Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 03, 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 | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 11,972 | $ 8,454 |
Accounts receivable, less allowances of $3,756 and $3,375, respectively | 108,700 | 131,003 |
Inventories, principally on last-in first-out basis (replacement cost higher by $126,085 and $129,779, respectively) | 192,382 | 236,932 |
Prepaid expenses and other current assets | 16,684 | 9,458 |
Deferred income taxes | 974 | 685 |
Income tax receivable | 1,886 | 2,886 |
Total current assets | 332,598 | 389,418 |
Investment in joint venture | 36,995 | 37,443 |
Goodwill | 12,973 | 12,973 |
Intangible assets, net | 46,792 | 56,555 |
Prepaid pension cost | 7,293 | 7,092 |
Other non-current assets | 10,970 | 11,660 |
Property, plant and equipment: | ||
Land | 3,592 | 4,466 |
Buildings | 55,661 | 52,821 |
Machinery and equipment | 183,283 | 183,923 |
Property, plant and equipment, at cost | 242,536 | 241,210 |
Accumulated depreciation | (173,195) | (168,375) |
Property, plant and equipment, net | 69,341 | 72,835 |
Total assets | 516,962 | 587,976 |
Current liabilities: | ||
Accounts payable | 71,730 | 68,782 |
Accrued and other current liabilities | 44,890 | 27,670 |
Income tax payable | 874 | 328 |
Current portion of long-term debt | 514 | 737 |
Total current liabilities | 118,008 | 97,517 |
Long-term debt, less current portion | 322,216 | 309,377 |
Deferred income taxes | 7,929 | 8,360 |
Build to suit liability | 4,711 | 0 |
Other non-current liabilities | 3,547 | 3,655 |
Pension and postretirement benefit obligations | $ 19,856 | $ 18,747 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value—9,988 shares authorized (including 400 Series B Junior Preferred $0.00 par value shares); no shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | $ 0 | $ 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,888 shares issued and 23,777 outstanding at September 30, 2015 and 23,630 shares issued and 23,559 outstanding at December 31, 2014 | 238 | 236 |
Additional paid-in capital | 226,501 | 225,953 |
Accumulated deficit | (135,350) | (29,424) |
Accumulated other comprehensive loss | (49,669) | (45,565) |
Treasury stock, at cost—111 shares at September 30, 2015 and 71 shares at December 31, 2014 | (1,025) | (880) |
Total stockholders’ equity | 40,695 | 150,320 |
Total liabilities and stockholders’ equity | $ 516,962 | $ 587,976 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 184,676 | $ 245,469 | $ 606,607 | $ 748,371 |
Costs and expenses: | ||||
Cost of materials (exclusive of depreciation and amortization) | 137,770 | 184,417 | 478,283 | 564,513 |
Warehouse, processing and delivery expense | 29,392 | 34,440 | 87,340 | 106,568 |
Sales, general and administrative expense | 22,397 | 25,185 | 73,615 | 84,280 |
Restructuring expense (income) | 1,204 | (5,147) | 17,653 | (3,501) |
Depreciation and amortization expense | 5,994 | 6,399 | 18,661 | 19,389 |
Impairment of goodwill | 0 | 0 | 56,160 | |
Total Costs and Expenses | 196,757 | 245,294 | 675,552 | 827,409 |
Operating income (loss) | (12,081) | 175 | (68,945) | (79,038) |
Interest expense, net | (10,506) | (10,148) | (31,426) | (29,988) |
Other expense, net | (2,270) | (2,335) | (4,532) | (1,427) |
Loss before income taxes and equity in earnings (losses) of joint venture | (24,857) | (12,308) | (104,903) | (110,453) |
Income tax benefit (expense) | 17 | 2,770 | (889) | 8,918 |
Loss before equity in earnings (losses) of joint venture | (24,840) | (9,538) | (105,792) | (101,535) |
Equity in earnings (losses) of joint venture | (1,460) | 2,213 | (134) | 5,914 |
Net loss | $ (26,300) | $ (7,325) | $ (105,926) | $ (95,621) |
Basic loss per common share | $ (1.12) | $ (0.31) | $ (4.50) | $ (4.10) |
Diluted loss per common share | $ (1.12) | $ (0.31) | $ (4.50) | $ (4.10) |
Comprehensive loss | $ (28,571) | $ (9,135) | $ (110,030) | $ (96,298) |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable | $ 3,756 | $ 3,375 |
Amount current replacement cost of inventory costs exceeded book value | $ 126,085 | $ 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 | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 5,211 | $ 0 |
Operating activities: | ||
Net loss | (105,926) | (95,621) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 18,661 | 19,389 |
Amortization of deferred financing costs and debt discount | 6,241 | 5,702 |
Impairment of goodwill | 0 | 56,160 |
Gain on sale of property, plant and equipment | (5,741) | (5,606) |
Unrealized gains on commodity hedges | (313) | (1,334) |
Foreign Currency Transaction (Gain) Loss, Unrealized | 4,142 | 0 |
Equity in losses (earnings) of joint venture | 134 | (5,914) |
Dividends from joint venture | 315 | 1,546 |
Pension Curtailment | 3,080 | 0 |
Deferred income taxes | (280) | (8,043) |
Other Operating Activities, Cash Flow Statement | 412 | 949 |
Changes in assets and liabilities: | ||
Accounts receivable | 18,748 | (20,922) |
Inventories | 39,333 | (39,690) |
Prepaid expenses and other current assets | (7,700) | (2,593) |
Other non-current assets | (2,789) | 2,558 |
Prepaid pension costs | 1,272 | 518 |
Accounts payable | 4,952 | 43,796 |
Income tax payable and receivable | 1,188 | (2,179) |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | 18,260 | 7,182 |
Pension and postretirement benefit obligations and other non-current liabilities | (400) | (731) |
Net cash used in operating activities | (6,411) | (44,833) |
Investing activities: | ||
Capital expenditures | (5,393) | (8,725) |
Proceeds from Sale of Property, Plant, and Equipment | 7,742 | 7,148 |
Net cash from (used in) investing activities | 2,349 | (1,577) |
Financing activities: | ||
Proceeds from long-term debt | 707,200 | 222,789 |
Repayments of long-term debt | (698,696) | (195,343) |
Payments of Build to Suit Lease Liability | (500) | 0 |
Other financing | 0 | 193 |
Net cash from (used in) financing activities | 8,004 | 27,639 |
Effect of exchange rate changes on cash and cash equivalents | (424) | (253) |
Net change in cash and cash equivalents | 3,518 | (19,024) |
Cash and cash equivalents - beginning of year | 8,454 | 30,829 |
Cash and cash equivalents - end of period | $ 11,972 | $ 11,805 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Consolidated Financial Information Disclosure [Abstract] | |
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) | 9 Months Ended |
Sep. 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 July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory," which requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures, one of which is net realizable value). The ASU does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. The ASU is effective prospectively for annual periods beginning after December 15, 2016, and interim periods therein. Approximately 76% of the Company’s inventories are valued at the lower of last-in, first-out ("LIFO") cost or market. 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 requires 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. ASU No. 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," was subsequently issued by the FASB to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements, allowing an entity to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. The Company anticipates adoption of ASU No. 2015-03 for the effective period. Upon adoption, the Company would reclassify its deferred debt issuance costs from other assets to long-term debt. If adopted as of September 30, 2015 , the Company would have recorded a reduction in both other non-current assets and long-term debt of approximately $6,400 and would have provided additional disclosure. 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, including interim periods within those annual periods, beginning after December 15, 2016. ASU 2015-14, "Deferral of the Effective Date," was issued in August 2015 to defer the effective date of ASU No. 2014-09 for public companies until annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently reviewing the guidance and assessing the potential impact on its financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Per Share Diluted loss per share is computed by dividing net loss 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 Senior Notes ("Convertible Notes"), which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. Refer to Note 8 for further description of the Convertible Notes. The following table is a reconciliation of the basic and diluted loss per share calculations for the three and nine months ended September 30, 2015 and 2014 , respectively: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net loss $ (26,300 ) $ (7,325 ) $ (105,926 ) $ (95,621 ) Denominator: Weighted average common shares outstanding 23,580 23,359 23,535 23,345 Effect of dilutive securities: Outstanding common stock equivalents — — — — Denominator for diluted loss per share 23,580 23,359 23,535 23,345 Basic loss per share $ (1.12 ) $ (0.31 ) $ (4.50 ) $ (4.10 ) Diluted loss per share $ (1.12 ) $ (0.31 ) $ (4.50 ) $ (4.10 ) Excluded outstanding share-based awards having an anti-dilutive effect 1,049 481 1,049 481 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — — — 903 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 | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Approximately 76% of the Company’s inventories are valued at the lower of LIFO cost or market. Final inventory determination under the LIFO costing method is made at the end of each fiscal year based on the actual inventory levels and costs at that time. Interim LIFO determinations, including those at September 30, 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 $126,085 and $129,779 at September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture | Joint Venture Kreher Steel Company, LLC ("Kreher") 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 nine months ended September 30, 2015 and 2014 , respectively: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net sales $ 36,885 $ 68,202 $ 130,505 $ 196,061 Cost of materials 31,339 56,446 110,734 162,849 Income (loss) before taxes (3,117 ) 5,921 (367 ) 15,364 Net income (loss) (2,920 ) 4,426 (268 ) 11,828 As of September 30, 2015, Kreher conducted the first step of its annual goodwill impairment analysis and determined that there was a potential impairment. As of the date of issuing these financial statements, Kreher has not completed step two of its impairment testing but has estimated that the entire goodwill balance of $3,525 in Kreher's financial statements was impaired and accordingly has recognized a $1,763 impairment loss in equity in earnings (losses) of joint venture in the Condensed Consolidated Statements of Operations and Comprehensive Loss during the three and nine months ended September 30, 2015 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2015: Goodwill 116,377 12,973 129,350 Accumulated impairment losses (116,377 ) — (116,377 ) Balance as of September 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. Goodwill impairment charges of $56,160 were recorded in the nine months ended September 30, 2014 for its Metals reporting unit. There were no goodwill impairment charges recorded in the nine months ended September 30, 2015 or the three months ended September 30, 2015 and September 30, 2014 , respectively. The following table summarizes the components of intangible assets, all of which relate to the Metals reporting unit: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 114,033 $ 71,740 $ 116,268 $ 64,922 Trade name 7,624 3,125 7,864 2,655 Total $ 121,657 $ 74,865 $ 124,132 $ 67,577 For the three and nine months ended September 30, 2015 and 2014 , the Company recorded the following aggregate amortization expense associated with intangibles: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Amortization expense $ 2,655 $ 2,921 $ 8,001 $ 8,758 The following is a summary of the estimated annual amortization expense for 2015 and each of the next 4 years: 2015 $ 10,579 2016 $ 10,579 2017 $ 8,556 2018 $ 4,441 2019 $ 4,441 |
Build-to-suit Lease (Notes)
Build-to-suit Lease (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Capital Leased Assets [Line Items] | |
