Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
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 | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 23,477,820 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $25,708 | $30,829 |
Accounts receivable, less allowances of $3,515 and $3,463 | 145,911 | 128,544 |
Inventories, principally on last-in first-out basis (replacement cost higher by $129,638 and $130,854) | 213,846 | 214,900 |
Prepaid expenses and other current assets | 11,293 | 9,927 |
Deferred income taxes | 1,924 | 3,242 |
Income tax receivable | 3,694 | 3,249 |
Total current assets | 402,376 | 390,691 |
Investment in joint venture | 43,179 | 41,879 |
Goodwill | 68,754 | 69,289 |
Intangible assets | 65,968 | 69,489 |
Prepaid pension cost | 16,758 | 16,515 |
Other assets | 14,529 | 15,265 |
Property, plant and equipment | ' | ' |
Land | 4,915 | 4,917 |
Buildings | 54,160 | 53,252 |
Machinery and equipment | 181,270 | 179,632 |
Property, plant and equipment, at cost | 240,345 | 237,801 |
Less - accumulated depreciation | -165,131 | -161,107 |
Property, plant and equipment, net | 75,214 | 76,694 |
Total assets | 686,778 | 679,822 |
Current liabilities | ' | ' |
Accounts payable | 88,274 | 69,577 |
Accrued liabilities | 34,727 | 30,007 |
Income taxes payable | 1,187 | 1,360 |
Current portion of long-term debt | 396 | 397 |
Total current liabilities | 124,584 | 101,341 |
Long-term debt, less current portion | 246,601 | 245,599 |
Deferred income taxes | 10,149 | 10,733 |
Other non-current liabilities | 5,184 | 5,646 |
Pension and post retirement benefit obligations | 6,543 | 6,609 |
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 March 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,567 shares issued and 23,439 outstanding at March 31, 2014 and 23,471 shares issued and 23,409 outstanding at December 31, 2013 | 235 | 234 |
Additional paid-in capital | 224,787 | 223,893 |
Retained earnings | 89,279 | 105,277 |
Accumulated other comprehensive loss | -18,905 | -18,743 |
Treasury stock, at cost—128 shares at March 31, 2014 and 62 shares at December 31, 2013 | -1,679 | -767 |
Total stockholders’ equity | 293,717 | 309,894 |
Total liabilities and stockholders’ equity | $686,778 | $679,822 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net sales | $253,410 | $292,714 |
Costs and expenses: | ' | ' |
Cost of materials (exclusive of depreciation and amortization) | 188,531 | 219,431 |
Warehouse, processing and delivery expense | 35,381 | 35,584 |
Sales, general and administrative expense | 29,624 | 29,876 |
Restructuring charges | 739 | 2,225 |
Depreciation and amortization expense | 6,457 | 6,571 |
Operating loss | -7,322 | -973 |
Interest expense, net | -9,952 | -10,188 |
Other expense | -682 | -2,299 |
Loss before income taxes and equity in earnings of joint venture | -17,956 | -13,460 |
Income taxes | 51 | 1,369 |
Loss before equity in earnings of joint venture | -17,905 | -12,091 |
Equity in earnings of joint venture | 1,907 | 1,469 |
Net loss | -15,998 | -10,622 |
Basic loss per share | ($0.69) | ($0.46) |
Diluted loss per share | ($0.69) | ($0.46) |
Dividends per common share | $0 | $0 |
Comprehensive loss | ($16,160) | ($10,244) |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $3,515 | $3,463 |
Amount current replacement cost of inventory costs exceeded book value | $129,638 | $130,854 |
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 | 23,567 | 23,471 |
Common stock, shares outstanding | 23,439 | 23,409 |
Treasury stock, shares | 128 | 62 |
Series B Junior Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | ' |
Preferred stock, shares authorized | 400 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net loss | ($15,998) | ($10,622) |
Adjustments to reconcile net loss to net cash (used in) from operating activities: | ' | ' |
Depreciation and amortization | 6,457 | 6,571 |
Amortization of deferred financing costs and debt discount | 1,927 | 1,710 |
Unrealized (gains) losses on commodity hedges | -208 | 1,031 |
Equity in earnings of joint venture | -1,907 | -1,469 |
Dividends from joint venture | 607 | 2,692 |
Deferred tax provision (benefit) | 571 | -417 |
Other Operating Activities, Cash Flow Statement | 243 | -510 |
Increase (decrease) from changes in: | ' | ' |
Accounts receivable | -17,930 | -25,763 |
Inventories | 904 | 32,272 |
Prepaid expenses and other current assets | -1,365 | -395 |
Other assets | 1,972 | 55 |
Prepaid pension costs | 173 | -1,219 |
Accounts payable | 18,423 | 23,344 |
Income taxes payable and receivable | -1,454 | -1,218 |
Accrued liabilities | 4,818 | 6,299 |
Postretirement benefit obligations and other liabilities | -102 | 224 |
Net cash (used in) from operating activities | -2,869 | 32,585 |
Investing activities: | ' | ' |
Capital expenditures | -2,012 | -1,881 |
Other investing activities | 46 | 468 |
Net cash used in investing activities | -1,966 | -1,413 |
Financing activities: | ' | ' |
Proceeds from long-term debt | 11,506 | 106,500 |
Repayments of long-term debt | -11,605 | -137,869 |
Other financing | 45 | 651 |
Net cash (used in) from financing activities | -54 | -30,718 |
Effect of exchange rate changes on cash and cash equivalents | -232 | -691 |
Net change in cash and cash equivalents | -5,121 | -237 |
Cash and cash equivalents - beginning of year | 30,829 | 21,607 |
Cash and cash equivalents - end of period | $25,708 | $21,370 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
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, 2013 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. The 2014 interim results reported herein may not necessarily be indicative of the results of the Company’s operations for the full year. |
New_Accounting_Standards_Notes
New Accounting Standards (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
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, 2014, the Company adopted Accounting Standards Update ("ASU") No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available or when the deferred tax asset is not intended for this purpose. The adoption of this ASU did not have a material impact on the Company's financial condition. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 months ended March 31, 2014 and 2013: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net loss | $ | (15,998 | ) | $ | (10,622 | ) | ||
Denominator: | ||||||||
Denominator for basic loss per share: | ||||||||
Weighted average common shares outstanding | 23,324 | 23,127 | ||||||
Effect of dilutive securities: | ||||||||
Outstanding common stock equivalents | — | — | ||||||
Denominator for diluted earnings per share | 23,324 | 23,127 | ||||||
Basic loss per share | $ | (0.69 | ) | $ | (0.46 | ) | ||
Diluted loss per share | $ | (0.69 | ) | $ | (0.46 | ) | ||
Excluded outstanding share-based awards having an anti-dilutive effect | 1,049 | 1,316 | ||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 1,610 | 2,054 | ||||||
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. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventories | ' |
Inventories | |
Approximately 80% 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 March 31, 2014, 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 $129,638 and $130,854 at March 31, 2014 and December 31, 2013, respectively. Income taxes would become payable on any realization of this excess from reductions in the level of inventories. |
Joint_Venture
Joint Venture | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Joint Venture | ' | |||||||
Joint Venture | ||||||||
Kreher Steel Company, LLC is a 50% owned joint venture of the Company. Kreher is a national distributor and processor of carbon and alloy steel bar products, headquartered in Melrose Park, Illinois. | ||||||||
The following information summarizes financial data for this joint venture for the three months ended March 31, 2014 and 2013: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 65,251 | $ | 57,329 | ||||
Cost of materials | 54,303 | 48,219 | ||||||
Income before taxes | 4,804 | 3,356 | ||||||
Net income | 3,814 | 2,938 | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
The changes in carrying amounts of goodwill during the three months ended March 31, 2014 were as follows: | ||||||||||||||||
Metals | Plastics | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Balance as of January 1, 2014 | ||||||||||||||||
Goodwill | $ | 116,533 | $ | 12,973 | $ | 129,506 | ||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of January 1, 2014 | 56,316 | 12,973 | 69,289 | |||||||||||||
Currency valuation | (535 | ) | — | (535 | ) | |||||||||||
Balance as of March 31, 2014 | ||||||||||||||||
Goodwill | 115,998 | 12,973 | 128,971 | |||||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of March 31, 2014 | $ | 55,781 | $ | 12,973 | $ | 68,754 | ||||||||||
During the fourth quarter of fiscal year 2013, the Company changed its goodwill testing date for both the Metals and Plastics reporting units from January 1 to December 1. Based on the December 1, 2013 test, the Company determined that there was no impairment of goodwill. The Metals and Plastics reporting units each had estimated fair values that exceeded carrying values by 13% and 23%, respectively, as of December 1, 2013. For the three months ended March 31, 2014, the Company’s Metals reporting unit experienced weaker demand than anticipated, which led to larger than anticipated negative financial operating results for the period. Based on these results, as noted below, management assessed whether an interim goodwill impairment test should be performed for the Metals reporting unit and concluded that one was not required. As of March 31, 2014, the impact of the negative quarterly financial operating results on the fair value estimate of the Metals reporting unit is not significant. Current trends within the Metals reporting unit as of March 31, 2014 suggest that future period cash flow estimates are still reasonable. Additionally, the multiples of earnings before interest, taxes, depreciation and amortization for metals companies as of March 31, 2014 continue to support the multiple used to value the Metals reporting unit at December 1, 2013. Management believes that it is more likely than not that the Metals reporting unit fair value has not decreased below its carrying value as of March 31, 2014. However, if positive trends do not continue to build and/or there is a continued unfavorable divergence in actual financial results compared to those used to estimate the Metals reporting unit fair value at December 1, 2013, the fair value of the Metals reporting unit could be impacted significantly which may result in a goodwill impairment charge. Additionally, future declines in the Company’s share price may also result in a conclusion that that the fair value of one of both of its reporting units has declined below its carrying value. | ||||||||||||||||
The following table summarizes the components of intangible assets: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer relationships | $ | 117,141 | $ | 57,579 | $ | 117,794 | $ | 55,157 | ||||||||
Non-compete agreements | 3,888 | 3,652 | 3,888 | 3,569 | ||||||||||||
Trade name | 7,953 | 2,114 | 8,025 | 1,939 | ||||||||||||
Developed technology | 1,400 | 1,069 | 1,400 | 953 | ||||||||||||
Total | $ | 130,382 | $ | 64,414 | $ | 131,107 | $ | 61,618 | ||||||||
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 March 31, 2014 and 2013, the aggregate amortization expense was $2,916 and $2,956, respectively. | ||||||||||||||||
The following is a summary of the estimated annual amortization expense for 2014 and each of the next 4 years: | ||||||||||||||||
2014 | $ | 11,639 | ||||||||||||||
2015 | 10,872 | |||||||||||||||
2016 | 10,872 | |||||||||||||||
2017 | 8,849 | |||||||||||||||
2018 | 4,728 | |||||||||||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
LONG-TERM DEBT | ||||||||
12.75% Senior Secured Notes due December 15, 2016 | $ | 210,000 | $ | 210,000 | ||||
7.0% Convertible Notes due December 15, 2017 | 57,500 | 57,500 | ||||||
Revolving Credit Facility due December 15, 2015 | — | — | ||||||
Other, primarily capital leases | 895 | 998 | ||||||
Total long-term debt | 268,395 | 268,498 | ||||||
Less: unamortized discount | (21,398 | ) | (22,502 | ) | ||||
Less: current portion | (396 | ) | (397 | ) | ||||
Total long-term portion | 246,601 | 245,599 | ||||||
TOTAL DEBT | $ | 246,997 | $ | 245,996 | ||||
