Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CASTLE A M & CO | ' |
Entity Central Index Key | '0000018172 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 23,373,093 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $41,494 | $21,607 |
Accounts receivable, less allowances of $3,127 and $3,529 | 146,707 | 138,311 |
Inventories, principally on last-in first-out basis (replacement cost higher by $134,765 and $139,940) | 243,711 | 303,772 |
Prepaid expenses and other current assets | 12,351 | 11,369 |
Deferred income taxes | 3,571 | 3,723 |
Income tax receivable | 8,410 | 7,596 |
Total current assets | 456,244 | 486,378 |
Investment in joint venture | 40,179 | 38,854 |
Goodwill | 69,783 | 70,300 |
Intangible assets | 72,989 | 82,477 |
Prepaid pension cost | 14,851 | 12,891 |
Other assets | 16,509 | 18,266 |
Property, plant and equipment | ' | ' |
Land | 4,919 | 5,195 |
Building | 53,253 | 52,884 |
Machinery and equipment | 177,160 | 178,664 |
Property, plant and equipment, at cost | 235,332 | 236,743 |
Less - accumulated depreciation | -160,076 | -157,103 |
Property, plant and equipment, net | 75,256 | 79,640 |
Total assets | 745,811 | 788,806 |
Current liabilities | ' | ' |
Accounts payable | 85,818 | 67,990 |
Accrued liabilities | 45,450 | 36,564 |
Income taxes payable | 820 | 1,563 |
Current portion of long-term debt | 398 | 415 |
Short-term debt | 0 | 500 |
Total current liabilities | 132,486 | 107,032 |
Long-term debt, less current portion | 259,298 | 296,154 |
Deferred income taxes | 18,318 | 32,350 |
Other non-current liabilities | 6,151 | 5,279 |
Pension and post retirement benefit obligations | 10,928 | 10,651 |
Commitments and contingencies | ' | ' |
Stockholders’ equity | ' | ' |
Preferred stock, $0.01 par value—9,988 shares authorized (including 400 Series B Junior Preferred $0.00 par value shares); no shares issued and outstanding at September 30, 2013 and December 31, 2012 | 0 | 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,452 shares issued and 23,354 outstanding at September 30, 2013 and 23,211 shares issued and 23,152 outstanding at December 31, 2012 | 234 | 232 |
Additional paid-in capital | 223,484 | 219,619 |
Retained earnings | 117,907 | 139,239 |
Accumulated other comprehensive loss | -21,611 | -21,071 |
Treasury stock, at cost—98 shares at September 30, 2013 and 59 shares at December 31, 2012 | -1,384 | -679 |
Total stockholders’ equity | 318,630 | 337,340 |
Total liabilities and stockholders’ equity | $745,811 | $788,806 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $253,713 | $304,039 | $819,837 | $996,347 |
Costs and expenses: | ' | ' | ' | ' |
Cost of materials (exclusive of depreciation and amortization) | 186,758 | 218,015 | 607,650 | 722,663 |
Warehouse, processing and delivery expense | 34,808 | 36,894 | 106,212 | 113,894 |
Sales, general and administrative expense | 27,886 | 32,380 | 85,428 | 102,237 |
Restructuring charges | 885 | 0 | 8,703 | 0 |
Depreciation and amortization expense | 6,400 | 6,263 | 19,604 | 19,350 |
Operating (loss) income | -3,024 | 10,487 | -7,760 | 38,203 |
Interest expense, net | -10,177 | -10,280 | -30,455 | -30,437 |
Interest expense - unrealized loss on debt conversion option | 0 | 0 | 0 | -15,597 |
Other income (expense) | 166 | 2,061 | -1,388 | 1,812 |
(Loss) income before income taxes and equity in earnings of joint venture | -13,035 | 2,268 | -39,603 | -6,019 |
Income taxes | 4,271 | -453 | 13,455 | -4,185 |
(Loss) income before equity in earnings of joint venture | -8,764 | 1,815 | -26,148 | -10,204 |
Equity in earnings of joint venture | 1,853 | 1,358 | 4,816 | 6,099 |
Net (loss) income | -6,911 | 3,173 | -21,332 | -4,105 |
Basic (loss) income per share | ($0.30) | $0.14 | ($0.92) | ($0.18) |
Diluted (loss) income per share | ($0.30) | $0.13 | ($0.92) | ($0.18) |
Dividends per common share | $0 | $0 | $0 | $0 |
Comprehensive (loss) income | ($5,641) | $6,123 | ($21,872) | ($1,415) |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $3,127 | $3,529 |
Amount current replacement cost of inventory costs exceeded book value | $134,765 | $139,940 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 9,988 | 9,988 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 23,452 | 23,211 |
Common stock, shares outstanding | 23,354 | 23,152 |
Treasury stock, shares | 98 | 59 |
Series B Junior Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 400 | 400 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net loss | ($21,332) | ($4,105) |
Adjustments to reconcile net loss to net cash from (used in) operating activities: | ' | ' |
Depreciation and amortization | 19,604 | 19,350 |
Amortization of deferred (gain) loss | -1,024 | 133 |
Amortization of deferred financing costs and debt discount | 5,283 | 4,621 |
(Gain) loss on sale of fixed assets | -2 | 409 |
Unrealized loss on debt conversion option | 0 | 15,597 |
Unrealized losses (gains) on commodity hedges | 566 | -192 |
Equity in earnings of joint venture | -4,816 | -6,099 |
Dividends from joint venture | 3,492 | 1,828 |
Deferred tax (benefit) expense | -14,523 | 542 |
Share-based compensation expense | 2,101 | 3,061 |
Excess tax benefits from share-based payment arrangements | -471 | -63 |
Increase (decrease) from changes in: | ' | ' |
Accounts receivable | -9,107 | 11,877 |
Inventories | 59,028 | -82,616 |
Prepaid expenses and other current assets | -1,034 | -6,047 |
Other assets | -167 | -2,293 |
Prepaid pension costs | -261 | -1,357 |
Accounts payable | 18,290 | 16,943 |
Income taxes payable and receivable | -1,147 | 1,798 |
Accrued liabilities | 10,001 | 13,852 |
Postretirement benefit obligations and other liabilities | 1,221 | -168 |
Net cash from (used in) operating activities | 65,702 | -12,929 |
Investing activities: | ' | ' |
Capital expenditures | -7,582 | -8,991 |
Proceeds from sale of fixed assets | 765 | 22 |
Net cash used in investing activities | -6,817 | -8,969 |
Financing activities: | ' | ' |
Proceeds from (Repayments of) Short-term Debt | -501 | 500 |
Proceeds from long-term debt | 115,300 | 576,477 |
Repayments of long-term debt | -155,192 | -564,273 |
Payment of debt issue costs | 0 | -1,503 |
Proceeds from Stock Options Exercised | 1,045 | 104 |
Excess tax benefits from share-based payment arrangements | 471 | 63 |
Net cash (used in) from financing activities | -38,877 | 11,368 |
Effect of exchange rate changes on cash and cash equivalents | -121 | -6 |
Net change in cash and cash equivalents | 19,887 | -10,536 |
Cash and cash equivalents - beginning of year | 21,607 | 30,524 |
Cash and cash equivalents - end of period | $41,494 | $19,988 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Condensed Consolidated Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Condensed Consolidated Financial Statements | ' | |||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||
The condensed consolidated financial statements included herein have been prepared by A. M. Castle & Co. and subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Condensed Consolidated Balance Sheet at December 31, 2012 is derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited statements, included herein, contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of financial results for the interim period. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K, as amended. The 2013 interim results reported herein may not necessarily be indicative of the results of the Company’s operations for the full year. | ||||||||||||||||
Reclassification — To conform with current presentation, the Company has reclassified 2012 amounts related to foreign currency transaction gains (losses) to other income (expense) beginning in the first quarter of 2013. Such amounts were previously recorded in sales, general and administrative expense in the condensed consolidated statements of operations and other comprehensive loss. GAAP provides several alternatives for presenting foreign currency transaction gains (losses). The Company believes its new presentation will be most useful to investors as it is consistent with the way the Company views its operating performance internally and will also allow for better comparability of the Company's operating performance with certain companies within its industry. | ||||||||||||||||
Refer below for the impact on the presentation in the condensed consolidated statements of operations and comprehensive loss: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||
As Previously Reported | After Reclassification | As Previously Reported | After Reclassification | |||||||||||||
Sales, general and administrative expense | $ | 30,319 | $ | 32,380 | $ | 100,425 | $ | 102,237 | ||||||||
Other income (expense) | — | 2,061 | — | 1,812 | ||||||||||||
New_Accounting_Standards_Notes
New Accounting Standards (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
New Accounting Standards | |
Standards Updates Adopted | |
Effective January 1, 2013, the Company adopted Accounting Standards Update ("ASU") No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The amendments in this ASU require an entity to disclose information to enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities, including the effect or potential effect of rights of set off associated with an entity’s recognized assets and recognized liabilities within the scope of Topic 210. The adoption of this ASU did not have an impact on the Company's financial condition, liquidity or operating results. The disclosure requirements associated with the adoption of ASU 2011-11 are reflected in Note 5. | |
Effective January 1, 2013, the Company adopted the guidance in ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” related to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments in this ASU require the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The Company is also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The disclosure requirements associated with the adoption of ASU 2013-02 are reflected in Note 10. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock plus common stock equivalents. Common stock equivalents consist of employee and director stock options, restricted stock awards, other share-based payment awards, and contingently issuable shares related to the Company’s convertible debt which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. The following table is a reconciliation of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net (loss) income | $ | (6,911 | ) | $ | 3,173 | $ | (21,332 | ) | $ | (4,105 | ) | |||||
Denominator: | ||||||||||||||||
Denominator for basic loss per share: | ||||||||||||||||
Weighted average common shares outstanding | 23,242 | 23,019 | 23,182 | 22,982 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Outstanding common stock equivalents | — | 880 | — | — | ||||||||||||
Denominator for diluted earnings per share | 23,242 | 23,899 | 23,182 | 22,982 | ||||||||||||
Basic (loss) income per share | $ | (0.30 | ) | $ | 0.14 | $ | (0.92 | ) | $ | (0.18 | ) | |||||
Diluted (loss) income per share | $ | (0.30 | ) | $ | 0.13 | $ | (0.92 | ) | $ | (0.18 | ) | |||||
Excluded outstanding share-based awards having an anti-dilutive effect | 1,057 | 222 | 1,057 | 222 | ||||||||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 2,030 | — | 2,149 | 588 | ||||||||||||
The Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the period is greater than $10.28, the conversion price of the Convertible Notes. The Convertible Notes are only dilutive for the “in the money” portion of the Convertible Notes that could be settled with the Company’s stock. In future periods, absent a fundamental change, (as defined in the Convertible Notes agreement), the outstanding Convertible Notes could increase diluted average shares outstanding by a maximum of approximately 5,600 shares. | ||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, the participating securities, which represent certain non-vested shares granted by the Company, were less than one percent of total securities. These securities do not participate in the Company’s net (loss) income. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Short-term and long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
SHORT-TERM DEBT | ||||||||
Foreign | $ | — | $ | 500 | ||||
Total short-term debt | — | 500 | ||||||
LONG-TERM DEBT | ||||||||
12.75% Senior Secured Notes due December 15, 2016 | 225,000 | 225,000 | ||||||
7.0% Convertible Notes due December 15, 2017 | 57,500 | 57,500 | ||||||
Revolving Credit Facility due December 15, 2015 | — | 39,500 | ||||||
Other, primarily capital leases | 1,099 | 1,400 | ||||||
Total long-term debt | 283,599 | 323,400 | ||||||
Less: unamortized discount | (23,903 | ) | (26,831 | ) | ||||
Less: current portion | (398 | ) | (415 | ) | ||||
Total long-term portion | 259,298 | 296,154 | ||||||
TOTAL SHORT-TERM AND LONG-TERM DEBT | $ | 259,696 | $ | 297,069 | ||||
During December of 2011, the Company issued $225,000 aggregate principal amount of 12.75% Senior Secured Notes due 2016 (the “Secured Notes”), $57,500 aggregate principal amount of 7.0% Convertible Senior Notes due 2017 (the “Convertible Notes”) and entered into a $100,000 senior secured asset based revolving credit facility (the “Revolving Credit Facility”). Net proceeds from these transactions (collectively referred to as the “Debt Transactions”) were used to complete the acquisition of Tube Supply, repay existing debt and for general corporate purposes. | ||||||||
Secured Notes | ||||||||
The Secured Notes will mature on December 15, 2016. The Company will pay interest on the Secured Notes at a rate of 12.75% per annum in cash semi-annually. The Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the Note Guarantors). Refer to Note 16 for Guarantor Financial Information disclosure. | ||||||||
Convertible Notes | ||||||||
The Convertible Note holders may convert their Convertible Notes during the three months immediately succeeding September 30, 2013 as the last reported sale price of the Company's common stock exceeded $13.36 for at least 20 of the last 30 consecutive trading days ending on September 30, 2013. If any Convertible Notes were to be surrendered, the Company would settle them via a combination of cash and shares of its common stock. If all the Convertible Notes were to be surrendered, the Company has estimated that it would deliver cash of $57,500 and issue approximately 2,061 shares of common stock. Although the conversion of the Convertible Notes is outside the control of the Company at September 30, 2013, the discounted value of the outstanding Convertible Notes are classified as long-term debt in the Consolidated Balance Sheets at September 30, 2013 as the Company would have the ability and intent to utilize its revolving credit facility, which is classified as long-term, to settle the cash portion of the conversion. | ||||||||
Revolving Credit Facility | ||||||||
The weighted average interest rate for borrowings under the Revolving Credit Facility for the nine months ended September 30, 2013 was 2.69%. As of September 30, 2013, there were no cash borrowings outstanding under the Revolving Credit Facility. The Company pays certain customary recurring fees with respect to the Revolving Credit Facility. | ||||||||
The Revolving Credit facility contains a springing financial maintenance covenant requiring the Company to maintain the ratio (as defined in the agreement) of EBITDA to fixed charges of 1.1 to 1.0 when excess availability is less than the greater of 10% of the calculated borrowing base (as defined in the agreement) or $10,000. In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the agreement) or $12,500, the lender has the right to take full dominion of the Company’s cash collections and apply these proceeds to outstanding loans under the Revolving Credit Agreement. As of September 30, 2013, the Company’s excess availability of $89,834 was above such thresholds. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The three-tier value hierarchy the Company utilizes, which prioritizes the inputs used in the valuation methodologies, is: | ||||||||||||||||
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | ||||||||||||||||
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. | ||||||||||||||||
The fair value of cash, accounts receivable and accounts payable approximate their carrying values. The fair value of cash equivalents are determined using the fair value hierarchy described above. Cash equivalents consisting of money market funds are valued based on quoted prices in active markets and as a result are classified as Level 1. | ||||||||||||||||
The Company’s pension plan asset portfolio as of September 30, 2013 and December 31, 2012 is primarily invested in fixed income securities, which generally fall within Level 2 of the fair value hierarchy. Fixed income securities are valued based on evaluated prices provided to the trustee by independent pricing services. Such prices may be determined by factors which include, but are not limited to, market quotations, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities. | ||||||||||||||||
Fair Value Measurements of Debt | ||||||||||||||||
The fair value of the Company’s Secured Notes as of September 30, 2013 was estimated to be $258,750 compared to a carrying value of $219,328. The fair value for the Secured Notes is determined based on recent trades of the bonds and fall within Level 2 of the fair value hierarchy. | ||||||||||||||||
