Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 25, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CASTLE A M & CO | ||
Entity Central Index Key | 18172 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 23,558,670 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $197,652,774 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $979,837 | $1,053,066 | $1,270,368 |
Costs, expenses and (gains): | |||
Cost of materials (exclusive of depreciation and amortization) | 746,443 | 779,208 | 927,287 |
Warehouse, processing and delivery expense | 140,559 | 140,934 | 148,256 |
Sales, general and administrative expense | 112,465 | 113,405 | 129,162 |
Restructuring activity, net, excluding restructuring activity recorded in cost of materials | -2,960 | 9,003 | 0 |
Depreciation and amortization expense | 26,044 | 26,188 | 25,867 |
Goodwill, Impairment Loss | 56,160 | 0 | 0 |
Operating (loss) income | -98,874 | -15,672 | 39,796 |
Interest expense, net | -40,548 | -40,542 | -41,090 |
Interest expense - unrealized loss on debt conversion option | 0 | 0 | -15,597 |
Loss on extinguishment of debt | 0 | -2,606 | 0 |
Other Nonoperating (Expense) Income | -4,323 | -1,924 | 1,349 |
Loss before income taxes and equity in earnings of joint venture | -143,745 | -60,744 | -15,542 |
Income taxes | 1,353 | 19,795 | -1,430 |
Loss before equity in earnings of joint venture | -142,392 | -40,949 | -16,972 |
Equity in earnings of joint venture | 7,691 | 6,987 | 7,224 |
Net loss | -134,701 | -33,962 | -9,748 |
Earnings per share | |||
Basic loss per share | ($5.77) | ($1.46) | ($0.42) |
Diluted loss per share | ($5.77) | ($1.46) | ($0.42) |
Dividends per common share | $0 | $0 | $0 |
Comprehensive loss: | |||
Foreign currency translation adjustments | -5,377 | -2,295 | 2,369 |
Change in unrecognized pension and postretirement benefit costs, net of tax effect of $0, $2,953 and $2,312 | -21,445 | 4,623 | -3,616 |
Other comprehensive (loss) income | -26,822 | 2,328 | -1,247 |
Net loss | -134,701 | -33,962 | -9,748 |
Total comprehensive loss | ($161,523) | ($31,634) | ($10,995) |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations and Comprehensive Loss - Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Unrecognized pension and postretirement benefit costs - tax effect | $0 | $2,953 | $2,312 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $8,454 | $30,829 |
Accounts receivable, less allowances of $3,375 and $3,463 | 131,003 | 128,544 |
Inventories, principally on last-in first-out basis (replacement cost higher by $129,779 and $130,854) | 236,932 | 214,900 |
Prepaid expenses and other current assets | 9,458 | 9,927 |
Deferred Tax Assets, Net, Current | 685 | 3,242 |
Income tax receivable | 2,886 | 3,249 |
Total current assets | 389,418 | 390,691 |
Investment in joint venture | 37,443 | 41,879 |
Goodwill | 12,973 | 69,289 |
Intangible assets, net | 56,555 | 69,489 |
Prepaid pension cost | 7,092 | 16,515 |
Other assets | 11,660 | 15,265 |
Property, plant and equipment, at cost | ||
Land | 4,466 | 4,917 |
Buildings | 52,821 | 53,252 |
Machinery and equipment | 183,923 | 179,632 |
Property, plant and equipment, at cost | 241,210 | 237,801 |
Less—accumulated depreciation | -168,375 | -161,107 |
Property, plant and equipment, net | 72,835 | 76,694 |
Total assets | 587,976 | 679,822 |
Current liabilities | ||
Accounts payable | 68,782 | 69,577 |
Accrued payroll and employee benefits | 9,332 | 9,853 |
Accrued and other liabilities | 18,338 | 20,154 |
Income taxes payable | 328 | 1,360 |
Current portion of long-term debt | 737 | 397 |
Total current liabilities | 97,517 | 101,341 |
Long-term debt, less current portion | 309,377 | 245,599 |
Deferred income taxes | 8,360 | 10,733 |
Other non-current liabilities | 3,655 | 5,646 |
Pension and postretirement benefit obligations | 18,747 | 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 December 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,630 shares issued and 23,559 outstanding at December 31, 2014 and 23,471 shares issued and 23,409 outstanding at December 31, 2013 | 236 | 234 |
Additional paid-in capital | 225,953 | 223,893 |
(Accumulated deficit) retained earnings | -29,424 | 105,277 |
Accumulated other comprehensive loss | -45,565 | -18,743 |
Treasury stock, at cost—71 shares at December 31, 2014 and 62 shares at December 31, 2013 | -880 | -767 |
Total stockholders’ equity | 150,320 | 309,894 |
Total liabilities and stockholders’ equity | $587,976 | $679,822 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowances for accounts receivable | $3,375 | $3,463 |
Amount Current Replacement Cost of Inventory Costs Exceeds Book Value | $129,779 | $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 | 23,630 | 23,471 |
Common stock, shares outstanding | 23,559 | 23,409 |
Treasury stock, shares | 71 | 62 |
Series B Junior Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 400 | 400 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net loss | ($134,701) | ($33,962) | ($9,748) |
Adjustments to reconcile net loss to net cash (used in) from operating activities: | |||
Depreciation and amortization | 26,044 | 26,188 | 25,867 |
Amortization of deferred gain | -261 | -1,214 | -1,619 |
Amortization of deferred financing costs and debt discount | 8,064 | 7,914 | 6,232 |
Goodwill, Impairment Loss | 56,160 | 0 | 0 |
(Gain) loss on sale of property, plant & equipment | -5,603 | 42 | 354 |
Unrealized loss on debt conversion option | 0 | 0 | 15,597 |
Unrealized (gains) losses on commodity hedges | -1,256 | 358 | 163 |
Unrealized foreign currency transaction losses | 3,540 | 0 | 0 |
Equity in earnings of joint venture | -7,691 | -6,987 | -7,224 |
Dividends from joint venture | 12,127 | 3,963 | 4,729 |
Deferred tax expense (benefit) | 184 | -24,089 | -1,284 |
Share-based compensation expense | 1,972 | 3,062 | 2,277 |
Excess tax benefits from share-based payment arrangements | -76 | -420 | -90 |
Increase (decrease) from changes in, net of acquisition: | |||
Accounts receivable | -5,785 | 9,279 | 44,570 |
Inventories | -26,941 | 87,316 | -29,340 |
Prepaid expenses and other current assets | -60 | 1,402 | -2,397 |
Other assets | 1,686 | 1,470 | -480 |
Prepaid pension costs | 387 | 3,953 | -2,863 |
Accounts payable | 2,630 | -434 | -42,560 |
Accrued payroll and employee benefits | -230 | -1,892 | -2,974 |
Income taxes payable and receivable | -772 | 4,388 | 454 |
Accrued liabilities | -3,493 | -2,854 | 4,514 |
Postretirement benefit obligations and other liabilities | -1,002 | -3,098 | 1,173 |
Net cash (used in) from operating activities | -75,077 | 74,385 | 5,351 |
Investing activities: | |||
Acquisition/Investment of businesses, net of cash acquired | 0 | 0 | -6,472 |
Capital expenditures | -12,351 | -11,604 | -11,121 |
Proceeds from sale of property, plant and equipment | 7,464 | 794 | 153 |
Net cash used in investing activities | -4,887 | -10,810 | -17,440 |
Financing activities: | |||
Short-term debt repayments, net | 0 | -496 | -27 |
Proceeds from long-term debt | 462,404 | 115,300 | 767,090 |
Repayments of long-term debt | -403,811 | -170,345 | -762,887 |
Payment of debt issue costs | -627 | 0 | -1,503 |
Exercise of stock options | 158 | 1,216 | 146 |
Excess tax benefits from share-based payment arrangements | 76 | 420 | 90 |
Net cash from (used in) financing activities | 58,200 | -53,905 | 2,909 |
Effect of exchange rate changes on cash and cash equivalents | -611 | -448 | 263 |
Net change in cash and cash equivalents | -22,375 | 9,222 | -8,917 |
Cash and cash equivalents—beginning of year | 30,829 | 21,607 | 30,524 |
Cash and cash equivalents—end of year | $8,454 | $30,829 | $21,607 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Shares | Treasury Shares | Preferred Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Stockholders' Equity Attributable to Parent at Dec. 31, 2011 | $312,279 | $232 | ($1,712) | $184,596 | $148,987 | ($19,824) | |
Balance (in shares) at Dec. 31, 2011 | 23,159 | -149 | 0 | ||||
Comprehensive Loss: | |||||||
Net loss | -9,748 | -9,748 | |||||
Foreign currency translation | 2,369 | 2,369 | |||||
Change in unrecognized pension and postretirement benefit costs, net of tax | -3,616 | -3,616 | |||||
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity | 33,752 | 33,752 | |||||
Long-term incentive plan | 1,592 | 1,592 | |||||
Exercise of stock options and other | 712 | 1,033 | -321 | ||||
Exercise of stock options and other (in shares) | 52 | 90 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2012 | 337,340 | 232 | -679 | 219,619 | 139,239 | -21,071 | |
Balance (in shares) at Dec. 31, 2012 | 23,211 | -59 | 0 | ||||
Comprehensive Loss: | |||||||
Net loss | -33,962 | -33,962 | |||||
Foreign currency translation | -2,295 | -2,295 | |||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 4,623 | 4,623 | |||||
Long-term incentive plan | 2,877 | 2,877 | |||||
Exercise of stock options and other | 1,311 | 2 | -88 | 1,397 | |||
Exercise of stock options and other (in shares) | 260 | -3 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2013 | 309,894 | 234 | -767 | 223,893 | 105,277 | -18,743 | |
Balance (in shares) at Dec. 31, 2013 | 23,471 | -62 | 0 | ||||
Comprehensive Loss: | |||||||
Net loss | -134,701 | -134,701 | |||||
Foreign currency translation | -5,377 | -5,377 | |||||
Change in unrecognized pension and postretirement benefit costs, net of tax | -21,445 | -21,445 | |||||
Long-term incentive plan | 1,456 | 1,456 | |||||
Exercise of stock options and other | 493 | 2 | -113 | 604 | |||
Exercise of stock options and other (in shares) | 159 | -9 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2014 | $150,320 | $236 | ($880) | $225,953 | ($29,424) | ($45,565) | |
Balance (in shares) at Dec. 31, 2014 | 23,630 | -71 | 0 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Tax benefit related to Defined benefit pension liability adjustments | $0 | $2,953 | $2,312 |
Embedded conversion option tax benefit | $0 | $0 | $8,285 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies | |||||||||||
Nature of operations — A.M. Castle & Co. and its subsidiaries (the “Company”) is a specialty metals and plastics distribution company serving principally the North American market. The Company has operations in the United States, Canada, Mexico, France, the United Kingdom, Spain, China and Singapore. The Company provides a broad range of product inventories as well as value-added processing and supply chain services to a wide array of customers, principally within the producer durable equipment, oil and gas, aerospace, heavy industrial equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the global economy. Particular focus is placed on the aerospace and defense, oil and gas, power generation, mining, heavy industrial equipment, marine, office furniture and fixtures, safety products, life science applications, automotive and general manufacturing industries as well as general engineering applications. | ||||||||||||
The Company’s corporate headquarters is located in Oak Brook, Illinois. The Company has 47 operational service centers located throughout North America (42), Europe (3) and Asia (2). | ||||||||||||
The Company purchases metals and plastics from many producers. Purchases are made in large lots and held in distribution centers until sold, usually in smaller quantities and often with value-added processing services performed. Orders are primarily filled with materials shipped from Company stock. The materials required to fill the balance of sales are obtained from other sources, such as direct mill shipments to customers or purchases from other distributors. Thousands of customers from a wide array of industries are serviced primarily through the Company’s own sales organization. | ||||||||||||
Basis of presentation — The consolidated financial statements include the accounts of A. M. Castle & Co. and its subsidiaries over which the Company exhibits a controlling interest. The equity method of accounting is used for the Company’s 50% owned joint venture, Kreher Steel Company, LLC (“Kreher”). All inter-company accounts and transactions have been eliminated. | ||||||||||||
Use of estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the consolidated financial statements are accounts receivable allowances, inventory reserves, goodwill and intangible assets, income taxes, pension and other post-employment benefits and share-based compensation and convertible debt feature mark-to-market adjustments. | ||||||||||||
Revenue recognition — Revenue from the sale of products is recognized when the earnings process is complete and when the title and risk and rewards of ownership have passed to the customer, which is primarily at the time of shipment. Revenue recognized other than at the time of shipment represented less than 2% of the Company’s consolidated net sales for the years ended December 31, 2014, 2013 and 2012. Provisions for allowances related to sales discounts and rebates are recorded based on terms of the sale in the period that the sale is recorded. Management utilizes historical information and the current sales trends of the business to estimate such provisions. The provisions related to discounts and rebates due to customers are recorded as a reduction within net sales in the Company’s consolidated statements of operations and comprehensive loss. | ||||||||||||
Revenue from shipping and handling charges is recorded in net sales. Costs incurred in connection with shipping and handling the Company’s products, which are related to third-party carriers or performed by Company personnel, are included in warehouse, processing and delivery expenses. For the years ended December 31, 2014, 2013 and 2012, shipping and handling costs included in warehouse, processing and delivery expenses were $35,471, $35,171 and $36,585, respectively. | ||||||||||||
The Company maintains an allowance for doubtful accounts related to the potential inability of customers to make required payments. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific identification of customer receivable balances for which collection is unlikely. The provision for doubtful accounts is recorded in sales, general and administrative expense in the Company’s consolidated statements of operations and comprehensive loss. Estimates of doubtful accounts are based on historical write-off experience as a percentage of net sales and judgments about the probable effects of economic conditions on certain customers. | ||||||||||||
The Company also maintains an allowance for credit memos for estimated credit memos to be issued against current sales. Estimates of allowance for credit memos are based upon the application of a historical issuance lag period to the average credit memos issued each month. | ||||||||||||
Accounts receivable allowance activity is presented in the table below: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,463 | $ | 3,529 | $ | 3,584 | ||||||
Add Provision charged to expense | 465 | 484 | 1,420 | |||||||||
Recoveries | 139 | 173 | 90 | |||||||||
Less Charges against allowance | (692 | ) | (723 | ) | (1,565 | ) | ||||||
Balance, end of year | $ | 3,375 | $ | 3,463 | $ | 3,529 | ||||||
Cost of materials — Cost of materials consists of the costs the Company pays for metals, plastics and related inbound freight charges. It excludes depreciation and amortization which are discussed below. The Company accounts for the majority of its inventory on a last-in, first-out (“LIFO”) basis. LIFO adjustments are recorded in cost of materials. | ||||||||||||
Operating expenses — Operating costs and expenses primarily consist of: | ||||||||||||
• | Warehouse, processing and delivery expenses, including occupancy costs, compensation and employee benefits for warehouse personnel, processing, shipping and handling costs; | |||||||||||
• | Sales expenses, including compensation and employee benefits for sales personnel; | |||||||||||
• | General and administrative expenses, including compensation for executive officers and general management, expenses for professional services primarily attributable to accounting and legal advisory services, bad debt expenses, data communication costs, computer hardware and maintenance expenses and occupancy costs for non-warehouse locations; | |||||||||||
• | Restructuring activity, including a gain on the sale of fixed assets and moving costs related to facility consolidations, employee termination and related benefits associated with salaried and hourly workforce reductions, lease termination costs and other exit costs; | |||||||||||
• | Impairment of goodwill; and | |||||||||||
• | Depreciation and amortization expenses, including depreciation for all owned property and equipment, and amortization of various intangible assets. | |||||||||||
Cash equivalents — Cash equivalents are highly liquid, short-term investments that have an original maturity of 90 days or less. | ||||||||||||
Statement of cash flows — Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Non-cash investing and financing activities: | ||||||||||||
Capital expenditures financed by accounts payable | $ | 434 | $ | 1,219 | $ | 479 | ||||||
Capital lease obligations | 873 | 21 | 1,009 | |||||||||
Cash paid during the year for: | ||||||||||||
Interest | 32,278 | 33,266 | 34,051 | |||||||||
Income taxes | 1,800 | 2,417 | 5,557 | |||||||||
Cash received during the year for: | ||||||||||||
Income tax refunds | 2,284 | 3,015 | 3,184 | |||||||||
Inventories — Inventories consist primarily of finished goods. Approximately 68% and 80% of the Company’s inventories are valued at the lower of LIFO cost or market at December 31, 2014 and 2013, respectively. 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. The Company values its LIFO increments using the cost of its latest purchases during the years reported. Current replacement cost of inventories exceeded book value by $129,779 and $130,854 at December 31, 2014 and 2013, respectively. Income taxes would become payable on any realization of this excess from reductions in the level of inventories. | ||||||||||||
During 2013, a reduction in inventories resulted in a liquidation of applicable LIFO inventory quantities carried at higher costs in prior years. Cost of materials for 2013 where higher by $1,834 as a result of this liquidation. | ||||||||||||
The Company maintains an allowance for excess and obsolete inventory. The excess and obsolete inventory allowance is determined through the specific identification of material, adjusted for expected scrap value to be received, based on previous sales experience. | ||||||||||||
Excess and obsolete inventory allowance activity is presented in the table below: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 7,329 | $ | 7,835 | $ | 7,000 | ||||||
Add Provision charged to expense | 9,979 | 2,259 | 1,153 | |||||||||
Less Charges against allowance | (2,127 | ) | (2,765 | ) | (318 | ) | ||||||
Balance, end of year | $ | 15,181 | $ | 7,329 | $ | 7,835 | ||||||
Property, plant and equipment — Property, plant and equipment are stated at cost and include assets held under capital leases. Expenditures for major additions and improvements are capitalized, while maintenance and repair costs that do not substantially improve or extend the useful lives of the respective assets are expensed in the period in which they are incurred. When items are disposed, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. | ||||||||||||
The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows: | ||||||||||||
Buildings and building improvements | 3 – 40 years | |||||||||||
Plant equipment | 3 – 25 years | |||||||||||
Furniture and fixtures | 2 – 10 years | |||||||||||
Vehicles and office equipment | 3 – 10 years | |||||||||||
Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Depreciation is calculated using the straight-line method and depreciation expense for 2014, 2013 and 2012 was $14,414, $14,397 and $14,024, respectively. | ||||||||||||
Long-lived assets — The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future net cash flows (undiscounted and without interest charges) expected to be generated by the asset or asset group. If future net cash flows are less than the carrying value, the asset or asset group may be impaired. If such assets are impaired, the impairment charge is calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. The Company derives the required undiscounted cash flow estimates from historical experience and internal business plans. | ||||||||||||
Goodwill and intangible assets — The Company tests goodwill for impairment at the reporting unit level on an annual basis at December 1 of each year and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred. | ||||||||||||
A two-step method is used for determining goodwill impairment. The first step is performed to identify whether a potential impairment exists by comparing each reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the next step is to measure the amount of impairment loss, if any. | ||||||||||||
The determination of the fair value of the reporting units requires significant estimates and assumptions to be made by management. The fair value of each reporting unit is estimated using a combination of an income approach, which estimates fair value based on a discounted cash flow analysis using historical data, estimates of future cash flows and discount rates based on the view of a market participant, and a market approach, which estimates fair value using market multiples of various financial measures of comparable public companies. In selecting the appropriate assumptions the Company considers: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industry in which the Company competes; discount rates; terminal growth rates; long-term projections of future financial performance; and relative weighting of income and market approaches. The long-term projections used in the valuation are developed as part of the Company’s annual long-term planning process. The discount rates used to determine the fair values of the reporting units are those of a hypothetical market participant which are developed based upon an analysis of comparable companies and include adjustments made to account for any individual reporting unit specific attributes such as, size and industry. | ||||||||||||
The majority of the Company’s recorded intangible assets were acquired as part of the Transtar and Tube Supply, Inc. (“Tube Supply”) acquisitions in September 2006 and December 2011, respectively, and consist of customer relationships, non-compete agreements, trade names and developed technology. The initial values of the intangible assets were based on a discounted cash flow valuation using assumptions made by management as to future revenues from select customers, the level and pace of attrition in such revenues over time and assumed operating income amounts generated from such revenues. These intangible assets are amortized over their useful lives, which are 4 to 12 years for customer relationships, 3 years for non-compete agreements, 1 to 10 years for trade names, and 3 years for developed technology. Useful lives are estimated by management and determined based on the timeframe over which a significant portion of the estimated future cash flows are expected to be realized from the respective intangible assets. Furthermore, when certain conditions or certain triggering events occur, a separate test for impairment, which is included in the impairment test for long-lived assets discussed above, is performed. If the intangible asset is deemed to be impaired, such asset will be written down to its fair value. | ||||||||||||
Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||||||||||||
The Company records valuation allowances against its deferred tax assets when it is more likely than not that the amounts will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and recent results of operations. In the event the Company determines it would not be able to realize its deferred tax assets, a valuation allowance is recorded, which increases the provision for income taxes in the period in which that determination is made. | ||||||||||||
The Company has undistributed earnings of foreign subsidiaries of approximately $48,585 at December 31, 2014, for which deferred taxes have not been provided. Such earnings are considered indefinitely invested in the foreign subsidiaries. If such earnings were repatriated, additional tax expense may result, although due to the potential availability of foreign tax credits and other items, the calculation of such potential taxes is not practicable. | ||||||||||||
The Company's 50% ownership interest in Kreher (see Note 6) is through a 50% interest in a limited liability company (LLC) taxed as a partnership. Kreher has two subsidiaries organized as individually taxed C-Corporations. The Company includes in its income tax provision the income tax liability on its share of Kreher income. The income tax liability of Kreher itself is generally treated as a current income tax expense and the income tax liability associated with the profits of the two subsidiaries of Kreher is treated as a deferred income tax expense. The Company cannot independently cause a dividend to be declared by one of Kreher's subsidiaries, therefore no benefit of a dividend received deduction can be recognized in the Company's tax provision until a dividend is declared. If one of Kreher's C-Corporation subsidiaries declares a dividend payable to Kreher, the Company recognizes a benefit for the 80% dividends received deduction on its 50% share of the dividend. | ||||||||||||
For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes and interest. | ||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Accrued interest and penalties are included within other long-term liabilities in the consolidated balance sheets. | ||||||||||||
Insurance plans — The Company is a member of a group captive insurance company (the “Captive”) domiciled in Grand Cayman Island. The Captive reinsures losses related to certain of the Company’s workers’ compensation, automobile and general liability risks that occur subsequent to August 2009. Premiums are based on the Company’s loss experience and are accrued as expenses for the period to which the premium relates. Premiums are credited to the Company’s “loss fund” and earn investment income until claims are actually paid. For claims that were incurred prior to August 2009, the Company is self-insured. Self-insurance amounts are capped, for individual claims and in the aggregate, for each policy year by an insurance company. Self-insurance reserves are based on unpaid, known claims (including related administrative fees assessed by the insurance company for claims processing) and a reserve for incurred but not reported claims based on the Company’s historical claims experience and development. | ||||||||||||
The Company is self-insured for medical insurance for its domestic operations. Self-insurance reserves are maintained based on incurred but not paid claims based on a historical lag. | ||||||||||||
Foreign currency — For the majority of the Company’s non-U.S. operations, the functional currency is the local currency. Assets and liabilities of those operations are translated into U.S. dollars using year-end exchange rates, and income and expenses are translated using the average exchange rates for the reporting period. The currency effects of translating financial statements of the Company’s non-U.S. operations which operate in local currency environments are recorded in accumulated other comprehensive (loss) income, a separate component of stockholders’ equity. Transaction gains or losses resulting from foreign currency transactions were not material for any of the years presented. | ||||||||||||
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: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (134,701 | ) | $ | (33,962 | ) | $ | (9,748 | ) | |||
Denominator: | ||||||||||||
Denominator for basic loss per share: | ||||||||||||
Weighted average common shares outstanding | 23,359 | 23,214 | 22,993 | |||||||||
Effect of dilutive securities: | ||||||||||||
Outstanding common stock equivalents | — | — | — | |||||||||
Denominator for diluted loss per share | 23,359 | 23,214 | 22,993 | |||||||||
Basic loss per share | $ | (5.77 | ) | $ | (1.46 | ) | $ | (0.42 | ) | |||
Diluted loss per share | $ | (5.77 | ) | $ | (1.46 | ) | $ | (0.42 | ) | |||
Excluded outstanding share-based awards having an anti-dilutive effect | 388 | 717 | 994 | |||||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 365 | 2,032 | 1,416 | |||||||||
The Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the annual 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. | ||||||||||||
Payment of cash dividends are currently limited due to restrictions contained in the Company’s debt agreements. No cash dividends were paid on the Company’s common stock in 2014 or 2013. The Company may consider paying cash dividends on the Company common stock at some point in the future, subject to the limitations described above. Any future payment of cash dividends, if any, is at the discretion of the Board of Directors and will depend on the Company’s earnings, capital requirements and financial condition, restrictions under the Company’s debt instruments, and such other factors as the Board of Directors may consider. | ||||||||||||
Concentrations — The Company serves a wide range of customers within the producer durable equipment, oil and gas, aerospace, heavy industrial equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across the entire spectrum of metals and plastics using industries. The Company’s customer base is well diversified and, therefore, the Company does not have dependence upon any single customer or a few customers. No single customer represented more than 3% of the Company’s 2014 total net sales. Approximately 75% of the Company’s net sales are from locations in the United States. | ||||||||||||
Share-based compensation — The Company offers share-based compensation to executives, other key employees and directors. Share-based compensation expense is recognized ratably over the vesting period or performance period, as appropriate, based on the grant date fair value of the stock award. The Company may either issue shares from treasury or new shares upon share option exercise or award issuance. Management estimates the probable number of awards which will ultimately vest when calculating the share-based compensation expense for its long-term compensation plans ("LTC Plans"). As of December 31, 2014, the Company’s weighted average forfeiture rate is approximately 49%. The actual number of awards that vest may differ from management’s estimate. | ||||||||||||
Stock options and non-vested shares generally vest in two to three years for executives and employees and three years for directors. Stock options have an exercise price equal to the market price of the Company’s stock on the grant date (options granted prior to 2010) or the average closing price of the Company’s stock for the 10 trading days preceding the grant date (options granted in 2010) and have a contractual life of eight to ten years. Stock options are valued using a Black-Scholes option-pricing model. Non-vested shares are valued based on the market price of the Company's stock on the grant date. The Company has not granted stock options since the 2010 LTC Plan. | ||||||||||||
Under the 2014, 2013 and 2012 LTC Plans, the total potential award is comprised of restricted share units ("RSUs") which are time vested and performance share units ("PSUs") which are based on the Company's performance compared to target goals. The PSUs awarded are based on two independent conditions, the Company’s relative total shareholder return (“RTSR”), which represents a market condition, and Company-specific target goals for Return on Invested Capital (“ROIC”) as defined in the LTC Plans. RSUs generally vest in three years. RSU and ROIC PSU awards are valued based on the market price of the Company's stock on the grant date, and the value of RTSR PSU awards is estimated using a Monte Carlo simulation model. | ||||||||||||
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") over a three-year performance period as defined in the LTC Plans. The threshold, target and maximum performance levels for RTSR are the 25th, 50th and 75th percentile, respectively, relative to RTSR Peer Group performance. Compensation expense for RTSR PSU awards is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. | ||||||||||||
ROIC is measured based on the Company's average actual performance versus Company-specific goals as defined in each of the LTC Plans over a three-year performance period. Compensation expense recognized is based on management's expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized for the ROIC PSU awards and any previously recognized compensation expense is reversed. | ||||||||||||
Final RTSR and ROIC PSU award vesting will occur at the end of the three-year performance period, and distribution of PSU awards granted under the LTC Plans are determined based on the Company’s actual performance versus the target goals for a three-year performance period, as defined in each plan. Partial awards can be earned for performance that is below the target goal, but in excess of threshold goals; and award distributions up to twice the target can be achieved if the target goals are exceeded. | ||||||||||||
Unless covered by a specific change-in-control or severance arrangement, participants to whom RSUs, PSUs, stock options and non-vested shares have been granted must be employed by the Company on the vesting date or at the end of the performance period, as appropriate, or the award will be forfeited. | ||||||||||||
New Accounting Standards Updates | ||||||||||||