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. In November 2013, the Company purchased and subsequently retired $15,000 aggregate principal amount of the Secured Notes. In January 2014, the Company partially exercised the accordion option under its revolving credit facility to increase the aggregate commitments by $25,000. As a result, the Company's borrowing capacity increased from $100,000 to $125,000, and the Company maintains the ability to exercise the accordion for an additional $25,000 of aggregate commitments in the future. | ||||||||
Secured Notes | ||||||||
The Secured Notes will mature on December 15, 2016. The Company pays 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. | ||||||||
Subject to certain conditions, within 95 days after the end of each fiscal year, the Company must make an offer to purchase the Secured Notes with certain of its excess cash flow (as defined in the indenture) for such fiscal year at 103% of the principal amount thereof, plus accrued and unpaid interest. For the fiscal year ended December 31, 2013, the Company estimated that it had no excess cash flow (as defined in the indenture) and therefore, the Company did not make an offer to purchase the Secured Notes. | ||||||||
Convertible Notes | ||||||||
The Convertible Notes are due December 15, 2017. The Company pays interest on the Convertible Notes at a rate of 7.0% per annum in cash semi-annually. The Convertible Note holders may convert their Convertible Notes during the three months immediately succeeding March 31, 2014, 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 March 31, 2014. 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 1,644 shares of common stock. Although the conversion of the Convertible Notes is outside the control of the Company at March 31, 2014, the carrying value of the outstanding Convertible Notes are classified as long-term debt in the Consolidated Balance Sheet at March 31, 2014, 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 three months ended March 31, 2014 was 3.12%. 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 Revolving Credit Facility Loan and Security 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 Revolving Credit Facility Loan and Security Agreement) or $12,500. In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $15,625, 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 Facility. The Company's ratio of EBITDA to fixed charges was 0.14 for the twelve months ended March 31, 2014. At this ratio, the Company's current maximum borrowing capacity would be $99,683 before triggering full dominion of the Company's cash collections. As of March 31, 2014, the Company had $115,308 of of available borrowing capacity under the Revolving Credit Facility. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 March 31, 2014 and December 31, 2013 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 March 31, 2014 was estimated to be $235,725 compared to a carrying value of $205,380. 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 March 31, 2014 was approximately $89,370 compared to a carrying value of $40,722. 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 March 31, 2014 were as follows: | ||||||||||||||||
Company's stock price at the end of the period | $ | 14.69 | ||||||||||||||
Expected volatility | 27.2 | % | ||||||||||||||
Credit spreads | 5.05 | % | ||||||||||||||
Risk-free interest rate | 1.32 | % | ||||||||||||||
Fair Value Measurements of Commodity Hedges | ||||||||||||||||
The Company has a commodity hedging program to mitigate risks associated with certain commodity price fluctuations. At March 31, 2014, 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 March 31, 2014, the notional value associated with forward contracts was $11,156. The Company recorded, through cost of materials, realized and unrealized net losses of $286 and $1,299 for the three months ended March 31, 2014 and March 31, 2013, respectively, as a result of the change in the fair value of the contracts. As of March 31, 2014 and December 31, 2013, all commodity hedge contracts were in a liability position. 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 March 31, 2014 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,663 | $ | — | $ | 2,663 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,871 | $ | — | $ | 2,871 | ||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Comprehensive loss includes net loss and all other non-owner changes to equity that are not reported in net loss. | ||||||||||||||||||||||||
The Company’s comprehensive loss for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net loss | $ | (15,998 | ) | $ | (10,622 | ) | ||||||||||||||||||
Foreign currency translation (loss) gain | (415 | ) | 33 | |||||||||||||||||||||
Pension cost amortization, net of tax | 253 | 345 | ||||||||||||||||||||||
Total comprehensive loss | $ | (16,160 | ) | $ | (10,244 | ) | ||||||||||||||||||
The components of accumulated other comprehensive loss are as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency translation losses | $ | (5,032 | ) | $ | (4,617 | ) | ||||||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (13,873 | ) | (14,126 | ) | ||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (18,905 | ) | $ | (18,743 | ) | ||||||||||||||||||
Changes in accumulated other comprehensive loss by component are as follows: | ||||||||||||||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Balance as of January 1, | $ | (14,126 | ) | $ | (18,749 | ) | $ | (4,617 | ) | $ | (2,322 | ) | $ | (18,743 | ) | $ | (21,071 | ) | ||||||
Other comprehensive (loss) income before reclassifications | — | — | (415 | ) | 33 | (415 | ) | 33 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 253 | 345 | — | — | 253 | 345 | ||||||||||||||||||
Net current period other comprehensive (loss) income | 253 | 345 | (415 | ) | 33 | (162 | ) | 378 | ||||||||||||||||
Balance as of March 31, | $ | (13,873 | ) | $ | (18,404 | ) | $ | (5,032 | ) | $ | (2,289 | ) | $ | (18,905 | ) | $ | (20,693 | ) | ||||||
(a) See the table below for details of reclassification from accumulated other comprehensive loss. | ||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss are as follows: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Amortization of defined benefit pension and postretirement items | ||||||||||||||||||||||||
Prior service cost (b) | $ | (71 | ) | $ | (81 | ) | ||||||||||||||||||
Actuarial loss (b) | (345 | ) | (485 | ) | ||||||||||||||||||||
Total before Tax | (416 | ) | (566 | ) | ||||||||||||||||||||
Tax benefit | 163 | 221 | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (253 | ) | $ | (345 | ) | ||||||||||||||||||
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost for the three months ended March 31, 2014 and 2013 (see Note 11 for additional details). |
Sharebased_Compensation
Share-based Compensation | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
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 and warehouse, processing and delivery expense. The unrecognized compensation cost as of March 31, 2014 associated with all share-based payment arrangements is $7,245 and the weighted average period over which it is to be expensed is 1.5 years. | ||||||||||
2014 Long-Term Compensation Plan | ||||||||||
On March 26, 2014, the Board of Directors of the Company approved equity awards under the Company’s 2014 Long-Term Compensation Plan (“2014 LTC Plan”) for executive officers and other select personnel. The 2014 LTC Plan awards included restricted stock units (“RSUs”) and performance share units (“PSUs”). All 2014 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 2014 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 $14.35 per share unit to executive officers and other select personnel. The grant date fair value was established using the market price of the Company’s stock on the date of grant. The RSUs cliff vest on December 31, 2016. 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 dependent on relative total shareholder return ("RTSR") and half of which contain a non-market-based performance condition dependent on Company-specific target goals for Return on Invested Capital ("ROIC") (as defined in the 2014 LTC Plan). Partial performance awards can be earned for performance less than the target goal, but in excess of minimum goals, and award distributions up to twice the target can be achieved if the target goals are 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. | ||||||||||
PSUs containing the RTSR performance condition - The potential award for PSUs containing the RTSR performance condition 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”). 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 performance condition that were granted to executive officers and other select personnel under the 2014 LTC Plan of $20.16 was estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||
2014 | ||||||||||
Expected volatility | 40.8 | % | ||||||||
Risk-free interest rate | 0.79 | % | ||||||||
Expected life (in years) | 2.77 | |||||||||
Expected dividend yield | — | |||||||||
Compensation expense for performance awards containing the RTSR performance condition is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. | ||||||||||
PSUs containing the ROIC performance condition - The potential award for PSUs containing the ROIC performance condition is determined based on the Company’s average actual performance versus target goals for ROIC for the three-year performance period beginning on January 1st of the year of grant. 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 the ROIC performance condition was established using the market price of the Company’s stock on the date of grant. | ||||||||||
The award information associated with RTSR and ROIC 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 | |||||||||
RTSR performance condition | $ | 20.16 | 98 | 229 | ||||||
ROIC performance condition | $ | 14.35 | 80 | 229 | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
Employee Benefit Plans | ||||||||
Components of the net periodic pension and postretirement benefit cost for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 127 | $ | 213 | ||||
Interest cost | 1,740 | 1,619 | ||||||
Expected return on assets | (2,095 | ) | (2,320 | ) | ||||
Amortization of prior service cost | 71 | 81 | ||||||
Amortization of actuarial loss | 345 | 485 | ||||||
Net periodic pension and postretirement benefit cost | $ | 188 | $ | 78 | ||||
Contributions paid | $ | — | $ | — | ||||
The Company anticipates making no significant cash contributions to its pension plans in 2014. |
Restructuring_Activity
Restructuring Activity | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||
Restructuring Activity | ||||||||||||||||||||||||
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. In October 2013, the Company announced the consolidation of four additional facilities in locations where it has redundant operations as part of its continuous improvement plans to lower structural operating costs. The charges associated with the restructuring activities are primarily included in the Company's Metals segment. Charges for the Company's Other segment, which includes the costs of the executive, legal, and finance departments shared by both the Metals and Plastics segments, are insignificant. | ||||||||||||||||||||||||
The Company recorded the following restructuring charges during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Employee termination and related benefits | $ | — | $ | 1,398 | ||||||||||||||||||||
Moving costs associated with plant consolidations | 739 | 859 | ||||||||||||||||||||||
Other exit costs | — | 42 | ||||||||||||||||||||||
Inventory write-offs | — | 683 | ||||||||||||||||||||||
Total | $ | 739 | $ | 2,982 | ||||||||||||||||||||
Charges in the three months ended March 31, 2014 consisted of moving costs associated with one of the additional facility consolidations announced in October 2013. Restructuring activity related to the October 2013 announced plant consolidations for the three months ended March 31, 2014 is summarized below: | ||||||||||||||||||||||||
Period Activity | ||||||||||||||||||||||||
Balance January 1, 2014 | Charges (a) | Cash payments | Balance March 31, 2014 | Cumulative Charges Incurred to Date | Total Charges Expected to be Incurred | |||||||||||||||||||
Moving costs associated with plant consolidations | $ | — | $ | 739 | $ | (739 | ) | $ | — | $ | 1,051 | $ | 2,270 | |||||||||||
Employee termination and related benefits | 129 | — | (118 | ) | 11 | 129 | 130 | |||||||||||||||||
Total October 2013 plant consolidations | 129 | 739 | (857 | ) | 11 | 1,180 | 2,400 | |||||||||||||||||
(a) Costs associated with moving and plant consolidations and employee termination and related benefits are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. | ||||||||||||||||||||||||
