Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CASTLE A M & CO | |
Entity Central Index Key | 18172 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,777,280 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $13,366 | $8,454 |
Accounts receivable, less allowances of $3,161 and $3,375 | 129,204 | 131,003 |
Inventories, principally on last-in first-out basis (replacement cost higher by $129,279 and $129,779) | 243,331 | 236,932 |
Prepaid expenses and other current assets | 13,156 | 9,458 |
Deferred income taxes | 752 | 685 |
Income tax receivable | 2,264 | 2,886 |
Total current assets | 402,073 | 389,418 |
Investment in joint venture | 38,003 | 37,443 |
Goodwill | 12,973 | 12,973 |
Intangible assets, net | 52,695 | 56,555 |
Prepaid pension cost | 7,494 | 7,092 |
Other assets | 10,502 | 11,660 |
Property, plant and equipment | ||
Land | 3,594 | 4,466 |
Buildings | 50,528 | 52,821 |
Machinery and equipment | 182,817 | 183,923 |
Property, plant and equipment, at cost | 236,939 | 241,210 |
Less - accumulated depreciation | -168,403 | -168,375 |
Property, plant and equipment, net | 68,536 | 72,835 |
Total assets | 592,276 | 587,976 |
Current liabilities | ||
Accounts payable | 85,998 | 68,782 |
Accrued and other liabilities | 36,034 | 27,670 |
Income taxes payable | 505 | 328 |
Current portion of long-term debt | 734 | 737 |
Total current liabilities | 123,271 | 97,517 |
Long-term debt, less current portion | 313,239 | 309,377 |
Deferred income taxes | 6,585 | 8,360 |
Other non-current liabilities | 3,393 | 3,655 |
Pension and postretirement benefit obligations | 18,775 | 18,747 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock, $0.01 par value—9,988 shares authorized (including 400 Series B Junior Preferred $0.00 par value shares); no shares issued and outstanding at March 31, 2015 and December 31, 2014 | 0 | 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,700 shares issued and 23,572 outstanding at March 31, 2015 and 23,630 shares issued and 23,559 outstanding at December 31, 2014 | 236 | 236 |
Additional paid-in capital | 226,853 | 225,953 |
Accumulated deficit | -50,130 | -29,424 |
Accumulated other comprehensive loss | -48,857 | -45,565 |
Treasury stock, at cost—128 shares at March 31, 2015 and 71 shares at December 31, 2014 | -1,089 | -880 |
Total stockholders’ equity | 127,013 | 150,320 |
Total liabilities and stockholders’ equity | $592,276 | $587,976 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $222,228 | $253,410 |
Costs and expenses: | ||
Cost of materials (exclusive of depreciation and amortization) | 168,111 | 188,531 |
Warehouse, processing and delivery expense | 27,031 | 35,381 |
Sales, general and administrative expense | 25,535 | 29,624 |
Restructuring activity, net | 831 | 739 |
Depreciation and amortization expense | 6,355 | 6,457 |
Operating loss | -5,635 | -7,322 |
Interest expense, net | -10,546 | -9,952 |
Other expense, net | -6,225 | -682 |
Loss before income taxes and equity in earnings of joint venture | -22,406 | -17,956 |
Income taxes | 825 | 51 |
Loss before equity in earnings of joint venture | -21,581 | -17,905 |
Equity in earnings of joint venture | 875 | 1,907 |
Net loss | -20,706 | -15,998 |
Basic loss per share | ($0.88) | ($0.69) |
Diluted loss per share | ($0.88) | ($0.69) |
Dividends per common share | $0 | $0 |
Comprehensive loss | ($23,998) | ($16,160) |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $3,161 | $3,375 |
Amount current replacement cost of inventory costs exceeded book value | $129,279 | $129,779 |
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 | 23,700 | 23,630 |
Common stock, shares outstanding | 23,572 | 23,559 |
Treasury stock, shares | 128 | 71 |
Series B Junior Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 400 | 400 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net loss | ($20,706) | ($15,998) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,355 | 6,457 |
Amortization of deferred financing costs and debt discount | 2,167 | 1,927 |
Gain on sale of property, plant and equipment | -5,622 | 0 |
Unrealized gains on commodity hedges | -102 | -208 |
Foreign Currency Transaction Gain (Loss), Unrealized | -3,823 | 0 |
Equity in earnings of joint venture | -875 | -1,907 |
Dividends from joint venture | 315 | 607 |
Deferred taxes | -1,538 | 571 |
Other Operating Activities, Cash Flow Statement | 711 | 243 |
Increase (decrease) from changes in: | ||
Accounts receivable | -874 | -17,930 |
Inventories | -10,819 | 904 |
Prepaid expenses and other current assets | -3,921 | -1,365 |
Other assets | -242 | 1,972 |
Prepaid pension costs | 620 | 173 |
Accounts payable | 18,668 | 18,423 |
Income taxes payable and receivable | 643 | -1,454 |
Accrued and other liabilities | 8,775 | 4,818 |
Postretirement benefit obligations and other liabilities | -158 | -102 |
Net cash used in operating activities | -2,780 | -2,869 |
Investing activities: | ||
Capital expenditures | -2,061 | -2,012 |
Proceeds from Sale of Productive Assets | 7,541 | 46 |
Net cash from (used) in investing activities | 5,480 | -1,966 |
Financing activities: | ||
Proceeds from long-term debt | 206,900 | 11,506 |
Repayments of long-term debt | -204,357 | -11,605 |
Other financing | 0 | 45 |
Net cash from (used in) financing activities | 2,543 | -54 |
Effect of exchange rate changes on cash and cash equivalents | -331 | -232 |
Net change in cash and cash equivalents | 4,912 | -5,121 |
Cash and cash equivalents - beginning of year | 8,454 | 30,829 |
Cash and cash equivalents - end of period | $13,366 | $25,708 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Condensed Consolidated Financial Information Disclosure [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements |
The condensed consolidated financial statements included herein have been prepared by A. M. Castle & Co. and subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), and accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet at December 31, 2014 is derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited statements, included herein, contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of financial results for the interim period. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K. The 2015 interim results reported herein may not necessarily be indicative of the results of the Company’s operations for the full year. |
New_Accounting_Standards_Notes
New Accounting Standards (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Standards |
Standards Updates Adopted | |
Effective January 1, 2015, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU No. 2014-08 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 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 April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This new standard would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in this Update.The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. The Company anticipates adoption of the ASU for the effective period. The Company is currently reviewing the guidance and assessing the potential impact on its financial statements. | |
In August 2014, the 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 No. 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 16, 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 financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | Earnings Per Share | |||||||
Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock plus common stock equivalents. Common stock equivalents consist of employee and director stock options, restricted stock awards, other share-based payment awards, and contingently issuable shares related to the Company’s convertible debt which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. The following table is a reconciliation of the basic and diluted earnings per share calculations for the three months ended March 31, 2015 and 2014, respectively: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | (20,706 | ) | $ | (15,998 | ) | ||
Denominator: | ||||||||
Denominator for basic loss per share: | ||||||||
Weighted average common shares outstanding | 23,459 | 23,324 | ||||||
Effect of dilutive securities: | ||||||||
Outstanding common stock equivalents | — | — | ||||||
Denominator for diluted earnings per share | 23,459 | 23,324 | ||||||
Basic loss per share | $ | (0.88 | ) | $ | (0.69 | ) | ||
Diluted loss per share | $ | (0.88 | ) | $ | (0.69 | ) | ||
Excluded outstanding share-based awards having an anti-dilutive effect | 356 | 1,049 | ||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | — | 1,610 | ||||||
The Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the period is greater than $10.28, which is the conversion price of the Convertible Notes. The Convertible Notes are only dilutive for the “in the money” portion of the Convertible Notes that could be settled with the Company’s stock. In future periods, absent a fundamental change (as defined in the Convertible Notes agreement), the outstanding Convertible Notes could increase diluted average shares outstanding by a maximum of approximately 5,600 shares. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories |
Approximately 80% of the Company’s inventories are valued at the lower of LIFO cost or market. Final inventory determination under the LIFO costing method is made at the end of each fiscal year based on the actual inventory levels and costs at that time. Interim LIFO determinations, including those at March 31, 2015, are based on management’s estimates of future inventory levels and costs for the balance of the current fiscal year. The Company values its LIFO increments using the cost of its latest purchases during the periods reported. | |
Current replacement cost of inventories exceeded book value by $129,279 and $129,779 at March 31, 2015 and December 31, 2014, respectively. Income taxes would become payable on any realization of this excess from reductions in the level of inventories. |
Joint_Venture
Joint Venture | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Joint Venture | Joint Venture | |||||||
Kreher Steel Company, LLC is a 50% owned joint venture of the Company. Kreher is a national distributor and processor of carbon and alloy steel bar products, headquartered in Melrose Park, Illinois. | ||||||||
The following information summarizes financial data for this joint venture for the three months ended March 31, 2015 and 2014, respectively: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Net sales | $ | 52,606 | $ | 65,251 | ||||
Cost of materials | 44,350 | 54,303 | ||||||
Income before taxes | 1,990 | 4,804 | ||||||
Net income | 1,750 | 3,814 | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||
The changes in carrying amounts of goodwill during the three months ended March 31, 2015 were as follows: | ||||||||||||||||
Metals | Plastics | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Balance as of January 1, 2015 | ||||||||||||||||
Goodwill | $ | 116,377 | $ | 12,973 | $ | 129,350 | ||||||||||
Accumulated impairment losses | (116,377 | ) | — | (116,377 | ) | |||||||||||
Balance as of January 1, 2015 | — | 12,973 | 12,973 | |||||||||||||
Balance as of March 31, 2015 | ||||||||||||||||
Goodwill | 116,377 | 12,973 | 129,350 | |||||||||||||
Accumulated impairment losses | (116,377 | ) | — | (116,377 | ) | |||||||||||
Balance as of March 31, 2015 | $ | — | $ | 12,973 | $ | 12,973 | ||||||||||
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. | ||||||||||||||||
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 second quarter 2014 interim goodwill impairment testing. | ||||||||||||||||
The following table summarizes the components of intangible assets, all of which relate to the Metals reporting unit: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer relationships | $ | 114,785 | $ | 67,008 | $ | 116,268 | $ | 64,922 | ||||||||
Non-compete agreements | 3,888 | 3,888 | 3,888 | 3,888 | ||||||||||||
Trade name | 7,708 | 2,790 | 7,864 | 2,655 | ||||||||||||
Developed technology | 1,400 | 1,400 | 1,400 | 1,400 | ||||||||||||
Total | $ | 127,781 | $ | 75,086 | $ | 129,420 | $ | 72,865 | ||||||||
For the three months ended March 31, 2015 and 2014, the aggregate amortization expense was $2,672 and $2,916, respectively. | ||||||||||||||||
The following is a summary of the estimated annual amortization expense for 2015 and each of the next 4 years: | ||||||||||||||||
2015 | $ | 10,650 | ||||||||||||||
2016 | 10,650 | |||||||||||||||
2017 | 8,626 | |||||||||||||||
2018 | 4,514 | |||||||||||||||
2019 | 4,514 | |||||||||||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Long-term debt consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