The fair value of the Convertible Notes as of September 30, 2013 was approximately $98,853 compared to a carrying value of $39,269. The fair value of the Convertible Notes, which fall within Level 3 of the fair value hierarchy, is determined based on similar debt instruments that do not contain a conversion feature, as well as other factors related to the callable nature of the notes. | ||||||||||||||||
The main inputs and assumptions into the fair value model for the Convertible Notes at September 30, 2013 were as follows: | ||||||||||||||||
Company's stock price at the end of the period | $ | 16.1 | ||||||||||||||
Expected volatility | 21.5 | % | ||||||||||||||
Credit spreads | 4.95 | % | ||||||||||||||
Risk-free interest rate | 1.01 | % | ||||||||||||||
Fair Value Measurements of Commodity Hedges | ||||||||||||||||
The Company has a commodity hedging program to mitigate risks associated with certain commodity price fluctuations. At September 30, 2013, the Company had executed forward contracts that extend through 2016. The counterparty to these contracts is not considered a credit risk by the Company. At September 30, 2013, the notional value associated with forward contracts was $14,169. The Company recorded, through cost of materials, a net gain of $354 and net loss of $1,819 for the three and nine months ended September 30, 2013, respectively, and a net gain of $987 and net loss of $24 for the three and nine months ended September 30, 2012, respectively, as a result of the change in the fair value of the contracts. As of September 30, 2013, all commodity hedge contracts were in a liability position. As of December 31, 2012, a receivable of $19 associated with commodity hedge contracts was netted with the liability to derive the value disclosed in the table below. Refer to Note 13 for letters of credit outstanding for collateral associated with commodity hedges. | ||||||||||||||||
The Company uses information which is representative of readily observable market data when valuing derivatives liabilities associated with commodity hedges. The derivative liabilities are included in accrued liabilities and other non-current liabilities on the Company's balance sheets and classified as Level 2 in the table below. | ||||||||||||||||
The liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
As of September 30, 2013 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 3,079 | $ | — | $ | 3,079 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,494 | $ | — | $ | 2,494 | ||||||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
The Company distributes and performs processing on both metals and plastics. Although the distribution processes are similar, the customer markets, supplier bases and types of products are different. Additionally, the Company’s Chief Executive Officer, the chief operating decision-maker, reviews and manages these two businesses separately. As such, these businesses are considered reportable segments and are reported accordingly. | ||||||||||||||||
In its Metals segment, the Company’s marketing strategy focuses on distributing highly engineered specialty grades and alloys of metals as well as providing specialized processing services designed to meet very precise specifications. Core products include alloy, aluminum, stainless, nickel, titanium and carbon. Inventories of these products assume many forms such as plate, sheet, extrusions, round bar, hexagon bar, square and flat bar, tubing and coil. Depending on the size of the facility and the nature of the markets it serves, service centers are equipped as needed with bar saws, plate saws, oxygen and plasma arc flame cutting machinery, trepanning machinery, boring machinery, honing equipment, water-jet cutting, stress relieving and annealing furnaces, surface grinding equipment and sheet shearing equipment. This segment also performs various specialized fabrications for its customers through pre-qualified subcontractors that thermally process, turn, polish and straighten alloy and carbon bar. | ||||||||||||||||
The Company’s Plastics segment consists exclusively of a wholly-owned subsidiary that operates as Total Plastics, Inc. (“TPI”) headquartered in Kalamazoo, Michigan, and its wholly-owned subsidiaries. The Plastics segment stocks and distributes a wide variety of plastics in forms that include plate, rod, tube, clear sheet, tape, gaskets and fittings. Processing activities within this segment include cut-to-length, cut-to-shape, bending and forming according to customer specifications. The Plastics segment’s diverse customer base consists of companies in the retail (point-of-purchase), automotive, marine, office furniture and fixtures, safety products, life sciences applications, and general manufacturing industries. TPI has locations throughout the upper northeast and midwest regions of the U.S. and one facility in Florida from which it services a wide variety of users of industrial plastics. | ||||||||||||||||
The accounting policies of all segments are the same as described in Note 1, “Basis of Presentation and Significant Accounting Policies” in the Company’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2012. Management evaluates the performance of its business segments based on operating income. | ||||||||||||||||
Segment information for the three months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2013 | ||||||||||||||||
Metals segment | $ | 220,000 | $ | (1,536 | ) | $ | 2,026 | $ | 5,980 | |||||||
Plastics segment | 33,713 | 1,049 | 120 | 420 | ||||||||||||
Other (a) | — | (2,537 | ) | — | — | |||||||||||
Consolidated | $ | 253,713 | $ | (3,024 | ) | $ | 2,146 | $ | 6,400 | |||||||
2012 | ||||||||||||||||
Metals segment | $ | 272,445 | $ | 12,427 | $ | 3,232 | $ | 5,912 | ||||||||
Plastics segment | 31,594 | 1,011 | 800 | 351 | ||||||||||||
Other (a) | — | (2,951 | ) | — | — | |||||||||||
Consolidated | $ | 304,039 | $ | 10,487 | $ | 4,032 | $ | 6,263 | ||||||||
Segment information for the nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2013 | ||||||||||||||||
Metals segment | $ | 717,830 | $ | (4,387 | ) | $ | 6,673 | $ | 18,356 | |||||||
Plastics segment | 102,007 | 2,950 | 909 | 1,248 | ||||||||||||
Other (a) | — | (6,323 | ) | — | — | |||||||||||
Consolidated | $ | 819,837 | $ | (7,760 | ) | $ | 7,582 | $ | 19,604 | |||||||
2012 | ||||||||||||||||
Metals segment | $ | 901,581 | $ | 44,439 | $ | 6,552 | $ | 18,335 | ||||||||
Plastics segment | 94,766 | 2,612 | 1,571 | 1,015 | ||||||||||||
Other (a) | — | (8,848 | ) | — | — | |||||||||||
Consolidated | $ | 996,347 | $ | 38,203 | $ | 8,123 | $ | 19,350 | ||||||||
(a) | “Other” – Operating income includes the costs of executive, legal and finance departments, which are shared by both the Metals and Plastics segments. | |||||||||||||||
Below are reconciliations of segment data to consolidated (loss) income before income taxes for the three months ended September 30, 2013 and 2012: | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Operating (loss) income | $ | (3,024 | ) | $ | 10,487 | |||||||||||
Interest expense, net | (10,177 | ) | (10,280 | ) | ||||||||||||
Other income (expense) | 166 | 2,061 | ||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | (13,035 | ) | 2,268 | |||||||||||||
Equity in earnings of joint venture | 1,853 | 1,358 | ||||||||||||||
Consolidated (loss) income before income taxes | $ | (11,182 | ) | $ | 3,626 | |||||||||||
Below are reconciliations of segment data to consolidated (loss) income before income taxes for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Operating (loss) income | $ | (7,760 | ) | $ | 38,203 | |||||||||||
Interest expense, net | (30,455 | ) | (30,437 | ) | ||||||||||||
Interest expense - unrealized loss on debt conversion option | — | (15,597 | ) | |||||||||||||
Other income (expense) | (1,388 | ) | 1,812 | |||||||||||||
Loss before income taxes and equity in earnings of joint venture | (39,603 | ) | (6,019 | ) | ||||||||||||
Equity in earnings of joint venture | 4,816 | 6,099 | ||||||||||||||
Consolidated (loss) income before income taxes | $ | (34,787 | ) | $ | 80 | |||||||||||
Segment information for total assets is as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Metals segment | $ | 646,529 | $ | 693,803 | ||||||||||||
Plastics segment | 59,103 | 56,149 | ||||||||||||||
Other (a) | 40,179 | 38,854 | ||||||||||||||
Consolidated | $ | 745,811 | $ | 788,806 | ||||||||||||
(a) | “Other” — Total assets consist of the Company's investment in joint venture. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
The changes in carrying amounts of goodwill during the nine months ended September 30, 2013 were as follows: | ||||||||||||||||
Metals | Plastics | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||
Goodwill | $ | 117,544 | $ | 12,973 | $ | 130,517 | ||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of January 1, 2013 | 57,327 | 12,973 | 70,300 | |||||||||||||
Currency valuation | (517 | ) | — | (517 | ) | |||||||||||
Balance as of September 30, 2013 | ||||||||||||||||
Goodwill | 117,027 | 12,973 | 130,000 | |||||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of September 30, 2013 | $ | 56,810 | $ | 12,973 | $ | 69,783 | ||||||||||
The Company’s annual test for goodwill impairment was completed as of January 1st. Based on the January 1, 2013 test, the Company determined that there was no impairment of goodwill. Due to organizational structure changes resulting from the Company's restructuring activities announced in January 2013, the Company combined the reporting units that previously comprised its Metals segment into a single reporting unit for purposes of goodwill impairment testing. The Company’s year-to-date operating results, among other factors, are considered in determining whether it is more-likely-than-not that the fair value for either of the two reporting units has declined below their respective carrying values, which would require the Company to perform an interim goodwill impairment test. Taking into consideration the results for the three and nine months ended September 30, 2013 in which the Company experienced lower than anticipated demand, management does not believe it is more-likely-than-not that the fair value of either reporting unit has declined below carrying value. If the lower demand continues for a sustained period, this could change management's expectations of future financial results and/or key valuation assumptions used in determining the fair value of its reporting units, which could result in a goodwill impairment. | ||||||||||||||||
The following table summarizes the components of intangible assets: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer relationships | $ | 118,387 | $ | 52,696 | $ | 119,118 | $ | 45,317 | ||||||||
Non-compete agreements | 3,888 | 3,485 | 3,888 | 3,235 | ||||||||||||
Trade name | 8,091 | 1,760 | 8,297 | 1,188 | ||||||||||||
Developed technology | 1,400 | 836 | 1,400 | 486 | ||||||||||||
Total | $ | 131,766 | $ | 58,777 | $ | 132,703 | $ | 50,226 | ||||||||
Substantially all of the Company’s intangible assets were acquired as part of the acquisitions of Transtar on September 5, 2006 and Tube Supply on December 15, 2011. | ||||||||||||||||
For the three months ended September 30, 2013 and 2012, the aggregate amortization expense was $2,944 and $2,961, respectively. For the nine months ended September 30, 2013 and 2012, the aggregate amortization expense was $8,855 and $8,880, respectively. | ||||||||||||||||
The following is a summary of the estimated annual amortization expense for 2013 and each of the next 4 years: | ||||||||||||||||
2013 | $ | 11,789 | ||||||||||||||
2014 | 11,756 | |||||||||||||||
2015 | 10,989 | |||||||||||||||
2016 | 10,989 | |||||||||||||||
2017 | 8,966 | |||||||||||||||
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2013 | |
Inventory Disclosure [Abstract] | ' |
Inventories | ' |
Inventories | |
Approximately eighty percent of the Company’s inventories are valued at the lower of LIFO cost or market. Final inventory determination under the LIFO costing method is made at the end of each fiscal year based on the actual inventory levels and costs at that time. Interim LIFO determinations, including those at September 30, 2013, are based on management’s estimates of future inventory levels and costs for the balance of the current fiscal year. The Company values its LIFO increments using the cost of its latest purchases during the periods reported. | |
Current replacement cost of inventories exceeded book value by $134,765 and $139,940 at September 30, 2013 and December 31, 2012, respectively. Income taxes would become payable on any realization of this excess from reductions in the level of inventories. |
Sharebased_Compensation
Share-based Compensation | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Share-based Compensation | ' | |||||||||
Share-based Compensation | ||||||||||
The Company accounts for its share-based compensation arrangements by recognizing compensation expense for the fair value of the share awards granted ratably over their vesting period. All compensation expense related to share-based compensation arrangements is recorded in sales, general and administrative expense. The unrecognized compensation cost as of September 30, 2013 associated with all share-based payment arrangements is $5,679 and the weighted average period over which it is to be expensed is 1.4 years. | ||||||||||
2013 Long-Term Compensation Plan | ||||||||||
On March 6, 2013, the Human Resources Committee (the “Committee”) of the Board of Directors of the Company approved equity awards under the Company’s 2013 Long-Term Compensation Plan (“2013 LTC Plan”) for executive officers and other select personnel. The 2013 LTC Plan awards included restricted stock units (“RSUs”) and performance share units (“PSUs”). All 2013 LTC Plan awards are subject to the terms of the Company’s 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of April 25, 2013. | ||||||||||
The 2013 LTC Plan consists of three components of share-based payment awards as follows: | ||||||||||
Restricted Share Units - The Company granted 114 RSUs with a grant date fair value of $16.29 per share unit, which was established using the market price of the Company’s stock on the date of grant. The RSUs cliff vest on December 31, 2015. Each RSU that becomes vested entitles the participant to receive one share of the Company’s common stock. The number of shares delivered may be reduced by the number of shares required to be withheld for federal and state withholding tax requirements (determined at the market price of Company shares at the time of payout). | ||||||||||
Performance Share Units - The Company granted 229 PSUs, half of which contain a market-based performance condition and half of which contain a non-market-based performance condition. | ||||||||||
PSUs containing a market-based performance condition - The potential award for PSUs containing a market-based performance condition is dependent on relative total shareholder return (“RTSR”), which is measured over a three-year performance period, beginning January 1st of the year of grant. RTSR is measured against a group of peer companies either in the metals industry or in the industrial products distribution industry (the “RTSR Peer Group”). The number of performance shares, if any, that vest based on the performance achieved during the three-year performance period, will vest at the end of the three-year performance period. Each performance share that becomes vested entitles the participant to receive one share of the Company’s common stock. The grant date fair value for the PSUs containing the RTSR market-based performance condition under the 2013 LTC Plan of $24.74 was estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||
2013 | ||||||||||
Expected volatility | 59.5 | % | ||||||||
Risk-free interest rate | 0.38 | % | ||||||||
Expected life (in years) | 2.82 | |||||||||
Expected dividend yield | — | |||||||||
Compensation expense for performance awards containing a market-based performance condition is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. | ||||||||||
PSUs containing a non-market-based performance condition - The potential award for PSUs containing a non-market-based performance condition is determined based on the Company’s average actual performance versus Company-specific target goals for Return on Invested Capital (“ROIC”) (as defined in the 2013 LTC Plan) for the three-year performance period beginning on January 1st of the year of grant. Partial performance awards can be earned for performance less than the target goal, but in excess of minimum goals and award distributions twice the target can be achieved if the maximum goals are met or exceeded. The number of performance shares, if any, that vest based on the performance achieved during the three-year performance period, will vest at the end of the three-year performance period. Compensation expense recognized is based on management’s expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized and any previously recognized compensation expense is reversed. The grant date fair-value of the PSUs containing a non-market-based performance condition was established using the market price of the Company’s stock on the date of grant. | ||||||||||