Build-to-suit Lease [Text Block] | (7) Build-to-Suit Lease In July 2015, the Company entered into a lease agreement for its new operating facility in Janesville, Wisconsin. For accounting purposes only, the Company has determined that this is a build-to-suit lease and during the construction period it was deemed to be the owner of the facility as it has taken on certain risks of certain construction cost overages. Associated with this build-to-suit lease, the Company has recorded $6,062 in property, plant and equipment and $4,711 in build-to-suit liability in the Condensed Consolidated Balance Sheets as of September 30, 2015. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consisted of the following: September 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 68,300 59,200 Other, primarily capital leases 657 1,257 Less: unamortized discount (13,727 ) (17,843 ) Total debt $ 322,730 $ 310,114 Less: current portion (514 ) (737 ) Total long-term portion $ 322,216 $ 309,377 Secured Notes As of September 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 semi-annually in June and December of each year. The Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the "Guarantors"). Refer to Note 17 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 September 30, 2015 , the Company had $57,500 aggregate principal amount of 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 semi-annually in June and December of each year. The Convertible Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the 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 ("fundamental change" is defined in the Convertible Notes indenture to include the occurrence of certain change of control events or the ceasing of the Company’s common stock to be listed on the NYSE or another qualifying exchange), 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. In addition, upon a fundamental change and subject to certain exceptions, holders may require the Company to repurchase some or all of their Convertible Notes for cash at a repurchase price equal to 100% of the principal amount of the Convertible Notes being repurchased, plus any accrued and unpaid interest. Revolving Credit Facility The Company has a $125,000 senior secured asset-based revolving credit facility ("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 Secured Notes or Convertible Notes if they have not been refinanced at that time). If certain incurrence tests are met, subject to approval by the Revolving Credit Facility lending group, the Company may have the ability under its Revolving Credit Facility to increase the aggregate commitments by $25,000 in the future. Currently, the Company is not able to increase the aggregate commitments as it has not met the incurrence tests. The weighted average interest rate for borrowings under the Revolving Credit Facility for the three and nine months ended September 30, 2015 was 2.58% and 2.67% , respectively. 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 September 30, 2015 . At this ratio, the Company's current maximum borrowing capacity would be $96,464 before triggering full dominion of the Company's cash collections. As of September 30, 2015 , the Company had $28,164 of additional unrestricted borrowing capacity under the Revolving Credit Facility. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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 September 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 September 30, 2015 was estimated to be $179,846 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 September 30, 2015 was approximately $43,615 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 Convertible Notes. The main inputs and assumptions into the fair value model for the Convertible Notes at September 30, 2015 were as follows: Company's stock price at the end of the period $ 2.22 Expected volatility 49.8 % Credit spreads 21.65 % Risk-free interest rate 0.81 % Given the revolving nature and the variable interest rates, the Company has determined that the fair value of the Revolving Credit Facility approximates its carrying value. Fair Value Measurements of Commodity Hedges The Company has a commodity hedging program to mitigate risks associated with certain commodity price fluctuations. At September 30, 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 September 30, 2015 , the notional value associated with forward contracts was $4,182 . The Company recorded, through cost of materials, realized and unrealized net losses of $252 and $706 for the three and nine months ended September 30, 2015 , respectively, and realized and unrealized net gains of $143 and $74 for the three and nine months ended September 30, 2014 , respectively, as a result of the change in the fair value of the contracts. As of September 30, 2015 and December 31, 2014 , respectively, all commodity hedge contracts were in a liability position. As of September 30, 2015 , the Company had a letter of credit outstanding for $2,000 as collateral for the commodity hedge contracts. 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 September 30, 2015 Derivative liability for commodity hedges $ — $ 1,302 $ — $ 1,302 As of December 31, 2014 Derivative liability for commodity hedges $ — $ 1,615 $ — $ 1,615 (a) As of September 30, 2015 and December 31, 2014 the short-term portion of the derivative liability for commodity hedges of $415 and $1,137 , respectively, is included in accrued and other current liabilities and the long-term portion of $887 and $478 , respectively, is included in other non-current liabilities in the Condensed Consolidated Balance Sheets. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014 , respectively, is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Net loss $ (26,300 ) $ (7,325 ) $ (105,926 ) $ (95,621 ) Change in unrecognized pension and postretirement benefit costs, net of tax 670 254 3,529 761 Foreign currency translation adjustments (2,941 ) (2,064 ) (7,633 ) (1,438 ) Total comprehensive loss $ (28,571 ) $ (9,135 ) $ (110,030 ) $ (96,298 ) The components of accumulated other comprehensive loss are as follows: September 30, December 31, Unrecognized pension and postretirement benefit costs, net of tax $ (32,042 ) $ (35,571 ) Foreign currency translation losses (17,627 ) (9,994 ) Total accumulated other comprehensive loss $ (49,669 ) $ (45,565 ) Changes in accumulated other comprehensive loss by component for the three months ended September 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 July 1, $ (32,712 ) $ (13,619 ) $ (14,686 ) $ (3,991 ) $ (47,398 ) $ (17,610 ) Other comprehensive loss before reclassifications — — (2,941 ) (2,064 ) (2,941 ) (2,064 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 670 254 — — 670 254 Net current period other comprehensive income (loss) 670 254 (2,941 ) (2,064 ) (2,271 ) (1,810 ) Balance as of September 30, $ (32,042 ) $ (13,365 ) $ (17,627 ) $ (6,055 ) $ (49,669 ) $ (19,420 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended September 30, 2015 and 2014 , respectively. Changes in accumulated other comprehensive loss by component for the nine months ended September 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 before reclassifications — — (7,633 ) (1,438 ) (7,633 ) (1,438 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 3,529 761 — — 3,529 761 Net current period other comprehensive income (loss) 3,529 761 (7,633 ) (1,438 ) (4,104 ) (677 ) Balance as of September 30, $ (32,042 ) $ (13,365 ) $ (17,627 ) $ (6,055 ) $ (49,669 ) $ (19,420 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2015 and 2014 , respectively. Reclassifications from accumulated other comprehensive loss are as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ 4 $ (71 ) $ (997 ) $ (212 ) Actuarial loss (b) (674 ) (345 ) (2,532 ) (1,035 ) Total before tax (670 ) (416 ) (3,529 ) (1,247 ) Tax effect — 162 — 486 Total reclassifications for the period, net of tax $ (670 ) $ (254 ) $ (3,529 ) $ (761 ) (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 expense (income) in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2015 . There was no pension curtailment expense in the three months ended September 30, 2015 or the three and nine months ended September 30, 2014 . |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation (stock option and share unit amounts below are in thousands) 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 total share-based compensation expense recognized in the three and nine months ended September 30, 2015 was $428 and $424 , respectively, and $133 and $1,160 for the three and nine months ended September 30, 2014 , respectively. The unrecognized compensation cost as of September 30, 2015 associated with all share-based payment arrangements is $2,650 and the weighted average period over which it is to be expensed is 1.5 years . 2015 Short-Term Incentive Plan On July 24, 2015, the Board of Directors of the Company approved certain revisions to the Company's 2015 Short-Term Incentive Plan ("2015 STI Plan"). Along with providing cash bonus opportunities, the revisions awarded 124 stock options to executive officers and other select personnel. The stock options vest in three equal installments over three years from the grant date and are exercisable immediately upon vesting. The strike price was equal to the closing price of the Company's stock on the date of grant. The term of the options is 10 years from the date of grant. The weighted average grant date fair value of $2.10 per share for the options granted under the 2015 STI Plan was estimated using the Black-Scholes option-pricing model with the following assumptions: 2015 Expected volatility 56.1 % Risk-free interest rate 1.8 % Expected life (in years) 6.0 Expected dividend yield — 2015 Long-Term Compensation Plan On July 24, 2015, the Board of Directors of the Company approved equity awards under the Company’s 2015 Long-Term Compensation Plan (“2015 LTC Plan”) for executive officers and other select personnel. The 2015 LTC Plan awards included restricted stock units (“RSUs”) and non-qualified stock options ("stock options"). All 2015 LTC Plan awards are subject to the terms of the Company’s 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of April 25, 2013. The 2015 LTC Plan consists of two components of share-based payment awards as follows: Restricted Share Units - The Company granted 188 RSUs with a weighted-average grant date fair value of $3.92 per share unit to executive officers and other select personnel. The grant date fair value was established using the market price of the Company’s stock on the date of grant. The RSUs cliff vest on December 31, 2017. Each RSU that becomes vested entitles the participant to receive one share of the Company’s common stock. The number of shares delivered may be reduced by the number of shares required to be withheld for federal and state withholding tax requirements (determined at the market price of Company shares at the time of payout). Stock Options - The Company granted 583 stock options which vest in three equal installments during 2016, 2017 and 2018. The first installment will be exercisable 12 months after the date of grant and the remaining installments will be exercisable on February 25, 2017 and February 25, 2018, except for awards granted to the Company's President and Chief Executive Officer which become exercisable on April 17, 2017 and April 18, 2018. The strike price was equal to the closing price of the Company's stock on the date of grant. The term of the options is 10 years from the date of grant. The weighted average grant date fair value of $2.05 per share for the options granted under the 2015 LTC Plan was estimated using the Black-Scholes option-pricing model with the following assumptions: 2015 Expected volatility 55.7 % Risk-free interest rate 1.8 % Expected life (in years) 5.8 Expected dividend yield — |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 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. There was no additional pension curtailment recorded by the Company in the third quarter of 2015. Components of the net periodic pension and postretirement benefit cost for the three and nine months ended September 30, 2015 and 2014 , respectively, are as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Service cost $ 250 $ 127 $ 724 $ 382 Interest cost 1,722 1,740 5,312 5,220 Expected return on assets (2,494 ) (2,096 ) (7,128 ) (6,286 ) Amortization of prior service cost (4 ) 71 184 212 Amortization of actuarial loss 674 345 2,532 1,035 Curtailment charge — — 3,080 — Net periodic pension and postretirement benefit cost $ 148 $ 187 $ 4,704 $ 563 Contributions paid $ — $ — $ — $ — The Company anticipates making no significant cash contributions to its pension plans in 2015 . |
Restructuring Activity
Restructuring Activity | 9 Months Ended |
Sep. 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 were announced in the second quarter of 2015. The organizational changes include workforce reductions and the consolidations of facilities in locations it deems to have redundant operations. 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 included in the Company's Metals segment. There was not any restructuring activity in the Company's Plastic segment. The Company incurred the following restructuring expense (income) during the three and nine months ended September 30, 2015 and 2014 : Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Employee termination and related benefits (a) $ (987 ) $ 67 $ 13,265 $ 937 Lease termination costs 364 186 364 186 Moving costs associated with plant consolidations 1,733 133 2,334 909 Professional fees 94 — 1,690 — Gain on sale of fixed assets — (5,533 ) — (5,533 ) Total $ 1,204 $ (5,147 ) $ 17,653 $ (3,501 ) (a) Employee termination and related benefits primarily consists of severance costs. Also included in the nine months ended September 30, 2015 was a pension curtailment charge of $3,080 and an estimated pension withdrawal liability charge of $5,500 associated with the Company’s withdrawal from a multi-employer plan. In conjunction with the current restructuring plan announced in the second quarter of 2015, the Company recorded charges of $22,335 for inventory which was identified to be scrapped or reserved. 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 cost of materials in the Condensed Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2015 . Restructuring reserve activity for the nine months ended September 30, 2015 is summarized below: Period Activity Balance January, 1 2015 Charges (gains) Cash receipts (payments) Write-down of inventory Balance September 30, 2015 Employee termination and related benefits (a) $ — $ 13,265 $ (1,307 ) $ — $ 11,958 Lease termination costs (b) 636 364 (305 ) — 695 Moving costs associated with plant consolidations — 2,334 (2,334 ) — — Professional fees — 1,690 (1,690 ) — — Inventory write-down — 22,335 — (22,335 ) — Total $ 636 $ 39,988 $ (5,636 ) $ (22,335 ) $ 12,653 (a) As of September 30, 2015 , the short-term portion of employee termination and related benefits of 11,958 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheets. (b) 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 September 30, 2015 , the short-term portion of the lease termination costs of $598 are included in accrued and other current liabilities and the long-term portion of the lease termination costs of $97 are included in other non-current liabilities in the Condensed Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 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. The Company’s effective tax rate is expressed as income tax benefit (expense), which includes tax expense on the Company’s share of joint venture earnings, as a percentage of income (loss) before income taxes and equity in earnings (losses) of joint venture. For the three months ended September 30, 2015 , the Company recorded income tax benefit of $17 on pre-tax losses of $26,317 , for an effective tax rate of 0.1% . For the three months ended September 30, 2014 , the Company recorded income tax benefit of $2,770 on pre-tax loss of $10,095 , for an effective tax rate of 27.4% . For the nine months ended September 30, 2015 , the Company recorded income tax expense of $889 on pre-tax losses of $105,037 , for an effective tax rate of (0.8)% . For the nine months ended September 30, 2014 , the Company recorded income tax benefit of $8,918 on pre-tax loss of $104,539 , for an effective tax rate of 8.5% . The Company's U.S. statutory rate is 35% . The most significant factors impacting the effective tax rate for the three and nine months ended September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities As of September 30, 2015 , the Company had $10,092 of irrevocable letters of credit outstanding which primarily consisted of $5,000 for its new warehouse in Janesville, Wisconsin, $2,000 for collateral associated with commodity hedges and $1,842 for compliance with the insurance reserve requirements of its workers’ compensation insurance program. 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 | 9 Months Ended |