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 | 62,000 | 59,200 | ||||||
Other, primarily capital leases | 993 | 1,257 | ||||||
Total long-term debt | 330,493 | 327,957 | ||||||
Less: unamortized discount | (16,520 | ) | (17,843 | ) | ||||
Less: current portion | (734 | ) | (737 | ) | ||||
Total long-term portion | 313,239 | 309,377 | ||||||
TOTAL DEBT | $ | 313,973 | $ | 310,114 | ||||
Secured Notes | ||||||||
As of March 31, 2015, the Company had $210,000 aggregate principal amount of Senior Secured Notes (the "Secured Notes") outstanding that will mature on December 15, 2016. The Company pays interest on the Secured Notes at a rate of 12.75% per annum in cash semi-annually. The Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the Note Guarantors). Refer to Note 16 for Guarantor Financial Information disclosure. | ||||||||
Subject to certain conditions, within 95 days after the end of each fiscal year, the Company must make an offer to purchase the Secured Notes with certain of its excess cash flow (as defined in the indenture) for such fiscal year at 103% of the principal amount thereof, plus accrued and unpaid interest. For the fiscal year ended December 31, 2014, the Company estimated that it had no excess cash flow (as defined in the indenture) and therefore, the Company was not required to make an offer to purchase the Secured Notes. | ||||||||
Convertible Notes | ||||||||
As of March 31, 2015, the Company had $57,500 aggregate principal amount of Convertible Senior Notes (the "Convertible Notes") outstanding that are due December 15, 2017. The Company pays interest on the Convertible Notes at a rate of 7.0% per annum in cash semi-annually. The Convertible 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. | ||||||||
Revolving Credit Facility | ||||||||
The Revolving Credit Facility consists of a $125,000 senior secured asset-based revolving credit facility. 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). If certain incurrence tests are met, subject to approval by the Revolving Credit Facility lending group, the Company may have the ability to exercise the accordion option under its revolving credit facility for an additional $25,000 of aggregate commitments in the future. Currently, the Company is not able to exercise the accordion. | ||||||||
The weighted average interest rate for borrowings under the Revolving Credit Facility for the three months ended March 31, 2015 was 2.88%. The Company pays certain customary recurring fees with respect to the Revolving Credit Facility. | ||||||||
The Revolving Credit Facility contains a springing financial maintenance covenant requiring the Company to maintain the ratio (as defined in the Revolving Credit Facility Loan and Security Agreement) of EBITDA to fixed charges of 1.1 to 1.0 when excess availability is less than the greater of 10% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $12,500. In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $15,625, the lender has the right to take full dominion of the Company’s cash collections and apply these proceeds to outstanding loans under the Revolving Credit Facility. The Company's ratio of EBITDA to fixed charges was negative for the twelve months ended March 31, 2015. At this ratio, the Company's current maximum borrowing capacity would be $100,147 before triggering full dominion of the Company's cash collections. As of March 31, 2015, the Company had $38,147 of additional unrestricted borrowing capacity under the Revolving Credit Facility. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The three-tier value hierarchy the Company utilizes, which prioritizes the inputs used in the valuation methodologies, is: | ||||||||||||||||
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | ||||||||||||||||
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. | ||||||||||||||||
The fair value of cash, accounts receivable and accounts payable approximate their carrying values. The fair value of cash equivalents are determined using the fair value hierarchy described above. Cash equivalents consisting of money market funds are valued based on quoted prices in active markets and as a result are classified as Level 1. | ||||||||||||||||
The Company’s pension plan asset portfolio as of March 31, 2015 and December 31, 2014 is primarily invested in fixed income securities, which generally fall within Level 2 of the fair value hierarchy. Fixed income securities are valued based on evaluated prices provided to the trustee by independent pricing services. Such prices may be determined by factors which include, but are not limited to, market quotations, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities. | ||||||||||||||||
Fair Value Measurements of Debt | ||||||||||||||||
The fair value of the Company’s Secured Notes as of March 31, 2015 was estimated to be $199,084 compared to a carrying value of $210,000. The fair value for the Secured Notes is determined based on recent trades of the bonds and fall within Level 2 of the fair value hierarchy. | ||||||||||||||||
The fair value of the Convertible Notes as of March 31, 2015 was approximately $42,992 compared to a carrying value of $57,500. The fair value of the Convertible Notes, which fall within Level 3 of the fair value hierarchy, is determined based on similar debt instruments that do not contain a conversion feature, as well as other factors related to the callable nature of the notes. | ||||||||||||||||
The main inputs and assumptions into the fair value model for the Convertible Notes at March 31, 2015 were as follows: | ||||||||||||||||
Company's stock price at the end of the period | $ | 3.65 | ||||||||||||||
Expected volatility | 50.3 | % | ||||||||||||||
Credit spreads | 20.8 | % | ||||||||||||||
Risk-free interest rate | 0.79 | % | ||||||||||||||
As of March 31, 2015, 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 $52,796 compared to its carrying value of $62,000, assuming the current amount of debt outstanding as of March 31, 2015 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 March 31, 2015, the Company had executed forward contracts that extend through 2016. The counterparty to these contracts is not considered a credit risk by the Company. At March 31, 2015, the notional value associated with forward contracts was $6,385. The Company recorded, through cost of materials, realized and unrealized net losses of $210 and $286 for the three months ended March 31, 2015 and March 31, 2014, respectively, as a result of the change in the fair value of the contracts. As of March 31, 2015 and December 31, 2014, respectively, all commodity hedge contracts were in a liability position. Refer to Note 14 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 included in accrued liabilities and other non-current liabilities on the Company's balance sheets and classified as Level 2 in the table below. | ||||||||||||||||
The liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total(a) | |||||||||||||
As of March 31, 2015 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,512 | $ | — | $ | 1,512 | ||||||||
As of December 31, 2014 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,615 | $ | — | $ | 1,615 | ||||||||
(a) As of March 31, 2015 and December 31, 2014 the short-term portion of the derivative liability for commodity hedges of $1,093 and $1,137, respectively, is included in "Accrued and other liabilities" and the long-term portion of $419 and $478, respectively, is included in "Other non-current liabilities" in the Condensed Consolidated Balance Sheet. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||||||||||||
Comprehensive Loss | ||||||||||||||||||||||||
Comprehensive loss includes net loss and all other non-owner changes to equity that are not reported in net loss. | ||||||||||||||||||||||||
The Company’s comprehensive loss for the three months ended March 31, 2015 and 2014, respectively, is as follows: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Net loss | $ | (20,706 | ) | $ | (15,998 | ) | ||||||||||||||||||
Foreign currency translation adjustments | (4,314 | ) | (415 | ) | ||||||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 1,022 | 253 | ||||||||||||||||||||||
Total comprehensive loss | $ | (23,998 | ) | $ | (16,160 | ) | ||||||||||||||||||
The components of accumulated other comprehensive loss are as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Foreign currency translation losses | $ | (14,308 | ) | $ | (9,994 | ) | ||||||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (34,549 | ) | (35,571 | ) | ||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (48,857 | ) | $ | (45,565 | ) | ||||||||||||||||||
Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2015 and 2014, respectively, are as follows: | ||||||||||||||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Balance as of January 1, | $ | (35,571 | ) | $ | (14,126 | ) | $ | (9,994 | ) | $ | (4,617 | ) | $ | (45,565 | ) | $ | (18,743 | ) | ||||||
Other comprehensive loss before reclassifications | — | — | (4,314 | ) | (415 | ) | (4,314 | ) | (415 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,022 | 253 | — | — | 1,022 | 253 | ||||||||||||||||||
Net current period other comprehensive income (loss) | 1,022 | 253 | (4,314 | ) | (415 | ) | (3,292 | ) | (162 | ) | ||||||||||||||
Balance as of March 31, | $ | (34,549 | ) | $ | (13,873 | ) | $ | (14,308 | ) | $ | (5,032 | ) | $ | (48,857 | ) | $ | (18,905 | ) | ||||||
(a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss are as follows: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Unrecognized pension and postretirement benefit items: | ||||||||||||||||||||||||
Prior service cost (b) | $ | (94 | ) | $ | (71 | ) | ||||||||||||||||||
Actuarial loss (b) | (928 | ) | (345 | ) | ||||||||||||||||||||
Total before tax | (1,022 | ) | (416 | ) | ||||||||||||||||||||
Tax effect | — | 163 | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (1,022 | ) | $ | (253 | ) | ||||||||||||||||||
(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 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three month periods ended March 31, 2015 and 2014, respectively (see Note 11 for additional details). |
Sharebased_Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation |
The Company accounts for its share-based compensation arrangements by recognizing compensation expense for the fair value of the share awards granted ratably over their vesting period. All compensation expense related to share-based compensation arrangements is recorded in sales, general and administrative expense and warehouse, processing and delivery expense. The unrecognized compensation cost as of March 31, 2015 associated with all share-based payment arrangements is $2,736 and the weighted average period over which it is to be expensed is 1.2 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||
Components of the net periodic pension and postretirement benefit cost for the three months ended March 31, 2015 and 2014, respectively, are as follows: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Service cost | $ | 237 | $ | 127 | ||||
Interest cost | 1,795 | 1,740 | ||||||
Expected return on assets | (2,317 | ) | (2,095 | ) | ||||
Amortization of prior service cost | 94 | 71 | ||||||
Amortization of actuarial loss | 928 | 345 | ||||||
Net periodic pension and postretirement benefit cost | $ | 737 | $ | 188 | ||||
Contributions paid | $ | — | $ | — | ||||
The Company anticipates making no significant cash contributions to its pension plans in 2015. |
Restructuring_Activity
Restructuring Activity | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Restructuring Activity | Restructuring Activity | |||||||
The Company recorded the following restructuring activity during the three months ended March 31, 2015 and 2014: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Moving costs associated with plant consolidations | $ | — | $ | 739 | ||||
Professional fees | 831 | — | ||||||
Total | $ | 831 | $ | 739 | ||||
The charges associated with the restructuring activities announced on April 28, 2015 are primarily included in the Company's Other segment. The charges incurred during the first quarter of 2015 were comprised of professional fees associated with the development of the restructuring plan. | ||||||||
As part of the Company's efforts to adapt to market conditions, new restructuring activities were announced during April 2015 (see Note 17 Subsequent Events). |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | Income Taxes | |
