Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CBPX | ||
Entity Registrant Name | Continental Building Products, Inc. | ||
Entity Central Index Key | 1592480 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 44,124,000 | ||
Entity Public Float | $208,358,150 |
Consolidated_Successor_Combine
Consolidated (Successor) / Combined (Predecessor) Statements of Operations (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Weighted average shares outstanding: | ||||
Basic | 42,940,849 | |||
Diluted | 0 | 42,952,022 | ||
Successor [Member] | ||||
Net Sales | 150,066 | 424,502 | ||
Costs, expenses and other income: | ||||
Cost of goods sold | 121,335 | 330,173 | ||
Selling and administrative: | ||||
Direct | 14,953 | 33,568 | ||
Total selling and administrative | 14,953 | 33,568 | ||
Total costs and operating expenses | 136,288 | 363,741 | ||
Operating income (loss) | 13,778 | 60,761 | ||
Other expense, net | -21 | -5,644 | ||
Interest expense, net | -10,542 | -29,069 | ||
Income (loss) before losses on equity method investment and income tax | 3,215 | 26,048 | ||
Earnings (losses) from equity method investment | -113 | |||
Income (loss) before income tax | 3,215 | 25,935 | ||
Income tax (expense) benefit | -1,110 | -10,044 | ||
Net income (loss) | 2,105 | 15,891 | ||
Net income per share: | ||||
Basic | 0.07 | 0.37 | ||
Diluted | 0.07 | 0.37 | ||
Weighted average shares outstanding: | ||||
Basic | 32,304,000 | 42,940,849 | ||
Diluted | 32,304,000 | 42,952,022 | ||
Predecessor [Member] | ||||
Net Sales | 252,248 | 311,410 | ||
Costs, expenses and other income: | ||||
Cost of goods sold | 195,338 | 289,936 | ||
Selling and administrative: | ||||
Direct | 19,338 | 27,194 | ||
Allocated from Lafarge | 4,945 | 7,037 | ||
Total selling and administrative | 24,283 | 34,231 | ||
Total costs and operating expenses | 219,621 | 324,167 | ||
Operating income (loss) | 32,627 | -12,757 | ||
Other expense, net | -191 | -87 | ||
Interest expense, net | -91 | -212 | ||
Income (loss) before losses on equity method investment and income tax | 32,345 | -13,056 | ||
Earnings (losses) from equity method investment | -30 | -138 | ||
Income (loss) before income tax | 32,315 | -13,194 | ||
Income tax (expense) benefit | -130 | 352 | ||
Net income (loss) | $32,185 | ($12,842) |
Consolidated_Successor_Combine1
Consolidated (Successor) / Combined (Predecessor) Statements of Comprehensive Income (Loss) (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ||||
Net income (loss) | $2,105 | $15,891 | ||
Foreign currency translation adjustment | -254 | -1,939 | ||
Loss on derivatives qualifying as cash flow hedges, net of tax | -867 | |||
Other comprehensive income (loss) | -254 | -2,806 | ||
Comprehensive income (loss) | 1,851 | 13,085 | ||
Predecessor [Member] | ||||
Net income (loss) | 32,185 | -12,842 | ||
Foreign currency translation adjustment | 2,707 | -1,197 | ||
Other comprehensive income (loss) | 2,707 | -1,197 | ||
Comprehensive income (loss) | $34,892 | ($14,039) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash | $15,627 | $11,822 |
Receivables, net | 40,152 | 32,328 |
Inventories | 29,564 | 28,120 |
Prepaid and other current assets | 8,330 | 4,523 |
Deferred taxes, current | 3,157 | 2,137 |
Total current assets | 96,830 | 78,930 |
Property, plant and equipment, net | 353,652 | 383,625 |
Customer relationships and other intangibles, net | 110,809 | 126,126 |
Goodwill | 119,945 | 119,945 |
Equity method investment | 10,919 | |
Financial interest in Seven Hills | 13,000 | |
Debt issuance costs | 8,826 | 17,800 |
Deferred taxes, non-current | 950 | |
Total Assets | 700,981 | 740,376 |
Liabilities and equity | ||
Accounts payable | 24,561 | 28,126 |
Accrued and other liabilities | 11,428 | 11,325 |
Notes payable, current portion | 4,150 | |
Total current liabilities | 35,989 | 43,601 |
Deferred taxes and other long-term liabilities | 12,494 | |
Notes payable, non-current portion | 349,125 | 559,924 |
Total liabilities | 397,608 | 603,525 |
Equity | ||
Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2014 and 2013 | ||
Common stock, $0.001 par value per share; 190,000,000 shares authorized, 44,069,000 and 32,304,000 shares issued and outstanding at December 31, 2014 and 2013,respectively | 44 | 32 |
Additional paid-in capital | 288,393 | 134,968 |
Accumulated other comprehensive loss | -3,060 | -254 |
Accumulated earnings | 17,996 | 2,105 |
Total equity | 303,373 | 136,851 |
Total liabilities and equity | $700,981 | $740,376 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Undesignated preferred Stock, par value | $0.00 | $0.00 |
Undesignated preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Undesignated preferred Stock, shares issued | 0 | 0 |
Undesignated preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 44,069,000 | 32,304,000 |
Common stock, shares outstanding | 44,069,000 | 32,304,000 |
Consolidated_Successor_Combine2
Consolidated (Successor) / Combined (Predecessor) Statements of Cash Flows (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Cash flows from financing activities: | ||||
Cash, end of period | $11,822 | $15,627 | ||
Successor [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 2,105 | 15,891 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 18,529 | 54,317 | ||
Bad debt expense | 413 | |||
Amortization of debt issuance costs and debt discount | 808 | 9,210 | ||
Loss on disposal of property, plant and equipment | 199 | |||
Loss from equity method investment | 113 | |||
Share based compensation | 797 | |||
Deferred taxes | -3,087 | 11,105 | ||
Change in assets and liabilities: | ||||
Receivables | -451 | -8,268 | ||
Inventories | 8,268 | -1,645 | ||
Prepaid expenses and other current assets | -2,509 | -783 | ||
Accounts payable | 2,777 | -3,805 | ||
Accrued and other current liabilities | 10,718 | -665 | ||
Other long term liabilities | 1,311 | |||
Net cash provided by operating activities | 37,357 | 77,991 | ||
Cash flows from investing activities: | ||||
Capital expenditures | -2,798 | -5,698 | ||
Acquisition of predecessor | -703,141 | |||
Software purchased or developed | -3,940 | |||
Distributions from equity method investment | 1,968 | |||
Net cash used in investing activities | -705,939 | -7,670 | ||
Cash flows from financing activities: | ||||
Capital contribution from Lone Star Funds | 265,000 | |||
Proceeds from issuance of long-term debt, net of original issue discount | 564,965 | |||
Net proceeds from issuance of common stock | 151,354 | |||
Principal payments for First Lien Credit Agreement | -1,038 | -61,975 | ||
Repayment of Second Lien Credit Agreement | -155,000 | |||
Return of capital to Lone Star Funds | -130,000 | |||
Debt issuance costs | -18,461 | |||
Net cash (used in) provided by financing activities | 680,466 | -65,621 | ||
Effect of foreign exchange rates on cash and cash equivalents | -62 | -895 | ||
Net change in cash and cash equivalents | 11,822 | 3,805 | ||
Cash, beginning of period | 11,822 | |||
Cash, end of period | 11,822 | 15,627 | ||
Predecessor [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 32,185 | -12,842 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 16,886 | 36,331 | ||
Loss on disposal of property, plant and equipment | 1,115 | 87 | ||
Loss from equity method investment | 30 | 138 | ||
Deferred taxes | 182 | 190 | ||
Change in assets and liabilities: | ||||
Receivables | -8,655 | -12,338 | ||
Inventories | -5,827 | -154 | ||
Prepaid expenses and other current assets | -1,783 | -133 | ||
Other long-term assets | 429 | |||
Accounts payable | -5,738 | 5,396 | ||
Accrued and other current liabilities | -3,996 | -109 | ||
Other long term liabilities | -126 | -168 | ||
Net cash provided by operating activities | 24,702 | 16,398 | ||
Cash flows from investing activities: | ||||
Capital expenditures | -2,506 | -5,205 | ||
Software purchased or developed | -27 | |||
Proceeds from the sale of property, plant, and equipment | 21 | |||
Capital contributions to equity method investment | -66 | -84 | ||
Distributions from equity method investment | 552 | 855 | ||
Net cash used in investing activities | -2,020 | -4,440 | ||
Cash flows from financing activities: | ||||
Capital distribution to Lafarge NA, net | -22,682 | -11,958 | ||
Net cash (used in) provided by financing activities | ($22,682) | ($11,958) |
Consolidated_Successor_Combine3
Consolidated (Successor)/ Combined (Predecessor) Statements of Changes in Equity/Net Parent Investment (USD $) | Total | Successor [Member] | Predecessor [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Earnings [Member] | Accumulated Net Contributions from Parent [Member] |
In Thousands, except Share data | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | |||
Beginning Balance at Dec. 31, 2011 | $534,925 | ($4,363) | $539,288 | ||||||
Net income (loss) | -12,842 | -12,842 | |||||||
Foreign currency translation adjustments | -1,197 | -1,197 | |||||||
Net transfers to Lafarge NA (parent) | -10,653 | -10,653 | |||||||
Ending Balance at Dec. 31, 2012 | 510,233 | -5,560 | 515,793 | ||||||
Net income (loss) | 9,797 | ||||||||
Ending Balance at Mar. 31, 2013 | |||||||||
Beginning Balance at Dec. 31, 2012 | 510,233 | -5,560 | 515,793 | ||||||
Net income (loss) | 32,185 | 32,185 | |||||||
Foreign currency translation adjustments | 2,707 | 2,707 | |||||||
Net transfers to Lafarge NA (parent) | -21,846 | -21,846 | |||||||
Ending Balance at Aug. 30, 2013 | 523,279 | -2,853 | 526,132 | ||||||
Beginning Balance at Jun. 30, 2013 | |||||||||
Net income (loss) | 5,712 | ||||||||
Ending Balance at Aug. 30, 2013 | 523,279 | ||||||||
Beginning Balance at Jul. 25, 2013 | |||||||||
Capital contribution from Lone Star Funds | 265,000 | 32 | 264,968 | ||||||
Capital contribution from Lone Star Funds, Shares | 32,304,000 | ||||||||
Return of capital to Lone Star Funds | -130,000 | -130,000 | |||||||
Net income (loss) | 2,105 | 2,105 | |||||||
Foreign currency translation adjustments | -254 | -254 | |||||||
Ending Balance at Dec. 31, 2013 | 136,851 | 136,851 | 32 | 134,968 | -254 | 2,105 | |||
Ending Balance, Shares at Dec. 31, 2013 | 32,304,000 | ||||||||
Beginning Balance at Sep. 30, 2013 | |||||||||
Net income (loss) | 6,745 | ||||||||
Ending Balance at Dec. 31, 2013 | 136,851 | 136,851 | |||||||
Net income (loss) | -8,623 | ||||||||
Ending Balance at Mar. 31, 2014 | |||||||||
Beginning Balance at Dec. 31, 2013 | 136,851 | 136,851 | 32 | 134,968 | -254 | 2,105 | |||
Beginning Balance, Shares at Dec. 31, 2013 | 32,304,000 | ||||||||
Net income (loss) | 15,891 | 15,891 | |||||||
Proceeds from the Initial Public Offering | 151,354 | 12 | 151,342 | ||||||
Proceeds from the Initial Public Offering, Shares | 11,765,000 | ||||||||
Tax impact of the Initial Public Offering | 1,286 | 1,286 | |||||||
Share-based compensation | 797 | 797 | |||||||
Foreign currency translation adjustments | -1,939 | -1,939 | |||||||
Gain (loss) on derivatives qualifying as cash flow hedges | -867 | -867 | |||||||
Ending Balance at Dec. 31, 2014 | 303,373 | 303,373 | 44 | 288,393 | -3,060 | 17,996 | |||
Ending Balance, Shares at Dec. 31, 2014 | 44,069,000 | ||||||||
Beginning Balance at Sep. 30, 2014 | |||||||||
Net income (loss) | 10,361 | ||||||||
Ending Balance at Dec. 31, 2014 | $303,373 | $303,373 |
Background_and_Nature_of_Opera
Background and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Background and Nature of Operations | 1. Background and Nature of Operations |
Description of Business | |
Continental Building Products, Inc. (“CBP”, the “Company”, or the “Successor”) is a Delaware corporation. Prior to the acquisition of the gypsum division of Lafarge North America Inc. (“Lafarge N.A.”) on August 30, 2013, further described below, CBP had no operating activity. The accompanying consolidated financial statements of CBP for the year ended December 31, 2014 and for the period July 26, 2013 to September 30, 2013 contain activity of the acquired business (the “Successor”) and the combined financial statements for the period January 1, 2013 to August 30, 2013 and the year ended December 31, 2012 include the historical accounts of the gypsum division of Lafarge N.A. (the “Predecessor”). | |
The Company manufactures gypsum wallboard related products for commercial and residential buildings and houses. The Company operates a network of three highly efficient wallboard facilities, all located in the eastern United States and produces joint compound at one plant in the United States and at another plant in Canada. | |
The Acquisition | |
On June 24 2013, Lone Star Fund VIII (U.S.), L.P., (along with its affiliates and associates, but excluding the Company and other companies that it owns as a result of its investment activity, “Lone Star”), entered into a definitive agreement with Lafarge N.A. to purchase the assets of its North American gypsum division for an aggregate purchase price of approximately $703 million (the “Acquisition”) in cash. The closing of the Acquisition occurred on August 30, 2013. | |
Initial Public Offering | |
On February 10, 2014, the Company completed the initial public offering of 11,765,000 shares of its common stock at an offering price of $14.00 per share (the “Initial Public Offering). Net proceeds from the Initial Public Offering after underwriting discounts and commissions, but before other closing costs, were approximately $154 million. The net proceeds were used to pay a $2 million one-time payment to Lone Star in consideration for the termination of the Company’s asset advisory agreement with affiliates of Lone Star (See Note 11, Related Party Transactions). The remaining $152 million of net proceeds and cash on hand of $6.1 million were used to repay the $155 million Second Lien Term Loan in full along with a prepayment premium of $3.1 million (See Note 13, Debt). In expectation of the Initial Public Offering, on February 3, 2014, the Company effected a 32,304 for one stock split of its common stock. The Company’s common stock trades on the New York Stock Exchange under the symbol “CBPX”. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Significant Accounting Policies | 2. Significant Accounting Policies | ||||||||||||||||||
Basis of Presentation—Successor | |||||||||||||||||||
The accompanying consolidated financial statements for CBP have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. | |||||||||||||||||||
The Company’s financial statements reflect the Acquisition of the Predecessor that occurred on August 30, 2013, which was accounted for as a business combination. In connection with the Acquisition, $3.3 million in Acquisition related costs were incurred, which are reported as selling and administrative costs in the accompanying statement of operations of the Successor for the period from July 26, 2013 to December 31, 2013. The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition date. | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Total current assets | $ | 70,371 | |||||||||||||||||
Property, plant and equipment | 392,809 | ||||||||||||||||||
Financial interest in Seven Hills JV | 13,000 | ||||||||||||||||||
Trademarks | 15,000 | ||||||||||||||||||
Customer Relationships | 118,000 | ||||||||||||||||||
Goodwill | 119,945 | ||||||||||||||||||
Total current liabilities | (25,984 | ) | |||||||||||||||||
Total purchase price | $ | 703,141 | |||||||||||||||||
The fair value of accounts receivables acquired was $31.9 million (included in total current assets above), with the gross contractual amount being $33.3 million. The Company expects $1.4 million to be uncollectible. There were no loss contingencies identified as part of the Acquisition. The total Purchase Price remained the same as the one previously provided for the year ended December 31, 2013. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of the Company. These come from the synergies that are obtained in operating the plants as part of a network, versus individually, and from an experienced employee base skilled at managing a process driven manufacturing environment. We expect the goodwill will be deductible for income tax purposes. | |||||||||||||||||||
The following represents the unaudited pro forma income statement as if the Acquisition had occurred on January 1, 2012: | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year ended | Year ended | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Revenues | $ | 402,314 | $ | 311,410 | |||||||||||||||
Net income (loss) | $ | 4,895 | $ | (68,651 | ) | ||||||||||||||
These amounts have been calculated by adjusting the results to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on January 1, 2012, and to reflect the interest expense on the debt used to finance the Acquisition (see Note 13) net of proceeds received from the Initial Public Offering. | |||||||||||||||||||
Basis of Presentation—Predecessor | |||||||||||||||||||
The accompanying combined financial statements for the Predecessor have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). | |||||||||||||||||||
The Predecessor financial statements have been derived from the consolidated financial statements and accounting records of Lafarge N.A. using the historical results of operations and historical cost basis of the assets and liabilities of Lafarge N.A. that comprise the business acquired. These Predecessor financial statements have been prepared to demonstrate the historical results of operations, financial position, and cash flows for the indicated periods under Lafarge N.A.’s management that were acquired by CBP. All intercompany balances and transactions have been eliminated. Transactions and balances between the Predecessor and Lafarge N.A. and its subsidiaries are reflected as related party transactions within these financial statements. | |||||||||||||||||||
The accompanying Predecessor combined financial statements include the assets, liabilities, revenues and expenses that are specifically identifiable to the acquired business and reflect all costs of doing business related to their operations, including expenses incurred by other entities on the Predecessor’s behalf. In addition, certain costs related to the Predecessor have been allocated from Lafarge N.A. Those allocations are derived from multiple levels of the organization including shared corporate expenses from Lafarge N.A. and fees from Lafarge N.A.’s parent company related to certain service and support functions. The costs associated with these services and support functions (indirect costs) have been allocated to the Predecessor using the most meaningful respective allocation methodologies which were primarily based on proportionate revenue, proportionate headcount, or proportionate direct labor costs compared to Lafarge N.A. and/or its subsidiaries. These allocated costs are primarily related to corporate administrative expenses, employee-related costs including pensions and other benefits for corporate and shared employees, and rental and usage fees for shared assets for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury, facility and other corporate and infrastructural services. Income taxes have been accounted for in the Predecessor financial statements on a separate return basis as described in Note 9. | |||||||||||||||||||
The Predecessor utilized Lafarge N.A.’s centralized processes and systems for cash management, payroll, and purchasing. As a result, all cash received by the Predecessor was deposited in and commingled with Lafarge N.A.’s general corporate funds and was not specifically allocated to the Predecessor. The net results of these cash transactions between the Predecessor and Lafarge N.A. are reflected within “Net capital contributions to Lafarge N.A.” in the accompanying Combined Statements of Cash Flows. | |||||||||||||||||||
Management believes the assumptions and allocations underlying the Predecessor combined financial statements are reasonable and appropriate under the circumstances. The expenses and cost allocations have been determined on a basis considered by Lafarge N.A. to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the periods presented relative to the total costs incurred by Lafarge N.A. However, the amounts recorded for these transactions and allocations are not necessarily representative of the amount that would have been reflected in the financial statements had the Predecessor been an entity that operated independently of Lafarge N.A. Consequently, future results of operations after the Predecessor’s separation from Lafarge N.A. will include costs and expenses incurred by the Company that may be materially different than the Predecessor’s historical results of operations. Accordingly, the financial statements for these periods under the Predecessor are not indicative of the Company’s future results of operations, financial position and cash flows. | |||||||||||||||||||
Earnings Per Share | |||||||||||||||||||
Earnings per share for the period from July 26, 2013 to December 31, 2013 are calculated after taking into account the 32,304 for one stock split that occurred on February 3, 2014. For the year ended December 31, 2014, basic earnings and loss per share are based on the weighted average number of shares of common stock outstanding assuming the 32,304 for one stock split occurred as of January 1, 2014 and the issuance of 11,765,000 new shares on February 10, 2014 in connection with the Initial Public Offering. Diluted earnings and loss per share are based on the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding restricted stock awards and stock options. | |||||||||||||||||||
The following is a reconciliation of the share amounts included in basic and diluted earnings per share computations: | |||||||||||||||||||
Year Ended | July 26 - | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted average shares outstanding used to computed basic earnings per share | 42,940,849 | 32,304,000 | |||||||||||||||||
