Document and Entity Information
| Document and Entity Information - shares | 9 Months Ended | |
| Sep. 30, 2015 | Oct. 23, 2015 | |
| Document And Entity Information [Abstract] | ||
| Entity Registrant Name | Altra Industrial Motion Corp. | |
| Entity Central Index Key | 1,374,535 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 30, 2015 | |
| Document Fiscal Year Focus | 2,015 | |
| Document Fiscal Period Focus | Q3 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding (in shares) | 26,012,661 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
| Current assets: | ||
| Cash and cash equivalents | $ 49,649 | $ 47,503 |
| Trade receivables, less allowance for doubtful accounts of $2,081 and $2,302 at September 30, 2015 and December 31, 2014, respectively | 104,400 | 106,458 |
| Inventories | 126,036 | 132,736 |
| Deferred income taxes | 9,162 | 9,240 |
| Income tax receivable | 3,634 | 6,247 |
| Prepaid expenses and other current assets | 11,089 | 8,617 |
| Total current assets | 303,970 | 310,801 |
| Property, plant and equipment, net | 152,760 | 156,366 |
| Intangible assets, net | 99,480 | 110,730 |
| Goodwill | 98,314 | 102,087 |
| Deferred income taxes | 902 | 987 |
| Other non-current assets, net | 2,641 | 3,592 |
| Total assets | 658,067 | 684,563 |
| Current liabilities: | ||
| Accounts payable | 46,565 | 44,298 |
| Accrued payroll | 21,691 | 23,254 |
| Accruals and other current liabilities | 37,849 | 33,591 |
| Deferred income taxes | 122 | 120 |
| Income tax payable | 2,148 | 3,189 |
| Current portion of long-term debt | 12,713 | 15,176 |
| Total current liabilities | 121,088 | 119,628 |
| Long-term debt - less current portion and net of unaccreted discount | 227,189 | 240,576 |
| Deferred income taxes | 51,893 | 53,226 |
| Pension liabilities | 8,474 | 9,993 |
| Long-term taxes payable | 650 | 629 |
| Other long-term liabilities | 701 | 869 |
| Redeemable non-controlling interest | $ 0 | $ 883 |
| Commitments and contingencies (See Note 15) | ||
| Stockholders’ equity: | ||
| Common stock ($0.001 par value, 90,000,000 shares authorized, 25,881,867 and 26,353,755 issued and outstanding at September 30, 2015 and December 31, 2014, respectively) | $ 26 | $ 26 |
| Additional paid-in capital | 127,074 | 139,087 |
| Retained earnings | 179,322 | 161,061 |
| Accumulated other comprehensive loss | (58,350) | (41,415) |
| Total stockholders’ equity | 248,072 | 258,759 |
| Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ 658,067 | $ 684,563 |
Condensed Consolidated Balance3
| Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
| Statement of Financial Position [Abstract] | ||
| Allowance for doubtful accounts | $ 2,081 | $ 2,302 |
| Common stock, par value (in us per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
| Common stock, shares issued (in shares) | 25,881,867 | 26,353,755 |
| Common stock, shares outstanding (in shares) | 25,881,867 | 26,353,755 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Income Statement [Abstract] | ||||
| Net sales | $ 183,053 | $ 202,520 | $ 573,024 | $ 627,856 |
| Cost of sales | 127,253 | 140,187 | 398,765 | 437,257 |
| Gross profit | 55,800 | 62,333 | 174,259 | 190,599 |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 34,279 | 39,067 | 105,733 | 117,828 |
| Research and development expenses | 4,210 | 3,818 | 13,506 | 11,719 |
| Restructuring costs | 651 | 1,643 | 4,994 | 1,643 |
| Total operating expenses | 39,140 | 44,528 | 124,233 | 131,190 |
| Income from operations | 16,660 | 17,805 | 50,026 | 59,409 |
| Other non-operating income and expense: | ||||
| Interest expense, net | 2,924 | 3,000 | 8,858 | 8,991 |
| Other non-operating expense (income), net | 685 | (313) | 606 | 446 |
| Total other non-operating income expense, net | 3,609 | 2,687 | 9,464 | 9,437 |
| Income before income taxes | 13,051 | 15,118 | 40,562 | 49,972 |
| Provision for income taxes | 2,830 | 8,170 | 11,326 | 18,843 |
| Net income | 10,221 | 6,948 | 29,236 | 31,129 |
| Net loss (income) attributable to non-controlling interest | 0 | (2) | 63 | (21) |
| Net income attributable to Altra Industrial Motion Corp. | $ 10,221 | $ 6,946 | $ 29,299 | $ 31,108 |
| Weighted average shares, basic (in shares) | 26,145 | 26,648 | 26,140 | 26,785 |
| Weighted average shares, diluted (in shares) | 26,145 | 27,334 | 26,184 | 27,557 |
| Net income per share: | ||||
| Basic net income attributable to Altra Industrial Motion Corp. (in usd per share) | $ 0.39 | $ 0.26 | $ 1.12 | $ 1.16 |
| Diluted net income attributable to Altra Industrial Motion Corp. (in usd per share) | 0.39 | 0.25 | 1.12 | 1.13 |
| Cash dividend declared (in usd per share) | $ 0.15 | $ 0.12 | $ 0.42 | $ 0.34 |
Condensed Consolidated Stateme5
| Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net Income | $ 10,221 | $ 6,948 | $ 29,236 | $ 31,129 |
| Other Comprehensive income (loss): | ||||
| Foreign currency translation adjustment | (4,474) | (12,341) | (16,242) | (11,437) |
| Change in fair value of interest rate swap, net of tax | (64) | 229 | (283) | 109 |
| Other comprehensive income | (4,538) | (12,112) | (16,525) | (11,328) |
| Comprehensive income (loss) | 5,683 | (5,164) | 12,711 | 19,801 |
| Comprehensive loss attributable to noncontrolling interest | 0 | (105) | (192) | (12) |
| Comprehensive income attributable to Altra Industrial Motion Corp. | $ 5,683 | $ (5,059) | $ 12,903 | $ 19,813 |
Condensed Consolidated Stateme6
| Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Cash flows from operating activities | ||
| Net Income | $ 29,236 | $ 31,129 |
| Adjustments to reconcile net income to net cash flows: | ||
| Depreciation | 16,232 | 17,238 |
| Amortization of intangible assets | 6,437 | 6,884 |
| Amortization of deferred financing costs | 689 | 699 |
| (Gain) / Loss on foreign currency, net | (128) | 461 |
| Amortization of inventory fair value adjustment | 0 | 2,264 |
| Accretion of debt discount, net | 2,740 | 2,527 |
| Loss on disposal / impairment of fixed assets | 856 | 195 |
| Provision for deferred taxes | 0 | 1,350 |
| Stock based compensation | 3,231 | 2,633 |
| Changes in assets and liabilities: | ||
| Trade receivables | (1,552) | (11,452) |
| Inventories | 2,367 | 5,276 |
| Accounts payable and accrued liabilities | 7,106 | (6,682) |
| Other current assets and liabilities | (2,609) | 9,704 |
| Other operating assets and liabilities | (1,060) | (188) |
| Net cash from operating activities | 63,545 | 62,038 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (19,181) | (16,464) |
| Proceeds from sale of land | 1,201 | 274 |
| Acquisition of Guardian, net of $2.0 million cash received | 0 | (15,092) |
| Net cash from (used in) investing activities | (17,980) | (31,282) |
| Cash flows from financing activities | ||
| Payments on term loan facility | (16,027) | (21,478) |
| Payments on revolving credit facility | (9,000) | (9,190) |
| Dividend payments | (7,130) | (8,644) |
| Proceeds from equipment loan | 1,100 | 2,245 |
| Borrowing under revolving credit facility | 6,000 | 5,000 |
| Payments of Equipment loans | (3,639) | (1,028) |
| Proceeds from mortgages | 7,085 | 0 |
| Shares surrendered for tax withholding | (1,182) | (1,447) |
| Payments on mortgages and other | (352) | (435) |
| Purchase of non-controlling interest in Lamiflex | (878) | 0 |
| Purchases of common stock under share repurchase program | (14,285) | (12,816) |
| Net cash from (used in) financing activities | (38,308) | (47,793) |
| Effect of exchange rate changes on cash and cash equivalents | (5,111) | (3,573) |
| Net change in cash and cash equivalents | 2,146 | (20,610) |
| Cash and cash equivalents at beginning of year | 47,503 | 63,604 |
| Cash and cash equivalents at end of period | 49,649 | 42,994 |
| Cash paid during the period for: | ||
| Interest | 5,995 | 6,504 |
| Income taxes | 10,833 | $ 23,333 |
| Cash acquired from acquisition | $ 2,000 | |
Consolidated Statement of Stock
| Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Redeemable Non-Controlling Interest [Member] |
| Beginning balance at Dec. 31, 2013 | $ 269,333 | $ 27 | $ 154,471 | $ 133,231 | $ (18,396) | $ 991 |
| Beginning balance, shares (in 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 (in shares) | 78,000 | |||||
| Net income attributable to Altra Industrial Motion Corp. | 31,108 | 31,108 | ||||
| Net income (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) | |||
| Repurchases of common stock | (12,816) | (12,816) | ||||
| Repurchase of common stock, shares (in shares) | (383,000) | |||||
| Ending balance at Sep. 30, 2014 | 268,342 | $ 27 | 142,841 | 155,198 | (29,724) | 979 |
| Ending balance, shares (in shares) at Sep. 30, 2014 | 26,515,000 | |||||
| Beginning balance at Dec. 31, 2014 | 258,759 | $ 26 | 139,087 | 161,061 | (41,415) | 883 |
| Beginning balance, shares (in shares) at Dec. 31, 2014 | 26,354,000 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Stock-based compensation and vesting of restricted stock | 2,049 | 2,049 | ||||
| Stock-based compensation and vesting of restricted stock, Shares (in shares) | 76,000 | |||||
| Net income attributable to Altra Industrial Motion Corp. | 29,299 | 29,299 | ||||
| Net income (loss) attributable to non-controlling interest | 63 | (63) | ||||
| Purchase of minority Interest | (187) | 223 | (410) | (691) | ||
| Dividends declared | (11,038) | (11,038) | ||||
| Change in fair value of interest rate swap | (283) | (283) | ||||
| Cumulative foreign currency translation adjustment | (16,242) | (16,242) | (129) | |||
| Repurchases of common stock | $ (14,285) | (14,285) | ||||
| Repurchase of common stock, shares (in shares) | (547,780) | (548,000) | ||||
| Ending balance at Sep. 30, 2015 | $ 248,072 | $ 26 | $ 127,074 | $ 179,322 | $ (58,350) | $ 0 |