The reported effective tax rate for the three months ended March 31, 2015 and 2014 was 3.7% and 0.3%, respectively. The change in effective tax rate results from changes in geographic mix and timing of income (losses), valuation allowances for certain deferred tax assets in the U.S. and at certain foreign subsidiaries and the impact of the restructuring charge recorded in the three months ended March 31, 2015. | ||
The Company continued to generate losses at a number of its foreign subsidiaries. The current period 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 the three months ended March 31, 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 three months ended March 31, 2015 and 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 $675 and $500 for the three months ended March 31, 2015 and 2014, respectively. | ||
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 partial valuation allowance for the three months ended March 31, 2014. At December 31, 2014, the Company's U.S. operations were in a net deferred tax asset position. These deferred tax assets were subject to a full valuation allowance. As a result, the losses generated by the U.S. operations during the three months ended March 31, 2015 were not benefited nor are future losses expected to be benefited until the U.S. operations return to profitability and evidence suggests that is more likely than not that deferred tax assets will be recognized. The impact on the income tax provision of not benefiting the losses was approximately $5,800 and $2,500 for the three months ended March 31, 2015 and 2014, respectively. | ||
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. | ||
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 | 2009 to 2014 | |
A 2011 and 2012 income tax audit of the Company's Canadian subsidiary was closed in February 2015 with no adjustment. The Company’s gross unrecognized tax benefits are not significant. | ||
The Company received its 2013 federal tax refund of $1,500 during October 2014. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities |
As of March 31, 2015, the Company had $6,092 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 arising from the operation of its business. These proceedings are incidental and occur in the normal course of the Company’s business affairs. It is the opinion of management, based upon the information available at this time, that the current expected outcome of these proceedings will not have a material effect on the consolidated results of operations, financial condition or cash flows of the Company. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting | Segment Reporting | |||||||||||||||
The Company distributes and performs processing on both metals and plastics. Although the distribution processes are similar, the customer markets, supplier bases and types of products are different. Additionally, the Company’s Chief Executive Officer, the chief operating decision-maker, reviews and manages these two businesses separately. As such, these businesses are considered reportable segments and are reported accordingly. | ||||||||||||||||
In its Metals segment, the Company’s marketing strategy focuses on distributing highly engineered specialty grades and alloys of metals as well as providing specialized processing services designed to meet very precise specifications. Core products include alloy, aluminum, stainless, nickel, titanium and carbon. Inventories of these products assume many forms such as plate, sheet, extrusions, round bar, hexagon bar, square and flat bar, tubing and coil. Depending on the size of the facility and the nature of the markets it serves, service centers are equipped as needed with bar saws, plate saws, oxygen and plasma arc flame cutting machinery, trepanning machinery, boring machinery, honing equipment, water-jet cutting, stress relieving and annealing furnaces, surface grinding equipment and sheet shearing equipment. This segment also performs various specialized fabrications for its customers through pre-qualified subcontractors that thermally process, turn, polish and straighten alloy and carbon bar. | ||||||||||||||||
The Company’s Plastics segment consists exclusively of a wholly-owned subsidiary that operates as Total Plastics, Inc. (“TPI”) headquartered in Kalamazoo, Michigan, and its wholly-owned subsidiaries. The Plastics segment stocks and distributes a wide variety of plastics in forms that include plate, rod, tube, clear sheet, tape, gaskets and fittings. Processing activities within this segment include cut-to-length, cut-to-shape, bending and forming according to customer specifications. The Plastics segment’s diverse customer base consists of companies in the retail (point-of-purchase), automotive, marine, office furniture and fixtures, safety products, life sciences applications, and general manufacturing industries. TPI has locations throughout the upper Northeast and Midwest regions of the U.S. and one facility in Florida from which it services a wide variety of users of industrial plastics. | ||||||||||||||||
The accounting policies of all segments are the same as described in Note 1, “Basis of Presentation and Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Management evaluates the performance of its business segments based on operating income. | ||||||||||||||||
Segment information for the three months ended March 31, 2015 and 2014, respectively, is as follows: | ||||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2015 | ||||||||||||||||
Metals segment | $ | 188,540 | $ | (3,004 | ) | $ | 1,837 | $ | 5,894 | |||||||
Plastics segment | 33,688 | 1,230 | 224 | 461 | ||||||||||||
Other (a) | — | (3,861 | ) | — | — | |||||||||||
Consolidated | $ | 222,228 | $ | (5,635 | ) | $ | 2,061 | $ | 6,355 | |||||||
2014 | ||||||||||||||||
Metals segment | $ | 219,063 | $ | (6,232 | ) | $ | 1,878 | $ | 6,056 | |||||||
Plastics segment | 34,347 | 1,507 | 134 | 401 | ||||||||||||
Other (a) | — | (2,597 | ) | — | — | |||||||||||
Consolidated | $ | 253,410 | $ | (7,322 | ) | $ | 2,012 | $ | 6,457 | |||||||
(a) “Other” – Operating loss includes the costs of executive, legal and elements of the finance departments which are shared by both the Metals and Plastics segments. | ||||||||||||||||
Below are reconciliations of segment data to consolidated loss before income taxes for the three months ended March 31, 2015 and 2014, respectively,: | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Operating loss | $ | (5,635 | ) | $ | (7,322 | ) | ||||||||||
Interest expense, net | (10,546 | ) | (9,952 | ) | ||||||||||||
Other expense, net | (6,225 | ) | (682 | ) | ||||||||||||
Loss before income taxes and equity in earnings of joint venture | (22,406 | ) | (17,956 | ) | ||||||||||||
Equity in earnings of joint venture | 875 | 1,907 | ||||||||||||||
Consolidated loss before income taxes | $ | (21,531 | ) | $ | (16,049 | ) | ||||||||||
Segment information for total assets is as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Metals segment | $ | 491,447 | $ | 489,563 | ||||||||||||
Plastics segment | 62,826 | 60,970 | ||||||||||||||
Other (a) | 38,003 | 37,443 | ||||||||||||||
Consolidated | $ | 592,276 | $ | 587,976 | ||||||||||||
(a) “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor_Finanical_Informatio
Guarantor Finanical Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015, 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 financial statements of the Parent. The equity method of accounting is followed within this financial information. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,947 | $ | 970 | $ | 8,449 | $ | — | $ | 13,366 | ||||||||||
Accounts receivable, less allowance for doubtful accounts | 63,995 | 20,903 | 44,306 | — | 129,204 | |||||||||||||||
Receivables from affiliates | 1,154 | 113 | — | (1,267 | ) | — | ||||||||||||||
Inventories | 144,964 | 19,720 | 78,715 | (68 | ) | 243,331 | ||||||||||||||
Prepaid expenses and other current assets | 5,734 | 1,060 | 9,378 | — | 16,172 | |||||||||||||||
Total current assets | 219,794 | 42,766 | 140,848 | (1,335 | ) | 402,073 | ||||||||||||||
Investment in joint venture | 38,003 | — | — | — | 38,003 | |||||||||||||||
Goodwill | — | 12,973 | — | — | 12,973 | |||||||||||||||
Intangible assets, net | 40,480 | — | 12,215 | — | 52,695 | |||||||||||||||
Other assets | 19,431 | — | 997 | (2,432 | ) | 17,996 | ||||||||||||||
Investment in subsidiaries | 58,142 | — | — | (58,142 | ) | — | ||||||||||||||
Receivables from affiliates | 126,815 | 39,249 | — | (166,064 | ) | — | ||||||||||||||
Property, plant and equipment, net | 43,027 | 11,858 | 13,651 | — | 68,536 | |||||||||||||||
Total assets | $ | 545,692 | $ | 106,846 | $ | 167,711 | $ | (227,973 | ) | $ | 592,276 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 53,995 | $ | 11,593 | $ | 20,410 | $ | — | $ | 85,998 | ||||||||||
Payables due to affiliates | 1,154 | — | 113 | (1,267 | ) | — | ||||||||||||||
Other current liabilities | 29,609 | 2,281 | 4,649 | — | 36,539 | |||||||||||||||
Current portion of long-term debt | 691 | — | 43 | — | 734 | |||||||||||||||
Total current liabilities | 85,449 | 13,874 | 25,215 | (1,267 | ) | 123,271 | ||||||||||||||
Long-term debt, less current portion | 311,201 | — | 2,038 | — | 313,239 | |||||||||||||||
Payables due to affiliates | — | 6,194 | 159,870 | (166,064 | ) | — | ||||||||||||||
Deferred income taxes | — | 5,524 | 3,493 | (2,432 | ) | 6,585 | ||||||||||||||
Other non-current liabilities | 22,029 | — | 139 | — | 22,168 | |||||||||||||||
Stockholders’ equity (deficit) | 127,013 | 81,254 | (23,044 | ) | (58,210 | ) | 127,013 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 545,692 | $ | 106,846 | $ | 167,711 | $ | (227,973 | ) | $ | 592,276 | |||||||||
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 Statement of Operations and Comprehensive (Loss) Income | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | 132,450 | $ | 33,688 | $ | 59,000 | $ | (2,910 | ) | $ | 222,228 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 99,793 | 23,990 | 47,238 | (2,910 | ) | 168,111 | ||||||||||||||
Warehouse, processing and delivery expense | 17,542 | 2,918 | 6,571 | — | 27,031 | |||||||||||||||
Sales, general and administrative expense | 17,342 | 4,567 | 3,626 | — | 25,535 | |||||||||||||||
Restructuring activity | 831 | — | — | — | 831 | |||||||||||||||
Depreciation and amortization expense | 4,743 | 599 | 1,013 | — | 6,355 | |||||||||||||||
Operating (loss) income | (7,801 | ) | 1,614 | 552 | — | (5,635 | ) | |||||||||||||
Interest expense, net | (6,413 | ) | — | (4,133 | ) | — | (10,546 | ) | ||||||||||||
Other expense, net | — | — | (6,225 | ) | — | (6,225 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (14,214 | ) | 1,614 | (9,806 | ) | — | (22,406 | ) | ||||||||||||
Income taxes | 447 | (613 | ) | 991 | — | 825 | ||||||||||||||
Equity in losses of subsidiaries | (7,814 | ) | — | — | 7,814 | — | ||||||||||||||
Equity in earnings of joint venture | 875 | — | — | — | 875 | |||||||||||||||
Net (loss) income | $ | (20,706 | ) | $ | 1,001 | $ | (8,815 | ) | $ | 7,814 | $ | (20,706 | ) | |||||||
Comprehensive (loss) income | $ | (23,998 | ) | $ | 1,001 | $ | (13,129 | ) | $ | 12,128 | $ | (23,998 | ) | |||||||
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | 164,206 | $ | 34,347 | $ | 59,966 | $ | (5,109 | ) | $ | 253,410 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 121,912 | 24,105 | 47,623 | (5,109 | ) | 188,531 | ||||||||||||||
Warehouse, processing and delivery expense | 26,003 | 2,982 | 6,396 | — | 35,381 | |||||||||||||||
Sales, general and administrative expense | 19,961 | 4,829 | 4,834 | — | 29,624 | |||||||||||||||
Restructuring activity | 739 | — | — | — | 739 | |||||||||||||||
Depreciation and amortization expense | 4,890 | 532 | 1,035 | — | 6,457 | |||||||||||||||
Operating (loss) income | (9,299 | ) | 1,899 | 78 | — | (7,322 | ) | |||||||||||||
Interest expense, net | (6,166 | ) | — | (3,786 | ) | — | (9,952 | ) | ||||||||||||
Other expense, net | — | — | (682 | ) | — | (682 | ) | |||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (15,465 | ) | 1,899 | (4,390 | ) | — | (17,956 | ) | ||||||||||||
Income taxes | 2,574 | (380 | ) | (2,143 | ) | — | 51 | |||||||||||||
Equity in losses of subsidiaries | (5,014 | ) | — | — | 5,014 | — | ||||||||||||||
Equity in earnings of joint venture | 1,907 | — | — | — | 1,907 | |||||||||||||||
Net (loss) income | $ | (15,998 | ) | $ | 1,519 | $ | (6,533 | ) | $ | 5,014 | $ | (15,998 | ) | |||||||
Comprehensive (loss) income | $ | (16,160 | ) | $ | 1,519 | $ | (6,948 | ) | $ | 5,429 | $ | (16,160 | ) | |||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (20,706 | ) | $ | 1,001 | $ | (8,815 | ) | $ | 7,814 | $ | (20,706 | ) | |||||||
Equity in losses of subsidiaries | 7,814 | — | — | (7,814 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 21,121 | 1,294 | (4,489 | ) | — | 17,926 | ||||||||||||||