Standards Update 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 or financial statement presentation. | ||||||||||||
Standards Updates Issued Not Yet Effective | ||||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern," providing additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implementing requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2016. The Company does not anticipate the adoption of the ASU will result in additional disclosures, however, management will begin performing the periodic assessments required by the ASU on its effective date. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," related to revenue recognition. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in prior accounting guidance. The ASU provides alternative methods of initial adoption, and it is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is not permitted. The Company is currently reviewing the guidance and assessing the potential impact on its results. | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The ASU amends the definition of a discontinued operation, expands disclosure requirements for transactions that meet the definition of a discontinued operation and requires entities to disclose additional information about individually significant components that are disposed of or held for sale and do not qualify as discontinued operations. The ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014. Early adoption is permitted. The Company anticipates that the adoption of this ASU will not have an impact on the Company's financial condition or operating results. The adoption of this ASU may impact the Company’s financial statement presentation and disclosures for interim and annual financial statements issued in the future. |
Joint_Venture
Joint Venture | 12 Months Ended | |||||||||||
Dec. 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 the Company’s participation in the joint venture as of and for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Equity in earnings of joint venture | $ | 7,691 | $ | 6,987 | $ | 7,224 | ||||||
Investment in joint venture | 37,443 | 41,879 | 38,854 | |||||||||
Sales to joint venture | 188 | 198 | 455 | |||||||||
Purchases from joint venture | 224 | 86 | 695 | |||||||||
The following information summarizes financial data for this joint venture as of and for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 259,487 | $ | 230,351 | $ | 257,776 | ||||||
Net income | 15,555 | 13,720 | 14,603 | |||||||||
Current assets | 93,679 | 82,827 | 94,241 | |||||||||
Non-current assets | 26,377 | 25,615 | 26,099 | |||||||||
Current liabilities | 11,896 | 10,548 | 14,315 | |||||||||
Non-current liabilities | 35,469 | 16,103 | 27,845 | |||||||||
Members’ equity | 72,691 | 81,791 | 76,360 | |||||||||
Capital expenditures | 3,042 | 1,836 | 5,220 | |||||||||
Depreciation and amortization | 2,294 | 2,217 | 2,034 | |||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 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 years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Metals | Plastics | Total | Metals | Plastics | Total | |||||||||||||||||||
Segment | Segment | Segment | Segment | |||||||||||||||||||||
Balance as of January 1 | ||||||||||||||||||||||||
Goodwill | $ | 116,533 | $ | 12,973 | $ | 129,506 | $ | 117,544 | $ | 12,973 | $ | 130,517 | ||||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | (60,217 | ) | — | (60,217 | ) | ||||||||||||||
Balance as of January 1 | 56,316 | 12,973 | 69,289 | 57,327 | 12,973 | 70,300 | ||||||||||||||||||
Impairment charge | (56,160 | ) | — | (56,160 | ) | — | — | — | ||||||||||||||||
Currency valuation | (156 | ) | — | (156 | ) | (1,011 | ) | — | (1,011 | ) | ||||||||||||||
Balance as of December 31 | ||||||||||||||||||||||||
Goodwill | 116,377 | 12,973 | 129,350 | 116,533 | 12,973 | 129,506 | ||||||||||||||||||
Accumulated impairment losses | (116,377 | ) | — | (116,377 | ) | (60,217 | ) | — | (60,217 | ) | ||||||||||||||
$ | — | $ | 12,973 | $ | 12,973 | $ | 56,316 | $ | 12,973 | $ | 69,289 | |||||||||||||
The Company tests goodwill for impairment at the reporting unit level on an annual basis as of December 1 and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred. A two-step method is used for determining goodwill impairment. The first step is performed to identify whether a potential impairment exists by comparing each reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the next step is to measure the amount of impairment loss, if any. | ||||||||||||||||||||||||
During the second quarter of 2014, the Company concluded that under FASB Accounting Standards Codification (“ASC”) 350, "Intangibles - Goodwill and Other," its unfavorable operating results could be indicators of impairment of its Metals reporting unit's goodwill and, therefore, performed an interim impairment analysis as of May 31, 2014 using the two-step quantitative analysis. Under the first step, the Company determined that the carrying value of the Metals reporting unit exceeded its estimated fair value requiring the Company to perform the second step of the analysis. The second step of the analysis included allocating the calculated fair value (determined in the first step) of the Metals reporting unit to its assets and liabilities to determine an implied goodwill value. The result of the second step was that the goodwill of the Metals reporting unit was impaired and a $56,160 non-cash impairment charge ($13,900 of which is deductible for tax purposes) was recorded during the three-month period ended June 30, 2014 to eliminate the Metals reporting unit goodwill. No interim impairment analysis was performed for the Plastics reporting unit as of May 31, 2014 as there were no indicators of impairment for the Plastics reporting unit. | ||||||||||||||||||||||||
The valuation of goodwill for the second step of the goodwill impairment analysis is considered a Level 3 fair value measurement, which means that the valuation of the assets and liabilities reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets and liabilities. The projections used in the determination of the Metals reporting unit’s fair value were based on estimates and assumptions that required significant judgment, and actual results may differ from assumed and estimated amounts. The impairment of the Metals reporting unit’s goodwill was primarily driven by the valuation effects of the continued divergence of the Metals reporting unit’s forecast versus its actual results. Specifically, in determining the fair value of the Metals reporting unit for goodwill impairment testing purposes, the Company decreased its long-term estimates of the reporting unit’s operating results and cash flows and included a Company specific risk premium of 1% into its discount rate of 13% to account for the unquantified risk that may still be present in the decreased forecast. | ||||||||||||||||||||||||
The Company completed its December 1, 2014 annual goodwill impairment test for its Plastics reporting unit and there were no identified impairment charges. No annual goodwill impairment testing was performed for the Metals reporting unit as of December 1, 2014, since the Metals reporting unit goodwill was eliminated as a result of the May 31, 2014 interim goodwill impairment testing. | ||||||||||||||||||||||||
The following summarizes the components of the Company's intangible assets at December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
Customer relationships | $ | 116,268 | $ | 64,922 | $ | 117,794 | $ | 55,157 | ||||||||||||||||
Non-compete agreements | 3,888 | 3,888 | 3,888 | 3,569 | ||||||||||||||||||||
Trade names | 7,864 | 2,655 | 8,025 | 1,939 | ||||||||||||||||||||
Developed technology | 1,400 | 1,400 | 1,400 | 953 | ||||||||||||||||||||
Total | $ | 129,420 | $ | 72,865 | $ | 131,107 | $ | 61,618 | ||||||||||||||||
The weighted-average amortization period for the intangible assets is 10.8 years, 11.3 years for customer relationships, 9.6 years for trade names, 3 years for non-compete agreements and 3 years for developed technology. 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. | ||||||||||||||||||||||||
Due to continued net losses and lower than projected cash flows, the Company tested its long-lived assets for impairment at May 31, 2014 and December 31, 2014. The undiscounted cash flows from the Company's long-lived assets exceeded their carrying values, and the Company concluded that no impairment existed at May 31, 2014 or December 31, 2014 and the remaining useful lives of its long-lived assets were appropriate. The Company will continue to monitor its long-lived assets for impairment. | ||||||||||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the aggregate amortization expense was $11,630, $11,791 and $11,843, respectively. | ||||||||||||||||||||||||
The following is a summary of the estimated annual amortization expense for each of the next 5 years: | ||||||||||||||||||||||||
2015 | $ | 10,789 | ||||||||||||||||||||||
2016 | 10,789 | |||||||||||||||||||||||
2017 | 8,766 | |||||||||||||||||||||||
2018 | 4,650 | |||||||||||||||||||||||
2019 | 4,650 | |||||||||||||||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Short-term and long-term debt consisted of the following at December 31, 2014 and 2013: | ||||||||
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 10, 2019 | 59,200 | — | ||||||
Other, primarily capital leases | 1,257 | 998 | ||||||
Total long-term debt | 327,957 | 268,498 | ||||||
Less: unamortized discount | (17,843 | ) | (22,502 | ) | ||||
Less: current portion | (737 | ) | (397 | ) | ||||
Total long-term portion | 309,377 | 245,599 | ||||||
TOTAL DEBT | $ | 310,114 | $ | 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”). The Company incurred debt origination fees of $18,136 associated with the debt transactions which are primarily being amortized using the effective interest method. | ||||||||
Secured Notes | ||||||||
The Company filed a registration statement with the Securities and Exchange Commission on Form S-4 on April 11, 2012. The registration statement was declared effective on June 12, 2012. | ||||||||
On June 12, 2012, the Company commenced an offer to exchange $225,000 principal amount of 12.75% Senior Secured Notes due 2016, which are registered under the Securities Act of 1933 (the “New Secured Notes”), for $225,000 principal amount of outstanding 12.75% Senior Secured Notes due 2016, which had not been registered under the Securities Act of 1933 (the “Old Secured Notes”). The terms of the New Secured Notes issued are identical in all material respects to the Old Secured Notes, except that the New Secured Notes are registered under the Securities Act of 1933, do not have any of the transfer restrictions, registration rights and additional interest provisions relating to the Old Secured Notes and bear a different CUSIP number from the Old Secured Notes. The Company did not receive any proceeds from the exchange offer. | ||||||||
The New Secured Notes will mature on December 15, 2016. The Company will pay interest on the New Secured Notes at a rate of 12.75% per annum in cash semi-annually. The Company paid interest of $26,775, $28,548 and $28,688 on the New Secured Notes during the years ended December 31, 2014, 2013 and 2012, respectively. The New Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the “Note Guarantors”). The New Secured Notes and the related guarantees are secured by a lien on substantially all of the Company's and the Note Guarantors' assets, subject to certain exceptions and permitted liens pursuant to a pledge and security agreement. The terms of the New Secured Notes contain numerous covenants imposing financial and operating restrictions on the Company's business. These covenants place restrictions on the Company's ability and the ability of its subsidiaries to, among other things, pay dividends, redeem stock or make other distributions or restricted payments; incur indebtedness or issue common stock; make certain investments; create liens; agree to payment restrictions affecting certain subsidiaries; consolidate or merge; sell or otherwise transfer or dispose of assets, including equity interests of certain subsidiaries; enter into transactions with affiliates, enter into sale and leaseback transactions; and use the proceeds of permitted sales of the Company's assets. Refer to Note 14 - Guarantor Financial Information. | ||||||||
On or after December 15, 2014, the Company may redeem some or all of the New Secured Notes at a redemption premium of 106.375% of the principal amount for the 12-month period beginning December 15, 2014 and 100% thereafter, plus accrued and unpaid interest. | ||||||||
The New Secured Notes also contain a provision that allows holders of the New Secured Notes to require the Company to repurchase all or any part of the Secured Notes if a change of control triggering event occurs. Under this provision, the repurchase of the New Secured Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such New Secured Notes to the date of repurchase. In addition, upon certain asset sales, the Company may be required to offer to use the net proceeds thereof to purchase some of the New Secured Notes at 100% of the principal amount thereof, plus accrued and unpaid interest. | ||||||||
Subject to certain conditions, within 95 days after the end of each fiscal year, the Company must make an offer to purchase New Secured Notes with certain of its excess cash flow (as defined in the indenture) for such fiscal year, commencing with the fiscal year ending December 31, 2012, at 103% of the principal amount thereof, plus accrued and unpaid interest. For the fiscal year ended December 31, 2014, the Company estimated that it had no excess cash flow (as defined in the indenture) and therefore, an offer to purchase New Secured Notes will not be made. The Company had no excess cash flow (as defined in the indenture) for the fiscal year ended December 31, 2013. For the fiscal year ended December 31, 2012, the Company estimated excess cash flow to be approximately $17,000 and therefore, an offer to purchase New Secured Notes was made on April 1, 2013. This offer expired on April 30, 2013 with no Secured Notes tendered. | ||||||||
In November 2013, the Company purchased $15,000 aggregate principal amount of its Senior Secured Notes in the open market with available cash. The Senior Secured Notes that were purchased by the Company were subsequently retired. The purchase of the Senior Secured Notes resulted in a pre-tax loss on debt extinguishment of $2,606 consisting of tender premiums, write off of unamortized debt issuance costs and tender expenses. | ||||||||
Convertible Notes | ||||||||
The $50,000 Convertible Notes were issued pursuant to an indenture, dated as of December 15, 2011, among the Company, the Note Guarantors and U.S. Bank National Association, as trustee. The Convertible Notes were issued by the Company at an initial offering price equal to 100% of the principal amount. The Company granted the initial purchaser in the Convertible Notes offering an option, exercisable within 30 days, to purchase up to an additional $7,500 aggregate principal amount of Convertible Notes. The initial purchaser exercised their option in full and, on December 20, 2011, the Company issued an additional $7,500 aggregate principal amount of Convertible Notes. | ||||||||
The Convertible Notes will mature on December 15, 2017. The Company will pay interest on the Convertible Notes at a rate of 7.0% in cash semi-annually. The Company paid interest of $4,025, $4,025 and $4,025 on the Convertible Notes during the years ended December 31, 2014, 2013 and 2012, respectively. The Convertible Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Note Guarantors. The initial conversion rate for the Convertible Notes is 97.2384 shares of the Company’s common stock per $1 principal amount of Convertible Notes, equivalent to an initial conversion price of approximately $10.28 per share of common stock. The conversion rate will be subject to adjustment, but will not be adjusted for accrued and unpaid interest, if any. In addition, if an event constituting a fundamental change occurs, the Company will in some cases increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such fundamental change. Upon conversion, the Company will pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, together with cash in lieu of fractional shares. | ||||||||
Holders may convert their Convertible Notes at their option on any day prior to the close of business on the scheduled trading day immediately preceding June 15, 2017 only under the following circumstances: (1) during the five business-day period after any five consecutive trading-day period (the “measurement period”) in which the trading price per note for each day of that measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such day; (2) during any calendar quarter (and only during such calendar quarter) after the calendar quarter ended December 31, 2011, if the last reported sale price of the Company’s common stock for 20 or more trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is equal to or greater than 130% of the applicable conversion price in effect for each applicable trading day; (3) upon the occurrence of specified corporate events, including certain dividends and distributions; or (4) if the Company calls the Convertible Notes for redemption on or after December 20, 2015. The Convertible Notes will be convertible, regardless of the foregoing circumstances, at any time from, and including, June 15, 2017 through the second scheduled trading day immediately preceding the maturity date. | ||||||||
Prior to April 26, 2012, the Company had the option to elect not to issue shares of common stock upon conversion of the Convertible Notes to the extent such election would result in the issuance of more than 19.99% of the common stock outstanding immediately before the issuance of the Convertible Notes until the Company receives shareholder approval for such issuance and shareholder approval of the increase in the number of shares of common stock authorized and available for issuance upon conversion of the Convertible Notes. Since the Company did not have sufficient authorized shares available to share-settle the conversion option in full, the embedded conversion option did not qualify for equity classification and instead was separately valued and accounted for as a derivative liability as of December 31, 2011. The initial value allocated to the derivative liability was $22,330 of the $57,500 principal amount of the Convertible Notes, which represents a discount to the debt to be amortized through interest expense using the effective interest method through the maturity of the Convertible Notes. Accordingly, the effective interest rate used to amortize the debt discount on the Convertible Notes was determined to be 17.78%. During each reporting period prior to April 26, 2012, the derivative liability was marked to fair value through earnings. | ||||||||
On April 26, 2012, at the Company's Annual Meeting of Stockholders, shareholder approval was obtained for the issuance of shares in excess of 19.99% of the Company's outstanding common stock to satisfy any conversions of the Convertible Notes. Additionally, shareholder approval was obtained to amend the Company's charter to authorize additional shares of common stock from 30,000 to 60,000. With these approvals, the Company now has the ability to share-settle the conversion option in full and therefore, the embedded conversion option is no longer required to be separately valued and accounted for as a derivative liability. As of April 26, 2012, the conversion option's cumulative value of $42,037 was reclassified to additional paid-in capital and will no longer be marked-to-market through earnings. The deferred tax benefit of $8,285 associated with the temporary difference between the financial reporting basis of the derivative liability and its tax basis at the date of issuance (December 15, 2011) was also reclassified to additional paid-in capital. | ||||||||
Upon a fundamental change and subject to certain exceptions, as defined in the Convertible Notes indenture, holders may require the Company to repurchase some or all of their Convertible Notes for cash at a repurchase price equal to 100% of the principal amount of the Convertible Notes being repurchased, plus any accrued and unpaid interest. | ||||||||
The Company may not redeem the Convertible Notes prior to December 20, 2015. On or after December 20, 2015, the Company may redeem all or part of the Convertible Notes (except for the Convertible Notes that the Company is required to repurchase as described above) if the last reported sale price of the Company’s common stock exceeds 135% of the applicable conversion price for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice. The redemption price will equal the sum of 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, plus a “make-whole premium” payment. The Company must make the "make-whole" premium payments on all Convertible Notes called for redemption including Convertible Notes converted after the date we delivered the notice of redemption. The Company will pay the redemption price in cash except for any non-cash portion of the "make-whole" premium. | ||||||||
Revolving Credit Facility | ||||||||
The Revolving Credit Facility consists of a $125,000 senior secured asset-based revolving credit facility (subject to adjustment pursuant to a borrowing base described below), of which (a) up to an aggregate principal amount of $20,000 will be available for a Canadian subfacility, (b) up to an aggregate principal amount of $20,000 will be available for letters of credit and (c) up to an aggregate principal amount of $10,000 will be available for swingline loans. Loans under the Revolving Credit Facility will be made available to the Company and certain domestic subsidiaries (the “U.S. Borrowers”) in U.S. dollars and the Canadian Borrowers in U.S. dollars and Canadian dollars. In December 2014, the Company obtained an extension on its revolving credit facility, which extended the maturity date from December 15, 2015 to December 10, 2019 (or 91 days prior to the maturity date of the Company's Senior Secured Notes or Convertible Notes if they have not been refinanced). | ||||||||
All obligations of the U.S. Borrowers under the Revolving Credit Facility are guaranteed on a senior secured basis by each direct and indirect, existing and future, domestic subsidiary of the U.S. Borrowers (the “U.S. Subsidiary Guarantors” and together with the U.S. Borrowers, the “U.S. Credit Parties”), subject to certain exceptions for immaterial subsidiaries. All obligations of the Canadian Borrowers under the Revolving Credit Facility are guaranteed on a senior secured basis by (a) each U.S. Credit Party and (b) each direct and indirect, existing and future, Canadian subsidiary of the Company (the “Canadian Subsidiary Guarantors” and together with the Canadian Borrowers, the “Canadian Credit Parties”; and the U.S. Credit Parties together with the Canadian Credit Parties, the “Credit Parties”), subject to certain exceptions. | ||||||||
All obligations under the Revolving Credit Facility are secured on a first-priority basis by a perfected security interest in substantially all assets of the Credit Parties (subject to certain exceptions for permitted liens). The Revolving Credit Facility will rank pari passu in right of payment with the Secured Notes, but, pursuant to the intercreditor agreement, the Secured Notes will be effectively subordinated to the indebtedness under the Revolving Credit Facility with respect to the collateral. | ||||||||
At the Company’s election, borrowings under the Revolving Credit Facility will bear interest at variable rates based on (a) a customary base rate plus an applicable margin of between 0.50% and 1.00% (depending on quarterly average undrawn availability under the Revolving Credit Facility) or (b) an adjusted LIBOR rate plus an applicable margin of between 1.50% and 2.00% (depending on quarterly average undrawn availability under the Revolving Credit Facility). The weighted average interest rate on borrowings outstanding under the revolving credit facilities were 3.08%, 2.71% and 2.71% for the years ended December 31, 2014, 2013 and 2012, respectively. The Company will pay certain customary recurring fees with respect to the Revolving Credit Facility. | ||||||||
The Revolving Credit Facility permits the Company to increase the aggregate amount of the commitments under the Revolving Credit Facility from time to time in an aggregate amount for all such increases not to exceed $50,000, subject to certain conditions. The existing lenders under the Revolving Credit Facility are not obligated to provide the incremental commitments. 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. The Company maintains the option to exercise the accordion for an additional $25,000 of aggregate commitments in the future, assuming it meets certain thresholds for incurring additional debt. | ||||||||
The Revolving Credit facility contains a springing financial maintenance covenant requiring the Company to maintain the ratio of EBITDA (as defined in the agreement) to fixed charges of 1.1 to 1.0 when excess availability is less than the greater of 10% of the calculated borrowing base (as defined in the agreement) or $12,500. In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the 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 Agreement. The Company's ratio of EBITDA to fixed charges was negative for the twelve months ended December 31, 2014. At this negative ratio, the Company's current maximum borrowing capacity would be $100,397 before triggering full dominion of the Company's cash collections. As of December 31, 2014, the Company had $41,197 of additional unrestricted borrowing capacity available under the Revolving Credit Facility. | ||||||||
Net interest expense reported on the consolidated statements of operations was reduced by interest income from investment of excess cash balances of $81 in 2014, $35 in 2013 and $222 in 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 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 December 31, 2014 and 2013 is primarily invested in fixed income securities, which generally fall within Level 2 of the fair value hierarchy. Fixed income securities in the pension plan asset portfolio 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. Refer to Note 5 for pension fair value disclosures. | ||||||||||||||||
Fair Value Measurements of Debt | ||||||||||||||||
The fair value of the Company’s Senior Secured Notes as of December 31, 2014 was estimated to be $216,808 compared to a carrying value of $210,000. The fair value for the Senior 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 December 31, 2014 was estimated to be approximately $61,932 compared to a carrying value of $57,500. The fair value for 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 December 31, 2014 were as follows: | ||||||||||||||||
Company's stock price at the end of the period | $ | 7.98 | ||||||||||||||
Expected volatility | 38.3 | % | ||||||||||||||
Credit spreads | 9.28 | % | ||||||||||||||
Risk-free interest rate | 1.08 | % | ||||||||||||||
As of December 31, 2014, the estimated fair value of the Company's debt outstanding under its revolving credit facility, which falls within Level 3 of the fair value hierarchy, was $51,253 compared to its carrying value of $59,200. The fair value was calculated based on the present value of the outstanding debt using the revolving credit facility interest rate as of December 31, 2014 plus a premium and assuming the current amount of debt outstanding as of December 31, 2014 was outstanding until the maturity of the Company's facility in December 2019. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during the future periods since there is no predetermined borrowing or repayment schedule. | ||||||||||||||||
Fair Value Measurements of Commodity Hedges | ||||||||||||||||
The Company has a commodity hedging program to mitigate risks associated with certain commodity price fluctuations. At December 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 December 31, 2014 and 2013, the notional value associated with forward contracts was $7,486 and $12,492, respectively. The Company recorded, through cost of materials, realized and unrealized net losses of $288, $2,141 and $430 during the years ended December 31, 2014, 2013 and 2012, respectively, as a result of the decline in the fair value of the contracts. As of December 31, 2014 and 2013, all commodity hedge contracts were in a liability position. Refer to Note 12 - Commitments and Contingent Liabilities 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 derivative liabilities associated with commodity hedges. The derivative liabilities are 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 (a) | |||||||||||||
As of December 31, 2014 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,615 | $ | — | $ | 1,615 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,871 | $ | — | $ | 2,871 | ||||||||
(a) As of December 31, 2014, the short-term portion of the derivative liability for commodity hedges of $1,137 is included in "Accrued and other liabilities" and the long-term portion of $478 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. As of December 31, 2013, the short-term portion of the derivative liability for commodity hedges of $1,516 is included in "Accrued and other liabilities" and the long-term portion of $1,355 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. |
Lease_Agreements
Lease Agreements | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Leases [Abstract] | ||||||||
Lease Agreements | Lease Agreements | |||||||
The Company has operating and capital leases covering certain warehouse and office facilities, equipment, automobiles and trucks, with the lapse of time as the basis for all rental payments. | ||||||||
Future minimum rental payments under operating and capital leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014 are as follows: | ||||||||
Capital | Operating | |||||||
2015 | $ | 738 | $ | 14,091 | ||||
2016 | 470 | 12,879 | ||||||
2017 | 49 | 10,909 | ||||||
2018 | — | 9,399 | ||||||
2019 | — | 7,702 | ||||||
Later years | — | 23,400 | ||||||
Total future minimum rental payments | $ | 1,257 | $ | 78,380 | ||||
Total rental payments charged to expense were $14,173 in 2014, $15,062 in 2013, and $15,579 in 2012. Lease extrication charges of $186 and $1,448 associated with restructuring activities in the Metals segment were included in total rental payments charged to expense in 2014 and 2013, respectively, within "Restructuring activity" in the Consolidated Statement of Operations. There were no lease extrication charges in 2012. Total gross value of property, plant and equipment under capital leases was $2,452 and $1,660 in 2014 and 2013, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Shareholders' 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. The Rights Plan expired on August 30, 2014. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Accumulated other comprehensive loss as reported in the consolidated balance sheets as of December 31, 2014 and 2013 was comprised of the following: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency translation losses | $ | (9,994 | ) | $ | (4,617 | ) | ||||||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (35,571 | ) | (14,126 | ) | ||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (45,565 | ) | $ | (18,743 | ) | ||||||||||||||||||
Changes in accumulated other comprehensive loss by component for the years ended December 31, 2014 and 2013 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 | (23,108 | ) | 3,256 | (5,377 | ) | (2,295 | ) | (28,485 | ) | 961 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,663 | 1,367 | — | — | 1,663 | 1,367 | ||||||||||||||||||
Net current period other comprehensive (loss) income | (21,445 | ) | 4,623 | (5,377 | ) | (2,295 | ) | (26,822 | ) | 2,328 | ||||||||||||||
Balance as of December 31, | $ | (35,571 | ) | $ | (14,126 | ) | $ | (9,994 | ) | $ | (4,617 | ) | $ | (45,565 | ) | $ | (18,743 | ) | ||||||
(a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the year ended December 31, 2014. | ||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unrecognized pension and postretirement benefit items: | ||||||||||||||||||||||||
Prior service cost (b) | $ | (282 | ) | $ | (322 | ) | ||||||||||||||||||
Actuarial loss (b) | (1,381 | ) | (1,919 | ) | ||||||||||||||||||||
Total before Tax | (1,663 | ) | (2,241 | ) | ||||||||||||||||||||
Tax effect | — | 874 | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (1,663 | ) | $ | (1,367 | ) | ||||||||||||||||||
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in "Sales, general and administrative expense" in the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 (see Note 9 - Employee Benefit Plans for additional details). |
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Share-based Compensation | Share-based Compensation | |||||||||||||
The consolidated compensation cost recorded for the Company’s share-based compensation arrangements was $1,972, $3,062 and $2,277 for 2014, 2013 and 2012, respectively. The total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was $189, $1,141 and $872 in 2014, 2013 and 2012, respectively. All compensation expense related to share-based compensation arrangements is recorded in sales, general and administrative expense. The unrecognized compensation cost as of December 31, 2014 associated with all share-based payment arrangements is $3,450 and the weighted average period over which it is to be expensed is 1.4 years. | ||||||||||||||