Dilutive effect of Restricted Stock Units | 11,173 | — | |||||||||||||||||
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 42,952,022 | 32,304,000 | |||||||||||||||||
The effect of 142,000 stock options was excluded from the computation of earnings per shares as the effect would have been anti-dilutive. There were no potentially dilutive securities outstanding during the period from July 26, 2013 to December 31, 2013. | |||||||||||||||||||
Cost of Goods Sold and Selling and Administrative Expenses | |||||||||||||||||||
Cost of goods sold includes costs of production, depreciation, inbound freight charges for raw materials, outbound freight to customers, purchasing and receiving costs, inspection costs, warehousing at plant facilities, and internal transfer costs. Costs associated with third-party warehouses are included in selling and administrative expenses. Selling and administrative costs also include expenses for sales, marketing, legal, accounting and finance services, human resources, customer support, treasury, other general corporate services and amortization of software development cost. | |||||||||||||||||||
Estimates | |||||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses. Actual results may differ from these estimates. | |||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||
The Company uses the U.S. dollar as its functional currency for operations in the United States and the Canadian dollar for our operations in Canada. The assets and liabilities of our Canadian operations are translated at the exchange rate prevailing at the balance sheet date. Related revenues and expense accounts for the Canadian operations are translated using the average exchange rate during the year. Cumulative foreign currency translation adjustment of $2.2 million, $0.3 million and $5.6 million at December 31, 2014 and 2013 (Successor), and December 31, 2012 (Predecessor), respectively, is included in “Accumulated Other Comprehensive Loss” in the Balance Sheets and in the Consolidated (Successor) / Combined (Predecessor) Statements of Changes in Equity. | |||||||||||||||||||
Cash | |||||||||||||||||||
Cash and cash equivalents include highly liquid investments with maturities of three months or less at the time of purchase maintained at financial institutions in the United States and Canada. At times the amounts may exceed federally insured deposit limits. The Company has not experienced any losses and does not believe it is exposed to any significant credit risk related to demand deposits. | |||||||||||||||||||
Prior to the Acquisition, treasury activities, including activities related to the Company, were centralized by Lafarge N.A. such that cash collections were automatically distributed to Lafarge N.A. and reflected as net parent investment. | |||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily receivables. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The allowances for non-collection of receivables are based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due and the expected collectability of overall receivables. | |||||||||||||||||||
The Company’s significant customers, as measured by percentage of total revenues for the periods presented, were as follows: | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Customer A | 15 | % | 12 | % | 15 | % | 15 | % | |||||||||||
The Company’s significant customers, as measured by percentage of total accounts receivable, were as follows: | |||||||||||||||||||
Successor | |||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Customer A | 23 | % | 27 | % | |||||||||||||||
Receivables | |||||||||||||||||||
Trade receivables are recorded at net realizable value, which includes allowances for cash discounts and doubtful accounts, and are reflected net of customer incentives. We review the collectability of trade receivables on an ongoing basis. We reserve for trade receivables determined to be uncollectible. This determination is based on the delinquency of the account, the financial condition of the customer and our collection experience. | |||||||||||||||||||
Inventories | |||||||||||||||||||
Inventories are valued at the lower of cost or market. Virtually all of our inventories are valued under the average cost method. Inventories include materials, labor and applicable factory overhead costs. The value of inventory is adjusted for damaged, obsolete, excess and slow-moving inventory. Market value of inventory is estimated based on the impact of market trends, an evaluation of economic conditions and the value of current orders relating to the future sales of this type of inventory. | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment, which include amounts recorded under capital lease arrangements, is stated at cost less accumulated depreciation. Depreciation of property, plant and equipment is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. These lives range from 20 to 25 years for buildings, 5 to 25 years for plant machinery, and 5 to 8 years for mobile equipment. For plant machinery, the large majority of the existing assets are being amortized over an estimated remaining life of approximately 15 years. Repair and maintenance costs are expensed as incurred. Substantially all of the Company’s depreciation expenses are recorded in “Cost of goods sold” in the Statements of Operations. | |||||||||||||||||||
We capitalize interest during the active construction of major projects. Capitalized interest is added to the cost of the underlying assets and is depreciated over the useful lives of those assets. There was no interest capitalized during the years ended December 31, 2014, 2013, or 2012. | |||||||||||||||||||
Impairment or Disposal of Long-Lived Assets | |||||||||||||||||||
The Company evaluates the recoverability of its long-lived assets in accordance with the provisions of Accounting Standards Codification 360 Property, Plant and Equipment (“ASC 360”). ASC 360 requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Such evaluations for impairment are significantly impacted by estimates of future prices for its products, capital needs, economic trends in the construction sector and other factors. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less cost to sell. | |||||||||||||||||||
We assess impairment of our long-lived assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. At December 31, 2014, we grouped the wallboard plants and a warehouse facility as an asset group. The plants within each group were used together to generate cash flows. Our two joint compound plants were also grouped as an asset group. | |||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||
The goodwill and intangibles reflected in the Successor financial statements relates solely to the Lone Star Acquisition of the Company. | |||||||||||||||||||
Goodwill represents the excess of costs over the fair value of identifiable assets of businesses acquired. The Company evaluates goodwill and intangible assets in accordance with ASC 350, Goodwill and Other Intangible Assets (“ASC 350”). ASC 350 requires goodwill to be either qualitatively or quantitatively assessed for impairment annually (or more frequently if impairment indicators arise) for each reporting unit. The Company performs its annual impairment testing of goodwill as of October 1st of each year. | |||||||||||||||||||
Intangible assets that are deemed to have definite lives are amortized over their useful lives. The cost of internal-use software purchased or developed internally, is accounted for in accordance with ASC 350-40, Internal-Use Software. The weighted average useful life of capitalized software is 3 years. Amortization of customer relationships is done over a 15 year period using an accelerated method that reflects the expected future cash flows from the acquired customer-related intangible asset. Trademarks identified as having definite lives are amortized on a straight-line basis over the estimated useful life of 15 years. | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
U.S. GAAP provides a framework for measuring fair value, establishes a fair value hierarchy of the valuation techniques used to measure the fair value and requires certain disclosures relating to fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in a market with sufficient activity. | |||||||||||||||||||
The three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value is as follows: | |||||||||||||||||||
• | Level 1—Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities that a Company has the ability to access; | ||||||||||||||||||
• | Level 2—Inputs, other than the quoted market prices included in Level 1, which are observable for the asset or liability, either directly or indirectly; and | ||||||||||||||||||
• | Level 3—Unobservable inputs for the asset or liability which is typically based on an entity’s own assumptions when there is little, if any, related market data available. | ||||||||||||||||||
The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The fair values of receivables, accounts payable, accrued costs and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. | |||||||||||||||||||
The Company estimates the fair value of its debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of December 31, 2014 and 2013, the carrying value reported in the consolidated balance sheet for the Company’s notes payable approximated its fair value. | |||||||||||||||||||
At December 31, 2013, we recorded at fair value our financial interest in Seven Hills. We determined the fair value of this financial asset using the discounted cash flow method using assumptions derived from significant unobservable inputs and accordingly this valuation falls into Level 3 in the fair value hierarchy. The fair value of this asset at December 31, 2013 was $13.0 million. The significant unobservable input used in the fair value measurement of our financial interest is a discount rate which was estimated to be 16%. | |||||||||||||||||||
The only assets or liabilities the Company had at December 31, 2014 that are recorded at fair value on a recurring basis is the interest rate cap that the Company entered into on March 31, 2014 that had a fair value of $0.03 million as of December 31, 2014 and natural gas hedges that had a negative fair value of $1.4 million at December 31, 2014. Our Level 2 fair value derivative instruments consist of interest rate swaps and natural gas hedges for which market-based pricing inputs are observable. Generally, we obtain our Level 2 pricing inputs from our counterparties. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||||||
No derivative contracts were outstanding as of December 31, 2013. | |||||||||||||||||||
Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value when they are considered to be impaired. | |||||||||||||||||||
There were no fair value adjustments for assets and liabilities measured on a non-recurring basis. The Company discloses fair value information about financial instruments for which it is practicable to estimate that value. | |||||||||||||||||||
Environmental Remediation Liabilities | |||||||||||||||||||
When the Company determines that it is probable that a liability for environmental matters has been incurred, an undiscounted estimate of the required remediation costs is recorded as a liability in the financial statements, without offset of potential insurance recoveries. Costs that extend the life, increase the capacity or improve the safety or efficiency of company-owned assets or are incurred to mitigate or prevent future environmental contamination are capitalized. Other environmental costs are expensed when incurred. | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
For the Predecessor financial statements, the provision for income taxes is calculated as if the Company completed a separate tax return apart from its Parent, although the Company was included in the Parent’s U.S. federal and state income tax returns and non-U.S. (Canada) jurisdiction tax returns. As of the date of Acquisition, the Successor financial statements reflect a new tax basis of accounting and the Company is a tax filer independent of Lafarge N.A. Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts, using currently enacted tax rates. | |||||||||||||||||||
In the Predecessor financial statements, net operating loss carry-forwards generated by the Company and not historically utilized by the Parent are reflected in the Company’s deferred tax assets notwithstanding the fact that such losses were retained by the Parent. Net operating losses that have already been utilized by the Parent are treated as equity transactions between the Company and the Parent. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |||||||||||||||||||
In the Successor financial statements, no net operating losses were carried over from the Predecessor as part of the Acquisition. The Successor did not make any income tax payments for the period July 26, 2013 to December 31, 2013. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
The Company accounts for stock-based compensation to employees and directors based on the estimated fair value of the award generally determined on the date of grant. The associated expense, net of estimated forfeitures, is generally recognized ratably over the requisite service period, which is generally the vesting period of the award. | |||||||||||||||||||
Collective Bargaining Agreement | |||||||||||||||||||
Our employees at our Buchanan wallboard plant, representing approximately 14% of our workforce, are represented by two unions. While our collective bargaining agreement with the employees represented by one of the unions at our Buchanan plant expired on November 30, 2014, these employees are still considered unionized. Employees represented by that union voted on February 17, 2015 to accept a contract proposal, and we expect a contract to be signed on the basis of that proposal. Our collective bargaining agreement with the second union was set to expire on November 30, 2014, but has been extended through March 13, 2015. We continue to engage in negotiations with the second union. We believe our relationship with our unionized employees is positive and to date there have been no work disruptions as a result of the expiration of the collective bargaining agreement. Our remaining employees are non-union. We believe our relationships with both our union and non-union employees are good. | |||||||||||||||||||
Defined Contribution Pension Plans—Successor | |||||||||||||||||||
Subsequent to the Acquisition by Lone Star, the Company’s employees can participate in a 401K defined contribution pension plan. The Company contributes funds into this plan depending on each employee’s years of service and subject to certain limits. For the period ended December 31, 2014, the Company recorded an expense of $1.9 million for these contributions. From July 26, 2013 to December 31, 2013, the Company recorded an expense of $0.5 million. | |||||||||||||||||||
Defined Benefit Pension Plans and Other Post-Retirement Benefits—Predecessor | |||||||||||||||||||
Prior to the Acquisition by Lone Star, the Company’s salaried employees and union hourly employees participated in defined benefit pension plans sponsored by the Parent. These plans include other Parent employees that are not employees of the Company. The Parent also provides certain retiree health and life insurance benefits to eligible employees who have retired from the Company. Salaried participants generally become eligible for retiree health care benefits when they retire from active service at age 55 or later. Benefits, eligibility and cost-sharing provisions for hourly employees vary by location and/or bargaining unit. Generally, the health care plans pay a stated percentage of most medical and dental expenses reduced for any deductible, co-payment and payments made by government programs and other group coverage. The Company recorded approximately $11.9 million for the year ended December 31, 2012 in pension and other post-retirement benefits expense related to its employees, which has been reflected within “Cost of goods sold” and “Selling and administrative” in the accompanying Combined Statements of Operations. The related pension and post-retirement benefit liability has not been allocated to the Company and has not been presented in the accompanying Combined Balance Sheets since the obligation remained a liability of Lafarge N.A after the Acquisition of the Company by Lone Star. | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
Revenue from the sale of gypsum products is recorded when title and ownership are transferred upon shipment of the products. Amounts billed to a customer in a sales transaction related to shipping and handling are included in “Net sales,” and costs incurred for shipping and handling are classified as “Cost of goods sold” in the Consolidated/Combined Statements of Operations. The revenues reported in these financial statements relate to specifically identifiable historical activities of the plants, warehouses, and other assets that comprise the Company. We record estimated reductions to revenue for customer programs and incentive offerings, including promotions and other volume-based incentives, in the period in which the sale occurs. | |||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
The company uses derivative instruments to manage selected commodity price and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes, and typically does not hedge beyond two years. All derivative instruments must be recorded on the balance sheet at fair value. | |||||||||||||||||||
Currently, we are using natural gas swap contracts to hedge manage commodity price increase exposure. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, Derivatives – Hedging. For derivative contracts designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded to accumulated other comprehensive income, and is reclassified to earnings when the underlying forecasted transaction affects earnings. The ineffective portion of the changes in the fair value of the derivative is recorded in cost of goods sold. Gains and losses on these contracts that are designated as cash flow hedges are reclassified into earnings when the underlying forecasted transaction affect earnings. The Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. | |||||||||||||||||||
In addition, we are using an interest rate cap to protect against extreme market interest rate changes. Changes in the fair value of the interest rate cap are expected to be perfectly effective in offsetting the changes in cash flow of interest payments. The hedge is being accounted for as a cash flow hedge. Changes in the time value of the interest rate cap are reflected directly in earnings through “other income/expense” in non-operating income. | |||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. ASU 2014-09 will be effective for the Company in the first quarter of 2017 and requires retroactive application on either a full or modified basis. Early application is not permitted. The Company is currently evaluating ASU 2014-09 to determine its impact on its consolidated financial statements and disclosures. | |||||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern: Presentation of Financial Statements— Going Concern (Subtopic 205-40). This ASU defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. Specifically, it requires management to determine whether substantial doubt exists regarding the entity’s going concern presumption. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). If substantial doubt exists, certain disclosures are required; the extent of those disclosures depends on an evaluation of management’s plans (if any) to mitigate the going concern uncertainty. The provisions of ASU 2014-15 will be effective for annual periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. The ASU should be applied on a prospective basis. The Company believes the adoption of this ASU will not have a material impact on our disclosures. |
Receivables
Receivables | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||
Receivables | 3. Receivables | ||||||||||||||||||
Receivables consist of the following ( in thousands ): | |||||||||||||||||||
As of | As of | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Trade receivables | $ | 42,460 | $ | 34,065 | |||||||||||||||
Total Allowances | (2,308 | ) | (1,737 | ) | |||||||||||||||
Total receivables, net | $ | 40,152 | $ | 32,328 | |||||||||||||||
Trade receivables are recorded net of credit memos issued during the normal course of business. | |||||||||||||||||||
The following reflects a rollforward of the receivable allowances for the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Beginning | $ | (1,737 | ) | $ | (1,768 | ) | $ | (1,530 | ) | $ | (1,357 | ) | |||||||
Additions | (4,468 | ) | (1,466 | ) | (2,377 | ) | (3,097 | ) | |||||||||||
Write-offs | 3,897 | 1,497 | 2,139 | 2,924 | |||||||||||||||
Ending | $ | (2,308 | ) | $ | (1,737 | ) | $ | (1,768 | ) | $ | (1,530 | ) | |||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 4. Inventories | ||||||||
Inventories consist of the following ( in thousands ): | |||||||||
As of | As of | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Finished Products | $ | 4,875 | $ | 3,841 | |||||
Raw Materials | 17,010 | 16,505 | |||||||
Supplies and other | 7,679 | 7,774 | |||||||
Total Inventories | $ | 29,564 | $ | 28,120 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | 5. Property, Plant and Equipment | ||||||||
Property, plant and equipment consist of the following ( in thousands ): | |||||||||
As of | As of | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Land | $ | 12,930 | $ | 12,933 | |||||
