||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.25 | ||||||
Low Range Ratio [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 25,000 | ||||||
Interest Expense [Abstract] | |||||||
Debt Instrument, Covenant, Total Leverage Ratio | 1 | ||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | ||||||
Senior Leverage Ratio Incurrence test [Member] | |||||||
Interest Expense [Abstract] | |||||||
Debt Instrument, Covenant, Senior Leverage Ratio | 0.50 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||
Deferred income taxes | $ 22,824 | $ 24,400 |
Pension and post retirement liabilities | 10,201 | 10,714 |
Liability for Uncertain Tax Positions, Noncurrent | 2,677 | 2,798 |
Environmental liabilities | 1,100 | 1,100 |
Other liabilities | 3,850 | 2,444 |
Other Liabilities, Noncurrent | $ 40,652 | $ 41,456 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Examination [Line Items] | |||
Effective Income Tax Rate, Continuing Operations | 32.00% | 33.00% | |
Effective Income Tax Rate Reconciliation, Tax Contingencies | 1.00% | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | 1.00% | ||
Income Tax Examination, Likelihood of Unfavorable Settlement | P12M | ||
Income Taxes Paid | $ 10,075 | $ 24,123 | |
Canada [Member] | |||
Income Tax Examination [Line Items] | |||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 3,500 | $ 3,500 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Nov. 30, 2015USD ($) | Oct. 31, 2009USD ($) | Oct. 31, 2008USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2009t | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Accrual for Environmental Loss Contingencies | $ 1,100 | $ 1,100 | $ 1,100 | |||||
Document Period End Date | Sep. 30, 2015 | |||||||
Environmental [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Accrual for Environmental Loss Contingencies | 1,100 | $ 1,100 | ||||||
Civil Penalty [Domain] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated Litigation Liability | 900 | $ 900 | ||||||
Mexicana vs. Sudamfos Lawsuit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Sought, Value | $ 1,200 | |||||||
Phosphoric Acid | t | 12,500 | |||||||
Loss Contingency, Damages Sought, Counter Lawsuit | $ 3,000 | |||||||
Louisiana sales and use tax [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Sought, Value | $ 1,200 | |||||||
Minimum [Member] | Environmental [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Environmental Exit Costs, Anticipated Cost | 900 | |||||||
Maximum [Member] | Environmental [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Environmental Exit Costs, Anticipated Cost | $ 1,300 | |||||||
Positive Outcome of Litigation [Member] | Mexicana vs. Sudamfos Lawsuit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount | $ 1,400 | |||||||
Positive Outcome of Litigation [Member] | Immediate [Domain] | Mexicana vs. Sudamfos Lawsuit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount | 100 | |||||||
Positive Outcome of Litigation [Member] | Future [Domain] | Mexicana vs. Sudamfos Lawsuit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount | $ 1,300 |
Pension Plans and Postretirem53
Pension Plans and Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CANADA | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 96 | $ 97 | $ 298 | $ 290 |
Defined Benefit Plan, Interest Cost | 137 | 165 | 427 | 495 |
Defined Benefit Plan, Expected Return on Plan Assets | (188) | (234) | (588) | (700) |
Defined Benefit Plan, Amortization of Gains (Losses) | 38 | 29 | 120 | 86 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 26 | 24 | 83 | 71 |
Defined Benefit Plan, Other Costs | 6 | 7 | 18 | 21 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 325 | 255 | 598 | 236 |
Defined Benefit Plan, Net Periodic Benefit Cost | 440 | 343 | 956 | 499 |
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 80 | 78 | 239 | 234 |
Defined Benefit Plan, Interest Cost | 71 | 74 | 212 | 222 |
Defined Benefit Plan, Expected Return on Plan Assets | (35) | (30) | (104) | (91) |
Defined Benefit Plan, Amortization of Gains (Losses) | 11 | (10) | 32 | (30) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 127 | 112 | 379 | 335 |
Employer Contributions | 100 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 3,000 | |||
Pension Benefits [Member] | CANADA | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 84 | 79 | 262 | 238 |
Defined Benefit Plan, Interest Cost | 124 | 144 | 386 | 431 |
Defined Benefit Plan, Expected Return on Plan Assets | (188) | (234) | (588) | (700) |
Defined Benefit Plan, Amortization of Gains (Losses) | 38 | 25 | 120 | 75 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 26 | 24 | 83 | 71 |
Defined Benefit Plan, Other Costs | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 429 | 329 | 780 | 304 |
Defined Benefit Plan, Net Periodic Benefit Cost | 513 | 367 | 1,043 | 419 |
Pension Benefits [Member] | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 29 | 30 | 86 | 91 |
Defined Benefit Plan, Expected Return on Plan Assets | (35) | (30) | (104) | (91) |
Defined Benefit Plan, Amortization of Gains (Losses) | 17 | 0 | 49 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 11 | 0 | 31 | 0 |
Other Benefits [Member] | CANADA | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 12 | 18 | 36 | 52 |
