Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 10, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CASTLE A M & CO | |
Entity Central Index Key | 18,172 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,794,390 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 84,137,594 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 164,151 | $ 184,676 | $ 199,703 | $ 222,228 | $ 231,466 | $ 245,469 | $ 249,492 | $ 253,410 | $ 770,758 | $ 979,837 | $ 1,053,066 |
Costs and expenses: | |||||||||||
Cost of materials (exclusive of depreciation and amortization) | 674,615 | 750,408 | 788,126 | ||||||||
Warehouse, processing and delivery expense | 114,734 | 140,559 | 140,934 | ||||||||
Sales, general and administrative expense | 95,479 | 112,465 | 113,405 | ||||||||
Restructuring expense (income) | 9,008 | (2,960) | 9,003 | ||||||||
Depreciation and amortization expense | 24,854 | 26,044 | 26,188 | ||||||||
Impairment of Intangible Assets, Finite-lived | 33,742 | 0 | 0 | ||||||||
Impairment of goodwill | 0 | 56,160 | 0 | ||||||||
Total Costs and Expenses | 952,432 | 1,082,676 | 1,077,656 | ||||||||
Operating loss | (181,674) | (102,839) | (24,590) | ||||||||
Interest expense, net | 41,980 | 40,548 | 40,542 | ||||||||
Loss Extinguishment of Debt | 0 | 0 | 2,606 | ||||||||
Other expense, net | 6,306 | 4,323 | 1,924 | ||||||||
Loss before income taxes and equity in earnings (losses) of joint venture | (229,960) | (147,710) | (69,662) | ||||||||
Income tax benefit | (21,621) | (20,631) | (23,142) | ||||||||
Loss before equity in earnings (losses) of joint venture | (208,339) | (127,079) | (46,520) | ||||||||
Equity in earnings (losses) of joint venture | (1,426) | 7,691 | 6,987 | ||||||||
Net loss | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | $ (209,765) | $ (119,388) | $ (39,533) |
Earnings per share | |||||||||||
Basic loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) |
Diluted loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) |
Comprehensive loss: | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (6,642) | $ (5,377) | $ (2,295) | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,937 | (12,996) | 4,623 | ||||||||
Other comprehensive (loss) income | 3,295 | (18,373) | 2,328 | ||||||||
Net loss | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | (209,765) | (119,388) | (39,533) |
Total comprehensive loss | $ (206,470) | $ (137,761) | $ (37,205) |
Consolidated Statement of Opera
Consolidated Statement of Operations and Comprehensive Loss - Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Unrecognized pension and postretirement benefit costs - tax effect | $ 0 | $ 8,449 | $ 2,953 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 11,100 | $ 8,454 |
Accounts receivable, less allowances of $3,440 and $3,375, respectively | 89,879 | 131,003 |
Inventories | 235,443 | 359,630 |
Prepaid expenses and other current assets | 11,523 | 9,458 |
Income tax receivable | 346 | 2,886 |
Total current assets | 348,291 | 511,431 |
Investment in joint venture | 35,690 | 37,443 |
Goodwill | 12,973 | 12,973 |
Intangible assets, net | 10,250 | 56,555 |
Prepaid pension cost | 8,422 | 7,092 |
Deferred Tax Assets, Net, Noncurrent | 378 | 685 |
Other non-current assets | 10,256 | 11,660 |
Property, plant and equipment: | ||
Land | 2,869 | 4,466 |
Buildings | 42,559 | 52,821 |
Machinery and equipment | 177,803 | 183,923 |
Property, plant and equipment, at cost | 223,231 | 241,210 |
Accumulated depreciation | (151,838) | (168,375) |
Property, plant and equipment, net | 71,393 | 72,835 |
Total assets | 497,653 | 710,674 |
Current liabilities: | ||
Accounts payable | 56,272 | 68,782 |
Accrued payroll and employee benefits | 11,246 | 9,332 |
Accrued and other current liabilities | 17,324 | 18,338 |
Income tax payable | 33 | 328 |
Current portion of long-term debt | 7,012 | 737 |
Total current liabilities | 91,887 | 97,517 |
Long-term debt, less current portion | 314,761 | 309,377 |
Deferred income taxes | 4,169 | 28,729 |
Build to suit liability | 13,237 | 0 |
Other non-current liabilities | 7,935 | 3,655 |
Pension and postretirement benefit obligations | $ 18,676 | $ 18,747 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value—9,988 shares authorized (including 400 Series B Junior Preferred $0.00 par value shares); no shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 0 | $ 0 |
Common stock, $0.01 par value—60,000 shares authorized and 23,888 shares issued and 23,794 outstanding at December 31, 2015 and 23,630 shares issued and 23,559 outstanding at December 31, 2014 | 238 | 236 |
Additional paid-in capital | 226,844 | 225,953 |
(Accumulated deficit) retained earnings | (145,309) | 64,456 |
Accumulated other comprehensive loss | (33,821) | (37,116) |
Treasury stock, at cost—94 shares at December 31, 2015 and 71 shares at December 31, 2014 | (964) | (880) |
Total stockholders’ equity | 46,988 | 252,649 |
Total liabilities and stockholders’ equity | $ 497,653 | $ 710,674 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowances for accounts receivable | $ 3,340 | $ 3,375 |
Amount Current Replacement Cost of Inventory Costs Exceeds Book Value | $ 2,462 | $ 2,682 |
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 | 23,794 | 23,559 |
Treasury stock, shares | 94 | 71 |
Series B Junior Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 400 | 400 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net loss | $ (209,765) | $ (119,388) | $ (39,533) |
Adjustments to reconcile net loss to net cash (used in) from operating activities: | |||
Depreciation and amortization | 24,854 | 26,044 | 26,188 |
Amortization of deferred loss (gain) | 5 | (261) | (1,214) |
Amortization of deferred financing costs and debt discount | 8,355 | 8,064 | 7,914 |
Impairment of Intangible Assets, Finite-lived | 33,742 | 0 | 0 |
Impairment of goodwill | 0 | 56,160 | 0 |
Non-cash write-down of Inventory | 53,971 | 0 | 0 |
(Gain) loss on sale of property, plant & equipment | (21,568) | (5,603) | 42 |
Unrealized (gains) losses on commodity hedges | (600) | (1,256) | 358 |
Unrealized foreign currency transaction losses | 5,385 | 3,540 | 0 |
Equity in losses (earnings) of joint venture | 1,426 | (7,691) | (6,987) |
Dividends from joint venture | 316 | 12,127 | 3,963 |
Pension Curtailment | 2,923 | 0 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 3,915 | 0 | 0 |
Deferred income taxes | (23,842) | (19,094) | (27,436) |
Share-based compensation expense | 828 | 1,972 | 3,062 |
Excess tax benefits from share-based payment arrangements | 0 | (76) | (420) |
Changes in assets and liabilities: | |||
Accounts receivable | 37,063 | (5,785) | 9,279 |
Inventories | 63,986 | (22,976) | 96,234 |
Prepaid expenses and other current assets | (7,884) | (60) | 1,402 |
Other non-current assets | (520) | 1,686 | 1,470 |
Prepaid pension costs | 2,675 | 387 | 3,953 |
Accounts payable | (4,461) | 2,630 | (434) |
Accrued payroll and employee benefits | 6,938 | (230) | (1,892) |
Income tax payable and receivable | 2,083 | (772) | 4,388 |
Accrued Liabilities and Other Noncurrent Liabilities | (196) | (3,493) | (2,854) |
Postretirement benefit obligations and other non-current liabilities | (1,762) | (1,002) | (3,098) |
Net cash (used in) from operating activities | (22,133) | (75,077) | 74,385 |
Investing activities: | |||
Capital expenditures | (8,250) | (12,351) | (11,604) |
Proceeds from Sale of Property, Plant, and Equipment | 28,631 | 7,464 | 794 |
Net cash from (used in) investing activities | 20,381 | (4,887) | (10,810) |
Financing activities: | |||
Short-term debt repayments, net | 0 | 0 | (496) |
Proceeds from long-term debt | 967,035 | 462,404 | 115,300 |
Repayments of long-term debt | (960,962) | (403,811) | (170,345) |
Payments of Build to Suit Liability | (500) | 0 | 0 |
Payment of debt issue costs | 0 | (627) | 0 |
Exercise of stock options | 0 | 158 | 1,216 |
Excess tax benefits from share-based payment arrangements | 0 | 76 | 420 |
Net cash from (used in) financing activities | 5,573 | 58,200 | (53,905) |
Effect of exchange rate changes on cash and cash equivalents | (1,175) | (611) | (448) |
Net change in cash and cash equivalents | 2,646 | (22,375) | 9,222 |
Cash and cash equivalents—beginning of year | 8,454 | 30,829 | 21,607 |
Cash and cash equivalents—end of year | $ 11,100 | $ 8,454 | $ 30,829 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares | Treasury Shares | Preferred Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Loss |
Stockholders' Equity Attributable to Parent at Dec. 31, 2012 | $ 421,478 | $ 232 | $ (679) | $ 219,619 | $ 223,377 | $ (21,071) | |
Balance (in shares) at Dec. 31, 2012 | 23,211 | (59) | 0 | ||||
Comprehensive Loss: | |||||||
Net loss | (39,533) | (39,533) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,295) | (2,295) | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 4,623 | 4,623 | |||||
Long-term incentive plan | 2,877 | 2,877 | |||||
Exercise of stock options and other | 1,311 | $ 2 | $ (88) | 1,397 | |||
Exercise of stock options and other (in shares) | 260 | (3) | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2013 | 388,461 | $ 234 | $ (767) | 223,893 | 183,844 | (18,743) | |
Balance (in shares) at Dec. 31, 2013 | 23,471 | (62) | 0 | ||||
Comprehensive Loss: | |||||||
Net loss | (119,388) | (119,388) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (5,377) | (5,377) | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (12,996) | (12,996) | |||||
Long-term incentive plan | 1,456 | 1,456 | |||||
Exercise of stock options and other | 493 | $ 2 | $ (113) | 604 | |||
Exercise of stock options and other (in shares) | 159 | (9) | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2014 | 252,649 | $ 236 | $ (880) | 225,953 | 64,456 | (37,116) | |
Balance (in shares) at Dec. 31, 2014 | 23,630 | (71) | 0 | ||||
Comprehensive Loss: | |||||||
Net loss | (209,765) | (209,765) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (6,642) | (6,642) | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,937 | 9,937 | |||||
Long-term incentive plan | 149 | 149 | |||||
Exercise of stock options and other | 660 | $ 2 | $ (84) | 742 | |||
Exercise of stock options and other (in shares) | 258 | (23) | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2015 | $ 46,988 | $ 238 | $ (964) | $ 226,844 | $ (145,309) | $ (33,821) | |
Balance (in shares) at Dec. 31, 2015 | 23,888 | (94) | 0 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax benefit related to change in unrecognized pension and postretirement liability benefit costs | $ 0 | $ 8,449 | $ 2,953 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Nature of operations — A.M. Castle & Co. and its subsidiaries (the “Company”) is a specialty metals and plastics distribution company serving principally the North American market. The Company has operations in the United States, Canada, Mexico, France, the United Kingdom, Spain, China and Singapore. The Company provides a broad range of product inventories as well as value-added processing and supply chain services to a wide array of customers, principally within the producer durable equipment, aerospace, heavy industrial equipment, industrial goods, construction equipment, oil and gas, retail, marine and automotive sectors of the global economy. Particular focus is placed on the aerospace and defense, power generation, mining, heavy industrial equipment, oil and gas, marine, office furniture and fixtures, safety products, life science applications, automotive and general manufacturing industries as well as general engineering applications. The Company’s corporate headquarters is located in Oak Brook, Illinois. The Company has 41 operational service centers located throughout North America ( 36 ), Europe ( 3 ) and Asia ( 2 ). The Company purchases metals and plastics from many producers. Purchases are made in large lots and held in distribution centers until sold, usually in smaller quantities and often with value-added processing services performed. Orders are primarily filled with materials shipped from Company stock. The materials required to fill the balance of sales are obtained from other sources, such as direct mill shipments to customers or purchases from other distributors. Thousands of customers from a wide array of industries are serviced primarily through the Company’s own sales organization. Basis of presentation — The consolidated financial statements include the accounts of A. M. Castle & Co. and its subsidiaries over which the Company exhibits a controlling interest. The equity method of accounting is used for the Company’s 50% owned joint venture, Kreher Steel Company, LLC (“Kreher”). All inter-company accounts and transactions have been eliminated. The accompanying consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for a reasonable period of time. The Company‘s principal sources of liquidity are cash flows from operations, and available borrowing capacity under its revolving credit facility. These have historically been sufficient to meet working capital needs, capital expenditures and debt service obligations. During the year ended December 31, 2015, the Company incurred a net loss from operations of $209,765 (including non-cash charges of $61,472 related to inventory and purchase commitments and $33,742 related to an impairment of intangible assets) and used cash from operations of $22,133 . The Company's plan indicates that it will have sufficient cash flows from its operations to continue as a going concern. The Company's ability to have sufficient cash flows to continue as a going concern is based on plans that rely on certain underlying assumptions and estimates that may differ from actual results. The Company’s plans also included the sale for cash of all of its remaining inventory at its Houston and Edmonton facilities and the sale of its wholly-owned subsidiary, TPI. Both of these actions were completed in the first quarter of 2016 (see Note 15 - Subsequent Events to the consolidated financial statements) and provide liquidity in addition to the forecasted operating cash flows to meet working capital needs, capital expenditures and debt service obligations for the next twelve months. Use of estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the consolidated financial statements are accounts receivable allowances, inventory reserves, goodwill and intangible assets, income taxes, pension and other post-employment benefits and share-based compensation. Revenue recognition — Revenue from the sale of products is recognized when the earnings process is complete and when the title and risk and rewards of ownership have passed to the customer, which is primarily at the time of shipment. Revenue recognized other than at the time of shipment represented less than 2% of the Company’s consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 . Provisions for allowances related to sales discounts and rebates are recorded based on terms of the sale in the period that the sale is recorded. Management utilizes historical information and the current sales trends of the business to estimate such provisions. The provisions related to discounts and rebates due to customers are recorded as a reduction within net sales in the Company’s consolidated statements of operations and comprehensive loss. Revenue from shipping and handling charges is recorded in net sales. Costs incurred in connection with shipping and handling the Company’s products, which are related to third-party carriers or performed by Company personnel, are included in warehouse, processing and delivery expenses. For the years ended December 31, 2015 , 2014 and 2013 , shipping and handling costs included in warehouse, processing and delivery expenses were $28,320 , $35,471 and $35,171 , respectively. The Company maintains an allowance for doubtful accounts related to the potential inability of customers to make required payments. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific identification of customer receivable balances for which collection is unlikely. The provision for doubtful accounts is recorded in sales, general and administrative expense in the Company’s consolidated statements of operations and comprehensive loss. Estimates of doubtful accounts are based on historical write-off experience as a percentage of net sales and judgments about the probable effects of economic conditions on certain customers. The Company also maintains an allowance for credit memos for estimated credit memos to be issued against current sales. Estimates of allowance for credit memos are based upon the application of a historical issuance lag period to the average credit memos issued each month. Accounts receivable allowance for doubtful accounts and credit memos activity is presented in the table below: 2015 2014 2013 Balance, beginning of year $ 3,375 $ 3,463 $ 3,529 Add Provision charged to expense 805 465 484 Recoveries 117 139 173 Less Charges against allowance (857 ) (692 ) (723 ) Balance, end of year $ 3,440 $ 3,375 $ 3,463 Cost of materials — Cost of materials consists of the costs the Company pays for metals, plastics and related inbound freight charges. It excludes depreciation and amortization which are discussed below. Operating expenses — Operating costs and expenses primarily consist of: • Warehouse, processing and delivery expenses, including occupancy costs, compensation and employee benefits for warehouse personnel, processing, shipping and handling costs; • Sales expenses, including compensation and employee benefits for sales personnel; • General and administrative expenses, including compensation for executive officers and general management, expenses for professional services primarily attributable to accounting and legal advisory services, bad debt expenses, data communication costs, computer hardware and maintenance expenses and occupancy costs for non-warehouse locations; • Restructuring activity, including gains on the sale of fixed assets and moving costs related to facility consolidations, employee termination and related benefits associated with salaried and hourly workforce reductions, lease termination costs, professional fees, and other exit costs; • Depreciation and amortization expenses, including depreciation for all owned property and equipment, and amortization of various intangible assets; and • Impairment of intangible assets and goodwill. Cash equivalents — Cash equivalents are highly liquid, short-term investments that have an original maturity of 90 days or less. Statement of cash flows — Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows: Year ended December 31, 2015 2014 2013 Non-cash investing and financing activities: Capital expenditures financed by accounts payable $ 667 $ 434 $ 1,219 Capital lease obligations — 873 21 Property, plant and equipment subject to build-to-suit lease 13,735 — — Cash paid during the year for: Interest 32,934 32,278 33,266 Income taxes 1,980 1,800 2,417 Cash received during the year for: Income tax refunds 1,798 2,284 3,015 Inventories — Inventories consist primarily of finished goods. During the fourth quarter of 2015, the Company elected to change its method of inventory costing for its U.S. metals inventory to the average cost method from the last-in first-out ("LIFO") method. The Company's foreign metals operations also determine costs using the average cost method. As discussed in Note 15 - Subsequent Events to the consolidated financial statements, the Company has agreed to sell its Plastics segment. As a result, the Company decided not to change its method of accounting for the Plastics' segment inventory. After the sale of the Plastics segment, all of the Company's inventory will be accounted for using the average cost method. Prior to this change in accounting principle, at December 31, 2014 , approximately 68% of the Company’s inventories were valued at the lower of LIFO cost or market. The Company believes that the average cost method is preferable as it results in increased uniformity across the Company’s global operations with respect to the method of inventory accounting, improves financial reporting by better reflecting the current value of inventory on the Consolidated Balance Sheets, more closely aligns the flow of physical inventory with the accounting for the inventory, provides better matching of revenues and expenses, aligns the Company's external reporting of inventory with its internal forecasting and budgeting for inventory, and improves transparency with how the market evaluates performance, including better comparability with many of the Company’s peers. The Company applied this change in method of inventory costing by retrospectively adjusting the prior period financial statements. The cumulative effect of this accounting change resulted in a $84,138 increase in retained earnings as of January 1, 2013. As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's Consolidated Statements of Operations and Comprehensive loss for the years ended December 31, 2014 and 2013 were adjusted as follows: Year Ended December 31, 2014 Year Ended December 31, 2013 As originally reported Effect of change As adjusted As originally reported Effect of change As adjusted Cost of materials (exclusive of depreciation and amortization) $ 746,443 $ 3,965 $ 750,408 $ 779,208 $ 8,918 $ 788,126 Operating loss (98,874 ) (3,965 ) (102,839 ) (15,672 ) (8,918 ) (24,590 ) Loss before income taxes and equity in earnings (losses) of joint venture (143,745 ) (3,965 ) (147,710 ) (60,744 ) (8,918 ) (69,662 ) Income tax expense (benefit) (1,353 ) (19,278 ) (20,631 ) (19,795 ) (3,347 ) (23,142 ) Loss before equity in earnings (losses) of joint venture (142,392 ) 15,313 (127,079 ) (40,949 ) (5,571 ) (46,520 ) Net loss (134,701 ) 15,313 (119,388 ) (33,962 ) (5,571 ) (39,533 ) Basic and diluted loss per common share $ (5.77 ) $ 0.66 $ (5.11 ) $ (1.46 ) $ (0.24 ) $ (1.70 ) Change in unrecognized pension and postretirement benefit costs (21,445 ) 8,449 (12,996 ) 4,623 — 4,623 Other comprehensive (loss) income (26,822 ) 8,449 (18,373 ) 2,328 — 2,328 Comprehensive loss (161,523 ) 23,762 (137,761 ) (31,634 ) (5,571 ) (37,205 ) The Consolidated Balance Sheet at December 31, 2014 was adjusted as follows: December 31, 2014 As originally reported Effect of change As adjusted Inventories $ 236,932 $ 122,698 $ 359,630 Deferred income tax liability 8,360 20,369 28,729 (Accumulated deficit) retained earnings (29,424 ) 93,880 64,456 Accumulated other comprehensive loss (45,565 ) 8,449 (37,116 ) The consolidated Statements of Cash Flows for the years ended December 31, 2014 and 2013 were adjusted as follows: Year Ended December 31, 2014 Year Ended December 31, 2013 As originally reported Effect of change As adjusted As originally reported Effect of change As adjusted Net loss $ (134,701 ) $ 15,313 $ (119,388 ) $ (33,962 ) $ (5,571 ) $ (39,533 ) Deferred income taxes 184 (19,278 ) (19,094 ) (24,089 ) (3,347 ) (27,436 ) Increase (decrease) from changes in inventories (26,941 ) 3,965 (22,976 ) 87,316 8,918 96,234 The current replacement cost of inventories at the Company's Plastics segment which are accounted for under the LIFO method exceeded book value by $2,462 and $2,682 at December 31, 2015 and 2014 , respectively. The Company maintains an allowance for excess and obsolete inventory. The excess and obsolete inventory allowance is determined through the specific identification of material, adjusted for expected scrap value to be received, based on previous sales experience. Excess and obsolete inventory allowance activity is presented in the table below: 2015 2014 2013 Balance, beginning of year $ 19,513 $ 9,579 $ 10,013 Add Provision charged to expense 29,848 12,061 2,331 Less Charges against allowance (35,584 ) (2,127 ) (2,765 ) Balance, end of year $ 13,777 $ 19,513 $ 9,579 In the fourth quarter of 2015, the Company recognized a non-cash charge of $61,472 , primarily related to inventory and purchase commitments of the Company's Houston and Edmonton locations which the Company ceased operations at in February 2016. The non-cash charge is reported in cost of materials in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015. Property, plant and equipment — Property, plant and equipment are stated at cost and include assets held under capital leases. Expenditures for major additions and improvements are capitalized, while maintenance and repair costs that do not substantially improve or extend the useful lives of the respective assets are expensed in the period in which they are incurred. When items are disposed, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows: Buildings and building improvements 5 – 40 years Plant equipment 5 – 20 years Furniture and fixtures 2 – 10 years Vehicles and office equipment 3 – 10 years Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Depreciation is calculated using the straight-line method and depreciation expense for 2015 , 2014 and 2013 was $14,207 , $14,414 and $14,397 , respectively. Long-lived assets — The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future net cash flows (undiscounted and without interest charges) expected to be generated by the asset or asset group. If future net cash flows are less than the carrying value, the asset or asset group may be impaired. If such assets are impaired, the impairment charge is calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. The Company derives the required undiscounted cash flow estimates from historical experience and internal business plans. Goodwill and intangible assets — The Company tests goodwill for impairment at the reporting unit level on an annual basis at December 1 of each year and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred. A two-step method is used for determining goodwill impairment. The first step is performed to identify whether a potential impairment exists by comparing each reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the next step is to measure the amount of impairment loss, if any. The determination of the fair value of the reporting units requires significant estimates and assumptions to be made by management. The fair value of each reporting unit is estimated using a combination of an income approach, which estimates fair value based on a discounted cash flow analysis using historical data, estimates of future cash flows and discount rates based on the view of a market participant, and a market approach, which estimates fair value using market multiples of various financial measures of comparable public companies. In selecting the appropriate assumptions the Company considers: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industry in which the Company competes; discount rates; terminal growth rates; long-term projections of future financial performance; and relative weighting of income and market approaches. The long-term projections used in the valuation are developed as part of the Company’s annual long-term planning process. The discount rates used to determine the fair values of the reporting units are those of a hypothetical market participant which are developed based upon an analysis of comparable companies and include adjustments made to account for any individual reporting unit specific attributes such as, size and industry. The majority of the Company’s recorded intangible assets as of December 31, 2015 were acquired as part of the Transtar acquisition in September 2006 and consist of customer relationships. Intangible assets related to non-compete agreements and developed technology acquired in the Transtar acquisition and Tube Supply, Inc. (“Tube Supply”) acquisition in 2011 were fully amortized in 2014. In 2015, the Company concluded that the remaining customer relationships and trade name intangible assets acquired in the Tube Supply acquisition were impaired and a $33,742 non-cash impairment charge (none of which is deductible for tax purposes in 2015) was recorded for the year ended December 31, 2015. The non-cash impairment charge recorded removed all the remaining finite-lived intangible assets associated with the Tube Supply acquisition. The initial values of the intangible assets were based on a discounted cash flow valuation using assumptions made by management as to future revenues from select customers, the level and pace of attrition in such revenues over time and assumed operating income amounts generated from such revenues. These intangible assets are amortized over their useful lives, which are 4 to 12 years for customer relationships and 1 to 10 years for trade names. Useful lives are estimated by management and determined based on the timeframe over which a significant portion of the estimated future cash flows are expected to be realized from the respective intangible assets. Furthermore, when certain conditions or certain triggering events occur, a separate test for impairment, which is included in the impairment test for long-lived assets discussed above, is performed. If the intangible asset is deemed to be impaired, such asset will be written down to its fair value. Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records valuation allowances against its deferred tax assets when it is more likely than not that the amounts will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and recent results of operations. In the event the Company determines it would not be able to realize its deferred tax assets, a valuation allowance is recorded, which increases the provision for income taxes in the period in which that determination is made. The Company has undistributed earnings of foreign subsidiaries of $51,584 at December 31, 2015 , for which deferred taxes have not been provided. Such earnings are considered indefinitely invested in the foreign subsidiaries. If such earnings were repatriated, additional tax expense may result, although due to the potential availability of foreign tax credits and other items, the calculation of such potential taxes is not practicable. The Company's 50% ownership interest in Kreher ( Note 2 - Joint Venture to the consolidated financial statements) is through a 50% interest in a limited liability company (LLC) taxed as a partnership. Kreher has two subsidiaries organized as individually taxed C-Corporations. The Company includes in its income tax provision the income tax liability on its share of Kreher income. The income tax liability of Kreher itself is generally treated as a current income tax expense and the income tax liability associated with the profits of the two subsidiaries of Kreher is treated as a deferred income tax expense. The Company cannot independently cause a dividend to be declared by one of Kreher's subsidiaries, therefore no benefit of a dividend received deduction can be recognized in the Company's tax provision until a dividend is declared. If one of Kreher's C-Corporation subsidiaries declares a dividend payable to Kreher, the Company recognizes a benefit for the 80% dividends received deduction on its 50% share of the dividend. In the year ended December 31, 2015 , the joint venture recognized a goodwill impairment charge of $3,525 of which the Company recognized 50%, or $1,763 . For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes and interest. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Accrued interest and penalties are included within other long-term liabilities in the consolidated balance sheets. Insurance plans — The Company is a member of a group captive insurance company (the “Captive”) domiciled in Grand Cayman Island. The Captive reinsures losses related to certain of the Company’s workers’ compensation, automobile and general liability risks that occur subsequent to August 2009. Premiums are based on the Company’s loss experience and are accrued as expenses for the period to which the premium relates. Premiums are credited to the Company’s “loss fund” and earn investment income until claims are actually paid. For claims that were incurred prior to August 2009, the Company is self-insured. Self-insurance amounts are capped, for individual claims and in the aggregate, for each policy year by an insurance company. Self-insurance reserves are based on unpaid, known claims (including related administrative fees assessed by the insurance company for claims processing) and a reserve for incurred but not reported claims based on the Company’s historical claims experience and development. The Company is self-insured for medical insurance for its domestic operations. Self-insurance reserves are maintained based on incurred but not paid claims based on a historical lag. Foreign currency — For the majority of the Company’s non-U.S. operations, the functional currency is the local currency. Assets and liabilities of those operations are translated into U.S. dollars using year-end exchange rates, and income and expenses are translated using the average exchange rates for the reporting period. The currency effects of translating financial statements of the Company’s non-U.S. operations which operate in local currency environments are recorded in accumulated other comprehensive (loss) income, a separate component of stockholders’ equity. Other than transaction losses related to unhedged intercompany financing arrangements between the United States and the United Kingdom and Canada, transaction gains or losses resulting from foreign currency transactions were not material for any of the years presented. Loss 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. The following table is a reconciliation of the basic and diluted loss per share calculations: Year ended December 31, 2015 2014 2013 Numerator: Net loss $ (209,765 ) $ (119,388 ) $ (39,533 ) Denominator: Weighted average common shares outstanding 23,553 23,359 23,214 Effect of dilutive securities: Outstanding common stock equivalents — — — Denominator for diluted loss per share 23,553 23,359 23,214 Basic loss per share $ (8.91 ) $ (5.11 ) $ (1.70 ) Diluted loss per share $ (8.91 ) $ (5.11 ) $ (1.70 ) Excluded outstanding share-based awards having an anti-dilutive effect 1,071 388 717 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — 365 2,032 The Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the annual period is greater than 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. Concentrations — The Company serves a wide range of customers within the producer durable equipment, aerospace, heavy industrial equipment, industrial goods, construction equipment, oil and gas, retail, marine and automotive sectors of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across the entire spectrum of metals and plastics using industries. The Company’s customer base is well diversified and, therefore, the Company does not have dependence upon any single customer or a few customers. No single customer represented more than 3% of the Company’s 2015 total net sales. Approximately 72% of the Company’s net sales are from locations in the United States. Share-based compensation — The Company offers share-based compensation awards to executives, other key employees and directors. Share-based compensation expense is recognized ratably over the vesting period or performance period, as appropriate, based on the grant date fair value of the stock award. The Company may either issue shares from treasury or new shares upon share option exercise or award issuance. Management estimates the probable number of awards which will ultimately vest when calculating the share-based compensation expense for its LTC Plans and STI Plans. As of December 31, 2015 , the Company’s weighted average forfeiture rate is approximately 46% . The actual number of awards that vest may differ from management’s estimate. Stock options generally vest in one to three years for executives and employees and non-vested shares granted to directors vest in three years. Stock options have an exercise price equal to the closing price of the Company’s stock on the date of grant (options granted in 2015) or the average closing price of the Company’s stock for the 10 trading days preceding the grant date (options granted in 2010) and have a contractual life of eight to 10 years. Stock options are valued using a Black-Scholes option-pricing model. Non-vested shares are valued based on the market price of the Company's stock on the grant date. The Company granted non-qualified stock options under its short-term incentive plan and long-term compensation plan in 2015. Under the 2015 LTC Plans, the total potential award is comprised of non-qualified stock options and RSUs, which are time vested and once vested entitle the participant to receive shares of the Company's common stock. Under the 2014 and 2013 LTC Plans, the total potential award is comprised of restricted share units and PSUs which are based on the Company's performance compared to target goals. The PSUs awarded are based on two independent conditions, the Company’s RTSR, which represents a market condition, and Company-specific target goals for ROIC as defined in the LTC Plans. RSUs generally vest in three years. RSU and ROIC PSU awards are valued based on the market price of the Company's stock on the grant date, and the value of RTSR PSU awards is estimated using a Monte Carlo simulation model. No PSUs were awarded under the 2015 LTC plan. RTSR is measured against a group of peer companies either in the metals industry or in the industrial products distribution industry (the "RTSR Peer Group") over a three -year performance period as defined in the LTC Plans. The threshold, target and maximum performance levels for RTSR are the 25th, 50th and 75th percentile, respectively, relative to RTSR Peer Group performance. Compensation expense for RTSR PSU awards is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. ROIC is measured based on the Company's average actual performance versus Company-specific goals as defined in each of the LTC Plans over a three -year performance period. Compensation expense recognized is based on management's expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized for the ROIC PSU awards and any previously recognized compensation expense is reversed. Final RTSR and ROIC PSU award vesting will occur at the end of the three -year performance period, and distribution of PSU awards granted under the LTC Plans are determined based on the Company’s actual performance versus the target goals for a three -year performance period, as defined in each plan. Partial awards can be earned for performance that is below the target goal, but in excess of threshold goals; and award distributions up to twice the target can be achieved if the target goals are exceeded. Unless covered by a specific change-in-control or severance arrangement, participants |
Joint Venture
Joint Venture | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture | Joint Venture Kreher Steel Company, LLC is a 50% owned joint venture of the Company. Kreher is a national distributor and processor of carbon and alloy steel bar products, headquartered in Melrose Park, Illinois. The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31: 2015 2014 2013 Equity in earnings (losses) of joint venture $ (1,426 ) $ 7,691 $ 6,987 Investment in joint venture 35,690 37,443 41,879 Sales to joint venture 284 188 198 Purchases from joint venture 49 224 86 The following information summarizes financial data for this joint venture as of and for the year ended December 31: 2015 2014 2013 Revenues $ 160,104 $ 259,487 $ 230,351 Net income (loss) (2,876 ) 15,555 13,720 Current assets 66,645 93,679 82,827 Non-current assets 22,777 26,377 25,615 Current liabilities 7,792 11,896 10,548 Non-current liabilities 11,287 35,469 16,103 Members’ equity 70,343 72,691 81,791 Capital expenditures 2,176 3,042 1,789 Depreciation and amortization 2,390 2,294 2,217 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in carrying amounts of goodwill during the years ended December 31, 2015 and 2014 were as follows: 2015 2014 Metals Plastics Total Metals Plastics Total Balance as of January 1: Goodwill $ 116,377 $ 12,973 $ 129,350 $ 116,533 $ 12,973 $ 129,506 Accumulated impairment losses (116,377 ) — (116,377 ) (60,217 ) — (60,217 ) Balance as of January 1 — 12,973 12,973 56,316 12,973 69,289 Impairment charge — — — (56,160 ) — (56,160 ) Currency valuation — — — (156 ) — (156 ) Balance as of December 31: Goodwill 116,377 12,973 129,350 116,377 12,973 129,350 Accumulated impairment losses (116,377 ) — (116,377 ) (116,377 ) — (116,377 ) Balance as of December 31 $ — $ 12,973 $ 12,973 $ — $ 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. During the second quarter of 2014, the Company concluded that under FASB Accounting Standards Codification (“ASC”) 350, "Intangibles - Goodwill and Other," its unfavorable operating results could be indicators of impairment of its Metals reporting unit's goodwill and, therefore, performed an interim impairment analysis as of May 31, 2014 using the two-step quantitative analysis. Under the first step, the Company determined that the carrying value of the Metals reporting unit exceeded its estimated fair value requiring the Company to perform the second step of the analysis. The second step of the analysis included allocating the calculated fair value (determined in the first step) of the Metals reporting unit to its assets and liabilities to determine an implied goodwill value. The result of the second step was that the goodwill of the Metals reporting unit was impaired and a $56,160 non-cash impairment charge ( $13,900 of which is deductible for tax purposes) was recorded during the three-month period ended June 30, 2014 to eliminate the Metals reporting unit goodwill. No interim impairment analysis was performed for the Plastics reporting unit as of May 31, 2014 as there were no indicators of impairment for the Plastics reporting unit. The Company completed its December 1, 2015 annual goodwill impairment test for its Plastics reporting unit and there were no identified impairment charges. The following summarizes the components of the Company's intangible assets at December 31, 2015 and 2014 : 2015 2014 Gross Carrying Accumulated Gross Carrying Accumulated Customer relationships $ 69,425 $ 59,175 $ 116,268 $ 64,922 Trade names 378 378 7,864 2,655 Total $ 69,803 $ 59,553 $ 124,132 $ 67,577 In conjunction with the Company’s plans to reduce its indebtedness and increase liquidity, in the fourth quarter of 2015 the Company made a decision to start exploring opportunities related to certain of its under-performing oil and gas inventory and equipment. In connection with this decision, the Company began marketing the sale of the inventory and equipment of its Houston and Edmonton locations. In February 2016, the Company entered into an agreement to sell all of the inventory at the Houston and Edmonton locations as well as the Tube Supply trade name. The Company has further plans to close both of these locations. Given these factors, the Company determined that as of December 31, 2015, certain of its intangible assets including the Tube Supply customer relationships and trade name acquired in connection with the Tube Supply acquisition in 2011, no longer have a remaining useful life and a $33,742 non-cash impairment charge (none of which is deductible for tax purposes in 2015) was recorded for the year ended December 31, 2015. The entire non-cash impairment charge was recorded to the Company's Metals segment. The non-cash impairment charge removed all the remaining finite-lived intangible assets associated with the Tube Supply acquisition, leaving only customer relationships intangible assets. The majority of the remaining customer relationships intangible assets were acquired as part of the acquisition of Transtar on September 5, 2006 . The weighted average amortization period for the remaining customer relationships intangible assets is 1.7 years . Due to the Company’s continued sales declines, net losses and lower than projected cash flows, the Company tested its remaining long-lived assets for impairment during the fourth quarter of 2015. Testing of the Company's other long-lived assets indicated that the undiscounted cash flows of those assets exceeded their carrying values, and the Company concluded that no impairment existed at December 31, 2015 and the remaining useful lives of its long-lived assets were appropriate. The Company also tested its long-lived assets for impairment at May 31, 2014, the date of the Company's interim goodwill impairment analysis, and in the second quarter of 2015 in conjunction with the announced restructuring activities. Both times, the Company concluded that no impairment existed and the remaining useful lives of its long-lived assets were appropriate. The Company will continue to monitor its long-lived assets for impairment. For the years ended December 31, 2015 , 2014 , and 2013 , the aggregate amortization expense was $10,647 , $11,630 and $11,791 , respectively. The following is a summary of the estimated annual amortization expense for each of the next 5 years: 2016 $ 6,137 2017 4,113 2018 — 2019 — 2020 — |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term and long-term debt consisted of the following at December 31, 2015 and 2014 : 2015 2014 LONG-TERM DEBT 12.75% Senior Secured Notes due December 15, 2016 (a) $ 6,681 $ 210,000 7.0% Convertible Notes due December 15, 2017 57,500 57,500 12.75% Senior Secured Notes due December 15, 2018 203,319 — Revolving Credit Facility due December 10, 2019 66,100 59,200 Other, primarily capital leases 428 1,257 Less: unamortized discount (12,255 ) (17,843 ) Total debt $ 321,773 $ 310,114 Less: current portion (7,012 ) (737 ) Total long-term portion $ 314,761 $ 309,377 (a) 2015 balance represents the maximum aggregate principal amount of 12.75% Senior Secured Notes due December 15, 2016 as the Company maintains a contractual right to exchange approximately $3,000 of the remaining 12.75% Senior Secured Notes due December 15, 2016 with new 12.75% Senior Secured Notes due December 15, 2018 prior to their maturity date. During December 2011 the Company issued $225,000 aggregate principal amount of 12.75% Senior Secured Notes due 2016, $57,500 aggregate principal amount of 7.0% Convertible Senior Notes due 2017 (the “Convertible Notes”) and entered into a $100,000 senior secured asset based revolving credit facility (the “Revolving Credit Facility”). The Company incurred debt origination fees of $18,136 associated with the debt transactions which are primarily being amortized using the effective interest method. Secured Notes In July 2012, the Company completed the exchange of $225,000 principal amount of 12.75% Senior Secured Notes due 2016 (the "Secured Notes"), which are registered under the Securities Act of 1933, as amended (the "Securities Act”), for $225,000 principal amount of outstanding 12.75% Senior Secured Notes due 2016, which had not been registered under the Securities Act. The Company did not receive any proceeds from the exchange offer. In November 2013, the Company purchased $15,000 aggregate principal amount of its Secured Notes in the open market with available cash. The Secured Notes that were purchased by the Company were subsequently retired. The purchase of the Secured Notes resulted in a pre-tax loss on debt extinguishment of $2,606 consisting of tender premiums, write off of unamortized debt issuance costs and tender expenses. The Secured Notes have a maturity date of December 15, 2016 . In February 2016, the Company completed a private exchange offer and consent solicitation (the “Exchange Offer”) to certain eligible holders to exchange new 12.75% Senior Secured Notes due 2018 (the “New Secured Notes”) for the Company’s outstanding Secured Notes. In connection with the Exchange Offer, the Company issued $203,319 aggregate principal amount of New Secured Notes, leaving $6,681 aggregate principal amount of Secured Notes outstanding. In conjunction with the Exchange Offer, the Company solicited consents to certain proposed amendments to the Secured Notes and the related indenture (the “Existing Indenture”) providing for, among other things, elimination of substantially all restrictive covenants and certain events of default in the Existing Indenture and releasing all of the collateral securing the Secured Notes and related guarantees. The Company maintains the contractual right to exchange the remaining Secured Notes with New Secured Notes prior to their maturity date or the Company may redeem some or all of the Secured Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest. The New Secured Notes have substantially the same terms as the Secured Notes except for the following principal differences (i) the New Secured Notes were offered pursuant to an exemption from the registration requirements of the Securities Act, and do not have the benefit of any exchange offer or other registration rights, (ii) the New Secured Notes effectively extend the maturity date of the Secured Notes to December 15, 2018, unless the Company is unable to both (a) complete the exchange of a portion of its Convertible Notes on or prior to June 30, 2016, and (b) redeem, on one or more occasions (each, a “Special Redemption”), an aggregate of not less than $27,500 of aggregate principal amount of the New Secured Notes on or prior to October 31, 2016, using cash available to the Company and/or net proceeds from sales of assets of the Company or a Restricted Subsidiary outside the ordinary course of business (other than net proceeds derived from the sale of accounts receivable and inventory (the “Designated Asset Sale Proceeds”)), subject to a penalty equal to 4.00% of the outstanding principal, payable in cash and/or stock, in the Company’s sole discretion (the “Special Redemption Condition”), in which case the maturity date of the New Secured Notes will be September 14, 2017 , (iii) the New Secured Notes provide that, whether or not the Special Redemption Condition is satisfied, the Company will have an obligation to effect Special Redemptions using Designated Asset Sale Proceeds or other permissible funds until such time as the aggregate amount of Special Redemptions equals $40,000 , (iv) the New Secured Notes contain modifications to the asset sale covenant providing that the Company shall not use any net proceeds from asset sales outside the ordinary course of business to redeem, repay or prepay the Secured Notes or the Convertible Notes, (v) the granting of a third-priority lien on the collateral securing the New Secured Notes for the benefit of new Convertible Notes is a permitted lien under the indenture and (vi) the New Secured Notes include an event of default if the Company does not complete the Private Convertible Note Exchanges (as defined below) by June 30, 2016 , subject to certain exceptions. The New Secured Notes and the Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the “Note Guarantors”). The New Secured Notes and the related guarantees are secured by a lien on substantially all of the Company's and the Note Guarantors' assets, subject to certain exceptions and permitted liens pursuant to a pledge and security agreement. The terms of the New Secured Notes contain numerous covenants imposing financial and operating restrictions on the Company's business. These covenants place restrictions on the Company's ability and the ability of its subsidiaries to, among other things, pay dividends, redeem stock or make other distributions or restricted payments; incur indebtedness or issue common stock; make certain investments; create liens; agree to payment restrictions affecting certain subsidiaries; consolidate or merge; sell or otherwise transfer or dispose of assets, including equity interests of certain subsidiaries; enter into transactions with affiliates, enter into sale and leaseback transactions; and