Buildings | 111,506 | 108,737 | |||||||
Plant machinery | 269,633 | 267,146 | |||||||
Mobile equipment | 3,448 | 2,990 | |||||||
Construction in progress | 3,165 | 3,554 | |||||||
Property, plant and equipment, at cost | 400,682 | 395,360 | |||||||
Accumulated depreciation | (47,030 | ) | (11,735 | ) | |||||
Total property, plant and equipment, net | $ | 353,652 | $ | 383,625 | |||||
Depreciation expense was $35.3 million for the year ended December 31, 2014 (Successor), $11.7 million for July 26, 2013 to December 31, 2013 (Successor), $16.1 million for January 1, 2013 to August 30, 2013 (Predecessor) and $34.8 million for the year ended December 31, 2012 (Predecessor). Depreciation expense for the Predecessor includes depreciation of certain equipment obtained under a capital lease arrangement. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 6. Goodwill |
At December 31, 2014 and 2013, the Company had two reporting units, of which only one included goodwill. During 2013, a new basis of accounting was established with the Acquisition of the Company by Lone Star on August 30, 2013, and resulted in a new value of goodwill for the Successor financial statements. In accordance with ASC 350, the Company performed the first step of the goodwill impairment test, by comparing the fair value of the reporting unit with its carrying value. The Company completed qualitative assessments as of October 1, 2013 and 2014 and determined that the fair value of the reporting unit exceeded its carrying value. As a result management concluded that there was no goodwill impairment as of December 31, 2014 and 2013. |
Software_and_Other_Intangibles
Software and Other Intangibles | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Software and Other Intangibles | 7. Software and Other Intangibles | ||||||||
Customer relationships and other intangibles consist of the following ( in thousands ): | |||||||||
(in thousands) | As of | As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
Customer relationships | $ | 117,243 | $ | 117,919 | |||||
Purchased and internally developed Software | 4,332 | 11 | |||||||
Trademarks | 14,905 | 14,990 | |||||||
Customer relationshipes and other intangibles, at cost | 136,480 | 132,920 | |||||||
Accumulated amortization | (25,671 | ) | (6,794 | ) | |||||
Customer relationshipes and other intangibles, net | $ | 110,809 | $ | 126,126 | |||||
Amortization expense was $19.0 million for the year ended December 31, 2014 (Successor), $6.8 million for July 26, 2013 to December 31, 2013 (Successor), $0.8 million for January 1, 2013 to August 30, 2013 (Predecessor), and $1.6 million for the year ended December 31, 2012 (Predecessor). | |||||||||
Amortization expense related to capitalized software was $0.3 million for the year ended December 31, 2014 (Successor), and $0.3 million for the period January 1, 2013 to August 30, 2013 (Predecessor). CBP did not acquire capitalized software as part of the Acquisition, and capitalized approximately $3.7 million for the year ended December 31, 2014 (Successor) related to internal-use software development costs for a new enterprise resource planning (“ERP”) system. The new ERP system was placed in service in October 2014 and amortization of the software development costs began over a three-year useful life with the expense to be recorded in selling and administrative expense. In addition, CBP capitalized $0.6 million for software purchased from external parties and $0.1 million for the development of a new website. | |||||||||
Based on the intangible assets recorded as of December 31, 2014, amortization expense for the years ending December 31, 2015, 2016, 2017, 2018 and 2019 is expected to be approximately $16.0 million, $13.5 million, $11.6 million, $9.3 million, and $8.4 million, respectively. These amounts may vary as acquisitions and dispositions occur in the future. |
Accrued_and_Other_Liabilities
Accrued and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued and Other Liabilities | 8. Accrued and Other Liabilities | ||||||||
Accrued and other liabilities consist of the following ( in thousands ): | |||||||||
(in thousands) | As of | As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
Vacation and other employee-related costs | 7,945 | $ | 2,948 | ||||||
VAT taxes | 1,220 | 942 | |||||||
Income taxes | — | 4,197 | |||||||
Other | 2,263 | 3,238 | |||||||
Total accrued and other liabilities | $ | 11,428 | $ | 11,325 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income Taxes | 9. Income Taxes | ||||||||||||||||||
The components of the income tax (expense) benefit are as follows ( in thousands ): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Current | $ | 1,061 | $ | (4,197 | ) | $ | (884 | ) | $ | 542 | |||||||||
Deferred | (11,105 | ) | 3,087 | 754 | (190 | ) | |||||||||||||
Total income tax (expense) benefit | $ | (10,044 | ) | $ | (1,110 | ) | $ | (130 | ) | $ | 352 | ||||||||
The components of income (loss) before income taxes by country are as follows ( in thousands ): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
USA | $ | 27,270 | $ | 3,225 | $ | 32,509 | $ | (10,858 | ) | ||||||||||
Canada | (1,335 | ) | (10 | ) | (194 | ) | (2,336 | ) | |||||||||||
Total income (loss) before earnings (losses)on equity method investment and income tax | $ | 25,935 | $ | 3,215 | $ | 32,315 | $ | (13,194 | ) | ||||||||||
The provision for income taxes differs from that which would have resulted from the use of the federal statutory income tax rates primarily as a result of the provision for various state income taxes and due to the valuation allowance recorded against deferred tax assets for the Predecessor. | |||||||||||||||||||
Taxes computed at the U.S. statutory federal income tax rate of 35% are reconciled to the Company’s effective rate as follows ( in thousands ): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Taxes at the U.S. federal income tax rate | $ | (9,077 | ) | $ | (1,125 | ) | $ | (11,310 | ) | $ | 4,618 | ||||||||
U.S./Canadian tax rate differential | (107 | ) | (2 | ) | (19 | ) | (234 | ) | |||||||||||
U.S. state and Canadian provincial income taxes,net of federal benefit | (503 | ) | (74 | ) | (1,314 | ) | 494 | ||||||||||||
Non-deductible expenses | (46 | ) | (17 | ) | (46 | ) | (80 | ) | |||||||||||
Domestic production activities deduction | — | 108 | — | — | |||||||||||||||
Valuation allowance | (361 | ) | — | 12,559 | (4,446 | ) | |||||||||||||
Other | 50 | — | — | — | |||||||||||||||
Income tax (expense) benefit | $ | (10,044 | ) | $ | (1,110 | ) | $ | (130 | ) | $ | 352 | ||||||||
Effective rate | 38.73 | % | 34.53 | % | 0.4 | % | 2.67 | % | |||||||||||
Income tax payments made by the Company during 2014 totaled $4.2 million. | |||||||||||||||||||
Deferred income taxes reflect the net effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The significant components of deferred tax assets and deferred tax liabilities included on the Combined Balance Sheets are (in thousands): | |||||||||||||||||||
As of | As of | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Reserves and other liabilities | $ | 2,909 | $ | 2,137 | |||||||||||||||
Tax loss carryforwards | 366 | — | |||||||||||||||||
Acquisition costs and intangibles | 1,884 | 1,533 | |||||||||||||||||
Other | 1,325 | 136 | |||||||||||||||||
6,484 | 3,806 | ||||||||||||||||||
Less valuation allowance | 361 | — | |||||||||||||||||
Deferred tax assets, net of valuation allowance | 6,123 | 3,806 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Depreciation, amortization and other | (14,149 | ) | (719 | ) | |||||||||||||||
Deferred tax liabilities | (14,149 | ) | (719 | ) | |||||||||||||||
Net deferred tax asset (liability) | (8,026 | ) | 3,087 | ||||||||||||||||
Net deferred tax asset, current | $ | 3,157 | $ | 2,137 | |||||||||||||||
Net deferred tax asset, non-current | $ | — | $ | 950 | |||||||||||||||
Net deferred tax liability, non-current | $ | (11,183 | ) | $ | — | ||||||||||||||
The following is a rollforward of the deferred tax valuation allowance for the periods presented (in thousands): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Balance at the beginning of the period | $ | — | $ | — | $ | 43,780 | $ | 38,865 | |||||||||||
Amounts charged to expense | 361 | — | (12,559 | ) | 4,446 | ||||||||||||||
Amounts charged to Other Comprehensive Income | — | — | 469 | ||||||||||||||||
Balance at the end of the period | $ | 361 | $ | — | $ | 31,221 | $ | 43,780 | |||||||||||
The Predecessor’s operating results have historically been included in Lafarge N.A.’s combined US Federal and state income tax returns. In addition, the Canadian Predecessor operations have historically been included in Lafarge N.A.’s Canadian Federal and provincial income tax returns. The provisions for income taxes in the Predecessor financial statements have been determined on a separate return basis as if the Company filed its own tax returns. In 2012, the Predecessor generated pre-tax operating losses of $13.2 million, resulting in federal and state tax benefits. For U.S. federal income tax purposes, the Predecessor had unused net operating loss carry-forwards of $111.0 million expiring from 2028 through 2032. For Canadian federal income tax purposes, the Predecessor had no loss carry-forwards available. The income tax benefits related to net operating losses that have been utilized by Lafarge N.A. are reflected in the Predecessor financial statements as a distribution to Lafarge N.A. Management considered and weighed the available evidence, both positive and negative, to determine whether it is more-likely-than-not that some portion, or all, of the Predecessor’s deferred tax assets will not be realized. Given the losses of the Predecessor over the recent years, the Predecessor had established a valuation allowance relating to a portion of the deferred tax assets in the Predecessor financial statements. None of the net operating loss carry-forward carried forward to CBP as of the Acquisition date with Lone Star. At December 31, 2014, the Company recorded a valuation allowance of $0.4 million related to its Canadian operations. A valuation allowance was not recorded at December 31, 2013, as management concluded realization of the deferred tax assets was more likely than not. | |||||||||||||||||||
The Successor is subject to audit examinations at federal, state and local levels by tax authorities in those jurisdictions. In addition, the Canadian operations are subject to audit examinations at federal and provincial levels by tax authorities in those jurisdictions. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. The Successor has not identified any issues that did not meet the recognition threshold or would be impacted by the measurement provisions of the uncertain tax position guidance. Penalties and interest, if any, related to uncertain tax positions, are recorded as a component of the income tax provision. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Commitments and Contingencies | 10. Commitments and Contingencies | ||||||||||||||||||||||||||||
The Company leases certain buildings and equipment. The Company’s facility and equipment leases may provide for escalations of rent or rent abatements and payment of pro rata portions of building operating expenses. Minimum lease payments are recognized on a straight-line basis over the minimum lease term. The rent expense for the year ended December 31, 2014 was $4.8 million. The Predecessor terminated the leases at a facility at the Port of Newark prior to the Acquisition by Lone Star. During January 1, 2013 to August 30, 2013 (Predecessor), total rent paid on this lease, including a termination fee, was $4.2 million. Total expenses under operating leases were $1.5 million for July 26, 2013 to December 31, 2013 (Successor). Including Newark, total expenses under operating leases were $7.8 million for January 1, 2013 to August 30, 2013 (Predecessor), and $7.0 million for the year ended December 31, 2012 (Predecessor). The Company also has noncapital purchase commitments that primarily relate to gas, gypsum, paper and other raw materials. The total amounts purchased under such commitments were $72.5 million for the year ended December 31, 2014 (Successor), $23.0 million for July 26, 2013 to December 31, 2013 (Successor), $47.9 million for January 1, 2013 to August 30, 2013 (Predecessor), and $63.8 million for the year ended December 31, 2012 (Predecessor). | |||||||||||||||||||||||||||||
The table below shows the future minimum lease payments due under non-cancelable operating leases and purchase commitments at December 31, 2014 ( in thousands ): | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Operating leases | $ | 6,329 | $ | 1,743 | $ | 1,293 | $ | 1,183 | $ | 616 | $ | 1,494 | $ | — | |||||||||||||||
Purchase commitments | 158,288 | 31,851 | 29,288 | 19,400 | 16,112 | 16,529 | 45,108 | ||||||||||||||||||||||
Total commitments | $ | 164,617 | $ | 33,594 | $ | 30,581 | $ | 20,583 | $ | 16,728 | $ | 18,023 | $ | 45,108 | |||||||||||||||
Under certain circumstances, the Company provides letters of credit related to its natural gas and other supply purchases. At December 31, 2014 and December 31, 2013, the Successor had outstanding letters of credit of approximately $4.8 million and $2.4 million, respectively. At December 31, 2012, the Predecessor had outstanding letters of credit of approximately $1.4 million. | |||||||||||||||||||||||||||||
In January of 2015, a law firm purporting to represent a group of homebuilders sent a letter to us and to other US wallboard manufacturers claiming that such manufacturers had conspired to fix the price of wallboard in violation of antitrust and unfair competition laws. The letter we received also alleges that the manufacturers abolished the use of “job quotes” and agreed to restrict the supply of wallboard in order to support the allegedly collusive price increases. Finally, the letter says that the firm is prepared to file a lawsuit against us in the event it does not receive a satisfactory response. The Company denies any wrongdoing of the type alleged in the letter and believes the claims are without merit. The Company believes that the claims specified in the letter will not have any material adverse effect on the Company’s financial condition, results of operations or liquidity. | |||||||||||||||||||||||||||||
In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry and indemnifications specific to a transaction such as sale of a business. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these guarantees and indemnifications are not expected to have a materially adverse effect on the Company’s financial condition, results of operations or liquidity. | |||||||||||||||||||||||||||||
In the ordinary course of business, the Company is involved in certain legal actions and claims, including proceedings under laws and regulations relating to environmental and other matters. Because such matters are subject to many uncertainties and the outcomes are not predictable with assurance, the total liability for these legal actions and claims cannot be determined with certainty. When the Company determines that it is probable that a liability for environmental matters, legal actions or other contingencies has been incurred and the amount of the loss is reasonably estimable, an estimate of the costs to be incurred is recorded as a liability in the financial statements. As of December 31, 2014 and 2013, such liabilities are not material to the Company’s financial statements. While management believes its accruals for such liabilities are adequate, the Company may incur costs in excess of the amounts provided. Although the ultimate amount of liability that may result from these matters or actions is not ascertainable, the Company believes that any amounts exceeding the recorded accruals will not materially affect its financial condition. | |||||||||||||||||||||||||||||
Following the Acquisition, the Company’s sole membership interest holder, LSF8 Gypsum Holdings, L.P., implemented a cash-based long term incentive plan (the “LTIP”), in which participants have the potential to earn a cash payout upon a monetization event (as defined in the LTIP). Potential monetization events include the sale of the Company, an Initial Public Offering where the sponsor reduces its interest to below 50% or at the sponsor’s discretion, or through certain cash distributions as defined in the LTIP. At December 31, 2014, no such monetization events had occurred, and therefore no amounts were accrued in the accompanying balance sheet as of December 31, 2014 and 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions |
Allocated Expenses | |
The Predecessor has been allocated selling and administrative expenses from Lafarge N.A. of $4.9 million for January 1, 2013 to August 30, 2013 and $7.0 million for the year ended December 31, 2012. These costs from Lafarge N.A. had been derived from multiple levels of the organization including shared corporate expenses and fees from the parent of Lafarge N.A. These allocated costs were primarily related to corporate administrative expenses and reorganization costs, employee-related costs including pensions and other benefits for corporate and shared employees, and rental and usage fees for shared assets for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury, facility and other corporate and infrastructural services. The costs associated with these services and support functions (indirect costs) have been allocated to the Predecessor using the most meaningful respective allocation methodologies which were primarily based on proportionate revenue, proportionate headcount or proportionate direct labor costs of the Predecessor compared to Lafarge N.A. and/or its subsidiaries. | |
In addition to the allocated selling and administrative expenses noted above, the Predecessor recorded approximately $7.6 million for January 1, 2013 to August 30, 2013 and $11.9 million for the year ended December 31, 2012, in pension and other post-retirement benefits expense related its employees, which has been reflected within “Cost of goods sold” and “Selling and administrative” in the accompanying Combined Statements of Operations of the Predecessor. The Predecessor’s salaried employees and union hourly employees participate in defined benefit pension plans sponsored by the Parent. These plans include other Lafarge N.A. employees that are not employees of the Predecessor. Lafarge N.A. also provides certain retiree health and life insurance benefits to eligible employees who have retired from the Predecessor. Salaried participants generally become eligible for retiree health care benefits when they retire from active service at age 55 or later. Benefits, eligibility and cost-sharing provisions for hourly employees vary by location and/or bargaining unit. Generally, the health care plans pay a stated percentage of most medical and dental expenses reduced for any deductible, copayment and payments made by government programs and other group coverage. The related pension and post-retirement benefit liability has not been allocated to the Predecessor and has not been presented in the accompanying Predecessor balance sheet since the obligation remained a liability of Lafarge N.A. The Successor does not have any pension or postretirement benefit plans in place. | |
Management believes the assumptions and allocations underlying the combined Predecessor financial statements are reasonable and appropriate under the circumstances. The expenses and cost allocations have been determined on a basis considered by Lafarge N.A. to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the periods presented relative to the total costs incurred by Lafarge N.A. However, the amounts recorded for these transactions and allocations are not necessarily representative of the amount that would have been reflected in the financial statements had the Predecessor been an entity that operated independently of Lafarge N.A. Consequently, future results of operations after the Predecessor’s separation from Lafarge N.A. will include costs and expenses that may be materially different than the Predecessor’s historical results of operations. Accordingly, the financial statements for these periods are not indicative of the future results of operations, financial position and cash flows. | |
Other | |
Since the Acquisition, the Company has no longer been part of the Lafarge N.A. organization but did have a Transition Services Agreement to help with certain ongoing back-office functions. These functions included, among others, accounting, treasury, tax, and information technology services. Starting in September 2013, the Company paid Lafarge N.A. a fee for these services of $119,000 per month that escalated to $129,700 per month in 2014. These services were terminated as of December 31, 2014. | |
On August 30, 2013, the Company entered into an advisory agreement with an affiliate of Lone Star to provide certain management oversight services to the Company, including assistance and advice on strategic plans, obtaining and maintaining certain legal documents, and communicating and coordinating with service providers. The Company paid 110% of actual costs for the services provided. For fiscal year 2014 no services were provided. The agreement was terminated upon the closing of the Initial Public Offering and in connection therewith, the Company paid a termination fee of $2.0 million that is included in non-operating expense. |
Investment_in_Seven_Hills
Investment in Seven Hills | 12 Months Ended |
Dec. 31, 2014 | |
Investments Schedule [Abstract] | |
Investment in Seven Hills | 12. Investment in Seven Hills |
