Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 23, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'ALTRA INDUSTRIAL MOTION CORP. | ' |
Entity Central Index Key | '0001374535 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,635,336 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $42,994 | $63,604 |
Trade receivables, less allowance for doubtful accounts of $2,802 and $2,245 at September 30, 2014 and December 31, 2013, respectively | 117,872 | 109,084 |
Inventories | 135,383 | 143,665 |
Deferred income taxes | 9,821 | 9,754 |
Assets Held-for-sale, Current | 573 | 0 |
Income tax receivable | 1,918 | 5,032 |
Prepaid expenses and other current assets | 8,195 | 18,066 |
Total current assets | 316,756 | 349,205 |
Property, plant and equipment, net | 152,776 | 157,535 |
Intangible assets, net | 115,530 | 118,768 |
Goodwill | 104,653 | 104,339 |
Deferred income taxes | 894 | 934 |
Other non-current assets, net | 4,188 | 4,895 |
Total assets | 694,797 | 735,676 |
Current liabilities: | ' | ' |
Accounts payable | 43,914 | 51,180 |
Accrued payroll | 24,194 | 23,983 |
Accruals and other current liabilities | 38,649 | 34,979 |
Deferred income taxes | 44 | 44 |
Income tax payable | 4,088 | 12,963 |
Current portion of long-term debt | 14,532 | 16,924 |
Total current liabilities | 125,421 | 140,073 |
Long-term debt - less current portion and net of unaccreted discount | 237,062 | 261,348 |
Deferred income taxes | 53,822 | 53,813 |
Pension liabilities | 7,565 | 8,025 |
Long-term taxes payable | 762 | 1,038 |
Other long-term liabilities | 844 | 1,055 |
Redeemable non-controlling interest | 979 | 991 |
Commitment and Contingencies (See Note 17) | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock ($0.001 par value, 90,000,000 shares authorized, 26,515,072 and 26,819,795 issued and outstanding at September 30, 2014 and December 31, 2013, respectively) | 27 | 27 |
Additional paid-in capital | 142,841 | 154,471 |
Retained earnings | 155,198 | 133,231 |
Accumulated other comprehensive loss | -29,724 | -18,396 |
Total stockholders’ equity | 268,342 | 269,333 |
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $694,797 | $735,676 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $2,761 | $2,245 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 26,761,559 | 26,819,795 |
Common stock, shares outstanding | 26,761,559 | 26,819,795 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $202,520 | $175,443 | $627,856 | $541,688 |
Cost of sales | 140,187 | 121,785 | 437,257 | 378,112 |
Gross profit | 62,333 | 53,658 | 190,599 | 163,576 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 39,067 | 31,672 | 117,828 | 96,742 |
Research and development expenses | 3,818 | 3,002 | 11,719 | 9,150 |
Restructuring costs | 1,643 | 97 | 1,643 | 655 |
Total operating expenses | 44,528 | 34,771 | 131,190 | 106,547 |
Income from operations | 17,805 | 18,887 | 59,409 | 57,029 |
Other non-operating income and expense: | ' | ' | ' | ' |
Interest expense, net | 3,000 | 2,567 | 8,991 | 7,830 |
Other non-operating expense (income), net | -313 | 686 | 446 | 783 |
Total other non-operating income expense, net | 2,687 | 3,253 | 9,437 | 8,613 |
Income before income taxes | 15,118 | 15,634 | 49,972 | 48,416 |
Provision for income taxes | 8,170 | 5,176 | 18,843 | 15,423 |
Net income | 6,948 | 10,458 | 31,129 | 32,993 |
Net (income) loss attributable to non-controlling interest | -2 | 43 | -21 | 77 |
Net income attributable to Altra Industrial Motion Corp. | $6,946 | $10,501 | $31,108 | $33,070 |
Weighted average shares, basic (in shares) | 26,648 | 26,780 | 26,785 | 26,750 |
Weighted average shares, diluted (in shares) | 27,334 | 26,836 | 27,557 | 26,852 |
Net income per share: | ' | ' | ' | ' |
Basic net income attributable to Altra Industrial Motion Corp. (in usd per share) | $0.26 | $0.39 | $1.16 | $1.24 |
Diluted net income attributable to Altra Industrial Motion Corp. (in usd per share) | $0.25 | $0.39 | $1.13 | $1.23 |
Cash dividend declared (in usd per share) | $0.12 | $0.10 | $0.34 | $0.28 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $6,948 | $10,458 | $31,129 | $32,993 |
Other Comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | -12,341 | -6,727 | -11,437 | -46 |
Change in fair value of interest rate swap, net of tax | 229 | -346 | 109 | 191 |
Other comprehensive income (loss) | -12,112 | -7,073 | -11,328 | 145 |
Comprehensive (loss) income | -5,164 | 3,385 | 19,801 | 33,138 |
Comprehensive (income) loss attributable to noncontrolling interest | 105 | 43 | 12 | 77 |
Comprehensive income (loss) attributable to Altra Industrial Motion Corp. | ($5,059) | $3,428 | $19,813 | $33,215 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 |
Cash flows from operating activities | ' | ' |
Net Income | $31,129 | $32,993 |
Adjustments to reconcile net income to net cash flows: | ' | ' |
Depreciation | 17,238 | 16,047 |
Amortization of intangible assets | 6,884 | 4,882 |
Amortization of deferred financing costs | 699 | 646 |
Loss on foreign currency, net | 461 | 593 |
Amortization of inventory fair value adjustment | 2,264 | 0 |
Accretion of debt discount, net | 2,527 | 2,331 |
Loss on disposal of fixed assets | 195 | 0 |
Provision for deferred taxes | 1,350 | 0 |
Stock based compensation | 2,633 | 2,397 |
Changes in assets and liabilities: | ' | ' |
Trade receivables | -11,452 | -8,756 |
Inventories | 5,276 | 3,451 |
Accounts payable and accrued liabilities | -6,682 | 9,197 |
Other current assets and liabilities | 9,704 | 254 |
Other operating assets and liabilities | -188 | -1,866 |
Net cash from operating activities | 62,038 | 62,169 |
Cash flows from investing activities | ' | ' |
Purchase of property, plant and equipment | -16,464 | -14,361 |
Proceeds from Sale of Land Held-for-use | 274 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | -15,092 | 0 |
Net cash from investing activities | -31,282 | -14,361 |
Cash flows from financing activities | ' | ' |
Payments on term loan facility | -21,478 | -3,750 |
Payments on revolving credit facility | -9,190 | -54,304 |
Dividend payments | -8,644 | -4,852 |
Proceeds from equipment loan | 2,245 | 3,550 |
Payment of equipment and working capital notes | -1,028 | -1,100 |
Borrowing under revolving credit facility | 5,000 | 0 |
Shares surrendered for tax withholding | -1,447 | -1,166 |
Payments on mortgages and other | -435 | -540 |
Purchases of common stock under share repurchase program | -12,816 | 0 |
Net cash from financing activities | -47,793 | -62,162 |
Effect of exchange rate changes on cash and cash equivalents | -3,573 | -528 |
Net change in cash and cash equivalents | -20,610 | -14,882 |
Cash and cash equivalents at beginning of year | 63,604 | 85,154 |
Cash and cash equivalents at end of period | 42,994 | 70,272 |
Cash paid during the period for: | ' | ' |
Interest | 6,504 | 5,561 |
Income taxes | $23,333 | $15,156 |
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, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2012 | $232,012 | $27 | $152,188 | $103,200 | ($23,403) | $1,239 |
Beginning balance, shares at Dec. 31, 2012 | ' | 26,724,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation and vesting of restricted stock | 1,231 | ' | 1,231 | ' | ' | ' |
Stock-based compensation and vesting of restricted stock, Shares | ' | 94,000 | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | 33,070 | ' | ' | 33,070 | ' | ' |
Net loss attributable to non-controlling interest | 77 | ' | ' | ' | ' | -77 |
Dividends declared | -7,471 | ' | ' | -7,471 | ' | ' |
Change in fair value of interest rate swap | 191 | ' | ' | ' | 191 | ' |
Cumulative foreign currency translation adjustment | -46 | ' | ' | ' | -46 | ' |
Ending balance at Sep. 28, 2013 | 258,910 | 27 | 153,419 | 128,722 | -23,258 | 1,041 |
Ending balance, shares at Sep. 28, 2013 | ' | 26,818,000 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 269,333 | 27 | 154,471 | 133,231 | -18,396 | 991 |
