Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 08, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Altra Holdings, Inc. | |
Entity Central Index Key | 1374535 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,968,006 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $70,272 | $85,154 |
Trade receivables, less allowance for doubtful accounts of $2,772 and $2,560 at September 28, 2013 and December 31, 2012, respectively | 99,773 | 92,933 |
Inventories | 120,571 | 123,776 |
Deferred income taxes | 9,646 | 8,918 |
Income tax receivable | 867 | 6,397 |
Prepaid expenses and other current assets | 6,274 | 6,578 |
Total current assets | 307,403 | 323,756 |
Property, plant and equipment, net | 136,196 | 138,094 |
Intangible assets, net | 71,137 | 76,098 |
Goodwill | 88,115 | 88,225 |
Deferred income taxes | 1,173 | 1,150 |
Other non-current assets, net | 4,490 | 5,716 |
Total assets | 608,514 | 633,039 |
Current liabilities: | ||
Accounts payable | 47,454 | 43,042 |
Accrued payroll | 20,277 | 19,893 |
Accruals and other current liabilities | 33,384 | 33,796 |
Deferred income taxes | 34 | |
Current portion of long-term debt | 12,800 | 9,135 |
Total current liabilities | 113,915 | 105,900 |
Long-term debt-less current portion and net of unaccreted discount | 181,085 | 238,460 |
Deferred income taxes | 39,444 | 38,821 |
Pension liabilities | 12,048 | 14,529 |
Other post retirement benefits | 196 | 230 |
Long-term taxes payable | 1,155 | 1,118 |
Other long-term liabilities | 720 | 730 |
Redeemable non-controlling interest | 1,041 | 1,239 |
Commitment and Contingencies (See Note 17) | ||
Stockholders' equity: | ||
Common stock ($0.001 par value, 90,000,000 shares authorized, 26,817,671 and 26,724,349 issued and outstanding at September 28, 2013 and December 31, 2012, respectively) | 27 | 27 |
Additional paid-in capital | 153,419 | 152,188 |
Retained earnings | 128,722 | 103,200 |
Accumulated other comprehensive loss | -23,258 | -23,403 |
Total stockholders' equity | 258,910 | 232,012 |
Total liabilities, non-controlling interest and stockholders' equity | $608,514 | $633,039 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $2,772 | $2,560 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 26,817,671 | 26,724,349 |
Common stock, shares outstanding | 26,817,671 | 26,724,349 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ||||
Net sales | $175,443 | $174,488 | $541,688 | $554,816 |
Cost of sales | 121,785 | 122,477 | 378,112 | 390,130 |
Gross profit | 53,658 | 52,011 | 163,576 | 164,686 |
Operating expenses: | ||||
Selling, general and administrative expenses | 31,672 | 30,785 | 96,742 | 94,666 |
Research and development expenses | 3,002 | 2,823 | 9,150 | 8,792 |
Restructuring costs | 97 | 655 | ||
Total operating expenses | 34,771 | 33,608 | 106,547 | 103,458 |
Income from operations | 18,887 | 18,403 | 57,029 | 61,228 |
Other non-operating expense: | ||||
Interest expense, net | 2,567 | 6,637 | 7,830 | 18,915 |
Other non-operating expense, net | 686 | 402 | 783 | 1,834 |
Total other non-operating expense, net | 3,253 | 7,039 | 8,613 | 20,749 |
Income before income taxes | 15,634 | 11,364 | 48,416 | 40,479 |
Provision for income taxes | 5,176 | 2,846 | 15,423 | 10,836 |
Net income | 10,458 | 8,518 | 32,993 | 29,643 |
Net loss attributable to non-controlling interest | 43 | 29 | 77 | 29 |
Net income attributable to Altra Holdings, Inc. | $10,501 | $8,547 | $33,070 | $29,672 |
Weighted average shares, basic | 26,780 | 26,675 | 26,750 | 26,632 |
Weighted average shares, diluted | 26,836 | 26,708 | 26,852 | 26,737 |
Net income per share: | ||||
Basic net income attributable to Altra Holdings, Inc | $0.39 | $0.32 | $1.24 | $1.11 |
Diluted net income attributable to Altra Holdings, Inc. | $0.39 | $0.32 | $1.23 | $1.11 |
Cash dividend declared | $0.10 | $0.05 | $0.28 | $0.10 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $10,458 | $8,518 | $32,993 | $29,643 |
Other Comprehensive income (loss): | ||||
Foreign currency translation adjustment | -6,727 | 6,605 | -46 | 3,140 |
Change in fair value of interest rate swap | -346 | 191 | ||
Other comprehensive income (loss) | -7,073 | 6,605 | 145 | 3,140 |
Comprehensive income | 3,385 | 15,123 | 33,138 | 32,783 |
Comprehensive loss attributable to noncontrolling interest | 43 | 29 | 77 | 29 |
Comprehensive income attributable to Altra Holdings, Inc. | $3,428 | $15,152 | $33,215 | $32,812 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities | ||
Net income | $32,993 | $29,643 |
Adjustments to reconcile net income to net cash flows: | ||
Depreciation | 16,047 | 15,038 |
Amortization of intangible assets | 4,882 | 5,052 |
Amortization of deferred financing costs | 646 | 1,447 |
Loss on foreign currency, net | 593 | 44 |
Accretion of debt discount, net | 2,331 | 2,585 |
Stock-based compensation | 2,397 | 2,233 |
Changes in assets and liabilities: | ||
Trade receivables | -8,756 | -2,134 |
Inventories | 3,451 | 3,106 |
Accounts payable and accrued liabilities | 9,197 | -557 |
Other current assets and liabilities | 254 | 984 |
Other operating assets and liabilities | -1,866 | -2,948 |
Net cash from operating activities | 62,169 | 54,493 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | -14,361 | -25,162 |
Net cash from investing activities | -14,361 | -32,606 |
Cash flows from financing activities | ||
Payments on Term Loan Facility | -3,750 | |
Payments on Revolving Credit Facility | -54,304 | |
Purchase of 8 1/8 Senior Secured Notes | -21,000 | |
Proceeds from Equipment and Working Capital Notes | 3,550 | |
Payment of Equipment and Working Capital notes | -1,100 | |
Dividend payments | -4,852 | -1,348 |
Redemption of variable rate demand revenue bonds related to the San Marcos facility | -3,000 | |
Shares surrendered for tax withholding | -1,166 | -905 |
Payments on mortgages and other | -515 | -736 |
Payments on capital leases | -25 | -303 |
Net cash from financing activities | -62,162 | -27,292 |
Effect of exchange rate changes on cash and cash equivalents | -528 | 1,026 |
Net change in cash and cash equivalents | -14,882 | -4,379 |
Cash and cash equivalents at beginning of year | 85,154 | 92,515 |
Cash and cash equivalents at end of period | 70,272 | 88,136 |
Cash paid during the period for: | ||
Interest | 5,561 | 11,848 |
Income taxes | 15,156 | 8,567 |
Lamiflex [Member] | ||
Cash flows from investing activities | ||
Acquisition of Lamiflex, net of $68 cash received | ($7,444) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2012 |
Lamiflex [Member] | |
Cash acquired from acquisition | $68 |
Senior Secured Notes [Member] | |
Interest rate on Senior Secured Notes | 8.13% |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Redeemable Non-Controlling Interest [Member] |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2011 | $208,396 | $27 | $150,234 | $83,211 | ($25,076) | |
Beginning Balance, Shares at Dec. 31, 2011 | 26,600 | |||||
Stock-based compensation and vesting of restricted stock | 1,328 | 1,328 | ||||
Stock-based compensation and vesting of restricted stock, Shares | 119 | |||||
Net income attributable to Altra Holdings, Inc. | 29,672 | 29,672 | ||||
Net loss attributable to non-controlling interest | -29 | -29 | -29 | |||
Fair value of non-controlling interest at acquisition | 1,327 | |||||
Dividends declared | -2,694 | -2,694 | ||||
Cumulative foreign currency translation adjustment | 3,140 | 3,140 | ||||
Ending Balance at Sep. 29, 2012 | 239,813 | 27 | 151,562 | 110,160 | -21,936 | 1,298 |
Ending Balance, Shares at Sep. 29, 2012 | 26,719 | |||||
Beginning Balance at Dec. 31, 2012 | 232,012 | 27 | 152,188 | 103,200 | -23,403 | 1,239 |
Beginning Balance, Shares at Dec. 31, 2012 | 26,724 | |||||
Stock-based compensation and vesting of restricted stock | 1,231 | 1,231 | ||||
Stock-based compensation and vesting of restricted stock, Shares | 94 | |||||
Net income attributable to Altra Holdings, Inc. | 33,070 | 33,070 | ||||
Net loss attributable to non-controlling interest | -77 | -77 | -77 | |||
Dividends declared | -7,471 | -7,471 | ||||
Change in fair value of interest rate swap | 191 | 191 | ||||
Cumulative foreign currency translation adjustment | -46 | -46 | -121 | |||
Ending Balance at Sep. 28, 2013 | $258,910 | $27 | $153,419 | $128,722 | ($23,258) | $1,041 |
Ending Balance, Shares at Sep. 28, 2013 | 26,818 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 9 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations |
Headquartered in Braintree, Massachusetts, Altra Holdings, Inc. (the “Company”), through its wholly-owned subsidiary Altra Industrial Motion, Inc. (“Altra Industrial”), is a leading multi-national designer, producer and marketer of a wide range of electro-mechanical power transmission and motion control products. The Company brings together strong brands covering over 50 product lines with production facilities in nine countries and sales coverage in over 70 countries. The Company’s leading brands include Boston Gear, Warner Electric, TB Wood’s, Formsprag Clutch, Ameridrives Couplings, Industrial Clutch, Kilian Manufacturing, Marland Clutch, Nuttall Gear, Stieber Clutch, Wichita Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics, Huco Dynatork, Warner Linear, Bauer Gear Motor, and PowerFlex. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation |
The Company was formed on November 30, 2004 following acquisitions of The Kilian Company (“Kilian”) and certain subsidiaries of Colfax Corporation (“Colfax”). During 2006, the Company acquired Hay Hall Holdings Limited (“Hay Hall”) and Bear Linear. On April 5, 2007, the Company acquired TB Wood’s Corporation (“TB Wood’s”), and on October 5, 2007, the Company acquired substantially all of the assets of All Power Transmission Manufacturing, Inc. On May 29, 2011, the Company acquired substantially all of the assets of Danfoss Bauer GmbH relating to its gear motor business (“Bauer”). On July 11, 2012, the Company acquired 85% of privately held Lamiflex do Brasil Equipamentos Industriais Ltda. (“Lamiflex”). | |
The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 28, 2013 and December 31, 2012, results of operations for the quarter and year to date periods ended September 28, 2013 and September 29, 2012, and cash flows for the year to date periods ended September 28, 2013 and September 29, 2012. The Company follows a four, four, five week calendar per quarter with all quarters consisting of thirteen weeks of operations with the fiscal year end always on December 31. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 28, 2013 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments |
The carrying values of financial instruments, including accounts receivable, cash equivalents, accounts payable, other accrued liabilities, and debt under the Company’s Credit Agreement with certain financial institutions including an initial term loan facility of $100,000,000 (the “Term Loan Facility”) and an initial revolving credit facility of $200,000,000 (the “Revolving Credit Facility”) approximate their fair values due to their variable rate nature at current market rates. | |
The carrying amount of the 2.75% Convertible Notes (the “Convertible Notes”) was $85.0 million at each of September 28, 2013 and December 31, 2012. The estimated fair value of the Convertible Notes at September 28, 2013 and December 31, 2012, was $101.0 million and $94.3 million, respectively, based on inputs other than quoted prices that are observable for the Convertible Notes (level 2). | |
The estimated fair value of the Company’s interest rate swap agreement with certain financial institutions (“Interest Rate Swap”) at September 28, 2013 was $0.2 million, based on inputs other than quoted prices that are observable for the Interest Rate Swap (level 2). There was no Interest Rate Swap at December 31, 2012. | |
Included in cash and cash equivalents as of September 28, 2013 and December 31, 2012 are money market fund investments of $20.4 million and $30.3 million, respectively, which are reported at fair value based on quoted market prices for such investments (level 1). | |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 4. Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||||
The following is a reconciliation of changes in Accumulated Other Comprehensive Income (Loss) by Component for the periods presented: | |||||||||||||||||
Gains and | Defined | Cumulative | Total | ||||||||||||||
Losses on | Benefit | Foreign | |||||||||||||||
Cash Flow | Pension | Currency | |||||||||||||||
Hedges | Plans | Translation | |||||||||||||||
Adjustment | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2012 | $ | — | $ | (2,485 | ) | $ | (22,591 | ) | $ | (25,076 | ) | ||||||
Net current-period Other Comprehensive Income (Loss) | — | — | 3,140 | 3,140 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, September 29, 2012 | $ | — | $ | (2,485 | ) | $ | (19,451 | ) | $ | (21,936 | ) | ||||||
Gains and | Defined | Cumulative | Total | ||||||||||||||
Losses on | Benefit | Foreign | |||||||||||||||
Cash Flow | Pension | Currency | |||||||||||||||
Hedges | Plans | Translation | |||||||||||||||
Adjustment | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | ||||||
Net current-period Other Comprehensive Income (Loss) | 191 | — | (46 | ) | 145 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, September 28, 2013 | $ | 191 | $ | (4,607 | ) | $ | (18,842 | ) | $ | (23,258 | ) | ||||||
Net_Income_per_Share
Net Income per Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Income per Share | 5. Net Income per Share | ||||||||||||||||
Basic earnings per share is based on the weighted average number of shares of common stock outstanding, and diluted earnings per share is based on the weighted average number of shares of common stock outstanding and all potentially dilutive common stock equivalents outstanding. Common stock equivalents are included in the per share calculations when the effect of their inclusion would be dilutive. | |||||||||||||||||
The following is a reconciliation of basic to diluted net income per share: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Altra Holdings, Inc | $ | 10,501 | $ | 8,547 | $ | 33,070 | $ | 29,672 | |||||||||
Shares used in net income per common share—basic | 26,780 | 26,675 | 26,750 | 26,632 | |||||||||||||
Incremental shares of unvested restricted common stock | 56 | 33 | 102 | 105 | |||||||||||||
Shares used in net income per common share—diluted | 26,836 | 26,708 | 26,852 | 26,737 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic net income attributable to Altra Holdings, Inc. | $ | 0.39 | $ | 0.32 | $ | 1.24 | $ | 1.11 | |||||||||
Diluted net income attributable to Altra Holdings, Inc. | $ | 0.39 | $ | 0.32 | $ | 1.23 | $ | 1.11 | |||||||||
The Company excluded 2,278,000 shares related to the Convertible Notes (see Note 12) from the above earnings per share calculation as these shares were anti-dilutive. | |||||||||||||||||
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | 6. Acquisitions | ||||
In July 2012, the Company consummated an agreement to acquire 85% of privately held Lamiflex do Brasil Equipamentos Industriais Ltda. now known as Lamiflex Do Brasil Equipamentos Industriais S.A. This transaction is known as the Lamiflex Acquisition. The Company acquired 85% of the stock of Lamiflex for 17.4 million Reais ($8.6 million), which was subject to a reduction of 2.1 million Reais ($1.1 million) for estimated net debt at closing. | |||||
The closing date of the Lamiflex Acquisition was July 11, 2012, and as a result, the Company’s condensed consolidated financial statements reflect Lamiflex’s results of operations from the beginning of business on July 11, 2012 forward. | |||||
The Company has completed the valuation of customer relationships, trademarks, deferred tax assets and liabilities and fixed assets and has recorded them as part of its balance sheet. | |||||
The Company recorded a redeemable non-controlling interest from its acquisition of an 85% ownership interest of Lamiflex at fair value at the date of acquisition. In connection with the Lamiflex Acquisition, the Company entered into put and call option agreements with the minority shareholders for the potential purchase of the non-controlling interest at a future date at a value based on a contractually determined formula. As a result of the option agreements, the non-controlling interest is considered redeemable and is classified as temporary equity on the Company’s Condensed Consolidated Balance Sheet. | |||||
The following table sets forth the unaudited pro forma results of operations of the Company for the year to date period ended September 29, 2012, as if the Company had acquired Lamiflex at the beginning of the period. The pro forma information contains the actual operating results of the Company, including Lamiflex, adjusted to include the pro forma impact of (i) additional depreciation expense as a result of estimated depreciation based on the fair value of fixed assets and; (ii) additional expense as a result of the estimated amortization of identifiable intangible assets; These pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred at the beginning of the period or that may be obtained in the future. | |||||
Pro Forma | |||||
(unaudited) | |||||
Year to Date Period | |||||
Ended | |||||
September 29, 2012 | |||||
Total revenues | $ | 557,527 | |||
Net income attributable to Altra Holdings, Inc. | $ | 29,989 | |||
Basic earnings per share: | |||||
Net income attributable to Altra Holdings, Inc. | $ | 1.13 | |||
Diluted earnings per share: | |||||
Net income attributable to Altra Holdings, Inc. | $ | 1.12 |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 7. Inventories | ||||||||
Inventories are generally stated at the lower of cost or market, using the first-in, first-out (“FIFO”) method. Market is defined as net realizable value. Inventories located at certain subsidiaries are stated at the lower of cost or market, principally using the last-in, first-out (“LIFO”) method. Inventories at September 28, 2013 and December 31, 2012 consisted of the following: | |||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 36,230 | $ | 39,902 | |||||
Work in process | 18,743 | 21,199 | |||||||
Finished goods | 65,598 | 62,675 | |||||||
$ | 120,571 | $ | 123,776 | ||||||
Approximately 9% and 10% of total inventories were valued using the LIFO method as of September 28, 2013 and December 31, 2012, respectively. The Company recorded a $0.1 million provision as a component of cost of sales to value the inventory on a LIFO basis for the quarter ended September 29, 2012. The Company recorded a $0.3 million adjustment as a component of cost of sales to value the inventory on a LIFO basis for the year to date period ended September 29, 2012. There was no provision necessary to value the inventory on a LIFO basis for the quarter or year to date periods ended September 28, 2013. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets | ||||||||||||||||
Changes to goodwill from January 1, through September 28, 2013 were as follows: | |||||||||||||||||
2013 | |||||||||||||||||
Gross goodwill balance as of January 1 | $ | 120,035 | |||||||||||||||
Impact of changes in foreign currency | (110 | ) | |||||||||||||||
Gross goodwill balance as of September 28 | 119,925 | ||||||||||||||||
Accumulated impairment as of January 1 | (31,810 | ) | |||||||||||||||
Impairment charge during the period | — | ||||||||||||||||
Accumulated impairment as of September 28 | (31,810 | ) | |||||||||||||||
Net goodwill balance September 28, 2013 | $ | 88,115 | |||||||||||||||
Other intangible assets as of September 28, 2013 and December 31, 2012 consisted of the following: | |||||||||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||||||||
Cost | Accumulated | Cost | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Other intangible assets | |||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Tradenames and trademarks | $ | 34,485 | $ | — | $ | 34,485 | $ | — | |||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 78,864 | 41,084 | 78,864 | 36,202 | |||||||||||||
Product technology and patents | 5,719 | 5,719 | 5,719 | 5,657 | |||||||||||||
Impact of changes in foreign currency | (1,128 | ) | — | (1,111 | ) | — | |||||||||||
Total intangible assets | $ | 117,940 | $ | 46,803 | $ | 117,957 | $ | 41,859 | |||||||||
The Company recorded $1.7 million and $1.8 million of amortization expense in the quarters ended September 28, 2013 and September 29, 2012, respectively, and recorded $4.9 million and $5.1 million of amortization expense in the year to date periods ended September 28, 2013 and September 29, 2012, respectively. | |||||||||||||||||
