Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 06, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | HORIZON GLOBAL CORP | |
Entity Central Index Key | 1,637,655 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 18,062,027 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 17,050 | $ 5,720 |
Receivables, net of reserves | 92,750 | 63,840 |
Inventories | 125,750 | 123,530 |
Deferred income taxes | 4,840 | 4,840 |
Prepaid expenses and other current assets | 6,520 | 5,690 |
Total current assets | 246,910 | 203,620 |
Property and equipment, net | 48,870 | 55,180 |
Goodwill | 5,630 | 6,580 |
Other intangibles, net | 61,400 | 66,510 |
Other assets | 12,890 | 11,940 |
Total assets | 375,700 | 343,830 |
Current liabilities: | ||
Current maturities, long-term debt | 17,940 | 460 |
Accounts payable | 81,830 | 81,980 |
Accrued liabilities | 44,380 | 37,940 |
Total current liabilities | 144,150 | 120,380 |
Long-term debt | 192,430 | 300 |
Deferred income taxes | 9,220 | 8,970 |
Other long-term liabilities | 27,900 | 25,990 |
Total liabilities | 373,700 | 155,640 |
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None | 0 | 0 |
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 18,xxx,xxx shares at June 30, 2014 and no shares at December 31, 2013 | 180 | 0 |
Parent Company Investment | 0 | 180,800 |
Retained Earnings (Accumulated Deficit) | (6,530) | 0 |
Accumulated other comprehensive income | 8,350 | 7,390 |
Total shareholders' equity | 2,000 | 188,190 |
Total liabilities, redeemable noncontrolling interests and shareholders' equity | $ 375,700 | $ 343,830 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Receivables, reserves (in dollars) | $ 2.8 | $ 3.2 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, Issued Shares | 0 | 0 |
Preferred stock, outstanding Shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Authorized shares | 400,000,000 | 400,000,000 |
Common Stock, Issued Shares | 18,062,027 | 0 |
Common Stock, outstanding Shares | 18,062,027 | 0 |
Consolidated Statement of Incom
Consolidated Statement of Income Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 158,540 | $ 178,260 | $ 300,900 | $ 326,350 |
Cost of sales | (120,790) | (131,600) | (227,850) | (244,030) |
Gross profit | 37,750 | 46,660 | 73,050 | 82,320 |
Selling, general and administrative expenses | (30,550) | (31,610) | (62,190) | (63,020) |
Net gain (loss) on dispositions of property and equipment | (1,840) | (60) | (1,790) | (70) |
Operating profit | 5,360 | 14,990 | 9,070 | 19,230 |
Other expense, net: | ||||
Interest expense | (120) | (170) | (240) | (360) |
Other expense, net | (720) | (720) | (1,970) | (1,480) |
Other expense, net | (840) | (890) | (2,210) | (1,840) |
Income before income tax expense | 4,520 | 14,100 | 6,860 | 17,390 |
Income tax expense | (2,320) | (3,280) | (3,180) | (4,190) |
Net income | $ 2,200 | $ 10,820 | $ 3,680 | $ 13,200 |
Net income per share: | ||||
Basic | $ 0.12 | $ 0.60 | $ 0.20 | $ 0.73 |
Diluted | $ 0.12 | $ 0.60 | $ 0.20 | $ 0.73 |
Weighted average common shares outstanding: | ||||
Weighted average common shares—basic | 18,062,027 | 18,062,027 | 18,062,027 | 18,062,027 |
Weighted average common shares—diluted | 18,134,475 | 18,113,080 | 18,134,475 | 18,113,080 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 2,200 | $ 10,820 | $ 3,680 | $ 13,200 |
Other comprehensive income | ||||
Foreign currency translation | 1,150 | 1,110 | (4,090) | 2,950 |
Derivative instruments, net of tax | (280) | (60) | (180) | 270 |
Total other comprehensive income (loss) | 870 | 1,050 | (4,270) | 3,220 |
Total comprehensive income | $ 3,070 | $ 11,870 | $ (590) | $ 16,420 |
Consolidated Statement of Comp6
Consolidated Statement of Comprehensive Income Parentheticals - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 10 | $ 0 | $ 20 | $ 0 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 3,680 | $ 13,200 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Loss on dispositions of assets | (1,790) | (70) |
Depreciation | 5,080 | 5,930 |
Amortization of intangible assets | 3,720 | 3,810 |
Deferred income taxes | 980 | 510 |
Non-cash compensation expense | 1,270 | 1,570 |
Increase in receivables | (31,110) | (41,830) |
(Increase) decrease in inventories | (4,140) | 11,610 |
(Increase) decrease in prepaid expenses and other assets | (1,630) | (110) |
Decrease in accounts payable and accrued liabilities | 12,800 | (13,430) |
Other, net | 670 | 420 |
Net cash used for operating activities | (6,890) | (18,250) |
Cash Flows from Investing Activities: | ||
Capital expenditures | (4,140) | (7,550) |
Net proceeds from disposition of assets | 1,470 | 200 |
Net cash used for investing activities | (2,670) | (7,350) |
Cash Flows from Financing Activities: | ||
Proceeds from borrowings on credit facilities | 73,100 | 89,730 |
Repayments of borrowings on credit facilities | (65,410) | (86,610) |
Proceeds from Issuance of Long-term Debt | 192,970 | 0 |
Proceeds from ABL Revolving Debt, net of issuance costs | 7,720 | 0 |
Proceeds from Contributions from Parent | 27,630 | 25,660 |
Cash Dividends Paid to Parent Company | (214,500) | 0 |
Net cash provided by financing activities | 21,510 | 28,780 |
Effect of exchange rate changes on cash | (620) | 300 |
Increase for the period | 11,330 | 3,480 |
At beginning of period | 5,720 | 7,880 |
At end of period | 17,050 | 11,360 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 220 | $ 310 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity Statement - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Former Parent Company Investment [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balance at Dec. 31, 2014 | $ 188,190 | $ 0 | $ 180,800 | $ 0 | $ 7,390 |
Net income | 3,680 | 3,680 | |||
Other comprehensive income | (4,270) | (4,270) | |||
Issuance of common stock | 0 | 180 | (180) | ||
Payments of Distributions from (to) Affiliates | 28,900 | 23,670 | 5,230 | ||
Cash Dividends Paid to Parent Company | (214,500) | 214,500 | |||
Reclassification of net parent investment to accumulated deficit | 0 | 6,530 | (6,530) | ||
Balances at Jun. 30, 2015 | $ 2,000 | $ 180 | $ 0 | $ (6,530) | $ 8,350 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation On June 30, 2015, Horizon Global Corporation ("Horizon," "Horizon Global" or the "Company") became an independent company as a result of the distribution by TriMas Corporation ("TriMas", or "former parent") of 100 percent of the outstanding common shares of Horizon Global to TriMas shareholders (the "spin-off"). Each TriMas shareholder of record as of the close of business on June 25, 2015 ("Record Date") received two Horizon Global common shares for every five TriMas common shares held as of the Record Date. The spin-off was completed on June 30, 2015 and was structured to be tax-free to both TriMas and Horizon Global shareholders. On July 1, 2015, Horizon Global common shares began regular trading on the New York Stock Exchange under the ticker symbol "HZN". Pursuant to the separation and distribution agreement with TriMas, on June 30, 2015, the Company paid a cash dividend to TriMas of $214.5 million . Horizon qualifies as an "emerging growth company" as defined in the Jumpstart our Business Startups Act of 2012 ("JOBS Act"), and, therefore, will be subject to reduced reporting requirements. The JOBS Act also provides that an "emerging growth company" can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 (the "Securities Act"), for complying with new or revised