Restricted Stock, Stock Option and Equity Compensation Plans – The Company maintains certain long-term stock incentive and stock option plans for the benefit of officers, directors and other key management employees. A summary of the authorized shares under these plans is detailed below: | ||||||||||||||
Plan Description | Authorized Shares | |||||||||||||
1995 Directors Stock Option Plan | 188 | |||||||||||||
1996 Restricted Stock and Stock Option Plan | 938 | |||||||||||||
2000 Restricted Stock and Stock Option Plan | 1,200 | |||||||||||||
2004 Restricted Stock, Stock Option and Equity Compensation Plan | 1,350 | |||||||||||||
2008 A. M. Castle & Co. Omnibus Incentive Plan (amended and restated as of April 25, 2013) | 3,350 | |||||||||||||
Long-Term Compensation and Incentive Plans | ||||||||||||||
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. | ||||||||||||||
On March 6, 2013, the Board of Directors of the Company approved equity awards under the Company’s 2013 Long-Term Compensation Plan (“2013 LTC Plan”) for executive officers and other select personnel. | ||||||||||||||
On March 7, 2012, the Board of Directors of the Company approved equity awards under the Company’s 2012 Long-Term Compensation Plan ("2012 LTC Plan") for executive officers and other select personnel. | ||||||||||||||
Each of the respective LTC Plans for 2014, 2013 and 2012 included RSU and PSU awards and 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. | ||||||||||||||
Restricted Share Units and Non-Vested Shares | ||||||||||||||
The restricted share units ("RSUs") granted under the 2014 and 2013 LTC Plans will cliff vest on December 31, 2016 and December 31, 2015, respectively. Approximately 43 RSUs granted under the 2012 LTC Plan cliff vested on December 31, 2014. 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). | ||||||||||||||
The outstanding non-vested share balance consists of shares issued to the Board of Directors. Non-vested shares were issued to the directors during the second quarter of 2014, 2013 and 2012 and will cliff vest after three years in the second quarter of 2017, 2016 and 2015, respectively. | ||||||||||||||
The fair value of the RSUs and non-vested shares is established using the market price of the Company’s stock on the date of grant. | ||||||||||||||
A summary of the non-vested share and RSU activity is as follows: | ||||||||||||||
Non-Vested Shares | Restricted Share Units | |||||||||||||
Shares | Weighted-Average Grant | Units | Weighted- | |||||||||||
Date Fair Value | Average Grant | |||||||||||||
Date Fair Value | ||||||||||||||
Outstanding at January 1, 2014 | 98 | $ | 14.17 | 258 | $ | 13.3 | ||||||||
Granted | 39 | $ | 13.68 | 127 | $ | 14.35 | ||||||||
Forfeited | (12 | ) | $ | 12.55 | (123 | ) | $ | 13.38 | ||||||
Vested | (18 | ) | $ | 13.84 | (63 | ) | $ | 10.87 | ||||||
Outstanding at December 31, 2014 | 107 | $ | 14.21 | 199 | $ | 14.67 | ||||||||
Expected to vest at December 31, 2014 | 107 | $ | 14.21 | 165 | $ | 14.63 | ||||||||
The unrecognized compensation cost as of December 31, 2014 associated with RSU and non-vested share awards was $1,994. The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $938, $1,106 and $1,685, respectively. | ||||||||||||||
Performance Shares | ||||||||||||||
Performance share unit ("PSU") awards are based on two independent conditions, the Company’s relative total shareholder return (“RTSR”), which represents a market condition, and Company-specific target goals for Return on Invested Capital (“ROIC”) as defined in the LTC Plans. | ||||||||||||||
The status of PSUs that have been awarded as part of the active LTC Plans is summarized below as of December 31, 2014: | ||||||||||||||
Plan Year | Grant Date Fair Value | Estimated Number of | Maximum Number of | |||||||||||
Performance Shares to be Issued | Performance Shares that | |||||||||||||
Could Potentially be Issued | ||||||||||||||
2014 LTC Plan | ||||||||||||||
RTSR performance condition | $ | 20.16 | — | 170 | ||||||||||
ROIC performance condition | $ | 14.35 | — | 170 | ||||||||||
2013 LTC Plan | ||||||||||||||
RTSR performance condition | $ | 24.74 | — | 120 | ||||||||||
ROIC performance condition | $ | 16.29 | — | 120 | ||||||||||
2012 LTC Plan | ||||||||||||||
RTSR performance condition | $ | 13.78 | — | 106 | ||||||||||
RTSR performance condition (a) | $ | 16.65 | — | 58 | ||||||||||
ROIC performance condition | $ | 10.02 | — | 106 | ||||||||||
ROIC performance condition (a) | $ | 12.74 | — | 58 | ||||||||||
(a) Represents PSU awards granted in October 2012 under the 2012 LTC Plan. | ||||||||||||||
The grant date fair values of PSU awards containing the RTSR performance condition were estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Grant Date Fair Value per Share Unit | $ | 20.16 | $ | 24.74 | $ | 13.78 | ||||||||
Expected volatility | 40.8 | % | 59.5 | % | 85 | % | ||||||||
Risk-free interest rate | 0.79 | % | 0.38 | % | 0.4 | % | ||||||||
Expected life (in years) | 2.77 | 2.82 | 2.81 | |||||||||||
Expected dividend yield | — | — | — | |||||||||||
PSU awards under the 2012 LTC Plan were granted to the Company's CEO in October 2012. The grant date fair value of the CEO PSU awards containing the RTSR performance condition was estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||||||
2012 | ||||||||||||||
Grant Date Fair Value per Share Unit | $ | 16.65 | ||||||||||||
Expected volatility | 60.7 | % | ||||||||||||
Risk-free interest rate | 0.34 | % | ||||||||||||
Expected life (in years) | 2.21 | |||||||||||||
Expected dividend yield | — | |||||||||||||
The grant date fair values for PSU awards subject to the ROIC performance condition were established using the market price of the Company's common stock on the date of grant. | ||||||||||||||
Final award vesting and distribution of performance awards granted under the 2012 LTC Plan was determined based on the Company’s actual performance versus the target goals for a three-year consecutive period (as defined in the 2012 Plan). Refer to the table above for the number of shares expected to be issued under 2012 LTC Plan. The unrecognized compensation cost as of December 31, 2014 associated with the 2014 and 2013 LTC Plan performance share units is $1,456. | ||||||||||||||
Stock Options | ||||||||||||||
A summary of stock option activity is as follows: | ||||||||||||||
Shares | Weighted | Intrinsic | Weighted Average | |||||||||||
Average | Value | Remaining | ||||||||||||
Exercise Price | Contractual Life | |||||||||||||
Stock options outstanding at January 1, 2014 | 144 | $ | 12.89 | |||||||||||
Exercised | (17 | ) | $ | 9.09 | ||||||||||
Forfeited | (37 | ) | $ | 12.79 | ||||||||||
Expired | (8 | ) | $ | 14.22 | ||||||||||
Stock options outstanding at December 31, 2014 | 82 | $ | 13.62 | $ | — | 2.1 | ||||||||
Stock options exercisable at December 31, 2014 | 82 | $ | 13.62 | $ | — | 2.1 | ||||||||
Stock options vested as of December 31, 2014 | 82 | $ | 13.62 | $ | — | 2.1 | ||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $56, $914 and $36, respectively. There was no unrecognized compensation cost associated with stock options as of December 31, 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||
Pension Plans | ||||||||||||||||
Certain employees of the Company are covered by Company-sponsored pension plans and a supplemental pension plan (collectively, the “pension plans”). These pension plans are defined benefit, noncontributory plans. Benefits paid to retirees are based upon age at retirement, years of credited service and average earnings. The Company also has a supplemental pension plan, which is a non-qualified, unfunded plan. The Company uses a December 31 measurement date for the pension plans. | ||||||||||||||||
The Company-sponsored pension plans are frozen for all employees except for employees represented by the United Steelworkers of America. The assets of the Company-sponsored pension plans are maintained in a single trust account. | ||||||||||||||||
The Company’s funding policy is to satisfy the minimum funding requirements of the Employee Retirement Income Security Act of 1974, commonly called ERISA. | ||||||||||||||||
Components of net periodic pension plans cost (benefit) were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 453 | $ | 699 | $ | 608 | ||||||||||
Interest cost | 6,885 | 6,327 | 6,832 | |||||||||||||
Expected return on assets | (8,381 | ) | (9,278 | ) | (9,855 | ) | ||||||||||
Amortization of prior service cost | 282 | 322 | 324 | |||||||||||||
Amortization of actuarial loss | 1,717 | 1,942 | 594 | |||||||||||||
Net periodic pension plans cost (benefit) | $ | 956 | $ | 12 | $ | (1,497 | ) | |||||||||
The expected amortization of pension prior service cost and actuarial loss for the next fiscal year are $378 and $3,912, respectively. | ||||||||||||||||
The status of the pension plans at December 31, 2014 and 2013 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 156,989 | $ | 181,137 | ||||||||||||
Service cost | 453 | 699 | ||||||||||||||
Interest cost | 6,885 | 6,327 | ||||||||||||||
Plan change | 719 | — | ||||||||||||||
Benefit payments | (7,587 | ) | (7,097 | ) | ||||||||||||
Actuarial loss (gain) | 35,863 | (24,077 | ) | |||||||||||||
Projected benefit obligation at end of year | $ | 193,322 | $ | 156,989 | ||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 168,408 | $ | 187,150 | ||||||||||||
Actual return (loss) on assets | 22,521 | (11,966 | ) | |||||||||||||
Employer contributions | 329 | 321 | ||||||||||||||
Benefit payments | (7,587 | ) | (7,097 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 183,671 | $ | 168,408 | ||||||||||||
Funded status – net (liability) prepaid | $ | (9,651 | ) | $ | 11,419 | |||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||
Prepaid pension cost | $ | 7,092 | $ | 16,515 | ||||||||||||
Accrued liabilities | (322 | ) | (325 | ) | ||||||||||||
Pension benefit obligations | (16,421 | ) | (4,771 | ) | ||||||||||||
Net amount recognized | $ | (9,651 | ) | $ | 11,419 | |||||||||||
Pre-tax components of accumulated other comprehensive loss: | ||||||||||||||||
Unrecognized actuarial loss | $ | (45,009 | ) | $ | (25,002 | ) | ||||||||||
Unrecognized prior service cost | (1,731 | ) | (1,295 | ) | ||||||||||||
Total | $ | (46,740 | ) | $ | (26,297 | ) | ||||||||||
Accumulated benefit obligation | $ | 192,638 | $ | 156,474 | ||||||||||||
For the plans with an accumulated benefit obligation in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were $66,341, $65,657 and $49,598, respectively, at December 31, 2014 and $5,095, $5,095 and $0, respectively, at December 31, 2013. | ||||||||||||||||
The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.75% | 4.50% | ||||||||||||||
Projected annual salary increases | 0 - 3.00% | 0 - 3.00% | ||||||||||||||
The assumptions used to determine net periodic pension cost (benefit) were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.50% | 3.50 - 3.75% | 4.25% | |||||||||||||
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.75% | |||||||||||||
Projected annual salary increases | 0 - 3.00% | 0 - 3.00% | 0 - 3.00% | |||||||||||||
The Company’s expected return on plan assets is derived from reviews of asset allocation strategies and historical and anticipated future long-term performance of individual asset classes. The Company’s analysis gives consideration to historical returns and long-term, prospective rates of return. | ||||||||||||||||
The Company’s pension plan assets are allocated entirely to fixed income securities at December 31, 2014 and 2013. | ||||||||||||||||
The Company’s pension plans’ funds are managed in accordance with investment policies recommended by its investment advisor and approved by the Human Resources Committee of the Board of Directors. The overall target portfolio allocation is 100% fixed income securities. These funds’ conformance with style profiles and performance is monitored regularly by management, with the assistance of the Company’s investment advisor. Adjustments are typically made in the subsequent quarters when investment allocations deviate from the target range. The investment advisor provides quarterly reports to management and the Human Resources Committee of the Board of Directors. | ||||||||||||||||
The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2014: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed income securities (a) | $ | 15,839 | $ | 167,882 | $ | — | $ | 183,721 | ||||||||
Accounts payable – pending trades | (50 | ) | ||||||||||||||
Total | $ | 183,671 | ||||||||||||||
(a) Fixed income securities are comprised of corporate bonds (75%), government bonds (17%), government agencies securities (4%) and other fixed income securities (4%). | ||||||||||||||||
The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2013: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed income securities (b) | $ | 15,629 | $ | 152,803 | $ | — | $ | 168,432 | ||||||||
Accounts payable – pending trades | (24 | ) | ||||||||||||||
Total | $ | 168,408 | ||||||||||||||
(b) Fixed income securities are comprised of corporate bonds (71%), government bonds (20%), government agencies securities (5%) and other fixed income securities (4%). | ||||||||||||||||
The estimated future pension benefit payments are: | ||||||||||||||||
2015 | $ | 7,990 | ||||||||||||||
2016 | 8,392 | |||||||||||||||
2017 | 8,859 | |||||||||||||||
2018 | 9,185 | |||||||||||||||
2019 | 9,597 | |||||||||||||||
2020 — 2024 | 52,697 | |||||||||||||||
The Company is party to a multi-employer pension plan in Ohio. If the Company elects to withdraw from the Ohio multi-employer pension plan in the future, it could potentially incur a withdrawal liability at that time. The Ohio multi-employer pension plan withdrawal liability was estimated to be $5,407 as of December 31, 2014. The Company was party to a multi-employer pension plan in California. In 2013, in connection with the January 2013 restructuring plan, the Company closed its facility in Gardena, California and elected to withdraw from the California multi-employer pension plan. The Company incurred a withdrawal liability of $720 which was charged to expense in 2013 within "Restructuring activity" in the Consolidated Statement of Operations. | ||||||||||||||||
Postretirement Plan | ||||||||||||||||
The Company also provides declining value life insurance to its retirees and a maximum of three years of medical coverage to qualified individuals who retire between the ages of 62 and 65. The Company does not fund these benefits in advance, and uses a December 31 measurement date. | ||||||||||||||||
Components of net periodic postretirement plan (benefit) cost for 2014, 2013 and 2012 were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 56 | $ | 153 | $ | 161 | ||||||||||
Interest cost | 76 | 148 | 170 | |||||||||||||
Amortization of prior service cost | — | — | — | |||||||||||||
Amortization of actuarial gain | (336 | ) | (23 | ) | — | |||||||||||
Net periodic postretirement plan (benefit) cost | $ | (204 | ) | $ | 278 | $ | 331 | |||||||||
The expected amortization of postretirement plan prior service cost and actuarial gain for the next fiscal year are insignificant. | ||||||||||||||||
The status of the postretirement plan at December 31, 2014 and 2013 was as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in accumulated postretirement benefit obligations: | ||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 1,977 | $ | 4,379 | ||||||||||||
Service cost | 56 | 153 | ||||||||||||||
Interest cost | 76 | 148 | ||||||||||||||
Benefit payments | (224 | ) | (201 | ) | ||||||||||||
Actuarial loss (gain) | 667 | (2,502 | ) | |||||||||||||
Accumulated postretirement benefit obligation at end of year | $ | 2,552 | $ | 1,977 | ||||||||||||
Funded status – net liability | $ | (2,552 | ) | $ | (1,977 | ) | ||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||
Accrued liabilities | $ | (226 | ) | $ | (139 | ) | ||||||||||
Postretirement benefit obligations | (2,326 | ) | (1,838 | ) | ||||||||||||
Net amount recognized | $ | (2,552 | ) | $ | (1,977 | ) | ||||||||||
Pre-tax components of accumulated other comprehensive loss: | ||||||||||||||||
Unrecognized actuarial gain | $ | 2,137 | $ | 3,139 | ||||||||||||
Total | $ | 2,137 | $ | 3,139 | ||||||||||||
The assumed health care cost trend rates for medical plans at December 31 were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Medical cost trend rate | 7.00% | 7.50% | 8.00% | |||||||||||||
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% | |||||||||||||
Year ultimate medical cost trend rate will be reached | 2019 | 2019 | 2019 | |||||||||||||
A 1% increase in the health care cost trend rate assumptions would have increased the accumulated postretirement benefit obligation at December 31, 2014 by $114 with no significant impact on the annual periodic postretirement benefit cost. A 1% decrease in the health care cost trend rate assumptions would have decreased the accumulated postretirement benefit obligation at December 31, 2014 by $105 with no significant impact on the annual periodic postretirement benefit cost. | ||||||||||||||||
The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net periodic postretirement benefit costs | 4.00% | 3.50% | 3.75% | |||||||||||||
Accumulated postretirement benefit obligations | 3.25% | 4.00% | 3.50% | |||||||||||||
Retirement Savings Plans | ||||||||||||||||
The Company’s retirement savings plan for U.S. employees includes features under Section 401(k) of the Internal Revenue Code. The Company provides a 401(k) matching contribution of 100% of each dollar on eligible employee contributions up to the first 6% of the employee’s pre-tax compensation. Company contributions cliff vest after two years of employment. | ||||||||||||||||
Effective July 1, 2012, the Company's 401(k) plan was amended to include the U.S. employees of Tube Supply. Employees were eligible to participate in the Company's 401(k) plan immediately. Tube Supply's existing plan assets were rolled over into the Company's 401(k) plan during 2012 as a result of this amendment. | ||||||||||||||||
The amounts expensed by the Company relating to its 401(k) plan and other international retirement plans were $3,743, $4,265 and $5,260 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Restructuring_Activity_Restruc
Restructuring Activity Restructuring Charges | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | 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 additional facilities in locations where it had redundant operations, and in June 2014, the company announced organizational changes that included workforce reductions. The October 2013 and June 2014 consolidations and organizational changes were part of the Company's continuous improvement plans to lower structural operating costs. Restructuring activity is primarily included in the Company's Metals segment. Restructuring activity 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 activity during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Employee termination and related benefits | $ | 937 | $ | 2,702 | |||||||||||||||||
Moving costs associated with plant consolidations | 1,450 | 4,487 | |||||||||||||||||||
Lease termination costs | 186 | 1,448 | |||||||||||||||||||
Gain on sale of fixed assets | (5,533 | ) | — | ||||||||||||||||||
Other exit costs | — | 366 | |||||||||||||||||||
Inventory write-offs | — | 1,236 | |||||||||||||||||||
Total (benefit) expense | $ | (2,960 | ) | $ | 10,239 | ||||||||||||||||
Restructuring activity during the year ended December 31, 2014 consisted of a gain on the sale of fixed assets in Houston where the Company completed a plant consolidation, partially offset by employee termination and related benefits for the workforce reductions announced in June 2014, moving costs associated with plant consolidations announced in October 2013 and lease termination costs related to the restructuring activities announced in January 2013. | |||||||||||||||||||||
Restructuring activity during the year ended December 31, 2013 consisted of moving costs, employee termination and related benefits related to workforce reductions, lease termination costs, inventory write-offs and other exit costs associated with the plant consolidations announced in January and October 2013. The January 2013 announced restructuring activities are complete. | |||||||||||||||||||||
Restructuring activity associated with the write-off of inventory is included in "Cost of materials" in the Consolidated Statement of Operations. All other restructuring activity is recorded to the "Restructuring activity" line item within the Consolidated Statement of Operations as it is incurred. Through December 31, 2014, the Company recognized cumulative net charges of $7,279 related to restructuring activity which was consistent with expectations. The Company anticipates no additional charges for the previously announced restructuring activities. | |||||||||||||||||||||
Restructuring reserve activity for the years ended December 31, 2014 and 2013 is summarized below: | |||||||||||||||||||||
Period Activity | |||||||||||||||||||||
Balance January 1 | Costs (gains) | Cash (payments) receipts | Impairment | Balance December 31 (a) | |||||||||||||||||
2014 Activity: | |||||||||||||||||||||
Employee termination and related benefits | $ | 129 | $ | 937 | $ | (1,066 | ) | $ | — | $ | — | ||||||||||
Moving costs associated with plant consolidations | — | 1,450 | (1,450 | ) | — | — | |||||||||||||||
Lease termination costs | 921 | 186 | (471 | ) | — | 636 | |||||||||||||||
Gain on sale of fixed assets | — | (5,533 | ) | 5,533 | — | — | |||||||||||||||
Total 2014 Activity | $ | 1,050 | $ | (2,960 | ) | $ | 2,546 | $ | — | $ | 636 | ||||||||||
2013 Activity: | |||||||||||||||||||||
Employee termination and related benefits | $ | — | $ | 2,702 | $ | (2,573 | ) | $ | — | $ | 129 | ||||||||||
Moving costs associated with plant consolidations | — | 4,487 | (4,318 | ) | (169 | ) | — | ||||||||||||||
Lease termination costs | — | 1,448 | (527 | ) | — | 921 | |||||||||||||||
Other exit costs | — | 366 | (366 | ) | — | — | |||||||||||||||
Inventory write-offs | — | 1,236 | — | (1,236 | ) | — | |||||||||||||||
Total 2013 Activity | $ | — | $ | 10,239 | $ | (7,784 | ) | $ | (1,405 | ) | $ | 1,050 | |||||||||
(a) Payments on certain of the lease obligations are scheduled to continue until 2017. 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 December 31, 2014, the short-term portion of the lease termination costs in the restructuring liability of $564 is included in "Accrued and other liabilities" and the long-term portion of $72 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
(Loss) income before income taxes and equity in earnings of joint venture generated by the Company’s U.S. and non-U.S. operations were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | (112,904 | ) | $ | (55,611 | ) | $ | (28,398 | ) | |||
Non-U.S. | (30,841 | ) | (5,133 | ) | 12,856 | |||||||
The Company’s income tax (benefit) expense is comprised of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal | ||||||||||||
current | $ | — | $ | (260 | ) | $ | (842 | ) | ||||
deferred | (6,773 | ) | (16,913 | ) | (1,542 | ) | ||||||
State | ||||||||||||
current | 361 | 1,312 | 629 | |||||||||
deferred | (948 | ) | (2,949 | ) | 401 | |||||||
Foreign | ||||||||||||
current | (1,898 | ) | 3,242 | 2,927 | ||||||||
deferred | 7,905 | (4,227 | ) | (143 | ) | |||||||
$ | (1,353 | ) | $ | (19,795 | ) | $ | 1,430 | |||||
The reconciliation between the Company’s effective tax rate on income or loss and the U.S. federal income tax rate of 35% is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax at statutory rates | $ | (50,310 | ) | $ | (21,260 | ) | $ | (5,439 | ) | |||
State income taxes, net of federal income tax benefits | (2,117 | ) | (1,757 | ) | 22 | |||||||
Permanent items: | ||||||||||||
Dividends received deductions | — | (766 | ) | (766 | ) | |||||||
Convertible debt mark-to-market - non-deductible | — | — | 6,206 | |||||||||
Goodwill impairment | 10,454 | — | — | |||||||||
Other permanent differences | 285 | (124 | ) | 480 | ||||||||
Federal and state income tax on joint venture | 2,912 | 2,670 | 2,766 | |||||||||
Rate differential on foreign income | 11,512 | 812 | (1,680 | ) | ||||||||
Valuation allowance | 24,572 | — | — | |||||||||
Unrecognized tax benefits | — | — | (557 | ) | ||||||||
Audit settlements | 99 | — | 218 | |||||||||
Other | 1,240 | 630 | 180 | |||||||||
Income tax (benefit) expense | $ | (1,353 | ) | $ | (19,795 | ) | $ | 1,430 | ||||
Effective income tax expense rate | 0.9 | % | 32.6 | % | (9.2 | )% | ||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows as of December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and postretirement benefits | $ | 4,714 | $ | 2,526 | ||||||||
Deferred compensation | 2,109 | 1,768 | ||||||||||
Restructuring related and other reserves | 943 | 1,055 | ||||||||||
Alternative minimum tax and net operating loss carryforward | 40,787 | 24,072 | ||||||||||
Inventory | 5,218 | — | ||||||||||
Other, net | 1,833 | 69 | ||||||||||
Deferred tax assets before valuation allowance | 55,604 | 29,490 | ||||||||||
Valuation allowance | (33,021 | ) | — | |||||||||
Total deferred tax assets | $ | 22,583 | $ | 29,490 | ||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | $ | 9,857 | $ | 8,026 | ||||||||
Inventory | — | 319 | ||||||||||
Pension | — | 5,954 | ||||||||||
Intangible assets and goodwill | 9,129 | 13,288 | ||||||||||
Convertible debt discount | 5,644 | 6,833 | ||||||||||
Other, net | 5,628 | 2,561 | ||||||||||
Total deferred tax liabilities | 30,258 | 36,981 | ||||||||||
Net deferred tax liabilities | $ | 7,675 | $ | 7,491 | ||||||||
As of December 31, 2014, the Company has federal, state and foreign net operating losses ("NOLs") as follows: | ||||||||||||
Amount | Expiration Period | |||||||||||
Federal | $ | 81,328 | 2031 to 2034 | |||||||||
State | 84,596 | 2015 to 2034 | ||||||||||
Foreign | 19,892 | (a) | ||||||||||
(a) Foreign NOLs of $1,719 expire in 2014 to 2018 and $18,173 do not expire. | ||||||||||||
The Company evaluates the recoverability of its deferred tax assets by assessing the adequacy of future taxable income from all sources, including the reversal of deferred tax liabilities, forecasted operating earnings and tax planning strategies. Valuation allowances are recorded against deferred tax assets when it is more likely than not that the amounts will not be realized. | ||||||||||||
The Company continued to generate losses at a number of its foreign subsidiaries in 2014. The larger than expected 2014 losses, when combined with prior losses, indicated that it was more likely than not that deferred tax assets of these foreign subsidiaries would not be realized. During 2014, a valuation allowance of $2,740 was recorded against all the pre-2014 deferred tax assets of these foreign subsidiaries. The deferred tax assets of these foreign subsidiaries are comprised primarily of net operating loss carry forwards. Additionally, losses generated by these foreign subsidiaries during the year ended December 31, 2014 were not benefited nor are future losses expected to be benefited until these subsidiaries return to profitability and evidence suggests that it is more likely than not that the deferred tax assets will be realized. The impact on the income tax provision of not benefiting the losses was approximately $2,148 for the year ended December 31, 2014. | ||||||||||||
In the U.S., the Company was in a net deferred tax asset position as of December 31, 2014, prior to the consideration of valuation allowances. The Company continued to generate losses in the U.S. These losses, combined with prior losses, indicated that it was more likely than not that the U.S. deferred tax assets would not be realized. 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 year ended December 31, 2014. The impact on the income tax provision of not benefiting the losses was approximately $28,133 for the year ended December 31, 2014. 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 Company did not record valuation allowances against its U.S. deferred tax assets for the year ended December 31, 2013 as the U.S. had sufficient deferred tax liabilities to cover net operating losses. | ||||||||||||
The valuation allowances in the U.S. and at certain foreign subsidiaries will not be reversed until the Company returns to profitability and determines that it is more likely than not that its deferred tax assets will be realized. | ||||||||||||
Valuation allowances for the Company’s U.S. and non-U.S. operations were as follows December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | ||||||||||||
Balance, beginning of year | $ | — | $ | — | $ | — | ||||||
Provision charged to expense | 19,684 | — | — | |||||||||
Provision charged to accumulated other comprehensive loss | 8,449 | — | — | |||||||||
Balance, end of year | $ | 28,133 | $ | — | $ | — | ||||||
Non-U.S. | ||||||||||||
Balance, beginning of year | $ | — | $ | — | $ | — | ||||||
Provision charged to expense | 4,888 | — | — | |||||||||
Balance, end of year | $ | 4,888 | $ | — | $ | — | ||||||
Unrecognized tax benefits of $0, $105 and $105 would impact the effective tax rate if recognized as of December 31, 2014, 2013 and 2012, respectively. The accrued interest and penalties related to unrecognized tax benefits were insignificant at December 31, 2014 and 2013. The interest and penalties recorded by the Company were insignificant for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
During 2014, 2013 and 2012, statutes expired on certain unrecognized tax benefits of the Company. The reversal of the reserve of these unrecognized tax benefits was recorded as a component of overall income tax benefit for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The Company or its subsidiaries files income tax returns in the United States federal jurisdiction, 33 states, and 7 foreign jurisdictions. | ||||||||||||
The following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | ||||||||||||
U.S. Federal | 2011 to 2014 | |||||||||||
U.S. States | 2010 to 2014 | |||||||||||
Foreign | 2008 to 2014 | |||||||||||
A 2011 and 2012 income tax audit of the Company's Canadian subsidiary was in process as of December 31, 2014. In February 2015, this audit was closed with no adjustment. During the second quarter of 2012, audits of the Company’s 2008 and 2009 U.S. federal income tax returns were concluded with no significant assessment. Changes to the Company's gross unrecognized tax benefits within the next twelve months, due to the potential for resolution of the examination or expiration of statutes of limitations, are immaterial. | ||||||||||||
The Company received its 2013 federal income tax refund of $1,500 during October 2014, its 2012 federal income tax refund of $2,590 during October 2013 and its 2010 federal income tax refund of $2,025 during February 2012. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities |
As of December 31, 2014, the Company had $5,842 of irrevocable letters of credit outstanding which primarily consisted of $3,000 for collateral associated with commodity hedges and $1,842 for compliance with the insurance reserve requirements of its workers’ compensation insurance carriers. | |
The Company is party to a variety of legal proceedings and other claims, including proceedings by government authorities, which arise from the operation of its business. These proceedings are incidental and occur in the normal course of the Company's business affairs. The majority of these claims and proceedings relate to commercial disputes with customers, suppliers, and others; employment, including benefit matters; product quality; and environmental, health and safety claims. It is the opinion of management that the currently expected outcome of these proceedings and claims, after taking into account recorded accruals and the availability and limits of our insurance coverage, will not have a material adverse effect on the consolidated results of operations, financial condition or cash flows of the Company. | |
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 has incurred costs for warranty and other customer claims associated with these alleged quality defects of $1,150 to date, of which $90 and $1,060 were included as reductions of net sales for the years ended December 31, 2014 and December 31, 2013, respectively. As of December 31, 2014, the Company is not aware of any remaining active claims for compensation as a result of the alleged quality defects. The Company is pursuing claims against the original supplier of the products. While the Company does not currently expect further claims related to the alleged quality defects, there can be no assurance that additional claims will not arise or that the Company will not incur further losses related to such claims in the future. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||
Dec. 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. Neither of the Company’s reportable segments has any unusual working capital requirements. | ||||||||||||||||||||
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. Management evaluates the performance of its business segments based on operating income. | ||||||||||||||||||||
The Company operates primarily in North America. No activity from any individual country outside the United States is material, and therefore, foreign activity is reported on an aggregate basis. Net sales are attributed to countries based on the location of the Company’s subsidiary that is selling direct to the customer. Company-wide geographic data as of and for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | 736,236 | $ | 817,714 | $ | 988,161 | ||||||||||||||
All other countries | 243,601 | 235,352 | 282,207 | |||||||||||||||||
Total | $ | 979,837 | $ | 1,053,066 | $ | 1,270,368 | ||||||||||||||
Long-lived assets | ||||||||||||||||||||
United States | $ | 58,278 | $ | 63,667 | 68,253 | |||||||||||||||