use the proceeds of permitted sales of the Company's assets. Refer to Note 14 - Guarantor Financial Information to the consolidated financial statements . The Company may redeem some or all of the New Secured Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest. The New Secured Notes also contain a provision that allows holders of the New Secured Notes to require the Company to repurchase all or any part of the New Secured Notes if a change of control triggering event occurs. Under this provision, the repurchase of the New Secured Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such New Secured Notes to the date of repurchase. In addition, upon certain asset sales, the Company may be required to offer to use the net proceeds thereof to purchase some of the New Secured Notes at 100% of the principal amount thereof, plus accrued and unpaid interest. The New Secured Notes require that the Company must make, subject to certain conditions, within 95 days of the end of each fiscal year beginning with the fiscal year ending December 31, 2016, an offer to purchase the New Secured Notes with i) 75% of excess cash flow (as defined in the New Secured Notes indenture) until the Company has offered to purchase up to $50,000 in aggregate principal amount of the notes, ii) 50% of excess cash flow until the Company has offered to purchase up to $75,000 in aggregate principal amount of the notes, iii) 25% of the excess cash flow until the Company has offered to purchase up to $100,000 in aggregate principal amount of the notes and iv) 0% thereafter, in each case, at 103% of the principal amount, thereof, plus accrued and unpaid interest. The Company pays interest on the New Secured Notes and the Secured Notes at a rate of 12.75% per annum in cash semi-annually. The Company paid interest of $26,775 , $26,775 and $28,548 on the Secured Notes during the years ended December 31, 2015 , 2014 and 2013 , respectively. Convertible Notes The $57,500 Convertible Notes were issued pursuant to an indenture, dated as of December 15, 2011, among the Company, the Note Guarantors and U.S. Bank National Association, as trustee. The Convertible Notes were issued by the Company at an initial offering price equal to 100% of the principal amount. The Convertible Notes will mature on December 15, 2017 . The Company pays interest on the Convertible Notes at a rate of 7.0% per annum in cash semi-annually. The Company paid interest of $4,025 , $4,025 and $4,025 on the Convertible Notes during the years ended December 31, 2015 , 2014 and 2013 , respectively. The Convertible Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Note Guarantors. The initial conversion rate for the Convertible Notes is 97.2384 shares of the Company’s common stock per $1 principal amount of Convertible Notes, equivalent to an initial conversion price of approximately $10.28 per share of common stock. The conversion rate will be subject to adjustment, but will not be adjusted for accrued and unpaid interest, if any. In addition, if an event constituting a fundamental change occurs, the Company will in some cases increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such fundamental change. Upon conversion, the Company will pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, together with cash in lieu of fractional shares. Holders may convert their Convertible Notes at their option on any day prior to the close of business on the scheduled trading day immediately preceding June 15, 2017 only under the following circumstances: (1) during the five business-day period after any five consecutive trading-day period (the “measurement period”) in which the trading price per note for each day of that measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such day; (2) during any calendar quarter (and only during such calendar quarter) after the calendar quarter ended December 31, 2011, if the last reported sale price of the Company’s common stock for 20 or more trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is equal to or greater than 130% of the applicable conversion price in effect for each applicable trading day; (3) upon the occurrence of specified corporate events, including certain dividends and distributions; or (4) if the Company calls the Convertible Notes for redemption on or after December 20, 2015 . The Convertible Notes will be convertible, regardless of the foregoing circumstances, at any time from, and including, June 15, 2017 through the second scheduled trading day immediately preceding the maturity date. Upon a fundamental change and subject to certain exceptions, as defined in the Convertible Notes indenture, holders may require the Company to repurchase some or all of their Convertible Notes for cash at a repurchase price equal to 100% of the principal amount of the Convertible Notes being repurchased, plus any accrued and unpaid interest. The Company could redeem the Convertible Notes prior to December 20, 2015 . On or after December 20, 2015 , the Company may redeem all or part of the Convertible Notes (except for the Convertible Notes that the Company is required to repurchase as described above) if the last reported sale price of the Company’s common stock exceeds 135% of the applicable conversion price for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice. The redemption price will equal the sum of 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, plus a “make-whole premium” payment. The Company must make the "make-whole" premium payments on all Convertible Notes called for redemption including Convertible Notes converted after the date we delivered the notice of redemption. The Company will pay the redemption price in cash except for any non-cash portion of the "make-whole" premium. In January 2016, the Company entered into Transaction Support Agreements (the “Support Agreements”) with holders (the “Supporting Holders”) of $51,600 , or 89.7% , of the aggregate principal amount of the Convertible Notes. The Support Agreements provide for the terms of exchanges in which the Company has agreed to issue new 5.25% Senior Secured Convertible Notes due 2019 (the “New Convertible Notes”) in exchange for outstanding Convertible Notes (the “Convertible Note Exchange”). Pursuant to the Support Agreements, the New Convertible Notes will mature on December 31, 2019 , and will bear interest at a rate of 5.25% per annum, payable semi-annually in cash. For each $1 principal amount of existing Convertible Notes validly exchanged in the Convertible Note Exchange, an exchanging holder of existing Convertible Notes will receive $0.7 principal amount of New Convertible Notes, plus accrued and unpaid interest. The New Convertible Notes shall initially be convertible into shares of the Company's common stock at any time at a conversion price per share equal to $2.25 and shall be subject to the same adjustment provisions contained in the existing Convertible Notes. All current and future guarantors of the New Secured Notes, the Secured Notes, the Revolving Credit Facility, and any other material indebtedness of the Company will guarantee the New Convertible Notes, subject to certain exceptions. The New Convertible Notes will be secured on a “silent” third-priority basis by the same collateral that secures the New Secured Notes. 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. The value of shares of the Company's common stock for purposes of the settlement of the conversion right will be calculated as provided in the indenture for the existing Convertible Notes, using a 20 trading day period rather than a 40 trading day period for the observation period. Upon such conversion, the holder shall be entitled to receive an amount equal to the "make-whole" premium, payable in the form of cash, shares of the Company's common stock, or a combination of both, in the Company's sole discretion. The value of shares of Company common stock for purposes of calculating the "make-whole" premium will be based in the greater of (i) 130% of the conversion price then in effect and (ii) the volume weighted average price ("VWAP") of such shares for the observation period (using a 20 trading day period) as provided in the indenture for the existing Convertible Notes. If the VWAP of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which such notice of redemption is provided, the Company shall have the right to redeem any or all of the New Convertible Notes at a price equal to (i) 100.0% of the aggregate principal amount thereof plus (ii) the "make-whole" premium. The redemption price can be paid in the form of cash, shares of the Company's common stock or a combination of both, at the Company's sole discretion. The value of shares of Company Common Stock will be based on the VWAP of such shares for the 20 trading days immediately preceding the date of redemption. Prior to the third trading day prior to the date of any such redemption, any New Convertible Notes called for redemption may be converted by the holder into shares of Company Common Stock at the Conversion Price then in effect. Revolving Credit Facility The Revolving Credit Facility consists of a $125,000 senior secured asset-based revolving credit facility (subject to adjustment pursuant to a borrowing base described below), of which (a) up to an aggregate principal amount of $20,000 will be available for a Canadian subfacility, (b) up to an aggregate principal amount of $20,000 will be available for letters of credit and (c) up to an aggregate principal amount of $10,000 will be available for swingline loans. Loans under the Revolving Credit Facility will be made available to the Company and certain domestic subsidiaries (the “U.S. Borrowers”) in U.S. dollars and the Canadian Borrowers in U.S. dollars and Canadian dollars. In December 2014, the Company obtained an extension on its revolving credit facility, which extended the maturity date from December 15, 2015 to December 10, 2019 (or 91 days prior to the maturity date of the Company's Secured Notes or Convertible Notes if they have not been refinanced). All obligations of the U.S. Borrowers under the Revolving Credit Facility are guaranteed on a senior secured basis by each direct and indirect, existing and future, domestic subsidiary of the U.S. Borrowers (the “U.S. Subsidiary Guarantors” and together with the U.S. Borrowers, the “U.S. Credit Parties”), subject to certain exceptions for immaterial subsidiaries. All obligations of the Canadian Borrowers under the Revolving Credit Facility are guaranteed on a senior secured basis by (a) each U.S. Credit Party and (b) each direct and indirect, existing and future, Canadian subsidiary of the Company (the “Canadian Subsidiary Guarantors” and together with the Canadian Borrowers, the “Canadian Credit Parties”; and the U.S. Credit Parties together with the Canadian Credit Parties, the “Credit Parties”), subject to certain exceptions. All obligations under the Revolving Credit Facility are secured on a first-priority basis by a perfected security interest in substantially all assets of the Credit Parties (subject to certain exceptions for permitted liens). The Revolving Credit Facility will rank pari passu in right of payment with the Secured Notes, but, pursuant to the intercreditor agreement, the Secured Notes will be effectively subordinated to the indebtedness under the Revolving Credit Facility with respect to the collateral. At the Company’s election, borrowings under the Revolving Credit Facility will bear interest at variable rates based on (a) a customary base rate plus an applicable margin of between 0.50% and 1.00% (depending on quarterly average undrawn availability under the Revolving Credit Facility) or (b) an adjusted LIBOR rate plus an applicable margin of between 1.50% and 2.00% (depending on quarterly average undrawn availability under the Revolving Credit Facility). The weighted average interest rate on borrowings outstanding under the revolving credit facilities were 2.70% , 3.08% and 2.71% for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company will pay certain customary recurring fees with respect to the Revolving Credit Facility. The Revolving Credit Facility permits the Company to increase the aggregate amount of the commitments under the Revolving Credit Facility from time to time in an aggregate amount for all such increases not to exceed $50,000 , subject to certain conditions. The existing lenders under the Revolving Credit Facility are not obligated to provide the incremental commitments. In January 2014, the Company partially exercised the accordion option under its revolving credit facility to increase the aggregate commitments by $25,000 . As a result, the Company's borrowing capacity increased from $100,000 to $125,000 . The Company maintains the option to exercise the accordion for an additional $25,000 of aggregate commitments in the future, assuming it meets certain thresholds for incurring additional debt. As of December 31, 2015 , the Company did not meet the thresholds to exercise the additional $25,000 accordion under the Revolving Credit Facility. The Revolving Credit facility contains a springing financial maintenance covenant requiring the Company to maintain the ratio of EBITDA (as defined in the agreement) to fixed charges of 1.1 to 1.0 when excess availability is less than the greater of 10% of the calculated borrowing base (as defined in the agreement) or $12,500 . In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the agreement) or $15,625 , the lender has the right to take full dominion of the Company’s cash collections and apply these proceeds to outstanding loans under the Revolving Credit Agreement. The Company's ratio of EBITDA to fixed charges was negative for the twelve months ended December 31, 2015 . At this negative ratio, the Company's current maximum borrowing capacity would be $96,239 before triggering full dominion of the Company's cash collections. As of December 31, 2015 , the Company had $30,139 of additional unrestricted borrowing capacity available under the Revolving Credit Facility. Net interest expense reported on the consolidated statements of operations was reduced by interest income from investment of excess cash balances of $10 in 2015 , $81 in 2014 and $35 in 2013 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The three-tier value hierarchy the Company utilizes, which prioritizes the inputs used in the valuation methodologies, is: Level 1 —Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 —Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 —Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. The fair value of cash, accounts receivable and accounts payable approximate their carrying values. The fair value of cash equivalents are determined using the fair value hierarchy described above. Cash equivalents consisting of money market funds are valued based on quoted prices in active markets and as a result are classified as Level 1. The Company’s pension plan asset portfolio as of December 31, 2015 and 2014 is primarily invested in fixed income securities, which generally fall within Level 2 of the fair value hierarchy. Fixed income securities in the pension plan asset portfolio are valued based on evaluated prices provided to the trustee by independent pricing services. Such prices may be determined by factors which include, but are not limited to, market quotations, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities. Refer to Note 9 - Employee Benefit Plans to the consolidated financial statements for pension fair value disclosures. Fair Value Measurements of Debt The fair value of the Company’s Secured Notes existing as of December 31, 2015 was estimated to be $160,662 compared to a carrying value of $210,000 . The fair value for the Secured Notes is determined based on recent trades of the bonds on the open market and fall within Level 2 of the fair value hierarchy. The fair value of the Convertible Notes, as of December 31, 2015 was estimated to be approximately $21,966 compared to a carrying value of $57,500 . The fair value for the Convertible Notes, which fall within Level 3 of the fair value hierarchy, is determined based on similar debt instruments that do not contain a conversion feature, as well as other factors related to the callable nature of the notes. The main inputs and assumptions into the fair value model for the Convertible Notes at December 31, 2015 were as follows: Company's stock price at the end of the period $ 1.59 Expected volatility 67.80 % Credit spreads 69.21 % Risk-free interest rate 1.05 % Given the nature and the variable interest rates, the Company has determined that the fair value of borrowings under the Revolving Credit Facility approximates the 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 December 31, 2015 , the Company had executed forward contracts that extend into 2016. The counterparty to these contracts is not considered a credit risk by the Company. At December 31, 2015 and 2014 , the notional value associated with forward contracts was $3,080 and $7,486 , respectively. The Company recorded, through cost of materials, realized and unrealized net losses of $852 , $288 and $2,141 during the years ended December 31, 2015 , 2014 and 2013 , respectively, as a result of the decline in the fair value of the contracts. As of December 31, 2015 and 2014 , all commodity hedge contracts were in a liability position. As of December 31, 2015 , the Company had a letter of credit outstanding for $2,000 as collateral associated with 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 classified as Level 2 in the table below. The liabilities measured at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total (a) As of December 31, 2015 Derivative liability for commodity hedges $ — $ 1,015 $ — $ 1,015 As of December 31, 2014 Derivative liability for commodity hedges $ — $ 1,615 $ — $ 1,615 (a) As of December 31, 2015 , the entire derivative liability for commodity hedges balance of $1,015 is short-term and is included in accrued and other current liabilities in the Consolidated Balance Sheets. As of December 31, 2014 , the short-term portion of the derivative liability for commodity hedges of $1,137 is included in accrued and other current liabilities and the long-term portion of $478 is included in other non-current liabilities in the Consolidated Balance Sheets. |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements The Company has operating and capital leases covering certain warehouse and office facilities, equipment, automobiles and trucks, with the lapse of time as the basis for all rental payments. The Company has determined that for accounting purposes its lease of its new operating facility in Janesville, Wisconsin is a build-to-suit lease. During the construction of this facility, which concluded in the fourth quarter of 2015, the Company assumed certain risks of certain construction cost overages and was, therefore, deemed to be the owner of the facility during the construction period. All costs of construction related to this facility are recognized as property, plant and equipment, with a related build-to-suit liability. Subsequent to the completion of construction, the Company did not qualify for sale-leaseback accounting because of provisions in the lease which constituted prohibited continuing involvement. As a result, the Company will amortize the build-to-suit liability over the lease term and depreciate the building over the lease term. As of December 31, 2015, the Company has reflected $13,237 as build-to-suit liability in the Consolidated Balance Sheets. Total gross value of property, plant and equipment under capital leases was $2,109 and $2,452 in 2015 and 2014 , respectively. Future minimum rental payments under leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015 are as follows: Capital Leases Operating Leases Built-to-Suit Lease 2016 $ 330 $ 12,936 $ 687 2017 95 11,313 1,156 2018 1 9,645 1,180 2019 — 8,056 1,203 2020 — 7,500 1,227 Later years — 16,246 13,644 Total future minimum rental payments $ 426 $ 65,696 $ 19,097 Total rental payments charged to expense were $13,910 in 2015 , $14,173 in 2014 , and $15,062 in 2013 . Lease extrication charges of $444 , $186 and $1,448 associated with restructuring activities in the Metals segment were charged to expense in 2015 , 2014 and 2013 , respectively, within restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive Loss. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Stockholders' Equity Accumulated other comprehensive loss as reported in the consolidated balance sheets as of December 31, 2015 and 2014 was comprised of the following: 2015 2014 Unrecognized pension and postretirement benefit costs, net of tax $ (17,185 ) $ (27,122 ) Foreign currency translation losses (16,636 ) (9,994 ) Total accumulated other comprehensive loss $ (33,821 ) $ (37,116 ) Changes in accumulated other comprehensive loss by component for the years ended December 31, 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 January 1, $ (27,122 ) $ (14,126 ) $ (9,994 ) $ (4,617 ) $ (37,116 ) $ (18,743 ) Other comprehensive loss before reclassifications (966 ) (14,004 ) (6,642 ) (5,377 ) (7,608 ) (19,381 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 10,903 1,008 — — 10,903 1,008 Net current period other comprehensive income (loss) 9,937 (12,996 ) (6,642 ) (5,377 ) 3,295 (18,373 ) Balance as of December 31, $ (17,185 ) $ (27,122 ) $ (16,636 ) $ (9,994 ) $ (33,821 ) $ (37,116 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the year ended December 31, 2015 . Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 are as follows: Year ended December 31, 2015 2014 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ (244 ) $ (282 ) Actuarial loss (b) (3,821 ) (1,381 ) Recognition of curtailment loss (b) (2,923 ) — Recognition of settlement loss (b) (3,915 ) — Total before Tax (10,903 ) (1,663 ) Tax effect — 655 Total reclassifications for the period, net of tax $ (10,903 ) $ (1,008 ) (b) The prior service cost and actuarial loss components of accumulated other comprehensive loss are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. The pension curtailment and settlement prior service cost components recognized are shown as restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive loss for the year ended December 31, 2015 . |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation (stock option and share units amounts below are in thousands) The consolidated compensation cost recorded for the Company’s share-based compensation arrangements was $828 , $1,972 and $3,062 for 2015 , 2014 and 2013 , respectively. The total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was $0 , $189 and $1,141 in 2015 , 2014 and 2013 , respectively. All compensation expense related to share-based compensation arrangements is recorded in sales, general and administrative expense. The unrecognized compensation cost as of December 31, 2015 associated with all share-based payment arrangements is $2,088 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 STI Plan. Along with providing cash bonus opportunities, the revisions awarded 124 stock options to executive officers and other select personnel, which were granted under the Company's 2008 Omnibus Incentive Plan. 