accounting standards. However, the Company has chosen to "opt out" of such extended transition period, and, as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for companies that are not "emerging growth companies." Section 107 of the JOBS Act provides that the Company's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. Horizon is a global designer, manufacturer and distributor of a wide variety of high quality, custom-engineered towing, trailering, cargo management and other related accessories. These products are designed to support original equipment manufacturers ("OEMs"), original equipment suppliers, aftermarket and retail customers within the agricultural, automotive, construction, horse/livestock, industrial, marine, military, recreational, trailer and utility markets. The Company groups its operating segments into reportable segments by the region in which sales and manufacturing efforts are focused. The Company's reportable segments are Cequent Americas and Cequent Asia Pacific Europe Africa ("Cequent APEA"). See Note 9 , " Segment Information ," for further information on each of the Company's reportable segments. The accompanying condensed consolidated financial statements have been prepared on a stand-alone basis and are derived from the TriMas consolidated financial statements and accounting records for the periods presented as the Company was historically managed within TriMas. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. You should read these statements in conjunction with our audited combined financial statements as of December 31, 2014 and related notes thereto included in our Registration Statement on Form S-1 ("Registration Statement"). It is management's opinion that these financial statements contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. The Company's condensed consolidated financial statements may not be indicative of the Company's future performance, and do not necessarily reflect what the results of operations, financial position, and cash flows would have been had it been operated as a stand alone company during the periods presented. Furthermore, results of operations for interim periods are not necessarily indicative of results for the full year. The condensed consolidated financial statements include expense allocations for certain functions provided by our former parent, including, but not limited to, general corporate expenses related to accounting, treasury, tax, legal, risk management, communications, human resources, procurement, information technology and other services. These expenses were allocated to the Company on the basis of direct usage when identifiable, with the remainder allocated on the basis of revenue or headcount. The Company believes these allocations were made on a consistent basis and are reasonable. However, the allocations may not reflect the expenses the Company would have incurred as an independent, publicly traded company for the periods presented. The Company will perform these functions using internal resources and purchased services, some of which may be provided by our former parent during a transitional period pursuant to a transitional services agreement. The condensed consolidated financial statements include certain assets and liabilities that have historically been held at the parent corporate level, but were specifically identifiable or allocable to Horizon. As of the spin-off date these assets and liabilities were transferred to the Company. Additionally, pursuant to the tax sharing agreement with our former parent, included in the condensed consolidated financial statements is a liability of approximately $9.6 million payable to our former parent. Our former parent's third-party debt, and the related interest expense, were not allocated to Horizon for any of the periods presented, as our former parent's borrowings and the related guarantees on such borrowings are not directly attributable to the combined businesses that comprise Horizon, and Horizon did not assume any of our former parent's debt in connection with the spin-off. Cash and cash equivalents held by our former parent were not allocated to Horizon for any of the periods presented. Cash and cash equivalents in the Company's condensed consolidated balance sheets represent cash held locally by entities included in the condensed consolidated financial statements. Transactions that have been historically treated as intercompany between the Company and our former parent have been included in these condensed consolidated financial statements and were considered to be effectively settled for cash in the condensed consolidated financial statements at the time the transaction was recorded. The total net effect of the settlement of these intercompany transactions is reflected in the condensed consolidated statements of cash flows as a financing activity, and in the condensed consolidated balance sheets as parent company investment. As of the spin-off date all intercompany transactions between the Company and it's former parent were settled. Our former parent maintained various benefit and stock-based compensation plans at a corporate level. Horizon employees participated in those programs and a portion of the costs of these plans have been included in Horizon's condensed consolidated financial statements. However, Horizon's condensed consolidated balance sheet does not include any equity related to stock-based compensation plans or any net benefit plan obligations related to our former parent's corporate benefit plans. See Note 12 , " Employee Benefit Plans ," and Note 10 , " Equity Awards ," for a further description of the accounting for stock-based compensation and benefit plans. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 provides an amendment to the accounting guidance related to the presentation of debt issuance costs and is effective for fiscal years beginning after December 15, 2015 with early adoption allowed. This guidance is applied retrospectively to all prior periods. Under the new guidance, debt issuance costs related to term loan borrowings are to be presented as a direct reduction from the related debt liability rather than as an asset. The Company adopted ASU 2015-03 in June 2015 and there was no effect to previously issued financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 was originally effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of the effective date. The ASU formally amending the effective date is expected to be issued in the third quarter of 2015. The Company is in the process of assessing the impact of the adoption of ASU 2014-09 on its condensed consolidated financial statements. |
Facility Closures and Sale of B
Facility Closures and Sale of Business Restructuring and Related Activities Disclosure (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 3 . Facility Closure Goshen, Indiana facility In November 2012, the Company announced plans to close its manufacturing facility in Goshen, Indiana, moving production from Goshen to lower-cost manufacturing facilities during 2013. The Company completed the move and ceased operations in Goshen during the fourth quarter of 2013. During 2013, the Company recorded charges, primarily for severance benefits for its approximately 350 union hourly workers to be involuntarily terminated, of approximately $4.0 million . Additionally, during 2012, the Company recorded charges of approximately $1.2 million , primarily for severance benefits for salaried employees to be involuntarily terminated as part of the closure. Through December 31, 2014, the hourly and salary benefits have been fully paid, with approximately $0.2 million being paid during the three months ended June 30, 2014 and approximately $1.1 million being paid during the six months ended June 30, 2014. |