All other countries | 14,557 | 13,027 | 11,387 | |||||||||||||||||
Total | $ | 72,835 | $ | 76,694 | 79,640 | |||||||||||||||
Segment information as of and for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||
Net | Operating | Total | Capital | Depreciation & | ||||||||||||||||
Sales | (Loss) | Assets | Expenditures | Amortization | ||||||||||||||||
Income | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Metals segment | $ | 841,672 | $ | (94,708 | ) | $ | 489,563 | $ | 11,184 | $ | 24,380 | |||||||||
Plastics segment | 138,165 | 6,354 | 60,970 | 1,167 | 1,664 | |||||||||||||||
Other (a) | — | (10,520 | ) | 37,443 | — | — | ||||||||||||||
Consolidated | $ | 979,837 | $ | (98,874 | ) | $ | 587,976 | $ | 12,351 | $ | 26,044 | |||||||||
2013 | ||||||||||||||||||||
Metals segment | $ | 918,298 | $ | (11,571 | ) | $ | 580,570 | $ | 10,181 | $ | 24,579 | |||||||||
Plastics segment | 134,768 | 4,278 | 57,373 | 1,423 | 1,609 | |||||||||||||||
Other (a) | — | (8,379 | ) | 41,879 | — | — | ||||||||||||||
Consolidated | $ | 1,053,066 | $ | (15,672 | ) | $ | 679,822 | $ | 11,604 | $ | 26,188 | |||||||||
2012 | ||||||||||||||||||||
Metals segment | $ | 1,143,884 | $ | 48,473 | $ | 693,803 | $ | 9,819 | $ | 24,480 | ||||||||||
Plastics segment | 126,484 | 3,188 | 56,149 | 1,831 | 1,387 | |||||||||||||||
Other (a) | — | (11,865 | ) | 38,854 | — | — | ||||||||||||||
Consolidated | $ | 1,270,368 | $ | 39,796 | $ | 788,806 | $ | 11,650 | $ | 25,867 | ||||||||||
(a) “Other” – Operating loss includes the costs of executive, legal and elements of the finance department, which are shared by both the Metals and Plastics segments. The “Other” category’s total assets consist of the Company’s investment in joint venture. | ||||||||||||||||||||
Below are reconciliations of segment data to the consolidated loss before income taxes: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Operating (loss) income | $ | (98,874 | ) | $ | (15,672 | ) | $ | 39,796 | ||||||||||||
Interest expense, net | (40,548 | ) | (40,542 | ) | (41,090 | ) | ||||||||||||||
Interest expense - unrealized loss on debt conversion option | — | — | (15,597 | ) | ||||||||||||||||
Loss on extinguishment of debt | — | (2,606 | ) | — | ||||||||||||||||
Other (expense) income | (4,323 | ) | (1,924 | ) | 1,349 | |||||||||||||||
Loss before income taxes and equity in earnings of joint venture | (143,745 | ) | (60,744 | ) | (15,542 | ) | ||||||||||||||
Equity in earnings of joint venture | 7,691 | 6,987 | 7,224 | |||||||||||||||||
Consolidated loss before income taxes | $ | (136,054 | ) | $ | (53,757 | ) | $ | (8,318 | ) |
Guarantor_Finanical_Informatio
Guarantor Finanical Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||
Consolidating Financial Information | Guarantor Financial Information | |||||||||||||||||||
The Company's Senior Secured Notes are guaranteed by certain 100% directly owned subsidiaries of the Company (the "Guarantors"). As of December 31, 2014, the Guarantors included Total Plastics, Inc., Advanced Fabricating Technology, LLC, Keystone Tube Company, LLC and Paramount Machine Company, LLC, each of which fully and unconditionally guarantee the Senior Secured Notes on a joint and several basis. | ||||||||||||||||||||
The accompanying financial statements have 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 financial statements present condensed consolidating financial information for A. M. Castle & Co. (the "Parent"), the Guarantors, the non-guarantor subsidiaries (all other subsidiaries) and an elimination column for adjustments to arrive at the information for the Parent, Guarantors, and non-guarantors on a consolidated basis. The condensed 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. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 511 | $ | 977 | $ | 6,966 | $ | — | $ | 8,454 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 66,178 | 19,303 | 45,522 | — | 131,003 | |||||||||||||||
Receivables from affiliates | 2,071 | 81 | — | (2,152 | ) | — | ||||||||||||||
Inventories | 142,314 | 19,320 | 75,366 | (68 | ) | 236,932 | ||||||||||||||
Prepaid expenses and other current assets | 3,490 | 1,033 | 8,506 | — | 13,029 | |||||||||||||||
Total current assets | 214,564 | 40,714 | 136,360 | (2,220 | ) | 389,418 | ||||||||||||||
Investment in joint venture | 37,443 | — | — | — | 37,443 | |||||||||||||||
Goodwill | — | 12,973 | — | — | 12,973 | |||||||||||||||
Intangible assets, net | 42,772 | — | 13,783 | — | 56,555 | |||||||||||||||
Other assets | 18,766 | — | 996 | (1,010 | ) | 18,752 | ||||||||||||||
Investment in subsidiaries | 70,274 | — | — | (70,274 | ) | — | ||||||||||||||
Receivables from affiliates | 113,188 | 36,607 | 2,157 | (151,952 | ) | — | ||||||||||||||
Property, plant and equipment, net | 46,094 | 12,184 | 14,557 | — | 72,835 | |||||||||||||||
Total assets | $ | 543,101 | $ | 102,478 | $ | 167,853 | $ | (225,456 | ) | $ | 587,976 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 41,613 | $ | 8,055 | $ | 19,114 | $ | — | $ | 68,782 | ||||||||||
Payables due to affiliates | 2,071 | — | 81 | (2,152 | ) | — | ||||||||||||||
Other current liabilities | 18,841 | 3,065 | 6,092 | — | 27,998 | |||||||||||||||
Current portion of long-term debt | 691 | — | 46 | — | 737 | |||||||||||||||
Total current liabilities | 63,216 | 11,120 | 25,333 | (2,152 | ) | 97,517 | ||||||||||||||
Long-term debt, less current portion | 307,327 | — | 2,050 | — | 309,377 | |||||||||||||||
Payables due to affiliates | — | 5,581 | 146,371 | (151,952 | ) | — | ||||||||||||||
Deferred income taxes | — | 5,524 | 3,846 | (1,010 | ) | 8,360 | ||||||||||||||
Other non-current liabilities | 22,238 | — | 164 | — | 22,402 | |||||||||||||||
Stockholders’ equity (deficit) | 150,320 | 80,253 | (9,911 | ) | (70,342 | ) | 150,320 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 543,101 | $ | 102,478 | $ | 167,853 | $ | (225,456 | ) | $ | 587,976 | |||||||||
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, net | 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) Income | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 609,507 | $ | 138,165 | $ | 243,658 | $ | (11,493 | ) | $ | 979,837 | |||||||||
Costs, expenses and (gains): | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 460,104 | 97,981 | 199,851 | (11,493 | ) | 746,443 | ||||||||||||||
Warehouse, processing and delivery expense | 101,473 | 11,772 | 27,314 | — | 140,559 | |||||||||||||||
Sales, general and administrative expense | 71,659 | 18,303 | 22,503 | — | 112,465 | |||||||||||||||
Restructuring activity, net | (3,184 | ) | — | 224 | — | (2,960 | ) | |||||||||||||
Depreciation and amortization expense | 19,592 | 2,201 | 4,251 | — | 26,044 | |||||||||||||||
Impairment of goodwill | 41,308 | — | 14,852 | — | 56,160 | |||||||||||||||
Operating (loss) income | (81,445 | ) | 7,908 | (25,337 | ) | — | (98,874 | ) | ||||||||||||
Interest expense, net | (25,658 | ) | — | (14,890 | ) | — | (40,548 | ) | ||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | |||||||||||||||
Other expense, net | — | — | (4,323 | ) | — | (4,323 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (107,103 | ) | 7,908 | (44,550 | ) | — | (143,745 | ) | ||||||||||||
Income taxes | 8,134 | (2,663 | ) | (4,323 | ) | 205 | 1,353 | |||||||||||||
Equity in losses of subsidiaries | (43,422 | ) | — | — | 43,422 | — | ||||||||||||||
Equity in earnings of joint venture | 7,691 | — | — | — | 7,691 | |||||||||||||||
Net (loss) income | (134,700 | ) | 5,245 | (48,873 | ) | 43,627 | (134,701 | ) | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | (5,377 | ) | — | (5,377 | ) | 5,377 | (5,377 | ) | ||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | (21,445 | ) | — | — | — | (21,445 | ) | |||||||||||||
Other comprehensive (loss) income | (26,822 | ) | — | (5,377 | ) | 5,377 | (26,822 | ) | ||||||||||||
Net (loss) income | (134,700 | ) | 5,245 | (48,873 | ) | 43,627 | (134,701 | ) | ||||||||||||
Comprehensive (loss) income | $ | (161,522 | ) | $ | 5,245 | $ | (54,250 | ) | $ | 49,004 | $ | (161,523 | ) | |||||||
Condensed Consolidating Statement of Operations Comprehensive (Loss) Income | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 711,942 | $ | 134,768 | $ | 236,714 | $ | (30,358 | ) | $ | 1,053,066 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 528,008 | 95,953 | 185,605 | (30,358 | ) | 779,208 | ||||||||||||||
Warehouse, processing and delivery expense | 104,897 | 12,104 | 23,933 | — | 140,934 | |||||||||||||||
Sales, general and administrative expense | 72,060 | 18,195 | 23,150 | — | 113,405 | |||||||||||||||
Restructuring activity, net | 7,006 | — | 1,997 | — | 9,003 | |||||||||||||||
Depreciation and amortization expense | 19,977 | 2,154 | 4,057 | — | 26,188 | |||||||||||||||
Operating (loss) income | (20,006 | ) | 6,362 | (2,028 | ) | — | (15,672 | ) | ||||||||||||
Interest expense, net | (25,760 | ) | — | (14,782 | ) | — | (40,542 | ) | ||||||||||||
Loss on extinguishment of debt | (2,606 | ) | — | — | — | (2,606 | ) | |||||||||||||
Other expense, net | — | — | (1,924 | ) | — | (1,924 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (48,372 | ) | 6,362 | (18,734 | ) | — | (60,744 | ) | ||||||||||||
Income taxes | 16,361 | (2,349 | ) | 5,783 | — | 19,795 | ||||||||||||||
Equity in losses of subsidiaries | (8,938 | ) | — | — | 8,938 | — | ||||||||||||||
Equity in earnings of joint venture | 6,987 | — | — | — | 6,987 | |||||||||||||||
Net (loss) income | (33,962 | ) | 4,013 | (12,951 | ) | 8,938 | (33,962 | ) | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | (2,295 | ) | — | (2,295 | ) | 2,295 | (2,295 | ) | ||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 4,623 | — | — | — | 4,623 | |||||||||||||||
Other comprehensive income (loss) | 2,328 | — | (2,295 | ) | 2,295 | 2,328 | ||||||||||||||
Net (loss) income | (33,962 | ) | 4,013 | (12,951 | ) | 8,938 | (33,962 | ) | ||||||||||||
Comprehensive (loss) income | $ | (31,634 | ) | $ | 4,013 | $ | (15,246 | ) | $ | 11,233 | $ | (31,634 | ) | |||||||
Condensed Consolidating Statement of Operations Comprehensive (Loss) Income | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 898,324 | $ | 126,484 | $ | 282,275 | $ | (36,715 | ) | $ | 1,270,368 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 655,203 | 90,983 | 217,749 | (36,648 | ) | 927,287 | ||||||||||||||
Warehouse, processing and delivery expense | 112,745 | 11,342 | 24,169 | — | 148,256 | |||||||||||||||
Sales, general and administrative expense | 89,372 | 16,788 | 23,002 | — | 129,162 | |||||||||||||||
Depreciation and amortization expense | 19,833 | 2,042 | 3,992 | — | 25,867 | |||||||||||||||
Operating income (loss) | 21,171 | 5,329 | 13,363 | (67 | ) | 39,796 | ||||||||||||||
Interest (expense) income, net | (27,801 | ) | 21 | (13,310 | ) | — | (41,090 | ) | ||||||||||||
Interest expense - unrealized loss on debt conversion option | (15,597 | ) | — | — | — | (15,597 | ) | |||||||||||||
Other income, net | — | — | 1,349 | — | 1,349 | |||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (22,227 | ) | 5,350 | 1,402 | (67 | ) | (15,542 | ) | ||||||||||||
Income taxes | 1,272 | (1,996 | ) | (503 | ) | (203 | ) | (1,430 | ) | |||||||||||
Equity in earnings of subsidiaries | 3,983 | — | — | (3,983 | ) | — | ||||||||||||||
Equity in earnings of joint venture | 7,224 | — | — | — | 7,224 | |||||||||||||||
Net (loss) income | (9,748 | ) | 3,354 | 899 | (4,253 | ) | (9,748 | ) | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | 2,369 | — | 2,369 | (2,369 | ) | 2,369 | ||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | (3,616 | ) | — | — | — | (3,616 | ) | |||||||||||||
Other comprehensive (loss) income | (1,247 | ) | — | 2,369 | (2,369 | ) | (1,247 | ) | ||||||||||||
Net (loss) income | (9,748 | ) | 3,354 | 899 | (4,253 | ) | (9,748 | ) | ||||||||||||
Comprehensive (loss) income | $ | (10,995 | ) | $ | 3,354 | $ | 3,268 | $ | (6,622 | ) | $ | (10,995 | ) | |||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (134,700 | ) | $ | 5,245 | $ | (48,873 | ) | $ | 43,627 | $ | (134,701 | ) | |||||||
Equity in losses of subsidiaries | 43,422 | — | — | (43,422 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 50,994 | (265 | ) | 9,100 | (205 | ) | 59,624 | |||||||||||||
Net cash (used in) from operating activities | (40,284 | ) | 4,980 | (39,773 | ) | — | (75,077 | ) | ||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (5,642 | ) | (1,530 | ) | (5,179 | ) | — | (12,351 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 7,464 | — | — | — | 7,464 | |||||||||||||||
Net advances to subsidiaries | (25,941 | ) | — | — | 25,941 | — | ||||||||||||||
Net cash (used in) from investing activities | (24,119 | ) | (1,530 | ) | (5,179 | ) | 25,941 | (4,887 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 459,406 | — | 2,998 | — | 462,404 | |||||||||||||||
Repayments of long-term debt | (402,774 | ) | — | (1,037 | ) | — | (403,811 | ) | ||||||||||||
Net intercompany (repayments) borrowings | — | (2,968 | ) | 28,909 | (25,941 | ) | — | |||||||||||||
Other financing activities, net | (393 | ) | — | — | — | (393 | ) | |||||||||||||
Net cash from (used in) financing activities | 56,239 | (2,968 | ) | 30,870 | (25,941 | ) | 58,200 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (611 | ) | — | (611 | ) | |||||||||||||
Net change in cash and cash equivalents | (8,164 | ) | 482 | (14,693 | ) | — | (22,375 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 8,675 | 495 | 21,659 | — | 30,829 | |||||||||||||||
Cash and cash equivalents - end of year | $ | 511 | $ | 977 | $ | 6,966 | $ | — | $ | 8,454 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (33,962 | ) | $ | 4,013 | $ | (12,951 | ) | $ | 8,938 | $ | (33,962 | ) | |||||||
Equity in losses of subsidiaries | 8,938 | — | — | (8,938 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash from operating activities | 86,665 | 1,298 | 20,384 | — | 108,347 | |||||||||||||||
Net cash from operating activities | 61,641 | 5,311 | 7,433 | — | 74,385 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (6,700 | ) | (1,466 | ) | (3,438 | ) | — | (11,604 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 778 | 9 | 7 | — | 794 | |||||||||||||||
Net cash used in investing activities | (5,922 | ) | (1,457 | ) | (3,431 | ) | — | (10,810 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 115,300 | — | — | — | 115,300 | |||||||||||||||
Repayments of long-term debt | (166,190 | ) | — | (4,155 | ) | — | (170,345 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (1,896 | ) | (4,262 | ) | 6,158 | — | — | |||||||||||||
Other financing activities, net | 1,636 | — | (496 | ) | — | 1,140 | ||||||||||||||
Net cash (used in) from financing activities | (51,150 | ) | (4,262 | ) | 1,507 | — | (53,905 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (448 | ) | — | (448 | ) | |||||||||||||
Net change in cash and cash equivalents | 4,569 | (408 | ) | 5,061 | — | 9,222 | ||||||||||||||
Cash and cash equivalents - beginning of year | 4,106 | 903 | 16,598 | — | 21,607 | |||||||||||||||
Cash and cash equivalents - end of year | $ | 8,675 | $ | 495 | $ | 21,659 | $ | — | $ | 30,829 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (9,748 | ) | $ | 3,354 | $ | 899 | $ | (4,253 | ) | $ | (9,748 | ) | |||||||
Equity in earnings of subsidiaries | (3,983 | ) | — | — | 3,983 | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 22,233 | 2,208 | (9,612 | ) | 270 | 15,099 | ||||||||||||||
Net cash from (used in) operating activities | 8,502 | 5,562 | (8,713 | ) | — | 5,351 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | (6,472 | ) | — | — | — | (6,472 | ) | |||||||||||||
Capital expenditures | (6,374 | ) | (1,862 | ) | (2,885 | ) | — | (11,121 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 150 | — | 3 | — | 153 | |||||||||||||||
Net cash used in investing activities | (12,696 | ) | (1,862 | ) | (2,882 | ) | — | (17,440 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 756,550 | — | 10,540 | — | 767,090 | |||||||||||||||
Repayments of long-term debt | (745,838 | ) | — | (17,049 | ) | — | (762,887 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (13,255 | ) | (2,804 | ) | 16,059 | — | — | |||||||||||||
Other financing activities, net | (1,267 | ) | — | (27 | ) | — | (1,294 | ) | ||||||||||||
Net cash from (used in) financing activities | (3,810 | ) | (2,804 | ) | 9,523 | — | 2,909 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 263 | — | 263 | |||||||||||||||
Net change in cash and cash equivalents | (8,004 | ) | 896 | (1,809 | ) | — | (8,917 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 12,110 | 7 | 18,407 | — | 30,524 | |||||||||||||||
Cash and cash equivalents - end of year | $ | 4,106 | $ | 903 | $ | 16,598 | $ | — | $ | 21,607 | ||||||||||
Selected_Quarterly_Data_Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited) | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 253,410 | $ | 249,492 | $ | 245,469 | $ | 231,466 | ||||||||
Gross profit (a) | 23,041 | 14,647 | 20,213 | 8,890 | ||||||||||||
Net loss (b) | (15,998 | ) | (72,298 | ) | (7,325 | ) | (39,080 | ) | ||||||||
Basic loss per share | $ | (0.69 | ) | $ | (3.10 | ) | $ | (0.31 | ) | $ | (1.62 | ) | ||||
Diluted loss per share | $ | (0.69 | ) | $ | (3.10 | ) | $ | (0.31 | ) | $ | (1.62 | ) | ||||
Common stock dividends declared | $ | — | $ | — | $ | — | $ | — | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 292,714 | $ | 273,410 | $ | 253,713 | $ | 233,229 | ||||||||
Gross profit (a) | 31,128 | 29,496 | 25,747 | 20,365 | ||||||||||||
Net loss (b) | (10,622 | ) | (3,799 | ) | (6,911 | ) | (12,630 | ) | ||||||||
Basic loss per share | $ | (0.46 | ) | $ | (0.16 | ) | $ | (0.30 | ) | $ | (0.54 | ) | ||||
Diluted loss per share | $ | (0.46 | ) | $ | (0.16 | ) | $ | (0.30 | ) | $ | (0.54 | ) | ||||
Common stock dividends declared | $ | — | $ | — | $ | — | $ | — | ||||||||
(a) Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. | ||||||||||||||||
(b) Results include restructuring activity for all quarters presented and a $56,160 goodwill impairment charge for second quarter of 2014. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies - (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Basis of Presentation | Basis of presentation — The consolidated financial statements include the accounts of A. M. Castle & Co. and its subsidiaries over which the Company exhibits a controlling interest. The equity method of accounting is used for the Company’s 50% owned joint venture, Kreher Steel Company, LLC (“Kreher”). All inter-company accounts and transactions have been eliminated. | |||||||||||
Use of estimates | Use of estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the consolidated financial statements are accounts receivable allowances, inventory reserves, goodwill and intangible assets, income taxes, pension and other post-employment benefits and share-based compensation and convertible debt feature mark-to-market adjustments. | |||||||||||
Revenue recognition | Revenue recognition — Revenue from the sale of products is recognized when the earnings process is complete and when the title and risk and rewards of ownership have passed to the customer, which is primarily at the time of shipment. Revenue recognized other than at the time of shipment represented less than 2% of the Company’s consolidated net sales for the years ended December 31, 2014, 2013 and 2012. Provisions for allowances related to sales discounts and rebates are recorded based on terms of the sale in the period that the sale is recorded. Management utilizes historical information and the current sales trends of the business to estimate such provisions. The provisions related to discounts and rebates due to customers are recorded as a reduction within net sales in the Company’s consolidated statements of operations and comprehensive loss. | |||||||||||
Revenue from shipping and handling charges is recorded in net sales. Costs incurred in connection with shipping and handling the Company’s products, which are related to third-party carriers or performed by Company personnel, are included in warehouse, processing and delivery expenses. For the years ended December 31, 2014, 2013 and 2012, shipping and handling costs included in warehouse, processing and delivery expenses were $35,471, $35,171 and $36,585, respectively. | ||||||||||||
The Company maintains an allowance for doubtful accounts related to the potential inability of customers to make required payments. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific identification of customer receivable balances for which collection is unlikely. The provision for doubtful accounts is recorded in sales, general and administrative expense in the Company’s consolidated statements of operations and comprehensive loss. Estimates of doubtful accounts are based on historical write-off experience as a percentage of net sales and judgments about the probable effects of economic conditions on certain customers. | ||||||||||||
The Company also maintains an allowance for credit memos for estimated credit memos to be issued against current sales. Estimates of allowance for credit memos are based upon the application of a historical issuance lag period to the average credit memos issued each month. | ||||||||||||
Accounts receivable allowance activity is presented in the table below: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,463 | $ | 3,529 | $ | 3,584 | ||||||
Add Provision charged to expense | 465 | 484 | 1,420 | |||||||||
Recoveries | 139 | 173 | 90 | |||||||||
Less Charges against allowance | (692 | ) | (723 | ) | (1,565 | ) | ||||||
Balance, end of year | $ | 3,375 | $ | 3,463 | $ | 3,529 | ||||||
Cost of materials | Cost of materials — Cost of materials consists of the costs the Company pays for metals, plastics and related inbound freight charges. It excludes depreciation and amortization which are discussed below. The Company accounts for the majority of its inventory on a last-in, first-out (“LIFO”) basis. LIFO adjustments are recorded in cost of materials. | |||||||||||
Operating Expenses | Operating expenses — Operating costs and expenses primarily consist of: | |||||||||||
• | Warehouse, processing and delivery expenses, including occupancy costs, compensation and employee benefits for warehouse personnel, processing, shipping and handling costs; | |||||||||||
• | Sales expenses, including compensation and employee benefits for sales personnel; | |||||||||||
• | General and administrative expenses, including compensation for executive officers and general management, expenses for professional services primarily attributable to accounting and legal advisory services, bad debt expenses, data communication costs, computer hardware and maintenance expenses and occupancy costs for non-warehouse locations; | |||||||||||
• | Restructuring activity, including a gain on the sale of fixed assets and moving costs related to facility consolidations, employee termination and related benefits associated with salaried and hourly workforce reductions, lease termination costs and other exit costs; | |||||||||||
• | Impairment of goodwill; and | |||||||||||
• | Depreciation and amortization expenses, including depreciation for all owned property and equipment, and amortization of various intangible assets. | |||||||||||
Cash equivalents | Cash equivalents — Cash equivalents are highly liquid, short-term investments that have an original maturity of 90 days or less. | |||||||||||
Non-cash and supplemental cash flow information | Statement of cash flows — Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Non-cash investing and financing activities: | ||||||||||||
Capital expenditures financed by accounts payable | $ | 434 | $ | 1,219 | $ | 479 | ||||||
Capital lease obligations | 873 | 21 | 1,009 | |||||||||
Cash paid during the year for: | ||||||||||||
Interest | 32,278 | 33,266 | 34,051 | |||||||||
Income taxes | 1,800 | 2,417 | 5,557 | |||||||||
Cash received during the year for: | ||||||||||||
Income tax refunds | 2,284 | 3,015 | 3,184 | |||||||||
Inventories | Inventories — Inventories consist primarily of finished goods. Approximately 68% and 80% of the Company’s inventories are valued at the lower of LIFO cost or market at December 31, 2014 and 2013, respectively. 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. The Company values its LIFO increments using the cost of its latest purchases during the years reported. Current replacement cost of inventories exceeded book value by $129,779 and $130,854 at December 31, 2014 and 2013, respectively. Income taxes would become payable on any realization of this excess from reductions in the level of inventories. | |||||||||||
During 2013, a reduction in inventories resulted in a liquidation of applicable LIFO inventory quantities carried at higher costs in prior years. Cost of materials for 2013 where higher by $1,834 as a result of this liquidation. | ||||||||||||
The Company maintains an allowance for excess and obsolete inventory. The excess and obsolete inventory allowance is determined through the specific identification of material, adjusted for expected scrap value to be received, based on previous sales experience. | ||||||||||||
Excess and obsolete inventory allowance activity is presented in the table below: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 7,329 | $ | 7,835 | $ | 7,000 | ||||||
Add Provision charged to expense | 9,979 | 2,259 | 1,153 | |||||||||
Less Charges against allowance | (2,127 | ) | (2,765 | ) | (318 | ) | ||||||
Balance, end of year | $ | 15,181 | $ | 7,329 | $ | 7,835 | ||||||
Property, plant and equipment | Property, plant and equipment — Property, plant and equipment are stated at cost and include assets held under capital leases. Expenditures for major additions and improvements are capitalized, while maintenance and repair costs that do not substantially improve or extend the useful lives of the respective assets are expensed in the period in which they are incurred. When items are disposed, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. | |||||||||||
The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows: | ||||||||||||
Buildings and building improvements | 3 – 40 years | |||||||||||
Plant equipment | 3 – 25 years | |||||||||||
Furniture and fixtures | 2 – 10 years | |||||||||||
Vehicles and office equipment | 3 – 10 years | |||||||||||
Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Depreciation is calculated using the straight-line method and depreciation expense for 2014, 2013 and 2012 was $14,414, $14,397 and $14,024, respectively. | ||||||||||||
Long-lived assets | Long-lived assets — The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future net cash flows (undiscounted and without interest charges) expected to be generated by the asset or asset group. If future net cash flows are less than the carrying value, the asset or asset group may be impaired. If such assets are impaired, the impairment charge is calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. The Company derives the required undiscounted cash flow estimates from historical experience and internal business plans. | |||||||||||
Goodwill and intangible assets | Goodwill and intangible assets — The Company tests goodwill for impairment at the reporting unit level on an annual basis at December 1 of each year and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred. | |||||||||||
A two-step method is used for determining goodwill impairment. The first step is performed to identify whether a potential impairment exists by comparing each reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the next step is to measure the amount of impairment loss, if any. | ||||||||||||
The determination of the fair value of the reporting units requires significant estimates and assumptions to be made by management. The fair value of each reporting unit is estimated using a combination of an income approach, which estimates fair value based on a discounted cash flow analysis using historical data, estimates of future cash flows and discount rates based on the view of a market participant, and a market approach, which estimates fair value using market multiples of various financial measures of comparable public companies. In selecting the appropriate assumptions the Company considers: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industry in which the Company competes; discount rates; terminal growth rates; long-term projections of future financial performance; and relative weighting of income and market approaches. The long-term projections used in the valuation are developed as part of the Company’s annual long-term planning process. The discount rates used to determine the fair values of the reporting units are those of a hypothetical market participant which are developed based upon an analysis of comparable companies and include adjustments made to account for any individual reporting unit specific attributes such as, size and industry. | ||||||||||||
The majority of the Company’s recorded intangible assets were acquired as part of the Transtar and Tube Supply, Inc. (“Tube Supply”) acquisitions in September 2006 and December 2011, respectively, and consist of customer relationships, non-compete agreements, trade names and developed technology. The initial values of the intangible assets were based on a discounted cash flow valuation using assumptions made by management as to future revenues from select customers, the level and pace of attrition in such revenues over time and assumed operating income amounts generated from such revenues. These intangible assets are amortized over their useful lives, which are 4 to 12 years for customer relationships, 3 years for non-compete agreements, 1 to 10 years for trade names, and 3 years for developed technology. Useful lives are estimated by management and determined based on the timeframe over which a significant portion of the estimated future cash flows are expected to be realized from the respective intangible assets. Furthermore, when certain conditions or certain triggering events occur, a separate test for impairment, which is included in the impairment test for long-lived assets discussed above, is performed. If the intangible asset is deemed to be impaired, such asset will be written down to its fair value. | ||||||||||||
Income taxes | Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||
The Company records valuation allowances against its deferred tax assets when it is more likely than not that the amounts will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and recent results of operations. In the event the Company determines it would not be able to realize its deferred tax assets, a valuation allowance is recorded, which increases the provision for income taxes in the period in which that determination is made. | ||||||||||||
The Company has undistributed earnings of foreign subsidiaries of approximately $48,585 at December 31, 2014, for which deferred taxes have not been provided. Such earnings are considered indefinitely invested in the foreign subsidiaries. If such earnings were repatriated, additional tax expense may result, although due to the potential availability of foreign tax credits and other items, the calculation of such potential taxes is not practicable. | ||||||||||||
The Company's 50% ownership interest in Kreher (see Note 6) is through a 50% interest in a limited liability company (LLC) taxed as a partnership. Kreher has two subsidiaries organized as individually taxed C-Corporations. The Company includes in its income tax provision the income tax liability on its share of Kreher income. The income tax liability of Kreher itself is generally treated as a current income tax expense and the income tax liability associated with the profits of the two subsidiaries of Kreher is treated as a deferred income tax expense. The Company cannot independently cause a dividend to be declared by one of Kreher's subsidiaries, therefore no benefit of a dividend received deduction can be recognized in the Company's tax provision until a dividend is declared. If one of Kreher's C-Corporation subsidiaries declares a dividend payable to Kreher, the Company recognizes a benefit for the 80% dividends received deduction on its 50% share of the dividend. | ||||||||||||
For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes and interest. | ||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Accrued interest and penalties are included within other long-term liabilities in the consolidated balance sheets. | ||||||||||||
Insurance plans | Insurance plans — The Company is a member of a group captive insurance company (the “Captive”) domiciled in Grand Cayman Island. The Captive reinsures losses related to certain of the Company’s workers’ compensation, automobile and general liability risks that occur subsequent to August 2009. Premiums are based on the Company’s loss experience and are accrued as expenses for the period to which the premium relates. Premiums are credited to the Company’s “loss fund” and earn investment income until claims are actually paid. For claims that were incurred prior to August 2009, the Company is self-insured. Self-insurance amounts are capped, for individual claims and in the aggregate, for each policy year by an insurance company. Self-insurance reserves are based on unpaid, known claims (including related administrative fees assessed by the insurance company for claims processing) and a reserve for incurred but not reported claims based on the Company’s historical claims experience and development. | |||||||||||
The Company is self-insured for medical insurance for its domestic operations. Self-insurance reserves are maintained based on incurred but not paid claims based on a historical lag. | ||||||||||||