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: Expected volatility 56.1 % Risk-free interest rate 1.8 % Expected life (in years) 6.0 Expected dividend yield — Restricted Stock, Stock Option and Equity Compensation Plans – The Company maintains the 2008 A.M. Castle & Co. Omnibus Incentive Plan (amended and restated as of April 25, 2013) for the benefit of officers, directors and other key management employees. There is an aggregate amount of 3,350 authorized shares under this plan. Long-Term Compensation and Incentive Plans On July 24, 2015, the Board of Directors of the Company approved equity awards under the Company's 2015 LTC Plan for executive officers and other select personnel. The 2015 LTC Plan awards included RSUs and non-qualified stock options. On March 26, 2014, the Board of Directors of the Company approved equity awards under the Company’s 2014 Long-Term Compensation Plan (“2014 LTC Plan”) for executive officers and other select personnel. On March 6, 2013, the Board of Directors of the Company approved equity awards under the Company’s 2013 Long-Term Compensation Plan (“2013 LTC Plan”) for executive officers and other select personnel. Both the 2014 LTC Plan and the 2013 LTC Plan included RSUs and PSUs. Each of the respective LTC Plans for 2015 , 2014 and 2013 are subject to the terms of the Company's 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of April 25, 2013. Restricted Share Units and Non-Vested Shares The RSUs granted under the 2015 and 2014 LTC Plans will cliff vest on December 31, 2017 and December 31, 2016, respectively. Approximately 23 RSUs granted under the 2013 LTC Plan cliff vested on December 31, 2015. Each RSU that becomes vested entitles the participant to receive one share of the Company’s common stock. The number of shares delivered may be reduced by the number of shares required to be withheld for federal and state withholding tax requirements (determined at the market price of Company shares at the time of payout). The outstanding non-vested share balance consists of shares issued to the Board of Directors. Non-vested shares were issued to the directors during the second quarter of 2015 , 2014 and 2013 , respectively, and will cliff vest after three years in the second quarter of 2018, 2017 and 2016, respectively. The grant date fair value of the RSUs and non-vested shares is established using the market price of the Company’s stock on the date of grant. A summary of the non-vested share and RSU activity is as follows: Non-Vested Shares Restricted Share Units Shares Weighted-Average Grant Units Weighted- Outstanding at January 1, 2015 107 $ 14.21 199 $ 14.67 Granted 149 $ 3.74 188 $ 3.92 Forfeited — $ — (98 ) $ 12.96 Vested (86 ) $ 13.01 (79 ) $ 14.53 Outstanding at December 31, 2015 170 $ 10.08 210 $ 5.91 Expected to vest at December 31, 2015 170 $ 10.08 106 $ 5.30 The unrecognized compensation cost as of December 31, 2015 associated with RSU and non-vested share awards was $1,051 . The total fair value of shares vested during the years ended December 31, 2015 , 2014 and 2013 was $1,762 , $938 and $1,106 , respectively. Performance Shares PSU awards are based on two independent conditions, the Company’s relative total shareholder return (“RTSR”), which represents a market condition, and Company-specific target goals for Return on Invested Capital (“ROIC”) as defined in the LTC Plans. There were no PSUs awarded by the Company under the 2015 LTC Plan. The status of PSUs that have been awarded as part of the active LTC Plans is summarized below as of December 31, 2015 : Plan Year Grant Date Fair Value Estimated Number of Maximum Number of 2014 LTC Plan RTSR performance condition $ 20.16 — 69 ROIC performance condition $ 14.35 — 69 2013 LTC Plan RTSR performance condition $ 24.74 — 46 ROIC performance condition $ 16.29 — 46 The grant date fair values of PSU awards containing the RTSR performance condition were estimated using a Monte Carlo simulation with the following assumptions: 2014 2013 Grant Date Fair Value per Share Unit $ 20.16 $ 24.74 Expected volatility 40.8 % 59.5 % Risk-free interest rate 0.79 % 0.38 % Expected life (in years) 2.77 2.82 Expected dividend yield — — The grant date fair values for PSU awards subject to the ROIC performance condition were established using the market price of the Company's common stock on the date of grant. Final award vesting and distribution of performance awards at December 31, 2015 that were granted under the 2013 LTC Plan was determined based on the Company's actual performance versus the target goals for a three -year consecutive period (as defined in the 2013 Plan). Refer to the table above for the number of shares expected to be issued under 2013 LTC Plan. The unrecognized compensation cost as of December 31, 2015 associated with the 2014 LTC Plan performance share units is $219 . Stock Options In addition to the stock options granted under the 2015 STI Plan, the Company granted 583 stock options under the 2015 LTC Plan 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: Expected volatility 55.7 % Risk-free interest rate 1.8 % Expected life (in years) 5.8 Expected dividend yield — A summary of stock option activity under all stock-based compensation plans is as follows: Shares Weighted Intrinsic Weighted Average Stock options outstanding at January 1, 2015 82 $ 13.62 Granted 707 $ 3.92 Exercised — $ — Forfeited (64 ) $ 5.03 Expired (34 ) $ 14.77 Stock options outstanding at December 31, 2015 691 $ 4.43 $ — 9.2 years Stock options exercisable at December 31, 2015 40 $ 12.79 $ — 2.2 years Stock options vested or expected to vest as of December 31, 2015 530 $ 4.59 $ — 9.0 years The total intrinsic value of options exercised during the years ended December 31, 2014 and 2013 was $56 and $914 , respectively. There were no options exercised during the year ended December 31, 2015 . The unrecognized compensation cost associated with stock options as of December 31, 2015 was $818 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension Plans Certain employees of the Company are covered by Company-sponsored pension plans and a supplemental pension plan (collectively, the “pension plans”). These pension plans are defined benefit, noncontributory plans. Benefits paid to retirees are based upon age at retirement, years of credited service and average earnings. The Company also has a supplemental pension plan, which is a non-qualified, unfunded plan. The Company uses a December 31 measurement date for the pension plans. The Company-sponsored pension plans are frozen for all employees except for employees represented by the United Steelworkers of America. The assets of the Company-sponsored pension plans are maintained in a single trust account. The Company’s funding policy is to satisfy the minimum funding requirements of the Employee Retirement Income Security Act of 1974, commonly called ERISA. In conjunction with the restructuring activities in the second quarter of 2015, the Company recorded a pension curtailment charge of $2,923 and a pension settlement charge of $3,915 in the year ended December 31, 2015 related to the company-sponsored defined benefit plans. Components of net periodic pension plans cost were as follows: 2015 2014 2013 Service cost $ 549 $ 453 $ 699 Interest cost 6,938 6,885 6,327 Expected return on assets (9,395 ) (8,381 ) (9,278 ) Amortization of prior service cost 244 282 322 Amortization of actuarial loss 4,018 1,717 1,942 Settlement charge 3,915 — — Curtailment charge 2,923 — — Net periodic pension plans cost $ 9,192 $ 956 $ 12 The expected amortization of pension prior service cost and actuarial loss for the next fiscal year are $200 and $1,832 , respectively. The status of the pension plans at December 31, 2015 and 2014 were as follows: 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 193,322 $ 156,989 Service cost 549 453 Interest cost 6,938 6,885 Settlement gain (2,162 ) — Curtailment loss 2,154 — Plan change — 719 Benefit payments (25,383 ) (7,587 ) Actuarial (gain) loss (12,477 ) 35,863 Projected benefit obligation at end of year $ 162,941 $ 193,322 Change in plan assets: Fair value of plan assets at beginning of year $ 183,671 $ 168,408 Actual (loss) return on assets (4,140 ) 22,521 Employer contributions 358 329 Benefit payments (25,383 ) (7,587 ) Fair value of plan assets at end of year $ 154,506 $ 183,671 Funded status – net liability $ (8,435 ) $ (9,651 ) Amounts recognized in the consolidated balance sheets consist of: Prepaid pension cost $ 8,422 $ 7,092 Accrued liabilities (362 ) (322 ) Pension benefit obligations (16,495 ) (16,421 ) Net amount recognized $ (8,435 ) $ (9,651 ) Pre-tax components of accumulated other comprehensive loss: Unrecognized actuarial loss $ (35,972 ) $ (45,009 ) Unrecognized prior service cost (717 ) (1,731 ) Total $ (36,689 ) $ (46,740 ) Accumulated benefit obligation $ 162,290 $ 192,638 For the plans with an accumulated benefit obligation in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were $62,953 , $62,302 and $46,096 , respectively, at December 31, 2015 and $66,341 , $65,657 and $49,598 , respectively, at December 31, 2014 . The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans were as follows: 2015 2014 Discount rate 4.00% 3.75% Projected annual salary increases 0 - 3.00% 0 - 3.00% The assumptions used to determine net periodic pension cost were as follows: 2015 2014 2013 Discount rate 3.50 - 3.75% 4.50% 3.50 - 3.75% Expected long-term rate of return on plan assets 5.25% 5.25% 5.25% Projected annual salary increases 0 - 3.00% 0 - 3.00% 0 - 3.00% During the fourth quarter of 2015, the Company changed the methodology used to estimate the service and interest cost components of net periodic pension cost and net periodic postretirement benefit cost for the Company’s pension and other postretirement benefit plans. Previously, the Company estimated such cost components utilizing a single weighted-average discount rate derived from the market-observed yield curves of high-quality fixed income securities used to measure the pension benefit obligation and accumulated postretirement benefit obligation. The new methodology utilizes a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. The change does not affect the measurement of the Company’s pension obligation or accumulated postretirement benefit obligation. The Company has accounted for this change as a change in accounting estimate and it will be applied prospectively starting in 2016. The adoption of the spot rate approach is expected to decrease the service cost and interest cost components of net periodic pension and postretirement benefit costs by approximately $1,200 in 2016. The Company’s expected long-term rate of return on plan assets is derived from reviews of asset allocation strategies and historical and anticipated future long-term performance of individual asset classes. The Company’s analysis gives consideration to historical returns and long-term, prospective rates of return. The Company’s pension plan assets are allocated entirely to fixed income securities at December 31, 2015 and 2014 . The Company’s pension plans’ funds are managed in accordance with investment policies recommended by its investment advisor and approved by the Human Resources Committee of the Board of Directors. The overall target portfolio allocation is 100% fixed income securities. These funds’ conformance with style profiles and performance is monitored regularly by management, with the assistance of the Company’s investment advisor. Adjustments are typically made in the subsequent quarters when investment allocations deviate from the target range. The investment advisor provides quarterly reports to management and the Human Resources Committee of the Board of Directors. The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2015 : Level 1 Level 2 Level 3 Total Fixed income securities (a) $ 16,028 $ 137,943 $ — $ 153,971 Accounts receivable – pending trades 535 Total $ 154,506 (a) Fixed income securities are comprised of corporate bonds ( 96% ), government agencies securities ( 2% ) and other fixed income securities ( 2% ). The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2014 : Level 1 Level 2 Level 3 Total Fixed income securities (b) $ 15,839 $ 167,882 $ — $ 183,721 Accounts payable – pending trades (50 ) Total $ 183,671 (b) Fixed income securities are comprised of corporate bonds ( 75% ), government bonds ( 17% ), government agencies securities ( 4% ) and other fixed income securities ( 4% ). The estimated future pension benefit payments are: 2016 $ 8,193 2017 8,554 2018 8,786 2019 8,974 2020 9,181 2021 — 2025 48,380 The Company was party to a multi-employer pension plan in Ohio. In connection with the April 2015 restructuring plan, the Company has stated its intention to withdraw from the Ohio multi-employer pension plan. The liability associated with the withdrawal from this plan is estimated by the Company to be $5,500 at December 31, 2015 and has been charged to restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2015 . The Company incurred a withdrawal liability of $720 which was charged to restructuring expense (income) in the Consolidated Statement of Operations for the year ended December 31, 2013 related to its 2013 restructuring activities and subsequent withdrawal from a multi-employer pension plan for employees of a plant closed in California. Postretirement Plan The Company also provides declining value life insurance to its retirees and a maximum of three years of medical coverage to qualified individuals who retire between the ages of 62 and 65 . The Company does not fund these benefits in advance, and uses a December 31 measurement date. Components of net periodic postretirement plan (benefit) cost for 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Service cost $ 83 $ 56 $ 153 Interest cost 79 76 148 Amortization of actuarial gain (197 ) (336 ) (23 ) Net periodic postretirement plan (benefit) cost $ (35 ) $ (204 ) $ 278 The expected amortization of actuarial gain for the next fiscal year is insignificant . The status of the postretirement plan at December 31, 2015 and 2014 was as follows: 2015 2014 Change in accumulated postretirement benefit obligations: Accumulated postretirement benefit obligation at beginning of year $ 2,552 $ 1,977 Service cost 83 56 Interest cost 79 76 Benefit payments (202 ) (224 ) Actuarial loss (gain) (85 ) 667 Accumulated postretirement benefit obligation at end of year $ 2,427 $ 2,552 Funded status – net liability $ (2,427 ) $ (2,552 ) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities $ (246 ) $ (226 ) Postretirement benefit obligations (2,181 ) (2,326 ) Net amount recognized $ (2,427 ) $ (2,552 ) Pre-tax components of accumulated other comprehensive loss: Unrecognized actuarial gain $ 2,024 $ 2,137 Total $ 2,024 $ 2,137 The assumed health care cost trend rates for medical plans at December 31 were as follows: 2015 2014 2013 Medical cost trend rate 6.50% 7.00% 7.50% Ultimate medical cost trend rate 5.00% 5.00% 5.00% Year ultimate medical cost trend rate will be reached 2019 2019 2019 A 1% increase in the health care cost trend rate assumptions would have increased the accumulated postretirement benefit obligation at December 31, 2015 by $103 with no significant impact on the annual periodic postretirement benefit cost. A 1% decrease in the health care cost trend rate assumptions would have decreased the accumulated postretirement benefit obligation at December 31, 2015 by $95 with no significant impact on the annual periodic postretirement benefit cost. The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows: 2015 2014 2013 Net periodic postretirement benefit costs 3.25% 4.00% 3.50% Accumulated postretirement benefit obligations 3.50% 3.25% 4.00% Retirement Savings Plans The Company’s retirement savings plan for U.S. employees includes features under Section 401(k) of the Internal Revenue Code. The Company provides a 401(k) matching contribution of 100% of each dollar on eligible employee contributions up to the first 6% of the employee’s pre-tax compensation. Company contributions cliff vest after two years of employment. Effective July 1, 2012, the Company's 401(k) plan was amended to include the U.S. employees of Tube Supply. Employees were eligible to participate in the Company's 401(k) plan immediately. Tube Supply's existing plan assets were rolled over into the Company's 401(k) plan during 2012 as a result of this amendment. The amounts expensed by the Company relating to its 401(k) plan and other international retirement plans were $3,866 , $3,743 and $4,265 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Restructuring Activity Restruct
Restructuring Activity Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Activity The Company has implemented several restructuring plans over the last several years in an effort to adapt operations to market conditions. In the second quarter of 2015, the Company announced further organizational changes including further workforce reductions and the consolidation of more facilities in locations deemed to have redundant operations. Similar to the restructuring activities of 2013 and 2014, the consolidations and organizational changes announced in 2015 are part of the Company's overall plan to streamline the organizational structure, lower structural operating costs, and increase liquidity. 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 years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Employee termination and related benefits (a) $ 17,012 $ 937 $ 2,702 Lease termination costs 444 186 1,448 Moving costs associated with plant consolidations 5,711 1,450 4,487 Professional fees 1,804 — — Gain on sale of fixed assets (15,963 ) (5,533 ) — Other exit costs — — 366 Total expense (income) $ 9,008 $ (2,960 ) $ 9,003 (a) Employee termination and related benefits primarily consists of severance and pension related costs. Included in the year ended December 31, 2015 was a pension curtailment charge of $2,923 , a pension settlement charge of $3,915 , and an estimated pension withdrawal liability charge of $5,500 associated with the Company’s withdrawal from a multi-employer plan. Included in the year ended December 31, 2013 was a multi-employer pension withdrawal liability charge of $720 . Restructuring activity during the year ended December 31, 2015 that was associated with the April 2015 restructuring plan included employee termination and related benefits related to workforce reductions, lease termination costs, moving costs associated with plant consolidations, a gain on the sale of buildings and equipment, and professional fees. Also, in conjunction with the April 2015 plan, the Company recorded charges of $25,656 for inventory which was identified to be scrapped or written down. 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 Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2015. Restructuring activity during the year ended December 31, 2014 consisted of a gain on the sale of fixed assets in Houston where the Company completed a plant consolidation, partially offset by employee termination and related benefits for the workforce reductions announced in June 2014, moving costs associated with plant consolidations announced in October 2013 and lease termination costs related to the restructuring activities announced in January 2013. All of the June 2014 announced restructuring activities are complete. Restructuring activity during the year ended December 31, 2013 consisted of moving costs, employee termination and related benefits related to workforce reductions, lease termination costs, and other exit costs associated with the plant consolidations announced in January 2013 and October 2013. Included in the 2013 restructuring activity was a charge of $1,236 for the write-off of small pieces of inventory at closing branches which could not be moved. The inventory charge is reported in cost of materials in the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2013. The January 2013 and October 2013 announced restructuring activities are complete. For the year ended December 31, 2015 , the Company recognized cumulative charges of $50,627 related to restructuring activity under its 2015 restructuring plan which is consistent with expectations. Restructuring reserve activity for the years ended December 31, 2015 , 2014 and 2013 is summarized below: Period Activity Balance January 1 Costs (gains) Cash (payments) receipts Impairment and non-cash settlements (c) Balance December 31 (a) 2015 Activity: Employee termination and related benefits (a) (c) $ — $ 17,012 $ (1,873 ) $ (6,838 ) $ 8,301 Lease termination costs (b) 636 444 (848 ) — 232 Moving costs associated with plant consolidations — 5,711 (5,711 ) — — Professional Fees — 1,804 (1,804 ) — — Gain on sale of fixed assets — (15,963 ) 15,963 — — Inventory adjustment — 25,656 — (25,656 ) — Total 2015 Activity $ 636 $ 34,664 $ 5,727 $ (32,494 ) $ 8,533 2014 Activity: Employee termination and related benefits $ 129 $ 937 $ (1,066 ) $ — $ — Lease termination costs 921 186 (471 ) — 636 Moving costs associated with plant consolidations — 1,450 (1,450 ) — — Gain on sale of fixed assets — (5,533 ) 5,533 — — Total 2014 Activity $ 1,050 $ (2,960 ) $ 2,546 $ — $ 636 2013 Activity: Employee termination and related benefits $ — $ 2,702 $ (2,573 ) $ — $ 129 Lease termination costs — 1,448 (527 ) — 921 Moving costs associated with plant consolidations — 4,487 (4,318 ) (169 ) — Inventory adjustment — 1,236 — (1,236 ) — Other exit costs — 366 (366 ) — — Total 2013 Activity $ — $ 10,239 $ (7,784 ) $ (1,405 ) $ 1,050 (a) As of December 31, 2015 , the short-term employee termination and related benefits of $2,801 is included in accrued payroll and employee benefits in the Condensed Consolidated Balance Sheets and the long-term portion associated liability associated with the Company's withdrawal from a multi-employer pension plan of $5,500 is included in other non-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 December 31, 2015 , the lease termination costs restructuring liability of $232 is included in accrued and other current liabilities in the Consolidated Balance Sheets. (c) Included in costs (gains) and non-cash settlements for 2015 restructuring activity are charges for pension curtailment and pension settlement of $2,923 and $3,915 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of loss before income taxes and equity in earnings (losses) of joint venture for the years ended December 31, 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Domestic $ (196,410 ) $ (116,869 ) $ (64,529 ) Non-U.S. (33,550 ) (30,841 ) (5,133 ) The provision (benefit) for income taxes for the years ending December 31, 2015 , 2014 and 2013 consisted of the following components: 2015 2014 2013 Federal current $ — $ — $ (260 ) deferred (19,975 ) (23,040 ) (21,679 ) State current 72 361 1,312 deferred (705 ) (3,959 ) (1,530 ) Foreign current 2,149 (1,898 ) 3,242 deferred (3,162 ) 7,905 (4,227 ) $ (21,621 ) $ (20,631 ) $ (23,142 ) The items accounting for differences between the income tax provision (benefit) computed at the federal statutory rate and the provision for income taxes for the years ended December 31, 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Federal income tax at statutory rates $ (80,488 ) $ (51,699 ) $ (24,382 ) State income taxes, net of federal income tax benefits (8,834 ) (322 ) (2,012 ) Permanent items: Dividends received deductions — — (766 ) Goodwill impairment — 10,454 — Other permanent differences 2,380 285 (124 ) Federal and state income tax on joint venture (558 ) 2,912 2,670 Rate differential on foreign income 3,305 11,512 812 Valuation allowance 63,511 4,888 — Audit settlements 171 99 — Other (1,108 ) 1,240 660 Income tax (benefit) expense $ (21,621 ) $ (20,631 ) $ (23,142 ) Effective income tax expense rate 9.4 % 14.0 % 33.2 % Significant components of deferred tax assets and liabilities of December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets: Pension and postretirement benefits $ 4,139 $ 4,714 Deferred compensation 1,357 2,109 Restructuring related and other reserves 842 943 Alternative minimum tax and net operating loss carryforward 66,709 40,787 Intangible assets and goodwill 5,993 — Other, net 3,399 1,833 Deferred tax assets before valuation allowance 82,439 50,386 Valuation allowance (63,955 ) (4,888 ) Total deferred tax assets $ 18,484 $ 45,498 Deferred tax liabilities: Depreciation $ 8,147 $ 9,857 Inventory 6,071 43,285 Intangible assets and goodwill — 9,129 Convertible debt discount 4,075 5,644 Other, net 3,982 5,627 Total deferred tax liabilities 22,275 73,542 Net deferred tax liabilities $ 3,791 $ 28,044 As of December 31, 2015 , the Company had $144,542 of federal and $131,680 of state net operating loss carryforwards which will begin expiring in 2032 and 2017, respectively, $2,010 of federal credits which will carry forward for an indefinite period and $546 of state credit carryforwards which will begin expiring in 2024. The future utilization of a portion of the Company’s federal and state net operating losses is expected to be limited by Internal Revenue Service (“IRS”) Section 382 due to ownership changes in 2015; however, at this time that amount has not been quantified. As of December 31, 2015 , the Company had of $28,769 foreign net operating loss carryforwards of which a significant portion of which carry forward for an indefinite period. The Company has incurred significant losses in recent years. The Company’s operations in the United States and Canada continue to have cumulative pre-tax losses for the three-year period ended December 31, 2015 . As a result of the Company now being in a net deferred tax asset position as of December 31, 2015 in these jurisdictions, coupled with the negative evidence of significant cumulative three-year pre-tax losses, the Company recognized a valuation allowance against its net deferred tax assets in the United States and Canada during the second and fourth quarter of 2015, respectively. The Company continues to maintain valuation allowances against substantially all foreign deferred tax assets to reduce those deferred tax assets to amounts that are realizable either through future reversals of existing taxable temporary differences or through taxable income in carryback years for the applicable jurisdictions. Activity in the Company's valuation allowances for the U.S. and non-U.S. operations were as follows for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Domestic Balance, beginning of year $ — $ — $ — Provision charged to expense 55,474 — — Balance, end of year $ 55,474 $ — $ — Foreign Balance, beginning of year $ 4,888 $ — $ — Impact of foreign exchange on beginning of year balance (553 ) — — Provision charged to expense 4,146 4,888 — Balance, end of year $ 8,481 $ 4,888 $ — The Company is subject to taxation in the United States, state jurisdictions and foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording the related income tax assets and liabilities. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not criterion, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. In the ordinary course of business, the Company is subject to review by domestic and foreign taxing authorities, including the IRS. In general, the Company is no longer subject to audit by the IRS for tax years through 2011 and state, local or foreign taxing authorities for tax years through 2010. Various other taxing authorities are in the process of auditing income tax returns of the Company and its subsidiaries. The Company does not anticipate that any adjustments from the audits would have a material impact on its consolidated financial position, results of operations or cash flows. In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2015 , no provision has been made for U.S. income taxes and foreign withholding taxes related to the undistributed earnings of the Company's foreign subsidiaries of $51,584 because those undistributed earnings are indefinitely reinvested outside the United States. The actual U.S. tax cost would depend on income tax laws and circumstances at the time of distribution. Determination of the amount of unrecognized U.S. deferred tax liability related to the undistributed earnings of the Company's foreign subsidiaries is not practical due to the complexities associated with the calculation. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities As of December 31, 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. As of December 31, 2015 , the Company recognized a $7,500 non-cash charge for losses on firm purchase commitments related to inventory on order to its Edmonton and Houston facilities. The non-cash loss has been recorded to cost of materials in the Consolidated Statements of Operations and Comprehensive Loss. The Company is party to a variety of legal proceedings and other claims, including proceedings by government authorities, which arise from the operation of its business. These proceedings are incidental and occur in the normal course of the Company's business affairs. The majority of these claims and proceedings relate to commercial disputes with customers, suppliers, and others; employment, including benefit matters; product quality; and environmental, health and safety claims. It is the opinion of management that the currently expected outcome of these proceedings and claims, after taking into account recorded accruals and the availability and limits of our insurance coverage, will not have a material adverse effect on the consolidated results of operations, financial condition or cash flows of the Company. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company distributes and performs processing on both metals and plastics. Although the distribution processes are similar, the customer markets, supplier bases and types of products are different. Additionally, the Company’s Chief Executive Officer, the chief operating decision-maker, reviews and manages these two businesses separately. As such, these businesses are considered reportable segments and are reported accordingly. Neither of the Company’s reportable segments has any unusual working capital requirements. In its Metals segment, the Company’s marketing strategy focuses on distributing highly engineered specialty grades and alloys of metals as well as providing specialized processing services designed to meet very precise specifications. Core products include alloy, aluminum, stainless, nickel, titanium and carbon. Inventories of these products assume many forms such as plate, sheet, extrusions, round bar, hexagon bar, square and flat bar, tubing and coil. Depending on the size of the facility and the nature of the markets it serves, service centers are equipped as needed with bar saws, plate saws, oxygen and plasma arc flame cutting machinery, trepanning machinery, boring machinery, honing equipment, water-jet cutting, stress relieving and annealing furnaces, surface grinding equipment, CNC machinery and sheet shearing equipment. This segment also performs various specialized fabrications for its customers through pre-qualified subcontractors that thermally process, turn, polish, cut-to-length and straighten alloy and carbon bar. The Company’s Plastics segment consists exclusively of a wholly-owned subsidiary, TPI. 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. On March 11, 2016, the Company entered into an asset purchase agreement with an unrelated third-party for the sale of TPI. TPI represents the entirety of the the Company's Plastics segment and therefore, the Company will only have one reporting segment, the Metals segment, going forward. As of December 31, 2015, TPI did not meet the criteria to be classified as held for sale and accordingly its results are presented with continuing operations and the segment information presented below. The terms of the sale are discussed fully in Note 15 - Subsequent Events to the consolidated financial statements. The accounting policies of all segments are the same as described in Note 1 - Basis of Presentation and Significant Accounting Policies to the consolidated financial statements. Management evaluates the performance of its business segments based on operating income. The Company operates primarily in North America. No activity from any individual country outside the United States is material, and therefore, foreign activity is reported on an aggregate basis. Net sales are attributed to countries based on the location of the Company’s subsidiary that is selling direct to the customer. Company-wide geographic data as of and for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Net sales United States $ 554,943 $ 736,236 $ 817,714 All other countries 215,815 243,601 235,352 Total $ 770,758 $ 979,837 $ 1,053,066 Long-lived assets United States $ 59,603 $ 58,278 63,667 All other countries 11,790 14,557 13,027 Total $ 71,393 $ 72,835 76,694 Segment information as of and for the years ended December 31, 2015 , 2014 and 2013 is as follows: Net Sales Operating (Loss) Income (b) Total Assets (b) Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 637,936 $ (177,087 ) $ 404,936 $ 7,171 $ 23,317 Plastics segment 132,822 6,422 57,027 1,079 1,537 Other (a) — (11,009 ) 35,690 — — Consolidated $ 770,758 $ (181,674 ) $ 497,653 $ 8,250 $ 24,854 2014 Metals segment $ 841,672 $ (98,673 ) $ 612,261 $ 11,184 $ 24,380 Plastics segment 138,165 6,354 60,970 1,167 1,664 Other (a) — (10,520 ) 37,443 — — Consolidated $ 979,837 $ (102,839 ) $ 710,674 $ 12,351 $ 26,044 2013 Metals segment $ 918,298 $ (20,489 ) $ 707,233 $ 10,181 $ 24,579 Plastics segment 134,768 4,278 57,373 1,423 1,609 Other (a) — (8,379 ) 41,879 — — Consolidated $ 1,053,066 $ (24,590 ) $ 806,485 $ 11,604 $ 26,188 (a) “Other” – Operating loss includes the costs of executive, legal and elements of the finance department, which are shared by both the Metals and Plastics segments. The “Other” category’s total assets consist of the Company’s investment in joint venture. (b) During the fourth quarter of 2015, the Company changed its method of accounting for U.S metals inventories, which were previously accounted for under LIFO method, to the average cost method. The change was applied retrospectively to the prior year financial information presented. See Note 1 for discussion of this accounting change and its related impact. Below are reconciliations of segment data to the consolidated loss before income taxes: 2015 2014 2013 Operating loss (a) $ (181,674 ) $ (102,839 ) $ (24,590 ) Interest expense, net 41,980 40,548 40,542 Loss on extinguishment of debt — — 2,606 Other expense, net 6,306 4,323 1,924 Loss before income taxes and equity in earnings (losses) of joint venture (a) (229,960 ) (147,710 ) (69,662 ) Equity in earnings (losses) of joint venture (1,426 ) 7,691 6,987 Consolidated loss before income taxes (a) $ (231,386 ) $ (140,019 ) $ (62,675 ) (a) During the fourth quarter of 2015, the Company changed its method of accounting for U.S metals inventories, which were previously accounted for under LIFO method, to the average cost method. The change was applied retrospectively to the prior year financial information presented. See Note 1 for discussion of this accounting change and its related impact. |
Guarantor Finanical Information
Guarantor Finanical Information | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Consolidating Financial Information | Guarantor Financial Information The Company's Senior Secured Notes are guaranteed by certain 100% directly owned subsidiaries of the Company (the "Guarantors"). As of December 31, 2015 , the Guarantors included Total Plastics, Inc., Advanced Fabricating Technology, LLC, Keystone Tube Company, LLC and Paramont Machine Company, LLC, each of which fully and unconditionally guarantee the Senior Secured Notes on a joint and several basis. The accompanying financial statements have been prepared and presented pursuant to Rule 3-10 of SEC Regulation S-X “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The financial statements present condensed consolidating financial information for A. M. Castle & Co. (the "Parent"), the Guarantors, the non-guarantor subsidiaries (all other subsidiaries) and an elimination column for adjustments to arrive at the information for the Parent, Guarantors, and non-guarantors on a consolidated basis. The condensed consolidating financial information has been prepared on the same basis as the consolidated statements of the Parent. The equity method of accounting is followed within this financial information. During the fourth quarter of 2015, the Company changed its method of accounting for U.S metals inventories, which were previously accounted for under LIFO method, to the average cost method. The change was applied retrospectively to the prior year financial information presented. See Note 1 - Basis of Presentation and Significant Accounting Policies in the consolidated financial statements for discussion of this accounting change and its related impact. Condensed Consolidating Balance Sheet As of December 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 1,220 $ 46 $ 9,834 $ — $ 11,100 Accounts receivable, less allowance for doubtful accounts 39,448 16,697 33,734 — 89,879 Receivables from affiliates 759 36 — (795 ) — Inventories 150,809 19,353 65,349 (68 ) 235,443 Prepaid expenses and other current assets 3,996 1,099 6,774 — 11,869 Total current assets 196,232 37,231 115,691 (863 ) 348,291 Investment in joint venture 35,690 — — — 35,690 Goodwill — 12,973 — — 12,973 Intangible assets, net 10,116 — 134 — 10,250 Other non-current assets 15,789 — 4,622 (1,355 ) 19,056 Investment in subsidiaries 33,941 — — (33,941 ) — Receivables from affiliates 118,478 69,359 — (187,837 ) — Property, plant and equipment, net 52,770 6,833 11,790 — 71,393 Total assets $ 463,016 $ 126,396 $ 132,237 $ (223,996 ) $ 497,653 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 32,707 $ 10,666 $ 12,899 $ — $ 56,272 Payables due to affiliates 759 — 36 (795 ) — Other current liabilities 21,121 1,904 5,578 — 28,603 Current portion of long-term debt 6,980 — 32 — 7,012 Total current liabilities 61,567 12,570 18,545 (795 ) 91,887 Long-term debt, less current portion 314,746 — 15 — 314,761 Payables due to affiliates — 14,123 173,715 (187,838 ) — Deferred income taxes — 5,524 — (1,355 ) 4,169 Other non-current liabilities 39,715 — 133 — 39,848 Stockholders’ equity (deficit) 46,988 94,179 (60,171 ) (34,008 ) 46,988 Total liabilities and stockholders’ equity $ 463,016 $ 126,396 $ 132,237 $ (223,996 ) $ 497,653 Condensed Consolidating Balance Sheet As of December 31, 2014 (as adjusted) 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 265,012 19,320 75,366 (68 ) 359,630 Prepaid expenses and other current assets 2,805 1,033 8,506 — 12,344 Total current assets 336,577 40,714 136,360 (2,220 ) 511,431 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 18,441 — 996 — 19,437 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 $ 664,789 $ 102,478 $ 167,853 $ (224,446 ) $ 710,674 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 19,359 5,524 3,846 — 28,729 Other non-current liabilities 22,238 — 164 — 22,402 Stockholders’ equity 252,649 80,253 (9,911 ) (70,342 ) 252,649 Total liabilities and stockholders’ equity $ 664,789 $ 102,478 $ 167,853 $ (224,446 ) $ 710,674 Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the year ended December 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net Sales $ 435,736 $ 132,821 $ 215,815 $ (13,614 ) $ 770,758 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 408,400 93,405 186,424 (13,614 ) 674,615 Warehouse, processing and delivery expense 77,283 11,838 25,613 — 114,734 Sales, general and administrative expense 64,112 17,629 13,738 — 95,479 Restructuring expense (income) 21,953 (14,325 ) 1,380 — 9,008 Depreciation and amortization expense 19,035 1,812 4,007 — 24,854 Impairment of intangible assets 23,491 — 10,251 — 33,742 Total costs and expenses 614,274 110,359 241,413 (13,614 ) 952,432 Operating (loss) income (178,538 ) 22,462 (25,598 ) — (181,674 ) Interest expense, net 25,712 — 16,268 — 41,980 Other expense, net — — 6,306 — 6,306 (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (204,250 ) 22,462 (48,172 ) — (229,960 ) Income tax (benefit) expense (25,594 ) 8,535 (4,562 ) — (21,621 ) Equity in losses of subsidiaries (29,683 ) — — 29,683 — Equity in losses of joint venture (1,426 ) — — — (1,426 ) Net (loss) income (209,765 ) 13,927 (43,610 ) 29,683 (209,765 ) Comprehensive (loss) income: Foreign currency translation adjustments (6,642 ) — (6,642 ) 6,642 (6,642 ) Change in unrecognized pension and postretirement benefit costs, net of tax 9,937 — — — 9,937 Other comprehensive (loss) income 3,295 — (6,642 ) 6,642 3,295 Net (loss) income (209,765 ) 13,927 (43,610 ) 29,683 (209,765 ) Comprehensive (loss) income $ (206,470 ) $ 13,927 $ (50,252 ) $ 36,325 $ (206,470 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the year ended December 31, 2014 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Net Sales $ 609,507 $ 138,165 $ 243,658 $ (11,493 ) $ 979,837 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 464,069 97,981 199,851 (11,493 ) 750,408 Warehouse, processing and delivery expense 101,473 11,772 27,314 — 140,559 Sales, general and administrative expense 71,659 18,303 22,503 — 112,465 Restructuring expense (income) (3,184 ) — 224 — (2,960 ) Depreciation and amortization expense 19,592 2,201 4,251 — 26,044 Impairment of goodwill 41,308 — 14,852 — 56,160 Total costs and expenses 694,917 130,257 268,995 (11,493 ) 1,082,676 Operating (loss) income (85,410 ) 7,908 (25,337 ) — (102,839 ) Interest expense, net 25,658 — 14,890 — 40,548 Other expense, net — — 4,323 — 4,323 (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (111,068 ) 7,908 (44,550 ) — (147,710 ) Income tax (benefit) expense (27,411 ) 2,662 4,323 (205 ) (20,631 ) Equity in losses of subsidiaries (43,422 ) — — 43,422 — Equity in earnings of joint venture 7,691 — — — 7,691 Net (loss) income (119,388 ) 5,246 (48,873 ) 43,627 (119,388 ) Comprehensive (loss) income: Foreign currency translation adjustments (5,377 ) — (5,377 ) 5,377 (5,377 ) Change in unrecognized pension and postretirement benefit costs, net of tax (12,996 ) — — — (12,996 ) Other comprehensive loss (18,373 ) — (5,377 ) 5,377 (18,373 ) Net (loss) income (119,388 ) 5,246 (48,873 ) 43,627 (119,388 ) Comprehensive (loss) income $ (137,761 ) $ 5,246 $ (54,250 ) $ 49,004 $ (137,761 ) Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the year ended December 31, 2013 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Net Sales $ 711,942 $ 134,768 $ 236,714 $ (30,358 ) $ 1,053,066 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 536,926 95,953 185,605 (30,358 ) 788,126 Warehouse, processing and delivery expense 104,897 12,104 23,933 — 140,934 Sales, general and administrative expense 72,060 18,195 23,150 — 113,405 Restructuring expense (income) 7,006 — 1,997 — 9,003 Depreciation and amortization expense 19,977 2,154 4,057 — 26,188 Total costs and expenses 740,866 128,406 238,742 (30,358 ) 1,077,656 Operating income (loss) (28,924 ) 6,362 (2,028 ) — (24,590 ) Interest expense, net 25,760 — 14,782 — 40,542 Loss on extinguishment of debt 2,606 — — — 2,606 Other expense, net — — 1,924 — 1,924 (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (57,290 ) 6,362 (18,734 ) — (69,662 ) Income tax (benefit) expense (19,708 ) 2,349 (5,783 ) — (23,142 ) Equity in losses of subsidiaries (8,938 ) — — 8,938 — Equity in earnings of joint venture 6,987 — — — 6,987 Net (loss) income (39,533 ) 4,013 (12,951 ) 8,938 (39,533 ) Comprehensive (loss) income: Foreign currency translation adjustments (2,295 ) — (2,295 ) 2,295 (2,295 ) Change in unrecognized pension and postretirement benefit costs, net of tax 4,623 — — — 4,623 Other comprehensive (loss) income 2,328 — (2,295 ) 2,295 2,328 Net (loss) income (39,533 ) 4,013 (12,951 ) 8,938 (39,533 ) Comprehensive (loss) income $ (37,205 ) $ 4,013 $ (15,246 ) $ 11,233 $ (37,205 ) Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (209,765 ) $ 13,927 $ (43,610 ) $ 29,683 $ (209,765 ) Equity in losses of subsidiaries 29,683 — — (29,683 ) — Adjustments to reconcile net (loss) income to cash (used in) from operating activities 174,217 (8,590 ) 22,005 — 187,632 Net cash (used in) from operating activities (5,865 ) 5,337 (21,605 ) — (22,133 ) Investing activities: Capital expenditures (4,274 ) (2,158 ) (1,818 ) — (8,250 ) Proceeds from sale of property, plant and equipment 8,520 20,100 11 — 28,631 Net advances to subsidiaries (5,291 ) — — 5,291 — Net cash from (used in) investing activities (1,045 ) 17,942 (1,807 ) 5,291 20,381 Financing activities: Proceeds from long-term debt 967,035 — — — 967,035 Repayments of long-term debt (958,916 ) — (2,046 ) — (960,962 ) Net intercompany (repayments) borrowings — (24,210 ) 29,501 (5,291 ) — Other financing activities, net (500 ) — — — (500 ) Net cash from (used in) financing activities 7,619 (24,210 ) 27,455 (5,291 ) 5,573 Effect of exchange rate changes on cash and cash equivalents — — (1,175 ) — (1,175 ) Net change in cash and cash equivalents 709 (931 ) 2,868 — 2,646 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of year $ 1,220 $ 46 $ 9,834 $ — $ 11,100 Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2014 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (119,388 ) $ 5,246 $ (48,873 ) $ 43,627 $ (119,388 ) Equity in losses of subsidiaries 43,422 — — (43,422 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 35,682 (266 ) 9,100 (205 ) 44,311 Net cash (used in) from operating activities (40,284 ) 4,980 (39,773 ) — (75,077 ) Investing activities: Capital expenditures (5,642 ) (1,530 ) (5,179 ) — (12,351 ) Proceeds from sale of property, plant and equipment 7,464 — — — 7,464 Net advances to subsidiaries (25,941 ) — — 25,941 — Net cash used in investing activities (24,119 ) (1,530 ) (5,179 ) 25,941 (4,887 ) Financing activities: Proceeds from long-term debt 459,406 — 2,998 — 462,404 Repayments of long-term debt (402,774 ) — (1,037 ) — (403,811 ) Net intercompany (repayments) borrowings — (2,968 ) 28,909 (25,941 ) — Other financing activities, net (393 ) — — — (393 ) Net cash from (used in) financing activities 56,239 (2,968 ) 30,870 (25,941 ) 58,200 Effect of exchange rate changes on cash and cash equivalents — — (611 ) — (611 ) Net change in cash and cash equivalents (8,164 ) 482 (14,693 ) — (22,375 ) Cash and cash equivalents - beginning of year 8,675 495 21,659 — 30,829 Cash and cash equivalents - end of year $ 511 $ 977 $ 6,966 $ — $ 8,454 Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2013 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (39,533 ) $ 4,013 $ (12,951 ) $ 8,938 $ (39,533 ) Equity in earnings of subsidiaries 8,938 — — (8,938 ) — Adjustments to reconcile net (loss) income to cash from operating activities 92,236 1,298 20,384 — 113,918 Net cash from operating activities 61,641 5,311 7,433 — 74,385 Investing activities: Capital expenditures (6,700 ) (1,466 ) (3,438 ) — (11,604 ) Proceeds from sale of property, plant and equipment 778 9 7 — 794 Net cash used in investing activities (5,922 ) (1,457 ) (3,431 ) — (10,810 ) Financing activities: Proceeds from long-term debt 115,300 — — — 115,300 Repayments of long-term debt (166,190 ) — (4,155 ) — (170,345 ) Net intercompany (repayments) borrowings (1,896 ) (4,262 ) 6,158 — — Other financing activities, net 1,636 — (496 ) — 1,140 Net cash from (used in) financing activities (51,150 ) (4,262 ) 1,507 — (53,905 ) Effect of exchange rate changes on cash and cash equivalents — — (448 ) — (448 ) Net change in cash and cash equivalents 4,569 (408 ) 5,061 — 9,222 Cash and cash equivalents - beginning of year 4,106 903 16,598 — 21,607 Cash and cash equivalents - end of year $ 8,675 $ 495 $ 21,659 $ — $ 30,829 |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited) During the fourth quarter of 2015, the Company changed its method of accounting for U.S metals inventories, which were previously accounted for under LIFO method, to the average cost method. The change was applied retrospectively to the prior year and prior quarter financial information presented. See Note 1 - Basis of Presentation and Significant Accounting Policies in the consolidated financial statements for discussion of this accounting change and its related impact. First Second Third Fourth 2015 Net sales $ 222,228 $ 199,703 $ 184,676 $ 164,151 Gross profit (a) 20,497 (12,996 ) 10,020 (60,966 ) Net loss (b) (15,440 ) (46,808 ) (27,800 ) (119,717 ) Basic loss per share $ (0.66 ) $ (1.99 ) $ (1.18 ) $ (5.08 ) Diluted loss per share $ (0.66 ) $ (1.99 ) $ (1.18 ) $ (5.08 ) 2014 Net sales $ 253,410 $ 249,492 $ 245,469 $ 231,466 Gross profit (a) 21,791 14,822 20,613 5,600 Net loss (b) (14,610 ) (67,066 ) (8,028 ) (29,684 ) Basic loss per share $ (0.63 ) $ (2.87 ) $ (0.34 ) $ (1.27 ) Diluted loss per share $ (0.63 ) $ (2.87 ) $ (0.34 ) $ (1.27 ) (a) Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. (b) Results include restructuring expense (income) for all quarters presented (see Note 10 - Restructuring Activity ), a $33,742 impairment of intangible assets charge and a $61,472 charge for the write-down of inventory and purchase commitments in the fourth quarter of 2015, and a $56,160 goodwill impairment charge for second quarter of 2014. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On February 22, 2016, the Company announced the sale inventory at its Houston and Edmonton facilities that primarily service the oil and gas industries to an unrelated third party. Net proceeds of the transaction were $27,500 , with 90% of the gross consideration paid at closing, and the remainder, subject to certain adjustments, payable by December 31, 2016. The Company has further plans to sell the equipment at the Houston and Edmonton facilities and then close the these facilities in 2016. As part of the transaction, the buyer will also purchase the trade name rights to the Tube Supply brand. On March 11, 2016, the Company entered into an asset purchase agreement with an unrelated third-party for the sale of its wholly-owned subsidiary, TPI. The aggregate sales price of the transaction, which is subject to a typical working capital adjustment, is approximately $55,000 . As of December 31, 2015, TPI did not meet the criteria to be classified as held for sale and accordingly its results are presented with continuing operations. |
Basis of Presentation and Sig25
Basis of Presentation and Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation — The consolidated financial statements include the accounts of A. M. Castle & Co. and its subsidiaries over which the Company exhibits a controlling interest. The equity method of accounting is used for the Company’s 50% owned joint venture, Kreher Steel Company, LLC (“Kreher”). All inter-company accounts and transactions have been eliminated. The accompanying consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for a reasonable period of time. The Company‘s principal sources of liquidity are cash flows from operations, and available borrowing capacity under its revolving credit facility. These have historically been sufficient to meet working capital needs, capital expenditures and debt service obligations. During the year ended December 31, 2015, the Company incurred a net loss from operations of $209,765 (including non-cash charges of $61,472 related to inventory and purchase commitments and $33,742 related to an impairment of intangible assets) and used cash from operations of $22,133 . The Company's plan indicates that it will have sufficient cash flows from its operations to continue as a going concern. The Company's ability to have sufficient cash flows to continue as a going concern is based on plans that rely on certain underlying assumptions and estimates that may differ from actual results. The Company’s plans also included the sale for cash of all of its remaining inventory at its Houston and Edmonton facilities and the sale of its wholly-owned subsidiary, TPI. Both of these actions were completed in the first quarter of 2016 (see Note 15 - Subsequent Events to the consolidated financial statements) and provide liquidity in addition to the forecasted operating cash flows to meet working capital needs, capital expenditures and debt service obligations for the next twelve months. |
Use of estimates | Use of estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the consolidated financial statements are accounts receivable allowances, inventory reserves, goodwill and intangible assets, income taxes, pension and other post-employment benefits and share-based compensation. |
Revenue recognition | Revenue recognition — Revenue from the sale of products is recognized when the earnings process is complete and when the title and risk and rewards of ownership have passed to the customer, which is primarily at the time of shipment. Revenue recognized other than at the time of shipment represented less than 2% of the Company’s consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 . Provisions for allowances related to sales discounts and rebates are recorded based on terms of the sale in the period that the sale is recorded. Management utilizes historical information and the current sales trends of the business to estimate such provisions. The provisions related to discounts and rebates due to customers are recorded as a reduction within net sales in the Company’s consolidated statements of operations and comprehensive loss. Revenue from shipping and handling charges is recorded in net sales. Costs incurred in connection with shipping and handling the Company’s products, which are related to third-party carriers or performed by Company personnel, are included in warehouse, processing and delivery expenses. For the years ended December 31, 2015 , 2014 and 2013 , shipping and handling costs included in warehouse, processing and delivery expenses were $28,320 , $35,471 and $35,171 , respectively. The Company maintains an allowance for doubtful accounts related to the potential inability of customers to make required payments. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific identification of customer receivable balances for which collection is unlikely. The provision for doubtful accounts is recorded in sales, general and administrative expense in the Company’s consolidated statements of operations and comprehensive loss. Estimates of doubtful accounts are based on historical write-off experience as a percentage of net sales and judgments about the probable effects of economic conditions on certain customers. The Company also maintains an allowance for credit memos for estimated credit memos to be issued against current sales. Estimates of allowance for credit memos are based upon the application of a historical issuance lag period to the average credit memos issued each month. Accounts receivable allowance for doubtful accounts and credit memos activity is presented in the table below: 2015 2014 2013 Balance, beginning of year $ 3,375 $ 3,463 $ 3,529 Add Provision charged to expense 805 465 484 Recoveries 117 139 173 Less Charges against allowance (857 ) (692 ) (723 ) Balance, end of year $ 3,440 $ 3,375 $ 3,463 |