| Ending balance, shares (in shares) at Sep. 30, 2015 | 25,882,000 |
Organization and Nature of Oper
| Organization and Nature of Operations | 9 Months Ended |
| Sep. 30, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Nature of Operations | Organization and Nature of Operations Description of Business Headquartered in Braintree, Massachusetts, Altra Industrial Motion Corp. (the “Company”) 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 twelve 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. |
Basis of Presentation
| Basis of Presentation | 9 Months Ended |
| Sep. 30, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation 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, 2014 . In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position for the interim periods presented, and cash flows for the interim periods presented. The results are not necessarily indicative of future results. 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. |
Fair Value of Financial Instrum
| Fair Value of Financial Instruments | 9 Months Ended |
| Sep. 30, 2015 | |
| 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 both September 30, 2015 and December 31, 2014 . The estimated fair value of the Convertible Notes at September 30, 2015 and December 31, 2014 was $88.4 million and $99.0 million , respectively, based on inputs other than quoted prices that are observable for the Convertible Notes (level 2). Included in cash and cash equivalents at September 30, 2015 and December 31, 2014 are money market fund investments of $0.3 million , 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”) as of September 30, 2015 and December 31, 2014 was $(0.1) million and $0.1 million , respectively, 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. |
Changes in Accumulated Other Co
| Changes in Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended |
| Sep. 30, 2015 | |
| 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 Losses on Cash Flow Hedges Defined Benefit Pension Plans Cumulative Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2015 $ 143 $ (4,818 ) $ (36,740 ) $ (41,415 ) Cumulative losses transferred from Lamiflex — — (410 ) (410 ) Net current-period Other Comprehensive Loss (283 ) — (16,242 ) (16,525 ) Accumulated Other Comprehensive Loss by Component, September 30, 2015 $ (140 ) $ (4,818 ) $ (53,392 ) $ (58,350 ) Gains and Losses on Cash Flow Hedges Defined Benefit Pension Plans Cumulative Foreign Currency Translation Adjustment Total 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, 2015 | |
| 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 September 30, September 30, 2014 September 30, 2015 September 30, 2014 Net income attributable to Altra Industrial Motion Corp. $ 10,221 $ 6,946 $ 29,299 $ 31,108 Shares used in net income per common share - basic 26,145 26,648 26,140 26,785 Dilutive effect of the equity premium on Convertible Notes at the average price of common stock — 626 38 687 Incremental shares of unvested restricted common stock — 60 6 85 Shares used in net income per common share - diluted 26,145 27,334 26,184 27,557 Earnings per share: Basic net income attributable to Altra Industrial Motion Corp. $ 0.39 $ 0.26 $ 1.12 $ 1.16 Diluted net income attributable to Altra Industrial Motion Corp. $ 0.39 $ 0.25 $ 1.12 $ 1.13 During the quarter ended September 30, 2015, the Company's common stock price did not exceed the current conversion price of the Company's Convertible Notes, resulting in no additional shares being included in net income per common share in the diluted earnings per share calculation above. During the year to date periods ended September 30, 2015 and 2014 and quarter 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 net income per common share in the diluted earnings per share calculation above. |
Acquisitions
| Acquisitions | 9 Months Ended |
| Sep. 30, 2015 | |
| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions Guardian Couplings On July 1, 2014, the Company acquired all of the issued and outstanding shares of Guardian Ind., Inc. ("Guardian Couplings") for cash consideration of $17.1 million . This transaction is referred to as the Guardian Acquisition. Guardian Couplings is a manufacturer and supplier of flywheel, motion control and general industrial couplings. The Guardian Acquisition provides the Company with increased product coverage in several core markets, including energy, farm and agriculture, and specialty machinery and is expected to provide synergies with the Company's existing product offerings. The sellers agreed to provide the Company with a limited set of representations and warranties, including those with respect to outstanding and potential liabilities. Claims for a breach of a representation or warranty are secured by a limited escrow. 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. The purchase price of $17.1 million , excluding acquisition costs of $0.2 million , is in excess of the fair value of net assets acquired by approximately $2.2 million . Current assets acquired, excluding approximately $2.0 million in cash, totaled approximately $4.0 million , non-current assets totaled approximately $9.2 million and current liabilities totaled approximately $0.3 million . 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 over a period of 15 years. The Company expects to develop synergies, such as lower cost country sourcing and global procurement. The non-current assets acquired included the following intangible assets: Customer relationships, subject to amortization $ 7,450 Trade names and trademarks, not subject to amortization 650 Total intangible assets $ 8,100 Customer relationships will be amortized on a straight-line basis over their estimated useful lives of 14 years, which represents the anticipated period over which the Company estimates it will benefit from the acquired assets. Pro forma Results of Operations The closing date of the Guardian Acquisition was July 1, 2014. The Company's unaudited condensed consolidated financial statements reflect the results of the operations of the acquired entities for the periods commencing after the acquisition dates. The following table sets forth the unaudited pro forma results of operations of the Company for the year to date period ended September 30, 2014 as if the Company had acquired Guardian Couplings on January 1, 2014. The pro forma information contains the actual operating results of the Company, including Guardian Couplings, adjusted to include the pro forma impact of (i) additional expense as a result of the estimated amortization of identifiable intangible assets; and (ii) additional interest expense for borrowings under the Credit Agreement associated with the Guardian 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. Year to Date Ended September 30, 2014 Total revenues $ 633,762 Net income attributable to Altra Industrial Motion Corp. $ 31,852 Earnings per share: Basic net income attributable to Altra Industrial Motion Corp. $ 1.19 Dilutive net income attributable to Altra Industrial Motion Corp. $ 1.16 |
Inventories
| Inventories | 9 Months Ended |
| Sep. 30, 2015 | |
| 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, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 Raw materials $ 35,196 $ 36,814 Work in process 14,170 13,641 Finished goods 76,670 82,281 $ 126,036 $ 132,736 |
Goodwill and Intangible Assets
| Goodwill and Intangible Assets | 9 Months Ended |
| Sep. 30, 2015 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill from January 1, through September 30, 2015 were as follows: Couplings, Clutches & Brakes Electromagnetic Clutches & Brakes Gearing Total Gross goodwill balance as of January 1, 2015 $ 70,004 $ 36,943 $ 26,950 $ 133,897 Accumulated Impairment January 1, 2015 (28,065 ) (3,745 ) — (31,810 ) Net goodwill balance January 1, 2015 41,939 33,198 26,950 102,087 Impact of changes in foreign currency and other (2,583 ) (342 ) (848 ) (3,773 ) Net goodwill balance September 30, 2015 $ 39,356 $ 32,856 $ 26,102 $ 98,314 Other intangible assets as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Other intangible assets Intangible assets not subject to amortization: Tradenames and trademarks $ 40,095 $ — $ 40,095 $ 41,257 $ — $ 41,257 Intangible assets subject to amortization: Customer relationships 113,742 55,058 58,684 118,523 49,849 68,674 Product technology and patents 6,053 5,352 701 6,830 6,031 799 Total intangible assets $ 159,890 $ 60,410 $ 99,480 $ 166,610 $ 55,880 $ 110,730 The Company recorded $2.1 million and $2.3 million of amortization expense in the quarters ended September 30, 2015 and 2014 , respectively, and recorded $6.4 million and $6.9 million of amortization in the year to date periods ended September 30, 2015 and 2014 , respectively. The estimated amortization expense for intangible assets is approximately $2.1 million for the remainder of 2015 , $8.4 million in each of the next four years and then $23.7 million thereafter. |
Warranty Costs
| Warranty Costs | 9 Months Ended |
| Sep. 30, 2015 | |
| Guarantees [Abstract] | |
| Warranty Costs | Warranty Costs The contractual warranty period of the Company's products generally ranges from three months to two years with certain warranties extending for longer periods. 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 condensed 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 year to date periods ended September 30, 2015 and September 30, 2014 are as follows: September 30, 2015 September 30, 2014 Balance at beginning of period $ 7,792 $ 8,739 Accrued current period warranty expense 3,641 1,314 Payments and adjustments (1,760 ) (1,900 ) Balance at end of period $ 9,673 $ 8,153 The accrued current period warranty expense for the period ended September 30, 2015 included $2.1 million related to a quality issue related to defective components. The cost estimates recognized are subject to change based upon final resolution with the customers and the ultimate costs incurred to replace the defective component. |