The charges incurred during the three months ended March 31, 2013 were comprised of one-time employee termination and related benefits associated with salaried and hourly workforce reductions, moving costs and other exit costs associated with five plant consolidations announced in January 2013. The January 2013 announced restructuring activities are complete. As of March 31, 2014, there is a restructuring liability for lease termination costs related to the January 2013 restructuring activities. Activity for the restructuring liability for the three months ended March 31, 2014 is summarized below: | ||||||||||||||||||||||||
Balance January 1, 2014 | Charges | Cash payments | Balance March 31, 2014 (a) | |||||||||||||||||||||
Lease termination costs | 921 | — | (117 | ) | 804 | |||||||||||||||||||
(a) 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 consolidated financial statements of future periods. As of March 31, 2014, the short-term portion of the lease termination costs in the restructuring liability of $465 is included in accrued liabilities and the long-term portion of $339 is included in other non-current liabilities in the Consolidated Balance Sheet. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
Income Taxes | ||
The reported effective tax rate for the three months ended March 31, 2014 and 2013 was 0.3% and 10.2%, respectively. The change in effective tax rate primarily results from valuation allowances recorded in the three months ended March 31, 2014. The Company continues to generate losses at its United Kingdom (“UK”) subsidiary. The larger than expected current period losses, when combined with prior losses and future income projections, indicate that it is more likely than not that the UK deferred tax assets will not be realized. Therefore, during the three months ended March 31, 2014, a valuation allowance of $2,740 was recorded against all the previously existing deferred tax assets of the UK subsidiary. Additionally, the current period losses generated by the UK subsidiary during the three months ended March 31, 2014 were not benefited nor are future losses expected to be benefited until the entity returns to profitability and evidence suggests that it is more likely than not that the deferred tax assets will be realized. The impact on the quarterly income tax provision of not benefiting the quarterly losses was approximately $500. The deferred tax assets of the UK subsidiary are comprised primarily of net operating loss carry forwards with no expiration. | ||
In the U.S., the Company is in a net deferred tax asset position as of March 31, 2014, and projects that it will remain in a net deferred tax asset position through December 31, 2014. The Company does not currently have sufficient sources of projected income to cover the net deferred tax asset that is projected at December 31, 2014. Therefore, the Company recorded a valuation allowance and did not provide a tax benefit on a portion of the losses generated by the U.S. during the three months ended March 31, 2014. The impact on the quarterly income tax provision of not benefiting the quarterly losses was approximately $2,500. Continued operating losses in future periods and changes to the sources of income identified to utilize the U.S. deferred tax assets that differ significantly from current estimates may result in additional benefits not being recognized and a valuation allowance being recorded against some or all of the remaining U.S. deferred tax assets. | ||
The following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | ||
U.S. Federal | 2010 to 2013 | |
U.S. States | 2009 to 2013 | |
Foreign | 2008 to 2013 | |
A 2011 and 2012 income tax audit of the Company's Canadian subsidiary is in process as of March 31, 2014. To date, no issues have been raised and no adjustments have been proposed. The Company’s gross unrecognized tax benefits are not significant. | ||
The Company received its 2012 federal tax refund of $2,590 during October 2013. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | |
As of March 31, 2014, 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. The Company estimates 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 March 31, 2014, the Company's best estimate of the probable loss resulting from these claims is $1,150, which was included as a reduction of net sales for the year ended December 31, 2013. As of March 31, 2014, approximately $211 remained accrued against accounts receivable in current assets for future payments and credits. The Company is pursuing claims against 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. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 for the year ended December 31, 2013. Management evaluates the performance of its business segments based on operating income. | ||||||||||||||||
Segment information for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2014 | ||||||||||||||||
Metals segment | $ | 219,063 | $ | (6,232 | ) | $ | 1,878 | $ | 6,056 | |||||||
Plastics segment | 34,347 | 1,507 | 134 | 401 | ||||||||||||
Other (a) | — | (2,597 | ) | — | — | |||||||||||
Consolidated | $ | 253,410 | $ | (7,322 | ) | $ | 2,012 | $ | 6,457 | |||||||
2013 | ||||||||||||||||
Metals segment | $ | 258,380 | $ | (275 | ) | $ | 1,127 | $ | 6,165 | |||||||
Plastics segment | 34,334 | 1,181 | 480 | 406 | ||||||||||||
Other (a) | — | (1,879 | ) | — | — | |||||||||||
Consolidated | $ | 292,714 | $ | (973 | ) | $ | 1,607 | $ | 6,571 | |||||||
(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 before income taxes for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Operating loss | $ | (7,322 | ) | $ | (973 | ) | ||||||||||
Interest expense, net | (9,952 | ) | (10,188 | ) | ||||||||||||
Other expense | (682 | ) | (2,299 | ) | ||||||||||||
Loss before income taxes and equity in earnings of joint venture | (17,956 | ) | (13,460 | ) | ||||||||||||
Equity in earnings of joint venture | 1,907 | 1,469 | ||||||||||||||
Consolidated loss before income taxes | $ | (16,049 | ) | $ | (11,991 | ) | ||||||||||
Segment information for total assets is as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Metals segment | $ | 581,881 | $ | 580,570 | ||||||||||||
Plastics segment | 61,718 | 57,373 | ||||||||||||||
Other (a) | 43,179 | 41,879 | ||||||||||||||
Consolidated | $ | 686,778 | $ | 679,822 | ||||||||||||
(a) | “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor_Finanical_Informatio
Guarantor Finanical Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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. The Company has reflected these changes in its accompanying condensed consolidating financial statements of guarantors and non-guarantors. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,893 | $ | 1,350 | $ | 20,465 | $ | — | $ | 25,708 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 78,266 | 20,686 | 46,959 | — | 145,911 | |||||||||||||||
Receivables from affiliates | 3,475 | — | — | (3,475 | ) | — | ||||||||||||||
Inventories | 127,660 | 18,174 | 68,080 | (68 | ) | 213,846 | ||||||||||||||
Prepaid expenses and other current assets | 8,269 | 1,874 | 6,970 | (202 | ) | 16,911 | ||||||||||||||
Total current assets | 221,563 | 42,084 | 142,474 | (3,745 | ) | 402,376 | ||||||||||||||
Investment in joint venture | 43,179 | — | — | — | 43,179 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 14,277 | — | 68,754 | |||||||||||||||
Intangible assets | 50,212 | — | 15,756 | — | 65,968 | |||||||||||||||
Other assets | 27,733 | — | 3,554 | — | 31,287 | |||||||||||||||
Investment in subsidiaries | 113,646 | — | — | (113,646 | ) | — | ||||||||||||||
Receivables from affiliates | 93,399 | 35,145 | 3,513 | (132,057 | ) | — | ||||||||||||||
Property, plant and equipment, net | 49,810 | 12,472 | 12,932 | — | 75,214 | |||||||||||||||
Total assets | $ | 641,046 | $ | 102,674 | $ | 192,506 | $ | (249,448 | ) | $ | 686,778 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 55,502 | $ | 10,467 | $ | 22,305 | $ | — | $ | 88,274 | ||||||||||
Payables due to affiliates | 2,724 | — | 751 | (3,475 | ) | — | ||||||||||||||
Other current liabilities | 26,427 | 598 | 8,889 | — | 35,914 | |||||||||||||||
Current portion of long-term debt | 371 | — | 25 | — | 396 | |||||||||||||||
Total current liabilities | 85,024 | 11,065 | 31,970 | (3,475 | ) | 124,584 | ||||||||||||||
Long-term debt, less current portion | 246,571 | — | 30 | — | 246,601 | |||||||||||||||
Payables due to affiliates | — | 7,971 | 124,086 | (132,057 | ) | — | ||||||||||||||
Deferred income taxes | 4,193 | 7,111 | (1,155 | ) | — | 10,149 | ||||||||||||||
Other non-current liabilities | 11,541 | — | 186 | — | 11,727 | |||||||||||||||
Stockholders’ equity | 293,717 | 76,527 | 37,389 | (113,916 | ) | 293,717 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 641,046 | $ | 102,674 | $ | 192,506 | $ | (249,448 | ) | $ | 686,778 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,675 | $ | 495 | $ | 21,659 | $ | — | $ | 30,829 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 67,536 | 18,305 | 42,703 | — | 128,544 | |||||||||||||||
Receivables from affiliates | 2,811 | — | — | (2,811 | ) | — | ||||||||||||||
Inventories | 133,139 | 16,357 | 65,472 | (68 | ) | 214,900 | ||||||||||||||
Prepaid expenses and other current assets | 8,383 | 2,244 | 5,993 | (202 | ) | 16,418 | ||||||||||||||
Total current assets | 220,544 | 37,401 | 135,827 | (3,081 | ) | 390,691 | ||||||||||||||
Investment in joint venture | 41,879 | — | — | — | 41,879 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 14,812 | — | 69,289 | |||||||||||||||
Intangible assets | 52,703 | — | 16,786 | — | 69,489 | |||||||||||||||
Other assets | 28,145 | — | 3,635 | — | 31,780 | |||||||||||||||
Investment in subsidiaries | 119,075 | — | — | (119,075 | ) | — | ||||||||||||||
Receivables from affiliates | 87,247 | 34,637 | 1,465 | (123,349 | ) | — | ||||||||||||||
Property, plant and equipment, net | 50,812 | 12,855 | 13,027 | — | 76,694 | |||||||||||||||
Total assets | $ | 641,909 | $ | 97,866 | $ | 185,552 | $ | (245,505 | ) | $ | 679,822 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 41,233 | $ | 8,274 | $ | 20,070 | $ | — | $ | 69,577 | ||||||||||
Payables due to affiliates | 2,270 | — | 541 | (2,811 | ) | — | ||||||||||||||
Other current liabilities | 22,801 | 944 | 7,622 | — | 31,367 | |||||||||||||||
Current portion of long-term debt | 371 | — | 26 | — | 397 | |||||||||||||||
Total current liabilities | 66,675 | 9,218 | 28,259 | (2,811 | ) | 101,341 | ||||||||||||||
Long-term debt, less current portion | 245,561 | — | 38 | — | 245,599 | |||||||||||||||
Payables due to affiliates | — | 6,579 | 116,770 | (123,349 | ) | — | ||||||||||||||
Deferred income taxes | 7,823 | 7,061 | (4,151 | ) | — | 10,733 | ||||||||||||||
Other non-current liabilities | 11,956 | — | 299 | — | 12,255 | |||||||||||||||
Stockholders’ equity | 309,894 | 75,008 | 44,337 | (119,345 | ) | 309,894 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 641,909 | $ | 97,866 | $ | 185,552 | $ | (245,505 | ) | $ | 679,822 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 164,206 | $ | 34,347 | $ | 59,966 | $ | (5,109 | ) | $ | 253,410 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 121,912 | 24,105 | 47,623 | (5,109 | ) | 188,531 | ||||||||||||||
Warehouse, processing and delivery expense | 26,003 | 2,982 | 6,396 | — | 35,381 | |||||||||||||||
Sales, general and administrative expense | 19,961 | 4,829 | 4,834 | — | 29,624 | |||||||||||||||
Restructuring charges | 739 | — | — | — | 739 | |||||||||||||||
Depreciation and amortization expense | 4,890 | 532 | 1,035 | — | 6,457 | |||||||||||||||
Operating (loss) income | (9,299 | ) | 1,899 | 78 | — | (7,322 | ) | |||||||||||||
Interest expense, net | (6,166 | ) | — | (3,786 | ) | — | (9,952 | ) | ||||||||||||
Other expense | — | — | (682 | ) | — | (682 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (15,465 | ) | 1,899 | (4,390 | ) | — | (17,956 | ) | ||||||||||||
Income taxes | 2,574 | (380 | ) | (2,143 | ) | — | 51 | |||||||||||||
Equity in (losses) earnings of subsidiaries | (5,014 | ) | — | — | 5,014 | — | ||||||||||||||
Equity in earnings of joint venture | 1,907 | — | — | — | 1,907 | |||||||||||||||
Net (loss) income | (15,998 | ) | 1,519 | (6,533 | ) | 5,014 | (15,998 | ) | ||||||||||||
Comprehensive (loss) income | $ | (16,160 | ) | $ | 1,519 | $ | (6,948 | ) | $ | 5,429 | $ | (16,160 | ) | |||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 202,909 | $ | 34,334 | $ | 66,568 | $ | (11,097 | ) | $ | 292,714 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 154,728 | 24,438 | 51,362 | (11,097 | ) | 219,431 | ||||||||||||||
