Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CASTLE A M & CO | |
Entity Central Index Key | 18,172 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,777,280 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 11,496 | $ 8,454 |
Accounts receivable, less allowances of $3,577 and $3,375 | 115,260 | 131,003 |
Inventories, principally on last-in first-out basis (replacement cost higher by $127,569 and $129,779) | 203,143 | 236,932 |
Prepaid expenses and other current assets | 11,081 | 9,458 |
Deferred income taxes | 1,005 | 685 |
Income tax receivable | 2,927 | 2,886 |
Total current assets | 344,912 | 389,418 |
Investment in joint venture | 38,455 | 37,443 |
Goodwill | 12,973 | 12,973 |
Intangible assets, net | 50,324 | 56,555 |
Prepaid pension cost | 6,656 | 7,092 |
Other assets | 10,254 | 11,660 |
Property, plant and equipment | ||
Land | 3,596 | 4,466 |
Buildings | 50,608 | 52,821 |
Machinery and equipment | 184,504 | 183,923 |
Property, plant and equipment, at cost | 238,708 | 241,210 |
Less - accumulated depreciation | (172,362) | (168,375) |
Property, plant and equipment, net | 66,346 | 72,835 |
Total assets | 529,920 | 587,976 |
Current liabilities | ||
Accounts payable | 61,339 | 68,782 |
Accrued and other liabilities | 40,832 | 27,670 |
Income taxes payable | 648 | 328 |
Current portion of long-term debt | 617 | 737 |
Total current liabilities | 103,436 | 97,517 |
Long-term debt, less current portion | 326,066 | 309,377 |
Deferred income taxes | 8,613 | 8,360 |
Other non-current liabilities | 3,136 | 3,655 |
Pension and postretirement benefit obligations | $ 19,830 | $ 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 June 30, 2015 and December 31, 2014 | $ 0 | $ 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,888 shares issued and 23,777 outstanding at June 30, 2015 and 23,630 shares issued and 23,559 outstanding at December 31, 2014 | 238 | 236 |
Additional paid-in capital | 226,074 | 225,953 |
Accumulated deficit | (109,050) | (29,424) |
Accumulated other comprehensive loss | (47,398) | (45,565) |
Treasury stock, at cost—111 shares at June 30, 2015 and 71 shares at December 31, 2014 | (1,025) | (880) |
Total stockholders’ equity | 68,839 | 150,320 |
Total liabilities and stockholders’ equity | $ 529,920 | $ 587,976 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 199,703 | $ 249,492 | $ 421,931 | $ 502,902 |
Costs and expenses: | ||||
Cost of materials (exclusive of depreciation and amortization) | 172,402 | 191,565 | 340,513 | 380,096 |
Warehouse, processing and delivery expense | 30,917 | 36,747 | 57,948 | 72,128 |
Sales, general and administrative expense | 25,683 | 29,471 | 51,218 | 59,095 |
Restructuring activity, net | 15,618 | 907 | 16,449 | 1,646 |
Depreciation and amortization expense | 6,312 | 6,533 | 12,667 | 12,990 |
Goodwill, Impairment Loss | 0 | 56,160 | 0 | 56,160 |
Operating loss | (51,229) | (71,891) | (56,864) | (79,213) |
Interest expense, net | (10,374) | (9,888) | (20,920) | (19,840) |
Other expense, net | 3,963 | 1,590 | (2,262) | 908 |
Loss before income taxes and equity in earnings of joint venture | (57,640) | (80,189) | (80,046) | (98,145) |
Income taxes | (1,731) | 6,097 | (906) | 6,148 |
Loss before equity in earnings of joint venture | (59,371) | (74,092) | (80,952) | (91,997) |
Equity in earnings of joint venture | 451 | 1,794 | 1,326 | 3,701 |
Net loss | $ (58,920) | $ (72,298) | $ (79,626) | $ (88,296) |
Basic loss per share | $ (2.50) | $ (3.10) | $ (3.39) | $ (3.78) |
Diluted loss per share | (2.50) | (3.10) | (3.39) | (3.78) |
Dividends per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Comprehensive loss | $ (57,461) | $ (71,003) | $ (81,459) | $ (87,163) |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable | $ 3,577 | $ 3,375 |
Amount current replacement cost of inventory costs exceeded book value | $ 127,569 | $ 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 | 23,888 | 23,630 |
Common stock, shares outstanding | 23,777 | 23,559 |
Treasury stock, shares | 111 | 71 |
Series B Junior Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 400 | 400 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net loss | $ (79,626) | $ (88,296) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 12,667 | 12,990 |
Amortization of deferred financing costs and debt discount | 4,242 | 3,718 |
Goodwill, Impairment Loss | 0 | 56,160 |
Gain on sale of property, plant and equipment | (5,681) | (29) |
Unrealized gains on commodity hedges | (172) | (865) |
Foreign Currency Transaction (Gain) Loss, Unrealized | 1,433 | 0 |
Equity in earnings of joint venture | (1,326) | (3,701) |
Dividends from joint venture | 315 | 1,085 |
Pension Curtailment | 3,080 | 0 |
Deferred taxes | 142 | (5,471) |
Other Operating Activities, Cash Flow Statement | (13) | 639 |
Increase (decrease) from changes in: | ||
Accounts receivable | 14,094 | (17,371) |
Inventories | 31,285 | (6,709) |
Prepaid expenses and other current assets | (1,577) | (3,375) |
Other assets | (1,988) | (146) |
Prepaid pension costs | 1,240 | 346 |
Accounts payable | (6,788) | 18,950 |
Income taxes payable and receivable | 113 | (1,899) |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | 13,801 | 1,722 |
Postretirement benefit obligations and other liabilities | (315) | (267) |
Net cash used in operating activities | (15,074) | (32,519) |
Investing activities: | ||
Capital expenditures | (3,295) | (4,299) |
Proceeds from Sale of Property, Plant, and Equipment | 7,644 | 103 |
Net cash from (used) in investing activities | 4,349 | (4,196) |
Financing activities: | ||
Proceeds from long-term debt | 464,700 | 79,450 |
Repayments of long-term debt | (450,795) | (56,798) |
Other financing | 0 | 193 |
Net cash from (used in) financing activities | 13,905 | 22,845 |
Effect of exchange rate changes on cash and cash equivalents | (138) | 117 |
Net change in cash and cash equivalents | 3,042 | (13,753) |
Cash and cash equivalents - beginning of year | 8,454 | 30,829 |
Cash and cash equivalents - end of period | $ 11,496 | $ 17,076 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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. 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement," which provides guidance on a customer's accounting for cloud computing costs. The ASU is effective for annual reporting periods beginning after December 15, 2015. The Company is currently reviewing the guidance and assessing the potential impact on its financial statements. 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, 2017, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , respectively: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net loss $ (58,920 ) $ (72,298 ) $ (79,626 ) $ (88,296 ) Denominator: Denominator for basic loss per share: Weighted average common shares outstanding 23,560 23,351 23,511 23,337 Effect of dilutive securities: Outstanding common stock equivalents — — — — Denominator for diluted earnings per share 23,560 23,351 23,511 23,337 Basic loss per share $ (2.50 ) $ (3.10 ) $ (3.39 ) $ (3.78 ) Diluted loss per share $ (2.50 ) $ (3.10 ) $ (3.39 ) $ (3.78 ) Excluded outstanding share-based awards having an anti-dilutive effect 368 630 368 630 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — 1,024 — 1,332 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 | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Approximately 77% 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 June 30, 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 $127,569 and $129,779 at June 30, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , respectively: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Net sales $ 41,014 $ 62,608 $ 93,620 $ 127,859 Cost of materials 35,045 52,100 79,395 106,403 Income before taxes 760 4,639 2,750 9,443 Net income 902 3,588 2,652 7,402 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in carrying amounts of goodwill during the six months ended June 30, 2015 were as follows: Metals Segment Plastics Segment Total 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 June 30, 2015 Goodwill 116,377 12,973 129,350 Accumulated impairment losses (116,377 ) — (116,377 ) Balance as of June 30, 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: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 115,193 $ 69,628 $ 116,268 $ 64,922 Trade name 7,747 2,988 7,864 2,655 Total $ 122,940 $ 72,616 $ 124,132 $ 67,577 For the six months ended June 30, 2015 and 2014 , the aggregate amortization expense was $5,346 and $5,837 , respectively. The following is a summary of the estimated annual amortization expense for 2015 and each of the next 4 years: 2015 $ 10,688 2016 10,688 2017 8,665 2018 4,548 2019 4,548 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consisted of the following: June 30, December 31, 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 73,500 59,200 Other, primarily capital leases 859 1,257 Total long-term debt 341,859 327,957 Less: unamortized discount (15,176 ) (17,843 ) Less: current portion (617 ) (737 ) Total long-term portion 326,066 309,377 TOTAL DEBT $ 326,683 $ 310,114 Secured Notes As of June 30, 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 June 30, 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 six months ended June 30, 2015 was 2.74% . 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 June 30, 2015 . At this ratio, the Company's current maximum borrowing capacity would be $101,147 before triggering full dominion of the Company's cash collections. As of June 30, 2015 , the Company had $27,647 of additional unrestricted borrowing capacity under the Revolving Credit Facility. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2015 was estimated to be $202,253 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 June 30, 2015 was approximately $48,620 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 June 30, 2015 were as follows: Company's stock price at the end of the period $ 6.17 Expected volatility 49.8 % Credit spreads 21.65 % Risk-free interest rate 0.81 % As of June 30, 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 $61,041 compared to its carrying value of $73,500 , assuming the current amount of debt outstanding as of June 30, 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 June 30, 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 June 30, 2015 , the notional value associated with forward contracts was $5,283 . The Company recorded, through cost of materials, realized and unrealized net losses of $244 and $454 for the three and six months ended June 30, 2015 , respectively, and a realized and unrealized net gain of $217 and a realized and unrealized net loss of $69 for the three and six months ended June 30, 2014 , respectively, as a result of the change in the fair value of the contracts. As of June 30, 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 June 30, 2015 Derivative liability for commodity hedges $ — $ 1,442 $ — $ 1,442 As of December 31, 2014 Derivative liability for commodity hedges $ — $ 1,615 $ — $ 1,615 (a) As of June 30, 2015 and December 31, 2014 the short-term portion of the derivative liability for commodity hedges of $1,095 and $1,137 , respectively, is included in "Accrued and other liabilities" and the long-term portion of $347 and $478 , respectively, is included in "Other non-current liabilities" in the Condensed Consolidated Balance Sheet. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , respectively, is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Net loss $ (58,920 ) $ (72,298 ) $ (79,626 ) $ (88,296 ) Foreign currency translation adjustments (378 ) 1,041 (4,692 ) 626 Change in unrecognized pension and postretirement benefit costs, net of tax 1,837 254 2,859 507 Total comprehensive loss $ (57,461 ) $ (71,003 ) $ (81,459 ) $ (87,163 ) The components of accumulated other comprehensive loss are as follows: June 30, December 31, Foreign currency translation losses $ (14,686 ) $ (9,994 ) Unrecognized pension and postretirement benefit costs, net of tax (32,712 ) (35,571 ) Total accumulated other comprehensive loss $ (47,398 ) $ (45,565 ) Changes in accumulated other comprehensive loss by component for the three months ended June 30, 2015 and 2014 are as follows: Defined Benefit Pension and Postretirement Items Foreign Currency Items Total 2015 2014 2015 2014 2015 2014 Balance as of April 1, $ (34,549 ) $ (13,873 ) $ (14,308 ) $ (5,032 ) $ (48,857 ) $ (18,905 ) Other comprehensive (loss) income before reclassifications — — (378 ) 1,041 (378 ) 1,041 Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 1,837 254 — — 1,837 254 Net current period other comprehensive income (loss) 1,837 254 (378 ) 1,041 1,459 1,295 Balance as of June 30, $ (32,712 ) $ (13,619 ) $ (14,686 ) $ (3,991 ) $ (47,398 ) $ (17,610 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended June 30, 2015 and 2014 , respectively. Changes in accumulated other comprehensive loss by component for the six months ended June 30, 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) income before reclassifications — — (4,692 ) 626 (4,692 ) 626 Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 2,859 507 — — 2,859 507 Net current period other comprehensive income (loss) 2,859 507 (4,692 ) 626 (1,833 ) 1,133 Balance as of June 30, $ (32,712 ) $ (13,619 ) $ (14,686 ) $ (3,991 ) $ (47,398 ) $ (17,610 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the six months periods ended June 30, 2015 and 2014 , respectively. Reclassifications from accumulated other comprehensive loss are as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ (907 ) $ (70 ) $ (1,001 ) $ (141 ) Actuarial loss (b) (930 ) (345 ) (1,858 ) (690 ) Total before tax (1,837 ) (415 ) (2,859 ) (831 ) Tax effect — 161 — 324 Total reclassifications for the period, net of tax $ (1,837 ) $ (254 ) $ (2,859 ) $ (507 ) (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." Prior service cost of $813 for pension curtailment is shown as "Restructuring activity, net" in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six month periods ended June 30, 2015. There was no pension curtailment expense in 2014 (see Note 11 for additional details). |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, 2015 associated with all share-based payment arrangements is $1,663 and the weighted average period over which it is to be expensed is 1.3 years . |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans In conjunction with the restructuring activities in the second quarter of 2015, the Company recorded a pension curtailment of $3,080 , related to the company-sponsored defined benefit plans. Components of the net periodic pension and postretirement benefit cost for the three and six months ended June 30, 2015 and 2014 , respectively, are as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Service cost $ 237 $ 128 $ 474 $ 255 Interest cost 1,795 1,740 3,590 3,480 Expected return on assets (2,317 ) (2,095 ) (4,634 ) (4,190 ) Amortization of prior service cost 94 70 188 141 Amortization of actuarial loss 929 345 1,857 690 Curtailment charge $ 3,080 $ — $ 3,080 $ — Net periodic pension and postretirement benefit cost $ 3,818 $ 188 $ 4,555 $ 376 Contributions paid $ — $ — $ — $ — The Company anticipates making no significant cash contributions to its pension plans in 2015 . |
Restructuring Activity
Restructuring Activity | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activity | Restructuring Activity As part of the Company’s continued efforts to adapt operations to market conditions, additional restructuring activities related to the Company’s organizational structure and operations were announced in the second quarter of 2015. In April 2015, the Company announced organizational changes, which include workforce reductions and the consolidations of up to ten facilities in locations it deemed to have redundant operations. The plan has now been changed to consolidate only seven facilities. The consolidations and organizational changes are part of the Company’s restructuring plan to streamline the organizational structure, lower structural operating costs, and increase liquidity. The Company expects that most of the actions related to the restructuring plan will be completed by the end of the first quarter of 2016. Depending on future market conditions and activity levels, further actions may be necessary to adjust operations, which may result in additional charges in 2015. Restructuring activity is primarily included in the Company's Metals segment. There was not any restructuring activity in the Company's Plastic segment. Restructuring activity associated with the write-down of inventory is included in "Cost of materials" in the Condensed Consolidated Statement of Operations and Comprehensive Loss and all other restructuring is recorded in the "Restructuring activity, net" line item. The Company recorded the following restructuring activity during the three and six months ended June 30, 2015 and 2014 : Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Employee termination and related benefits $ 14,252 $ 870 $ 14,252 $ 870 Moving costs associated with plant consolidations 601 37 $ 601 $ 776 Professional fees 765 — 1,596 — Total $ 15,618 $ 907 $ 16,449 $ 1,646 Employee termination and related benefits In the second quarter of 2015, the Company began a workforce reduction which decreased its headcount by seven percent. The Company plans to eliminate further positions by the first quarter of 2016 as the branch consolidations occur. As a result of the restructuring plan, the Company recorded a charge for severance expense totaling $5,672 . The Company also recorded a pension curtailment charge of $3,080 and an estimated pension withdrawal liability charge of $5,500 from a multi-employer plan. Moving costs associated with plant consolidations As part of the restructuring plan, the Company will consolidate seven facilities. The closing plants will move certain of their operations to the remaining facilities. As a result, the Company recognized $601 of moving costs associated with the closing or moving of certain facilities and inventory in the second quarter of 2015 . Professional fees As of June 30, 2015, the Company incurred $1,596 to date in professional fees associated with the development and implementation of the current restructuring plan. Inventory charge In addition to the matters described above, the Company recorded charges of $22,335 for inventory which was identified to be scrapped or reserved in the second quarter 2015 . Management decided it was more economically feasible to scrap aged material as opposed to expending the time and effort to sell such material in the normal course. The charge includes a provision for small pieces of inventory at closing branches which will not be moved, as well as, provisions for excess inventory levels based on estimates of current and future market demand. The inventory charge is reported in the "Cost of materials" line item in the Condensed Consolidated Statement of Operations and Comprehensive Loss. Restructuring reserve activity for the six months ended June 30, 2015 is summarized below: Period Activity Balance January, 1 2015 Charges (gains) Cash receipts (payments) Write-down of inventory Balance June 30, 2015 Employee termination and related benefits $ — $ 14,252 $ (508 ) $ — $ 13,744 Lease termination costs (a) 636 — (202 ) — 434 Moving costs associated with plant consolidations — 601 (601 ) — — Professional fees — 1,596 (1,596 ) — — Inventory write-down — 22,335 — (22,335 ) — Total $ 636 $ 38,784 $ (2,907 ) $ (22,335 ) $ 14,178 (a) Payments on certain of the lease obligations are scheduled to continue until 2016. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of June 30, 2015 , the short-term portion of the lease termination costs of $388 , and the employee termination and related benefits of 13,744 are included in accrued liabilities and the long-term portion of the lease termination costs of $46 is included in other non-current liabilities in the Consolidated Balance Sheet. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. For the three months ended June 30, 2015 , the Company recorded income tax expense of $1,731 on pre-tax losses of $57,189 , for an effective tax rate of (3.0)% . For the three months ended June 30, 2014 , the Company recorded income tax benefit of $6,097 on pre-tax loss of $78,395 , for an effective tax rate of 7.8% . For the six months ended June 30, 2015 , the Company recorded income tax expense of $906 on pre-tax losses of $78,720 , for an effective tax rate of (1.2)% . For the six months ended June 30, 2014 , the Company recorded income tax benefit of $6,148 on pre-tax loss of $94,444 , for an effective tax rate of 6.5% . The Company's U.S. statutory rate is 35% . The most significant factors impacting the effective tax rate for the three and six months ended June 30, 2015 and 2014 were losses in jurisdictions that the Company is not able to benefit due to uncertainty as to the realization of those losses, and the tax effects of goodwill impairment charges in 2014. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities As of June 30, 2015 , the Company had $5,092 of irrevocable letters of credit outstanding which primarily consisted of $2,000 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and 2014 is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 166,328 $ (49,996 ) $ 713 $ 5,887 Plastics segment 33,375 1,748 521 425 Other (a) — (2,981 ) — — Consolidated $ 199,703 $ (51,229 ) $ 1,234 $ 6,312 2014 Metals segment $ 214,095 $ (70,155 ) $ 1,859 $ 6,103 Plastics segment 35,397 1,667 428 430 Other (a) — (3,403 ) — — Consolidated $ 249,492 $ (71,891 ) $ 2,287 $ 6,533 (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. Segment information for the six months ended June 30, 2015 and 2014 , respectively, is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 354,868 $ (53,000 ) $ 2,550 $ 11,781 Plastics segment 67,063 2,978 745 886 Other (a) — (6,842 ) — — Consolidated $ 421,931 $ (56,864 ) $ 3,295 $ 12,667 2014 Metals segment $ 433,158 $ (76,387 ) $ 3,737 $ 12,159 Plastics segment 69,744 3,174 562 831 Other (a) — (6,000 ) — — Consolidated $ 502,902 $ (79,213 ) $ 4,299 $ 12,990 (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 and six months ended June 30, 2015 and 2014 , respectively,: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Operating loss $ (51,229 ) $ (71,891 ) $ (56,864 ) $ (79,213 ) Interest expense, net (10,374 ) (9,888 ) (20,920 ) (19,840 ) Other expense, net 3,963 1,590 (2,262 ) 908 Loss before income taxes and equity in earnings of joint venture (57,640 ) (80,189 ) (80,046 ) (98,145 ) Equity in earnings of joint venture 451 1,794 1,326 3,701 Consolidated loss before income taxes $ (57,189 ) $ (78,395 ) $ (78,720 ) $ (94,444 ) Segment information for total assets is as follows: June 30, December 31, Metals segment $ 431,013 $ 489,563 Plastics segment 60,452 60,970 Other (a) 38,455 37,443 Consolidated $ 529,920 $ 587,976 (a) “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor Finanical Information