Defined Benefit Plan, Interest Cost | 13 | 21 | 41 | 64 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 4 | 0 | 11 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Costs | 6 | 7 | 18 | 21 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (104) | (74) | (182) | (68) |
Defined Benefit Plan, Net Periodic Benefit Cost | (73) | (24) | (87) | 80 |
Other Benefits [Member] | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 80 | 78 | 239 | 234 |
Defined Benefit Plan, Interest Cost | 42 | 44 | 126 | 131 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | (6) | (10) | (17) | (30) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 116 | $ 112 | $ 348 | $ 335 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (2,927) | $ (1,425) | $ (2,927) | $ (1,425) | $ (2,813) | $ (2,902) | $ (1,929) | $ (1,565) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (25) | 504 | (114) | 140 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of Tax | (25) | 504 | (114) | 140 | (1,248) | |||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other comprehensive income (loss), net of Tax | (114) | (1,248) | ||||||
Pension and Other Postretirement Plans Costs [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,580) | (2,069) | (2,580) | (2,069) | (3,175) | (2,863) | (2,215) | (2,287) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 283 | 146 | 595 | 218 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of Tax | 283 | 146 | 595 | 218 | ||||
Interest Rate Swap [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (347) | 644 | (347) | 644 | $ 362 | $ (39) | $ 286 | $ 722 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (308) | 358 | (709) | (78) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of Tax | $ (308) | $ 358 | $ (709) | $ (78) |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 8,600 | |
Severance Costs | 8,628 | |
Payments for Restructuring | (1,185) | |
Restructuring Reserve | 7,443 | $ 0 |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 5,900 | |
Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 2,700 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended September 30, 2015 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 145,617 $ 40,304 $ 13,691 $ — $ 199,612 Intersegment sales 1,743 15,117 26 (16,886 ) — Total sales $ 147,360 $ 55,421 $ 13,717 $ (16,886 ) $ 199,612 Operating income (a) $ 15,366 $ 3,865 $ (6,671 ) $ — $ 12,560 Depreciation and amortization expense $ 6,622 $ 1,637 $ 789 $ — $ 9,048 For the three months ended September 30, 2014 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 147,220 $ 43,075 $ 18,520 $ — $ 208,815 Intersegment sales 2,086 11,094 55 (13,235 ) — Total sales $ 149,306 $ 54,169 $ 18,575 $ (13,235 ) $ 208,815 Operating income $ 23,603 $ 5,904 $ 869 $ — $ 30,376 Depreciation and amortization expense $ 6,483 $ 2,156 $ 605 $ — $ 9,244 For the nine months ended September 30, 2015 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 441,116 $ 126,410 $ 50,989 $ — $ 618,515 Intersegment sales 7,704 43,335 171 (51,210 ) — Total sales $ 448,820 $ 169,745 $ 51,160 $ (51,210 ) $ 618,515 Operating income (a) $ 45,023 $ 18,145 $ (7,982 ) $ — $ 55,186 Depreciation and amortization expense $ 20,348 $ 6,930 $ 2,403 $ 29,681 For the nine months ended September 30, 2014 Specialty Phosphates US & Canada Specialty Phosphates Mexico GTSP & Other Eliminations Total Sales $ 455,497 $ 128,449 $ 60,752 $ — $ 644,698 Intersegment sales 3,636 38,852 94 (42,582 ) — Total sales $ 459,133 $ 167,301 $ 60,846 $ (42,582 ) $ 644,698 Operating income $ 65,150 $ 22,085 $ (3,106 ) $ — $ 84,129 Depreciation and amortization expense $ 18,092 $ 7,202 $ 1,349 $ — $ 26,643 | |||
Sales | $ 199,612 | $ 208,815 | $ 618,515 | $ 644,698 |
Revenue from Related Parties | 0 | 0 | 0 | 0 |
Total sales | 199,612 | 208,815 | 618,515 | 644,698 |
Operating income | 12,560 | 30,376 | 55,186 | 84,129 |
Depreciation and amortization expense | 9,048 | 9,244 | 29,681 | 26,643 |
Specialty Phosphates US & Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 145,617 | 147,220 | 441,116 | 455,497 |
Revenue from Related Parties | 1,743 | 2,086 | 7,704 | 3,636 |
Total sales | 147,360 | 149,306 | 448,820 | 459,133 |
Operating income | 15,366 | 23,603 | 45,023 | 65,150 |
Depreciation and amortization expense | 6,622 | 6,483 | 20,348 | 18,092 |
Specialty Phosphates Mexico [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 40,304 | 43,075 | 126,410 | 128,449 |
Revenue from Related Parties | 15,117 | 11,094 | 43,335 | 38,852 |
Total sales | 55,421 | 54,169 | 169,745 | 167,301 |
Operating income | 3,865 | 5,904 | 18,145 | 22,085 |
Depreciation and amortization expense | 1,637 | 2,156 | 6,930 | 7,202 |
GTSP & Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 13,691 | 18,520 | 50,989 | 60,752 |
Revenue from Related Parties | 26 | 55 | 171 | 94 |
Total sales | 13,717 | 18,575 | 51,160 | 60,846 |
Operating income | (6,671) | 869 | (7,982) | (3,106) |
Depreciation and amortization expense | 789 | 605 | 2,403 | 1,349 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Revenue from Related Parties | (16,886) | (13,235) | (51,210) | (42,582) |
Total sales | (16,886) | (13,235) | (51,210) | (42,582) |
Operating income | 0 | 0 | $ 0 | 0 |
Depreciation and amortization expense | $ 0 | $ 0 | $ 0 |