The Predecessor was a party to a paperboard liner venture with an unaffiliated third-party named Seven Hills Paperboard, LLC (“Seven Hills”). This venture provided the Predecessor with a continuous supply of high-quality recycled paperboard liner to meet its ongoing production requirements. For the Predecessor financial statements, management evaluated the characteristics of its investment in Seven Hills and concluded that Seven Hills would be deemed a Variable Interest Entity as there was not sufficient equity at risk in Seven Hills. The Predecessor also considered certain characteristics related to control and the power to direct the activities of Seven Hills that most significantly impact Seven Hills’ economic performance, including the significant decisions made by the Managing Board and the involvement of the other investor in managing the day-to-day activities. The Predecessor concluded the Company was not the primary beneficiary. Accordingly, the Predecessor accounted for its investment in Seven Hills under the equity method of accounting. | |
From the closing of the Acquisition through March 13, 2014, the venture equity ownership remained with Lafarge N.A., although many of the rights and obligations and underlying economics were contractually transferred to the Company in connection with the Acquisition. Based on the allocation of the purchase price paid in the Acquisition, $13.0 million related to the financial interest in the Seven Hills venture was recorded and represents the fair value of the rights retained by the Company after the Acquisition. In the Successor financial statements, the Company elected the option to account for this financial interest at fair value with changes in fair value reflected in earnings during the period in which they occur. The Company elected to measure this financial interest at fair value, as permitted under FASB Accounting Standards Codification (“ASC”) 825, Financial Instruments, to better reflect the expected future benefit of the acquired financial interest. | |
On March 13, 2014, Lafarge N.A. assigned its interest in the joint venture and the joint venture agreement and the other operative agreements to the Company under the same terms and conditions as existed prior to the Acquisition. The Successor evaluated the characteristics of its investment and determined that Seven Hills would be deemed a variable interest entity, but that it did not have the power to direct the principal activities most impacting the economic performance of Seven Hills, and is thus not the primary beneficiary. As such, at this date of transfer the Company recorded the investment at fair value and began accounting for this investment in Seven Hills under the equity method of accounting. | |
The Company currently has the right to terminate the venture and put its interest to the other investor based on a formula-driven price effective on the anniversary of the commencement date by providing notice two years prior to any such anniversary. Proceeds from such termination would revert to CBP. As of December 31, 2014 and December 31, 2013, the estimated redemption value would be $11.1 million and $13.8 million, respectively. | |
Paperboard purchased from Seven Hills was $49.7 million for the year ended December 31, 2014 (Successor), $17.6 million for July 26, 2013 to December 31, 2013 (Successor), $33.1 million for January 1, 2013 to August 30, 2013 (Predecessor), and was $43.6 million for the year ended December 31, 2012 (Predecessor). The Company also has certain purchase commitments for paper totaling $29.7 million through 2017. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 13. Debt | ||||||||
Debt consists of the following: | |||||||||
(in thousands) | As of | As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
First Lien Credit Agreement maturing on August 28, 2020; interest rate of LIBOR (with a 1% floor) plus 3.00% at December 31, 2014 and 3.75% at December 31, 2013 | $ | 351,988 | $ | 413,962 | |||||
Second Lien Credit Agreement | — | 155,000 | |||||||
Less: Original issue discount (net of amortization) | (2,863 | ) | (4,888 | ) | |||||
Total debt | 349,125 | 564,074 | |||||||
Less: Current portion of long-term debt | — | (4,150 | ) | ||||||
Long-term debt | $ | 349,125 | $ | 559,924 | |||||
In connection with the Acquisition by Lone Star, CBP purchased all of the assets of the Predecessor with cash. In order to finance a portion of the consideration payable to Lafarge N.A., the Successor entered into a First Lien Credit Agreement for borrowings of $320 million, a Second Lien Credit Agreement for borrowings of $120 million, and drew $25 million under a $50 million revolving credit facility as part of the First Lien Credit Agreement. In conjunction with the initial issuance of this debt, the Company incurred $15.3 million of debt issuance costs which are recorded as an asset and are being amortized using the effective interest rate method or the straight-line method which approximates the effective interest rate method, over the estimated life of the related debt. | |||||||||
On December 2, 2013, we modified our First Lien Credit Agreement and Second Lien Credit Agreement and increased our borrowings by a total of $130 million with the proceeds distributed as a return of capital to our sponsor, Lone Star. The changes were considered a modification of the existing instruments in accordance with guidance provided by ASC 470-50. | |||||||||
The maturity dates for the First Lien Credit Agreement and Second Lien Credit Agreement remained the same. The First Lien was increased by $95 million from $320 million to a total $415 million with quarterly principal payments increased from $0.8 million to $1.0 million and the remaining amount due at maturity in 2020. The Second Lien was increased by $35 million from $120 million to $155 million and remains all due at maturity in 2021. Interest remained floating for both liens and the interest rate spread over LIBOR (with a 1% floor) was increased from plus 3.5% to plus 3.75% for the term loan under the First Lien Credit Agreement and from plus 7.5% to plus 7.75% for the term loan under the Second Lien Credit Agreement. Total original issue discount and other fees associated with the amendment of approximately $5 million were paid at closing. Third party debt issuance costs were expensed. In May 2014, the interest rate spread over LIBOR was reduced by 50 basis points, from 3.75% to 3.25%, as a result of the Company achieving a total leverage ratio of less than four times net debt to the trailing twelve months adjusted earnings before interest, depreciation and amortization, as of March 31, 2014, as calculated pursuant to the First Lien Credit Agreement. This reduced interest rate for the First Lien Credit Agreement will be in effect for as long as the leverage ratio, remains below four. The margin applicable to the borrowing was further reduced in the third quarter 2014 by 25 basis points to 3.00% after the Company achieved a B2 rating with a stable outlook by Moody’s and will remain in effect as long as this rating and outlook are maintained or better. | |||||||||
The First Lien Credit Agreement is secured by the underlying property and equipment of the Company and has principal payments of approximately $1.0 million that are due quarterly. During 2014, CBP pre-paid $59.9 million of principal payments and no further quarterly mandatory principal payments are required until the final payment of $352 million due on August 28, 2020. At December 31, 2014, the annual effective interest rate on the First Lien Credit Agreement including original issue discount and amortization of debt issuance costs was 4.7%. | |||||||||
The First Lien Credit Agreement also has a $50 million revolver (the “Revolver”), none of which was outstanding as of December 31, 2014. Interest is floating, based on LIBOR (with a floor of 1%), plus 225 basis points. In addition, CBP pays a facility fee of 50 basis points per annum on the total Revolver facility. Availability under the Revolver at December 31, 2014, based on draws and outstanding letters of credit and that there are no violations of covenants, was $45.2 million. | |||||||||
On February 10, 2014, the Company completed the Initial Public Offering and used $152 million of net proceeds from the Initial Public Offering and cash on hand of $6.1 million to repay the $155 million Second Lien Term Loan in full along with a prepayment premium of $3.1 million. | |||||||||
Total interest paid by the Successor for the year ended December 31, 2014 and for the period July 26, 2013 to December 31, 2013 was $19.5 million and $9.5 million, respectively. No significant amounts of interest were paid by the Predecessor. | |||||||||
The table below shows the future minimum principal payments due under the credit agreements. | |||||||||
(in thousands) | Amount Due | ||||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
Thereafter | $ | 351,988 | |||||||
Under the terms of the credit agreements above, the Company is required to comply with certain covenants, including among others, the limitation of indebtedness, limitation on liens, and limitations on certain cash distributions. One single financial covenant governs all of the Company’s debt and only applies if the outstanding borrowings of the Revolver plus outstanding letters of credit are greater than $12.5 million as of the end of the quarter, beginning with the quarter ending December 31, 2013. The financial covenant is a total leverage ratio calculation, in which total debt less outstanding cash is divided by adjusted earnings before interest, depreciation and amortization. As the sum of outstanding borrowings under the Revolver and outstanding letters of credit were less than $12.5 million at December 31, 2014, the financial covenant of 6.0 times was not applicable at December 31, 2014. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 14. Derivative Instruments |
The Company uses derivative instruments to manage selected commodity price and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes, and typically does not hedge beyond two years. Cash flows from derivative instruments are included in net cash provided by operating activities in the consolidated statements of cash flows. | |
Commodity Derivative Instruments | |
As of December 31, 2014, the Company had 1,650 thousand millions of British Thermal Units (“mmBTUs”) in aggregate notional amount outstanding natural gas swap contracts to manage commodity price exposures. All of these contracts mature by October 31, 2015. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, Derivatives – Hedging. For derivative contracts designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded to accumulated other comprehensive income, and is reclassified to earnings when the underlying forecasted transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recorded in cost of goods sold. The net unrealized loss that remained in accumulated other comprehensive income (loss), as of December 31, 2014 was $0.9 million, which is net of a tax amount of $0.5 million. No ineffectiveness was recorded on these contracts during 2014. The Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. | |
On a pre-tax basis, for the year ended December 31, 2014, approximately $1.4 million of losses were recognized in other comprehensive income for the commodity contracts. For the same period, the amount of gain reclassified from accumulated other comprehensive income into income was $0.1 million. As of December 31, 2014, $0.9 million was recorded in other current liabilities. | |
Interest Rate Derivative Instrument | |
At December 31, 2014, the Company had an interest rate cap on three month U.S. Dollar LIBOR of 2% for a notional amount of $204.9 million, representing 58.2% of the principal amount outstanding under the First Lien Credit Agreement as of December 31, 2014. The notional amount of the interest rate cap declines by $0.5 million each quarter through December 31, 2015. The objective of the hedge is to protect the cash flows from adverse extreme market interest rate changes for a portion of the First Lien Credit Agreement through March 31, 2016. Changes in the fair value of the interest rate cap are expected to be perfectly effective in offsetting the changes in cash flow of interest payments attributable to fluctuations for three month U.S. Dollar LIBOR interest rates above 2%. The hedge is being accounted for as a cash flow hedge. | |
Changes in the time value of the interest rate cap are reflected directly in earnings through “other income / expense” in non-operating income. CBP recorded a $0.2 million loss for the year ended December 31, 2014 (Successor). The fair value of the time value of the interest rate cap of $0.03 million is recorded in other current assets as of December 31, 2014. | |
Counterparty Risk | |
The Company is exposed to credit losses in the event of nonperformance by the counterparties to the Company’s derivative instruments. As of December 31, 2014, the Company’s derivatives were in a $0.9 million net liability position. All of the Company’s counterparties have investment grade credit ratings; accordingly, the Company anticipates that the counterparties will be able to fully satisfy their obligations under the contracts. The Company’s agreements outline the conditions upon which it or the counterparties are required to post collateral. As of December 31, 2014, the Company had no collateral posted with its counterparties related to the derivatives. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||
Segment Reporting | 15. Segment Reporting | ||||||||||||||||||
Segment information is presented in accordance with ASC 280, Segment Reporting (“ASC 280”), which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about products and geographic areas. The Company’s and Predecessor’s primary reportable segment is wallboard which represents approximately 96% of the revenues of the Company and Predecessor. This segment produces wallboard for the commercial and residential construction sectors. We also operate other business activities, primarily finishing products, which complement the Company’s full range of wallboard products. | |||||||||||||||||||
Revenues from the major products sold to external customers include gypsum wallboard and finishing products. | |||||||||||||||||||
The Company’s and Predecessor’s two geographic areas consist of the United States and Canada for which it reports net sales, fixed assets and total assets. | |||||||||||||||||||
The Company and Predecessor evaluate operating performance based on profit or loss from operations before certain adjustments as shown below. Revenues are attributed to geographic areas based on the location of the assets producing the revenues. We did not provide asset information by segment as our Chief Operating Decision Maker does not use such information for purposes of allocating resources and assessing segment performance. | |||||||||||||||||||
Reportable segment information consists of the following ( in thousands ): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year ended | July 26 - | January 1 - | Year ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Net Sales: | |||||||||||||||||||
Wallboard | 409,408 | 144,689 | 240,225 | 295,282 | |||||||||||||||
Other | 15,094 | 5,377 | 12,023 | 16,128 | |||||||||||||||
Total net sales | 424,502 | 150,066 | 252,248 | 311,410 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||
Wallboard | 60,080 | 14,162 | 32,699 | (11,814 | ) | ||||||||||||||
Other | 681 | (384 | ) | (72 | ) | (943 | ) | ||||||||||||
Total operating income (loss) | 60,761 | 13,778 | 32,627 | (12,757 | ) | ||||||||||||||
Adjustments: | |||||||||||||||||||
Interest Expense | (29,069 | ) | (10,542 | ) | (91 | ) | (212 | ) | |||||||||||
Gain (loss) from Equity Investment | (113 | ) | — | (30 | ) | (138 | ) | ||||||||||||
Other non-operating expenses | (5,644 | ) | (21 | ) | (191 | ) | (87 | ) | |||||||||||
Income (loss) before income tax benefit | 25,935 | 3,215 | 32,315 | (13,194 | ) | ||||||||||||||
Depreciation and Amortization | |||||||||||||||||||
Wallboard | 53,114 | 17,943 | 16,067 | 35,091 | |||||||||||||||
Other | 1,203 | 586 | 819 | 1,240 | |||||||||||||||
Total depreciation and amortization | 54,317 | 18,529 | 16,886 | 36,331 | |||||||||||||||
Information concerning principal geographic areas is as follows ( in thousands ): | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Net Sales: | |||||||||||||||||||
United States | $ | 389,073 | $ | 135,275 | $ | 221,995 | $ | 272,579 | |||||||||||
Canada | 35,429 | 14,791 | 30,253 | 38,831 | |||||||||||||||
Total | $ | 424,502 | $ | 150,066 | $ | 252,248 | $ | 311,410 | |||||||||||
Successor | |||||||||||||||||||
As of | As of | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Fixed Assets | Total Assets | Fixed Assets | Total Assets | ||||||||||||||||
United States | 349,909 | $ | 678,285 | $ | 379,381 | $ | 714,495 | ||||||||||||
Canada | 3,743 | $ | 22,696 | 4,244 | 25,881 | ||||||||||||||
Total | 353,652 | $ | 700,981 | $ | 383,625 | $ | 740,376 | ||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | 16. Share-Based Compensation | ||||||||||||||||
In conjunction with the Initial Public Offering, the Company granted employees 142,000 stock options and 75,000 restricted shares that vest over four years. The fair value of stock options was determined using the Black Scholes option pricing model with the following assumptions: (a) a risk free interest rate assumption of 2.15%, based on the U.S. Treasury yield curve in effect at the time of the grant; (b) a dividend yield of 0% as the Company currently has no plans to pay a dividend; (c) a volatility assumption of 50.34%, based on historical volatilities of comparable publicly traded companies, and (d) an expected life of 6.25 years based on the assumption that the options will be exercised evenly from time of vesting to the expiration date. Compensation expense of $0.8 million was recorded for share-based awards for the year ended December 31, 2014. The income tax benefit of share-based awards for the year ended December 31, 2014 was $0.3 million. | |||||||||||||||||
The fair value of each Restrictive Share Award is equal to the market price of our common stock at the date of the grant. The following table summarizes restricted shares activity for the year ended December 31, 2014: | |||||||||||||||||
Number of Shares | Weighted Average | ||||||||||||||||
Grant Date Value | |||||||||||||||||
Non-vested, January 1, 2014 | — | — | |||||||||||||||
Granted | 75,000 | $ | 14 | ||||||||||||||
Forfeited | (20,000 | ) | $ | 14 | |||||||||||||
Non-vested, December 31, 2014 | 55,000 | $ | 14 | ||||||||||||||
Unearned compensation related to stock options as of December 31, 2014 of $0.5 million will be recognized over a weighted average remaining period of 3 years. | |||||||||||||||||
The following tables summarize stock option activity for the year ended December 31, 2014: | |||||||||||||||||
Number of | Weighted | Aggregate | Weighted | ||||||||||||||
Shares | Average | Intrinsic Value | Average | ||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term (in Years) | |||||||||||||||||
Outstanding, January 1, 2014 | — | — | — | ||||||||||||||
Granted | 142,000 | $ | 14 | $ | 529,660 | ||||||||||||
Outstanding, December 31, 2014 | 142,000 | $ | 14 | $ | 529,660 | 9.1 | |||||||||||
Exercisable, December 31, 2014 | 60,000 | $ | 14 | $ | 223,800 | 9.1 | |||||||||||
Vested and Expected to Vest, December 31, 2014 | 142,000 | $ | 14 | $ | 529,660 | 9.1 |
Quarterly_Data_unaudited
Quarterly Data (unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Quarterly Data (unaudited) | 17. Quarterly Data (unaudited) | ||||||||||||||||||||||||
The following table presents selected quarterly data for the Successor periods: | |||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||
July 26 - | Three months | Three months | Three months | Three months | Three months | ||||||||||||||||||||
September | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||
30, 2013 | December 31, | March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||
2013 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||||||||
(in thousands, except for operating data, earnings per share and mill net sales price) | |||||||||||||||||||||||||
Net sales | $ | 35,630 | $ | 114,436 | $ | 86,973 | $ | 102,915 | $ | 113,804 | $ | 120,810 | |||||||||||||
Cost of goods sold | 31,537 | 89,798 | 73,196 | 82,025 | 85,821 | 89,131 | |||||||||||||||||||
Selling and administrative | 6,200 | 8,753 | 7,496 | 8,088 | 7,774 | 10,210 | |||||||||||||||||||
Operating income (1) | (2,107 | ) | 15,885 | 6,281 | 12,802 | 20,209 | 21,469 | ||||||||||||||||||
Net income (loss) | (4,640 | ) | 6,745 | (8,623 | ) | 4,667 | 9,486 | 10,361 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic | $ | (0.14 | ) | $ | 0.21 | $ | (0.22 | ) | $ | 0.11 | $ | 0.22 | $ | 0.24 | |||||||||||
Diluted | $ | (0.14 | ) | $ | 0.21 | $ | (0.22 | ) | $ | 0.11 | $ | 0.22 | $ | 0.24 | |||||||||||
Wallboard sales volume (msf) | 195 | 632 | 438 | 525 | 590 | 627 | |||||||||||||||||||
Mill net sales price | $ | 144.06 | $ | 143.04 | $ | 157.32 | $ | 155.76 | $ | 154.1 | $ | 152.79 | |||||||||||||
Depreciation and amortization | $ | 4,594 | $ | 13,935 | $ | 13,883 | $ | 13,930 | $ | 13,511 | $ | 12,993 | |||||||||||||
-1 | Operating income for the period ended September 30, 2013 includes $2,075 of lease termination costs, $3,296 of Acquisition closing costs, and inventory step-up impacting margin of $1,500. | ||||||||||||||||||||||||
The following table presents selected quarterly data for the Predecessor periods: | |||||||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||
Three Months | Three Months | July 1 2013 to | |||||||||||||||||||||||
Ended | Ended | August 30, 2013 | |||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||