Guarantor Finanical Information | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 1,674 $ 1,222 $ 8,600 $ — $ 11,496 Accounts receivable, less allowance for doubtful accounts 53,682 18,629 42,949 — 115,260 Receivables from affiliates 1,089 113 — (1,202 ) — Inventories 104,572 19,960 78,679 (68 ) 203,143 Prepaid expenses and other current assets 3,888 413 10,712 — 15,013 Total current assets 164,905 40,337 140,940 (1,270 ) 344,912 Investment in joint venture 38,455 — — — 38,455 Goodwill — 12,973 — — 12,973 Intangible assets, net 38,189 — 12,135 — 50,324 Other assets 15,094 — 2,675 (859 ) 16,910 Investment in subsidiaries 57,299 — — (57,299 ) — Receivables from affiliates 133,707 42,079 — (175,786 ) — Property, plant and equipment, net 40,783 11,774 13,789 — 66,346 Total assets $ 488,432 $ 107,163 $ 169,539 $ (235,214 ) $ 529,920 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 36,336 $ 9,391 $ 15,612 $ — $ 61,339 Payables due to affiliates 1,089 — 113 (1,202 ) — Other current liabilities 32,724 2,668 6,088 — 41,480 Current portion of long-term debt 575 — 42 — 617 Total current liabilities 70,724 12,059 21,855 (1,202 ) 103,436 Long-term debt, less current portion 326,036 — 30 — 326,066 Payables due to affiliates — 7,004 168,782 (175,786 ) — Deferred income taxes — 5,524 3,948 (859 ) 8,613 Other non-current liabilities 22,833 — 133 — 22,966 Stockholders’ equity (deficit) 68,839 82,576 (25,209 ) (57,367 ) 68,839 Total liabilities and stockholders’ equity $ 488,432 $ 107,163 $ 169,539 $ (235,214 ) $ 529,920 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 June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 112,785 $ 33,375 $ 56,405 $ (2,862 ) $ 199,703 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 105,590 23,291 46,383 (2,862 ) 172,402 Warehouse, processing and delivery expense 21,319 3,053 6,545 — 30,917 Sales, general and administrative expense 18,053 4,336 3,294 — 25,683 Restructuring activity 15,421 — 197 — 15,618 Depreciation and amortization expense 4,718 564 1,030 — 6,312 Operating (loss) income (52,316 ) 2,131 (1,044 ) — (51,229 ) Interest expense, net (6,360 ) — (4,014 ) — (10,374 ) Other expense, net — — 3,963 — 3,963 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (58,676 ) 2,131 (1,095 ) — (57,640 ) Income taxes (231 ) (810 ) (690 ) — (1,731 ) Equity in losses of subsidiaries (464 ) — — 464 — Equity in earnings of joint venture 451 — — — 451 Net (loss) income $ (58,920 ) $ 1,321 $ (1,785 ) $ 464 $ (58,920 ) Comprehensive (loss) income $ (57,461 ) $ 1,321 $ (2,163 ) $ 842 $ (57,461 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 153,251 $ 35,397 $ 63,503 $ (2,659 ) $ 249,492 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 116,974 25,255 51,995 (2,659 ) 191,565 Warehouse, processing and delivery expense 26,789 2,889 7,069 — 36,747 Sales, general and administrative expense 19,436 4,633 5,402 — 29,471 Restructuring activity 733 — 174 — 907 Depreciation and amortization expense 4,934 561 1,038 — 6,533 Impairment of goodwill 41,308 — 14,852 — 56,160 Operating (loss) income (56,923 ) 2,059 (17,027 ) — (71,891 ) Interest expense, net (6,294 ) — (3,594 ) — (9,888 ) Other expense, net — — 1,590 — 1,590 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (63,217 ) 2,059 (19,031 ) — (80,189 ) Income taxes 2,452 (782 ) 4,427 — 6,097 Equity in losses of subsidiaries (13,327 ) — — 13,327 — Equity in earnings of joint venture 1,794 — — — 1,794 Net (loss) income $ (72,298 ) $ 1,277 $ (14,604 ) $ 13,327 $ (72,298 ) Comprehensive (loss) income $ (71,003 ) $ 1,277 $ (13,563 ) $ 12,286 $ (71,003 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Six Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 245,235 $ 67,063 $ 115,405 $ (5,772 ) $ 421,931 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 205,383 47,281 93,621 (5,772 ) 340,513 Warehouse, processing and delivery expense 38,861 5,971 13,116 — 57,948 Sales, general and administrative expense 35,395 8,903 6,920 — 51,218 Restructuring activity 16,252 — 197 — 16,449 Depreciation and amortization expense 9,461 1,163 2,043 — 12,667 Operating (loss) income (60,117 ) 3,745 (492 ) — (56,864 ) Interest expense, net (12,773 ) — (8,147 ) — (20,920 ) Other expense, net — — (2,262 ) — (2,262 ) (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (72,890 ) 3,745 (10,901 ) — (80,046 ) Income taxes 216 (1,423 ) 301 — (906 ) Equity in losses of subsidiaries (8,278 ) — — 8,278 — Equity in earnings of joint venture 1,326 — — — 1,326 Net (loss) income $ (79,626 ) $ 2,322 $ (10,600 ) $ 8,278 $ (79,626 ) Comprehensive (loss) income $ (81,459 ) $ 2,322 $ (15,292 ) $ 12,970 $ (81,459 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Six Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 317,457 $ 69,744 $ 123,469 $ (7,768 ) $ 502,902 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 238,886 49,360 99,618 (7,768 ) 380,096 Warehouse, processing and delivery expense 52,792 5,871 13,465 — 72,128 Sales, general and administrative expense 39,397 9,462 10,236 — 59,095 Restructuring activity 1,472 — 174 — 1,646 Depreciation and amortization expense 9,824 1,093 2,073 — 12,990 Impairment of goodwill 41,308 — 14,852 — 56,160 Operating (loss) income (66,222 ) 3,958 (16,949 ) — (79,213 ) Interest expense, net (12,460 ) — (7,380 ) — (19,840 ) Other expense, net — — 908 — 908 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (78,682 ) 3,958 (23,421 ) — (98,145 ) Income taxes 5,026 (1,162 ) 2,284 — 6,148 Equity in losses of subsidiaries (18,341 ) — — 18,341 — Equity in earnings of joint venture 3,701 — — — 3,701 Net (loss) income $ (88,296 ) $ 2,796 $ (21,137 ) $ 18,341 $ (88,296 ) Comprehensive (loss) income $ (87,163 ) $ 2,796 $ (20,511 ) $ 17,715 $ (87,163 ) Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (79,626 ) $ 2,322 $ (10,600 ) $ 8,278 $ (79,626 ) Equity in losses of subsidiaries 8,278 — — (8,278 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 70,924 2,725 (9,097 ) — 64,552 Net cash from (used in) operating activities (424 ) 5,047 (19,697 ) — (15,074 ) Investing activities: Capital expenditures (1,460 ) (753 ) (1,082 ) — (3,295 ) Proceeds from sale of property, plant and equipment 7,641 — 3 — 7,644 Net advances to subsidiaries (20,519 ) — — 20,519 — Net cash used in investing activities (14,338 ) (753 ) (1,079 ) 20,519 4,349 Financing activities: Proceeds from long-term debt 464,700 — — — 464,700 Repayments of long-term debt (448,775 ) — (2,020 ) — (450,795 ) Net intercompany (repayments) borrowings — (4,049 ) 24,568 (20,519 ) — Net cash from (used in) financing activities 15,925 (4,049 ) 22,548 (20,519 ) 13,905 Effect of exchange rate changes on cash and cash equivalents — — (138 ) — (138 ) Net change in cash and cash equivalents 1,163 245 1,634 — 3,042 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of period $ 1,674 $ 1,222 $ 8,600 $ — $ 11,496 Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (88,296 ) $ 2,796 $ (21,137 ) $ 18,341 $ (88,296 ) Equity in losses of subsidiaries 18,341 — — (18,341 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 54,603 (2,381 ) 3,555 — 55,777 Net cash (used in) from operating activities (15,352 ) 415 (17,582 ) — (32,519 ) Investing activities: Capital expenditures (2,364 ) (585 ) (1,350 ) — (4,299 ) Proceeds from sale of property, plant and equipment 51 — 52 — 103 Net cash used in investing activities (2,313 ) (585 ) (1,298 ) — (4,196 ) Financing activities: Proceeds from long-term debt 78,450 — 1,000 — 79,450 Repayments of long-term debt (55,785 ) — (1,013 ) — (56,798 ) Net intercompany (repayments) borrowings (9,869 ) 912 8,957 — — Other financing activities 193 — — — 193 Net cash from financing activities 12,989 912 8,944 — 22,845 Effect of exchange rate changes on cash and cash equivalents — — 117 — 117 Net change in cash and cash equivalents (4,676 ) 742 (9,819 ) — (13,753 ) Cash and cash equivalents - beginning of year 8,675 495 21,659 — 30,829 Cash and cash equivalents - end of period $ 3,999 $ 1,237 $ 11,840 $ — $ 17,076 |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 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. 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement," which provides guidance on a customer's accounting for cloud computing costs. The ASU is effective for annual reporting periods beginning after December 15, 2015. The Company is currently reviewing the guidance and assessing the potential impact on its financial statements. 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, 2017, 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) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , respectively: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net loss $ (58,920 ) $ (72,298 ) $ (79,626 ) $ (88,296 ) Denominator: Denominator for basic loss per share: Weighted average common shares outstanding 23,560 23,351 23,511 23,337 Effect of dilutive securities: Outstanding common stock equivalents — — — — Denominator for diluted earnings per share 23,560 23,351 23,511 23,337 Basic loss per share $ (2.50 ) $ (3.10 ) $ (3.39 ) $ (3.78 ) Diluted loss per share $ (2.50 ) $ (3.10 ) $ (3.39 ) $ (3.78 ) Excluded outstanding share-based awards having an anti-dilutive effect 368 630 368 630 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — 1,024 — 1,332 |
Joint Venture - (Tables)
Joint Venture - (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , respectively: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Net sales $ 41,014 $ 62,608 $ 93,620 $ 127,859 Cost of materials 35,045 52,100 79,395 106,403 Income before taxes 760 4,639 2,750 9,443 Net income 902 3,588 2,652 7,402 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in carrying amounts of goodwill | The changes in carrying amounts of goodwill during the six months ended June 30, 2015 were as follows: Metals Segment Plastics Segment Total 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 June 30, 2015 Goodwill 116,377 12,973 129,350 Accumulated impairment losses (116,377 ) — (116,377 ) Balance as of June 30, 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: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 115,193 $ 69,628 $ 116,268 $ 64,922 Trade name 7,747 2,988 7,864 2,655 Total $ 122,940 $ 72,616 $ 124,132 $ 67,577 |
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 $ 10,688 2016 10,688 2017 8,665 2018 4,548 2019 4,548 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Long-term debt consisted of the following: June 30, December 31, 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 73,500 59,200 Other, primarily capital leases 859 1,257 Total long-term debt 341,859 327,957 Less: unamortized discount (15,176 ) (17,843 ) Less: current portion (617 ) (737 ) Total long-term portion 326,066 309,377 TOTAL DEBT $ 326,683 $ 310,114 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 were as follows: Company's stock price at the end of the period $ 6.17 Expected volatility 49.8 % Credit spreads 21.65 % Risk-free interest rate 0.81 % |
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 June 30, 2015 Derivative liability for commodity hedges $ — $ 1,442 $ — $ 1,442 As of December 31, 2014 Derivative liability for commodity hedges $ — $ 1,615 $ — $ 1,615 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 , respectively, is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Net loss $ (58,920 ) $ (72,298 ) $ (79,626 ) $ (88,296 ) Foreign currency translation adjustments (378 ) 1,041 (4,692 ) 626 Change in unrecognized pension and postretirement benefit costs, net of tax 1,837 254 2,859 507 Total comprehensive loss $ (57,461 ) $ (71,003 ) $ (81,459 ) $ (87,163 ) |