Warehouse, processing and delivery expense | 26,502 | 3,098 | 5,984 | — | 35,584 | |||||||||||||||
Sales, general and administrative expense | 19,615 | 4,509 | 5,752 | — | 29,876 | |||||||||||||||
Restructuring charges | 1,820 | — | 405 | — | 2,225 | |||||||||||||||
Depreciation and amortization expense | 5,008 | 544 | 1,019 | — | 6,571 | |||||||||||||||
Operating (loss) income | (4,764 | ) | 1,745 | 2,046 | — | (973 | ) | |||||||||||||
Interest expense, net | (6,492 | ) | — | (3,696 | ) | — | (10,188 | ) | ||||||||||||
Other expense | — | — | (2,299 | ) | — | (2,299 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (11,256 | ) | 1,745 | (3,949 | ) | — | (13,460 | ) | ||||||||||||
Income taxes | 1,110 | (198 | ) | 457 | — | 1,369 | ||||||||||||||
Equity in (losses) earnings of subsidiaries | (1,945 | ) | — | — | 1,945 | — | ||||||||||||||
Equity in earnings of joint venture | 1,469 | — | — | — | 1,469 | |||||||||||||||
Net (loss) income | $ | (10,622 | ) | $ | 1,547 | $ | (3,492 | ) | $ | 1,945 | $ | (10,622 | ) | |||||||
Comprehensive (loss) income | $ | (10,244 | ) | $ | 1,547 | $ | (3,459 | ) | $ | 1,912 | $ | (10,244 | ) | |||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (15,998 | ) | $ | 1,519 | $ | (6,533 | ) | $ | 5,014 | $ | (15,998 | ) | |||||||
Equity in losses (earnings) of subsidiaries | 5,014 | — | — | (5,014 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 13,635 | (1,399 | ) | 893 | — | 13,129 | ||||||||||||||
Net cash (used in) from operating activities | 2,651 | 120 | (5,640 | ) | — | (2,869 | ) | |||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (1,236 | ) | (149 | ) | (627 | ) | — | (2,012 | ) | |||||||||||
Other investing activities | 3 | — | 43 | — | 46 | |||||||||||||||
Net cash used in investing activities | (1,233 | ) | (149 | ) | (584 | ) | — | (1,966 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 10,500 | — | 1,006 | — | 11,506 | |||||||||||||||
Repayments of long-term debt | (10,593 | ) | — | (1,012 | ) | — | (11,605 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (6,152 | ) | 884 | 5,268 | — | — | ||||||||||||||
Other financing activities | 45 | — | — | — | 45 | |||||||||||||||
Net cash (used in) from financing activities | (6,200 | ) | 884 | 5,262 | — | (54 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (232 | ) | — | (232 | ) | |||||||||||||
(Decrease) increase in cash and cash equivalents | (4,782 | ) | 855 | (1,194 | ) | — | (5,121 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 8,675 | 495 | 21,659 | — | 30,829 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 3,893 | $ | 1,350 | $ | 20,465 | $ | — | $ | 25,708 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (10,622 | ) | $ | 1,547 | $ | (3,492 | ) | $ | 1,945 | $ | (10,622 | ) | |||||||
Equity in losses (earnings) of subsidiaries | 1,945 | — | — | (1,945 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 45,508 | (2,424 | ) | 123 | — | 43,207 | ||||||||||||||
Net cash from (used in) operating activities | 36,831 | (877 | ) | (3,369 | ) | — | 32,585 | |||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (1,287 | ) | (482 | ) | (112 | ) | — | (1,881 | ) | |||||||||||
Other investing activities | 463 | 5 | — | — | 468 | |||||||||||||||
Net cash used in investing activities | (824 | ) | (477 | ) | (112 | ) | — | (1,413 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 106,500 | — | — | — | 106,500 | |||||||||||||||
Repayments of long-term debt | (137,107 | ) | — | (762 | ) | — | (137,869 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (4,717 | ) | 475 | 4,242 | — | — | ||||||||||||||
Other financing activities | 651 | — | — | — | 651 | |||||||||||||||
Net cash (used in) from financing activities | (34,673 | ) | 475 | 3,480 | — | (30,718 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (691 | ) | — | (691 | ) | |||||||||||||
(Decrease) increase in cash and cash equivalents | 1,334 | (879 | ) | (692 | ) | — | (237 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 4,106 | 903 | 16,598 | — | 21,607 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 5,440 | $ | 24 | $ | 15,906 | $ | — | $ | 21,370 | ||||||||||
New_Accounting_Standards_Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Standards Updates Adopted | |
Effective January 1, 2014, the Company adopted Accounting Standards Update ("ASU") No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available or when the deferred tax asset is not intended for this purpose. The adoption of this ASU did not have a material impact on the Company's financial condition. |
Earnings_Per_Share_Tables
Earnings Per Share - (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 months ended March 31, 2014 and 2013: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net loss | $ | (15,998 | ) | $ | (10,622 | ) | ||
Denominator: | ||||||||
Denominator for basic loss per share: | ||||||||
Weighted average common shares outstanding | 23,324 | 23,127 | ||||||
Effect of dilutive securities: | ||||||||
Outstanding common stock equivalents | — | — | ||||||
Denominator for diluted earnings per share | 23,324 | 23,127 | ||||||
Basic loss per share | $ | (0.69 | ) | $ | (0.46 | ) | ||
Diluted loss per share | $ | (0.69 | ) | $ | (0.46 | ) | ||
Excluded outstanding share-based awards having an anti-dilutive effect | 1,049 | 1,316 | ||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 1,610 | 2,054 | ||||||
Joint_Venture_Tables
Joint Venture - (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 March 31, 2014 and 2013: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 65,251 | $ | 57,329 | ||||
Cost of materials | 54,303 | 48,219 | ||||||
Income before taxes | 4,804 | 3,356 | ||||||
Net income | 3,814 | 2,938 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in carrying amounts of goodwill | ' | |||||||||||||||
The changes in carrying amounts of goodwill during the three months ended March 31, 2014 were as follows: | ||||||||||||||||
Metals | Plastics | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Balance as of January 1, 2014 | ||||||||||||||||
Goodwill | $ | 116,533 | $ | 12,973 | $ | 129,506 | ||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of January 1, 2014 | 56,316 | 12,973 | 69,289 | |||||||||||||
Currency valuation | (535 | ) | — | (535 | ) | |||||||||||
Balance as of March 31, 2014 | ||||||||||||||||
Goodwill | 115,998 | 12,973 | 128,971 | |||||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | |||||||||||
Balance as of March 31, 2014 | $ | 55,781 | $ | 12,973 | $ | 68,754 | ||||||||||
Summary of the components of intangible assets | ' | |||||||||||||||
The following table summarizes the components of intangible assets: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer relationships | $ | 117,141 | $ | 57,579 | $ | 117,794 | $ | 55,157 | ||||||||
Non-compete agreements | 3,888 | 3,652 | 3,888 | 3,569 | ||||||||||||
Trade name | 7,953 | 2,114 | 8,025 | 1,939 | ||||||||||||
Developed technology | 1,400 | 1,069 | 1,400 | 953 | ||||||||||||
Total | $ | 130,382 | $ | 64,414 | $ | 131,107 | $ | 61,618 | ||||||||
Summary of the estimated annual amortization expense | ' | |||||||||||||||
The following is a summary of the estimated annual amortization expense for 2014 and each of the next 4 years: | ||||||||||||||||
2014 | $ | 11,639 | ||||||||||||||
2015 | 10,872 | |||||||||||||||
2016 | 10,872 | |||||||||||||||
2017 | 8,849 | |||||||||||||||
2018 | 4,728 | |||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Short-term and long-term debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
LONG-TERM DEBT | ||||||||
12.75% Senior Secured Notes due December 15, 2016 | $ | 210,000 | $ | 210,000 | ||||
7.0% Convertible Notes due December 15, 2017 | 57,500 | 57,500 | ||||||
Revolving Credit Facility due December 15, 2015 | — | — | ||||||
Other, primarily capital leases | 895 | 998 | ||||||
Total long-term debt | 268,395 | 268,498 | ||||||
Less: unamortized discount | (21,398 | ) | (22,502 | ) | ||||
Less: current portion | (396 | ) | (397 | ) | ||||
Total long-term portion | 246,601 | 245,599 | ||||||
TOTAL DEBT | $ | 246,997 | $ | 245,996 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Assumptions, Convertible Notes | ' | |||||||||||||||
The main inputs and assumptions into the fair value model for the Convertible Notes at March 31, 2014 were as follows: | ||||||||||||||||
Company's stock price at the end of the period | $ | 14.69 | ||||||||||||||
Expected volatility | 27.2 | % | ||||||||||||||
Credit spreads | 5.05 | % | ||||||||||||||
Risk-free interest rate | 1.32 | % | ||||||||||||||
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 March 31, 2014 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,663 | $ | — | $ | 2,663 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,871 | $ | — | $ | 2,871 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Comprehensive (loss) income | ' | |||||||||||||||||||||||
The Company’s comprehensive loss for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net loss | $ | (15,998 | ) | $ | (10,622 | ) | ||||||||||||||||||
Foreign currency translation (loss) gain | (415 | ) | 33 | |||||||||||||||||||||
Pension cost amortization, net of tax | 253 | 345 | ||||||||||||||||||||||
Total comprehensive loss | $ | (16,160 | ) | $ | (10,244 | ) | ||||||||||||||||||
Components of accumulated other comprehensive loss | ' | |||||||||||||||||||||||
The components of accumulated other comprehensive loss are as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency translation losses | $ | (5,032 | ) | $ | (4,617 | ) | ||||||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (13,873 | ) | (14,126 | ) | ||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (18,905 | ) | $ | (18,743 | ) | ||||||||||||||||||
Schedule of Change In Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||
Changes in accumulated other comprehensive loss by component are as follows: | ||||||||||||||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Balance as of January 1, | $ | (14,126 | ) | $ | (18,749 | ) | $ | (4,617 | ) | $ | (2,322 | ) | $ | (18,743 | ) | $ | (21,071 | ) | ||||||
Other comprehensive (loss) income before reclassifications | — | — | (415 | ) | 33 | (415 | ) | 33 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 253 | 345 | — | — | 253 | 345 | ||||||||||||||||||
Net current period other comprehensive (loss) income | 253 | 345 | (415 | ) | 33 | (162 | ) | 378 | ||||||||||||||||
Balance as of March 31, | $ | (13,873 | ) | $ | (18,404 | ) | $ | (5,032 | ) | $ | (2,289 | ) | $ | (18,905 | ) | $ | (20,693 | ) | ||||||
(a) See the table below for details of reclassification from accumulated other comprehensive loss. | ||||||||||||||||||||||||
Reclassifications From Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss are as follows: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Amortization of defined benefit pension and postretirement items | ||||||||||||||||||||||||
Prior service cost (b) | $ | (71 | ) | $ | (81 | ) | ||||||||||||||||||
Actuarial loss (b) | (345 | ) | (485 | ) | ||||||||||||||||||||
Total before Tax | (416 | ) | (566 | ) | ||||||||||||||||||||
Tax benefit | 163 | 221 | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (253 | ) | $ | (345 | ) | ||||||||||||||||||
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost for the three months ended March 31, 2014 and 2013 (see Note 11 for additional details). |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
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 performance condition that were granted to executive officers and other select personnel under the 2014 LTC Plan of $20.16 was estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||
2014 | ||||||||||
Expected volatility | 40.8 | % | ||||||||
Risk-free interest rate | 0.79 | % | ||||||||
Expected life (in years) | 2.77 | |||||||||
Expected dividend yield | — | |||||||||
Summary of award information associated with market and non-market-based performance condition awards | ' | |||||||||
The award information associated with RTSR and ROIC 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 | |||||||||
RTSR performance condition | $ | 20.16 | 98 | 229 | ||||||
ROIC performance condition | $ | 14.35 | 80 | 229 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
Components of the net periodic pension and postretirement benefit cost for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 127 | $ | 213 | ||||
Interest cost | 1,740 | 1,619 | ||||||
Expected return on assets | (2,095 | ) | (2,320 | ) | ||||
Amortization of prior service cost | 71 | 81 | ||||||