Beginning balance, shares at Dec. 31, 2013 | ' | 26,820,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation and vesting of restricted stock | 1,186 | ' | 1,186 | ' | ' | ' |
Stock-based compensation and vesting of restricted stock, Shares | ' | 78,000 | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | 31,108 | ' | ' | 31,108 | ' | ' |
Net loss attributable to non-controlling interest | -21 | ' | ' | ' | ' | 21 |
Dividends declared | -9,141 | ' | ' | -9,141 | ' | ' |
Change in fair value of interest rate swap | 109 | ' | ' | ' | 109 | ' |
Cumulative foreign currency translation adjustment | -11,437 | ' | ' | ' | -11,437 | -33 |
Repurchase of common stock | -12,816 | ' | -12,816 | ' | ' | ' |
Repurchase of common stock, shares | ' | -383,000 | ' | ' | ' | ' |
Ending balance at Sep. 30, 2014 | $268,342 | $27 | $142,841 | $155,198 | ($29,724) | $979 |
Ending balance, shares at Sep. 30, 2014 | ' | 26,515,000 | ' | ' | ' | ' |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Nature of Operations | ' |
Organization and Nature of Operations | |
Headquartered in Braintree, Massachusetts, Altra Industrial Motion Corp. (the “Company” or "Altra"), 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 42 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, Guardian Couplings, 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. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The Company was formed on November 30, 2004 following acquisitions of The Kilian Company (“Kilian”) and certain subsidiaries of Colfax Corporation (“Colfax”). During 2006, the Company acquired Hay Hall Holdings Limited (“Hay Hall”) and Bear Linear. On April 5, 2007, the Company acquired TB Wood’s Corporation (“TB Wood’s”), and on October 5, 2007, the Company acquired substantially all of the assets of All Power Transmission Manufacturing, Inc. On May 29, 2011, the Company acquired substantially all of the assets of Danfoss Bauer GmbH relating to its gear motor business (“Bauer”). On July 11, 2012, the Company acquired 85% of privately held Lamiflex do Brasil Equipamentos Industriais Ltda. (“Lamiflex”). On December 17, 2013, the Company completed the acquisition of Svendborg Brakes A/S, now known as Svendborg Brakes ApS, and S.B. Patent Holding ApS (together “Svendborg”). The Company acquired all the issued and outstanding shares of Svendborg from Friction Holding A/S. On July 1, 2014, the Company acquired all of the issued and outstanding shares of Guardian Ind., Inc. (“Guardian Couplings”). | |
The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2014 and December 31, 2013, results of operations for the quarters and year to date periods ended September 30, 2014 and September 28, 2013, and cash flows for the year to date periods ended September 30, 2014 and September 28, 2013. | |
The Company modified its quarterly reporting calendar effective at the beginning of fiscal year 2014 to report on a calendar month-end basis with all quarters ending on the last day of the final month of each quarter. Historically, the Company’s reporting calendar for all quarters presented has consisted of thirteen weeks of operations per quarter. The Company’s fiscal year end will remain December 31. The effects of the change in the reporting periods did not have a significant impact on the consolidated financial statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
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 approximate fair value. Debt under the Company’s Credit Agreement including a Term Loan Facility and a Revolving Credit Facility 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 million at each of September 30, 2014 and December 31, 2013. The estimated fair value of the Convertible Notes at September 30, 2014 and December 31, 2013 was $102.8 million and $116.5 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 September 30, 2014 and December 31, 2013 are money market fund investments of $0.3 million and $16.6 million, respectively, which are reported at fair value based on quoted market prices for such investments (level 1). |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||||
The following is a reconciliation of changes in Accumulated Other Comprehensive Income (Loss) by Component for the periods presented: | ||||||||||||||||
Gains and | Defined | Cumulative | Total | |||||||||||||
Losses on | Benefit | Foreign | ||||||||||||||
Cash Flow | Pension | Currency | ||||||||||||||
Hedges | Plans | Translation | ||||||||||||||
Adjustment | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | |||||
Net current-period Other Comprehensive Income (Loss) | 191 | — | (46 | ) | 145 | |||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, Balance at September 28, 2013 | $ | 191 | $ | (4,607 | ) | $ | (18,842 | ) | $ | (23,258 | ) | |||||
Gains and | Defined | Cumulative | Total | |||||||||||||
Losses on | Benefit | Foreign | ||||||||||||||
Cash Flow | Pension | Currency | ||||||||||||||
Hedges | Plans | Translation | ||||||||||||||
Adjustment | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2014 | $ | 135 | $ | (3,133 | ) | $ | (15,398 | ) | $ | (18,396 | ) | |||||
Net current-period Other Comprehensive Income (Loss) | 109 | — | (11,437 | ) | (11,328 | ) | ||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, Balance at September 30, 2014 | $ | 244 | $ | (3,133 | ) | $ | (26,835 | ) | $ | (29,724 | ) | |||||
Net_Income_per_Share
Net Income per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Net Income per Share | ||||||||||||||||
Basic earnings per share is based on the weighted average number of shares of common stock outstanding, and diluted earnings per share is based on the weighted average number of shares of common stock outstanding and all potentially dilutive common stock equivalents outstanding. Common stock equivalents are included in the per share calculations when the effect of their inclusion is dilutive. | ||||||||||||||||
The following is a reconciliation of basic to diluted net income per share: | ||||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
30-Sep-14 | 28-Sep-13 | 30-Sep-14 | 28-Sep-13 | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 6,946 | $ | 10,501 | $ | 31,108 | $ | 33,070 | ||||||||
Shares used in net income per common share - basic | 26,648 | 26,780 | 26,785 | 26,750 | ||||||||||||
Dilutive effect of the equity premium on Convertible Notes at the average price of common stock | 626 | — | 687 | — | ||||||||||||
Incremental shares of unvested restricted common stock | 60 | 56 | 85 | 102 | ||||||||||||
Shares used in net income per common share - diluted | 27,334 | 26,836 | 27,557 | 26,852 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic net income attributable to Altra Industrial Motion Corp. | $ | 0.26 | $ | 0.39 | $ | 1.16 | $ | 1.24 | ||||||||
Diluted net income attributable to Altra Industrial Motion Corp. | $ | 0.25 | $ | 0.39 | $ | 1.13 | $ | 1.23 | ||||||||
During the quarter and year to date periods ended September 30, 2014, the average price of the Company’s common stock exceeded the current conversion price of the Company’s Convertible Notes resulting in additional shares being included in the shares used in net income per common share in the diluted earnings per share calculation above (See Note 12). |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are generally stated at the lower of cost or market, using the first-in, first-out (“FIFO”) method. Market is defined as net realizable value. Inventories located at certain subsidiaries are stated at the lower of cost or market, principally using the last-in, first-out (“LIFO”) method. Inventories at September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Raw materials | $ | 40,545 | $ | 56,824 | ||||
Work in process | 16,352 | 18,432 | ||||||
Finished goods | 78,486 | 68,409 | ||||||
$ | 135,383 | $ | 143,665 | |||||