The estimated amortization expense for intangible assets is approximately $1.6 million for the remainder of 2013, $6.4 million in each of the next four years and then $9.5 million thereafter. |
Warranty_Costs
Warranty Costs | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Guarantees [Abstract] | |||||||||
Warranty Costs | 9. Warranty Costs | ||||||||
The contractual warranty period generally ranges from three months to two years with a few extending up to thirty-six months based on the product and application of the product. Changes in the carrying amount of accrued product warranty costs for each of the quarters ended September 28, 2013 and September 29, 2012 are as follows: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 5,625 | $ | 4,898 | |||||
Accrued current period warranty expense | 1,758 | 1,651 | |||||||
Payments | (1,743 | ) | (1,435 | ) | |||||
Balance at end of period | $ | 5,640 | $ | 5,114 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes |
The estimated effective income tax rates recorded for the year to date periods ended September 28, 2013 and September 29, 2012, were based upon management’s best estimate of the effective tax rate for the entire year. | |
The Company and its subsidiaries file a consolidated federal income tax return in the United States as well as consolidated and separate income tax returns in various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities in all of these jurisdictions. With the exception of certain foreign jurisdictions, the Company is no longer subject to income tax examinations for the tax years prior to 2008. | |
Additionally, the Company has indemnification agreements with the sellers of the Bauer and Lamiflex entities that provide for reimbursement to the Company for payments made in satisfaction of tax liabilities relating to pre-acquisition periods. | |
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense in the condensed consolidated statements of operations. At each of December 31, 2012 and September 28, 2013, the Company had $0.4 million of accrued interest and penalties. |
Pension_and_Other_Employee_Ben
Pension and Other Employee Benefits | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Employee Benefits | 11. Pension and Other Employee Benefits | ||||||||||||||||
Defined Benefit (Pension) and Post-retirement Benefit Plans | |||||||||||||||||
The Company sponsors various defined benefit (pension) and post-retirement (medical, dental and life insurance coverage) plans for certain, primarily unionized employees. | |||||||||||||||||
The following table represents the components of the net periodic benefit cost associated with the respective plans for the quarters and year to date periods ended September 28, 2013 and September 29, 2012: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 37 | $ | 25 | $ | — | $ | 1 | |||||||||
Interest cost | 246 | 273 | 4 | 3 | |||||||||||||
Expected return on plan assets | (267 | ) | (268 | ) | — | — | |||||||||||
Amortization of net gain | 41 | 25 | (13 | ) | (13 | ) | |||||||||||
Net periodic benefit cost (income) | $ | 57 | $ | 55 | $ | (9 | ) | $ | (9 | ) | |||||||
Year to Date Ended | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 113 | $ | 75 | $ | 2 | $ | 2 | |||||||||
Interest cost | 738 | 819 | 10 | 10 | |||||||||||||
Expected return on plan assets | (801 | ) | (804 | ) | — | — | |||||||||||
Amortization of prior service income | — | — | (1 | ) | (1 | ) | |||||||||||
Amortization of net gain | 125 | 74 | (39 | ) | (39 | ) | |||||||||||
Net periodic benefit cost (income) | $ | 175 | $ | 164 | $ | (28 | ) | $ | (28 | ) | |||||||
The Company made $3.0 million in contributions during the year to date period ended September 28, 2013. | |||||||||||||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 12. Debt | ||||||||
Outstanding debt obligations at September 28, 2013 and December 31, 2012 were as follows: | |||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Debt: | |||||||||
Revolving Credit Facility | $ | 25,000 | $ | 79,304 | |||||
Convertible Notes | 85,000 | 85,000 | |||||||
Term Notes | 96,250 | 100,000 | |||||||
Equipment and working capital notes | 3,569 | 1,100 | |||||||
Mortgages | 715 | 963 | |||||||
Capital leases | 73 | 99 | |||||||
Other | 253 | 435 | |||||||
Total debt | 210,860 | 266,901 | |||||||
Less: debt discount, net of accretion | (16,975 | ) | (19,306 | ) | |||||
Total debt, net of unaccreted discount | $ | 193,885 | $ | 247,595 | |||||
Less current portion of long-term debt | 12,800 | 9,135 | |||||||
Total long-term debt, net of unaccreted discount | $ | 181,085 | $ | 238,460 | |||||
Credit Agreement | |||||||||
In November 2012, the Company entered into a Credit Agreement with certain financial institutions (collectively, the “Lenders”), to be guaranteed by certain domestic subsidiaries of the Company (each a “Guarantor” and collectively the “Guarantors”). Pursuant to the Credit Agreement, the Lenders made available to the Company an initial term loan facility of $100,000,000 (the “Term Loan Facility”) and an initial revolving credit facility of $200,000,000 (the “Revolving Credit Facility”). | |||||||||
Interest on the amounts outstanding under the credit facilities is calculated using either an ABR Rate or Eurodollar rate, plus the applicable margin. The applicable margins for Eurodollar Loans are between 1.375% to 1.875%, and for ABR Loans are between 0.375% and 0.875%. The Credit Agreement provides for a possible expansion of the facilities by an aggregate additional $150,000,000, which can be allocated as additional term loans and/or additional revolving credit loans. The amounts available under the Term Loan Facility and Revolving Credit Facility are to be available for general corporate purposes and to repay existing indebtedness. The stated maturity of both of these credit facilities is November 20, 2017, and there are scheduled quarterly principal payments due on the outstanding amount of the Term Loan Facility. A portion of the Revolving Credit Facility may be used for the issuance of letters of credit, and a portion of the amount of the Revolving Credit Facility is available for borrowings in certain agreed upon foreign currencies. | |||||||||
The proceeds of the Term Loan Facility and a portion of the proceeds of the Revolving Credit Facility, along with cash on hand, were used by the Company to contribute all funds necessary to redeem all of the Company’s Senior Secured Notes in December 2012 (the “Redemption”). As of September 28, 2013 and December 31, 2012, we had $25.0 and $79.3 million outstanding on our Revolving Credit Facility, respectively. As of September 28, 2013 and December 31, 2012, we had $7.7 and $7.6 million in letters of credit outstanding, respectively. We had $167.3 million and $113.1 million available under the Revolving Credit Facility at September 28, 2013 and December 31, 2012, respectively. | |||||||||
The Credit Agreement contains various affirmative and negative covenants and restrictions, which among other things, will require the Company and certain Subsidiaries to provide certain financial reports to the Lenders, require the Company to maintain certain financial covenants relating to consolidated leverage and interest coverage, limit maximum annual capital expenditures, and limit the ability of the Company and its subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other equity distributions, purchase or redeem capital stock or debt, make certain investments, sell assets, engage in certain transactions, and effect a consolidation or merger. The Credit Agreement also contains customary events of default. | |||||||||
Pledge and Security Agreement; Trademark Security Agreement; Patent Security Agreement. | |||||||||
Pursuant to the Credit Agreement, on November 20, 2012, the Loan Parties and the Administrative Agent entered into a Pledge and Security Agreement (the “Pledge and Security Agreement”), pursuant to which each Loan Party pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Lenders, a security interest in all of its right, title and interest in, to and under all personal property, whether now owned by or owing to, or after acquired by or arising in favor of such Loan Party (including under any trade name or derivations), and whether owned or consigned by or to, or leased from or to, such Loan Party, and regardless of where located, except for specific excluded personal property identified in the Pledge and Security Agreement (collectively, the “Collateral”). Notwithstanding the foregoing, the Collateral does not include, among other items, more than 65% of the capital stock of the first tier foreign subsidiaries of the Company. The Pledge and Security Agreement contains other customary representations, warranties and covenants of the parties. The Credit Agreement provides that the obligation to grant the security interest can cease upon the obtaining of certain corporate family ratings for the Company, but the obligation to grant a security interest is subject to subsequent reinstatement if the ratings are not maintained as provided in the Credit Agreement. | |||||||||
In connection with the Pledge and Security Agreement, certain of the Loan Parties delivered a Patent Security Agreement and a Trademark Security Agreement in favor of the Administrative Agent pursuant to which each of the Loan Parties signatory thereto pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Lenders, a security interest in all of its right, title and interest in, to and under all registered patents, patent applications, registered trademarks and trademark applications owned by such Loan Parties. | |||||||||
Convertible Senior Notes | |||||||||
On March 7, 2011, the Company issued $85.0 million of Convertible Senior Notes (the “Convertible Notes”) due on March 1, 2031. The Convertible Notes will mature on March 31, 2031, unless earlier redeemed, repurchased by the Company or converted, and are convertible into cash or shares, or a combination thereof, at the Company’s election. Interest on the Convertible Notes is payable semiannually in arrears, on March 1 and September 1 of each year, and commenced on September 1, 2011 at an annual rate of 2.75%. | |||||||||