Sep. 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 (loss). Segment information for the three months ended September 30, 2015 and 2014 is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 150,571 $ (11,972 ) $ 1,976 $ 5,666 Plastics segment 34,105 1,934 122 328 Other (a) — (2,043 ) — — Consolidated $ 184,676 $ (12,081 ) $ 2,098 $ 5,994 2014 Metals segment $ 210,682 $ 319 $ 4,220 $ 5,988 Plastics segment 34,787 1,667 206 411 Other (a) — (1,811 ) — — Consolidated $ 245,469 $ 175 $ 4,426 $ 6,399 (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 nine months ended September 30, 2015 and 2014 is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 505,439 $ (64,972 ) $ 4,526 $ 17,447 Plastics segment 101,168 4,912 867 1,214 Other (a) — (8,885 ) — — Consolidated $ 606,607 $ (68,945 ) $ 5,393 $ 18,661 2014 Metals segment $ 643,840 $ (76,068 ) $ 7,957 $ 18,147 Plastics segment 104,531 4,841 768 1,242 Other (a) — (7,811 ) — — Consolidated $ 748,371 $ (79,038 ) $ 8,725 $ 19,389 (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 nine months ended September 30, 2015 and 2014 : Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Operating income (loss) $ (12,081 ) $ 175 $ (68,945 ) $ (79,038 ) Interest expense, net (10,506 ) (10,148 ) (31,426 ) (29,988 ) Other expense, net (2,270 ) (2,335 ) (4,532 ) (1,427 ) Loss before income taxes and equity in earnings (losses) of joint venture (24,857 ) (12,308 ) (104,903 ) (110,453 ) Equity in earnings (losses) of joint venture (1,460 ) 2,213 (134 ) 5,914 Consolidated loss before income taxes $ (26,317 ) $ (10,095 ) $ (105,037 ) $ (104,539 ) Segment information for total assets is as follows: September 30, December 31, Metals segment $ 420,714 $ 489,563 Plastics segment 59,253 60,970 Other (a) 36,995 37,443 Consolidated $ 516,962 $ 587,976 (a) “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor Finanical Information
Guarantor Finanical Information | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Consolidating Financial Information | Guarantor Financial Information The Secured Notes are guaranteed by certain 100% directly owned subsidiaries of the Company (the "Guarantors"). The Guarantors include Total Plastics, Inc., Advanced Fabricating Technology, LLC, Keystone Tube Company, LLC and Paramount Machine Company, LLC, each of which fully and unconditionally guarantee the 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 September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 1,119 $ 933 $ 9,920 $ — $ 11,972 Accounts receivable, less allowance for doubtful accounts 47,576 18,881 42,243 — 108,700 Receivables from affiliates 1,169 35 — (1,204 ) — Inventories 95,799 19,023 77,628 (68 ) 192,382 Other current assets 4,315 475 14,754 — 19,544 Total current assets 149,978 39,347 144,545 (1,272 ) 332,598 Investment in joint venture 36,995 — — — 36,995 Goodwill — 12,973 — — 12,973 Intangible assets, net 35,898 — 10,894 — 46,792 Other non-current assets 15,342 — 4,200 (1,279 ) 18,263 Investment in subsidiaries 49,258 — — (49,258 ) — Receivables from affiliates 135,077 45,055 — (180,132 ) — Property, plant and equipment, net 45,373 11,430 12,538 — 69,341 Total assets $ 467,921 $ 108,805 $ 172,177 $ (231,941 ) $ 516,962 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 38,988 $ 8,948 $ 23,794 $ — $ 71,730 Payables due to affiliates 1,169 — 35 (1,204 ) — Other current liabilities 36,467 2,433 6,864 — 45,764 Current portion of long-term debt 478 — 36 — 514 Total current liabilities 77,102 11,381 30,729 (1,204 ) 118,008 Long-term debt, less current portion 322,196 — 20 — 322,216 Payables due to affiliates — 7,886 172,246 (180,132 ) — Deferred income taxes — 5,524 3,684 (1,279 ) 7,929 Other non-current liabilities 27,928 — 186 — 28,114 Stockholders’ equity (deficit) 40,695 84,014 (34,688 ) (49,326 ) 40,695 Total liabilities and stockholders’ equity $ 467,921 $ 108,805 $ 172,177 $ (231,941 ) $ 516,962 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 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 non-current 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 September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 100,429 $ 34,105 $ 54,107 $ (3,965 ) $ 184,676 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 74,278 23,970 43,487 (3,965 ) 137,770 Warehouse, processing and delivery expense 19,996 2,976 6,420 — 29,392 Sales, general and administrative expense 14,532 4,374 3,491 — 22,397 Restructuring expense 365 — 839 — 1,204 Depreciation and amortization expense 4,538 463 993 — 5,994 Total costs and expenses 113,709 31,783 55,230 (3,965 ) 196,757 Operating (loss) income (13,280 ) 2,322 (1,123 ) — (12,081 ) Interest expense, net (6,369 ) — (4,137 ) — (10,506 ) Other expense, net — — (2,270 ) — (2,270 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (19,649 ) 2,322 (7,530 ) — (24,857 ) Income tax benefit (expense) (90 ) (882 ) 989 — 17 Equity in losses of subsidiaries (5,101 ) — — 5,101 — Equity in losses of joint venture (1,460 ) — — — (1,460 ) Net (loss) income $ (26,300 ) $ 1,440 $ (6,541 ) $ 5,101 $ (26,300 ) Comprehensive (loss) income $ (28,571 ) $ 1,440 $ (9,482 ) $ 8,042 $ (28,571 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 151,998 $ 34,787 $ 60,847 $ (2,163 ) $ 245,469 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 113,127 24,660 48,793 (2,163 ) 184,417 Warehouse, processing and delivery expense 24,374 2,934 7,132 — 34,440 Sales, general and administrative expense 16,241 4,592 4,352 — 25,185 Restructuring expense (income) (5,197 ) — 50 — (5,147 ) Depreciation and amortization expense 4,819 539 1,041 — 6,399 Total costs and expenses 153,364 32,725 61,368 (2,163 ) 245,294 Operating (loss) income (1,366 ) 2,062 (521 ) — 175 Interest expense, net (6,388 ) — (3,760 ) — (10,148 ) Other expense, net — — (2,335 ) — (2,335 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (7,754 ) 2,062 (6,616 ) — (12,308 ) Income tax benefit (expense) 2,724 (784 ) 830 — 2,770 Equity in losses of subsidiaries (4,508 ) — — 4,508 — Equity in earnings of joint venture 2,213 — — — 2,213 Net (loss) income $ (7,325 ) $ 1,278 $ (5,786 ) $ 4,508 $ (7,325 ) Comprehensive (loss) income $ (9,135 ) $ 1,278 $ (7,850 ) $ 6,572 $ (9,135 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Nine Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 345,664 $ 101,168 $ 169,512 $ (9,737 ) $ 606,607 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 279,661 71,251 137,108 (9,737 ) 478,283 Warehouse, processing and delivery expense 58,857 8,947 19,536 — 87,340 Sales, general and administrative expense 49,927 13,277 10,411 — 73,615 Restructuring expense 16,617 — 1,036 — 17,653 Depreciation and amortization expense 13,999 1,626 3,036 — 18,661 Total costs and expenses 419,061 95,101 171,127 (9,737 ) 675,552 Operating (loss) income (73,397 ) 6,067 (1,615 ) — (68,945 ) Interest expense, net (19,142 ) — (12,284 ) — (31,426 ) Other expense, net — — (4,532 ) — (4,532 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (92,539 ) 6,067 (18,431 ) — (104,903 ) Income tax benefit (expense) 126 (2,305 ) 1,290 — (889 ) Equity in losses of subsidiaries (13,379 ) — — 13,379 — Equity in losses of joint venture (134 ) — — — (134 ) Net (loss) income $ (105,926 ) $ 3,762 $ (17,141 ) $ 13,379 $ (105,926 ) Comprehensive (loss) income $ (110,030 ) $ 3,762 $ (24,774 ) $ 21,012 $ (110,030 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Nine Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 469,455 $ 104,531 $ 184,316 $ (9,931 ) $ 748,371 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 352,013 74,020 148,411 (9,931 ) 564,513 Warehouse, processing and delivery expense 77,166 8,805 20,597 — 106,568 Sales, general and administrative expense 55,638 14,054 14,588 — 84,280 Restructuring expense (income) (3,725 ) — 224 — (3,501 ) Depreciation and amortization expense 14,643 1,632 3,114 — 19,389 Impairment of goodwill 41,308 — 14,852 — 56,160 Total costs and expenses 537,043 98,511 201,786 (9,931 ) 827,409 Operating (loss) income (67,588 ) 6,020 (17,470 ) — (79,038 ) Interest expense, net (18,848 ) — (11,140 ) — (29,988 ) Other expense, net — — (1,427 ) — (1,427 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (86,436 ) 6,020 (30,037 ) — (110,453 ) Income tax benefit (expense) 7,750 (1,946 ) 3,114 — 8,918 Equity in losses of subsidiaries (22,849 ) — — 22,849 — Equity in earnings of joint venture 5,914 — — — 5,914 Net (loss) income $ (95,621 ) $ 4,074 $ (26,923 ) $ 22,849 $ (95,621 ) Comprehensive (loss) income $ (96,298 ) $ 4,074 $ (28,361 ) $ 24,287 $ (96,298 ) Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (105,926 ) $ 3,762 $ (17,141 ) $ 13,379 $ (105,926 ) Equity in losses of subsidiaries 13,379 — — (13,379 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 100,619 3,209 (4,313 ) — 99,515 Net cash from (used in) operating activities 8,072 6,971 (21,454 ) — (6,411 ) Investing activities: Capital expenditures (3,352 ) (872 ) (1,169 ) — (5,393 ) Proceeds from sale of property, plant and equipment 7,739 — 3 — 7,742 Net advances to subsidiaries (21,889 ) — — 21,889 — Net cash used in investing activities (17,502 ) (872 ) (1,166 ) 21,889 2,349 Financing activities: Proceeds from long-term debt 707,200 — — — 707,200 Repayments of long-term debt (696,662 ) — (2,034 ) — (698,696 ) Net intercompany (repayments) borrowings — (6,143 ) 28,032 (21,889 ) — Payments of build-to-suit liability (500 ) — — — (500 ) Net cash from (used in) financing activities 10,038 (6,143 ) 25,998 (21,889 ) 8,004 Effect of exchange rate changes on cash and cash equivalents — — (424 ) — (424 ) Net change in cash and cash equivalents 608 (44 ) 2,954 — 3,518 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of period $ 1,119 $ 933 $ 9,920 $ — $ 11,972 Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (95,621 ) $ 4,074 $ (26,923 ) $ 22,849 $ (95,621 ) Equity in losses of subsidiaries 22,849 — — (22,849 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 51,088 (508 ) 208 — 50,788 Net cash (used in) from operating activities (21,684 ) 3,566 (26,715 ) — (44,833 ) Investing activities: Capital expenditures (4,671 ) (793 ) (3,261 ) — (8,725 ) Proceeds from sale of property, plant and equipment 7,096 — 52 — 7,148 Net cash from (used in) investing activities 2,425 (793 ) (3,209 ) — (1,577 ) Financing activities: Proceeds from long-term debt 219,714 — 3,075 — 222,789 Repayments of long-term debt (194,316 ) — (1,027 ) — (195,343 ) Net intercompany (repayments) borrowings (12,012 ) (3,268 ) 15,280 — — Other financing activities 193 — — — 193 Net cash from (used in) financing activities 13,579 (3,268 ) 17,328 — 27,639 Effect of exchange rate changes on cash and cash equivalents — — (253 ) — (253 ) Net change in cash and cash equivalents (5,680 ) (495 ) (12,849 ) — (19,024 ) Cash and cash equivalents - beginning of year 8,675 495 21,659 — 30,829 Cash and cash equivalents - end of period $ 2,995 $ — $ 8,810 $ — $ 11,805 |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 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 July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory," which requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures, one of which is net realizable value). The ASU does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. The ASU is effective prospectively for annual periods beginning after December 15, 2016, and interim periods therein. Approximately 76% of the Company’s inventories are valued at the lower of last-in, first-out ("LIFO") cost or market. 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 requires 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. ASU No. 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," was subsequently issued by the FASB to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements, allowing an entity to defer and present debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. The Company anticipates adoption of ASU No. 2015-03 for the effective period. Upon adoption, the Company would reclassify its deferred debt issuance costs from other assets to long-term debt. If adopted as of September 30, 2015 , the Company would have recorded a reduction in both other non-current assets and long-term debt of approximately $6,400 and would have provided additional disclosure. 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, including interim periods within those annual periods, beginning after December 15, 2016. ASU 2015-14, "Deferral of the Effective Date," was issued in August 2015 to defer the effective date of ASU No. 2014-09 for public companies until annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently reviewing the guidance and assessing the potential impact on its financial statements. |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share calculations | The following table is a reconciliation of the basic and diluted loss per share calculations for the three and nine months ended September 30, 2015 and 2014 , respectively: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net loss $ (26,300 ) $ (7,325 ) $ (105,926 ) $ (95,621 ) Denominator: Weighted average common shares outstanding 23,580 23,359 23,535 23,345 Effect of dilutive securities: Outstanding common stock equivalents — — — — Denominator for diluted loss per share 23,580 23,359 23,535 23,345 Basic loss per share $ (1.12 ) $ (0.31 ) $ (4.50 ) $ (4.10 ) Diluted loss per share $ (1.12 ) $ (0.31 ) $ (4.50 ) $ (4.10 ) Excluded outstanding share-based awards having an anti-dilutive effect 1,049 481 1,049 481 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — — — 903 |