The award information associated with market and non-market-based performance condition awards is summarized below: | ||||||||||
Share type | Grant Date | Estimated | Maximum Number of | |||||||
Fair Value | Number of PSUs | PSUs that could | ||||||||
to be Issued | Potentially be Issued | |||||||||
Market-based performance condition | $ | 24.74 | 176 | 196 | ||||||
Non-market-based performance condition | $ | 16.29 | — | 196 | ||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Stockholders' Equity | ' | |||||||||||
Stockholders’ Equity | ||||||||||||
Shareholder Rights Plan | ||||||||||||
In August 2012, the Company’s Board of Directors adopted a Shareholder Rights Plan (the “Rights Plan”) and declared a dividend of one right for each outstanding share of the Company’s common stock outstanding at the close of business on September 11, 2012. Pursuant to the Rights Plan, the Company issued one preferred stock purchase right (a “Right”) for each share of common stock outstanding on September 11, 2012. Each Right, once exercisable, represents the right to purchase one one-hundredth of a share (a “Unit”) of Series B Junior Preferred Stock of the Company, without par value, for $54.00, subject to adjustment. The Rights become exercisable in the event any individual person or entity, without Board approval, acquires 10% or more of the Company’s common stock, subject to certain exceptions. In these circumstances, each holder of a Right (other than rights held by the acquirer) will be entitled to purchase, at the then-current exercise price of the Right, additional shares of the Company’s common stock having a value of twice the exercise price of the Right. Additionally, if the Company is involved in a merger or other business combination transaction with another person after which its common stock does not remain outstanding, each Right will entitle its holder to purchase, at the then-current exercise price of the Right, shares of common stock of the ultimate parent of such other person having a market value of twice the exercise price of the Right. The Rights may be redeemed by the Company for $0.001 per Right at any time until the tenth business day following the first public announcement of an acquisition of beneficial ownership of 10% of the Company’s common stock. On August 13, 2013, the Company's Board of Directors agreed to extend the Rights Plan from August 30, 2013, when it was originally set to expire, to August 30, 2014, unless the rights issued thereunder are earlier redeemed or the Rights Plan is amended by the Board of Directors. | ||||||||||||
Comprehensive (Loss) Income | ||||||||||||
Comprehensive (loss) income includes net (loss) income and all other non-owner changes to equity that are not reported in net (loss) income. | ||||||||||||
The Company’s comprehensive (loss) income for the three months ended September 30, 2013 and 2012 is as follows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Net (loss) income | $ | (6,911 | ) | $ | 3,173 | |||||||
Foreign currency translation gain | 924 | 3,060 | ||||||||||
Pension cost amortization, net of tax | 346 | (110 | ) | |||||||||
Total comprehensive (loss) income | $ | (5,641 | ) | $ | 6,123 | |||||||
The Company’s comprehensive loss for the nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Net loss | $ | (21,332 | ) | $ | (4,105 | ) | ||||||
Foreign currency translation (loss) gain | (1,576 | ) | 3,019 | |||||||||
Pension cost amortization, net of tax | 1,036 | (329 | ) | |||||||||
Total comprehensive loss | $ | (21,872 | ) | $ | (1,415 | ) | ||||||
The components of accumulated other comprehensive loss is as follows: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Foreign currency translation losses | $ | (3,898 | ) | $ | (2,322 | ) | ||||||
Unrecognized pension and postretirement benefit costs, net of tax | (17,713 | ) | (18,749 | ) | ||||||||
Total accumulated other comprehensive loss | $ | (21,611 | ) | $ | (21,071 | ) | ||||||
Changes in accumulated other comprehensive loss by component for the three months ended September 30, 2013 are as follows: | ||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||
Balance as of July 1, 2013 | $ | (18,059 | ) | $ | (4,822 | ) | $ | (22,881 | ) | |||
Other comprehensive income before reclassifications | — | 924 | 924 | |||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 346 | — | 346 | |||||||||
Net current period other comprehensive income | 346 | 924 | 1,270 | |||||||||
Balance as of September 30, 2013 | $ | (17,713 | ) | $ | (3,898 | ) | $ | (21,611 | ) | |||
Changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 are as follows: | ||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||
Balance as of January 1, 2013 | $ | (18,749 | ) | $ | (2,322 | ) | $ | (21,071 | ) | |||
Other comprehensive loss before reclassifications | — | (1,576 | ) | (1,576 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,036 | — | 1,036 | |||||||||
Net current period other comprehensive (loss) income | 1,036 | (1,576 | ) | (540 | ) | |||||||
Balance as of September 30, 2013 | $ | (17,713 | ) | $ | (3,898 | ) | $ | (21,611 | ) | |||
(a) See the table below for details of reclassification from accumulated other comprehensive loss for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Reclassifications from accumulated other comprehensive loss for the three and nine months ended September 30, 2013 are as follows: | ||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||
Amortization of defined benefit pension and postretirement items | ||||||||||||
Prior service cost (b) | $ | (80 | ) | $ | (242 | ) | ||||||
Actuarial loss (b) | (485 | ) | (1,455 | ) | ||||||||
Total before Tax | (565 | ) | (1,697 | ) | ||||||||
Tax benefit | 219 | 661 | ||||||||||
Total reclassifications for the period, net of tax | $ | (346 | ) | $ | (1,036 | ) | ||||||
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost for the three and nine months ended September 30, 2013, respectively (see Note 11 for additional details). |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
Employee Benefit Plans | ||||||||
Components of the net periodic pension and postretirement benefit cost (credit) for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 213 | $ | 192 | ||||
Interest cost | 1,618 | 1,750 | ||||||
Expected return on assets | (2,319 | ) | (2,464 | ) | ||||
Amortization of prior service cost | 80 | 81 | ||||||
Amortization of actuarial loss | 485 | 149 | ||||||
Net periodic pension and postretirement benefit cost (credit) | $ | 77 | $ | (292 | ) | |||
Contributions paid | $ | 12 | $ | — | ||||
Components of the net periodic pension and postretirement benefit cost (credit) for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 639 | $ | 576 | ||||
Interest cost | 4,856 | 5,250 | ||||||
Expected return on assets | (6,959 | ) | (7,392 | ) | ||||
Amortization of prior service cost | 242 | 243 | ||||||
Amortization of actuarial loss | 1,455 | 447 | ||||||
Net periodic pension and postretirement benefit cost (credit) | $ | 233 | $ | (876 | ) | |||
Contributions paid | $ | 12 | $ | — | ||||
The Company anticipates making no significant cash contributions to its pension plans in 2013. |
Joint_Venture
Joint Venture | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Joint Venture | ' | |||||||
Joint Venture | ||||||||
Kreher Steel Co., LLC is a 50% owned joint venture of the Company. It is a metals distributor of bulk quantities of alloy, special bar quality and stainless steel bars, headquartered in Melrose Park, Illinois. | ||||||||
The following information summarizes financial data for this joint venture for the three months ended September 30, 2013 and 2012: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 57,446 | $ | 63,578 | ||||
Cost of materials | 47,356 | 52,705 | ||||||
Income before taxes | 4,284 | 4,129 | ||||||
Net income | 3,706 | 2,716 | ||||||
The following information summarizes financial data for this joint venture for the nine months ended September 30, 2013 and 2012: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 172,226 | $ | 208,045 | ||||
Cost of materials | 143,727 | 172,370 | ||||||
Income before taxes | 11,335 | 15,663 | ||||||
Net income | 9,632 | 12,198 | ||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | |
As of September 30, 2013, the Company had $6,701 of irrevocable letters of credit outstanding which primarily consisted of $4,000 for collateral associated with commodity hedges and $1,901 for compliance with the insurance reserve requirements of its workers’ compensation insurance carriers. | |
The Company is party to a variety of legal proceedings arising from the operation of its business. These proceedings are incidental and occur in the normal course of the Company’s business affairs. It is the opinion of management, based upon the information available at this time, that the currently expected outcome of these proceedings will not have a material effect on the consolidated results of operations, financial condition or cash flows of the Company, except as noted below. | |
During the quarter ended March 31, 2013, the Company received warranty and other claims from certain customers regarding alleged quality defects with certain alloy round bar products sold by the Company in 2012 and 2013. The Company evaluated the information provided by the customers and issued a notice of potential defect to other affected customers. As previously reported, the Company estimated that it may incur costs for warranty and other customer claims associated with the alleged quality defects from $325 to $1,250. Based on the information available as of September 30, 2013, the Company increased its best estimate of the probable loss resulting from these claims from its previous estimate of $650 to $1,150 of which approximately $200 and $850 are included in cost of materials for the three and nine months ended September 30, 2013, respectively. The Company believes that amounts paid to customers will be recoverable from the original supplier of the products. There can be no assurance that the Company's losses related to these claims will not exceed the Company's estimated range of loss, or that the Company will be able to recover any amounts from the original supplier of the products. |
Restructuring_Charges_Restruct
Restructuring Charges Restructuring Charges | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||||||
Restructuring Charges | |||||||||||||||||||||
As part of the Company's efforts to adapt operations to market conditions, restructuring activities related to the Company's organizational structure and operations were announced during January of 2013. The charges associated with the restructuring activities are included in the Company's Metals segment and in the Company's 'Other' segment which includes the costs of the executive, legal, and finance departments shared by both the Metals and Plastics segments. | |||||||||||||||||||||
The charges incurred during the nine months ended September 30, 2013 were comprised of employee termination and related benefits associated with salaried and hourly workforce reductions, lease termination costs, moving costs and other exit costs associated with five plant consolidations. All of the lease termination costs were recognized in the second quarter of 2013. | |||||||||||||||||||||
For the nine months ended September 30, 2013, the Company incurred $9,939 of charges related to the restructuring announced in January of this year. The Company previously indicated an expectation of $10,000 in total charges and believes that any additional charges related to the January announced restructuring will be insignificant. However, as the Company continues to execute its continuous improvement plans to lower structural operating costs, additional charges are likely to be incurred. The Company expects to close additional facilities during 2013 through 2014 in locations where it has a duplicate footprint. The Company expects to incur $2,000 to $3,000 of charges in the fourth quarter of 2013 for moving and relocation costs associated with facility consolidation activity. | |||||||||||||||||||||
Below is a summary of the total restructuring charges incurred in the three and nine months ended September 30, 2013. Charges incurred in the nine months ended September 30, 2013 represent the cumulative amount incurred to date. | |||||||||||||||||||||
Charges incurred during the | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||
Employee termination and related benefits | $ | 279 | $ | 2,493 | |||||||||||||||||
Lease termination costs | — | 1,830 | |||||||||||||||||||
Moving costs associated with plant consolidations | 555 | 4,014 | |||||||||||||||||||
Other exit costs | 51 | 366 | |||||||||||||||||||
Inventory write-offs | — | 1,236 | |||||||||||||||||||
Total | $ | 885 | $ | 9,939 | |||||||||||||||||
The reserve activity for the nine months ended September 30, 2013 related to the January 2013 announced restructuring is summarized below: | |||||||||||||||||||||
Period Activity | |||||||||||||||||||||
Balance as of January 1 | Charges (a) | Cash payments | Impairment | Balance as of September 30 (b) | |||||||||||||||||
Employee termination and related benefits | $ | — | $ | 2,493 | $ | (1,642 | ) | $ | — | $ | 851 | ||||||||||
Lease termination costs | — | 1,830 | (252 | ) | — | 1,578 | |||||||||||||||
Moving costs associated with plant consolidations | — | 4,014 | (3,695 | ) | (169 | ) | 150 | ||||||||||||||
Other exit costs | — | 366 | (366 | ) | — | — | |||||||||||||||
Inventory write-offs | — | 1,236 | — | (1,236 | ) | — | |||||||||||||||
Total | $ | — | $ | 9,939 | $ | (5,955 | ) | $ | (1,405 | ) | $ | 2,579 | |||||||||
(a) Costs associated with the write-off of inventory are included in cost of materials in the condensed consolidated statements of operations and comprehensive loss. All other costs are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. | |||||||||||||||||||||
(b) Cash payments are expected to be made during the fourth quarter of 2013 for the remaining balance of the restructuring reserve activity except for the lease termination costs. Payments on certain of the lease obligations are scheduled to continue until 2016. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Condensed Consolidated Financial Statements of future periods. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
Income Taxes | ||
The reported effective tax rate for the three months ended September 30, 2013 and 2012 was 32.8% and 20.0%, respectively. The change in the effective tax rate for the three months ended September 30, 2013 compared to the three months ended September 30, 2012 was primarily the result of a change in the geographical mix of (loss)income. The reported effective tax rate for the nine months ended September 30, 2013 and 2012 was 34.0% and (69.5)%, respectively. The income tax expense in the nine months ended September 30, 2012 was impacted by the non-deductible unrealized loss on the conversion option associated with the Convertible Notes recorded in 2012. The Company accounted for the restructuring costs incurred during the three and nine months ended September 30, 2013 as discrete items for interim income tax accounting purposes. | ||
The following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | ||
U.S. Federal | 2010 to 2012 | |
U.S. States | 2008 to 2012 | |
Foreign | 2007 to 2012 | |
The Company’s gross unrecognized tax benefits are not significant. | ||
The Company received its 2010 federal tax refund of $2,025 during February 2012. The Company received its 2012 federal tax refund of $2,590 during October 2013. |
Guarantor_Finanical_Informatio
Guarantor Finanical Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantees [Abstract] | ' | |||||||||||||||||||
Consolidating Financial Information | ' | |||||||||||||||||||
Guarantor Financial Information | ||||||||||||||||||||
The accompanying condensed consolidating financial information has been prepared and presented pursuant to Rule 3-10 of SEC Regulation S-X “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The consolidating financial information presents A. M. Castle & Co. (Parent) and subsidiaries. The consolidating financial information has been prepared on the same basis as the consolidated statements of the Parent. The equity method of accounting is followed within this financial information. | ||||||||||||||||||||
In September 2013, the Company merged Transtar Metals Corp. and Oliver Steel Plate Co., guarantors, with the Parent. In addition, certain non-guarantor subsidiaries were merged with the parent in September 2013. In September 2012, the Company merged Tube Supply, LLC, a guarantor, with the Parent. The Company has reflected these changes in its accompanying condensed consolidating financial statements of guarantors and non-guarantors. The Condensed Consolidating Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2013 reflects an adjustment to the income tax benefit in the amount of $10,600 (which was recorded during the three month period ended June 30, 2013) from the Non-Guarantors column to the Parent column to adjust the income tax presentation to properly reflect the estimated income tax positions of the Parent and Non-Guarantors. The income tax benefit for the nine months ended September 30, 2013 reflects this adjusted presentation. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 23,644 | $ | 552 | $ | 17,298 | $ | — | $ | 41,494 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 76,850 | 20,459 | 49,398 | — | 146,707 | |||||||||||||||