The Company separately accounted for the debt and equity components of the Convertible Notes to reflect the issuer’s non-convertible debt borrowing rate, which interest costs are to be recognized in subsequent periods. The note payable principal balance at the date of issuance of $85.0 million was bifurcated into a debt component of $60.5 million and an equity component of $24.5 million. The difference between the note payable principal balance and the value of the debt component is being accreted to interest expense over the term of the notes. The debt component was recognized at the present value of associated cash flows discounted using a 8.25% discount rate, the borrowing rate at the date of issuance for a similar debt instrument without a conversion feature. The Company paid approximately $3.7 million of issuance costs associated with the Convertible Notes. The Company recorded $1.0 million of debt issuance costs as an offset to additional paid-in capital. The balance of $2.7 million of debt issuance costs is classified as other non-current assets and will be amortized over the term of the notes using the effective interest method. | |||||||||
The carrying amount of the principal amount of the liability component, the unamortized discount, and the net carrying amount are as follows as of September 28, 2013: | |||||||||
September 28, | |||||||||
2013 | |||||||||
Principal amount of debt | $ | 85,000 | |||||||
Unamortized discount | 16,975 | ||||||||
Carrying value of debt | $ | 68,025 | |||||||
Interest expense associated with the Convertible Notes consisted of the following for the year to date period ended September 28, 2013: | |||||||||
September 28, | |||||||||
2013 | |||||||||
Contractual coupon rate of interest | $ | 1,753 | |||||||
Accretion of Convertible Notes discount and amortization of deferred financing costs | 2,594 | ||||||||
Interest expense for the convertible notes | $ | 4,347 | |||||||
The effective interest yield of the Convertible Notes due in 2031 is 8.5% at September 28, 2013 and the cash coupon interest rate is 2.75%. | |||||||||
Senior Secured Notes | |||||||||
In November 2009, the Company issued 8 1/8% Senior Secured Notes (the “Senior Secured Notes”) with a face value of $210 million. Interest on the Senior Secured Notes was payable semi-annually in arrears, on June 1 and December 1 of each year, commencing on June 1, 2010 at an annual rate of 8 1/8%. The effective interest rate of the Senior Secured Notes was approximately 8.75% after consideration of the $6.7 million of deferred financing costs (included in other non-current assets which are being amortized over the term using the effective interest method). The principal balance of the Senior Secured Notes was scheduled to mature on December 1, 2016. | |||||||||
The Senior Secured Notes were guaranteed by the Company’s U.S. domestic subsidiaries and were secured by a second priority lien, subject to first priority liens securing the Old Revolving Credit Agreement, on substantially all of the Company’s assets and those of its domestic subsidiaries. The indenture governing the Senior Secured Notes contained covenants which restricted the Company and its subsidiaries. These restrictions limited or prohibited, among other things, the Company’s ability to incur additional indebtedness; repay subordinated indebtedness prior to stated maturities; pay cash dividends on or redeem or repurchase stock or make other distributions; make investments or acquisitions; sell certain assets or merge with or into other companies; sell stock in our subsidiaries; and create liens on their assets. There are no financial covenants associated with the Senior Secured Notes. | |||||||||
During 2012, Altra Industrial retired the remaining principal balance of the 8 1/8% Senior Secured Notes, of $198.0 million. | |||||||||
Old Revolving Credit Agreement | |||||||||
Prior to entering into the current Credit Agreement, Altra Industrial had previously entered into a senior secured credit facility, (the “Old Revolving Credit Agreement”), that provided for borrowing capacity in an initial amount of up to $65.0 million (subject to adjustment pursuant to a borrowing base and subject to increase from time to time in accordance with the terms of the credit facility). | |||||||||
The Old Revolving Credit Agreement was replaced with the new Revolving Credit Facility in November 2012. | |||||||||
Equipment and Working Capital Notes | |||||||||
The Company entered into a 24.6 million RMB ($3.9 million) loan with a bank to equip its new facility in Changzhou, China during 2012. The loan had a remaining principal balance of 7.0 million RMB ($1.1 million) at December 31, 2012. The note was refinanced in an amount of approximately 6.5 million RMB ($1.1 million) during the quarter ended September 28, 2013 with a new bank. The note is due in installments from July through September 2014, when the note expires. Interest is payable monthly at 5.04%. | |||||||||
The Company entered into a 15.4 million RMB ($2.5 million) loan with a bank to equip its new facility in Changzhou, China during the quarter ended September 28, 2013. The loan has a remaining principal balance of 15.4 million RMB ($2.5 million) at September 28, 2013. The note is due in in installments between June and August of 2016, when the note expires. Interest is payable monthly at 5.54%. The note is callable by the bank at its discretion and as such, has been included in the current portion of long-term debt in the balance sheet at September 28, 2013. | |||||||||
Mortgage | |||||||||
The Company has a mortgage with a bank on its facility in Heidelberg, Germany with an interest rate of 2.9% and is payable in monthly installments over the next three years. As of September 28, 2013 and December 31, 2012, the mortgage had a remaining principal balance of €0.5 million or $0.7 million and €0.7 million or $1.0 million, respectively. | |||||||||
Capital Leases | |||||||||
The Company leases certain equipment under capital lease arrangements, whose obligations are included in both short-term and long-term debt. Capital lease obligations amounted to approximately $0.1 million at September 28, 2013 and December 31, 2012. Assets subject to capital leases are included in property, plant and equipment with the related amortization recorded as depreciation expense. | |||||||||
Overdraft Agreements | |||||||||
Certain of our foreign subsidiaries maintain overdraft agreements with financial institutions. There were no borrowings as of September 28, 2013 or December 31, 2012 under any of the overdraft agreements. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Equity [Abstract] | |||||||||
Stockholders' Equity | 13. Stockholders’ Equity | ||||||||
The Company declared dividends of $0.10 per share of common stock for the year to date period ended September 29, 2012. The Company declared a cash dividend of $0.05 per share for the quarter ended September 29, 2012. The dividend of $1.3 million was paid on October 2, 2012 to shareholders of record as of the close of business on September 18, 2012 and was accrued for in the balance sheet at September 29, 2012. | |||||||||
The Company declared dividends of $0.28 per share of common stock for the year to date period ended September 28, 2013. The Company declared a cash dividend of $0.10 per share for the quarter ended September 28, 2013. The dividend of $2.7 million, paid on October 2, 2013, was accrued for in the balance sheet at September 28, 2013. | |||||||||
Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declaration of dividends are in the best interest of the Company’s stockholders and are in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends. | |||||||||
Stock-Based Compensation | |||||||||
The Company’s Board of Directors established the 2004 Equity Incentive Plan (as amended, the “Plan”) that provides for various forms of stock-based compensation to independent directors, officers and senior-level employees of the Company. The restricted shares of common stock issued pursuant to the Plan generally vest ratably over a period ranging from immediately to 5 years, provided that the vesting of the restricted shares may accelerate upon the occurrence of certain liquidity events, if approved by the Board of Directors in connection with the transactions. Common stock awarded under the Plan is generally subject to restrictions on transfer, repurchase rights, and other limitations and rights as set forth in the applicable award agreements. The shares are valued based on the share price on the date of grant. | |||||||||
The Plan permits the Company to grant restricted stock, among other things, to key employees and other persons who make significant contributions to the success of the Company. The restrictions and vesting schedule for restricted stock granted under the Plan are determined by the Personnel and Compensation Committee of the Board of Directors. | |||||||||
The Plan also permits the Company to grant performance share awards, among other things, to the Company’s executives and certain other officers and employees based on pre-established annual performance objectives and goals. The company issued performance share unit awards during February 2013 and has accrued compensation expense based on the probable outcome of these annual objectives and goals. | |||||||||
Stock-based compensation expense recorded during the year to date periods ended September 28, 2013 and September 29, 2012, was $2.4 million and $2.2 million, respectively. Stock-based compensation expense recorded during the quarters ended September 28, 2013 and September 29, 2012, was $0.6 million and $0.7 million, respectively. Stock-based compensation has been recorded as an adjustment to selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. The Company recognizes stock-based compensation expense on a straight line basis for the shares vesting ratably under the plan and uses the graded-vesting method of recognizing stock-based compensation expense for the performance share awards based on the probability of the specific performance metrics being achieved over the requisite service period. | |||||||||
The following table sets forth the activity of the Company’s unvested restricted stock grants in the year to date period ended September 28, 2013: | |||||||||
Weighted-average | |||||||||
Shares | grant date fair value | ||||||||