Joint Venture - (Tables)
Joint Venture - (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014 , respectively: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net sales $ 36,885 $ 68,202 $ 130,505 $ 196,061 Cost of materials 31,339 56,446 110,734 162,849 Income (loss) before taxes (3,117 ) 5,921 (367 ) 15,364 Net income (loss) (2,920 ) 4,426 (268 ) 11,828 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in carrying amounts of goodwill | The changes in carrying amounts of goodwill during the nine months ended September 30, 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 September 30, 2015: Goodwill 116,377 12,973 129,350 Accumulated impairment losses (116,377 ) — (116,377 ) Balance as of September 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: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 114,033 $ 71,740 $ 116,268 $ 64,922 Trade name 7,624 3,125 7,864 2,655 Total $ 121,657 $ 74,865 $ 124,132 $ 67,577 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | For the three and nine months ended September 30, 2015 and 2014 , the Company recorded the following aggregate amortization expense associated with intangibles: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Amortization expense $ 2,655 $ 2,921 $ 8,001 $ 8,758 |
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 $ 10,579 2016 $ 10,579 2017 $ 8,556 2018 $ 4,441 2019 $ 4,441 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Long-term debt consisted of the following: September 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 68,300 59,200 Other, primarily capital leases 657 1,257 Less: unamortized discount (13,727 ) (17,843 ) Total debt $ 322,730 $ 310,114 Less: current portion (514 ) (737 ) Total long-term portion $ 322,216 $ 309,377 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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 September 30, 2015 were as follows: Company's stock price at the end of the period $ 2.22 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 September 30, 2015 Derivative liability for commodity hedges $ — $ 1,302 $ — $ 1,302 As of December 31, 2014 Derivative liability for commodity hedges $ — $ 1,615 $ — $ 1,615 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive (loss) income | The Company’s comprehensive loss for the three and nine months ended September 30, 2015 and 2014 , respectively, is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Net loss $ (26,300 ) $ (7,325 ) $ (105,926 ) $ (95,621 ) Change in unrecognized pension and postretirement benefit costs, net of tax 670 254 3,529 761 Foreign currency translation adjustments (2,941 ) (2,064 ) (7,633 ) (1,438 ) Total comprehensive loss $ (28,571 ) $ (9,135 ) $ (110,030 ) $ (96,298 ) |
Components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows: September 30, December 31, Unrecognized pension and postretirement benefit costs, net of tax $ (32,042 ) $ (35,571 ) Foreign currency translation losses (17,627 ) (9,994 ) Total accumulated other comprehensive loss $ (49,669 ) $ (45,565 ) |
Schedule of Change In Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component for the nine months ended September 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 before reclassifications — — (7,633 ) (1,438 ) (7,633 ) (1,438 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 3,529 761 — — 3,529 761 Net current period other comprehensive income (loss) 3,529 761 (7,633 ) (1,438 ) (4,104 ) (677 ) Balance as of September 30, $ (32,042 ) $ (13,365 ) $ (17,627 ) $ (6,055 ) $ (49,669 ) $ (19,420 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2015 and 2014 , respectively. Changes in accumulated other comprehensive loss by component for the three months ended September 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 July 1, $ (32,712 ) $ (13,619 ) $ (14,686 ) $ (3,991 ) $ (47,398 ) $ (17,610 ) Other comprehensive loss before reclassifications — — (2,941 ) (2,064 ) (2,941 ) (2,064 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 670 254 — — 670 254 Net current period other comprehensive income (loss) 670 254 (2,941 ) (2,064 ) (2,271 ) (1,810 ) Balance as of September 30, $ (32,042 ) $ (13,365 ) $ (17,627 ) $ (6,055 ) $ (49,669 ) $ (19,420 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended September 30, 2015 and 2014 , respectively. |
Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss are as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ 4 $ (71 ) $ (997 ) $ (212 ) Actuarial loss (b) (674 ) (345 ) (2,532 ) (1,035 ) Total before tax (670 ) (416 ) (3,529 ) (1,247 ) Tax effect — 162 — 486 Total reclassifications for the period, net of tax $ (670 ) $ (254 ) $ (3,529 ) $ (761 ) (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 expense (income) in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2015 . There was no pension curtailment expense in the three months ended September 30, 2015 or the three and nine months ended September 30, 2014 . |
Share-based Compensation Fair V
Share-based Compensation Fair Value Assumptions (Tables) - Employee Stock Option [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Short-term Incentive Plan - 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average grant date fair value of $2.10 per share for the options granted under the 2015 STI Plan was estimated using the Black-Scholes option-pricing model with the following assumptions: 2015 Expected volatility 56.1 % Risk-free interest rate 1.8 % Expected life (in years) 6.0 Expected dividend yield — |
Long-Term Compensation Plan -2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average grant date fair value of $2.05 per share for the options granted under the 2015 LTC Plan was estimated using the Black-Scholes option-pricing model with the following assumptions: 2015 Expected volatility 55.7 % Risk-free interest rate 1.8 % Expected life (in years) 5.8 Expected dividend yield — |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014 , respectively, are as follows: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Service cost $ 250 $ 127 $ 724 $ 382 Interest cost 1,722 1,740 5,312 5,220 Expected return on assets (2,494 ) (2,096 ) (7,128 ) (6,286 ) Amortization of prior service cost (4 ) 71 184 212 Amortization of actuarial loss 674 345 2,532 1,035 Curtailment charge — — 3,080 — Net periodic pension and postretirement benefit cost $ 148 $ 187 $ 4,704 $ 563 Contributions paid $ — $ — $ — $ — |
Restructuring Activity (Tables)
Restructuring Activity (Tables) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ||
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Nine Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 345,664 $ 101,168 $ 169,512 $ (9,737 ) $ 606,607 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 279,661 71,251 137,108 (9,737 ) 478,283 Warehouse, processing and delivery expense 58,857 8,947 19,536 — 87,340 Sales, general and administrative expense 49,927 13,277 10,411 — 73,615 Restructuring expense 16,617 — 1,036 — 17,653 Depreciation and amortization expense 13,999 1,626 3,036 — 18,661 Total costs and expenses 419,061 95,101 171,127 (9,737 ) 675,552 Operating (loss) income (73,397 ) 6,067 (1,615 ) — (68,945 ) Interest expense, net (19,142 ) — (12,284 ) — (31,426 ) Other expense, net — — (4,532 ) — (4,532 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (92,539 ) 6,067 (18,431 ) — (104,903 ) Income tax benefit (expense) 126 (2,305 ) 1,290 — (889 ) Equity in losses of subsidiaries (13,379 ) — — 13,379 — Equity in losses of joint venture (134 ) — — — (134 ) Net (loss) income $ (105,926 ) $ 3,762 $ (17,141 ) $ 13,379 $ (105,926 ) Comprehensive (loss) income $ (110,030 ) $ 3,762 $ (24,774 ) $ 21,012 $ (110,030 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 100,429 $ 34,105 $ 54,107 $ (3,965 ) $ 184,676 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 74,278 23,970 43,487 (3,965 ) 137,770 Warehouse, processing and delivery expense 19,996 2,976 6,420 — 29,392 Sales, general and administrative expense 14,532 4,374 3,491 — 22,397 Restructuring expense 365 — 839 — 1,204 Depreciation and amortization expense 4,538 463 993 — 5,994 Total costs and expenses 113,709 31,783 55,230 (3,965 ) 196,757 Operating (loss) income (13,280 ) 2,322 (1,123 ) — (12,081 ) Interest expense, net (6,369 ) — (4,137 ) — (10,506 ) Other expense, net — — (2,270 ) — (2,270 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (19,649 ) 2,322 (7,530 ) — (24,857 ) Income tax benefit (expense) (90 ) (882 ) 989 — 17 Equity in losses of subsidiaries (5,101 ) — — 5,101 — Equity in losses of joint venture (1,460 ) — — — (1,460 ) Net (loss) income $ (26,300 ) $ 1,440 $ (6,541 ) $ 5,101 $ (26,300 ) Comprehensive (loss) income $ (28,571 ) $ 1,440 $ (9,482 ) $ 8,042 $ (28,571 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 151,998 $ 34,787 $ 60,847 $ (2,163 ) $ 245,469 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 113,127 24,660 48,793 (2,163 ) 184,417 Warehouse, processing and delivery expense 24,374 2,934 7,132 — 34,440 Sales, general and administrative expense 16,241 4,592 4,352 — 25,185 Restructuring expense (income) (5,197 ) — 50 — (5,147 ) Depreciation and amortization expense 4,819 539 1,041 — 6,399 Total costs and expenses 153,364 32,725 61,368 (2,163 ) 245,294 Operating (loss) income (1,366 ) 2,062 (521 ) — 175 Interest expense, net (6,388 ) — (3,760 ) — (10,148 ) Other expense, net — — (2,335 ) — (2,335 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (7,754 ) 2,062 (6,616 ) — (12,308 ) Income tax benefit (expense) 2,724 (784 ) 830 — 2,770 Equity in losses of subsidiaries (4,508 ) — — 4,508 — Equity in earnings of joint venture 2,213 — — — 2,213 Net (loss) income $ (7,325 ) $ 1,278 $ (5,786 ) $ 4,508 $ (7,325 ) Comprehensive (loss) income $ (9,135 ) $ 1,278 $ (7,850 ) $ 6,572 $ (9,135 ) | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Nine Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 469,455 $ 104,531 $ 184,316 $ (9,931 ) $ 748,371 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 352,013 74,020 148,411 (9,931 ) 564,513 Warehouse, processing and delivery expense 77,166 8,805 20,597 — 106,568 Sales, general and administrative expense 55,638 14,054 14,588 — 84,280 Restructuring expense (income) (3,725 ) — 224 — (3,501 ) Depreciation and amortization expense 14,643 1,632 3,114 — 19,389 Impairment of goodwill 41,308 — 14,852 — 56,160 Total costs and expenses 537,043 98,511 201,786 (9,931 ) 827,409 Operating (loss) income (67,588 ) 6,020 (17,470 ) — (79,038 ) Interest expense, net (18,848 ) — (11,140 ) — (29,988 ) Other expense, net — — (1,427 ) — (1,427 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (86,436 ) 6,020 (30,037 ) — (110,453 ) Income tax benefit (expense) 7,750 (1,946 ) 3,114 — 8,918 Equity in losses of subsidiaries (22,849 ) — — 22,849 — Equity in earnings of joint venture 5,914 — — — 5,914 Net (loss) income $ (95,621 ) $ 4,074 $ (26,923 ) $ 22,849 $ (95,621 ) Comprehensive (loss) income $ (96,298 ) $ 4,074 $ (28,361 ) $ 24,287 $ (96,298 ) |
Schedule of Restructuring Reserve by Type of Cost (Gain)[Table Text Block] | Restructuring reserve activity for the nine months ended September 30, 2015 is summarized below: Period Activity Balance January, 1 2015 Charges (gains) Cash receipts (payments) Write-down of inventory Balance September 30, 2015 Employee termination and related benefits (a) $ — $ 13,265 $ (1,307 ) $ — $ 11,958 Lease termination costs (b) 636 364 (305 ) — 695 Moving costs associated with plant consolidations — 2,334 (2,334 ) — — Professional fees — 1,690 (1,690 ) — — Inventory write-down — 22,335 — (22,335 ) — Total $ 636 $ 39,988 $ (5,636 ) $ (22,335 ) $ 12,653 (a) As of September 30, 2015 , the short-term portion of employee termination and related benefits of 11,958 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheets. (b) 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 September 30, 2015 , the short-term portion of the lease termination costs of $598 are included in accrued and other current liabilities and the long-term portion of the lease termination costs of $97 are included in other non-current liabilities in the Condensed Consolidated Balance Sheets. | |