Foreign currency | Foreign currency — For the majority of the Company’s non-U.S. operations, the functional currency is the local currency. Assets and liabilities of those operations are translated into U.S. dollars using year-end exchange rates, and income and expenses are translated using the average exchange rates for the reporting period. The currency effects of translating financial statements of the Company’s non-U.S. operations which operate in local currency environments are recorded in accumulated other comprehensive (loss) income, a separate component of stockholders’ equity. Transaction gains or losses resulting from foreign currency transactions were not material for any of the years presented. | |||||||||||
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: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (134,701 | ) | $ | (33,962 | ) | $ | (9,748 | ) | |||
Denominator: | ||||||||||||
Denominator for basic loss per share: | ||||||||||||
Weighted average common shares outstanding | 23,359 | 23,214 | 22,993 | |||||||||
Effect of dilutive securities: | ||||||||||||
Outstanding common stock equivalents | — | — | — | |||||||||
Denominator for diluted loss per share | 23,359 | 23,214 | 22,993 | |||||||||
Basic loss per share | $ | (5.77 | ) | $ | (1.46 | ) | $ | (0.42 | ) | |||
Diluted loss per share | $ | (5.77 | ) | $ | (1.46 | ) | $ | (0.42 | ) | |||
Excluded outstanding share-based awards having an anti-dilutive effect | 388 | 717 | 994 | |||||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 365 | 2,032 | 1,416 | |||||||||
The Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the annual 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. | ||||||||||||
Payment of cash dividends are currently limited due to restrictions contained in the Company’s debt agreements. No cash dividends were paid on the Company’s common stock in 2014 or 2013. The Company may consider paying cash dividends on the Company common stock at some point in the future, subject to the limitations described above. Any future payment of cash dividends, if any, is at the discretion of the Board of Directors and will depend on the Company’s earnings, capital requirements and financial condition, restrictions under the Company’s debt instruments, and such other factors as the Board of Directors may consider. | ||||||||||||
Concentrations | Concentrations — The Company serves a wide range of customers within the producer durable equipment, oil and gas, aerospace, heavy industrial equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across the entire spectrum of metals and plastics using industries. The Company’s customer base is well diversified and, therefore, the Company does not have dependence upon any single customer or a few customers. No single customer represented more than 3% of the Company’s 2014 total net sales. Approximately 75% of the Company’s net sales are from locations in the United States. | |||||||||||
Share-based compensation | Share-based compensation — The Company offers share-based compensation to executives, other key employees and directors. Share-based compensation expense is recognized ratably over the vesting period or performance period, as appropriate, based on the grant date fair value of the stock award. The Company may either issue shares from treasury or new shares upon share option exercise or award issuance. Management estimates the probable number of awards which will ultimately vest when calculating the share-based compensation expense for its long-term compensation plans ("LTC Plans"). As of December 31, 2014, the Company’s weighted average forfeiture rate is approximately 49%. The actual number of awards that vest may differ from management’s estimate. | |||||||||||
Stock options and non-vested shares generally vest in two to three years for executives and employees and three years for directors. Stock options have an exercise price equal to the market price of the Company’s stock on the grant date (options granted prior to 2010) or the average closing price of the Company’s stock for the 10 trading days preceding the grant date (options granted in 2010) and have a contractual life of eight to ten years. Stock options are valued using a Black-Scholes option-pricing model. Non-vested shares are valued based on the market price of the Company's stock on the grant date. The Company has not granted stock options since the 2010 LTC Plan. | ||||||||||||
Under the 2014, 2013 and 2012 LTC Plans, the total potential award is comprised of restricted share units ("RSUs") which are time vested and performance share units ("PSUs") which are based on the Company's performance compared to target goals. The PSUs awarded are based on two independent conditions, the Company’s relative total shareholder return (“RTSR”), which represents a market condition, and Company-specific target goals for Return on Invested Capital (“ROIC”) as defined in the LTC Plans. RSUs generally vest in three years. RSU and ROIC PSU awards are valued based on the market price of the Company's stock on the grant date, and the value of RTSR PSU awards is estimated using a Monte Carlo simulation model. | ||||||||||||
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") over a three-year performance period as defined in the LTC Plans. The threshold, target and maximum performance levels for RTSR are the 25th, 50th and 75th percentile, respectively, relative to RTSR Peer Group performance. Compensation expense for RTSR PSU awards is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. | ||||||||||||
ROIC is measured based on the Company's average actual performance versus Company-specific goals as defined in each of the LTC Plans over a three-year performance period. Compensation expense recognized is based on management's expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized for the ROIC PSU awards and any previously recognized compensation expense is reversed. | ||||||||||||
Final RTSR and ROIC PSU award vesting will occur at the end of the three-year performance period, and distribution of PSU awards granted under the LTC Plans are determined based on the Company’s actual performance versus the target goals for a three-year performance period, as defined in each plan. Partial awards can be earned for performance that is below the target goal, but in excess of threshold goals; and award distributions up to twice the target can be achieved if the target goals are exceeded. | ||||||||||||
Unless covered by a specific change-in-control or severance arrangement, participants to whom RSUs, PSUs, stock options and non-vested shares have been granted must be employed by the Company on the vesting date or at the end of the performance period, as appropriate, or the award will be forfeited. | ||||||||||||
New Accounting Standards Updates | New Accounting Standards Updates | |||||||||||
Standards Update 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 or financial statement presentation. | ||||||||||||
Standards Updates Issued Not Yet Effective | ||||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern," providing additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implementing requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2016. The Company does not anticipate the adoption of the ASU will result in additional disclosures, however, management will begin performing the periodic assessments required by the ASU on its effective date. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," related to revenue recognition. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in prior accounting guidance. The ASU provides alternative methods of initial adoption, and it is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is not permitted. The Company is currently reviewing the guidance and assessing the potential impact on its results. | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The ASU amends the definition of a discontinued operation, expands disclosure requirements for transactions that meet the definition of a discontinued operation and requires entities to disclose additional information about individually significant components that are disposed of or held for sale and do not qualify as discontinued operations. The ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014. Early adoption is permitted. The Company anticipates that the adoption of this ASU will not have an impact on the Company's financial condition or operating results. The adoption of this ASU may impact the Company’s financial statement presentation and disclosures for interim and annual financial statements issued in the future. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Allowance for doubtful accounts activity | Accounts receivable allowance activity is presented in the table below: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,463 | $ | 3,529 | $ | 3,584 | ||||||
Add Provision charged to expense | 465 | 484 | 1,420 | |||||||||
Recoveries | 139 | 173 | 90 | |||||||||
Less Charges against allowance | (692 | ) | (723 | ) | (1,565 | ) | ||||||
Balance, end of year | $ | 3,375 | $ | 3,463 | $ | 3,529 | ||||||
Non-cash investing financing activities and supplemental cash flow information | Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Non-cash investing and financing activities: | ||||||||||||
Capital expenditures financed by accounts payable | $ | 434 | $ | 1,219 | $ | 479 | ||||||
Capital lease obligations | 873 | 21 | 1,009 | |||||||||
Cash paid during the year for: | ||||||||||||
Interest | 32,278 | 33,266 | 34,051 | |||||||||
Income taxes | 1,800 | 2,417 | 5,557 | |||||||||
Cash received during the year for: | ||||||||||||
Income tax refunds | 2,284 | 3,015 | 3,184 | |||||||||
Allowance for obsolete inventory [Table Text Block] | Excess and obsolete inventory allowance activity is presented in the table below: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 7,329 | $ | 7,835 | $ | 7,000 | ||||||
Add Provision charged to expense | 9,979 | 2,259 | 1,153 | |||||||||
Less Charges against allowance | (2,127 | ) | (2,765 | ) | (318 | ) | ||||||
Balance, end of year | $ | 15,181 | $ | 7,329 | $ | 7,835 | ||||||
Estimated useful lives of plant and equipment | The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows: | |||||||||||
Buildings and building improvements | 3 – 40 years | |||||||||||
Plant equipment | 3 – 25 years | |||||||||||
Furniture and fixtures | 2 – 10 years | |||||||||||
Vehicles and office equipment | 3 – 10 years | |||||||||||
Basic and diluted earnings per share calculations | The following table is a reconciliation of the basic and diluted earnings per share calculations: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (134,701 | ) | $ | (33,962 | ) | $ | (9,748 | ) | |||
Denominator: | ||||||||||||
Denominator for basic loss per share: | ||||||||||||
Weighted average common shares outstanding | 23,359 | 23,214 | 22,993 | |||||||||
Effect of dilutive securities: | ||||||||||||
Outstanding common stock equivalents | — | — | — | |||||||||
Denominator for diluted loss per share | 23,359 | 23,214 | 22,993 | |||||||||
Basic loss per share | $ | (5.77 | ) | $ | (1.46 | ) | $ | (0.42 | ) | |||
Diluted loss per share | $ | (5.77 | ) | $ | (1.46 | ) | $ | (0.42 | ) | |||
Excluded outstanding share-based awards having an anti-dilutive effect | 388 | 717 | 994 | |||||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | 365 | 2,032 | 1,416 | |||||||||
Joint_Venture_Tables
Joint Venture - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Summary of Related Party Activity, Joint-Venture, Activity | The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Equity in earnings of joint venture | $ | 7,691 | $ | 6,987 | $ | 7,224 | ||||||
Investment in joint venture | 37,443 | 41,879 | 38,854 | |||||||||
Sales to joint venture | 188 | 198 | 455 | |||||||||
Purchases from joint venture | 224 | 86 | 695 | |||||||||
Summary of financial data for joint venture | The following information summarizes financial data for this joint venture as of and for the year ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 259,487 | $ | 230,351 | $ | 257,776 | ||||||
Net income | 15,555 | 13,720 | 14,603 | |||||||||
Current assets | 93,679 | 82,827 | 94,241 | |||||||||
Non-current assets | 26,377 | 25,615 | 26,099 | |||||||||
Current liabilities | 11,896 | 10,548 | 14,315 | |||||||||
Non-current liabilities | 35,469 | 16,103 | 27,845 | |||||||||
Members’ equity | 72,691 | 81,791 | 76,360 | |||||||||
Capital expenditures | 3,042 | 1,836 | 5,220 | |||||||||
Depreciation and amortization | 2,294 | 2,217 | 2,034 | |||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes in carrying amounts of goodwill | The changes in carrying amounts of goodwill during the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Metals | Plastics | Total | Metals | Plastics | Total | |||||||||||||||||||
Segment | Segment | Segment | Segment | |||||||||||||||||||||
Balance as of January 1 | ||||||||||||||||||||||||
Goodwill | $ | 116,533 | $ | 12,973 | $ | 129,506 | $ | 117,544 | $ | 12,973 | $ | 130,517 | ||||||||||||
Accumulated impairment losses | (60,217 | ) | — | (60,217 | ) | (60,217 | ) | — | (60,217 | ) | ||||||||||||||
Balance as of January 1 | 56,316 | 12,973 | 69,289 | 57,327 | 12,973 | 70,300 | ||||||||||||||||||
Impairment charge | (56,160 | ) | — | (56,160 | ) | — | — | — | ||||||||||||||||
Currency valuation | (156 | ) | — | (156 | ) | (1,011 | ) | — | (1,011 | ) | ||||||||||||||
Balance as of December 31 | ||||||||||||||||||||||||
Goodwill | 116,377 | 12,973 | 129,350 | 116,533 | 12,973 | 129,506 | ||||||||||||||||||
Accumulated impairment losses | (116,377 | ) | — | (116,377 | ) | (60,217 | ) | — | (60,217 | ) | ||||||||||||||
$ | — | $ | 12,973 | $ | 12,973 | $ | 56,316 | $ | 12,973 | $ | 69,289 | |||||||||||||
Summary of the components of intangible assets | The following summarizes the components of the Company's intangible assets at December 31, 2014 and 2013: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
Customer relationships | $ | 116,268 | $ | 64,922 | $ | 117,794 | $ | 55,157 | ||||||||||||||||
Non-compete agreements | 3,888 | 3,888 | 3,888 | 3,569 | ||||||||||||||||||||
Trade names | 7,864 | 2,655 | 8,025 | 1,939 | ||||||||||||||||||||
Developed technology | 1,400 | 1,400 | 1,400 | 953 | ||||||||||||||||||||
Total | $ | 129,420 | $ | 72,865 | $ | 131,107 | $ | 61,618 | ||||||||||||||||
Summary of the estimated annual amortization expense | The following is a summary of the estimated annual amortization expense for each of the next 5 years: | |||||||||||||||||||||||
2015 | $ | 10,789 | ||||||||||||||||||||||
2016 | 10,789 | |||||||||||||||||||||||
2017 | 8,766 | |||||||||||||||||||||||
2018 | 4,650 | |||||||||||||||||||||||
2019 | 4,650 | |||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Short-term and long-term debt | Short-term and long-term debt consisted of the following at December 31, 2014 and 2013: | |||||||
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 10, 2019 | 59,200 | — | ||||||
Other, primarily capital leases | 1,257 | 998 | ||||||
Total long-term debt | 327,957 | 268,498 | ||||||
Less: unamortized discount | (17,843 | ) | (22,502 | ) | ||||
Less: current portion | (737 | ) | (397 | ) | ||||
Total long-term portion | 309,377 | 245,599 | ||||||
TOTAL DEBT | $ | 310,114 | $ | 245,996 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Assumptions | The main inputs and assumptions into the fair value model for the Convertible Notes at December 31, 2014 were as follows: | |||||||||||||||
Company's stock price at the end of the period | $ | 7.98 | ||||||||||||||
Expected volatility | 38.3 | % | ||||||||||||||
Credit spreads | 9.28 | % | ||||||||||||||
Risk-free interest rate | 1.08 | % | ||||||||||||||
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 (a) | |||||||||||||
As of December 31, 2014 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,615 | $ | — | $ | 1,615 | ||||||||
As of December 31, 2013 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 2,871 | $ | — | $ | 2,871 | ||||||||
(a) As of December 31, 2014, the short-term portion of the derivative liability for commodity hedges of $1,137 is included in "Accrued and other liabilities" and the long-term portion of $478 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. As of December 31, 2013, the short-term portion of the derivative liability for commodity hedges of $1,516 is included in "Accrued and other liabilities" and the long-term portion of $1,355 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. |
Lease_Agreements_Tables
Lease Agreements - (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Leases [Abstract] | ||||||||
Future Minimum Rental Payments for Operating and Capital Leases | Future minimum rental payments under operating and capital leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014 are as follows: | |||||||
Capital | Operating | |||||||
2015 | $ | 738 | $ | 14,091 | ||||
2016 | 470 | 12,879 | ||||||
2017 | 49 | 10,909 | ||||||
2018 | — | 9,399 | ||||||
2019 | — | 7,702 | ||||||
Later years | — | 23,400 | ||||||
Total future minimum rental payments | $ | 1,257 | $ | 78,380 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Components of accumulated other comprehensive loss | Accumulated other comprehensive loss as reported in the consolidated balance sheets as of December 31, 2014 and 2013 was comprised of the following: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency translation losses | $ | (9,994 | ) | $ | (4,617 | ) | ||||||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (35,571 | ) | (14,126 | ) | ||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (45,565 | ) | $ | (18,743 | ) | ||||||||||||||||||
Schedule of Change In Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component for the years ended December 31, 2014 and 2013 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 | (23,108 | ) | 3,256 | (5,377 | ) | (2,295 | ) | (28,485 | ) | 961 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,663 | 1,367 | — | — | 1,663 | 1,367 | ||||||||||||||||||
Net current period other comprehensive (loss) income | (21,445 | ) | 4,623 | (5,377 | ) | (2,295 | ) | (26,822 | ) | 2,328 | ||||||||||||||
Balance as of December 31, | $ | (35,571 | ) | $ | (14,126 | ) | $ | (9,994 | ) | $ | (4,617 | ) | $ | (45,565 | ) | $ | (18,743 | ) | ||||||
(a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the year ended December 31, 2014. | ||||||||||||||||||||||||
Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unrecognized pension and postretirement benefit items: | ||||||||||||||||||||||||
Prior service cost (b) | $ | (282 | ) | $ | (322 | ) | ||||||||||||||||||
Actuarial loss (b) | (1,381 | ) | (1,919 | ) | ||||||||||||||||||||
Total before Tax | (1,663 | ) | (2,241 | ) | ||||||||||||||||||||
Tax effect | — | 874 | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (1,663 | ) | $ | (1,367 | ) | ||||||||||||||||||
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in "Sales, general and administrative expense" in the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 (see Note 9 - Employee Benefit Plans for additional details). |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Summary Of Authrorized Shares | A summary of the authorized shares under these plans is detailed below: | |||||||||||||
Plan Description | Authorized Shares | |||||||||||||
1995 Directors Stock Option Plan | 188 | |||||||||||||
1996 Restricted Stock and Stock Option Plan | 938 | |||||||||||||
2000 Restricted Stock and Stock Option Plan | 1,200 | |||||||||||||
2004 Restricted Stock, Stock Option and Equity Compensation Plan | 1,350 | |||||||||||||
2008 A. M. Castle & Co. Omnibus Incentive Plan (amended and restated as of April 25, 2013) | 3,350 | |||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of the non-vested share and RSU activity is as follows: | |||||||||||||
Non-Vested Shares | Restricted Share Units | |||||||||||||
Shares | Weighted-Average Grant | Units | Weighted- | |||||||||||
Date Fair Value | Average Grant | |||||||||||||
Date Fair Value | ||||||||||||||
Outstanding at January 1, 2014 | 98 | $ | 14.17 | 258 | $ | 13.3 | ||||||||
Granted | 39 | $ | 13.68 | 127 | $ | 14.35 | ||||||||
Forfeited | (12 | ) | $ | 12.55 | (123 | ) | $ | 13.38 | ||||||
Vested | (18 | ) | $ | 13.84 | (63 | ) | $ | 10.87 | ||||||
Outstanding at December 31, 2014 | 107 | $ | 14.21 | 199 | $ | 14.67 | ||||||||
Expected to vest at December 31, 2014 | 107 | $ | 14.21 | 165 | $ | 14.63 | ||||||||
Summary of award information associated with market and non-market-based performance condition awards | The status of PSUs that have been awarded as part of the active LTC Plans is summarized below as of December 31, 2014: | |||||||||||||
Plan Year | Grant Date Fair Value | Estimated Number of | Maximum Number of | |||||||||||
Performance Shares to be Issued | Performance Shares that | |||||||||||||
Could Potentially be Issued | ||||||||||||||
2014 LTC Plan | ||||||||||||||
RTSR performance condition | $ | 20.16 | — | 170 | ||||||||||
ROIC performance condition | $ | 14.35 | — | 170 | ||||||||||
2013 LTC Plan | ||||||||||||||
RTSR performance condition | $ | 24.74 | — | 120 | ||||||||||
ROIC performance condition | $ | 16.29 | — | 120 | ||||||||||
2012 LTC Plan | ||||||||||||||
RTSR performance condition | $ | 13.78 | — | 106 | ||||||||||
RTSR performance condition (a) | $ | 16.65 | — | 58 | ||||||||||
ROIC performance condition | $ | 10.02 | — | 106 | ||||||||||
ROIC performance condition (a) | $ | 12.74 | — | 58 | ||||||||||
(a) Represents PSU awards granted in October 2012 under the 2012 LTC Plan. | ||||||||||||||
Schedule of Share Based Payment Award Performance Share Valuation Assumptions | The grant date fair values of PSU awards containing the RTSR performance condition were estimated using a Monte Carlo simulation with the following assumptions: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Grant Date Fair Value per Share Unit | $ | 20.16 | $ | 24.74 | $ | 13.78 | ||||||||
Expected volatility | 40.8 | % | 59.5 | % | 85 | % | ||||||||
Risk-free interest rate | 0.79 | % | 0.38 | % | 0.4 | % | ||||||||
Expected life (in years) | 2.77 | 2.82 | 2.81 | |||||||||||
Expected dividend yield | — | — | — | |||||||||||
PSU awards under the 2012 LTC Plan were granted to the Company's CEO in October 2012. The grant date fair value of the CEO PSU awards containing the RTSR performance condition was estimated using a Monte Carlo simulation with the following assumptions: | ||||||||||||||
2012 | ||||||||||||||
Grant Date Fair Value per Share Unit | $ | 16.65 | ||||||||||||
Expected volatility | 60.7 | % | ||||||||||||
Risk-free interest rate | 0.34 | % | ||||||||||||
Expected life (in years) | 2.21 | |||||||||||||
Expected dividend yield | — | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity is as follows: | |||||||||||||
Shares | Weighted | Intrinsic | Weighted Average | |||||||||||
Average | Value | Remaining | ||||||||||||
Exercise Price | Contractual Life | |||||||||||||
Stock options outstanding at January 1, 2014 | 144 | $ | 12.89 | |||||||||||
Exercised | (17 | ) | $ | 9.09 | ||||||||||
Forfeited | (37 | ) | $ | 12.79 | ||||||||||
Expired | (8 | ) | $ | 14.22 | ||||||||||
Stock options outstanding at December 31, 2014 | 82 | $ | 13.62 | $ | — | 2.1 | ||||||||
Stock options exercisable at December 31, 2014 | 82 | $ | 13.62 | $ | — | 2.1 | ||||||||
Stock options vested as of December 31, 2014 | 82 | $ | 13.62 | $ | — | 2.1 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Pension Plans, Defined Benefit | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Components of the net periodic pension and postretirement benefit cost | Components of net periodic pension plans cost (benefit) were as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 453 | $ | 699 | $ | 608 | ||||||||||
Interest cost | 6,885 | 6,327 | 6,832 | |||||||||||||
Expected return on assets | (8,381 | ) | (9,278 | ) | (9,855 | ) | ||||||||||
Amortization of prior service cost | 282 | 322 | 324 | |||||||||||||
Amortization of actuarial loss | 1,717 | 1,942 | 594 | |||||||||||||
Net periodic pension plans cost (benefit) | $ | 956 | $ | 12 | $ | (1,497 | ) | |||||||||
Schedule of Changes in Projected Benefit Obligations | The status of the pension plans at December 31, 2014 and 2013 were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 156,989 | $ | 181,137 | ||||||||||||
Service cost | 453 | 699 | ||||||||||||||
Interest cost | 6,885 | 6,327 | ||||||||||||||
Plan change | 719 | — | ||||||||||||||
Benefit payments | (7,587 | ) | (7,097 | ) | ||||||||||||
Actuarial loss (gain) | 35,863 | (24,077 | ) | |||||||||||||
Projected benefit obligation at end of year | $ | 193,322 | $ | 156,989 | ||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 168,408 | $ | 187,150 | ||||||||||||
Actual return (loss) on assets | 22,521 | (11,966 | ) | |||||||||||||
Employer contributions | 329 | 321 | ||||||||||||||
Benefit payments | (7,587 | ) | (7,097 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 183,671 | $ | 168,408 | ||||||||||||
Funded status – net (liability) prepaid | $ | (9,651 | ) | $ | 11,419 | |||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||
Prepaid pension cost | $ | 7,092 | $ | 16,515 | ||||||||||||
Accrued liabilities | (322 | ) | (325 | ) | ||||||||||||
Pension benefit obligations | (16,421 | ) | (4,771 | ) | ||||||||||||
Net amount recognized | $ | (9,651 | ) | $ | 11,419 | |||||||||||
Pre-tax components of accumulated other comprehensive loss: | ||||||||||||||||
Unrecognized actuarial loss | $ | (45,009 | ) | $ | (25,002 | ) | ||||||||||
Unrecognized prior service cost | (1,731 | ) | (1,295 | ) | ||||||||||||
Total | $ | (46,740 | ) | $ | (26,297 | ) | ||||||||||
Accumulated benefit obligation | $ | 192,638 | $ | 156,474 | ||||||||||||
Schedule of Assumptions Used | The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.75% | 4.50% | ||||||||||||||
Projected annual salary increases | 0 - 3.00% | 0 - 3.00% | ||||||||||||||
The assumptions used to determine net periodic pension cost (benefit) were as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.50% | 3.50 - 3.75% | 4.25% | |||||||||||||
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.75% | |||||||||||||
Projected annual salary increases | 0 - 3.00% | 0 - 3.00% | 0 - 3.00% | |||||||||||||
Schedule of Fair Value of Plan Assets | The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2014: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed income securities (a) | $ | 15,839 | $ | 167,882 | $ | — | $ | 183,721 | ||||||||
Accounts payable – pending trades | (50 | ) | ||||||||||||||
Total | $ | 183,671 | ||||||||||||||
(a) Fixed income securities are comprised of corporate bonds (75%), government bonds (17%), government agencies securities (4%) and other fixed income securities (4%). | ||||||||||||||||
The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2013: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed income securities (b) | $ | 15,629 | $ | 152,803 | $ | — | $ | 168,432 | ||||||||
Accounts payable – pending trades | (24 | ) | ||||||||||||||
Total | $ | 168,408 | ||||||||||||||
(b) Fixed income securities are comprised of corporate bonds (71%), government bonds (20%), government agencies securities (5%) and other fixed income securities (4%). | ||||||||||||||||
Schedule of Expected Benefit Payments | The estimated future pension benefit payments are: | |||||||||||||||
2015 | $ | 7,990 | ||||||||||||||
2016 | 8,392 | |||||||||||||||
2017 | 8,859 | |||||||||||||||
2018 | 9,185 | |||||||||||||||
2019 | 9,597 | |||||||||||||||
2020 — 2024 | 52,697 | |||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Components of the net periodic pension and postretirement benefit cost | Components of net periodic postretirement plan (benefit) cost for 2014, 2013 and 2012 were as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 56 | $ | 153 | $ | 161 | ||||||||||
Interest cost | 76 | 148 | 170 | |||||||||||||
Amortization of prior service cost | — | — | — | |||||||||||||
Amortization of actuarial gain | (336 | ) | (23 | ) | — | |||||||||||
Net periodic postretirement plan (benefit) cost | $ | (204 | ) | $ | 278 | $ | 331 | |||||||||
Schedule of Changes in Projected Benefit Obligations | The status of the postretirement plan at December 31, 2014 and 2013 was as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in accumulated postretirement benefit obligations: | ||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 1,977 | $ | 4,379 | ||||||||||||
Service cost | 56 | 153 | ||||||||||||||
Interest cost | 76 | 148 | ||||||||||||||
Benefit payments | (224 | ) | (201 | ) | ||||||||||||
Actuarial loss (gain) | 667 | (2,502 | ) | |||||||||||||
Accumulated postretirement benefit obligation at end of year | $ | 2,552 | $ | 1,977 | ||||||||||||
Funded status – net liability | $ | (2,552 | ) | $ | (1,977 | ) | ||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||
Accrued liabilities | $ | (226 | ) | $ | (139 | ) | ||||||||||
Postretirement benefit obligations | (2,326 | ) | (1,838 | ) | ||||||||||||
Net amount recognized | $ | (2,552 | ) | $ | (1,977 | ) | ||||||||||
Pre-tax components of accumulated other comprehensive loss: | ||||||||||||||||
Unrecognized actuarial gain | $ | 2,137 | $ | 3,139 | ||||||||||||
Total | $ | 2,137 | $ | 3,139 | ||||||||||||
Schedule of Assumptions Used | The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net periodic postretirement benefit costs | 4.00% | 3.50% | 3.75% | |||||||||||||
Accumulated postretirement benefit obligations | 3.25% | 4.00% | 3.50% | |||||||||||||
Schedule of Assumed Health Care Cost and Trend Rates for Medical Plans | The assumed health care cost trend rates for medical plans at December 31 were as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Medical cost trend rate | 7.00% | 7.50% | 8.00% | |||||||||||||
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% | |||||||||||||
Year ultimate medical cost trend rate will be reached | 2019 | 2019 | 2019 |
Restructuring_Activity_Tables
Restructuring Activity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Restructuring and Related Costs | The Company recorded the following restructuring activity during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Employee termination and related benefits | $ | 937 | $ | 2,702 | |||||||||||||||||
Moving costs associated with plant consolidations | 1,450 | 4,487 | |||||||||||||||||||
Lease termination costs | 186 | 1,448 | |||||||||||||||||||
Gain on sale of fixed assets | (5,533 | ) | — | ||||||||||||||||||
Other exit costs | — | 366 | |||||||||||||||||||
Inventory write-offs | — | 1,236 | |||||||||||||||||||
Total (benefit) expense | $ | (2,960 | ) | $ | 10,239 | ||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | Restructuring reserve activity for the years ended December 31, 2014 and 2013 is summarized below: | ||||||||||||||||||||
Period Activity | |||||||||||||||||||||
Balance January 1 | Costs (gains) | Cash (payments) receipts | Impairment | Balance December 31 (a) | |||||||||||||||||
2014 Activity: | |||||||||||||||||||||
Employee termination and related benefits | $ | 129 | $ | 937 | $ | (1,066 | ) | $ | — | $ | — | ||||||||||
Moving costs associated with plant consolidations | — | 1,450 | (1,450 | ) | — | — | |||||||||||||||
Lease termination costs | 921 | 186 | (471 | ) | — | 636 | |||||||||||||||
Gain on sale of fixed assets | — | (5,533 | ) | 5,533 | — | — | |||||||||||||||
Total 2014 Activity | $ | 1,050 | $ | (2,960 | ) | $ | 2,546 | $ | — | $ | 636 | ||||||||||
2013 Activity: | |||||||||||||||||||||
Employee termination and related benefits | $ | — | $ | 2,702 | $ | (2,573 | ) | $ | — | $ | 129 | ||||||||||
Moving costs associated with plant consolidations | — | 4,487 | (4,318 | ) | (169 | ) | — | ||||||||||||||
Lease termination costs | — | 1,448 | (527 | ) | — | 921 | |||||||||||||||
Other exit costs | — | 366 | (366 | ) | — | — | |||||||||||||||
Inventory write-offs | — | 1,236 | — | (1,236 | ) | — | |||||||||||||||
Total 2013 Activity | $ | — | $ | 10,239 | $ | (7,784 | ) | $ | (1,405 | ) | $ | 1,050 | |||||||||
(a) Payments on certain of the lease obligations are scheduled to continue until 2017. 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 December 31, 2014, the short-term portion of the lease termination costs in the restructuring liability of $564 is included in "Accrued and other liabilities" and the long-term portion of $72 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. |
Income_Taxes_Tables
Income Taxes - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of (Loss) Income before Income Tax, Domestic and Foreign | (Loss) income before income taxes and equity in earnings of joint venture generated by the Company’s U.S. and non-U.S. operations were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | (112,904 | ) | $ | (55,611 | ) | $ | (28,398 | ) | |||
Non-U.S. | (30,841 | ) | (5,133 | ) | 12,856 | |||||||
Schedule of Components of Income Tax (Benefit) Expense | The Company’s income tax (benefit) expense is comprised of the following: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal | ||||||||||||
current | $ | — | $ | (260 | ) | $ | (842 | ) | ||||
deferred | (6,773 | ) | (16,913 | ) | (1,542 | ) | ||||||
State | ||||||||||||
current | 361 | 1,312 | 629 | |||||||||
deferred | (948 | ) | (2,949 | ) | 401 | |||||||
Foreign | ||||||||||||
current | (1,898 | ) | 3,242 | 2,927 | ||||||||
deferred | 7,905 | (4,227 | ) | (143 | ) | |||||||
$ | (1,353 | ) | $ | (19,795 | ) | $ | 1,430 | |||||
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the Company’s effective tax rate on income or loss and the U.S. federal income tax rate of 35% is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax at statutory rates | $ | (50,310 | ) | $ | (21,260 | ) | $ | (5,439 | ) | |||
State income taxes, net of federal income tax benefits | (2,117 | ) | (1,757 | ) | 22 | |||||||
Permanent items: | ||||||||||||
Dividends received deductions | — | (766 | ) | (766 | ) | |||||||