Approximately 6.7% and 7.5% of total inventories were valued using the LIFO method as of September 30, 2014 and December 31, 2013, respectively. The Company recorded a $0.3 million adjustment as a component of cost of sales to value the inventory on a LIFO basis for the year to date period ended September 30, 2014. There was no provision recorded as a component of cost of sales to value the inventory on a LIFO basis for the quarter and year to date periods ended September 28, 2013. |
Warranty_Costs
Warranty Costs | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Guarantees [Abstract] | ' | |||||||
Warranty Costs | ' | |||||||
Warranty Costs | ||||||||
The contractual warranty period generally ranges from 3 months to 2 years with certain warranties extending for longer periods based on the product and application of the product and are recorded in accruals and other current liabilities on the Company's balance sheet. Changes in the carrying amount of accrued product warranty costs for each of the year to date periods ended September 30, 2014 and September 28, 2013 are as follows: | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Balance at beginning of period | $ | 8,739 | $ | 5,625 | ||||
Accrued current period warranty expense | 1,314 | 1,758 | ||||||
Payments | (1,900 | ) | (1,743 | ) | ||||
Balance at end of period | $ | 8,153 | $ | 5,640 | ||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The estimated effective income tax rates recorded for the year to date periods ended September 30, 2014 and September 28, 2013, were based upon management’s best estimate of the effective tax rate for the entire year. | |
The Company and its subsidiaries file a consolidated federal income tax return in the United States as well as consolidated and separate income tax returns in various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities in all of these jurisdictions. With the exception of certain foreign jurisdictions, the Company is no longer subject to income tax examinations for the tax years prior to 2010. | |
Additionally, the Company has indemnification agreements with the sellers of the Guardian, Svendborg, Bauer and Lamiflex entities that generally provide for reimbursement to the Company for payments made in satisfaction of tax liabilities relating to pre-acquisition periods. | |
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense in the condensed consolidated statements of operations. At September 30, 2014 and December 31, 2013, the Company had $0.2 million and $0.4 million of accrued interest and penalties, respectively. |
Pension_and_Other_Employee_Ben
Pension and Other Employee Benefits | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Pension and Other Employee Benefits | ' | |||||||
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 net periodic benefit cost of the defined benefit (pension) plans as of September 30, 2014 and September 28, 2013: | ||||||||
Quarter Ended | ||||||||
Pension Benefits | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Service cost | $ | 38 | $ | 37 | ||||
Interest cost | 273 | 246 | ||||||
Expected return on plan assets | (269 | ) | (267 | ) | ||||
Amortization of net gain | 27 | 41 | ||||||
Net periodic benefit cost (income) | $ | 69 | $ | 57 | ||||
Year to Date Ended | ||||||||
Pension Benefits | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Service cost | $ | 114 | $ | 113 | ||||
Interest cost | 819 | 738 | ||||||
Expected return on plan assets | (807 | ) | (801 | ) | ||||
Amortization of net gain | 81 | 125 | ||||||
Net periodic benefit cost (income) | $ | 207 | $ | 175 | ||||
The Company made $0.2 million in contributions during the year to date period ended September 30, 2014. The Company does not have any future required contributions during the remainder of the year ended December 31, 2014. | ||||||||
Partial Pension Settlement | ||||||||
During October 2014, the Company initiated a plan to offer lump-sum settlements to vested terminated participants of its domestic pension plan. Participants were notified of the settlement offers during October 2014. The acceptance of these offers will trigger partial settlement accounting with a maximum charge to earnings of approximately $0.8 million. The funds to provide for these settlements will be paid from plan assets. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
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 $85.0 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 quarter ended September 30, 2014, nor was any amount excluded from ineffectiveness testing for the period. | |||||||||||||||||
The estimated fair value of the Company’s interest rate swap agreement with certain financial institutions (“Interest Rate Swap”) was 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. | |||||||||||||||||
The fair value of the swap recognized in other non-current assets, net and in other comprehensive income (loss) is as follows: | |||||||||||||||||
Fair Value | |||||||||||||||||
Notional | 30-Sep-14 | 31-Dec-13 | |||||||||||||||
Effective Date | Amount | Fixed Rate | Maturity | ||||||||||||||
April 30, 2013 | $ | 85,000 | 0.626 | % | 30-Nov-16 | $ | 243 | $ | 213 | ||||||||
Concentrations_of_Credit_Segme
Concentrations of Credit, Segment Data and Workforce | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Concentrations of Credit, Segment Data and Workforce | ' | |||||||||||||||
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 30 days of billing. An allowance for potential credit losses is maintained, and losses have historically been within management’s expectations. No customer represented greater than 10% of total sales for each of the year to date periods ended September 30, 2014 and September 28, 2013. | ||||||||||||||||
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 cash equivalents are held by well-established financial institutions and invested in AAA rated mutual funds. The Company is exposed to swap counterparty credit risk with financial institutions. The Company’s counterparty is a well-established financial institution. | ||||||||||||||||
The Company has three operating segments that are regularly reviewed by our chief operating decision maker. Each of these operating segments represents a unit that produces mechanical power transmission products. The Company aggregates all of the operating segments into one reportable segment. The three operating segments are expected to have similar long-term average gross profit margins. All of our products are sold by one global sales force and we have one global marketing function with the exception of the newly acquired Svendborg business for which the Company is in the process of integrating sales and marketing activities. Strategic markets and industries are determined for the entire company and then targeted by the brands. All of our operating segments have common manufacturing and production processes. Each operating segment includes a machine shop which uses similar equipment and manufacturing techniques. Each of our operating segments uses common raw materials, such as aluminum, steel and copper. The materials are purchased and procurement contracts are negotiated by one global purchasing function. | ||||||||||||||||
The Company serves the general industrial market by selling to original equipment manufacturers (“OEM”) and distributors. Our OEM and distributor customers serve the general industrial market. Resource allocation decisions such as capital expenditure requirements and headcount requirements are made at a consolidated level and allocated to the individual operating segments. | ||||||||||||||||
Discrete financial information is not available by product line at the level necessary for management to assess performance or make resource allocation decisions. | ||||||||||||||||
Net sales to third parties by geographic region are as follows: | ||||||||||||||||
Net Sales | Net Sales | |||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
30-Sep-14 | 28-Sep-13 | 30-Sep-14 | 28-Sep-13 | |||||||||||||
North America (primarily U.S.) | $ | 117,796 | $ | 109,810 | $ | 370,944 | $ | 343,844 | ||||||||