Schedule of Restructuring and Related Costs (Gains) | The Company incurred the following restructuring expense (income) during the three and nine months ended September 30, 2015 and 2014 : Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Employee termination and related benefits (a) $ (987 ) $ 67 $ 13,265 $ 937 Lease termination costs 364 186 364 186 Moving costs associated with plant consolidations 1,733 133 2,334 909 Professional fees 94 — 1,690 — Gain on sale of fixed assets — (5,533 ) — (5,533 ) Total $ 1,204 $ (5,147 ) $ 17,653 $ (3,501 ) |
Segment Reporting - (Tables)
Segment Reporting - (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for the three months ended September 30, 2015 and 2014 is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 150,571 $ (11,972 ) $ 1,976 $ 5,666 Plastics segment 34,105 1,934 122 328 Other (a) — (2,043 ) — — Consolidated $ 184,676 $ (12,081 ) $ 2,098 $ 5,994 2014 Metals segment $ 210,682 $ 319 $ 4,220 $ 5,988 Plastics segment 34,787 1,667 206 411 Other (a) — (1,811 ) — — Consolidated $ 245,469 $ 175 $ 4,426 $ 6,399 (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 nine months ended September 30, 2015 and 2014 is as follows: Net Sales Operating (Loss) Income Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 505,439 $ (64,972 ) $ 4,526 $ 17,447 Plastics segment 101,168 4,912 867 1,214 Other (a) — (8,885 ) — — Consolidated $ 606,607 $ (68,945 ) $ 5,393 $ 18,661 2014 Metals segment $ 643,840 $ (76,068 ) $ 7,957 $ 18,147 Plastics segment 104,531 4,841 768 1,242 Other (a) — (7,811 ) — — Consolidated $ 748,371 $ (79,038 ) $ 8,725 $ 19,389 (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 nine months ended September 30, 2015 and 2014 : Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Operating income (loss) $ (12,081 ) $ 175 $ (68,945 ) $ (79,038 ) Interest expense, net (10,506 ) (10,148 ) (31,426 ) (29,988 ) Other expense, net (2,270 ) (2,335 ) (4,532 ) (1,427 ) Loss before income taxes and equity in earnings (losses) of joint venture (24,857 ) (12,308 ) (104,903 ) (110,453 ) Equity in earnings (losses) of joint venture (1,460 ) 2,213 (134 ) 5,914 Consolidated loss before income taxes $ (26,317 ) $ (10,095 ) $ (105,037 ) $ (104,539 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment information for total assets is as follows: September 30, December 31, Metals segment $ 420,714 $ 489,563 Plastics segment 59,253 60,970 Other (a) 36,995 37,443 Consolidated $ 516,962 $ 587,976 (a) “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor Finanical Informati34
Guarantor Finanical Information (Tables) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Guarantees [Abstract] | ||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheet As of September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 1,119 $ 933 $ 9,920 $ — $ 11,972 Accounts receivable, less allowance for doubtful accounts 47,576 18,881 42,243 — 108,700 Receivables from affiliates 1,169 35 — (1,204 ) — Inventories 95,799 19,023 77,628 (68 ) 192,382 Other current assets 4,315 475 14,754 — 19,544 Total current assets 149,978 39,347 144,545 (1,272 ) 332,598 Investment in joint venture 36,995 — — — 36,995 Goodwill — 12,973 — — 12,973 Intangible assets, net 35,898 — 10,894 — 46,792 Other non-current assets 15,342 — 4,200 (1,279 ) 18,263 Investment in subsidiaries 49,258 — — (49,258 ) — Receivables from affiliates 135,077 45,055 — (180,132 ) — Property, plant and equipment, net 45,373 11,430 12,538 — 69,341 Total assets $ 467,921 $ 108,805 $ 172,177 $ (231,941 ) $ 516,962 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 38,988 $ 8,948 $ 23,794 $ — $ 71,730 Payables due to affiliates 1,169 — 35 (1,204 ) — Other current liabilities 36,467 2,433 6,864 — 45,764 Current portion of long-term debt 478 — 36 — 514 Total current liabilities 77,102 11,381 30,729 (1,204 ) 118,008 Long-term debt, less current portion 322,196 — 20 — 322,216 Payables due to affiliates — 7,886 172,246 (180,132 ) — Deferred income taxes — 5,524 3,684 (1,279 ) 7,929 Other non-current liabilities 27,928 — 186 — 28,114 Stockholders’ equity (deficit) 40,695 84,014 (34,688 ) (49,326 ) 40,695 Total liabilities and stockholders’ equity $ 467,921 $ 108,805 $ 172,177 $ (231,941 ) $ 516,962 Condensed Consolidating Balance Sheet As of September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 1,119 $ 933 $ 9,920 $ — $ 11,972 Accounts receivable, less allowance for doubtful accounts 47,576 18,881 42,243 — 108,700 Receivables from affiliates 1,169 35 — (1,204 ) — Inventories 95,799 19,023 77,628 (68 ) 192,382 Other current assets 4,315 475 14,754 — 19,544 Total current assets 149,978 39,347 144,545 (1,272 ) 332,598 Investment in joint venture 36,995 — — — 36,995 Goodwill — 12,973 — — 12,973 Intangible assets, net 35,898 — 10,894 — 46,792 Other non-current assets 15,342 — 4,200 (1,279 ) 18,263 Investment in subsidiaries 49,258 — — (49,258 ) — Receivables from affiliates 135,077 45,055 — (180,132 ) — Property, plant and equipment, net 45,373 11,430 12,538 — 69,341 Total assets $ 467,921 $ 108,805 $ 172,177 $ (231,941 ) $ 516,962 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 38,988 $ 8,948 $ 23,794 $ — $ 71,730 Payables due to affiliates 1,169 — 35 (1,204 ) — Other current liabilities 36,467 2,433 6,864 — 45,764 Current portion of long-term debt 478 — 36 — 514 Total current liabilities 77,102 11,381 30,729 (1,204 ) 118,008 Long-term debt, less current portion 322,196 — 20 — 322,216 Payables due to affiliates — 7,886 172,246 (180,132 ) — Deferred income taxes — 5,524 3,684 (1,279 ) 7,929 Other non-current liabilities 27,928 — 186 — 28,114 Stockholders’ equity (deficit) 40,695 84,014 (34,688 ) (49,326 ) 40,695 Total liabilities and stockholders’ equity $ 467,921 $ 108,805 $ 172,177 $ (231,941 ) $ 516,962 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 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 non-current 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 Nine Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 345,664 $ 101,168 $ 169,512 $ (9,737 ) $ 606,607 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 279,661 71,251 137,108 (9,737 ) 478,283 Warehouse, processing and delivery expense 58,857 8,947 19,536 — 87,340 Sales, general and administrative expense 49,927 13,277 10,411 — 73,615 Restructuring expense 16,617 — 1,036 — 17,653 Depreciation and amortization expense 13,999 1,626 3,036 — 18,661 Total costs and expenses 419,061 95,101 171,127 (9,737 ) 675,552 Operating (loss) income (73,397 ) 6,067 (1,615 ) — (68,945 ) Interest expense, net (19,142 ) — (12,284 ) — (31,426 ) Other expense, net — — (4,532 ) — (4,532 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (92,539 ) 6,067 (18,431 ) — (104,903 ) Income tax benefit (expense) 126 (2,305 ) 1,290 — (889 ) Equity in losses of subsidiaries (13,379 ) — — 13,379 — Equity in losses of joint venture (134 ) — — — (134 ) Net (loss) income $ (105,926 ) $ 3,762 $ (17,141 ) $ 13,379 $ (105,926 ) Comprehensive (loss) income $ (110,030 ) $ 3,762 $ (24,774 ) $ 21,012 $ (110,030 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 100,429 $ 34,105 $ 54,107 $ (3,965 ) $ 184,676 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 74,278 23,970 43,487 (3,965 ) 137,770 Warehouse, processing and delivery expense 19,996 2,976 6,420 — 29,392 Sales, general and administrative expense 14,532 4,374 3,491 — 22,397 Restructuring expense 365 — 839 — 1,204 Depreciation and amortization expense 4,538 463 993 — 5,994 Total costs and expenses 113,709 31,783 55,230 (3,965 ) 196,757 Operating (loss) income (13,280 ) 2,322 (1,123 ) — (12,081 ) Interest expense, net (6,369 ) — (4,137 ) — (10,506 ) Other expense, net — — (2,270 ) — (2,270 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (19,649 ) 2,322 (7,530 ) — (24,857 ) Income tax benefit (expense) (90 ) (882 ) 989 — 17 Equity in losses of subsidiaries (5,101 ) — — 5,101 — Equity in losses of joint venture (1,460 ) — — — (1,460 ) Net (loss) income $ (26,300 ) $ 1,440 $ (6,541 ) $ 5,101 $ (26,300 ) Comprehensive (loss) income $ (28,571 ) $ 1,440 $ (9,482 ) $ 8,042 $ (28,571 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Three Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 151,998 $ 34,787 $ 60,847 $ (2,163 ) $ 245,469 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 113,127 24,660 48,793 (2,163 ) 184,417 Warehouse, processing and delivery expense 24,374 2,934 7,132 — 34,440 Sales, general and administrative expense 16,241 4,592 4,352 — 25,185 Restructuring expense (income) (5,197 ) — 50 — (5,147 ) Depreciation and amortization expense 4,819 539 1,041 — 6,399 Total costs and expenses 153,364 32,725 61,368 (2,163 ) 245,294 Operating (loss) income (1,366 ) 2,062 (521 ) — 175 Interest expense, net (6,388 ) — (3,760 ) — (10,148 ) Other expense, net — — (2,335 ) — (2,335 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (7,754 ) 2,062 (6,616 ) — (12,308 ) Income tax benefit (expense) 2,724 (784 ) 830 — 2,770 Equity in losses of subsidiaries (4,508 ) — — 4,508 — Equity in earnings of joint venture 2,213 — — — 2,213 Net (loss) income $ (7,325 ) $ 1,278 $ (5,786 ) $ 4,508 $ (7,325 ) Comprehensive (loss) income $ (9,135 ) $ 1,278 $ (7,850 ) $ 6,572 $ (9,135 ) | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the Nine Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Net sales $ 469,455 $ 104,531 $ 184,316 $ (9,931 ) $ 748,371 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 352,013 74,020 148,411 (9,931 ) 564,513 Warehouse, processing and delivery expense 77,166 8,805 20,597 — 106,568 Sales, general and administrative expense 55,638 14,054 14,588 — 84,280 Restructuring expense (income) (3,725 ) — 224 — (3,501 ) Depreciation and amortization expense 14,643 1,632 3,114 — 19,389 Impairment of goodwill 41,308 — 14,852 — 56,160 Total costs and expenses 537,043 98,511 201,786 (9,931 ) 827,409 Operating (loss) income (67,588 ) 6,020 (17,470 ) — (79,038 ) Interest expense, net (18,848 ) — (11,140 ) — (29,988 ) Other expense, net — — (1,427 ) — (1,427 ) (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (86,436 ) 6,020 (30,037 ) — (110,453 ) Income tax benefit (expense) 7,750 (1,946 ) 3,114 — 8,918 Equity in losses of subsidiaries (22,849 ) — — 22,849 — Equity in earnings of joint venture 5,914 — — — 5,914 Net (loss) income $ (95,621 ) $ 4,074 $ (26,923 ) $ 22,849 $ (95,621 ) Comprehensive (loss) income $ (96,298 ) $ 4,074 $ (28,361 ) $ 24,287 $ (96,298 ) |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (105,926 ) $ 3,762 $ (17,141 ) $ 13,379 $ (105,926 ) Equity in losses of subsidiaries 13,379 — — (13,379 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 100,619 3,209 (4,313 ) — 99,515 Net cash from (used in) operating activities 8,072 6,971 (21,454 ) — (6,411 ) Investing activities: Capital expenditures (3,352 ) (872 ) (1,169 ) — (5,393 ) Proceeds from sale of property, plant and equipment 7,739 — 3 — 7,742 Net advances to subsidiaries (21,889 ) — — 21,889 — Net cash used in investing activities (17,502 ) (872 ) (1,166 ) 21,889 2,349 Financing activities: Proceeds from long-term debt 707,200 — — — 707,200 Repayments of long-term debt (696,662 ) — (2,034 ) — (698,696 ) Net intercompany (repayments) borrowings — (6,143 ) 28,032 (21,889 ) — Payments of build-to-suit liability (500 ) — — — (500 ) Net cash from (used in) financing activities 10,038 (6,143 ) 25,998 (21,889 ) 8,004 Effect of exchange rate changes on cash and cash equivalents — — (424 ) — (424 ) Net change in cash and cash equivalents 608 (44 ) 2,954 — 3,518 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of period $ 1,119 $ 933 $ 9,920 $ — $ 11,972 | Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (105,926 ) $ 3,762 $ (17,141 ) $ 13,379 $ (105,926 ) Equity in losses of subsidiaries 13,379 — — (13,379 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 100,619 3,209 (4,313 ) — 99,515 Net cash from (used in) operating activities 8,072 6,971 (21,454 ) — (6,411 ) Investing activities: Capital expenditures (3,352 ) (872 ) (1,169 ) — (5,393 ) Proceeds from sale of property, plant and equipment 7,739 — 3 — 7,742 Net advances to subsidiaries (21,889 ) — — 21,889 — Net cash used in investing activities (17,502 ) (872 ) (1,166 ) 21,889 2,349 Financing activities: Proceeds from long-term debt 707,200 — — — 707,200 Repayments of long-term debt (696,662 ) — (2,034 ) — (698,696 ) Net intercompany (repayments) borrowings — (6,143 ) 28,032 (21,889 ) — Payments of build-to-suit liability (500 ) — — — (500 ) Net cash from (used in) financing activities 10,038 (6,143 ) 25,998 (21,889 ) 8,004 Effect of exchange rate changes on cash and cash equivalents — — (424 ) — (424 ) Net change in cash and cash equivalents 608 (44 ) 2,954 — 3,518 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of period $ 1,119 $ 933 $ 9,920 $ — $ 11,972 Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2014 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (95,621 ) $ 4,074 $ (26,923 ) $ 22,849 $ (95,621 ) Equity in losses of subsidiaries 22,849 — — (22,849 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 51,088 (508 ) 208 — 50,788 Net cash (used in) from operating activities (21,684 ) 3,566 (26,715 ) — (44,833 ) Investing activities: Capital expenditures (4,671 ) (793 ) (3,261 ) — (8,725 ) Proceeds from sale of property, plant and equipment 7,096 — 52 — 7,148 Net cash from (used in) investing activities 2,425 (793 ) (3,209 ) — (1,577 ) Financing activities: Proceeds from long-term debt 219,714 — 3,075 — 222,789 Repayments of long-term debt (194,316 ) — (1,027 ) — (195,343 ) Net intercompany (repayments) borrowings (12,012 ) (3,268 ) 15,280 — — Other financing activities 193 — — — 193 Net cash from (used in) financing activities 13,579 (3,268 ) 17,328 — 27,639 Effect of exchange rate changes on cash and cash equivalents — — (253 ) — (253 ) Net change in cash and cash equivalents (5,680 ) (495 ) (12,849 ) — (19,024 ) Cash and cash equivalents - beginning of year 8,675 495 21,659 — 30,829 Cash and cash equivalents - end of period $ 2,995 $ — $ 8,810 $ — $ 11,805 |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards Not Yet Effective (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Percentage of LIFO Inventory | 76.00% |