(in thousands, except operating data) | |||||||||||||||||||||||||
Net sales | $ | 83,450 | $ | 99,679 | $ | 69,119 | |||||||||||||||||||
Cost of goods sold | 65,157 | 73,991 | 56,190 | ||||||||||||||||||||||
Selling and administrative | 8,340 | 8,486 | 7,457 | ||||||||||||||||||||||
Operating income | 9,953 | (1) | 17,202 | (2) | 5,472 | (3) | |||||||||||||||||||
Net income | 9,797 | 16,676 | 5,712 | ||||||||||||||||||||||
Wallboard sales volume | |||||||||||||||||||||||||
(million square feet) | 438 | 523 | 373 | ||||||||||||||||||||||
Mill net sales price | $ | 146.97 | $ | 149.56 | $ | 145.43 | |||||||||||||||||||
Depreciation and amortization | $ | 6,242 | $ | 6,248 | $ | 4,396 | |||||||||||||||||||
-1 | Operating income for the three months ended March 31, 2013 includes $2,858 of pension expense and $1,120 of expense related to the Master Brands Agreement with Lafarge S.A. | ||||||||||||||||||||||||
-2 | Operating income for the three months ended June 30, 2013 includes $2,817 for pension expense and $1,140 of expense related to the Master Brands Agreement with Lafarge S.A. | ||||||||||||||||||||||||
-3 | Operating income for the period July 1, 2013 to August 30, 2013 includes $1,961 for pension expense, $744 of expense related to the Master Brands Agreement with Lafarge S.A., lease termination costs of $2,556 for the Newark facility that was closed, and lease termination costs of $1,195 to discontinue the use of our co-generation power plant. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||
Earnings per share for the period from July 26, 2013 to December 31, 2013 are calculated after taking into account the 32,304 for one stock split that occurred on February 3, 2014. For the year ended December 31, 2014, basic earnings and loss per share are based on the weighted average number of shares of common stock outstanding assuming the 32,304 for one stock split occurred as of January 1, 2014 and the issuance of 11,765,000 new shares on February 10, 2014 in connection with the Initial Public Offering. Diluted earnings and loss per share are based on the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding restricted stock awards and stock options. | |||||||||||||||||||
The following is a reconciliation of the share amounts included in basic and diluted earnings per share computations: | |||||||||||||||||||
Year Ended | July 26 - | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted average shares outstanding used to computed basic earnings per share | 42,940,849 | 32,304,000 | |||||||||||||||||
Dilutive effect of Restricted Stock Units | 11,173 | — | |||||||||||||||||
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 42,952,022 | 32,304,000 | |||||||||||||||||
The effect of 142,000 stock options was excluded from the computation of earnings per shares as the effect would have been anti-dilutive. There were no potentially dilutive securities outstanding during the period from July 26, 2013 to December 31, 2013. | |||||||||||||||||||
Cost of Goods Sold and Selling and Administrative Expenses | Cost of Goods Sold and Selling and Administrative Expenses | ||||||||||||||||||
Cost of goods sold includes costs of production, depreciation, inbound freight charges for raw materials, outbound freight to customers, purchasing and receiving costs, inspection costs, warehousing at plant facilities, and internal transfer costs. Costs associated with third-party warehouses are included in selling and administrative expenses. Selling and administrative costs also include expenses for sales, marketing, legal, accounting and finance services, human resources, customer support, treasury, other general corporate services and amortization of software development cost. | |||||||||||||||||||
Estimates | Estimates | ||||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses. Actual results may differ from these estimates. | |||||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||||||||
The Company uses the U.S. dollar as its functional currency for operations in the United States and the Canadian dollar for our operations in Canada. The assets and liabilities of our Canadian operations are translated at the exchange rate prevailing at the balance sheet date. Related revenues and expense accounts for the Canadian operations are translated using the average exchange rate during the year. Cumulative foreign currency translation adjustment of $2.2 million, $0.3 million and $5.6 million at December 31, 2014 and 2013 (Successor), and December 31, 2012 (Predecessor), respectively, is included in “Accumulated Other Comprehensive Loss” in the Balance Sheets and in the Consolidated (Successor) / Combined (Predecessor) Statements of Changes in Equity. | |||||||||||||||||||
Cash | Cash | ||||||||||||||||||
Cash and cash equivalents include highly liquid investments with maturities of three months or less at the time of purchase maintained at financial institutions in the United States and Canada. At times the amounts may exceed federally insured deposit limits. The Company has not experienced any losses and does not believe it is exposed to any significant credit risk related to demand deposits. | |||||||||||||||||||
Prior to the Acquisition, treasury activities, including activities related to the Company, were centralized by Lafarge N.A. such that cash collections were automatically distributed to Lafarge N.A. and reflected as net parent investment. | |||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily receivables. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The allowances for non-collection of receivables are based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due and the expected collectability of overall receivables. | |||||||||||||||||||
The Company’s significant customers, as measured by percentage of total revenues for the periods presented, were as follows: | |||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Customer A | 15 | % | 12 | % | 15 | % | 15 | % | |||||||||||
The Company’s significant customers, as measured by percentage of total accounts receivable, were as follows: | |||||||||||||||||||
Successor | |||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Customer A | 23 | % | 27 | % | |||||||||||||||
Receivables | Receivables | ||||||||||||||||||
Trade receivables are recorded at net realizable value, which includes allowances for cash discounts and doubtful accounts, and are reflected net of customer incentives. We review the collectability of trade receivables on an ongoing basis. We reserve for trade receivables determined to be uncollectible. This determination is based on the delinquency of the account, the financial condition of the customer and our collection experience. | |||||||||||||||||||
Inventories | Inventories | ||||||||||||||||||
Inventories are valued at the lower of cost or market. Virtually all of our inventories are valued under the average cost method. Inventories include materials, labor and applicable factory overhead costs. The value of inventory is adjusted for damaged, obsolete, excess and slow-moving inventory. Market value of inventory is estimated based on the impact of market trends, an evaluation of economic conditions and the value of current orders relating to the future sales of this type of inventory. | |||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||||||||
Property, plant and equipment, which include amounts recorded under capital lease arrangements, is stated at cost less accumulated depreciation. Depreciation of property, plant and equipment is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. These lives range from 20 to 25 years for buildings, 5 to 25 years for plant machinery, and 5 to 8 years for mobile equipment. For plant machinery, the large majority of the existing assets are being amortized over an estimated remaining life of approximately 15 years. Repair and maintenance costs are expensed as incurred. Substantially all of the Company’s depreciation expenses are recorded in “Cost of goods sold” in the Statements of Operations. | |||||||||||||||||||
We capitalize interest during the active construction of major projects. Capitalized interest is added to the cost of the underlying assets and is depreciated over the useful lives of those assets. There was no interest capitalized during the years ended December 31, 2014, 2013, or 2012. | |||||||||||||||||||
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets | ||||||||||||||||||
The Company evaluates the recoverability of its long-lived assets in accordance with the provisions of Accounting Standards Codification 360 Property, Plant and Equipment (“ASC 360”). ASC 360 requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Such evaluations for impairment are significantly impacted by estimates of future prices for its products, capital needs, economic trends in the construction sector and other factors. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less cost to sell. | |||||||||||||||||||
We assess impairment of our long-lived assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. At December 31, 2014, we grouped the wallboard plants and a warehouse facility as an asset group. The plants within each group were used together to generate cash flows. Our two joint compound plants were also grouped as an asset group. | |||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||||
The goodwill and intangibles reflected in the Successor financial statements relates solely to the Lone Star Acquisition of the Company. | |||||||||||||||||||
Goodwill represents the excess of costs over the fair value of identifiable assets of businesses acquired. The Company evaluates goodwill and intangible assets in accordance with ASC 350, Goodwill and Other Intangible Assets (“ASC 350”). ASC 350 requires goodwill to be either qualitatively or quantitatively assessed for impairment annually (or more frequently if impairment indicators arise) for each reporting unit. The Company performs its annual impairment testing of goodwill as of October 1st of each year. | |||||||||||||||||||
Intangible assets that are deemed to have definite lives are amortized over their useful lives. The cost of internal-use software purchased or developed internally, is accounted for in accordance with ASC 350-40, Internal-Use Software. The weighted average useful life of capitalized software is 3 years. Amortization of customer relationships is done over a 15 year period using an accelerated method that reflects the expected future cash flows from the acquired customer-related intangible asset. Trademarks identified as having definite lives are amortized on a straight-line basis over the estimated useful life of 15 years. | |||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||
U.S. GAAP provides a framework for measuring fair value, establishes a fair value hierarchy of the valuation techniques used to measure the fair value and requires certain disclosures relating to fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in a market with sufficient activity. | |||||||||||||||||||
The three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value is as follows: | |||||||||||||||||||
• | Level 1—Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities that a Company has the ability to access; | ||||||||||||||||||
• | Level 2—Inputs, other than the quoted market prices included in Level 1, which are observable for the asset or liability, either directly or indirectly; and | ||||||||||||||||||
• | Level 3—Unobservable inputs for the asset or liability which is typically based on an entity’s own assumptions when there is little, if any, related market data available. | ||||||||||||||||||
The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The fair values of receivables, accounts payable, accrued costs and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. | |||||||||||||||||||
The Company estimates the fair value of its debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of December 31, 2014 and 2013, the carrying value reported in the consolidated balance sheet for the Company’s notes payable approximated its fair value. | |||||||||||||||||||
At December 31, 2013, we recorded at fair value our financial interest in Seven Hills. We determined the fair value of this financial asset using the discounted cash flow method using assumptions derived from significant unobservable inputs and accordingly this valuation falls into Level 3 in the fair value hierarchy. The fair value of this asset at December 31, 2013 was $13.0 million. The significant unobservable input used in the fair value measurement of our financial interest is a discount rate which was estimated to be 16%. | |||||||||||||||||||
The only assets or liabilities the Company had at December 31, 2014 that are recorded at fair value on a recurring basis is the interest rate cap that the Company entered into on March 31, 2014 that had a fair value of $0.03 million as of December 31, 2014 and natural gas hedges that had a negative fair value of $1.4 million at December 31, 2014. Our Level 2 fair value derivative instruments consist of interest rate swaps and natural gas hedges for which market-based pricing inputs are observable. Generally, we obtain our Level 2 pricing inputs from our counterparties. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||||||
No derivative contracts were outstanding as of December 31, 2013. | |||||||||||||||||||
Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value when they are considered to be impaired. | |||||||||||||||||||
There were no fair value adjustments for assets and liabilities measured on a non-recurring basis. The Company discloses fair value information about financial instruments for which it is practicable to estimate that value. | |||||||||||||||||||
Environmental Remediation Liabilities | Environmental Remediation Liabilities | ||||||||||||||||||
When the Company determines that it is probable that a liability for environmental matters has been incurred, an undiscounted estimate of the required remediation costs is recorded as a liability in the financial statements, without offset of potential insurance recoveries. Costs that extend the life, increase the capacity or improve the safety or efficiency of company-owned assets or are incurred to mitigate or prevent future environmental contamination are capitalized. Other environmental costs are expensed when incurred. | |||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||
For the Predecessor financial statements, the provision for income taxes is calculated as if the Company completed a separate tax return apart from its Parent, although the Company was included in the Parent’s U.S. federal and state income tax returns and non-U.S. (Canada) jurisdiction tax returns. As of the date of Acquisition, the Successor financial statements reflect a new tax basis of accounting and the Company is a tax filer independent of Lafarge N.A. Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts, using currently enacted tax rates. | |||||||||||||||||||
In the Predecessor financial statements, net operating loss carry-forwards generated by the Company and not historically utilized by the Parent are reflected in the Company’s deferred tax assets notwithstanding the fact that such losses were retained by the Parent. Net operating losses that have already been utilized by the Parent are treated as equity transactions between the Company and the Parent. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |||||||||||||||||||
In the Successor financial statements, no net operating losses were carried over from the Predecessor as part of the Acquisition. The Successor did not make any income tax payments for the period July 26, 2013 to December 31, 2013. | |||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||||
The Company accounts for stock-based compensation to employees and directors based on the estimated fair value of the award generally determined on the date of grant. The associated expense, net of estimated forfeitures, is generally recognized ratably over the requisite service period, which is generally the vesting period of the award. | |||||||||||||||||||
Collective Bargaining Agreement | Collective Bargaining Agreement | ||||||||||||||||||
Our employees at our Buchanan wallboard plant, representing approximately 14% of our workforce, are represented by two unions. While our collective bargaining agreement with the employees represented by one of the unions at our Buchanan plant expired on November 30, 2014, these employees are still considered unionized. Employees represented by that union voted on February 17, 2015 to accept a contract proposal, and we expect a contract to be signed on the basis of that proposal. Our collective bargaining agreement with the second union was set to expire on November 30, 2014, but has been extended through March 13, 2015. We continue to engage in negotiations with the second union. We believe our relationship with our unionized employees is positive and to date there have been no work disruptions as a result of the expiration of the collective bargaining agreement. Our remaining employees are non-union. We believe our relationships with both our union and non-union employees are good. | |||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||
Revenue from the sale of gypsum products is recorded when title and ownership are transferred upon shipment of the products. Amounts billed to a customer in a sales transaction related to shipping and handling are included in “Net sales,” and costs incurred for shipping and handling are classified as “Cost of goods sold” in the Consolidated/Combined Statements of Operations. The revenues reported in these financial statements relate to specifically identifiable historical activities of the plants, warehouses, and other assets that comprise the Company. We record estimated reductions to revenue for customer programs and incentive offerings, including promotions and other volume-based incentives, in the period in which the sale occurs. | |||||||||||||||||||
Derivative Instruments | Derivative Instruments | ||||||||||||||||||
The company uses derivative instruments to manage selected commodity price and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes, and typically does not hedge beyond two years. All derivative instruments must be recorded on the balance sheet at fair value. | |||||||||||||||||||
Currently, we are using natural gas swap contracts to hedge manage commodity price increase exposure. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, Derivatives – Hedging. For derivative contracts designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded to accumulated other comprehensive income, and is reclassified to earnings when the underlying forecasted transaction affects earnings. The ineffective portion of the changes in the fair value of the derivative is recorded in cost of goods sold. Gains and losses on these contracts that are designated as cash flow hedges are reclassified into earnings when the underlying forecasted transaction affect earnings. The Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. | |||||||||||||||||||
In addition, we are using an interest rate cap to protect against extreme market interest rate changes. Changes in the fair value of the interest rate cap are expected to be perfectly effective in offsetting the changes in cash flow of interest payments. The hedge is being accounted for as a cash flow hedge. Changes in the time value of the interest rate cap are reflected directly in earnings through “other income/expense” in non-operating income. | |||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. ASU 2014-09 will be effective for the Company in the first quarter of 2017 and requires retroactive application on either a full or modified basis. Early application is not permitted. The Company is currently evaluating ASU 2014-09 to determine its impact on its consolidated financial statements and disclosures. | |||||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern: Presentation of Financial Statements— Going Concern (Subtopic 205-40). This ASU defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. Specifically, it requires management to determine whether substantial doubt exists regarding the entity’s going concern presumption. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). If substantial doubt exists, certain disclosures are required; the extent of those disclosures depends on an evaluation of management’s plans (if any) to mitigate the going concern uncertainty. The provisions of ASU 2014-15 will be effective for annual periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. The ASU should be applied on a prospective basis. The Company believes the adoption of this ASU will not have a material impact on our disclosures. | |||||||||||||||||||
Successor [Member] | |||||||||||||||||||
Basis of Presentation | Basis of Presentation—Successor | ||||||||||||||||||
The accompanying consolidated financial statements for CBP have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. | |||||||||||||||||||
The Company’s financial statements reflect the Acquisition of the Predecessor that occurred on August 30, 2013, which was accounted for as a business combination. In connection with the Acquisition, $3.3 million in Acquisition related costs were incurred, which are reported as selling and administrative costs in the accompanying statement of operations of the Successor for the period from July 26, 2013 to December 31, 2013. The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition date. | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Total current assets | $ | 70,371 | |||||||||||||||||
Property, plant and equipment | 392,809 | ||||||||||||||||||
