Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 19, 2014 | Jun. 29, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'ALTRA INDUSTRIAL MOTION CORP. | ' | ' |
Entity Central Index Key | '0001374535 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 27,053,037 | ' |
Entity Public Float | ' | ' | $712.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $63,604 | $85,154 |
Trade receivables, less allowance for doubtful accounts of $2,245 and $2,560 at December 31, 2013 and 2012, respectively | 109,084 | 92,933 |
Inventories | 143,665 | 123,776 |
Deferred income taxes | 9,754 | 8,918 |
Income tax receivable | 5,032 | 6,397 |
Prepaid expenses and other current assets | 18,066 | 6,578 |
Total current assets | 349,205 | 323,756 |
Property, plant and equipment, net | 157,535 | 138,094 |
Intangible assets, net | 118,768 | 76,098 |
Goodwill | 104,339 | 88,225 |
Deferred income taxes | 934 | 1,150 |
Other non-current assets, net | 4,895 | 5,716 |
Total assets | 735,676 | 633,039 |
Current liabilities: | ' | ' |
Accounts payable | 51,180 | 43,042 |
Accrued payroll | 23,983 | 19,893 |
Accruals and other current liabilities | 34,979 | 31,084 |
Income tax payable | 12,963 | 2,712 |
Deferred income taxes | 44 | 34 |
Current portion of long-term debt | 16,924 | 9,135 |
Total current liabilities | 140,073 | 105,900 |
Long-term debt - less current portion and net of unaccreted discount | 261,348 | 238,460 |
Deferred income taxes | 53,813 | 38,821 |
Pension liabilities | 8,025 | 14,529 |
Long-term taxes payable | 1,038 | 1,118 |
Other long-term liabilities | 1,055 | 960 |
Redeemable non-controlling interest | 991 | 1,239 |
Stockholders' equity: | ' | ' |
Commitments and Contingencies (Note 14) | ' | ' |
Preferred stock ($0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at December 31, 2013 and 2012, respectively) | ' | ' |
Common stock ($0.001 par value, 90,000,000 shares authorized, 26,819,795 and 26,724,349 issued and outstanding at December 31, 2013 and 2012, respectively) | 27 | 27 |
Additional paid-in capital | 154,471 | 152,188 |
Retained earnings | 133,231 | 103,200 |
Accumulated other comprehensive loss | -18,396 | -23,403 |
Total stockholders' equity | 269,333 | 232,012 |
Total liabilities, non-controlling interest and stockholders' equity | $735,676 | $633,039 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $2,245 | $2,560 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 26,819,795 | 26,724,349 |
Common stock, shares outstanding | 26,819,795 | 26,724,349 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $722,218 | $731,990 | $674,812 |
Cost of sales | 506,837 | 513,442 | 478,394 |
Gross profit | 215,381 | 218,548 | 196,418 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative expenses | 130,155 | 127,044 | 113,375 |
Research and development expenses | 12,536 | 11,457 | 10,609 |
Restructuring costs | 1,111 | 3,196 | 0 |
Total operating expenses | 143,802 | 141,697 | 123,984 |
Income from operations | 71,579 | 76,851 | 72,434 |
Other non-operating income and expense: | ' | ' | ' |
Interest expense, net | 10,586 | 40,790 | 24,035 |
Other non-operating expense (income), net | 1,657 | 1,702 | -32 |
Total other non-operating income expense, net | 12,243 | 42,492 | 24,003 |
Income before income taxes | 59,336 | 34,359 | 48,431 |
Provision for income taxes | 19,151 | 10,154 | 10,756 |
Net income | 40,185 | 24,205 | 37,675 |
Net loss attributable to non-controlling interest | 90 | 88 | ' |
Net income attributable to Altra Industrial Motion Corp. | 40,275 | 24,293 | 37,675 |
Consolidated Statement of Comprehensive Income | ' | ' | ' |
Pension liability adjustment, net of tax | 1,474 | -2,122 | -1,603 |
Change in fair value of interest rate swap, net of tax | 135 | ' | ' |
Foreign currency translation adjustment, net of tax | 3,398 | 3,795 | -8,802 |
Total comprehensive income | 45,192 | 25,966 | 27,270 |
Comprehensive loss attributable to non-controlling interest | 248 | ' | ' |
Comprehensive income attributable to Altra Industrial Motion Corp. | $45,440 | $25,966 | $27,270 |
Weighted average shares, basic | 26,766 | 26,656 | 26,526 |
Weighted average shares, diluted | 26,841 | 26,756 | 26,689 |
Earnings per share: | ' | ' | ' |
Basic net income attributable to Altra Industrial Motion Corp. | $1.50 | $0.91 | $1.42 |
Diluted net income attributable to Altra Industrial Motion Corp. | $1.50 | $0.91 | $1.41 |
Cash dividend declared | $0.38 | $0.16 | ' |
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 Loss [Member] | Redeemable Non-Controlling Interest [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | $164,752 | $26 | $133,861 | $45,536 | ($14,671) | ' |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 26,466 | ' | ' | ' | ' |
Stock based compensation and vesting of restricted stock | 1,820 | 1 | 1,819 | ' | ' | ' |
Stock based compensation and vesting of restricted stock, Shares | ' | 134 | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | 37,675 | ' | ' | 37,675 | ' | ' |
Convertible Notes | 24,510 | ' | 24,510 | ' | ' | ' |
Deferred taxes on Convertible Notes | -8,966 | ' | -8,966 | ' | ' | ' |
Deferred financing costs on Convertible Notes | -990 | ' | -990 | ' | ' | ' |
Cumulative foreign currency translation adjustment, net of $731, $994 and $50 of tax expense for 2011, 2012 and 2013 respectively | -8,802 | ' | ' | ' | -8,802 | ' |
Minimum Pension adjustment, net of $868, $1,388 and $800 tax expense for 2011, 2012 and 2013 respectively | -1,603 | ' | ' | ' | -1,603 | ' |
Ending Balance at Dec. 31, 2011 | 208,396 | 27 | 150,234 | 83,211 | -25,076 | ' |
Ending Balance, Shares at Dec. 31, 2011 | ' | 26,600 | ' | ' | ' | ' |
Stock based compensation and vesting of restricted stock | 1,954 | ' | 1,954 | ' | ' | ' |
Stock based compensation and vesting of restricted stock, Shares | ' | 124 | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | 24,293 | ' | ' | 24,293 | ' | ' |
Net loss attributable to non-controlling interest | -88 | ' | ' | ' | ' | -88 |
Fair value of non-controlling interest at acquisition | ' | ' | ' | ' | ' | 1,327 |
Dividends declared | -4,304 | ' | ' | -4,304 | ' | ' |
Cumulative foreign currency translation adjustment, net of $731, $994 and $50 of tax expense for 2011, 2012 and 2013 respectively | 3,795 | ' | ' | ' | 3,795 | ' |
Minimum Pension adjustment, net of $868, $1,388 and $800 tax expense for 2011, 2012 and 2013 respectively | -2,122 | ' | ' | ' | -2,122 | ' |
Ending Balance at Dec. 31, 2012 | 232,012 | 27 | 152,188 | 103,200 | -23,403 | 1,239 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 26,724 | ' | ' | ' | ' |
Stock based compensation and vesting of restricted stock | 2,283 | ' | 2,283 | ' | ' | ' |
Stock based compensation and vesting of restricted stock, Shares | ' | 96 | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | 40,275 | ' | ' | 40,275 | ' | ' |
Net loss attributable to non-controlling interest | -90 | ' | ' | ' | ' | -90 |
Dividends declared | -10,244 | ' | ' | -10,244 | ' | ' |
Cumulative foreign currency translation adjustment, net of $731, $994 and $50 of tax expense for 2011, 2012 and 2013 respectively | 3,398 | ' | ' | ' | 3,398 | -158 |
Change in fair value of interest rate swap, net of $78 tax expense | 135 | ' | ' | ' | 135 | ' |
Minimum Pension adjustment, net of $868, $1,388 and $800 tax expense for 2011, 2012 and 2013 respectively | 1,474 | ' | ' | ' | 1,474 | ' |
Ending Balance at Dec. 31, 2013 | $269,333 | $27 | $154,471 | $133,231 | ($18,396) | $991 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 26,820 | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in fair value of interest rate swap, tax expense | $78 | ' | ' |
Minimum Pension adjustment, tax expense | 800 | 1,388 | 868 |
Tax expense for foreign currency | 50 | 994 | 731 |
Accumulated Other Comprehensive Loss [Member] | ' | ' | ' |
Change in fair value of interest rate swap, tax expense | 78 | ' | ' |
Minimum Pension adjustment, tax expense | 800 | 1,388 | 868 |
Tax expense for foreign currency | $50 | $994 | $731 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $40,185 | $24,205 | $37,675 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ' | ' | ' |
Depreciation | 21,419 | 20,537 | 18,403 |
Amortization of intangible assets | 6,505 | 6,839 | 6,280 |
Amortization and write-offs of deferred loan costs | 873 | 6,006 | 1,833 |
(Gain) loss on foreign currency, net | 742 | -125 | 843 |
Accretion and write-off of debt discount and premium | 3,143 | 4,869 | 2,696 |
Loss on disposal/impairment of fixed assets | 147 | 251 | 287 |
Amortization of inventory fair value adjustment | ' | 122 | 581 |
Stock based compensation | 3,173 | 2,696 | 2,471 |
Provision (benefit) for deferred taxes | 3,464 | -625 | 4,879 |
Changes in assets and liabilities: | ' | ' | ' |
Trade receivables | 5,791 | 836 | -9,379 |
Inventories | 6,412 | 4,084 | -19,948 |
Accounts payable and accrued liabilities | -708 | -6,640 | 8,839 |
Other current assets and liabilities | 2,156 | 726 | -1,344 |
Other operating assets and liabilities | -3,677 | -3,863 | -7,215 |
Net cash provided by operating activities | 89,625 | 59,918 | 46,901 |
Cash flows from investing activities | ' | ' | ' |
Purchase of property, plant and equipment | -27,823 | -31,346 | -22,242 |
Proceeds from sale of Facility | ' | ' | 1,484 |
Net cash used in investing activities | -130,005 | -38,770 | -89,887 |
Cash flows from financing activities | ' | ' | ' |
Payment of debt issuance costs | -670 | -2,454 | -3,674 |
Payment on mortgages and other debt | -756 | -1,199 | -547 |
Borrowing under Revolving Credit Facility | 21,198 | ' | ' |
Borrowing under Additional Term Loan | 68,871 | ' | ' |
Proceeds from issuance of Convertible Notes | ' | ' | 85,000 |
Payments on Former Term Loan Facility | -5,625 | ' | ' |
Payments on Former Revolving Credit Facility | -59,304 | ' | ' |
Proceeds from Former Term Loan Facility and Revolving Credit Facility | ' | 179,304 | ' |
Proceeds from Equipment Loan | 2,999 | 1,100 | ' |
Shares surrendered for tax withholding | -1,174 | -949 | -944 |
Dividend payments | -7,548 | -4,304 | ' |
Net payments on capital leases | ' | -333 | -825 |
Net cash provided by financing activities | 17,991 | -29,880 | 64,765 |
Effect of exchange rate changes on cash and cash equivalents | 839 | 1,371 | -1,987 |
Net change in cash and cash equivalents | -21,550 | -7,361 | 19,792 |
Cash and cash equivalents at beginning of year | 85,154 | 92,515 | 72,723 |
Cash and cash equivalents at end of period | 63,604 | 85,154 | 92,515 |
Cash paid during the period for: | ' | ' | ' |
Interest | 6,704 | 30,891 | 18,724 |
Income taxes | 13,398 | 12,397 | 11,860 |
Non-cash Financing and Investing: | ' | ' | ' |
Acquisition of property, plant and equipment included in accounts payable | 1,179 | 574 | 577 |
Dividend accrued | 2,696 | ' | ' |
Mortgage receivable on sale of Stratford facility | ' | ' | 623 |
Stratford Facility [Member] | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Proceeds from sale of Facility | ' | ' | 331 |
Mt Pleasant Facility (Member) | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Proceeds from sale of Facility | 578 | ' | ' |
Svendborg [Member] | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Acquisition, net of cash received | -94,613 | ' | ' |
Cash paid to escrow agent for Svendborg Transfer Pricing Claim liability | -8,147 | ' | ' |
Lamiflex [Member] | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Acquisition, net of cash received | ' | -7,424 | ' |
Bauer [Member] | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Acquisition, net of cash received | ' | ' | -69,460 |
Senior Secured Notes [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Purchase of 8 1 /8 % Senior Secured Notes | ' | -198,045 | -11,955 |
Chattanooga Facility [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Redemption of variable rate demand revenue bonds | ' | ' | -2,290 |
San Marcos [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Redemption of variable rate demand revenue bonds | ' | ($3,000) | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Svendborg [Member] | Lamiflex [Member] | Bauer [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | |
Cash acquired from acquisition | $7,500 | $68 | $41 | ' | ' | ' |
Interest rate on Senior Secured Notes | ' | ' | ' | 8.13% | 8.13% | 8.13% |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Description of Business and Summary of Significant Accounting Policies | ' | ||||||||||||||||
1. Description of Business and Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Preparation and Description of Business | |||||||||||||||||
Headquartered in Braintree, Massachusetts, Altra Industrial Motion Corp. (the “Company”), through its wholly-owned subsidiary Altra Power Transmissions, Inc. (“APT”), is a leading multi-national designer, producer and marketer of a wide range of electro-mechanical power transmission products. The Company brings together strong brands covering over 40 product lines with production facilities in eleven countries. Altra’s leading brands include Ameridrives Couplings, Bauer Gear Motor, Bibby Turboflex, Boston Gear, Delroyd Worm Gear, Formsprag Clutch, Huco, Industrial Clutch, Inertia Dynamics, Kilian Manufacturing, Lamiflex Couplings, Marland Clutch, Matrix, Nuttall Gear, Stieber Clutch, Svendborg Brakes, TB Wood’s, Twiflex, Warner Electric, Warner Linear, and Wichita Clutch. | |||||||||||||||||
In November 2013, Altra Holdings, Inc. changed its name to Altra Industrial Motion Corp., and Altra Industrial Motion, Inc., the Company’s wholly owned subsidiary, changed its name to Altra Power Transmission, Inc. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Net Income Per Share | |||||||||||||||||
Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common equivalent shares outstanding. Common equivalent shares 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: | |||||||||||||||||
Year Ended December, 31 | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 40,275 | $ | 24,293 | $ | 37,675 | |||||||||||
Shares used in net income per common share — basic | 26,766 | 26,656 | 26,526 | ||||||||||||||
Incremental shares of unvested restricted common stock | 75 | 100 | 163 | ||||||||||||||
Shares used in net income per common share — diluted | 26,841 | 26,756 | 26,689 | ||||||||||||||
Earnings per share: | |||||||||||||||||
Basic net income attributable to Altra Industrial Motion Corp. | $ | 1.5 | $ | 0.91 | $ | 1.42 | |||||||||||
Diluted net income attributable to Altra Industrial Motion Corp. | $ | 1.5 | $ | 0.91 | $ | 1.41 | |||||||||||
The Company excluded 3,137,351 shares in 2013, 3,094,706 shares in 2012 and 784,980 shares in 2011 (amounts not in thousands) related to the Convertible Notes (See Note 9) from the above earnings per share calculation as these shares were anti-dilutive. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying values of financial instruments, including accounts receivable, cash equivalents, accounts payable, and other accrued liabilities are carried at cost, which approximates fair value. Debt under the Company’s Credit Agreement with certain financial institutions including, a Term Loan Facility, as defined below, of $163,245,000 (the “Term Loan Facility”) and a Revolving Credit Facility, as defined below, of $200,000,000 approximate the fair values due to the variable rate nature at current market rates. | |||||||||||||||||
The carrying amount of the 2.75% Convertible Notes (the “Convertible Notes”) was $85.0 million at December 31, 2013 and 2012. The estimated fair value of the Convertible Notes at December 31, 2013 and 2012 was $116.5 million and $94.3 million, respectively, based on inputs other than quoted prices that are observable for the Convertible Notes (level 2). | |||||||||||||||||
Included in cash and cash equivalents as of December 31, 2013 and December 31, 2012 are money market fund investments of $16.6 million and $30.3 million, respectively, which are reported at fair value based on quoted market prices for such investments (level 1). | |||||||||||||||||
The estimated fair value of the Company’s interest rate swap agreement with certain financial institutions (“Interest Rate Swap”) at December 31, 2013 was $0.2 million, based on inputs other than quoted prices that are observable for the Interest Rate Swap (level 2). Inputs include present value of fixed and projected floating rate cash flows over the term of the swap contract. There was no Interest Rate Swap at December 31, 2012. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the financial statements. Actual results could differ from those estimates. | |||||||||||||||||
Non-controlling Interest | |||||||||||||||||
On July 11, 2012, the Company acquired 85% of privately held Lamiflex do Brasil Equipamentos Industriais Ltda. (“Lamiflex”). | |||||||||||||||||
The Company recorded the 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 this 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 consolidated balance sheet. The non-controlling interest is reviewed at each subsequent reporting period and adjusted, as needed, to reflect its then redemption value. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. Dollar are translated into U.S. Dollars using exchange rates at the end of the respective period. Revenues and expenses are translated at average exchange rates effective during the respective period. | |||||||||||||||||
Foreign currency translation adjustments are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Net foreign currency transaction gains and losses are included in the results of operations in the period incurred and included in other non-operating expense (income), net in the accompanying statements of comprehensive income. | |||||||||||||||||
Trade Receivables | |||||||||||||||||
An allowance for doubtful accounts is recorded for estimated collection losses that will be incurred in the collection of receivables. Estimated losses are based on historical collection experience, as well as a review by management of the status of all receivables. Collection losses have been within the Company’s expectations. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market using the first-in, first-out (“FIFO”) method for all entities excluding one of the Company’s subsidiaries, TB Wood’s. TB Wood’s inventory is stated at the lower of cost or market, principally using the last-in, first-out (“LIFO”) method. Inventory stated using the LIFO method approximates 7.5% and 10% of total inventory at December 31, 2013 and 2012, respectively. | |||||||||||||||||
The cost of inventories acquired by the Company in its acquisitions reflect their fair values at the date of acquisition as determined by the Company based on the replacement cost of raw materials, the sales price of the finished goods less an appropriate amount representing the expected profitability from selling efforts, and for work-in-process the sales price of the finished goods less an appropriate amount representing the expected profitability from selling efforts and costs to complete. | |||||||||||||||||
The Company periodically reviews its quantities of inventories on hand and compares these amounts to the expected usage of each particular product or product line. The Company records a charge to cost of sales for any amounts required to reduce the carrying value of inventories to its estimated net realizable value. | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at cost, net of accumulated depreciation. | |||||||||||||||||
Depreciation of property, plant and equipment, including capital leases is provided using the straight-line method over the estimated useful life of the asset, as follows: | |||||||||||||||||
Buildings and improvements | 15 to 45 years | ||||||||||||||||
Machinery and equipment | 2 to 15 years | ||||||||||||||||
Capital lease | Life of lease | ||||||||||||||||
Leasehold improvements are depreciated on a straight-line basis over the estimated life of the asset or the life of the lease, if shorter. | |||||||||||||||||
Improvements and replacements are capitalized to the extent that they increase the useful economic life or increase the expected economic benefit of the underlying asset. Repairs and maintenance expenditures are charged to expense as incurred. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
Intangibles represent product technology, patents, tradenames, trademarks and customer relationships. Product technology, patents and customer relationships are amortized on a straight-line basis over 8 to 17 years, which approximates the period of economic benefit. The tradenames and trademarks are considered indefinite-lived assets and are not being amortized. Intangibles are stated at fair value on the date of acquisition. At December 31, 2013 and 2012, intangibles are stated net of accumulated amortization incurred since the date of acquisition and any impairment charges. | |||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill represents the excess of the purchase price paid by the Company over the fair value of the net assets acquired in each of the Company’s acquisitions. | |||||||||||||||||
Impairment of Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||
The Company conducts an annual impairment review of goodwill and indefinite-lived intangible assets in December of each year, unless events occur which trigger the need for an interim impairment review. | |||||||||||||||||