Net cash from (used in) operating activities | 8,229 | 2,295 | (13,304 | ) | — | (2,780 | ) | |||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (1,257 | ) | (273 | ) | (531 | ) | — | (2,061 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 7,541 | — | — | — | 7,541 | |||||||||||||||
Net advances to subsidiaries | (13,627 | ) | — | — | 13,627 | — | ||||||||||||||
Net cash used in investing activities | (7,343 | ) | (273 | ) | (531 | ) | 13,627 | 5,480 | ||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 206,900 | — | — | — | 206,900 | |||||||||||||||
Repayments of long-term debt | (204,350 | ) | — | (7 | ) | — | (204,357 | ) | ||||||||||||
Net intercompany (repayments) borrowings | — | (2,029 | ) | 15,656 | (13,627 | ) | — | |||||||||||||
Net cash from (used in) financing activities | 2,550 | (2,029 | ) | 15,649 | (13,627 | ) | 2,543 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (331 | ) | — | (331 | ) | |||||||||||||
Net change in cash and cash equivalents | 3,436 | (7 | ) | 1,483 | — | 4,912 | ||||||||||||||
Cash and cash equivalents - beginning of year | 511 | 977 | 6,966 | — | 8,454 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 3,947 | $ | 970 | $ | 8,449 | $ | — | $ | 13,366 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (15,998 | ) | $ | 1,519 | $ | (6,533 | ) | $ | 5,014 | $ | (15,998 | ) | |||||||
Equity in losses of subsidiaries | 5,014 | — | — | (5,014 | ) | — | ||||||||||||||
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 13,635 | (1,399 | ) | 893 | — | 13,129 | ||||||||||||||
Net cash from (used in) operating activities | 2,651 | 120 | (5,640 | ) | — | (2,869 | ) | |||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (1,236 | ) | (149 | ) | (627 | ) | — | (2,012 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | 3 | — | 43 | — | 46 | |||||||||||||||
Net cash used in investing activities | (1,233 | ) | (149 | ) | (584 | ) | — | (1,966 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt | 10,500 | — | 1,006 | — | 11,506 | |||||||||||||||
Repayments of long-term debt | (10,593 | ) | — | (1,012 | ) | — | (11,605 | ) | ||||||||||||
Net intercompany (repayments) borrowings | (6,152 | ) | 884 | 5,268 | — | — | ||||||||||||||
Other financing activities | 45 | — | — | — | 45 | |||||||||||||||
Net cash (used in) from financing activities | (6,200 | ) | 884 | 5,262 | — | (54 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (232 | ) | — | (232 | ) | |||||||||||||
Net change in cash and cash equivalents | (4,782 | ) | 855 | (1,194 | ) | — | (5,121 | ) | ||||||||||||
Cash and cash equivalents - beginning of year | 8,675 | 495 | 21,659 | — | 30,829 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 3,893 | $ | 1,350 | $ | 20,465 | $ | — | $ | 25,708 | ||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
On April 28, 2015, the Company announced that the Board of Directors (the "Board") approved the acceleration of certain profitability and liquidity improvement activities designed to right-size the business for the current market environment, reduce costs, and improve operating performance. The initial improvement actions include consolidation of up to ten facilities by first quarter 2016 and significant headcount reductions. The Company expects to complete the initial improvement activities by the end of the first quarter of 2016. | |
Based on current information, the Company expects the total gross pre-tax charge associated with the improvement actions to be approximately $49 to $64 million. Of this total, approximately $12.1 to $21.4 million is expected to be cash and be incurred by early 2016, including up to $6 million which, if realized is payable in approximately level payments over 20 years. This gross total includes approximately $2.1 to $4.4 million of employee severance and retention-related benefits, approximately $8.5 million of facility-related expenses for lease terminations and moving costs, professional fees of approximately $1.5 to $2.5 million, up to $6 million of other costs, and a net non-cash charge for assets of $12.8 to $14.5 million. The Company estimates it will receive $28 to $32 million of cash proceeds from the sale of facilities and other assets. | |
On April 17, 2015, the Board of Directors announced the appointment of a new President and Chief Executive Officer, effective immediately. The prior President and Chief Executive Officer resigned on April 16, 2015. |
New_Accounting_Standards_Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Standards Updates Adopted |
Effective January 1, 2015, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU No. 2014-08 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 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 April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This new standard would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in this Update.The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. The Company anticipates adoption of the ASU for the effective period. The Company is currently reviewing the guidance and assessing the potential impact on its financial statements. | |
In August 2014, the 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 No. 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 16, 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 financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share - (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Basic and diluted earnings per share calculations | The following table is a reconciliation of the basic and diluted earnings per share calculations for the three months ended March 31, 2015 and 2014, respectively: | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | (20,706 | ) | $ | (15,998 | ) | ||
Denominator: | ||||||||
Denominator for basic loss per share: | ||||||||
Weighted average common shares outstanding | 23,459 | 23,324 | ||||||
Effect of dilutive securities: | ||||||||
Outstanding common stock equivalents | — | — | ||||||
Denominator for diluted earnings per share | 23,459 | 23,324 | ||||||
Basic loss per share | $ | (0.88 | ) | $ | (0.69 | ) | ||
Diluted loss per share | $ | (0.88 | ) | $ | (0.69 | ) | ||
Excluded outstanding share-based awards having an anti-dilutive effect | 356 | 1,049 | ||||||
Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect | — | 1,610 | ||||||
Joint_Venture_Tables
Joint Venture - (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Summary of financial data for joint venture | The following information summarizes financial data for this joint venture for the three months ended March 31, 2015 and 2014, respectively: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Net sales | $ | 52,606 | $ | 65,251 | ||||
Cost of materials | 44,350 | 54,303 | ||||||
Income before taxes | 1,990 | 4,804 | ||||||
Net income | 1,750 | 3,814 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Changes in carrying amounts of goodwill | The changes in carrying amounts of goodwill during the three months ended March 31, 2015 were as follows: | |||||||||||||||
Metals | Plastics | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Balance as of January 1, 2015 | ||||||||||||||||
Goodwill | $ | 116,377 | $ | 12,973 | $ | 129,350 | ||||||||||
Accumulated impairment losses | (116,377 | ) | — | (116,377 | ) | |||||||||||
Balance as of January 1, 2015 | — | 12,973 | 12,973 | |||||||||||||
Balance as of March 31, 2015 | ||||||||||||||||
Goodwill | 116,377 | 12,973 | 129,350 | |||||||||||||
Accumulated impairment losses | (116,377 | ) | — | (116,377 | ) | |||||||||||
Balance as of March 31, 2015 | $ | — | $ | 12,973 | $ | 12,973 | ||||||||||
Summary of the components of intangible assets | The following table summarizes the components of intangible assets, all of which relate to the Metals reporting unit: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer relationships | $ | 114,785 | $ | 67,008 | $ | 116,268 | $ | 64,922 | ||||||||
Non-compete agreements | 3,888 | 3,888 | 3,888 | 3,888 | ||||||||||||
Trade name | 7,708 | 2,790 | 7,864 | 2,655 | ||||||||||||
Developed technology | 1,400 | 1,400 | 1,400 | 1,400 | ||||||||||||
Total | $ | 127,781 | $ | 75,086 | $ | 129,420 | $ | 72,865 | ||||||||
Summary of the estimated annual amortization expense | The following is a summary of the estimated annual amortization expense for 2015 and each of the next 4 years: | |||||||||||||||
2015 | $ | 10,650 | ||||||||||||||
2016 | 10,650 | |||||||||||||||
2017 | 8,626 | |||||||||||||||
2018 | 4,514 | |||||||||||||||
2019 | 4,514 | |||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Short-term and long-term debt | Long-term debt consisted of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
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 | 62,000 | 59,200 | ||||||
Other, primarily capital leases | 993 | 1,257 | ||||||
Total long-term debt | 330,493 | 327,957 | ||||||
Less: unamortized discount | (16,520 | ) | (17,843 | ) | ||||
Less: current portion | (734 | ) | (737 | ) | ||||
Total long-term portion | 313,239 | 309,377 | ||||||
TOTAL DEBT | $ | 313,973 | $ | 310,114 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Assumptions, Convertible Notes | The main inputs and assumptions into the fair value model for the Convertible Notes at March 31, 2015 were as follows: | |||||||||||||||
Company's stock price at the end of the period | $ | 3.65 | ||||||||||||||
Expected volatility | 50.3 | % | ||||||||||||||
Credit spreads | 20.8 | % | ||||||||||||||
Risk-free interest rate | 0.79 | % | ||||||||||||||
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 March 31, 2015 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,512 | $ | — | $ | 1,512 | ||||||||
As of December 31, 2014 | ||||||||||||||||
Derivative liability for commodity hedges | $ | — | $ | 1,615 | $ | — | $ | 1,615 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive loss includes net loss and all other non-owner changes to equity that are not reported in net loss. | |||||||||||||||||||||||
The Company’s comprehensive loss for the three months ended March 31, 2015 and 2014, respectively, is as follows: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Net loss | $ | (20,706 | ) | $ | (15,998 | ) | ||||||||||||||||||
Foreign currency translation adjustments | (4,314 | ) | (415 | ) | ||||||||||||||||||||
Change in unrecognized pension and postretirement benefit costs, net of tax | 1,022 | 253 | ||||||||||||||||||||||
Total comprehensive loss | $ | (23,998 | ) | $ | (16,160 | ) | ||||||||||||||||||
Components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows: | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Foreign currency translation losses | $ | (14,308 | ) | $ | (9,994 | ) | ||||||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (34,549 | ) | (35,571 | ) | ||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (48,857 | ) | $ | (45,565 | ) | ||||||||||||||||||
Schedule of Change In Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2015 and 2014, respectively, are as follows: | |||||||||||||||||||||||
Defined Benefit Pension and Postretirement Items | Foreign Currency Items | Total | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Balance as of January 1, | $ | (35,571 | ) | $ | (14,126 | ) | $ | (9,994 | ) | $ | (4,617 | ) | $ | (45,565 | ) | $ | (18,743 | ) | ||||||
Other comprehensive loss before reclassifications | — | — | (4,314 | ) | (415 | ) | (4,314 | ) | (415 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (a) | 1,022 | 253 | — | — | 1,022 | 253 | ||||||||||||||||||
Net current period other comprehensive income (loss) | 1,022 | 253 | (4,314 | ) | (415 | ) | (3,292 | ) | (162 | ) | ||||||||||||||
Balance as of March 31, | $ | (34,549 | ) | $ | (13,873 | ) | $ | (14,308 | ) | $ | (5,032 | ) | $ | (48,857 | ) | $ | (18,905 | ) | ||||||
(a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended March 31, 2015 and 2014 | ||||||||||||||||||||||||
Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss are as follows: | |||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Unrecognized pension and postretirement benefit items: | ||||||||||||||||||||||||
Prior service cost (b) | $ | (94 | ) | $ | (71 | ) | ||||||||||||||||||
Actuarial loss (b) | (928 | ) | (345 | ) | ||||||||||||||||||||
Total before tax | (1,022 | ) | (416 | ) | ||||||||||||||||||||
Tax effect | — | 163 | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | (1,022 | ) | $ | (253 | ) | ||||||||||||||||||
(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 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three month periods ended March 31, 2015 and 2014, respectively (see Note 11 for additional details). |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | . |
Summary of award information associated with market and non-market-based performance condition awards | . |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Schedule of Net Benefit Costs | Components of the net periodic pension and postretirement benefit cost for the three months ended March 31, 2015 and 2014, respectively, are as follows: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Service cost | $ | 237 | $ | 127 | ||||
Interest cost | 1,795 | 1,740 | ||||||
Expected return on assets | (2,317 | ) | (2,095 | ) | ||||
Amortization of prior service cost | 94 | 71 | ||||||
Amortization of actuarial loss | 928 | 345 | ||||||
Net periodic pension and postretirement benefit cost | $ | 737 | $ | 188 | ||||
Contributions paid | $ | — | $ | — | ||||
Restructuring_Activity_Tables
Restructuring Activity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Schedule of Restructuring Reserve by Type of Cost (Gain)[Table Text Block] | ||||||||
Schedule of Restructuring and Related Costs (Gains) | The Company recorded the following restructuring activity during the three months ended March 31, 2015 and 2014: | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Moving costs associated with plant consolidations | $ | — | $ | 739 | ||||
Professional fees | 831 | — | ||||||
Total | $ | 831 | $ | 739 | ||||
Income_Taxes_Tables
Income Taxes - (Tables) | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Summary of Tax Years Open to Income Tax Examination | The following tax years remain open to examination by the major taxing jurisdictions to which the Company is subject: | |
U.S. Federal | 2011 to 2014 | |
U.S. States | 2010 to 2014 | |
Foreign | 2009 to 2014 |
Segment_Reporting_Tables
Segment Reporting - (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information for the three months ended March 31, 2015 and 2014, respectively, is as follows: | |||||||||||||||
Net | Operating | Capital | Depreciation & | |||||||||||||
Sales | (Loss) Income | Expenditures | Amortization | |||||||||||||
2015 | ||||||||||||||||
Metals segment | $ | 188,540 | $ | (3,004 | ) | $ | 1,837 | $ | 5,894 | |||||||
Plastics segment | 33,688 | 1,230 | 224 | 461 | ||||||||||||
Other (a) | — | (3,861 | ) | — | — | |||||||||||
Consolidated | $ | 222,228 | $ | (5,635 | ) | $ | 2,061 | $ | 6,355 | |||||||
2014 | ||||||||||||||||
Metals segment | $ | 219,063 | $ | (6,232 | ) | $ | 1,878 | $ | 6,056 | |||||||
Plastics segment | 34,347 | 1,507 | 134 | 401 | ||||||||||||
Other (a) | — | (2,597 | ) | — | — | |||||||||||
Consolidated | $ | 253,410 | $ | (7,322 | ) | $ | 2,012 | $ | 6,457 | |||||||
(a) “Other” – Operating loss includes the costs of executive, legal and elements of the finance departments which are shared by both the Metals and Plastics segments. | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Below are reconciliations of segment data to consolidated loss before income taxes for the three months ended March 31, 2015 and 2014, respectively,: | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Operating loss | $ | (5,635 | ) | $ | (7,322 | ) | ||||||||||
Interest expense, net | (10,546 | ) | (9,952 | ) | ||||||||||||
Other expense, net | (6,225 | ) | (682 | ) | ||||||||||||
Loss before income taxes and equity in earnings of joint venture | (22,406 | ) | (17,956 | ) | ||||||||||||
Equity in earnings of joint venture | 875 | 1,907 | ||||||||||||||
Consolidated loss before income taxes | $ | (21,531 | ) | $ | (16,049 | ) | ||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment information for total assets is as follows: | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Metals segment | $ | 491,447 | $ | 489,563 | ||||||||||||
Plastics segment | 62,826 | 60,970 | ||||||||||||||
Other (a) | 38,003 | 37,443 | ||||||||||||||
Consolidated | $ | 592,276 | $ | 587,976 | ||||||||||||
(a) “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor_Finanical_Informatio1
Guarantor Finanical Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,947 | $ | 970 | $ | 8,449 | $ | — | $ | 13,366 | ||||||||||||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | 63,995 | 20,903 | 44,306 | — | 129,204 | |||||||||||||||||||||||||||||||||||
Receivables from affiliates | 1,154 | 113 | — | (1,267 | ) | — | ||||||||||||||||||||||||||||||||||
Inventories | 144,964 | 19,720 | 78,715 | (68 | ) | 243,331 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 5,734 | 1,060 | 9,378 | — | 16,172 | |||||||||||||||||||||||||||||||||||
Total current assets | 219,794 | 42,766 | 140,848 | (1,335 | ) | 402,073 | ||||||||||||||||||||||||||||||||||
Investment in joint venture | 38,003 | — | — | — | 38,003 | |||||||||||||||||||||||||||||||||||
Goodwill | — | 12,973 | — | — | 12,973 | |||||||||||||||||||||||||||||||||||
Intangible assets, net | 40,480 | — | 12,215 | — | 52,695 | |||||||||||||||||||||||||||||||||||
Other assets | 19,431 | — | 997 | (2,432 | ) | 17,996 | ||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 58,142 | — | — | (58,142 | ) | — | ||||||||||||||||||||||||||||||||||
Receivables from affiliates | 126,815 | 39,249 | — | (166,064 | ) | — | ||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 43,027 | 11,858 | 13,651 | — | 68,536 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 545,692 | $ | 106,846 | $ | 167,711 | $ | (227,973 | ) | $ | 592,276 | |||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 53,995 | $ | 11,593 | $ | 20,410 | $ | — | $ | 85,998 | ||||||||||||||||||||||||||||||
Payables due to affiliates | 1,154 | — | 113 | (1,267 | ) | — | ||||||||||||||||||||||||||||||||||
Other current liabilities | 29,609 | 2,281 | 4,649 | — | 36,539 | |||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 691 | — | 43 | — | 734 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 85,449 | 13,874 | 25,215 | (1,267 | ) | 123,271 | ||||||||||||||||||||||||||||||||||
Long-term debt, less current portion | 311,201 | — | 2,038 | — | 313,239 | |||||||||||||||||||||||||||||||||||
Payables due to affiliates | — | 6,194 | 159,870 | (166,064 | ) | — | ||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 5,524 | 3,493 | (2,432 | ) | 6,585 | ||||||||||||||||||||||||||||||||||
Other non-current liabilities | 22,029 | — | 139 | — | 22,168 | |||||||||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | 127,013 | 81,254 | (23,044 | ) | (58,210 | ) | 127,013 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 545,692 | $ | 106,846 | $ | 167,711 | $ | (227,973 | ) | $ | 592,276 | |||||||||||||||||||||||||||||
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 March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,947 | $ | 970 | $ | 8,449 | $ | — | $ | 13,366 | ||||||||||||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | 63,995 | 20,903 | 44,306 | — | 129,204 | |||||||||||||||||||||||||||||||||||
Receivables from affiliates | 1,154 | 113 | — | (1,267 | ) | — | ||||||||||||||||||||||||||||||||||
Inventories | 144,964 | 19,720 | 78,715 | (68 | ) | 243,331 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 5,734 | 1,060 | 9,378 | — | 16,172 | |||||||||||||||||||||||||||||||||||
Total current assets | 219,794 | 42,766 | 140,848 | (1,335 | ) | 402,073 | ||||||||||||||||||||||||||||||||||
Investment in joint venture | 38,003 | — | — | — | 38,003 | |||||||||||||||||||||||||||||||||||
Goodwill | — | 12,973 | — | — | 12,973 | |||||||||||||||||||||||||||||||||||
Intangible assets, net | 40,480 | — | 12,215 | — | 52,695 | |||||||||||||||||||||||||||||||||||
Other assets | 19,431 | — | 997 | (2,432 | ) | 17,996 | ||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 58,142 | — | — | (58,142 | ) | — | ||||||||||||||||||||||||||||||||||
Receivables from affiliates | 126,815 | 39,249 | — | (166,064 | ) | — | ||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 43,027 | 11,858 | 13,651 | — | 68,536 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 545,692 | $ | 106,846 | $ | 167,711 | $ | (227,973 | ) | $ | 592,276 | |||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 53,995 | $ | 11,593 | $ | 20,410 | $ | — | $ | 85,998 | ||||||||||||||||||||||||||||||
Payables due to affiliates | 1,154 | — | 113 | (1,267 | ) | — | ||||||||||||||||||||||||||||||||||
Other current liabilities | 29,609 | 2,281 | 4,649 | — | 36,539 | |||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 691 | — | 43 | — | 734 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 85,449 | 13,874 | 25,215 | (1,267 | ) | 123,271 | ||||||||||||||||||||||||||||||||||
Long-term debt, less current portion | 311,201 | — | 2,038 | — | 313,239 | |||||||||||||||||||||||||||||||||||
Payables due to affiliates | — | 6,194 | 159,870 | (166,064 | ) | — | ||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 5,524 | 3,493 | (2,432 | ) | 6,585 | ||||||||||||||||||||||||||||||||||
Other non-current liabilities | 22,029 | — | 139 | — | 22,168 | |||||||||||||||||||||||||||||||||||
Stockholders’ equity (deficit) | 127,013 | 81,254 | (23,044 | ) | (58,210 | ) | 127,013 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 545,692 | $ | 106,846 | $ | 167,711 | $ | (227,973 | ) | $ | 592,276 | |||||||||||||||||||||||||||||
Schedule of Condensed Income Statement | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Net sales | $ | 132,450 | $ | 33,688 | $ | 59,000 | $ | (2,910 | ) | $ | 222,228 | Net sales | $ | 132,450 | $ | 33,688 | $ | 59,000 | $ | (2,910 | ) | $ | 222,228 | |||||||||||||||||
Costs and expenses: | Costs and expenses: | |||||||||||||||||||||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 99,793 | 23,990 | 47,238 | (2,910 | ) | 168,111 | Cost of materials (exclusive of depreciation and amortization) | 99,793 | 23,990 | 47,238 | (2,910 | ) | 168,111 | |||||||||||||||||||||||||||
Warehouse, processing and delivery expense | 17,542 | 2,918 | 6,571 | — | 27,031 | Warehouse, processing and delivery expense | 17,542 | 2,918 | 6,571 | — | 27,031 | |||||||||||||||||||||||||||||
Sales, general and administrative expense | 17,342 | 4,567 | 3,626 | — | 25,535 | Sales, general and administrative expense | 17,342 | 4,567 | 3,626 | — | 25,535 | |||||||||||||||||||||||||||||
Restructuring activity | 831 | — | — | — | 831 | Restructuring activity | 831 | — | — | — | 831 | |||||||||||||||||||||||||||||
Depreciation and amortization expense | 4,743 | 599 | 1,013 | — | 6,355 | Depreciation and amortization expense | 4,743 | 599 | 1,013 | — | 6,355 | |||||||||||||||||||||||||||||
Operating (loss) income | (7,801 | ) | 1,614 | 552 | — | (5,635 | ) | Operating (loss) income | (7,801 | ) | 1,614 | 552 | — | (5,635 | ) | |||||||||||||||||||||||||
Interest expense, net | (6,413 | ) | — | (4,133 | ) | — | (10,546 | ) | Interest expense, net | (6,413 | ) | — | (4,133 | ) | — | (10,546 | ) | |||||||||||||||||||||||
Other expense, net | — | — | (6,225 | ) | — | (6,225 | ) | Other expense, net | — | — | (6,225 | ) | — | (6,225 | ) | |||||||||||||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (14,214 | ) | 1,614 | (9,806 | ) | — | (22,406 | ) | (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (14,214 | ) | 1,614 | (9,806 | ) | — | (22,406 | ) | |||||||||||||||||||||||
Income taxes | 447 | (613 | ) | 991 | — | 825 | Income taxes | 447 | (613 | ) | 991 | — | 825 | |||||||||||||||||||||||||||
Equity in losses of subsidiaries | (7,814 | ) | — | — | 7,814 | — | Equity in losses of subsidiaries | (7,814 | ) | — | — | 7,814 | — | |||||||||||||||||||||||||||
Equity in earnings of joint venture | 875 | — | — | — | 875 | Equity in earnings of joint venture | 875 | — | — | — | 875 | |||||||||||||||||||||||||||||
Net (loss) income | $ | (20,706 | ) | $ | 1,001 | $ | (8,815 | ) | $ | 7,814 | $ | (20,706 | ) | Net (loss) income | $ | (20,706 | ) | $ | 1,001 | $ | (8,815 | ) | $ | 7,814 | $ | (20,706 | ) | |||||||||||||
Comprehensive (loss) income | $ | (23,998 | ) | $ | 1,001 | $ | (13,129 | ) | $ | 12,128 | $ | (23,998 | ) | Comprehensive (loss) income | $ | (23,998 | ) | $ | 1,001 | $ | (13,129 | ) | $ | 12,128 | $ | (23,998 | ) | |||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 164,206 | $ | 34,347 | $ | 59,966 | $ | (5,109 | ) | $ | 253,410 | |||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of materials (exclusive of depreciation and amortization) | 121,912 | 24,105 | 47,623 | (5,109 | ) | 188,531 | ||||||||||||||||||||||||||||||||||
Warehouse, processing and delivery expense | 26,003 | 2,982 | 6,396 | — | 35,381 | |||||||||||||||||||||||||||||||||||
Sales, general and administrative expense | 19,961 | 4,829 | 4,834 | — | 29,624 | |||||||||||||||||||||||||||||||||||
Restructuring activity | 739 | — | — | — | 739 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 4,890 | 532 | 1,035 | — | 6,457 | |||||||||||||||||||||||||||||||||||