Restricted shares unvested January 1, 2013 | 162,586 | $ | 18.67 | ||||||
Shares granted | 127,326 | 24.53 | |||||||
Shares vested | (139,577 | ) | 21.5 | ||||||
Restricted shares unvested September 28, 2013 | 150,335 | $ | 22.95 | ||||||
Total remaining unrecognized compensation cost was $3.6 million as of September 28, 2013, which will be recognized over a weighted average remaining period of three years. The fair market value of the shares for which the restrictions have lapsed during the year to date period ended September 28, 2013 was $3.5 million. Restricted shares granted are valued based on the fair market value of the stock on the date of grant. | |||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Financial Instruments | 14. Derivative Financial Instruments | ||||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||||
During the quarter ended June 29, 2013, the Company entered an interest rate swap agreement designed to fix the variable interest rate payable on $98.1 million of its outstanding borrowings under the Credit Agreement at 0.626% exclusive of the credit spread under the Credit Agreement. | |||||||||||||||||||||
The interest rate swap agreement was designed to manage exposure to interest rates on the Company’s variable rate indebtedness. The Company recognizes all derivatives on its balance sheet at fair value. The Company has designated its interest rate swap agreement, which is forward-dated, as a cash flow hedge. Changes in the fair value of the swap are recognized in other comprehensive income until the hedged items are recognized in earnings. Hedge ineffectiveness, if any, associated with the swap will be reported by the Company in interest expense. There was no ineffectiveness associated with the swap during the quarter or year to date periods ended September 28, 2013, nor was any amount excluded from ineffectiveness testing for these periods. | |||||||||||||||||||||
The fair value of the swap recognized in other long-term assets and in other comprehensive income (loss) is as follows (in thousands): | |||||||||||||||||||||
Fixed Rate, | |||||||||||||||||||||
before | Fair Value | ||||||||||||||||||||
Effective Date | Notional | applicable | Maturity | September 28, | December 31, | ||||||||||||||||
Amount | Margin | 2013 | 2012 | ||||||||||||||||||
April 30, 2013 | $ | 98,125 | 0.626 | % | November 30, 2016 | $ | 191 | $ | — |
Concentrations_of_Credit_Segme
Concentrations of Credit, Segment Data and Workforce | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Concentrations of Credit, Segment Data and Workforce | 15. Concentrations of Credit, Segment Data and Workforce | ||||||||||||||||
Financial instruments, which are potentially subject to counter party performance and concentrations of credit risk, consist primarily of trade accounts receivable. The Company manages these risks by conducting credit evaluations of customers prior to delivery or commencement of services. When the Company enters into a sales contract, collateral is normally not required from the customer. Payments are typically due within thirty days of billing. An allowance for potential credit losses is maintained, and losses have historically been within management’s expectations. No customer represented greater than 10% of total sales for each of the quarters or year to date periods ended September 28, 2013 and September 29, 2012. | |||||||||||||||||
The Company is also subject to counter party performance risk of loss in the event of non-performance by counterparties to financial instruments, such as cash and investments. Cash and investments are held by well-established financial institutions and invested in AAA rated mutual funds or United States Government Securities. The Company is exposed to swap counterparty credit risk with financial institutions. The Company’s counterparty is a well-established financial institution. | |||||||||||||||||
The Company has three operating segments that are regularly reviewed by our chief operating decision maker. Each of these operating segments represents a unit that produces mechanical power transmission products. The Company aggregates all of the operating segments into one reportable segment. The three operating segments are expected to have similar long-term average gross profit margins. All of our products are sold by one global sales force and we have one global marketing function with the exception of the Bauer gear motor business for which the Company is in the process of integrating sales and marketing activities. Strategic markets and industries are determined for the entire company and then targeted by the brands. All of our operating segments have common manufacturing and production processes. Each operating segment includes a machine shop which uses similar equipment and manufacturing techniques. Each of our operating segments uses common raw materials, such as aluminum, steel and copper. The materials are purchased and procurement contracts are negotiated by one global purchasing function. | |||||||||||||||||
The Company serves the general industrial market by selling to original equipment manufacturers (“OEM”) and distributors. Our OEM and distributor customers serve the general industrial market. Resource allocation decisions such as capital expenditure requirements and headcount requirements are made at a consolidated level and allocated to the individual operating segments. | |||||||||||||||||
Discrete financial information is not available by product line at the level necessary for management to assess performance or make resource allocation decisions. | |||||||||||||||||
Net sales to third parties by geographic region are as follows: | |||||||||||||||||
Net Sales | Net Sales | ||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
North America (primarily U.S.) | $ | 109,810 | $ | 112,708 | $ | 343,844 | $ | 358,719 | |||||||||
Europe | 52,315 | 49,832 | 160,895 | 162,356 | |||||||||||||
Asia and other | 13,318 | 11,948 | 36,949 | 33,741 | |||||||||||||
Total | $ | 175,443 | $ | 174,488 | $ | 541,688 | $ | 554,816 | |||||||||
Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. | |||||||||||||||||
The net assets of the Company’s foreign subsidiaries at September 28, 2013 and December 31, 2012 were $128.5 million and $117.0 million, respectively. |
Restructuring
Restructuring | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Restructuring And Related Activities [Abstract] | |||||||||
Restructuring | 16. Restructuring | ||||||||
In the quarter ended December 31, 2012, the Company adopted a restructuring plan (“2012 Altra Plan”) as a result of continued sluggish demand in Europe and general global economic conditions. The actions included in the 2012 Altra Plan include reducing headcount and limiting discretionary spending to improve profitability in Europe. The Company recorded $0.1 million and $0.7 million in restructuring charges associated with the 2012 Altra Plan in the quarter and year to date periods ended September 28, 2013, respectively. The costs were primarily severance charges due in connection with the reduction of the workforce at our European locations. | |||||||||
The Company’s total restructuring expense, by major component for the year to date period ended September 28, 2013 was as follows: | |||||||||
Quarter | Year to Date | ||||||||
Ended | Ended | ||||||||
September 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
2012 | 2012 | ||||||||
Altra Plan | Altra Plan | ||||||||
Severance | $ | 137 | $ | 653 | |||||
Other | (40 | ) | 2 | ||||||
Total cash expenses | $ | 97 | $ | 655 | |||||
The following is a reconciliation of the accrued restructuring costs between December 31, 2012 and September 28, 2013 | |||||||||
All Plans | |||||||||
Balance at January 1, 2013 | $ | 2,920 | |||||||
Restructuring expense incurred | 655 | ||||||||
Cash payments | (3,293 | ) | |||||||
Balance at September 28, 2013 | $ | 282 | |||||||
The total restructuring reserve as of September 28, 2013 relates to severance costs to be paid to employees and is recorded in accruals and other current liabilities on the consolidated balance sheet. The Company expects to incur approximately $0.3 to $0.6 million in restructuring expenses during the remainder of 2013 under the 2012 Altra Plan. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies |
General Litigation | |
The Company is involved in various pending legal proceedings arising out of the ordinary course of business. These proceedings primarily involve commercial claims, product liability claims, personal injury claims, and workers’ compensation claims. None of these legal proceedings are expected to have a material adverse effect on the results of operations, cash flows, or financial condition of the Company. With respect to these proceedings, management believes that the Company will prevail, has adequate insurance coverage or has established appropriate reserves to cover potential liabilities. Any costs that management estimates may be paid related to these proceedings or claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these legal proceedings were to be determined adversely to the Company, there could be a material adverse effect on the results of operations, cash flows, or financial condition of the Company. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. There were no material amounts accrued in the accompanying condensed consolidated balance sheets for potential litigation as of September 28, 2013 or December 31, 2012. For matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses, individually and in the aggregate, will not have a material effect on our consolidated financial statements. | |