Debt
| Debt | 9 Months Ended |
| Sep. 30, 2015 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Outstanding debt obligations at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 Debt: Revolving Credit Facility $ 37,000 $ 40,000 Convertible Notes 85,000 85,000 Term Loan Facility 114,156 133,697 Mortgages 10,335 3,905 Equipment Loan 2,893 5,430 Capital leases 534 476 Total debt 249,918 268,508 Less: debt discount, net of accretion (10,016 ) (12,756 ) Total debt, net of unaccreted discount $ 239,902 $ 255,752 Less current portion of long-term debt 12,713 15,176 Total long-term debt, net of unaccreted discount $ 227,189 $ 240,576 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 (the “Former Credit Agreement”). 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 kept 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 reset to amortize 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 credit 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. On August 13, 2015, the Company entered into a First Amendment to the Credit Agreement which revised the definition of a “Change in Control” set forth in the Credit Agreement. As of September 30, 2015 and December 31, 2014 , the Company had $37.0 million and $40.0 million outstanding on our Revolving Credit Facility, respectively. As of September 30, 2015 and December 31, 2014, the Company had $8.0 million and $11.0 million in letters of credit outstanding, respectively. The Company had $155.0 million and $149.0 million available under the Revolving Credit Facility at September 30, 2015 and December 31, 2014 , respectively. The Credit Agreement contains various affirmative and negative covenants and restrictions, which among other things, will require the Company and certain of its 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. On October 22, 2015, the Company entered into a Second Amended and Restated Credit Agreement. For more information on the Company’s Second Amended and Restated Credit Agreement see Note 16. 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. 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 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 September 30, 2015 is $26.29 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 5 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. As of 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. Because the last reported sale price of the Company's common stock did not exceed 130% of the current conversion price, which was $26.29 , for at least 20 of the last 30 consecutive trading days in the fiscal quarter ended September 30, 2015 , the Convertible Notes are not convertible at the election of the holders of the Convertible Notes at any time during the fiscal quarter ending December 31, 2015. The future convertibility will be monitored at each quarterly reporting date and will be analyzed dependent upon market prices of the Company's common stock during the prescribed measurement periods. 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, 2015 : Principal amount of debt $ 85,000 Unamortized discount 10,016 Carrying value of debt $ 74,984 Interest expense associated with the Convertible Notes consists of the following: Quarter Ended September 30, 2015 September 30, 2014 Contractual coupon rate of interest $ 586 $ 584 Accretion of Convertible Notes discount and amortization of deferred financing costs 840 681 Interest expense for the convertible notes $ 1,426 $ 1,265 Year to Date Ended September 30, 2015 September 30, 2014 Contractual coupon rate of interest $ 1,753 $ 1,753 Accretion of Convertible Notes discount and amortization of deferred financing costs 2,740 2,527 Interest expense for the convertible notes $ 4,493 $ 4,280 The effective interest yield of the Convertible Notes due in 2031 is 8.5% at September 30, 2015 and the cash coupon interest rate is 2.75% . Equipment and Working Capital Notes The Company entered into a loan with a bank to equip its facility in Changzhou, China during 2013. The loan is secured by certain letters of credit issued by the Company’s U.S. bank in favor of the lending bank in China. As of September 30, 2015 , the total available to borrow was 38.7 million RMB ( $6.3 million ). The loan is due in installments from 2014 through 2016 , with interest varying between 5.4% and 7.87% . The Company has a 18.4 million RMB ( $2.9 million ) line of credit outstanding at September 30, 2015 . The note is callable by the bank at its discretion and as such, has been included in the current portion of long-term debt in the balance sheet at September 30, 2015 . Mortgages Heidelberg Germany A foreign subsidiary of the Company entered into a new mortgage with a bank for €1.5 million or $1.7 million secured by its facility in Heidelberg, Germany to replace its previously existing mortgage during the quarter ended September 30, 2015. The new mortgage has an interest rate of 1.79% which is payable in monthly installments through August 2023. The mortgage has a remaining principal balance of €1.5 million or $1.7 million at September 30, 2015. As of December 31, 2014 , the previously existing mortgage had a remaining principal balance of €0.2 million or $0.3 million , respectively. Esslingen Germany A foreign subsidiary of the Company entered into a mortgage with a bank for €6.0 million or $6.7 million for the construction of its new facility in Esslingen, Germany during August 2014 with an interest rate of 2.5% per year which is payable in annual interest payments of €0.1 million or $0.1 million to be paid in monthly installments. The mortgage has a remaining principal balance of €6.0 million or $6.7 million at September 30, 2015. The principal portion of the mortgage will be due in a lump-sum payment in May 2019. Angers France A foreign subsidiary of the Company entered into a mortgage with a bank for €2.0 million or $2.3 million for the construction of its new facility in Angers, France during the quarter ended September 30, 2015 with an interest rate of 1.85% per year which is payable in monthly installments from June 2016 until May 2025. The mortgage has a balance of €1.7 million or $1.9 million at September 30, 2015. 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 $0.5 million at both September 30, 2015 and December 31, 2014 . Assets subject to capital leases are included in property, plant and equipment with the related amortization recorded as depreciation expense. Overdraft Agreements Certain of our foreign subsidiaries maintain overdraft agreements with financial institutions. There were no borrowings as of September 30, 2015 or December 31, 2014 under any of the overdraft agreements. |
Stockholders' Equity
| Stockholders' Equity | 9 Months Ended |
| Sep. 30, 2015 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | Stockholders’ Equity Stock-Based Compensation The Company's 2004 Equity Incentive Plan (the “2004 Plan”) permitted the grant of various forms of stock based compensation to our officers and senior level employees. The 2004 Plan expired in 2014 and, upon expiration, there were 750,576 shares subject to outstanding awards under the 2004 Plan. The 2014 Omnibus Incentive Plan (the “2014 Plan”) was approved by the Company's shareholders at its 2014 annual meeting. The 2014 Plan provides for various forms of stock based compensation to our directors, executive personnel and other key employees and consultants. Under the 2014 Plan, the total number of shares of common stock available for delivery pursuant to the grant of awards (“Awards”) was originally 750,000 . Shares of our common stock subject to Awards awarded under the 2004 Plan and outstanding as of the effective date of the 2014 Plan (except for substitute awards) that terminate without being exercised, expire, are forfeited or canceled, are exchanged for Awards that did not involve shares of common stock, are not issued on the stock settlement of a stock appreciation right, are withheld by the Company or tendered by a participant (either actually or by attestation) to pay an option exercise price or to pay the withholding tax on any Award, or are settled in cash in lieu of shares will again be available for Awards under the 2014 Plan. The restricted stock awards issued pursuant to the 2014 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 events. Common stock awarded under the 2014 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 2014 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 2014 Plan are determined by the Personnel and Compensation Committee of the Board of Directors. Stock-based compensation expense recorded (in selling, general and administrative expense) during the year to date periods ended September 30, 2015 and September 30, 2014 , was $3.2 million and $2.6 million , respectively. Stock-based compensation expense recorded during the quarters ended September 30, 2015 and September 30, 2014 , was $1.0 million and $0.8 million , 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 and performance share grants in the year to date period ended September 30, 2015 : Shares Weighted-average grant date fair value Shares unvested January 1, 2015 159,178 $ 28.53 Shares granted 129,338 26.93 Shares for which restrictions lapsed (126,716 ) 26.56 Shares unvested September 30, 2015 161,800 $ 28.62 Total remaining unrecognized compensation cost was $4.6 million as of September 30, 2015 , which will be recognized over a weighted average remaining period of 3 years . The fair market value of the shares for which the restrictions have lapsed during the year to date period ended September 30, 2015 was $3.6 million . Restricted shares granted are valued based on the fair market value of the stock on the date of grant. Share Repurchase Program In May 2014, our board of directors approved a new share repurchase program authorizing the buyback of up to $50.0 million of the Company's common stock. The Company expects to purchase shares on the open market, through block trades, in privately negotiated transactions, in compliance with SEC Rule 10b-18 (including through Rule 10b5-1 plans), or in any other appropriate manner. The timing of the shares repurchased will be at the discretion of management and will depend on a number of factors, including price, market conditions and regulatory requirements. Shares acquired through the repurchase program will be retired. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice. For the year to date period ended September 30, 2015 , the Company repurchased 547,780 shares of common stock at an average purchase price of $ 26.08 per share. As of September 30, 2015 , up to $18.1 million was available to purchase additional shares under the repurchase program, which expires on December 31, 2016. The Company expects to fund any further repurchases of its common stock through a combination of cash on hand and cash generated by operations. Dividends The Company declared a dividend of $0.15 per share of common stock related to the quarter ended September 30, 2015 . The dividend for the quarter ended September 30, 2015 was accrued in the balance sheet at September 30, 2015 . The Company declared and paid a cash dividend of $0.12 per share of common stock for the quarter ended September 30, 2014 which was accrued at September 30, 2014 . 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. |
Derivative Financial Instrument
| Derivative Financial Instruments | 9 Months Ended |
| Sep. 30, 2015 | |
| 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 $75.0 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, 2015 , 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 September 30, December 31, 2014 Effective Date Amount Fixed Rate Maturity April 30, 2013 $ 75,000 0.626 % November 30, 2016 $ (140 ) $ 143 |
Restructuring
| Restructuring | 9 Months Ended |
| Sep. 30, 2015 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring | Restructuring 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. In the quarter ended March 31, 2015, the Company commenced a restructuring plan (“2015 Altra Plan”) as a result of weak demand in Europe and to make certain adjustments to improve business effectiveness, reduce the number of facilities and streamline the Company's cost structure. The actions taken pursuant to the 2015 Altra Plan initially included reducing headcount and limiting discretionary spending to improve profitability. In addition, during the quarter ended June 30, 2015, the Company initiated the next step of the Plan and incurred certain costs and asset impairments relating to facility consolidations. Those activities continued in the quarter ended September 30, 2015. The Company’s total restructuring expense, which included primarily severance and employee termination obligations and asset impairments, by segment for the quarters and year to date periods ended September 30, 2015 and September 30, 2014 was as follows: Quarter Ended Year to Date Period Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Couplings, Clutches & Brakes $ 103 $ 285 $ 741 $ 285 Electromagnetic Clutches & Brakes 7 592 1,373 592 Gearing 541 670 2,880 670 Corporate — 96 — 96 Total $ 651 $ 1,643 $ 4,994 $ 1,643 The segment information for the quarter and year to date periods ended September 30, 2014 has been reclassified to conform to the current period presentation. For more information on the reclassification and realignment of the Company’s reportable segments see Note 14. The following is a reconciliation of the accrued restructuring cost: All Plans Balance at January 1, 2015 $ 389 Restructuring expense incurred 4,994 Non-cash loss on impairment of fixed assets (1,105 ) Cash payments (1,986 ) Balance at September 30, 2015 $ 2,292 The total restructuring reserve as of September 30, 2015 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 which are expected to be paid during 2015. The Company expects to incur approximately $1.0 - $1.5 million in additional restructuring expenses under the 2015 Plan during the remainder of 2015 as management decisions on actions to be taken are finalized. |
Segments, Concentrations and Ge
| Segments, Concentrations and Geographic Information | 9 Months Ended |
| Sep. 30, 2015 | |
| Segment Reporting [Abstract] | |
| Segments, Concentrations and Geographic Information | Segments, Concentrations and Geographic Information Segments During the quarter ended September 30, 2015, the Company realigned its reporting and management structure and corresponding reportable business segments as part of its business simplification efforts. This new structure is better aligned across the Company’s end markets and will better facilitate the Company’s strategic initiatives for growth, procurement and facility consolidation. The segment information presented below for the prior periods has been reclassified to conform to the new presentation. The Company currently operates through three business segments that are aligned with key product types and end markets served: • Couplings, Clutches & Brakes. Couplings are the interface between two shafts, which enable power to be transmitted from one shaft to the other. Clutches in this segment are devices which use mechanical, hydraulic, pneumatic, or friction type connections to facilitate engaging or disengaging two rotating members. Brakes are combinations of interacting parts that work to slow or stop machinery. Products in this segment are generally used in heavy industrial applications and energy markets. • Electromagnetic Clutches & Brakes. Products in this segment include brakes and clutches that are used to electronically slow, stop, engage or disengage equipment utilizing electromagnetic friction type connections. Products in this segment are used in industrial and commercial markets including agricultural machinery, material handling, motion control, and turf & garden. • Gearing. Gears are utilized to reduce the speed and increase the torque of an electric motor or engine to the level required to drive a particular piece of equipment. Gears produced by the Company are primarily utilized in industrial applications. Segment financial information and a reconciliation of segment results to consolidated results follows: Quarters Ended September 30, Year to date periods Ended September 30, 2015 2014 2015 2014 Net Sales: Couplings, Clutches & Brakes $ 85,760 $ 100,363 $ 265,225 $ 298,633 Electromagnetic Clutches & Brakes 50,393 49,793 166,279 169,563 Gearing 48,783 54,028 147,599 165,478 Inter-segment eliminations (1,883 ) (1,664 ) (6,079 ) (5,818 ) Net sales $ 183,053 $ 202,520 $ 573,024 $ 627,856 Income from operations: Segment earnings: Couplings, Clutches & Brakes $ 8,910 $ 13,107 $ 29,672 $ 35,140 Electromagnetic Clutches & Brakes 4,771 4,071 16,293 18,192 Gearing 6,197 6,566 17,022 18,651 Restructuring (651 ) (1,643 ) (4,994 ) (1,643 ) Corporate expenses (1) (2,567 ) (4,296 ) (7,967 ) (10,931 ) Income from operations $ 16,660 $ 17,805 $ 50,026 $ 59,409 Other non-operating (income) expense: Net interest expense $ 2,924 $ 3,000 $ 8,858 $ 8,991 Other non-operating (income) expense, net 685 (313 ) 606 446 3,609 2,687 9,464 9,437 Income before income taxes 13,051 15,118 40,562 49,972 Provision for income taxes 2,830 8,170 11,326 18,843 Net income $ 10,221 $ 6,948 $ 29,236 $ 31,129 (1) Certain expenses are maintained at the corporate level and not allocated to the segments. These include various administrative expenses related to the corporate headquarters, depreciation on capitalized software costs, non-capitalizable software implementation costs and acquisition related expenses. Selected information by segment (continued) Quarter Ended Year to Date Period Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Depreciation and amortization: Couplings, Clutches & Brakes $ 3,926 $ 4,410 $ 11,922 $ 12,997 Electromagnetic Clutches & Brakes 1,195 1,258 3,481 3,769 Gearing 1,613 1,826 4,970 5,612 Corporate 803 602 2,296 1,744 Total depreciation and amortization $ 7,537 $ 8,096 $ 22,669 $ 24,122 September 30, 2015 December 31, 2014 Total assets: Couplings, Clutches & Brakes $ 343,268 $ 377,803 Electromagnetic Clutches & Brakes 127,811 131,015 Gearing 137,282 134,129 Corporate (2) 49,706 41,616 Total assets $ 658,067 $ 684,563 (2) Corporate assets are primarily cash and cash equivalents, tax related asset accounts, certain capitalized software costs, property, plant and equipment and deferred financing costs. Net sales to third parties by geographic region are as follows : Net Sales Quarter Ended Year to Date Period Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 North America (primarily U.S.) $ 108,959 $ 117,796 $ 350,753 $ 370,944 Europe 52,757 64,116 164,829 199,196 Asia and other 21,337 20,608 57,442 57,716 Total $ 183,053 $ 202,520 $ 573,024 $ 627,856 Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Concentrations 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 quarters ended September 30, 2015 and September 30, 2014 . 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 well-established financial institutions. |
Commitments and Contingencies
| Commitments and Contingencies | 9 Months Ended |
| Sep. 30, 2015 | |