Financial interest in Seven Hills JV | 13,000 | ||||||||||||||||||
Trademarks | 15,000 | ||||||||||||||||||
Customer Relationships | 118,000 | ||||||||||||||||||
Goodwill | 119,945 | ||||||||||||||||||
Total current liabilities | (25,984 | ) | |||||||||||||||||
Total purchase price | $ | 703,141 | |||||||||||||||||
The fair value of accounts receivables acquired was $31.9 million (included in total current assets above), with the gross contractual amount being $33.3 million. The Company expects $1.4 million to be uncollectible. There were no loss contingencies identified as part of the Acquisition. The total Purchase Price remained the same as the one previously provided for the year ended December 31, 2013. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of the Company. These come from the synergies that are obtained in operating the plants as part of a network, versus individually, and from an experienced employee base skilled at managing a process driven manufacturing environment. We expect the goodwill will be deductible for income tax purposes. | |||||||||||||||||||
The following represents the unaudited pro forma income statement as if the Acquisition had occurred on January 1, 2012: | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year ended | Year ended | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Revenues | $ | 402,314 | $ | 311,410 | |||||||||||||||
Net income (loss) | $ | 4,895 | $ | (68,651 | ) | ||||||||||||||
These amounts have been calculated by adjusting the results to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on January 1, 2012, and to reflect the interest expense on the debt used to finance the Acquisition (see Note 13) net of proceeds received from the Initial Public Offering. | |||||||||||||||||||
Defined Contribution Pension Plans | Defined Contribution Pension Plans—Successor | ||||||||||||||||||
Subsequent to the Acquisition by Lone Star, the Company’s employees can participate in a 401K defined contribution pension plan. The Company contributes funds into this plan depending on each employee’s years of service and subject to certain limits. For the period ended December 31, 2014, the Company recorded an expense of $1.9 million for these contributions. From July 26, 2013 to December 31, 2013, the Company recorded an expense of $0.5 million. | |||||||||||||||||||
Predecessor [Member] | |||||||||||||||||||
Basis of Presentation | Basis of Presentation—Predecessor | ||||||||||||||||||
The accompanying combined financial statements for the Predecessor have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). | |||||||||||||||||||
The Predecessor financial statements have been derived from the consolidated financial statements and accounting records of Lafarge N.A. using the historical results of operations and historical cost basis of the assets and liabilities of Lafarge N.A. that comprise the business acquired. These Predecessor financial statements have been prepared to demonstrate the historical results of operations, financial position, and cash flows for the indicated periods under Lafarge N.A.’s management that were acquired by CBP. All intercompany balances and transactions have been eliminated. Transactions and balances between the Predecessor and Lafarge N.A. and its subsidiaries are reflected as related party transactions within these financial statements. | |||||||||||||||||||
The accompanying Predecessor combined financial statements include the assets, liabilities, revenues and expenses that are specifically identifiable to the acquired business and reflect all costs of doing business related to their operations, including expenses incurred by other entities on the Predecessor’s behalf. In addition, certain costs related to the Predecessor have been allocated from Lafarge N.A. Those allocations are derived from multiple levels of the organization including shared corporate expenses from Lafarge N.A. and fees from Lafarge N.A.’s parent company related to certain service and support functions. The costs associated with these services and support functions (indirect costs) have been allocated to the Predecessor using the most meaningful respective allocation methodologies which were primarily based on proportionate revenue, proportionate headcount, or proportionate direct labor costs compared to Lafarge N.A. and/or its subsidiaries. These allocated costs are primarily related to corporate administrative expenses, employee-related costs including pensions and other benefits for corporate and shared employees, and rental and usage fees for shared assets for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury, facility and other corporate and infrastructural services. Income taxes have been accounted for in the Predecessor financial statements on a separate return basis as described in Note 9. | |||||||||||||||||||
The Predecessor utilized Lafarge N.A.’s centralized processes and systems for cash management, payroll, and purchasing. As a result, all cash received by the Predecessor was deposited in and commingled with Lafarge N.A.’s general corporate funds and was not specifically allocated to the Predecessor. The net results of these cash transactions between the Predecessor and Lafarge N.A. are reflected within “Net capital contributions to Lafarge N.A.” in the accompanying Combined Statements of Cash Flows. | |||||||||||||||||||
Management believes the assumptions and allocations underlying the Predecessor combined financial statements are reasonable and appropriate under the circumstances. The expenses and cost allocations have been determined on a basis considered by Lafarge N.A. to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the periods presented relative to the total costs incurred by Lafarge N.A. However, the amounts recorded for these transactions and allocations are not necessarily representative of the amount that would have been reflected in the financial statements had the Predecessor been an entity that operated independently of Lafarge N.A. Consequently, future results of operations after the Predecessor’s separation from Lafarge N.A. will include costs and expenses incurred by the Company that may be materially different than the Predecessor’s historical results of operations. Accordingly, the financial statements for these periods under the Predecessor are not indicative of the Company’s future results of operations, financial position and cash flows. | |||||||||||||||||||
Defined Benefit Pension Plans and Other Post-Retirement Benefits | Defined Benefit Pension Plans and Other Post-Retirement Benefits—Predecessor | ||||||||||||||||||
Prior to the Acquisition by Lone Star, the Company’s salaried employees and union hourly employees participated in defined benefit pension plans sponsored by the Parent. These plans include other Parent employees that are not employees of the Company. The Parent also provides certain retiree health and life insurance benefits to eligible employees who have retired from the Company. Salaried participants generally become eligible for retiree health care benefits when they retire from active service at age 55 or later. Benefits, eligibility and cost-sharing provisions for hourly employees vary by location and/or bargaining unit. Generally, the health care plans pay a stated percentage of most medical and dental expenses reduced for any deductible, co-payment and payments made by government programs and other group coverage. The Company recorded approximately $11.9 million for the year ended December 31, 2012 in pension and other post-retirement benefits expense related to its employees, which has been reflected within “Cost of goods sold” and “Selling and administrative” in the accompanying Combined Statements of Operations. The related pension and post-retirement benefit liability has not been allocated to the Company and has not been presented in the accompanying Combined Balance Sheets since the obligation remained a liability of Lafarge N.A after the Acquisition of the Company by Lone Star. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Finalized Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition date. | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Total current assets | $ | 70,371 | |||||||||||||||||
Property, plant and equipment | 392,809 | ||||||||||||||||||
Financial interest in Seven Hills JV | 13,000 | ||||||||||||||||||
Trademarks | 15,000 | ||||||||||||||||||
Customer Relationships | 118,000 | ||||||||||||||||||
Goodwill | 119,945 | ||||||||||||||||||
Total current liabilities | (25,984 | ) | |||||||||||||||||
Total purchase price | $ | 703,141 | |||||||||||||||||
Unaudited Pro Forma Income Statement | The following represents the unaudited pro forma income statement as if the Acquisition had occurred on January 1, 2012: | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year ended | Year ended | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Revenues | $ | 402,314 | $ | 311,410 | |||||||||||||||
Net income (loss) | $ | 4,895 | $ | (68,651 | ) | ||||||||||||||
Schedule of Reconciliation of Share Amounts Included in Basic and Diluted Earnings per Share Computations | The following is a reconciliation of the share amounts included in basic and diluted earnings per share computations: | ||||||||||||||||||
Year Ended | July 26 - | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted average shares outstanding used to computed basic earnings per share | 42,940,849 | 32,304,000 | |||||||||||||||||
Dilutive effect of Restricted Stock Units | 11,173 | — | |||||||||||||||||
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 42,952,022 | 32,304,000 | |||||||||||||||||
Sales Revenue, Net [Member] | |||||||||||||||||||
Significant Customers, as Measured by Percentage of Total Revenues/Accounts Receivable | The Company’s significant customers, as measured by percentage of total revenues for the periods presented, were as follows: | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Customer A | 15 | % | 12 | % | 15 | % | 15 | % | |||||||||||
Accounts Receivable [Member] | |||||||||||||||||||
Significant Customers, as Measured by Percentage of Total Revenues/Accounts Receivable | The Company’s significant customers, as measured by percentage of total accounts receivable, were as follows: | ||||||||||||||||||
Successor | |||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Customer A | 23 | % | 27 | % |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||
Components of Receivables | Receivables consist of the following ( in thousands ): | ||||||||||||||||||
As of | As of | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Trade receivables | $ | 42,460 | $ | 34,065 | |||||||||||||||
Total Allowances | (2,308 | ) | (1,737 | ) | |||||||||||||||
Total receivables, net | $ | 40,152 | $ | 32,328 | |||||||||||||||
Rollforward of the Receivable Allowances | The following reflects a rollforward of the receivable allowances for the years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Beginning | $ | (1,737 | ) | $ | (1,768 | ) | $ | (1,530 | ) | $ | (1,357 | ) | |||||||
Additions | (4,468 | ) | (1,466 | ) | (2,377 | ) | (3,097 | ) | |||||||||||
Write-offs | 3,897 | 1,497 | 2,139 | 2,924 | |||||||||||||||
Ending | $ | (2,308 | ) | $ | (1,737 | ) | $ | (1,768 | ) | $ | (1,530 | ) | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | Inventories consist of the following ( in thousands ): | ||||||||
As of | As of | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Finished Products | $ | 4,875 | $ | 3,841 | |||||
Raw Materials | 17,010 | 16,505 | |||||||
Supplies and other | 7,679 | 7,774 | |||||||
Total Inventories | $ | 29,564 | $ | 28,120 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Property, Plant and Equipment | Property, plant and equipment consist of the following ( in thousands ): | ||||||||
As of | As of | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Land | $ | 12,930 | $ | 12,933 | |||||
Buildings | 111,506 | 108,737 | |||||||
Plant machinery | 269,633 | 267,146 | |||||||
Mobile equipment | 3,448 | 2,990 | |||||||
Construction in progress | 3,165 | 3,554 | |||||||
Property, plant and equipment, at cost | 400,682 | 395,360 | |||||||
Accumulated depreciation | (47,030 | ) | (11,735 | ) | |||||
Total property, plant and equipment, net | $ | 353,652 | $ | 383,625 | |||||
Software_and_Other_Intangibles1
Software and Other Intangibles (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Customer Relationships and Other Intangibles | Customer relationships and other intangibles consist of the following ( in thousands ): | ||||||||
(in thousands) | As of | As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
Customer relationships | $ | 117,243 | $ | 117,919 | |||||
Purchased and internally developed Software | 4,332 | 11 | |||||||
Trademarks | 14,905 | 14,990 | |||||||
Customer relationshipes and other intangibles, at cost | 136,480 | 132,920 | |||||||
Accumulated amortization | (25,671 | ) | (6,794 | ) | |||||
Customer relationshipes and other intangibles, net | $ | 110,809 | $ | 126,126 | |||||
Accrued_and_Other_Liabilities_
Accrued and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued and Other Liabilities | Accrued and other liabilities consist of the following ( in thousands ): | ||||||||
(in thousands) | As of | As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
Vacation and other employee-related costs | 7,945 | $ | 2,948 | ||||||
VAT taxes | 1,220 | 942 | |||||||
Income taxes | — | 4,197 | |||||||
Other | 2,263 | 3,238 | |||||||
Total accrued and other liabilities | $ | 11,428 | $ | 11,325 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Components of Income Tax (Expense) Benefit | The components of the income tax (expense) benefit are as follows ( in thousands ): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Current | $ | 1,061 | $ | (4,197 | ) | $ | (884 | ) | $ | 542 | |||||||||
Deferred | (11,105 | ) | 3,087 | 754 | (190 | ) | |||||||||||||
Total income tax (expense) benefit | $ | (10,044 | ) | $ | (1,110 | ) | $ | (130 | ) | $ | 352 | ||||||||
Components of Income (Loss) before Income Taxes by Country | The components of income (loss) before income taxes by country are as follows ( in thousands ): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
USA | $ | 27,270 | $ | 3,225 | $ | 32,509 | $ | (10,858 | ) | ||||||||||
Canada | (1,335 | ) | (10 | ) | (194 | ) | (2,336 | ) | |||||||||||
Total income (loss) before earnings (losses)on equity method investment and income tax | $ | 25,935 | $ | 3,215 | $ | 32,315 | $ | (13,194 | ) | ||||||||||
Taxes Computed at U.S. Statutory Federal Income Tax Rate | Taxes computed at the U.S. statutory federal income tax rate of 35% are reconciled to the Company’s effective rate as follows ( in thousands ): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Taxes at the U.S. federal income tax rate | $ | (9,077 | ) | $ | (1,125 | ) | $ | (11,310 | ) | $ | 4,618 | ||||||||
U.S./Canadian tax rate differential | (107 | ) | (2 | ) | (19 | ) | (234 | ) | |||||||||||
U.S. state and Canadian provincial income taxes,net of federal benefit | (503 | ) | (74 | ) | (1,314 | ) | 494 | ||||||||||||
Non-deductible expenses | (46 | ) | (17 | ) | (46 | ) | (80 | ) | |||||||||||
Domestic production activities deduction | — | 108 | — | — | |||||||||||||||
Valuation allowance | (361 | ) | — | 12,559 | (4,446 | ) | |||||||||||||
Other | 50 | — | — | — | |||||||||||||||
Income tax (expense) benefit | $ | (10,044 | ) | $ | (1,110 | ) | $ | (130 | ) | $ | 352 | ||||||||
Effective rate | 38.73 | % | 34.53 | % | 0.4 | % | 2.67 | % | |||||||||||
Significant Components of Deferred Tax Assets and Deferred Tax Liabilities | The significant components of deferred tax assets and deferred tax liabilities included on the Combined Balance Sheets are (in thousands): | ||||||||||||||||||
As of | As of | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Reserves and other liabilities | $ | 2,909 | $ | 2,137 | |||||||||||||||
Tax loss carryforwards | 366 | — | |||||||||||||||||
Acquisition costs and intangibles | 1,884 | 1,533 | |||||||||||||||||
Other | 1,325 | 136 | |||||||||||||||||
6,484 | 3,806 | ||||||||||||||||||
Less valuation allowance | 361 | — | |||||||||||||||||
Deferred tax assets, net of valuation allowance | 6,123 | 3,806 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Depreciation, amortization and other | (14,149 | ) | (719 | ) | |||||||||||||||
Deferred tax liabilities | (14,149 | ) | (719 | ) | |||||||||||||||
Net deferred tax asset (liability) | (8,026 | ) | 3,087 | ||||||||||||||||
Net deferred tax asset, current | $ | 3,157 | $ | 2,137 | |||||||||||||||
Net deferred tax asset, non-current | $ | — | $ | 950 | |||||||||||||||
Net deferred tax liability, non-current | $ | (11,183 | ) | $ | — | ||||||||||||||
Rollforward of Deferred Tax Valuation Allowance | The following is a rollforward of the deferred tax valuation allowance for the periods presented (in thousands): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Balance at the beginning of the period | $ | — | $ | — | $ | 43,780 | $ | 38,865 | |||||||||||
Amounts charged to expense | 361 | — | (12,559 | ) | 4,446 | ||||||||||||||
Amounts charged to Other Comprehensive Income | — | — | 469 | ||||||||||||||||
Balance at the end of the period | $ | 361 | $ | — | $ | 31,221 | $ | 43,780 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Future Minimum Lease Payments Due under Non-Cancelable Operating Leases | The table below shows the future minimum lease payments due under non-cancelable operating leases and purchase commitments at December 31, 2014 ( in thousands ): | ||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Operating leases | $ | 6,329 | $ | 1,743 | $ | 1,293 | $ | 1,183 | $ | 616 | $ | 1,494 | $ | — | |||||||||||||||
Purchase commitments | 158,288 | 31,851 | 29,288 | 19,400 | 16,112 | 16,529 | 45,108 | ||||||||||||||||||||||
Total commitments | $ | 164,617 | $ | 33,594 | $ | 30,581 | $ | 20,583 | $ | 16,728 | $ | 18,023 | $ | 45,108 | |||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Debt | Debt consists of the following: | ||||||||
(in thousands) | As of | As of | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
First Lien Credit Agreement maturing on August 28, 2020; interest rate of LIBOR (with a 1% floor) plus 3.00% at December 31, 2014 and 3.75% at December 31, 2013 | $ | 351,988 | $ | 413,962 | |||||
Second Lien Credit Agreement | — | 155,000 | |||||||
Less: Original issue discount (net of amortization) | (2,863 | ) | (4,888 | ) | |||||
Total debt | 349,125 | 564,074 | |||||||
Less: Current portion of long-term debt | — | (4,150 | ) | ||||||
Long-term debt | $ | 349,125 | $ | 559,924 | |||||
Summary of Future Minimum Principal Payments Due under Credit Agreements | The table below shows the future minimum principal payments due under the credit agreements. | ||||||||
(in thousands) | Amount Due | ||||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
Thereafter | $ | 351,988 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||
Summary of Reportable Segment Information | Reportable segment information consists of the following ( in thousands ): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year ended | July 26 - | January 1 - | Year ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Net Sales: | |||||||||||||||||||
Wallboard | 409,408 | 144,689 | 240,225 | 295,282 | |||||||||||||||
Other | 15,094 | 5,377 | 12,023 | 16,128 | |||||||||||||||
Total net sales | 424,502 | 150,066 | 252,248 | 311,410 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||
Wallboard | 60,080 | 14,162 | 32,699 | (11,814 | ) | ||||||||||||||
Other | 681 | (384 | ) | (72 | ) | (943 | ) | ||||||||||||
Total operating income (loss) | 60,761 | 13,778 | 32,627 | (12,757 | ) | ||||||||||||||
Adjustments: | |||||||||||||||||||
Interest Expense | (29,069 | ) | (10,542 | ) | (91 | ) | (212 | ) | |||||||||||
Gain (loss) from Equity Investment | (113 | ) | — | (30 | ) | (138 | ) | ||||||||||||
Other non-operating expenses | (5,644 | ) | (21 | ) | (191 | ) | (87 | ) | |||||||||||
Income (loss) before income tax benefit | 25,935 | 3,215 | 32,315 | (13,194 | ) | ||||||||||||||
Depreciation and Amortization | |||||||||||||||||||
Wallboard | 53,114 | 17,943 | 16,067 | 35,091 | |||||||||||||||
Other | 1,203 | 586 | 819 | 1,240 | |||||||||||||||
Total depreciation and amortization | 54,317 | 18,529 | 16,886 | 36,331 | |||||||||||||||
Information Concerning Principal Geographic Areas | Information concerning principal geographic areas is as follows ( in thousands ): | ||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||
Year Ended | July 26 - | January 1 - | Year Ended | ||||||||||||||||
December 31, | December 31, | August 30, | December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | ||||||||||||||||
Net Sales: | |||||||||||||||||||
United States | $ | 389,073 | $ | 135,275 | $ | 221,995 | $ | 272,579 | |||||||||||
Canada | 35,429 | 14,791 | 30,253 | 38,831 | |||||||||||||||
Total | $ | 424,502 | $ | 150,066 | $ | 252,248 | $ | 311,410 | |||||||||||
Successor | |||||||||||||||||||
As of | As of | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Fixed Assets | Total Assets | Fixed Assets | Total Assets | ||||||||||||||||
United States | 349,909 | $ | 678,285 | $ | 379,381 | $ | 714,495 | ||||||||||||
Canada | 3,743 | $ | 22,696 | 4,244 | 25,881 | ||||||||||||||
Total | 353,652 | $ | 700,981 | $ | 383,625 | $ | 740,376 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Restricted Shares activity | The following table summarizes restricted shares activity for the year ended December 31, 2014: | ||||||||||||||||
Number of Shares | Weighted Average | ||||||||||||||||
Grant Date Value | |||||||||||||||||
Non-vested, January 1, 2014 | — | — | |||||||||||||||
Granted | 75,000 | $ | 14 | ||||||||||||||
Forfeited | (20,000 | ) | $ | 14 | |||||||||||||