In connection with the Company’s annual impairment review, goodwill is assessed for impairment by comparing the fair value of the reporting unit to the carrying value using a two-step approach. In the first step, the Company estimates future cash flows based upon historical results and current market projections, discounted at a market comparable rate. If the carrying amount of the reporting unit exceeds the estimated fair value, impairment may be present, the Company would then be required to perform a second step in its impairment analysis. In the second step, the Company would evaluate impairment losses based upon the fair value of the underlying assets and liabilities of the reporting unit, including any unrecognized intangible assets, and estimate the implied fair value of the goodwill. An impairment loss is recognized to the extent that a reporting unit’s recorded value of the goodwill asset exceeded its calculated fair value. In addition, to the extent the implied fair value of any indefinite-lived intangible asset is less than the asset’s carrying value, an impairment loss is recognized on those assets. The Company did not identify any impairment of goodwill in 2013, 2012 or 2011. | |||||||||||||||||
For our indefinite-lived intangible assets, mainly trademarks, we estimated the fair value first by estimating the total revenue attributable to the trademarks for each of the reporting units. Second, we estimated an appropriate royalty rate using the return on assets method by estimating the required financial return on our | |||||||||||||||||
assets, excluding trademarks, less the overall return generated by our total asset base. The return as a percentage of revenue provides an indication of our royalty rate (between 1.0% and 1.5%). We compared the estimated fair value of our trademarks with the carrying value of the trademarks and did not identify any impairment. | |||||||||||||||||
Preparation of forecasts of revenue and profitability growth for use in the long-range plan and the discount rate require significant use of judgment. Changes to the discount rate and the forecasted profitability could affect the estimated fair value of one or more of the Company’s reporting units and could result in a goodwill impairment charge in a future period. | |||||||||||||||||
Impairment of Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||
Long-lived assets, including definite-lived intangible assets, are reviewed for impairment when events or circumstances indicate that the carrying amount of a long-lived asset may not be recovered. Long-lived assets are considered to be impaired if the carrying amount of the asset exceeds the undiscounted future cash flows expected to be generated by the asset over its remaining useful life. If an asset is considered to be impaired, the impairment is measured by the amount by which the carrying amount of the asset exceeds its fair value, and is charged to results of operations at that time. | |||||||||||||||||
The Company did not identify any impairment of long-lived assets in 2013 or 2012. In relation to the sale of the Stratford facility in 2011, the Company identified and recorded an impairment with respect to the facility in the amount of $0.1 million based on their fair market value (Note 4). | |||||||||||||||||
Determining fair values based on discounted cash flows requires management to make significant estimates and assumptions, including forecasting of revenue and profitability growth for use in the long-range plan and estimating appropriate discount rates. Changes to the discount rate and the forecasted profitability could affect the estimated fair value of one or more of the Company’s indefinite-lived intangible assets and could result in an impairment charge in a future period. | |||||||||||||||||
Debt Issuance Costs | |||||||||||||||||
Costs directly related to the issuance of debt are capitalized, included in other non-current assets and amortized using the effective interest method over the term of the related debt obligation. The net carrying value of debt issuance costs was approximately $4.1 million and $4.3 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Product revenues are recognized, net of sales tax collected, at the time title and risk of loss pass to the customer, which generally occurs upon shipment to the customer. Product return reserves are accrued at the time of sale based on the historical relationship between shipments and returns, and are recorded as a reduction of net sales. | |||||||||||||||||
Certain large distribution customers receive annual volume discounts, which are estimated at the time the sale is recorded based on the estimated annual sales. | |||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||
Shipping and handling costs associated with sales are classified as a component of cost of sales. | |||||||||||||||||
Warranty Costs | |||||||||||||||||
Estimated expenses related to product warranties are accrued at the time products are sold to customers. Estimates are established using historical information as to the nature, frequency, and average costs of warranty claims. See Note 6 to the consolidated financial statements. | |||||||||||||||||
Self-Insurance | |||||||||||||||||
Certain exposures are self-insured up to pre-determined amounts, above which third-party insurance applies, for medical claims, workers’ compensation, vehicle insurance, product liability costs and general liability exposure. The accompanying balance sheets include reserves for the estimated costs associated with these self-insured risks, based on historic experience factors and management’s estimates for known and anticipated claims. A portion of medical insurance costs are offset by charging employees a premium equivalent to group insurance rates. | |||||||||||||||||
Research and Development | |||||||||||||||||
Research and development costs are expensed as incurred. | |||||||||||||||||
Advertising | |||||||||||||||||
Advertising costs are charged to selling, general and administrative expenses as incurred and amounted to approximately $2.5 million, $2.1 million and $1.5 million, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company established the 2004 Equity Incentive Plan, as amended, that provides for various forms of stock-based compensation to officers, directors, key employees and others who make significant contributions to the success of the Company. The Company recognizes stock based compensation expense on a straight line basis for shares vesting ratably under the plan and uses the graded-vesting method of recognizing stock-based compensation expense for performance share awards based on the probability of the specific performance metrics being achieved over the requisite service period. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company evaluates the realizability of its net deferred tax assets and assesses the need for a valuation allowance on a quarterly basis. The future benefit to be derived from its deferred tax assets is dependent upon the Company’s ability to generate sufficient future taxable income to realize the assets. The Company records a valuation allowance to reduce its net deferred tax assets to the amount that may be more likely than not to be realized. | |||||||||||||||||
To the extent the Company establishes a valuation allowance on net deferred tax assets generated from operations, an expense will be recorded within the provision for income taxes. In periods subsequent to establishing a valuation allowance on net deferred assets from operations, if the Company were to determine that it would be able to realize its net deferred tax assets in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded as a reduction to income tax expense in the period such determination was made. | |||||||||||||||||
We assess our income tax positions and record tax benefits for all years subject to examination, based upon our evaluation of the facts, circumstances and information available at the reporting date. For those tax positions for which it is more likely than not that a tax benefit will be sustained, we record the amount that has a greater than 50% likelihood of being realized upon settlement with the taxing authority that has full knowledge of all relevant information. Interest and penalties are accrued, where applicable. If we do not believe that it is more likely than not that a tax benefit will be sustained, no tax benefit is recognized. | |||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | |||||||||||||||||
The following is a reconciliation of changes in Accumulated Other Comprehensive Loss by Component for the periods presented: | |||||||||||||||||
Cash Flow | Defined | Cumulative | Total | ||||||||||||||
Hedges | Benefit | Foreign | |||||||||||||||
Pension Plans | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Accumulated Other Comprehensive Loss by Component, January 1, 2012 | $ | — | $ | (2,485 | ) | $ | (22,591 | ) | $ | (25,076 | ) | ||||||
Net current-period Other Comprehensive Income Loss | — | (2,122 | ) | 3,795 | 1,673 | ||||||||||||
Accumulated Other Comprehensive Loss by component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | ||||||
Net current-period Other Comprehensive Income | 135 | 1,474 | 3,398 | 5,007 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) by component, December 31, 2013 | $ | 135 | $ | (3,133 | ) | $ | (15,398 | ) | $ | (18,396 | ) | ||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
2. Acquisitions | |||||||||||||
In December 2013, the Company consummated an agreement to acquire all of the issued and outstanding shares of Svendborg Brakes A/S and S.B. Patent Holding ApS (together “Svendborg”) for cash consideration of €80.1 million ($110.2 million), less the cash remaining on the balance sheet at close of €5.4 million ($7.5 million). This transaction is referred to as the Svendborg Acquisition. Through the Svendborg Acquisition, the Company acquired the leading global manufacturer of premium quality caliper brakes. With the Svendborg Acquisition, in addition to a presence in Denmark, the Company acquired Denmark’s well-established sales network in 7 additional countries in Western Europe, China, South America, Australia and the United States as well as a manufacturing facility in China. | |||||||||||||
Altra financed the transaction through a combination of cash and additional borrowings under its Credit Agreement. Under the Purchase Agreement, the seller agreed to provide the Company with a limited set of representations and warranties, including with respect to outstanding and potential liabilities. Claims for a breach of a representation or warranty are secured by a limited escrow and warranty and indemnity insurance. Damages resulting from a breach of a representation or warranty could have a material and adverse effect on the Company’s financial condition and results of operations, and there is no guarantee that the Company would actually be able to recover all or any portion of the sums payable in connection with such breach. | |||||||||||||
Under the Purchase Agreement, the seller agreed to provide the Company with an indemnification for certain tax liabilities related to transfer pricing (the “Transfer Pricing Claims”) identified as part of an ongoing tax audit in Denmark. As part of the Purchase Agreement, an escrow in the amount of approximately €8.5 million ($11.6 million) was established for the Transfer Pricing Claims. The Company estimated this liability to be $8.1 million and as a result has recorded a liability included in taxes payable and an escrow receivable in other current assets. The purchase price in the reconciliation below represents cash consideration less the estimated escrow receivable for which the Company expects to be indemnified. | |||||||||||||
The closing date of the Svendborg Acquisition was December 17, 2013, and as a result, the Company’s consolidated financial statements reflect Svendborg’s results of operations from the beginning of business on December 17, 2013 forward. | |||||||||||||
As of December 31, 2013, the allocation of the purchase price for the Svendborg Acquisition is preliminary. The fair value of all the acquired identifiable assets and liabilities summarized below is provisional pending finalization of the Company’s acquisition accounting. Measurement period adjustments reflect new information obtained about facts and circumstances that existed as of the acquisition date. The Company believes that such preliminary allocations provide a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the Company is waiting for additional information necessary to finalize fair value. | |||||||||||||
Purchase price, excluding acquisition costs of approximately $2.5 million | $ | 102,096 | |||||||||||
Cash and cash equivalents | 7,483 | ||||||||||||
Trade receivables, net of amounts pledged | 21,575 | ||||||||||||
Inventories | 25,452 | ||||||||||||
Prepaid and other | 5,511 | ||||||||||||
Property, plant and equipment | 12,216 | ||||||||||||
Other assets | 1,133 | ||||||||||||
Intangible assets | 48,893 | ||||||||||||
Total assets acquired | $ | 122,263 | |||||||||||
Accounts payable | 4,833 | ||||||||||||
Accrued expenses and other current liabilities | 9,620 | ||||||||||||
Taxes payable | 10,254 | ||||||||||||
Deferred tax liability | 11,483 | ||||||||||||
Total liabilities assumed | $ | 36,190 | |||||||||||
Net assets acquired | 86,073 | ||||||||||||
Excess of purchase price over fair value of net assets acquired | $ | 16,023 | |||||||||||
The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. This goodwill is not deductible for income tax purposes. The Company expects to develop synergies, such as lower cost country sourcing, global procurement, the ability to cross-sell product, and the ability to penetrate certain geographic areas, as a result of the acquisition of Svendborg. | |||||||||||||
The amounts recorded as intangible assets consist of the following: | |||||||||||||
Customer relationships, subject to amortization | $ | 40,050 | |||||||||||
Trade names and trademarks, not subject to amortization | 8,500 | ||||||||||||
Patents | 343 | ||||||||||||
Total intangible assets | $ | 48,893 | |||||||||||
Customer relationships are subject to amortization which will be straight-lined over their estimated useful lives of 17 years, which represents the anticipated period over which the Company estimates it will benefit from the acquired assets. | |||||||||||||
In July 2012, the Company consummated an agreement to acquire 85% of privately held Lamiflex do Brasil Equipamentos Industrias 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 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 and deferred tax assets and liabilities and fixed assets and has recorded them as part of its balance sheet. The purchase price allocation was calculated as if the Company had acquired 100% of Lamiflex. The purchase price allocation as of the acquisition date is as follows: | |||||||||||||
Total Assumed purchase price, excluding acquisition costs of approximately $0.4 million | $ | 8,820 | |||||||||||
Less: Redeemable noncontrolling interest | 1,327 | ||||||||||||
Total purchase price paid at closing | 7,493 | ||||||||||||
Cash and cash equivalents | 68 | ||||||||||||
Trade receivables, net of amounts pledged | 606 | ||||||||||||
Inventories | 726 | ||||||||||||
Prepaid and other | 48 | ||||||||||||
Property, plant and equipment | 3,027 | ||||||||||||
Other assets | 108 | ||||||||||||
Intangible assets | 4,912 | ||||||||||||
Total assets acquired | $ | 9,495 | |||||||||||
Accounts payable | 550 | ||||||||||||
Accrued expenses and other current liabilities | 867 | ||||||||||||
Deferred tax liability | 1,934 | ||||||||||||
Other liabilities, including long-term debt | 976 | ||||||||||||
Total liabilities assumed | $ | 4,327 | |||||||||||
Net assets acquired | 5,168 | ||||||||||||
Excess of purchase price over fair value of net assets acquired | 3,652 | ||||||||||||
The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. This goodwill is deductible for income tax purposes. The Company expects to develop synergies, such as the ability to cross-sell product and to penetrate into certain geographic areas, as a result of the acquisition of Lamiflex. | |||||||||||||
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 Consolidated Balance Sheet. | |||||||||||||
The estimated amounts recorded as intangible assets in connection with the Lamiflex Acquisition consist of the following: | |||||||||||||
Customer relationships, subject to amortization | $ | 4,552 | |||||||||||
Trade names and trademarks, not subject to amortization | 360 | ||||||||||||
Total intangible assets | $ | 4,912 | |||||||||||
Customer relationships are subject to amortization which will be straight-lined over their estimated useful lives of 13 years, which represents the anticipated period over which the Company estimates it will benefit from the acquired assets. | |||||||||||||
The following table sets forth the unaudited pro forma results of operations of the Company for the year to date periods ended December 31, 2013, 2012 and 2011 as if the Company had acquired Lamiflex and Bauer at January 1, 2011, and Svendborg at January 1, 2012. The pro forma information contains the actual operating results of the Company, including Bauer, Lamiflex, and Svendborg 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; (ii) additional expense as a result of the estimated amortization of identifiable intangible assets (iii) additional interest expense associated with the Convertible Notes issued on March 7, 2011 in connection with the Bauer Acquisition; (iv) elimination of certain acquisition related costs; (v) the elimination of additional expense as a result of fair value adjustment to inventory recorded in connection with the Lamiflex and Bauer Acquisitions; and (vi) additional interest expense for borrowings under the Credit Agreement associated with the Svendborg Acquisition. 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. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues | $ | 803,467 | $ | 818,956 | $ | 732,837 | |||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 37,750 | $ | 22,373 | $ | 41,718 | |||||||
Basic earnings per share: | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 1.41 | $ | 0.84 | $ | 1.57 | |||||||
Diluted earnings per share: | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 1.41 | $ | 0.84 | $ | 1.56 |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
3. Inventories | |||||||||
Inventories are generally stated at the lower of cost or market, using the first-in, first-out (“FIFO”) method. Inventories located at certain subsidiaries acquired in connection with the TB Wood’s acquisition are stated at the lower of current cost or market, principally using the last-in, first-out (LIFO) method. The cost of inventory includes direct materials, direct labor, and production overhead. Market is defined as net realizable value. Inventories at December 31, 2013 and 2012 consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 56,824 | $ | 39,902 | |||||
Work in process | 18,432 | 21,199 | |||||||
Finished goods | 68,409 | 62,675 | |||||||
Inventories, net | $ | 143,665 | $ | 123,776 | |||||
Approximately 7.5% of total inventories at December 31, 2013, were valued using the LIFO method. The Company recorded as a component of cost of sales, a $0.7 million, and a $0.4 million provision in the years ended December 31, 2013 and 2012, respectively. If the LIFO inventory was accounted for using the FIFO method, the inventory balance at December 31, 2013 and 2012, would be $1.6 million higher and $0.9 million higher, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
4. Property, Plant and Equipment | |||||||||
Property, plant and equipment at December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 20,803 | $ | 13,565 | |||||
Buildings and improvements | 53,078 | 38,942 | |||||||
Machinery and equipment | 207,193 | 190,809 | |||||||
281,074 | 243,316 | ||||||||
Less-Accumulated depreciation | (123,539 | ) | (105,222 | ) | |||||
$ | 157,535 | $ | 138,094 | ||||||
In 2011, the Company sold its Stratford, Ontario, Canada facility for approximately $0.9 million. Cash was received for $0.3 million and a note receivable was established for $0.6 million, which has a term of 10 years and accrues interest at 6% annually. In 2013, the note receivable was paid in full. | |||||||||
In 2013, the Company sold its Mt. Pleasant, Michigan facility and received cash consideration of approximately $0.6 million. The cash consideration was equal to the net book value and therefore no impairment was recorded. | |||||||||
The Company recorded $21.4 million, $20.5 million and $18.4 million of depreciation expense in the years ended December 31, 2013, 2012, and 2011, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
5. Goodwill and Intangible Assets | |||||||||||||||||
Changes in goodwill during the year ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross goodwill balance as of January 1 | $ | 120,035 | $ | 115,609 | |||||||||||||
Adjustments related to the acquisition of Svendborg in 2013 and Lamiflex in 2012 | 16,023 | 3,652 | |||||||||||||||
Impact of changes in foreign currency and other | 91 | 774 | |||||||||||||||
Gross goodwill balance as of December 31 | 136,149 | 120,035 | |||||||||||||||
Accumulated impairment, January 1 | (31,810 | ) | (31,810 | ) | |||||||||||||
Impairment charge during period | — | — | |||||||||||||||
Accumulated impairment, December 31 | (31,810 | ) | (31,810 | ) | |||||||||||||
Net goodwill balance December 31 | $ | 104,339 | $ | 88,225 | |||||||||||||
Intangibles and related accumulated amortization consisted of the following: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Cost | Accumulated | Cost | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Intangible Assets | |||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Tradenames and trademarks | $ | 42,985 | $ | — | $ | 34,485 | $ | — | |||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 118,914 | 42,645 | 78,864 | 36,202 | |||||||||||||
Product technology and patents | 6,062 | 5,719 | 5,719 | 5,657 | |||||||||||||
Impact of changes in foreign currency | (829 | ) | — | (1,111 | ) | — | |||||||||||
Total intangible assets | $ | 167,132 | $ | 48,364 | $ | 117,957 | $ | 41,859 | |||||||||
The Company recorded $6.5 million, $6.8 million, and $6.3 million of amortization for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Customer relationships, product technology and patents are amortized over their useful lives ranging from 8 to 17 years. The weighted average estimated useful life of intangible assets subject to amortization is approximately 11 years. | |||||||||||||||||