Operating (loss) income | (9,299 | ) | 1,899 | 78 | — | (7,322 | ) | |||||||||||||||||||||||||||||||||
Interest expense, net | (6,166 | ) | — | (3,786 | ) | — | (9,952 | ) | ||||||||||||||||||||||||||||||||
Other expense, net | — | — | (682 | ) | — | (682 | ) | |||||||||||||||||||||||||||||||||
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (15,465 | ) | 1,899 | (4,390 | ) | — | (17,956 | ) | ||||||||||||||||||||||||||||||||
Income taxes | 2,574 | (380 | ) | (2,143 | ) | — | 51 | |||||||||||||||||||||||||||||||||
Equity in losses of subsidiaries | (5,014 | ) | — | — | 5,014 | — | ||||||||||||||||||||||||||||||||||
Equity in earnings of joint venture | 1,907 | — | — | — | 1,907 | |||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15,998 | ) | $ | 1,519 | $ | (6,533 | ) | $ | 5,014 | $ | (15,998 | ) | |||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (16,160 | ) | $ | 1,519 | $ | (6,948 | ) | $ | 5,429 | $ | (16,160 | ) | |||||||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Operating activities: | Operating activities: | |||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (20,706 | ) | $ | 1,001 | $ | (8,815 | ) | $ | 7,814 | $ | (20,706 | ) | Net (loss) income | $ | (20,706 | ) | $ | 1,001 | $ | (8,815 | ) | $ | 7,814 | $ | (20,706 | ) | |||||||||||||
Equity in losses of subsidiaries | 7,814 | — | — | (7,814 | ) | — | Equity in losses of subsidiaries | 7,814 | — | — | (7,814 | ) | — | |||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 21,121 | 1,294 | (4,489 | ) | — | 17,926 | Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 21,121 | 1,294 | (4,489 | ) | — | 17,926 | |||||||||||||||||||||||||||
Net cash from (used in) operating activities | 8,229 | 2,295 | (13,304 | ) | — | (2,780 | ) | Net cash from (used in) operating activities | 8,229 | 2,295 | (13,304 | ) | — | (2,780 | ) | |||||||||||||||||||||||||
Investing activities: | Investing activities: | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | (1,257 | ) | (273 | ) | (531 | ) | — | (2,061 | ) | Capital expenditures | (1,257 | ) | (273 | ) | (531 | ) | — | (2,061 | ) | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 7,541 | — | — | — | 7,541 | Proceeds from sale of property, plant and equipment | 7,541 | — | — | — | 7,541 | |||||||||||||||||||||||||||||
Net advances to subsidiaries | (13,627 | ) | — | — | 13,627 | — | Net advances to subsidiaries | (13,627 | ) | — | — | 13,627 | — | |||||||||||||||||||||||||||
Net cash used in investing activities | (7,343 | ) | (273 | ) | (531 | ) | 13,627 | 5,480 | Net cash used in investing activities | (7,343 | ) | (273 | ) | (531 | ) | 13,627 | 5,480 | |||||||||||||||||||||||
Financing activities: | Financing activities: | |||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 206,900 | — | — | — | 206,900 | Proceeds from long-term debt | 206,900 | — | — | — | 206,900 | |||||||||||||||||||||||||||||
Repayments of long-term debt | (204,350 | ) | — | (7 | ) | — | (204,357 | ) | Repayments of long-term debt | (204,350 | ) | — | (7 | ) | — | (204,357 | ) | |||||||||||||||||||||||
Net intercompany (repayments) borrowings | — | (2,029 | ) | 15,656 | (13,627 | ) | — | Net intercompany (repayments) borrowings | — | (2,029 | ) | 15,656 | (13,627 | ) | — | |||||||||||||||||||||||||
Net cash from (used in) financing activities | 2,550 | (2,029 | ) | 15,649 | (13,627 | ) | 2,543 | Net cash from (used in) financing activities | 2,550 | (2,029 | ) | 15,649 | (13,627 | ) | 2,543 | |||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (331 | ) | — | (331 | ) | Effect of exchange rate changes on cash and cash equivalents | — | — | (331 | ) | — | (331 | ) | |||||||||||||||||||||||||
Net change in cash and cash equivalents | 3,436 | (7 | ) | 1,483 | — | 4,912 | Net change in cash and cash equivalents | 3,436 | (7 | ) | 1,483 | — | 4,912 | |||||||||||||||||||||||||||
Cash and cash equivalents - beginning of year | 511 | 977 | 6,966 | — | 8,454 | Cash and cash equivalents - beginning of year | 511 | 977 | 6,966 | — | 8,454 | |||||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 3,947 | $ | 970 | $ | 8,449 | $ | — | $ | 13,366 | Cash and cash equivalents - end of period | $ | 3,947 | $ | 970 | $ | 8,449 | $ | — | $ | 13,366 | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15,998 | ) | $ | 1,519 | $ | (6,533 | ) | $ | 5,014 | $ | (15,998 | ) | |||||||||||||||||||||||||||
Equity in losses of subsidiaries | 5,014 | — | — | (5,014 | ) | — | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 13,635 | (1,399 | ) | 893 | — | 13,129 | ||||||||||||||||||||||||||||||||||
Net cash from (used in) operating activities | 2,651 | 120 | (5,640 | ) | — | (2,869 | ) | |||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (1,236 | ) | (149 | ) | (627 | ) | — | (2,012 | ) | |||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | — | 43 | — | 46 | |||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (1,233 | ) | (149 | ) | (584 | ) | — | (1,966 | ) | |||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 10,500 | — | 1,006 | — | 11,506 | |||||||||||||||||||||||||||||||||||
Repayments of long-term debt | (10,593 | ) | — | (1,012 | ) | — | (11,605 | ) | ||||||||||||||||||||||||||||||||
Net intercompany (repayments) borrowings | (6,152 | ) | 884 | 5,268 | — | — | ||||||||||||||||||||||||||||||||||
Other financing activities | 45 | — | — | — | 45 | |||||||||||||||||||||||||||||||||||
Net cash (used in) from financing activities | (6,200 | ) | 884 | 5,262 | — | (54 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (232 | ) | — | (232 | ) | |||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | (4,782 | ) | 855 | (1,194 | ) | — | (5,121 | ) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents - beginning of year | 8,675 | 495 | 21,659 | — | 30,829 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 3,893 | $ | 1,350 | $ | 20,465 | $ | — | $ | 25,708 | ||||||||||||||||||||||||||||||
Earnings_Per_Share_Details
Earnings Per Share - (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($20,706) | ($15,998) |
Denominator: | ||
Weighted average common shares outstanding | 23,459 | 23,324 |
Effect of dilutive securities: | ||
Outstanding common stock equivalents | 0 | 0 |
Denominator for diluted earnings per share | 23,459 | 23,324 |
Basic loss per share | ($0.88) | ($0.69) |
Diluted loss per share | ($0.88) | ($0.69) |
Excluded outstanding share-based awards having an anti-dilutive effect | 356 | 1,049 |
Convertible Debt Securities | ||
Effect of dilutive securities: | ||
Excluded outstanding share-based awards having an anti-dilutive effect | 0 | 1,610 |
Earnings_Per_Share_Dilutive_De
Earnings Per Share - Dilutive (Details) (Convertible Debt Securities, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Convertible Debt Securities | |
Dilutive Earnings Per Share [Line Items] | |
Debt Instrument, Convertible, Conversion Price | $10.28 |
Outstanding common stock equivalents | 5,600 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Percentage of Company Inventory Valued At The Lower Of LIFO Cost Or Market | 80.00% | |
Excess of Replacement or Current Costs over Stated LIFO Value | $129,279 | $129,779 |
Joint_Venture_Related_Party_Ac
Joint Venture - Related Party Activity (Details) | Mar. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint venture ownership percentage | 50.00% |
Joint_Venture_Operating_Result
Joint Venture - Operating Results (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Net sales | $222,228 | $253,410 |
Cost of materials | 168,111 | 188,531 |
Income (loss) before taxes | -21,531 | -16,049 |
Net (Loss) Income | -20,706 | -15,998 |
Joint venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Net sales | 52,606 | 65,251 |
Cost of materials | 44,350 | 54,303 |
Income (loss) before taxes | 1,990 | 4,804 |
Net (Loss) Income | $1,750 | $3,814 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Changes in carrying amounts of goodwill | |||
Beginning Goodwill Gross | $129,350 | $129,350 | |
Accumulated impairment losses | -116,377 | -116,377 | |
Goodwill Net Beginning Balance | 12,973 | 12,973 | |
Ending Goodwill Gross | 129,350 | 129,350 | 129,350 |
Goodwill Net Ending Balance | 12,973 | 12,973 | 12,973 |
Metals Segment [Member] | |||
Changes in carrying amounts of goodwill | |||
Beginning Goodwill Gross | 116,377 | 116,377 | |
Accumulated impairment losses | -116,377 | -116,377 | |
Goodwill Net Beginning Balance | 0 | 0 | |
Ending Goodwill Gross | 116,377 | 116,377 | 116,377 |
Goodwill Net Ending Balance | 0 | 0 | 0 |
Plastics Segment | |||
Changes in carrying amounts of goodwill | |||
Beginning Goodwill Gross | 12,973 | ||
Accumulated impairment losses | 0 | 0 | |
Goodwill Net Beginning Balance | 12,973 | ||
Goodwill, Impairment Loss | 0 | ||
Ending Goodwill Gross | 12,973 | 12,973 | |
Goodwill Net Ending Balance | $12,973 | $12,973 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangibles (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $127,781 | $129,420 |
Accumulated Amortization | 75,086 | 72,865 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 114,785 | 116,268 |
Accumulated Amortization | 67,008 | 64,922 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,888 | 3,888 |
Accumulated Amortization | 3,888 | 3,888 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,708 | 7,864 |
Accumulated Amortization | 2,790 | 2,655 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,400 | 1,400 |
Accumulated Amortization | $1,400 | $1,400 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Amortization (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Aggregate Amortization Expense [Abstract] | ||
Amortization expense | $2,672 | $2,916 |
Summary of the estimated annual amortization expense | ||
2015 | 10,650 | |
2016 | 10,650 | |
2017 | 8,626 | |
2018 | 4,514 | |
2019 | $4,514 |
Debt_Shortterm_and_Longterm_De
Debt Short-term and Long-term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior Notes | $210,000 | $210,000 |
Convertible Debt | 57,500 | 57,500 |
Line of Credit Facility, Amount Outstanding | 62,000 | 59,200 |
Other Long-term Debt | 993 | 1,257 |
Long-term Debt, Gross | 330,493 | 327,957 |
Long-term Debt, Unclassified [Abstract] | ||
Less: unamortized discount | -16,520 | -17,843 |
Less: current portion | -734 | -737 |
Total long-term portion | 313,239 | 309,377 |
Long-term Debt | $313,973 | $310,114 |
Debt_Secured_Notes_Details
Debt Secured Notes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior Notes | $210,000 | $210,000 |
Senior Secured Notes Due in 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 15-Dec-16 | |
Debt Instrument, Interest Rate, Stated Percentage | 12.75% | |
Timeframe after the end of each fiscal year that the Company must make an offer to purchase New Secured Notes with certain of its excess cash flow for such fiscal year. Days After Fiscal Year End | 95 days | |
Redemption Price, Stated as a Percentage of Principal, Percentage, Excess Cash Flow | 103.00% | |
Excess cash flow, Secured Notes Indebture Agreement | $0 | |
Domestic Subsidiaries [Member] | Senior Secured Notes Due in 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Subsidiary, Ownership Percentage | 100.00% |
Debt_Convertible_Notes_Details
Debt Convertible Notes (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Convertible Debt | $57,500 | $57,500 |
Convertible Notes Due in 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 15-Dec-17 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Debt Instrument, Convertible, Conversion Rate, Shares Per Principal Amount of Convertible Notes, Shares | 97.2384 | |
Debt Instrument, Convertible, Conversion Rate, Principal Amount of Convertible Notes for Shares, Principal Amount | $1 | |
Debt Instrument, Convertible, Conversion Price | $10.28 |
Debt_Revolving_Credit_Agreemen
Debt Revolving Credit Agreement (Details) (Revolving Credit Facility [Member], USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2015 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $125,000 | ||
Line of Credit, Terms, Provision to Increase the Aggregate Amount of Commitments Under Certain Conditions, Amount | 25,000 | ||
Debt Instrument, Maturity Date | 15-Dec-15 | 10-Dec-19 | |
Weighted average interest rate for borrowings | 2.88% | ||
Line of Credit Facility, Borrowing Capacity excluding minimum excess availability, springing covenant | 100,147 | ||
Excess availability, revolving credit facility | 38,147 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Ratio of EBITDA to fixed charges, springing covenant | 1.1 | ||
Excess availability percentage of borrowing base, lower bound before fixed charge coverage maintenance required | 10.00% | ||