Receivables from affiliates | 3,360 | — | — | (3,360 | ) | — | ||||||||||||||
Inventories | 160,040 | 15,855 | 67,884 | (68 | ) | 243,711 | ||||||||||||||
Prepaid expenses and other current assets | 14,653 | 1,213 | 8,668 | (202 | ) | 24,332 | ||||||||||||||
Total current assets | 278,547 | 38,079 | 143,248 | (3,630 | ) | 456,244 | ||||||||||||||
Investment in joint venture | 40,179 | — | — | — | 40,179 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 15,306 | — | 69,783 | |||||||||||||||
Intangible assets | 55,195 | — | 17,794 | — | 72,989 | |||||||||||||||
Other assets | 29,316 | — | 2,044 | — | 31,360 | |||||||||||||||
Investment in subsidiaries | 125,015 | — | — | (125,015 | ) | — | ||||||||||||||
Receivables from affiliates | 87,774 | 32,879 | 4,724 | (125,377 | ) | — | ||||||||||||||
Property, plant and equipment, net | 50,301 | 13,074 | 11,881 | — | 75,256 | |||||||||||||||
Total assets | $ | 707,831 | $ | 97,005 | $ | 194,997 | $ | (254,022 | ) | $ | 745,811 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 59,259 | $ | 9,341 | $ | 17,218 | $ | — | $ | 85,818 | ||||||||||
Payables due to affiliates | 1,725 | 469 | 1,166 | (3,360 | ) | — | ||||||||||||||
Other current liabilities | 37,465 | 965 | 7,840 | — | 46,270 | |||||||||||||||
Current portion of long-term debt and short-term debt | 371 | — | 27 | — | 398 | |||||||||||||||
Total current liabilities | 98,820 | 10,775 | 26,251 | (3,360 | ) | 132,486 | ||||||||||||||
Long-term debt, less current portion | 259,252 | — | 46 | — | 259,298 | |||||||||||||||
Payables due to affiliates | — | 7,559 | 117,818 | (125,377 | ) | — | ||||||||||||||
Deferred income taxes | 14,701 | 4,771 | (1,154 | ) | — | 18,318 | ||||||||||||||
Other non-current liabilities | 16,428 | — | 651 | — | 17,079 | |||||||||||||||
Stockholders’ equity | 318,630 | 73,900 | 51,385 | (125,285 | ) | 318,630 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 707,831 | $ | 97,005 | $ | 194,997 | $ | (254,022 | ) | $ | 745,811 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,106 | $ | 903 | $ | 16,598 | $ | — | $ | 21,607 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 77,160 | 17,170 | 43,981 | — | 138,311 | |||||||||||||||
Receivables from affiliates | 1,213 | — | 668 | (1,881 | ) | — | ||||||||||||||
Inventories | 211,450 | 16,613 | 75,777 | (68 | ) | 303,772 | ||||||||||||||
Prepaid expenses and other current assets | 16,587 | (1,648 | ) | 7,951 | (202 | ) | 22,688 | |||||||||||||
Total current assets | 310,516 | 33,038 | 144,975 | (2,151 | ) | 486,378 | ||||||||||||||
Investment in joint venture | 38,854 | — | — | — | 38,854 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 15,823 | — | 70,300 | |||||||||||||||
Intangible assets | 62,668 | — | 19,809 | — | 82,477 | |||||||||||||||
Other assets | 26,824 | (2 | ) | 4,335 | — | 31,157 | ||||||||||||||
Investment in subsidiaries | 130,257 | — | — | (130,257 | ) | — | ||||||||||||||
Receivables from affiliates | 85,351 | 32,177 | 3,283 | (120,811 | ) | — | ||||||||||||||
Property, plant and equipment, net | 54,701 | 13,552 | 11,387 | — | 79,640 | |||||||||||||||
Total assets | $ | 750,675 | $ | 91,738 | $ | 199,612 | $ | (253,219 | ) | $ | 788,806 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 45,456 | $ | 8,488 | $ | 14,046 | $ | — | $ | 67,990 | ||||||||||
Payables due to affiliates | 838 | — | 1,044 | (1,882 | ) | — | ||||||||||||||
Other current liabilities | 30,902 | (855 | ) | 8,080 | — | 38,127 | ||||||||||||||
Current portion of long-term debt and short-term debt | 387 | — | 528 | — | 915 | |||||||||||||||
Total current liabilities | 77,583 | 7,633 | 23,698 | (1,882 | ) | 107,032 | ||||||||||||||
Long-term debt, less current portion | 292,086 | — | 4,068 | — | 296,154 | |||||||||||||||
Payables due to affiliates | — | 8,381 | 112,430 | (120,811 | ) | — | ||||||||||||||
Deferred income taxes | 28,052 | 4,771 | (473 | ) | — | 32,350 | ||||||||||||||
Other non-current liabilities | 15,614 | — | 316 | — | 15,930 | |||||||||||||||
Stockholders’ equity | 337,340 | 70,953 | 59,573 | (130,526 | ) | 337,340 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 750,675 | $ | 91,738 | $ | 199,612 | $ | (253,219 | ) | $ | 788,806 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 168,591 | $ | 33,708 | $ | 57,949 | $ | (6,535 | ) | $ | 253,713 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 123,589 | 24,071 | 45,633 | (6,535 | ) | 186,758 | ||||||||||||||
Warehouse, processing and delivery expense | 25,913 | 2,932 | 5,963 | — | 34,808 | |||||||||||||||
Sales, general and administrative expense | 18,786 | 4,534 | 4,566 | — | 27,886 | |||||||||||||||
Restructuring charges | 627 | — | 258 | — | 885 | |||||||||||||||
Depreciation and amortization expense | 4,864 | 558 | 978 | — | 6,400 | |||||||||||||||
Operating (loss) income | (5,188 | ) | 1,613 | 551 | — | (3,024 | ) | |||||||||||||
Interest expense, net | (6,594 | ) | — | (3,583 | ) | — | (10,177 | ) | ||||||||||||
Other income | — | — | 166 | — | 166 | |||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (11,782 | ) | 1,613 | (2,866 | ) | — | (13,035 | ) | ||||||||||||
Income taxes | 3,848 | (615 | ) | 1,038 | — | 4,271 | ||||||||||||||
Equity in losses of subsidiaries | (830 | ) | — | — | 830 | — | ||||||||||||||
Equity in earnings of joint venture | 1,853 | — | — | — | 1,853 | |||||||||||||||
Net (loss) income | (6,911 | ) | 998 | (1,828 | ) | 830 | (6,911 | ) | ||||||||||||
Comprehensive (loss) income | $ | (5,641 | ) | $ | 998 | $ | (904 | ) | $ | (94 | ) | $ | (5,641 | ) | ||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 210,707 | $ | 31,594 | $ | 68,843 | $ | (7,105 | ) | $ | 304,039 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 149,920 | 22,403 | 53,253 | (7,561 | ) | 218,015 | ||||||||||||||
Warehouse, processing and delivery expense | 28,017 | 3,122 | 5,755 | — | 36,894 | |||||||||||||||
Sales, general and administrative expense | 22,378 | 4,004 | 5,998 | — | 32,380 | |||||||||||||||
Depreciation and amortization expense | 4,780 | 487 | 996 | — | 6,263 | |||||||||||||||
Operating income | 5,612 | 1,578 | 2,841 | 456 | 10,487 | |||||||||||||||
Interest (expense) income, net | (6,708 | ) | 4 | (3,576 | ) | — | (10,280 | ) | ||||||||||||
Other income | — | — | 2,061 | — | 2,061 | |||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries and joint venture | (1,096 | ) | 1,582 | 1,326 | 456 | 2,268 | ||||||||||||||
Income taxes | 721 | (606 | ) | (392 | ) | (176 | ) | (453 | ) | |||||||||||
Equity in earnings of subsidiaries | 2,190 | — | — | (2,190 | ) | — | ||||||||||||||
Equity in earnings of joint venture | 1,358 | — | — | — | 1,358 | |||||||||||||||
Net income | $ | 3,173 | $ | 976 | $ | 934 | $ | (1,910 | ) | $ | 3,173 | |||||||||
Comprehensive income | $ | 6,123 | $ | 976 | $ | 3,994 | $ | (4,970 | ) | $ | 6,123 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 559,388 | $ | 102,007 | $ | 183,129 | $ | (24,687 | ) | $ | 819,837 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 416,736 | 73,029 | 142,572 | (24,687 | ) | 607,650 | ||||||||||||||
Warehouse, processing and delivery expense | 79,311 | 9,149 | 17,752 | — | 106,212 | |||||||||||||||
Sales, general and administrative expense | 56,499 | 13,525 | 15,404 | — | 85,428 | |||||||||||||||
Restructuring charges | 6,557 | — | 2,146 | — | 8,703 | |||||||||||||||
Depreciation and amortization expense | 14,933 | 1,662 | 3,009 | — | 19,604 | |||||||||||||||
Operating (loss) income | (14,648 | ) | 4,642 | 2,246 | — | (7,760 | ) | |||||||||||||
Interest expense, net | (19,418 | ) | — | (11,037 | ) | — | (30,455 | ) | ||||||||||||
Other expense | — | — | (1,388 | ) | — | (1,388 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (34,066 | ) | 4,642 | (10,179 | ) | — | (39,603 | ) | ||||||||||||
Income taxes | 11,592 | (1,695 | ) | 3,558 | — | 13,455 | ||||||||||||||
Equity in earnings of subsidiaries | (3,674 | ) | — | — | 3,674 | — | ||||||||||||||
Equity in earnings of joint venture | 4,816 | — | — | — | 4,816 | |||||||||||||||
Net (loss) income | (21,332 | ) | 2,947 | (6,621 | ) | 3,674 | (21,332 | ) | ||||||||||||
Comprehensive (loss) income | $ | (21,872 | ) | $ | 2,947 | $ | (8,197 | ) | $ | 5,250 | $ | (21,872 | ) | |||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 712,175 | $ | 94,766 | $ | 216,477 | $ | (27,071 | ) | $ | 996,347 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 516,601 | 66,753 | 166,253 | (26,944 | ) | 722,663 | ||||||||||||||
Warehouse, processing and delivery expense | 86,653 | 9,575 | 17,666 | — | 113,894 | |||||||||||||||
Sales, general and administrative expense | 71,939 | 12,719 | 17,579 | — | 102,237 | |||||||||||||||
Depreciation and amortization expense | 14,852 | 1,529 | 2,969 | — | 19,350 | |||||||||||||||
Operating income | 22,130 | 4,190 | 12,010 | (127 | ) | 38,203 | ||||||||||||||
Interest (expense) income, net | (20,718 | ) | 21 | (9,740 | ) | — | (30,437 | ) | ||||||||||||
Interest expense - unrealized loss on debt conversion option | (15,597 | ) | — | — | — | (15,597 | ) | |||||||||||||
Other income | — | — | 1,812 | — | 1,812 | |||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (14,185 | ) | 4,211 | 4,082 | (127 | ) | (6,019 | ) | ||||||||||||
Income taxes | (1,519 | ) | (1,616 | ) | (1,085 | ) | 35 | (4,185 | ) | |||||||||||
Equity in earnings of subsidiaries | 5,500 | — | — | (5,500 | ) | — | ||||||||||||||
Equity in earnings of joint venture | 6,099 | — | — | — | 6,099 | |||||||||||||||
Net (loss) income | $ | (4,105 | ) | $ | 2,595 | $ | 2,997 | $ | (5,592 | ) | $ | (4,105 | ) | |||||||
Comprehensive (loss) income | $ | (1,415 | ) | $ | 2,595 | $ | 6,016 | $ | (8,611 | ) | $ | (1,415 | ) | |||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (21,332 | ) | $ | 2,947 | $ | (6,621 | ) | $ | 3,674 | $ | (21,332 | ) | |||||||
Equity in earnings of subsidiaries | 3,674 | — | — | (3,674 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities | 76,970 | (396 | ) | 10,460 | — | 87,034 | ||||||||||||||
Net cash from operating activities | 59,312 | 2,551 | 3,839 | — | 65,702 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (3,803 | ) | (1,378 | ) | (2,401 | ) | — | (7,582 | ) | |||||||||||
Proceeds from the sale of fixed assets | 730 | — | 35 | — | 765 | |||||||||||||||
Net cash used in investing activities | (3,073 | ) | (1,378 | ) | (2,366 | ) | — | (6,817 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 115,300 | — | — | — | 115,300 | |||||||||||||||
Repayments of long-term debt | (151,094 | ) | — | (4,098 | ) | — | (155,192 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (2,423 | ) | (1,524 | ) | 3,947 | — | — | |||||||||||||
Other financing | 1,516 | — | (501 | ) | — | 1,015 | ||||||||||||||
Net cash used in financing activities | (36,701 | ) | (1,524 | ) | (652 | ) | — | (38,877 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (121 | ) | — | (121 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 19,538 | (351 | ) | 700 | — | 19,887 | ||||||||||||||
Cash and cash equivalents - beginning of year | 4,106 | 903 | 16,598 | — | 21,607 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 23,644 | $ | 552 | $ | 17,298 | $ | — | $ | 41,494 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (4,105 | ) | $ | 2,595 | $ | 2,997 | $ | (5,592 | ) | $ | (4,105 | ) | |||||||
Equity in earnings of subsidiaries | (5,500 | ) | — | — | 5,500 | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities | 8,177 | 2,736 | (19,829 | ) | 92 | (8,824 | ) | |||||||||||||
Net cash (used in) from operating activities | (1,428 | ) | 5,331 | (16,832 | ) | — | (12,929 | ) | ||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (4,776 | ) | (1,546 | ) | (2,669 | ) | — | (8,991 | ) | |||||||||||
Proceeds from the sale of fixed assets | 22 | — | — | — | 22 | |||||||||||||||
Net cash used in investing activities | (4,754 | ) | (1,546 | ) | (2,669 | ) | — | (8,969 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 566,131 | — | 10,346 | — | 576,477 | |||||||||||||||
Repayments of long-term debt | (547,477 | ) | (43 | ) | (16,753 | ) | — | (564,273 | ) | |||||||||||
Payment of debt issue costs | (1,503 | ) | — | — | — | (1,503 | ) | |||||||||||||
Net intercompany (repayments) borrowings | (19,819 | ) | (3,094 | ) | 22,913 | — | — | |||||||||||||
Other financing | 167 | — | 500 | — | 667 | |||||||||||||||
Net cash from (used in) financing activities | (2,501 | ) | (3,137 | ) | 17,006 | — | 11,368 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (6 | ) | — | (6 | ) | |||||||||||||
(Decrease) increase in cash and cash equivalents | (8,683 | ) | 648 | (2,501 | ) | — | (10,536 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 12,109 | 7 | 18,408 | — | 30,524 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 3,426 | $ | 655 | $ | 15,907 | $ | — | $ | 19,988 | ||||||||||
Condensed_Consolidated_Financi1
Condensed Consolidated Financial Statements Reclassification (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Condensed Consolidated Financial Information Disclosure [Abstract] | ' |
Reclassification | ' |
Reclassification — To conform with current presentation, the Company has reclassified 2012 amounts related to foreign currency transaction gains (losses) to other income (expense) beginning in the first quarter of 2013. Such amounts were previously recorded in sales, general and administrative expense in the condensed consolidated statements of operations and other comprehensive loss. GAAP provides several alternatives for presenting foreign currency transaction gains (losses). The Company believes its new presentation will be most useful to investors as it is consistent with the way the Company views its operating performance internally and will also allow for better comparability of the Company's operating performance with certain companies within its industry. |
New_Accounting_Standards_Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Standards Updates Adopted | |
Effective January 1, 2013, the Company adopted Accounting Standards Update ("ASU") No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The amendments in this ASU require an entity to disclose information to enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities, including the effect or potential effect of rights of set off associated with an entity’s recognized assets and recognized liabilities within the scope of Topic 210. The adoption of this ASU did not have an impact on the Company's financial condition, liquidity or operating results. The disclosure requirements associated with the adoption of ASU 2011-11 are reflected in Note 5. | |
Effective January 1, 2013, the Company adopted the guidance in ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” related to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments in this ASU require the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The Company is also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The disclosure requirements associated with the adoption of ASU 2013-02 are reflected in Note 10. |
Condensed_Consolidated_Financi2
Condensed Consolidated Financial Statements Reclassification (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Condensed Consolidated Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Impacts of Reclassifications [Table Text Block] | ' | |||||||||||||||
Refer below for the impact on the presentation in the condensed consolidated statements of operations and comprehensive loss: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||
As Previously Reported | After Reclassification | As Previously Reported | After Reclassification | |||||||||||||
Sales, general and administrative expense | $ | 30,319 | $ | 32,380 | $ | 100,425 | $ | 102,237 | ||||||||
Other income (expense) | — | 2,061 | — | 1,812 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share - (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Basic and diluted earnings per share calculations | ' | |||||||||||||||
The following table is a reconciliation of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net (loss) income | $ | (6,911 | ) | $ | 3,173 | $ | (21,332 | ) | $ | (4,105 | ) | |||||
Denominator: | ||||||||||||||||
Denominator for basic loss per share: | ||||||||||||||||
Weighted average common shares outstanding | 23,242 | 23,019 | 23,182 | 22,982 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Outstanding common stock equivalents | — | 880 | — | — | ||||||||||||
Denominator for diluted earnings per share | 23,242 | 23,899 | 23,182 | 22,982 | ||||||||||||
Basic (loss) income per share | $ | (0.30 | ) | $ | 0.14 | $ | (0.92 | ) | $ | (0.18 | ) | |||||
Diluted (loss) income per share | $ | (0.30 | ) | $ | 0.13 | $ | (0.92 | ) | $ | (0.18 | ) | |||||
Excluded outstanding share-based awards having an anti-dilutive effect | 1,057 | 222 | 1,057 | 222 | ||||||||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 2,030 | — | 2,149 | 588 | ||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Short-term and long-term debt | ' | |||||||
Short-term and long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
SHORT-TERM DEBT | ||||||||
Foreign | $ | — | $ | 500 | ||||
Total short-term debt | — | 500 | ||||||
LONG-TERM DEBT | ||||||||
12.75% Senior Secured Notes due December 15, 2016 | 225,000 | 225,000 | ||||||
7.0% Convertible Notes due December 15, 2017 | 57,500 | 57,500 | ||||||