The estimated amortization expense for intangible assets is approximately $8.8 million in 2014, $8.8 million in each of the next four years and then $31.8 million thereafter. |
Warranty_Costs
Warranty Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Guarantees [Abstract] | ' | ||||||||||||
Warranty Costs | ' | ||||||||||||
6. Warranty Costs | |||||||||||||
The Company’s wholly owned subsidiaries manufacture various products. The contractual warranty period generally ranges from three months to two years with certain warranties extending for longer periods based on the product and application of the product. Estimated expenses related to product warranties are accrued at the time products are sold to customers and are recorded in accruals and other current liabilities on the consolidated balance sheet. Estimates are established using historical information as to the nature, frequency and average costs of warranty claims. Changes in the carrying amount of accrued product warranty costs for each of the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 5,625 | $ | 4,898 | $ | 3,583 | |||||||
Accrued current period warranty costs | 2,573 | 2,386 | 2,374 | ||||||||||
Acquired warranty reserves | 3,420 | — | 1,720 | ||||||||||
Payments and adjustments | (2,879 | ) | (1,659 | ) | (2,779 | ) | |||||||
Balance at end of period | $ | 8,739 | $ | 5,625 | $ | 4,898 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
7. Income Taxes | |||||||||||||
Income before income taxes by domestic and foreign locations consists of the following: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 37,640 | $ | 18,083 | $ | 34,034 | |||||||
Foreign | 21,696 | 16,276 | 14,397 | ||||||||||
Total | $ | 59,336 | $ | 34,359 | $ | 48,431 | |||||||
The components of the provision (benefit) for income taxes consist of the following: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 8,917 | $ | 8,370 | $ | 4,506 | |||||||
State | 698 | (3,597 | ) | (3,686 | ) | ||||||||
Non-US | 6,072 | 6,006 | 5,057 | ||||||||||
$ | 15,687 | $ | 10,779 | $ | 5,877 | ||||||||
Deferred: | |||||||||||||
Federal | $ | 3,533 | $ | (915 | ) | $ | 7,949 | ||||||
State | 378 | 1,756 | (861 | ) | |||||||||
Non-US | (447 | ) | (1,466 | ) | (2,209 | ) | |||||||
3,464 | (625 | ) | 4,879 | ||||||||||
Provision (benefit) for income taxes | $ | 19,151 | $ | 10,154 | $ | 10,756 | |||||||
A reconciliation from tax at the U.S. federal statutory rate to the Company’s provision (benefit) for income taxes is as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax at US federal income tax rate | $ | 20,767 | $ | 12,026 | $ | 16,957 | |||||||
State taxes, net of federal income tax effect | 905 | 67 | 1,050 | ||||||||||
Change in tax rate | (354 | ) | (267 | ) | (236 | ) | |||||||
Foreign taxes | (224 | ) | 781 | 709 | |||||||||
Adjustments to accrued income tax liabilities and uncertain tax positions | (52 | ) | (1,289 | ) | (3,413 | ) | |||||||
Valuation allowance | 120 | 506 | (1,644 | ) | |||||||||
Intercompany interest | (986 | ) | (1,676 | ) | (1,178 | ) | |||||||
Tax credits and incentives | (816 | ) | (291 | ) | (1,243 | ) | |||||||
Domestic Manufacturing Deduction | (839 | ) | (566 | ) | (544 | ) | |||||||
Other | 630 | 863 | 298 | ||||||||||
Provision (benefit) for income taxes | $ | 19,151 | $ | 10,154 | $ | 10,756 | |||||||
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 states. The Company and its subsidiaries also file consolidated and separate income tax returns in various non-U.S. 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 2010. Svendborg is currently subject to an audit in Denmark for the years 2007-2011. As set forth in Note 2 above, the seller agreed to provide the Company with an indemnification for certain tax liabilities related to transfer pricing (the “Transfer Pricing Claims”) identified as part of the audit in Denmark. As part of the Purchase Agreement, an escrow in the amount of approximately €8.5 million ($11.6 million) was established for the Transfer Pricing Claims. The Company estimated this liability to be $8.1 million and as a result has recorded a liability in taxes payable. Additionally, the Company has indemnification agreements with the sellers of the Colfax PTH, Kilian, Bauer, Svendborg, and Hay Hall entities that provide for reimbursement to the Company for payments made in satisfaction of tax liabilities relating to pre-acquisition periods. | |||||||||||||
A reconciliation of the gross amount of unrecognized tax benefits excluding accrued interest and penalties is as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 747 | $ | 3,523 | $ | 6,338 | |||||||
Increases related to prior year tax positions | — | — | — | ||||||||||
Decreases related to prior year tax positions | (33 | ) | — | (2,289 | ) | ||||||||
Increases related to current year tax positions | — | — | — | ||||||||||
Settlements | — | (2,689 | ) | — | |||||||||
Lapse of statute of limitations | (87 | ) | (87 | ) | (526 | ) | |||||||
Balance at end of period | $ | 627 | $ | 747 | $ | 3,523 | |||||||
In 2012, the Company recognized a $2.5 million tax benefit for the reduction of the Company’s reserve for uncertain tax positions due to a settlement with the State of New York for which the Company was fully indemnified. | |||||||||||||
In 2011, the Company recognized a tax benefit for the reduction of the Company’s reserve for uncertain tax positions due to a favorable New Jersey Supreme Court ruling in a case that did not involve the Company. The reserve consisted of approximately $2.3 million of tax, $1.8 million of accrued interest and $0.5 million of penalties. In addition, the Company reversed $1.4 million of deferred tax assets related to the federal benefit of the accrued state reserve. The net benefit to the Company was approximately $3.2 million | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statement of Comprehensive Income. The Company accrued interest and penalties of $0.1 million (off-set by a $0.1 million benefit of interest and penalties primarily related to the lapse of the applicable statute of limitations), $0.2 million, and $0.6 million during the years ended December 31, 2013, 2012 and 2011, respectively. The total gross amount of interest and penalties related to uncertain tax positions at December 31, 2013, 2012, and 2011 was $0.4 million, $0.4 million, $2.7 million, respectively. Although it is reasonably possible that a change in the balance of unrecognized tax benefits might occur within the next twelve months, at this time it is not possible to estimate the range of change due to the uncertainty of the potential outcomes. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||
Significant components of the deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Post-retirement obligations | $ | 1,565 | $ | 3,157 | |||||||||
Tax credits | 2,165 | 2,040 | |||||||||||
Expenses not currently deductible | 11,788 | 11,598 | |||||||||||
Net operating loss carryover | 6,376 | 6,435 | |||||||||||
Other | 546 | 790 | |||||||||||
Total deferred tax assets | 22,440 | 24,020 | |||||||||||
Valuation allowance for deferred tax assets | (5,577 | ) | (5,426 | ) | |||||||||
Net deferred tax assets | 16,863 | 18,594 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 20,065 | 19,892 | |||||||||||
Intangible assets | 25,090 | 14,969 | |||||||||||
Basis difference - convertible debt | 11,064 | 10,212 | |||||||||||
Goodwill | 3,813 | 2,308 | |||||||||||
Total deferred liabilities | 60,032 | 47,381 | |||||||||||
Net deferred tax liabilities | $ | 43,169 | $ | 28,787 | |||||||||
On December 31, 2013 the Company had state net operating loss (NOL) carry forwards of $28.1 million, which expire between 2018 and 2032, and non U.S. NOL carryforwards of $22.7 million, of which substantially all have an unlimited carryforward period. The NOL carryforwards available are subject to limitations on their annual usage. The Company also has federal and state tax credits of $2.4 million available to reduce future income taxes that expire between 2014 and 2028. | |||||||||||||
Valuation allowances are established for deferred tax assets that management believes may not be realized. The Company continually reviews the adequacy of its valuation allowances and recognizes tax benefits only as reassessments indicate that it is more likely than not the benefits will be realized. Valuation allowances of $5.6 million and $5.4 million as of December 31, 2013 and December 31, 2012, respectively, have been established due to the uncertainty of realizing the benefits of certain net operating losses, tax credits, and other tax attributes. The valuation allowances are primarily related to certain non-U.S. NOL carryforwards, capital loss carryforwards, and U.S. federal foreign tax credits. | |||||||||||||
A provision has not been made for U.S. or additional non-U.S. taxes on $59.9 million of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. because the Company plans to keep these amounts permanently reinvested outside the U.S. except for instances where the Company has already been subject to tax in the U.S. It is not practicable to determine the amount of deferred income taxes not provided on these earnings. |
Pension_and_Other_Employee_Ben
Pension and Other Employee Benefits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Pension and Other Employee Benefits | ' | ||||||||||||
8. Pension and Other Employee Benefits | |||||||||||||
Defined Benefit (Pension) | |||||||||||||
The Company sponsors various defined benefit (pension) plans for certain, primarily unionized, active employees (those in the employment of the Company at, and certain employees hired since, November 30, 2004). | |||||||||||||
The following tables represent the reconciliation of the benefit obligation, fair value of plan assets and funded status of the respective defined benefit (pension) plans as of December 31, 2013 and 2012: | |||||||||||||
Pension Benefits | |||||||||||||
Year Ended | Year Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Change in benefit obligation: | |||||||||||||
Obligation at beginning of period | $ | 34,629 | $ | 29,415 | |||||||||
Assumed Bauer pension liability | — | — | |||||||||||
Service cost | 248 | 179 | |||||||||||
Interest cost | 1,250 | 1,381 | |||||||||||
Curtailments, settlements and special termination benefits | — | — | |||||||||||
Actuarial (gains) losses | (2,969 | ) | 4,574 | ||||||||||
Foreign exchange effect | 343 | 153 | |||||||||||
Benefits paid | (1,286 | ) | (1,073 | ) | |||||||||
Obligation at end of period | $ | 32,215 | $ | 34,629 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets, beginning of period | $ | 20,100 | $ | 16,519 | |||||||||
Assumed Bauer plan assets | — | — | |||||||||||
Actual return on plan assets | 182 | 2,035 | |||||||||||
Employer contributions | 5,194 | 2,619 | |||||||||||
Benefits paid | (1,286 | ) | (1,073 | ) | |||||||||
Fair value of plan assets, end of period | $ | 24,190 | $ | 20,100 | |||||||||
Funded status | $ | (8,025 | ) | $ | (14,529 | ) | |||||||
Amounts Recognized in the balance sheet consist of: | |||||||||||||
Non current assets | $ | — | $ | — | |||||||||
Current liabilities | — | — | |||||||||||
Non-current liabilities | (8,025 | ) | (14,529 | ) | |||||||||
Total | $ | (8,025 | ) | $ | (14,529 | ) | |||||||
For all pension plans presented above, the accumulated and projected benefit obligations exceed the fair value of plan assets. The accumulated benefit obligation at December 31, 2013 and 2012 was $32.2 million and $34.6 million, respectively. Non-U.S. pension liabilities recognized in the amounts presented above are $7.7 million and $7.6 million at December 31, 2013 and 2012, respectively. | |||||||||||||
Included in accumulated other comprehensive loss at December 31, 2013 and 2012, is $1.5 million (net of $0.8 million in taxes) and $2.1 million (net of $1.4 million in taxes), respectively, of unrecognized actuarial losses that have not yet been recognized in net periodic pension cost. | |||||||||||||
The discount rate used in the computation of the respective benefit obligations at December 31, 2013 and 2012, presented above are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Pension benefits | 4.6 | % | 3.75 | % | |||||||||
The following table represents the components of the net periodic benefit cost associated with the respective plans: | |||||||||||||
Pension Benefits | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 248 | $ | 179 | $ | 167 | |||||||
Interest cost | 1,250 | 1,381 | 1,389 | ||||||||||
Recognized net actuarial loss | — | — | — | ||||||||||
Expected return on plan assets | (1,080 | ) | (1,083 | ) | (1,050 | ) | |||||||
Settlement/Curtailment/ | — | — | — | ||||||||||
Special Termination Benefit | |||||||||||||
Amortization | 175 | 105 | 39 | ||||||||||
Net periodic benefit (income) cost | $ | 593 | $ | 582 | $ | 545 | |||||||
The key economic assumptions used in the computation of the respective net periodic benefit cost for the periods presented above are as follows: | |||||||||||||
Pension Benefits | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 3.75 | % | 4.75 | % | 5.5 | % | |||||||
Expected return on plan assets | 5.25 | % | 6.25 | % | 7.75 | % | |||||||
Compensation rate increase | N/A | N/A | N/A | ||||||||||
The expected long-term rate of return on assets assumption is 5.25%. The assumption represents the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation. The assumption reflects expectations regarding future rates of return for the investment portfolio, with consideration given to the distribution of investments by asset class and historical rates of return for each individual asset class. | |||||||||||||
Fair Value of Plan Assets | |||||||||||||
The fair value of the Company’s pension plan assets at December 31, 2013 and 2012 by asset category is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Asset Category | |||||||||||||
Equity (Level 1) | |||||||||||||
U.S. companies | $ | — | $ | 4,522 | |||||||||
International companies | — | 297 | |||||||||||
Total equity | — | 4,819 | |||||||||||
Fixed income (Level 1) | |||||||||||||
U.S. government | 2,787 | 820 | |||||||||||
Corporate bonds | |||||||||||||
Investment grade | 17,091 | 8,738 | |||||||||||
High yield | 3,634 | 3,151 | |||||||||||
Other credit | — | 1,632 | |||||||||||
Total fixed income | 23,512 | 14,341 | |||||||||||
Other (Level 2) | 338 | 328 | |||||||||||
Cash and cash equivalents (Level 1) | 340 | 612 | |||||||||||
Total assets at fair value | $ | 24,190 | $ | 20,100 | |||||||||
The asset allocations for the Company’s funded retirement plan at December 31, 2013 and 2012, respectively, and the target allocation for 2013, by asset category, are as follows: | |||||||||||||
Allocation Percentage of | |||||||||||||
Plan Assets at Year-End | |||||||||||||
2013 | 2013 | 2012 | |||||||||||
Actual | Target | Actual | |||||||||||
Asset Category | |||||||||||||
Global Developed Equity | 0 | % | 0% | 5 | % | ||||||||
Investment Grade Bonds | 84 | % | 20% - 100% | 48 | % | ||||||||
High Yield Bonds | 15 | % | 0% - 25% | 16 | % | ||||||||
Cash | 1 | % | 0% - 5% | 3 | % | ||||||||
Emerging Market Debt | 0 | % | 0% | 3 | % | ||||||||
Dynamic Asset Allocation/Alternatives | 0 | % | 0% | 25 | % | ||||||||
The investment strategy is to achieve a rate of return on the plan’s assets that meets the performance of liabilities as calculated using a bank’s Liability Index with appropriate adjustments for benefit payments, service cost and actuarial assumption changes. A determinant of the plan’s return is the asset allocation policy. The plan’s asset mix will be reviewed by the Company periodically, but at least quarterly, to rebalance within the target guidelines. The Company will also periodically review investment managers to determine if the respective manager has performed satisfactorily when compared to the defined objectives, similarly invested portfolios, and specific market indices. | |||||||||||||
Expected cash flows | |||||||||||||
The following table provides the amounts of expected benefit payments, which are made from the plans’ assets and includes the participants’ share of the costs, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect the Company’s best estimate given its current knowledge; actual amounts could be materially different. | |||||||||||||
Pension | |||||||||||||
Benefits | |||||||||||||
Expected benefit payments (from plan assets) | |||||||||||||
2014 | 1,153 | ||||||||||||
2015 | 1,309 | ||||||||||||
2016 | 1,370 | ||||||||||||
2017 | 1,399 | ||||||||||||
2018 | 1,464 | ||||||||||||
Thereafter | 7,895 | ||||||||||||
The Company contributed $5.0 million to its U.S. pension plan in 2013. The Company has no minimum cash funding requirements associated with its pension plans for years 2014 and 2015, and $0.3 million for years 2016 through 2018. | |||||||||||||
Post Retirement Benefit Plans | |||||||||||||
Certain, primarily unionized, employees are entities to limited grandfathered postretirement benefits (medical, dental, and life insurance coverage). The accumulated benefit obligation for the post-retirement benefit plans, which are not funded, at December 31, 2013 and 2012 are $0.2 million and $0.2 million respectively. The balances are included within other long-term liabilities on the consolidated balance sheet. The Company recorded less than $0.1 million of income for of the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Defined Contribution Plans | |||||||||||||
Under the terms of the Company’s defined contribution plans, eligible employees may contribute up to seventy-five percent of their compensation to the plan on a pre-tax basis, subject to annual IRS limitations. The Company makes matching contributions equal to half of the first six percent of salary contributed by each employee and made a unilateral contribution (including for non-contributing employees). The Company’s expense associated with the defined contribution plans was $3.7 million and $3.5 million during the years ended December 31, 2013 and 2012, respectively. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
9. Long-Term Debt | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Debt: | |||||||||
Revolving Credit Facility | $ | 41,198 | $ | 79,304 | |||||
Convertible Notes | 85,000 | 85,000 | |||||||
Term Loan Facility | 163,245 | 100,000 | |||||||
Equipment Loan | 4,155 | 1,100 | |||||||
Mortgages | 659 | 963 | |||||||
Capital leases | 178 | 99 | |||||||
Other | — | 435 | |||||||
Total debt | 294,435 | 266,901 | |||||||
Less: debt discount, net of accretion | (16,163 | ) | (19,306 | ) | |||||
Total debt, net of unaccreted discount | $ | 278,272 | $ | 247,595 | |||||
Less current portion of long-term debt | 16,924 | 9,135 | |||||||
Total long-term debt | $ | 261,348 | $ | 238,460 | |||||
Credit Agreement | |||||||||
In December 2013, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement amends and restates the Company’s Former Credit Agreement, dated November 20, 2012. Pursuant to the Former Credit Agreement, the former lenders made available to the Company an initial term loan facility of $100,000,000 and an initial "Revolving Credit Facility" of $200,000,000. | |||||||||
Pursuant to the Credit Agreement, the lenders made an additional term loan of €50,000,000 (the “Additional Term Loan”) to Altra Industrial Motion Netherlands B.V. The Credit Agreement keeps in effect the balance (approximately $94,375,000) of the existing term loan facility (the “Initial Term Loan”) made to the domestic borrowers under the Former Credit Agreement (collectively, the two term loans are referred to as the “Term Loan Facility”), as well as the revolving credit facility of $200,000,000 made under the Former Credit Agreement (the “Revolving Credit Facility”). The Credit Agreement continues, even after the making of the Additional Term Loan, to provide for a possible expansion of the credit facilities by an 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 were used, and amounts available under the Revolving Credit Facility can be used, for general corporate purposes, including acquisitions, and to repay existing indebtedness. The stated maturity of these credit facilities is December 6, 2018, and there are scheduled quarterly principal payments due on the outstanding amount of the Term Loan Facility. With respect to the Initial Term Loan, the scheduled quarterly principal payments due on the outstanding amount have been reamortized in accordance with the new December 6, 2018 maturity date. The previous maturity of the Revolving Credit Facility and the Initial Term Loan was November 20, 2017. | |||||||||
The amounts available under the Revolving Credit Facility may be drawn upon in accordance with the terms of the Credit Agreement. All amounts outstanding under the credit facilities are due on the stated maturity or such earlier time, if any, required under the Credit Agreement. The amounts owed under either of the credit facilities may be prepaid at any time, subject to usual notification and breakage payment provisions. 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 amounts of the margins are calculated based on either a consolidated total net leverage ratio (as defined in the Credit Agreement), or the then applicable rating(s) of the Company’s debt if and then to the extent as provided in the Credit Agreement. A portion of the Revolving Credit Facility may also 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. | |||||||||
As of December 31, 2013 and 2012, we had $41.2 million and $79.3 million outstanding on our Revolving Credit Facility, respectively. As of December 31, 2013 and 2012, we had $9.8 and $7.6 million in letters of credit outstanding, respectively. We had $149.0 million and $113.1 million available under the Revolving Credit Facility at December 31, 2013 and 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 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. | |||||||||