The Company also risks exposure to product liability claims in connection with products it has sold and those sold by businesses that the Company acquired. Although in some cases third parties have retained responsibility for product liability claims relating to products manufactured or sold prior to the acquisition of the relevant business and in other cases the persons from whom the Company has acquired a business may be required to indemnify the Company for certain product liability claims subject to certain caps or limitations on indemnification, the Company cannot assure that those third parties will in fact satisfy their obligations with respect to liabilities retained by them or their indemnification obligations. If those third parties become unable to or otherwise do not comply with their respective obligations including indemnity obligations, or if certain product liability claims for which the Company is obligated were not retained by third parties or are not subject to these indemnities, the Company could become subject to significant liabilities or other adverse consequences. Moreover, even in cases where third parties retain responsibility for product liability claims or are required to indemnify the Company, significant claims arising from products that have been acquired could have a material adverse effect on the Company’s ability to realize the benefits from an acquisition, could result in the reduction of the value of goodwill that the Company recorded in connection with an acquisition, or could otherwise have a material adverse effect on the Company’s business, financial condition, or operations. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 28, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events |
The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. | |
The Company made a voluntary $2.0 million pension contribution in October 2013. | |
On October 29, 2013, the Company declared a dividend of $0.10 per share for the quarter ended December 31, 2013, payable on January 3, 2014 to shareholders of record as of December 18, 2013. | |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | The following is a reconciliation of changes in Accumulated Other Comprehensive Income (Loss) by Component for the periods presented: | ||||||||||||||||
Gains and | Defined | Cumulative | Total | ||||||||||||||
Losses on | Benefit | Foreign | |||||||||||||||
Cash Flow | Pension | Currency | |||||||||||||||
Hedges | Plans | Translation | |||||||||||||||
Adjustment | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2012 | $ | — | $ | (2,485 | ) | $ | (22,591 | ) | $ | (25,076 | ) | ||||||
Net current-period Other Comprehensive Income (Loss) | — | — | 3,140 | 3,140 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, September 29, 2012 | $ | — | $ | (2,485 | ) | $ | (19,451 | ) | $ | (21,936 | ) | ||||||
Gains and | Defined | Cumulative | Total | ||||||||||||||
Losses on | Benefit | Foreign | |||||||||||||||
Cash Flow | Pension | Currency | |||||||||||||||
Hedges | Plans | Translation | |||||||||||||||
Adjustment | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | ||||||
Net current-period Other Comprehensive Income (Loss) | 191 | — | (46 | ) | 145 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, September 28, 2013 | $ | 191 | $ | (4,607 | ) | $ | (18,842 | ) | $ | (23,258 | ) | ||||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Reconciliation of Basic to Diluted Net Income Per Share | The following is a reconciliation of basic to diluted net income per share: | ||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Altra Holdings, Inc | $ | 10,501 | $ | 8,547 | $ | 33,070 | $ | 29,672 | |||||||||
Shares used in net income per common share—basic | 26,780 | 26,675 | 26,750 | 26,632 | |||||||||||||
Incremental shares of unvested restricted common stock | 56 | 33 | 102 | 105 | |||||||||||||
Shares used in net income per common share—diluted | 26,836 | 26,708 | 26,852 | 26,737 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic net income attributable to Altra Holdings, Inc. | $ | 0.39 | $ | 0.32 | $ | 1.24 | $ | 1.11 | |||||||||
Diluted net income attributable to Altra Holdings, Inc. | $ | 0.39 | $ | 0.32 | $ | 1.23 | $ | 1.11 |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Business Combinations [Abstract] | |||||
Proforma Amount on Acquisition Occurred | These pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred at the beginning of the period or that may be obtained in the future. | ||||
Pro Forma | |||||
(unaudited) | |||||
Year to Date Period | |||||
Ended | |||||
September 29, 2012 | |||||
Total revenues | $ | 557,527 | |||
Net income attributable to Altra Holdings, Inc. | $ | 29,989 | |||
Basic earnings per share: | |||||
Net income attributable to Altra Holdings, Inc. | $ | 1.13 | |||
Diluted earnings per share: | |||||
Net income attributable to Altra Holdings, Inc. | $ | 1.12 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of Inventories | Inventories at September 28, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 36,230 | $ | 39,902 | |||||
Work in process | 18,743 | 21,199 | |||||||
Finished goods | 65,598 | 62,675 | |||||||
$ | 120,571 | $ | 123,776 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Changes in Goodwill | Changes to goodwill from January 1, through September 28, 2013 were as follows: | ||||||||||||||||
2013 | |||||||||||||||||
Gross goodwill balance as of January 1 | $ | 120,035 | |||||||||||||||
Impact of changes in foreign currency | (110 | ) | |||||||||||||||
Gross goodwill balance as of September 28 | 119,925 | ||||||||||||||||
Accumulated impairment as of January 1 | (31,810 | ) | |||||||||||||||
Impairment charge during the period | — | ||||||||||||||||
Accumulated impairment as of September 28 | (31,810 | ) | |||||||||||||||
Net goodwill balance September 28, 2013 | $ | 88,115 | |||||||||||||||
Other Intangible Assets | Other intangible assets as of September 28, 2013 and December 31, 2012 consisted of the following: | ||||||||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||||||||
Cost | Accumulated | Cost | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Other intangible assets | |||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Tradenames and trademarks | $ | 34,485 | $ | — | $ | 34,485 | $ | — | |||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 78,864 | 41,084 | 78,864 | 36,202 | |||||||||||||
Product technology and patents | 5,719 | 5,719 | 5,719 | 5,657 | |||||||||||||
Impact of changes in foreign currency | (1,128 | ) | — | (1,111 | ) | — | |||||||||||
Total intangible assets | $ | 117,940 | $ | 46,803 | $ | 117,957 | $ | 41,859 | |||||||||
Warranty_Costs_Tables
Warranty Costs (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Guarantees [Abstract] | |||||||||
Changes in Carrying Amount of Accrued Product Warranty Costs | Changes in the carrying amount of accrued product warranty costs for each of the quarters ended September 28, 2013 and September 29, 2012 are as follows: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 5,625 | $ | 4,898 | |||||
Accrued current period warranty expense | 1,758 | 1,651 | |||||||
Payments | (1,743 | ) | (1,435 | ) | |||||
Balance at end of period | $ | 5,640 | $ | 5,114 | |||||
Pension_and_Other_Employee_Ben1
Pension and Other Employee Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Components of Net Periodic Benefit Cost | The following table represents the components of the net periodic benefit cost associated with the respective plans for the quarters and year to date periods ended September 28, 2013 and September 29, 2012: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 37 | $ | 25 | $ | — | $ | 1 | |||||||||
Interest cost | 246 | 273 | 4 | 3 | |||||||||||||
Expected return on plan assets | (267 | ) | (268 | ) | — | — | |||||||||||
Amortization of net gain | 41 | 25 | (13 | ) | (13 | ) | |||||||||||
Net periodic benefit cost (income) | $ | 57 | $ | 55 | $ | (9 | ) | $ | (9 | ) | |||||||
Year to Date Ended | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 113 | $ | 75 | $ | 2 | $ | 2 | |||||||||
Interest cost | 738 | 819 | 10 | 10 | |||||||||||||
Expected return on plan assets | (801 | ) | (804 | ) | — | — | |||||||||||
Amortization of prior service income | — | — | (1 | ) | (1 | ) | |||||||||||
Amortization of net gain | 125 | 74 | (39 | ) | (39 | ) | |||||||||||
Net periodic benefit cost (income) | $ | 175 | $ | 164 | $ | (28 | ) | $ | (28 | ) | |||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Outstanding Debt Obligations | Outstanding debt obligations at September 28, 2013 and December 31, 2012 were as follows: | ||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Debt: | |||||||||
Revolving Credit Facility | $ | 25,000 | $ | 79,304 | |||||
Convertible Notes | 85,000 | 85,000 | |||||||
Term Notes | 96,250 | 100,000 | |||||||
Equipment and working capital notes | 3,569 | 1,100 | |||||||
Mortgages | 715 | 963 | |||||||
Capital leases | 73 | 99 | |||||||
Other | 253 | 435 | |||||||
Total debt | 210,860 | 266,901 | |||||||
Less: debt discount, net of accretion | (16,975 | ) | (19,306 | ) | |||||
Total debt, net of unaccreted discount | $ | 193,885 | $ | 247,595 | |||||
Less current portion of long-term debt | 12,800 | 9,135 | |||||||
Total long-term debt, net of unaccreted discount | $ | 181,085 | $ | 238,460 | |||||
Carrying Amount of Debt | The carrying amount of the principal amount of the liability component, the unamortized discount, and the net carrying amount are as follows as of September 28, 2013: | ||||||||
September 28, | |||||||||
2013 | |||||||||
Principal amount of debt | $ | 85,000 | |||||||
Unamortized discount | 16,975 | ||||||||
Carrying value of debt | $ | 68,025 | |||||||
Interest Expense Associated with Convertible Notes | Interest expense associated with the Convertible Notes consisted of the following for the year to date period ended September 28, 2013: | ||||||||
September 28, | |||||||||
2013 | |||||||||
Contractual coupon rate of interest | $ | 1,753 | |||||||
Accretion of Convertible Notes discount and amortization of deferred financing costs | 2,594 | ||||||||
Interest expense for the convertible notes | $ | 4,347 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Equity [Abstract] | |||||||||
Company's Unvested Restricted Stock Grants | The following table sets forth the activity of the Company’s unvested restricted stock grants in the year to date period ended September 28, 2013: | ||||||||
Weighted-average | |||||||||
Shares | grant date fair value | ||||||||
Restricted shares unvested January 1, 2013 | 162,586 | $ | 18.67 | ||||||
Shares granted | 127,326 | 24.53 | |||||||
Shares vested | (139,577 | ) | 21.5 | ||||||
Restricted shares unvested September 28, 2013 | 150,335 | $ | 22.95 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Summary of Swaps Recognized in Other Long-term Assets and in Other Comprehensive Income (Loss) | The fair value of the swap recognized in other long-term assets and in other comprehensive income (loss) is as follows (in thousands): | ||||||||||||||||||||