Cost of materials | Cost of materials — Cost of materials consists of the costs the Company pays for metals, plastics and related inbound freight charges. It excludes depreciation and amortization which are discussed below. |
Operating Expenses | Operating expenses — Operating costs and expenses primarily consist of: • Warehouse, processing and delivery expenses, including occupancy costs, compensation and employee benefits for warehouse personnel, processing, shipping and handling costs; • Sales expenses, including compensation and employee benefits for sales personnel; • General and administrative expenses, including compensation for executive officers and general management, expenses for professional services primarily attributable to accounting and legal advisory services, bad debt expenses, data communication costs, computer hardware and maintenance expenses and occupancy costs for non-warehouse locations; • Restructuring activity, including gains on the sale of fixed assets and moving costs related to facility consolidations, employee termination and related benefits associated with salaried and hourly workforce reductions, lease termination costs, professional fees, and other exit costs; • Depreciation and amortization expenses, including depreciation for all owned property and equipment, and amortization of various intangible assets |
Cash equivalents | Cash equivalents — Cash equivalents are highly liquid, short-term investments that have an original maturity of 90 days or less. |
Non-cash and supplemental cash flow information | Statement of cash flows — Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows: Year ended December 31, 2015 2014 2013 Non-cash investing and financing activities: Capital expenditures financed by accounts payable $ 667 $ 434 $ 1,219 Capital lease obligations — 873 21 Property, plant and equipment subject to build-to-suit lease 13,735 — — Cash paid during the year for: Interest 32,934 32,278 33,266 Income taxes 1,980 1,800 2,417 Cash received during the year for: Income tax refunds 1,798 2,284 3,015 |
Inventories | Inventories — Inventories consist primarily of finished goods. During the fourth quarter of 2015, the Company elected to change its method of inventory costing for its U.S. metals inventory to the average cost method from the last-in first-out ("LIFO") method. The Company's foreign metals operations also determine costs using the average cost method. As discussed in Note 15 - Subsequent Events to the consolidated financial statements, the Company has agreed to sell its Plastics segment. As a result, the Company decided not to change its method of accounting for the Plastics' segment inventory. After the sale of the Plastics segment, all of the Company's inventory will be accounted for using the average cost method. Prior to this change in accounting principle, at December 31, 2014 , approximately 68% of the Company’s inventories were valued at the lower of LIFO cost or market. The Company believes that the average cost method is preferable as it results in increased uniformity across the Company’s global operations with respect to the method of inventory accounting, improves financial reporting by better reflecting the current value of inventory on the Consolidated Balance Sheets, more closely aligns the flow of physical inventory with the accounting for the inventory, provides better matching of revenues and expenses, aligns the Company's external reporting of inventory with its internal forecasting and budgeting for inventory, and improves transparency with how the market evaluates performance, including better comparability with many of the Company’s peers. The Company applied this change in method of inventory costing by retrospectively adjusting the prior period financial statements. The cumulative effect of this accounting change resulted in a $84,138 increase in retained earnings as of January 1, 2013. As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's Consolidated Statements of Operations and Comprehensive loss for the years ended December 31, 2014 and 2013 were adjusted as follows: Year Ended December 31, 2014 Year Ended December 31, 2013 As originally reported Effect of change As adjusted As originally reported Effect of change As adjusted Cost of materials (exclusive of depreciation and amortization) $ 746,443 $ 3,965 $ 750,408 $ 779,208 $ 8,918 $ 788,126 Operating loss (98,874 ) (3,965 ) (102,839 ) (15,672 ) (8,918 ) (24,590 ) Loss before income taxes and equity in earnings (losses) of joint venture (143,745 ) (3,965 ) (147,710 ) (60,744 ) (8,918 ) (69,662 ) Income tax expense (benefit) (1,353 ) (19,278 ) (20,631 ) (19,795 ) (3,347 ) (23,142 ) Loss before equity in earnings (losses) of joint venture (142,392 ) 15,313 (127,079 ) (40,949 ) (5,571 ) (46,520 ) Net loss (134,701 ) 15,313 (119,388 ) (33,962 ) (5,571 ) (39,533 ) Basic and diluted loss per common share $ (5.77 ) $ 0.66 $ (5.11 ) $ (1.46 ) $ (0.24 ) $ (1.70 ) Change in unrecognized pension and postretirement benefit costs (21,445 ) 8,449 (12,996 ) 4,623 — 4,623 Other comprehensive (loss) income (26,822 ) 8,449 (18,373 ) 2,328 — 2,328 Comprehensive loss (161,523 ) 23,762 (137,761 ) (31,634 ) (5,571 ) (37,205 ) The Consolidated Balance Sheet at December 31, 2014 was adjusted as follows: December 31, 2014 As originally reported Effect of change As adjusted Inventories $ 236,932 $ 122,698 $ 359,630 Deferred income tax liability 8,360 20,369 28,729 (Accumulated deficit) retained earnings (29,424 ) 93,880 64,456 Accumulated other comprehensive loss (45,565 ) 8,449 (37,116 ) The consolidated Statements of Cash Flows for the years ended December 31, 2014 and 2013 were adjusted as follows: Year Ended December 31, 2014 Year Ended December 31, 2013 As originally reported Effect of change As adjusted As originally reported Effect of change As adjusted Net loss $ (134,701 ) $ 15,313 $ (119,388 ) $ (33,962 ) $ (5,571 ) $ (39,533 ) Deferred income taxes 184 (19,278 ) (19,094 ) (24,089 ) (3,347 ) (27,436 ) Increase (decrease) from changes in inventories (26,941 ) 3,965 (22,976 ) 87,316 8,918 96,234 The current replacement cost of inventories at the Company's Plastics segment which are accounted for under the LIFO method exceeded book value by $2,462 and $2,682 at December 31, 2015 and 2014 , respectively. The Company maintains an allowance for excess and obsolete inventory. The excess and obsolete inventory allowance is determined through the specific identification of material, adjusted for expected scrap value to be received, based on previous sales experience. Excess and obsolete inventory allowance activity is presented in the table below: 2015 2014 2013 Balance, beginning of year $ 19,513 $ 9,579 $ 10,013 Add Provision charged to expense 29,848 12,061 2,331 Less Charges against allowance (35,584 ) (2,127 ) (2,765 ) Balance, end of year $ 13,777 $ 19,513 $ 9,579 |
Property, plant and equipment | Property, plant and equipment — Property, plant and equipment are stated at cost and include assets held under capital leases. Expenditures for major additions and improvements are capitalized, while maintenance and repair costs that do not substantially improve or extend the useful lives of the respective assets are expensed in the period in which they are incurred. When items are disposed, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows: Buildings and building improvements 5 – 40 years Plant equipment 5 – 20 years Furniture and fixtures 2 – 10 years Vehicles and office equipment 3 – 10 years Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Depreciation is calculated using the straight-line method and depreciation expense for 2015 , 2014 and 2013 was $14,207 , $14,414 and $14,397 , respectively. |
Long-lived assets | Long-lived assets — The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future net cash flows (undiscounted and without interest charges) expected to be generated by the asset or asset group. If future net cash flows are less than the carrying value, the asset or asset group may be impaired. If such assets are impaired, the impairment charge is calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Determining whether impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. The Company derives the required undiscounted cash flow estimates from historical experience and internal business plans. |
Goodwill and intangible assets | Goodwill and intangible assets — The Company tests goodwill for impairment at the reporting unit level on an annual basis at December 1 of each year and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company assesses, at least quarterly, whether any triggering events have occurred. A two-step method is used for determining goodwill impairment. The first step is performed to identify whether a potential impairment exists by comparing each reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the next step is to measure the amount of impairment loss, if any. The determination of the fair value of the reporting units requires significant estimates and assumptions to be made by management. The fair value of each reporting unit is estimated using a combination of an income approach, which estimates fair value based on a discounted cash flow analysis using historical data, estimates of future cash flows and discount rates based on the view of a market participant, and a market approach, which estimates fair value using market multiples of various financial measures of comparable public companies. In selecting the appropriate assumptions the Company considers: the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industry in which the Company competes; discount rates; terminal growth rates; long-term projections of future financial performance; and relative weighting of income and market approaches. The long-term projections used in the valuation are developed as part of the Company’s annual long-term planning process. The discount rates used to determine the fair values of the reporting units are those of a hypothetical market participant which are developed based upon an analysis of comparable companies and include adjustments made to account for any individual reporting unit specific attributes such as, size and industry. The majority of the Company’s recorded intangible assets as of December 31, 2015 were acquired as part of the Transtar acquisition in September 2006 and consist of customer relationships. Intangible assets related to non-compete agreements and developed technology acquired in the Transtar acquisition and Tube Supply, Inc. (“Tube Supply”) acquisition in 2011 were fully amortized in 2014. In 2015, the Company concluded that the remaining customer relationships and trade name intangible assets acquired in the Tube Supply acquisition were impaired and a $33,742 non-cash impairment charge (none of which is deductible for tax purposes in 2015) was recorded for the year ended December 31, 2015. The non-cash impairment charge recorded removed all the remaining finite-lived intangible assets associated with the Tube Supply acquisition. The initial values of the intangible assets were based on a discounted cash flow valuation using assumptions made by management as to future revenues from select customers, the level and pace of attrition in such revenues over time and assumed operating income amounts generated from such revenues. These intangible assets are amortized over their useful lives, which are 4 to 12 years for customer relationships and 1 to 10 years for trade names. Useful lives are estimated by management and determined based on the timeframe over which a significant portion of the estimated future cash flows are expected to be realized from the respective intangible assets. Furthermore, when certain conditions or certain triggering events occur, a separate test for impairment, which is included in the impairment test for long-lived assets discussed above, is performed. If the intangible asset is deemed to be impaired, such asset will be written down to its fair value. |
Income taxes | Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records valuation allowances against its deferred tax assets when it is more likely than not that the amounts will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and recent results of operations. In the event the Company determines it would not be able to realize its deferred tax assets, a valuation allowance is recorded, which increases the provision for income taxes in the period in which that determination is made. The Company has undistributed earnings of foreign subsidiaries of $51,584 at December 31, 2015 , for which deferred taxes have not been provided. Such earnings are considered indefinitely invested in the foreign subsidiaries. If such earnings were repatriated, additional tax expense may result, although due to the potential availability of foreign tax credits and other items, the calculation of such potential taxes is not practicable. The Company's 50% ownership interest in Kreher ( Note 2 - Joint Venture to the consolidated financial statements) is through a 50% interest in a limited liability company (LLC) taxed as a partnership. Kreher has two subsidiaries organized as individually taxed C-Corporations. The Company includes in its income tax provision the income tax liability on its share of Kreher income. The income tax liability of Kreher itself is generally treated as a current income tax expense and the income tax liability associated with the profits of the two subsidiaries of Kreher is treated as a deferred income tax expense. The Company cannot independently cause a dividend to be declared by one of Kreher's subsidiaries, therefore no benefit of a dividend received deduction can be recognized in the Company's tax provision until a dividend is declared. If one of Kreher's C-Corporation subsidiaries declares a dividend payable to Kreher, the Company recognizes a benefit for the 80% dividends received deduction on its 50% share of the dividend. In the year ended December 31, 2015 , the joint venture recognized a goodwill impairment charge of $3,525 of which the Company recognized 50%, or $1,763 . For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes and interest. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Accrued interest and penalties are included within other long-term liabilities in the consolidated balance sheets. |
Insurance plans | Insurance plans — The Company is a member of a group captive insurance company (the “Captive”) domiciled in Grand Cayman Island. The Captive reinsures losses related to certain of the Company’s workers’ compensation, automobile and general liability risks that occur subsequent to August 2009. Premiums are based on the Company’s loss experience and are accrued as expenses for the period to which the premium relates. Premiums are credited to the Company’s “loss fund” and earn investment income until claims are actually paid. For claims that were incurred prior to August 2009, the Company is self-insured. Self-insurance amounts are capped, for individual claims and in the aggregate, for each policy year by an insurance company. Self-insurance reserves are based on unpaid, known claims (including related administrative fees assessed by the insurance company for claims processing) and a reserve for incurred but not reported claims based on the Company’s historical claims experience and development. The Company is self-insured for medical insurance for its domestic operations. Self-insurance reserves are maintained based on incurred but not paid claims based on a historical lag. |
Foreign currency | Foreign currency — For the majority of the Company’s non-U.S. operations, the functional currency is the local currency. Assets and liabilities of those operations are translated into U.S. dollars using year-end exchange rates, and income and expenses are translated using the average exchange rates for the reporting period. The currency effects of translating financial statements of the Company’s non-U.S. operations which operate in local currency environments are recorded in accumulated other comprehensive (loss) income, a separate component of stockholders’ equity. Other than transaction losses related to unhedged intercompany financing arrangements between the United States and the United Kingdom and Canada, transaction gains or losses resulting from foreign currency transactions were not material for any of the years presented. |
Earnings per share | Loss 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. The following table is a reconciliation of the basic and diluted loss per share calculations: Year ended December 31, 2015 2014 2013 Numerator: Net loss $ (209,765 ) $ (119,388 ) $ (39,533 ) Denominator: Weighted average common shares outstanding 23,553 23,359 23,214 Effect of dilutive securities: Outstanding common stock equivalents — — — Denominator for diluted loss per share 23,553 23,359 23,214 Basic loss per share $ (8.91 ) $ (5.11 ) $ (1.70 ) Diluted loss per share $ (8.91 ) $ (5.11 ) $ (1.70 ) Excluded outstanding share-based awards having an anti-dilutive effect 1,071 388 717 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — 365 2,032 The Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the annual period is greater than 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. |
Concentrations | Concentrations — The Company serves a wide range of customers within the producer durable equipment, aerospace, heavy industrial equipment, industrial goods, construction equipment, oil and gas, retail, marine and automotive sectors of the economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across the entire spectrum of metals and plastics using industries. The Company’s customer base is well diversified and, therefore, the Company does not have dependence upon any single customer or a few customers. No single customer represented more than 3% of the Company’s 2015 total net sales. Approximately 72% of the Company’s net sales are from locations in the United States. |
Share-based compensation | Share-based compensation — The Company offers share-based compensation awards to executives, other key employees and directors. Share-based compensation expense is recognized ratably over the vesting period or performance period, as appropriate, based on the grant date fair value of the stock award. The Company may either issue shares from treasury or new shares upon share option exercise or award issuance. Management estimates the probable number of awards which will ultimately vest when calculating the share-based compensation expense for its LTC Plans and STI Plans. As of December 31, 2015 , the Company’s weighted average forfeiture rate is approximately 46% . The actual number of awards that vest may differ from management’s estimate. Stock options generally vest in one to three years for executives and employees and non-vested shares granted to directors vest in three years. Stock options have an exercise price equal to the closing price of the Company’s stock on the date of grant (options granted in 2015) or the average closing price of the Company’s stock for the 10 trading days preceding the grant date (options granted in 2010) and have a contractual life of eight to 10 years. Stock options are valued using a Black-Scholes option-pricing model. Non-vested shares are valued based on the market price of the Company's stock on the grant date. The Company granted non-qualified stock options under its short-term incentive plan and long-term compensation plan in 2015. Under the 2015 LTC Plans, the total potential award is comprised of non-qualified stock options and RSUs, which are time vested and once vested entitle the participant to receive shares of the Company's common stock. Under the 2014 and 2013 LTC Plans, the total potential award is comprised of restricted share units and PSUs which are based on the Company's performance compared to target goals. The PSUs awarded are based on two independent conditions, the Company’s RTSR, which represents a market condition, and Company-specific target goals for ROIC as defined in the LTC Plans. RSUs generally vest in three years. RSU and ROIC PSU awards are valued based on the market price of the Company's stock on the grant date, and the value of RTSR PSU awards is estimated using a Monte Carlo simulation model. No PSUs were awarded under the 2015 LTC plan. RTSR is measured against a group of peer companies either in the metals industry or in the industrial products distribution industry (the "RTSR Peer Group") over a three -year performance period as defined in the LTC Plans. The threshold, target and maximum performance levels for RTSR are the 25th, 50th and 75th percentile, respectively, relative to RTSR Peer Group performance. Compensation expense for RTSR PSU awards is recognized regardless of whether the market condition is achieved to the extent the requisite service period condition is met. ROIC is measured based on the Company's average actual performance versus Company-specific goals as defined in each of the LTC Plans over a three -year performance period. Compensation expense recognized is based on management's expectation of future performance compared to the pre-established performance goals. If the performance goals are not expected to be met, no compensation expense is recognized for the ROIC PSU awards and any previously recognized compensation expense is reversed. Final RTSR and ROIC PSU award vesting will occur at the end of the three -year performance period, and distribution of PSU awards granted under the LTC Plans are determined based on the Company’s actual performance versus the target goals for a three -year performance period, as defined in each plan. Partial awards can be earned for performance that is below the target goal, but in excess of threshold goals; and award distributions up to twice the target can be achieved if the target goals are exceeded. Unless covered by a specific change-in-control or severance arrangement, participants to whom RSUs, PSUs, stock options and non-vested shares have been granted must be employed by the Company on the vesting date or at the end of the performance period, as appropriate, or the award will be forfeited. |
New Accounting Standards Updates | New Accounting Standards Updates Standards Updates Adopted Effective December 31, 2015, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") No. 2015-17, "Balance Sheet Classification of Deferred Taxes." This ASU requires entities to present deferred tax assets ( “ DTAs ” ) and deferred tax liabilities ( “ DTLs ” ) as noncurrent in a classified balance sheet. It thus simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current or noncurrent in a classified balance sheet. Netting of DTAs and DTLs by tax jurisdiction is still required under the new guidance. The consolidated balance sheet for the year ended December 31, 2014 has been retrospectively adjusted for the adoption of this ASU. Concurrent with the Company's change in method of accounting for inventories for U.S. metals operations to the average cost method from the LIFO method, effective December 31, 2015 the Company adopted ASU No. 2015-11, "Simplifying the Measurement of Inventory." This ASU 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 LIFO method or the retail inventory method. The Company has prospectively applied this guidance to its consolidated balance sheet as of December 31, 2015 as it believes this change in accounting principle simplifies the measurement and reporting of the Company's inventory at lower of cost or market. The consolidated balance sheet for the year ended December 31, 2014 has not been retrospectively adjusted for the adoption of this ASU. Effective January 1, 2015, the Company adopted 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. Effective January 1, 2014, the Company adopted ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU require an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available or when the deferred tax asset is not intended for this purpose. The adoption of this ASU did not have a material impact on the Company's financial condition or financial statement presentation. Standards Updates Issued Not Yet Effective In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated 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. Upon adoption, the Company would reclassify its deferred debt issuance costs from other assets to long-term debt. If adopted as of December 31, 2015 , the Company would have recorded a reduction in both other non-current assets and long-term debt of approximately $5,750 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 will begin performing the periodic assessments required by the ASU on its effective date and is currently assessing whether the adoption of the ASU will result in additional disclosures. 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. 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 consolidated financial statements. |