Amortization of actuarial loss | 345 | 485 | ||||||
Net periodic pension and postretirement benefit cost | $ | 188 | $ | 78 | ||||
Contributions paid | $ | — | $ | — | ||||
Restructuring_Activity_Tables
Restructuring Activity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | |||||||||||||||||||||||
Restructuring activity related to the October 2013 announced plant consolidations for the three months ended March 31, 2014 is summarized below: | ||||||||||||||||||||||||
Period Activity | ||||||||||||||||||||||||
Balance January 1, 2014 | Charges (a) | Cash payments | Balance March 31, 2014 | Cumulative Charges Incurred to Date | Total Charges Expected to be Incurred | |||||||||||||||||||
Moving costs associated with plant consolidations | $ | — | $ | 739 | $ | (739 | ) | $ | — | $ | 1,051 | $ | 2,270 | |||||||||||
Employee termination and related benefits | 129 | — | (118 | ) | 11 | 129 | 130 | |||||||||||||||||
Total October 2013 plant consolidations | 129 | 739 | (857 | ) | 11 | 1,180 | 2,400 | |||||||||||||||||
(a) Costs associated with moving and plant consolidations and employee termination and related benefits are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. | ||||||||||||||||||||||||
Activity for the restructuring liability for the three months ended March 31, 2014 is summarized below: | ||||||||||||||||||||||||
Balance January 1, 2014 | Charges | Cash payments | Balance March 31, 2014 (a) | |||||||||||||||||||||
Lease termination costs | 921 | — | (117 | ) | 804 | |||||||||||||||||||
(a) 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 consolidated financial statements of future periods. As of March 31, 2014, the short-term portion of the lease termination costs in the restructuring liability of $465 is included in accrued liabilities and the long-term portion of $339 is included in other non-current liabilities in the Consolidated Balance Sheet. | ||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||||||||||
The Company recorded the following restructuring charges during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Employee termination and related benefits | $ | — | $ | 1,398 | ||||||||||||||||||||
Moving costs associated with plant consolidations | 739 | 859 | ||||||||||||||||||||||
Other exit costs | — | 42 | ||||||||||||||||||||||
Inventory write-offs | — | 683 | ||||||||||||||||||||||
Total | $ | 739 | $ | 2,982 | ||||||||||||||||||||
Income_Taxes_Tables
Income Taxes - (Tables) | 3 Months Ended | |
Mar. 31, 2014 | ||
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 2013 | |
U.S. States | 2009 to 2013 | |
Foreign | 2008 to 2013 |
Segment_Reporting_Tables
Segment Reporting - (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Segment information for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2014 | ||||||||||||||||
Metals segment | $ | 219,063 | $ | (6,232 | ) | $ | 1,878 | $ | 6,056 | |||||||
Plastics segment | 34,347 | 1,507 | 134 | 401 | ||||||||||||
Other (a) | — | (2,597 | ) | — | — | |||||||||||
Consolidated | $ | 253,410 | $ | (7,322 | ) | $ | 2,012 | $ | 6,457 | |||||||
2013 | ||||||||||||||||
Metals segment | $ | 258,380 | $ | (275 | ) | $ | 1,127 | $ | 6,165 | |||||||
Plastics segment | 34,334 | 1,181 | 480 | 406 | ||||||||||||
Other (a) | — | (1,879 | ) | — | — | |||||||||||
Consolidated | $ | 292,714 | $ | (973 | ) | $ | 1,607 | $ | 6,571 | |||||||
(a) | “Other” – Operating income includes the costs of executive, legal and finance departments, which are shared by both the Metals and Plastics segments. | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
Below are reconciliations of segment data to consolidated loss before income taxes for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Operating loss | $ | (7,322 | ) | $ | (973 | ) | ||||||||||
Interest expense, net | (9,952 | ) | (10,188 | ) | ||||||||||||
Other expense | (682 | ) | (2,299 | ) | ||||||||||||
Loss before income taxes and equity in earnings of joint venture | (17,956 | ) | (13,460 | ) | ||||||||||||
Equity in earnings of joint venture | 1,907 | 1,469 | ||||||||||||||
Consolidated loss before income taxes | $ | (16,049 | ) | $ | (11,991 | ) | ||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||
Segment information for total assets is as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Metals segment | $ | 581,881 | $ | 580,570 | ||||||||||||
Plastics segment | 61,718 | 57,373 | ||||||||||||||
Other (a) | 43,179 | 41,879 | ||||||||||||||
Consolidated | $ | 686,778 | $ | 679,822 | ||||||||||||
(a) | “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor_Finanical_Informatio1
Guarantor Finanical Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Guarantees [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,893 | $ | 1,350 | $ | 20,465 | $ | — | $ | 25,708 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 78,266 | 20,686 | 46,959 | — | 145,911 | |||||||||||||||
Receivables from affiliates | 3,475 | — | — | (3,475 | ) | — | ||||||||||||||
Inventories | 127,660 | 18,174 | 68,080 | (68 | ) | 213,846 | ||||||||||||||
Prepaid expenses and other current assets | 8,269 | 1,874 | 6,970 | (202 | ) | 16,911 | ||||||||||||||
Total current assets | 221,563 | 42,084 | 142,474 | (3,745 | ) | 402,376 | ||||||||||||||
Investment in joint venture | 43,179 | — | — | — | 43,179 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 14,277 | — | 68,754 | |||||||||||||||
Intangible assets | 50,212 | — | 15,756 | — | 65,968 | |||||||||||||||
Other assets | 27,733 | — | 3,554 | — | 31,287 | |||||||||||||||
Investment in subsidiaries | 113,646 | — | — | (113,646 | ) | — | ||||||||||||||
Receivables from affiliates | 93,399 | 35,145 | 3,513 | (132,057 | ) | — | ||||||||||||||
Property, plant and equipment, net | 49,810 | 12,472 | 12,932 | — | 75,214 | |||||||||||||||
Total assets | $ | 641,046 | $ | 102,674 | $ | 192,506 | $ | (249,448 | ) | $ | 686,778 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 55,502 | $ | 10,467 | $ | 22,305 | $ | — | $ | 88,274 | ||||||||||
Payables due to affiliates | 2,724 | — | 751 | (3,475 | ) | — | ||||||||||||||
Other current liabilities | 26,427 | 598 | 8,889 | — | 35,914 | |||||||||||||||
Current portion of long-term debt | 371 | — | 25 | — | 396 | |||||||||||||||
Total current liabilities | 85,024 | 11,065 | 31,970 | (3,475 | ) | 124,584 | ||||||||||||||
Long-term debt, less current portion | 246,571 | — | 30 | — | 246,601 | |||||||||||||||
Payables due to affiliates | — | 7,971 | 124,086 | (132,057 | ) | — | ||||||||||||||
Deferred income taxes | 4,193 | 7,111 | (1,155 | ) | — | 10,149 | ||||||||||||||
Other non-current liabilities | 11,541 | — | 186 | — | 11,727 | |||||||||||||||
Stockholders’ equity | 293,717 | 76,527 | 37,389 | (113,916 | ) | 293,717 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 641,046 | $ | 102,674 | $ | 192,506 | $ | (249,448 | ) | $ | 686,778 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,675 | $ | 495 | $ | 21,659 | $ | — | $ | 30,829 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 67,536 | 18,305 | 42,703 | — | 128,544 | |||||||||||||||
Receivables from affiliates | 2,811 | — | — | (2,811 | ) | — | ||||||||||||||
Inventories | 133,139 | 16,357 | 65,472 | (68 | ) | 214,900 | ||||||||||||||
Prepaid expenses and other current assets | 8,383 | 2,244 | 5,993 | (202 | ) | 16,418 | ||||||||||||||
Total current assets | 220,544 | 37,401 | 135,827 | (3,081 | ) | 390,691 | ||||||||||||||
Investment in joint venture | 41,879 | — | — | — | 41,879 | |||||||||||||||
Goodwill | 41,504 | 12,973 | 14,812 | — | 69,289 | |||||||||||||||
Intangible assets | 52,703 | — | 16,786 | — | 69,489 | |||||||||||||||
Other assets | 28,145 | — | 3,635 | — | 31,780 | |||||||||||||||
Investment in subsidiaries | 119,075 | — | — | (119,075 | ) | — | ||||||||||||||
Receivables from affiliates | 87,247 | 34,637 | 1,465 | (123,349 | ) | — | ||||||||||||||
Property, plant and equipment, net | 50,812 | 12,855 | 13,027 | — | 76,694 | |||||||||||||||
Total assets | $ | 641,909 | $ | 97,866 | $ | 185,552 | $ | (245,505 | ) | $ | 679,822 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 41,233 | $ | 8,274 | $ | 20,070 | $ | — | $ | 69,577 | ||||||||||
Payables due to affiliates | 2,270 | — | 541 | (2,811 | ) | — | ||||||||||||||
Other current liabilities | 22,801 | 944 | 7,622 | — | 31,367 | |||||||||||||||
Current portion of long-term debt | 371 | — | 26 | — | 397 | |||||||||||||||
Total current liabilities | 66,675 | 9,218 | 28,259 | (2,811 | ) | 101,341 | ||||||||||||||
Long-term debt, less current portion | 245,561 | — | 38 | — | 245,599 | |||||||||||||||
Payables due to affiliates | — | 6,579 | 116,770 | (123,349 | ) | — | ||||||||||||||
Deferred income taxes | 7,823 | 7,061 | (4,151 | ) | — | 10,733 | ||||||||||||||
Other non-current liabilities | 11,956 | — | 299 | — | 12,255 | |||||||||||||||
Stockholders’ equity | 309,894 | 75,008 | 44,337 | (119,345 | ) | 309,894 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 641,909 | $ | 97,866 | $ | 185,552 | $ | (245,505 | ) | $ | 679,822 | |||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 164,206 | $ | 34,347 | $ | 59,966 | $ | (5,109 | ) | $ | 253,410 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 121,912 | 24,105 | 47,623 | (5,109 | ) | 188,531 | ||||||||||||||
Warehouse, processing and delivery expense | 26,003 | 2,982 | 6,396 | — | 35,381 | |||||||||||||||
Sales, general and administrative expense | 19,961 | 4,829 | 4,834 | — | 29,624 | |||||||||||||||
Restructuring charges | 739 | — | — | — | 739 | |||||||||||||||
Depreciation and amortization expense | 4,890 | 532 | 1,035 | — | 6,457 | |||||||||||||||
Operating (loss) income | (9,299 | ) | 1,899 | 78 | — | (7,322 | ) | |||||||||||||
Interest expense, net | (6,166 | ) | — | (3,786 | ) | — | (9,952 | ) | ||||||||||||
Other expense | — | — | (682 | ) | — | (682 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (15,465 | ) | 1,899 | (4,390 | ) | — | (17,956 | ) | ||||||||||||
Income taxes | 2,574 | (380 | ) | (2,143 | ) | — | 51 | |||||||||||||
Equity in (losses) earnings of subsidiaries | (5,014 | ) | — | — | 5,014 | — | ||||||||||||||
Equity in earnings of joint venture | 1,907 | — | — | — | 1,907 | |||||||||||||||
Net (loss) income | (15,998 | ) | 1,519 | (6,533 | ) | 5,014 | (15,998 | ) | ||||||||||||
Comprehensive (loss) income | $ | (16,160 | ) | $ | 1,519 | $ | (6,948 | ) | $ | 5,429 | $ | (16,160 | ) | |||||||
Condensed Consolidating Statement of Operations and Comprehensive Loss | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 202,909 | $ | 34,334 | $ | 66,568 | $ | (11,097 | ) | $ | 292,714 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 154,728 | 24,438 | 51,362 | (11,097 | ) | 219,431 | ||||||||||||||
Warehouse, processing and delivery expense | 26,502 | 3,098 | 5,984 | — | 35,584 | |||||||||||||||
Sales, general and administrative expense | 19,615 | 4,509 | 5,752 | — | 29,876 | |||||||||||||||
Restructuring charges | 1,820 | — | 405 | — | 2,225 | |||||||||||||||
Depreciation and amortization expense | 5,008 | 544 | 1,019 | — | 6,571 | |||||||||||||||
Operating (loss) income | (4,764 | ) | 1,745 | 2,046 | — | (973 | ) | |||||||||||||
Interest expense, net | (6,492 | ) | — | (3,696 | ) | — | (10,188 | ) | ||||||||||||
Other expense | — | — | (2,299 | ) | — | (2,299 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (11,256 | ) | 1,745 | (3,949 | ) | — | (13,460 | ) | ||||||||||||
Income taxes | 1,110 | (198 | ) | 457 | — | 1,369 | ||||||||||||||
Equity in (losses) earnings of subsidiaries | (1,945 | ) | — | — | 1,945 | — | ||||||||||||||
Equity in earnings of joint venture | 1,469 | — | — | — | 1,469 | |||||||||||||||
Net (loss) income | $ | (10,622 | ) | $ | 1,547 | $ | (3,492 | ) | $ | 1,945 | $ | (10,622 | ) | |||||||
Comprehensive (loss) income | $ | (10,244 | ) | $ | 1,547 | $ | (3,459 | ) | $ | 1,912 | $ | (10,244 | ) | |||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (15,998 | ) | $ | 1,519 | $ | (6,533 | ) | $ | 5,014 | $ | (15,998 | ) | |||||||
Equity in losses (earnings) of subsidiaries | 5,014 | — | — | (5,014 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 13,635 | (1,399 | ) | 893 | — | 13,129 | ||||||||||||||
Net cash (used in) from operating activities | 2,651 | 120 | (5,640 | ) | — | (2,869 | ) | |||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (1,236 | ) | (149 | ) | (627 | ) | — | (2,012 | ) | |||||||||||
Other investing activities | 3 | — | 43 | — | 46 | |||||||||||||||
Net cash used in investing activities | (1,233 | ) | (149 | ) | (584 | ) | — | (1,966 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 10,500 | — | 1,006 | — | 11,506 | |||||||||||||||