Non-vested, December 31, 2014 | 55,000 | $ | 14 | ||||||||||||||
Summary of Stock Option Activity | The following tables summarize stock option activity for the year ended December 31, 2014: | ||||||||||||||||
Number of | Weighted | Aggregate | Weighted | ||||||||||||||
Shares | Average | Intrinsic Value | Average | ||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term (in Years) | |||||||||||||||||
Outstanding, January 1, 2014 | — | — | — | ||||||||||||||
Granted | 142,000 | $ | 14 | $ | 529,660 | ||||||||||||
Outstanding, December 31, 2014 | 142,000 | $ | 14 | $ | 529,660 | 9.1 | |||||||||||
Exercisable, December 31, 2014 | 60,000 | $ | 14 | $ | 223,800 | 9.1 | |||||||||||
Vested and Expected to Vest, December 31, 2014 | 142,000 | $ | 14 | $ | 529,660 | 9.1 |
Quarterly_Data_unaudited_Table
Quarterly Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Successor [Member] | |||||||||||||||||||||||||
Selected Quarterly Data | The following table presents selected quarterly data for the Successor periods: | ||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||
July 26 - | Three months | Three months | Three months | Three months | Three months | ||||||||||||||||||||
September | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||
30, 2013 | December 31, | March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||
2013 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||||||||
(in thousands, except for operating data, earnings per share and mill net sales price) | |||||||||||||||||||||||||
Net sales | $ | 35,630 | $ | 114,436 | $ | 86,973 | $ | 102,915 | $ | 113,804 | $ | 120,810 | |||||||||||||
Cost of goods sold | 31,537 | 89,798 | 73,196 | 82,025 | 85,821 | 89,131 | |||||||||||||||||||
Selling and administrative | 6,200 | 8,753 | 7,496 | 8,088 | 7,774 | 10,210 | |||||||||||||||||||
Operating income (1) | (2,107 | ) | 15,885 | 6,281 | 12,802 | 20,209 | 21,469 | ||||||||||||||||||
Net income (loss) | (4,640 | ) | 6,745 | (8,623 | ) | 4,667 | 9,486 | 10,361 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic | $ | (0.14 | ) | $ | 0.21 | $ | (0.22 | ) | $ | 0.11 | $ | 0.22 | $ | 0.24 | |||||||||||
Diluted | $ | (0.14 | ) | $ | 0.21 | $ | (0.22 | ) | $ | 0.11 | $ | 0.22 | $ | 0.24 | |||||||||||
Wallboard sales volume (msf) | 195 | 632 | 438 | 525 | 590 | 627 | |||||||||||||||||||
Mill net sales price | $ | 144.06 | $ | 143.04 | $ | 157.32 | $ | 155.76 | $ | 154.1 | $ | 152.79 | |||||||||||||
Depreciation and amortization | $ | 4,594 | $ | 13,935 | $ | 13,883 | $ | 13,930 | $ | 13,511 | $ | 12,993 | |||||||||||||
-1 | Operating income for the period ended September 30, 2013 includes $2,075 of lease termination costs, $3,296 of Acquisition closing costs, and inventory step-up impacting margin of $1,500. | ||||||||||||||||||||||||
Predecessor [Member] | |||||||||||||||||||||||||
Selected Quarterly Data | The following table presents selected quarterly data for the Predecessor periods: | ||||||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||
Three Months | Three Months | July 1 2013 to | |||||||||||||||||||||||
Ended | Ended | August 30, 2013 | |||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||
(in thousands, except operating data) | |||||||||||||||||||||||||
Net sales | $ | 83,450 | $ | 99,679 | $ | 69,119 | |||||||||||||||||||
Cost of goods sold | 65,157 | 73,991 | 56,190 | ||||||||||||||||||||||
Selling and administrative | 8,340 | 8,486 | 7,457 | ||||||||||||||||||||||
Operating income | 9,953 | (1) | 17,202 | (2) | 5,472 | (3) | |||||||||||||||||||
Net income | 9,797 | 16,676 | 5,712 | ||||||||||||||||||||||
Wallboard sales volume | |||||||||||||||||||||||||
(million square feet) | 438 | 523 | 373 | ||||||||||||||||||||||
Mill net sales price | $ | 146.97 | $ | 149.56 | $ | 145.43 | |||||||||||||||||||
Depreciation and amortization | $ | 6,242 | $ | 6,248 | $ | 4,396 | |||||||||||||||||||
-1 | Operating income for the three months ended March 31, 2013 includes $2,858 of pension expense and $1,120 of expense related to the Master Brands Agreement with Lafarge S.A. | ||||||||||||||||||||||||
-2 | Operating income for the three months ended June 30, 2013 includes $2,817 for pension expense and $1,140 of expense related to the Master Brands Agreement with Lafarge S.A. | ||||||||||||||||||||||||
-3 | Operating income for the period July 1, 2013 to August 30, 2013 includes $1,961 for pension expense, $744 of expense related to the Master Brands Agreement with Lafarge S.A., lease termination costs of $2,556 for the Newark facility that was closed, and lease termination costs of $1,195 to discontinue the use of our co-generation power plant. |
Background_and_Nature_of_Opera1
Background and Nature of Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 10, 2014 | Feb. 03, 2014 | Jun. 24, 2013 | Dec. 31, 2014 | |
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Net proceeds after underwriting discounts and commissions | $154,000,000 | |||
One-time payment to Lone Star for termination of asset advisory agreement | 2,000,000 | |||
Stock split ratio | 32,304 | |||
Lafarge N.A. [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Agreement date of acquisition | 24-Jun-13 | |||
Total purchase price | 703,000,000 | |||
Closing date of acquisition | 30-Aug-13 | |||
Wallboard Plant [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Number of operating facilities | 3 | |||
Compound Plant [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Number of operating facilities | 1 | |||
Initial Public Offering [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Initial public offering, shares | 11,765,000 | |||
Per share value | $14 | |||
Second Lien Credit Agreement [Member] | ||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||
Net proceeds from Initial Public Offering | 152,000,000 | |||
Cash on hand | 6,100,000 | |||
Repayment amount | 155,000,000 | |||
Prepayment premium | $3,100,000 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Feb. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 10, 2014 | Dec. 31, 2012 | Aug. 30, 2013 | |
Union | |||||||
Business Acquisition [Line Items] | |||||||
Accounts receivable | $31,900,000 | ||||||
Accounts receivable, gross | 33,300,000 | ||||||
Uncollectible amount | 1,400,000 | ||||||
Loss contingencies | 0 | ||||||
Stock split ratio | 32,304 | ||||||
Dilutive securities outstanding | 0 | 42,952,022 | |||||
Interest expense | 0 | 0 | |||||
Derivative contracts outstanding | 0 | 0 | |||||
Fair value adjustments for assets and liabilities | 0 | ||||||
Unionized bargaining employees percentage | 14.00% | ||||||
Number of unions | 2 | ||||||
Union One [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Unionized bargaining employees agreement expiration date | 30-Nov-14 | ||||||
Union Two [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Unionized bargaining employees agreement expiration date | 30-Nov-14 | ||||||
Unionized bargaining employees agreement extended expiration date | 13-Mar-15 | ||||||
Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Derivative instrument term | 2 years | ||||||
Capitalized Software [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets useful life | 3 years | ||||||
Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets amortization period | 15 years | ||||||
Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets amortization period | 15 years | ||||||
Buildings [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 20 years | ||||||
Buildings [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 25 years | ||||||
Mobile Equipment [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 5 years | ||||||
Mobile Equipment [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 25 years | ||||||
Equipment [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 5 years | ||||||
Equipment [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 8 years | ||||||
Plant Machinery [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property, plant and equipment useful life | 15 years | ||||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of interest rate cap | 30,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Natural Gas Hedges [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of derivatives hedges | 1,400,000 | ||||||
Accumulated Translation Adjustment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cumulative foreign currency translation adjustment | -2,200,000 | -300,000 | |||||
Equity Option [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Stock options excluded from computation of diluted earnings per share | 142,000 | ||||||
Stock Split [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Stock split ratio | 32,304 | ||||||
Initial Public Offering [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Issuance of new shares | 11,765,000 | ||||||
Seven Hills, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value discount rate | 16.00% | ||||||
Seven Hills, LLC [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of asset | 13,000,000 | 13,000,000 | |||||
Predecessor [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Interest expense | 0 | ||||||
Predecessor [Member] | Lone Star [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Pension and other post retirement benefit expense | 11,900,000 | ||||||
Predecessor [Member] | Accumulated Translation Adjustment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cumulative foreign currency translation adjustment | -5,600,000 | ||||||
Successor [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Dilutive securities outstanding | 32,304,000 | 42,952,022 | |||||
Expense on defined contribution plan | 500,000 | 1,900,000 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related cost | $3,300,000 |
Significant_Accounting_Policie4
Significant Accounting Policies - Finalized Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Financial interest in Seven Hills JV | $13,000 | ||
Goodwill | 119,945 | 119,945 | |
Successor [Member] | |||
Business Acquisition [Line Items] | |||
Total current assets | 70,371 | ||
Property, plant and equipment | 392,809 | ||
Goodwill | 119,945 | ||
Total current liabilities | -25,984 | ||
Total purchase price | 703,141 | ||
Successor [Member] | Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 15,000 | ||
Successor [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 118,000 | ||
Successor [Member] | Seven Hills, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Financial interest in Seven Hills JV | $13,000 |
Significant_Accounting_Policie5
Significant Accounting Policies - Unaudited Pro Forma Income Statement (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition Pro Forma Information [Line Items] | ||
Revenues | $402,314 | |
Net income (loss) | 4,895 | |
Predecessor [Member] | ||
Business Acquisition Pro Forma Information [Line Items] | ||
Revenues | 311,410 | |
Net income (loss) | ($68,651) |
Significant_Accounting_Policie6
Significant Accounting Policies - Schedule of Reconciliation of Share Amounts Included in Basic and Diluted Earnings per Share Computations (Detail) | 5 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average shares outstanding used to computed basic earnings per share | 42,940,849 | |
Dilutive effect of Restricted Stock Units | 11,173 | |
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 0 | 42,952,022 |
Successor [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average shares outstanding used to computed basic earnings per share | 32,304,000 | 42,940,849 |
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 32,304,000 | 42,952,022 |
Significant_Accounting_Policie7
Significant Accounting Policies - Company's Significant Customers Revenue Information (Detail) (Sales Revenue, Net [Member], Customer A [Member], Customer Concentration Risk [Member]) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 | |
Successor [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.00% | 15.00% | ||
Predecessor [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 15.00% | 15.00% |
Significant_Accounting_Policie8
Significant Accounting Policies - Company's Significant Customers Accounts Receivable Information (Detail) (Successor [Member], Accounts Receivable [Member], Customer A [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Successor [Member] | Accounts Receivable [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 23.00% | 27.00% |
Receivables_Components_of_Rece
Receivables - Components of Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Trade receivables | $42,460 | $34,065 |
Total Allowances | -2,308 | -1,737 |
Total receivables, net | $40,152 | $32,328 |
Receivables_Rollforward_of_the
Receivables - Rollforward of the Receivable Allowances (Detail) (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning | ($1,768) | ($1,737) | ||
Additions | -1,466 | -4,468 | ||
Write-offs | 1,497 | 3,897 | ||
Ending | -1,737 | -2,308 | ||
Predecessor [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning | -1,530 | -1,357 | ||
Additions | -2,377 | -3,097 | ||
Write-offs | 2,139 | 2,924 | ||
Ending | ($1,768) | ($1,530) |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished Products | $4,875 | $3,841 |
Raw Materials | 17,010 | 16,505 |
Supplies and other | 7,679 | 7,774 |
Total Inventories | $29,564 | $28,120 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $400,682 | $395,360 |
Accumulated depreciation | -47,030 | -11,735 |
Total property, plant and equipment, net | 353,652 | 383,625 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 12,930 | 12,933 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 111,506 | 108,737 |
Plant Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 269,633 | 267,146 |
Mobile Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 3,448 | 2,990 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $3,165 | $3,554 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $11.70 | $35.30 | ||
Predecessor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $16.10 | $34.80 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reporting_Unit | Reporting_Unit | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of reporting units | 2 | 2 |
Goodwill impairment | $0 | $0 |
Software_and_Other_Intangibles2
Software and Other Intangibles - Customer Relationships and Other Intangibles (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | $136,480 | $132,920 |
Accumulated amortization | -25,671 | -6,794 |
Customer relationships and other intangibles, net | 110,809 | 126,126 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | 117,243 | 117,919 |
New ERP Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | 4,332 | 11 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | $14,905 | $14,990 |
Software_and_Other_Intangibles3
Software and Other Intangibles - Additional Information (Detail) (USD $) | 1 Months Ended | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
Oct. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | $132,920,000 | $136,480,000 | |||
Amortization expense, 2015 | 16,000,000 | ||||
Amortization expense, 2016 | 13,500,000 | ||||
Amortization expense, 2017 | 11,600,000 | ||||
Amortization expense, 2018 | 9,300,000 | ||||
Amortization expense, 2019 | 8,400,000 | ||||
New ERP Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | 11,000 | 4,332,000 | |||
Amortization on estimated useful life | 3 years | ||||
Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 6,800,000 | 19,000,000 | |||
Successor [Member] | New ERP Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 300,000 | ||||
Capitalized costs | 3,700,000 | ||||
Successor [Member] | External Party Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | 600,000 | ||||
Successor [Member] | Development of New Website [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | 100,000 | ||||
Predecessor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 800,000 | 1,600,000 | |||
Predecessor [Member] | New ERP Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $300,000 |
Accrued_and_Other_Liabilities_1
Accrued and Other Liabilities - Accrued and Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Vacation and other employee-related costs | $7,945 | $2,948 |
VAT taxes | 1,220 | 942 |
Income taxes | 4,197 | |
Other | 2,263 | 3,238 |
Total accrued and other liabilities | $11,428 | $11,325 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax (Expense) Benefit (Detail) (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ||||
Schedule Of Current And Deferred Income Taxes [Line Items] | ||||
Current | ($4,197) | $1,061 | ||
Deferred | 3,087 | -11,105 | ||
Total income tax (expense) benefit | -1,110 | -10,044 | ||
Predecessor [Member] | ||||
Schedule Of Current And Deferred Income Taxes [Line Items] | ||||
Current | -884 | 542 | ||
Deferred | 754 | -190 | ||
Total income tax (expense) benefit | ($130) | $352 |
Income_Taxes_Components_of_Inc1
Income Taxes - Components of Income (Loss) before Income Taxes by Country (Detail) (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ||||
Schedule Of Income Loss From Continuing Operations [Line Items] | ||||
USA | $3,225 | $27,270 | ||
Canada | -10 | -1,335 | ||
Income (loss) before income tax | 3,215 | 25,935 | ||
Predecessor [Member] | ||||
Schedule Of Income Loss From Continuing Operations [Line Items] | ||||
USA | 32,509 | -10,858 | ||
Canada | -194 | -2,336 | ||
Income (loss) before income tax | $32,315 | ($13,194) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
U.S. statutory federal income tax rate | 35.00% | |||
Income tax paid | $4,200,000 | |||
Valuation allowance recorded | 361,000 | 0 | ||
Predecessor [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Pre-tax operating losses | 32,315,000 | -13,194,000 | ||
Net operating loss carry-forward | 0 | |||
Unused net operating loss carry-forwards, description | For U.S. federal income tax purposes, the Predecessor had unused net operating loss carry-forwards of $111.0 million expiring from 2028 through 2032. | |||
Net operating loss carry-forward expiring period | 2028 through 2032 | |||
Predecessor [Member] | U.S. Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carry-forward | 111,000,000 | |||
Predecessor [Member] | Canadian Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carry-forward | $0 |
Income_Taxes_Taxes_Computed_at
Income Taxes - Taxes Computed at U.S. Statutory Federal Income Tax Rate (Detail) (USD $) | 5 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 |
Successor [Member] | ||||
Income Tax Reconciliation [Line Items] | ||||
Taxes at the U.S. federal income tax rate | ($1,125) | ($9,077) | ||
U.S./Canadian tax rate differential | -2 | -107 | ||
U.S. state and Canadian provincial income taxes,net of federal benefit | -74 | -503 | ||
Non-deductible expenses | -17 | -46 | ||
Domestic production activities deduction | 108 | |||
Valuation allowance | -361 | |||
Other | 50 | |||
Total income tax (expense) benefit | -1,110 | -10,044 | ||
Effective rate | 34.53% | 38.73% | ||
Predecessor [Member] | ||||
Income Tax Reconciliation [Line Items] | ||||
Taxes at the U.S. federal income tax rate | -11,310 | 4,618 | ||
U.S./Canadian tax rate differential | -19 | -234 | ||
U.S. state and Canadian provincial income taxes,net of federal benefit | -1,314 | 494 | ||
Non-deductible expenses | -46 | -80 | ||
Valuation allowance | 12,559 | -4,446 | ||
Total income tax (expense) benefit | ($130) | $352 | ||
Effective rate | 0.40% | 2.67% |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Reserves and other liabilities | $2,909,000 | $2,137,000 |
Tax loss carryforwards | 366,000 | |
Acquisition costs and intangibles | 1,884,000 | 1,533,000 |
Other | 1,325,000 | 136,000 |
Deferred tax assets | 6,484,000 | 3,806,000 |
Less valuation allowance | 361,000 | 0 |
Deferred tax assets, net of valuation allowance | 6,123,000 | 3,806,000 |
Deferred tax liabilities: | ||
Depreciation, amortization and other | -14,149,000 | -719,000 |
Deferred tax liabilities | -14,149,000 | -719,000 |
Net deferred tax asset (liability) | -8,026,000 | 3,087,000 |
Net deferred tax asset, current | 3,157,000 | 2,137,000 |
Net deferred tax asset, non-current | 950,000 | |
Net deferred tax liability, non-current | ($11,183,000) |
Income_Taxes_Rollforward_of_De
Income Taxes - Rollforward of Deferred Tax Valuation Allowance (Detail) (USD $) | 12 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Valuation Allowance [Line Items] | ||||
Balance at the beginning of the period | $0 | |||
Balance at the end of the period | 361,000 | 0 | ||
Successor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation Allowance [Line Items] | ||||
Amounts charged to expense | 361,000 | |||
Balance at the end of the period | 361,000 | |||
Predecessor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at the beginning of the period | 43,780,000 | 38,865,000 | ||
Amounts charged to expense | -12,559,000 | 4,446,000 | ||
Amounts charged to Other Comprehensive Income | 469,000 | |||
Balance at the end of the period | $31,221,000 | $43,780,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 8 Months Ended | 12 Months Ended | 5 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Contingencies And Commitments [Line Items] | |||||
Rent expense | $4,800,000 | ||||
Outstanding amount of letters of credit | 4,800,000 | 2,400,000 | 2,400,000 | ||
Ownership interest percentage | 50.00% | ||||
Accrued amount in the accompanying balance sheet | 0 | 0 | |||
Predecessor [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Total expenses under operating leases | 7,800,000 | 7,000,000 | |||
Non Capital Purchased under commitments | 47,900,000 | 63,800,000 | |||
Outstanding amount of letters of credit | 1,400,000 | ||||
Predecessor [Member] | Port of Newark [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Total expenses under operating leases | 4,200,000 | ||||
Successor [Member] | |||||