Basis of Presentation and Sig26
Basis of Presentation and Significant Accounting Policies - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Allowance for doubtful accounts activity | Accounts receivable allowance for doubtful accounts and credit memos activity is presented in the table below: 2015 2014 2013 Balance, beginning of year $ 3,375 $ 3,463 $ 3,529 Add Provision charged to expense 805 465 484 Recoveries 117 139 173 Less Charges against allowance (857 ) (692 ) (723 ) Balance, end of year $ 3,440 $ 3,375 $ 3,463 |
Non-cash investing financing activities and supplemental cash flow information | Non-cash investing and financing activities and supplemental disclosures of consolidated cash flow information are as follows: Year ended December 31, 2015 2014 2013 Non-cash investing and financing activities: Capital expenditures financed by accounts payable $ 667 $ 434 $ 1,219 Capital lease obligations — 873 21 Property, plant and equipment subject to build-to-suit lease 13,735 — — Cash paid during the year for: Interest 32,934 32,278 33,266 Income taxes 1,980 1,800 2,417 Cash received during the year for: Income tax refunds 1,798 2,284 3,015 |
Allowance for obsolete inventory [Table Text Block] | Excess and obsolete inventory allowance activity is presented in the table below: 2015 2014 2013 Balance, beginning of year $ 19,513 $ 9,579 $ 10,013 Add Provision charged to expense 29,848 12,061 2,331 Less Charges against allowance (35,584 ) (2,127 ) (2,765 ) Balance, end of year $ 13,777 $ 19,513 $ 9,579 |
Estimated useful lives of plant and equipment | The Company provides for depreciation of plant and equipment sufficient to amortize the cost over their estimated useful lives as follows: Buildings and building improvements 5 – 40 years Plant equipment 5 – 20 years Furniture and fixtures 2 – 10 years Vehicles and office equipment 3 – 10 years |
Basic and diluted earnings per share calculations | The following table is a reconciliation of the basic and diluted loss per share calculations: Year ended December 31, 2015 2014 2013 Numerator: Net loss $ (209,765 ) $ (119,388 ) $ (39,533 ) Denominator: Weighted average common shares outstanding 23,553 23,359 23,214 Effect of dilutive securities: Outstanding common stock equivalents — — — Denominator for diluted loss per share 23,553 23,359 23,214 Basic loss per share $ (8.91 ) $ (5.11 ) $ (1.70 ) Diluted loss per share $ (8.91 ) $ (5.11 ) $ (1.70 ) Excluded outstanding share-based awards having an anti-dilutive effect 1,071 388 717 Excluded "in the money" portion of Convertible Notes having an anti-dilutive effect — 365 2,032 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Year Ended December 31, 2014 Year Ended December 31, 2013 As originally reported Effect of change As adjusted As originally reported Effect of change As adjusted Cost of materials (exclusive of depreciation and amortization) $ 746,443 $ 3,965 $ 750,408 $ 779,208 $ 8,918 $ 788,126 Operating loss (98,874 ) (3,965 ) (102,839 ) (15,672 ) (8,918 ) (24,590 ) Loss before income taxes and equity in earnings (losses) of joint venture (143,745 ) (3,965 ) (147,710 ) (60,744 ) (8,918 ) (69,662 ) Income tax expense (benefit) (1,353 ) (19,278 ) (20,631 ) (19,795 ) (3,347 ) (23,142 ) Loss before equity in earnings (losses) of joint venture (142,392 ) 15,313 (127,079 ) (40,949 ) (5,571 ) (46,520 ) Net loss (134,701 ) 15,313 (119,388 ) (33,962 ) (5,571 ) (39,533 ) Basic and diluted loss per common share $ (5.77 ) $ 0.66 $ (5.11 ) $ (1.46 ) $ (0.24 ) $ (1.70 ) Change in unrecognized pension and postretirement benefit costs (21,445 ) 8,449 (12,996 ) 4,623 — 4,623 Other comprehensive (loss) income (26,822 ) 8,449 (18,373 ) 2,328 — 2,328 Comprehensive loss (161,523 ) 23,762 (137,761 ) (31,634 ) (5,571 ) (37,205 ) The Consolidated Balance Sheet at December 31, 2014 was adjusted as follows: December 31, 2014 As originally reported Effect of change As adjusted Inventories $ 236,932 $ 122,698 $ 359,630 Deferred income tax liability 8,360 20,369 28,729 (Accumulated deficit) retained earnings (29,424 ) 93,880 64,456 Accumulated other comprehensive loss (45,565 ) 8,449 (37,116 ) The consolidated Statements of Cash Flows for the years ended December 31, 2014 and 2013 were adjusted as follows: Year Ended December 31, 2014 Year Ended December 31, 2013 As originally reported Effect of change As adjusted As originally reported Effect of change As adjusted Net loss $ (134,701 ) $ 15,313 $ (119,388 ) $ (33,962 ) $ (5,571 ) $ (39,533 ) Deferred income taxes 184 (19,278 ) (19,094 ) (24,089 ) (3,347 ) (27,436 ) Increase (decrease) from changes in inventories (26,941 ) 3,965 (22,976 ) 87,316 8,918 96,234 |
Joint Venture - (Tables)
Joint Venture - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Related Party Activity, Joint-Venture, Activity | The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31: 2015 2014 2013 Equity in earnings (losses) of joint venture $ (1,426 ) $ 7,691 $ 6,987 Investment in joint venture 35,690 37,443 41,879 Sales to joint venture 284 188 198 Purchases from joint venture 49 224 86 |
Summary of financial data for joint venture | The following information summarizes financial data for this joint venture as of and for the year ended December 31: 2015 2014 2013 Revenues $ 160,104 $ 259,487 $ 230,351 Net income (loss) (2,876 ) 15,555 13,720 Current assets 66,645 93,679 82,827 Non-current assets 22,777 26,377 25,615 Current liabilities 7,792 11,896 10,548 Non-current liabilities 11,287 35,469 16,103 Members’ equity 70,343 72,691 81,791 Capital expenditures 2,176 3,042 1,789 Depreciation and amortization 2,390 2,294 2,217 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Changes in carrying amounts of goodwill | The changes in carrying amounts of goodwill during the years ended December 31, 2015 and 2014 were as follows: 2015 2014 Metals Plastics Total Metals Plastics Total Balance as of January 1: Goodwill $ 116,377 $ 12,973 $ 129,350 $ 116,533 $ 12,973 $ 129,506 Accumulated impairment losses (116,377 ) — (116,377 ) (60,217 ) — (60,217 ) Balance as of January 1 — 12,973 12,973 56,316 12,973 69,289 Impairment charge — — — (56,160 ) — (56,160 ) Currency valuation — — — (156 ) — (156 ) Balance as of December 31: Goodwill 116,377 12,973 129,350 116,377 12,973 129,350 Accumulated impairment losses (116,377 ) — (116,377 ) (116,377 ) — (116,377 ) Balance as of December 31 $ — $ 12,973 $ 12,973 $ — $ 12,973 $ 12,973 |
Summary of the components of intangible assets | The following summarizes the components of the Company's intangible assets at December 31, 2015 and 2014 : 2015 2014 Gross Carrying Accumulated Gross Carrying Accumulated Customer relationships $ 69,425 $ 59,175 $ 116,268 $ 64,922 Trade names 378 378 7,864 2,655 Total $ 69,803 $ 59,553 $ 124,132 $ 67,577 |
Summary of the estimated annual amortization expense | $11,791 , respectively. The following is a summary of the estimated annual amortization expense for each of th |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Short-term and long-term debt consisted of the following at December 31, 2015 and 2014 : 2015 2014 LONG-TERM DEBT 12.75% Senior Secured Notes due December 15, 2016 (a) $ 6,681 $ 210,000 7.0% Convertible Notes due December 15, 2017 57,500 57,500 12.75% Senior Secured Notes due December 15, 2018 203,319 — Revolving Credit Facility due December 10, 2019 66,100 59,200 Other, primarily capital leases 428 1,257 Less: unamortized discount (12,255 ) (17,843 ) Total debt $ 321,773 $ 310,114 Less: current portion (7,012 ) (737 ) Total long-term portion $ 314,761 $ 309,377 (a) 2015 balance represents the maximum aggregate principal amount of 12.75% Senior Secured Notes due December 15, 2016 as the Company maintains a contractual right to exchange approximately $3,000 of the remaining 12.75% Senior Secured Notes due December 15, 2016 with new 12.75% Senior Secured Notes due December 15, 2018 prior to their maturity date. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assumptions | The main inputs and assumptions into the fair value model for the Convertible Notes at December 31, 2015 were as follows: Company's stock price at the end of the period $ 1.59 Expected volatility 67.80 % Credit spreads 69.21 % Risk-free interest rate 1.05 % |
Measurement of assets and liabilities at fair value on a recurring basis | The liabilities measured at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total (a) As of December 31, 2015 Derivative liability for commodity hedges $ — $ 1,015 $ — $ 1,015 As of December 31, 2014 Derivative liability for commodity hedges $ — $ 1,615 $ — $ 1,615 (a) As of December 31, 2015 , the entire derivative liability for commodity hedges balance of $1,015 is short-term and is included in accrued and other current liabilities in the Consolidated Balance Sheets. As of December 31, 2014 , the short-term portion of the derivative liability for commodity hedges of $1,137 is included in accrued and other current liabilities and the long-term portion of $478 is included in other non-current liabilities in the Consolidated Balance Sheets. |
Lease Agreements - (Tables)
Lease Agreements - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Rental Payments for Operating and Capital Leases | Future minimum rental payments under leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015 are as follows: Capital Leases Operating Leases Built-to-Suit Lease 2016 $ 330 $ 12,936 $ 687 2017 95 11,313 1,156 2018 1 9,645 1,180 2019 — 8,056 1,203 2020 — 7,500 1,227 Later years — 16,246 13,644 Total future minimum rental payments $ 426 $ 65,696 $ 19,097 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Components of accumulated other comprehensive loss | Accumulated other comprehensive loss as reported in the consolidated balance sheets as of December 31, 2015 and 2014 was comprised of the following: 2015 2014 Unrecognized pension and postretirement benefit costs, net of tax $ (17,185 ) $ (27,122 ) Foreign currency translation losses (16,636 ) (9,994 ) Total accumulated other comprehensive loss $ (33,821 ) $ (37,116 ) |
Schedule of Change In Accumulated Other Comprehensive Income [Table Text Block] | Changes in accumulated other comprehensive loss by component for the years ended December 31, 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 January 1, $ (27,122 ) $ (14,126 ) $ (9,994 ) $ (4,617 ) $ (37,116 ) $ (18,743 ) Other comprehensive loss before reclassifications (966 ) (14,004 ) (6,642 ) (5,377 ) (7,608 ) (19,381 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 10,903 1,008 — — 10,903 1,008 Net current period other comprehensive income (loss) 9,937 (12,996 ) (6,642 ) (5,377 ) 3,295 (18,373 ) Balance as of December 31, $ (17,185 ) $ (27,122 ) $ (16,636 ) $ (9,994 ) $ (33,821 ) $ (37,116 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the year ended December 31, 2015 . |
Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 are as follows: Year ended December 31, 2015 2014 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ (244 ) $ (282 ) Actuarial loss (b) (3,821 ) (1,381 ) Recognition of curtailment loss (b) (2,923 ) — Recognition of settlement loss (b) (3,915 ) — Total before Tax (10,903 ) (1,663 ) Tax effect — 655 Total reclassifications for the period, net of tax $ (10,903 ) $ (1,008 ) (b) The prior service cost and actuarial loss components of accumulated other comprehensive loss are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. The pension curtailment and settlement prior service cost components recognized are shown as restructuring expense (income) in the Consolidated Statements of Operations and Comprehensive loss for the year ended December 31, 2015 . |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Authorized Shares | authorized shares under this plan. |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the non-vested share and RSU activity is as follows: Non-Vested Shares Restricted Share Units Shares Weighted-Average Grant Units Weighted- Outstanding at January 1, 2015 107 $ 14.21 199 $ 14.67 Granted 149 $ 3.74 188 $ 3.92 Forfeited — $ — (98 ) $ 12.96 Vested (86 ) $ 13.01 (79 ) $ 14.53 Outstanding at December 31, 2015 170 $ 10.08 210 $ 5.91 Expected to vest at December 31, 2015 170 $ 10.08 106 $ 5.30 |
Summary of award information associated with market and non-market-based performance condition awards | The status of PSUs that have been awarded as part of the active LTC Plans is summarized below as of December 31, 2015 : Plan Year Grant Date Fair Value Estimated Number of Maximum Number of 2014 LTC Plan RTSR performance condition $ 20.16 — 69 ROIC performance condition $ 14.35 — 69 2013 LTC Plan RTSR performance condition $ 24.74 — 46 ROIC performance condition $ 16.29 — 46 |
Schedule of Share Based Payment Award Performance Share Valuation Assumptions | The grant date fair values of PSU awards containing the RTSR performance condition were estimated using a Monte Carlo simulation with the following assumptions: 2014 2013 Grant Date Fair Value per Share Unit $ 20.16 $ 24.74 Expected volatility 40.8 % 59.5 % Risk-free interest rate 0.79 % 0.38 % Expected life (in years) 2.77 2.82 Expected dividend yield — — |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under all stock-based compensation plans is as follows: Shares Weighted Intrinsic Weighted Average Stock options outstanding at January 1, 2015 82 $ 13.62 Granted 707 $ 3.92 Exercised — $ — Forfeited (64 ) $ 5.03 Expired (34 ) $ 14.77 Stock options outstanding at December 31, 2015 691 $ 4.43 $ — 9.2 years Stock options exercisable at December 31, 2015 40 $ 12.79 $ — 2.2 years Stock options vested or expected to vest as of December 31, 2015 530 $ 4.59 $ — 9.0 years |
Short-term Incentive Plan - 2015 [Member] | Stock Options | |
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: 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] | Stock Options | |
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: 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) | 12 Months Ended |
Dec. 31, 2015 | |
Pension Plans, Defined Benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of the net periodic pension and postretirement benefit cost | Components of net periodic pension plans cost were as follows: 2015 2014 2013 Service cost $ 549 $ 453 $ 699 Interest cost 6,938 6,885 6,327 Expected return on assets (9,395 ) (8,381 ) (9,278 ) Amortization of prior service cost 244 282 322 Amortization of actuarial loss 4,018 1,717 1,942 Settlement charge 3,915 — — Curtailment charge 2,923 — — Net periodic pension plans cost $ 9,192 $ 956 $ 12 |
Schedule of Changes in Projected Benefit Obligations | The status of the pension plans at December 31, 2015 and 2014 were as follows: 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 193,322 $ 156,989 Service cost 549 453 Interest cost 6,938 6,885 Settlement gain (2,162 ) — Curtailment loss 2,154 — Plan change — 719 Benefit payments (25,383 ) (7,587 ) Actuarial (gain) loss (12,477 ) 35,863 Projected benefit obligation at end of year $ 162,941 $ 193,322 Change in plan assets: Fair value of plan assets at beginning of year $ 183,671 $ 168,408 Actual (loss) return on assets (4,140 ) 22,521 Employer contributions 358 329 Benefit payments (25,383 ) (7,587 ) Fair value of plan assets at end of year $ 154,506 $ 183,671 Funded status – net liability $ (8,435 ) $ (9,651 ) Amounts recognized in the consolidated balance sheets consist of: Prepaid pension cost $ 8,422 $ 7,092 Accrued liabilities (362 ) (322 ) Pension benefit obligations (16,495 ) (16,421 ) Net amount recognized $ (8,435 ) $ (9,651 ) Pre-tax components of accumulated other comprehensive loss: Unrecognized actuarial loss $ (35,972 ) $ (45,009 ) Unrecognized prior service cost (717 ) (1,731 ) Total $ (36,689 ) $ (46,740 ) Accumulated benefit obligation $ 162,290 $ 192,638 |
Schedule of Assumptions Used | The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans were as follows: 2015 2014 Discount rate 4.00% 3.75% Projected annual salary increases 0 - 3.00% 0 - 3.00% The assumptions used to determine net periodic pension cost were as follows: 2015 2014 2013 Discount rate 3.50 - 3.75% 4.50% 3.50 - 3.75% Expected long-term rate of return on plan assets 5.25% 5.25% 5.25% Projected annual salary increases 0 - 3.00% 0 - 3.00% 0 - 3.00% |
Schedule of Fair Value of Plan Assets | The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2015 : Level 1 Level 2 Level 3 Total Fixed income securities (a) $ 16,028 $ 137,943 $ — $ 153,971 Accounts receivable – pending trades 535 Total $ 154,506 (a) Fixed income securities are comprised of corporate bonds ( 96% ), government agencies securities ( 2% ) and other fixed income securities ( 2% ). The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2014 : Level 1 Level 2 Level 3 Total Fixed income securities (b) $ 15,839 $ 167,882 $ — $ 183,721 Accounts payable – pending trades (50 ) Total $ 183,671 (b) Fixed income securities are comprised of corporate bonds ( 75% ), government bonds ( 17% ), government agencies securities ( 4% ) and other fixed income securities ( 4% ). |
Schedule of Expected Benefit Payments | The estimated future pension benefit payments are: 2016 $ 8,193 2017 8,554 2018 8,786 2019 8,974 2020 9,181 2021 — 2025 48,380 |
Other Postretirement Benefit Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of the net periodic pension and postretirement benefit cost | Components of net periodic postretirement plan (benefit) cost for 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Service cost $ 83 $ 56 $ 153 Interest cost 79 76 148 Amortization of actuarial gain (197 ) (336 ) (23 ) Net periodic postretirement plan (benefit) cost $ (35 ) $ (204 ) $ 278 |
Schedule of Changes in Projected Benefit Obligations | The status of the postretirement plan at December 31, 2015 and 2014 was as follows: 2015 2014 Change in accumulated postretirement benefit obligations: Accumulated postretirement benefit obligation at beginning of year $ 2,552 $ 1,977 Service cost 83 56 Interest cost 79 76 Benefit payments (202 ) (224 ) Actuarial loss (gain) (85 ) 667 Accumulated postretirement benefit obligation at end of year $ 2,427 $ 2,552 Funded status – net liability $ (2,427 ) $ (2,552 ) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities $ (246 ) $ (226 ) Postretirement benefit obligations (2,181 ) (2,326 ) Net amount recognized $ (2,427 ) $ (2,552 ) Pre-tax components of accumulated other comprehensive loss: Unrecognized actuarial gain $ 2,024 $ 2,137 Total $ 2,024 $ 2,137 |
Schedule of Assumptions Used | The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows: 2015 2014 2013 Net periodic postretirement benefit costs 3.25% 4.00% 3.50% Accumulated postretirement benefit obligations 3.50% 3.25% 4.00% |
Schedule of Assumed Health Care Cost and Trend Rates for Medical Plans | The assumed health care cost trend rates for medical plans at December 31 were as follows: 2015 2014 2013 Medical cost trend rate 6.50% 7.00% 7.50% Ultimate medical cost trend rate 5.00% 5.00% 5.00% Year ultimate medical cost trend rate will be reached 2019 2019 2019 |
Restructuring Activity (Tables)
Restructuring Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The Company incurred the following restructuring expense (income) during the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Employee termination and related benefits (a) $ 17,012 $ 937 $ 2,702 Lease termination costs 444 186 1,448 Moving costs associated with plant consolidations 5,711 1,450 4,487 Professional fees 1,804 — — Gain on sale of fixed assets (15,963 ) (5,533 ) — Other exit costs — — 366 Total expense (income) $ 9,008 $ (2,960 ) $ 9,003 |
Schedule of Restructuring Reserve by Type of Cost | Restructuring reserve activity for the years ended December 31, 2015 , 2014 and 2013 is summarized below: Period Activity Balance January 1 Costs (gains) Cash (payments) receipts Impairment and non-cash settlements (c) Balance December 31 (a) 2015 Activity: Employee termination and related benefits (a) (c) $ — $ 17,012 $ (1,873 ) $ (6,838 ) $ 8,301 Lease termination costs (b) 636 444 (848 ) — 232 Moving costs associated with plant consolidations — 5,711 (5,711 ) — — Professional Fees — 1,804 (1,804 ) — — Gain on sale of fixed assets — (15,963 ) 15,963 — — Inventory adjustment — 25,656 — (25,656 ) — Total 2015 Activity $ 636 $ 34,664 $ 5,727 $ (32,494 ) $ 8,533 2014 Activity: Employee termination and related benefits $ 129 $ 937 $ (1,066 ) $ — $ — Lease termination costs 921 186 (471 ) — 636 Moving costs associated with plant consolidations — 1,450 (1,450 ) — — Gain on sale of fixed assets — (5,533 ) 5,533 — — Total 2014 Activity $ 1,050 $ (2,960 ) $ 2,546 $ — $ 636 2013 Activity: Employee termination and related benefits $ — $ 2,702 $ (2,573 ) $ — $ 129 Lease termination costs — 1,448 (527 ) — 921 Moving costs associated with plant consolidations — 4,487 (4,318 ) (169 ) — Inventory adjustment — 1,236 — (1,236 ) — Other exit costs — 366 (366 ) — — Total 2013 Activity $ — $ 10,239 $ (7,784 ) $ (1,405 ) $ 1,050 (a) As of December 31, 2015 , the short-term employee termination and related benefits of $2,801 is included in accrued payroll and employee benefits in the Condensed Consolidated Balance Sheets and the long-term portion associated liability associated with the Company's withdrawal from a multi-employer pension plan of $5,500 is included in other non-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 December 31, 2015 , the lease termination costs restructuring liability of $232 is included in accrued and other current liabilities in the Consolidated Balance Sheets. (c) Included in costs (gains) and non-cash settlements for 2015 restructuring activity are charges for pension curtailment and pension settlement of $2,923 and $3,915 , respectively. |
Income Taxes - (Tables)
Income Taxes - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Income before Income Tax, Domestic and Foreign | oss before income taxes and equity in earnings (losses) of joint venture for the years ended December 31, 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Domestic $ (196,410 ) $ (116,869 ) $ (64,529 ) Non-U.S. (33,550 ) (30,841 ) (5,133 ) |
Schedule of Components of Income Tax (Benefit) Expense | The provision (benefit) for income taxes for the years ending December 31, 2015 , 2014 and 2013 consisted of the following components: 2015 2014 2013 Federal current $ — $ — $ (260 ) deferred (19,975 ) (23,040 ) (21,679 ) State current 72 361 1,312 deferred (705 ) (3,959 ) (1,530 ) Foreign current 2,149 (1,898 ) 3,242 deferred (3,162 ) 7,905 (4,227 ) $ (21,621 ) $ (20,631 ) $ (23,142 ) |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 2013 Federal income tax at statutory rates $ (80,488 ) $ (51,699 ) $ (24,382 ) State income taxes, net of federal income tax benefits (8,834 ) (322 ) (2,012 ) Permanent items: Dividends received deductions — — (766 ) Goodwill impairment — 10,454 — Other permanent differences 2,380 285 (124 ) Federal and state income tax on joint venture (558 ) 2,912 2,670 Rate differential on foreign income 3,305 11,512 812 Valuation allowance 63,511 4,888 — Audit settlements 171 99 — Other (1,108 ) 1,240 660 Income tax (benefit) expense $ (21,621 ) $ (20,631 ) $ (23,142 ) Effective income tax expense rate 9.4 % 14.0 % 33.2 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities of December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets: Pension and postretirement benefits $ 4,139 $ 4,714 Deferred compensation 1,357 2,109 Restructuring related and other reserves 842 943 Alternative minimum tax and net operating loss carryforward 66,709 40,787 Intangible assets and goodwill 5,993 — Other, net 3,399 1,833 Deferred tax assets before valuation allowance 82,439 50,386 Valuation allowance (63,955 ) (4,888 ) Total deferred tax assets $ 18,484 $ 45,498 Deferred tax liabilities: Depreciation $ 8,147 $ 9,857 Inventory 6,071 43,285 Intangible assets and goodwill — 9,129 Convertible debt discount 4,075 5,644 Other, net 3,982 5,627 Total deferred tax liabilities 22,275 73,542 Net deferred tax liabilities $ 3,791 $ 28,044 |
Summary of Operating Loss Carryforwards | As of December 31, 2015 , the Company had $144,542 of federal and $131,680 of state net operating loss carryforwards which will begin expiring in 2032 and 2017, respectively, $2,010 of federal credits which will carry forward for an indefinite period and $546 of state credit carryforwards which will begin expiring in 2024. The future utilization of a portion of the Company’s federal and state net operating losses is expected to be limited by Internal Revenue Service (“IRS”) Section 382 due to ownership changes in 2015; however, at this time that amount has not been quantified. As of December 31, 2015 , the Company had of $28,769 foreign net operating loss carryforwards of which a significant portion of which carry forward for an indefinite period. The Company has incurred significant losses in recent years. The Company’s operations in the United States and Canada continue to have cumulative pre-tax losses for the three-year period ended December 31, 2015 . As a result of the Company now being in a net deferred tax asset position as of December 31, 2015 in these jurisdictions, coupled with the negative evidence of significant cumulative three-year pre-tax losses, the Company recognized a valuation allowance against its net deferred tax assets in the United States and Canada during the second and fourth quarter of 2015, respectively. The Company continues to maintain valuation allowances against substantially all foreign deferred tax assets to reduce those deferred tax assets to amounts that are realizable either through future reversals of existing taxable temporary differences or through taxable income in carryback years for the applicable jurisdictions. |