Europe | 64,116 | 52,315 | 199,196 | 160,895 | ||||||||||||
Asia and other | 20,608 | 13,318 | 57,716 | 36,949 | ||||||||||||
Total | $ | 202,520 | $ | 175,443 | $ | 627,856 | $ | 541,688 | ||||||||
Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. | ||||||||||||||||
The net assets of the Company’s foreign subsidiaries at September 30, 2014 and December 31, 2013 were $143.2 million and $138.7 million, respectively. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring | ' | |||||||||||||||
Restructuring | ||||||||||||||||
In the quarter ended December 31, 2012, the Company adopted a restructuring plan (“2012 Altra Plan”) as a result of continued sluggish demand in Europe and general global economic conditions. The actions taken pursuant to the 2012 Altra Plan included reducing headcount and limiting discretionary spending to improve profitability in Europe. The Company did not record any restructuring charges associated with the 2012 Altra Plan in the year to date period ended September 30, 2014. | ||||||||||||||||
In the quarter ended September 30, 2014, the Company adopted a restructuring plan (“2014 Altra Plan”) as a result of weak demand in Europe and to make certain adjustments to its existing sales force to reflect the Company's expanding global footprint. The actions taken pursuant to the 2014 Altra Plan included reducing headcount and limiting discretionary spending to improve profitability. | ||||||||||||||||
The Company’s total restructuring expense, by major component for the quarter and year to date periods ended September 30, 2014 and September 28, 2013 was as follows: | ||||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
30-Sep-14 | 28-Sep-13 | 30-Sep-14 | 28-Sep-13 | |||||||||||||
2014 | 2012 | 2014 | 2012 | |||||||||||||
Altra Plan | Altra Plan | Altra Plan | Altra Plan | |||||||||||||
Severance | $ | 1,161 | $ | 137 | $ | 1,161 | $ | 653 | ||||||||
Other | 482 | (40 | ) | 482 | 2 | |||||||||||
Total cash expenses | $ | 1,643 | $ | 97 | $ | 1,643 | $ | 655 | ||||||||
The following is a reconciliation of the accrued restructuring cost: | ||||||||||||||||
All Plans | ||||||||||||||||
Balance at January 1, 2014 | $ | 429 | ||||||||||||||
Restructuring expense incurred | 1,643 | |||||||||||||||
Cash payments | (933 | ) | ||||||||||||||
Balance at September 30, 2014 | $ | 1,139 | ||||||||||||||
The total restructuring reserve as of September 30, 2014 relates to severance costs to be paid to employees and is recorded in accruals and other current liabilities on the accompanying condensed consolidated balance sheet. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
General Litigation | |
The Company is involved in various pending legal proceedings arising out of the ordinary course of business. These proceedings primarily involve commercial claims, product liability claims, personal injury claims, and workers’ compensation claims. None of these legal proceedings are expected to have a material adverse effect on the results of operations, cash flows, or financial condition of the Company. With respect to these proceedings, management believes that the Company will prevail, has adequate insurance coverage or has established appropriate reserves to cover potential liabilities. Any costs that management estimates may be paid related to these proceedings or claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these legal proceedings were to be determined adversely to the Company, there could be a material adverse effect on the results of operations, cash flows, or financial condition of the Company. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. There were no material amounts accrued in the accompanying condensed consolidated balance sheets for potential litigation as of September 30, 2014 or December 31, 2013. For matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses, individually and in the aggregate, will not have a material effect on our consolidated financial statements. | |
The Company also risks exposure to product liability claims in connection with products it has sold and those sold by businesses that the Company acquired. Although in some cases third parties have retained responsibility for product liability claims relating to products manufactured or sold prior to the acquisition of the relevant business and in other cases the persons from whom the Company has acquired a business may be required to indemnify the Company for certain product liability claims subject to certain caps or limitations on indemnification, the Company cannot assure that those third parties will in fact satisfy their obligations with respect to liabilities retained by them or their indemnification obligations. If those third parties become unable to or otherwise do not comply with their respective obligations including indemnity obligations, or if certain product liability claims for which the Company is obligated were not retained by third parties or are not subject to these indemnities, the Company could become subject to significant liabilities or other adverse consequences. Moreover, even in cases where third parties retain responsibility for product liability claims or are required to indemnify the Company, significant claims arising from products that have been acquired could have a material adverse effect on the Company’s ability to realize the benefits from an acquisition, could result in the reduction of the value of goodwill that the Company recorded in connection with an acquisition, or could otherwise have a material adverse effect on the Company’s business, financial condition, or operations. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. | |
On October 22, 2014, the Company declared a cash dividend of $0.12 per share for the quarter ended December 31, 2014, payable on January 2, 2015 to shareholders of record as of December 18, 2014. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | |||||||||||||||
The following is a reconciliation of changes in Accumulated Other Comprehensive Income (Loss) by Component for the periods presented: | ||||||||||||||||
Gains and | Defined | Cumulative | Total | |||||||||||||
Losses on | Benefit | Foreign | ||||||||||||||
Cash Flow | Pension | Currency | ||||||||||||||
Hedges | Plans | Translation | ||||||||||||||
Adjustment | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2013 | $ | — | $ | (4,607 | ) | $ | (18,796 | ) | $ | (23,403 | ) | |||||
Net current-period Other Comprehensive Income (Loss) | 191 | — | (46 | ) | 145 | |||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, Balance at September 28, 2013 | $ | 191 | $ | (4,607 | ) | $ | (18,842 | ) | $ | (23,258 | ) | |||||
Gains and | Defined | Cumulative | Total | |||||||||||||
Losses on | Benefit | Foreign | ||||||||||||||
Cash Flow | Pension | Currency | ||||||||||||||
Hedges | Plans | Translation | ||||||||||||||
Adjustment | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2014 | $ | 135 | $ | (3,133 | ) | $ | (15,398 | ) | $ | (18,396 | ) | |||||
Net current-period Other Comprehensive Income (Loss) | 109 | — | (11,437 | ) | (11,328 | ) | ||||||||||
Accumulated Other Comprehensive Income (Loss) by Component, Balance at September 30, 2014 | $ | 244 | $ | (3,133 | ) | $ | (26,835 | ) | $ | (29,724 | ) | |||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Basic to Diluted Net Income per Share | ' | |||||||||||||||
The following is a reconciliation of basic to diluted net income per share: | ||||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
30-Sep-14 | 28-Sep-13 | 30-Sep-14 | 28-Sep-13 | |||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 6,946 | $ | 10,501 | $ | 31,108 | $ | 33,070 | ||||||||
Shares used in net income per common share - basic | 26,648 | 26,780 | 26,785 | 26,750 | ||||||||||||
Dilutive effect of the equity premium on Convertible Notes at the average price of common stock | 626 | — | 687 | — | ||||||||||||
Incremental shares of unvested restricted common stock | 60 | 56 | 85 | 102 | ||||||||||||