Convertible debt mark-to-market - non-deductible | — | — | 6,206 | |||||||||
Goodwill impairment | 10,454 | — | — | |||||||||
Other permanent differences | 285 | (124 | ) | 480 | ||||||||
Federal and state income tax on joint venture | 2,912 | 2,670 | 2,766 | |||||||||
Rate differential on foreign income | 11,512 | 812 | (1,680 | ) | ||||||||
Valuation allowance | 24,572 | — | — | |||||||||
Unrecognized tax benefits | — | — | (557 | ) | ||||||||
Audit settlements | 99 | — | 218 | |||||||||
Other | 1,240 | 630 | 180 | |||||||||
Income tax (benefit) expense | $ | (1,353 | ) | $ | (19,795 | ) | $ | 1,430 | ||||
Effective income tax expense rate | 0.9 | % | 32.6 | % | (9.2 | )% | ||||||
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows as of December 31, 2014 and 2013: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Pension and postretirement benefits | $ | 4,714 | $ | 2,526 | ||||||||
Deferred compensation | 2,109 | 1,768 | ||||||||||
Restructuring related and other reserves | 943 | 1,055 | ||||||||||
Alternative minimum tax and net operating loss carryforward | 40,787 | 24,072 | ||||||||||
Inventory | 5,218 | — | ||||||||||
Other, net | 1,833 | 69 | ||||||||||
Deferred tax assets before valuation allowance | 55,604 | 29,490 | ||||||||||
Valuation allowance | (33,021 | ) | — | |||||||||
Total deferred tax assets | $ | 22,583 | $ | 29,490 | ||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | $ | 9,857 | $ | 8,026 | ||||||||
Inventory | — | 319 | ||||||||||
Pension | — | 5,954 | ||||||||||
Intangible assets and goodwill | 9,129 | 13,288 | ||||||||||
Convertible debt discount | 5,644 | 6,833 | ||||||||||
Other, net | 5,628 | 2,561 | ||||||||||
Total deferred tax liabilities | 30,258 | 36,981 | ||||||||||
Net deferred tax liabilities | $ | 7,675 | $ | 7,491 | ||||||||
Summary of Operating Loss Carryforwards | As of December 31, 2014, the Company has federal, state and foreign net operating losses ("NOLs") as follows: | |||||||||||
Amount | Expiration Period | |||||||||||
Federal | $ | 81,328 | 2031 to 2034 | |||||||||
State | 84,596 | 2015 to 2034 | ||||||||||
Foreign | 19,892 | (a) | ||||||||||
(a) Foreign NOLs of $1,719 expire in 2014 to 2018 and $18,173 do not expire. | ||||||||||||
Summary of Valuation Allowance [Table Text Block] | Valuation allowances for the Company’s U.S. and non-U.S. operations were as follows December 31, 2014 and 2013: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | ||||||||||||
Balance, beginning of year | $ | — | $ | — | $ | — | ||||||
Provision charged to expense | 19,684 | — | — | |||||||||
Provision charged to accumulated other comprehensive loss | 8,449 | — | — | |||||||||
Balance, end of year | $ | 28,133 | $ | — | $ | — | ||||||
Non-U.S. | ||||||||||||
Balance, beginning of year | $ | — | $ | — | $ | — | ||||||
Provision charged to expense | 4,888 | — | — | |||||||||
Balance, end of year | $ | 4,888 | $ | — | $ | — | ||||||
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 | 2011 to 2014 | |||||||||||
U.S. States | 2010 to 2014 | |||||||||||
Foreign | 2008 to 2014 |
Segment_Reporting_Tables
Segment Reporting - (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Geographic Schedule of Revenue and Long-lived Assets | Company-wide geographic data as of and for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | 736,236 | $ | 817,714 | $ | 988,161 | ||||||||||||||
All other countries | 243,601 | 235,352 | 282,207 | |||||||||||||||||
Total | $ | 979,837 | $ | 1,053,066 | $ | 1,270,368 | ||||||||||||||
Long-lived assets | ||||||||||||||||||||
United States | $ | 58,278 | $ | 63,667 | 68,253 | |||||||||||||||
All other countries | 14,557 | 13,027 | 11,387 | |||||||||||||||||
Total | $ | 72,835 | $ | 76,694 | 79,640 | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information as of and for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||
Net | Operating | Total | Capital | Depreciation & | ||||||||||||||||
Sales | (Loss) | Assets | Expenditures | Amortization | ||||||||||||||||
Income | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Metals segment | $ | 841,672 | $ | (94,708 | ) | $ | 489,563 | $ | 11,184 | $ | 24,380 | |||||||||
Plastics segment | 138,165 | 6,354 | 60,970 | 1,167 | 1,664 | |||||||||||||||
Other (a) | — | (10,520 | ) | 37,443 | — | — | ||||||||||||||
Consolidated | $ | 979,837 | $ | (98,874 | ) | $ | 587,976 | $ | 12,351 | $ | 26,044 | |||||||||
2013 | ||||||||||||||||||||
Metals segment | $ | 918,298 | $ | (11,571 | ) | $ | 580,570 | $ | 10,181 | $ | 24,579 | |||||||||
Plastics segment | 134,768 | 4,278 | 57,373 | 1,423 | 1,609 | |||||||||||||||
Other (a) | — | (8,379 | ) | 41,879 | — | — | ||||||||||||||
Consolidated | $ | 1,053,066 | $ | (15,672 | ) | $ | 679,822 | $ | 11,604 | $ | 26,188 | |||||||||
2012 | ||||||||||||||||||||
Metals segment | $ | 1,143,884 | $ | 48,473 | $ | 693,803 | $ | 9,819 | $ | 24,480 | ||||||||||
Plastics segment | 126,484 | 3,188 | 56,149 | 1,831 | 1,387 | |||||||||||||||
Other (a) | — | (11,865 | ) | 38,854 | — | — | ||||||||||||||
Consolidated | $ | 1,270,368 | $ | 39,796 | $ | 788,806 | $ | 11,650 | $ | 25,867 | ||||||||||
(a) “Other” – Operating loss includes the costs of executive, legal and elements of the finance department, which are shared by both the Metals and Plastics segments. The “Other” category’s total assets consist of the Company’s investment in joint venture. | ||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Below are reconciliations of segment data to the consolidated loss before income taxes: | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Operating (loss) income | $ | (98,874 | ) | $ | (15,672 | ) | $ | 39,796 | ||||||||||||
Interest expense, net | (40,548 | ) | (40,542 | ) | (41,090 | ) | ||||||||||||||
Interest expense - unrealized loss on debt conversion option | — | — | (15,597 | ) | ||||||||||||||||
Loss on extinguishment of debt | — | (2,606 | ) | — | ||||||||||||||||
Other (expense) income | (4,323 | ) | (1,924 | ) | 1,349 | |||||||||||||||
Loss before income taxes and equity in earnings of joint venture | (143,745 | ) | (60,744 | ) | (15,542 | ) | ||||||||||||||
Equity in earnings of joint venture | 7,691 | 6,987 | 7,224 | |||||||||||||||||
Consolidated loss before income taxes | $ | (136,054 | ) | $ | (53,757 | ) | $ | (8,318 | ) |
Guarantor_Finanical_Informatio1
Guarantor Finanical Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 511 | $ | 977 | $ | 6,966 | $ | — | $ | 8,454 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 66,178 | 19,303 | 45,522 | — | 131,003 | |||||||||||||||
Receivables from affiliates | 2,071 | 81 | — | (2,152 | ) | — | ||||||||||||||
Inventories | 142,314 | 19,320 | 75,366 | (68 | ) | 236,932 | ||||||||||||||
Prepaid expenses and other current assets | 3,490 | 1,033 | 8,506 | — | 13,029 | |||||||||||||||
Total current assets | 214,564 | 40,714 | 136,360 | (2,220 | ) | 389,418 | ||||||||||||||
Investment in joint venture | 37,443 | — | — | — | 37,443 | |||||||||||||||
Goodwill | — | 12,973 | — | — | 12,973 | |||||||||||||||
Intangible assets, net | 42,772 | — | 13,783 | — | 56,555 | |||||||||||||||
Other assets | 18,766 | — | 996 | (1,010 | ) | 18,752 | ||||||||||||||
Investment in subsidiaries | 70,274 | — | — | (70,274 | ) | — | ||||||||||||||
Receivables from affiliates | 113,188 | 36,607 | 2,157 | (151,952 | ) | — | ||||||||||||||
Property, plant and equipment, net | 46,094 | 12,184 | 14,557 | — | 72,835 | |||||||||||||||
Total assets | $ | 543,101 | $ | 102,478 | $ | 167,853 | $ | (225,456 | ) | $ | 587,976 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 41,613 | $ | 8,055 | $ | 19,114 | $ | — | $ | 68,782 | ||||||||||
Payables due to affiliates | 2,071 | — | 81 | (2,152 | ) | — | ||||||||||||||
Other current liabilities | 18,841 | 3,065 | 6,092 | — | 27,998 | |||||||||||||||
Current portion of long-term debt | 691 | — | 46 | — | 737 | |||||||||||||||
Total current liabilities | 63,216 | 11,120 | 25,333 | (2,152 | ) | 97,517 | ||||||||||||||
Long-term debt, less current portion | 307,327 | — | 2,050 | — | 309,377 | |||||||||||||||
Payables due to affiliates | — | 5,581 | 146,371 | (151,952 | ) | — | ||||||||||||||
Deferred income taxes | — | 5,524 | 3,846 | (1,010 | ) | 8,360 | ||||||||||||||
Other non-current liabilities | 22,238 | — | 164 | — | 22,402 | |||||||||||||||
Stockholders’ equity (deficit) | 150,320 | 80,253 | (9,911 | ) | (70,342 | ) | 150,320 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 543,101 | $ | 102,478 | $ | 167,853 | $ | (225,456 | ) | $ | 587,976 | |||||||||
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, net | 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) Income | |||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 609,507 | $ | 138,165 | $ | 243,658 | $ | (11,493 | ) | $ | 979,837 | |||||||||
Costs, expenses and (gains): | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 460,104 | 97,981 | 199,851 | (11,493 | ) | 746,443 | ||||||||||||||
Warehouse, processing and delivery expense | 101,473 | 11,772 | 27,314 | — | 140,559 | |||||||||||||||
Sales, general and administrative expense | 71,659 | 18,303 | 22,503 | — | 112,465 | |||||||||||||||
Restructuring activity, net | (3,184 | ) | — | 224 | — | (2,960 | ) | |||||||||||||
Depreciation and amortization expense | 19,592 | 2,201 | 4,251 | — | 26,044 | |||||||||||||||
Impairment of goodwill | 41,308 | — | 14,852 | — | 56,160 | |||||||||||||||
Operating (loss) income | (81,445 | ) | 7,908 | (25,337 | ) | — | (98,874 | ) | ||||||||||||
Interest expense, net | (25,658 | ) | — | (14,890 | ) | — | (40,548 | ) | ||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | |||||||||||||||
Other expense, net | — | — | (4,323 | ) | — | (4,323 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (107,103 | ) | 7,908 | (44,550 | ) | — | (143,745 | ) | ||||||||||||
Income taxes | 8,134 | (2,663 | ) | (4,323 | ) | 205 | 1,353 | |||||||||||||
Equity in losses of subsidiaries | (43,422 | ) | — | — | 43,422 | — | ||||||||||||||
Equity in earnings of joint venture | 7,691 | — | — | — | 7,691 | |||||||||||||||
Net (loss) income | (134,700 | ) | 5,245 | (48,873 | ) | 43,627 | (134,701 | ) | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | (5,377 | ) | — | (5,377 | ) | 5,377 | (5,377 | ) | ||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | (21,445 | ) | — | — | — | (21,445 | ) | |||||||||||||
Other comprehensive (loss) income | (26,822 | ) | — | (5,377 | ) | 5,377 | (26,822 | ) | ||||||||||||
Net (loss) income | (134,700 | ) | 5,245 | (48,873 | ) | 43,627 | (134,701 | ) | ||||||||||||
Comprehensive (loss) income | $ | (161,522 | ) | $ | 5,245 | $ | (54,250 | ) | $ | 49,004 | $ | (161,523 | ) | |||||||
Condensed Consolidating Statement of Operations Comprehensive (Loss) Income | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 711,942 | $ | 134,768 | $ | 236,714 | $ | (30,358 | ) | $ | 1,053,066 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 528,008 | 95,953 | 185,605 | (30,358 | ) | 779,208 | ||||||||||||||
Warehouse, processing and delivery expense | 104,897 | 12,104 | 23,933 | — | 140,934 | |||||||||||||||
Sales, general and administrative expense | 72,060 | 18,195 | 23,150 | — | 113,405 | |||||||||||||||
Restructuring activity, net | 7,006 | — | 1,997 | — | 9,003 | |||||||||||||||
Depreciation and amortization expense | 19,977 | 2,154 | 4,057 | — | 26,188 | |||||||||||||||
Operating (loss) income | (20,006 | ) | 6,362 | (2,028 | ) | — | (15,672 | ) | ||||||||||||
Interest expense, net | (25,760 | ) | — | (14,782 | ) | — | (40,542 | ) | ||||||||||||
Loss on extinguishment of debt | (2,606 | ) | — | — | — | (2,606 | ) | |||||||||||||
Other expense, net | — | — | (1,924 | ) | — | (1,924 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (48,372 | ) | 6,362 | (18,734 | ) | — | (60,744 | ) | ||||||||||||
Income taxes | 16,361 | (2,349 | ) | 5,783 | — | 19,795 | ||||||||||||||
Equity in losses of subsidiaries | (8,938 | ) | — | — | 8,938 | — | ||||||||||||||
Equity in earnings of joint venture | 6,987 | — | — | — | 6,987 | |||||||||||||||
Net (loss) income | (33,962 | ) | 4,013 | (12,951 | ) | 8,938 | (33,962 | ) | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | (2,295 | ) | — | (2,295 | ) | 2,295 | (2,295 | ) | ||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 4,623 | — | — | — | 4,623 | |||||||||||||||
Other comprehensive income (loss) | 2,328 | — | (2,295 | ) | 2,295 | 2,328 | ||||||||||||||
Net (loss) income | (33,962 | ) | 4,013 | (12,951 | ) | 8,938 | (33,962 | ) | ||||||||||||
Comprehensive (loss) income | $ | (31,634 | ) | $ | 4,013 | $ | (15,246 | ) | $ | 11,233 | $ | (31,634 | ) | |||||||
Condensed Consolidating Statement of Operations Comprehensive (Loss) Income | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 898,324 | $ | 126,484 | $ | 282,275 | $ | (36,715 | ) | $ | 1,270,368 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 655,203 | 90,983 | 217,749 | (36,648 | ) | 927,287 | ||||||||||||||
Warehouse, processing and delivery expense | 112,745 | 11,342 | 24,169 | — | 148,256 | |||||||||||||||
Sales, general and administrative expense | 89,372 | 16,788 | 23,002 | — | 129,162 | |||||||||||||||
Depreciation and amortization expense | 19,833 | 2,042 | 3,992 | — | 25,867 | |||||||||||||||
Operating income (loss) | 21,171 | 5,329 | 13,363 | (67 | ) | 39,796 | ||||||||||||||
Interest (expense) income, net | (27,801 | ) | 21 | (13,310 | ) | — | (41,090 | ) | ||||||||||||
Interest expense - unrealized loss on debt conversion option | (15,597 | ) | — | — | — | (15,597 | ) | |||||||||||||
Other income, net | — | — | 1,349 | — | 1,349 | |||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (22,227 | ) | 5,350 | 1,402 | (67 | ) | (15,542 | ) | ||||||||||||
Income taxes | 1,272 | (1,996 | ) | (503 | ) | (203 | ) | (1,430 | ) | |||||||||||
Equity in earnings of subsidiaries | 3,983 | — | — | (3,983 | ) | — | ||||||||||||||
Equity in earnings of joint venture | 7,224 | — | — | — | 7,224 | |||||||||||||||
Net (loss) income | (9,748 | ) | 3,354 | 899 | (4,253 | ) | (9,748 | ) | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | 2,369 | — | 2,369 | (2,369 | ) | 2,369 | ||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | (3,616 | ) | — | — | — | (3,616 | ) | |||||||||||||
Other comprehensive (loss) income | (1,247 | ) | — | 2,369 | (2,369 | ) | (1,247 | ) | ||||||||||||
Net (loss) income | (9,748 | ) | 3,354 | 899 | (4,253 | ) | (9,748 | ) | ||||||||||||
Comprehensive (loss) income | $ | (10,995 | ) | $ | 3,354 | $ | 3,268 | $ | (6,622 | ) | $ | (10,995 | ) | |||||||
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (134,700 | ) | $ | 5,245 | $ | (48,873 | ) | $ | 43,627 | $ | (134,701 | ) | |||||||
Equity in losses of subsidiaries | 43,422 | — | — | (43,422 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 50,994 | (265 | ) | 9,100 | (205 | ) | 59,624 | |||||||||||||
Net cash (used in) from operating activities | (40,284 | ) | 4,980 | (39,773 | ) | — | (75,077 | ) | ||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (5,642 | ) | (1,530 | ) | (5,179 | ) | — | (12,351 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 7,464 | — | — | — | 7,464 | |||||||||||||||
Net advances to subsidiaries | (25,941 | ) | — | — | 25,941 | — | ||||||||||||||
Net cash (used in) from investing activities | (24,119 | ) | (1,530 | ) | (5,179 | ) | 25,941 | (4,887 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 459,406 | — | 2,998 | — | 462,404 | |||||||||||||||
Repayments of long-term debt | (402,774 | ) | — | (1,037 | ) | — | (403,811 | ) | ||||||||||||
Net intercompany (repayments) borrowings | — | (2,968 | ) | 28,909 | (25,941 | ) | — | |||||||||||||
Other financing activities, net | (393 | ) | — | — | — | (393 | ) | |||||||||||||
Net cash from (used in) financing activities | 56,239 | (2,968 | ) | 30,870 | (25,941 | ) | 58,200 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (611 | ) | — | (611 | ) | |||||||||||||
Net change in cash and cash equivalents | (8,164 | ) | 482 | (14,693 | ) | — | (22,375 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 8,675 | 495 | 21,659 | — | 30,829 | |||||||||||||||
Cash and cash equivalents - end of year | $ | 511 | $ | 977 | $ | 6,966 | $ | — | $ | 8,454 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (33,962 | ) | $ | 4,013 | $ | (12,951 | ) | $ | 8,938 | $ | (33,962 | ) | |||||||
Equity in losses of subsidiaries | 8,938 | — | — | (8,938 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash from operating activities | 86,665 | 1,298 | 20,384 | — | 108,347 | |||||||||||||||
Net cash from operating activities | 61,641 | 5,311 | 7,433 | — | 74,385 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (6,700 | ) | (1,466 | ) | (3,438 | ) | — | (11,604 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 778 | 9 | 7 | — | 794 | |||||||||||||||
Net cash used in investing activities | (5,922 | ) | (1,457 | ) | (3,431 | ) | — | (10,810 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 115,300 | — | — | — | 115,300 | |||||||||||||||
Repayments of long-term debt | (166,190 | ) | — | (4,155 | ) | — | (170,345 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (1,896 | ) | (4,262 | ) | 6,158 | — | — | |||||||||||||
Other financing activities, net | 1,636 | — | (496 | ) | — | 1,140 | ||||||||||||||
Net cash (used in) from financing activities | (51,150 | ) | (4,262 | ) | 1,507 | — | (53,905 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (448 | ) | — | (448 | ) | |||||||||||||
Net change in cash and cash equivalents | 4,569 | (408 | ) | 5,061 | — | 9,222 | ||||||||||||||
Cash and cash equivalents - beginning of year | 4,106 | 903 | 16,598 | — | 21,607 | |||||||||||||||
Cash and cash equivalents - end of year | $ | 8,675 | $ | 495 | $ | 21,659 | $ | — | $ | 30,829 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (9,748 | ) | $ | 3,354 | $ | 899 | $ | (4,253 | ) | $ | (9,748 | ) | |||||||
Equity in earnings of subsidiaries | (3,983 | ) | — | — | 3,983 | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 22,233 | 2,208 | (9,612 | ) | 270 | 15,099 | ||||||||||||||
Net cash from (used in) operating activities | 8,502 | 5,562 | (8,713 | ) | — | 5,351 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | (6,472 | ) | — | — | — | (6,472 | ) | |||||||||||||
Capital expenditures | (6,374 | ) | (1,862 | ) | (2,885 | ) | — | (11,121 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 150 | — | 3 | — | 153 | |||||||||||||||
Net cash used in investing activities | (12,696 | ) | (1,862 | ) | (2,882 | ) | — | (17,440 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 756,550 | — | 10,540 | — | 767,090 | |||||||||||||||
Repayments of long-term debt | (745,838 | ) | — | (17,049 | ) | — | (762,887 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (13,255 | ) | (2,804 | ) | 16,059 | — | — | |||||||||||||
Other financing activities, net | (1,267 | ) | — | (27 | ) | — | (1,294 | ) | ||||||||||||
Net cash from (used in) financing activities | (3,810 | ) | (2,804 | ) | 9,523 | — | 2,909 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 263 | — | 263 | |||||||||||||||
Net change in cash and cash equivalents | (8,004 | ) | 896 | (1,809 | ) | — | (8,917 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 12,110 | 7 | 18,407 | — | 30,524 | |||||||||||||||
Cash and cash equivalents - end of year | $ | 4,106 | $ | 903 | $ | 16,598 | $ | — | $ | 21,607 | ||||||||||
Selected_Quarterly_Data_Unaudi1
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Select Quarterly Data (Unaudited) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 253,410 | $ | 249,492 | $ | 245,469 | $ | 231,466 | ||||||||
Gross profit (a) | 23,041 | 14,647 | 20,213 | 8,890 | ||||||||||||
Net loss (b) | (15,998 | ) | (72,298 | ) | (7,325 | ) | (39,080 | ) | ||||||||
Basic loss per share | $ | (0.69 | ) | $ | (3.10 | ) | $ | (0.31 | ) | $ | (1.62 | ) | ||||
Diluted loss per share | $ | (0.69 | ) | $ | (3.10 | ) | $ | (0.31 | ) | $ | (1.62 | ) | ||||
Common stock dividends declared | $ | — | $ | — | $ | — | $ | — | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 292,714 | $ | 273,410 | $ | 253,713 | $ | 233,229 | ||||||||
Gross profit (a) | 31,128 | 29,496 | 25,747 | 20,365 | ||||||||||||
Net loss (b) | (10,622 | ) | (3,799 | ) | (6,911 | ) | (12,630 | ) | ||||||||
Basic loss per share | $ | (0.46 | ) | $ | (0.16 | ) | $ | (0.30 | ) | $ | (0.54 | ) | ||||
Diluted loss per share | $ | (0.46 | ) | $ | (0.16 | ) | $ | (0.30 | ) | $ | (0.54 | ) | ||||
Common stock dividends declared | $ | — | $ | — | $ | — | $ | — | ||||||||
(a) Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. | ||||||||||||||||
(b) Results include restructuring activity for all quarters presented and a $56,160 goodwill impairment charge for second quarter of 2014. |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Allowance for doubtful accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping, Handling and Transportation Costs | $35,471 | $35,171 | $36,585 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | 3,463 | 3,529 | 3,584 |
Add Provision charged to expense | 465 | 484 | 1,420 |
Add Recoveries | 139 | 173 | 90 |
Less Charges against allowance | -692 | -723 | -1,565 |
Balance, end of year | $3,375 | $3,463 | $3,529 |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Supplemental cash flow information (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||||
Capital expenditures financed by accounts payable | $434 | $1,219 | $479 | |||
Capital lease obligations | 873 | 21 | 1,009 | |||
Cash paid during the year for: | ||||||
Interest | 32,278 | 33,266 | 34,051 | |||
Income taxes | 1,800 | 2,417 | 5,557 | |||
Cash received during the year for: | ||||||
Income tax refunds | $1,500 | $2,590 | $2,025 | $2,284 | $3,015 | $3,184 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies Allowance for obsolete inventory (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ||||
Inventory Valuation Reserves | $15,181 | $7,329 | $7,835 | $7,000 |
Provision for obsolete inventory | 9,979 | 2,259 | 1,153 | |
Inventory allowance, write-offs | ($2,127) | ($2,765) | ($318) |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies - Estimated Useful Lives of Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $14,414 | $14,397 | $14,024 |
Buildings and building improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 3 years | ||
Buildings and building improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 40 years | ||
Plant equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 3 years | ||
Plant equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 25 years | ||
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 2 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years | ||
Vehicles and office equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 3 years | ||
Vehicles and office equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years |
Basis_of_Presentation_and_Sign7
Basis of Presentation and Significant Accounting Policies - Calculation for Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Numerator: | |||||||||||||||||||
Net (loss) income | ($39,080) | [1] | ($7,325) | [1] | ($72,298) | [1] | ($15,998) | [1] | ($12,630) | [1] | ($6,911) | [1] | ($3,799) | [1] | ($10,622) | [1] | ($134,701) | ($33,962) | ($9,748) |
Denominator: | |||||||||||||||||||
Weighted average common shares outstanding | 23,359 | 23,214 | 22,993 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Outstanding common stock equivalents | 0 | 0 | 0 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 23,359 | 23,214 | 22,993 | ||||||||||||||||
Basic (loss) earnings per share | ($1.62) | ($0.31) | ($3.10) | ($0.69) | ($0.54) | ($0.30) | ($0.16) | ($0.46) | ($5.77) | ($1.46) | ($0.42) | ||||||||
Diluted (loss) earnings per share | ($1.62) | ($0.31) | ($3.10) | ($0.69) | ($0.54) | ($0.30) | ($0.16) | ($0.46) | ($5.77) | ($1.46) | ($0.42) | ||||||||
Excluded outstanding share-based awards having an anti-dilutive effect | 388 | 717 | 994 | ||||||||||||||||
Convertible Debt Securities | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $10.28 | $10.28 | |||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 5,600 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Excluded outstanding share-based awards having an anti-dilutive effect | 365 | 2,032 | 1,416 | ||||||||||||||||
[1] | Results include restructuring activity for all quarters presented and a $56,160 goodwill impairment charge for second quarter of 2014 |
Basis_of_Presentation_and_Sign8
Basis of Presentation and Significant Accounting Policies - (Details Textual) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Service_Center | |||
Accounting Policies [Line Items] | |||
Undistributed Earnings of Foreign Subsidiaries | $48,585 | ||
Service centers | 47 | ||
Joint venture ownership percentage | 50.00% | ||
maximum maturity of investments to be considered cash equivalent | 90 days | ||
Shipping, Handling and Transportation Costs | 35,471 | 35,171 | 36,585 |
Percentage of LIFO inventory | 68.00% | 80.00% | |
Amount current replacement cost of inventory costs exceeds book value | 129,779 | 130,854 | |
Effect of LIFO Inventory Liquidation on Income | $1,834 | ||
Percentage tax benefit recognized on dividends declared, joint venture subsidiaries | 80.00% | ||
Outstanding common stock equivalents | 0 | 0 | 0 |
Number of customers, annual sales in excess of 3% of total annual sales | 0 | ||
Weighted average forfeiture rate | 49.00% | ||
Measurement period for targeted goals under the long-term compensation plan | 3 years | ||
Stock Options | |||
Accounting Policies [Line Items] | |||
Number of trading days preceeding grant date from which closing stock price used to determine exercise price, 2010 grants, alternate valuation method | 10 days | ||
Restricted Stock Units (RSUs) | |||
Accounting Policies [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Non-compete agreements | |||
Accounting Policies [Line Items] | |||
Intangible assets useful lives | 3 years | ||
Developed technology | |||
Accounting Policies [Line Items] | |||
Intangible assets useful lives | 3 years | ||
Minimum | Stock Options | |||
Accounting Policies [Line Items] | |||
Contractual period for options granted | 8 years | ||
Minimum | Customer relationships | |||
Accounting Policies [Line Items] | |||
Intangible assets useful lives | 4 years | ||
Minimum | Trade name | |||
Accounting Policies [Line Items] | |||
Intangible assets useful lives | 1 year | ||
Maximum | |||
Accounting Policies [Line Items] | |||
Sales Revenue Not Recognized at Shipment, As a Percentage of Total Sales | 2.00% | 2.00% | 2.00% |
Maximum | Stock Options | |||
Accounting Policies [Line Items] | |||
Contractual period for options granted | 10 years | ||
Maximum | Customer Concentration Risk [Member] | |||
Accounting Policies [Line Items] | |||
Percentage concentration of sales | 3.00% | ||
Maximum | Customer relationships | |||
Accounting Policies [Line Items] | |||
Intangible assets useful lives | 12 years | ||
Maximum | Trade name | |||
Accounting Policies [Line Items] | |||
Intangible assets useful lives | 10 years | ||
North America | |||
Accounting Policies [Line Items] | |||
Service centers | 42 | ||
Europe | |||
Accounting Policies [Line Items] | |||
Service centers | 3 | ||
Asia | |||
Accounting Policies [Line Items] | |||
Service centers | 2 | ||
United States | Geographic Concentration Risk | |||
Accounting Policies [Line Items] | |||
Percentage concentration of sales | 75.00% | ||
Executives and Employees | Minimum | Stock Options and Restricted Stock | |||
Accounting Policies [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Executives and Employees | Maximum | Stock Options and Restricted Stock | |||
Accounting Policies [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Director | Stock Options and Restricted Stock | |||
Accounting Policies [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Joint_Venture_Related_Party_Ac
Joint Venture - Related Party Activity (Details) | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint venture ownership percentage | 50.00% |
Joint_Venture_Participation_De
Joint Venture - Participation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of joint venture | $7,691 | $6,987 | $7,224 |
Investment in joint venture | 37,443 | 41,879 | 38,854 |
Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint venture | 188 | 198 | 455 |
Purchases from joint venture | $224 | $86 | $695 |
Joint_Venture_Operating_Result
Joint Venture - Operating Results (Details) (Joint venture, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $259,487 | $230,351 | $257,776 |
Net income | 15,555 | 13,720 | 14,603 |
Current assets | 93,679 | 82,827 | 94,241 |
Non-current assets | 26,377 | 25,615 | 26,099 |
Current liabilities | 11,896 | 10,548 | 14,315 |
Non-current liabilities | 35,469 | 16,103 | 27,845 |
Members’ equity | 72,691 | 81,791 | 76,360 |
Capital expenditures | 3,042 | 1,836 | 5,220 |
Depreciation and amortization | $2,294 | $2,217 | $2,034 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in carrying amounts of goodwill | ||||
Beginning Goodwill | $129,506 | $130,517 | ||
Accumulated impairment losses | -60,217 | -60,217 | ||
Balance | 69,289 | 70,300 | ||
Currency valuation | -156 | -1,011 | ||
Ending Goodwill | 129,350 | 129,506 | 130,517 | |
Accumulated impairment losses | -116,377 | -60,217 | -60,217 | |
Balance | 12,973 | 69,289 | 70,300 | |
Goodwill, Impairment Loss | 56,160 | 56,160 | 0 | 0 |
Metals Segment | ||||
Changes in carrying amounts of goodwill | ||||
Beginning Goodwill | 116,533 | 117,544 | ||
Accumulated impairment losses | -60,217 | -60,217 | ||
Balance | 56,316 | 57,327 | ||
Currency valuation | -156 | -1,011 | ||
Ending Goodwill | 116,377 | 116,533 | ||
Accumulated impairment losses | -116,377 | -60,217 | ||
Balance | 0 | 56,316 | ||
Goodwill, Impairment Loss | 56,160 | 0 | ||
Deductible goodwill impairment loss | -13,900 | |||
Fair value inputs, discount rate risk premium | 1.00% | |||
Fair Value Inputs, Discount Rate | 13.00% | |||
Plastics Segment | ||||
Changes in carrying amounts of goodwill | ||||
Beginning Goodwill | 12,973 | 12,973 | ||
Accumulated impairment losses | 0 | 0 | ||
Balance | 12,973 | 12,973 | ||
Currency valuation | 0 | 0 | ||
Ending Goodwill | 12,973 | 12,973 | ||
Accumulated impairment losses | 0 | 0 | ||
Balance | 12,973 | 12,973 | ||
Goodwill, Impairment Loss | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangibles (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 10 months 1 day | |
Gross Carrying Amount | $129,420 | $131,107 |
Accumulated Amortization | 72,865 | 61,618 |
Impairment of Intangible Assets, Finite-lived | 0 | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years 3 months 12 days | |
Gross Carrying Amount | 116,268 | 117,794 |
Accumulated Amortization | 64,922 | 55,157 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |
Gross Carrying Amount | 3,888 | 3,888 |
Accumulated Amortization | 3,888 | 3,569 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 6 months 27 days | |
Gross Carrying Amount | 7,864 | 8,025 |
Accumulated Amortization | 2,655 | 1,939 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |
Gross Carrying Amount | 1,400 | 1,400 |
Accumulated Amortization | $1,400 | $953 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Amortization (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of the estimated annual amortization expense | |||
Amortization expense | $11,630 | $11,791 | $11,843 |
2015 | 10,789 | ||
2016 | 10,789 | ||
2017 | 8,766 | ||
2018 | 4,650 | ||
2019 | $4,650 |
Shortterm_and_Longterm_Debt_De
Short-term and Long-term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
LONG-TERM DEBT | ||
Senior Notes | $210,000 | $210,000 |
Convertible Debt | 57,500 | 57,500 |
Long-term Line of Credit | 59,200 | 0 |
Other Long-term Debt | 1,257 | 998 |
Long-term Debt, Gross | 327,957 | 268,498 |
Less: unamortized discount | -17,843 | -22,502 |
Current portion of long-term debt | -737 | -397 |
Total long-term portion | 309,377 | 245,599 |
Long-term Debt | $310,114 | $245,996 |
Debt_Textual_Details
Debt Textual (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 15, 2011 | Jun. 12, 2012 | Dec. 20, 2011 | Jan. 21, 2014 |
Debt Instrument [Line Items] | |||||||
Origination fee | $18,136 | ||||||
Loss on extinguishment of debt | 0 | -2,606 | 0 | ||||
Senior Secured Notes Due in 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 225,000 | 225,000 | |||||
Stated interest rate on debt | 12.75% | 12.75% | 12.75% | ||||
Loss on extinguishment of debt | -2,606 | ||||||
Convertible Notes Due in 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 50,000 | 57,500 | |||||
Stated interest rate on debt | 7.00% | 7.00% | |||||
Aggregate principal amount of Convertible Notes issued | 7,500 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $100,000 | $125,000 | |||||
Domestic Subsidiaries [Member] | Senior Secured Notes Due in 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated Domestic Subsidiaries, Ownership Percentage | 100.00% |
Debt_Secured_Notes_Details
Debt Secured Notes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 12, 2012 | Dec. 15, 2011 |
Debt Instrument [Line Items] | |||||||
Interest Paid | $32,278 | $33,266 | $34,051 | ||||
Gains (Losses) on Extinguishment of Debt | 0 | -2,606 | 0 | ||||
Senior Secured Notes Due in 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 225,000 | 225,000 | |||||
Stated interest rate on debt | 12.75% | 12.75% | 12.75% | ||||
Interest Paid | 26,775 | 28,548 | 28,688 | ||||
Maturity date | 15-Dec-16 | ||||||
Date of redemption | On or after December 15, 2014 | ||||||
Redemption price stated as a percentage of principal | 101.00% | ||||||
Redemption price on principal amount, percentage, upon certain asset sales | 100.00% | ||||||
Offer to purchase secured notes with certain of its excess cash flow | 95 days | ||||||
Requirement to purchase secured notes with excess cash flows as a percentage of outstanding principal | 103.00% | ||||||