Components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows: June 30, December 31, Foreign currency translation losses $ (14,686 ) $ (9,994 ) Unrecognized pension and postretirement benefit costs, net of tax (32,712 ) (35,571 ) Total accumulated other comprehensive loss $ (47,398 ) $ (45,565 ) |
Schedule of Change In Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component for the three months ended June 30, 2015 and 2014 are as follows: Defined Benefit Pension and Postretirement Items Foreign Currency Items Total 2015 2014 2015 2014 2015 2014 Balance as of April 1, $ (34,549 ) $ (13,873 ) $ (14,308 ) $ (5,032 ) $ (48,857 ) $ (18,905 ) Other comprehensive (loss) income before reclassifications — — (378 ) 1,041 (378 ) 1,041 Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 1,837 254 — — 1,837 254 Net current period other comprehensive income (loss) 1,837 254 (378 ) 1,041 1,459 1,295 Balance as of June 30, $ (32,712 ) $ (13,619 ) $ (14,686 ) $ (3,991 ) $ (47,398 ) $ (17,610 ) Changes in accumulated other comprehensive loss by component for the six months ended June 30, 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) income before reclassifications — — (4,692 ) 626 (4,692 ) 626 Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 2,859 507 — — 2,859 507 Net current period other comprehensive income (loss) 2,859 507 (4,692 ) 626 (1,833 ) 1,133 Balance as of June 30, $ (32,712 ) $ (13,619 ) $ (14,686 ) $ (3,991 ) $ (47,398 ) $ (17,610 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the six months periods ended June 30, 2015 and 2014 , respectively. |
Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss are as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ (907 ) $ (70 ) $ (1,001 ) $ (141 ) Actuarial loss (b) (930 ) (345 ) (1,858 ) (690 ) Total before tax (1,837 ) (415 ) (2,859 ) (831 ) Tax effect — 161 — 324 Total reclassifications for the period, net of tax $ (1,837 ) $ (254 ) $ (2,859 ) $ (507 ) (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." Prior service cost of $813 for pension curtailment is shown as "Restructuring activity, net" in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six month periods ended June 30, 2015. There was no pension curtailment expense in 2014 (see Note 11 for additional details). |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | Components of the net periodic pension and postretirement benefit cost for the three and six months ended June 30, 2015 and 2014 , respectively, are as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Service cost $ 237 $ 128 $ 474 $ 255 Interest cost 1,795 1,740 3,590 3,480 Expected return on assets (2,317 ) (2,095 ) (4,634 ) (4,190 ) Amortization of prior service cost 94 70 188 141 Amortization of actuarial loss 929 345 1,857 690 Curtailment charge $ 3,080 $ — $ 3,080 $ — Net periodic pension and postretirement benefit cost $ 3,818 $ 188 $ 4,555 $ 376 Contributions paid $ — $ — $ — $ — |
Restructuring Activity (Tables)
Restructuring Activity (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ||
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Six Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 245,235 $ 67,063 $ 115,405 $ (5,772 ) $ 421,931 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 205,383 47,281 93,621 (5,772 ) 340,513 Warehouse, processing and delivery expense 38,861 5,971 13,116 — 57,948 Sales, general and administrative expense 35,395 8,903 6,920 — 51,218 Restructuring activity 16,252 — 197 — 16,449 Depreciation and amortization expense 9,461 1,163 2,043 — 12,667 Operating (loss) income (60,117 ) 3,745 (492 ) — (56,864 ) Interest expense, net (12,773 ) — (8,147 ) — (20,920 ) Other expense, net — — (2,262 ) — (2,262 ) (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (72,890 ) 3,745 (10,901 ) — (80,046 ) Income taxes 216 (1,423 ) 301 — (906 ) Equity in losses of subsidiaries (8,278 ) — — 8,278 — Equity in earnings of joint venture 1,326 — — — 1,326 Net (loss) income $ (79,626 ) $ 2,322 $ (10,600 ) $ 8,278 $ (79,626 ) Comprehensive (loss) income $ (81,459 ) $ 2,322 $ (15,292 ) $ 12,970 $ (81,459 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 112,785 $ 33,375 $ 56,405 $ (2,862 ) $ 199,703 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 105,590 23,291 46,383 (2,862 ) 172,402 Warehouse, processing and delivery expense 21,319 3,053 6,545 — 30,917 Sales, general and administrative expense 18,053 4,336 3,294 — 25,683 Restructuring activity 15,421 — 197 — 15,618 Depreciation and amortization expense 4,718 564 1,030 — 6,312 Operating (loss) income (52,316 ) 2,131 (1,044 ) — (51,229 ) Interest expense, net (6,360 ) — (4,014 ) — (10,374 ) Other expense, net — — 3,963 — 3,963 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (58,676 ) 2,131 (1,095 ) — (57,640 ) Income taxes (231 ) (810 ) (690 ) — (1,731 ) Equity in losses of subsidiaries (464 ) — — 464 — Equity in earnings of joint venture 451 — — — 451 Net (loss) income $ (58,920 ) $ 1,321 $ (1,785 ) $ 464 $ (58,920 ) Comprehensive (loss) income $ (57,461 ) $ 1,321 $ (2,163 ) $ 842 $ (57,461 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 153,251 $ 35,397 $ 63,503 $ (2,659 ) $ 249,492 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 116,974 25,255 51,995 (2,659 ) 191,565 Warehouse, processing and delivery expense 26,789 2,889 7,069 — 36,747 Sales, general and administrative expense 19,436 4,633 5,402 — 29,471 Restructuring activity 733 — 174 — 907 Depreciation and amortization expense 4,934 561 1,038 — 6,533 Impairment of goodwill 41,308 — 14,852 — 56,160 Operating (loss) income (56,923 ) 2,059 (17,027 ) — (71,891 ) Interest expense, net (6,294 ) — (3,594 ) — (9,888 ) Other expense, net — — 1,590 — 1,590 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (63,217 ) 2,059 (19,031 ) — (80,189 ) Income taxes 2,452 (782 ) 4,427 — 6,097 Equity in losses of subsidiaries (13,327 ) — — 13,327 — Equity in earnings of joint venture 1,794 — — — 1,794 Net (loss) income $ (72,298 ) $ 1,277 $ (14,604 ) $ 13,327 $ (72,298 ) Comprehensive (loss) income $ (71,003 ) $ 1,277 $ (13,563 ) $ 12,286 $ (71,003 ) | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Six Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 317,457 $ 69,744 $ 123,469 $ (7,768 ) $ 502,902 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 238,886 49,360 99,618 (7,768 ) 380,096 Warehouse, processing and delivery expense 52,792 5,871 13,465 — 72,128 Sales, general and administrative expense 39,397 9,462 10,236 — 59,095 Restructuring activity 1,472 — 174 — 1,646 Depreciation and amortization expense 9,824 1,093 2,073 — 12,990 Impairment of goodwill 41,308 — 14,852 — 56,160 Operating (loss) income (66,222 ) 3,958 (16,949 ) — (79,213 ) Interest expense, net (12,460 ) — (7,380 ) — (19,840 ) Other expense, net — — 908 — 908 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (78,682 ) 3,958 (23,421 ) — (98,145 ) Income taxes 5,026 (1,162 ) 2,284 — 6,148 Equity in losses of subsidiaries (18,341 ) — — 18,341 — Equity in earnings of joint venture 3,701 — — — 3,701 Net (loss) income $ (88,296 ) $ 2,796 $ (21,137 ) $ 18,341 $ (88,296 ) Comprehensive (loss) income $ (87,163 ) $ 2,796 $ (20,511 ) $ 17,715 $ (87,163 ) |
Schedule of Restructuring Reserve by Type of Cost (Gain)[Table Text Block] | Restructuring reserve activity for the six months ended June 30, 2015 is summarized below: Period Activity Balance January, 1 2015 Charges (gains) Cash receipts (payments) Write-down of inventory Balance June 30, 2015 Employee termination and related benefits $ — $ 14,252 $ (508 ) $ — $ 13,744 Lease termination costs (a) 636 — (202 ) — 434 Moving costs associated with plant consolidations — 601 (601 ) — — Professional fees — 1,596 (1,596 ) — — Inventory write-down — 22,335 — (22,335 ) — Total $ 636 $ 38,784 $ (2,907 ) $ (22,335 ) $ 14,178 (a) Payments on certain of the lease obligations are scheduled to continue until 2016. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of June 30, 2015 , the short-term portion of the lease termination costs of $388 , and the employee termination and related benefits of 13,744 are included in accrued liabilities and the long-term portion of the lease termination costs of $46 is included in other non-current liabilities in the Consolidated Balance Sheet. | |
Schedule of Restructuring and Related Costs (Gains) | The Company recorded the following restructuring activity during the three and six months ended June 30, 2015 and 2014 : Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Employee termination and related benefits $ 14,252 $ 870 $ 14,252 $ 870 Moving costs associated with plant consolidations 601 37 $ 601 $ 776 Professional fees 765 — 1,596 — Total $ 15,618 $ 907 $ 16,449 $ 1,646 |
Segment Reporting - (Tables)
Segment Reporting - (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for the three months ended June 30, 2015 and 2014 is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 166,328 $ (49,996 ) $ 713 $ 5,887 Plastics segment 33,375 1,748 521 425 Other (a) — (2,981 ) — — Consolidated $ 199,703 $ (51,229 ) $ 1,234 $ 6,312 2014 Metals segment $ 214,095 $ (70,155 ) $ 1,859 $ 6,103 Plastics segment 35,397 1,667 428 430 Other (a) — (3,403 ) — — Consolidated $ 249,492 $ (71,891 ) $ 2,287 $ 6,533 (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. Segment information for the six months ended June 30, 2015 and 2014 , respectively, is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 354,868 $ (53,000 ) $ 2,550 $ 11,781 Plastics segment 67,063 2,978 745 886 Other (a) — (6,842 ) — — Consolidated $ 421,931 $ (56,864 ) $ 3,295 $ 12,667 2014 Metals segment $ 433,158 $ (76,387 ) $ 3,737 $ 12,159 Plastics segment 69,744 3,174 562 831 Other (a) — (6,000 ) — — Consolidated $ 502,902 $ (79,213 ) $ 4,299 $ 12,990 (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 and six months ended June 30, 2015 and 2014 , respectively,: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Operating loss $ (51,229 ) $ (71,891 ) $ (56,864 ) $ (79,213 ) Interest expense, net (10,374 ) (9,888 ) (20,920 ) (19,840 ) Other expense, net 3,963 1,590 (2,262 ) 908 Loss before income taxes and equity in earnings of joint venture (57,640 ) (80,189 ) (80,046 ) (98,145 ) Equity in earnings of joint venture 451 1,794 1,326 3,701 Consolidated loss before income taxes $ (57,189 ) $ (78,395 ) $ (78,720 ) $ (94,444 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment information for total assets is as follows: June 30, December 31, Metals segment $ 431,013 $ 489,563 Plastics segment 60,452 60,970 Other (a) 38,455 37,443 Consolidated $ 529,920 $ 587,976 (a) “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor Finanical Informati32