| 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, 2015 or December 31, 2014 . 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, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On October 22, 2015, the Company entered into a Second Amended and Restated Credit Agreement pursuant to which the Company amended its Credit Agreement. The new agreement resulted in a two -year extension of the term of the facility, the elimination of the existing Term Loan Facility, and an increase in total borrowing capacity under the facility to $350.0 million . The applicable margins for Eurodollar Loans and ABR Loans are between 1.25% and 2.00% , 0.25% and 1.00% , respectively. Collateral under the new facility remains substantially the same as under the Company's existing Credit Agreement. The Company expects to incur a non-cash charge of approximately $0.5 million during the quarter ended December 31, 2015 to write-off deferred financing costs in connection with eliminating the Term Loan Facilities under the new agreement. |
Changes in Accumulated Other 24
| Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| 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 Losses on Cash Flow Hedges Defined Benefit Pension Plans Cumulative Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) by Component, January 1, 2015 $ 143 $ (4,818 ) $ (36,740 ) $ (41,415 ) Cumulative losses transferred from Lamiflex — — (410 ) (410 ) Net current-period Other Comprehensive Loss (283 ) — (16,242 ) (16,525 ) Accumulated Other Comprehensive Loss by Component, September 30, 2015 $ (140 ) $ (4,818 ) $ (53,392 ) $ (58,350 ) Gains and Losses on Cash Flow Hedges Defined Benefit Pension Plans Cumulative Foreign Currency Translation Adjustment Total 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, 2015 | |
| Earnings Per Share [Abstract] | |
| Reconciliation of Basic to Diluted Net Income per Share | The following is a reconciliation of basic to diluted net income per share: Quarter Ended Year to Date Ended September 30, September 30, 2014 September 30, 2015 September 30, 2014 Net income attributable to Altra Industrial Motion Corp. $ 10,221 $ 6,946 $ 29,299 $ 31,108 Shares used in net income per common share - basic 26,145 26,648 26,140 26,785 Dilutive effect of the equity premium on Convertible Notes at the average price of common stock — 626 38 687 Incremental shares of unvested restricted common stock — 60 6 85 Shares used in net income per common share - diluted 26,145 27,334 26,184 27,557 Earnings per share: Basic net income attributable to Altra Industrial Motion Corp. $ 0.39 $ 0.26 $ 1.12 $ 1.16 Diluted net income attributable to Altra Industrial Motion Corp. $ 0.39 $ 0.25 $ 1.12 $ 1.13 |
Acquisitions (Tables)
| Acquisitions (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| Business Combinations [Abstract] | |
| Fair Value Of Intangible Assets Table | The non-current assets acquired included the following intangible assets: Customer relationships, subject to amortization $ 7,450 Trade names and trademarks, not subject to amortization 650 Total intangible assets $ 8,100 |
| Proforma Amount on Acquisition Occurred | The following table sets forth the unaudited pro forma results of operations of the Company for the year to date period ended September 30, 2014 as if the Company had acquired Guardian Couplings on January 1, 2014. The pro forma information contains the actual operating results of the Company, including Guardian Couplings, adjusted to include the pro forma impact of (i) additional expense as a result of the estimated amortization of identifiable intangible assets; and (ii) additional interest expense for borrowings under the Credit Agreement associated with the Guardian 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. Year to Date Ended September 30, 2014 Total revenues $ 633,762 Net income attributable to Altra Industrial Motion Corp. $ 31,852 Earnings per share: Basic net income attributable to Altra Industrial Motion Corp. $ 1.19 Dilutive net income attributable to Altra Industrial Motion Corp. $ 1.16 |
Inventories (Tables)
| Inventories (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| 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, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 Raw materials $ 35,196 $ 36,814 Work in process 14,170 13,641 Finished goods 76,670 82,281 $ 126,036 $ 132,736 |
Goodwill and Intangible Assets
| Goodwill and Intangible Assets (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Changes in Goodwill | Changes in goodwill from January 1, through September 30, 2015 were as follows: Couplings, Clutches & Brakes Electromagnetic Clutches & Brakes Gearing Total Gross goodwill balance as of January 1, 2015 $ 70,004 $ 36,943 $ 26,950 $ 133,897 Accumulated Impairment January 1, 2015 (28,065 ) (3,745 ) — (31,810 ) Net goodwill balance January 1, 2015 41,939 33,198 26,950 102,087 Impact of changes in foreign currency and other (2,583 ) (342 ) (848 ) (3,773 ) Net goodwill balance September 30, 2015 $ 39,356 $ 32,856 $ 26,102 $ 98,314 |
| Other Intangible Assets | Other intangible assets as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Other intangible assets Intangible assets not subject to amortization: Tradenames and trademarks $ 40,095 $ — $ 40,095 $ 41,257 $ — $ 41,257 Intangible assets subject to amortization: Customer relationships 113,742 55,058 58,684 118,523 49,849 68,674 Product technology and patents 6,053 5,352 701 6,830 6,031 799 Total intangible assets $ 159,890 $ 60,410 $ 99,480 $ 166,610 $ 55,880 $ 110,730 |
Warranty Costs (Tables)
| Warranty Costs (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| 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, 2015 and September 30, 2014 are as follows: September 30, 2015 September 30, 2014 Balance at beginning of period $ 7,792 $ 8,739 Accrued current period warranty expense 3,641 1,314 Payments and adjustments (1,760 ) (1,900 ) Balance at end of period $ 9,673 $ 8,153 |
Debt (Tables)
| Debt (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| Debt Disclosure [Abstract] | |
| Outstanding Debt Obligations | Outstanding debt obligations at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 Debt: Revolving Credit Facility $ 37,000 $ 40,000 Convertible Notes 85,000 85,000 Term Loan Facility 114,156 133,697 Mortgages 10,335 3,905 Equipment Loan 2,893 5,430 Capital leases 534 476 Total debt 249,918 268,508 Less: debt discount, net of accretion (10,016 ) (12,756 ) Total debt, net of unaccreted discount $ 239,902 $ 255,752 Less current portion of long-term debt 12,713 15,176 Total long-term debt, net of unaccreted discount $ 227,189 $ 240,576 |
| 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, 2015 : Principal amount of debt $ 85,000 Unamortized discount 10,016 Carrying value of debt $ 74,984 |
| Interest Expense Associated with Convertible Notes | Interest expense associated with the Convertible Notes consists of the following: Quarter Ended September 30, 2015 September 30, 2014 Contractual coupon rate of interest $ 586 $ 584 Accretion of Convertible Notes discount and amortization of deferred financing costs 840 681 Interest expense for the convertible notes $ 1,426 $ 1,265 Year to Date Ended September 30, 2015 September 30, 2014 Contractual coupon rate of interest $ 1,753 $ 1,753 Accretion of Convertible Notes discount and amortization of deferred financing costs 2,740 2,527 Interest expense for the convertible notes $ 4,493 $ 4,280 |
Stockholders' Equity (Tables)
| Stockholders' Equity (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| Stockholders' Equity Note [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, 2015 : Shares Weighted-average grant date fair value Shares unvested January 1, 2015 159,178 $ 28.53 Shares granted 129,338 26.93 Shares for which restrictions lapsed (126,716 ) 26.56 Shares unvested September 30, 2015 161,800 $ 28.62 |
Derivative Financial Instrume32
| Derivative Financial Instruments (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| 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 September 30, December 31, 2014 Effective Date Amount Fixed Rate Maturity April 30, 2013 $ 75,000 0.626 % November 30, 2016 $ (140 ) $ 143 |
Restructuring (Tables)
| Restructuring (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| Restructuring and Related Activities [Abstract] | |
| Summary of Total Restructuring Expense | The Company’s total restructuring expense, which included primarily severance and employee termination obligations and asset impairments, by segment for the quarters and year to date periods ended September 30, 2015 and September 30, 2014 was as follows: Quarter Ended Year to Date Period Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Couplings, Clutches & Brakes $ 103 $ 285 $ 741 $ 285 Electromagnetic Clutches & Brakes 7 592 1,373 592 Gearing 541 670 2,880 670 Corporate — 96 — 96 Total $ 651 $ 1,643 $ 4,994 $ 1,643 |
| Reconciliation of Accrued Restructuring Costs | The following is a reconciliation of the accrued restructuring cost: All Plans Balance at January 1, 2015 $ 389 Restructuring expense incurred 4,994 Non-cash loss on impairment of fixed assets (1,105 ) Cash payments (1,986 ) Balance at September 30, 2015 $ 2,292 |
Segments, Concentrations and 34
| Segments, Concentrations and Geographic Information (Tables) | 9 Months Ended |
| Sep. 30, 2015 | |
| Segment Reporting [Abstract] | |