Shares used in net income per common share - diluted | 27,334 | 26,836 | 27,557 | 26,852 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic net income attributable to Altra Industrial Motion Corp. | $ | 0.26 | $ | 0.39 | $ | 1.16 | $ | 1.24 | ||||||||
Diluted net income attributable to Altra Industrial Motion Corp. | $ | 0.25 | $ | 0.39 | $ | 1.13 | $ | 1.23 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Svendborg [Member] | ' | |||||||||||
Preliminary Purchase Price Allocation as of Acquisition Date | ' | |||||||||||
At Acquisition | Measurement | At Acquisition | ||||||||||
Date | Period | Date (As | ||||||||||
Adjustments | Adjusted) | |||||||||||
Purchase price, excluding acquisition costs of approximately $2.5 million | $ | 102,096 | $ | — | $ | 102,096 | ||||||
Cash and cash equivalents | 7,483 | — | 7,483 | |||||||||
Trade receivables | 21,575 | (809 | ) | 20,766 | ||||||||
Inventories | 25,452 | (224 | ) | 25,228 | ||||||||
Prepaid and other | 5,511 | (76 | ) | 5,435 | ||||||||
Property, plant and equipment | 12,216 | — | 12,216 | |||||||||
Other assets | 1,133 | — | 1,133 | |||||||||
Intangible assets | 48,893 | — | 48,893 | |||||||||
Total assets acquired | 122,263 | (1,109 | ) | 121,154 | ||||||||
Accounts payable | 4,833 | — | 4,833 | |||||||||
Accrued expenses and other current liabilities | 9,620 | 168 | 9,788 | |||||||||
Taxes payable | 10,254 | — | 10,254 | |||||||||
Deferred tax liability | 11,483 | — | 11,483 | |||||||||
Total liabilities assumed | 36,190 | 168 | 36,358 | |||||||||
Net assets acquired | 86,073 | (1,277 | ) | 84,796 | ||||||||
Excess of purchase price over fair value of net assets acquired | $ | 16,023 | $ | 1,277 | $ | 17,300 | ||||||
Amounts Recorded as Intangible Assets | ' | |||||||||||
Proforma Amount on Acquisition Occurred | ' | |||||||||||
These pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred at the beginning of the period or that may be obtained in the future. | ||||||||||||
Pro Forma | Pro Forma | |||||||||||
(unaudited) | (unaudited) | |||||||||||
Quarter Ended | Year to Date Period Ended | |||||||||||
28-Sep-13 | 30-Sep-14 | 28-Sep-13 | ||||||||||
Total revenues | $ | 201,405 | $ | 633,762 | $ | 615,885 | ||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 12,777 | $ | 31,852 | $ | 39,799 | ||||||
Basic earnings per share: | ||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 0.48 | $ | 1.19 | $ | 1.49 | ||||||
Diluted earnings per share: | ||||||||||||
Net income attributable to Altra Industrial Motion Corp. | $ | 0.48 | $ | 1.16 | $ | 1.48 | ||||||
GuardianAcquisition [Member] | ' | |||||||||||
Amounts Recorded as Intangible Assets | ' | |||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Summary of Inventories | ' | |||||||
Inventories located at certain subsidiaries are stated at the lower of cost or market, principally using the last-in, first-out (“LIFO”) method. Inventories at September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Raw materials | $ | 40,545 | $ | 56,824 | ||||
Work in process | 16,352 | 18,432 | ||||||
Finished goods | 78,486 | 68,409 | ||||||
$ | 135,383 | $ | 143,665 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in Goodwill | ' | |||||||||||||||
Changes to goodwill from January 1, through September 30, 2014 were as follows: | ||||||||||||||||
2014 | ||||||||||||||||
Gross goodwill balance as of January 1 | $ | 136,149 | ||||||||||||||
Impact of changes in foreign currency | (3,048 | ) | ||||||||||||||
Adjustment related to the impact of Guardian (See Note 6) | 2,085 | |||||||||||||||
Measurement period adjustments related to acquisition of Svendborg (See Note 6) | 1,277 | |||||||||||||||
Gross goodwill balance as of September 30, | 136,463 | |||||||||||||||
Accumulated impairment as of January 1 | (31,810 | ) | ||||||||||||||
Impairment charge during the period | — | |||||||||||||||
Accumulated impairment as of September 30, | (31,810 | ) | ||||||||||||||
Net goodwill balance September 30, | $ | 104,653 | ||||||||||||||
Other Intangible Assets | ' | |||||||||||||||
Other intangible assets as of September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Cost | Accumulated | Cost | Accumulated | |||||||||||||
Amortization | Amortization | |||||||||||||||
Other intangible assets | ||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||
Tradenames and trademarks | $ | 43,635 | $ | — | $ | 42,985 | $ | — | ||||||||
Intangible assets subject to amortization: | ||||||||||||||||
Customer relationships | 126,364 | 49,400 | 118,914 | 42,645 | ||||||||||||
Product technology and patents | 6,062 | 5,848 | 6,062 | 5,719 | ||||||||||||
Impact of changes in foreign currency | (5,283 | ) | — | (829 | ) | — | ||||||||||
Total intangible assets | $ | 170,778 | $ | 55,248 | $ | 167,132 | $ | 48,364 | ||||||||
Warranty_Costs_Tables
Warranty Costs (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 year to date periods ended September 30, 2014 and September 28, 2013 are as follows: | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Balance at beginning of period | $ | 8,739 | $ | 5,625 | ||||
Accrued current period warranty expense | 1,314 | 1,758 | ||||||
Payments | (1,900 | ) | (1,743 | ) | ||||
Balance at end of period | $ | 8,153 | $ | 5,640 | ||||
Pension_and_Other_Employee_Ben1
Pension and Other Employee Benefits (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 net periodic benefit cost of the defined benefit (pension) plans as of September 30, 2014 and September 28, 2013: | ||||||||
Quarter Ended | ||||||||
Pension Benefits | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Service cost | $ | 38 | $ | 37 | ||||
Interest cost | 273 | 246 | ||||||
Expected return on plan assets | (269 | ) | (267 | ) | ||||
Amortization of net gain | 27 | 41 | ||||||
Net periodic benefit cost (income) | $ | 69 | $ | 57 | ||||
Year to Date Ended | ||||||||
Pension Benefits | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Service cost | $ | 114 | $ | 113 | ||||
Interest cost | 819 | 738 | ||||||
Expected return on plan assets | (807 | ) | (801 | ) | ||||
Amortization of net gain | 81 | 125 | ||||||
Net periodic benefit cost (income) | $ | 207 | $ | 175 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding Debt Obligations | ' | |||||||
Outstanding debt obligations at September 30, 2014 and December 31, 2013 were as follows: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Debt: | ||||||||
Revolving Credit Facility | $ | 37,000 | $ | 41,198 | ||||
Convertible Notes | 85,000 | 85,000 | ||||||
Term Loan Facility | 137,528 | 163,245 | ||||||
Equipment Loan | 5,334 | 4,155 | ||||||
Mortgages | 340 | 659 | ||||||
Capital leases | — | 178 | ||||||
Other | 28 | — | ||||||
Total debt | 265,230 | 294,435 | ||||||
Less: debt discount, net of accretion | (13,636 | ) | (16,163 | ) | ||||
Total debt, net of unaccreted discount | $ | 251,594 | $ | 278,272 | ||||
Less current portion of long-term debt | 14,532 | 16,924 | ||||||
Total long-term debt, net of unaccreted discount | $ | 237,062 | $ | 261,348 | ||||
Carrying Amount of Debt | ' | |||||||
The carrying amount of the principal amount of the liability component, the unamortized discount, and the net carrying amount are as follows as of September 30, 2014: | ||||||||
Principal amount of debt | $ | 85,000 | ||||||
Unamortized discount | 13,636 | |||||||
Carrying value of debt | $ | 71,364 | ||||||
Interest Expense Associated with Convertible Notes | ' | |||||||
Interest expense associated with the Convertible Notes consists of the following: | ||||||||
Quarter to Date Ended | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Contractual coupon rate of interest | $ | 584 | $ | 584 | ||||
Accretion of Convertible Notes discount and amortization of deferred financing costs | 681 | 879 | ||||||
Interest expense for the convertible notes | $ | 1,265 | $ | 1,463 | ||||
Year to Date Ended | ||||||||
30-Sep-14 | 28-Sep-13 | |||||||
Contractual coupon rate of interest | $ | 1,753 | $ | 1,753 | ||||