Excess Cash Flow Per Senior Secured Note Agreement | 0 | 0 | 0 | 17,000 | |||
Secured Notes Purchased with Excess Cash Flow | 0 | ||||||
Extinguishment of Debt, Amount | 15,000 | ||||||
Gains (Losses) on Extinguishment of Debt | ($2,606) | ||||||
Redemption Date Range 12/15/14 - 12/14/15 [Member] | Senior Secured Notes Due in 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption percentage after disclosed date | 106.38% | ||||||
Redemption Date Range after 12/14/15 [Member] | Senior Secured Notes Due in 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption percentage after disclosed date | 100.00% |
Debt_Convertible_Notes_Details
Debt Convertible Notes (Details) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 26, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Apr. 25, 2012 | Dec. 20, 2011 | Dec. 15, 2011 |
Debt Instrument [Line Items] | |||||||||
Interest Paid | $32,278 | $33,266 | $34,051 | ||||||
Common Stock, Shares Authorized | 60,000,000 | 60,000,000 | 60,000,000 | 30,000,000 | |||||
Embedded conversion option tax benefit | 0 | 0 | 8,285 | ||||||
Convertible Notes Due in 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 57,500 | 50,000 | |||||||
Convertible Notes Principal Amount | 7,500 | ||||||||
Convertible debt issued at a percentage of face value, percentage | 100.00% | ||||||||
Term of exercise option | 30 days | ||||||||
Option to purchase additional principal amount of convertible notes | 7,500 | ||||||||
Maturity date | 15-Dec-17 | ||||||||
Stated interest rate on debt | 7.00% | 7.00% | |||||||
Interest Paid | 4,025 | 4,025 | 4,025 | ||||||
Conversion rate, shares per principal amount of convertible notes, shares | 97.2384 | ||||||||
Conversion rate, principal amount of convertible notes for shares, principal amount | 1 | ||||||||
Conversion price per share | $10.28 | ||||||||
Date at which holders may convert their convertible notes at their option | preceding June 15, 2017 | ||||||||
Scenarios in Which Holders of Convertible Notes can Convert, Conversion Period Following Measurement Period | 5 days | ||||||||
Measurement Period, Consecutive Trading Days. | 5 days | ||||||||
Trading price per note for each day of that measurement period | less than 98% | ||||||||
Period of Consecutive Trading Days | 30 days | ||||||||
Last reported sale price of the company's common stock | equal to or greater than 130% | ||||||||
Date on which convertible notes will be convertible | 15-Jun-17 | ||||||||
Option to elect out of conversion If issuance would result in a stated increase in common stock outstanding, stated percentage increase | 19.99% | ||||||||
Derivative liability for conversion feature associated with convertible debt | 22,330 | ||||||||
Effective interest percentage | 17.78% | ||||||||
Shareholder approval to convert if issuance would result in a stated increase in common stock outstanding, stated percentage increase | 19.99% | ||||||||
Embeded conversion option, value | 42,037 | ||||||||
Embedded conversion option tax benefit | $8,285 | ||||||||
Upon fundamental change, percentage of principal amount of convertible notes the company would be required to repurchase | 100.00% | ||||||||
Call of convertible notes for redemption | 20-Dec-15 | ||||||||
Scenarios for call of Convertible Notes, minimum sale price of common stock as a percentage of conversion price | 135.00% | ||||||||
Scenarios for call of Convertible Notes, consecutive trading days | 30 days | ||||||||
Scenarios for call of Convertible Notes, redemption price | 100.00% | ||||||||
Minimum | Convertible Notes Due in 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 days | ||||||||
Scenarios for call of Convertible Notes, period of trading days | 20 days |
Debt_Revolving_Credit_Agreemen
Debt Revolving Credit Agreement (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 21, 2014 | Dec. 15, 2011 |
Debt Instrument [Line Items] | ||||||
Interest Income, Other | $81 | $35 | $222 | |||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 100,000 | ||||
Aggregate principal amount available for a Canadian subfacility | 20,000 | |||||
Aggregate principal amount available for letters of credit | 20,000 | |||||
Aggregate principal amount available for swingline loans | 10,000 | |||||
Maturity date | 10-Dec-19 | 15-Dec-15 | ||||
Weighted average interest rate for borrowings | 3.08% | 2.71% | 2.71% | |||
Line of Credit, Terms, Provision to Increase the Aggregate Amount of Commitments Under Certain Conditions, Amount | 25,000 | 50,000 | ||||
Credit Facility Incremental Commitment | 25,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity before triggering cash dominion | 100,397 | |||||
Line of Credit Facility, Remaining Unrestricted Borrowing Capacity | 41,197 | |||||
Minimum | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Customary base rate plus an applicable margin percentage | 0.50% | |||||
Adjusted LIBOR rate plus an applicable margin | 1.50% | |||||
Ratio of EBITDA to fixed charges | 1.1 | |||||
Excess availability as a percentage of calculated borrowing base to require fixed charge coverage ratio | 10.00% | |||||
Excess availability to require fixed charge coverage ratio | 12,500 | |||||
Excess availability as a percentage of calculated borrowing base before cash dominion | 12.50% | |||||
Excess availability before cash dominion | $15,625 | |||||
Maximum | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Customary base rate plus an applicable margin percentage | 1.00% | |||||
Adjusted LIBOR rate plus an applicable margin | 2.00% |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes, Fair Value Disclosure | $216,808 | ||
Carrying value of senior secured notes | 210,000 | 210,000 | |
Convertible Debt, Fair Value Disclosures | 61,932 | ||
Carrying value of convertible notes | 57,500 | 57,500 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 51,253 | ||
Carrying value of the line of credit | 59,200 | 0 | |
Forward Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Notional Amount | 7,486 | 12,492 | |
Gain (Losses) as a result of changes in the fair value of the contracts | -288 | -2,141 | -430 |
Derivative Asset, Fair Value, Gross Asset | $0 | $0 |
Fair_Value_Measurements_Unobse
Fair Value Measurements Unobservable Inputs (Details) (Convertible Notes due December 15, 2017 [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Convertible Notes due December 15, 2017 [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Share Price | $7.98 |
Fair Value Assumptions, Expected Volatility Rate | 38.30% |
Fair Value Inputs, Entity Credit Risk | 9.28% |
Fair Value Assumptions, Risk Free Interest Rate | 1.08% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Forward Contracts, Not Designated as Hedging Instrument, Fair Value, Measurements, Recurring, USD $) | Dec. 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, Fair Value, Gross Liability | $1,615 | [1] | $2,871 | [1] |
Derivative liability for commodity hedges, current | 1,137 | [1] | 1,516 | [1] |
Derivative Liability, Noncurrent | 478 | [1] | 1,355 | [1] |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 1,615 | 2,871 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | $0 | $0 | ||
[1] | As of December 31, 2014, the short-term portion of the derivative liability for commodity hedges of $1,137 is included in "Accrued and other liabilities" and the long-term portion of $478 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. As of December 31, 2013, the short-term portion of the derivative liability for commodity hedges of $1,516 is included in "Accrued and other liabilities" and the long-term portion of $1,355 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. |
Lease_Agreements_Future_minimu
Lease Agreements - Future minimum rental payments under operating and capital leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Capital leases minimum payments for 2015 | $738 |
Capital leases minimum payments for 2016 | 470 |
Capital leases minimum payments for 2017 | 49 |
Capital leases minimum payments for 2018 | 0 |
Capital leases minimum payments for 2019 | 0 |
Capital leases minimum payments for later years | 0 |
Capital leases minimum payments total | 1,257 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating leases minimum payments for 2015 | 14,091 |
Operating leases minimum payments for 2016 | 12,879 |
Operating leases minimum payments for 2017 | 10,909 |
Operating leases minimum payments for 2018 | 9,399 |
Operating leases minimum payments for 2019 | 7,702 |
Operating leases minimum payments for later years | 23,400 |
Operating leases minimum payments total | $78,380 |
Lease_Agreements_Textual_Detai
Lease Agreements - (Textual) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $14,173 | $15,062 | $15,579 |
Lease Extrication Charges | 186 | 1,448 | 0 |
Capital Leased Assets, Gross | $2,452 | $1,660 |
Stockholders_Equity_AOCI_Detai
Stockholders' Equity AOCI (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Components of accumulated other comprehensive loss | |||
Total accumulated other comprehensive (loss) income | ($45,565) | ($18,743) | ($21,071) |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | |
Preferred Stock Purchase Right, Each Share of Common Stock Outstanding at aSpecified Date has the Right to Purchase a Stated Percentage of Specified Preferred Stock, Stated Percentage | 1.00% |
Shareholder Rights Plan (Textual) [Abstract] | |
Market Value as a Percentage of Exercise Price, Percentage | 200.00% |
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 |
Right plan | |
Shareholder Rights Plan (Textual) [Abstract] | |
Declared dividend of right for each outstanding common share | 1 |
Preferred stock purchase right for each outstanding common share | 1 |
Percentage of common stock owned without board approval | 10.00% |
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 |
Right plan | Series B Junior Preferred Stock | |
Shareholder Rights Plan (Textual) [Abstract] | |
Class of Warrant or Right, Exercise Price | 54 |
Stockholders_Equity_AOCI_Chang
Stockholders' Equity AOCI Change (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Total accumulated other comprehensive (loss) income | ($45,565) | ($18,743) | ($21,071) | ||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | -28,485 | 961 | |||
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, Net of Tax | 1,663 | [1] | 1,367 | [1] | |
Other Comprehensive (Loss) Income | -26,822 | 2,328 | -1,247 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive (Loss) Income, Pension and Other Postretirement Benefit Plans, Net of Tax | -35,571 | -14,126 | -18,749 | ||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | -23,108 | 3,256 | |||
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, Net of Tax | 1,663 | [1] | 1,367 | [1] | |
Other Comprehensive (Loss) Income | -21,445 | 4,623 | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive (Loss) Income, foreign currency translation | -9,994 | -4,617 | -2,322 | ||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | -5,377 | -2,295 | |||
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, Net of Tax | 0 | [1] | 0 | [1] | |
Other Comprehensive (Loss) Income | ($5,377) | ($2,295) | |||
[1] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the year ended December 31, 2014. |
Stockholders_Equity_AOCI_Recla
Stockholders' Equity AOCI Reclassification (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Stockholders' Equity Note [Abstract] | ||||
Prior service cost | ($282) | [1] | ($322) | [1] |
Actuarial Loss | -1,381 | [1] | -1,919 | [1] |
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, before Tax | -1,663 | -2,241 | ||
Other Comprehensive (Loss) Income, Tax, Portion Attributable to Parent | 0 | 874 | ||
Reclassification From Accumulated Other Comprehensive (Loss) Income, Net of Tax | ($1,663) | [2] | ($1,367) | [2] |
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in "Sales, general and administrative expense" in the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 (see Note 9 - Employee Benefit Plans for additional details). | |||
[2] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the year ended December 31, 2014. |
Sharebased_Compensation_Author
Share-based Compensation Authorized Shares (Details) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Stock Options | 1995 Directors Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 188 |
Stock Options | 2008 A. M. Castle & Co. Omnibus Incentive Plan (amended and restated as of April 25, 2013) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,350 |
Restricted Stock | 1996 Restricted Stock and Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 938 |
Restricted Stock | 2000 Restricted Stock and Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,200 |
Restricted Stock | 2004 Restricted Stock, Stock Option and Equity Compensation Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,350 |
Sharebased_Compensation_Restri
Share-based Compensation Restricted Stock Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $3,450 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Outstanding at January 1, 2014 | 98 | ||
Shares/Units Granted | 39 | ||
Shares/Units Forfeited | -12 | ||
Shares/Units Vested | -18 | ||
Shares/Units Outstanding at December 31, 2014 | 107 | ||
Shares/Units Expected to vest at December 31, 2014 | 107 | ||
Weighted-Average Grant Date Fair Value, Outstanding at January 1, 2014 | $14.17 | ||
Grant Date Fair Value per Share | $13.68 | ||
Weighted-Average Grant Date Fair Value, Forfeited | $12.55 | ||
Weighted-Average Grant Date Fair Value, Vested | $13.84 | ||
Weighted-Average Grant Date Fair Value, Outstanding at December 31, 2014 | $14.21 | ||
Weighted-Average Grant Date Fair Value, Expected to vest at December 31, 2014 | $14.21 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Outstanding at January 1, 2014 | 258 | ||
Shares/Units Granted | 127 | ||
Shares/Units Forfeited | -123 | ||
Shares/Units Vested | -63 | ||
Shares/Units Outstanding at December 31, 2014 | 199 | ||
Shares/Units Expected to vest at December 31, 2014 | 165 | ||
Weighted-Average Grant Date Fair Value, Outstanding at January 1, 2014 | $13.30 | ||
Grant Date Fair Value per Share | $14.35 | ||
Weighted-Average Grant Date Fair Value, Forfeited | $13.38 | ||
Weighted-Average Grant Date Fair Value, Vested | $10.87 | ||
Weighted-Average Grant Date Fair Value, Outstanding at December 31, 2014 | $14.67 | ||
Weighted-Average Grant Date Fair Value, Expected to vest at December 31, 2014 | $14.63 | ||
Restricted Stock and RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,994 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $938 | $1,106 | $1,685 |
Long-Term Compensation Plan - 2012 | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Vested | -43 |
Performance_Share_Status_Detai
Performance Share Status (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $3,450 | ||||
Long-Term Compensation Plan - 2014 [Member] | Non-Market-Based Performance Condition One | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $14.35 | ||||
Estimated Number of Performance Shares to be Issued | 0 | ||||
Maximum Number of Performance Shares that could Potentially be Issued | 170 | ||||
Long-Term Compensation Plan - 2014 [Member] | Market Based Performance Share Units [Member] | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $20.16 | ||||
Estimated Number of Performance Shares to be Issued | 0 | ||||
Maximum Number of Performance Shares that could Potentially be Issued | 170 | ||||
Long-Term Compensation Plan - 2012 | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Long-Term Compensation Plan, Target Goals | 3 years | ||||
Long-Term Compensation Plan - 2012 | Non-Market-Based Performance Condition One | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $10.02 | ||||
Estimated Number of Performance Shares to be Issued | 0 | ||||
Maximum Number of Performance Shares that could Potentially be Issued | 106 | ||||
Long-Term Compensation Plan - 2012 | Market Based Performance Share Units [Member] | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $13.78 | ||||
Estimated Number of Performance Shares to be Issued | 0 | ||||
Maximum Number of Performance Shares that could Potentially be Issued | 106 | ||||
Long-Term Compensation Plan - 2012 | Market Based Performance Share Units, CEO Grant [Member] | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $16.65 | [1] | |||
Estimated Number of Performance Shares to be Issued | 0 | [1] | |||
Maximum Number of Performance Shares that could Potentially be Issued | 58 | [1] | |||
Long-Term Compensation Plan - 2012 | Non Market Based Performance Share Units, CEO Grant [Member] | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $12.74 | [1] | |||
Estimated Number of Performance Shares to be Issued | 0 | [1] | |||
Maximum Number of Performance Shares that could Potentially be Issued | 58 | [1] | |||
Long-Term Compensation Plan - 2013 [Member] | Non-Market-Based Performance Condition One | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $16.29 | ||||
Estimated Number of Performance Shares to be Issued | 0 | ||||
Maximum Number of Performance Shares that could Potentially be Issued | 120 | ||||
Long-Term Compensation Plan - 2013 [Member] | Market Based Performance Share Units [Member] | |||||
Summary of award information associated with market and non-market-based performance condition awards | |||||
Grant Date Fair Value | $24.74 | ||||
Estimated Number of Performance Shares to be Issued | 0 | ||||
Maximum Number of Performance Shares that could Potentially be Issued | 120 | ||||
Long-Term Compensation Plans 2014 and 2013 | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $1,456 | ||||
[1] | Represents PSU awards granted in October 2012 under the 2012 LTC Plan. |
Sharebased_Compensation_Assump
Share-based Compensation Assumptions Used for Determining the Grant Date Fair Values of Performance Shares Awarded (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Market Based Performance Share Units, CEO Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 60.70% | ||||
Risk-free interest rate | 0.34% | ||||
Expected life (in years) | 2 years 2 months 15 days | ||||
Expected dividend yield | 0.00% | ||||
Long-Term Compensation Plan - 2014 [Member] | Non Market Based Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | $14.35 | ||||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 170 | ||||
Long-Term Compensation Plan - 2014 [Member] | Market Based Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | $20.16 | ||||
Expected volatility | 40.80% | ||||
Risk-free interest rate | 0.79% | ||||
Expected life (in years) | 2 years 9 months 6 days | ||||
Expected dividend yield | 0.00% | ||||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 170 | ||||
Long-Term Compensation Plan - 2013 [Member] | Non Market Based Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | $16.29 | ||||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 120 | ||||
Long-Term Compensation Plan - 2013 [Member] | Market Based Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | $24.74 | ||||
Expected volatility | 59.50% | ||||
Risk-free interest rate | 0.38% | ||||
Expected life (in years) | 2 years 9 months 27 days | ||||
Expected dividend yield | 0.00% | ||||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 120 | ||||
Long-Term Compensation Plan - 2012 | Non Market Based Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | 10.02 | ||||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 106 | ||||
Long-Term Compensation Plan - 2012 | Market Based Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | 13.78 | ||||
Expected volatility | 85.00% | ||||
Risk-free interest rate | 0.40% | ||||
Expected life (in years) | 2 years 9 months 22 days | ||||
Expected dividend yield | 0.00% | ||||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 106 | ||||
Long-Term Compensation Plan - 2012 | Market Based Performance Share Units, CEO Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | 16.65 | [1] | |||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 58 | [1] | |||
Long-Term Compensation Plan - 2012 | Non Market Based Performance Share Units, CEO Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Fair Value per Share | 12.74 | [1] | |||
Share Based Compensation Arrangements Performance Based Awards Shares Estimated To Be Issued | 0 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 58 | [1] | |||
[1] | Represents PSU awards granted in October 2012 under the 2012 LTC Plan. |
Sharebased_Compensation_Stock_
Share-based Compensation Stock Options (Details) (Stock Options, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $56 | $914 | $36 |
Shares - Stock options outstanding at January 1, 2014 | 144 | ||
Shares - Exercised | -17 | ||
Shares - Forfeited | -37 | ||
Shares - Expired | -8 | ||
Shares - Stock options outstanding at December 31, 2014 | 82 | 144 | |
Shares - Stock options exercisable at December 31, 2014 | 82 | ||
Shares - Stock options vested or expected to vest as of December 31, 2014 | 82 | ||
Weighted Average Exercise Price - Stock options outstanding at January 1, 2014 | $12.89 | ||
Weighted Average Exercise Price - Exercised | $9.09 | ||
Weighted Average Exercise Price - Forfeited | $12.79 | ||
Weighted Average Exercise Price - Expired | $14.22 | ||
Weighted Average Exercise Price - Stock options outstanding at December 31, 2014 | $13.62 | $12.89 | |
Weighted Average Exercise Price - Stock options exercisable at December 31, 2014 | $13.62 | ||
Weighted Average Exercise Price - Stock options vested or expected to vest as of December 31, 2014 | $13.62 | ||
Intrinsic Value - Stock options outstanding at December 31, 2014 | 0 | ||
Intrinsic Value - Stock options exercisable at December 31, 2014 | 0 | ||
Intrinsic Value - Stock options vested or expected to vest as of December 31, 2014 | 0 | ||
Weighted Average Remaining Contractual Life - Stock options outstanding at December 31, 2014 | 2 years 1 month 5 days | ||
Weighted Average Remaining Contractual Life - Stock options exercisable at December 31, 2014 | 2 years 1 month 5 days | ||
Weighted Average Remaining Contractual Life - Stock options vested or expected to vest as of December 31, 2014 | 2 years 1 month 5 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $0 |
Narrative_Details
Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $1,972 | $3,062 | $2,277 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 189 | 1,141 | 872 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 16 days | ||
Share-based compensation Arrangements by Share-based Payment Award, Performance Measurement Period | 3 years | ||
Unrecognized compensation cost | 3,450 | ||
Restricted Stock Units (RSUs) | |||
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, Vested in Period | 63 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | 1,994 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 56 | 914 | 36 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 0 | ||
Long-Term Compensation Plan - 2012 | Restricted Stock Units (RSUs) | |||
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, Vested in Period | 43 | ||
Long-Term Compensation Plan - 2012 | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-Term Compensation Plan, Target Goals | 3 years | ||
Long-Term Compensation Plans 2014 and 2013 | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $1,456 |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $453 | $699 | $608 |
Interest cost | 6,885 | 6,327 | 6,832 |
Expected return on assets | -8,381 | -9,278 | -9,855 |
Amortization of prior service cost | 282 | 322 | 324 |
Amortization of actuarial loss (gain) | 1,717 | 1,942 | 594 |
Net periodic pension plans cost (benefit) | 956 | 12 | -1,497 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 56 | 153 | 161 |
Interest cost | 76 | 148 | 170 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | -336 | -23 | 0 |
Net periodic pension plans cost (benefit) | ($204) | $278 | $331 |
Changes_in_Pension_and_Other_P
Changes in Pension and Other Postretirement Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Change in Projected Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation at beginning of year | $1,977 | $4,379 | |
Service cost | 56 | 153 | 161 |
Interest cost | 76 | 148 | 170 |
Benefit payments | -224 | -201 | |
Actuarial loss (gain) | 667 | -2,502 | |
Accumulated postretirement benefit obligation at end of year | 2,552 | 1,977 | 4,379 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Funded status – net prepaid (liability) | -2,552 | -1,977 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -226 | -139 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -2,326 | -1,838 | |
Net amount recognized | -2,552 | -1,977 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,137 | 3,139 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 2,137 | 3,139 | |
Pension Plans | |||
Change in Projected Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation at beginning of year | 156,474 | ||
Projected benefit obligation at beginning of year | 156,989 | 181,137 | |
Service cost | 453 | 699 | 608 |
Interest cost | 6,885 | 6,327 | 6,832 |
Defined Benefit Plan, Plan Amendments | 719 | 0 | |
Benefit payments | -7,587 | -7,097 | |
Actuarial loss (gain) | -35,863 | 24,077 | |
Projected benefit obligation at end of year | 193,322 | 156,989 | 181,137 |
Accumulated postretirement benefit obligation at end of year | 192,638 | 156,474 | |
Change in Plan Assets [Abstract] | |||
Fair value of plan assets at beginning of year | 168,408 | 187,150 | |
Defined Benefit Plan, Actual (Loss) Return on Plan Assets | 22,521 | -11,966 | |
Employer contributions | 329 | 321 | |
Fair value of plan assets at end of year | 183,671 | 168,408 | 187,150 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Funded status – net prepaid (liability) | -9,651 | 11,419 | |
Defined Benefit Plan, Assets for Plan Benefits | 7,092 | 16,515 | |
Accrued liabilities | -322 | -325 | |
Pension benefit obligations | -16,421 | -4,771 | |
Net amount recognized | -9,651 | 11,419 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -45,009 | -25,002 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | -1,731 | -1,295 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ($46,740) | ($26,297) |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans Assumptions Used to Measure the Projected Benefit Obligations (Details) (Pension Plans) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.75% | 4.50% |
Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected annual salary increases | 0.00% | 0.00% |
Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected annual salary increases | 3.00% | 3.00% |
Employee_Benefit_Plans_Assumpt1
Employee Benefit Plans Assumptions Used to Determine Net Periodic Pension Benefit Costs (Details) (Pension Plans) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.50% | 4.25% | |
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.75% |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.50% | ||
Projected annual salary increases-pension cost | 0.00% | 0.00% | 0.00% |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.75% | ||
Projected annual salary increases-pension cost | 3.00% | 3.00% | 3.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans Fair Values of Pension Plan Assets, Classified in the Fair Value Hierarchy (Details) (Pension Plans, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total | $183,671 | $168,408 | $187,150 | ||
Fixed income securities | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | 183,721 | [1] | 168,432 | [2] | |
Accounts payable – pending trades | -50 | -24 | |||
Total | 183,671 | 168,408 | |||
Fixed income securities | Level 1 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | 15,839 | [1] | 15,629 | [2] | |
Fixed income securities | Level 2 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | 167,882 | [1] | 152,803 | [2] | |
Fixed income securities | Level 3 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | $0 | [1] | $0 | [2] | |
[1] | Fixed income securities are comprised of corporate bonds (75%), government bonds (17%), government agencies securities (4%)Â and other fixed income securities (4%). | ||||
[2] | Fixed income securities are comprised of corporate bonds (71%), government bonds (20%), government agencies securities (5%)Â and other fixed income securities (4%). |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans Estimated Future Pension Benefit Payments (Details) (Pension Plans, Defined Benefit, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $7,990 |
2016 | 8,392 |
2017 | 8,859 |
2018 | 9,185 |
2019 | 9,597 |
2020-2024 | $52,697 |
Employee_Benefit_Plans_Assumed
Employee Benefit Plans Assumed Health Care Cost Trent Rates for Medical Plans (Details) (Other Postretirement Benefit Plans, Defined Benefit) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Medical cost trend rate | 7.00% | 7.50% | 8.00% |
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% |
Year ultimate medical cost trend rate will be reached | 2019 | 2019 | 2019 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans Weighted Average Discount Rate Used to Determine the Net Periodic Postretirement Benefit Costs (Details) (Other Postretirement Benefit Plans, Defined Benefit) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic postretirement benefit costs | 4.00% | 3.50% | 3.75% |
Accumulated postretirement benefit obligations | 3.25% | 4.00% | 3.50% |
Employee_Benefit_Plans_Textual
Employee Benefit Plans Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multiemployer Pension Plan, California [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plans, Withdrawal Obligation | $720 | ||
Multiemployer Pension Plan, Ohio [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plans, Withdrawal Obligation | 5,407 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of one percentage point increase on accumulated postretirement benefit obligation | 114 | ||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | 105 | ||
Other Postretirement Benefit Plan [Member] | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Medical postretirement plans, qualifying retirement age range | 62 years | ||
Other Postretirement Benefit Plan [Member] | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Medical postretirement plans, qualifying retirement age range | 65 years | ||
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected 2014 amortization of pension prior service costs | 378 | ||
Expected 2014 amortization of actuarial loss | 3,912 | ||
Projected benefit obligation, pension plans with accumulated benefit obligations in excess of plan assets | 66,341 | 5,095 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 65,657 | 5,095 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 49,598 | 0 | |
Pension Plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's Pension Plan Asset Allocation, Description | entirely | Entirely | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||
Pension Plans | Corporate Bond Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 75.00% | 71.00% | |
Pension Plans | US Treasury and Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 17.00% | 20.00% | |
Pension Plans | Agency Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 4.00% | 5.00% | |
Pension Plans | Other fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 4.00% | 4.00% | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, allowable matching percentage based on terms of the plan | 100.00% | ||
Employer matching contribution, percent | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $3,743 | $4,265 | $5,260 |
Restructuring_Activity_Details
Restructuring Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | ($2,960) | $10,239 |
One-time Termination Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | 937 | 2,702 |
Contract Termination | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | 186 | 1,448 |
Gain on disposal of fixed assets [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | -5,533 | 0 |
Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | 1,450 | 4,487 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | 0 | 366 |
Inventory Valuation and Obsolescence [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring (benefit) charges | $0 | $1,236 |
Restructuring_Activity_Activit
Restructuring Activity Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | ($2,960) | $10,239 | ||
(Payments) Receipts for Restructuring | 2,546 | -7,784 | ||
Asset Impairment Charges | 0 | -1,405 | ||
Restructuring Reserve | 636 | 1,050 | 0 | |
Restructuring and Related Cost, costs incurred to date | 7,279 | |||
Restructuring charges - additional to be incurred | 0 | |||
One-time Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | 937 | 2,702 | ||
(Payments) Receipts for Restructuring | -1,066 | -2,573 | ||
Asset Impairment Charges | 0 | 0 | ||
Restructuring Reserve | 0 | 129 | 0 | |
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | 1,450 | 4,487 | ||
(Payments) Receipts for Restructuring | -1,450 | -4,318 | ||
Asset Impairment Charges | 0 | -169 | ||
Restructuring Reserve | 0 | 0 | 0 | |
Contract Termination | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | 186 | 1,448 | ||
(Payments) Receipts for Restructuring | -471 | -527 | ||
Asset Impairment Charges | 0 | 0 | ||
Restructuring Reserve | 636 | [1] | 921 | 0 |
Gain on disposal of fixed assets [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | -5,533 | 0 | ||
(Payments) Receipts for Restructuring | 5,533 | |||
Asset Impairment Charges | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | 0 | 366 | ||
(Payments) Receipts for Restructuring | -366 | |||
Asset Impairment Charges | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Inventory Valuation and Obsolescence [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefit) charges | 0 | 1,236 | ||
(Payments) Receipts for Restructuring | 0 | |||
Asset Impairment Charges | -1,236 | |||