Arminak & Associates
Arminak & Associates | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 4 . Acquisitions |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the six months ended June 30, 2015 are summarized as follows: Cequent Americas Cequent APEA Total (dollars in thousands) Balance, December 31, 2014 $ 6,580 $ — $ 6,580 Foreign currency translation and other (950 ) — (950 ) Balance, June 30, 2015 $ 5,630 $ — $ 5,630 The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2015 and December 31, 2014 are summarized below. The Company amortizes these assets over periods ranging from 3 to 25 years. As of June 30, 2015 As of December 31, 2014 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (dollars in thousands) Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 33,400 $ (26,560 ) $ 34,170 $ (26,190 ) Customer relationships, 15 – 25 years 105,380 (75,220 ) 105,380 (72,250 ) Total customer relationships 138,780 (101,780 ) 139,550 (98,440 ) Technology and other, 3 – 15 years 14,560 (14,030 ) 14,600 (13,910 ) Total finite-lived intangible assets 153,340 (115,810 ) 154,150 (112,350 ) Trademark/Trade names, indefinite-lived 23,870 — 24,710 — Total other intangible assets $ 177,210 $ (115,810 ) $ 178,860 $ (112,350 ) Amortization expense related to intangible assets as included in the accompanying condensed consolidated statements of income is summarized as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (dollars in thousands) Technology and other, included in cost of sales $ 60 $ 40 $ 120 $ 130 Customer relationships, included in selling, general and administrative expenses 1,790 1,860 3,600 3,680 Total amortization expense $ 1,850 $ 1,900 $ 3,720 $ 3,810 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following components: June 30, December 31, (dollars in thousands) Finished goods $ 94,240 $ 89,550 Work in process 5,710 6,810 Raw materials 25,800 27,170 Total inventories $ 125,750 $ 123,530 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components: June 30, December 31, (dollars in thousands) Land and land improvements $ 110 $ 290 Buildings 8,340 9,250 Machinery and equipment 99,410 118,460 107,860 128,000 Less: Accumulated depreciation 58,990 72,820 Property and equipment, net $ 48,870 $ 55,180 Depreciation expense as included in the accompanying condensed consolidated statements of income is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (dollars in thousands) Depreciation expense, included in cost of sales $ 2,110 $ 2,530 $ 4,260 $ 4,900 Depreciation expense, included in selling, general and administrative expense 430 530 820 1,030 Total depreciation expense $ 2,540 $ 3,060 $ 5,080 $ 5,930 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term Debt The Company's long-term debt consists of the following: June 30, December 31, (dollars in thousands) ABL Facility $ 9,290 $ — Term B Loan 192,970 — Bank facilities 7,710 140 Capital leases and other long-term debt 400 620 210,370 760 Less: Current maturities, long-term debt 17,940 460 Long-term debt $ 192,430 $ 300 ABL Facility On June 30, 2015, the Company entered into an asset-based revolving credit facility (“ABL Facility”), which permits the Company and certain of its subsidiaries to make revolving borrowings up to an aggregate principal amount of $85.0 million , subject to availability under a borrowing base, including a $20.0 million letter of credit sub-facility, which matures on June 30, 2020. The Company may increase commitments under the ABL Facility, subject to certain conditions, up to an additional $25.0 million in aggregate. Borrowings under the ABL Facility bear interest, at the Company’s election, at either (a) the Base Rate (as defined per the credit agreement, the “Base Rate”) plus the Applicable Margin (as defined per the credit agreement “Applicable Margin”), or (b) the London Interbank Offered Rate (“LIBOR”) plus the Applicable Margin. All of the indebtedness under the ABL Facility is and will be guaranteed by the Company’s existing and future material domestic subsidiaries and is and will be secured by substantially all of the assets of the Company and such guarantors. The credit agreement contains customary negative covenants, and does not include any financial maintenance covenants other than a springing minimum fixed charge coverage ratio of at least 1.00 to 1.00 on a trailing twelve-month basis, which will be tested only upon the occurrence of an event of default or certain other conditions as specified in the agreement. At June 30, 2015, the Company was in compliance with its financial covenants contained in the ABL Facility. Debt issuance costs of approximately $1.6 million were incurred in connection with the entry into the ABL Facility and are included in other assets in the accompanying condensed consolidated balance sheet. These debt issuance costs will be amortized into interest expense over the contractual term of the loan. As of June 30, 2015 , $9.3 million was outstanding under the ABL facility at a weighted average interest rate of 2.96% . Total letters of credit outstanding at June 30, 2015 were $6.0 million . Subject to borrowing base availability, the Company had $69.7 million in available funds from the ABL facility. Term Loan On June 30, 2015, the Company entered into a term loan agreement (“Term B Loan”) under which the Company borrowed an aggregate of $200.0 million , which matures on June 30, 2021. The Term B Loan permits the Company to request incremental term loan facilities, subject to certain conditions, in an aggregate principal amount, together with the aggregate principal amount of incremental equivalent debt incurred by the Company, of up to $25.0 million , plus an additional amount such that the Company’s pro forma first lien net leverage ratio (as defined in the term loan agreement) would not exceed 3.50 to 1.00 as a result of the incurrence thereof. Borrowings under the agreement bear interest, at the Company’s election, at either (a) the Base Rate plus 5% per annum, or (b) LIBOR plus 6% per annum. Principal payments required under the credit agreement for the Term B Loan Facility are $2.5 million due each calendar quarter beginning September 2015. Commencing with the fiscal year ending December 31, 2016, and for each fiscal year thereafter, the Company will also be required to make prepayments of outstanding amounts under the Term B Loan in an amount equal to 50.0% of the Company’s excess cash flow for such fiscal year, as defined in the credit agreement, subject to adjustments based on the Company’s leverage ratio and optional prepayments of term loans and certain other indebtedness. All of the indebtedness under the Term B Loan is and will be guaranteed by the Company’s existing and future material domestic subsidiaries and is and will be secured by substantially all of the assets of the Company and such guarantors. The Term B Loan agreement contains customary negative covenants, and also contains a financial maintenance covenant which requires the Company to maintain a net leverage ratio not exceeding, through the fiscal quarter ending September 30, 2016, 5.25 to 1.00 ; through the fiscal quarter ending September 30, 