| Reconciliation of Revenue from Segments to Consolidated | Segment financial information and a reconciliation of segment results to consolidated results follows: Quarters Ended September 30, Year to date periods Ended September 30, 2015 2014 2015 2014 Net Sales: Couplings, Clutches & Brakes $ 85,760 $ 100,363 $ 265,225 $ 298,633 Electromagnetic Clutches & Brakes 50,393 49,793 166,279 169,563 Gearing 48,783 54,028 147,599 165,478 Inter-segment eliminations (1,883 ) (1,664 ) (6,079 ) (5,818 ) Net sales $ 183,053 $ 202,520 $ 573,024 $ 627,856 Income from operations: Segment earnings: Couplings, Clutches & Brakes $ 8,910 $ 13,107 $ 29,672 $ 35,140 Electromagnetic Clutches & Brakes 4,771 4,071 16,293 18,192 Gearing 6,197 6,566 17,022 18,651 Restructuring (651 ) (1,643 ) (4,994 ) (1,643 ) Corporate expenses (1) (2,567 ) (4,296 ) (7,967 ) (10,931 ) Income from operations $ 16,660 $ 17,805 $ 50,026 $ 59,409 Other non-operating (income) expense: Net interest expense $ 2,924 $ 3,000 $ 8,858 $ 8,991 Other non-operating (income) expense, net 685 (313 ) 606 446 3,609 2,687 9,464 9,437 Income before income taxes 13,051 15,118 40,562 49,972 Provision for income taxes 2,830 8,170 11,326 18,843 Net income $ 10,221 $ 6,948 $ 29,236 $ 31,129 (1) Certain expenses are maintained at the corporate level and not allocated to the segments. These include various administrative expenses related to the corporate headquarters, depreciation on capitalized software costs, non-capitalizable software implementation costs and acquisition related expenses. |
| Reconciliation of Assets from Segment to Consolidated | Selected information by segment (continued) Quarter Ended Year to Date Period Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Depreciation and amortization: Couplings, Clutches & Brakes $ 3,926 $ 4,410 $ 11,922 $ 12,997 Electromagnetic Clutches & Brakes 1,195 1,258 3,481 3,769 Gearing 1,613 1,826 4,970 5,612 Corporate 803 602 2,296 1,744 Total depreciation and amortization $ 7,537 $ 8,096 $ 22,669 $ 24,122 September 30, 2015 December 31, 2014 Total assets: Couplings, Clutches & Brakes $ 343,268 $ 377,803 Electromagnetic Clutches & Brakes 127,811 131,015 Gearing 137,282 134,129 Corporate (2) 49,706 41,616 Total assets $ 658,067 $ 684,563 (2) Corporate assets are primarily cash and cash equivalents, tax related asset accounts, certain capitalized software costs, property, plant and equipment and deferred financing costs. |
| Revenue from External Customers by Geographic Areas | Net sales to third parties by geographic region are as follows : Net Sales Quarter Ended Year to Date Period Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 North America (primarily U.S.) $ 108,959 $ 117,796 $ 350,753 $ 370,944 Europe 52,757 64,116 164,829 199,196 Asia and other 21,337 20,608 57,442 57,716 Total $ 183,053 $ 202,520 $ 573,024 $ 627,856 |
Organization and Nature of Op35
| Organization and Nature of Operations - Additional Information (Detail) - Brand [Member] | 9 Months Ended |
| Sep. 30, 2015CountryProduct | |
| Organization And Nature Of Business [Line Items] | |
| Number of product lines | Product | 42 |
| Number of countries in which the company has production facilities | 12 |
Fair Value of Financial Instr36
| Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
| Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Cash and cash equivalents | $ 0.3 | $ 0.3 |
| Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Estimated fair value of interest rate swap, liability | $ (0.1) | |
| Estimated fair value of interest rate swap, asset | $ 0.1 | |
| 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 | $ 85 |
| Estimated fair value of financial instruments | $ 88.4 | $ 99 |
Changes in Accumulated Other 37
| Changes in Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Accumulated other comprehensive income (loss) by component, beginning balance | $ (41,415) | $ (18,396) | ||
| Cumulative losses transferred from Lamiflex | (410) | |||
| Net current-period other comprehensive income (loss) | $ (4,538) | $ (12,112) | (16,525) | (11,328) |
| Accumulated other comprehensive income (loss) by component, ending balance | (58,350) | (29,724) | (58,350) | (29,724) |
| Gains and Losses on Cash Flow Hedges [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Accumulated other comprehensive income (loss) by component, beginning balance | 143 | 135 | ||
| Cumulative losses transferred from Lamiflex | 0 | |||
| Net current-period other comprehensive income (loss) | (283) | 109 | ||
| Accumulated other comprehensive income (loss) by component, ending balance | (140) | 244 | (140) | 244 |
| Defined Benefit Pension Plans [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Accumulated other comprehensive income (loss) by component, beginning balance | (4,818) | (3,133) | ||
| Cumulative losses transferred from Lamiflex | 0 | |||
| Net current-period other comprehensive income (loss) | 0 | 0 | ||
| Accumulated other comprehensive income (loss) by component, ending balance | (4,818) | (3,133) | (4,818) | (3,133) |
| Cumulative Foreign Currency Translation Adjustment [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Accumulated other comprehensive income (loss) by component, beginning balance | (36,740) | (15,398) | ||
| Cumulative losses transferred from Lamiflex | (410) | |||
| Net current-period other comprehensive income (loss) | (16,242) | (11,437) | ||
| Accumulated other comprehensive income (loss) by component, ending balance | $ (53,392) | $ (26,835) | $ (53,392) | $ (26,835) |
Net Income per Share - Reconcil
| Net Income per Share - Reconciliation of Basic to Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Earnings Per Share [Abstract] | ||||
| Net income attributable to Altra Industrial Motion Corp. | $ 10,221 | $ 6,946 | $ 29,299 | $ 31,108 |
| Shares used in net income per common share - basic (in shares) | 26,145 | 26,648 | 26,140 | 26,785 |
| Dilutive effect of the equity premium on Convertible Notes at the average price of common stock (in shares) | 0 | 626 | 38 | 687 |
| Incremental shares of unvested restricted common stock (in shares) | 0 | 60 | 6 | 85 |
| Shares used in net income per common share - diluted (in shares) | 26,145 | 27,334 | 26,184 | 27,557 |
| Earnings per share: | ||||
| Basic net income attributable to Altra Industrial Motion Corp. (in usd per share) | $ 0.39 | $ 0.26 | $ 1.12 | $ 1.16 |
| Diluted net income attributable to Altra Industrial Motion Corp. (in usd per share) | $ 0.39 | $ 0.25 | $ 1.12 | $ 1.13 |
Acquisitions - Additional Infor
| Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
| Business Acquisition [Line Items] | |||
| Total approximate current liabilities | $ 121,088 | $ 119,628 | |
| Guardian [Member] | |||
| Business Acquisition [Line Items] | |||
| Business acquisition cash transferred | $ 17,100 | ||
| Approximate excluded acquisition costs of purchase price | 200 | ||
| Excess of purchase price over fair value of net assets acquired | 2,200 | ||
| Cash and cash equivalents | 2,000 | ||
| Trade receivables | 4,000 | ||
| Noncurrent assets acquired | 9,200 | ||
| Total approximate current liabilities | $ 300 | ||
| Goodwill income tax deduction period | 15 years | ||
| Guardian [Member] | Customer Relationships [Member] | |||
| Business Acquisition [Line Items] | |||
| Customer relationships useful life | 14 years |
Acquisitions - Amounts Recorded
| Acquisitions - Amounts Recorded as Intangible Assets (Detail) - Guardian [Member] $ in Thousands | Jul. 01, 2014USD ($) |
| Finite-Lived Intangible Assets [Line Items] | |
| Total intangible assets | $ 8,100 |
| Customer Relationships [Member] | |
| Finite-Lived Intangible Assets [Line Items] | |
| Customer relationships, subject to amortization | 7,450 |
| Trademarks and Trade Names [Member] | |
| Finite-Lived Intangible Assets [Line Items] | |
| Trade names and trademarks, not subject to amortization | $ 650 |
Acquisitions - Proforma Amount
| Acquisitions - Proforma Amount on Acquisition Occurred (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
| Sep. 30, 2014USD ($)$ / shares | |
| Business Combinations [Abstract] | |
| Total revenues | $ | $ 633,762 |
| Net income attributable to Altra Industrial Motion Corp. | $ | $ 31,852 |
| Earnings per share: | |
| Net income attributable to Altra Industrial Motion Corp. (in usd per share) | $ 1.19 |
| Net income attributable to Altra Industrial Motion Corp. (in usd per share) | $ 1.16 |
Inventories - Summary of Invent
| Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 35,196 | $ 36,814 |
| Work in process | 14,170 | 13,641 |
| Finished goods | 76,670 | 82,281 |
| Inventories, net | $ 126,036 | $ 132,736 |
Goodwill and Intangible Asset43
| Goodwill and Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
| Sep. 30, 2015 | Dec. 31, 2014 | |
| Goodwill [Roll Forward] | ||
| Gross goodwill, balance | $ 133,897 | |
| Accumulated impairment | $ (31,810) | |
| Net goodwill, beginning balance | 102,087 | |
| Impact of changes in foreign currency | (3,773) | |
| Net goodwill, ending balance | 98,314 | |
| Couplings, Clutches and Brakes [Member] | ||
| Goodwill [Roll Forward] | ||
| Gross goodwill, balance | 70,004 | |
| Accumulated impairment | (28,065) | |
| Net goodwill, beginning balance | 41,939 | |
| Impact of changes in foreign currency | (2,583) | |
| Net goodwill, ending balance | 39,356 | |
| Electromagnetic Clutches and Brakes [Member] | ||
| Goodwill [Roll Forward] | ||
| Gross goodwill, balance | 36,943 | |
| Accumulated impairment | (3,745) | |
| Net goodwill, beginning balance | 33,198 | |
| Impact of changes in foreign currency | (342) | |
| Net goodwill, ending balance | 32,856 | |
| Gearing [Member] | ||
| Goodwill [Roll Forward] | ||
| Gross goodwill, balance | 26,950 | |
| Accumulated impairment | $ 0 | |
| Net goodwill, beginning balance | 26,950 | |
| Impact of changes in foreign currency | (848) | |
| Net goodwill, ending balance | $ 26,102 |
Goodwill and Intangible Asset44
| Goodwill and Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
| Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
| Total intangible assets, Cost | $ 159,890 | $ 166,610 |