Fixed Rate, | |||||||||||||||||||||
before | Fair Value | ||||||||||||||||||||
Effective Date | Notional | applicable | Maturity | September 28, | December 31, | ||||||||||||||||
Amount | Margin | 2013 | 2012 | ||||||||||||||||||
April 30, 2013 | $ | 98,125 | 0.626 | % | November 30, 2016 | $ | 191 | $ | — |
Concentrations_of_Credit_Segme1
Concentrations of Credit, Segment Data and Workforce (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Net Sales to Third Parties by Geographic Region | Net sales to third parties by geographic region are as follows: | ||||||||||||||||
Net Sales | Net Sales | ||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
North America (primarily U.S.) | $ | 109,810 | $ | 112,708 | $ | 343,844 | $ | 358,719 | |||||||||
Europe | 52,315 | 49,832 | 160,895 | 162,356 | |||||||||||||
Asia and other | 13,318 | 11,948 | 36,949 | 33,741 | |||||||||||||
Total | $ | 175,443 | $ | 174,488 | $ | 541,688 | $ | 554,816 | |||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Restructuring And Related Activities [Abstract] | |||||||||
Summary of Total Restructuring Expense | The Company’s total restructuring expense, by major component for the year to date period ended September 28, 2013 was as follows: | ||||||||
Quarter | Year to Date | ||||||||
Ended | Ended | ||||||||
September 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
2012 | 2012 | ||||||||
Altra Plan | Altra Plan | ||||||||
Severance | $ | 137 | $ | 653 | |||||
Other | (40 | ) | 2 | ||||||
Total cash expenses | $ | 97 | $ | 655 | |||||
Reconciliation of Accrued Restructuring Costs | The following is a reconciliation of the accrued restructuring costs between December 31, 2012 and September 28, 2013 | ||||||||
All Plans | |||||||||
Balance at January 1, 2013 | $ | 2,920 | |||||||
Restructuring expense incurred | 655 | ||||||||
Cash payments | (3,293 | ) | |||||||
Balance at September 28, 2013 | $ | 282 |
Organization_and_Nature_of_Ope1
Organization and Nature of Operations - Additional Information (Detail) | 9 Months Ended |
Sep. 28, 2013 | |
Country | |
Product | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of product lines | 50 |
Production facilities in number of countries | 9 |
Sales coverage in number of countries | 70 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Jul. 11, 2012 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Percentage of ownership acquired | 85.00% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 28, 2013 | Dec. 31, 2012 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Estimated fair value of Interest rate swap | $200,000 | $0 |
Money Market Funds [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Cash and cash equivalents | 20,400,000 | 30,300,000 |
Term Loan Facility [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Fair value, debt instrument | 100,000,000 | |
Revolving Credit Facility [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Fair value, debt instrument | 200,000,000 | |
Convertible Notes [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Interest on notes | 2.75% | 2.75% |
Carrying amount of financial instruments | 85,000,000 | 85,000,000 |
Estimated fair value of financial instruments | $101,000,000 | $94,300,000 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) by Component, Beginning balance | ($23,403) | ($25,076) | ||
Net current-period Other Comprehensive Income (Loss) | -7,073 | 6,605 | 145 | 3,140 |
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | -23,258 | -21,936 | -23,258 | -21,936 |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) by Component, Beginning balance | ||||
Net current-period Other Comprehensive Income (Loss) | 191 | |||
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | 191 | 191 | ||
Defined Benefit Pensions Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) by Component, Beginning balance | -4,607 | -2,485 | ||
Net current-period Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | -4,607 | -2,485 | -4,607 | -2,485 |
Cumulative Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) by Component, Beginning balance | -18,796 | -22,591 | ||
Net current-period Other Comprehensive Income (Loss) | -46 | 3,140 | ||
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | ($18,842) | ($19,451) | ($18,842) | ($19,451) |
Net_Income_per_Share_Reconcili
Net Income per Share - Reconciliation of Basic to Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Abstract] | ||||
Net income attributable to Altra Holdings, Inc | $10,501 | $8,547 | $33,070 | $29,672 |
Shares used in net income per common share-basic | 26,780 | 26,675 | 26,750 | 26,632 |
Incremental shares of unvested restricted common stock | 56 | 33 | 102 | 105 |
Shares used in net income per common share-diluted | 26,836 | 26,708 | 26,852 | 26,737 |
Earnings per share: | ||||
Basic net income attributable to Altra Holdings, Inc. | $0.39 | $0.32 | $1.24 | $1.11 |
Diluted net income attributable to Altra Holdings, Inc. | $0.39 | $0.32 | $1.23 | $1.11 |
Net_Income_per_Share_Additiona
Net Income per Share - Additional Information (Detail) | 9 Months Ended |
Sep. 28, 2013 | |
Earnings Per Share [Abstract] | |
Anti-dilutive shares | 2,278,000 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (Lamiflex [Member]) | 1 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2012 | Jul. 31, 2012 | Sep. 28, 2013 |
USD ($) | BRL | ||
Business Acquisition [Line Items] | |||
Percentage of acquisition completed | 85.00% | 85.00% | |
Business acquisition cost | $8.60 | 17.4 | |
Estimated business acquisition reduction | $1.10 | 2.1 | |
Business acquisition date | 11-Jul-12 |
Acquisitions_Proforma_Amount_o
Acquisitions - Proforma Amount on Acquisition Occurred (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2012 |
Business Combinations [Abstract] | |
Total revenues | $557,527 |
Net income attributable to Altra Holdings, Inc. | $29,989 |
Basic earnings per share: | |
Net income attributable to Altra Holdings, Inc. | $1.13 |
Diluted earnings per share: | |
Net income attributable to Altra Holdings, Inc. | $1.12 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $36,230 | $39,902 |
Work in process | 18,743 | 21,199 |
Finished goods | 65,598 | 62,675 |
Inventories | $120,571 | $123,776 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
In Millions, unless otherwise specified | Inventory Valuation by LIFO Method [Member] | Inventory Valuation by LIFO Method [Member] | Inventory Valuation Provision [Member] | Inventory Valuation Provision [Member] | Inventory Valuation Provision [Member] | Inventory Valuation Provision [Member] |
Inventory [Line Items] | ||||||
Portion of total inventory valued by LIFO method | 9.00% | 10.00% | ||||
Provision for valuation of sales component | $0 | $0.10 | $0 | $0.30 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Goodwill (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Gross goodwill balance as of January 1 | $120,035 | |
Impact of changes in foreign currency | -110 | |
Gross goodwill balance as of September 28 | 119,925 | |
Accumulated impairment as of January 1 | -31,810 | |
Impairment charge during the period | ||
Accumulated impairment as of September 28 | -31,810 | |
Net goodwill balance September 28, 2013 | $88,115 | $88,225 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Other Intangible Assets (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Member] | ||
Other Intangible Assets [Line Items] | ||
Cost of Intangible Assets | $117,940 | $117,957 |
Accumulated Amortization | 46,803 | 41,859 |
Intangible Assets not Subject to Amortization [Member] | Tradenames and Trademarks [Member] | ||
Other Intangible Assets [Line Items] | ||
Cost of Intangible Assets | 34,485 | 34,485 |
Intangible Assets Subject to Amortization [Member] | Customer Relationships [Member] | ||
Other Intangible Assets [Line Items] | ||
Cost of Intangible Assets | 78,864 | 78,864 |
Accumulated Amortization | 41,084 | 36,202 |
Intangible Assets Subject to Amortization [Member] | Product Technology and Patents [Member] | ||
Other Intangible Assets [Line Items] | ||
Cost of Intangible Assets | 5,719 | 5,719 |
Accumulated Amortization | 5,719 | 5,657 |
Intangible Assets Subject to Amortization [Member] | Impact of Changes in Foreign Currency [Member] | ||
Other Intangible Assets [Line Items] | ||
Cost of Intangible Assets | -1,128 | -1,111 |
Accumulated Amortization |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Goodwill And Intangible Assets [Line Items] | ||||
Amortization expense | $1,700,000 | $1,800,000 | $4,882,000 | $5,052,000 |
Estimated Amortization Expense for Intangible Assets [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Remainder 2013 | 1,600,000 | 1,600,000 | ||
Year 2014 | 6,400,000 | 6,400,000 | ||
Year 2015 | 6,400,000 | 6,400,000 | ||
Year 2016 | 6,400,000 | 6,400,000 | ||
Year 2017 | 6,400,000 | 6,400,000 | ||
Thereafter | $9,500,000 | $9,500,000 |
Warranty_Costs_Additional_Info
Warranty Costs - Additional Information (Detail) | 9 Months Ended |
Sep. 28, 2013 | |
Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Product warranty period | 2 years |
Extended product warranty period | 36 months |
Minimum [Member] | |
Guarantor Obligations [Line Items] | |
Product warranty period | 3 months |
Warranty_Costs_Changes_in_Carr
Warranty Costs - Changes in Carrying Amount of Accrued Product Warranty Costs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Guarantees [Abstract] | ||
Balance at beginning of period | $5,625 | $4,898 |
Accrued current period warranty expense | 1,758 | 1,651 |
Payments | -1,743 | -1,435 |
Balance at end of period | $5,640 | $5,114 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties | $0.40 | $0.40 |
Pension_and_Other_Employee_Ben2
Pension and Other Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $37 | $25 | $113 | $75 |
Interest cost | 246 | 273 | 738 | 819 |
Expected return on plan assets | -267 | -268 | -801 | -804 |
Amortization of net gain | 41 | 25 | 125 | 74 |
Net periodic benefit cost (income) | 57 | 55 | 175 | 164 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 2 | 2 | |
Interest cost | 4 | 3 | 10 | 10 |
Expected return on plan assets | ||||
Amortization of prior service income | -1 | -1 | ||