Guarantor Finanical Information (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Guarantees [Abstract] | ||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheet As of June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 1,674 $ 1,222 $ 8,600 $ — $ 11,496 Accounts receivable, less allowance for doubtful accounts 53,682 18,629 42,949 — 115,260 Receivables from affiliates 1,089 113 — (1,202 ) — Inventories 104,572 19,960 78,679 (68 ) 203,143 Prepaid expenses and other current assets 3,888 413 10,712 — 15,013 Total current assets 164,905 40,337 140,940 (1,270 ) 344,912 Investment in joint venture 38,455 — — — 38,455 Goodwill — 12,973 — — 12,973 Intangible assets, net 38,189 — 12,135 — 50,324 Other assets 15,094 — 2,675 (859 ) 16,910 Investment in subsidiaries 57,299 — — (57,299 ) — Receivables from affiliates 133,707 42,079 — (175,786 ) — Property, plant and equipment, net 40,783 11,774 13,789 — 66,346 Total assets $ 488,432 $ 107,163 $ 169,539 $ (235,214 ) $ 529,920 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 36,336 $ 9,391 $ 15,612 $ — $ 61,339 Payables due to affiliates 1,089 — 113 (1,202 ) — Other current liabilities 32,724 2,668 6,088 — 41,480 Current portion of long-term debt 575 — 42 — 617 Total current liabilities 70,724 12,059 21,855 (1,202 ) 103,436 Long-term debt, less current portion 326,036 — 30 — 326,066 Payables due to affiliates — 7,004 168,782 (175,786 ) — Deferred income taxes — 5,524 3,948 (859 ) 8,613 Other non-current liabilities 22,833 — 133 — 22,966 Stockholders’ equity (deficit) 68,839 82,576 (25,209 ) (57,367 ) 68,839 Total liabilities and stockholders’ equity $ 488,432 $ 107,163 $ 169,539 $ (235,214 ) $ 529,920 Condensed Consolidating Balance Sheet As of June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 1,674 $ 1,222 $ 8,600 $ — $ 11,496 Accounts receivable, less allowance for doubtful accounts 53,682 18,629 42,949 — 115,260 Receivables from affiliates 1,089 113 — (1,202 ) — Inventories 104,572 19,960 78,679 (68 ) 203,143 Prepaid expenses and other current assets 3,888 413 10,712 — 15,013 Total current assets 164,905 40,337 140,940 (1,270 ) 344,912 Investment in joint venture 38,455 — — — 38,455 Goodwill — 12,973 — — 12,973 Intangible assets, net 38,189 — 12,135 — 50,324 Other assets 15,094 — 2,675 (859 ) 16,910 Investment in subsidiaries 57,299 — — (57,299 ) — Receivables from affiliates 133,707 42,079 — (175,786 ) — Property, plant and equipment, net 40,783 11,774 13,789 — 66,346 Total assets $ 488,432 $ 107,163 $ 169,539 $ (235,214 ) $ 529,920 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 36,336 $ 9,391 $ 15,612 $ — $ 61,339 Payables due to affiliates 1,089 — 113 (1,202 ) — Other current liabilities 32,724 2,668 6,088 — 41,480 Current portion of long-term debt 575 — 42 — 617 Total current liabilities 70,724 12,059 21,855 (1,202 ) 103,436 Long-term debt, less current portion 326,036 — 30 — 326,066 Payables due to affiliates — 7,004 168,782 (175,786 ) — Deferred income taxes — 5,524 3,948 (859 ) 8,613 Other non-current liabilities 22,833 — 133 — 22,966 Stockholders’ equity (deficit) 68,839 82,576 (25,209 ) (57,367 ) 68,839 Total liabilities and stockholders’ equity $ 488,432 $ 107,163 $ 169,539 $ (235,214 ) $ 529,920 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 Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Six Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 245,235 $ 67,063 $ 115,405 $ (5,772 ) $ 421,931 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 205,383 47,281 93,621 (5,772 ) 340,513 Warehouse, processing and delivery expense 38,861 5,971 13,116 — 57,948 Sales, general and administrative expense 35,395 8,903 6,920 — 51,218 Restructuring activity 16,252 — 197 — 16,449 Depreciation and amortization expense 9,461 1,163 2,043 — 12,667 Operating (loss) income (60,117 ) 3,745 (492 ) — (56,864 ) Interest expense, net (12,773 ) — (8,147 ) — (20,920 ) Other expense, net — — (2,262 ) — (2,262 ) (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (72,890 ) 3,745 (10,901 ) — (80,046 ) Income taxes 216 (1,423 ) 301 — (906 ) Equity in losses of subsidiaries (8,278 ) — — 8,278 — Equity in earnings of joint venture 1,326 — — — 1,326 Net (loss) income $ (79,626 ) $ 2,322 $ (10,600 ) $ 8,278 $ (79,626 ) Comprehensive (loss) income $ (81,459 ) $ 2,322 $ (15,292 ) $ 12,970 $ (81,459 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 112,785 $ 33,375 $ 56,405 $ (2,862 ) $ 199,703 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 105,590 23,291 46,383 (2,862 ) 172,402 Warehouse, processing and delivery expense 21,319 3,053 6,545 — 30,917 Sales, general and administrative expense 18,053 4,336 3,294 — 25,683 Restructuring activity 15,421 — 197 — 15,618 Depreciation and amortization expense 4,718 564 1,030 — 6,312 Operating (loss) income (52,316 ) 2,131 (1,044 ) — (51,229 ) Interest expense, net (6,360 ) — (4,014 ) — (10,374 ) Other expense, net — — 3,963 — 3,963 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (58,676 ) 2,131 (1,095 ) — (57,640 ) Income taxes (231 ) (810 ) (690 ) — (1,731 ) Equity in losses of subsidiaries (464 ) — — 464 — Equity in earnings of joint venture 451 — — — 451 Net (loss) income $ (58,920 ) $ 1,321 $ (1,785 ) $ 464 $ (58,920 ) Comprehensive (loss) income $ (57,461 ) $ 1,321 $ (2,163 ) $ 842 $ (57,461 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 153,251 $ 35,397 $ 63,503 $ (2,659 ) $ 249,492 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 116,974 25,255 51,995 (2,659 ) 191,565 Warehouse, processing and delivery expense 26,789 2,889 7,069 — 36,747 Sales, general and administrative expense 19,436 4,633 5,402 — 29,471 Restructuring activity 733 — 174 — 907 Depreciation and amortization expense 4,934 561 1,038 — 6,533 Impairment of goodwill 41,308 — 14,852 — 56,160 Operating (loss) income (56,923 ) 2,059 (17,027 ) — (71,891 ) Interest expense, net (6,294 ) — (3,594 ) — (9,888 ) Other expense, net — — 1,590 — 1,590 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (63,217 ) 2,059 (19,031 ) — (80,189 ) Income taxes 2,452 (782 ) 4,427 — 6,097 Equity in losses of subsidiaries (13,327 ) — — 13,327 — Equity in earnings of joint venture 1,794 — — — 1,794 Net (loss) income $ (72,298 ) $ 1,277 $ (14,604 ) $ 13,327 $ (72,298 ) Comprehensive (loss) income $ (71,003 ) $ 1,277 $ (13,563 ) $ 12,286 $ (71,003 ) | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Six Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 317,457 $ 69,744 $ 123,469 $ (7,768 ) $ 502,902 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 238,886 49,360 99,618 (7,768 ) 380,096 Warehouse, processing and delivery expense 52,792 5,871 13,465 — 72,128 Sales, general and administrative expense 39,397 9,462 10,236 — 59,095 Restructuring activity 1,472 — 174 — 1,646 Depreciation and amortization expense 9,824 1,093 2,073 — 12,990 Impairment of goodwill 41,308 — 14,852 — 56,160 Operating (loss) income (66,222 ) 3,958 (16,949 ) — (79,213 ) Interest expense, net (12,460 ) — (7,380 ) — (19,840 ) Other expense, net — — 908 — 908 (Loss) income before income taxes and equity in earnings of subsidiaries and joint venture (78,682 ) 3,958 (23,421 ) — (98,145 ) Income taxes 5,026 (1,162 ) 2,284 — 6,148 Equity in losses of subsidiaries (18,341 ) — — 18,341 — Equity in earnings of joint venture 3,701 — — — 3,701 Net (loss) income $ (88,296 ) $ 2,796 $ (21,137 ) $ 18,341 $ (88,296 ) Comprehensive (loss) income $ (87,163 ) $ 2,796 $ (20,511 ) $ 17,715 $ (87,163 ) |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (79,626 ) $ 2,322 $ (10,600 ) $ 8,278 $ (79,626 ) Equity in losses of subsidiaries 8,278 — — (8,278 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 70,924 2,725 (9,097 ) — 64,552 Net cash from (used in) operating activities (424 ) 5,047 (19,697 ) — (15,074 ) Investing activities: Capital expenditures (1,460 ) (753 ) (1,082 ) — (3,295 ) Proceeds from sale of property, plant and equipment 7,641 — 3 — 7,644 Net advances to subsidiaries (20,519 ) — — 20,519 — Net cash used in investing activities (14,338 ) (753 ) (1,079 ) 20,519 4,349 Financing activities: Proceeds from long-term debt 464,700 — — — 464,700 Repayments of long-term debt (448,775 ) — (2,020 ) — (450,795 ) Net intercompany (repayments) borrowings — (4,049 ) 24,568 (20,519 ) — Net cash from (used in) financing activities 15,925 (4,049 ) 22,548 (20,519 ) 13,905 Effect of exchange rate changes on cash and cash equivalents — — (138 ) — (138 ) Net change in cash and cash equivalents 1,163 245 1,634 — 3,042 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of period $ 1,674 $ 1,222 $ 8,600 $ — $ 11,496 | Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (79,626 ) $ 2,322 $ (10,600 ) $ 8,278 $ (79,626 ) Equity in losses of subsidiaries 8,278 — — (8,278 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 70,924 2,725 (9,097 ) — 64,552 Net cash from (used in) operating activities (424 ) 5,047 (19,697 ) — (15,074 ) Investing activities: Capital expenditures (1,460 ) (753 ) (1,082 ) — (3,295 ) Proceeds from sale of property, plant and equipment 7,641 — 3 — 7,644 Net advances to subsidiaries (20,519 ) — — 20,519 — Net cash used in investing activities (14,338 ) (753 ) (1,079 ) 20,519 4,349 Financing activities: Proceeds from long-term debt 464,700 — — — 464,700 Repayments of long-term debt (448,775 ) — (2,020 ) — (450,795 ) Net intercompany (repayments) borrowings — (4,049 ) 24,568 (20,519 ) — Net cash from (used in) financing activities 15,925 (4,049 ) 22,548 (20,519 ) 13,905 Effect of exchange rate changes on cash and cash equivalents — — (138 ) — (138 ) Net change in cash and cash equivalents 1,163 245 1,634 — 3,042 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of period $ 1,674 $ 1,222 $ 8,600 $ — $ 11,496 Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (88,296 ) $ 2,796 $ (21,137 ) $ 18,341 $ (88,296 ) Equity in losses of subsidiaries 18,341 — — (18,341 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 54,603 (2,381 ) 3,555 — 55,777 Net cash (used in) from operating activities (15,352 ) 415 (17,582 ) — (32,519 ) Investing activities: Capital expenditures (2,364 ) (585 ) (1,350 ) — (4,299 ) Proceeds from sale of property, plant and equipment 51 — 52 — 103 Net cash used in investing activities (2,313 ) (585 ) (1,298 ) — (4,196 ) Financing activities: Proceeds from long-term debt 78,450 — 1,000 — 79,450 Repayments of long-term debt (55,785 ) — (1,013 ) — (56,798 ) Net intercompany (repayments) borrowings (9,869 ) 912 8,957 — — Other financing activities 193 — — — 193 Net cash from financing activities 12,989 912 8,944 — 22,845 Effect of exchange rate changes on cash and cash equivalents — — 117 — 117 Net change in cash and cash equivalents (4,676 ) 742 (9,819 ) — (13,753 ) Cash and cash equivalents - beginning of year 8,675 495 21,659 — 30,829 Cash and cash equivalents - end of period $ 3,999 $ 1,237 $ 11,840 $ — $ 17,076 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net loss | $ (58,920) | $ (72,298) | $ (79,626) | $ (88,296) |
Denominator: | ||||
Weighted average common shares outstanding | 23,560 | 23,351 | 23,511 | 23,337 |
Effect of dilutive securities: | ||||
Outstanding common stock equivalents | 0 | 0 | 0 | 0 |
Denominator for diluted earnings per share | 23,560 | 23,351 | 23,511 | 23,337 |
Basic loss per share | $ (2.50) | $ (3.10) | $ (3.39) | $ (3.78) |
Diluted loss per share | $ (2.50) | $ (3.10) | $ (3.39) | $ (3.78) |
Excluded outstanding share-based awards having an anti-dilutive effect | 368 | 630 | 368 | 630 |
Convertible Debt Securities | ||||
Effect of dilutive securities: | ||||
Excluded outstanding share-based awards having an anti-dilutive effect | 0 | 1,024 | 0 | 1,332 |
Earnings Per Share - Dilutive (
Earnings Per Share - Dilutive (Details) - Jun. 30, 2015 - Convertible Debt Securities - $ / shares shares in Thousands | Total |
Dilutive Earnings Per Share [Line Items] | |
Debt Instrument, Convertible, Conversion Price | $ 10.28 |
Outstanding common stock equivalents | 5,600 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Percentage of Company Inventory Valued At The Lower Of LIFO Cost Or Market | 77.00% | |
Excess of Replacement or Current Costs over Stated LIFO Value | $ 127,569 | $ 129,779 |
Joint Venture - Related Party A
Joint Venture - Related Party Activity (Details) | Jun. 30, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint venture ownership percentage | 50.00% |
Joint Venture - Operating Resul
Joint Venture - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 199,703 | $ 249,492 | $ 421,931 | $ 502,902 |
Cost of materials | 172,402 | 191,565 | 340,513 | 380,096 |