Accretion of Convertible Notes discount and amortization of deferred financing costs | 2,527 | 2,594 | ||||||
Interest expense for the convertible notes | $ | 4,280 | $ | 4,347 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Company's Restricted Stock Grants | ' | ||||||
The following table sets forth the activity of the Company’s restricted stock and performance share grants in the year to date period ended September 30, 2014: | |||||||
Shares | Weighted-average | ||||||
grant date fair value | |||||||
Shares unvested January 1, 2014 | 149,635 | $ | 23.02 | ||||
Shares granted | 132,441 | 33.56 | |||||
Shares for which restrictions lapsed | (122,898 | ) | 29.5 | ||||
Shares unvested September 30, 2014 | 159,178 | $ | 28.53 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Swaps Recognized in Other Long-term Assets and in Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The fair value of the swap recognized in other non-current assets, net and in other comprehensive income (loss) is as follows: | |||||||||||||||||
Fair Value | |||||||||||||||||
Notional | 30-Sep-14 | 31-Dec-13 | |||||||||||||||
Effective Date | Amount | Fixed Rate | Maturity | ||||||||||||||
April 30, 2013 | $ | 85,000 | 0.626 | % | 30-Nov-16 | $ | 243 | $ | 213 | ||||||||
Concentrations_of_Credit_Segme1
Concentrations of Credit, Segment Data and Workforce (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Net Sales to Third Parties by Geographic Region | ' | |||||||||||||||
Net sales to third parties by geographic region are as follows: | ||||||||||||||||
Net Sales | Net Sales | |||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
30-Sep-14 | 28-Sep-13 | 30-Sep-14 | 28-Sep-13 | |||||||||||||
North America (primarily U.S.) | $ | 117,796 | $ | 109,810 | $ | 370,944 | $ | 343,844 | ||||||||
Europe | 64,116 | 52,315 | 199,196 | 160,895 | ||||||||||||
Asia and other | 20,608 | 13,318 | 57,716 | 36,949 | ||||||||||||
Total | $ | 202,520 | $ | 175,443 | $ | 627,856 | $ | 541,688 | ||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Summary of Total Restructuring Expense | ' | |||||||||||||||
The Company’s total restructuring expense, by major component for the quarter and year to date periods ended September 30, 2014 and September 28, 2013 was as follows: | ||||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
30-Sep-14 | 28-Sep-13 | 30-Sep-14 | 28-Sep-13 | |||||||||||||
2014 | 2012 | 2014 | 2012 | |||||||||||||
Altra Plan | Altra Plan | Altra Plan | Altra Plan | |||||||||||||
Severance | $ | 1,161 | $ | 137 | $ | 1,161 | $ | 653 | ||||||||
Other | 482 | (40 | ) | 482 | 2 | |||||||||||
Total cash expenses | $ | 1,643 | $ | 97 | $ | 1,643 | $ | 655 | ||||||||
Reconciliation of Accrued Restructuring Costs | ' | |||||||||||||||
The following is a reconciliation of the accrued restructuring cost: | ||||||||||||||||
All Plans | ||||||||||||||||
Balance at January 1, 2014 | $ | 429 | ||||||||||||||
Restructuring expense incurred | 1,643 | |||||||||||||||
Cash payments | (933 | ) | ||||||||||||||
Balance at September 30, 2014 | $ | 1,139 | ||||||||||||||
Organization_and_Nature_of_Ope1
Organization and Nature of Operations - Additional Information (Detail) (Brand [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Country | |
Product | |
Brand [Member] | ' |
Organization And Nature Of Business [Line Items] | ' |
Number of product lines | 42 |
Number of countries in which the company has production facilities | 11 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Jul. 11, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Percentage of ownership acquired | 85.00% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Convertible Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest on notes | 2.75% | 2.75% |
Carrying amount of financial instruments | $85,000,000 | $85,000,000 |
Estimated fair value of financial instruments | 102,800,000 | 116,500,000 |
Money Market Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $300,000 | $16,600,000 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) by component, beginning balance | ' | ' | ($18,396) | ($23,403) |
Net current-period other comprehensive income (loss) | -12,112 | -7,073 | -11,328 | 145 |
Accumulated other comprehensive income (loss) by component, ending balance | -29,724 | -23,258 | -29,724 | -23,258 |
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) by component, beginning balance | ' | ' | 135 | 0 |
Net current-period other comprehensive income (loss) | ' | ' | 109 | 191 |
Accumulated other comprehensive income (loss) by component, ending balance | 244 | 191 | 244 | 191 |
Defined Benefit Pension Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) by component, beginning balance | ' | ' | -3,133 | -4,607 |
Net current-period other comprehensive income (loss) | ' | ' | 0 | 0 |
Accumulated other comprehensive income (loss) by component, ending balance | -3,133 | -4,607 | -3,133 | -4,607 |
Cumulative Foreign Currency Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) by component, beginning balance | ' | ' | -15,398 | -18,796 |
Net current-period other comprehensive income (loss) | ' | ' | -11,437 | -46 |
Accumulated other comprehensive income (loss) by component, ending balance | ($26,835) | ($18,842) | ($26,835) | ($18,842) |
Net_Income_per_Share_Reconcili
Net Income per Share - Reconciliation of Basic to Diluted Net Income per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | $6,946 | $10,501 | $31,108 | $33,070 |
Shares used in net income per common share - basic | 26,648 | 26,780 | 26,785 | 26,750 |
Dilutive effect of the equity premium on Convertible Notes at the average price of common stock | 626 | 0 | 687 | 0 |
Incremental shares of unvested restricted common stock | 60 | 56 | 85 | 102 |
Shares used in net income per common share - diluted | 27,334 | 26,836 | 27,557 | 26,852 |
Earnings per share: | ' | ' | ' | ' |
Basic net income attributable to Altra Industrial Motion Corp. (in usd per share) | $0.26 | $0.39 | $1.16 | $1.24 |
Diluted net income attributable to Altra Industrial Motion Corp. (in usd per share) | $0.25 | $0.39 | $1.13 | $1.23 |
Net_Income_per_Share_Additiona
Net Income per Share - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
Earnings Per Share [Abstract] | ' |
Current conversion price per share of convertible notes | $26.82 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 17, 2013 | Sep. 30, 2014 | Jul. 01, 2014 |
USD ($) | EUR (€) | Country | Customer Relationships [Member] | Svendborg [Member] | Svendborg [Member] | Svendborg [Member] | Svendborg [Member] | Svendborg [Member] | GuardianAcquisition [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | Customer Relationships [Member] | USD ($) | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cash consideration | ' | ' | ' | ' | ' | $110.20 | € 80.10 | ' | ' | ' |
Cash remaining on the balance sheet upon closing the acquisition | ' | ' | ' | ' | ' | 7.5 | 5.4 | ' | ' | ' |
Business acquisition number of countries in which entity operates | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Escrow deposits established for transfer pricing claims | ' | ' | ' | ' | ' | 11.6 | 8.5 | ' | ' | ' |
Estimated liability for transfer pricing claims by the company | ' | ' | ' | ' | ' | 8.1 | ' | ' | ' | ' |
payment of transfer | 8.1 | 5.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated receivables from transfer pricing claims by the company | ' | ' | ' | ' | ' | ' | ' | 8.1 | ' | ' |
Estimated useful lives | ' | ' | ' | '14 years | ' | ' | ' | ' | '17 years | ' |
Approximate excluded acquisition costs of purchase price | ' | ' | ' | ' | $2.50 | ' | ' | ' | ' | $0.40 |
Acquisitions_Preliminary_Purch
Acquisitions - Preliminary Purchase Price Allocation as of Acquisition Date (Detail) (USD $) | 0 Months Ended | 0 Months Ended | ||||
Dec. 17, 2013 | Dec. 17, 2013 | Dec. 17, 2013 | Dec. 17, 2013 | Jul. 01, 2014 | Jul. 01, 2014 | |
Svendborg [Member] | Svendborg [Member] | At Acquisition Date [Member] | Measurement Period Adjustments [Member] | GuardianAcquisition [Member] | GuardianAcquisition [Member] | |