Former Credit Agreement | |||||||||
In November 2012, the Company entered into a Credit Agreement (the “Former 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 Former 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 Former Credit Agreement were to be available for general corporate purposes and to repay indebtedness. Under the Former Credit Agreement, the stated maturity of both of these credit facilities was November 20, 2017. 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 December 31, 2012, we had $79.3 million outstanding on our Revolving Credit Facility, $7.6 million in letters of credit outstanding, and $113.1 million available under the Revolving Credit Facility. | |||||||||
The Former Credit Agreement contained various affirmative and negative covenants and restrictions, which are largely identical to those of the Credit Agreement. The Company was in compliance in all material respects with all material covenants of the Credit Agreement at December 31, 2012. | |||||||||
Pledge and Security Agreement; Trademark Security Agreement; Patent Security Agreement. | |||||||||
Pursuant to an Omnibus Reaffirmation and Ratification of Collateral Documents entered into on December 6, 2013 in connection with the Credit Agreement by and among the Company, the Loan Parties and the Administrative Agent (the “Ratification Agreement”), the Loan Parties (exclusive of the foreign subsidiary Borrower) have reaffirmed their obligations to the Lenders under the Pledge and Security Agreement The Credit Agreement provides that the obligation to grant the security interest can cease upon the obtaining of certain corporate family credit 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. | |||||||||
Pursuant to the Ratification Agreement, the Loan Parties (other than the foregoing subsidiary Borrower) have also reaffirmed their obligations under each of the Patent Security Agreement and a Trademark Security Agreement. | |||||||||
Pursuant to the Former 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 | |||||||||
In March 2011, the Company issued Convertible Senior Notes (the “Convertible Notes”) due March 1, 2031. The Convertible Notes are guaranteed by the Company’s U.S. domestic subsidiaries. Interest on the Convertible Notes is payable semi-annually in arrears, on March 1 and September 1 of each year, commencing on September 1, 2011 at an annual rate of 2.75%. Proceeds from the offering were $81.3 million, net of fees and expenses that were capitalized. The proceeds from the offering were used to fund the Bauer Acquisition, as well as bolster the Company’s cash position. | |||||||||
The Convertible Notes will mature on March 1, 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. The Convertible Notes are convertible into shares of the Company’s common stock based on an initial conversion rate, subject to adjustment, of 36.0985 shares per $1,000 principal amount of notes (which represents an initial conversion price of approximately $27.70 per share of our common stock), in certain circumstances. The conversion price at December 31, 2013 is $27.09 per share. Prior to March 1, 2030, the Convertible Notes are convertible only in the following circumstances: (1) during any fiscal quarter commencing after June 30, 2011 if the last reported sale price of the Company’s common stock is greater than or equal to 130% of the applicable conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; (2) during the five business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day in the measurement period was less than 97% of the product of the last reported sale price of the Company’s common stock and the conversion rate on such trading day; (3) if the Convertible Notes have been called for redemption; or (4) upon the occurrence of specified corporate transactions. On or after March 1, 2030, and ending at the close of business on the second business day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of common stock, or a combination thereof, at the Company’s election. The Company intends to settle the principal amount in cash and any additional amounts in shares of stock. | |||||||||
If a fundamental change occurs, the Convertible Notes are redeemable at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest (including contingent interest and additional interest, if any) to, but excluding, the repurchase date. The Convertible Notes are also redeemable on each of March 1, 2018, March 1, 2021, and March 1, 2026 for cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest (including contingent interest and additional interest, if any) to, but excluding, the option repurchase date. | |||||||||
On or after March 1, 2015, the Company may call all or part of the Convertible Notes at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, plus a “make-whole premium” payment in cash, shares of the Company’s common stock, or combination thereof, at the Company’s option, equal to the sum of the present values of the remaining scheduled payments of interest on the Convertible Notes to be redeemed through March 1, 2018 to, but excluding, the redemption date, if the last reported sale price of the Company’s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day prior to the date the Company provides notice of redemption exceeds 130% of the conversion price in effect on each such trading day. On or after March 1, 2018, the Company may redeem for cash all or a portion of the notes at a redemption price of 100% of the principle amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest (including contingent and additional interest, if any) to, but not including, the redemption date. | |||||||||
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 December 31, 2013: | |||||||||
December 31, | |||||||||
2013 | |||||||||
Principal amount of debt | $ | 85,000 | |||||||
Unamortized discount | 16,163 | ||||||||
Carrying value of debt | $ | 68,837 | |||||||
Interest expense associated with the Convertible Notes consisted of the following for the year ended December 31, 2013: | |||||||||
December 31, | |||||||||
2012 | |||||||||
Contractual coupon rate of interest | $ | 2,338 | |||||||
Accretion of Convertible Notes discount and amortization of deferred financing costs | 3,494 | ||||||||
Interest expense for the Convertible Notes | $ | 5,832 | |||||||
The effective interest yield of the Convertible Notes due in 2031 is 8.5% at December 31, 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 are 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 2011, the Company repurchased $12.0 million of Senior Secured Notes. The Company repurchased the Senior Secured Notes at a premium of $0.3 million, which was recorded as part of interest expense in 2011. Due to the repurchase of the Senior Secured Notes, the Company also wrote-off a proportional amount of the deferred financing fees and original issue discount associated with the Senior Secured Notes totaling $0.4 million which was also recorded as part of interest expense in the Consolidated Statement of Operations and Other Comprehensive Income for 2011. | |||||||||
During 2012, the Company retired the remaining principal balance of the 8 1/8% Senior Secured Notes, of $198.0 million. In connection with the redemption, the Company incurred $11.4 million of pre-payment premiums and wrote-off the entire remaining balance of $4.4 million of deferred financing fees and original issue discount, which is recorded as interest expense in the Consolidated Statement of Comprehensive Income for 2012. 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. | |||||||||
Equipment and Working Capital Notes | |||||||||
The Company entered into a loan with a bank to equip its new facility in Changzhou, China during 2013. The Company is allowed to borrow up to 90% of the amount of certain outstanding letters of credit issued by the Company’s U.S. bank in favor of the lending bank in China. As of December 31, 2013, the total available to borrow was 38.5 million RMB ($6.3 million). The note is due in installments from 2014 through 2016, with interest varying between 5.04% and 6.69%. The Company has a 25.4 million RMB ($4.1 million) line of credit outstanding at December 31, 2013. 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 December 31, 2013. | |||||||||
Mortgage | |||||||||
The Company has a mortgage with a bank on its facility in Heidelberg, Germany with an interest rate of 5.75% and is payable in monthly installments over the next three years. As of December 31, 2013 and 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 $0.2 million and $0.1 million at December 31, 2013 and 2012, respectively. 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 December 31, 2013, 2012, or 2011 under any of the overdraft agreements. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
10. Stockholders’ Equity | |||||||||
Common Stock (amounts not in thousands) | |||||||||
As of December 31, 2013, there were 90,000,000 shares of common stock authorized and 26,819,795 outstanding. | |||||||||
Preferred Stock | |||||||||
On December 20, 2006, the Company amended and restated its certificate of incorporation authorizing 10,000,000 shares of undesignated Preferred Stock (“Preferred Stock”). The Preferred Stock may be issued from time to time in one or more classes or series, the shares of each class or series to have such designations and powers, preferences, and rights, and qualifications, limitations and restrictions as determined by the Company’s Board of Directors. There was no Preferred Stock issued or outstanding at December 31, 2013 or 2012. | |||||||||
Restricted Common Stock | |||||||||
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 issued pursuant to the Plan generally vest ratably over a period ranging from immediately to five years from the date of grant, 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, among other things, restricted stock, restricted stock units, and performance share awards 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. Compensation expense recorded (in selling, general and administrative expense) during the years ended December 31, 2013, 2012 and 2011 was $3.2 million ($2.9 million, net of tax), $2.7 million ($1.8 million, net of tax), and $2.5 million ($1.7 million, net of tax), respectively. 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 restricted stock grants to date: | |||||||||
Amounts not in thousands | Shares | Weighted- | |||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Restricted shares unvested January 1, 2013 | 162,586 | $ | 18.67 | ||||||
Shares granted | 128,365 | $ | 24.58 | ||||||
Shares for which restrictions lapsed | (141,316 | ) | $ | 21.55 | |||||
Restricted shares unvested December 31, 2013 | 149,635 | $ | 23.02 | ||||||
Total remaining unrecognized compensation cost is approximately $3.0 million as of December 31, 2013, and will be recognized over a weighted average remaining period of two years. Based on the stock price at December 31, 2013, of $34.22 per share, the intrinsic value of these awards as of December 31, 2013, was $5.1 million. The fair market value of the shares in which the restrictions have lapsed was $2.4 million, $3.2 million, and $3.3 million, during 2013, 2012, and 2011, respectively. Restricted shares granted are valued based on the fair market value of the stock on the date of grant. | |||||||||
Dividends | |||||||||
The Company declared quarterly dividends of $0.38 per share of common stock for the year ended December 31, 2013. On October 29, 2013, the Company declared a cash 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. The dividend of $2.7 million, paid on January 3, 2014, was accrued for in the balance sheet at December 31, 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. |
Concentrations_of_Credit_Segme
Concentrations of Credit, Segment Data and Workforce | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Concentrations of Credit, Segment Data and Workforce | ' | ||||||||||||||||||||
11. 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 the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
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. | |||||||||||||||||||||
During the first quarter of 2013, the Company completed its review of its operating segments. 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. 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. | |||||||||||||||||||||
We serve 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. | |||||||||||||||||||||
The following discussion of the Company’s products does not include detailed product category revenue because such information is not individually tracked by the Company’s financial reporting system and is not separately reported by the Company’s general purpose financial statements. Conducting a detailed product revenue internal assessment and audit would involve unreasonable effort and expense as revenue information by product line is not available. The Company maintains sales information by operating facility, but does not maintain any accounting sales data by product line. | |||||||||||||||||||||
Net Sales | Property, Plant and Equipment | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
North America | $ | 454,115 | $ | 469,554 | $ | 442,931 | $ | 87,573 | $ | 88,051 | |||||||||||
Europe | 216,636 | 216,485 | 191,768 | 54,533 | 35,319 | ||||||||||||||||
Asia and the rest of the world | 51,467 | 45,951 | 40,113 | 15,429 | 14,724 | ||||||||||||||||
Total | $ | 722,218 | $ | 731,990 | $ | 674,812 | $ | 157,535 | $ | 138,094 | |||||||||||
Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Amounts attributed to the geographic regions for property, plant and equipment are based on the location of the entity, which holds such assets. The net assets of our foreign subsidiaries at December 31, 2013 and 2012 were $138.7 million and $117.0 million, respectively. | |||||||||||||||||||||
Approximately 23% of the Company’s labor force (10% and 57% in the United States and Europe, respectively) is represented by collective bargaining agreements. The Company is a party to four U.S. collective bargaining agreements. The agreements will expire July 2014, October 2014, June 2014, and October 2016, respectively. The Company intends to renegotiate these contracts as they become due, though there is no assurance that this effort will be successful. |
Restructuring_Asset_Impairment
Restructuring, Asset Impairment, and Transition Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||
Restructuring, Asset Impairment, and Transition Expenses | ' | ||||||||
12. Restructuring, Asset Impairment, and Transition Expenses | |||||||||
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 $1.1 million and $3.2 million in restructuring charges associated with the 2012 Altra Plan in 2013 and 2012. 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 years ended December 31, 2013 and 2012, were as follows: | |||||||||
There was no restructuring expense for the year ended December 31, 2011. | |||||||||
Year Ended | Year Ended | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
2012 Altra Plan | 2012 Altra Plan | ||||||||
Expenses | |||||||||
Moving and relocation | $ | (21 | ) | $ | 55 | ||||
Severance | 1,103 | 2,934 | |||||||
Other | 29 | 207 | |||||||
Total cash expenses | 1,111 | 3,196 | |||||||
Loss on disposal of fixed assets | — | — | |||||||
Total restructuring expenses | $ | 1,111 | $ | 3,196 | |||||
The following is a reconciliation of the accrued restructuring costs between January 1, 2012 and December 31, 2013 | |||||||||
All Plans | |||||||||
Balance at January 1, 2012 | $ | 90 | |||||||
Restructuring expense incurred | 3,196 | ||||||||
Cash payments | (471 | ) | |||||||
Non-cash loss on impairment of fixed assets | — | ||||||||
Balance at December 31, 2012 | $ | 2,815 | |||||||
Restructuring expense incurred | 1,111 | ||||||||
Cash payments | (3,497 | ) | |||||||
Non-cash loss on impairment of fixed assets | — | ||||||||
Balance at December 31, 2013 | $ | 429 | |||||||
The total restructuring reserve as of December 31, 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 does not expect to incur any more restructuring expenses in 2014 under the 2012 Altra Plan. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
13. Derivative Financial Instruments | |||||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||||
In April 2013, the Company entered into an interest rate swap agreement designed to fix the variable interest rate payable on a portion of its outstanding borrowings, currently $92.5 million, under the Credit Agreement, at 0.626% exclusive of the margin under the Former Credit Agreement. The interest rate swap agreement and its terms are also applicable to the variable interest rate borrowings under the current 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 year ended December 31, 2013, nor was any amount excluded from ineffectiveness testing for these periods. | |||||||||||||||||||||
The fair value of the swap recognized in other non-current assets and in other comprehensive income (loss) is as follows (in thousands): | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Effective Date | Notional Amount | Fixed Rate | Maturity | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
30-Apr-13 | $ | 92,500 | 0.626 | % | November 30, 2016 | $ | 213 | $ | — |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
14. Commitments and Contingencies | |||||||||
Minimum Lease Obligations | |||||||||
The Company leases certain offices, warehouses, manufacturing facilities, automobiles and equipment with various terms that range from a month to month basis to ten year terms and which, generally, include renewal provisions. Future minimum rent obligations under non-cancelable operating and capital leases are as follows: | |||||||||
Year ending December 31: | Operating Leases | Capital Leases | |||||||
2014 | $ | 7,618 | $ | 147 | |||||
2015 | 6,225 | 28 | |||||||
2016 | 4,847 | 8 | |||||||
2017 | 2,594 | 6 | |||||||
2018 | 1,892 | — | |||||||
Thereafter | 6,970 | — | |||||||
Total lease obligations | $ | 30,146 | $ | 189 | |||||
Less amounts representing interest | (8 | ) | |||||||
Present value of minimum capital lease obligations | $ | 181 | |||||||
Net rent expense under operating leases for the years ended December 31, 2013, 2012, and 2011 was approximately $8.8 million, $7.8 million, $6.9 million, respectively. | |||||||||
The Company also has minimum purchase contracts for inventory of €3.6 million ($4.9 million) for years 2014 and 2015. | |||||||||
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. 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. 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. | |||||||||
Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. We will continue to consider the applicable guidance in ASC 450-20, based on the facts known at the time of our future filings, as it relates to legal contingencies, and will adjust our disclosures as may be required under the guidance. | |||||||||
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. | |||||||||
Environmental | |||||||||
There is contamination at some of the Company’s current facilities, primarily related to historical operations at those sites, for which the Company could be liable for the investigation and remediation under certain environmental laws. The potential for contamination also exists at other of the Company current or former sites, based on historical uses of those sites. The Company currently is not undertaking any remediation or investigations and the costs or liability in connection with potential contamination conditions at these facilities cannot be predicted at this time because the potential existence of contamination has not been investigated or not enough is known about the environmental conditions or likely remedial requirements. Currently, other parties with contractual liability are addressing or have plans or obligations to address those contamination conditions that may pose a material risk to human health, safety or the environment. In addition, while the Company attempts to evaluate the risk of liability associated with these facilities at the time the Company acquired them, there may be environmental conditions currently unknown to the Company relating to prior, existing or future sites or operations or those of predecessor companies whose liabilities the Company may have assumed or acquired which could have a material adverse effect on the Company’s business. | |||||||||
The Company is being indemnified, or expects to be indemnified by third parties subject to certain caps or limitations on the indemnification, for certain environmental costs and liabilities associated with certain owned or operated sites. Accordingly, based on the indemnification and the experience with similar sites of the environmental consultants who the Company has hired, the Company does not expect such costs and liabilities to have a material adverse effect on its business, operations or earnings. The Company cannot assure you, however, that those third parties will in fact satisfy their indemnification obligations. If those third parties become unable to, or otherwise do not, comply with their respective indemnity obligations, or if certain contamination or other liability for which the Company is obligated is not subject to these indemnities, the Company could become subject to significant liabilities. | |||||||||
From time to time, the Company is notified that it is a potentially responsible party and may have liability in connection with off-site disposal facilities. To date, the Company has generally resolved matters involving off-site disposal facilities for a nominal sum but there can be no assurance that the Company will be able to resolve pending or future matters in a similar fashion. | |||||||||
Other Matters | |||||||||