2017, 5.00 to 1.00 ; through the fiscal quarter ending September 30, 2018, 4.75 to 1.00; and thereafter, 4.50 to 1.00 . At June 30, 2015, the Company was in compliance with its financial covenants contained in the Term B Loan. Debt issuance costs of approximately $3.0 million were incurred in connection with the Term B Loan, along with the original issue discount of $4.0 million . Both the debt issuance costs and the original issue discount will be amortized into interest expense over the term of the Term B Loan Facility. As of June 30, 2015 , the Company had aggregate principal outstanding of $200.0 million bearing interest at 7.00% , and had $7.0 million of unamortized debt issuance costs and original issue discount, all of which are recorded as a reduction of the debt balance on the Company's balance sheet. As of June 30, 2015 , the Company's Term Loan B and ABL Facility approximated fair value as the loan agreements were entered into on June 30, 2015 . Bank facilities In Australia, the Company’s subsidiary is party to an approximate $15.4 million revolving debt facility, which matures on August 31, 2015 , is subject to interest at a bank-specified rate plus 1.90% and is secured by substantially all the assets of the subsidiary. As of June 30, 2015 , $7.7 million was outstanding under this agreement, bearing interest at 4.05% . No amounts were outstanding as of December 31, 2014 . In May 2014, the Company’s Dutch subsidiary entered into a credit agreement consisting of a $12.5 million uncommitted working capital facility which matured on May 29, 2015 . This facility was subject to interest at LIBOR plus 2.75% per annum and was guaranteed by TriMas. In addition, this Dutch subsidiary was subject to an overdraft facility in conjunction with the uncommitted working capital facility up to $1.0 million , subject to interest at U.S. dollar prime rate plus 0.75% . This facility matured in May 2015 and accordingly no balances were outstanding at June 30, 2015 . As of December 31, 2014 , $0.1 million was outstanding on this facility. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Foreign Currency Exchange Rate Risk As of June 30, 2015 , the Company was party to forward contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $17.3 million . The Company uses foreign currency forward contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain payments for contract manufacturing in its lower-cost manufacturing facilities. The foreign currency forward contracts hedge currency exposure between the Mexican peso and the U.S. dollar, the Thai baht and the Australian dollar and the U.S. dollar and the Australian dollar and mature at specified monthly settlement dates through March 2016. At inception, the Company designated the foreign currency forward contracts as cash flow hedges. Upon purchase of certain inventories the Company de-designates the foreign currency forward contract. Financial Statement Presentation As of June 30, 2015 and December 31, 2014 , the fair value carrying amount of the Company's derivative instruments are recorded as follows: Asset / (Liability) Derivatives Balance Sheet Caption June 30, December 31, (dollars in thousands) Derivatives designated as hedging instruments Foreign currency forward contracts Other assets $ 10 $ — Foreign currency forward contracts Accrued liabilities (260 ) (150 ) Total derivatives designated as hedging instruments (250 ) (150 ) Derivatives not designated as hedging instruments Foreign currency forward contracts Accrued liabilities (70 ) — Total derivatives not designated as hedging instruments (70 ) — Total derivatives $ (320 ) $ (150 ) The following tables summarize the income (loss) recognized in accumulated other comprehensive income ("AOCI"), the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings as of and for the six months ended June 30, 2015 and 2014 : Amount of Loss Recognized in Amount of Income (Loss) Reclassified Three months ended Six months ended As of June 30, 2015 As of December 31, 2014 Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Derivatives instruments Foreign currency forward contracts $ (250 ) $ (70 ) Cost of sales $ (260 ) $ 170 $ (450 ) $ 220 Over the next 12 months , the Company expects to reclassify approximately $0.3 million of pre-tax deferred losses from AOCI to cost of sales as the intercompany inventory purchases are settled. Fair Value Measurements The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's foreign currency forward contracts use observable inputs such as forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are shown below. Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) June 30, 2015 Foreign currency forward contracts Recurring $ (320 ) $ — $ (320 ) $ — December 31, 2014 Foreign currency forward contracts Recurring $ (150 ) $ — $ (150 ) $ — |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Horizon groups its operating segments into reportable segments by the region in which sales and manufacturing efforts are focused. Each operating segment has discrete financial information evaluated regularly by the Company’s chief operating decision maker in determining resource allocation and assessing performance. See below for more information regarding the types of products and services provided within each reportable segment: Cequent Americas - A market leader in the design, manufacture and distribution of a wide variety of high-quality, custom engineered towing, trailering and cargo management products and related accessories. These products are designed to support OEMs, original equipment suppliers, aftermarket and retail customers in the agricultural, automotive, construction, industrial, marine, military, recreational vehicle, trailer and utility end markets. Products include brake controllers, cargo management, heavy-duty towing products, jacks and couplers, protection/securing systems, trailer structural and electrical components, tow bars, vehicle roof racks, vehicle trailer hitches and additional accessories. Cequent APEA - With a product offering similar to Cequent Americas, Cequent APEA focuses its sales and manufacturing efforts in the Asia Pacific, Europe and Africa regions of the world. Segment activity is as follows: Three months ended Six months ended 2015 2014 2015 2014 (dollars in thousands) Net Sales Cequent Americas $ 118,950 $ 134,460 $ 225,490 $ 243,080 Cequent APEA 39,590 43,800 75,410 83,270 Total $ 158,540 $ 178,260 $ 300,900 $ 326,350 Operating Profit (Loss) Cequent Americas $ 7,780 $ 16,790 $ 13,700 $ 22,550 Cequent APEA 1,670 2,170 3,920 4,630 Corporate expenses (4,090 ) (3,970 ) (8,550 ) (7,950 ) Total $ 5,360 $ 14,990 $ 9,070 $ 19,230 |
Equity Awards