Contingencies And Commitments [Line Items] | |||||
Total expenses under operating leases | 1,500,000 | ||||
Non Capital Purchased under commitments | $72,500,000 | $23,000,000 | $23,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Due under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases, Total | $6,329 |
Operating leases, 2015 | 1,743 |
Operating leases, 2016 | 1,293 |
Operating leases, 2017 | 1,183 |
Operating leases, 2018 | 616 |
Operating leases, 2019 | 1,494 |
Operating leases, After 2019 | 0 |
Purchase commitments, Total | 158,288 |
Purchase commitments, 2015 | 31,851 |
Purchase commitments, 2016 | 29,288 |
Purchase commitments, 2017 | 19,400 |
Purchase commitments, 2018 | 16,112 |
Purchase commitments, 2019 | 16,529 |
Purchase commitments, After 2019 | 45,108 |
Total commitments | 164,617 |
Total commitments, 2015 | 33,594 |
Total commitments, 2016 | 30,581 |
Total commitments, 2017 | 20,583 |
Total commitments, 2018 | 16,728 |
Total commitments, 2019 | 18,023 |
Total commitments, After 2019 | $45,108 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | ||||||
Dec. 31, 2014 | Aug. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 10, 2014 | |
Lafarge N.A. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payment for services escalated per month | $129,700 | |||||||||||||
Termination of agreement period | 31-Dec-14 | |||||||||||||
Lone Star [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage of actual cost paid for the services | 110.00% | 110.00% | ||||||||||||
Termination fee included non-operating expense | 2,000,000 | |||||||||||||
Predecessor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Selling and administrative expenses | 7,457,000 | 8,486,000 | 8,340,000 | 24,283,000 | 34,231,000 | |||||||||
Predecessor [Member] | Lafarge N.A. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Selling and administrative expenses | 4,900,000 | 7,000,000 | ||||||||||||
Pension and other post-retirement benefits expense | 7,600,000 | 11,900,000 | ||||||||||||
Predecessor [Member] | Lone Star [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Pension and other post-retirement benefits expense | 11,900,000 | |||||||||||||
Successor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Selling and administrative expenses | 33,568,000 | 6,200,000 | 10,210,000 | 7,774,000 | 8,088,000 | 7,496,000 | 8,753,000 | 14,953,000 | ||||||
Successor [Member] | Lafarge N.A. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payment for services per month | $119,000 | $119,000 |
Investment_in_Seven_Hills_Addi
Investment in Seven Hills - Additional Information (Detail) (USD $) | 8 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||||
Estimated redemption value of joint venture | $13.80 | $11.10 | ||
Purchase commitments | 29.7 | |||
Predecessor [Member] | ||||
Schedule of Investments [Line Items] | ||||
Cost of paperboard | 33.1 | 43.6 | ||
Successor [Member] | ||||
Schedule of Investments [Line Items] | ||||
Cost of paperboard | 17.6 | 49.7 | ||
Seven Hills, LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Purchase price allocation | $13 |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Less: Original issue discount (net of amortization) | ($2,863) | ($4,888) |
Total debt | 349,125 | 564,074 |
Less: Current portion of long-term debt | -4,150 | |
Long-term debt | 349,125 | 559,924 |
Total debt | 349,125 | 564,074 |
First Lien Credit Agreement [Member] | Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt before unamortized discount | 351,988 | 413,962 |
Second Lien Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt before unamortized discount | $155,000 |
Debt_Summary_of_Debt_Parenthet
Debt - Summary of Debt (Parenthetical) (Detail) (First Lien Credit Agreement [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Debt, maturity date | 28-Aug-20 | |
Floor rate | 1.00% | |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt, maturity date | 28-Aug-20 | 28-Aug-20 |
Floor rate | 1.00% | 1.00% |
Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt, variable interest rate | 3.00% | 3.75% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 5 Months Ended | 8 Months Ended | 0 Months Ended | ||||
31-May-14 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Feb. 10, 2014 | Dec. 02, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | $15,300,000 | $15,300,000 | ||||||||
Payment of debt issuance cost and other fees | 5,000,000 | |||||||||
Reduction in margin, percentage | 0.50% | |||||||||
Further reduction in margin, percentage | 0.25% | |||||||||
Outstanding amount of letters of credit | 4,800,000 | 2,400,000 | 2,400,000 | |||||||
Leverage ratio | 6 | |||||||||
Moody's, B2 Rating [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 3.00% | |||||||||
Successor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest paid | 19,500,000 | 9,500,000 | ||||||||
Predecessor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest paid | 0 | |||||||||
Outstanding amount of letters of credit | 1,400,000 | |||||||||
Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding amount of letters of credit | 12,500,000 | |||||||||
First Lien Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing capacity | 415,000,000 | 320,000,000 | 320,000,000 | |||||||
Line of credit facility, increase in borrowing capacity | 95,000,000 | |||||||||
Debt, periodic principal payment | 1,000,000 | 800,000 | ||||||||
Credit agreement due date | 28-Aug-20 | |||||||||
Floor rate | 1.00% | |||||||||
Pre-paid principal payments | 59,900,000 | |||||||||
Final payment | 352,000,000 | |||||||||
Effective interest rate | 4.70% | |||||||||
Outstanding revolver amount | 0 | |||||||||
Basis points | 2.25% | |||||||||
Facility fee, basis points | 0.50% | |||||||||
Remaining outstanding | 45,200,000 | |||||||||
First Lien Credit Agreement [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 3.75% | |||||||||
First Lien Credit Agreement [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 3.25% | |||||||||
First Lien Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing capacity | 50,000,000 | 50,000,000 | 50,000,000 | |||||||
Proceeds from line of credit | 25,000,000 | |||||||||
First Lien Credit Agreement [Member] | Term Loan Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit agreement due date | 28-Aug-20 | 28-Aug-20 | ||||||||
Floor rate | 1.00% | 1.00% | 1.00% | |||||||
Debt, variable interest rate | 3.50% | 3.50% | 3.75% | |||||||
Second Lien Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing capacity | 155,000,000 | 120,000,000 | 120,000,000 | |||||||
Line of credit facility, increase in borrowing capacity | 35,000,000 | |||||||||
Credit agreement due date | 26-Feb-21 | |||||||||
Floor rate | 1.00% | |||||||||
Debt, variable interest rate | 7.75% | 7.50% | 7.50% | |||||||
Net proceeds from the Initial Public Offering | 152,000,000 | |||||||||
Cash on hand | 6,100,000 | |||||||||
Prepayment premium | 3,100,000 | |||||||||
Repayment amount | 155,000,000 | |||||||||
First and Second Lien Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from line of credit | $130,000,000 |
Debt_Summary_of_Future_Minimum
Debt - Summary of Future Minimum Principal Payments Due under Credit Agreements (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturities of Long-term Debt [Abstract] | |
2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | $351,988 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative [Line Items] | |
Derivatives, net liability position | $900,000 |
Collateral posted with counterparties related to derivatives | 0 |
Successor [Member] | |
Derivative [Line Items] | |
Net unrealized loss recognized in accumulated other comprehensive income (loss) | -867,000 |
Commodity Contract [Member] | |
Derivative [Line Items] | |
Aggregate notional amount of outstanding natural gas swap contracts | 1,650,000 |
Derivative instrument contracts maturity date | 31-Oct-15 |
Net unrealized loss recognized in accumulated other comprehensive income (loss) | -867,000 |
Net unrealized loss recognized in accumulated other comprehensive income (loss), tax amount | 500,000 |
Losses recognized in other comprehensive income, before tax | 1,400,000 |
Gain reclassified from accumulated other comprehensive income, before tax | 100,000 |
Other current liabilities | 900,000 |
Interest Rate Cap [Member] | |
Derivative [Line Items] | |
Notional amount | 204,900,000 |
Reduction in notional amount of interest rate cap | 500,000 |
Percentage of notional amount outstanding | 58.20% |
Interest Rate Cap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Interest rate cap | 2.00% |
Interest Rate Cap [Member] | Successor [Member] | |
Derivative [Line Items] | |
Loss due to changes in time value of option reflected in earnings | 200,000 |
Fair value of option recorded in other current assets | $30,000 |
Maximum [Member] | |
Derivative [Line Items] | |
Derivative instruments maximum hedging period | 2 years |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Areas | |
Segment Reporting Information [Line Items] | |
Number of geographical areas | 2 |
Wallboard [Member] | Sales Revenue, Net [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of revenues | 96.00% |
Segment_Reporting_Summary_of_R
Segment Reporting - Summary of Reportable Segment Information (Detail) (USD $) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2012 | |||||||||
Successor [Member] | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||
Total net sales | $35,630 | $120,810 | $113,804 | $102,915 | $86,973 | $114,436 | $150,066 | $424,502 | ||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Operating income (loss) | -2,107 | [1] | 21,469 | [1] | 20,209 | [1] | 12,802 | [1] | 6,281 | [1] | 15,885 | [1] | 13,778 | 60,761 | ||||||||
Adjustments: | ||||||||||||||||||||||
Interest Expense | -10,542 | -29,069 | ||||||||||||||||||||
Gain (loss) from Equity Investment | -113 | |||||||||||||||||||||
Other non-operating expenses | -21 | -5,644 | ||||||||||||||||||||
Income (loss) before income tax | 3,215 | 25,935 | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Total depreciation and amortization | 4,594 | 12,993 | 13,511 | 13,930 | 13,883 | 13,935 | 18,529 | 54,317 | ||||||||||||||
Successor [Member] | Wallboard [Member] | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||
Total net sales | 144,689 | 409,408 | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Operating income (loss) | 14,162 | 60,080 | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Total depreciation and amortization | 17,943 | 53,114 | ||||||||||||||||||||
Successor [Member] | Other [Member] | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||
Total net sales | 5,377 | 15,094 | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Operating income (loss) | -384 | 681 | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Total depreciation and amortization | 586 | 1,203 | ||||||||||||||||||||
Predecessor [Member] | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||
Total net sales | 69,119 | 99,679 | 83,450 | 252,248 | 311,410 | |||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Operating income (loss) | 5,472 | [2] | 17,202 | [3] | 9,953 | [4] | 32,627 | -12,757 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||
Interest Expense | -91 | -212 | ||||||||||||||||||||
Gain (loss) from Equity Investment | -30 | -138 | ||||||||||||||||||||
Other non-operating expenses | -191 | -87 | ||||||||||||||||||||
Income (loss) before income tax | 32,315 | -13,194 | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Total depreciation and amortization | 4,396 | 6,248 | 6,242 | 16,886 | 36,331 | |||||||||||||||||
Predecessor [Member] | Wallboard [Member] | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||
Total net sales | 240,225 | 295,282 | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Operating income (loss) | 32,699 | -11,814 | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Total depreciation and amortization | 16,067 | 35,091 | ||||||||||||||||||||
Predecessor [Member] | Other [Member] | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||
Total net sales | 12,023 | 16,128 | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||
Operating income (loss) | -72 | -943 | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||
Total depreciation and amortization | $819 | $1,240 | ||||||||||||||||||||
[1] | Operating income for the period ended September 30, 2013 includes $2,075 of lease termination costs, $3,296 of Acquisition closing costs, and inventory step-up impacting margin of $1,500. | |||||||||||||||||||||
[2] | Operating income for the period July 1, 2013 to August 30, 2013 includes $1,961 for pension expense, $744 of expense related to the Master Brands Agreement with Lafarge S.A., lease termination costs of $2,556 for the Newark facility that was closed, and lease termination costs of $1,195 to discontinue the use of our co-generation power plant. | |||||||||||||||||||||
[3] | Operating income for the three months ended June 30, 2013 includes $2,817 for pension expense and $1,140 of expense related to the Master Brands Agreement with Lafarge S.A. | |||||||||||||||||||||
[4] | Operating income for the three months ended March 31, 2013 includes $2,858 of pension expense and $1,120 of expense related to the Master Brands Agreement with Lafarge S.A. |
Segment_Reporting_Information_
Segment Reporting - Information Concerning Principal Geographic Areas (Detail) (USD $) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||||
Fixed Assets | $353,652 | $383,625 | $383,625 | $353,652 | |||||||||
Total Assets | 700,981 | 740,376 | 740,376 | 700,981 | |||||||||
Successor [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 35,630 | 120,810 | 113,804 | 102,915 | 86,973 | 114,436 | 150,066 | 424,502 | |||||
Fixed Assets | 353,652 | 383,625 | 383,625 | 353,652 | |||||||||
Total Assets | 700,981 | 740,376 | 740,376 | 700,981 | |||||||||
Successor [Member] | United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 135,275 | 389,073 | |||||||||||
Fixed Assets | 349,909 | 379,381 | 379,381 | 349,909 | |||||||||
Total Assets | 678,285 | 714,495 | 714,495 | 678,285 | |||||||||
Successor [Member] | Canada [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 14,791 | 35,429 | |||||||||||
Fixed Assets | 3,743 | 4,244 | 4,244 | 3,743 | |||||||||
Total Assets | 22,696 | 25,881 | 25,881 | 22,696 | |||||||||
Predecessor [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 69,119 | 99,679 | 83,450 | 252,248 | 311,410 | ||||||||
Predecessor [Member] | United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 221,995 | 272,579 | |||||||||||
Predecessor [Member] | Canada [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | $30,253 | $38,831 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Feb. 10, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 142,000 | 142,000 |
Vesting period | 4 years | |
Risk free interest rate | 2.15% | |
Dividend yield | 0.00% | |
Volatility assumption | 50.34% | |
Expected life | 6 years 3 months | |
Compensation expense | $0.80 | |
Income tax benefit of share-based awards | 0.3 | |
Unearned compensation expense related to stock options yet to be recognized | $0.50 | |
Unearned compensation expense, weighted average remaining period | 3 years | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares | 75,000 | 75,000 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Restricted Shares Activity (Detail) (Restricted Stock [Member], USD $) | 0 Months Ended | 12 Months Ended |
Feb. 10, 2014 | Dec. 31, 2014 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Non-vested, Granted | 75,000 | 75,000 |
Number of Shares, Non-vested, Forfeited | -20,000 | |
Number of Shares, Non-vested, Ending balance | 55,000 | |
Weighted Average Grant Date Value, Granted | $14 | |
Weighted Average Grant Date Value, Forfeited | $14 | |
Weighted Average Grant Date Value, Ending balance | $14 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
Feb. 10, 2014 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Shares, Granted | 142,000 | 142,000 |
Number of Shares, Outstanding, Ending balance | 142,000 | |
Number of Shares, Exercisable | 60,000 | |
Number of Shares, Vested and Expected to Vest | 142,000 | |
Weighted Average Exercise Price, Granted | $14 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | $14 | |
Weighted Average Exercise Price, Exercisable | $14 | |
Weighted Average Exercise Price, Vested and Expected to Vest | $14 | |
Aggregate Intrinsic Value, Granted | $529,660 | |
Aggregate Intrinsic Value, Outstanding | $529,660 | |
Aggregate Intrinsic Value, Exercisable | 223,800 | |
Aggregate Intrinsic Value, Vested and Expected to Vest | $529,660 | |
Weighted Average Remaining Contractual Term (in Years), Outstanding | 9 years 1 month 6 days | |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 9 years 1 month 6 days | |
Weighted Average Remaining Contractual Term (in Years), Vested and Expected to Vest | 9 years 1 month 6 days |
Quarterly_Data_Selected_Quarte
Quarterly Data - Selected Quarterly Data (Detail) (USD $) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2012 | |||||||||
Successor [Member] | ||||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||||
Net Sales | $35,630 | $120,810 | $113,804 | $102,915 | $86,973 | $114,436 | $150,066 | $424,502 | ||||||||||||||
Cost of goods sold | 31,537 | 89,131 | 85,821 | 82,025 | 73,196 | 89,798 | 121,335 | 330,173 | ||||||||||||||
Selling and administrative | 6,200 | 10,210 | 7,774 | 8,088 | 7,496 | 8,753 | 14,953 | 33,568 | ||||||||||||||
Operating income | -2,107 | [1] | 21,469 | [1] | 20,209 | [1] | 12,802 | [1] | 6,281 | [1] | 15,885 | [1] | 13,778 | 60,761 | ||||||||
Net income | -4,640 | 10,361 | 9,486 | 4,667 | -8,623 | 6,745 | 2,105 | 15,891 | ||||||||||||||
Earnings per share: | ||||||||||||||||||||||
Basic | ($0.14) | $0.24 | $0.22 | $0.11 | ($0.22) | $0.21 | $0.07 | $0.37 | ||||||||||||||
Diluted | ($0.14) | $0.24 | $0.22 | $0.11 | ($0.22) | $0.21 | $0.07 | $0.37 | ||||||||||||||
Mill net sales price | 144.06 | 152.79 | 154.1 | 155.76 | 157.32 | 143.04 | ||||||||||||||||
Depreciation and amortization | 4,594 | 12,993 | 13,511 | 13,930 | 13,883 | 13,935 | 18,529 | 54,317 | ||||||||||||||
Successor [Member] | Wallboard [Member] | ||||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||||
Net Sales | 144,689 | 409,408 | ||||||||||||||||||||
Operating income | 14,162 | 60,080 | ||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||
Wallboard sales volume (million square feet) | 195,000,000 | 627,000,000 | 590,000,000 | 525,000,000 | 438,000,000 | 632,000,000 | ||||||||||||||||
Depreciation and amortization | 17,943 | 53,114 | ||||||||||||||||||||
Predecessor [Member] | ||||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||||
Net Sales | 69,119 | 99,679 | 83,450 | 252,248 | 311,410 | |||||||||||||||||
Cost of goods sold | 56,190 | 73,991 | 65,157 | 195,338 | 289,936 | |||||||||||||||||
Selling and administrative | 7,457 | 8,486 | 8,340 | 24,283 | 34,231 | |||||||||||||||||
Operating income | 5,472 | [2] | 17,202 | [3] | 9,953 | [4] | 32,627 | -12,757 | ||||||||||||||
Net income | 5,712 | 16,676 | 9,797 | 32,185 | -12,842 | |||||||||||||||||
Earnings per share: | ||||||||||||||||||||||
Mill net sales price | 145.43 | 149.56 | 146.97 | |||||||||||||||||||
Depreciation and amortization | 4,396 | 6,248 | 6,242 | 16,886 | 36,331 | |||||||||||||||||
Predecessor [Member] | Wallboard [Member] | ||||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||||
Net Sales | 240,225 | 295,282 | ||||||||||||||||||||
Operating income | 32,699 | -11,814 | ||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||
Wallboard sales volume (million square feet) | 373,000,000 | 523,000,000 | 438,000,000 | |||||||||||||||||||
Depreciation and amortization | $16,067 | $35,091 | ||||||||||||||||||||
[1] | Operating income for the period ended September 30, 2013 includes $2,075 of lease termination costs, $3,296 of Acquisition closing costs, and inventory step-up impacting margin of $1,500. | |||||||||||||||||||||
[2] | Operating income for the period July 1, 2013 to August 30, 2013 includes $1,961 for pension expense, $744 of expense related to the Master Brands Agreement with Lafarge S.A., lease termination costs of $2,556 for the Newark facility that was closed, and lease termination costs of $1,195 to discontinue the use of our co-generation power plant. | |||||||||||||||||||||
[3] | Operating income for the three months ended June 30, 2013 includes $2,817 for pension expense and $1,140 of expense related to the Master Brands Agreement with Lafarge S.A. | |||||||||||||||||||||
[4] | Operating income for the three months ended March 31, 2013 includes $2,858 of pension expense and $1,120 of expense related to the Master Brands Agreement with Lafarge S.A. |
Quarterly_Data_Selected_Quarte1
Quarterly Data - Selected Quarterly Data (Parenthetical) (Detail) (Operating Income (Loss) [Member], USD $) | 2 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Aug. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Successor [Member] | ||||
Selected Quarterly Financial Data [Line Items] | ||||
Lease termination costs | ($2,075) | |||
Acquisition closing costs | 3,296 | |||
Inventory set-up impacting margin | 1,500 | |||
Predecessor [Member] | ||||
Selected Quarterly Financial Data [Line Items] | ||||
Pension expense | 1,961 | 2,817 | 2,858 | |
Predecessor [Member] | Lafarge S.A. [Member] | ||||
Selected Quarterly Financial Data [Line Items] | ||||
Master Brands Agreement | 744 | 1,140 | 1,120 | |
Newark, New Jersey facility [Member] | Predecessor [Member] | ||||
Selected Quarterly Financial Data [Line Items] | ||||
Lease termination costs | -2,556 | |||
Co-generation Power Plant [Member] | Predecessor [Member] | ||||
Selected Quarterly Financial Data [Line Items] | ||||
Lease termination costs | ($1,195) |