Repayments of long-term debt | (10,593 | ) | — | (1,012 | ) | — | (11,605 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (6,152 | ) | 884 | 5,268 | — | — | ||||||||||||||
Other financing activities | 45 | — | — | — | 45 | |||||||||||||||
Net cash (used in) from financing activities | (6,200 | ) | 884 | 5,262 | — | (54 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (232 | ) | — | (232 | ) | |||||||||||||
(Decrease) increase in cash and cash equivalents | (4,782 | ) | 855 | (1,194 | ) | — | (5,121 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 8,675 | 495 | 21,659 | — | 30,829 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 3,893 | $ | 1,350 | $ | 20,465 | $ | — | $ | 25,708 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (10,622 | ) | $ | 1,547 | $ | (3,492 | ) | $ | 1,945 | $ | (10,622 | ) | |||||||
Equity in losses (earnings) of subsidiaries | 1,945 | — | — | (1,945 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 45,508 | (2,424 | ) | 123 | — | 43,207 | ||||||||||||||
Net cash from (used in) operating activities | 36,831 | (877 | ) | (3,369 | ) | — | 32,585 | |||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (1,287 | ) | (482 | ) | (112 | ) | — | (1,881 | ) | |||||||||||
Other investing activities | 463 | 5 | — | — | 468 | |||||||||||||||
Net cash used in investing activities | (824 | ) | (477 | ) | (112 | ) | — | (1,413 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 106,500 | — | — | — | 106,500 | |||||||||||||||
Repayments of long-term debt | (137,107 | ) | — | (762 | ) | — | (137,869 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (4,717 | ) | 475 | 4,242 | — | — | ||||||||||||||
Other financing activities | 651 | — | — | — | 651 | |||||||||||||||
Net cash (used in) from financing activities | (34,673 | ) | 475 | 3,480 | — | (30,718 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (691 | ) | — | (691 | ) | |||||||||||||
(Decrease) increase in cash and cash equivalents | 1,334 | (879 | ) | (692 | ) | — | (237 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 4,106 | 903 | 16,598 | — | 21,607 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 5,440 | $ | 24 | $ | 15,906 | $ | — | $ | 21,370 | ||||||||||
Earnings_Per_Share_Details
Earnings Per Share - (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' |
Net loss | ($15,998) | ($10,622) |
Denominator: | ' | ' |
Weighted average common shares outstanding | 23,324 | 23,127 |
Effect of dilutive securities: | ' | ' |
Outstanding common stock equivalents | 0 | 0 |
Denominator for diluted earnings per share | 23,324 | 23,127 |
Basic loss per share | ($0.69) | ($0.46) |
Diluted loss per share | ($0.69) | ($0.46) |
Excluded outstanding shared-based awards having an anti-dilutive effect | 1,049 | 1,316 |
Convertible Debt Securities | ' | ' |
Effect of dilutive securities: | ' | ' |
Excluded outstanding shared-based awards having an anti-dilutive effect | 1,610 | 2,054 |
Earnings_Per_Share_Dilutive_De
Earnings Per Share - Dilutive (Details) (Convertible Debt Securities, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Convertible Debt Securities | ' |
Dilutive Earnings Per Share [Line Items] | ' |
Stock conversion price, per share, convertible notes | $10.28 |
Outstanding common stock equivalents | 5,600 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
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 | $129,638 | $130,854 |
Joint_Venture_Related_Party_Ac
Joint Venture - Related Party Activity (Details) | Mar. 31, 2014 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net sales | $253,410 | $292,714 |
Cost of materials | 188,531 | 219,431 |
Income (loss) before taxes | -16,049 | -11,991 |
Net (loss) income | -15,998 | -10,622 |
Joint venture | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net sales | 65,251 | 57,329 |
Cost of materials | 54,303 | 48,219 |
Income (loss) before taxes | 4,804 | 3,356 |
Net (loss) income | $3,814 | $2,938 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Changes in carrying amounts of goodwill | ' | ' | ' |
Beginning Goodwill Gross | $129,506 | ' | ' |
Accumulated impairment losses | -60,217 | -60,217 | ' |
Goodwill Net Beginning Balance | 69,289 | ' | ' |
Currency valuation | -535 | ' | ' |
Ending Goodwill Gross | 128,971 | ' | ' |
Goodwill Net Ending Balance | 68,754 | ' | ' |
Goodwill, Impairment Loss | 0 | ' | ' |
Metals Segment | ' | ' | ' |
Changes in carrying amounts of goodwill | ' | ' | ' |
Beginning Goodwill Gross | 116,533 | ' | ' |
Accumulated impairment losses | -60,217 | -60,217 | ' |
Goodwill Net Beginning Balance | 56,316 | ' | ' |
Currency valuation | -535 | ' | ' |
Ending Goodwill Gross | 115,998 | ' | ' |
Goodwill Net Ending Balance | 55,781 | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | ' | ' | 13.00% |
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 | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | ' | ' | 23.00% |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangibles (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $130,382 | $131,107 |
Accumulated Amortization | 64,414 | 61,618 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 117,141 | 117,794 |
Accumulated Amortization | 57,579 | 55,157 |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3,888 | 3,888 |
Accumulated Amortization | 3,652 | 3,569 |
Trade name | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 7,953 | 8,025 |
Accumulated Amortization | 2,114 | 1,939 |
Developed technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,400 | 1,400 |
Accumulated Amortization | $1,069 | $953 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Amortization (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Aggregate Amortization Expense [Abstract] | ' | ' |
Amortization expense | $2,916 | $2,956 |
Summary of the estimated annual amortization expense | ' | ' |
2014 | 11,639 | ' |
2015 | 10,872 | ' |
2016 | 10,872 | ' |
2017 | 8,849 | ' |
2018 | $4,728 | ' |
Debt_Shortterm_and_Longterm_De
Debt Short-term and Long-term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ' | ' |
Senior Secured Notes Principal Amount | $210,000 | $210,000 |
Convertible Notes Principal Amount | 57,500 | 57,500 |
Revolving Credit Facility | 0 | 0 |
Other, primarily capital leases | 895 | 998 |
Total long-term debt | 268,395 | 268,498 |
Less: unamortized discount | -21,398 | -22,502 |
Less: current portion | -396 | -397 |
Total long-term portion | 246,601 | 245,599 |
TOTAL SHORT-TERM AND LONG-TERM DEBT | $246,997 | $245,996 |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | Jan. 21, 2014 | Dec. 15, 2011 |
In Thousands, unless otherwise specified | ||
Senior Secured Notes Due in 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate principal amount issued | ' | $225,000 |
Stated interest rate on debt | ' | 12.75% |
Convertible Notes Due in 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate principal amount issued | ' | 57,500 |
Stated interest rate on debt | ' | 7.00% |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $125,000 | $100,000 |
Debt_Secured_Notes_Details
Debt Secured Notes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 15, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Notes Principal Amount | $210,000 | $210,000 | ' |
Senior Secured Notes Due in 2016 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Extinguishment of Debt, Amount | ' | 15,000 | ' |
Maturity date | 15-Dec-16 | ' | ' |
Stated interest rate on debt | ' | ' | 12.75% |
Timeframe after the end of each fiscal year that the Company must make an offer to purchase New Secured Notes with certain of its excess cash flow for such fiscal year. Days After Fiscal Year End | '95 days | ' | ' |
Redemption Price, Stated as a Percentage of Principal, Percentage, Excess Cash Flow | 103.00% | ' | ' |
Excess cash flow, Secured Notes Indebture Agreement | ' | $0 | ' |
Domestic Subsidiaries [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Subsidiary, Ownership Percentage | 100.00% | ' | ' |
Debt_Convertible_Notes_Details
Debt Convertible Notes (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 15, 2011 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | Convertible Notes Due in 2017 [Member] | Convertible Notes Due in 2017 [Member] | Minimum | ||
Convertible Notes Due in 2017 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 15-Dec-17 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 7.00% | ' |
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 | ' | ' | 1,644 | ' | ' |
Debt_Revolving_Credit_Agreemen
Debt Revolving Credit Agreement (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 21, 2014 | Dec. 15, 2011 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum | Maximum | ||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Incremental Commitment | ' | ' | ' | $25,000 | ' | ' | ' |
Weighted average interest rate for borrowings | ' | ' | 3.12% | ' | ' | ' | ' |
Revolving Credit Facility | 0 | 0 | ' | ' | ' | ' | ' |
Ratio of EBITDA to fixed charges, springing covenant | 0.14 | ' | ' | ' | ' | 1.1 | ' |
Line of Credit Facility, Borrowing Capacity excluding minimum excess availability, springing covenant | ' | ' | 99,683 | ' | ' | ' | ' |
Percentage of excess availability to calculated borrowing base | ' | ' | ' | ' | ' | 10.00% | 12.50% |
Excess Availability, upper bound, Springing Covenant | ' | ' | ' | ' | ' | ' | 15,625 |
Excess Availability, lower bound, springing covenant | ' | ' | ' | ' | ' | 12,500 | ' |
Excess availability, revolving credit facility | ' | ' | 115,308 | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 125,000 | 100,000 | ' | ' |
Line of Credit, Terms, Provision to Increase the Aggregate Amount of Commitments Under Certain Conditions, Amount | ' | ' | $25,000 | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Estimated fair value of senior secured notes | $235,725 | ' | ' |
Carrying value of senior secured notes | 205,380 | ' | ' |
Estimated fair value of convertible debt | 89,370 | ' | ' |
Carrying value of convertible debt | 40,722 | ' | ' |
Forward Contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' | 0 |
Derivative, Notional Amount | 11,156 | ' | ' |
Gain (Losses) as a result of changes in the fair value of the contracts | ($286) | ($1,299) | ' |
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 | $14.69 | ' | ' |
Expected volatility | 27.20% | ' | ' |
Credit spreads | 5.05% | ' | ' |
Risk-free interest rate | 1.32% | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Forward Contracts, Not Designated as Hedging Instrument, Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability for commodity hedges | $2,663 | $2,871 |
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 | 2,663 | 2,871 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability for commodity hedges | $0 | $0 |
Stockholders_Equity_Comprehens
Stockholders' Equity Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' |
Net (loss) income | ($15,998) | ($10,622) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | -415 | 33 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 253 | 345 |
Comprehensive (loss) income | ($16,160) | ($10,244) |
Stockholders_Equity_AOCI_Detai
Stockholders' Equity AOCI (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Components of accumulated other comprehensive loss | ' | ' | ' | ' |
Foreign currency translation losses | ($5,032) | ($4,617) | ($2,289) | ($2,322) |
Unrecognized pension and postretirement benefit costs, net of tax | -13,873 | -14,126 | -18,404 | -18,749 |
Total accumulated other comprehensive loss | ($18,905) | ($18,743) | ($20,693) | ($21,071) |
Stockholders_Equity_Narrative_
Stockholders' Equity Narrative (Details) (Right plan) | 3 Months Ended |
Mar. 31, 2014 | |
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 | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Net of Tax | ($13,873) | ($18,404) | ($14,126) | ($18,749) | ||
Accumulated Other Comprehensive Loss, Foreign Currency Translation Adjustment, Net of Tax | -5,032 | -2,289 | -4,617 | -2,322 | ||
Beginning Balance | -18,743 | -21,071 | ' | ' | ||
Other comprehensive (loss) income before reclassifications | -415 | 33 | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 253 | [1] | 345 | [1] | ' | ' |
Net current period other comprehensive (loss) income | -162 | 378 | ' | ' | ||
Ending Balance | -18,905 | -20,693 | ' | ' | ||
Defined Benefit Pension and Postretirement Items | ' | ' | ' | ' | ||
Other comprehensive (loss) income before reclassifications | 0 | 0 | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 253 | [1] | 345 | [1] | ' | ' |
Net current period other comprehensive (loss) income | 253 | 345 | ' | ' | ||