Equity Awards | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Awards | Equity Awards Description of the Plan Prior to the spin-off, certain employees of Horizon participated in the following TriMas equity incentive plans: the 2011 TriMas Corporation Omnibus Incentive Compensation Plan, the TriMas Corporation 2006 Long Term Equity Incentive Plan and the TriMas Corporation 2002 Long Term Equity Incentive Plan (collectively, the "TriMas Plans") and received restricted shares or options to purchase TriMas common shares. Effective June 30, 2015, Horizon employees are eligible to participate in the Horizon Global Corporation 2015 Equity and Incentive Compensation Plan (“Horizon 2015 Plan”). The Horizon 2015 Plan authorizes the Compensation Committee of the Horizon Board of Directors to grant qualified or non-qualified incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), cash incentive awards and performance awards to Horizon employees and non-employee directors. No more than 2.0 million Horizon common shares may be delivered under the Horizon 2015 Plan, with no more than 0.5 million “replacement awards” to current holders of TriMas equity awards under TriMas Plans. In connection with the spin-off, certain stock compensation awards granted under the TriMas Plans were modified to substitute awards under the Horizon 2015 Plan. No additional compensation cost was recognized as a result of the substitution. As of June 30, 2015 the Company had 9,299 stock options outstanding as a result of the modification of awards. Restricted awards outstanding as of June 30, 2015 as a result of the substitution and adjustment of the TriMas awards are as follows: Number of Unvested Restricted Shares Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at June 30, 2015 229,046 $ 16.05 1.2 $ 3,550,213 The modification of the stock compensation awards occurred in conjunction with the distribution of Horizon common shares to TriMas shareholders in the June 30, 2015 after-market distribution. As a result, no grant, exercise, or cancellation activity occurred on Horizon stock compensation awards during the six months ended June 30, 2015. As of June 30, 2015 , there was no unrecognized compensation costs related to stock options, and $1.4 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted-average period of 1.5 years. The Company recognized approximately $0.3 million and $0.8 million of stock-based compensation expense related to restricted shares during the three months ended June 30, 2015 and 2014 , respectively, and $1.3 million and $1.6 million for the six months ended June 30, 2015 and 2014, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. No compensation cost was recognized during the three or six month periods ended June 30, 2015 or 2014 related to stock options. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share On June 30, 2015, approximately 18.1 million common shares of Horizon Global were distributed to TriMas shareholders in conjunction with the spin-off. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, this amount was assumed to be outstanding as of the beginning of each period presented in the calculation of basic weighted average shares. Dilutive earnings per share are calculated to give effect to stock options and restricted shares outstanding during each period. The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 : Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (dollars in thousands, except for per share amounts) Numerator: Net income for basic and diluted earnings per share $ 2,200 $ 10,820 $ 3,680 $ 13,200 Denominator: Weighted average shares outstanding, basic 18,062,027 18,062,027 18,062,027 18,062,027 Dilutive effect of stock-based awards 72,448 51,053 72,448 51,053 Weighted average shares outstanding, diluted 18,134,475 18,113,080 18,134,475 18,113,080 Basic earnings per share $ 0.12 $ 0.60 $ 0.20 $ 0.73 Diluted earnings per share $ 0.12 $ 0.60 $ 0.20 $ 0.73 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Plans | Benefit Plans The Company's domestic salaried and hourly employees participate in a defined contribution profit sharing plan sponsored by TriMas and reimbursed by Horizon. The plan contains both contributory and noncontributory profit sharing arrangements, as defined. Aggregate charges included in the accompanying condensed consolidated statements of income under this plan were approximately $0.4 million for each of the three months ended June 30, 2015 and 2014 and $0.8 million for each of the six months ended June 30, 2015 and 2014 . |
Other Comprehensive Income (Not
Other Comprehensive Income (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 13 . Other Comprehensive Income Changes in AOCI by component for the six months ended June 30, 2015 are summarized as follows: Derivative Instruments Foreign Currency Translation Total (dollars in thousands) Balance, December 31, 2014 $ (70 ) $ 7,460 $ 7,390 Net transfer from former parent — 5,230 5,230 Net unrealized gains (losses) arising during the period (a) (610 ) (4,090 ) (4,700 ) Less: Net realized (losses) reclassified to net income (b) (430 ) — (430 ) Net current-period change (180 ) 1,140 960 Balance, June 30, 2015 $ (250 ) $ 8,600 $ 8,350 __________________________ (a) Derivative instruments, net of income tax of $80.0 thousand . See Note 8 , " Derivative Instruments ," for further details. (b) Derivative instruments, net of income tax of $20.0 thousand . See Note 8 , " Derivative Instruments ," for further details. Changes in AOCI by component for the six months ended June 30, 2014 are summarized as follows: Derivative Instruments Foreign Currency Translation Total (dollars in thousands) Balance, December 31, 2013 $ — $ 14,700 $ 14,700 Net unrealized gains arising during the period (a) 490 2,950 3,440 Less: Net realized gains reclassified to net income (b) 220 — 220 Net current-period change 270 2,950 3,220 Balance, June 30, 2014 $ 270 $ 17,650 $ 17,920 __________________________ (a) Derivative instruments, net of income tax of $30.0 thousand . See Note 8 , " Derivative Instruments ," for further details. (b) There was no income tax impact on the net realized gains reclassified to net income on derivative instruments. See Note 8 , " Derivative Instruments, " for further details. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At the end of each interim reporting period, the Company makes an estimate of the annual effective income tax rate. Tax items included in the annual effective income tax rate are pro-rated for the full year and tax items discrete to a specific quarter are included in the effective income tax rate for that quarter. The estimate used in providing for income taxes on a year-to-date basis may change in subsequent interim periods. The effective income tax rate was 51.3% and 23.3% for the three months ended June 30, 2015 and 2014 , respectively, and 46.4% and 24.1% for the six months ended June 30, 2015 and 2014 , respectively. The higher effective tax rate for the three and six month periods ended June 30, 2015 is primarily driven by tax charges of approximately $2.9 million related to certain spin-off related structuring steps partially offset by a higher portion of income earned in foreign tax jurisdictions with lower statutory tax rates. During the six months ended June 30, 2015 and 2014, cash paid for domestic taxes was approximately $2.0 million and 1.4 million , respectively, which was paid by our former parent company. The Company paid cash for foreign taxes of $1.8 million and $1.4 million during the six months ended June 30, 2015 and 2014, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In July 2015, the Company announced plans to close its manufacturing facility in Ciudad Juarez, Mexico along with its distribution warehouse in El Paso, Texas. This facility currently manufactures winches, jacks, couplers and accessories and combined with the distribution warehouse employs approximately 280 people. Most of the manufacturing and distribution operations will be relocated to the Company's existing facility in Reynosa, Mexico. The Company is currently assessing the potential impact resulting from this proposed closure, including estimated costs for employee termination and equipment relocation of approximately $2.2 million and $1.2 million , respectively. In addition, the Company is party to lease agreements for these facilities for which it has non-cancellable future rental obligations of approximately $4.6 million . The closure is anticipated to be completed by March 31, 2016. |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 30, 2015 are summarized as follows: Cequent Americas Cequent APEA Total (dollars in thousands) Balance, December 31, 2014 $ 6,580 $ — $ 6,580 Foreign currency translation and other (950 ) — (950 ) Balance, June 30, 2015 $ 5,630 $ — $ 5,630 |