Svendborg [Member] | Svendborg [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business acquisition cash transfered | ' | ' | ' | ' | $17,100,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | ' | ' | ' | ' | ' | 9,200,000 |
Purchase price, excluding acquisition costs of approximately $2.5 million | ' | 102,096,000 | 102,096,000 | 0 | ' | ' |
Cash and cash equivalents | ' | 7,483,000 | 7,483,000 | 0 | ' | 2,012,000 |
Trade receivables | ' | 20,766,000 | 21,575,000 | -809,000 | ' | 4,000,000 |
Inventories | ' | 25,228,000 | 25,452,000 | -224,000 | ' | ' |
Prepaid and other | ' | 5,435,000 | 5,511,000 | -76,000 | ' | ' |
Property, plant and equipment | ' | 12,216,000 | 12,216,000 | 0 | ' | ' |
Other assets | ' | 1,133,000 | 1,133,000 | 0 | ' | ' |
Intangible assets | ' | 48,893,000 | 48,893,000 | 0 | ' | ' |
Total assets acquired | ' | 121,154,000 | 122,263,000 | -1,109,000 | ' | ' |
Accounts payable | ' | 4,833,000 | 4,833,000 | 0 | ' | ' |
Accrued expenses and other current liabilities | ' | 9,788,000 | 9,620,000 | 168,000 | ' | 200,000 |
Taxes payable | ' | 10,254,000 | 10,254,000 | 0 | ' | ' |
Deferred tax liability | ' | 11,483,000 | 11,483,000 | 0 | ' | ' |
Total liabilities assumed | ' | 36,358,000 | 36,190,000 | 168,000 | ' | ' |
Net assets acquired | ' | 84,796,000 | 86,073,000 | -1,277,000 | ' | ' |
Excess of purchase price over fair value of net assets acquired | ' | 17,300,000 | 16,023,000 | 1,277,000 | ' | 2,085,000 |
Approximate excluded acquisition costs of purchase price | $2,500,000 | ' | ' | ' | $400,000 | ' |
Acquisitions_Amounts_Recorded_
Acquisitions - Amounts Recorded as Intangible Assets (Detail) (USD $) | Dec. 17, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Svendborg [Member] | Customer Relationships [Member] | Customer Relationships [Member] |
Svendborg [Member] | |||
Intangible Asset Excluding Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '14 years | '17 years |
Total intangible assets | $48,893 | ' | ' |
Acquisitions_Proforma_Amount_o
Acquisitions - Proforma Amount on Acquisition Occurred (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Business Combinations [Abstract] | ' | ' | ' |
Total revenues | $201,405 | $633,762 | $615,885 |
Net income attributable to Altra Industrial Motion Corp. | $12,777 | $31,852 | $39,799 |
Basic earnings per share: | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | $0.48 | $1.19 | $1.49 |
Diluted earnings per share: | ' | ' | ' |
Net income attributable to Altra Industrial Motion Corp. | $0.48 | $1.16 | $1.48 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $40,545 | $56,824 |
Work in process | 16,352 | 18,432 |
Finished goods | 78,486 | 68,409 |
Inventories, net | $135,383 | $143,665 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
Inventory Valuation by LIFO Method [Member] | Inventory Valuation by LIFO Method [Member] | Inventory Valuation Provision [Member] | Inventory Valuation Provision [Member] | ||
Inventory [Line Items] | ' | ' | ' | ' | ' |
Portion of total inventory valued by LIFO method | ' | 6.70% | 7.50% | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | $300,000 | ' | ' | ' | ' |
Provision for valuation of sales component | ' | ' | ' | $0 | $0 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets - Changes in Goodwill (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Gross goodwill, begining balance | ' | $136,149 | ' |
Impact of changes in foreign currency | ' | -3,048 | ' |
Measurement period adjustments related to acquisition of Svendborg (See Note 6) | 2,085 | 1,277 | ' |
Gross goodwill, ending balance | 136,463 | 136,463 | ' |
Accumulated impairment, begining balance | ' | -31,810 | ' |
Impairment charge during the period | ' | 0 | ' |
Accumulated impairment, ending balance | -31,810 | -31,810 | ' |
Net goodwill balance June 30 | $104,653 | $104,653 | $104,339 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Other Intangible Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Impact of changes in foreign currency, Cost | ($5,283) | ($829) |
Total intangible assets, Cost | 170,778 | 167,132 |
Total intangible assets, Accumulated Amortization | 55,248 | 48,364 |
Tradenames and Trademarks [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets not subject to amortization, Cost | 43,635 | 42,985 |
Customer Relationships [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Cost | 126,364 | 118,914 |
Total intangible assets, Accumulated Amortization | 49,400 | 42,645 |
Product Technology and Patents [Member] | ' | ' |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Cost | 6,062 | 6,062 |
Total intangible assets, Accumulated Amortization | $5,848 | $5,719 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 | |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $2,300,000 | $1,700,000 | $6,884,000 | $4,882,000 |
Estimated Amortization Expense for Intangible Assets [Member] | ' | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' |
Remainder 2014 | 2,400,000 | ' | 2,400,000 | ' |
Each of the next four years after 2014 | 9,300,000 | ' | 9,300,000 | ' |
Year 2015 | 9,200,000 | ' | 9,200,000 | ' |
Year 2016 | 9,200,000 | ' | 9,200,000 | ' |
Year 2017 | 9,200,000 | ' | 9,200,000 | ' |
Year 2018 | 9,200,000 | ' | 9,200,000 | ' |
Thereafter | $32,300,000 | ' | $32,300,000 | ' |
Warranty_Costs_Additional_Info
Warranty Costs - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 |
Guarantees [Abstract] | ' | ' |
Balance at beginning of period | $8,739 | $5,625 |
Accrued current period warranty expense | 1,314 | 1,758 |
Payments | -1,900 | -1,743 |
Balance at end of period | $8,153 | $5,640 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accrued interest and penalties | $0.20 | $0.40 |
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) (Pension Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | $38 | $37 | $114 | $113 |
Interest cost | 273 | 246 | 819 | 738 |
Expected return on plan assets | -269 | -267 | -807 | -801 |
Amortization of net gain | 27 | 41 | 81 | 125 |
Net periodic benefit cost (income) | $69 | $57 | $207 | $175 |
Pension_and_Other_Employee_Ben3
Pension and Other Employee Benefits - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' |
Minimum cash contribution to pension plan | $0.20 |
Debt_Outstanding_Debt_Obligati
Debt - Outstanding Debt Obligations (Detail) | 9 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
USD ($) | EUR (€) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Convertible Notes [Member] | Convertible Notes [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Equipment Loan [Member] | Equipment Loan [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Capital Leases [Member] | Capital Leases [Member] | Other [Member] | Other [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,900,000 | € 6,000,000 | ' | ' | ' | ' | ' |
Total debt | 265,230,000 | ' | 294,435,000 | 37,000,000 | 41,198,000 | 85,000,000 | 85,000,000 | 137,528,000 | 163,245,000 | 5,334,000 | 4,155,000 | 340,000 | ' | 659,000 | 0 | 178,000 | 28,000 | 0 |
Less: debt discount, net of accretion | -13,636,000 | ' | -16,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt, net of unaccreted discount | 251,594,000 | ' | 278,272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion of long-term debt | 14,532,000 | ' | 16,924,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt, net of unaccreted discount | 237,062,000 | ' | 261,348,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