Revolving Credit Facility due December 15, 2015 | — | 39,500 | ||||||
Other, primarily capital leases | 1,099 | 1,400 | ||||||
Total long-term debt | 283,599 | 323,400 | ||||||
Less: unamortized discount | (23,903 | ) | (26,831 | ) | ||||
Less: current portion | (398 | ) | (415 | ) | ||||
Total long-term portion | 259,298 | 296,154 | ||||||
TOTAL SHORT-TERM AND LONG-TERM DEBT | $ | 259,696 | $ | 297,069 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Assumptions, Convertible Notes | ' | |||||||||||||||
The main inputs and assumptions into the fair value model for the Convertible Notes at September 30, 2013 were as follows: | ||||||||||||||||
Company's stock price at the end of the period | $ | 16.1 | ||||||||||||||
Expected volatility | 21.5 | % | ||||||||||||||
Credit spreads | 4.95 | % | ||||||||||||||
Risk-free interest rate | 1.01 | % | ||||||||||||||
Measurement of assets and liabilities at fair value on a recurring basis | ' | |||||||||||||||
The liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
As of September 30, 2013 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 3,079 | $ | — | $ | 3,079 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,494 | $ | — | $ | 2,494 | ||||||||
Segment_Reporting_Tables
Segment Reporting - (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Segment information for the three months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2013 | ||||||||||||||||
Metals segment | $ | 220,000 | $ | (1,536 | ) | $ | 2,026 | $ | 5,980 | |||||||
Plastics segment | 33,713 | 1,049 | 120 | 420 | ||||||||||||
Other (a) | — | (2,537 | ) | — | — | |||||||||||
Consolidated | $ | 253,713 | $ | (3,024 | ) | $ | 2,146 | $ | 6,400 | |||||||
2012 | ||||||||||||||||
Metals segment | $ | 272,445 | $ | 12,427 | $ | 3,232 | $ | 5,912 | ||||||||
Plastics segment | 31,594 | 1,011 | 800 | 351 | ||||||||||||
Other (a) | — | (2,951 | ) | — | — | |||||||||||
Consolidated | $ | 304,039 | $ | 10,487 | $ | 4,032 | $ | 6,263 | ||||||||
Segment information for the nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2013 | ||||||||||||||||
Metals segment | $ | 717,830 | $ | (4,387 | ) | $ | 6,673 | $ | 18,356 | |||||||
Plastics segment | 102,007 | 2,950 | 909 | 1,248 | ||||||||||||
Other (a) | — | (6,323 | ) | — | — | |||||||||||
Consolidated | $ | 819,837 | $ | (7,760 | ) | $ | 7,582 | $ | 19,604 | |||||||
2012 | ||||||||||||||||
Metals segment | $ | 901,581 | $ | 44,439 | $ | 6,552 | $ | 18,335 | ||||||||
Plastics segment | 94,766 | 2,612 | 1,571 | 1,015 | ||||||||||||
Other (a) | — | (8,848 | ) | — | — | |||||||||||
Consolidated | $ | 996,347 | $ | 38,203 | $ | 8,123 | $ | 19,350 | ||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
Below are reconciliations of segment data to consolidated (loss) income before income taxes for the three months ended September 30, 2013 and 2012: | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Operating (loss) income | $ | (3,024 | ) | $ | 10,487 | |||||||||||
Interest expense, net | (10,177 | ) | (10,280 | ) | ||||||||||||
Other income (expense) | 166 | 2,061 | ||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | (13,035 | ) | 2,268 | |||||||||||||
Equity in earnings of joint venture | 1,853 | 1,358 | ||||||||||||||
Consolidated (loss) income before income taxes | $ | (11,182 | ) | $ | 3,626 | |||||||||||
Below are reconciliations of segment data to consolidated (loss) income before income taxes for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Operating (loss) income | $ | (7,760 | ) | $ | 38,203 | |||||||||||
Interest expense, net | (30,455 | ) | (30,437 | ) | ||||||||||||
Interest expense - unrealized loss on debt conversion option | — | (15,597 | ) | |||||||||||||
Other income (expense) | (1,388 | ) | 1,812 | |||||||||||||
Loss before income taxes and equity in earnings of joint venture | (39,603 | ) | (6,019 | ) | ||||||||||||
Equity in earnings of joint venture | 4,816 | 6,099 | ||||||||||||||
Consolidated (loss) income before income taxes | $ | (34,787 | ) | $ | 80 | |||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||
Segment information for total assets is as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Metals segment | $ | 646,529 | $ | 693,803 | ||||||||||||
Plastics segment | 59,103 | 56,149 | ||||||||||||||
Other (a) | 40,179 | 38,854 | ||||||||||||||
Consolidated | $ | 745,811 | $ | 788,806 | ||||||||||||
(a) | “Other” — Total assets consist of the Company's investment in joint venture. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in carrying amounts of goodwill | ' | |||||||||||||||
The changes in carrying amounts of goodwill during the nine months ended September 30, 2013 were as follows: | ||||||||||||||||
Metals | Plastics | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Balance as of January 1, 2013 | ||||||||||||||||
Goodwill | $ | 117,544 | $ | 12,973 | $ | 130,517 | ||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of January 1, 2013 | 57,327 | 12,973 | 70,300 | |||||||||||||
Currency valuation | (517 | ) | — | (517 | ) | |||||||||||
Balance as of September 30, 2013 | ||||||||||||||||
Goodwill | 117,027 | 12,973 | 130,000 | |||||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of September 30, 2013 | $ | 56,810 | $ | 12,973 | $ | 69,783 | ||||||||||
Summary of the components of intangible assets | ' | |||||||||||||||
The following table summarizes the components of intangible assets: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer relationships | $ | 118,387 | $ | 52,696 | $ | 119,118 | $ | 45,317 | ||||||||
Non-compete agreements | 3,888 | 3,485 | 3,888 | 3,235 | ||||||||||||
Trade name | 8,091 | 1,760 | 8,297 | 1,188 | ||||||||||||
Developed technology | 1,400 | 836 | 1,400 | 486 | ||||||||||||
Total | $ | 131,766 | $ | 58,777 | $ | 132,703 | $ | 50,226 | ||||||||
Summary of the estimated annual amortization expense | ' | |||||||||||||||
The following is a summary of the estimated annual amortization expense for 2013 and each of the next 4 years: | ||||||||||||||||
2013 | $ | 11,789 | ||||||||||||||
2014 | 11,756 | |||||||||||||||
2015 | 10,989 | |||||||||||||||
2016 | 10,989 | |||||||||||||||
2017 | 8,966 | |||||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||
The grant date fair value for the PSUs containing the RTSR market-based performance condition under the 2013 LTC Plan of $24.74 was estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||
2013 | ||||||||||
Expected volatility | 59.5 | % | ||||||||
Risk-free interest rate | 0.38 | % | ||||||||
Expected life (in years) | 2.82 | |||||||||
Expected dividend yield | — | |||||||||
Summary of award information associated with market and non-market-based performance condition awards | ' | |||||||||
The award information associated with market and non-market-based performance condition awards is summarized below: | ||||||||||
Share type | Grant Date | Estimated | Maximum Number of | |||||||
Fair Value | Number of PSUs | PSUs that could | ||||||||
to be Issued | Potentially be Issued | |||||||||
Market-based performance condition | $ | 24.74 | 176 | 196 | ||||||
Non-market-based performance condition | $ | 16.29 | — | 196 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Comprehensive (loss) income | ' | |||||||||||
The Company’s comprehensive (loss) income for the three months ended September 30, 2013 and 2012 is as follows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Net (loss) income | $ | (6,911 | ) | $ | 3,173 | |||||||
Foreign currency translation gain | 924 | 3,060 | ||||||||||
Pension cost amortization, net of tax | 346 | (110 | ) | |||||||||
Total comprehensive (loss) income | $ | (5,641 | ) | $ | 6,123 | |||||||
The Company’s comprehensive loss for the nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Net loss | $ | (21,332 | ) | $ | (4,105 | ) | ||||||
Foreign currency translation (loss) gain | (1,576 | ) | 3,019 | |||||||||
Pension cost amortization, net of tax | 1,036 | (329 | ) | |||||||||
Total comprehensive loss | $ | (21,872 | ) | $ | (1,415 | ) | ||||||
Components of accumulated other comprehensive loss | ' | |||||||||||
The components of accumulated other comprehensive loss is as follows: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Foreign currency translation losses | $ | (3,898 | ) | $ | (2,322 | ) | ||||||
Unrecognized pension and postretirement benefit costs, net of tax | (17,713 | ) | (18,749 | ) | ||||||||
Total accumulated other comprehensive loss | $ | (21,611 | ) | $ | (21,071 | ) | ||||||
Schedule of Change In Accumulated Other Comprehensive Income | ' | |||||||||||
Changes in accumulated other comprehensive loss by component for the three months ended September 30, 2013 are as follows: | ||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||
Balance as of July 1, 2013 | $ | (18,059 | ) | $ | (4,822 | ) | $ | (22,881 | ) | |||
Other comprehensive income before reclassifications | — | 924 | 924 | |||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 346 | — | 346 | |||||||||
Net current period other comprehensive income | 346 | 924 | 1,270 | |||||||||
Balance as of September 30, 2013 | $ | (17,713 | ) | $ | (3,898 | ) | $ | (21,611 | ) | |||
Changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 are as follows: | ||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||
Balance as of January 1, 2013 | $ | (18,749 | ) | $ | (2,322 | ) | $ | (21,071 | ) | |||
Other comprehensive loss before reclassifications | — | (1,576 | ) | (1,576 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,036 | — | 1,036 | |||||||||
Net current period other comprehensive (loss) income | 1,036 | (1,576 | ) | (540 | ) | |||||||
Balance as of September 30, 2013 | $ | (17,713 | ) | $ | (3,898 | ) | $ | (21,611 | ) | |||
(a) See the table below for details of reclassification from accumulated other comprehensive loss for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Reclassifications From Accumulated Other Comprehensive Income | ' | |||||||||||
Reclassifications from accumulated other comprehensive loss for the three and nine months ended September 30, 2013 are as follows: | ||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||
Amortization of defined benefit pension and postretirement items | ||||||||||||
Prior service cost (b) | $ | (80 | ) | $ | (242 | ) | ||||||
Actuarial loss (b) | (485 | ) | (1,455 | ) | ||||||||
Total before Tax | (565 | ) | (1,697 | ) | ||||||||
Tax benefit | 219 | 661 | ||||||||||
Total reclassifications for the period, net of tax | $ | (346 | ) | $ | (1,036 | ) | ||||||
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost for the three and nine months ended September 30, 2013, respectively (see Note 11 for additional details). |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
Components of the net periodic pension and postretirement benefit cost (credit) for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 213 | $ | 192 | ||||
Interest cost | 1,618 | 1,750 | ||||||
Expected return on assets | (2,319 | ) | (2,464 | ) | ||||
Amortization of prior service cost | 80 | 81 | ||||||
Amortization of actuarial loss | 485 | 149 | ||||||
Net periodic pension and postretirement benefit cost (credit) | $ | 77 | $ | (292 | ) | |||
Contributions paid | $ | 12 | $ | — | ||||
Components of the net periodic pension and postretirement benefit cost (credit) for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 639 | $ | 576 | ||||
Interest cost | 4,856 | 5,250 | ||||||
Expected return on assets | (6,959 | ) | (7,392 | ) | ||||
Amortization of prior service cost | 242 | 243 | ||||||
Amortization of actuarial loss | 1,455 | 447 | ||||||
Net periodic pension and postretirement benefit cost (credit) | $ | 233 | $ | (876 | ) | |||
Contributions paid | $ | 12 | $ | — | ||||
Joint_Venture_Tables
Joint Venture - (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Summary of financial data for joint venture | ' | |||||||
The following information summarizes financial data for this joint venture for the three months ended September 30, 2013 and 2012: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 57,446 | $ | 63,578 | ||||
Cost of materials | 47,356 | 52,705 | ||||||
Income before taxes | 4,284 | 4,129 | ||||||
Net income | 3,706 | 2,716 | ||||||
The following information summarizes financial data for this joint venture for the nine months ended September 30, 2013 and 2012: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 172,226 | $ | 208,045 | ||||
Cost of materials | 143,727 | 172,370 | ||||||
Income before taxes | 11,335 | 15,663 | ||||||
Net income | 9,632 | 12,198 | ||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||||||||
The reserve activity for the nine months ended September 30, 2013 related to the January 2013 announced restructuring is summarized below: | |||||||||||||||||||||
Period Activity | |||||||||||||||||||||
Balance as of January 1 | Charges (a) | Cash payments | Impairment | Balance as of September 30 (b) | |||||||||||||||||
Employee termination and related benefits | $ | — | $ | 2,493 | $ | (1,642 | ) | $ | — | $ | 851 | ||||||||||
Lease termination costs | — | 1,830 | (252 | ) | — | 1,578 | |||||||||||||||
Moving costs associated with plant consolidations | — | 4,014 | (3,695 | ) | (169 | ) | 150 | ||||||||||||||
Other exit costs | — | 366 | (366 | ) | — | — | |||||||||||||||
Inventory write-offs | — | 1,236 | — | (1,236 | ) | — | |||||||||||||||
Total | $ | — | $ | 9,939 | $ | (5,955 | ) | $ | (1,405 | ) | $ | 2,579 | |||||||||
(a) Costs associated with the write-off of inventory are included in cost of materials in the condensed consolidated statements of operations and comprehensive loss. All other costs are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. | |||||||||||||||||||||
(b) Cash payments are expected to be made during the fourth quarter of 2013 for the remaining balance of the restructuring reserve activity except for the lease termination costs. Payments on certain of the lease obligations are scheduled to continue until 2016. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Condensed Consolidated Financial Statements of future periods. | |||||||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||||||
Below is a summary of the total restructuring charges incurred in the three and nine months ended September 30, 2013. Charges incurred in the nine months ended September 30, 2013 represent the cumulative amount incurred to date. | |||||||||||||||||||||
Charges incurred during the | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||
Employee termination and related benefits | $ | 279 | $ | 2,493 | |||||||||||||||||
Lease termination costs | — | 1,830 | |||||||||||||||||||
Moving costs associated with plant consolidations | 555 | 4,014 | |||||||||||||||||||
Other exit costs | 51 | 366 | |||||||||||||||||||
Inventory write-offs | — | 1,236 | |||||||||||||||||||
Total | $ | 885 | $ | 9,939 | |||||||||||||||||
Income_Taxes_Tables
Income Taxes - (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Summary of Tax Years Open to Income Tax Examination | ' | |
The following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | ||
U.S. Federal | 2010 to 2012 | |
U.S. States | 2008 to 2012 | |
Foreign | 2007 to 2012 |
Guarantor_Finanical_Informatio1
Guarantor Finanical Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantees [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 23,644 | $ | 552 | $ | 17,298 | $ | — | $ | 41,494 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 76,850 | 20,459 | 49,398 | — | 146,707 | |||||||||||||||
Receivables from affiliates | 3,360 | — | — | (3,360 | ) | — | ||||||||||||||
Inventories | 160,040 | 15,855 | 67,884 | (68 | ) | 243,711 | ||||||||||||||
Prepaid expenses and other current assets | 14,653 | 1,213 | 8,668 | (202 | ) | 24,332 | ||||||||||||||
Total current assets | 278,547 | 38,079 | 143,248 | (3,630 | ) | 456,244 | ||||||||||||||
Investment in joint venture | 40,179 | — | — | — | 40,179 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 15,306 | — | 69,783 | |||||||||||||||
Intangible assets | 55,195 | — | 17,794 | — | 72,989 | |||||||||||||||
Other assets | 29,316 | — | 2,044 | — | 31,360 | |||||||||||||||
Investment in subsidiaries | 125,015 | — | — | (125,015 | ) | — | ||||||||||||||
Receivables from affiliates | 87,774 | 32,879 | 4,724 | (125,377 | ) | — | ||||||||||||||
Property, plant and equipment, net | 50,301 | 13,074 | 11,881 | — | 75,256 | |||||||||||||||
Total assets | $ | 707,831 | $ | 97,005 | $ | 194,997 | $ | (254,022 | ) | $ | 745,811 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 59,259 | $ | 9,341 | $ | 17,218 | $ | — | $ | 85,818 | ||||||||||
Payables due to affiliates | 1,725 | 469 | 1,166 | (3,360 | ) | — | ||||||||||||||
Other current liabilities | 37,465 | 965 | 7,840 | — | 46,270 | |||||||||||||||
Current portion of long-term debt and short-term debt | 371 | — | 27 | — | 398 | |||||||||||||||
Total current liabilities | 98,820 | 10,775 | 26,251 | (3,360 | ) | 132,486 | ||||||||||||||
Long-term debt, less current portion | 259,252 | — | 46 | — | 259,298 | |||||||||||||||
Payables due to affiliates | — | 7,559 | 117,818 | (125,377 | ) | — | ||||||||||||||
Deferred income taxes | 14,701 | 4,771 | (1,154 | ) | — | 18,318 | ||||||||||||||
Other non-current liabilities | 16,428 | — | 651 | — | 17,079 | |||||||||||||||