The state of New York Workers’ Compensation Board (the “Compensation Board”) has demanded payment from one of the Company’s business units of certain amounts the Board alleges are owed in connection with that business unit’s past participation in a workers’ compensation insurance trust. The Company has executed Settlement Agreements with the Compensation Board to resolve the matter pursuant to which the Company has agreed to pay an aggregate amount of $0.09 in exchange for full and final releases from the Compensation Board. The Company expects to receive, but has not yet received, the final releases from the Compensation Board to formally conclude the matter. If for some reason the settlement is not completed as expected the amount claimed would currently be immaterial and would be subject to further adjustment and proceedings. As a result, absent the settlement, the total amount of potential liability could not have been reasonably estimated as of December 31, 2013. |
Unaudited_Quarterly_Results_of
Unaudited Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Results of Operations | ' | ||||||||||||||||
15. Unaudited Quarterly Results of Operations: | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 180,530 | $ | 175,443 | $ | 181,095 | $ | 185,150 | |||||||||
Gross Profit | 51,805 | 53,658 | 54,419 | 55,499 | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | 7,205 | 10,501 | 10,689 | 11,880 | |||||||||||||
Earnings per share — Basic attributable to Altra Industrial Motion Corp. | |||||||||||||||||
Net income | $ | 0.27 | $ | 0.39 | $ | 0.4 | $ | 0.44 | |||||||||
Earnings per share — Diluted attributable to Altra Industrial Motion Corp. | |||||||||||||||||
Net income | $ | 0.27 | $ | 0.39 | $ | 0.4 | $ | 0.44 | |||||||||
Year ended December 31, 2012 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 177,174 | $ | 174,488 | $ | 187,943 | $ | 192,385 | |||||||||
Gross Profit | 53,862 | 52,011 | 56,002 | 56,673 | |||||||||||||
Net income attributable to Altra | (5,379 | ) | 8,547 | 10,609 | 10,516 | ||||||||||||
Industrial Motion Corp. | |||||||||||||||||
Earnings per share — Basic | |||||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | (0.20 | ) | $ | 0.32 | $ | 0.4 | $ | 0.4 | ||||||||
Earnings per share — Diluted | |||||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | (0.20 | ) | $ | 0.32 | $ | 0.4 | $ | 0.39 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
16. Subsequent Events | |
In February 2014, the Company’s Board of Directors approved the grant of 92,470 shares of restricted common stock or in certain cases restricted stock units, under the Company’s 2004 Equity Incentive Plan, as amended. | |
The Company has declared a dividend of $0.10 per share for the quarter ended March 31, 2014, payable on April 3, 2014 to shareholders of record as of March 18, 2014. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
ALTRA HOLDINGS, INC. | |||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Reserve for Uncollectible Accounts: | Balance at | Additions | Deductions | Balance at | |||||||||||||
Beginning of | End of Period | ||||||||||||||||
Period | |||||||||||||||||
For the year ended December 31, 2011 | $ | 1,111 | $ | 696 | $ | (715 | ) | $ | 1,092 | ||||||||
For the year ended December 31, 2012 | $ | 1,092 | $ | 1,675 | $ | (207 | ) | $ | 2,560 | ||||||||
For the year ended December 31, 2013 | $ | 2,560 | $ | 733 | $ | (1,048 | ) | $ | 2,245 |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Preparation and Description of Business | ' | ||||||||||||||||
Basis of Preparation and Description of Business | |||||||||||||||||
Headquartered in Braintree, Massachusetts, Altra Industrial Motion Corp. (the “Company”), through its wholly-owned subsidiary Altra Power Transmissions, Inc. (“APT”), is a leading multi-national designer, producer and marketer of a wide range of electro-mechanical power transmission products. The Company brings together strong brands covering over 40 product lines with production facilities in eleven countries. Altra’s leading brands include Ameridrives Couplings, Bauer Gear Motor, Bibby Turboflex, Boston Gear, Delroyd Worm Gear, Formsprag Clutch, Huco, Industrial Clutch, Inertia Dynamics, Kilian Manufacturing, Lamiflex Couplings, Marland Clutch, Matrix, Nuttall Gear, Stieber Clutch, Svendborg Brakes, TB Wood’s, Twiflex, Warner Electric, Warner Linear, and Wichita Clutch. | |||||||||||||||||
In November 2013, Altra Holdings, Inc. changed its name to Altra Industrial Motion Corp., and Altra Industrial Motion, Inc., the Company’s wholly owned subsidiary, changed its name to Altra Power Transmission, Inc. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
Net Income Per Share | |||||||||||||||||
Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common equivalent shares outstanding. Common equivalent shares 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: | |||||||||||||||||
Year Ended December, 31 | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 40,275 | $ | 24,293 | $ | 37,675 | |||||||||||
Shares used in net income per common share—basic | 26,766 | 26,656 | 26,526 | ||||||||||||||
Incremental shares of unvested restricted common stock | 75 | 100 | 163 | ||||||||||||||
Shares used in net income per common share—diluted | 26,841 | 26,756 | 26,689 | ||||||||||||||
Earnings per share: | |||||||||||||||||
Basic net income attributable to Altra Industrial Motion Corp. | $ | 1.5 | $ | 0.91 | $ | 1.42 | |||||||||||
Diluted net income attributable to Altra Industrial Motion Corp. | $ | 1.5 | $ | 0.91 | $ | 1.41 | |||||||||||
The Company excluded 3,137,351 shares in 2013, 3,094,706 shares in 2012 and 784,980 shares in 2011 (amounts not in thousands) related to the Convertible Notes (See Note 9) from the above earnings per share calculation as these shares were anti-dilutive. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying values of financial instruments, including accounts receivable, cash equivalents, accounts payable, and other accrued liabilities are carried at cost, which approximates fair value. Debt under the Company’s Credit Agreement with certain financial institutions including, a Term Loan Facility, as defined below, of $163,245,000 (the “Term Loan Facility”) and a Revolving Credit Facility, as defined below, of $200,000,000 approximate the fair values due to the variable rate nature at current market rates. | |||||||||||||||||
The carrying amount of the 2.75% Convertible Notes (the “Convertible Notes”) was $85.0 million at December 31, 2013 and 2012. The estimated fair value of the Convertible Notes at December 31, 2013 and 2012 was $116.5 million and $94.3 million, respectively, based on inputs other than quoted prices that are observable for the Convertible Notes (level 2). | |||||||||||||||||
Included in cash and cash equivalents as of December 31, 2013 and December 31, 2012 are money market fund investments of $16.6 million and $30.3 million, respectively, which are reported at fair value based on quoted market prices for such investments (level 1). | |||||||||||||||||
The estimated fair value of the Company’s interest rate swap agreement with certain financial institutions (“Interest Rate Swap”) at December 31, 2013 was $0.2 million, based on inputs other than quoted prices that are observable for the Interest Rate Swap (level 2). Inputs include present value of fixed and projected floating rate cash flows over the term of the swap contract. There was no Interest Rate Swap at December 31, 2012. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the financial statements. Actual results could differ from those estimates. | |||||||||||||||||
Non-Controlling Interest | ' | ||||||||||||||||
Non-controlling Interest | |||||||||||||||||
On July 11, 2012, the Company acquired 85% of privately held Lamiflex do Brasil Equipamentos Industriais Ltda. (“Lamiflex”). | |||||||||||||||||
The Company recorded the 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 this 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 consolidated balance sheet. The non-controlling interest is reviewed at each subsequent reporting period and adjusted, as needed, to reflect its then redemption value. | |||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. Dollar are translated into U.S. Dollars using exchange rates at the end of the respective period. Revenues and expenses are translated at average exchange rates effective during the respective period. | |||||||||||||||||
Foreign currency translation adjustments are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Net foreign currency transaction gains and losses are included in the results of operations in the period incurred and included in other non-operating expense (income), net in the accompanying statements of comprehensive income. | |||||||||||||||||
Trade Receivables | ' | ||||||||||||||||
Trade Receivables | |||||||||||||||||
An allowance for doubtful accounts is recorded for estimated collection losses that will be incurred in the collection of receivables. Estimated losses are based on historical collection experience, as well as a review by management of the status of all receivables. Collection losses have been within the Company’s expectations. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market using the first-in, first-out (“FIFO”) method for all entities excluding one of the Company’s subsidiaries, TB Wood’s. TB Wood’s inventory is stated at the lower of cost or market, principally using the last-in, first-out (“LIFO”) method. Inventory stated using the LIFO method approximates 7.5% and 10% of total inventory at December 31, 2013 and 2012, respectively. | |||||||||||||||||
The cost of inventories acquired by the Company in its acquisitions reflect their fair values at the date of acquisition as determined by the Company based on the replacement cost of raw materials, the sales price of the finished goods less an appropriate amount representing the expected profitability from selling efforts, and for work-in-process the sales price of the finished goods less an appropriate amount representing the expected profitability from selling efforts and costs to complete. | |||||||||||||||||
The Company periodically reviews its quantities of inventories on hand and compares these amounts to the expected usage of each particular product or product line. The Company records a charge to cost of sales for any amounts required to reduce the carrying value of inventories to its estimated net realizable value. | |||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at cost, net of accumulated depreciation. | |||||||||||||||||
Depreciation of property, plant and equipment, including capital leases is provided using the straight-line method over the estimated useful life of the asset, as follows: | |||||||||||||||||
Buildings and improvements | 15 to 45 years | ||||||||||||||||
Machinery and equipment | 2 to 15 years | ||||||||||||||||
Capital lease | Life of lease | ||||||||||||||||
Leasehold improvements are depreciated on a straight-line basis over the estimated life of the asset or the life of the lease, if shorter. | |||||||||||||||||
Improvements and replacements are capitalized to the extent that they increase the useful economic life or increase the expected economic benefit of the underlying asset. Repairs and maintenance expenditures are charged to expense as incurred. | |||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
Intangible Assets | |||||||||||||||||
Intangibles represent product technology, patents, tradenames, trademarks and customer relationships. Product technology, patents and customer relationships are amortized on a straight-line basis over 8 to 17 years, which approximates the period of economic benefit. The tradenames and trademarks are considered indefinite-lived assets and are not being amortized. Intangibles are stated at fair value on the date of acquisition. At December 31, 2013 and 2012, intangibles are stated net of accumulated amortization incurred since the date of acquisition and any impairment charges. | |||||||||||||||||
Goodwill | ' | ||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill represents the excess of the purchase price paid by the Company over the fair value of the net assets acquired in each of the Company’s acquisitions. | |||||||||||||||||
Impairment of Goodwill and Indefinite-Lived Intangible Assets | ' | ||||||||||||||||
Impairment of Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||
The Company conducts an annual impairment review of goodwill and indefinite-lived intangible assets in December of each year, unless events occur which trigger the need for an interim impairment review. | |||||||||||||||||
In connection with the Company’s annual impairment review, goodwill is assessed for impairment by comparing the fair value of the reporting unit to the carrying value using a two-step approach. In the first step, the Company estimates future cash flows based upon historical results and current market projections, discounted at a market comparable rate. If the carrying amount of the reporting unit exceeds the estimated fair value, impairment may be present, the Company would then be required to perform a second step in its impairment analysis. In the second step, the Company would evaluate impairment losses based upon the fair value of the underlying assets and liabilities of the reporting unit, including any unrecognized intangible assets, and estimate the implied fair value of the goodwill. An impairment loss is recognized to the extent that a reporting unit’s recorded value of the goodwill asset exceeded its calculated fair value. In addition, to the extent the implied fair value of any indefinite-lived intangible asset is less than the asset’s carrying value, an impairment loss is recognized on those assets. The Company did not identify any impairment of goodwill in 2013, 2012 or 2011. | |||||||||||||||||
For our indefinite-lived intangible assets, mainly trademarks, we estimated the fair value first by estimating the total revenue attributable to the trademarks for each of the reporting units. Second, we estimated an appropriate royalty rate using the return on assets method by estimating the required financial return on our assets, excluding trademarks, less the overall return generated by our total asset base. The return as a percentage of revenue provides an indication of our royalty rate (between 1.0% and 1.5%). We compared the estimated fair value of our trademarks with the carrying value of the trademarks and did not identify any impairment. | |||||||||||||||||
Preparation of forecasts of revenue and profitability growth for use in the long-range plan and the discount rate require significant use of judgment. Changes to the discount rate and the forecasted profitability could affect the estimated fair value of one or more of the Company’s reporting units and could result in a goodwill impairment charge in a future period. | |||||||||||||||||
Impairment of Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets | ' | ||||||||||||||||
Impairment of Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||
Long-lived assets, including definite-lived intangible assets, are reviewed for impairment when events or circumstances indicate that the carrying amount of a long-lived asset may not be recovered. Long-lived assets are considered to be impaired if the carrying amount of the asset exceeds the undiscounted future cash flows expected to be generated by the asset over its remaining useful life. If an asset is considered to be impaired, the impairment is measured by the amount by which the carrying amount of the asset exceeds its fair value, and is charged to results of operations at that time. | |||||||||||||||||
The Company did not identify any impairment of long-lived assets in 2013 or 2012. In relation to the sale of the Stratford facility in 2011, the Company identified and recorded an impairment with respect to the facility in the amount of $0.1 million based on their fair market value (Note 4). | |||||||||||||||||
Determining fair values based on discounted cash flows requires management to make significant estimates and assumptions, including forecasting of revenue and profitability growth for use in the long-range plan and estimating appropriate discount rates. Changes to the discount rate and the forecasted profitability could affect the estimated fair value of one or more of the Company’s indefinite-lived intangible assets and could result in an impairment charge in a future period. | |||||||||||||||||
Debt Issuance Costs | ' | ||||||||||||||||
Debt Issuance Costs | |||||||||||||||||
Costs directly related to the issuance of debt are capitalized, included in other non-current assets and amortized using the effective interest method over the term of the related debt obligation. The net carrying value of debt issuance costs was approximately $4.1 million and $4.3 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
Product revenues are recognized, net of sales tax collected, at the time title and risk of loss pass to the customer, which generally occurs upon shipment to the customer. Product return reserves are accrued at the time of sale based on the historical relationship between shipments and returns, and are recorded as a reduction of net sales. | |||||||||||||||||
Certain large distribution customers receive annual volume discounts, which are estimated at the time the sale is recorded based on the estimated annual sales. | |||||||||||||||||
Shipping and Handling Costs | ' | ||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||
Shipping and handling costs associated with sales are classified as a component of cost of sales. | |||||||||||||||||
Warranty Costs | ' | ||||||||||||||||
Warranty Costs | |||||||||||||||||
Estimated expenses related to product warranties are accrued at the time products are sold to customers. Estimates are established using historical information as to the nature, frequency, and average costs of warranty claims. See Note 6 to the consolidated financial statements. | |||||||||||||||||
Self-Insurance | ' | ||||||||||||||||
Self-Insurance | |||||||||||||||||
Certain exposures are self-insured up to pre-determined amounts, above which third-party insurance applies, for medical claims, workers’ compensation, vehicle insurance, product liability costs and general liability exposure. The accompanying balance sheets include reserves for the estimated costs associated with these self-insured risks, based on historic experience factors and management’s estimates for known and anticipated claims. A portion of medical insurance costs are offset by charging employees a premium equivalent to group insurance rates. | |||||||||||||||||
Research and Development | ' | ||||||||||||||||
Research and Development | |||||||||||||||||
Research and development costs are expensed as incurred. | |||||||||||||||||
Advertising | ' | ||||||||||||||||
Advertising | |||||||||||||||||
Advertising costs are charged to selling, general and administrative expenses as incurred and amounted to approximately $2.5 million, $2.1 million and $1.5 million, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company established the 2004 Equity Incentive Plan, as amended, that provides for various forms of stock-based compensation to officers, directors, key employees and others who make significant contributions to the success of the Company. The Company recognizes stock based compensation expense on a straight line basis for shares vesting ratably under the plan and uses the graded-vesting method of recognizing stock-based compensation expense for performance share awards based on the probability of the specific performance metrics being achieved over the requisite service period. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company evaluates the realizability of its net deferred tax assets and assesses the need for a valuation allowance on a quarterly basis. The future benefit to be derived from its deferred tax assets is dependent upon the Company’s ability to generate sufficient future taxable income to realize the assets. The Company records a valuation allowance to reduce its net deferred tax assets to the amount that may be more likely than not to be realized. | |||||||||||||||||
To the extent the Company establishes a valuation allowance on net deferred tax assets generated from operations, an expense will be recorded within the provision for income taxes. In periods subsequent to establishing a valuation allowance on net deferred assets from operations, if the Company were to determine that it would be able to realize its net deferred tax assets in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded as a reduction to income tax expense in the period such determination was made. | |||||||||||||||||
We assess our income tax positions and record tax benefits for all years subject to examination, based upon our evaluation of the facts, circumstances and information available at the reporting date. For those tax positions for which it is more likely than not that a tax benefit will be sustained, we record the amount that has a greater than 50% likelihood of being realized upon settlement with the taxing authority that has full knowledge of all relevant information. Interest and penalties are accrued, where applicable. If we do not believe that it is more likely than not that a tax benefit will be sustained, no tax benefit is recognized. | |||||||||||||||||
Contingencies Policy | ' | ||||||||||||||||
We will continue to consider the applicable guidance in ASC 450-20, based on the facts known at the time of our future filings, as it relates to legal contingencies, and will adjust our disclosures as may be required under the guidance. | |||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | |||||||||||||||||
The following is a reconciliation of changes in Accumulated Other Comprehensive Loss by Component for the periods presented: | |||||||||||||||||
Cash Flow | Defined | Cumulative | Total | ||||||||||||||