Unamortized Debt Issuance Expense | $ 6,400 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net loss | $ (26,300) | $ (7,325) | $ (105,926) | $ (95,621) |
Denominator: | ||||
Weighted average common shares outstanding | 23,580 | 23,359 | 23,535 | 23,345 |
Effect of dilutive securities: | ||||
Outstanding common stock equivalents | 0 | 0 | 0 | 0 |
Denominator for diluted earnings per share | 23,580 | 23,359 | 23,535 | 23,345 |
Basic loss per share | $ (1.12) | $ (0.31) | $ (4.50) | $ (4.10) |
Diluted loss per share | $ (1.12) | $ (0.31) | $ (4.50) | $ (4.10) |
Excluded outstanding share-based awards having an anti-dilutive effect | 1,049 | 481 | 1,049 | 481 |
Convertible Debt Securities | ||||
Effect of dilutive securities: | ||||
Excluded outstanding share-based awards having an anti-dilutive effect | 0 | 0 | 0 | 903 |
Earnings Per Share - Dilutive (
Earnings Per Share - Dilutive (Details) - Convertible Debt Securities shares in Thousands | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Dilutive Earnings Per Share [Line Items] | |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.28 |
Outstanding common stock equivalents | 5,600 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Percentage of Company Inventory Valued At The Lower Of LIFO Cost Or Market | 76.00% | |
Excess of Replacement or Current Costs over Stated LIFO Value | $ 126,085 | $ 129,779 |
Joint Venture - Related Party A
Joint Venture - Related Party Activity (Details) | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 184,676 | $ 245,469 | $ 606,607 | $ 748,371 |
Cost of materials | 137,770 | 184,417 | 478,283 | 564,513 |
Income (loss) before taxes | (26,317) | (10,095) | (105,037) | (104,539) |
Net (Loss) Income | (26,300) | (7,325) | (105,926) | (95,621) |
Joint venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 36,885 | 68,202 | 130,505 | 196,061 |
Cost of materials | 31,339 | 56,446 | 110,734 | 162,849 |
Income (loss) before taxes | (3,117) | 5,921 | (367) | 15,364 |
Net (Loss) Income | $ (2,920) | $ 4,426 | $ (268) | $ 11,828 |
Joint Venture Joint venture - g
Joint Venture Joint venture - goodwill impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Goodwill | $ 12,973 | $ 12,973 | $ 12,973 | ||
Goodwill, Impairment Loss | $ 0 | 0 | $ 56,160 | ||
Corporate Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Goodwill | 3,525 | 3,525 | |||
Goodwill, Impairment Loss | $ 1,763 | $ 1,763 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Changes in carrying amounts of goodwill | ||||
Beginning Goodwill Gross | $ 129,350 | |||
Accumulated impairment losses | (116,377) | $ (116,377) | ||
Goodwill Net Beginning Balance | 12,973 | |||
Goodwill, Impairment Loss | $ 0 | 0 | $ (56,160) | |
Ending Goodwill Gross | 129,350 | 129,350 | ||
Goodwill Net Ending Balance | 12,973 | 12,973 | ||
Metals Segment [Member] | ||||
Changes in carrying amounts of goodwill | ||||
Beginning Goodwill Gross | 116,377 | |||
Accumulated impairment losses | (116,377) | (116,377) | ||
Goodwill Net Beginning Balance | 0 | |||
Ending Goodwill Gross | 116,377 | 116,377 | ||
Goodwill Net Ending Balance | 0 | 0 | ||
Plastics Segment | ||||
Changes in carrying amounts of goodwill | ||||
Beginning Goodwill Gross | 12,973 | |||
Accumulated impairment losses | 0 | 0 | ||
Goodwill Net Beginning Balance | 12,973 | |||
Goodwill, Impairment Loss | 0 | |||
Ending Goodwill Gross | 12,973 | 12,973 | ||
Goodwill Net Ending Balance | $ 12,973 | $ 12,973 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 121,657 | $ 124,132 |
Accumulated Amortization | 74,865 | 67,577 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 114,033 | 116,268 |
Accumulated Amortization | 71,740 | 64,922 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,624 | 7,864 |
Accumulated Amortization | $ 3,125 | $ 2,655 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Aggregate Amortization Expense [Abstract] | ||||
Amortization expense | $ 2,655 | $ 2,921 | $ 8,001 | $ 8,758 |
Summary of the estimated annual amortization expense | ||||
2,015 | 10,579 | 10,579 | ||
2,016 | 10,579 | 10,579 | ||
2,017 | 8,556 | 8,556 | ||
2,018 | 4,441 | 4,441 | ||
2,019 | $ 4,441 | $ 4,441 |
Build-to-suit Lease (Details)
Build-to-suit Lease (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Buildings and Improvements, Gross | $ 6,062 | |
Build to suit liability | $ 4,711 | $ 0 |
Debt Short-term and Long-term D
Debt Short-term and Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 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 | 68,300 | 59,200 |
Other Long-term Debt | 657 | 1,257 |
Long-term Debt, Unclassified [Abstract] | ||
Less: unamortized discount | (13,727) | (17,843) |
Less: current portion | 514 | 737 |
Total long-term portion | 322,216 | 309,377 |
Long-term Debt | $ 322,730 | $ 310,114 |
Debt Secured Notes (Details)
Debt Secured Notes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 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 | 9 Months Ended | |
Sep. 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 | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) |
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, Interest Rate During Period | 2.58% | 2.67% | ||
Debt Instrument, Maturity Date | Dec. 15, 2015 | Dec. 10, 2019 | ||
Line of Credit Facility, Borrowing Capacity excluding minimum excess availability, springing covenant | $ 96,464 | $ 96,464 | ||
Excess availability, revolving credit facility | $ 28,164 | $ 28,164 | ||
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 | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Senior Notes, Fair Value Disclosure | $ 179,846 | $ 179,846 | |||
Carrying value of senior secured notes | 210,000 | 210,000 | $ 210,000 | ||
Estimated fair value of convertible debt | 43,615 | 43,615 | |||
Carrying value of convertible debt | 57,500 | 57,500 | 57,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 68,300 | 68,300 | |||
Line of Credit Facility, Amount Outstanding | 68,300 | 68,300 | $ 59,200 | ||
Letters of Credit Outstanding as Collateral Associated with Commodity Hedges | 2,000 | 2,000 | |||
Forward Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Notional Amount | 4,182 | 4,182 | |||
Gain (Losses) as a result of changes in the fair value of the contracts | $ (252) | $ 143 | $ (706) | $ 74 | |
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 | $ 2.22 | $ 2.22 | |||
Expected volatility | 49.80% | ||||
Credit spreads | 21.65% | ||||
Risk-free interest rate | 0.81% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 68,300 | ||
Long-term Line of Credit | 68,300 | $ 59,200 | |
Forward Contracts | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Current | 415 | 1,137 | |
Derivative Liability, Noncurrent | 887 | 478 | |
Derivative liability for commodity hedges | [1] | 1,302 | 1,615 |
Forward Contracts | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability for commodity hedges | 0 | 0 | |
Forward Contracts | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability for commodity hedges | 1,302 | 1,615 | |
Forward Contracts | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | 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 September 30, 2015 and December 31, 2014 the short-term portion of the derivative liability for commodity hedges of $415 and $1,137, respectively, is included in accrued and other current liabilities and the long-term portion of $887 and $478, respectively, is included in other non-current liabilities in the Condensed Consolidated Balance Sheets. |
Stockholders' Equity Comprehens
Stockholders' Equity Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ||||
Net loss | $ (26,300) | $ (7,325) | $ (105,926) | $ (95,621) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (2,941) | (2,064) | (7,633) | (1,438) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 670 | 254 | 3,529 | 761 |
Total comprehensive loss | $ (28,571) | $ (9,135) | $ (110,030) | $ (96,298) |
Stockholders' Equity AOCI (Deta
Stockholders' Equity AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Components of accumulated other comprehensive loss | |||||||||
Total accumulated other comprehensive loss | $ (49,669) | $ (19,420) | $ (49,669) | $ (19,420) | $ (47,398) | $ (45,565) | $ (17,610) | $ (18,743) | |
Other comprehensive (loss) income before reclassifications | (2,941) | (2,064) | (7,633) | (1,438) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 670 | 254 | 3,529 | 761 | ||||
Net current period other comprehensive income (loss) | (2,271) | (1,810) | (4,104) | (677) | |||||
Foreign Currency Items | |||||||||
Components of accumulated other comprehensive loss | |||||||||
Foreign currency translation losses | (17,627) | (6,055) | (17,627) | (6,055) | (14,686) | (9,994) | (3,991) | (4,617) | |
Other comprehensive (loss) income before reclassifications | (2,941) | (2,064) | (7,633) | (1,438) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 0 | 0 | 0 | ||||
Net current period other comprehensive income (loss) | (2,941) | (2,064) | (7,633) | (1,438) | |||||
Defined Benefit Pension and Postretirement Items | |||||||||
Components of accumulated other comprehensive loss | |||||||||
Unrecognized pension and postretirement benefit costs, net of tax | (32,042) | (13,365) | (32,042) | (13,365) | $ (32,712) | $ (35,571) | $ (13,619) | $ (14,126) | |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 670 | 254 | 3,529 | 761 | ||||
Net current period other comprehensive income (loss) | $ 670 | $ 254 | $ 3,529 | $ 761 | |||||
[1] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2015 and 2014, respectively. |
Stockholders' Equity AOCI Chang
Stockholders' Equity AOCI Change (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Beginning Balance | $ (47,398) | $ (17,610) | $ (45,565) | $ (18,743) | |||||
Other comprehensive (loss) income before reclassifications | (2,941) | (2,064) | (7,633) | (1,438) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 670 | 254 | 3,529 | 761 | ||||
Net current period other comprehensive income (loss) | (2,271) | (1,810) | (4,104) | (677) | |||||
Ending Balance | (49,669) | (19,420) | (49,669) | (19,420) | |||||
Defined Benefit Pension and Postretirement Items | |||||||||
Accumulated Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Net of Tax | (32,042) | (13,365) | (32,042) | (13,365) | $ (32,712) | $ (35,571) | $ (13,619) | $ (14,126) | |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 670 | 254 | 3,529 | 761 | ||||
Net current period other comprehensive income (loss) | 670 | 254 | 3,529 | 761 | |||||
Foreign Currency Items | |||||||||
Accumulated Other Comprehensive Loss, Foreign Currency Translation Adjustment, Net of Tax | (17,627) | (6,055) | (17,627) | (6,055) | $ (14,686) | $ (9,994) | $ (3,991) | $ (4,617) | |
Other comprehensive (loss) income before reclassifications | (2,941) | (2,064) | (7,633) | (1,438) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 0 | 0 | 0 | ||||
Net current period other comprehensive income (loss) | $ (2,941) | $ (2,064) | $ (7,633) | $ (1,438) | |||||
[1] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2015 and 2014, respectively. |
Stockholders' Equity AOCI Recla
Stockholders' Equity AOCI Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ 0 | $ 813 | $ 0 | |
Prior service cost | [1] | 4 | (71) | 997 | 212 |
Actuarial loss | [1] | (674) | (345) | (2,532) | (1,035) |
Total before tax | (670) | (416) | (3,529) | (1,247) | |
Tax effect | 0 | 162 | 0 | 486 | |
Total reclassifications for the period, net of tax | [2] | $ (670) | $ (254) | $ (3,529) | $ (761) |
[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 $813 for pension curtailment is shown as restructuring expense (income) in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2015. There was no pension curtailment expense in the three months ended September 30, 2015 or the three and nine months ended September 30, 2014. | ||||
[2] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2015 and 2014, respectively. |
Share-based Compensation Assump
Share-based Compensation Assumptions (Details) - Employee Stock Option [Member] | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Short-term Incentive Plan - 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Long-Term Incentive Plan -2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 9 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Narrat
Share-based Compensation Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 428 | $ 133 | $ 424 | $ 1,160 |
Unrecognized compensation cost | $ 2,650 | $ 2,650 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months 15 days | |||