Excess availability, lower bound before lender full dominion over collections | 15,625 | ||
Excess availability, lower bound before fixed charge coverage maintenance required | $12,500 | ||
Excess availability percentage of borrowing base, lower bound before lender full dominion over collections | 12.50% |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes, Fair Value Disclosure | $199,084 | ||
Carrying value of senior secured notes | 210,000 | 210,000 | |
Estimated fair value of convertible debt | 42,992 | ||
Carrying value of convertible debt | 57,500 | 57,500 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 52,796 | ||
Line of Credit Facility, Amount Outstanding | 62,000 | 59,200 | |
Forward Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative, Notional Amount | 6,385 | ||
Gain (Losses) as a result of changes in the fair value of the contracts | ($210) | ($286) | |
Convertible Notes due December 15, 2017 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Stock price at the end of the period | $3.65 | ||
Expected volatility | 50.30% | ||
Credit spreads | 20.80% | ||
Risk-free interest rate | 0.79% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Forward Contracts, Not Designated as Hedging Instrument, Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Current | $1,093 | $1,137 | ||
Derivative Liability, Noncurrent | 419 | 478 | ||
Derivative liability for commodity hedges | 1,512 | [1] | 1,615 | [1] |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability for commodity hedges | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability for commodity hedges | 1,512 | 1,615 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability for commodity hedges | $0 | $0 | ||
[1] | As of March 31, 2015 and December 31, 2014 the short-term portion of the derivative liability for commodity hedges of $1,093 and $1,137, respectively, is included in "Accrued and other liabilities" and the long-term portion of $419 and $478, respectively, is included in "Other non-current liabilities" in the Condensed Consolidated Balance Sheet. |
Stockholders_Equity_Comprehens
Stockholders' Equity Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders' Equity Note [Abstract] | ||
Net loss | ($20,706) | ($15,998) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | -4,314 | -415 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 1,022 | 253 |
Total comprehensive loss | ($23,998) | ($16,160) |
Stockholders_Equity_AOCI_Detai
Stockholders' Equity AOCI (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Components of accumulated other comprehensive loss | ||||
Total accumulated other comprehensive loss | ($48,857) | ($45,565) | ($18,905) | ($18,743) |
Stockholders_Equity_AOCI_Chang
Stockholders' Equity AOCI Change (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Beginning Balance | ($45,565) | ($18,743) | ||||
Other comprehensive (loss) income before reclassifications | -4,314 | -415 | ||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 1,022 | [1] | 253 | [1] | ||
Net current period other comprehensive income (loss) | -3,292 | -162 | ||||
Ending Balance | -48,857 | -18,905 | ||||
Defined Benefit Pension and Postretirement Items | ||||||
Accumulated Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Net of Tax | -34,549 | -13,873 | -35,571 | -14,126 | ||
Other comprehensive (loss) income before reclassifications | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 1,022 | [1] | 253 | [1] | ||
Net current period other comprehensive income (loss) | 1,022 | 253 | ||||
Foreign Currency Items | ||||||
Accumulated Other Comprehensive Loss, Foreign Currency Translation Adjustment, Net of Tax | -14,308 | -5,032 | -9,994 | -4,617 | ||
Other comprehensive (loss) income before reclassifications | -4,314 | -415 | ||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 0 | [1] | 0 | [1] | ||
Net current period other comprehensive income (loss) | ($4,314) | ($415) | ||||
[1] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended March 31, 2015 and 2014 |
Stockholders_Equity_AOCI_Recla
Stockholders' Equity AOCI Reclassification (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Equity [Abstract] | ||||
Prior service cost | $94 | [1] | $71 | [1] |
Actuarial loss | -928 | [1] | -345 | [1] |
Total before tax | -1,022 | -416 | ||
Tax effect | 0 | 163 | ||
Total reclassifications for the period, net of tax | ($1,022) | [2] | ($253) | [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 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three month periods ended March 31, 2015 and 2014, respectively (see Note 11 for additional details). | |||
[2] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended March 31, 2015 and 2014 |
Sharebased_Compensation_Narrat
Share-based Compensation Narrative (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $2,736 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 41 days |
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions paid | $0 | $0 |
Anticipated cash contributions to pension plan in remaining fiscal year | 0 | |
Pension and Other Postretirement Plans, Defined Benefit | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 237 | 127 |
Interest cost | 1,795 | 1,740 |
Expected return on assets | -2,317 | -2,095 |
Amortization of prior service cost | 94 | 71 |
Amortization of actuarial loss | 928 | 345 |
Net periodic pension and postretirement benefit cost | $737 | $188 |
Restructuring_Activity_Details
Restructuring Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost (Gain) and Reserve [Line Items] | ||
Restructuring Costs (Gains) | $831 | $739 |
Moving Costs Associated with Plant Consolidations [Member] | ||
Restructuring Cost (Gain) and Reserve [Line Items] | ||
Restructuring Costs (Gains) | 0 | 739 |
8742 Services, Management Consulting Services [Member] | ||
Restructuring Cost (Gain) and Reserve [Line Items] | ||
Restructuring Costs (Gains) | $831 | $0 |
Restructuring_Activity_Roll_Fo
Restructuring Activity Roll Forward (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Reserve [Roll Forward] | ||
Restructuring Costs (Gains) | $831 | $739 |
Moving Costs Associated with Plant Consolidations [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Costs (Gains) | 0 | 739 |
8742 Services, Management Consulting Services [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Costs (Gains) | $831 | $0 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate, Continuing Operations | -3.70% | -0.30% | |
Federal income tax refund received | $1,500 | ||
Segment, Geographical, Non-U.S. [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 675 | 500 | |
Segment, Geographical, Non-U.S. [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,740 | ||
UNITED STATES | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 5,800 | 2,500 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Irrevocable letters of credit outstanding | $6,092 |
Letters of credit outstanding as collateral for commodity hedges | 3,000 |
Letters of credit outstanding for insurance reserve requirements of workers' compensation insurance carriers | $1,842 |
Segment_Reporting_Textual_Deta
Segment Reporting - (Textual) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment_Reporting_Information_
Segment Reporting - Information by Reportable Segment (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Summary of segment information | ||||
Net Sales | $222,228 | $253,410 | ||
Operating loss | -5,635 | -7,322 | ||
Capital Expenditures | 2,061 | 2,012 | ||
Depreciation and amortization | 6,355 | 6,457 | ||
Metals segment | ||||
Summary of segment information | ||||
Net Sales | 188,540 | 219,063 | ||
Operating loss | -3,004 | -6,232 | ||
Capital Expenditures | 1,837 | 1,878 | ||
Depreciation and amortization | 5,894 | 6,056 | ||
Plastics segment | ||||
Summary of segment information | ||||
Net Sales | 33,688 | 34,347 | ||
Operating loss | 1,230 | 1,507 | ||
Capital Expenditures | 224 | 134 | ||
Depreciation and amortization | 461 | 401 | ||
Other | ||||
Summary of segment information | ||||
Net Sales | 0 | 0 | ||
Operating loss | -3,861 | [1] | -2,597 | [1] |
Capital Expenditures | 0 | 0 | ||
Depreciation and amortization | $0 | $0 | ||
[1] | “Other†– Operating loss includes the costs of executive, legal and elements of the finance departments which are shared by both the Metals and Plastics segments. |
Segment_Reporting_Reconcilliat
Segment Reporting - Reconcilliation of Segment Data to the Consolidated Financial Statements (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting [Abstract] | ||
Operating income (loss) | ($5,635) | ($7,322) |
Interest expense, net | -10,546 | -9,952 |
Other expense, net | -6,225 | -682 |
Loss before income taxes and equity in earnings of joint venture | -22,406 | -17,956 |
Equity in earnings of joint venture | 875 | 1,907 |
Consolidated loss before income taxes | ($21,531) | ($16,049) |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting - Segment Information for Total Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $592,276 | $587,976 | ||
Metals segment | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 491,447 | 489,563 | ||
Plastics segment | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 62,826 | 60,970 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $38,003 | [1] | $37,443 | [1] |
[1] | “Other†— Total assets consist of the Company's investment in joint venture. |
Guarantor_Finanical_Informatio2
Guarantor Finanical Information Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $13,366 | $8,454 | $25,708 | $30,829 |
Accounts receivable, less allowance for doubtful accounts | 129,204 | 131,003 | ||
Receivables from affiliates | 0 | 0 | ||
Inventories | 243,331 | 236,932 | ||
Prepaid expenses and other current assets | 16,172 | 13,029 | ||
Total current assets | 402,073 | 389,418 | ||
Investment in joint venture | 38,003 | 37,443 | ||
Goodwill | 12,973 | 12,973 | ||
Intangible assets, net | 52,695 | 56,555 | ||
Other assets | 17,996 | 18,752 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 0 | ||
Property, plant and equipment, net | 68,536 | 72,835 | ||
Total assets | 592,276 | 587,976 | ||
Accounts payable | 85,998 | 68,782 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 36,539 | 27,998 | ||
Current portion of long-term debt | 734 | 737 | ||
Total current liabilities | 123,271 | 97,517 | ||
Long-term debt, less current portion | 313,239 | 309,377 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 6,585 | 8,360 | ||
Other non-current liabilities | 22,168 | 22,402 | ||
Stockholders’ equity (deficit) | 127,013 | 150,320 | ||
Total liabilities and stockholders’ equity | 592,276 | 587,976 | ||
Parent | ||||
Cash and cash equivalents | 3,947 | 511 | 3,893 | 8,675 |
Accounts receivable, less allowance for doubtful accounts | 63,995 | 66,178 | ||
Receivables from affiliates | 1,154 | 2,071 | ||
Inventories | 144,964 | 142,314 | ||
Prepaid expenses and other current assets | 5,734 | 3,490 | ||
Total current assets | 219,794 | 214,564 | ||
Investment in joint venture | 38,003 | 37,443 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 40,480 | 42,772 | ||
Other assets | 19,431 | 18,766 | ||
Investment in subsidiaries | 58,142 | 70,274 | ||
Receivables from affiliates | 126,815 | 113,188 | ||
Property, plant and equipment, net | 43,027 | 46,094 | ||
Total assets | 545,692 | 543,101 | ||
Accounts payable | 53,995 | 41,613 | ||
Payables due to affiliates | 1,154 | 2,071 | ||
Other current liabilities | 29,609 | 18,841 | ||
Current portion of long-term debt | 691 | 691 | ||
Total current liabilities | 85,449 | 63,216 | ||
Long-term debt, less current portion | 311,201 | 307,327 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other non-current liabilities | 22,029 | 22,238 | ||
Stockholders’ equity (deficit) | 127,013 | 150,320 | ||
Total liabilities and stockholders’ equity | 545,692 | 543,101 | ||
Guarantors | ||||
Cash and cash equivalents | 970 | 977 | 1,350 | 495 |
Accounts receivable, less allowance for doubtful accounts | 20,903 | 19,303 | ||
Receivables from affiliates | 113 | 81 | ||
Inventories | 19,720 | 19,320 | ||
Prepaid expenses and other current assets | 1,060 | 1,033 | ||
Total current assets | 42,766 | 40,714 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 12,973 | 12,973 | ||
Intangible assets, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 39,249 | 36,607 | ||
Property, plant and equipment, net | 11,858 | 12,184 | ||
Total assets | 106,846 | 102,478 | ||
Accounts payable | 11,593 | 8,055 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 2,281 | 3,065 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 13,874 | 11,120 | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | 6,194 | 5,581 | ||