Stockholders’ equity | 318,630 | 73,900 | 51,385 | (125,285 | ) | 318,630 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 707,831 | $ | 97,005 | $ | 194,997 | $ | (254,022 | ) | $ | 745,811 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,106 | $ | 903 | $ | 16,598 | $ | — | $ | 21,607 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 77,160 | 17,170 | 43,981 | — | 138,311 | |||||||||||||||
Receivables from affiliates | 1,213 | — | 668 | (1,881 | ) | — | ||||||||||||||
Inventories | 211,450 | 16,613 | 75,777 | (68 | ) | 303,772 | ||||||||||||||
Prepaid expenses and other current assets | 16,587 | (1,648 | ) | 7,951 | (202 | ) | 22,688 | |||||||||||||
Total current assets | 310,516 | 33,038 | 144,975 | (2,151 | ) | 486,378 | ||||||||||||||
Investment in joint venture | 38,854 | — | — | — | 38,854 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 15,823 | — | 70,300 | |||||||||||||||
Intangible assets | 62,668 | — | 19,809 | — | 82,477 | |||||||||||||||
Other assets | 26,824 | (2 | ) | 4,335 | — | 31,157 | ||||||||||||||
Investment in subsidiaries | 130,257 | — | — | (130,257 | ) | — | ||||||||||||||
Receivables from affiliates | 85,351 | 32,177 | 3,283 | (120,811 | ) | — | ||||||||||||||
Property, plant and equipment, net | 54,701 | 13,552 | 11,387 | — | 79,640 | |||||||||||||||
Total assets | $ | 750,675 | $ | 91,738 | $ | 199,612 | $ | (253,219 | ) | $ | 788,806 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 45,456 | $ | 8,488 | $ | 14,046 | $ | — | $ | 67,990 | ||||||||||
Payables due to affiliates | 838 | — | 1,044 | (1,882 | ) | — | ||||||||||||||
Other current liabilities | 30,902 | (855 | ) | 8,080 | — | 38,127 | ||||||||||||||
Current portion of long-term debt and short-term debt | 387 | — | 528 | — | 915 | |||||||||||||||
Total current liabilities | 77,583 | 7,633 | 23,698 | (1,882 | ) | 107,032 | ||||||||||||||
Long-term debt, less current portion | 292,086 | — | 4,068 | — | 296,154 | |||||||||||||||
Payables due to affiliates | — | 8,381 | 112,430 | (120,811 | ) | — | ||||||||||||||
Deferred income taxes | 28,052 | 4,771 | (473 | ) | — | 32,350 | ||||||||||||||
Other non-current liabilities | 15,614 | — | 316 | — | 15,930 | |||||||||||||||
Stockholders’ equity | 337,340 | 70,953 | 59,573 | (130,526 | ) | 337,340 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 750,675 | $ | 91,738 | $ | 199,612 | $ | (253,219 | ) | $ | 788,806 | |||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 168,591 | $ | 33,708 | $ | 57,949 | $ | (6,535 | ) | $ | 253,713 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 123,589 | 24,071 | 45,633 | (6,535 | ) | 186,758 | ||||||||||||||
Warehouse, processing and delivery expense | 25,913 | 2,932 | 5,963 | — | 34,808 | |||||||||||||||
Sales, general and administrative expense | 18,786 | 4,534 | 4,566 | — | 27,886 | |||||||||||||||
Restructuring charges | 627 | — | 258 | — | 885 | |||||||||||||||
Depreciation and amortization expense | 4,864 | 558 | 978 | — | 6,400 | |||||||||||||||
Operating (loss) income | (5,188 | ) | 1,613 | 551 | — | (3,024 | ) | |||||||||||||
Interest expense, net | (6,594 | ) | — | (3,583 | ) | — | (10,177 | ) | ||||||||||||
Other income | — | — | 166 | — | 166 | |||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (11,782 | ) | 1,613 | (2,866 | ) | — | (13,035 | ) | ||||||||||||
Income taxes | 3,848 | (615 | ) | 1,038 | — | 4,271 | ||||||||||||||
Equity in losses of subsidiaries | (830 | ) | — | — | 830 | — | ||||||||||||||
Equity in earnings of joint venture | 1,853 | — | — | — | 1,853 | |||||||||||||||
Net (loss) income | (6,911 | ) | 998 | (1,828 | ) | 830 | (6,911 | ) | ||||||||||||
Comprehensive (loss) income | $ | (5,641 | ) | $ | 998 | $ | (904 | ) | $ | (94 | ) | $ | (5,641 | ) | ||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 210,707 | $ | 31,594 | $ | 68,843 | $ | (7,105 | ) | $ | 304,039 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 149,920 | 22,403 | 53,253 | (7,561 | ) | 218,015 | ||||||||||||||
Warehouse, processing and delivery expense | 28,017 | 3,122 | 5,755 | — | 36,894 | |||||||||||||||
Sales, general and administrative expense | 22,378 | 4,004 | 5,998 | — | 32,380 | |||||||||||||||
Depreciation and amortization expense | 4,780 | 487 | 996 | — | 6,263 | |||||||||||||||
Operating income | 5,612 | 1,578 | 2,841 | 456 | 10,487 | |||||||||||||||
Interest (expense) income, net | (6,708 | ) | 4 | (3,576 | ) | — | (10,280 | ) | ||||||||||||
Other income | — | — | 2,061 | — | 2,061 | |||||||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries and joint venture | (1,096 | ) | 1,582 | 1,326 | 456 | 2,268 | ||||||||||||||
Income taxes | 721 | (606 | ) | (392 | ) | (176 | ) | (453 | ) | |||||||||||
Equity in earnings of subsidiaries | 2,190 | — | — | (2,190 | ) | — | ||||||||||||||
Equity in earnings of joint venture | 1,358 | — | — | — | 1,358 | |||||||||||||||
Net income | $ | 3,173 | $ | 976 | $ | 934 | $ | (1,910 | ) | $ | 3,173 | |||||||||
Comprehensive income | $ | 6,123 | $ | 976 | $ | 3,994 | $ | (4,970 | ) | $ | 6,123 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 559,388 | $ | 102,007 | $ | 183,129 | $ | (24,687 | ) | $ | 819,837 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 416,736 | 73,029 | 142,572 | (24,687 | ) | 607,650 | ||||||||||||||
Warehouse, processing and delivery expense | 79,311 | 9,149 | 17,752 | — | 106,212 | |||||||||||||||
Sales, general and administrative expense | 56,499 | 13,525 | 15,404 | — | 85,428 | |||||||||||||||
Restructuring charges | 6,557 | — | 2,146 | — | 8,703 | |||||||||||||||
Depreciation and amortization expense | 14,933 | 1,662 | 3,009 | — | 19,604 | |||||||||||||||
Operating (loss) income | (14,648 | ) | 4,642 | 2,246 | — | (7,760 | ) | |||||||||||||
Interest expense, net | (19,418 | ) | — | (11,037 | ) | — | (30,455 | ) | ||||||||||||
Other expense | — | — | (1,388 | ) | — | (1,388 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (34,066 | ) | 4,642 | (10,179 | ) | — | (39,603 | ) | ||||||||||||
Income taxes | 11,592 | (1,695 | ) | 3,558 | — | 13,455 | ||||||||||||||
Equity in earnings of subsidiaries | (3,674 | ) | — | — | 3,674 | — | ||||||||||||||
Equity in earnings of joint venture | 4,816 | — | — | — | 4,816 | |||||||||||||||
Net (loss) income | (21,332 | ) | 2,947 | (6,621 | ) | 3,674 | (21,332 | ) | ||||||||||||
Comprehensive (loss) income | $ | (21,872 | ) | $ | 2,947 | $ | (8,197 | ) | $ | 5,250 | $ | (21,872 | ) | |||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 712,175 | $ | 94,766 | $ | 216,477 | $ | (27,071 | ) | $ | 996,347 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 516,601 | 66,753 | 166,253 | (26,944 | ) | 722,663 | ||||||||||||||
Warehouse, processing and delivery expense | 86,653 | 9,575 | 17,666 | — | 113,894 | |||||||||||||||
Sales, general and administrative expense | 71,939 | 12,719 | 17,579 | — | 102,237 | |||||||||||||||
Depreciation and amortization expense | 14,852 | 1,529 | 2,969 | — | 19,350 | |||||||||||||||
Operating income | 22,130 | 4,190 | 12,010 | (127 | ) | 38,203 | ||||||||||||||
Interest (expense) income, net | (20,718 | ) | 21 | (9,740 | ) | — | (30,437 | ) | ||||||||||||
Interest expense - unrealized loss on debt conversion option | (15,597 | ) | — | — | — | (15,597 | ) | |||||||||||||
Other income | — | — | 1,812 | — | 1,812 | |||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (14,185 | ) | 4,211 | 4,082 | (127 | ) | (6,019 | ) | ||||||||||||
Income taxes | (1,519 | ) | (1,616 | ) | (1,085 | ) | 35 | (4,185 | ) | |||||||||||
Equity in earnings of subsidiaries | 5,500 | — | — | (5,500 | ) | — | ||||||||||||||
Equity in earnings of joint venture | 6,099 | — | — | — | 6,099 | |||||||||||||||
Net (loss) income | $ | (4,105 | ) | $ | 2,595 | $ | 2,997 | $ | (5,592 | ) | $ | (4,105 | ) | |||||||
Comprehensive (loss) income | $ | (1,415 | ) | $ | 2,595 | $ | 6,016 | $ | (8,611 | ) | $ | (1,415 | ) | |||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (21,332 | ) | $ | 2,947 | $ | (6,621 | ) | $ | 3,674 | $ | (21,332 | ) | |||||||
Equity in earnings of subsidiaries | 3,674 | — | — | (3,674 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities | 76,970 | (396 | ) | 10,460 | — | 87,034 | ||||||||||||||
Net cash from operating activities | 59,312 | 2,551 | 3,839 | — | 65,702 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (3,803 | ) | (1,378 | ) | (2,401 | ) | — | (7,582 | ) | |||||||||||
Proceeds from the sale of fixed assets | 730 | — | 35 | — | 765 | |||||||||||||||
Net cash used in investing activities | (3,073 | ) | (1,378 | ) | (2,366 | ) | — | (6,817 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 115,300 | — | — | — | 115,300 | |||||||||||||||
Repayments of long-term debt | (151,094 | ) | — | (4,098 | ) | — | (155,192 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (2,423 | ) | (1,524 | ) | 3,947 | — | — | |||||||||||||
Other financing | 1,516 | — | (501 | ) | — | 1,015 | ||||||||||||||
Net cash used in financing activities | (36,701 | ) | (1,524 | ) | (652 | ) | — | (38,877 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (121 | ) | — | (121 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 19,538 | (351 | ) | 700 | — | 19,887 | ||||||||||||||
Cash and cash equivalents - beginning of year | 4,106 | 903 | 16,598 | — | 21,607 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 23,644 | $ | 552 | $ | 17,298 | $ | — | $ | 41,494 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (4,105 | ) | $ | 2,595 | $ | 2,997 | $ | (5,592 | ) | $ | (4,105 | ) | |||||||
Equity in earnings of subsidiaries | (5,500 | ) | — | — | 5,500 | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities | 8,177 | 2,736 | (19,829 | ) | 92 | (8,824 | ) | |||||||||||||
Net cash (used in) from operating activities | (1,428 | ) | 5,331 | (16,832 | ) | — | (12,929 | ) | ||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (4,776 | ) | (1,546 | ) | (2,669 | ) | — | (8,991 | ) | |||||||||||
Proceeds from the sale of fixed assets | 22 | — | — | — | 22 | |||||||||||||||
Net cash used in investing activities | (4,754 | ) | (1,546 | ) | (2,669 | ) | — | (8,969 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 566,131 | — | 10,346 | — | 576,477 | |||||||||||||||
Repayments of long-term debt | (547,477 | ) | (43 | ) | (16,753 | ) | — | (564,273 | ) | |||||||||||
Payment of debt issue costs | (1,503 | ) | — | — | — | (1,503 | ) | |||||||||||||
Net intercompany (repayments) borrowings | (19,819 | ) | (3,094 | ) | 22,913 | — | — | |||||||||||||
Other financing | 167 | — | 500 | — | 667 | |||||||||||||||
Net cash from (used in) financing activities | (2,501 | ) | (3,137 | ) | 17,006 | — | 11,368 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (6 | ) | — | (6 | ) | |||||||||||||
(Decrease) increase in cash and cash equivalents | (8,683 | ) | 648 | (2,501 | ) | — | (10,536 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 12,109 | 7 | 18,408 | — | 30,524 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 3,426 | $ | 655 | $ | 15,907 | $ | — | $ | 19,988 | ||||||||||
Condensed_Consolidated_Financi3
Condensed Consolidated Financial Statements Reclassification (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales, general and administrative expense | $27,886 | $32,380 | $85,428 | $102,237 |
Other income (expense) | 166 | 2,061 | -1,388 | 1,812 |
As Previously Reported | ' | ' | ' | ' |
Sales, general and administrative expense | ' | 30,319 | ' | 100,425 |
Other income (expense) | ' | $0 | ' | $0 |
Earnings_Per_Share_Details
Earnings Per Share - (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net (loss) income | ($6,911) | $3,173 | ($21,332) | ($4,105) |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding | 23,242 | 23,019 | 23,182 | 22,982 |
Effect of dilutive securities: | ' | ' | ' | ' |
Outstanding common stock equivalents | 0 | 880 | 0 | 0 |
Denominator for diluted earnings per share | 23,242 | 23,899 | 23,182 | 22,982 |
Basic loss per share | ($0.30) | $0.14 | ($0.92) | ($0.18) |
Diluted loss per share | ($0.30) | $0.13 | ($0.92) | ($0.18) |
Excluded outstanding shared-based awards having an anti-dilutive effect | 1,057 | 222 | 1,057 | 222 |
Convertible Debt Securities | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Excluded outstanding shared-based awards having an anti-dilutive effect | 2,030 | 0 | 2,149 | 588 |
Earnings_Per_Share_Dilutive_De
Earnings Per Share - Dilutive (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Point where convertible notes become dilutive [Member] | ' |
Dilutive Earnings Per Share [Line Items] | ' |
Stock conversion price, per share, convertible notes | $10.28 |
Convertible Debt Securities | Maximum increase in dilutive shares upon conversion of Convertible Notes | ' |
Dilutive Earnings Per Share [Line Items] | ' |
Outstanding common stock equivalents | 5,600 |
Earnings_Per_Share_Participati
Earnings Per Share Participating Securities as a Percentage of Total Securities (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Percentage of Participating Securities [Abstract] | ' | ' | ' | ' |
Percentage of Participating Securities | 1.00% | 1.00% | 1.00% | 1.00% |
Debt_Shortterm_and_Longterm_De
Debt Short-term and Long-term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Abstract] | ' | ' |
Short-term debt | $0 | $500 |
Long-term Debt, Unclassified [Abstract] | ' | ' |
Senior Secured Notes Principal Amount | 225,000 | 225,000 |
Convertible Notes Principal Amount | 57,500 | 57,500 |
Revolving Credit Facility | 0 | 39,500 |
Other, primarily capital leases | 1,099 | 1,400 |
Total long-term debt | 283,599 | 323,400 |
Less: unamortized discount | -23,903 | -26,831 |
Less: current portion | -398 | -415 |
Total long-term portion | 259,298 | 296,154 |
TOTAL SHORT-TERM AND LONG-TERM DEBT | 259,696 | 297,069 |
Foreign [Member] | ' | ' |
Short-term Debt [Abstract] | ' | ' |
Short-term debt | $0 | $500 |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Senior Secured Notes Due in 2016 [Member] | Senior Convertible Notes Due in 2017 [Member] | New Revolving Credit Facility | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Aggregate principal amount issued | $225,000 | $225,000 | $225,000 | ' | ' |
Stated interest rate on debt | ' | ' | 12.75% | 7.00% | ' |
Aggregate principal amount of Convertible Notes issued | 57,500 | 57,500 | ' | 57,500 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $100,000 |
Debt_Secured_Notes_Details
Debt Secured Notes (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Secured Notes Due in 2016 - New | ' |
Debt Instrument [Line Items] | ' |
Maturity date | 15-Dec-16 |
Stated interest rate on debt | 12.75% |
Domestic Subsidiaries [Member] | ' |
Debt Instrument [Line Items] | ' |
Consolidated Subsidiary, Ownership Percentage | 100.00% |
Debt_Convertible_Notes_Details
Debt Convertible Notes (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | Convertible Notes due December 15, 2017 [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' |
Stock price, per share, exceeded at least 20 of last 30 days of quarter | ' | ' | $13.36 |
Period Of Trading Days | ' | ' | '20 days |
Period of Consecutive Trading Days | ' | ' | '30 days |
Estimated Cash, Surrender of Convertible Notes, Value | ' | ' | $57,500 |
Convertible Notes Principal Amount | $57,500 | $57,500 | ' |
Estimated Common Stock, Surrender of Convertible Notes, Shares | ' | ' | 2,061 |
Debt_New_Revolving_Credit_Agre
Debt New Revolving Credit Agreement (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | New Revolving Credit Facility | Minimum | Maximum | ||
New Revolving Credit Facility | New Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Weighted average interest rate for borrowings | ' | ' | 2.69% | ' | ' |
Long-term Line of Credit, Noncurrent | $0 | $39,500 | ' | ' | ' |
Ratio of EBITDA to fixed charges, springing covenant | ' | ' | 1.1 | ' | ' |
Percentage of excess availability to calculated borrowing base | ' | ' | ' | 10.00% | 12.50% |
Excess Availability, upper bound, Springing Covenant | ' | ' | ' | ' | 12,500 |
Excess Availability, lower bound, springing covenant | ' | ' | ' | 10,000 | ' |
Excess availability, revolving credit facility | ' | ' | $89,834 | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Estimated fair value of senior secured notes | $258,750 | ' | $258,750 | ' | ' |
Carrying value of senior secured notes | 219,328 | ' | 219,328 | ' | ' |
Estimated fair value of convertible debt | 98,853 | ' | 98,853 | ' | ' |
Carrying value of convertible debt | 39,269 | ' | 39,269 | ' | ' |
Forward Contracts | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 14,169 | ' | 14,169 | ' | ' |
Gain (Losses) as a result of changes in the fair value of the contracts | 354 | 987 | -1,819 | -24 | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | $19 |
Convertible Notes due December 15, 2017 [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Stock price at the end of the period | $16.10 | ' | $16.10 | ' | ' |
Expected volatility | 21.50% | ' | ' | ' | ' |
Credit spreads | 4.95% | ' | ' | ' | ' |
Risk-free interest rate | 1.01% | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Forward Contracts, Not Designated as Hedging Instrument, Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability for commodity hedges | $3,079 | $2,494 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability for commodity hedges | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability for commodity hedges | 3,079 | 2,494 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability for commodity hedges | $0 | $0 |
Segment_Reporting_Textual_Deta
Segment Reporting - (Textual) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Reporting_Information_