Amortization of net gain | -13 | -13 | -39 | -39 |
Net periodic benefit cost (income) | ($9) | ($9) | ($28) | ($28) |
Pension_and_Other_Employee_Ben3
Pension and Other Employee Benefits - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Compensation And Retirement Disclosure [Abstract] | |
Defined benefit plan, supplementary contributions by employer | $3 |
Debt_Outstanding_Debt_Obligati
Debt - Outstanding Debt Obligations (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $210,860 | $266,901 |
Less: debt discount, net of accretion | -16,975 | -19,306 |
Total debt, net of unaccreted discount | 193,885 | 247,595 |
Less current portion of long-term debt | 12,800 | 9,135 |
Total long-term debt, net of unaccreted discount | 181,085 | 238,460 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 25,000 | 79,304 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 85,000 | 85,000 |
Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 96,250 | 100,000 |
Equipment and Working Capital Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 3,569 | 1,100 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 715 | 963 |
Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 73 | 99 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $253 | $435 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
Sep. 28, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Sep. 28, 2013 | Sep. 01, 2011 | Mar. 07, 2011 | Sep. 28, 2013 | Nov. 30, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Term Loan Facility [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Eurodollar Loan [Member] | Eurodollar Loan [Member] | ABR Based Loans [Member] | ABR Based Loans [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Old Revolving Credit Agreement [Member] | Capital Leases [Member] | Capital Leases [Member] | Equipment and Working Capital Notes [Member] | Equipment and Working Capital Notes [Member] | Equipment and Working Capital Notes [Member] | Equipment and Working Capital Notes [Member] | Equipment and Working Capital Notes [Member] | Equipment and Working Capital Notes [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||
Availability under credit facility agreement | $100,000,000 | $200,000,000 | $65,000,000 | |||||||||||||||||||||||||||||||
Applicable margins for loans | 1.38% | 1.88% | 0.38% | 0.88% | ||||||||||||||||||||||||||||||
Aggregate additional term loans | 150,000,000 | |||||||||||||||||||||||||||||||||
Credit facility maturity date | 20-Nov-17 | |||||||||||||||||||||||||||||||||
Debt instrument, maturity date | 20-Nov-17 | 31-Mar-31 | 1-Dec-16 | |||||||||||||||||||||||||||||||
Outstanding on Revolving Credit Facility | 25,000,000 | 79,300,000 | ||||||||||||||||||||||||||||||||
Letters of credit outstanding | 7,700,000 | 7,600,000 | ||||||||||||||||||||||||||||||||
Amount available under credit facility | 167,300,000 | 113,100,000 | ||||||||||||||||||||||||||||||||
Percentage of capital stock not included in collateral | 65.00% | |||||||||||||||||||||||||||||||||
Total debt | 85,000,000 | 85,000,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||
Coupon interest rate | 2.75% | 2.75% | ||||||||||||||||||||||||||||||||
Debt component in note payable | 60,500,000 | |||||||||||||||||||||||||||||||||
Equity component in note payable | 24,500,000 | |||||||||||||||||||||||||||||||||
Discount rate for debt component | 8.25% | |||||||||||||||||||||||||||||||||
Debt issuance cost | 3,700,000 | |||||||||||||||||||||||||||||||||
Adjustments to additional paid-in capital of convertible debt | 1,000,000 | |||||||||||||||||||||||||||||||||
Debt issuance cost, Amortized | 2,700,000 | |||||||||||||||||||||||||||||||||
Effective interest rate of Senior Secured Notes | 8.50% | 8.75% | ||||||||||||||||||||||||||||||||
Face value of Senior Notes | 210,000,000 | |||||||||||||||||||||||||||||||||
Company issued Senior Secured Notes | 8.13% | |||||||||||||||||||||||||||||||||
Deferred financing costs | 6,700,000 | |||||||||||||||||||||||||||||||||
Redemption of remaining senior secured notes | 198,000,000 | |||||||||||||||||||||||||||||||||
Loan | 2,500,000 | 15,400,000 | 2,500,000 | 15,400,000 | 3,900,000 | 24,600,000 | ||||||||||||||||||||||||||||
Remaining principal | 2,500,000 | 15,400,000 | 2,500,000 | 15,400,000 | 1,100,000 | 7,000,000 | ||||||||||||||||||||||||||||
Refinancing amount | 1,100,000 | 6,500,000 | ||||||||||||||||||||||||||||||||
Interest | 5.54% | 5.54% | 5.04% | 5.04% | 2.90% | 2.90% | ||||||||||||||||||||||||||||
Debt instrument due date | From July through September 2014 | From July through September 2014 | ||||||||||||||||||||||||||||||||
Debt instrument due date | 1-Jun-16 | 1-Jun-16 | ||||||||||||||||||||||||||||||||
Debt instrument due date | 31-Aug-16 | 31-Aug-16 | ||||||||||||||||||||||||||||||||
Mortgage Remaining Principal amount | 700,000 | 500,000 | 1,000,000 | 700,000 | ||||||||||||||||||||||||||||||
Mortgage loan payable term | 3 years | 3 years | ||||||||||||||||||||||||||||||||
Borrowings under overdraft agreements | $0 | $0 |
Debt_Carrying_Amount_of_Debt_D
Debt - Carrying Amount of Debt (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Mar. 07, 2011 |
Convertible Debt [Member] | Convertible Debt [Member] | |||
Debt Instrument [Line Items] | ||||
Principal amount of debt | $85,000,000 | $85,000,000 | ||
Unamortized discount | 16,975,000 | |||
Carrying value of debt | $181,085,000 | $238,460,000 | $68,025,000 |
Debt_Interest_Expense_Associat
Debt - Interest Expense Associated with Convertible Notes (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Debt Disclosure [Abstract] | |
Contractual coupon rate of interest | $1,753 |
Accretion of Convertible Notes discount and amortization of deferred financing costs | 2,594 |
Interest expense for the convertible notes | $4,347 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash dividend | $0.10 | $0.05 | $0.28 | $0.10 |
Dividend paid | $2.70 | $1.30 | $2.70 | $1.30 |
Dividend paid date | 2-Oct-13 | 2-Oct-12 | ||
Dividends payable date of record | 18-Sep-12 | |||
Compensation expense | 0.6 | 0.7 | 2.4 | 2.2 |
Unrecognized compensation cost | 3.6 | 3.6 | ||
Weighted average remaining period | 3 years | |||
Fair market value of the shares | $3.50 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares for vesting period | 5 years |
Stockholders_Equity_Companys_U
Stockholders' Equity - Company's Unvested Restricted Stock Grants (Detail) (USD $) | 9 Months Ended |
Sep. 28, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Restricted shares unvested, beginning balance | 162,586 |
Shares granted | 127,326 |
Shares vested | -139,577 |
Restricted shares unvested, ending balance | 150,335 |
Weighted-average grant date fair value, beginning balance | $18.67 |
Weighted-average grant date fair value, Shares granted | $24.53 |
Weighted-average grant date fair value, Shares vested | $21.50 |
Weighted-average grant date fair value, ending balance | $22.95 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $98,125,000 | $98,100,000 | ||
Fixed Rate | 0.63% | 0.63% | ||
Ineffectiveness associated with the swap | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Swaps Recognized in Other Long-term Assets and in Other Comprehensive Income (Loss) (Detail) (Interest Rate Swap [Member], USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Effective Date | 30-Apr-13 | ||
Notional Amount | $98,125 | $98,100 | |
Fixed Rate, before applicable Margin | 0.63% | 0.63% | |
Maturity | 30-Nov-16 | ||
Fair Value | $191 |
Concentrations_of_Credit_Segme2
Concentrations of Credit, Segment Data and Workforce - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
Customer | Customer | Customer | Customer | ||
Segment | |||||
Segment Reporting [Abstract] | |||||
Percentage of customer segments | 10.00% | 10.00% | 10.00% | 10.00% | |
Number of customer represented greater than 10% of total sales | 0 | 0 | 0 | 0 | |
Sales contract payments due period | 30 days | ||||
Number of operating segments | 3 | ||||
Number of reportable segments | 1 | ||||
Number of operating segments expected to have similar long-term average gross profit margins | 3 | ||||
Net assets of foreign subsidiaries | $128.50 | $128.50 | $117 |
Concentrations_of_Credit_Segme3
Concentrations of Credit, Segment Data and Workforce - Net Sales to Third Parties by Geographic Region (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Concentration Risk [Line Items] | ||||
Net sales | $175,443 | $174,488 | $541,688 | $554,816 |
North America (Primarily U.S.) [Member] | ||||
Concentration Risk [Line Items] | ||||
Net sales | 109,810 | 112,708 | 343,844 | 358,719 |
Europe [Member] | ||||
Concentration Risk [Line Items] | ||||
Net sales | 52,315 | 49,832 | 160,895 | 162,356 |
Asia and Other [Member] | ||||
Concentration Risk [Line Items] | ||||
Net sales | $13,318 | $11,948 | $36,949 | $33,741 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2013 | Sep. 28, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $97,000 | $655,000 |
2012 Altra Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 97,000 | 655,000 |
2012 Altra Plan [Member] | Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring expenses | 300,000 | |
2012 Altra Plan [Member] | Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring expenses | $600,000 |
Restructuring_Summary_of_Total
Restructuring - Summary of Total Restructuring Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Total cash expenses | $97 | $655 |
2012 Altra Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance | 137 | 653 |
Other | -40 | 2 |
Total cash expenses | $97 | $655 |
Restructuring_Reconciliation_o
Restructuring - Reconciliation of Accrued Restructuring Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Related Party Transactions [Abstract] | ||
Beginning Balance | $2,920 | |
Restructuring expense incurred | 97 | 655 |
Cash payments | -3,293 | |
Ending Balance | $282 | $282 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ||
Potential litigation | $0 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 29, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ||||||
Defined benefit plan, supplementary contributions by employer | $3 | $2 | ||||
Dividend declared date | 29-Oct-13 | |||||
Dividend payable date | 3-Jan-14 | |||||
Dividend record date | 18-Sep-12 | 18-Dec-13 | ||||
Dividend per share | $0.10 | $0.05 | $0.28 | $0.10 | $0.10 |