Deferred income taxes | 5,524 | 5,524 | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders’ equity (deficit) | 81,254 | 80,253 | ||
Total liabilities and stockholders’ equity | 106,846 | 102,478 | ||
Non-Guarantors | ||||
Cash and cash equivalents | 8,449 | 6,966 | 20,465 | 21,659 |
Accounts receivable, less allowance for doubtful accounts | 44,306 | 45,522 | ||
Receivables from affiliates | 0 | 0 | ||
Inventories | 78,715 | 75,366 | ||
Prepaid expenses and other current assets | 9,378 | 8,506 | ||
Total current assets | 140,848 | 136,360 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 12,215 | 13,783 | ||
Other assets | 997 | 996 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 2,157 | ||
Property, plant and equipment, net | 13,651 | 14,557 | ||
Total assets | 167,711 | 167,853 | ||
Accounts payable | 20,410 | 19,114 | ||
Payables due to affiliates | 113 | 81 | ||
Other current liabilities | 4,649 | 6,092 | ||
Current portion of long-term debt | 43 | 46 | ||
Total current liabilities | 25,215 | 25,333 | ||
Long-term debt, less current portion | 2,038 | 2,050 | ||
Payables due to affiliates | 159,870 | 146,371 | ||
Deferred income taxes | 3,493 | 3,846 | ||
Other non-current liabilities | 139 | 164 | ||
Stockholders’ equity (deficit) | -23,044 | -9,911 | ||
Total liabilities and stockholders’ equity | 167,711 | 167,853 | ||
Eliminations | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Receivables from affiliates | -1,267 | -2,152 | ||
Inventories | -68 | -68 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | -1,335 | -2,220 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other assets | -2,432 | -1,010 | ||
Investment in subsidiaries | -58,142 | -70,274 | ||
Receivables from affiliates | -166,064 | -151,952 | ||
Property, plant and equipment, net | 0 | 0 | ||
Total assets | -227,973 | -225,456 | ||
Accounts payable | 0 | 0 | ||
Payables due to affiliates | -1,267 | -2,152 | ||
Other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | -1,267 | -2,152 | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | -166,064 | -151,952 | ||
Deferred income taxes | -2,432 | -1,010 | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders’ equity (deficit) | -58,210 | -70,342 | ||
Total liabilities and stockholders’ equity | ($227,973) | ($225,456) |
Guarantor_Finanical_Informatio3
Guarantor Finanical Information Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Sales | $222,228 | $253,410 |
Cost of materials (exclusive of depreciation and amortization) | 168,111 | 188,531 |
Warehouse, processing and delivery expense | 27,031 | 35,381 |
Sales, general and administrative expense | 25,535 | 29,624 |
Restructuring activity, net | 831 | 739 |
Depreciation and amortization expense | 6,355 | 6,457 |
Operating income (loss) | -5,635 | -7,322 |
Interest expense, net | -10,546 | -9,952 |
Other expense, net | -6,225 | -682 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | -22,406 | -17,956 |
Income taxes | 825 | 51 |
Equity in losses of subsidiaries | 0 | 0 |
Equity in earnings of joint venture | 875 | 1,907 |
Net (Loss) Income | -20,706 | -15,998 |
Comprehensive (loss) income | -23,998 | -16,160 |
Parent | ||
Net Sales | 132,450 | 164,206 |
Cost of materials (exclusive of depreciation and amortization) | 99,793 | 121,912 |
Warehouse, processing and delivery expense | 17,542 | 26,003 |
Sales, general and administrative expense | 17,342 | 19,961 |
Restructuring activity, net | 831 | 739 |
Depreciation and amortization expense | 4,743 | 4,890 |
Operating income (loss) | -7,801 | -9,299 |
Interest expense, net | -6,413 | -6,166 |
Other expense, net | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | -14,214 | -15,465 |
Income taxes | 447 | 2,574 |
Equity in losses of subsidiaries | -7,814 | -5,014 |
Equity in earnings of joint venture | 875 | 1,907 |
Net (Loss) Income | -20,706 | -15,998 |
Comprehensive (loss) income | -23,998 | -16,160 |
Guarantors | ||
Net Sales | 33,688 | 34,347 |
Cost of materials (exclusive of depreciation and amortization) | 23,990 | 24,105 |
Warehouse, processing and delivery expense | 2,918 | 2,982 |
Sales, general and administrative expense | 4,567 | 4,829 |
Restructuring activity, net | 0 | 0 |
Depreciation and amortization expense | 599 | 532 |
Operating income (loss) | 1,614 | 1,899 |
Interest expense, net | 0 | 0 |
Other expense, net | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | 1,614 | 1,899 |
Income taxes | -613 | -380 |
Equity in losses of subsidiaries | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 |
Net (Loss) Income | 1,001 | 1,519 |
Comprehensive (loss) income | 1,001 | 1,519 |
Non-Guarantors | ||
Net Sales | 59,000 | 59,966 |
Cost of materials (exclusive of depreciation and amortization) | 47,238 | 47,623 |
Warehouse, processing and delivery expense | 6,571 | 6,396 |
Sales, general and administrative expense | 3,626 | 4,834 |
Restructuring activity, net | 0 | 0 |
Depreciation and amortization expense | 1,013 | 1,035 |
Operating income (loss) | 552 | 78 |
Interest expense, net | -4,133 | -3,786 |
Other expense, net | -6,225 | -682 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | -9,806 | -4,390 |
Income taxes | 991 | -2,143 |
Equity in losses of subsidiaries | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 |
Net (Loss) Income | -8,815 | -6,533 |
Comprehensive (loss) income | -13,129 | -6,948 |
Eliminations | ||
Net Sales | -2,910 | -5,109 |
Cost of materials (exclusive of depreciation and amortization) | -2,910 | -5,109 |
Warehouse, processing and delivery expense | 0 | 0 |
Sales, general and administrative expense | 0 | 0 |
Restructuring activity, net | 0 | 0 |
Depreciation and amortization expense | 0 | 0 |
Operating income (loss) | 0 | 0 |
Interest expense, net | 0 | 0 |
Other expense, net | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | 0 | 0 |
Income taxes | 0 | 0 |
Equity in losses of subsidiaries | 7,814 | 5,014 |
Equity in earnings of joint venture | 0 | 0 |
Net (Loss) Income | 7,814 | 5,014 |
Comprehensive (loss) income | $12,128 | $5,429 |
Guarantor_Finanical_Informatio4
Guarantor Finanical Information Cash Flows (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net (Loss) Income | ($20,706,000) | ($15,998,000) |
Equity in losses of subsidiaries | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 17,926,000 | 13,129,000 |
Net cash used in operating activities | -2,780,000 | -2,869,000 |
Capital expenditures | -2,061,000 | -2,012,000 |
Proceeds from Sale of Productive Assets | 7,541,000 | 46,000 |
Payments for Advance to Affiliate | 0 | |
Net cash used in investing activities | 5,480,000 | -1,966,000 |
Proceeds from long-term debt | 206,900,000 | 11,506,000 |
Repayments of long-term debt | -204,357,000 | -11,605,000 |
Net intercompany (repayments) borrowings | 0 | 0 |
Other financing activities | 0 | 45,000 |
Net cash from (used in) financing activities | 2,543,000 | -54,000 |
Effect of exchange rate changes on cash and cash equivalents | -331,000 | -232,000 |
(Decrease) increase in cash and cash equivalents | 4,912,000 | -5,121,000 |
Cash and cash equivalents - beginning of year | 8,454,000 | 30,829,000 |
Cash and cash equivalents - end of period | 13,366,000 | 25,708,000 |
Parent | ||
Net (Loss) Income | -20,706,000 | -15,998,000 |
Equity in losses of subsidiaries | 7,814,000 | 5,014,000 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 21,121,000 | 13,635,000 |
Net cash used in operating activities | 8,229,000 | 2,651,000 |
Capital expenditures | -1,257,000 | -1,236,000 |
Proceeds from Sale of Productive Assets | 7,541,000 | 3,000 |
Payments for Advance to Affiliate | -13,627,000 | |
Net cash used in investing activities | -7,343,000 | -1,233,000 |
Proceeds from long-term debt | 206,900,000 | 10,500,000 |
Repayments of long-term debt | -204,350,000 | -10,593,000 |
Net intercompany (repayments) borrowings | 0 | -6,152,000 |
Other financing activities | 45,000 | |
Net cash from (used in) financing activities | 2,550,000 | -6,200,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 3,436,000 | -4,782,000 |
Cash and cash equivalents - beginning of year | 511,000 | 8,675,000 |
Cash and cash equivalents - end of period | 3,947,000 | 3,893,000 |
Guarantors | ||
Net (Loss) Income | 1,001,000 | 1,519,000 |
Equity in losses of subsidiaries | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 1,294,000 | -1,399,000 |
Net cash used in operating activities | 2,295,000 | 120,000 |
Capital expenditures | -273,000 | -149,000 |
Proceeds from Sale of Productive Assets | 0 | 0 |
Payments for Advance to Affiliate | 0 | |
Net cash used in investing activities | -273,000 | -149,000 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Net intercompany (repayments) borrowings | -2,029,000 | 884,000 |
Other financing activities | 0 | |
Net cash from (used in) financing activities | -2,029,000 | 884,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) increase in cash and cash equivalents | -7,000 | 855,000 |
Cash and cash equivalents - beginning of year | 977,000 | 495,000 |
Cash and cash equivalents - end of period | 970,000 | 1,350,000 |
Non-Guarantors | ||
Net (Loss) Income | -8,815,000 | -6,533,000 |
Equity in losses of subsidiaries | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | -4,489,000 | 893,000 |
Net cash used in operating activities | -13,304,000 | -5,640,000 |
Capital expenditures | -531,000 | -627,000 |
Proceeds from Sale of Productive Assets | 0 | 43,000 |
Payments for Advance to Affiliate | 0 | |
Net cash used in investing activities | -531,000 | -584,000 |
Proceeds from long-term debt | 0 | 1,006,000 |
Repayments of long-term debt | -7,000 | -1,012,000 |
Net intercompany (repayments) borrowings | 15,656,000 | 5,268,000 |
Other financing activities | 0 | |
Net cash from (used in) financing activities | 15,649,000 | 5,262,000 |
Effect of exchange rate changes on cash and cash equivalents | -331,000 | -232,000 |
(Decrease) increase in cash and cash equivalents | 1,483,000 | -1,194,000 |
Cash and cash equivalents - beginning of year | 6,966,000 | 21,659,000 |
Cash and cash equivalents - end of period | 8,449,000 | 20,465,000 |
Eliminations | ||
Net (Loss) Income | 7,814,000 | 5,014,000 |
Equity in losses of subsidiaries | -7,814,000 | -5,014,000 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 0 | 0 |
Net cash used in operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from Sale of Productive Assets | 0 | 0 |
Payments for Advance to Affiliate | 13,627,000 | |
Net cash used in investing activities | 13,627,000 | 0 |
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Net intercompany (repayments) borrowings | -13,627,000 | 0 |
Other financing activities | 0 | |
Net cash from (used in) financing activities | -13,627,000 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of year | 0 | 0 |
Cash and cash equivalents - end of period | $0 | $0 |
Guarantor_Finanical_Informatio5
Guarantor Finanical Information Guarantor Financial Information Narrative (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Guarantor Subsidiary, Ownership Percentage | 100.00% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Subsequent Event [Line Items] | ||
Proceeds from Sale of Productive Assets | $7,541,000 | $46,000 |
Minimum | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 49,000,000 | |
Proceeds from Sale of Productive Assets | 28,000,000 | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 64,000,000 | |
Proceeds from Sale of Productive Assets | 32,000,000 | |
Cash [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 6,000,000 | |
Cash [Member] | Minimum | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 12,100,000 | |
Cash [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 21,400,000 | |
Employee Termination and Related Benefits [Member] | Minimum | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 2,100,000 | |
Employee Termination and Related Benefits [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 4,400,000 | |
Moving Costs Associated with Plant Consolidations [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 8,500,000 | |
8742 Services, Management Consulting Services [Member] | Minimum | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 1,500,000 | |
8742 Services, Management Consulting Services [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 2,500,000 | |
Other Restructuring [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 6,000,000 | |
Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain] | Minimum | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 12,800,000 | |
Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring and Related Cost, Expected Cost | $14,500,000 |