| Total intangible assets, Accumulated Amortization | 60,410 | 55,880 |
| Total intangible assets, net | 99,480 | 110,730 |
| Tradenames and Trademarks [Member] | ||
| Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
| Intangible assets not subject to amortization, Cost | 40,095 | 41,257 |
| Customer Relationships [Member] | ||
| Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
| Intangible assets subject to amortization, Cost | 113,742 | 118,523 |
| Total intangible assets, Accumulated Amortization | 55,058 | 49,849 |
| Intangible assets, net | 58,684 | 68,674 |
| Product Technology and Patents [Member] | ||
| Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
| Intangible assets subject to amortization, Cost | 6,053 | 6,830 |
| Total intangible assets, Accumulated Amortization | 5,352 | 6,031 |
| Intangible assets, net | $ 701 | $ 799 |
Goodwill and Intangible Asset45
| Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Goodwill And Intangible Assets [Line Items] | ||||
| Amortization expense | $ 2,100 | $ 2,300 | $ 6,437 | $ 6,884 |
| Estimated Amortization Expense for Intangible Assets [Member] | ||||
| Goodwill And Intangible Assets [Line Items] | ||||
| Remainder 2,015 | 2,100 | 2,100 | ||
| Year 2,016 | 8,600 | 8,600 | ||
| Year 2,017 | 8,600 | 8,600 | ||
| Year 2,018 | 8,600 | 8,600 | ||
| Year 2,019 | 8,600 | 8,600 | ||
| Thereafter | $ 23,700 | $ 23,700 | ||
Warranty Costs - Additional Inf
| Warranty Costs - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Guarantor Obligations [Line Items] | ||
| Accrued current period warranty expense | $ 3,641 | $ 1,314 |
| Minimum [Member] | ||
| Guarantor Obligations [Line Items] | ||
| Product warranty period | 3 months | |
| Maximum [Member] | ||
| Guarantor Obligations [Line Items] | ||
| Product warranty period | 2 years | |
| Damages from Product Defects [Member] | ||
| Guarantor Obligations [Line Items] | ||
| Accrued current period warranty expense | $ 2,100 | |
Warranty Costs - Changes in Car
| Warranty Costs - Changes in Carrying Amount of Accrued Product Warranty Costs (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||
| Balance at beginning of period | $ 7,792 | $ 8,739 |
| Accrued current period warranty expense | 3,641 | 1,314 |
| Payments and adjustments | (1,760) | (1,900) |
| Balance at end of period | $ 9,673 | $ 8,153 |
Debt - Outstanding Debt Obligat
| Debt - Outstanding Debt Obligations (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
| Debt Instrument [Line Items] | ||
| Total debt | $ 249,918 | $ 268,508 |
| Less: debt discount, net of accretion | (10,016) | (12,756) |
| Total debt, net of unaccreted discount | 239,902 | 255,752 |
| Less current portion of long-term debt | 12,713 | 15,176 |
| Total long-term debt, net of unaccreted discount | 227,189 | 240,576 |
| Revolving Credit Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 37,000 | 40,000 |
| Convertible Notes [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 85,000 | 85,000 |
| Term Loan Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 114,156 | 133,697 |
| Bauer Mortgage [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 10,335 | 3,905 |
| Equipment Loan [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 2,893 | 5,430 |
| Capital Leases [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 534 | $ 476 |
Debt - Additional Information (
| Debt - Additional Information (Detail) $ / shares in Units, ¥ in Millions | Sep. 01, 2011USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)d$ / sharesshares | Sep. 30, 2015EUR (€)dshares | Sep. 30, 2015CNY (¥) | Sep. 30, 2015EUR (€) | Jul. 01, 2015USD ($) | Jul. 01, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Aug. 31, 2014USD ($) | Aug. 31, 2014EUR (€) | Dec. 31, 2013EUR (€) |
| Debt Instrument [Line Items] | |||||||||||||
| Letters of credit outstanding | $ 8,000,000 | $ 11,000,000 | |||||||||||
| Percentage of capital stock not included in collateral | 65.00% | 65.00% | 65.00% | ||||||||||
| Adjustment of shares (in shares) | shares | 36.0985 | 36.0985 | |||||||||||
| Principal amount of notes | $ 1,000 | ||||||||||||
| Conversion price per share (in usd per share) | $ / shares | $ 26.29 | ||||||||||||
| Percentage of sale price of common stock | 130.00% | 130.00% | |||||||||||
| Number of threshold trading days | d | 20 | 20 | |||||||||||
| Number of consecutive trading days | 30 days | 30 days | |||||||||||
| Number of business day period | 5 days | 5 days | |||||||||||
| Number of consecutive trading days in measurement period | 10 days | 10 days | |||||||||||
| Percentage of measurement period | 97.00% | 97.00% | |||||||||||
| Percentage of convertible notes redeemable | 100.00% | 100.00% | |||||||||||
| Convertible notes redeemable period one | Mar. 1, 2018 | Mar. 1, 2018 | |||||||||||
| Convertible notes redeemable period two | Mar. 1, 2021 | Mar. 1, 2021 | |||||||||||
| Convertible notes redeemable period three | Mar. 1, 2026 | Mar. 1, 2026 | |||||||||||
| Conversion price redemption exceed | 130.00% | 130.00% | |||||||||||
| Adjustments to additional paid-in capital of convertible debt | $ 1,000,000 | ||||||||||||
| Debt issuance cost, amortized | 2,700,000 | ||||||||||||
| Borrowings under overdraft agreements | 0 | 0 | |||||||||||
| Esslingen Germany [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Monthly installments | $ 100,000 | € 100,000 | |||||||||||
| Initial Conversion Price [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Conversion price per share (in usd per share) | $ / shares | $ 27.70 | ||||||||||||
| Additional Term Loan [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Availability under credit facility agreement | $ 94,375,000 | € 50,000,000 | |||||||||||
| Revolving Credit Facility [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Outstanding on revolving credit facility | $ 37,000,000 | 40,000,000 | |||||||||||
| Minimum [Member] | Eurodollar Loan [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Applicable margins for loans | 1.375% | ||||||||||||
| Minimum [Member] | Adjusted Base Rate [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Applicable margins for loans | 0.375% | ||||||||||||
| Maximum [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Aggregate additional term loans | $ 150,000,000 | ||||||||||||
| Maximum [Member] | Eurodollar Loan [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Applicable margins for loans | 1.875% | ||||||||||||
| Maximum [Member] | Adjusted Base Rate [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Applicable margins for loans | 0.875% | ||||||||||||
| Convertible Debt [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt instrument, maturity date | Mar. 1, 2031 | Mar. 1, 2031 | |||||||||||
| Coupon interest rate | 2.75% | 2.75% | 2.75% | 2.75% | |||||||||
| Total debt | $ 85,000,000 | ||||||||||||
| Debt component in note payable | 60,500,000 | ||||||||||||
| Equity component in note payable | $ 24,500,000 | ||||||||||||
| Discount rate for debt component | 8.25% | 8.25% | |||||||||||
| Debt issuance cost | $ 3,700,000 | ||||||||||||
| Effective interest rate of Senior Secured Notes | 8.50% | 8.50% | 8.50% | ||||||||||
| Convertible Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Proceeds from the offering | $ 81,300,000 | ||||||||||||
| Total debt | $ 85,000,000 | 85,000,000 | |||||||||||
| Term Loan Facility [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Availability under credit facility agreement | $ 100,000,000 | ||||||||||||
| Debt instrument, maturity date | Dec. 6, 2018 | Dec. 6, 2018 | |||||||||||
| Revolving Credit Agreement [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Availability under credit facility agreement | $ 200,000,000 | ||||||||||||
| Credit facility maturity date | Dec. 6, 2018 | Dec. 6, 2018 | |||||||||||
| Amount available under credit facility | $ 155,000,000 | 149,000,000 | |||||||||||
| Equipment And Working Capital Notes [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Available to borrow loan amount | $ 6,300,000 | ¥ 38.7 | |||||||||||
| 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 | |||||||||||
| Line of credit outstanding loan amount | $ 2,900,000 | ¥ 18.4 | |||||||||||
| Equipment And Working Capital Notes [Member] | Minimum [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate | 5.40% | 5.40% | |||||||||||
| Equipment And Working Capital Notes [Member] | Maximum [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate | 7.87% | 7.87% | |||||||||||
| Mortgages [Member] | Heidelberg Germany [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate | 1.79% | 1.79% | |||||||||||
| New mortgage amount | $ 1,700,000 | € 1,500,000 | |||||||||||
| Mortgage remaining principal balance | 300,000 | € 200,000 | |||||||||||
| Mortgages [Member] | Esslingen Germany [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Construction Loan | $ 6,700,000 | € 6,000,000 | |||||||||||
| Mortgage interest rate | 2.50% | 2.50% | |||||||||||
| Mortgages [Member] | Angers France [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Interest rate | 1.85% | 1.85% | |||||||||||
| Construction Loan | $ 1,900,000 | € 1,700,000 | $ 2,300,000 | € 2,000,000 | |||||||||
| Capital Leases [Member] | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Total debt | $ 500,000 |
Debt - Carrying Amount of Debt
| Debt - Carrying Amount of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
| Debt Instrument [Line Items] | ||
| Carrying value of debt | $ 227,189 | $ 240,576 |
| Convertible Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Principal amount of debt | 85,000 | |
| Unamortized discount | 10,016 | |
| Carrying value of debt | $ 74,984 |
Debt - Interest Expense Associa