Hedges | Benefit | Foreign | |||||||||||||||
Pension Plans | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Accumulated Other Comprehensive Loss by Component, January 1, 2012 | $ | — | $ | (2,485 | ) | $ | (22,591 | ) | $ | (25,076 | ) | ||||||
Net current-period Other Comprehensive Income Loss | — | (2,122 | ) | 3,795 | 1,673 | ||||||||||||
Accumulated Other Comprehensive Loss by component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | ||||||
Net current-period Other Comprehensive Income | 135 | 1,474 | 3,398 | 5,007 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) by component, December 31, 2013 | $ | 135 | $ | (3,133 | ) | $ | (15,398 | ) | $ | (18,396 | ) | ||||||
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Reconciliation of Basic to Diluted Net Income Per Share | ' | ||||||||||||||||
The following is a reconciliation of basic to diluted net income per share: | |||||||||||||||||
Year Ended December, 31 | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 40,275 | $ | 24,293 | $ | 37,675 | |||||||||||
Shares used in net income per common share — basic | 26,766 | 26,656 | 26,526 | ||||||||||||||
Incremental shares of unvested restricted common stock | 75 | 100 | 163 | ||||||||||||||
Shares used in net income per common share — diluted | 26,841 | 26,756 | 26,689 | ||||||||||||||
Earnings per share: | |||||||||||||||||
Basic net income attributable to Altra Industrial Motion Corp. | $ | 1.5 | $ | 0.91 | $ | 1.42 | |||||||||||
Diluted net income attributable to Altra Industrial Motion Corp. | $ | 1.5 | $ | 0.91 | $ | 1.41 | |||||||||||
Depreciation of Property, Plant and Equipment, Including Capital Leases is Provided Using Straight-Line Method Over Estimated Useful Life of Asset | ' | ||||||||||||||||
Depreciation of property, plant and equipment, including capital leases is provided using the straight-line method over the estimated useful life of the asset, as follows: | |||||||||||||||||
Buildings and improvements | 15 to 45 years | ||||||||||||||||
Machinery and equipment | 2 to 15 years | ||||||||||||||||
Capital lease | Life of lease | ||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ' | ||||||||||||||||
The following is a reconciliation of changes in Accumulated Other Comprehensive Loss by Component for the periods presented: | |||||||||||||||||
Cash Flow | Defined | Cumulative | Total | ||||||||||||||
Hedges | Benefit | Foreign | |||||||||||||||
Pension Plans | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Accumulated Other Comprehensive Loss by Component, January 1, 2012 | $ | — | $ | (2,485 | ) | $ | (22,591 | ) | $ | (25,076 | ) | ||||||
Net current-period Other Comprehensive Income Loss | — | (2,122 | ) | 3,795 | 1,673 | ||||||||||||
Accumulated Other Comprehensive Loss by component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | ||||||
Net current-period Other Comprehensive Income | 135 | 1,474 | 3,398 | 5,007 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) by component, December 31, 2013 | $ | 135 | $ | (3,133 | ) | $ | (15,398 | ) | $ | (18,396 | ) | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues | $ | 803,467 | $ | 818,956 | $ | 732,837 | |||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 37,750 | $ | 22,373 | $ | 41,718 | |||||||
Basic earnings per share: | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 1.41 | $ | 0.84 | $ | 1.57 | |||||||
Diluted earnings per share: | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 1.41 | $ | 0.84 | $ | 1.56 | |||||||
Svendborg [Member] | ' | ||||||||||||
Preliminary Purchase Price Allocation as of Acquisition Date | ' | ||||||||||||
Purchase price, excluding acquisition costs of approximately $2.5 million | $ | 102,096 | |||||||||||
Cash and cash equivalents | 7,483 | ||||||||||||
Trade receivables, net of amounts pledged | 21,575 | ||||||||||||
Inventories | 25,452 | ||||||||||||
Prepaid and other | 5,511 | ||||||||||||
Property, plant and equipment | 12,216 | ||||||||||||
Other assets | 1,133 | ||||||||||||
Intangible assets | 48,893 | ||||||||||||
Total assets acquired | $ | 122,263 | |||||||||||
Accounts payable | 4,833 | ||||||||||||
Accrued expenses and other current liabilities | 9,620 | ||||||||||||
Taxes payable | 10,254 | ||||||||||||
Deferred tax liability | 11,483 | ||||||||||||
Total liabilities assumed | $ | 36,190 | |||||||||||
Net assets acquired | 86,073 | ||||||||||||
Excess of purchase price over fair value of net assets acquired | $ | 16,023 | |||||||||||
Amounts Recorded as Intangible Assets | ' | ||||||||||||
The amounts recorded as intangible assets consist of the following: | |||||||||||||
Customer relationships, subject to amortization | $ | 40,050 | |||||||||||
Trade names and trademarks, not subject to amortization | 8,500 | ||||||||||||
Patents | 343 | ||||||||||||
Total intangible assets | $ | 48,893 | |||||||||||
Lamiflex [Member] | ' | ||||||||||||
Preliminary Purchase Price Allocation as of Acquisition Date | ' | ||||||||||||
The purchase price allocation as of the acquisition date is as follows: | |||||||||||||
Total Assumed purchase price, excluding acquisition costs of approximately $0.4 million | $ | 8,820 | |||||||||||
Less: Redeemable noncontrolling interest | 1,327 | ||||||||||||
Total purchase price paid at closing | 7,493 | ||||||||||||
Cash and cash equivalents | 68 | ||||||||||||
Trade receivables, net of amounts pledged | 606 | ||||||||||||
Inventories | 726 | ||||||||||||
Prepaid and other | 48 | ||||||||||||
Property, plant and equipment | 3,027 | ||||||||||||
Other assets | 108 | ||||||||||||
Intangible assets | 4,912 | ||||||||||||
Total assets acquired | $ | 9,495 | |||||||||||
Accounts payable | 550 | ||||||||||||
Accrued expenses and other current liabilities | 867 | ||||||||||||
Deferred tax liability | 1,934 | ||||||||||||
Other liabilities, including long-term debt | 976 | ||||||||||||
Total liabilities assumed | $ | 4,327 | |||||||||||
Net assets acquired | 5,168 | ||||||||||||
Excess of purchase price over fair value of net assets acquired | 3,652 | ||||||||||||
Amounts Recorded as Intangible Assets | ' | ||||||||||||
The estimated amounts recorded as intangible assets in connection with the Lamiflex Acquisition consist of the following: | |||||||||||||
Customer relationships, subject to amortization | $ | 4,552 | |||||||||||
Trade names and trademarks, not subject to amortization | 360 | ||||||||||||
Total intangible assets | $ | 4,912 | |||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories at December 31, 2013 and 2012 consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 56,824 | $ | 39,902 | |||||
Work in process | 18,432 | 21,199 | |||||||
Finished goods | 68,409 | 62,675 | |||||||
Inventories, net | $ | 143,665 | $ | 123,776 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment at December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 20,803 | $ | 13,565 | |||||
Buildings and improvements | 53,078 | 38,942 | |||||||
Machinery and equipment | 207,193 | 190,809 | |||||||
281,074 | 243,316 | ||||||||
Less -Accumulated depreciation | (123,539 | ) | (105,222 | ) | |||||
$ | 157,535 | $ | 138,094 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Changes in Goodwill | ' | ||||||||||||||||
Changes in goodwill during the year ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross goodwill balance as of January 1 | $ | 120,035 | $ | 115,609 | |||||||||||||
Adjustments related to the acquisition of Svendborg in 2013 and Lamiflex in 2012 | 16,023 | 3,652 | |||||||||||||||
Impact of changes in foreign currency and other | 91 | 774 | |||||||||||||||
Gross goodwill balance as of December 31 | 136,149 | 120,035 | |||||||||||||||
Accumulated impairment, January 1 | (31,810 | ) | (31,810 | ) | |||||||||||||
Impairment charge during period | — | — | |||||||||||||||
Accumulated impairment, December 31 | (31,810 | ) | (31,810 | ) | |||||||||||||
Net goodwill balance December 31 | $ | 104,339 | $ | 88,225 | |||||||||||||
Intangibles and Related Accumulated Amortization | ' | ||||||||||||||||
Intangibles and related accumulated amortization consisted of the following: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Cost | Accumulated | Cost | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Intangible Assets | |||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Tradenames and trademarks | $ | 42,985 | $ | — | $ | 34,485 | $ | — | |||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 118,914 | 42,645 | 78,864 | 36,202 | |||||||||||||
Product technology and patents | 6,062 | 5,719 | 5,719 | 5,657 | |||||||||||||
Impact of changes in foreign currency | (829 | ) | — | (1,111 | ) | — | |||||||||||
Total intangible assets | $ | 167,132 | $ | 48,364 | $ | 117,957 | $ | 41,859 | |||||||||
Warranty_Costs_Tables
Warranty Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 5,625 | $ | 4,898 | $ | 3,583 | |||||||
Accrued current period warranty costs | 2,573 | 2,386 | 2,374 | ||||||||||
Acquired warranty reserves | 3,420 | — | 1,720 | ||||||||||
Payments and adjustments | (2,879 | ) | (1,659 | ) | (2,779 | ) | |||||||
Balance at end of period | $ | 8,739 | $ | 5,625 | $ | 4,898 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Before Income Taxes by Domestic and Foreign Locations | ' | ||||||||||||
Income before income taxes by domestic and foreign locations consists of the following: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 37,640 | $ | 18,083 | $ | 34,034 | |||||||
Foreign | 21,696 | 16,276 | 14,397 | ||||||||||
Total | $ | 59,336 | $ | 34,359 | $ | 48,431 | |||||||
Components of Provision (Benefit) for Income Taxes | ' | ||||||||||||
The components of the provision (benefit) for income taxes consist of the following: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 8,917 | $ | 8,370 | $ | 4,506 | |||||||
State | 698 | (3,597 | ) | (3,686 | ) | ||||||||
Non-US | 6,072 | 6,006 | 5,057 | ||||||||||
$ | 15,687 | $ | 10,779 | $ | 5,877 | ||||||||
Deferred: | |||||||||||||
Federal | $ | 3,533 | $ | (915 | ) | $ | 7,949 | ||||||
State | 378 | 1,756 | (861 | ) | |||||||||
Non-US | (447 | ) | (1,466 | ) | (2,209 | ) | |||||||
3,464 | (625 | ) | 4,879 | ||||||||||
Provision (benefit) for income taxes | $ | 19,151 | $ | 10,154 | $ | 10,756 | |||||||
Reconciliation from Tax at U.S. Federal Statutory Rate to Company's Provision (Benefit) for Income Taxes | ' | ||||||||||||
A reconciliation from tax at the U.S. federal statutory rate to the Company’s provision (benefit) for income taxes is as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax at US federal income tax rate | $ | 20,767 | $ | 12,026 | $ | 16,957 | |||||||
State taxes, net of federal income tax effect | 905 | 67 | 1,050 | ||||||||||
Change in tax rate | (354 | ) | (267 | ) | (236 | ) | |||||||
Foreign taxes | (224 | ) | 781 | 709 | |||||||||
Adjustments to accrued income tax liabilities and uncertain tax positions | (52 | ) | (1,289 | ) | (3,413 | ) | |||||||
Valuation allowance | 120 | 506 | (1,644 | ) | |||||||||
Intercompany interest | (986 | ) | (1,676 | ) | (1,178 | ) | |||||||
Tax credits and incentives | (816 | ) | (291 | ) | (1,243 | ) | |||||||
Domestic Manufacturing Deduction | (839 | ) | (566 | ) | (544 | ) | |||||||
Other | 630 | 863 | 298 | ||||||||||
Provision (benefit) for income taxes | $ | 19,151 | $ | 10,154 | $ | 10,756 | |||||||
Reconciliation of Gross Amount of Unrecognized Tax Benefits Excluding Accrued Interest and Penalties | ' | ||||||||||||
A reconciliation of the gross amount of unrecognized tax benefits excluding accrued interest and penalties is as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 747 | $ | 3,523 | $ | 6,338 | |||||||
Increases related to prior year tax positions | — | — | — | ||||||||||
Decreases related to prior year tax positions | (33 | ) | — | (2,289 | ) | ||||||||
Increases related to current year tax positions | — | — | — | ||||||||||
Settlements | — | (2,689 | ) | — | |||||||||
Lapse of statute of limitations | (87 | ) | (87 | ) | (526 | ) | |||||||
Balance at end of period | $ | 627 | $ | 747 | $ | 3,523 | |||||||
Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of the deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Post-retirement obligations | $ | 1,565 | $ | 3,157 | |||||||||
Tax credits | 2,165 | 2,040 | |||||||||||
Expenses not currently deductible | 11,788 | 11,598 | |||||||||||
Net operating loss carryover | 6,376 | 6,435 | |||||||||||
Other | 546 | 790 | |||||||||||
Total deferred tax assets | 22,440 | 24,020 | |||||||||||
Valuation allowance for deferred tax assets | (5,577 | ) | (5,426 | ) | |||||||||
Net deferred tax assets | 16,863 | 18,594 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 20,065 | 19,892 | |||||||||||
Intangible assets | 25,090 | 14,969 | |||||||||||
Basis difference - convertible debt | 11,064 | 10,212 | |||||||||||
Goodwill | 3,813 | 2,308 | |||||||||||
Total deferred liabilities | 60,032 | 47,381 | |||||||||||
Net deferred tax liabilities | $ | 43,169 | $ | 28,787 | |||||||||
Pension_and_Other_Employee_Ben1
Pension and Other Employee Benefits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Benefit Obligation, Fair Value of Plan Assets and Funded Status of Respective Defined Benefit (Pension) and Postretirement Benefit Plans | ' | ||||||||||||
The following tables represent the reconciliation of the benefit obligation, fair value of plan assets and funded status of the respective defined benefit (pension) plans as of December 31, 2013 and 2012: | |||||||||||||
Pension Benefits | |||||||||||||
Year Ended | Year Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Change in benefit obligation: | |||||||||||||
Obligation at beginning of period | $ | 34,629 | $ | 29,415 | |||||||||
Assumed Bauer pension liability | — | — | |||||||||||
Service cost | 248 | 179 | |||||||||||
Interest cost | 1,250 | 1,381 | |||||||||||
Curtailments, settlements and special termination benefits | — | — | |||||||||||
Actuarial (gains) losses | (2,969 | ) | 4,574 | ||||||||||
Foreign exchange effect | 343 | 153 | |||||||||||
Benefits paid | (1,286 | ) | (1,073 | ) | |||||||||
Obligation at end of period | $ | 32,215 | $ | 34,629 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets, beginning of period | $ | 20,100 | $ | 16,519 | |||||||||
Assumed Bauer plan assets | — | — | |||||||||||
Actual return on plan assets | 182 | 2,035 | |||||||||||
Employer contributions | 5,194 | 2,619 | |||||||||||
Benefits paid | (1,286 | ) | (1,073 | ) | |||||||||
Fair value of plan assets, end of period | $ | 24,190 | $ | 20,100 | |||||||||
Funded status | $ | (8,025 | ) | $ | (14,529 | ) | |||||||
Amounts Recognized in the balance sheet consist of: | |||||||||||||
Non current assets | $ | — | $ | — | |||||||||
Current liabilities | — | — | |||||||||||
Non-current liabilities | (8,025 | ) | (14,529 | ) | |||||||||
Total | $ | (8,025 | ) | $ | (14,529 | ) | |||||||
Discount Rate Used in Computation of Respective Benefit Obligations | ' | ||||||||||||
The discount rate used in the computation of the respective benefit obligations at December 31, 2013 and 2012, presented above are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Pension benefits | 4.6 | % | 3.75 | % | |||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||
The following table represents the components of the net periodic benefit cost associated with the respective plans: | |||||||||||||
Pension Benefits | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 248 | $ | 179 | $ | 167 | |||||||
Interest cost | 1,250 | 1,381 | 1,389 | ||||||||||
Recognized net actuarial loss | — | — | — | ||||||||||
Expected return on plan assets | (1,080 | ) | (1,083 | ) | (1,050 | ) | |||||||
Settlement/Curtailment/ Special Termination Benefit | — | — | — | ||||||||||
Amortization | 175 | 105 | 39 | ||||||||||
Net periodic benefit (income) cost | $ | 593 | $ | 582 | $ | 545 | |||||||
Economic Assumptions Used in Computation of Respective Net Periodic Benefit Cost | ' | ||||||||||||
The key economic assumptions used in the computation of the respective net periodic benefit cost for the periods presented above are as follows: | |||||||||||||
Pension Benefits | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 3.75 | % | 4.75 | % | 5.5 | % | |||||||
Expected return on plan assets | 5.25 | % | 6.25 | % | 7.75 | % | |||||||
Compensation rate increase | N/A | N/A | N/A | ||||||||||
Schedule of Fair Value of Pension Plan Assets | ' | ||||||||||||
The fair value of the Company’s pension plan assets at December 31, 2013 and 2012 by asset category is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Asset Category | |||||||||||||
Equity (Level 1) | |||||||||||||
U.S. companies | $ | — | $ | 4,522 | |||||||||
International companies | — | 297 | |||||||||||
Total equity | — | 4,819 | |||||||||||
Fixed income (Level 1) | |||||||||||||
U.S. government | 2,787 | 820 | |||||||||||
Corporate bonds | |||||||||||||
Investment grade | 17,091 | 8,738 | |||||||||||
High yield | 3,634 | 3,151 | |||||||||||
Other credit | — | 1,632 | |||||||||||
Total fixed income | 23,512 | 14,341 | |||||||||||
Other (Level 2) | 338 | 328 | |||||||||||
Cash and cash equivalents (Level 1) | 340 | 612 | |||||||||||
Total assets at fair value | $ | 24,190 | $ | 20,100 | |||||||||
Schedule of Asset Allocations for Funded Retirement Plan | ' | ||||||||||||
The asset allocations for the Company’s funded retirement plan at December 31, 2013 and 2012, respectively, and the target allocation for 2013, by asset category, are as follows: | |||||||||||||
Allocation Percentage of | |||||||||||||
Plan Assets at Year-End | |||||||||||||
2013 | 2013 | 2012 | |||||||||||
Actual | Target | Actual | |||||||||||
Asset Category | |||||||||||||
Global Developed Equity | 0 | % | 0% | 5 | % | ||||||||
Investment Grade Bonds | 84 | % | 20% - 100% | 48 | % | ||||||||
High Yield Bonds | 15 | % | 0% - 25% | 16 | % | ||||||||
Cash | 1 | % | 0% - 5% | 3 | % | ||||||||
Emerging Market Debt | 0 | % | 0% | 3 | % | ||||||||
Dynamic Asset Allocation/Alternatives | 0 | % | 0% | 25 | % | ||||||||
Summary of Amounts of Expected Benefit Payments | ' | ||||||||||||
The following table provides the amounts of expected benefit payments, which are made from the plans’ assets and includes the participants’ share of the costs, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect the Company’s best estimate given its current knowledge; actual amounts could be materially different. | |||||||||||||
Pension | |||||||||||||
Benefits | |||||||||||||
Expected benefit payments (from plan assets) | |||||||||||||
2014 | 1,153 | ||||||||||||
2015 | 1,309 | ||||||||||||
2016 | 1,370 | ||||||||||||
2017 | 1,399 | ||||||||||||
2018 | 1,464 | ||||||||||||
Thereafter | 7,895 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Debt Obligations | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Debt: | |||||||||
Revolving Credit Facility | $ | 41,198 | $ | 79,304 | |||||
Convertible Notes | 85,000 | 85,000 | |||||||
Term Loan Facility | 163,245 | 100,000 | |||||||
Equipment Loan | 4,155 | 1,100 | |||||||
Mortgages | 659 | 963 | |||||||
Capital leases | 178 | 99 | |||||||
Other | — | 435 | |||||||
Total debt | 294,435 | 266,901 | |||||||
Less: debt discount, net of accretion | (16,163 | ) | (19,306 | ) | |||||
Total debt, net of unaccreted discount | $ | 278,272 | $ | 247,595 | |||||
Less current portion of long-term debt | 16,924 | 9,135 | |||||||
Total long-term debt | $ | 261,348 | $ | 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 December 31, 2013: | |||||||||
December 31, | |||||||||
2013 | |||||||||
Principal amount of debt | $ | 85,000 | |||||||
Unamortized discount | 16,163 | ||||||||
Carrying value of debt | $ | 68,837 | |||||||
Interest Expense Associated with Convertible Notes | ' | ||||||||
Interest expense associated with the Convertible Notes consisted of the following for the year ended December 31, 2013: | |||||||||
December 31, | |||||||||
2012 | |||||||||
Contractual coupon rate of interest | $ | 2,338 | |||||||
Accretion of Convertible Notes discount and amortization of deferred financing costs | 3,494 | ||||||||
Interest expense for the Convertible Notes | $ | 5,832 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of Activity of Company's Restricted Stock Grants | ' | ||||||||
The following table sets forth the activity of the Company’s restricted stock grants to date: | |||||||||
Amounts not in thousands | Shares | Weighted- | |||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Restricted shares unvested January 1, 2013 | 162,586 | $ | 18.67 | ||||||
Shares granted | 128,365 | $ | 24.58 | ||||||
Shares for which restrictions lapsed | (141,316 | ) | $ | 21.55 | |||||
Restricted shares unvested December 31, 2013 | 149,635 | $ | 23.02 | ||||||
Concentrations_of_Credit_Segme1
Concentrations of Credit, Segment Data and Workforce (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Net Sales to Third Parties and Property, Plant and Equipment by Geographic Region | ' | ||||||||||||||||||||
Net sales to third parties and property, plant and equipment by geographic region are as follows: | |||||||||||||||||||||
Net Sales | Property, Plant and Equipment | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
North America | $ | 454,115 | $ | 469,554 | $ | 442,931 | $ | 87,573 | $ | 88,051 | |||||||||||
Europe | 216,636 | 216,485 | 191,768 | 54,533 | 35,319 | ||||||||||||||||
Asia and the rest of the world | 51,467 | 45,951 | 40,113 | 15,429 | 14,724 | ||||||||||||||||
Total | $ | 722,218 | $ | 731,990 | $ | 674,812 | $ | 157,535 | $ | 138,094 | |||||||||||
Restructuring_Asset_Impairment1
Restructuring, Asset Impairment, and Transition Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||
Summary of Total Restructuring Expense | ' | ||||||||
The Company’s total restructuring expense, by major component for the years ended December 31, 2013 and 2012, were as follows: | |||||||||
Year Ended | Year Ended | ||||||||
December 31, 2013 | December 31, 2012 | ||||||||
2012 Altra Plan | 2012 Altra Plan | ||||||||
Expenses | |||||||||