Income (loss) before taxes | (57,189) | (78,395) | (78,720) | (94,444) |
Net (Loss) Income | (58,920) | (72,298) | (79,626) | (88,296) |
Joint venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 41,014 | 62,608 | 93,620 | 127,859 |
Cost of materials | 35,045 | 52,100 | 79,395 | 106,403 |
Income (loss) before taxes | 760 | 4,639 | 2,750 | 9,443 |
Net (Loss) Income | $ 902 | $ 3,588 | $ 2,652 | $ 7,402 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Changes in carrying amounts of goodwill | |||||
Beginning Goodwill Gross | $ 129,350 | ||||
Accumulated impairment losses | (116,377) | ||||
Goodwill Net Beginning Balance | 12,973 | ||||
Goodwill, Impairment Loss | $ 0 | $ (56,160) | 0 | $ (56,160) | |
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 | ||||
Accumulated impairment losses | (116,377) | ||||
Goodwill Net Beginning Balance | 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 | ||||
Goodwill Net Beginning Balance | 12,973 | ||||
Goodwill, Impairment Loss | 0 | ||||
Ending Goodwill Gross | 12,973 | 12,973 | 12,973 | ||
Goodwill Net Ending Balance | $ 12,973 | $ 12,973 | $ 12,973 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets Intangibles (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 122,940 | $ 124,132 |
Accumulated Amortization | 72,616 | 67,577 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 115,193 | 116,268 |
Accumulated Amortization | 69,628 | 64,922 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,747 | 7,864 |
Accumulated Amortization | $ 2,988 | $ 2,655 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets Amortization (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Aggregate Amortization Expense [Abstract] | ||
Amortization expense | $ 5,346 | $ 5,837 |
Summary of the estimated annual amortization expense | ||
2,015 | 10,688 | |
2,016 | 10,688 | |
2,017 | 8,665 | |
2,018 | 4,548 | |
2,019 | $ 4,548 |
Debt Short-term and Long-term D
Debt Short-term and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 210,000 | $ 210,000 |
Convertible Debt | 57,500 | 57,500 |
Line of Credit Facility, Amount Outstanding | 73,500 | 59,200 |
Other Long-term Debt | 859 | 1,257 |
Long-term Debt, Gross | 341,859 | 327,957 |
Long-term Debt, Unclassified [Abstract] | ||
Less: unamortized discount | (15,176) | (17,843) |
Less: current portion | (617) | (737) |
Total long-term portion | 326,066 | 309,377 |
Long-term Debt | $ 326,683 | $ 310,114 |
Debt Secured Notes (Details)
Debt Secured Notes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 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 | Dec. 15, 2016 | |
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 ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 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 | Dec. 15, 2017 | |
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 Agreement
Debt Revolving Credit Agreement (Details) - Revolving Credit Facility [Member] $ in Thousands | Nov. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | $ 125,000 | ||
Line of Credit, Terms, Provision to Increase the Aggregate Amount of Commitments Under Certain Conditions, Amount | $ 25,000 | |||
Debt Instrument, Maturity Date | Dec. 15, 2015 | Dec. 10, 2019 | ||
Weighted average interest rate for borrowings | 2.74% | 2.74% | ||
Line of Credit Facility, Borrowing Capacity excluding minimum excess availability, springing covenant | $ 101,147 | $ 101,147 | ||
Excess availability, revolving credit facility | $ 27,647 | $ 27,647 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Ratio of EBITDA to fixed charges, springing covenant | 1.1 | 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 | $ 15,625 | ||
Excess availability, lower bound before fixed charge coverage maintenance required | $ 12,500 | $ 12,500 | ||
Excess availability percentage of borrowing base, lower bound before lender full dominion over collections | 12.50% |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Senior Notes, Fair Value Disclosure | $ 202,253 | $ 202,253 | |||
Carrying value of senior secured notes | 210,000 | 210,000 | $ 210,000 | ||
Estimated fair value of convertible debt | 48,620 | 48,620 | |||
Carrying value of convertible debt | 57,500 | 57,500 | 57,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 61,041 | 61,041 | |||
Line of Credit Facility, Amount Outstanding | 73,500 | 73,500 | $ 59,200 | ||
Forward Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Notional Amount | 5,283 | 5,283 | |||
Gain (Losses) as a result of changes in the fair value of the contracts | $ (244) | $ 217 | $ (454) | $ (69) | |
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 | $ 6.17 | $ 6.17 | |||
Expected volatility | 49.80% | ||||
Credit spreads | 21.65% | ||||
Risk-free interest rate | 0.81% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Forward Contracts - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Current | $ 1,095 | $ 1,137 | |
Derivative Liability, Noncurrent | 347 | 478 | |
Derivative liability for commodity hedges | [1] | 1,442 | 1,615 |
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 | 1,442 | 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 June 30, 2015 and December 31, 2014 the short-term portion of the derivative liability for commodity hedges of $1,095 and $1,137, respectively, is included in "Accrued and other liabilities" and the long-term portion of $347 and $478, respectively, is included in "Other non-current liabilities" in the Condensed Consolidated Balance Sheet. |
Stockholders' Equity Comprehens
Stockholders' Equity Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ||||
Net loss | $ (58,920) | $ (72,298) | $ (79,626) | $ (88,296) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (378) | 1,041 | (4,692) | 626 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 1,837 | 254 | 2,859 | 507 |
Total comprehensive loss | $ (57,461) | $ (71,003) | $ (81,459) | $ (87,163) |
Stockholders' Equity AOCI (Deta
Stockholders' Equity AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Components of accumulated other comprehensive loss | |||||||||
Total accumulated other comprehensive loss | $ (47,398) | $ (17,610) | $ (47,398) | $ (17,610) | $ (48,857) | $ (45,565) | $ (18,905) | $ (18,743) | |
Other comprehensive (loss) income before reclassifications | (378) | 1,041 | (4,692) | 626 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 1,837 | 254 | 2,859 | 507 | ||||
Net current period other comprehensive income (loss) | 1,459 | 1,295 | (1,833) | 1,133 | |||||
Foreign Currency Items | |||||||||
Components of accumulated other comprehensive loss | |||||||||
Foreign currency translation losses | (14,686) | (3,991) | (14,686) | (3,991) | (14,308) | (9,994) | (5,032) | (4,617) | |
Other comprehensive (loss) income before reclassifications | (378) | 1,041 | (4,692) | 626 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 0 | 0 | 0 | ||||
Net current period other comprehensive income (loss) | (378) | 1,041 | (4,692) | 626 | |||||
Defined Benefit Pension and Postretirement Items | |||||||||
Components of accumulated other comprehensive loss | |||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (32,712) | (13,619) | (32,712) | (13,619) | $ (34,549) | $ (35,571) | $ (13,873) | $ (14,126) | |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 1,837 | 254 | 2,859 | 507 | ||||
Net current period other comprehensive income (loss) | $ 1,837 | $ 254 | $ 2,859 | $ 507 | |||||
[1] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the six months periods ended June 30, 2015 and 2014, respectively. |
Stockholders' Equity AOCI Chang
Stockholders' Equity AOCI Change (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Beginning Balance | $ (48,857) | $ (18,905) | $ (45,565) | $ (18,743) | |||||
Other comprehensive (loss) income before reclassifications | (378) | 1,041 | (4,692) | 626 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 1,837 | 254 | 2,859 | 507 | ||||
Net current period other comprehensive income (loss) | 1,459 | 1,295 | (1,833) | 1,133 | |||||
Ending Balance | (47,398) | (17,610) | (47,398) | (17,610) | |||||
Defined Benefit Pension and Postretirement Items | |||||||||
Accumulated Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Net of Tax | (32,712) | (13,619) | (32,712) | (13,619) | $ (34,549) | $ (35,571) | $ (13,873) | $ (14,126) | |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 1,837 | 254 | 2,859 | 507 | ||||
Net current period other comprehensive income (loss) | 1,837 | 254 | 2,859 | 507 | |||||
Foreign Currency Items | |||||||||
Accumulated Other Comprehensive Loss, Foreign Currency Translation Adjustment, Net of Tax | (14,686) | (3,991) | (14,686) | (3,991) | $ (14,308) | $ (9,994) | $ (5,032) | $ (4,617) | |
Other comprehensive (loss) income before reclassifications | (378) | 1,041 | (4,692) | 626 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 0 | 0 | 0 | ||||
Net current period other comprehensive income (loss) | $ (378) | $ 1,041 | $ (4,692) | $ 626 | |||||
[1] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the six months periods ended June 30, 2015 and 2014, respectively. |
Stockholders' Equity AOCI Recla
Stockholders' Equity AOCI Reclassification (Details) - Equity Component [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ (3,080) | $ 0 | |||
Prior service cost | [1] | $ (907) | $ (70) | 1,001 | 141 |
Actuarial loss | [1] | (930) | (345) | (1,858) | (690) |
Total before tax | (1,837) | (415) | (2,859) | (831) | |
Tax effect | 0 | 161 | 0 | 324 | |
Total reclassifications for the period, net of tax | [2] | (1,837) | (254) | (2,859) | (507) |
Pension and Other Postretirement Plans Costs [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 813 | $ 0 | $ 813 | $ 0 | |
[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." Prior service cost of $813 for pension curtailment is shown as "Restructuring activity, net" in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six month periods ended June 30, 2015. There was no pension curtailment expense in 2014 (see Note 11 for additional details). | ||||
[2] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the six months periods ended June 30, 2015 and 2014, respectively. |
Share-based Compensation Narrat
Share-based Compensation Narrative (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 1,663 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 20 days |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 3,080 | $ 0 | ||
Contributions paid | $ 0 | $ 0 | 0 | 0 |
Anticipated cash contributions to pension plan in remaining fiscal year | 0 | 0 | ||
Pension and Other Postretirement Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 237 | 128 | 474 | 255 |
Interest cost | 1,795 | 1,740 | 3,590 | 3,480 |
Expected return on assets | (2,317) | (2,095) | (4,634) | (4,190) |
Amortization of prior service cost | 94 | 70 | 188 | 141 |
Amortization of actuarial loss | 929 | 345 | 1,857 | 690 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 3,080 | 0 | 3,080 | 0 |
Net periodic pension and postretirement benefit cost | $ 3,818 | $ 188 | $ 4,555 | $ 376 |
Employee Benefit Plans Pension
Employee Benefit Plans Pension Curtailment costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Postemployment Benefits [Abstract] | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ (3,080) | $ 0 |
Restructuring Activity (Details
Restructuring Activity (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)facilities | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)facilities | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Original Estimated Facility Closures, 2015 restructuring plan | facilities | 10 | 10 | |||