Segment Reporting - Information by Reportable Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Summary of segment information | ' | ' | ' | ' | ||||
Net Sales | $253,713 | $304,039 | $819,837 | $996,347 | ||||
Operating (loss) income | -3,024 | 10,487 | -7,760 | 38,203 | ||||
Capital Expenditures | 2,146 | 4,032 | 7,582 | 8,123 | ||||
Depreciation and amortization | 6,400 | 6,263 | 19,604 | 19,350 | ||||
Metals segment | ' | ' | ' | ' | ||||
Summary of segment information | ' | ' | ' | ' | ||||
Net Sales | 220,000 | 272,445 | 717,830 | 901,581 | ||||
Operating (loss) income | -1,536 | 12,427 | -4,387 | 44,439 | ||||
Capital Expenditures | 2,026 | 3,232 | 6,673 | 6,552 | ||||
Depreciation and amortization | 5,980 | 5,912 | 18,356 | 18,335 | ||||
Plastics segment | ' | ' | ' | ' | ||||
Summary of segment information | ' | ' | ' | ' | ||||
Net Sales | 33,713 | 31,594 | 102,007 | 94,766 | ||||
Operating (loss) income | 1,049 | 1,011 | 2,950 | 2,612 | ||||
Capital Expenditures | 120 | 800 | 909 | 1,571 | ||||
Depreciation and amortization | 420 | 351 | 1,248 | 1,015 | ||||
Other | ' | ' | ' | ' | ||||
Summary of segment information | ' | ' | ' | ' | ||||
Net Sales | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Operating (loss) income | -2,537 | [1] | -2,951 | [1] | -6,323 | [1] | -8,848 | [1] |
Capital Expenditures | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation and amortization | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | (a)“Other†– Operating income includes the costs of executive, legal and finance departments, which are shared by both the Metals and Plastics segments. |
Segment_Reporting_Reconcilliat
Segment Reporting - Reconcilliation of Segment Data to the Consolidated Financial Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Operating (loss) income | ($3,024) | $10,487 | ($7,760) | $38,203 |
Interest expense, net | -10,177 | -10,280 | -30,455 | -30,437 |
Interest expense - unrealized loss on debt conversion option | 0 | 0 | 0 | -15,597 |
Other income (expense) | 166 | 2,061 | -1,388 | 1,812 |
(Loss) income before income taxes and equity in earnings of joint venture | -13,035 | 2,268 | -39,603 | -6,019 |
Equity in earnings of joint venture | 1,853 | 1,358 | 4,816 | 6,099 |
Consolidated (loss) income before income taxes | ($11,182) | $3,626 | ($34,787) | $80 |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting - Segment Information for Total Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $745,811 | $788,806 |
Metals segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 646,529 | 693,803 |
Plastics segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 59,103 | 56,149 |
Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $40,179 | $38,854 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Changes in carrying amounts of goodwill | ' | ' |
Beginning Goodwill Gross | $130,517 | ' |
Accumulated impairment losses | -60,217 | -60,217 |
Goodwill Net Beginning Balance | 70,300 | ' |
Currency valuation | -517 | ' |
Ending Goodwill Gross | 130,000 | ' |
Goodwill Net Ending Balance | 69,783 | ' |
Goodwill, Impairment Loss | 0 | ' |
Metals Segment | ' | ' |
Changes in carrying amounts of goodwill | ' | ' |
Beginning Goodwill Gross | 117,544 | ' |
Accumulated impairment losses | -60,217 | -60,217 |
Goodwill Net Beginning Balance | 57,327 | ' |
Currency valuation | -517 | ' |
Ending Goodwill Gross | 117,027 | ' |
Goodwill Net Ending Balance | 56,810 | ' |
Plastics Segment | ' | ' |
Changes in carrying amounts of goodwill | ' | ' |
Beginning Goodwill Gross | 12,973 | ' |
Accumulated impairment losses | 0 | 0 |
Goodwill Net Beginning Balance | 12,973 | ' |
Currency valuation | 0 | ' |
Ending Goodwill Gross | 12,973 | ' |
Goodwill Net Ending Balance | $12,973 | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangibles (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $131,766 | $132,703 |
Accumulated Amortization | 58,777 | 50,226 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 118,387 | 119,118 |
Accumulated Amortization | 52,696 | 45,317 |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3,888 | 3,888 |
Accumulated Amortization | 3,485 | 3,235 |
Trade name | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 8,091 | 8,297 |
Accumulated Amortization | 1,760 | 1,188 |
Developed technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,400 | 1,400 |
Accumulated Amortization | $836 | $486 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Amortization (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Aggregate Amortization Expense [Abstract] | ' | ' | ' | ' |
Amortization expense | $2,944 | $2,961 | $8,855 | $8,880 |
Summary of the estimated annual amortization expense | ' | ' | ' | ' |
2013 | 11,789 | ' | 11,789 | ' |
2014 | 11,756 | ' | 11,756 | ' |
2015 | 10,989 | ' | 10,989 | ' |
2016 | 10,989 | ' | 10,989 | ' |
2017 | $8,966 | ' | $8,966 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percent of the Percentage of Company Inventory Valued At The Lower Of LIFO Cost Or Market | 80.00% | ' |
Excess of Replacement or Current Costs over Stated LIFO Value | $134,765 | $139,940 |
Sharebased_Compensation_Assump
Share-based Compensation Assumptions (Details) (Market Based Performance Share Units [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value per Share | $24.74 |
Long-Term Compensation Plan - 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value per Share | $24.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 59.50% |
Risk-free interest rate | 0.38% |
Expected life (in years) | '2 years 9 months 26 days |
Expected dividend yield | 0.00% |
Sharebased_Compensation_Perfor
Share-based Compensation Performance Shares (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | $24.74 |
Long-Term Compensation Plan - 2013 [Member] | Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | $24.74 |
Estimated Number of Performance Shares to be Issued | 176 |
Maximum Number of Performance Shares that could Potentially be Issued | 196 |
Long-Term Compensation Plan - 2013 [Member] | Non Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | $16.29 |
Estimated Number of Performance Shares to be Issued | 0 |
Maximum Number of Performance Shares that could Potentially be Issued | 196 |
Sharebased_Compensation_Narrat
Share-based Compensation Narrative (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $5,679 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 4 months 26 days |
Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | $24.74 |
Common stock, exchange value of vested PSU or RSU, shares | 1 |
Share-based compensation Arrangements by Share-based Payment Award, Performance Measurement Period | '3 years |
Non Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation Arrangements by Share-based Payment Award, Performance Measurement Period | '3 years |
Long-Term Compensation Plan - 2013 [Member] | Restricted Share Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 114 |
Grant Date Fair Value | $16.29 |
Common stock, exchange value of vested PSU or RSU, shares | 1 |
Long-Term Compensation Plan - 2013 [Member] | Performance Share Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 229 |
Long-Term Compensation Plan - 2013 [Member] | Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | $24.74 |
Long-Term Compensation Plan - 2013 [Member] | Non Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | $16.29 |
Stockholders_Equity_Comprehens
Stockholders' Equity Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($6,911) | $3,173 | ($21,332) | ($4,105) |
Foreign currency translation gain (loss) | 924 | 3,060 | -1,576 | 3,019 |
Pension cost amortization, net of tax | 346 | -110 | 1,036 | -329 |
Comprehensive (loss) income | ($5,641) | $6,123 | ($21,872) | ($1,415) |
Stockholders_Equity_AOCI_Detai
Stockholders' Equity AOCI (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Components of accumulated other comprehensive loss | ' | ' | ' |
Foreign currency translation losses | ($3,898) | ($4,822) | ($2,322) |
Unrecognized pension and postretirement benefit costs, net of tax | -17,713 | -18,059 | -18,749 |
Total accumulated other comprehensive loss | ($21,611) | ($22,881) | ($21,071) |
Stockholders_Equity_Narrative_
Stockholders' Equity Narrative (Details) (Right plan) | 9 Months Ended |
Sep. 30, 2013 | |
Class of Warrant or Right [Line Items] | ' |
Declared dividend of right for each outstanding common share | 1 |
Preferred stock purchase right for each outstanding common share | 1 |
Lower bound, percentage of common stock owned without board approval | 10.00% |
Shareholders Rights Plan Redemption Price per Right | 0.001 |
Preferred Stock Purchase Right, Duration in Which the Company May Redeem Purchase Right, Business Days Following the First Public Announcement of an Acquisition | '10 days |
Series B Junior Preferred Stock | ' |
Class of Warrant or Right [Line Items] | ' |
Shareholders' Rights Plan Represents Purchase of Preferred Stock | 'Each Right, once exercisable, represents the right to purchase one one-hundredth of a share (a “Unitâ€) of Series B Junior Preferred Stock of the Company |
Exercise price of each Right | 54 |
Stockholders_Equity_AOCI_Chang
Stockholders' Equity AOCI Change (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($3,898) | ($3,898) | ($4,822) | ($2,322) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -17,713 | -17,713 | -18,059 | -18,749 | ||
Beginning Balance | -22,881 | -21,071 | ' | ' | ||
Other comprehensive income before reclassifications | 924 | -1,576 | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 346 | [1] | 1,036 | [1] | ' | ' |
Net current period other comprehensive (loss) income | 1,270 | -540 | ' | ' | ||
Ending Balance | -21,611 | -21,611 | ' | ' | ||
Defined Benefit Pension and Postretirement Items | ' | ' | ' | ' | ||
Other comprehensive income before reclassifications | 0 | 0 | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 346 | [1] | 1,036 | [1] | ' | ' |
Net current period other comprehensive (loss) income | 346 | 1,036 | ' | ' | ||
Foreign Currency Items | ' | ' | ' | ' | ||
Other comprehensive income before reclassifications | 924 | -1,576 | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 0 | [1] | 0 | [1] | ' | ' |
Net current period other comprehensive (loss) income | $924 | ($1,576) | ' | ' | ||
[1] | See the table below for details of reclassification from accumulated other comprehensive loss for the three and nine months ended September 30, 2013, respectively. |
Stockholders_Equity_AOCI_Recla
Stockholders' Equity AOCI Reclassification (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
Equity [Abstract] | ' | ' | ||
Prior service cost | ($80) | [1] | ($242) | [1] |
Actuarial loss | -485 | [1] | -1,455 | [1] |
Total before tax | -565 | -1,697 | ||
Tax benefit | 219 | 661 | ||
Total reclassifications for the period, net of tax | ($346) | [2] | ($1,036) | [2] |
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost for the three and nine months ended September 30, 2013, respectively (see Note 11 for additional details). | |||
[2] | See the table below for details of reclassification from accumulated other comprehensive loss for the three and nine months ended September 30, 2013, respectively. |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Contributions paid | $12 | $0 | $12 | $0 |
Anticipated cash contributions to pension plan in remaining fiscal year | ' | ' | 0 | ' |
Pension and Other Postretirement Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 213 | 192 | 639 | 576 |
Interest cost | 1,618 | 1,750 | 4,856 | 5,250 |
Expected return on assets | -2,319 | -2,464 | -6,959 | -7,392 |
Amortization of prior service cost | 80 | 81 | 242 | 243 |
Amortization of actuarial loss | 485 | 149 | 1,455 | 447 |
Net periodic pension and postretirement benefit cost (credit) | $77 | ($292) | $233 | ($876) |
Joint_Venture_Related_Party_Ac
Joint Venture - Related Party Activity (Details) | Sep. 30, 2013 |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Joint venture ownership percentage | 50.00% |
Joint_Venture_Operating_Result
Joint Venture - Operating Results (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net sales | $253,713 | $304,039 | $819,837 | $996,347 |
Cost of materials | 186,758 | 218,015 | 607,650 | 722,663 |
Income (loss) before taxes | -11,182 | 3,626 | -34,787 | 80 |
Net (loss) income | -6,911 | 3,173 | -21,332 | -4,105 |
Joint venture | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net sales | 57,446 | 63,578 | 172,226 | 208,045 |
Cost of materials | 47,356 | 52,705 | 143,727 | 172,370 |
Income (loss) before taxes | 4,284 | 4,129 | 11,335 | 15,663 |
Net (loss) income | $3,706 | $2,716 | $9,632 | $12,198 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Irrevocable letters of credit outstanding | $6,701 |
Letters of credit outstanding as collateral for commodity hedges | 4,000 |
Letters of credit outstanding for insurance reserve requirements of workers' compensation insurance carriers | $1,901 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities Warranty and Other Claims (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Product Liability Contingency, Loss Exposure Not Accrued, Low Estimate | $325 | ' | ' |
Product Liability Contingency, Loss Exposure Not Accrued, High Estimate | 1,250 | ' | ' |
Loss Contingency Accrual, Product Liability, Gross | 1,150 | 1,150 | 650 |
Product liability contingency accrual, cost of materials impact | $200 | $850 | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||
Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 1 [Member] | Restructuring Plan 2 [Member] | Restructuring Plan 2 [Member] | |||||||
facilities | Employee Termination and Related Benefits [Member] | Employee Termination and Related Benefits [Member] | Lease Termination Costs [Member] | Lease Termination Costs [Member] | Moving Costs Associated with Plant Consolidations [Member] | Moving Costs Associated with Plant Consolidations [Member] | Other Exit Costs [Member] | Other Exit Costs [Member] | Inventory Writedowns [Member] | Inventory Writedowns [Member] | Minimum | Maximum | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Estimated future restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 | $3,000 | ||||||
Number Of Plants Consolidated in Restructuring | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restructuring charges | 885 | 9,939 | [1] | 279 | 2,493 | [1] | 0 | 1,830 | [1] | 555 | 4,014 | [1] | 51 | 366 | [1] | 0 | 1,236 | [1] | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Costs associated with the write-off of inventory are included in cost of materials in the condensed consolidated statements of operations and comprehensive loss. All other costs are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. |
Restructuring_Charges_Activity
Restructuring Charges Activity (Details) (Restructuring Plan 1 [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Beginning Restructuring Reserve | ' | $0 | ||
Restructuring charges | 885 | 9,939 | [1] | |
Restructuring Reserve, Settled with Cash | ' | -5,955 | ||
Asset Impairment Charges | ' | -1,405 | ||
Ending Restructuring Reserve | 2,579 | [2] | 2,579 | [2] |
Employee Termination and Related Benefits [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Beginning Restructuring Reserve | ' | 0 | ||
Restructuring charges | 279 | 2,493 | [1] | |
Restructuring Reserve, Settled with Cash | ' | -1,642 | ||
Asset Impairment Charges | ' | 0 | ||
Ending Restructuring Reserve | 851 | [2] | 851 | [2] |
Lease Termination Costs [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Beginning Restructuring Reserve | ' | 0 | ||
Restructuring charges | 0 | 1,830 | [1] | |
Restructuring Reserve, Settled with Cash | ' | -252 | ||
Asset Impairment Charges | ' | 0 | ||
Ending Restructuring Reserve | 1,578 | [2] | 1,578 | [2] |
Moving Costs Associated with Plant Consolidations [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Beginning Restructuring Reserve | ' | 0 | ||
Restructuring charges | 555 | 4,014 | [1] | |
Restructuring Reserve, Settled with Cash | ' | -3,695 | ||
Asset Impairment Charges | ' | -169 | ||
Ending Restructuring Reserve | 150 | [2] | 150 | [2] |
Other Exit Costs [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Beginning Restructuring Reserve | ' | 0 | ||
Restructuring charges | 51 | 366 | [1] | |
Restructuring Reserve, Settled with Cash | ' | -366 | ||
Asset Impairment Charges | ' | 0 | ||
Ending Restructuring Reserve | 0 | [2] | 0 | [2] |
Inventory Writedowns [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Beginning Restructuring Reserve | ' | 0 | ||
Restructuring charges | 0 | 1,236 | [1] | |
Restructuring Reserve, Settled with Cash | ' | 0 | ||
Asset Impairment Charges | ' | -1,236 | ||
Ending Restructuring Reserve | $0 | [2] | $0 | [2] |
[1] | Costs associated with the write-off of inventory are included in cost of materials in the condensed consolidated statements of operations and comprehensive loss. All other costs are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. | |||
[2] | Cash payments are expected to be made during the fourth quarter of 2013 for the remaining balance of the restructuring reserve activity except for the lease termination costs. Payments on certain of the lease obligations are scheduled to continue until 2016. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the Condensed Consolidated Financial Statements of future periods. |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 32.80% | 20.00% | ' | 34.00% | -69.50% |