Restructuring Reserve | $0 | $0 | ||
[1] | Payments on certain of the lease obligations are scheduled to continue until 2017. 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 December 31, 2014, the short-term portion of the lease termination costs in the restructuring liability of $564 is included in "Accrued and other liabilities" and the long-term portion of $72 is included in "Other non-current liabilities" in the Consolidated Balance Sheet. |
Restructuring_Activity_Narrati
Restructuring Activity Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $636 | $1,050 | $0 |
Restructuring (benefit) charges | -2,960 | 10,239 | |
Restructuring charges - additional to be incurred | 0 | ||
Restructuring Reserve, Current | 564 | ||
Restructuring Reserve, Noncurrent | $72 |
Income_Taxes_Domestic_and_Fore
Income Taxes - Domestic and Foreign (Loss) Income before income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | ($143,745) | ($60,744) | ($15,542) |
U.S. | |||
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | -112,904 | -55,611 | -28,398 |
Segment, Geographical, Non-U.S. [Member] | |||
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | ($30,841) | ($5,133) | $12,856 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax (Benefit) Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal current | $0 | ($260) | ($842) |
Federal deferred | -6,773 | -16,913 | -1,542 |
State current | 361 | 1,312 | 629 |
State deferred | -948 | -2,949 | 401 |
Foreign current | -1,898 | 3,242 | 2,927 |
Foreign deferred | 7,905 | -4,227 | -143 |
Income Tax Expense (Benefit) | ($1,353) | ($19,795) | $1,430 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconcilliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal income tax at statutory rates | ($50,310) | ($21,260) | ($5,439) |
State income taxes, net of federal income tax benefits | -2,117 | -1,757 | 22 |
Dividends received deductions | 0 | -766 | -766 |
Convertible debt mark-to-market - non-deductible | 0 | 0 | 6,206 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 10,454 | 0 | 0 |
Other permanent differences | 285 | -124 | 480 |
Federal and state income tax on joint venture | 2,912 | 2,670 | 2,766 |
Rate differential on foreign income | 11,512 | 812 | -1,680 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 24,572 | 0 | 0 |
Unrecognized tax benefits | 0 | 0 | -557 |
Audit settlements | 99 | 0 | 218 |
Other | 1,240 | 630 | 180 |
Income tax (benefit) expense | ($1,353) | ($19,795) | $1,430 |
Effective income tax expense rate | 0.90% | 32.60% | -9.20% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2011 |
Deferred tax assets: | |||||
Pension and postretirement benefits | $4,714 | $2,526 | |||
Deferred compensation | 2,109 | 1,768 | |||
Restructuring Related and Other Reserves | 943 | 1,055 | |||
Alternative minimum tax and net operating loss carryforward | 40,787 | 24,072 | |||
Deferred Tax Assets, Inventory | 5,218 | 0 | |||
Other, net | 1,833 | 69 | |||
Deferred tax assets before valuation allowance | 55,604 | 29,490 | |||
Deferred Tax Assets, Valuation Allowance | -33,021 | 0 | |||
Deferred Tax Assets, Net of Valuation Allowance | 22,583 | 29,490 | |||
Deferred tax liabilities: | |||||
Depreciation | 9,857 | 8,026 | |||
Inventory | 0 | 319 | |||
Pension | 0 | 5,954 | |||
Intangible assets and goodwill | 9,129 | 13,288 | |||
Deferred tax liabilities, debt discount | 5,644 | 6,833 | |||
Other, net | 5,628 | 2,561 | |||
Total deferred tax liabilities | 30,258 | 36,981 | |||
Net deferred tax liabilities | 7,675 | 7,491 | |||
United States | |||||
Valuation Allowance [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 28,133 | ||||
Deferred tax assets: | |||||
Deferred Tax Assets, Valuation Allowance | -28,133 | 0 | 0 | 0 | |
United States | Tax provision [Domain] | |||||
Valuation Allowance [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 19,684 | 0 | 0 | ||
United States | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Valuation Allowance [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 8,449 | 0 | 0 | ||
Segment, Geographical, Non-U.S. [Member] | |||||
Valuation Allowance [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,888 | 0 | 0 | ||
Deferred tax assets: | |||||
Deferred Tax Assets, Valuation Allowance | -4,888 | 0 | 0 | 0 | |
Segment, Geographical, Non-U.S. [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||||
Valuation Allowance [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $2,148 | $2,740 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2011 |
Tax Credit Carryforward [Line Items] | ||||||||
Deferred Tax Assets, Valuation Allowance | $33,021 | $0 | ||||||
Statuatory federal rate | 35.00% | |||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | 105 | 105 | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 0 | |||||||
Unrecognized Tax Benefits Period of Estimated Change | 12 months | |||||||
Federal income tax refund | 1,500 | 2,590 | 2,025 | 2,284 | 3,015 | 3,184 | ||
Foreign Tax Authority | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Returns filed | 7 | |||||||
State and Local Jurisdiction | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Returns filed | 33 | |||||||
Segment, Geographical, Non-U.S. [Member] | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Deferred Tax Assets, Valuation Allowance | 4,888 | 0 | 0 | 0 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,888 | 0 | 0 | |||||
United States | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Deferred Tax Assets, Valuation Allowance | 28,133 | 0 | 0 | 0 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 28,133 | |||||||
Tax provision [Domain] | United States | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 19,684 | 0 | 0 | |||||
Valuation Allowance, Operating Loss Carryforwards [Member] | Segment, Geographical, Non-U.S. [Member] | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,148 | 2,740 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | United States | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $8,449 | $0 | $0 |
Income_Taxes_Federal_State_and
Income Taxes Federal, State and Foreign Net Operating Losses (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 0 | |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 81,328 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 84,596 | |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 19,892 | [1] |
Maximum | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-34 | |
Maximum | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-34 | |
Minimum | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-31 | |
Minimum | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-15 | |
Expires in 2014 to 2018 | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 1,719 | |
Not subject to Expiration | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 18,173 | |
[1] | Foreign NOLs of $1,719 expire in 2014 to 2018 and $18,173 do not expire. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Irrevocable letters of credit outstanding | $5,842 | |
Collateral associated with commodity hedges | 3,000 | |
Compliance with the insurance reserve requirements of its workers' compensation insurance carriers | 1,842 | |
Loss Contingency, Estimate of Possible Loss | 1,150 | |
Loss Contingency, Loss in Period | $90 | $1,060 |
Segment_Reporting_Textual_Deta
Segment Reporting - (Textual) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment_Reporting_Geographic_S
Segment Reporting - Geographic Schedul of Revenue and Long-lived Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $231,466 | $245,469 | $249,492 | $253,410 | $233,229 | $253,713 | $273,410 | $292,714 | $979,837 | $1,053,066 | $1,270,368 |
Long-Lived Assets | 72,835 | 76,694 | 72,835 | 76,694 | 79,640 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 736,236 | 817,714 | 988,161 | ||||||||
Long-Lived Assets | 58,278 | 63,667 | 58,278 | 63,667 | 68,253 | ||||||
Foreign [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 243,601 | 235,352 | 282,207 | ||||||||
Long-Lived Assets | $14,557 | $13,027 | $14,557 | $13,027 | $11,387 |
Segment_Reporting_Information_
Segment Reporting - Information by Reportable Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | $231,466 | $245,469 | $249,492 | $253,410 | $233,229 | $253,713 | $273,410 | $292,714 | $979,837 | $1,053,066 | $1,270,368 | |||||
Operating (loss) income | -98,874 | -15,672 | 39,796 | |||||||||||||
Total Assets | 587,976 | 679,822 | 587,976 | 679,822 | 788,806 | |||||||||||
Property, Plant and Equipment, Additions | 12,351 | 11,604 | 11,650 | |||||||||||||
Depreciation and amortization expense | 26,044 | 26,188 | 25,867 | |||||||||||||
Metals Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | 841,672 | 918,298 | 1,143,884 | |||||||||||||
Operating (loss) income | -94,708 | -11,571 | 48,473 | |||||||||||||
Total Assets | 489,563 | 580,570 | 489,563 | 580,570 | 693,803 | |||||||||||
Property, Plant and Equipment, Additions | 11,184 | 10,181 | 9,819 | |||||||||||||
Depreciation and amortization expense | 24,380 | 24,579 | 24,480 | |||||||||||||
Plastics Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | 138,165 | 134,768 | 126,484 | |||||||||||||
Operating (loss) income | 6,354 | 4,278 | 3,188 | |||||||||||||
Total Assets | 60,970 | 57,373 | 60,970 | 57,373 | 56,149 | |||||||||||
Property, Plant and Equipment, Additions | 1,167 | 1,423 | 1,831 | |||||||||||||
Depreciation and amortization expense | 1,664 | 1,609 | 1,387 | |||||||||||||
Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Operating (loss) income | -10,520 | [1] | -8,379 | [1] | -11,865 | [1] | ||||||||||
Total Assets | 37,443 | [1] | 41,879 | [1] | 37,443 | [1] | 41,879 | [1] | 38,854 | [1] | ||||||
Property, Plant and Equipment, Additions | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Depreciation and amortization expense | $0 | [1] | $0 | [1] | $0 | [1] | ||||||||||
[1] | “Other†– Operating loss includes the costs of executive, legal and elements of the finance department, which are shared by both the Metals and Plastics segments. The “Other†category’s total assets consist of the Company’s investment in joint venture. |
Segment_Reporting_Reconcilliat
Segment Reporting - Reconcilliation of Segment Data to the Consolidated Financial Statements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||
Operating (loss) income | ($98,874) | ($15,672) | $39,796 |
Interest expense, net | -40,548 | -40,542 | -41,090 |
Interest expense - unrealized loss on debt conversion option | 0 | 0 | -15,597 |
Loss on extinguishment of debt | 0 | -2,606 | 0 |
Other Nonoperating (Expense) Income | -4,323 | -1,924 | 1,349 |
Loss before income taxes and equity in earnings of joint venture | -143,745 | -60,744 | -15,542 |
Equity in earnings of joint venture | 7,691 | 6,987 | 7,224 |
Consolidated loss before income taxes | ($136,054) | ($53,757) | ($8,318) |
Guarantor_Finanical_Informatio2
Guarantor Finanical Information Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $8,454 | $30,829 | $21,607 | $30,524 |
Accounts Receivable, Net, Current | 131,003 | 128,544 | ||
Receivables from affiliates | 0 | 0 | ||
Inventory, Net | 236,932 | 214,900 | ||
Prepaid expenses and other current assets | 13,029 | 16,418 | ||
Total current assets | 389,418 | 390,691 | ||
Investment in joint venture | 37,443 | 41,879 | 38,854 | |
Goodwill | 12,973 | 69,289 | 70,300 | |
Intangible assets, net | 56,555 | 69,489 | ||
Prepaid Expense and Other Assets, Noncurrent | 18,752 | 31,780 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 0 | ||
Property, plant and equipment, net | 72,835 | 76,694 | ||
Total assets | 587,976 | 679,822 | 788,806 | |
Accounts payable | 68,782 | 69,577 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 27,998 | 31,367 | ||
Current portion of long-term debt | 737 | 397 | ||
Total current liabilities | 97,517 | 101,341 | ||
Long-term debt, less current portion | 309,377 | 245,599 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 8,360 | 10,733 | ||
Other non-current liabilities | 22,402 | 12,255 | ||
Total stockholders’ equity | 150,320 | 309,894 | 337,340 | 312,279 |
Total liabilities and stockholders’ equity | 587,976 | 679,822 | ||
Parent | ||||
Cash and cash equivalents | 511 | 8,675 | 4,106 | 12,110 |
Accounts Receivable, Net, Current | 66,178 | 67,536 | ||
Receivables from affiliates | 2,071 | 2,811 | ||
Inventory, Net | 142,314 | 133,139 | ||
Prepaid expenses and other current assets | 3,490 | 8,383 | ||
Total current assets | 214,564 | 220,544 | ||
Investment in joint venture | 37,443 | 41,879 | ||
Goodwill | 0 | 41,504 | ||
Intangible assets, net | 42,772 | 52,703 | ||
Prepaid Expense and Other Assets, Noncurrent | 18,766 | 28,145 | ||
Investment in subsidiaries | 70,274 | 119,075 | ||
Receivables from affiliates | 113,188 | 87,247 | ||
Property, plant and equipment, net | 46,094 | 50,812 | ||
Total assets | 543,101 | 641,909 | ||
Accounts payable | 41,613 | 41,233 | ||
Payables due to affiliates | 2,071 | 2,270 | ||
Other current liabilities | 18,841 | 22,801 | ||
Current portion of long-term debt | 691 | 371 | ||
Total current liabilities | 63,216 | 66,675 | ||
Long-term debt, less current portion | 307,327 | 245,561 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 7,823 | ||
Other non-current liabilities | 22,238 | 11,956 | ||
Total stockholders’ equity | 150,320 | 309,894 | ||
Total liabilities and stockholders’ equity | 543,101 | 641,909 | ||
Guarantors | ||||
Cash and cash equivalents | 977 | 495 | 903 | 7 |
Accounts Receivable, Net, Current | 19,303 | 18,305 | ||
Receivables from affiliates | 81 | 0 | ||
Inventory, Net | 19,320 | 16,357 | ||
Prepaid expenses and other current assets | 1,033 | 2,244 | ||
Total current assets | 40,714 | 37,401 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 12,973 | 12,973 | ||
Intangible assets, net | 0 | 0 | ||
Prepaid Expense and Other Assets, Noncurrent | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 36,607 | 34,637 | ||
Property, plant and equipment, net | 12,184 | 12,855 | ||
Total assets | 102,478 | 97,866 | ||
Accounts payable | 8,055 | 8,274 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 3,065 | 944 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 11,120 | 9,218 | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | 5,581 | 6,579 | ||
Deferred income taxes | 5,524 | 7,061 | ||
Other non-current liabilities | 0 | 0 | ||
Total stockholders’ equity | 80,253 | 75,008 | ||
Total liabilities and stockholders’ equity | 102,478 | 97,866 | ||
Non-Guarantors | ||||
Cash and cash equivalents | 6,966 | 21,659 | 16,598 | 18,407 |
Accounts Receivable, Net, Current | 45,522 | 42,703 | ||
Receivables from affiliates | 0 | 0 | ||
Inventory, Net | 75,366 | 65,472 | ||
Prepaid expenses and other current assets | 8,506 | 5,993 | ||
Total current assets | 136,360 | 135,827 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 14,812 | ||
Intangible assets, net | 13,783 | 16,786 | ||
Prepaid Expense and Other Assets, Noncurrent | 996 | 3,635 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 2,157 | 1,465 | ||
Property, plant and equipment, net | 14,557 | 13,027 | ||
Total assets | 167,853 | 185,552 | ||
Accounts payable | 19,114 | 20,070 | ||
Payables due to affiliates | 81 | 541 | ||
Other current liabilities | 6,092 | 7,622 | ||
Current portion of long-term debt | 46 | 26 | ||
Total current liabilities | 25,333 | 28,259 | ||
Long-term debt, less current portion | 2,050 | 38 | ||
Payables due to affiliates | 146,371 | 116,770 | ||
Deferred income taxes | 3,846 | -4,151 | ||
Other non-current liabilities | 164 | 299 | ||
Total stockholders’ equity | -9,911 | 44,337 | ||
Total liabilities and stockholders’ equity | 167,853 | 185,552 | ||
Eliminations | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net, Current | 0 | 0 | ||
Receivables from affiliates | -2,152 | -2,811 | ||
Inventory, Net | -68 | -68 | ||
Prepaid expenses and other current assets | 0 | -202 | ||
Total current assets | -2,220 | -3,081 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Prepaid Expense and Other Assets, Noncurrent | -1,010 | 0 | ||
Investment in subsidiaries | -70,274 | -119,075 | ||
Receivables from affiliates | -151,952 | -123,349 | ||
Property, plant and equipment, net | 0 | 0 | ||
Total assets | -225,456 | -245,505 | ||
Accounts payable | 0 | 0 | ||
Payables due to affiliates | -2,152 | -2,811 | ||
Other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | -2,152 | -2,811 | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | -151,952 | -123,349 | ||
Deferred income taxes | -1,010 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total stockholders’ equity | -70,342 | -119,345 | ||
Total liabilities and stockholders’ equity | ($225,456) | ($245,505) |
Guarantor_Finanical_Informatio3
Guarantor Finanical Information Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Net Sales | $231,466 | $245,469 | $249,492 | $253,410 | $233,229 | $253,713 | $273,410 | $292,714 | $979,837 | $1,053,066 | $1,270,368 | ||||||||
Cost of materials (exclusive of depreciation and amortization) | 746,443 | 779,208 | 927,287 | ||||||||||||||||
Warehouse, processing and delivery expense | 140,559 | 140,934 | 148,256 | ||||||||||||||||
Sales, general and administrative expense | 112,465 | 113,405 | 129,162 | ||||||||||||||||
Restructuring activity, net, excluding restructuring activity recorded in cost of materials | -2,960 | 9,003 | 0 | ||||||||||||||||
Depreciation and amortization | 26,044 | 26,188 | 25,867 | ||||||||||||||||
Goodwill, Impairment Loss | 56,160 | 56,160 | 0 | 0 | |||||||||||||||
Operating (loss) income | -98,874 | -15,672 | 39,796 | ||||||||||||||||
Interest (expense) income, net | -40,548 | -40,542 | -41,090 | ||||||||||||||||
Interest expense - unrealized loss on debt conversion option | 0 | 0 | -15,597 | ||||||||||||||||
Loss on extinguishment of debt | 0 | -2,606 | 0 | ||||||||||||||||
Other Nonoperating (Expense) Income | -4,323 | -1,924 | 1,349 | ||||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | -143,745 | -60,744 | -15,542 | ||||||||||||||||
Income taxes | 1,353 | 19,795 | -1,430 | ||||||||||||||||
Equity in (Losses) Earnings of Subsidiary | 0 | 0 | 0 | ||||||||||||||||
Equity in earnings of joint venture | 7,691 | 6,987 | 7,224 | ||||||||||||||||
Net (loss) income | -39,080 | [1] | -7,325 | [1] | -72,298 | [1] | -15,998 | [1] | -12,630 | [1] | -6,911 | [1] | -3,799 | [1] | -10,622 | [1] | -134,701 | -33,962 | -9,748 |
Foreign currency translation | -5,377 | -2,295 | 2,369 | ||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | -21,445 | 4,623 | -3,616 | ||||||||||||||||
Other comprehensive (loss) income | -26,822 | 2,328 | -1,247 | ||||||||||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | -161,523 | -31,634 | -10,995 | ||||||||||||||||
Parent | |||||||||||||||||||
Net Sales | 609,507 | 711,942 | 898,324 | ||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 460,104 | 528,008 | 655,203 | ||||||||||||||||
Warehouse, processing and delivery expense | 101,473 | 104,897 | 112,745 | ||||||||||||||||
Sales, general and administrative expense | 71,659 | 72,060 | 89,372 | ||||||||||||||||
Restructuring activity, net, excluding restructuring activity recorded in cost of materials | -3,184 | 7,006 | |||||||||||||||||
Depreciation and amortization | 19,592 | 19,977 | 19,833 | ||||||||||||||||
Goodwill, Impairment Loss | 41,308 | ||||||||||||||||||
Operating (loss) income | -81,445 | -20,006 | 21,171 | ||||||||||||||||
Interest (expense) income, net | -25,658 | -25,760 | -27,801 | ||||||||||||||||
Interest expense - unrealized loss on debt conversion option | -15,597 | ||||||||||||||||||
Loss on extinguishment of debt | 0 | -2,606 | |||||||||||||||||
Other Nonoperating (Expense) Income | 0 | 0 | 0 | ||||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | -107,103 | -48,372 | -22,227 | ||||||||||||||||
Income taxes | 8,134 | 16,361 | 1,272 | ||||||||||||||||
Equity in (Losses) Earnings of Subsidiary | -43,422 | -8,938 | 3,983 | ||||||||||||||||
Equity in earnings of joint venture | 7,691 | 6,987 | 7,224 | ||||||||||||||||
Net (loss) income | -134,700 | -33,962 | -9,748 | ||||||||||||||||
Foreign currency translation | -5,377 | -2,295 | 2,369 | ||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | -21,445 | 4,623 | -3,616 | ||||||||||||||||
Other comprehensive (loss) income | -26,822 | 2,328 | -1,247 | ||||||||||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | -161,522 | -31,634 | -10,995 | ||||||||||||||||
Guarantors | |||||||||||||||||||
Net Sales | 138,165 | 134,768 | 126,484 | ||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 97,981 | 95,953 | 90,983 | ||||||||||||||||
Warehouse, processing and delivery expense | 11,772 | 12,104 | 11,342 | ||||||||||||||||
Sales, general and administrative expense | 18,303 | 18,195 | 16,788 | ||||||||||||||||
Restructuring activity, net, excluding restructuring activity recorded in cost of materials | 0 | 0 | |||||||||||||||||
Depreciation and amortization | 2,201 | 2,154 | 2,042 | ||||||||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||||||||
Operating (loss) income | 7,908 | 6,362 | 5,329 | ||||||||||||||||
Interest (expense) income, net | 0 | 0 | 21 | ||||||||||||||||
Interest expense - unrealized loss on debt conversion option | 0 | ||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||||||
Other Nonoperating (Expense) Income | 0 | 0 | 0 | ||||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | 7,908 | 6,362 | 5,350 | ||||||||||||||||
Income taxes | -2,663 | -2,349 | -1,996 | ||||||||||||||||
Equity in (Losses) Earnings of Subsidiary | 0 | 0 | 0 | ||||||||||||||||
Equity in earnings of joint venture | 0 | 0 | 0 | ||||||||||||||||
Net (loss) income | 5,245 | 4,013 | 3,354 | ||||||||||||||||
Foreign currency translation | 0 | 0 | 0 | ||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 0 | 0 | 0 | ||||||||||||||||
Other comprehensive (loss) income | 0 | 0 | 0 | ||||||||||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | 5,245 | 4,013 | 3,354 | ||||||||||||||||
Non-Guarantors | |||||||||||||||||||
Net Sales | 243,658 | 236,714 | 282,275 | ||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 199,851 | 185,605 | 217,749 | ||||||||||||||||
Warehouse, processing and delivery expense | 27,314 | 23,933 | 24,169 | ||||||||||||||||
Sales, general and administrative expense | 22,503 | 23,150 | 23,002 | ||||||||||||||||
Restructuring activity, net, excluding restructuring activity recorded in cost of materials | 224 | 1,997 | |||||||||||||||||
Depreciation and amortization | 4,251 | 4,057 | 3,992 | ||||||||||||||||
Goodwill, Impairment Loss | 14,852 | ||||||||||||||||||
Operating (loss) income | -25,337 | -2,028 | 13,363 | ||||||||||||||||
Interest (expense) income, net | -14,890 | -14,782 | -13,310 | ||||||||||||||||
Interest expense - unrealized loss on debt conversion option | 0 | ||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||||||
Other Nonoperating (Expense) Income | -4,323 | -1,924 | 1,349 | ||||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | -44,550 | -18,734 | 1,402 | ||||||||||||||||
Income taxes | -4,323 | 5,783 | -503 | ||||||||||||||||
Equity in (Losses) Earnings of Subsidiary | 0 | 0 | 0 | ||||||||||||||||
Equity in earnings of joint venture | 0 | 0 | 0 | ||||||||||||||||
Net (loss) income | -48,873 | -12,951 | 899 | ||||||||||||||||
Foreign currency translation | -5,377 | -2,295 | 2,369 | ||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 0 | 0 | 0 | ||||||||||||||||
Other comprehensive (loss) income | -5,377 | -2,295 | 2,369 | ||||||||||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | -54,250 | -15,246 | 3,268 | ||||||||||||||||
Eliminations | |||||||||||||||||||
Net Sales | -11,493 | -30,358 | -36,715 | ||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | -11,493 | -30,358 | -36,648 | ||||||||||||||||
Warehouse, processing and delivery expense | 0 | 0 | 0 | ||||||||||||||||
Sales, general and administrative expense | 0 | 0 | 0 | ||||||||||||||||
Restructuring activity, net, excluding restructuring activity recorded in cost of materials | 0 | 0 | |||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||||||||
Operating (loss) income | 0 | 0 | -67 | ||||||||||||||||
Interest (expense) income, net | 0 | 0 | 0 | ||||||||||||||||
Interest expense - unrealized loss on debt conversion option | 0 | ||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||||||||||
Other Nonoperating (Expense) Income | 0 | 0 | 0 | ||||||||||||||||
(Loss) income before income taxes and equity in earnings of joint venture | 0 | 0 | -67 | ||||||||||||||||
Income taxes | 205 | 0 | -203 | ||||||||||||||||
Equity in (Losses) Earnings of Subsidiary | 43,422 | 8,938 | -3,983 | ||||||||||||||||
Equity in earnings of joint venture | 0 | 0 | 0 | ||||||||||||||||
Net (loss) income | 43,627 | 8,938 | -4,253 | ||||||||||||||||
Foreign currency translation | 5,377 | 2,295 | -2,369 | ||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 0 | 0 | 0 | ||||||||||||||||
Other comprehensive (loss) income | 5,377 | 2,295 | -2,369 | ||||||||||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | $49,004 | $11,233 | ($6,622) | ||||||||||||||||
[1] | Results include restructuring activity for all quarters presented and a $56,160 goodwill impairment charge for second quarter of 2014 |
Guarantor_Finanical_Informatio4
Guarantor Finanical Information Cash Flows (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Net (loss) income | ($39,080) | [1] | ($7,325) | [1] | ($72,298) | [1] | ($15,998) | [1] | ($12,630) | [1] | ($6,911) | [1] | ($3,799) | [1] | ($10,622) | [1] | ($134,701) | ($33,962) | ($9,748) |
Equity in Losses (Earnings) of Subsidiary | 0 | 0 | 0 | ||||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 59,624 | 108,347 | 15,099 | ||||||||||||||||
Net cash (used in) from operating activities | -75,077 | 74,385 | 5,351 | ||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | 0 | 0 | -6,472 | ||||||||||||||||
Capital expenditures | -12,351 | -11,604 | -11,121 | ||||||||||||||||
Proceeds from sale of property, plant and equipment | 7,464 | 794 | 153 | ||||||||||||||||
Payments for Advance to Affiliate | 0 | ||||||||||||||||||
Net cash (used in) from investing activities | -4,887 | -10,810 | -17,440 | ||||||||||||||||
Proceeds from long-term debt | 462,404 | 115,300 | 767,090 | ||||||||||||||||
Repayments of long-term debt | -403,811 | -170,345 | -762,887 | ||||||||||||||||
Net intercompany (repayments) borrowings | 0 | 0 | 0 | ||||||||||||||||
Other financing activities, net | -393 | 1,140 | -1,294 | ||||||||||||||||
Net cash from (used in) financing activities | 58,200 | -53,905 | 2,909 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | -611 | -448 | 263 | ||||||||||||||||
Net change in cash and cash equivalents | -22,375 | 9,222 | -8,917 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 30,829 | 21,607 | 30,829 | 21,607 | 30,524 | ||||||||||||||
Cash and cash equivalents—end of year | 8,454 | 30,829 | 8,454 | 30,829 | 21,607 | ||||||||||||||
Parent | |||||||||||||||||||
Net (loss) income | -134,700 | -33,962 | -9,748 | ||||||||||||||||
Equity in Losses (Earnings) of Subsidiary | 43,422 | 8,938 | -3,983 | ||||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 50,994 | 86,665 | 22,233 | ||||||||||||||||
Net cash (used in) from operating activities | -40,284 | 61,641 | 8,502 | ||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | -6,472 | ||||||||||||||||||
Capital expenditures | -5,642 | -6,700 | -6,374 | ||||||||||||||||
Proceeds from sale of property, plant and equipment | 7,464 | 778 | 150 | ||||||||||||||||
Payments for Advance to Affiliate | -25,941 | ||||||||||||||||||
Net cash (used in) from investing activities | -24,119 | -5,922 | -12,696 | ||||||||||||||||
Proceeds from long-term debt | 459,406 | 115,300 | 756,550 | ||||||||||||||||
Repayments of long-term debt | -402,774 | -166,190 | -745,838 | ||||||||||||||||
Net intercompany (repayments) borrowings | 0 | -1,896 | -13,255 | ||||||||||||||||
Other financing activities, net | -393 | 1,636 | -1,267 | ||||||||||||||||
Net cash from (used in) financing activities | 56,239 | -51,150 | -3,810 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||||||||||
Net change in cash and cash equivalents | -8,164 | 4,569 | -8,004 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 8,675 | 4,106 | 8,675 | 4,106 | 12,110 | ||||||||||||||
Cash and cash equivalents—end of year | 511 | 8,675 | 511 | 8,675 | 4,106 | ||||||||||||||
Guarantors | |||||||||||||||||||
Net (loss) income | 5,245 | 4,013 | 3,354 | ||||||||||||||||
Equity in Losses (Earnings) of Subsidiary | 0 | 0 | 0 | ||||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | -265 | 1,298 | 2,208 | ||||||||||||||||
Net cash (used in) from operating activities | 4,980 | 5,311 | 5,562 | ||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | 0 | ||||||||||||||||||
Capital expenditures | -1,530 | -1,466 | -1,862 | ||||||||||||||||
Proceeds from sale of property, plant and equipment | 0 | 9 | 0 | ||||||||||||||||
Payments for Advance to Affiliate | 0 | ||||||||||||||||||
Net cash (used in) from investing activities | -1,530 | -1,457 | -1,862 | ||||||||||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||||||||||
Net intercompany (repayments) borrowings | -2,968 | -4,262 | -2,804 | ||||||||||||||||
Other financing activities, net | 0 | 0 | 0 | ||||||||||||||||
Net cash from (used in) financing activities | -2,968 | -4,262 | -2,804 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||||||||||
Net change in cash and cash equivalents | 482 | -408 | 896 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 495 | 903 | 495 | 903 | 7 | ||||||||||||||
Cash and cash equivalents—end of year | 977 | 495 | 977 | 495 | 903 | ||||||||||||||
Non-Guarantors | |||||||||||||||||||
Net (loss) income | -48,873 | -12,951 | 899 | ||||||||||||||||
Equity in Losses (Earnings) of Subsidiary | 0 | 0 | 0 | ||||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 9,100 | 20,384 | -9,612 | ||||||||||||||||
Net cash (used in) from operating activities | -39,773 | 7,433 | -8,713 | ||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | 0 | ||||||||||||||||||
Capital expenditures | -5,179 | -3,438 | -2,885 | ||||||||||||||||
Proceeds from sale of property, plant and equipment | 0 | 7 | 3 | ||||||||||||||||
Payments for Advance to Affiliate | 0 | ||||||||||||||||||
Net cash (used in) from investing activities | -5,179 | -3,431 | -2,882 | ||||||||||||||||
Proceeds from long-term debt | 2,998 | 0 | 10,540 | ||||||||||||||||
Repayments of long-term debt | -1,037 | -4,155 | -17,049 | ||||||||||||||||
Net intercompany (repayments) borrowings | 28,909 | 6,158 | 16,059 | ||||||||||||||||
Other financing activities, net | 0 | -496 | -27 | ||||||||||||||||
Net cash from (used in) financing activities | 30,870 | 1,507 | 9,523 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | -611 | -448 | 263 | ||||||||||||||||
Net change in cash and cash equivalents | -14,693 | 5,061 | -1,809 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 21,659 | 16,598 | 21,659 | 16,598 | 18,407 | ||||||||||||||
Cash and cash equivalents—end of year | 6,966 | 21,659 | 6,966 | 21,659 | 16,598 | ||||||||||||||
Eliminations | |||||||||||||||||||
Net (loss) income | 43,627 | 8,938 | -4,253 | ||||||||||||||||
Equity in Losses (Earnings) of Subsidiary | -43,422 | -8,938 | 3,983 | ||||||||||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | -205 | 0 | 270 | ||||||||||||||||
Net cash (used in) from operating activities | 0 | 0 | 0 | ||||||||||||||||
Acquisition/Investment of businesses, net of cash acquired | 0 | ||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||||||
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 | ||||||||||||||||
Payments for Advance to Affiliate | 25,941 | ||||||||||||||||||
Net cash (used in) from investing activities | 25,941 | 0 | 0 | ||||||||||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||||||||||
Net intercompany (repayments) borrowings | -25,941 | 0 | 0 | ||||||||||||||||
Other financing activities, net | 0 | 0 | 0 | ||||||||||||||||
Net cash from (used in) financing activities | -25,941 | 0 | 0 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||||||||||
Net change in cash and cash equivalents | 0 | 0 | 0 | ||||||||||||||||
Cash and cash equivalents—beginning of year | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Cash and cash equivalents—end of year | $0 | $0 | $0 | $0 | $0 | ||||||||||||||
[1] | Results include restructuring activity for all quarters presented and a $56,160 goodwill impairment charge for second quarter of 2014 |
Guarantor_Finanical_Informatio5
Guarantor Finanical Information Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Narrative [Abstract] | |
Guarantor Subsidiary, Ownership Percentage | 100.00% |
Selected_Quarterly_Data_Unaudi2
Selected Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Net Sales | $231,466 | $245,469 | $249,492 | $253,410 | $233,229 | $253,713 | $273,410 | $292,714 | $979,837 | $1,053,066 | $1,270,368 | ||||||||
Gross Profit | 8,890 | [1] | 20,213 | [1] | 14,647 | [1] | 23,041 | [1] | 20,365 | [1] | 25,747 | [1] | 29,496 | [1] | 31,128 | [1] | |||
Net (loss) income | -39,080 | [2] | -7,325 | [2] | -72,298 | [2] | -15,998 | [2] | -12,630 | [2] | -6,911 | [2] | -3,799 | [2] | -10,622 | [2] | -134,701 | -33,962 | -9,748 |
Basic (loss) earnings per share | ($1.62) | ($0.31) | ($3.10) | ($0.69) | ($0.54) | ($0.30) | ($0.16) | ($0.46) | ($5.77) | ($1.46) | ($0.42) | ||||||||
Diluted (loss) earnings per share | ($1.62) | ($0.31) | ($3.10) | ($0.69) | ($0.54) | ($0.30) | ($0.16) | ($0.46) | ($5.77) | ($1.46) | ($0.42) | ||||||||
Common stock dividends declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Goodwill, Impairment Loss | $56,160 | $56,160 | $0 | $0 | |||||||||||||||
[1] | Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. | ||||||||||||||||||
[2] | Results include restructuring activity for all quarters presented and a $56,160 goodwill impairment charge for second quarter of 2014 |