Schedule of Intangible Assets (excluding Goodwill) by Major Class | The gross carrying amounts and accumulated amortization of the Company's other intangibles as of June 30, 2015 and December 31, 2014 are summarized below. The Company amortizes these assets over periods ranging from 3 to 25 years. As of June 30, 2015 As of December 31, 2014 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (dollars in thousands) Finite-lived intangible assets: Customer relationships, 5 – 12 years $ 33,400 $ (26,560 ) $ 34,170 $ (26,190 ) Customer relationships, 15 – 25 years 105,380 (75,220 ) 105,380 (72,250 ) Total customer relationships 138,780 (101,780 ) 139,550 (98,440 ) Technology and other, 3 – 15 years 14,560 (14,030 ) 14,600 (13,910 ) Total finite-lived intangible assets 153,340 (115,810 ) 154,150 (112,350 ) Trademark/Trade names, indefinite-lived 23,870 — 24,710 — Total other intangible assets $ 177,210 $ (115,810 ) $ 178,860 $ (112,350 ) |
Schedule of Finite-Lived Intangible Assets, Amortization Expense | Amortization expense related to intangible assets as included in the accompanying condensed consolidated statements of income is summarized as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (dollars in thousands) Technology and other, included in cost of sales $ 60 $ 40 $ 120 $ 130 Customer relationships, included in selling, general and administrative expenses 1,790 1,860 3,600 3,680 Total amortization expense $ 1,850 $ 1,900 $ 3,720 $ 3,810 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components: June 30, December 31, (dollars in thousands) Finished goods $ 94,240 $ 89,550 Work in process 5,710 6,810 Raw materials 25,800 27,170 Total inventories $ 125,750 $ 123,530 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following components: June 30, December 31, (dollars in thousands) Land and land improvements $ 110 $ 290 Buildings 8,340 9,250 Machinery and equipment 99,410 118,460 107,860 128,000 Less: Accumulated depreciation 58,990 72,820 Property and equipment, net $ 48,870 $ 55,180 |
Depreciation Expense | Depreciation expense as included in the accompanying condensed consolidated statements of income is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (dollars in thousands) Depreciation expense, included in cost of sales $ 2,110 $ 2,530 $ 4,260 $ 4,900 Depreciation expense, included in selling, general and administrative expense 430 530 820 1,030 Total depreciation expense $ 2,540 $ 3,060 $ 5,080 $ 5,930 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's long-term debt consists of the following: June 30, December 31, (dollars in thousands) ABL Facility $ 9,290 $ — Term B Loan 192,970 — Bank facilities 7,710 140 Capital leases and other long-term debt 400 620 210,370 760 Less: Current maturities, long-term debt 17,940 460 Long-term debt $ 192,430 $ 300 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of June 30, 2015 and December 31, 2014 , the fair value carrying amount of the Company's derivative instruments are recorded as follows: Asset / (Liability) Derivatives Balance Sheet Caption June 30, December 31, (dollars in thousands) Derivatives designated as hedging instruments Foreign currency forward contracts Other assets $ 10 $ — Foreign currency forward contracts Accrued liabilities (260 ) (150 ) Total derivatives designated as hedging instruments (250 ) (150 ) Derivatives not designated as hedging instruments Foreign currency forward contracts Accrued liabilities (70 ) — Total derivatives not designated as hedging instruments (70 ) — Total derivatives $ (320 ) $ (150 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | six months ended June 30, 2015 and 2014 : Amount of Loss Recognized in Amount of Income (Loss) Reclassified Three months ended Six months ended As of June 30, 2015 As of December 31, 2014 Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion) 2015 2014 2015 2014 (dollars in thousands) (dollars in thousands) Derivatives instruments Foreign currency forward contracts $ (250 ) $ (70 ) Cost of sales $ (260 ) $ 170 $ (450 ) $ 220 |
Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are shown below. Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) June 30, 2015 Foreign currency forward contracts Recurring $ (320 ) $ — $ (320 ) $ — December 31, 2014 Foreign currency forward contracts Recurring $ (150 ) $ — $ (150 ) $ — |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows: Three months ended Six months ended 2015 2014 2015 2014 (dollars in thousands) Net Sales Cequent Americas $ 118,950 $ 134,460 $ 225,490 $ 243,080 Cequent APEA 39,590 43,800 75,410 83,270 Total $ 158,540 $ 178,260 $ 300,900 $ 326,350 Operating Profit (Loss) Cequent Americas $ 7,780 $ 16,790 $ 13,700 $ 22,550 Cequent APEA 1,670 2,170 3,920 4,630 Corporate expenses (4,090 ) (3,970 ) (8,550 ) (7,950 ) Total $ 5,360 $ 14,990 $ 9,070 $ 19,230 |
Equity Awards (Tables)
Equity Awards (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | June 30, 2015 as a result of the substitution and adjustment of the TriMas awards are as follows: Number of Unvested Restricted Shares Weighted Average Grant Date Fair Value Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at June 30, 2015 229,046 $ 16.05 1.2 $ 3,550,213 |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 : Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (dollars in thousands, except for per share amounts) Numerator: Net income for basic and diluted earnings per share $ 2,200 $ 10,820 $ 3,680 $ 13,200 Denominator: Weighted average shares outstanding, basic 18,062,027 18,062,027 18,062,027 18,062,027 Dilutive effect of stock-based awards 72,448 51,053 72,448 51,053 Weighted average shares outstanding, diluted 18,134,475 18,113,080 18,134,475 18,113,080 Basic earnings per share $ 0.12 $ 0.60 $ 0.20 $ 0.73 Diluted earnings per share $ 0.12 $ 0.60 $ 0.20 $ 0.73 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the six months ended June 30, 2015 are summarized as follows: Derivative Instruments Foreign Currency Translation Total (dollars in thousands) Balance, December 31, 2014 $ (70 ) $ 7,460 $ 7,390 Net transfer from former parent — 5,230 5,230 Net unrealized gains (losses) arising during the period (a) (610 ) (4,090 ) (4,700 ) Less: Net realized (losses) reclassified to net income (b) (430 ) — (430 ) Net current-period change (180 ) 1,140 960 Balance, June 30, 2015 $ (250 ) $ 8,600 $ 8,350 __________________________ (a) Derivative instruments, net of income tax of $80.0 thousand . See Note 8 , " Derivative Instruments ," for further details. | Changes in AOCI by component for the six months ended June 30, 2014 are summarized as follows: Derivative Instruments Foreign Currency Translation Total (dollars in thousands) Balance, December 31, 2013 $ — $ 14,700 $ 14,700 Net unrealized gains arising during the period (a) 490 2,950 3,440 Less: Net realized gains reclassified to net income (b) 220 — 220 Net current-period change 270 2,950 3,220 Balance, June 30, 2014 $ 270 $ 17,650 $ 17,920 __________________________ (a) Derivative instruments, net of income tax of $30.0 thousand . See Note 8 , " Derivative Instruments ," for further details |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation - Cequent Spinoff (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 25, 2015 | |