| Debt - Interest Expense Associated with Convertible Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Debt Disclosure [Abstract] | ||||
| Contractual coupon rate of interest | $ 586 | $ 584 | $ 1,753 | $ 1,753 |
| Accretion of Convertible Notes discount and amortization of deferred financing costs | 840 | 681 | 2,740 | 2,527 |
| Interest expense for the convertible notes | $ 1,426 | $ 1,265 | $ 4,493 | $ 4,280 |
Stockholders' Equity - Addition
| Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | May. 31, 2014 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Compensation expense | $ 1,000,000 | $ 800,000 | ||||
| Unrecognized compensation cost | 4,600,000 | $ 4,600,000 | ||||
| Weighted average remaining period | 3 years | |||||
| Fair market value of the shares | $ 3,600,000 | |||||
| Stock repurchase program, authorized amount | $ 50,000,000 | |||||
| Repurchase of common stock, shares (in shares) | 547,780 | |||||
| Treasury stock acquired, average cost per share (in usd per share) | $ 26.08 | |||||
| Stock repurchase program, remaining authorized repurchase amount | $ 18,100,000 | $ 18,100,000 | ||||
| Cash dividend declared (in usd per share) | $ 0.15 | $ 0.12 | $ 0.42 | $ 0.34 | ||
| Cash dividend paid (in usd per share) | $ 0.12 | |||||
| 2004 Plan [Member] | Restricted Stock [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Shares subject to outstanding awards (in shares) | 750,576 | |||||
| Shares of common stock available for delivery pursuant to the grant of awards (in shares) | 750,000 | |||||
| Restricted shares for vesting period | 5 years | |||||
| Selling, General and Administrative Expenses [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Compensation expense | $ 3,200,000 | $ 2,600,000 | ||||
Stockholders' Equity - Company'
| Stockholders' Equity - Company's Unvested Restricted Stock Grants (Detail) | 9 Months Ended |
| Sep. 30, 2015$ / sharesshares | |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
| Shares unvested, beginning balance (in shares) | shares | 159,178 |
| Shares granted (in shares) | shares | 129,338 |
| Shares for which restrictions lapsed (in shares) | shares | (126,716) |
| Shares unvested, ending balance (in shares) | shares | 161,800 |
| Weighted-average grant date fair value, beginning balance (in usd per share) | $ 28.53 |
| Weighted-average grant date fair value, Shares granted (in usd per share) | 26.93 |
| Weighted-average grant date fair value, Shares for which restrictions lapsed (in usd per share) | 26.56 |
| Weighted-average grant date fair value, ending balance (in usd per share) | $ 28.62 |
Derivative Financial Instrume54
| Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Apr. 30, 2013 | |
| Debt Instrument [Line Items] | ||
| Ineffectiveness associated with the swap | $ 0 | |
| Interest Rate Swap [Member] | ||
| Debt Instrument [Line Items] | ||
| Outstanding borrowings | $ 75,000,000 | $ 75,000,000 |
| Fixed Rate | 0.626% | 0.626% |
Derivative Financial Instrume55
| 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, 2015 | Dec. 31, 2014 | Apr. 30, 2013 | |
| Derivative [Line Items] | |||
| Effective Date | Apr. 30, 2013 | ||
| Notional Amount | $ 75,000,000 | $ 75,000,000 | |
| Fixed Rate | 0.626% | 0.626% | |
| Maturity | Nov. 30, 2016 | ||
| Fair Value | $ (140,000) | $ 143,000 |
Restructuring - Summary of Tota
| Restructuring - Summary of Total Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring costs | $ 651 | $ 1,643 | $ 4,994 | $ 1,643 |
| Couplings, Clutches and Brakes [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring costs | 103 | 285 | 741 | 285 |
| Electromagnetic Clutches and Brakes [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring costs | 7 | 592 | 1,373 | 592 |
| Gearing [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring costs | 541 | 670 | 2,880 | 670 |
| Corporate Segment [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring costs | 0 | $ 96 | 0 | $ 96 |
| Minimum [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Expected restructuring cost remaining | 1,000 | 1,000 | ||
| Maximum [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Expected restructuring cost remaining | $ 1,500 | $ 1,500 | ||
Restructuring - Reconciliation
| Restructuring - Reconciliation of Accrued Restructuring Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| Restructuring Reserve [Roll Forward] | ||||
| Beginning Balance | $ 389 | |||
| Restructuring expense incurred | $ 651 | $ 1,643 | 4,994 | $ 1,643 |
| Non-cash loss on impairment of fixed assets | (1,105) | |||
| Cash payments | (1,986) | |||
| Ending Balance | $ 2,292 | $ 2,292 | ||
Segments, Concentrations and 58
| Segments, Concentrations and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | $ 183,053 | $ 202,520 | $ 573,024 | $ 627,856 | ||
| Income from operations | 16,660 | 17,805 | 50,026 | 59,409 | ||
| Restructuring | (651) | (1,643) | (4,994) | (1,643) | ||
| Interest expense, net | 2,924 | 3,000 | 8,858 | 8,991 | ||
| Other non-operating (income) expense, net | 685 | (313) | 606 | 446 | ||
| Nonoperating Income | 3,609 | 2,687 | 9,464 | 9,437 | ||
| Income before income taxes | 13,051 | 15,118 | 40,562 | 49,972 | ||
| Provision for income taxes | 2,830 | 8,170 | 11,326 | 18,843 | ||
| Net Income | 10,221 | 6,948 | 29,236 | 31,129 | ||
| Depreciation and amortization: | 7,537 | 8,096 | 22,669 | 24,122 | ||
| Total assets: | 658,067 | 658,067 | $ 684,563 | |||
| Couplings, Clutches and Brakes [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Restructuring | (103) | (285) | (741) | (285) | ||
| Electromagnetic Clutches and Brakes [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Restructuring | (7) | (592) | (1,373) | (592) | ||
| Gearing [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Restructuring | (541) | (670) | (2,880) | (670) | ||
| Corporate Segment [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Income from operations | [1] | (2,567) | (4,296) | (7,967) | (10,931) | |
| Restructuring | 0 | (96) | 0 | (96) | ||
| Depreciation and amortization: | 803 | 602 | 2,296 | 1,744 | ||
| Total assets: | [2] | 49,706 | 49,706 | 41,616 | ||
| Operating Segments [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Restructuring | (651) | (1,643) | (4,994) | (1,643) | ||
| Operating Segments [Member] | Couplings, Clutches and Brakes [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | 85,760 | 100,363 | 265,225 | 298,633 | ||
| Income from operations | 8,910 | 13,107 | 29,672 | 35,140 | ||
| Depreciation and amortization: | 3,926 | 4,410 | 11,922 | 12,997 | ||
| Total assets: | 343,268 | 343,268 | 377,803 | |||
| Operating Segments [Member] | Electromagnetic Clutches and Brakes [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | 50,393 | 49,793 | 166,279 | 169,563 | ||
| Income from operations | 4,771 | 4,071 | 16,293 | 18,192 | ||
| Depreciation and amortization: | 1,195 | 1,258 | 3,481 | 3,769 | ||
| Total assets: | 127,811 | 127,811 | 131,015 | |||
| Operating Segments [Member] | Gearing [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | 48,783 | 54,028 | 147,599 | 165,478 | ||
| Income from operations | 6,197 | 6,566 | 17,022 | 18,651 | ||
| Depreciation and amortization: | 1,613 | 1,826 | 4,970 | 5,612 | ||
| Total assets: | 137,282 | 137,282 | $ 134,129 | |||
| Operating Segments [Member] | North America [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | 108,959 | 117,796 | 350,753 | 370,944 | ||
| Operating Segments [Member] | Europe [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | 52,757 | 64,116 | 164,829 | 199,196 | ||
| Operating Segments [Member] | Asia And Other [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | 21,337 | 20,608 | 57,442 | 57,716 | ||
| IntersegmentElim [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Net sales | $ (1,883) | $ (1,664) | $ (6,079) | $ (5,818) | ||
| [1] | Certain expenses are maintained at the corporate level and not allocated to the segments. These include various administrative expenses related to the corporate headquarters, depreciation on capitalized software costs, non-capitalizable software implementation costs and acquisition related expenses. | |||||
| [2] | Corporate assets are primarily cash and cash equivalents, tax related asset accounts, certain capitalized software costs, property, plant and equipment and deferred financing costs. | |||||
Subsequent Events Subsequent Ev
| Subsequent Events Subsequent Events (Details) - USD ($) | Oct. 22, 2015 | Dec. 31, 2013 | Dec. 31, 2015 |
| Subsequent Event [Member] | |||
| Subsequent Event [Line Items] | |||
| Line of credit extension period | 2 years | ||
| Availability under credit facility agreement | $ 350,000,000 | ||
| Minimum [Member] | Eurodollar Loan [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 1.375% | ||
| Minimum [Member] | Eurodollar Loan [Member] | Subsequent Event [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 1.25% | ||
| Minimum [Member] | Adjusted Base Rate [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 0.375% | ||
| Minimum [Member] | Adjusted Base Rate [Member] | Subsequent Event [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 0.25% | ||
| Maximum [Member] | Eurodollar Loan [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 1.875% | ||
| Maximum [Member] | Eurodollar Loan [Member] | Subsequent Event [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 2.00% | ||
| Maximum [Member] | Adjusted Base Rate [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 0.875% | ||
| Maximum [Member] | Adjusted Base Rate [Member] | Subsequent Event [Member] | |||
| Subsequent Event [Line Items] | |||
| Applicable margins for loans | 1.00% | ||
| Scenario, Forecast [Member] | |||
| Subsequent Event [Line Items] | |||
| Debt Instrument, Non-Cash Extinguishment Fee | $ 500,000 |