Severance Costs | $ 5,672 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ (3,080) | $ 0 | |||
Multiemployer Plans, Withdrawal Obligation | 5,500 | 5,500 | |||
Restructuring Costs (Gains) | 38,784 | ||||
Restructuring activity, net | 15,618 | $ 907 | 16,449 | 1,646 | |
Restructuring Reserve | $ 14,178 | $ 14,178 | $ 636 | ||
Revised Estimated Facility Consolidations, 2015 Restructuring Plan | facilities | 7 | 7 | |||
Employee Termination and Related Benefits [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Costs (Gains) | $ 14,252 | 870 | $ 14,252 | 870 | |
Restructuring Reserve, Current | 13,744 | 13,744 | |||
Restructuring Reserve | 13,744 | 13,744 | 0 | ||
Moving Costs Associated with Plant Consolidations [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Costs (Gains) | 601 | 37 | 601 | 776 | |
Restructuring Reserve | 0 | 0 | 0 | ||
Lease Termination Costs [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Costs (Gains) | 0 | ||||
Restructuring Reserve, Current | 388 | 388 | |||
Restructuring Reserve | 434 | 434 | 636 | ||
Restructuring Reserve, Noncurrent | 46 | 46 | |||
Professional Fees [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Costs (Gains) | 765 | $ 0 | 1,596 | $ 0 | |
Restructuring Reserve | 0 | 0 | 0 | ||
Inventory Write-off [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Costs (Gains) | 22,335 | ||||
Restructuring Reserve | $ 0 | $ 0 | $ 0 |
Restructuring Activity Roll For
Restructuring Activity Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | $ 14,178 | $ 14,178 | $ 636 | ||
Asset Impairment Charges | (22,335) | ||||
Restructuring Costs (Gains) | 38,784 | ||||
Payments for Restructuring | 2,907 | ||||
Moving Costs Associated with Plant Consolidations [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 0 | 0 | 0 | ||
Asset Impairment Charges | 0 | ||||
Restructuring Costs (Gains) | 601 | $ 37 | 601 | $ 776 | |
Payments for Restructuring | 601 | ||||
Professional Fees [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 0 | 0 | 0 | ||
Asset Impairment Charges | 0 | ||||
Restructuring Costs (Gains) | 765 | 0 | 1,596 | 0 | |
Payments for Restructuring | 1,596 | ||||
Employee Termination and Related Benefits [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Reserve, Current | 13,744 | 13,744 | |||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 13,744 | 13,744 | 0 | ||
Asset Impairment Charges | 0 | ||||
Restructuring Costs (Gains) | 14,252 | $ 870 | 14,252 | $ 870 | |
Payments for Restructuring | 508 | ||||
Contract Termination [Member] | |||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||
Restructuring Reserve, Current | 388 | 388 | |||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 434 | 434 | 636 | ||
Asset Impairment Charges | 0 | ||||
Restructuring Costs (Gains) | 0 | ||||
Payments for Restructuring | 202 | ||||
Inventory Valuation Reserve [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | $ 0 | 0 | $ 0 | ||
Asset Impairment Charges | (22,335) | ||||
Restructuring Costs (Gains) | 22,335 | ||||
Payments for Restructuring | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate | (3.00%) | 7.80% | (1.20%) | 6.50% |
Income Tax Expense (Benefit) | $ 1,731 | $ (6,097) | $ 906 | $ (6,148) |
Income (loss) before taxes | $ (57,189) | $ (78,395) | $ (78,720) | $ (94,444) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Commitments and Contingent Li57
Commitments and Contingent Liabilities (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Irrevocable letters of credit outstanding | $ 5,092 |
Letters of credit outstanding as collateral for commodity hedges | 2,000 |
Letters of credit outstanding for insurance reserve requirements of workers' compensation insurance carriers | $ 1,842 |
Segment Reporting - (Textual) (
Segment Reporting - (Textual) (Details) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Information
Segment Reporting - Information by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Summary of segment information | |||||
Net Sales | $ 199,703 | $ 249,492 | $ 421,931 | $ 502,902 | |
Operating income (loss) | (51,229) | (71,891) | (56,864) | (79,213) | |
Capital Expenditures | 1,234 | 2,287 | 3,295 | 4,299 | |
Depreciation and amortization | 6,312 | 6,533 | 12,667 | 12,990 | |
Metals segment | |||||
Summary of segment information | |||||
Net Sales | 166,328 | 214,095 | 354,868 | 433,158 | |
Operating income (loss) | (49,996) | (70,155) | (53,000) | (76,387) | |
Capital Expenditures | 713 | 1,859 | 2,550 | 3,737 | |
Depreciation and amortization | 5,887 | 6,103 | 11,781 | 12,159 | |
Plastics segment | |||||
Summary of segment information | |||||
Net Sales | 33,375 | 35,397 | 67,063 | 69,744 | |
Operating income (loss) | 1,748 | 1,667 | 2,978 | 3,174 | |
Capital Expenditures | 521 | 428 | 745 | 562 | |
Depreciation and amortization | 425 | 430 | 886 | 831 | |
Other | |||||
Summary of segment information | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Operating income (loss) | [1] | (2,981) | (3,403) | (6,842) | (6,000) |
Capital Expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization | $ 0 | $ 0 | $ 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 - Reconcillia
Segment Reporting - Reconcilliation of Segment Data to the Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | $ 199,703 | $ 249,492 | $ 421,931 | $ 502,902 | |
Operating income (loss) | (51,229) | (71,891) | (56,864) | (79,213) | |
Interest expense, net | (10,374) | (9,888) | (20,920) | (19,840) | |
Other expense, net | 3,963 | 1,590 | (2,262) | 908 | |
Loss before income taxes and equity in earnings of joint venture | (57,640) | (80,189) | (80,046) | (98,145) | |
Equity in earnings of joint venture | 451 | 1,794 | 1,326 | 3,701 | |
Consolidated loss before income taxes | (57,189) | (78,395) | (78,720) | (94,444) | |
Capital Expenditures | 1,234 | 2,287 | 3,295 | 4,299 | |
Depreciation and amortization | 6,312 | 6,533 | 12,667 | 12,990 | |
Other | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Operating income (loss) | [1] | (2,981) | (3,403) | (6,842) | (6,000) |
Capital Expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Plastics segment | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | 33,375 | 35,397 | 67,063 | 69,744 | |
Operating income (loss) | 1,748 | 1,667 | 2,978 | 3,174 | |
Capital Expenditures | 521 | 428 | 745 | 562 | |
Depreciation and amortization | 425 | 430 | 886 | 831 | |
Metals Segment [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | 166,328 | 214,095 | 354,868 | 433,158 | |
Operating income (loss) | (49,996) | (70,155) | (53,000) | (76,387) | |
Capital Expenditures | 713 | 1,859 | 2,550 | 3,737 | |
Depreciation and amortization | $ 5,887 | $ 6,103 | $ 11,781 | $ 12,159 | |
[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 Segment Repor
Segment Reporting Segment Reporting - Segment Information for Total Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 529,920 | $ 587,976 | |
Metals segment | |||
Segment Reporting Information [Line Items] | |||
Assets | 431,013 | 489,563 | |
Plastics segment | |||
Segment Reporting Information [Line Items] | |||
Assets | 60,452 | 60,970 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 38,455 | $ 37,443 |
[1] | “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor Finanical Informati62
Guarantor Finanical Information Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 11,496 | $ 8,454 | $ 17,076 | $ 30,829 |
Accounts receivable, less allowance for doubtful accounts | 115,260 | 131,003 | ||
Receivables from affiliates | 0 | 0 | ||
Inventories | 203,143 | 236,932 | ||
Prepaid expenses and other current assets | 15,013 | 13,029 | ||
Total current assets | 344,912 | 389,418 | ||
Investment in joint venture | 38,455 | 37,443 | ||
Goodwill | 12,973 | 12,973 | ||
Intangible assets, net | 50,324 | 56,555 | ||
Other assets | 16,910 | 18,752 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 0 | ||
Property, plant and equipment, net | 66,346 | 72,835 | ||
Total assets | 529,920 | 587,976 | ||
Accounts payable | 61,339 | 68,782 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 41,480 | 27,998 | ||
Current portion of long-term debt | 617 | 737 | ||
Total current liabilities | 103,436 | 97,517 | ||
Long-term debt, less current portion | 326,066 | 309,377 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 8,613 | 8,360 | ||
Other non-current liabilities | 22,966 | 22,402 | ||
Stockholders’ equity (deficit) | 68,839 | 150,320 | ||
Total liabilities and stockholders’ equity | 529,920 | 587,976 | ||
Parent | ||||
Cash and cash equivalents | 1,674 | 511 | 3,999 | 8,675 |
Accounts receivable, less allowance for doubtful accounts | 53,682 | 66,178 | ||
Receivables from affiliates | 1,089 | 2,071 | ||
Inventories | 104,572 | 142,314 | ||
Prepaid expenses and other current assets | 3,888 | 3,490 | ||
Total current assets | 164,905 | 214,564 | ||
Investment in joint venture | 38,455 | 37,443 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 38,189 | 42,772 | ||
Other assets | 15,094 | 18,766 | ||
Investment in subsidiaries | 57,299 | 70,274 | ||
Receivables from affiliates | 133,707 | 113,188 | ||
Property, plant and equipment, net | 40,783 | 46,094 | ||
Total assets | 488,432 | 543,101 | ||
Accounts payable | 36,336 | 41,613 | ||
Payables due to affiliates | 1,089 | 2,071 | ||
Other current liabilities | 32,724 | 18,841 | ||
Current portion of long-term debt | 575 | 691 | ||
Total current liabilities | 70,724 | 63,216 | ||
Long-term debt, less current portion | 326,036 | 307,327 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other non-current liabilities | 22,833 | 22,238 | ||
Stockholders’ equity (deficit) | 68,839 | 150,320 | ||
Total liabilities and stockholders’ equity | 488,432 | 543,101 | ||
Guarantors | ||||
Cash and cash equivalents | 1,222 | 977 | 1,237 | 495 |
Accounts receivable, less allowance for doubtful accounts | 18,629 | 19,303 | ||
Receivables from affiliates | 113 | 81 | ||
Inventories | 19,960 | 19,320 | ||
Prepaid expenses and other current assets | 413 | 1,033 | ||
Total current assets | 40,337 | 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 | 42,079 | 36,607 | ||
Property, plant and equipment, net | 11,774 | 12,184 | ||
Total assets | 107,163 | 102,478 | ||
Accounts payable | 9,391 | 8,055 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 2,668 | 3,065 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 12,059 | 11,120 | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | 7,004 | 5,581 | ||
Deferred income taxes | 5,524 | 5,524 | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders’ equity (deficit) | 82,576 | 80,253 | ||
Total liabilities and stockholders’ equity | 107,163 | 102,478 | ||
Non-Guarantors | ||||
Cash and cash equivalents | 8,600 | 6,966 | 11,840 | 21,659 |
Accounts receivable, less allowance for doubtful accounts | 42,949 | 45,522 | ||
Receivables from affiliates | 0 | 0 | ||
Inventories | 78,679 | 75,366 | ||
Prepaid expenses and other current assets | 10,712 | 8,506 | ||
Total current assets | 140,940 | 136,360 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 12,135 | 13,783 | ||
Other assets | 2,675 | 996 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 2,157 | ||
Property, plant and equipment, net | 13,789 | 14,557 | ||
Total assets | 169,539 | 167,853 | ||
Accounts payable | 15,612 | 19,114 | ||
Payables due to affiliates | 113 | 81 | ||
Other current liabilities | 6,088 | 6,092 | ||
Current portion of long-term debt | 42 | 46 | ||
Total current liabilities | 21,855 | 25,333 | ||
Long-term debt, less current portion | 30 | 2,050 | ||