interest rate mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Interest | $300,000 | € 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 01, 2011 | Sep. 01, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | Initial Conversion Price [Member] | Additional Term Loan [Member] | Additional Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Notes [Member] | Convertible Notes [Member] | Convertible Notes [Member] | Term Loan Facility [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Equipment And Working Capital Notes [Member] | Equipment And Working Capital Notes [Member] | Equipment And Working Capital Notes [Member] | Equipment And Working Capital Notes [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Capital Leases [Member] | Capital Leases [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Eurodollar Loan [Member] | ABR Based Loans [Member] | USD ($) | Eurodollar Loan [Member] | ABR Based Loans [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | Minimum [Member] | Maximum [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under credit facility agreement | ' | ' | ' | $94,375,000,000 | € 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate additional term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'December 6, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-31 | ' | ' | ' | ' | 6-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margins for loans | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | 0.38% | ' | 1.88% | 0.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding on revolving credit facility | ' | ' | ' | ' | ' | 37,000,000 | 41,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 10,100,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149,000,000 | 152,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | $26.82 | ' | $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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 200,000 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' |
Available to borrow loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 38,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.04% | 8.02% | 2.90% | 2.90% | ' | ' | ' | ' |
Line of credit outstanding loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 32,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 200,000 | 700,000 | 500,000 | ' | ' |
Borrowings under overdraft agreements | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximated capital lease obligations | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Carrying_Amount_of_Debt_D
Debt - Carrying Amount of Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt, net of unaccreted discount | $237,062 | $261,348 |
Convertible Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal amount of debt | 85,000 | ' |
Unamortized discount | 13,636 | ' |
Total long-term debt, net of unaccreted discount | $71,364 | ' |
Debt_Interest_Expense_Associat
Debt - Interest Expense Associated with Convertible Notes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Contractual coupon rate of interest | $584 | $584 | $1,753 | $1,753 |
Accretion of Convertible Notes discount and amortization of deferred financing costs | 681 | 879 | 2,527 | 2,594 |
Interest expense for the convertible notes | $1,265 | $1,463 | $4,280 | $4,347 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
31-May-14 | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 | Dec. 18, 2014 | Oct. 22, 2014 | Oct. 02, 2014 | Sep. 30, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend | ' | $0.12 | $0.10 | $0.34 | $0.28 | ' | $0.12 | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | ' |
Payments of Dividends | ' | ' | ' | 8,644,000 | 4,852,000 | ' | ' | ' | ' |
Dividend paid | ' | 3,200,000 | ' | 3,200,000 | ' | ' | ' | ' | ' |
Dividend paid date | ' | ' | ' | ' | ' | ' | ' | 2-Oct-14 | ' |
Dividends payable date of record | ' | ' | ' | ' | ' | 18-Dec-14 | ' | ' | ' |
Stock repurchase program, authorized amount | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | 300,984 | ' | ' | ' | ' | ' | ' | ' |
Treasury stock acquired, average cost per share | ' | $32.91 | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining authorized repurchase amount | ' | 37,200,000 | ' | ' | ' | ' | ' | ' | ' |
Restricted shares for vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Compensation expense | ' | 800,000 | 900,000 | 2,600,000 | 2,400,000 | ' | ' | ' | ' |
Unrecognized compensation cost | ' | 4,200,000 | ' | 4,200,000 | ' | ' | ' | ' | ' |
Weighted average remaining period | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Fair market value of the shares | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Companys_U
Stockholders' Equity - Company's Unvested Restricted Stock Grants (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Shares unvested, beginning balance | 149,635 |
Shares granted | 132,441 |
Shares for which restrictions lapsed | -122,898 |
Shares unvested, ending balance | 159,178 |
Weighted-average grant date fair value, beginning balance | $23.02 |
Weighted-average grant date fair value, Shares granted | $33.56 |
Weighted-average grant date fair value, Shares for which restrictions lapsed | $29.50 |
Weighted-average grant date fair value, ending balance | $28.53 |
Stockholders_Equity_Dividends_
Stockholders' Equity Dividends (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Dividends Payable [Line Items] | ' |
Dividends Payable | $3.20 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' |
Outstanding borrowings | ' | $85,000,000 | $85,000,000 |
Fixed Rate | ' | 0.63% | 0.63% |
Ineffectiveness associated with the swap | $0 | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Swaps Recognized in Other Long-term Assets and in Other Comprehensive Income (Loss) (Detail) (Interest Rate Swap [Member], USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Effective Date | 30-Apr-13 | ' | ' |
Notional Amount | $85,000,000 | ' | $85,000,000 |
Fixed Rate | 0.63% | ' | 0.63% |
Maturity | 30-Nov-16 | ' | ' |
Fair Value | $243,000 | $213,000 | ' |
Concentrations_of_Credit_Segme2
Concentrations of Credit, Segment Data and Workforce - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Segment | Sales [Member] | Sales [Member] | ||
Customer | Customer | |||
Concentration Risk [Line Items] | ' | ' | ' | ' |
Sales contract payments due period | '30 days | ' | ' | ' |
Maximum revenue percentage from any one customer | ' | ' | 10.00% | 10.00% |
Number of customers representing over 10% of total sales | ' | ' | 0 | 0 |
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 | $143.20 | $138.70 | ' | ' |
Concentrations_of_Credit_Segme3
Concentrations of Credit, Segment Data and Workforce - Net Sales to Third Parties by Geographic Region (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net sales | $202,520 | $175,443 | $627,856 | $541,688 |
North America (Primarily U.S.) [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net sales | 117,796 | 109,810 | 370,944 | 343,844 |
Europe [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net sales | 64,116 | 52,315 | 199,196 | 160,895 |
Asia and Other [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net sales | $20,608 | $13,318 | $57,716 | $36,949 |
Restructuring_Summary_of_Total
Restructuring - Summary of Total Restructuring Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total cash expenses | $1,643 | $97 | $1,643 | $655 |
2012 Altra Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance | 1,161 | 137 | 1,161 | 653 |
Other | 482 | -40 | 482 | 2 |
Total cash expenses | $1,643 | $97 | $1,643 | $655 |
Restructuring_Reconciliation_o
Restructuring - Reconciliation of Accrued Restructuring Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Beginning Balance | ' | ' | $429 | ' |
Restructuring expense incurred | 1,643 | 97 | 1,643 | 655 |
Cash payments | ' | ' | -933 | ' |
Ending Balance | $1,139 | ' | $1,139 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Potential litigation | $0 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
Sep. 30, 2014 | Sep. 28, 2013 | Sep. 30, 2014 | Sep. 28, 2013 | Jan. 02, 2015 | Dec. 18, 2014 | Oct. 22, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Dividend declared date | ' | ' | ' | ' | ' | ' | 22-Oct-14 |
Dividend per share | $0.12 | $0.10 | $0.34 | $0.28 | ' | ' | $0.12 |
Dividend payable date | ' | ' | ' | ' | 2-Jan-15 | ' | ' |
Dividend record date | ' | ' | ' | ' | ' | 18-Dec-14 | ' |