Foreign Currency Items | ' | ' | ' | ' | ||
Other comprehensive (loss) income before reclassifications | -415 | 33 | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 0 | [1] | 0 | [1] | ' | ' |
Net current period other comprehensive (loss) income | ($415) | $33 | ' | ' | ||
[1] | See the table below for details of reclassification from accumulated other comprehensive loss. |
Stockholders_Equity_AOCI_Recla
Stockholders' Equity AOCI Reclassification (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Equity [Abstract] | ' | ' | ||
Prior service cost | ($71) | [1] | ($81) | [1] |
Actuarial loss | -345 | [1] | -485 | [1] |
Total before tax | -416 | -566 | ||
Tax benefit | 163 | 221 | ||
Total reclassifications for the period, net of tax | ($253) | [2] | ($345) | [2] |
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost for the three months ended March 31, 2014 and 2013 (see Note 11 for additional details). | |||
[2] | See the table below for details of reclassification from accumulated other comprehensive loss. |
Sharebased_Compensation_Assump
Share-based Compensation Assumptions (Details) (Market Based Performance Condition one [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Market Based Performance Condition one [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40.80% |
Risk-free interest rate | 0.79% |
Expected life (in years) | '2 years 9 months 6 days |
Expected dividend yield | 0.00% |
Sharebased_Compensation_Perfor
Share-based Compensation Performance Shares (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Market Based Performance Condition one [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 40.80% |
Risk-free interest rate | 0.79% |
Expected life (in years) | '2 years 9 months 6 days |
Expected dividend yield | 0.00% |
Long-Term Compensation Plan - 2014 [Member] [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 - 2014 [Member] [Member] | Market Based Performance Condition one [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | 20.16 |
Estimated Number of Performance Shares to be Issued | 98 |
Maximum Number of Performance Shares that could Potentially be Issued | 229 |
Long-Term Compensation Plan - 2014 [Member] [Member] | Non Market Based Performance Condition One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant Date Fair Value | 14.35 |
Estimated Number of Performance Shares to be Issued | 80 |
Maximum Number of Performance Shares that could Potentially be Issued | 229 |
Sharebased_Compensation_Narrat
Share-based Compensation Narrative (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $7,245 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 6 months 17 days |
Restricted Share Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock, exchange value of vested PSU or RSU, shares | 1 |
Market Based Performance Share Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
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 - 2014 [Member] [Member] | Restricted Stock Units condition one [Member] | ' |
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 | 114,000 |
Grant Date Fair Value | $14.35 |
Long-Term Compensation Plan - 2014 [Member] [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 | 229,000 |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Contributions paid | $0 | $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 | 127 | 213 |
Interest cost | 1,740 | 1,619 |
Expected return on assets | -2,095 | -2,320 |
Amortization of prior service cost | 71 | 81 |
Amortization of actuarial loss | 345 | 485 |
Net periodic pension and postretirement benefit cost (credit) | $188 | $78 |
Restructuring_Activity_Details
Restructuring Activity (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | $739 | $2,982 | |
Employee Termination and Related Benefits [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | 0 | 1,398 | |
Moving Costs Associated with Plant Consolidations [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | 739 | 859 | |
Other Exit Costs [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | 0 | 42 | |
Inventory Writedowns [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | 0 | 683 | |
Restructuring Plan 1 [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Number Of Plants Consolidated in Restructuring | 5 | ' | |
Restructuring Plan 2 [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Number Of Plants Consolidated in Restructuring | 1 | ' | |
Restructuring Charges | 739 | [1] | ' |
Restructuring Plan 2 [Member] | Employee Termination and Related Benefits [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | 0 | [1] | ' |
Restructuring Plan 2 [Member] | Moving Costs Associated with Plant Consolidations [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring Charges | $739 | [1] | ' |
[1] | Costs associated with moving and plant consolidations and employee termination and related benefits are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. |
Restructuring_Activity_Roll_Fo
Restructuring Activity Roll Forward (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Restructuring Charges | $739 | $2,982 | |
Employee Termination and Related Benefits [Member] | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Restructuring Charges | 0 | 1,398 | |
Moving Costs Associated with Plant Consolidations [Member] | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Restructuring Charges | 739 | 859 | |
Restructuring Plan 1 [Member] | Lease Termination Costs [Member] | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning Restructuring Reserve | 921 | ' | |
Restructuring Charges | 0 | ' | |
Restructuring Reserve, Settled with Cash | -117 | ' | |
Ending Restructuring Reserve | 804 | [1] | ' |
Restructuring Plan 2 [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring and Related Cost, Cost Incurred to Date | 1,180 | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning Restructuring Reserve | 129 | ' | |
Restructuring Charges | 739 | [2] | ' |
Restructuring Reserve, Settled with Cash | -857 | ' | |
Ending Restructuring Reserve | 11 | ' | |
Restructuring and Related Cost, Expected Cost | 2,400 | ' | |
Restructuring Plan 2 [Member] | Employee Termination and Related Benefits [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring and Related Cost, Cost Incurred to Date | 129 | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning Restructuring Reserve | 129 | ' | |
Restructuring Charges | 0 | [2] | ' |
Restructuring Reserve, Settled with Cash | -118 | ' | |
Ending Restructuring Reserve | 11 | ' | |
Restructuring and Related Cost, Expected Cost | 130 | ' | |
Restructuring Plan 2 [Member] | Moving Costs Associated with Plant Consolidations [Member] | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | |
Restructuring and Related Cost, Cost Incurred to Date | 1,051 | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Beginning Restructuring Reserve | 0 | ' | |
Restructuring Charges | 739 | [2] | ' |
Restructuring Reserve, Settled with Cash | -739 | ' | |
Ending Restructuring Reserve | 0 | ' | |
Restructuring and Related Cost, Expected Cost | 2,270 | ' | |
Accrued Liabilities [Member] | Restructuring Plan 1 [Member] | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Ending Restructuring Reserve | 465 | ' | |
Other Noncurrent Liabilities [Member] | Restructuring Plan 1 [Member] | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | |
Ending Restructuring Reserve | $339 | ' | |
[1] | 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 consolidated financial statements of future periods. As of March 31, 2014, the short-term portion of the lease termination costs in the restructuring liability of $465 is included in accrued liabilities and the long-term portion of $339 is included in other non-current liabilities in the Consolidated Balance Sheet. | ||
[2] | Costs associated with moving and plant consolidations and employee termination and related benefits are recorded to the restructuring charges line item within the condensed consolidated statements of operations and comprehensive loss as they are incurred. |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | ' | -0.30% | -10.20% |
Federal income tax refund received | $2,590 | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | ' | 2,740 | ' |
UNITED KINGDOM | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Valuation allowance attributable to tax benefit not recognized for current period losses | ' | 500 | ' |
UNITED STATES | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Valuation allowance attributable to tax benefit not recognized for current period losses | ' | $2,500 | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | Mar. 31, 2014 |
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 |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
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, Estimate of Possible Loss | 1,150 |
Loss Contingency, Accrual, Current | $211 |
Segment_Reporting_Textual_Deta
Segment Reporting - (Textual) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Reporting_Information_
Segment Reporting - Information by Reportable Segment (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Summary of segment information | ' | ' | ||
Net Sales | $253,410 | $292,714 | ||
Operating (loss) income | -7,322 | -973 | ||
Capital Expenditures | 2,012 | 1,607 | ||
Depreciation and amortization | 6,457 | 6,571 | ||
Metals segment | ' | ' | ||
Summary of segment information | ' | ' | ||
Net Sales | 219,063 | 258,380 | ||
Operating (loss) income | -6,232 | -275 | ||
Capital Expenditures | 1,878 | 1,127 | ||
Depreciation and amortization | 6,056 | 6,165 | ||
Plastics segment | ' | ' | ||
Summary of segment information | ' | ' | ||
Net Sales | 34,347 | 34,334 | ||
Operating (loss) income | 1,507 | 1,181 | ||
Capital Expenditures | 134 | 480 | ||
Depreciation and amortization | 401 | 406 | ||
Other | ' | ' | ||
Summary of segment information | ' | ' | ||
Net Sales | 0 | [1] | 0 | [1] |
Operating (loss) income | -2,597 | [1] | -1,879 | [1] |
Capital Expenditures | 0 | [1] | 0 | [1] |
Depreciation and amortization | $0 | [1] | $0 | [1] |
[1] | “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 | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting [Abstract] | ' | ' |
Operating (loss) income | ($7,322) | ($973) |
Interest expense, net | -9,952 | -10,188 |
Other expense | -682 | -2,299 |
(Loss) income before income taxes and equity in earnings of joint venture | -17,956 | -13,460 |
Equity in earnings of joint venture | 1,907 | 1,469 |
Consolidated (loss) income before income taxes | ($16,049) | ($11,991) |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting - Segment Information for Total Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $686,778 | $679,822 | ||
Metals segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 581,881 | 580,570 | ||
Plastics segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 61,718 | 57,373 | ||
Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $43,179 | [1] | $41,879 | [1] |
[1] | “Other†— Total assets consist of the Company's investment in joint venture. |
Guarantor_Finanical_Informatio2
Guarantor Finanical Information Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $25,708 | $30,829 | $21,370 | $21,607 |
Accounts receivable, less allowance for doubtful accounts | 145,911 | 128,544 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Inventories | 213,846 | 214,900 | ' | ' |
Prepaid expenses and other current assets | 16,911 | 16,418 | ' | ' |
Total current assets | 402,376 | 390,691 | ' | ' |
Investment in joint venture | 43,179 | 41,879 | ' | ' |
Goodwill | 68,754 | 69,289 | ' | ' |
Intangible assets | 65,968 | 69,489 | ' | ' |
Other assets | 31,287 | 31,780 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Property, plant and equipment, net | 75,214 | 76,694 | ' | ' |
Total assets | 686,778 | 679,822 | ' | ' |
Accounts payable | 88,274 | 69,577 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Other current liabilities | 35,914 | 31,367 | ' | ' |
Current portion of long-term debt | 396 | 397 | ' | ' |
Total current liabilities | 124,584 | 101,341 | ' | ' |
Long-term debt, less current portion | 246,601 | 245,599 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 10,149 | 10,733 | ' | ' |
Other non-current liabilities | 11,727 | 12,255 | ' | ' |
Stockholders’ equity | 293,717 | 309,894 | ' | ' |
Total liabilities and stockholders’ equity | 686,778 | 679,822 | ' | ' |
Parent | ' | ' | ' | ' |
Cash and cash equivalents | 3,893 | 8,675 | 5,440 | 4,106 |
Accounts receivable, less allowance for doubtful accounts | 78,266 | 67,536 | ' | ' |
Receivables from affiliates | 3,475 | 2,811 | ' | ' |