Basis of Presentation [Abstract] | ||||
Number of TriMas shares per one Horizon share in spinoff | 2.5 | |||
Percent of outstanding shares distributed as of spinoff | 1 | |||
Cash Dividends Paid to Parent Company | $ (214,500) | $ 0 | ||
Spinoff, Taxes Payable, Current, portion allocated from parent | $ 9,600 | $ 9,600 |
Facility Closures and Sale of35
Facility Closures and Sale of Business - Narrative (Details) - Facility Closing Goshen [Member] $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014USD ($) | Dec. 31, 2012USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Number of employees terminated | 350 | |||
Severance Costs | $ 1.2 | $ 4 | ||
Payments for Postemployment Benefits | $ 0.2 | $ 1.1 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning | $ 6,580 |
Balance, ending | 5,630 |
Cequent Asia Pacific Europe Africa [Member] | |
Goodwill [Roll Forward] | |
Balance, ending | 0 |
Cequent Americas [Member] | |
Goodwill [Line Items] | |
Goodwill, Translation and Purchase Accounting Adjustments | (950) |
Goodwill [Roll Forward] | |
Balance, beginning | 6,580 |
Balance, ending | $ 5,630 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 153,340 | $ 154,150 |
Finite-lived intangible assets, accumulated amortization | (115,810) | (112,350) |
Intangible Assets, Gross (Excluding Goodwill) | 177,210 | 178,860 |
Trademarks and Trade Names [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 23,870 | 24,710 |
Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 138,780 | 139,550 |
Finite-lived intangible assets, accumulated amortization | (101,780) | (98,440) |
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 33,400 | 34,170 |
Finite-lived intangible assets, accumulated amortization | (26,560) | (26,190) |
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 105,380 | 105,380 |
Finite-lived intangible assets, accumulated amortization | (75,220) | (72,250) |
Useful Life Three to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 14,560 | 14,600 |
Finite-lived intangible assets, accumulated amortization | $ (14,030) | $ (13,910) |
Minimum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 3 years | |
Minimum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 5 years | |
Minimum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years | |
Minimum [Member] | Useful Life Three to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 3 years | |
Maximum [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 12 years | |
Maximum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 25 years | |
Maximum [Member] | Useful Life Three to Fifteen Years [Member] | Technology and Other [Member] | ||
Intangible Assets, excluding Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Useful Life | 15 years |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 1,850 | $ 1,900 | $ 3,720 | $ 3,810 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 60 | 40 | 120 | 130 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 1,790 | $ 1,860 | $ 3,600 | $ 3,680 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 94,240 | $ 89,550 |
Work in process | 5,710 | 6,810 |
Raw materials | 25,800 | 27,170 |
Total inventories | $ 125,750 | $ 123,530 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 107,860 | $ 128,000 |
Less: Accumulated depreciation | 58,990 | 72,820 |
Property and equipment, net | 48,870 | 55,180 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 110 | 290 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,340 | 9,250 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 99,410 | $ 118,460 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 2,540 | $ 3,060 | $ 5,080 | $ 5,930 |
Cost of Sales [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 2,110 | 2,530 | 4,260 | 4,900 |
Selling, General and Administrative Expenses [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 430 | $ 530 | $ 820 | $ 1,030 |
Long-term Debt - Debt Table (De
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 210,370 | $ 760 |
Current maturities, debt | 17,940 | 460 |
Long-term debt | 192,430 | 300 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 9,290 | 0 |
Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 192,970 | 0 |
Bank Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 7,710 | 140 |
Capital Leases and other long-term debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 400 | $ 620 |
Long-term Debt - ABL Facility (
Long-term Debt - ABL Facility (Details) - Jun. 30, 2015 $ in Millions | USD ($) |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Incremental debt commitments capacity | $ 25 |
Fixed Charge Coverage Ratio | 1 |
Debt Issuance Cost | $ 1.6 |
Revolving Credit Facility, Amount Outstanding | $ 9.3 |
Revolving Credit Facility, Weighted Average Interest Rate (as a percent) | 2.96% |
Total amount of letters of credit outstanding | $ 6 |
Revolving Credit Facility, Remaining Borrowing Capacity | 69.7 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 85 |
Letters of Credit, Maximum Borrowing Capacity | $ 20 |
Long-term Debt - U.S. Bank Debt
Long-term Debt - U.S. Bank Debt (Details) - Jun. 30, 2015 - Term B Loan [Member] $ in Millions | USD ($) | USD ($) |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 200 | $ 200 |
Incremental debt commitments capacity | $ 25 | $ 25 |
Net leverage ratio | 3.50 | 3.50 |
Debt Instrument, Periodic Payment, Principal | $ 2.5 | |
Percentage of excess cash flow required as a prepayment | 50.00% | |
Debt Issuance Cost | $ 3 | |
Debt Instrument, Unamortized Discount | $ 4 | $ 4 |
Debt Instrument, Interest Rate, Effective Percentage | 7.00% | 7.00% |
Unamortized Debt Issuance Costs and Discount | $ 7 | $ 7 |
Through September 30, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 5.25 | 5.25 |
Through September 30, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 5 | 5 |
Through September 30, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 4.75 | 4.75 |
Thereafter [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 4.50 | 4.50 |
Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 6.00% |
Long-term Debt - Non-U.S. Bank
Long-term Debt - Non-U.S. Bank Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Australia Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,400,000 | $ 15,400,000 | ||
Debt Instrument, Maturity Date | Aug. 31, 2015 | |||
Foreign Debt, Amount Outstanding | $ 7,700,000 | $ 7,700,000 | $ 0 | |
Short-term Debt, Weighted Average Interest Rate (as a percent) | 4.05% | 4.05% | ||
Bank-Specified Rate [Member] | Australia Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||
Dutch Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,500,000 | |||
Debt Instrument, Maturity Date | May 29, 2015 | |||
Foreign Debt, Amount Outstanding | $ 0 | $ 0 | $ 100,000 | |
Overdraft Facility | $ 1,000,000 | |||
Dutch Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Dutch Credit Facility [Member] | Prime Rate [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Narrative (Details) $ in Millions | Jun. 30, 2015USD ($) |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | March 2016 Maturity [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 17.3 |
Derivative Instruments - Design