Moving and relocation | $ | (21 | ) | $ | 55 | ||||
Severance | 1,103 | 2,934 | |||||||
Other | 29 | 207 | |||||||
Total cash expenses | 1,111 | 3,196 | |||||||
Loss on disposal of fixed assets | — | — | |||||||
Total restructuring expenses | $ | 1,111 | $ | 3,196 | |||||
Reconciliation of Accrued Restructuring Costs | ' | ||||||||
The following is a reconciliation of the accrued restructuring costs between January 1, 2012 and December 31, 2013 | |||||||||
All Plans | |||||||||
Balance at January 1, 2012 | $ | 90 | |||||||
Restructuring expense incurred | 3,196 | ||||||||
Cash payments | (471 | ) | |||||||
Non-cash loss on impairment of fixed assets | — | ||||||||
Balance at December 31, 2012 | $ | 2,815 | |||||||
Restructuring expense incurred | 1,111 | ||||||||
Cash payments | (3,497 | ) | |||||||
Non-cash loss on impairment of fixed assets | — | ||||||||
Balance at December 31, 2013 | $ | 429 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Swap Recognized in Other Non-Current Assets and in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The fair value of the swap recognized in other non-current assets and in other comprehensive income (loss) is as follows (in thousands): | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Effective Date | Notional Amount | Fixed Rate | Maturity | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
30-Apr-13 | $ | 92,500 | 0.626 | % | November 30, 2016 | $ | 213 | $ | — |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Future Minimum Rent Obligations under Non-Cancelable Operating and Capital Leases | ' | ||||||||
Future minimum rent obligations under non-cancelable operating and capital leases are as follows: | |||||||||
Year ending December 31: | Operating Leases | Capital Leases | |||||||
2014 | $ | 7,618 | $ | 147 | |||||
2015 | 6,225 | 28 | |||||||
2016 | 4,847 | 8 | |||||||
2017 | 2,594 | 6 | |||||||
2018 | 1,892 | — | |||||||
Thereafter | 6,970 | — | |||||||
Total lease obligations | $ | 30,146 | $ | 189 | |||||
Less amounts representing interest | (8 | ) | |||||||
Present value of minimum capital lease obligations | $ | 181 | |||||||
Unaudited_Quarterly_Results_of1
Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Results of Operations | ' | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 180,530 | $ | 175,443 | $ | 181,095 | $ | 185,150 | |||||||||
Gross Profit | 51,805 | 53,658 | 54,419 | 55,499 | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | 7,205 | 10,501 | 10,689 | 11,880 | |||||||||||||
Earnings per share — Basic attributable to Altra Industrial Motion Corp. | |||||||||||||||||
Net income | $ | 0.27 | $ | 0.39 | $ | 0.4 | $ | 0.44 | |||||||||
Earnings per share — Diluted attributable to Altra Industrial Motion Corp. | |||||||||||||||||
Net income | $ | 0.27 | $ | 0.39 | $ | 0.4 | $ | 0.44 | |||||||||
Year ended December 31, 2012 | |||||||||||||||||
Fourth | Third | Second | First | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 177,174 | $ | 174,488 | $ | 187,943 | $ | 192,385 | |||||||||
Gross Profit | 53,862 | 52,011 | 56,002 | 56,673 | |||||||||||||
Net income attributable to Altra | (5,379 | ) | 8,547 | 10,609 | 10,516 | ||||||||||||
Industrial Motion Corp. | |||||||||||||||||
Earnings per share — Basic | |||||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | (0.20 | ) | $ | 0.32 | $ | 0.4 | $ | 0.4 | ||||||||
Earnings per share — Diluted | |||||||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | (0.20 | ) | $ | 0.32 | $ | 0.4 | $ | 0.39 | ||||||||
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 11, 2012 | |
Reporting_Unit | ||||
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares | 3,137,351 | 3,094,706 | 784,980 | ' |
Percentage of ownership acquired | ' | ' | ' | 85.00% |
Number of entity subsidiaries excluded | 'one | ' | ' | ' |
Percentage of inventory LIFO | 7.50% | 10.00% | ' | ' |
Impairment of goodwill | $0 | $0 | $0 | ' |
Company's reporting units | 1 | ' | ' | ' |
Impairment of long-lived assets | 0 | 0 | 100,000 | ' |
Net carrying value of debt issuance cost | 4,100,000 | 4,300,000 | ' | ' |
Advertising costs | 2,500,000 | 2,100,000 | 1,500,000 | ' |
Tax benefit sustainable | 'greater than 50% | ' | ' | ' |
Convertible Notes [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Estimated fair value of financial instruments | 116,500,000 | 94,300,000 | ' | ' |
Carrying amount of financial instruments | 85,000,000 | 85,000,000 | ' | ' |
Interest on notes | 2.75% | 2.75% | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Amortization straight-line basis | '8 years | ' | ' | ' |
Royalty rate indication based on return as a percentage of revenue | 1.00% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Amortization straight-line basis | '17 years | ' | ' | ' |
Royalty rate indication based on return as a percentage of revenue | 1.50% | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Estimated fair value of interest rate swap | 200,000 | 0 | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 16,600,000 | 30,300,000 | ' | ' |
Brand [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Number of product lines | 40 | ' | ' | ' |
Production facilities in number of countries | 11 | ' | ' | ' |
Term Loan Facility [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Estimated fair value of financial instruments | 163,245,000 | ' | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Organization And Nature Of Business [Line Items] | ' | ' | ' | ' |
Estimated fair value of financial instruments | $200,000,000 | ' | ' | ' |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | $7,205 | $10,501 | $10,689 | $11,880 | ($5,379) | $8,547 | $10,609 | $10,516 | $40,275 | $24,293 | $37,675 |
Shares used in net income per common share - basic | ' | ' | ' | ' | ' | ' | ' | ' | 26,766 | 26,656 | 26,526 |
Incremental shares of unvested restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 100 | 163 |
Shares used in net income per common share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 26,841 | 26,756 | 26,689 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income attributable to Altra Industrial Motion Corp. | $0.27 | $0.39 | $0.40 | $0.44 | ($0.20) | $0.32 | $0.40 | $0.40 | $1.50 | $0.91 | $1.42 |
Diluted net income attributable to Altra Industrial Motion Corp. | $0.27 | $0.39 | $0.40 | $0.44 | ($0.20) | $0.32 | $0.40 | $0.39 | $1.50 | $0.91 | $1.41 |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies - Depreciation of Property, Plant and Equipment, Including Capital Leases is Provided Using Straight-Line Method Over Estimated Useful Life of Asset (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' |
Capital lease | 'Life of lease |
Minimum [Member] | Buildings and Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Buildings and improvements/Machinery and equipment | '15 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Buildings and improvements/Machinery and equipment | '2 years |
Maximum [Member] | Buildings and Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Buildings and improvements/Machinery and equipment | '45 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Buildings and improvements/Machinery and equipment | '15 years |
Description_of_Business_and_Su6
Description of Business and Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 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) | 5,007 | 1,673 |
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | -18,396 | -23,403 |
Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net current-period Other Comprehensive Income (Loss) | 135 | ' |
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | 135 | ' |
Defined Benefit Pension 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) | 1,474 | -2,122 |
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | -3,133 | -4,607 |
Cumulative Foreign Currency Translation [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) | 3,398 | 3,795 |
Accumulated Other Comprehensive Income (Loss) by Component, Ending balance | ($15,398) | ($18,796) |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 17, 2013 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 11, 2012 | Dec. 31, 2013 | Jul. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | EUR (€) | Svendborg [Member] | Svendborg [Member] | Svendborg [Member] | Svendborg [Member] | Lamiflex [Member] | Lamiflex [Member] | Lamiflex [Member] | Lamiflex [Member] | Bauer [Member] | |
Country | Country | USD ($) | EUR (€) | Customer Relationships [Member] | USD ($) | BRL | Customer Relationships [Member] | Convertible Notes Issued [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cash consideration | ' | ' | $110,200,000 | € 80,100,000 | ' | ' | $7,493,000 | ' | ' | ' | ' |
Cash remaining on the balance sheet upon closing the acquisition | ' | ' | 7,500,000 | 5,400,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition number of countries in which entity operates | 7 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow deposits established for transfer pricing claims | 11,600,000 | 8,500,000 | 11,600,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated liability for transfer pricing claims by the company | 8,100,000 | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated receivables from transfer pricing claims by the company | ' | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition date | ' | ' | ' | ' | 17-Dec-13 | ' | ' | 11-Jul-12 | ' | ' | ' |
Percentage of acquisition completed | ' | ' | ' | ' | ' | ' | 85.00% | 100.00% | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | '17 years | ' | ' | ' | '13 years | ' |
Business acquisition cost | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | 17,400,000 | ' | ' |
Estimated business acquisition reduction | ' | ' | ' | ' | ' | ' | $1,100,000 | ' | 2,100,000 | ' | ' |
Convertible notes issue date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Mar-11 |
Acquisitions_Preliminary_Purch
Acquisitions - Preliminary Purchase Price Allocation as of Acquisition Date (Detail) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 11, 2012 | Dec. 17, 2013 | Dec. 17, 2013 |
Lamiflex [Member] | Svendborg [Member] | Svendborg [Member] | |
USD ($) | USD ($) | EUR (€) | |
Business Acquisition [Line Items] | ' | ' | ' |
Total Assumed purchase price, excluding acquisition costs | $8,820 | $102,096 | ' |
Less: Redeemable noncontrolling interest | 1,327 | ' | ' |
Total purchase price paid at closing | 7,493 | 110,200 | 80,100 |
Cash and cash equivalents | 68 | 7,483 | ' |
Trade receivables, net of amounts pledged | 606 | 21,575 | ' |
Inventories | 726 | 25,452 | ' |
Prepaid and other | 48 | 5,511 | ' |
Property, plant and equipment | 3,027 | 12,216 | ' |
Other assets | 108 | 1,133 | ' |
Intangible assets | 4,912 | 48,893 | ' |
Total assets acquired | 9,495 | 122,263 | ' |
Accounts payable | 550 | 4,833 | ' |
Accrued expenses and other current liabilities | 867 | 9,620 | ' |
Taxes Payable | ' | 10,254 | ' |
Deferred tax liability | 1,934 | 11,483 | ' |
Other liabilities, including long-term debt | 976 | ' | ' |
Total liabilities assumed | 4,327 | 36,190 | ' |
Net assets acquired | 5,168 | 86,073 | ' |
Excess of purchase price over fair value of net assets acquired | $3,652 | $16,023 | ' |
Acquisitions_Preliminary_Purch1
Acquisitions - Preliminary Purchase Price Allocation as of Acquisition Date (Parenthetical) (Detail) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jul. 11, 2012 | Dec. 17, 2013 |
Lamiflex [Member] | Svendborg [Member] | |
Business Acquisition [Line Items] | ' | ' |
Acquisition costs | $0.40 | $2.50 |
Acquisitions_Amounts_Recorded_
Acquisitions - Amounts Recorded as Intangible Assets (Detail) (USD $) | Dec. 17, 2013 | Jul. 11, 2012 | Dec. 17, 2013 | Dec. 17, 2013 |
In Thousands, unless otherwise specified | Svendborg [Member] | Lamiflex [Member] | Customer Relationships [Member] | Patents [Member] |
Svendborg [Member] | Svendborg [Member] | |||
Intangible Asset Excluding Goodwill [Line Items] | ' | ' | ' | ' |
Customer relationships, subject to amortization | ' | $4,552 | $40,050 | $343 |
Trade names and trademarks, not subject to amortization | 8,500 | 360 | ' | ' |
Total intangible assets | $48,893 | $4,912 | ' | ' |
Acquisitions_Proforma_Amount_o
Acquisitions - Proforma Amount on Acquisition Occurred (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' | ' |
Total revenues | $803,467 | $818,956 | $732,837 |
Net income attributable to Altra Industrial Motion Corp. | $37,750 | $22,373 | $41,718 |
Basic earnings per share: | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | $1.41 | $0.84 | $1.57 |
Diluted earnings per share: | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | $1.41 | $0.84 | $1.56 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $56,824 | $39,902 |
Work in process | 18,432 | 21,199 |
Finished goods | 68,409 | 62,675 |
Inventories, net | $143,665 | $123,776 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Portion of total inventory valued by LIFO method | 7.50% | 10.00% |
Change in the inventory balance using FIFO method | $1.60 | $0.90 |
Inventory Valuation by LIFO Method [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Portion of total inventory valued by LIFO method | 7.50% | ' |
Inventory Valuation Provision [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Provision for valuation of sales component | $0.70 | $0.40 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $281,074 | $243,316 |
Less-Accumulated depreciation | -123,539 | -105,222 |
Property, plant and equipment, net | 157,535 | 138,094 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 20,803 | 13,565 |
Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 53,078 | 38,942 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $207,193 | $190,809 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cash received | ' | ' | $300,000 |
Note receivable | ' | ' | 600,000 |
Note receivable maturity | ' | ' | '10 years |
Accrued interest | ' | ' | 6.00% |
Impairment charges | 0 | ' | ' |
Proceeds from sale of Facility | ' | ' | 1,484,000 |
Depreciation expense | 21,419,000 | 20,537,000 | 18,403,000 |
Stratford, Ontario, Canada Facility [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Sale of facility | ' | ' | 900,000 |
Mt Pleasant Facility (Member) | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Proceeds from sale of Facility | $578,000 | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Gross goodwill balance as of January 1 | $120,035 | $115,609 |
Adjustments related to the acquisition of Svendborg in 2013 and Lamiflex in 2012 | 16,023 | 3,652 |
Impact of changes in foreign currency and other | 91 | 774 |
Gross goodwill balance as of December 31 | 136,149 | 120,035 |
Accumulated impairment, January 1 | -31,810 | -31,810 |
Impairment charge during period | ' | ' |
Accumulated impairment, December 31 | -31,810 | -31,810 |
Net goodwill balance December 31 | $104,339 | $88,225 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangibles and Related Accumulated Amortization (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Impact of changes in foreign currency, Cost | ($829) | ($1,111) |
Total intangible assets, Cost | 167,132 | 117,957 |
Total intangible assets, Accumulated Amortization | 48,364 | 41,859 |
Tradenames and Trademarks [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets not subject to amortization, Cost | 42,985 | 34,485 |
Customer Relationships [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Cost | 118,914 | 78,864 |
Total intangible assets, Accumulated Amortization | 42,645 | 36,202 |
Product Technology and Patents [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Cost | 6,062 | 5,719 |
Total intangible assets, Accumulated Amortization | $5,719 | $5,657 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $6,505,000 | $6,839,000 | $6,280,000 |
Weighted average estimated useful life of intangible assets | '11 years | ' | ' |
Estimated Amortization Expense for Intangible Assets [Member] | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Year 2014 | 8,800,000 | ' | ' |
Year 2015 | 8,800,000 | ' | ' |
Year 2016 | 8,800,000 | ' | ' |
Year 2017 | 8,800,000 | ' | ' |
Year 2018 | 8,800,000 | ' | ' |
Thereafter | $31,800,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Useful lives of intangible assets | '8 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Useful lives of intangible assets | '17 years | ' | ' |
Warranty_Costs_Additional_Info
Warranty Costs - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Product warranty period | '2 years |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Guarantees [Abstract] | ' | ' | ' |
Balance at beginning of period | $5,625 | $4,898 | $3,583 |
Accrued current period warranty costs | 2,573 | 2,386 | 2,374 |
Acquired warranty reserves | 3,420 | ' | 1,720 |
Payments and adjustments | -2,879 | -1,659 | -2,779 |
Balance at end of period | $8,739 | $5,625 | $4,898 |
Income_Taxes_Income_Before_Inc
Income Taxes - Income Before Income Taxes by Domestic and Foreign Locations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $37,640 | $18,083 | $34,034 |
Foreign | 21,696 | 16,276 | 14,397 |
Income before income taxes | $59,336 | $34,359 | $48,431 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $8,917 | $8,370 | $4,506 |
State | 698 | -3,597 | -3,686 |
Non-US | 6,072 | 6,006 | 5,057 |
Current, total | 15,687 | 10,779 | 5,877 |
Deferred: | ' | ' | ' |
Federal | 3,533 | -915 | 7,949 |
State | 378 | 1,756 | -861 |
Non-US | -447 | -1,466 | -2,209 |
Deferred, total | 3,464 | -625 | 4,879 |
Provision (benefit) for income taxes | $19,151 | $10,154 | $10,756 |
Income_Taxes_Reconciliation_fr
Income Taxes - Reconciliation from Tax at U.S. Federal Statutory Rate to Company's Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at US federal income tax rate | $20,767 | $12,026 | $16,957 |
State taxes, net of federal income tax effect | 905 | 67 | 1,050 |
Change in tax rate | -354 | -267 | -236 |
Foreign taxes | -224 | 781 | 709 |
Adjustments to accrued income tax liabilities and uncertain tax positions | -52 | -1,289 | -3,413 |
Valuation allowance | 120 | 506 | -1,644 |
Intercompany interest | -986 | -1,676 | -1,178 |
Tax credits and incentives | -816 | -291 | -1,243 |
Domestic manufacturing deduction | -839 | -566 | -544 |
Other | 630 | 863 | 298 |
Provision (benefit) for income taxes | $19,151 | $10,154 | $10,756 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Gross Amount of Unrecognized Tax Benefits Excluding Accrued Interest and Penalties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $747 | $3,523 | $6,338 |
Increases related to prior year tax positions | ' | ' | ' |
Decreases related to prior year tax positions | -33 | ' | -2,289 |
Increases related to current year tax positions | ' | ' | ' |
Settlements | ' | -2,689 | ' |
Lapse of statute of limitations | -87 | -87 | -526 |
Balance at end of period | $627 | $747 | $3,523 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | EUR (€) | Minimum [Member] | Maximum [Member] | Uncertain Tax Positions [Member] | New York [Member] | Non-U.S. [Member] | Federal and State Tax Credits [Member] | Federal and State Tax Credits [Member] | Federal and State Tax Credits [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | |||||||
Unrecognized Tax Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow deposits established for transfer pricing claims | $11,600,000 | ' | ' | € 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated tax liability for transfer pricing claims by the company | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized tax benefit | 19,151,000 | 10,154,000 | 10,756,000 | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' |
Tax, reserve | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest, reserve | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' |
Penalties, reserve | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Deferred tax assets related to the federal benefit | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net benefit | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest and penalties | 100,000 | 200,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offset of accrued interest and penalties due to lapse of statute of limitations | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gross amount of interest and penalties | 400,000 | 400,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss | 28,100,000 | ' | ' | ' | ' | ' | ' | ' | 22,700,000 | ' | ' | ' |
Net operating loss, expire year | ' | ' | ' | ' | '2018 | '2032 | ' | ' | ' | ' | '2014 | '2028 |
Federal and state tax credits | 816,000 | 291,000 | 1,243,000 | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' |
Valuation allowance | 5,577,000 | 5,426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. or additional non-U.S. taxes, undistributed earnings | $59,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Post-retirement obligations | $1,565 | $3,157 |
Tax credits | 2,165 | 2,040 |
Expenses not currently deductible | 11,788 | 11,598 |
Net operating loss carryover | 6,376 | 6,435 |
Other | 546 | 790 |
Total deferred tax assets | 22,440 | 24,020 |
Valuation allowance for deferred tax assets | -5,577 | -5,426 |
Net deferred tax assets | 16,863 | 18,594 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | 20,065 | 19,892 |
Intangible assets | 25,090 | 14,969 |
Basis difference - convertible debt | 11,064 | 10,212 |
Goodwill | 3,813 | 2,308 |
Total deferred liabilities | 60,032 | 47,381 |
Net deferred tax liabilities | $43,169 | $28,787 |
Pension_and_Other_Employee_Ben2
Pension and Other Employee Benefits - Reconciliation of Benefit Obligation, Fair Value of Plan Assets and Funded Status of Respective Defined Benefit (Pension) and Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Employer contributions | $3,700 | $3,500 | ' |
Amounts Recognized in the balance sheet consist of: | ' | ' | ' |
Total | -8,025 | -14,529 | ' |
Pension Benefits [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Obligation at beginning of period | 34,629 | 29,415 | ' |