Short-term Incentive Plan - 2015 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.10 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The stock options vest in three equal installments over three years from the grant date and are exercisable immediately upon vesting. The strike price was equal to the closing price of the Company's stock on the date of grant. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 124 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Restricted Stock Unit - 2015 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.05 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | vest in three equal installments during 2016, 2017 and 2018. The first installment will be exercisable 12 months after the date of grant and the remaining installments will be exercisable on February 25, 2017 and February 25, 2018, except for awards granted to the Company's President and Chief Executive Officer which become exercisable on April 17, 2017 and April 18, 2018. The strike price was equal to the closing price of the Company's stock on the date of grant. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 583 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Restricted Stock Unit - 2015 [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The grant date fair value was established using the market price of the Company’s stock on the date of grant. The RSUs cliff vest on December 31, 2017. Each RSU that becomes vested entitles the participant to receive one share of the Company’s common stock. The number of shares delivered may be reduced by the number of shares required to be withheld for federal and state withholding tax requirements (determined at the market price of Company shares at the time of payout). |
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 | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 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 | 250 | 127 | 724 | 382 | |
Interest cost | 1,722 | 1,740 | 5,312 | 5,220 | |
Expected return on assets | (2,494) | (2,096) | (7,128) | (6,286) | |
Amortization of prior service cost | (4) | 71 | 184 | 212 | |
Amortization of actuarial loss | 674 | 345 | 2,532 | 1,035 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | $ 3,080 | 0 | 3,080 | 0 |
Net periodic pension and postretirement benefit cost | $ 148 | $ 187 | $ 4,704 | $ 563 |
Employee Benefit Plans Pension
Employee Benefit Plans Pension Curtailment costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Curtailment, Recognized Prior Service Cost | $ 0 | $ 0 | $ 813 | $ 0 |
Restructuring Activity (Details
Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 3,080 | $ 0 | |||||
Multiemployer Plans, Withdrawal Obligation | $ 5,500 | 5,500 | |||||
Restructuring Costs (Gains) | 39,988 | ||||||
Restructuring expense (income) | 1,204 | $ (5,147) | 17,653 | (3,501) | |||
Restructuring Reserve | 12,653 | 12,653 | $ 636 | ||||
Employee Termination and Related Benefits [Member] | |||||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Restructuring Costs (Gains) | (987) | 67 | 13,265 | 937 | |||
Restructuring Reserve, Current | 11,958 | 11,958 | |||||
Restructuring Reserve | 11,958 | [1] | 11,958 | [1] | 0 | ||
Moving Costs Associated with Plant Consolidations [Member] | |||||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Restructuring Costs (Gains) | 1,733 | 133 | 2,334 | 909 | |||
Restructuring Reserve | 0 | 0 | 0 | ||||
Lease Termination Costs [Member] | |||||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Restructuring Costs (Gains) | 364 | 186 | 364 | 186 | |||
Restructuring Reserve, Current | 598 | 598 | |||||
Restructuring Reserve | 695 | [2] | 695 | [2] | 636 | ||
Restructuring Reserve, Noncurrent | 97 | 97 | |||||
Professional Fees [Member] | |||||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Restructuring Costs (Gains) | 94 | 0 | 1,690 | 0 | |||
Restructuring Reserve | 0 | 0 | 0 | ||||
Gain on disposal of fixed assets [Member] | |||||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Restructuring Costs (Gains) | 0 | $ (5,533) | 0 | $ (5,533) | |||
Inventory Write-off [Member] | |||||||
Restructuring Cost (Gain) and Reserve [Line Items] | |||||||
Restructuring Costs (Gains) | 22,335 | ||||||
Restructuring Reserve | $ 0 | $ 0 | $ 0 | ||||
[1] | (a) As of September 30, 2015, the short-term portion of employee termination and related benefits of 11,958 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheets. | ||||||
[2] | (b) 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 September 30, 2015, the short-term portion of the lease termination costs of $598 are included in accrued and other current liabilities and the long-term portion of the lease termination costs of $97 are included in other non-current liabilities in the Condensed Consolidated Balance Sheets |
Restructuring Activity Roll For
Restructuring Activity Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring Reserve | $ 12,653 | $ 12,653 | $ 636 | |||||
Asset Impairment Charges | (22,335) | |||||||
Restructuring Costs (Gains) | 39,988 | |||||||
Payments for Restructuring | 5,636 | |||||||
Moving Costs Associated with Plant Consolidations [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring Reserve | 0 | 0 | 0 | |||||
Asset Impairment Charges | 0 | |||||||
Restructuring Costs (Gains) | 1,733 | $ 133 | 2,334 | $ 909 | ||||
Payments for Restructuring | 2,334 | |||||||
Professional Fees [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring Reserve | 0 | 0 | 0 | |||||
Asset Impairment Charges | 0 | |||||||
Restructuring Costs (Gains) | 94 | 0 | 1,690 | 0 | ||||
Payments for Restructuring | 1,690 | |||||||
Employee Termination and Related Benefits [Member] | ||||||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||||||
Restructuring Reserve, Current | 11,958 | 11,958 | ||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring Reserve | 11,958 | [1] | 11,958 | [1] | 0 | |||
Asset Impairment Charges | 0 | |||||||
Restructuring Costs (Gains) | (987) | 67 | 13,265 | 937 | ||||
Payments for Restructuring | 1,307 | |||||||
Contract Termination [Member] | ||||||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||||||
Restructuring Reserve, Current | 598 | 598 | ||||||
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring Reserve | 695 | [2] | 695 | [2] | 636 | |||
Asset Impairment Charges | 0 | |||||||
Restructuring Costs (Gains) | 364 | $ 186 | 364 | $ 186 | ||||
Payments for Restructuring | [2] | 305 | ||||||
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 | |||||||
[1] | (a) As of September 30, 2015, the short-term portion of employee termination and related benefits of 11,958 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheets. | |||||||
[2] | (b) 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 September 30, 2015, the short-term portion of the lease termination costs of $598 are included in accrued and other current liabilities and the long-term portion of the lease termination costs of $97 are included in other non-current liabilities in the Condensed Consolidated Balance Sheets |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate | 0.10% | 27.40% | (0.80%) | 8.50% |
Income Tax Expense (Benefit) | $ (17) | $ (2,770) | $ 889 | $ (8,918) |
Income (loss) before taxes | $ (26,317) | $ (10,095) | $ (105,037) | $ (104,539) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Commitments and Contingent Li63
Commitments and Contingent Liabilities (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Irrevocable letters of credit outstanding | $ 10,092 |
Letters of Credit Outstanding as Collateral for Janesville lease | 5,000 |
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) | 9 Months Ended |
Sep. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Informatio
Segment Reporting - Information by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Summary of segment information | |||||
Net Sales | $ 184,676 | $ 245,469 | $ 606,607 | $ 748,371 | |
Operating income (loss) | (12,081) | 175 | (68,945) | (79,038) | |
Capital Expenditures | 2,098 | 4,426 | 5,393 | 8,725 | |
Depreciation and amortization | 5,994 | 6,399 | 18,661 | 19,389 | |
Metals segment | |||||
Summary of segment information | |||||
Net Sales | 150,571 | 210,682 | 505,439 | 643,840 | |
Operating income (loss) | (11,972) | 319 | (64,972) | (76,068) | |
Capital Expenditures | 1,976 | 4,220 | 4,526 | 7,957 | |
Depreciation and amortization | 5,666 | 5,988 | 17,447 | 18,147 | |
Plastics segment | |||||
Summary of segment information | |||||
Net Sales | 34,105 | 34,787 | 101,168 | 104,531 | |
Operating income (loss) | 1,934 | 1,667 | 4,912 | 4,841 | |
Capital Expenditures | 122 | 206 | 867 | 768 | |
Depreciation and amortization | 328 | 411 | 1,214 | 1,242 | |
Other | |||||
Summary of segment information | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Operating income (loss) | [1] | (2,043) | (1,811) | (8,885) | (7,811) |
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 - Reconcilli
Segment Reporting - Reconcilliation of Segment Data to the Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | $ 184,676 | $ 245,469 | $ 606,607 | $ 748,371 | |
Operating income (loss) | (12,081) | 175 | (68,945) | (79,038) | |
Interest expense, net | (10,506) | (10,148) | (31,426) | (29,988) | |
Other expense, net | (2,270) | (2,335) | (4,532) | (1,427) | |
Loss before income taxes and equity in earnings of joint venture | (24,857) | (12,308) | (104,903) | (110,453) | |
Equity in earnings (losses) of joint venture | (1,460) | 2,213 | (134) | 5,914 | |
Consolidated loss before income taxes | (26,317) | (10,095) | (105,037) | (104,539) | |
Capital Expenditures | 2,098 | 4,426 | 5,393 | 8,725 | |
Depreciation and amortization | 5,994 | 6,399 | 18,661 | 19,389 | |
Other | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Operating income (loss) | [1] | (2,043) | (1,811) | (8,885) | (7,811) |
Capital Expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Plastics segment | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | 34,105 | 34,787 | 101,168 | 104,531 | |
Operating income (loss) | 1,934 | 1,667 | 4,912 | 4,841 | |
Capital Expenditures | 122 | 206 | 867 | 768 | |
Depreciation and amortization | 328 | 411 | 1,214 | 1,242 | |
Metals Segment [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net Sales | 150,571 | 210,682 | 505,439 | 643,840 | |
Operating income (loss) | (11,972) | 319 | (64,972) | (76,068) | |
Capital Expenditures | 1,976 | 4,220 | 4,526 | 7,957 | |
Depreciation and amortization | $ 5,666 | $ 5,988 | $ 17,447 | $ 18,147 | |
[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 | Sep. 30, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 516,962 | $ 587,976 | |
Metals segment | |||
Segment Reporting Information [Line Items] | |||
Assets | 420,714 | 489,563 | |
Plastics segment | |||
Segment Reporting Information [Line Items] | |||
Assets | 59,253 | 60,970 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ 36,995 | $ 37,443 |
[1] | “Other” — Total assets consist of the Company's investment in joint venture. |
Guarantor Finanical Informati68
Guarantor Finanical Information Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 11,972 | $ 8,454 | $ 11,805 | $ 30,829 |
Accounts receivable, less allowance for doubtful accounts | 108,700 | 131,003 | ||
Receivables from affiliates | 0 | 0 | ||
Inventories | 192,382 | 236,932 | ||
Other current assets | 19,544 | 13,029 | ||
Total current assets | 332,598 | 389,418 | ||
Investment in joint venture | 36,995 | 37,443 | ||
Goodwill | 12,973 | 12,973 | ||
Intangible assets, net | 46,792 | 56,555 | ||
Other non-current assets | 18,263 | 18,752 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 0 | ||
Property, plant and equipment, net | 69,341 | 72,835 | ||
Total assets | 516,962 | 587,976 | ||
Accounts payable | 71,730 | 68,782 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 45,764 | 27,998 | ||
Current portion of long-term debt | 514 | 737 | ||
Total current liabilities | 118,008 | 97,517 | ||
Long-term debt, less current portion | 322,216 | 309,377 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 7,929 | 8,360 | ||
Other non-current liabilities | 28,114 | 22,402 | ||
Stockholders’ equity (deficit) | 40,695 | 150,320 | ||
Total liabilities and stockholders’ equity | 516,962 | 587,976 | ||
Parent | ||||
Cash and cash equivalents | 1,119 | 511 | 2,995 | 8,675 |
Accounts receivable, less allowance for doubtful accounts | 47,576 | 66,178 | ||
Receivables from affiliates | 1,169 | 2,071 | ||
Inventories | 95,799 | 142,314 | ||
Other current assets | 4,315 | 3,490 | ||
Total current assets | 149,978 | 214,564 | ||
Investment in joint venture | 36,995 | 37,443 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 35,898 | 42,772 | ||
Other non-current assets | 15,342 | 18,766 | ||
Investment in subsidiaries | 49,258 | 70,274 | ||
Receivables from affiliates | 135,077 | 113,188 | ||
Property, plant and equipment, net | 45,373 | 46,094 | ||
Total assets | 467,921 | 543,101 | ||
Accounts payable | 38,988 | 41,613 | ||
Payables due to affiliates | 1,169 | 2,071 | ||
Other current liabilities | 36,467 | 18,841 | ||
Current portion of long-term debt | 478 | 691 | ||
Total current liabilities | 77,102 | 63,216 | ||
Long-term debt, less current portion | 322,196 | 307,327 | ||
Payables due to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other non-current liabilities | 27,928 | 22,238 | ||
Stockholders’ equity (deficit) | 40,695 | 150,320 | ||
Total liabilities and stockholders’ equity | 467,921 | 543,101 | ||
Guarantors | ||||
Cash and cash equivalents | 933 | 977 | 0 | 495 |
Accounts receivable, less allowance for doubtful accounts | 18,881 | 19,303 | ||
Receivables from affiliates | 35 | 81 | ||
Inventories | 19,023 | 19,320 | ||
Other current assets | 475 | 1,033 | ||
Total current assets | 39,347 | 40,714 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 12,973 | 12,973 | ||
Intangible assets, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 45,055 | 36,607 | ||
Property, plant and equipment, net | 11,430 | 12,184 | ||