Inventories | 127,660 | 133,139 | ' | ' |
Prepaid expenses and other current assets | 8,269 | 8,383 | ' | ' |
Total current assets | 221,563 | 220,544 | ' | ' |
Investment in joint venture | 43,179 | 41,879 | ' | ' |
Goodwill | 41,504 | 41,504 | ' | ' |
Intangible assets | 50,212 | 52,703 | ' | ' |
Other assets | 27,733 | 28,145 | ' | ' |
Investment in subsidiaries | 113,646 | 119,075 | ' | ' |
Receivables from affiliates | 93,399 | 87,247 | ' | ' |
Property, plant and equipment, net | 49,810 | 50,812 | ' | ' |
Total assets | 641,046 | 641,909 | ' | ' |
Accounts payable | 55,502 | 41,233 | ' | ' |
Payables due to affiliates | 2,724 | 2,270 | ' | ' |
Other current liabilities | 26,427 | 22,801 | ' | ' |
Current portion of long-term debt | 371 | 371 | ' | ' |
Total current liabilities | 85,024 | 66,675 | ' | ' |
Long-term debt, less current portion | 246,571 | 245,561 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 4,193 | 7,823 | ' | ' |
Other non-current liabilities | 11,541 | 11,956 | ' | ' |
Stockholders’ equity | 293,717 | 309,894 | ' | ' |
Total liabilities and stockholders’ equity | 641,046 | 641,909 | ' | ' |
Guarantors | ' | ' | ' | ' |
Cash and cash equivalents | 1,350 | 495 | 24 | 903 |
Accounts receivable, less allowance for doubtful accounts | 20,686 | 18,305 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Inventories | 18,174 | 16,357 | ' | ' |
Prepaid expenses and other current assets | 1,874 | 2,244 | ' | ' |
Total current assets | 42,084 | 37,401 | ' | ' |
Investment in joint venture | 0 | 0 | ' | ' |
Goodwill | 12,973 | 12,973 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Receivables from affiliates | 35,145 | 34,637 | ' | ' |
Property, plant and equipment, net | 12,472 | 12,855 | ' | ' |
Total assets | 102,674 | 97,866 | ' | ' |
Accounts payable | 10,467 | 8,274 | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' |
Other current liabilities | 598 | 944 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total current liabilities | 11,065 | 9,218 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Payables due to affiliates | 7,971 | 6,579 | ' | ' |
Deferred income taxes | 7,111 | 7,061 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Stockholders’ equity | 76,527 | 75,008 | ' | ' |
Total liabilities and stockholders’ equity | 102,674 | 97,866 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Cash and cash equivalents | 20,465 | 21,659 | 15,906 | 16,598 |
Accounts receivable, less allowance for doubtful accounts | 46,959 | 42,703 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Inventories | 68,080 | 65,472 | ' | ' |
Prepaid expenses and other current assets | 6,970 | 5,993 | ' | ' |
Total current assets | 142,474 | 135,827 | ' | ' |
Investment in joint venture | 0 | 0 | ' | ' |
Goodwill | 14,277 | 14,812 | ' | ' |
Intangible assets | 15,756 | 16,786 | ' | ' |
Other assets | 3,554 | 3,635 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Receivables from affiliates | 3,513 | 1,465 | ' | ' |
Property, plant and equipment, net | 12,932 | 13,027 | ' | ' |
Total assets | 192,506 | 185,552 | ' | ' |
Accounts payable | 22,305 | 20,070 | ' | ' |
Payables due to affiliates | 751 | 541 | ' | ' |
Other current liabilities | 8,889 | 7,622 | ' | ' |
Current portion of long-term debt | 25 | 26 | ' | ' |
Total current liabilities | 31,970 | 28,259 | ' | ' |
Long-term debt, less current portion | 30 | 38 | ' | ' |
Payables due to affiliates | 124,086 | 116,770 | ' | ' |
Deferred income taxes | -1,155 | -4,151 | ' | ' |
Other non-current liabilities | 186 | 299 | ' | ' |
Stockholders’ equity | 37,389 | 44,337 | ' | ' |
Total liabilities and stockholders’ equity | 192,506 | 185,552 | ' | ' |
Eliminations | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Receivables from affiliates | -3,475 | -2,811 | ' | ' |
Inventories | -68 | -68 | ' | ' |
Prepaid expenses and other current assets | -202 | -202 | ' | ' |
Total current assets | -3,745 | -3,081 | ' | ' |
Investment in joint venture | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Investment in subsidiaries | -113,646 | -119,075 | ' | ' |
Receivables from affiliates | -132,057 | -123,349 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Total assets | -249,448 | -245,505 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Payables due to affiliates | -3,475 | -2,811 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total current liabilities | -3,475 | -2,811 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Payables due to affiliates | -132,057 | -123,349 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Stockholders’ equity | -113,916 | -119,345 | ' | ' |
Total liabilities and stockholders’ equity | ($249,448) | ($245,505) | ' | ' |
Guarantor_Finanical_Informatio3
Guarantor Finanical Information Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Sales | $253,410 | $292,714 |
Cost of materials (exclusive of depreciation and amortization) | 188,531 | 219,431 |
Warehouse, processing and delivery expense | 35,381 | 35,584 |
Sales, general and administrative expense | 29,624 | 29,876 |
Restructuring charges | 739 | 2,225 |
Depreciation and amortization expense | 6,457 | 6,571 |
Operating (loss) income | -7,322 | -973 |
Interest expense, net | -9,952 | -10,188 |
Other expense | -682 | -2,299 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | -17,956 | -13,460 |
Income taxes | 51 | 1,369 |
Equity in (losses) earnings of subsidiaries | 0 | 0 |
Equity in earnings of joint venture | 1,907 | 1,469 |
Net (loss) income | -15,998 | -10,622 |
Comprehensive (loss) income | -16,160 | -10,244 |
Parent | ' | ' |
Net Sales | 164,206 | 202,909 |
Cost of materials (exclusive of depreciation and amortization) | 121,912 | 154,728 |
Warehouse, processing and delivery expense | 26,003 | 26,502 |
Sales, general and administrative expense | 19,961 | 19,615 |
Restructuring charges | 739 | 1,820 |
Depreciation and amortization expense | 4,890 | 5,008 |
Operating (loss) income | -9,299 | -4,764 |
Interest expense, net | -6,166 | -6,492 |
Other expense | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | -15,465 | -11,256 |
Income taxes | 2,574 | 1,110 |
Equity in (losses) earnings of subsidiaries | -5,014 | -1,945 |
Equity in earnings of joint venture | 1,907 | 1,469 |
Net (loss) income | -15,998 | -10,622 |
Comprehensive (loss) income | -16,160 | -10,244 |
Guarantors | ' | ' |
Net Sales | 34,347 | 34,334 |
Cost of materials (exclusive of depreciation and amortization) | 24,105 | 24,438 |
Warehouse, processing and delivery expense | 2,982 | 3,098 |
Sales, general and administrative expense | 4,829 | 4,509 |
Restructuring charges | 0 | 0 |
Depreciation and amortization expense | 532 | 544 |
Operating (loss) income | 1,899 | 1,745 |
Interest expense, net | 0 | 0 |
Other expense | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | 1,899 | 1,745 |
Income taxes | -380 | -198 |
Equity in (losses) earnings of subsidiaries | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 |
Net (loss) income | 1,519 | 1,547 |
Comprehensive (loss) income | 1,519 | 1,547 |
Non-Guarantors | ' | ' |
Net Sales | 59,966 | 66,568 |
Cost of materials (exclusive of depreciation and amortization) | 47,623 | 51,362 |
Warehouse, processing and delivery expense | 6,396 | 5,984 |
Sales, general and administrative expense | 4,834 | 5,752 |
Restructuring charges | 0 | 405 |
Depreciation and amortization expense | 1,035 | 1,019 |
Operating (loss) income | 78 | 2,046 |
Interest expense, net | -3,786 | -3,696 |
Other expense | -682 | -2,299 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | -4,390 | -3,949 |
Income taxes | -2,143 | 457 |
Equity in (losses) earnings of subsidiaries | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 |
Net (loss) income | -6,533 | -3,492 |
Comprehensive (loss) income | -6,948 | -3,459 |
Eliminations | ' | ' |
Net Sales | -5,109 | -11,097 |
Cost of materials (exclusive of depreciation and amortization) | -5,109 | -11,097 |
Warehouse, processing and delivery expense | 0 | 0 |
Sales, general and administrative expense | 0 | 0 |
Restructuring charges | 0 | 0 |
Depreciation and amortization expense | 0 | 0 |
Operating (loss) income | 0 | 0 |
Interest expense, net | 0 | 0 |
Other expense | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | 0 | 0 |
Income taxes | 0 | 0 |
Equity in (losses) earnings of subsidiaries | 5,014 | 1,945 |
Equity in earnings of joint venture | 0 | 0 |
Net (loss) income | 5,014 | 1,945 |
Comprehensive (loss) income | $5,429 | $1,912 |
Guarantor_Finanical_Informatio4
Guarantor Finanical Information Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net (loss) income | ($15,998) | ($10,622) |
Equity in losses (earnings) of subsidiaries | 0 | 0 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 13,129 | 43,207 |
Net cash from (used in) operating activities | -2,869 | 32,585 |
Capital expenditures | -2,012 | -1,881 |
Other investing activities | 46 | 468 |
Net cash used in investing activities | -1,966 | -1,413 |
Proceeds from long-term debt | 11,506 | 106,500 |
Repayments of long-term debt | -11,605 | -137,869 |
Net intercompany (repayments) borrowings | 0 | 0 |
Other financing activities | 45 | 651 |
Net cash (used in) from financing activities | -54 | -30,718 |
Effect of exchange rate changes on cash and cash equivalents | -232 | -691 |
(Decrease) increase in cash and cash equivalents | -5,121 | -237 |
Cash and cash equivalents - beginning of year | 30,829 | 21,607 |
Cash and cash equivalents - end of period | 25,708 | 21,370 |
Parent | ' | ' |
Net (loss) income | -15,998 | -10,622 |
Equity in losses (earnings) of subsidiaries | 5,014 | 1,945 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 13,635 | 45,508 |
Net cash from (used in) operating activities | 2,651 | 36,831 |
Capital expenditures | -1,236 | -1,287 |
Other investing activities | 3 | 463 |
Net cash used in investing activities | -1,233 | -824 |
Proceeds from long-term debt | 10,500 | 106,500 |
Repayments of long-term debt | -10,593 | -137,107 |
Net intercompany (repayments) borrowings | -6,152 | -4,717 |
Other financing activities | 45 | 651 |
Net cash (used in) from financing activities | -6,200 | -34,673 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) increase in cash and cash equivalents | -4,782 | 1,334 |
Cash and cash equivalents - beginning of year | 8,675 | 4,106 |
Cash and cash equivalents - end of period | 3,893 | 5,440 |
Guarantors | ' | ' |
Net (loss) income | 1,519 | 1,547 |
Equity in losses (earnings) of subsidiaries | 0 | 0 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | -1,399 | -2,424 |
Net cash from (used in) operating activities | 120 | -877 |
Capital expenditures | -149 | -482 |
Other investing activities | 0 | 5 |
Net cash used in investing activities | -149 | -477 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Net intercompany (repayments) borrowings | 884 | 475 |
Other financing activities | 0 | 0 |
Net cash (used in) from financing activities | 884 | 475 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 855 | -879 |
Cash and cash equivalents - beginning of year | 495 | 903 |
Cash and cash equivalents - end of period | 1,350 | 24 |
Non-Guarantors | ' | ' |
Net (loss) income | -6,533 | -3,492 |
Equity in losses (earnings) of subsidiaries | 0 | 0 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 893 | 123 |
Net cash from (used in) operating activities | -5,640 | -3,369 |
Capital expenditures | -627 | -112 |
Other investing activities | 43 | 0 |
Net cash used in investing activities | -584 | -112 |
Proceeds from long-term debt | 1,006 | 0 |
Repayments of long-term debt | -1,012 | -762 |
Net intercompany (repayments) borrowings | 5,268 | 4,242 |
Other financing activities | 0 | 0 |
Net cash (used in) from financing activities | 5,262 | 3,480 |
Effect of exchange rate changes on cash and cash equivalents | -232 | -691 |
(Decrease) increase in cash and cash equivalents | -1,194 | -692 |
Cash and cash equivalents - beginning of year | 21,659 | 16,598 |
Cash and cash equivalents - end of period | 20,465 | 15,906 |
Eliminations | ' | ' |
Net (loss) income | 5,014 | 1,945 |
Equity in losses (earnings) of subsidiaries | -5,014 | -1,945 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities | 0 | 0 |
Net cash from (used in) operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Other investing activities | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Net intercompany (repayments) borrowings | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash (used in) from financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(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 |