Federal income tax refund received | $2,590 | ' | $2,025 | ' | ' |
Guarantor_Finanical_Informatio2
Guarantor Finanical Information Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $41,494 | $21,607 | $19,988 | $30,524 |
Accounts receivable, less allowance for doubtful accounts | 146,707 | 138,311 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Inventories | 243,711 | 303,772 | ' | ' |
Prepaid expenses and other current assets | 24,332 | 22,688 | ' | ' |
Total current assets | 456,244 | 486,378 | ' | ' |
Investment in joint venture | 40,179 | 38,854 | ' | ' |
Goodwill | 69,783 | 70,300 | ' | ' |
Intangible assets | 72,989 | 82,477 | ' | ' |
Other assets | 31,360 | 31,157 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Property, plant and equipment, net | 75,256 | 79,640 | ' | ' |
Total assets | 745,811 | 788,806 | ' | ' |
Accounts payable | 85,818 | 67,990 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Other current liabilities | 46,270 | 38,127 | ' | ' |
Current portion of long-term debt and short-term debt | 398 | 915 | ' | ' |
Total current liabilities | 132,486 | 107,032 | ' | ' |
Long-term debt, less current portion | 259,298 | 296,154 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 18,318 | 32,350 | ' | ' |
Other non-current liabilities | 17,079 | 15,930 | ' | ' |
Stockholders’ equity | 318,630 | 337,340 | ' | ' |
Total liabilities and stockholders’ equity | 745,811 | 788,806 | ' | ' |
Parent | ' | ' | ' | ' |
Cash and cash equivalents | 23,644 | 4,106 | 3,426 | 12,109 |
Accounts receivable, less allowance for doubtful accounts | 76,850 | 77,160 | ' | ' |
Receivables from affiliates | 3,360 | 1,213 | ' | ' |
Inventories | 160,040 | 211,450 | ' | ' |
Prepaid expenses and other current assets | 14,653 | 16,587 | ' | ' |
Total current assets | 278,547 | 310,516 | ' | ' |
Investment in joint venture | 40,179 | 38,854 | ' | ' |
Goodwill | 41,504 | 41,504 | ' | ' |
Intangible assets | 55,195 | 62,668 | ' | ' |
Other assets | 29,316 | 26,824 | ' | ' |
Investment in subsidiaries | 125,015 | 130,257 | ' | ' |
Receivables from affiliates | 87,774 | 85,351 | ' | ' |
Property, plant and equipment, net | 50,301 | 54,701 | ' | ' |
Total assets | 707,831 | 750,675 | ' | ' |
Accounts payable | 59,259 | 45,456 | ' | ' |
Payables due to affiliates | 1,725 | 838 | ' | ' |
Other current liabilities | 37,465 | 30,902 | ' | ' |
Current portion of long-term debt and short-term debt | 371 | 387 | ' | ' |
Total current liabilities | 98,820 | 77,583 | ' | ' |
Long-term debt, less current portion | 259,252 | 292,086 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 14,701 | 28,052 | ' | ' |
Other non-current liabilities | 16,428 | 15,614 | ' | ' |
Stockholders’ equity | 318,630 | 337,340 | ' | ' |
Total liabilities and stockholders’ equity | 707,831 | 750,675 | ' | ' |
Guarantors | ' | ' | ' | ' |
Cash and cash equivalents | 552 | 903 | 655 | 7 |
Accounts receivable, less allowance for doubtful accounts | 20,459 | 17,170 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Inventories | 15,855 | 16,613 | ' | ' |
Prepaid expenses and other current assets | 1,213 | -1,648 | ' | ' |
Total current assets | 38,079 | 33,038 | ' | ' |
Investment in joint venture | 0 | 0 | ' | ' |
Goodwill | 12,973 | 12,973 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Other assets | 0 | -2 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Receivables from affiliates | 32,879 | 32,177 | ' | ' |
Property, plant and equipment, net | 13,074 | 13,552 | ' | ' |
Total assets | 97,005 | 91,738 | ' | ' |
Accounts payable | 9,341 | 8,488 | ' | ' |
Payables due to affiliates | 469 | 0 | ' | ' |
Other current liabilities | 965 | -855 | ' | ' |
Current portion of long-term debt and short-term debt | 0 | 0 | ' | ' |
Total current liabilities | 10,775 | 7,633 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Payables due to affiliates | 7,559 | 8,381 | ' | ' |
Deferred income taxes | 4,771 | 4,771 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Stockholders’ equity | 73,900 | 70,953 | ' | ' |
Total liabilities and stockholders’ equity | 97,005 | 91,738 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Cash and cash equivalents | 17,298 | 16,598 | 15,907 | 18,408 |
Accounts receivable, less allowance for doubtful accounts | 49,398 | 43,981 | ' | ' |
Receivables from affiliates | 0 | 668 | ' | ' |
Inventories | 67,884 | 75,777 | ' | ' |
Prepaid expenses and other current assets | 8,668 | 7,951 | ' | ' |
Total current assets | 143,248 | 144,975 | ' | ' |
Investment in joint venture | 0 | 0 | ' | ' |
Goodwill | 15,306 | 15,823 | ' | ' |
Intangible assets | 17,794 | 19,809 | ' | ' |
Other assets | 2,044 | 4,335 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Receivables from affiliates | 4,724 | 3,283 | ' | ' |
Property, plant and equipment, net | 11,881 | 11,387 | ' | ' |
Total assets | 194,997 | 199,612 | ' | ' |
Accounts payable | 17,218 | 14,046 | ' | ' |
Payables due to affiliates | 1,166 | 1,044 | ' | ' |
Other current liabilities | 7,840 | 8,080 | ' | ' |
Current portion of long-term debt and short-term debt | 27 | 528 | ' | ' |
Total current liabilities | 26,251 | 23,698 | ' | ' |
Long-term debt, less current portion | 46 | 4,068 | ' | ' |
Payables due to affiliates | 117,818 | 112,430 | ' | ' |
Deferred income taxes | -1,154 | -473 | ' | ' |
Other non-current liabilities | 651 | 316 | ' | ' |
Stockholders’ equity | 51,385 | 59,573 | ' | ' |
Total liabilities and stockholders’ equity | 194,997 | 199,612 | ' | ' |
Eliminations | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Receivables from affiliates | -3,360 | -1,881 | ' | ' |
Inventories | -68 | -68 | ' | ' |
Prepaid expenses and other current assets | -202 | -202 | ' | ' |
Total current assets | -3,630 | -2,151 | ' | ' |
Investment in joint venture | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Investment in subsidiaries | -125,015 | -130,257 | ' | ' |
Receivables from affiliates | -125,377 | -120,811 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Total assets | -254,022 | -253,219 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Payables due to affiliates | -3,360 | -1,882 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current portion of long-term debt and short-term debt | 0 | 0 | ' | ' |
Total current liabilities | -3,360 | -1,882 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Payables due to affiliates | -125,377 | -120,811 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Stockholders’ equity | -125,285 | -130,526 | ' | ' |
Total liabilities and stockholders’ equity | ($254,022) | ($253,219) | ' | ' |
Guarantor_Finanical_Informatio3
Guarantor Finanical Information Income Statement (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Sales | $253,713 | $304,039 | $819,837 | $996,347 |
Cost of materials (exclusive of depreciation and amortization) | 186,758 | 218,015 | 607,650 | 722,663 |
Warehouse, processing and delivery expense | 34,808 | 36,894 | 106,212 | 113,894 |
Sales, general and administrative expense | 27,886 | 32,380 | 85,428 | 102,237 |
Restructuring charges | 885 | 0 | 8,703 | 0 |
Depreciation and amortization expense | 6,400 | 6,263 | 19,604 | 19,350 |
Operating (loss) income | -3,024 | 10,487 | -7,760 | 38,203 |
Interest expense, net | -10,177 | -10,280 | -30,455 | -30,437 |
Other income (expense) | 166 | 2,061 | -1,388 | 1,812 |
Interest expense - unrealized loss on debt conversion option | 0 | 0 | 0 | -15,597 |
(Loss) income before income taxes and equity in earnings of joint venture | -13,035 | 2,268 | -39,603 | -6,019 |
Income taxes | 4,271 | -453 | 13,455 | -4,185 |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of joint venture | 1,853 | 1,358 | 4,816 | 6,099 |
Net (loss) income | -6,911 | 3,173 | -21,332 | -4,105 |
Comprehensive (loss) income | -5,641 | 6,123 | -21,872 | -1,415 |
Parent | ' | ' | ' | ' |
Net Sales | 168,591 | 210,707 | 559,388 | 712,175 |
Cost of materials (exclusive of depreciation and amortization) | 123,589 | 149,920 | 416,736 | 516,601 |
Warehouse, processing and delivery expense | 25,913 | 28,017 | 79,311 | 86,653 |
Sales, general and administrative expense | 18,786 | 22,378 | 56,499 | 71,939 |
Restructuring charges | 627 | ' | 6,557 | ' |
Depreciation and amortization expense | 4,864 | 4,780 | 14,933 | 14,852 |
Operating (loss) income | -5,188 | 5,612 | -14,648 | 22,130 |
Interest expense, net | -6,594 | -6,708 | -19,418 | -20,718 |
Other income (expense) | 0 | 0 | 0 | 0 |
Interest expense - unrealized loss on debt conversion option | ' | ' | ' | -15,597 |
(Loss) income before income taxes and equity in earnings of joint venture | -11,782 | -1,096 | -34,066 | -14,185 |
Income taxes | 3,848 | 721 | 11,592 | -1,519 |
Equity in earnings (losses) of subsidiaries | -830 | 2,190 | -3,674 | 5,500 |
Equity in earnings of joint venture | 1,853 | 1,358 | 4,816 | 6,099 |
Net (loss) income | -6,911 | 3,173 | -21,332 | -4,105 |
Comprehensive (loss) income | -5,641 | 6,123 | -21,872 | -1,415 |
Guarantors | ' | ' | ' | ' |
Net Sales | 33,708 | 31,594 | 102,007 | 94,766 |
Cost of materials (exclusive of depreciation and amortization) | 24,071 | 22,403 | 73,029 | 66,753 |
Warehouse, processing and delivery expense | 2,932 | 3,122 | 9,149 | 9,575 |
Sales, general and administrative expense | 4,534 | 4,004 | 13,525 | 12,719 |
Restructuring charges | 0 | ' | 0 | ' |
Depreciation and amortization expense | 558 | 487 | 1,662 | 1,529 |
Operating (loss) income | 1,613 | 1,578 | 4,642 | 4,190 |
Interest expense, net | 0 | 4 | 0 | 21 |
Other income (expense) | 0 | 0 | 0 | 0 |
Interest expense - unrealized loss on debt conversion option | ' | ' | ' | 0 |
(Loss) income before income taxes and equity in earnings of joint venture | 1,613 | 1,582 | 4,642 | 4,211 |
Income taxes | -615 | -606 | -1,695 | -1,616 |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 | 0 | 0 |
Net (loss) income | 998 | 976 | 2,947 | 2,595 |
Comprehensive (loss) income | 998 | 976 | 2,947 | 2,595 |
Non-Guarantors | ' | ' | ' | ' |
Net Sales | 57,949 | 68,843 | 183,129 | 216,477 |
Cost of materials (exclusive of depreciation and amortization) | 45,633 | 53,253 | 142,572 | 166,253 |
Warehouse, processing and delivery expense | 5,963 | 5,755 | 17,752 | 17,666 |
Sales, general and administrative expense | 4,566 | 5,998 | 15,404 | 17,579 |
Restructuring charges | 258 | ' | 2,146 | ' |
Depreciation and amortization expense | 978 | 996 | 3,009 | 2,969 |
Operating (loss) income | 551 | 2,841 | 2,246 | 12,010 |
Interest expense, net | -3,583 | -3,576 | -11,037 | -9,740 |
Other income (expense) | 166 | 2,061 | -1,388 | 1,812 |
Interest expense - unrealized loss on debt conversion option | ' | ' | ' | 0 |
(Loss) income before income taxes and equity in earnings of joint venture | -2,866 | 1,326 | -10,179 | 4,082 |
Income taxes | 1,038 | -392 | 3,558 | -1,085 |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 | 0 | 0 |
Net (loss) income | -1,828 | 934 | -6,621 | 2,997 |
Comprehensive (loss) income | -904 | 3,994 | -8,197 | 6,016 |
Eliminations | ' | ' | ' | ' |
Net Sales | -6,535 | -7,105 | -24,687 | -27,071 |
Cost of materials (exclusive of depreciation and amortization) | -6,535 | -7,561 | -24,687 | -26,944 |
Warehouse, processing and delivery expense | 0 | 0 | 0 | 0 |
Sales, general and administrative expense | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | ' | 0 | ' |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 456 | 0 | -127 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Interest expense - unrealized loss on debt conversion option | ' | ' | ' | 0 |
(Loss) income before income taxes and equity in earnings of joint venture | 0 | 456 | 0 | -127 |
Income taxes | 0 | -176 | 0 | 35 |
Equity in earnings (losses) of subsidiaries | 830 | -2,190 | 3,674 | -5,500 |
Equity in earnings of joint venture | 0 | 0 | 0 | 0 |
Net (loss) income | 830 | -1,910 | 3,674 | -5,592 |
Comprehensive (loss) income | ($94) | ($4,970) | $5,250 | ($8,611) |
Guarantor_Finanical_Informatio4
Guarantor Finanical Information Cash Flows (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net (loss) income | ($6,911) | $3,173 | ($21,332) | ($4,105) |
Equity in (earnings) losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | 87,034 | -8,824 |
Net cash from (used in) operating activities | ' | ' | 65,702 | -12,929 |
Capital expenditures | ' | ' | -7,582 | -8,991 |
Proceeds from sale of fixed assets | ' | ' | 765 | 22 |
Net cash used in investing activities | ' | ' | -6,817 | -8,969 |
Proceeds from long-term debt | ' | ' | 115,300 | 576,477 |
Repayments of long-term debt | ' | ' | -155,192 | -564,273 |
Payment of debt issue costs | ' | ' | 0 | -1,503 |
Net intercompany (repayments) borrowings | ' | ' | 0 | 0 |
Other financing | ' | ' | 1,015 | 667 |
Net cash from (used in) financing activities | ' | ' | -38,877 | 11,368 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -121 | -6 |
Net (decrease) increase in cash and cash equivalents | ' | ' | 19,887 | -10,536 |
Cash and cash equivalents - beginning of year | ' | ' | 21,607 | 30,524 |
Cash and cash equivalents - end of period | 41,494 | 19,988 | 41,494 | 19,988 |
Parent | ' | ' | ' | ' |
Net (loss) income | -6,911 | 3,173 | -21,332 | -4,105 |
Equity in (earnings) losses of subsidiaries | 830 | -2,190 | 3,674 | -5,500 |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | 76,970 | 8,177 |
Net cash from (used in) operating activities | ' | ' | 59,312 | -1,428 |
Capital expenditures | ' | ' | -3,803 | -4,776 |
Proceeds from sale of fixed assets | ' | ' | 730 | 22 |
Net cash used in investing activities | ' | ' | -3,073 | -4,754 |
Proceeds from long-term debt | ' | ' | 115,300 | 566,131 |
Repayments of long-term debt | ' | ' | -151,094 | -547,477 |
Payment of debt issue costs | ' | ' | ' | -1,503 |
Net intercompany (repayments) borrowings | ' | ' | -2,423 | -19,819 |
Other financing | ' | ' | 1,516 | 167 |
Net cash from (used in) financing activities | ' | ' | -36,701 | -2,501 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | ' | ' | 19,538 | -8,683 |
Cash and cash equivalents - beginning of year | ' | ' | 4,106 | 12,109 |
Cash and cash equivalents - end of period | 23,644 | 3,426 | 23,644 | 3,426 |
Guarantors | ' | ' | ' | ' |
Net (loss) income | 998 | 976 | 2,947 | 2,595 |
Equity in (earnings) losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | -396 | 2,736 |
Net cash from (used in) operating activities | ' | ' | 2,551 | 5,331 |
Capital expenditures | ' | ' | -1,378 | -1,546 |
Proceeds from sale of fixed assets | ' | ' | 0 | 0 |
Net cash used in investing activities | ' | ' | -1,378 | -1,546 |
Proceeds from long-term debt | ' | ' | 0 | 0 |
Repayments of long-term debt | ' | ' | 0 | -43 |
Payment of debt issue costs | ' | ' | ' | 0 |
Net intercompany (repayments) borrowings | ' | ' | -1,524 | -3,094 |
Other financing | ' | ' | 0 | 0 |
Net cash from (used in) financing activities | ' | ' | -1,524 | -3,137 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | ' | ' | -351 | 648 |
Cash and cash equivalents - beginning of year | ' | ' | 903 | 7 |
Cash and cash equivalents - end of period | 552 | 655 | 552 | 655 |
Non-Guarantors | ' | ' | ' | ' |
Net (loss) income | -1,828 | 934 | -6,621 | 2,997 |
Equity in (earnings) losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | 10,460 | -19,829 |
Net cash from (used in) operating activities | ' | ' | 3,839 | -16,832 |
Capital expenditures | ' | ' | -2,401 | -2,669 |
Proceeds from sale of fixed assets | ' | ' | 35 | 0 |
Net cash used in investing activities | ' | ' | -2,366 | -2,669 |
Proceeds from long-term debt | ' | ' | 0 | 10,346 |
Repayments of long-term debt | ' | ' | -4,098 | -16,753 |
Payment of debt issue costs | ' | ' | ' | 0 |
Net intercompany (repayments) borrowings | ' | ' | 3,947 | 22,913 |
Other financing | ' | ' | -501 | 500 |
Net cash from (used in) financing activities | ' | ' | -652 | 17,006 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -121 | -6 |
Net (decrease) increase in cash and cash equivalents | ' | ' | 700 | -2,501 |
Cash and cash equivalents - beginning of year | ' | ' | 16,598 | 18,408 |
Cash and cash equivalents - end of period | 17,298 | 15,907 | 17,298 | 15,907 |
Eliminations | ' | ' | ' | ' |
Net (loss) income | 830 | -1,910 | 3,674 | -5,592 |
Equity in (earnings) losses of subsidiaries | -830 | 2,190 | -3,674 | 5,500 |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | 0 | 92 |
Net cash from (used in) operating activities | ' | ' | 0 | 0 |
Capital expenditures | ' | ' | 0 | 0 |
Proceeds from sale of fixed assets | ' | ' | 0 | 0 |
Net cash used in investing activities | ' | ' | 0 | 0 |
Proceeds from long-term debt | ' | ' | 0 | 0 |
Repayments of long-term debt | ' | ' | 0 | 0 |
Payment of debt issue costs | ' | ' | ' | 0 |
Net intercompany (repayments) borrowings | ' | ' | 0 | 0 |
Other financing | ' | ' | 0 | 0 |
Net cash from (used in) financing activities | ' | ' | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | ' | ' | 0 | 0 |
Cash and cash equivalents - beginning of year | ' | ' | 0 | 0 |
Cash and cash equivalents - end of period | $0 | $0 | $0 | $0 |
Guarantor_Finanical_Informatio5
Guarantor Finanical Information Guarantor Financial Information Narrative (Details) (Parent, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Parent | ' |
Reclassification of income tax benefit from Non-Guarantor to Parent | ($10,600) |