Total assets | 108,805 | 102,478 | ||
Accounts payable | 8,948 | 8,055 | ||
Payables due to affiliates | 0 | 0 | ||
Other current liabilities | 2,433 | 3,065 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 11,381 | 11,120 | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | 7,886 | 5,581 | ||
Deferred income taxes | 5,524 | 5,524 | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders’ equity (deficit) | 84,014 | 80,253 | ||
Total liabilities and stockholders’ equity | 108,805 | 102,478 | ||
Non-Guarantors | ||||
Cash and cash equivalents | 9,920 | 6,966 | 8,810 | 21,659 |
Accounts receivable, less allowance for doubtful accounts | 42,243 | 45,522 | ||
Receivables from affiliates | 0 | 0 | ||
Inventories | 77,628 | 75,366 | ||
Other current assets | 14,754 | 8,506 | ||
Total current assets | 144,545 | 136,360 | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 10,894 | 13,783 | ||
Other non-current assets | 4,200 | 996 | ||
Investment in subsidiaries | 0 | 0 | ||
Receivables from affiliates | 0 | 2,157 | ||
Property, plant and equipment, net | 12,538 | 14,557 | ||
Total assets | 172,177 | 167,853 | ||
Accounts payable | 23,794 | 19,114 | ||
Payables due to affiliates | 35 | 81 | ||
Other current liabilities | 6,864 | 6,092 | ||
Current portion of long-term debt | 36 | 46 | ||
Total current liabilities | 30,729 | 25,333 | ||
Long-term debt, less current portion | 20 | 2,050 | ||
Payables due to affiliates | 172,246 | 146,371 | ||
Deferred income taxes | 3,684 | 3,846 | ||
Other non-current liabilities | 186 | 164 | ||
Stockholders’ equity (deficit) | (34,688) | (9,911) | ||
Total liabilities and stockholders’ equity | 172,177 | 167,853 | ||
Eliminations | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Receivables from affiliates | (1,204) | (2,152) | ||
Inventories | (68) | (68) | ||
Other current assets | 0 | 0 | ||
Total current assets | (1,272) | (2,220) | ||
Investment in joint venture | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other non-current assets | (1,279) | (1,010) | ||
Investment in subsidiaries | (49,258) | (70,274) | ||
Receivables from affiliates | (180,132) | (151,952) | ||
Property, plant and equipment, net | 0 | 0 | ||
Total assets | (231,941) | (225,456) | ||
Accounts payable | 0 | 0 | ||
Payables due to affiliates | (1,204) | (2,152) | ||
Other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | (1,204) | (2,152) | ||
Long-term debt, less current portion | 0 | 0 | ||
Payables due to affiliates | (180,132) | (151,952) | ||
Deferred income taxes | (1,279) | (1,010) | ||
Other non-current liabilities | 0 | 0 | ||
Stockholders’ equity (deficit) | (49,326) | (70,342) | ||
Total liabilities and stockholders’ equity | $ (231,941) | $ (225,456) |
Guarantor Finanical Informati69
Guarantor Finanical Information Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Sales | $ 184,676 | $ 245,469 | $ 606,607 | $ 748,371 |
Cost of materials (exclusive of depreciation and amortization) | 137,770 | 184,417 | 478,283 | 564,513 |
Warehouse, processing and delivery expense | 29,392 | 34,440 | 87,340 | 106,568 |
Sales, general and administrative expense | 22,397 | 25,185 | 73,615 | 84,280 |
Restructuring expense (income) | 1,204 | (5,147) | 17,653 | (3,501) |
Depreciation and amortization expense | 5,994 | 6,399 | 18,661 | 19,389 |
Impairment of goodwill | 0 | 0 | 56,160 | |
Total Costs and Expenses | 196,757 | 245,294 | 675,552 | 827,409 |
Operating income (loss) | (12,081) | 175 | (68,945) | (79,038) |
Interest expense, net | (10,506) | (10,148) | (31,426) | (29,988) |
Other expense, net | (2,270) | (2,335) | (4,532) | (1,427) |
(Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture | (24,857) | (12,308) | (104,903) | (110,453) |
Income tax benefit (expense) | 17 | 2,770 | (889) | 8,918 |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of joint venture | (1,460) | 2,213 | (134) | 5,914 |
Net (Loss) Income | (26,300) | (7,325) | (105,926) | (95,621) |
Comprehensive (loss) income | (28,571) | (9,135) | (110,030) | (96,298) |
Parent | ||||
Net Sales | 100,429 | 151,998 | 345,664 | 469,455 |
Cost of materials (exclusive of depreciation and amortization) | 74,278 | 113,127 | 279,661 | 352,013 |
Warehouse, processing and delivery expense | 19,996 | 24,374 | 58,857 | 77,166 |
Sales, general and administrative expense | 14,532 | 16,241 | 49,927 | 55,638 |
Restructuring expense (income) | 365 | (5,197) | 16,617 | (3,725) |
Depreciation and amortization expense | 4,538 | 4,819 | 13,999 | 14,643 |
Impairment of goodwill | 41,308 | |||
Total Costs and Expenses | 113,709 | 153,364 | 419,061 | 537,043 |
Operating income (loss) | (13,280) | (1,366) | (73,397) | (67,588) |
Interest expense, net | (6,369) | (6,388) | (19,142) | (18,848) |
Other expense, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture | (19,649) | (7,754) | (92,539) | (86,436) |
Income tax benefit (expense) | (90) | 2,724 | 126 | 7,750 |
Equity in losses of subsidiaries | (5,101) | (4,508) | (13,379) | (22,849) |
Equity in earnings (losses) of joint venture | (1,460) | 2,213 | (134) | 5,914 |
Net (Loss) Income | (26,300) | (7,325) | (105,926) | (95,621) |
Comprehensive (loss) income | (28,571) | (9,135) | (110,030) | (96,298) |
Guarantors | ||||
Net Sales | 34,105 | 34,787 | 101,168 | 104,531 |
Cost of materials (exclusive of depreciation and amortization) | 23,970 | 24,660 | 71,251 | 74,020 |
Warehouse, processing and delivery expense | 2,976 | 2,934 | 8,947 | 8,805 |
Sales, general and administrative expense | 4,374 | 4,592 | 13,277 | 14,054 |
Restructuring expense (income) | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 463 | 539 | 1,626 | 1,632 |
Impairment of goodwill | 0 | |||
Total Costs and Expenses | 31,783 | 32,725 | 95,101 | 98,511 |
Operating income (loss) | 2,322 | 2,062 | 6,067 | 6,020 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other expense, net | 0 | 0 | 0 | 0 |
(Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture | 2,322 | 2,062 | 6,067 | 6,020 |
Income tax benefit (expense) | (882) | (784) | (2,305) | (1,946) |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of joint venture | 0 | 0 | 0 | 0 |
Net (Loss) Income | 1,440 | 1,278 | 3,762 | 4,074 |
Comprehensive (loss) income | 1,440 | 1,278 | 3,762 | 4,074 |
Non-Guarantors | ||||
Net Sales | 54,107 | 60,847 | 169,512 | 184,316 |
Cost of materials (exclusive of depreciation and amortization) | 43,487 | 48,793 | 137,108 | 148,411 |
Warehouse, processing and delivery expense | 6,420 | 7,132 | 19,536 | 20,597 |
Sales, general and administrative expense | 3,491 | 4,352 | 10,411 | 14,588 |
Restructuring expense (income) | 839 | 50 | 1,036 | 224 |
Depreciation and amortization expense | 993 | 1,041 | 3,036 | 3,114 |
Impairment of goodwill | 14,852 | |||
Total Costs and Expenses | 55,230 | 61,368 | 171,127 | 201,786 |
Operating income (loss) | (1,123) | (521) | (1,615) | (17,470) |
Interest expense, net | (4,137) | (3,760) | (12,284) | (11,140) |
Other expense, net | (2,270) | (2,335) | (4,532) | (1,427) |
(Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture | (7,530) | (6,616) | (18,431) | (30,037) |
Income tax benefit (expense) | 989 | 830 | 1,290 | 3,114 |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Equity in earnings (losses) of joint venture | 0 | 0 | 0 | 0 |
Net (Loss) Income | (6,541) | (5,786) | (17,141) | (26,923) |
Comprehensive (loss) income | (9,482) | (7,850) | (24,774) | (28,361) |
Eliminations | ||||
Net Sales | (3,965) | (2,163) | (9,737) | (9,931) |
Cost of materials (exclusive of depreciation and amortization) | (3,965) | (2,163) | (9,737) | (9,931) |
Warehouse, processing and delivery expense | 0 | 0 | 0 | 0 |
Sales, general and administrative expense | 0 | 0 | 0 | 0 |
Restructuring expense (income) | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Impairment of goodwill | 0 | |||
Total Costs and Expenses | (3,965) | (2,163) | (9,737) | (9,931) |
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 (losses) of subsidiaries and joint venture | 0 | 0 | 0 | 0 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Equity in losses of subsidiaries | 5,101 | 4,508 | 13,379 | 22,849 |
Equity in earnings (losses) of joint venture | 0 | 0 | 0 | 0 |
Net (Loss) Income | 5,101 | 4,508 | 13,379 | 22,849 |
Comprehensive (loss) income | $ 8,042 | $ 6,572 | $ 21,012 | $ 24,287 |
Guarantor Finanical Informati70
Guarantor Finanical Information Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net (Loss) Income | $ (26,300) | $ (7,325) | $ (105,926) | $ (95,621) |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 99,515 | 50,788 | ||
Net cash from (used in) operating activities | (6,411) | (44,833) | ||
Capital expenditures | (5,393) | (8,725) | ||
Proceeds from Sale of Property, Plant and Equipment | 7,742 | 7,148 | ||
Net advances to subsidiaries | 0 | |||
Net cash from (used in) investing activities | 2,349 | (1,577) | ||
Proceeds from long-term debt | 707,200 | 222,789 | ||
Repayments of long-term debt | (698,696) | (195,343) | ||
Net intercompany (repayments) borrowings | 0 | 0 | ||
Payments of Build to Suit Lease Liability | (500) | 0 | ||
Other financing activities | 0 | 193 | ||
Net cash from (used in) financing activities | 8,004 | 27,639 | ||
Effect of exchange rate changes on cash and cash equivalents | (424) | (253) | ||
(Decrease) increase in cash and cash equivalents | 3,518 | (19,024) | ||
Cash and cash equivalents - beginning of year | 8,454 | 30,829 | ||
Cash and cash equivalents - end of period | 11,972 | 11,805 | 11,972 | 11,805 |
Parent | ||||
Net (Loss) Income | (26,300) | (7,325) | (105,926) | (95,621) |
Equity in losses of subsidiaries | 5,101 | 4,508 | 13,379 | 22,849 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 100,619 | 51,088 | ||
Net cash from (used in) operating activities | 8,072 | (21,684) | ||
Capital expenditures | (3,352) | (4,671) | ||
Proceeds from Sale of Property, Plant and Equipment | 7,739 | 7,096 | ||
Net advances to subsidiaries | (21,889) | |||
Net cash from (used in) investing activities | (17,502) | 2,425 | ||
Proceeds from long-term debt | 707,200 | 219,714 | ||
Repayments of long-term debt | (696,662) | (194,316) | ||
Net intercompany (repayments) borrowings | 0 | (12,012) | ||
Payments of Build to Suit Lease Liability | (500) | |||
Other financing activities | 193 | |||
Net cash from (used in) financing activities | 10,038 | 13,579 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
(Decrease) increase in cash and cash equivalents | 608 | (5,680) | ||
Cash and cash equivalents - beginning of year | 511 | 8,675 | ||
Cash and cash equivalents - end of period | 1,119 | 2,995 | 1,119 | 2,995 |
Guarantors | ||||
Net (Loss) Income | 1,440 | 1,278 | 3,762 | 4,074 |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 3,209 | (508) | ||
Net cash from (used in) operating activities | 6,971 | 3,566 | ||
Capital expenditures | (872) | (793) | ||
Proceeds from Sale of Property, Plant and Equipment | 0 | 0 | ||
Net advances to subsidiaries | 0 | |||
Net cash from (used in) investing activities | (872) | (793) | ||
Proceeds from long-term debt | 0 | 0 | ||
Repayments of long-term debt | 0 | 0 | ||
Net intercompany (repayments) borrowings | (6,143) | (3,268) | ||
Payments of Build to Suit Lease Liability | 0 | |||
Other financing activities | 0 | |||
Net cash from (used in) financing activities | (6,143) | (3,268) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
(Decrease) increase in cash and cash equivalents | (44) | (495) | ||
Cash and cash equivalents - beginning of year | 977 | 495 | ||
Cash and cash equivalents - end of period | 933 | 0 | 933 | 0 |
Non-Guarantors | ||||
Net (Loss) Income | (6,541) | (5,786) | (17,141) | (26,923) |
Equity in losses of subsidiaries | 0 | 0 | 0 | 0 |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | (4,313) | 208 | ||
Net cash from (used in) operating activities | (21,454) | (26,715) | ||
Capital expenditures | (1,169) | (3,261) | ||
Proceeds from Sale of Property, Plant and Equipment | 3 | 52 | ||
Net advances to subsidiaries | 0 | |||
Net cash from (used in) investing activities | (1,166) | (3,209) | ||
Proceeds from long-term debt | 0 | 3,075 | ||
Repayments of long-term debt | (2,034) | (1,027) | ||
Net intercompany (repayments) borrowings | 28,032 | 15,280 | ||
Payments of Build to Suit Lease Liability | 0 | |||
Other financing activities | 0 | |||
Net cash from (used in) financing activities | 25,998 | 17,328 | ||
Effect of exchange rate changes on cash and cash equivalents | (424) | (253) | ||
(Decrease) increase in cash and cash equivalents | 2,954 | (12,849) | ||
Cash and cash equivalents - beginning of year | 6,966 | 21,659 | ||
Cash and cash equivalents - end of period | 9,920 | 8,810 | 9,920 | 8,810 |
Eliminations | ||||
Net (Loss) Income | 5,101 | 4,508 | 13,379 | 22,849 |
Equity in losses of subsidiaries | (5,101) | (4,508) | (13,379) | (22,849) |
Adjustments to reconcile net (loss) income to cash from (used in) operating activities | 0 | 0 | ||
Net cash from (used in) operating activities | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Proceeds from Sale of Property, Plant and Equipment | 0 | 0 | ||
Net advances to subsidiaries | 21,889 | |||
Net cash from (used in) investing activities | 21,889 | 0 | ||
Proceeds from long-term debt | 0 | 0 | ||
Repayments of long-term debt | 0 | 0 | ||
Net intercompany (repayments) borrowings | (21,889) | 0 | ||
Payments of Build to Suit Lease Liability | 0 | |||
Other financing activities | 0 | |||
Net cash from (used in) financing activities | (21,889) | 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) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantor Subsidiary, Ownership Percentage | 100.00% |