Assumed Bauer pension liability | ' | ' | ' |
Service cost | 248 | 179 | 167 |
Interest cost | 1,250 | 1,381 | 1,389 |
Curtailments, settlements and special termination benefits | ' | ' | ' |
Actuarial (gains) losses | -2,969 | 4,574 | ' |
Foreign exchange effect | 343 | 153 | ' |
Benefits paid | -1,286 | -1,073 | ' |
Obligation at end of period | 32,215 | 34,629 | 29,415 |
Fair value of plan assets, beginning of period | 20,100 | 16,519 | ' |
Assumed Bauer plan assets | ' | ' | ' |
Actual return on plan assets | 182 | 2,035 | ' |
Employer contributions | 5,194 | 2,619 | ' |
Benefits paid | -1,286 | -1,073 | ' |
Fair value of plan assets, end of period | 24,190 | 20,100 | 16,519 |
Funded status | -8,025 | -14,529 | ' |
Amounts Recognized in the balance sheet consist of: | ' | ' | ' |
Non current assets | ' | ' | ' |
Current liabilities | ' | ' | ' |
Non-current liabilities | -8,025 | -14,529 | ' |
Total | ($8,025) | ($14,529) | ' |
Pension_and_Other_Employee_Ben3
Pension and Other Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Accumulated benefit obligation | $32,200,000 | $34,600,000 | ' |
Non-U.S. pension liabilities recognized | 7,700,000 | 7,600,000 | ' |
Accumulated other comprehensive loss | 1,500,000 | 2,100,000 | ' |
Accumulated other comprehensive loss, net of tax | 800,000 | 1,400,000 | ' |
Expected long-term rate of return on assets | 5.25% | ' | ' |
Defined contribution plans, maximum employee contribution | 75.00% | ' | ' |
Percent of contribution made | 6.00% | ' | ' |
Contribution description | 'The Company makes matching contributions equal to half of the first six percent of salary contributed by each employee | ' | ' |
Defined benefit plan, supplementary contributions by employer | 3,700,000 | 3,500,000 | ' |
U.S. Pension Plan 2013 [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Minimum cash contribution to pension plan | 5,000,000 | ' | ' |
U.S. Pension Plan 2014 [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Minimum cash contribution to pension plan | 0 | ' | ' |
U.S. Pension Plan 2015 [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Minimum cash contribution to pension plan | 0 | ' | ' |
U.S. Pension Plan 2016 [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Minimum cash contribution to pension plan | 300,000 | ' | ' |
U.S. Pension Plan 2017 [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Minimum cash contribution to pension plan | 300,000 | ' | ' |
U.S. Pension Plan 2018 [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Minimum cash contribution to pension plan | 300,000 | ' | ' |
Other Post Retirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Accumulated benefit obligation | 200,000 | 200,000 | ' |
Other Post Retirement Benefit Plans [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Income recorded by the company | $100,000 | $100,000 | $100,000 |
Pension_and_Other_Employee_Ben4
Pension and Other Employee Benefits - Discount Rate Used in Computation of Respective Benefit Obligations (Detail) (Pension Benefits [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Discount rate used in benefit obligation | 4.60% | 3.75% |
Pension_and_Other_Employee_Ben5
Pension and Other Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $248 | $179 | $167 |
Interest cost | 1,250 | 1,381 | 1,389 |
Recognized net actuarial loss | ' | ' | ' |
Expected return on plan assets | -1,080 | -1,083 | -1,050 |
Settlement/Curtailment/Special Termination Benefit | ' | ' | ' |
Amortization | 175 | 105 | 39 |
Net periodic benefit (income) cost | $593 | $582 | $545 |
Pension_and_Other_Employee_Ben6
Pension and Other Employee Benefits - Economic Assumptions Used in Computation of Respective Net Periodic Benefit Cost (Detail) (Pension Benefits [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Economic Assumptions Used In Measuring Of Fair Value Securitized Loans [Line Items] | ' | ' | ' |
Discount rate | 3.75% | 4.75% | 5.50% |
Expected return on plan assets | 5.25% | 6.25% | 7.75% |
Compensation rate increase | ' | ' | ' |
Pension_and_Other_Employee_Ben7
Pension and Other Employee Benefits - Schedule Fair Value of Pension Plan Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total equity | $4,819 | ' |
Total fixed income | 14,341 | 23,512 |
Total assets at fair value | 20,100 | 24,190 |
U.S. Companies [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total equity | 4,522 | ' |
International Companies [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total equity | 297 | ' |
U.S. Government [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total fixed income | 820 | 2,787 |
Investment Grade [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total fixed income | 8,738 | 17,091 |
High Yield [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total fixed income | 3,151 | 3,634 |
Other Credit [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total fixed income | 1,632 | ' |
Other [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total assets at fair value | 328 | 338 |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Total assets at fair value | $612 | $340 |
Pension_and_Other_Employee_Ben8
Pension and Other Employee Benefits - Schedule of Asset Allocations for Funded Retirement Plan (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Global Developed Equity [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Actual | 0.00% | 5.00% |
Target, Minimum | 0.00% | ' |
Target, Maximum | 0.00% | ' |
Investment Grade Bonds [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Actual | 84.00% | 48.00% |
Target, Minimum | 20.00% | ' |
Target, Maximum | 100.00% | ' |
High Yield Bonds [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Actual | 15.00% | 16.00% |
Target, Minimum | 0.00% | ' |
Target, Maximum | 25.00% | ' |
Cash [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Actual | 1.00% | 3.00% |
Target, Minimum | 0.00% | ' |
Target, Maximum | 5.00% | ' |
Emerging Market Debt [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Actual | 0.00% | 3.00% |
Target, Minimum | 0.00% | ' |
Target, Maximum | 0.00% | ' |
Dynamic Asset Allocation/Alternatives [Member] | ' | ' |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ' | ' |
Actual | 0.00% | 25.00% |
Target, Minimum | 0.00% | ' |
Target, Maximum | 0.00% | ' |
Pension_and_Other_Employee_Ben9
Pension and Other Employee Benefits - Summary of Amounts of Expected Benefit Payments (Detail) (Pension Benefits [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ' |
2014 | $1,153 |
2015 | 1,309 |
2016 | 1,370 |
2017 | 1,399 |
2018 | 1,464 |
Thereafter | $7,895 |
LongTerm_Debt_Outstanding_Debt
Long-Term Debt - Outstanding Debt Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $294,435 | $266,901 |
Less: debt discount, net of accretion | -16,163 | -19,306 |
Total debt, net of unaccreted discount | 278,272 | 247,595 |
Less current portion of long-term debt | 16,924 | 9,135 |
Total long-term debt | 261,348 | 238,460 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 41,198 | 79,304 |
Convertible Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 85,000 | 85,000 |
Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 163,245 | 100,000 |
Equipment Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 4,155 | 1,100 |
Mortgages [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 659 | 963 |
Capital Leases [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 178 | 99 |
Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ' | $435 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Sep. 01, 2011 | Sep. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2009 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Initial Conversion Price [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Additional Term Loan [Member] | Additional Term Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Notes [Member] | Convertible Notes [Member] | Convertible Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [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] | ||
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Eurodollar Loan [Member] | Eurodollar Loan [Member] | ABR Based Loans [Member] | ABR Based Loans [Member] | USD ($) | USD ($) | Eurodollar Loan [Member] | Eurodollar Loan [Member] | ABR Based Loans [Member] | ABR Based Loans [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | CNY | Minimum [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under credit facility agreement | ' | ' | ' | ' | ' | ' | ' | ' | $94,375,000 | € 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000,000 | $200,000,000 | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate additional term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity date | 'November 20, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'December 6, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | 20-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Dec-18 | ' | ' | ' | ' | 1-Mar-31 | ' | ' | ' | ' | 1-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margins for loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | 1.38% | 0.38% | 0.38% | ' | ' | 1.88% | 1.88% | 0.88% | 0.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding on Revolving Credit Facility | ' | ' | ' | ' | ' | ' | 41,200,000 | 79,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 9,800,000 | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149,000,000 | 113,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital stock not included in collateral | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment of shares | 36.0985 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per share | $27.09 | ' | ' | ' | $27.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sale price of common stock | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive trading days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business day period | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days in measurement period | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of measurement period | 97.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of convertible notes redeemable | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes redeemable period one | 1-Mar-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes redeemable period two | 1-Mar-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes redeemable period three | 1-Mar-26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price redemption exceed | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | 85,000,000 | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 | ' | ' | ' | ' |
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 | 4,100,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 2.75% | ' | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company repurchased Senior Secured Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Senior Debt with premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount of Senior Secured Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of remaining Senior Secured Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-payment premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees and original issue discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% |
Available to borrow loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 38,500,000 | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | 5.75% | ' | ' | ' | ' | ' | ' | 5.04% | 6.69% |
Line of credit outstanding loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 25,400,000 | ' | ' |
Description about maturity date of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The note is due in installments from 2014 through 2016 | 'The note is due in installments from 2014 through 2016 | ' | ' |
Mortgage remaining principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 500,000 | 1,000,000 | 700,000 | ' | ' | ' | ' | ' | ' |
Mortgage loan payable term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under overdraft agreements | $0 | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Carrying_Amount_
Long-Term Debt - Carrying Amount of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Carrying value of debt | $261,348,000 | $238,460,000 |
Convertible Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal amount of debt | 85,000,000 | ' |
Unamortized discount | 16,163,000 | ' |
Carrying value of debt | $68,837,000 | ' |
LongTerm_Debt_Interest_Expense
Long-Term Debt - Interest Expense Associated with Convertible Notes (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
Contractual coupon rate of interest | $2,338 |
Accretion of Convertible Notes discount and amortization of deferred financing costs | 3,494 |
Interest expense for the Convertible Notes | $5,832 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2006 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 90,000,000 | 90,000,000 | ' | ' |
Common stock, shares outstanding | ' | 26,819,795 | 26,724,349 | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | 10,000,000 | ' | 10,000,000 |
Preferred stock, shares issued | ' | 0 | 0 | ' | ' |
Preferred stock, shares outstanding | ' | 0 | 0 | ' | ' |
Compensation expense | ' | $3,200,000 | $2,700,000 | $2,500,000 | ' |
Compensation expense, net of tax | ' | 2,900,000 | 1,800,000 | 1,700,000 | ' |
Unrecognized compensation cost | ' | 3,000,000 | ' | ' | ' |
Weighted average remaining period | ' | '2 years | ' | ' | ' |
Fair market value of the shares | ' | 2,400,000 | 3,200,000 | 3,300,000 | ' |
Stock price | ' | $34.22 | ' | ' | ' |
Cash dividend | $0.10 | $0.38 | $0.16 | ' | ' |
Dividend paid | ' | 2,696,000 | ' | ' | ' |
Dividends payable date of record | ' | 18-Dec-13 | ' | ' | ' |
Dividend paid date | ' | 3-Jan-14 | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Intrinsic value of stock awards | ' | $5,100,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Restricted shares for vesting period | ' | '5 years | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Activity of Company's Restricted Stock Grants (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Restricted shares unvested, beginning balance | 162,586 |
Shares granted | 128,365 |
Shares for which restrictions lapsed | -141,316 |
Restricted shares unvested, ending balance | 149,635 |
Weighted-Average Grant Date Fair Value, beginning balance | $18.67 |
Weighted-Average Grant Date Fair Value, Shares granted | $24.58 |
Weighted-Average Grant Date Fair Value, Shares for which restrictions lapsed | $21.55 |
Weighted-Average Grant Date Fair Value, ending balance | $23.02 |
Concentrations_of_Credit_Segme2
Concentrations of Credit, Segment Data and Workforce - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Customer | Customer | Customer | |
Concentration Risk [Line Items] | ' | ' | ' |
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 | 138.7 | 117 | ' |
Percentage of labor force is represented by collective bargaining agreements | 23.00% | ' | ' |
Number of collective bargaining agreements | 4 | ' | ' |
Collective Bargaining, July 2014 [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Collective bargaining agreements, expire date | '2014-07 | ' | ' |
Collective Bargaining, October 2014 [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Collective bargaining agreements, expire date | '2014-10 | ' | ' |
Collective Bargaining, June 2014 [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Collective bargaining agreements, expire date | '2014-06 | ' | ' |
Collective Bargaining, October 2016 [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Collective bargaining agreements, expire date | '2016-10 | ' | ' |
Sales [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Maximum revenue percentage from any one customer | 10.00% | 10.00% | 10.00% |
Number of customers representing over 10% of total sales | 0 | 0 | 0 |
The Americas (Primarily U.S.) [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of labor force is represented by collective bargaining agreements | 10.00% | ' | ' |
Europe [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of labor force is represented by collective bargaining agreements | 57.00% | ' | ' |
Concentrations_of_Credit_Segme3
Concentrations of Credit, Segment Data and Workforce - Net Sales to Third Parties and Property, Plant and Equipment by Geographic Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $180,530 | $175,443 | $181,095 | $185,150 | $177,174 | $174,488 | $187,943 | $192,385 | $722,218 | $731,990 | $674,812 |
Property, plant and equipment, net | 157,535 | ' | ' | ' | 138,094 | ' | ' | ' | 157,535 | 138,094 | ' |
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 454,115 | 469,554 | 442,931 |
Property, plant and equipment, net | 87,573 | ' | ' | ' | 88,051 | ' | ' | ' | 87,573 | 88,051 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 216,636 | 216,485 | 191,768 |
Property, plant and equipment, net | 54,533 | ' | ' | ' | 35,319 | ' | ' | ' | 54,533 | 35,319 | ' |
Asia and the Rest of the World [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 51,467 | 45,951 | 40,113 |
Property, plant and equipment, net | $15,429 | ' | ' | ' | $14,724 | ' | ' | ' | $15,429 | $14,724 | ' |
Restructuring_Asset_Impairment2
Restructuring, Asset Impairment, and Transition Expenses - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
2012 Altra Plan [Member] | 2012 Altra Plan [Member] | 2012 Altra Plan [Member] | ||||
Subsequent Event [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges | $1,111 | $3,196 | $0 | $1,111 | $3,196 | ' |
Expected restructuring expenses | ' | ' | ' | ' | ' | $0 |
Restructuring_Asset_Impairment3
Restructuring, Asset Impairment, and Transition Expenses - Summary of Total Restructuring Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expenses | ' | ' | ' |
Total restructuring expenses | $1,111 | $3,196 | $0 |
2012 Altra Plan [Member] | ' | ' | ' |
Expenses | ' | ' | ' |
Moving and relocation | -21 | 55 | ' |
Severance | 1,103 | 2,934 | ' |
Other | 29 | 207 | ' |
Total cash expenses | 1,111 | 3,196 | ' |
Loss on disposal of fixed assets | ' | ' | ' |
Total restructuring expenses | $1,111 | $3,196 | ' |
Restructuring_Asset_Impairment4
Restructuring, Asset Impairment, and Transition Expenses - Reconciliation of Accrued Restructuring Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Beginning Balance | $2,815 | $90 | ' |
Restructuring expense incurred | 1,111 | 3,196 | 0 |
Cash payments | -3,497 | -471 | ' |
Non-cash loss on impairment of fixed assets | ' | ' | ' |
Ending Balance | $429 | $2,815 | $90 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' |
Outstanding borrowings | ' | $92,500,000 | $92,500,000 |
Fixed Rate | ' | 0.63% | 0.63% |
Ineffectiveness associated with the swap | $0 | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Swap Recognized in Other Non-Current Assets and in Other Comprehensive Income (Loss) (Detail) (Interest Rate Swap [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective Date | 30-Apr-13 | ' | ' |
Notional Amount | $92,500 | $92,500 | ' |
Fixed Rate | 0.63% | 0.63% | ' |
Maturity | 30-Nov-16 | ' | ' |
Fair Value | $213 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Inventory [Member] | Inventory [Member] | Inventory [Member] | Inventory [Member] | Maximum [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
USD ($) | EUR (€) | USD ($) | EUR (€) | |||||
Schedule Of Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | ' | ' | ' | ' | ' | ' | ' | '10 years |
Net rent expense under operating leases | $8,800,000 | $7,800,000 | $6,900,000 | ' | ' | ' | ' | ' |
Minimum purchase contracts | ' | ' | ' | 4,900,000 | 3,600,000 | 4,900,000 | 3,600,000 | ' |
Aggregate amount of settlement | $0.09 | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Rent Obligations under Non-Cancelable Operating and Capital Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014, Operating Leases | $7,618 |
2015, Operating Leases | 6,225 |
2016, Operating Leases | 4,847 |
2017, Operating Leases | 2,594 |
2018, Operating Leases | 1,892 |
Thereafter, Operating Leases | 6,970 |
Total lease obligations, Operating Leases | 30,146 |
2014, Capital Leases | 147 |
2015, Capital Leases | 28 |
2016, Capital Leases | 8 |
2017, Capital Leases | 6 |
2018, Capital Leases | ' |
Thereafter, Capital Leases | ' |
Total lease obligations, Capital Leases | 189 |
Less amounts representing interest, Capital Leases | -8 |
Present value of minimum capital lease obligations, Capital Leases | $181 |
Unaudited_Quarterly_Results_of2
Unaudited Quarterly Results of Operations - Schedule of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $180,530 | $175,443 | $181,095 | $185,150 | $177,174 | $174,488 | $187,943 | $192,385 | $722,218 | $731,990 | $674,812 |
Gross Profit | 51,805 | 53,658 | 54,419 | 55,499 | 53,862 | 52,011 | 56,002 | 56,673 | 215,381 | 218,548 | 196,418 |
Net income attributable to Altra Industrial Motion Corp. | $7,205 | $10,501 | $10,689 | $11,880 | ($5,379) | $8,547 | $10,609 | $10,516 | $40,275 | $24,293 | $37,675 |
Earnings per share - Basic attributable to Altra Industrial Motion Corp. Net income | $0.27 | $0.39 | $0.40 | $0.44 | ($0.20) | $0.32 | $0.40 | $0.40 | $1.50 | $0.91 | $1.42 |
Earnings per share - Diluted attributable to Altra Industrial Motion Corp. Net income | $0.27 | $0.39 | $0.40 | $0.44 | ($0.20) | $0.32 | $0.40 | $0.39 | $1.50 | $0.91 | $1.41 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||
Oct. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Feb. 28, 2014 | |
Subsequent Event [Member] | Equity Incentive Plan [Member] | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Restricted common stock shares being approved | ' | ' | ' | ' | 92,470 |
Dividend per share | $0.10 | $0.38 | $0.16 | $0.10 | ' |
Dividend payable date | ' | ' | ' | 3-Apr-14 | ' |
Dividend record date | ' | 18-Dec-13 | ' | 18-Mar-14 | ' |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' |
Balance at Beginning of Period | $2,560 | $1,092 | $1,111 |
Additions | 733 | 1,675 | 696 |
Deductions | -1,048 | -207 | -715 |
Balance at End of Period | $2,245 | $2,560 | $1,092 |