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ (320) | $ (150) |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (250) | (150) |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (70) | 0 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 10 | 0 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | (260) | (150) |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (70) | $ 0 |
Derivative Instruments - Desi48
Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (250) | $ 270 | $ (250) | $ 270 | $ (70) | $ 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (250) | (250) | $ (70) | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (260) | $ 170 | $ (450) | $ 220 |
Derivative Instruments - Desi49
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - 6 months ended Jun. 30, 2015 - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Total |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer | 12 months |
Cost of Sales [Member] | Foreign Exchange Contract [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of gain (loss) expected to be reclassified from AOCI into Earnings | $ 0.3 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Measurements (Details) - Foreign Exchange Contract [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ (320) | $ (150) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | (320) | (150) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 158,540 | $ 178,260 | $ 300,900 | $ 326,350 |
Operating profit (loss) | 5,360 | 14,990 | 9,070 | 19,230 |
Cequent Asia Pacific Europe Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 39,590 | 43,800 | 75,410 | 83,270 |
Operating profit (loss) | 1,670 | 2,170 | 3,920 | 4,630 |
Cequent Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 118,950 | 134,460 | 225,490 | 243,080 |
Operating profit (loss) | 7,780 | 16,790 | 13,700 | 22,550 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit (loss) | $ (4,090) | $ (3,970) | $ (8,550) | $ (7,950) |
Equity Awards - Stock Options N
Equity Awards - Stock Options Narrative (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,299 |
Horizon 2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Authorized | 2,000,000 |
Number of shares authorized to be offered to replace shares currently held under TriMas Plans | 500,000 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Additional allocated share-based compensation expense | 0 |
Allocated Share-based Compensation Expense | $ 0 |
Equity Awards - Stock Option Ac
Equity Awards - Stock Option Activity Table (Details) | Jun. 30, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Stock Options (in shares) | 9,299 |
Equity Awards - Restricted Shar
Equity Awards - Restricted Shares Activity Table (Details) - Jun. 30, 2015 - Restricted Shares [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Unvested Restricted Shares (in shares) | 229,046 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant Date Fair Value (in usd per share) | $ 16.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures | |
Average Remaining Contractual Life (Years) | 1 year 2 months |
Aggregate Intrinsic Value | $ 3,550,213 |
Equity Awards - Restricted Sh55
Equity Awards - Restricted Shares Narrative (Details) - Restricted Shares [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized unvested restricted shares-based compensation expense | $ 1.4 | $ 1.4 | ||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 1 year 6 months | |||
Restricted shares-based compensation expense | $ 0.3 | $ 0.8 | $ 1.3 | $ 1.6 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||
Common Stock, Issued Shares | 18,062,027 | 18,062,027 | 0 | ||
Net income for basic and diluted earnings per share | $ 2,200 | $ 10,820 | $ 3,680 | $ 13,200 | |
Weighted average shares outstanding, basic (in shares) | 18,062,027 | 18,062,027 | 18,062,027 | 18,062,027 | |
Dilutive effect of stock-based awards (in shares) | 72,448 | 51,053 | 72,448 | 51,053 | |
Weighted average shares outstanding, diluted (in shares) | 18,134,475 | 18,113,080 | 18,134,475 | 18,113,080 | |
Basic earnings per share (in usd per share) | $ 0.12 | $ 0.60 | $ 0.20 | $ 0.73 | |
Diluted earnings per share (in usd per share) | $ 0.12 | $ 0.60 | $ 0.20 | $ 0.73 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plans Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | $ 0.4 | $ 0 | $ 0.8 | $ 0 |
Other Comprehensive Income - (D
Other Comprehensive Income - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Other Comprehensive Income [Abstract] | ||||||
Other Comprehensive Income from foreign currency Assumed from Separation | $ 5,230,000 | |||||
Other Comprehensive Income Loss Assumed from Separation | 5,230,000 | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (70,000) | $ 0 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (610,000) | [1] | 490,000 | [2] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (430,000) | [3] | 220,000 | [4] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ (280,000) | $ (60,000) | (180,000) | 270,000 | ||
Ending Balance Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (250,000) | 270,000 | (250,000) | 270,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 7,460,000 | 14,700,000 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (4,090,000) | 2,950,000 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,140,000 | |||||
Ending Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 8,600,000 | 17,650,000 | 8,600,000 | 17,650,000 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | 7,390,000 | 14,700,000 | ||||
Other Comprehensive Income (Loss), Net Unrealized Gains (Losses) Arising During the Period, Net of Tax | (4,700,000) | 3,440,000 | ||||
Other Comprehensive income, Net Realized Gains (Losses) to Net Income | (430,000) | 220,000 | ||||
Total other comprehensive income (loss) | 960,000 | |||||
Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 8,350,000 | $ 17,920,000 | 8,350,000 | 17,920,000 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 100,000 | 0 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | $ 20,000 | $ 0 | ||||
[1] | Derivative instruments, net of income tax of $80.0 thousand. See Note 8, "Derivative Instruments," for further details. | |||||
[2] | Derivative instruments, net of income tax of $30.0 thousand. See Note 8, "Derivative Instruments," for further details | |||||
[3] | . | |||||
[4] | s.(b) There was no income tax impact on the net realized gains reclassified to net income on derivative instruments. See Note 8, "Derivative Instruments," for further details. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of taxes paid by jurisdiction [Line Items] | ||||
Effective Income Tax Rate (as a percent) | 51.30% | 23.30% | 46.40% | 24.10% |
Tax charges related to spin-off restructuring steps | $ 2.9 | $ 2.9 | ||
Domestic Tax Authority [Member] | ||||
Schedule of taxes paid by jurisdiction [Line Items] | ||||
Income Taxes Paid | 2 | $ 1.4 | ||
Foreign Tax Authority [Member] | ||||
Schedule of taxes paid by jurisdiction [Line Items] | ||||
Income Taxes Paid | $ 1.8 | $ 1.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 31, 2015 - Ciudad Juarez, Mexico Manufacturing Facility and El Paso, Texas Distribution Warehouse [Member] - Subsequent Event [Member] $ in Millions | USD ($)employee |
Subsequent Event [Line Items] | |
Number of employees terminated | employee | 280 |
Estimated Employee Termination Costs | $ 2.2 |
Estimated Asset Relocations Costs | 1.2 |
Non-cancellable future rental obligations | $ 4.6 |