Payables due to affiliates | 168,782 | 146,371 | ||
Deferred income taxes | 3,948 | 3,846 | ||
Other non-current liabilities | 133 | 164 | ||
Stockholders’ equity (deficit) | (25,209) | (9,911) | ||
Total liabilities and stockholders’ equity | 169,539 | 167,853 | ||
Eliminations | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Receivables from affiliates | (1,202) | (2,152) | ||
Inventories | (68) | (68) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (1,270) | (2,220) | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other assets | (859) | (1,010) | ||
Investment in subsidiaries | (57,299) | (70,274) | ||
Receivables from affiliates | (175,786) | (151,952) | ||
Property, plant and equipment, net | 0 | 0 | ||
Total assets | (235,214) | (225,456) | ||
Accounts payable | 0 | 0 | ||
Payables due to affiliates | (1,202) | (2,152) | ||
Other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | (1,202) | (2,152) | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | (175,786) | (151,952) | ||
Deferred income taxes | (859) | (1,010) | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders’ equity (deficit) | (57,367) | (70,342) | ||
Total liabilities and stockholders’ equity | $ (235,214) | $ (225,456) |
Guarantor Finanical Informati63
Guarantor Finanical Information Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Sales | $ 199,703 | $ 249,492 | $ 421,931 | $ 502,902 |
Cost of materials (exclusive of depreciation and amortization) | 172,402 | 191,565 | 340,513 | 380,096 |
Warehouse, processing and delivery expense | 30,917 | 36,747 | 57,948 | 72,128 |
Sales, general and administrative expense | 25,683 | 29,471 | 51,218 | 59,095 |
Restructuring activity, net | 15,618 | 907 | 16,449 | 1,646 |
Depreciation and amortization expense | 6,312 | 6,533 | 12,667 | 12,990 |
Goodwill, Impairment Loss | 0 | 56,160 | 0 | 56,160 |
Operating income (loss) | (51,229) | (71,891) | (56,864) | (79,213) |
Interest expense, net | (10,374) | (9,888) | (20,920) | (19,840) |
Other expense, net | 3,963 | 1,590 | (2,262) | 908 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (57,640) | (80,189) | (80,046) | (98,145) |
Income taxes | (1,731) | 6,097 | (906) | 6,148 |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of joint venture | 451 | 1,794 | 1,326 | 3,701 |
Net (Loss) Income | (58,920) | (72,298) | (79,626) | (88,296) |
Comprehensive (loss) income | (57,461) | (71,003) | (81,459) | (87,163) |
Parent | ||||
Net Sales | 112,785 | 153,251 | 245,235 | 317,457 |
Cost of materials (exclusive of depreciation and amortization) | 105,590 | 116,974 | 205,383 | 238,886 |
Warehouse, processing and delivery expense | 21,319 | 26,789 | 38,861 | 52,792 |
Sales, general and administrative expense | 18,053 | 19,436 | 35,395 | 39,397 |
Restructuring activity, net | 15,421 | 733 | 16,252 | 1,472 |
Depreciation and amortization expense | 4,718 | 4,934 | 9,461 | 9,824 |
Goodwill, Impairment Loss | 41,308 | 41,308 | ||
Operating income (loss) | (52,316) | (56,923) | (60,117) | (66,222) |
Interest expense, net | (6,360) | (6,294) | (12,773) | (12,460) |
Other expense, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (58,676) | (63,217) | (72,890) | (78,682) |
Income taxes | (231) | 2,452 | 216 | 5,026 |
Equity in losses of subsidiaries | (464) | (13,327) | (8,278) | (18,341) |
Equity in earnings of joint venture | 451 | 1,794 | 1,326 | 3,701 |
Net (Loss) Income | (58,920) | (72,298) | (79,626) | (88,296) |
Comprehensive (loss) income | (57,461) | (71,003) | (81,459) | (87,163) |
Guarantors | ||||
Net Sales | 33,375 | 35,397 | 67,063 | 69,744 |
Cost of materials (exclusive of depreciation and amortization) | 23,291 | 25,255 | 47,281 | 49,360 |
Warehouse, processing and delivery expense | 3,053 | 2,889 | 5,971 | 5,871 |
Sales, general and administrative expense | 4,336 | 4,633 | 8,903 | 9,462 |
Restructuring activity, net | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 564 | 561 | 1,163 | 1,093 |
Goodwill, Impairment Loss | 0 | 0 | ||
Operating income (loss) | 2,131 | 2,059 | 3,745 | 3,958 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other expense, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | 2,131 | 2,059 | 3,745 | 3,958 |
Income taxes | (810) | (782) | (1,423) | (1,162) |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 | 0 | 0 |
Net (Loss) Income | 1,321 | 1,277 | 2,322 | 2,796 |
Comprehensive (loss) income | 1,321 | 1,277 | 2,322 | 2,796 |
Non-Guarantors | ||||
Net Sales | 56,405 | 63,503 | 115,405 | 123,469 |
Cost of materials (exclusive of depreciation and amortization) | 46,383 | 51,995 | 93,621 | 99,618 |
Warehouse, processing and delivery expense | 6,545 | 7,069 | 13,116 | 13,465 |
Sales, general and administrative expense | 3,294 | 5,402 | 6,920 | 10,236 |
Restructuring activity, net | 197 | 174 | 197 | 174 |
Depreciation and amortization expense | 1,030 | 1,038 | 2,043 | 2,073 |
Goodwill, Impairment Loss | 14,852 | 14,852 | ||
Operating income (loss) | (1,044) | (17,027) | (492) | (16,949) |
Interest expense, net | (4,014) | (3,594) | (8,147) | (7,380) |
Other expense, net | 3,963 | 1,590 | (2,262) | 908 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | (1,095) | (19,031) | (10,901) | (23,421) |
Income taxes | (690) | 4,427 | 301 | 2,284 |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings of joint venture | 0 | 0 | 0 | 0 |
Net (Loss) Income | (1,785) | (14,604) | (10,600) | (21,137) |
Comprehensive (loss) income | (2,163) | (13,563) | (15,292) | (20,511) |
Eliminations | ||||
Net Sales | (2,862) | (2,659) | (5,772) | (7,768) |
Cost of materials (exclusive of depreciation and amortization) | (2,862) | (2,659) | (5,772) | (7,768) |
Warehouse, processing and delivery expense | 0 | 0 | 0 | 0 |
Sales, general and administrative expense | 0 | 0 | 0 | 0 |
Restructuring activity, net | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Goodwill, Impairment Loss | 0 | 0 | ||
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other expense, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes and equity in earnings of subsidiaries and joint venture | 0 | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 | 0 |
Equity in losses of subsidiaries | 464 | 13,327 | 8,278 | 18,341 |
Equity in earnings of joint venture | 0 | 0 | 0 | 0 |
Net (Loss) Income | 464 | 13,327 | 8,278 | 18,341 |
Comprehensive (loss) income | $ 842 | $ 12,286 | $ 12,970 | $ 17,715 |
Guarantor Finanical Informati64
Guarantor Finanical Information Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net (Loss) Income | $ (58,920) | $ (72,298) | $ (79,626) | $ (88,296) |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 64,552 | 55,777 | ||
Net cash used in operating activities | (15,074) | (32,519) | ||
Capital expenditures | (3,295) | (4,299) | ||
Proceeds from Sale of Productive Assets | 7,644 | 103 | ||
Payments for Advance to Affiliate | 0 | |||
Net cash used in investing activities | 4,349 | (4,196) | ||
Proceeds from long-term debt | 464,700 | 79,450 | ||
Repayments of long-term debt | (450,795) | (56,798) | ||
Net intercompany (repayments) borrowings | 0 | 0 | ||
Other financing activities | 0 | 193 | ||
Net cash from (used in) financing activities | 13,905 | 22,845 | ||
Effect of exchange rate changes on cash and cash equivalents | (138) | 117 | ||
(Decrease) increase in cash and cash equivalents | 3,042 | (13,753) | ||
Cash and cash equivalents - beginning of year | 8,454 | 30,829 | ||
Cash and cash equivalents - end of period | 11,496 | 17,076 | 11,496 | 17,076 |
Parent | ||||
Net (Loss) Income | (58,920) | (72,298) | (79,626) | (88,296) |
Equity in losses of subsidiaries | 464 | 13,327 | 8,278 | 18,341 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 70,924 | 54,603 | ||
Net cash used in operating activities | (424) | (15,352) | ||
Capital expenditures | (1,460) | (2,364) | ||
Proceeds from Sale of Productive Assets | 7,641 | 51 | ||
Payments for Advance to Affiliate | (20,519) | |||
Net cash used in investing activities | (14,338) | (2,313) | ||
Proceeds from long-term debt | 464,700 | 78,450 | ||
Repayments of long-term debt | (448,775) | (55,785) | ||
Net intercompany (repayments) borrowings | 0 | (9,869) | ||
Other financing activities | 193 | |||
Net cash from (used in) financing activities | 15,925 | 12,989 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
(Decrease) increase in cash and cash equivalents | 1,163 | (4,676) | ||
Cash and cash equivalents - beginning of year | 511 | 8,675 | ||
Cash and cash equivalents - end of period | 1,674 | 3,999 | 1,674 | 3,999 |
Guarantors | ||||
Net (Loss) Income | 1,321 | 1,277 | 2,322 | 2,796 |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 2,725 | (2,381) | ||
Net cash used in operating activities | 5,047 | 415 | ||
Capital expenditures | (753) | (585) | ||
Proceeds from Sale of Productive Assets | 0 | 0 | ||
Payments for Advance to Affiliate | 0 | |||
Net cash used in investing activities | (753) | (585) | ||
Proceeds from long-term debt | 0 | 0 | ||
Repayments of long-term debt | 0 | 0 | ||
Net intercompany (repayments) borrowings | (4,049) | 912 | ||
Other financing activities | 0 | |||
Net cash from (used in) financing activities | (4,049) | 912 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
(Decrease) increase in cash and cash equivalents | 245 | 742 | ||
Cash and cash equivalents - beginning of year | 977 | 495 | ||
Cash and cash equivalents - end of period | 1,222 | 1,237 | 1,222 | 1,237 |
Non-Guarantors | ||||
Net (Loss) Income | (1,785) | (14,604) | (10,600) | (21,137) |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | (9,097) | 3,555 | ||
Net cash used in operating activities | (19,697) | (17,582) | ||
Capital expenditures | (1,082) | (1,350) | ||
Proceeds from Sale of Productive Assets | 3 | 52 | ||
Payments for Advance to Affiliate | 0 | |||
Net cash used in investing activities | (1,079) | (1,298) | ||
Proceeds from long-term debt | 0 | 1,000 | ||
Repayments of long-term debt | (2,020) | (1,013) | ||
Net intercompany (repayments) borrowings | 24,568 | 8,957 | ||
Other financing activities | 0 | |||
Net cash from (used in) financing activities | 22,548 | 8,944 | ||
Effect of exchange rate changes on cash and cash equivalents | (138) | 117 | ||
(Decrease) increase in cash and cash equivalents | 1,634 | (9,819) | ||
Cash and cash equivalents - beginning of year | 6,966 | 21,659 | ||
Cash and cash equivalents - end of period | 8,600 | 11,840 | 8,600 | 11,840 |
Eliminations | ||||
Net (Loss) Income | 464 | 13,327 | 8,278 | 18,341 |
Equity in losses of subsidiaries | (464) | (13,327) | (8,278) | (18,341) |
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 | 20,519 | |||
Net cash used in investing activities | 20,519 | 0 | ||
Proceeds from long-term debt | 0 | 0 | ||
Repayments of long-term debt | 0 | 0 | ||
Net intercompany (repayments) borrowings | (20,519) | 0 | ||
Other financing activities | 0 | |||
Net cash from (used in) financing activities | (20,519) | 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 | $ 0 | $ 0 |
Guarantor Financial Information
Guarantor Financial Information Guarantor Financial Information Narrative (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Guarantor Subsidiary, Ownership Percentage | 100.00% |
Uncategorized Items - cas-20150
Label | Element | Value |
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | $ 116,377 |
Metals Segment [Member] | ||
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | 116,377 |
Plastics Segment [Member] | ||
Goodwill, Impaired, Accumulated Impairment Loss | us-gaap_GoodwillImpairedAccumulatedImpairmentLoss | $ 0 |