Summary of Valuation Allowance [Table Text Block] | aluation allowances for the U.S. and non-U.S. operations were as follows for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Domestic Balance, beginning of year $ — $ — $ — Provision charged to expense 55,474 — — Balance, end of year $ 55,474 $ — $ — Foreign Balance, beginning of year $ 4,888 $ — $ — Impact of foreign exchange on beginning of year balance (553 ) — — Provision charged to expense 4,146 4,888 — Balance, end of year $ 8,481 $ 4,888 $ — |
Segment Reporting - (Tables)
Segment Reporting - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Geographic Schedule of Revenue and Long-lived Assets | Company-wide geographic data as of and for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Net sales United States $ 554,943 $ 736,236 $ 817,714 All other countries 215,815 243,601 235,352 Total $ 770,758 $ 979,837 $ 1,053,066 Long-lived assets United States $ 59,603 $ 58,278 63,667 All other countries 11,790 14,557 13,027 Total $ 71,393 $ 72,835 76,694 |
Schedule of Segment Reporting Information, by Segment | Segment information as of and for the years ended December 31, 2015 , 2014 and 2013 is as follows: Net Sales Operating (Loss) Income (b) Total Assets (b) Capital Expenditures Depreciation & Amortization 2015 Metals segment $ 637,936 $ (177,087 ) $ 404,936 $ 7,171 $ 23,317 Plastics segment 132,822 6,422 57,027 1,079 1,537 Other (a) — (11,009 ) 35,690 — — Consolidated $ 770,758 $ (181,674 ) $ 497,653 $ 8,250 $ 24,854 2014 Metals segment $ 841,672 $ (98,673 ) $ 612,261 $ 11,184 $ 24,380 Plastics segment 138,165 6,354 60,970 1,167 1,664 Other (a) — (10,520 ) 37,443 — — Consolidated $ 979,837 $ (102,839 ) $ 710,674 $ 12,351 $ 26,044 2013 Metals segment $ 918,298 $ (20,489 ) $ 707,233 $ 10,181 $ 24,579 Plastics segment 134,768 4,278 57,373 1,423 1,609 Other (a) — (8,379 ) 41,879 — — Consolidated $ 1,053,066 $ (24,590 ) $ 806,485 $ 11,604 $ 26,188 (a) “Other” – Operating loss includes the costs of executive, legal and elements of the finance department, which are shared by both the Metals and Plastics segments. The “Other” category’s total assets consist of the Company’s investment in joint venture. (b) During the fourth quarter of 2015, the Company changed its method of accounting for U.S metals inventories, which were previously accounted for under LIFO method, to the average cost method. The change was applied retrospectively to the prior year financial information presented. See Note 1 for discussion of this accounting change and its related impact. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Below are reconciliations of segment data to the consolidated loss before income taxes: 2015 2014 2013 Operating loss (a) $ (181,674 ) $ (102,839 ) $ (24,590 ) Interest expense, net 41,980 40,548 40,542 Loss on extinguishment of debt — — 2,606 Other expense, net 6,306 4,323 1,924 Loss before income taxes and equity in earnings (losses) of joint venture (a) (229,960 ) (147,710 ) (69,662 ) Equity in earnings (losses) of joint venture (1,426 ) 7,691 6,987 Consolidated loss before income taxes (a) $ (231,386 ) $ (140,019 ) $ (62,675 ) |
Guarantor Finanical Informati38
Guarantor Finanical Information (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantees [Abstract] | |||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheet As of December 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 1,220 $ 46 $ 9,834 $ — $ 11,100 Accounts receivable, less allowance for doubtful accounts 39,448 16,697 33,734 — 89,879 Receivables from affiliates 759 36 — (795 ) — Inventories 150,809 19,353 65,349 (68 ) 235,443 Prepaid expenses and other current assets 3,996 1,099 6,774 — 11,869 Total current assets 196,232 37,231 115,691 (863 ) 348,291 Investment in joint venture 35,690 — — — 35,690 Goodwill — 12,973 — — 12,973 Intangible assets, net 10,116 — 134 — 10,250 Other non-current assets 15,789 — 4,622 (1,355 ) 19,056 Investment in subsidiaries 33,941 — — (33,941 ) — Receivables from affiliates 118,478 69,359 — (187,837 ) — Property, plant and equipment, net 52,770 6,833 11,790 — 71,393 Total assets $ 463,016 $ 126,396 $ 132,237 $ (223,996 ) $ 497,653 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 32,707 $ 10,666 $ 12,899 $ — $ 56,272 Payables due to affiliates 759 — 36 (795 ) — Other current liabilities 21,121 1,904 5,578 — 28,603 Current portion of long-term debt 6,980 — 32 — 7,012 Total current liabilities 61,567 12,570 18,545 (795 ) 91,887 Long-term debt, less current portion 314,746 — 15 — 314,761 Payables due to affiliates — 14,123 173,715 (187,838 ) — Deferred income taxes — 5,524 — (1,355 ) 4,169 Other non-current liabilities 39,715 — 133 — 39,848 Stockholders’ equity (deficit) 46,988 94,179 (60,171 ) (34,008 ) 46,988 Total liabilities and stockholders’ equity $ 463,016 $ 126,396 $ 132,237 $ (223,996 ) $ 497,653 | Condensed Consolidating Balance Sheet As of December 31, 2014 (as adjusted) 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 265,012 19,320 75,366 (68 ) 359,630 Prepaid expenses and other current assets 2,805 1,033 8,506 — 12,344 Total current assets 336,577 40,714 136,360 (2,220 ) 511,431 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 18,441 — 996 — 19,437 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 $ 664,789 $ 102,478 $ 167,853 $ (224,446 ) $ 710,674 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 19,359 5,524 3,846 — 28,729 Other non-current liabilities 22,238 — 164 — 22,402 Stockholders’ equity 252,649 80,253 (9,911 ) (70,342 ) 252,649 Total liabilities and stockholders’ equity $ 664,789 $ 102,478 $ 167,853 $ (224,446 ) $ 710,674 | |
Schedule of Condensed Income Statement | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the year ended December 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Net Sales $ 435,736 $ 132,821 $ 215,815 $ (13,614 ) $ 770,758 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 408,400 93,405 186,424 (13,614 ) 674,615 Warehouse, processing and delivery expense 77,283 11,838 25,613 — 114,734 Sales, general and administrative expense 64,112 17,629 13,738 — 95,479 Restructuring expense (income) 21,953 (14,325 ) 1,380 — 9,008 Depreciation and amortization expense 19,035 1,812 4,007 — 24,854 Impairment of intangible assets 23,491 — 10,251 — 33,742 Total costs and expenses 614,274 110,359 241,413 (13,614 ) 952,432 Operating (loss) income (178,538 ) 22,462 (25,598 ) — (181,674 ) Interest expense, net 25,712 — 16,268 — 41,980 Other expense, net — — 6,306 — 6,306 (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (204,250 ) 22,462 (48,172 ) — (229,960 ) Income tax (benefit) expense (25,594 ) 8,535 (4,562 ) — (21,621 ) Equity in losses of subsidiaries (29,683 ) — — 29,683 — Equity in losses of joint venture (1,426 ) — — — (1,426 ) Net (loss) income (209,765 ) 13,927 (43,610 ) 29,683 (209,765 ) Comprehensive (loss) income: Foreign currency translation adjustments (6,642 ) — (6,642 ) 6,642 (6,642 ) Change in unrecognized pension and postretirement benefit costs, net of tax 9,937 — — — 9,937 Other comprehensive (loss) income 3,295 — (6,642 ) 6,642 3,295 Net (loss) income (209,765 ) 13,927 (43,610 ) 29,683 (209,765 ) Comprehensive (loss) income $ (206,470 ) $ 13,927 $ (50,252 ) $ 36,325 $ (206,470 ) | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the year ended December 31, 2014 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Net Sales $ 609,507 $ 138,165 $ 243,658 $ (11,493 ) $ 979,837 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 464,069 97,981 199,851 (11,493 ) 750,408 Warehouse, processing and delivery expense 101,473 11,772 27,314 — 140,559 Sales, general and administrative expense 71,659 18,303 22,503 — 112,465 Restructuring expense (income) (3,184 ) — 224 — (2,960 ) Depreciation and amortization expense 19,592 2,201 4,251 — 26,044 Impairment of goodwill 41,308 — 14,852 — 56,160 Total costs and expenses 694,917 130,257 268,995 (11,493 ) 1,082,676 Operating (loss) income (85,410 ) 7,908 (25,337 ) — (102,839 ) Interest expense, net 25,658 — 14,890 — 40,548 Other expense, net — — 4,323 — 4,323 (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (111,068 ) 7,908 (44,550 ) — (147,710 ) Income tax (benefit) expense (27,411 ) 2,662 4,323 (205 ) (20,631 ) Equity in losses of subsidiaries (43,422 ) — — 43,422 — Equity in earnings of joint venture 7,691 — — — 7,691 Net (loss) income (119,388 ) 5,246 (48,873 ) 43,627 (119,388 ) Comprehensive (loss) income: Foreign currency translation adjustments (5,377 ) — (5,377 ) 5,377 (5,377 ) Change in unrecognized pension and postretirement benefit costs, net of tax (12,996 ) — — — (12,996 ) Other comprehensive loss (18,373 ) — (5,377 ) 5,377 (18,373 ) Net (loss) income (119,388 ) 5,246 (48,873 ) 43,627 (119,388 ) Comprehensive (loss) income $ (137,761 ) $ 5,246 $ (54,250 ) $ 49,004 $ (137,761 ) | Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income For the year ended December 31, 2013 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Net Sales $ 711,942 $ 134,768 $ 236,714 $ (30,358 ) $ 1,053,066 Costs and expenses: Cost of materials (exclusive of depreciation and amortization) 536,926 95,953 185,605 (30,358 ) 788,126 Warehouse, processing and delivery expense 104,897 12,104 23,933 — 140,934 Sales, general and administrative expense 72,060 18,195 23,150 — 113,405 Restructuring expense (income) 7,006 — 1,997 — 9,003 Depreciation and amortization expense 19,977 2,154 4,057 — 26,188 Total costs and expenses 740,866 128,406 238,742 (30,358 ) 1,077,656 Operating income (loss) (28,924 ) 6,362 (2,028 ) — (24,590 ) Interest expense, net 25,760 — 14,782 — 40,542 Loss on extinguishment of debt 2,606 — — — 2,606 Other expense, net — — 1,924 — 1,924 (Loss) income before income taxes and equity in earnings (losses) of subsidiaries and joint venture (57,290 ) 6,362 (18,734 ) — (69,662 ) Income tax (benefit) expense (19,708 ) 2,349 (5,783 ) — (23,142 ) Equity in losses of subsidiaries (8,938 ) — — 8,938 — Equity in earnings of joint venture 6,987 — — — 6,987 Net (loss) income (39,533 ) 4,013 (12,951 ) 8,938 (39,533 ) Comprehensive (loss) income: Foreign currency translation adjustments (2,295 ) — (2,295 ) 2,295 (2,295 ) Change in unrecognized pension and postretirement benefit costs, net of tax 4,623 — — — 4,623 Other comprehensive (loss) income 2,328 — (2,295 ) 2,295 2,328 Net (loss) income (39,533 ) 4,013 (12,951 ) 8,938 (39,533 ) Comprehensive (loss) income $ (37,205 ) $ 4,013 $ (15,246 ) $ 11,233 $ (37,205 ) |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2015 Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (209,765 ) $ 13,927 $ (43,610 ) $ 29,683 $ (209,765 ) Equity in losses of subsidiaries 29,683 — — (29,683 ) — Adjustments to reconcile net (loss) income to cash (used in) from operating activities 174,217 (8,590 ) 22,005 — 187,632 Net cash (used in) from operating activities (5,865 ) 5,337 (21,605 ) — (22,133 ) Investing activities: Capital expenditures (4,274 ) (2,158 ) (1,818 ) — (8,250 ) Proceeds from sale of property, plant and equipment 8,520 20,100 11 — 28,631 Net advances to subsidiaries (5,291 ) — — 5,291 — Net cash from (used in) investing activities (1,045 ) 17,942 (1,807 ) 5,291 20,381 Financing activities: Proceeds from long-term debt 967,035 — — — 967,035 Repayments of long-term debt (958,916 ) — (2,046 ) — (960,962 ) Net intercompany (repayments) borrowings — (24,210 ) 29,501 (5,291 ) — Other financing activities, net (500 ) — — — (500 ) Net cash from (used in) financing activities 7,619 (24,210 ) 27,455 (5,291 ) 5,573 Effect of exchange rate changes on cash and cash equivalents — — (1,175 ) — (1,175 ) Net change in cash and cash equivalents 709 (931 ) 2,868 — 2,646 Cash and cash equivalents - beginning of year 511 977 6,966 — 8,454 Cash and cash equivalents - end of year $ 1,220 $ 46 $ 9,834 $ — $ 11,100 | Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2014 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (119,388 ) $ 5,246 $ (48,873 ) $ 43,627 $ (119,388 ) Equity in losses of subsidiaries 43,422 — — (43,422 ) — Adjustments to reconcile net (loss) income to cash from (used in) operating activities 35,682 (266 ) 9,100 (205 ) 44,311 Net cash (used in) from operating activities (40,284 ) 4,980 (39,773 ) — (75,077 ) Investing activities: Capital expenditures (5,642 ) (1,530 ) (5,179 ) — (12,351 ) Proceeds from sale of property, plant and equipment 7,464 — — — 7,464 Net advances to subsidiaries (25,941 ) — — 25,941 — Net cash used in investing activities (24,119 ) (1,530 ) (5,179 ) 25,941 (4,887 ) Financing activities: Proceeds from long-term debt 459,406 — 2,998 — 462,404 Repayments of long-term debt (402,774 ) — (1,037 ) — (403,811 ) Net intercompany (repayments) borrowings — (2,968 ) 28,909 (25,941 ) — Other financing activities, net (393 ) — — — (393 ) Net cash from (used in) financing activities 56,239 (2,968 ) 30,870 (25,941 ) 58,200 Effect of exchange rate changes on cash and cash equivalents — — (611 ) — (611 ) Net change in cash and cash equivalents (8,164 ) 482 (14,693 ) — (22,375 ) Cash and cash equivalents - beginning of year 8,675 495 21,659 — 30,829 Cash and cash equivalents - end of year $ 511 $ 977 $ 6,966 $ — $ 8,454 | Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2013 (as adjusted) Parent Guarantors Non-Guarantors Eliminations Consolidated Operating activities: Net (loss) income $ (39,533 ) $ 4,013 $ (12,951 ) $ 8,938 $ (39,533 ) Equity in earnings of subsidiaries 8,938 — — (8,938 ) — Adjustments to reconcile net (loss) income to cash from operating activities 92,236 1,298 20,384 — 113,918 Net cash from operating activities 61,641 5,311 7,433 — 74,385 Investing activities: Capital expenditures (6,700 ) (1,466 ) (3,438 ) — (11,604 ) Proceeds from sale of property, plant and equipment 778 9 7 — 794 Net cash used in investing activities (5,922 ) (1,457 ) (3,431 ) — (10,810 ) Financing activities: Proceeds from long-term debt 115,300 — — — 115,300 Repayments of long-term debt (166,190 ) — (4,155 ) — (170,345 ) Net intercompany (repayments) borrowings (1,896 ) (4,262 ) 6,158 — — Other financing activities, net 1,636 — (496 ) — 1,140 Net cash from (used in) financing activities (51,150 ) (4,262 ) 1,507 — (53,905 ) Effect of exchange rate changes on cash and cash equivalents — — (448 ) — (448 ) Net change in cash and cash equivalents 4,569 (408 ) 5,061 — 9,222 Cash and cash equivalents - beginning of year 4,106 903 16,598 — 21,607 Cash and cash equivalents - end of year $ 8,675 $ 495 $ 21,659 $ — $ 30,829 |
Selected Quarterly Data (Unau39
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Select Quarterly Data (Unaudited) | During the fourth quarter of 2015, the Company changed its method of accounting for U.S metals inventories, which were previously accounted for under LIFO method, to the average cost method. The change was applied retrospectively to the prior year and prior quarter financial information presented. See Note 1 - Basis of Presentation and Significant Accounting Policies in the consolidated financial statements for discussion of this accounting change and its related impact. First Second Third Fourth 2015 Net sales $ 222,228 $ 199,703 $ 184,676 $ 164,151 Gross profit (a) 20,497 (12,996 ) 10,020 (60,966 ) Net loss (b) (15,440 ) (46,808 ) (27,800 ) (119,717 ) Basic loss per share $ (0.66 ) $ (1.99 ) $ (1.18 ) $ (5.08 ) Diluted loss per share $ (0.66 ) $ (1.99 ) $ (1.18 ) $ (5.08 ) 2014 Net sales $ 253,410 $ 249,492 $ 245,469 $ 231,466 Gross profit (a) 21,791 14,822 20,613 5,600 Net loss (b) (14,610 ) (67,066 ) (8,028 ) (29,684 ) Basic loss per share $ (0.63 ) $ (2.87 ) $ (0.34 ) $ (1.27 ) Diluted loss per share $ (0.63 ) $ (2.87 ) $ (0.34 ) $ (1.27 ) (a) Gross profit equals net sales less cost of materials, warehouse, processing, and delivery costs and depreciation and amortization expense. (b) Results include restructuring expense (income) for all quarters presented (see Note 10 - Restructuring Activity ), a $33,742 impairment of intangible assets charge and a $61,472 charge for the write-down of inventory and purchase commitments in the fourth quarter of 2015, and a $56,160 goodwill impairment charge for second quarter of 2014. |
Basis of Presentation and Sig40
Basis of Presentation and Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping, Handling and Transportation Costs | $ 28,320 | $ 35,471 | $ 35,171 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | 3,375 | 3,463 | 3,529 |
Add Provision charged to expense | 805 | 465 | 484 |
Add Recoveries | 117 | 139 | 173 |
Less Charges against allowance | (857) | (692) | (723) |
Balance, end of year | $ 3,440 | $ 3,375 | $ 3,463 |
Basis of Presentation and Sig41
Basis of Presentation and Significant Accounting Policies - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Capital expenditures financed by accounts payable | $ 667 | $ 434 | $ 1,219 |
Capital lease obligations | 0 | 873 | 21 |
Property, plant and equipment subject to build-to-suit lease | 13,735 | 0 | 0 |
Cash paid during the year for: | |||
Interest | 32,934 | 32,278 | 33,266 |
Income taxes | 1,980 | 1,800 | 2,417 |
Cash received during the year for: | |||
Income tax refunds | $ 1,798 | $ 2,284 | $ 3,015 |
Basis of Presentation and Sig42
Basis of Presentation and Significant Accounting Policies Allowance for obsolete inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Balance, beginning of year | $ 19,513 | $ 9,579 | $ 10,013 |
Provision for obsolete inventory | 29,848 | 12,061 | 2,331 |
Less Charges against allowance | (35,584) | (2,127) | (2,765) |
Balance, end of year | $ 13,777 | $ 19,513 | $ 9,579 |
Basis of Presentation and Sig43
Basis of Presentation and Significant Accounting Policies - Estimated Useful Lives of Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 14,207 | $ 14,414 | $ 14,397 |
Buildings and building improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 5 years | ||
Buildings and building improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 40 years | ||
Plant equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 5 years | ||
Plant equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 20 years | ||
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 2 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years | ||
Vehicles and office equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 3 years | ||
Vehicles and office equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Lives | 10 years |
Basis of Presentation and Sig44
Basis of Presentation and Significant Accounting Policies - Calculation for Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net (loss) income | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | $ (209,765) | $ (119,388) | $ (39,533) |
Denominator: | |||||||||||
Weighted average common shares outstanding | 23,553 | 23,359 | 23,214 | ||||||||
Effect of dilutive securities: | |||||||||||
Outstanding common stock equivalents | 0 | 0 | 0 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 23,553 | 23,359 | 23,214 | ||||||||
Basic loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) |
Diluted loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) |
Excluded outstanding share-based awards having an anti-dilutive effect | 1,071 | 388 | 717 | ||||||||
Convertible Debt Securities | |||||||||||
Effect of dilutive securities: | |||||||||||
Excluded outstanding share-based awards having an anti-dilutive effect | 0 | 365 | 2,032 |
Basis of Presentation and Sig45
Basis of Presentation and Significant Accounting Policies - (Details Textual) (Details) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)Service_Center | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Service_Centershares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Accounting Policies [Line Items] | |||||||||||
Inventory Write-down & Firm Purchase Commitment | $ (61,472) | ||||||||||
Non-cash write-down of Inventory | 53,971 | $ 0 | $ 0 | ||||||||
Undistributed Earnings of Foreign Subsidiaries | $ 51,584 | $ 51,584 | |||||||||
Service centers | Service_Center | 41 | 41 | |||||||||
Joint venture ownership percentage | 50.00% | 50.00% | |||||||||
Net loss | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | $ (209,765) | (119,388) | (39,533) |
maximum maturity of investments to be considered cash equivalent | 90 days | ||||||||||
Shipping, Handling and Transportation Costs | $ 28,320 | $ 35,471 | $ 35,171 | ||||||||
Percentage of LIFO inventory | 68.00% | 68.00% | |||||||||
Amount current replacement cost of inventory costs exceeds book value | $ 2,462 | $ 2,682 | $ 2,462 | $ 2,682 | |||||||
Percentage tax benefit recognized on dividends declared, joint venture subsidiaries | 80.00% | ||||||||||
Outstanding common stock equivalents | shares | 0 | 0 | 0 | ||||||||
Number of customers, annual sales in excess of 3% of total annual sales | 0 | ||||||||||
Weighted average forfeiture rate | 46.00% | 46.00% | |||||||||
Measurement period for targeted goals under the long-term compensation plan | 3 years | ||||||||||
Unamortized Debt Issuance Expense | $ 5,750 | $ 5,750 | |||||||||
Build to suit liability | 13,237 | 0 | 13,237 | $ 0 | |||||||
Goodwill | $ 12,973 | 12,973 | 12,973 | 12,973 | $ 69,289 | ||||||
Impairment of goodwill | 0 | 56,160 | 0 | ||||||||
Impairment of Intangible Assets, Finite-lived | 33,742 | 0 | 0 | ||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ (22,133) | $ (75,077) | $ 74,385 | ||||||||
Stock Options | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Number of trading days preceeding grant date from which closing stock price used to determine exercise price, 2010 grants, alternate valuation method | 10 days | ||||||||||
Restricted Stock Units (RSUs) | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Minimum | Stock Options | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Contractual period for options granted | 8 years | ||||||||||
Minimum | Customer relationships | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 4 years | ||||||||||
Minimum | Trade name | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 1 year | ||||||||||
Maximum | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Sales Revenue Not Recognized at Shipment, As a Percentage of Total Sales | 2.00% | 2.00% | 2.00% | ||||||||
Maximum | Stock Options | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Contractual period for options granted | 10 years | ||||||||||
Maximum | Customer Concentration Risk [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Percentage concentration of sales | 3.00% | ||||||||||
Maximum | Customer relationships | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 12 years | ||||||||||
Maximum | Trade name | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Intangible assets useful lives | 10 years | ||||||||||
North America | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Service centers | Service_Center | 36 | 36 | |||||||||
Europe | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Service centers | Service_Center | 3 | 3 | |||||||||
Asia | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Service centers | Service_Center | 2 | 2 | |||||||||
United States | Geographic Concentration Risk | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Percentage concentration of sales | 72.00% | ||||||||||
Executives and Employees | Minimum | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||||||
Executives and Employees | Maximum | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Director | Stock Options and Restricted Stock | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Corporate Joint Venture [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Goodwill | $ 3,525 | $ 3,525 | |||||||||
Impairment of goodwill | $ 1,763 |
Basis of Presentation and Sig46
Basis of Presentation and Significant Accounting Policies Change in Accounting Policy (Change from LIFO to Average Cost (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Cost of Goods Sold, Direct Materials | $ 674,615 | $ 750,408 | $ 788,126 | |||||||||
Operating Income (Loss) | (181,674) | (102,839) | (24,590) | |||||||||
Loss before income taxes and equity in earnings (losses) of joint venture | (229,960) | (147,710) | (69,662) | |||||||||
Income tax (benefit) expense | (21,621) | (20,631) | (23,142) | |||||||||
Income Loss from Continuing Operations Before Income Loss from Equity Method Investments Net of Tax | (208,339) | (127,079) | (46,520) | |||||||||
Net loss | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | $ (209,765) | $ (119,388) | $ (39,533) | |
Diluted loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) | |
Inventory, Net | $ 235,443 | $ 359,630 | $ 235,443 | $ 359,630 | ||||||||
(Accumulated deficit) retained earnings | (145,309) | 64,456 | (145,309) | 64,456 | $ 84,138 | |||||||
Deferred tax (benefit) expense | (23,842) | (19,094) | $ (27,436) | |||||||||
Increase (Decrease) in Inventories | (63,986) | 22,976 | (96,234) | |||||||||
Accumulated other comprehensive loss | $ (33,821) | (37,116) | (33,821) | (37,116) | (18,743) | |||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (9,937) | 12,996 | (4,623) | |||||||||
Other Comprehensive (Loss) Income | 3,295 | (18,373) | 2,328 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (206,470) | (137,761) | (37,205) | |||||||||
Scenario, Previously Reported [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Cost of Goods Sold, Direct Materials | 746,443 | 779,208 | ||||||||||
Operating Income (Loss) | (98,874) | (15,672) | ||||||||||
Loss before income taxes and equity in earnings (losses) of joint venture | (143,745) | (60,744) | ||||||||||
Income tax (benefit) expense | (1,353) | (19,795) | ||||||||||
Income Loss from Continuing Operations Before Income Loss from Equity Method Investments Net of Tax | (142,392) | (40,949) | ||||||||||
Net loss | $ (134,701) | $ (33,962) | ||||||||||
Diluted loss per share | $ (5.77) | $ (1.46) | ||||||||||
Inventory, Net | 236,932 | $ 236,932 | ||||||||||
(Accumulated deficit) retained earnings | (29,424) | (29,424) | ||||||||||
Deferred tax (benefit) expense | 184 | $ (24,089) | ||||||||||
Increase (Decrease) in Inventories | (26,941) | 87,316 | ||||||||||
Accumulated other comprehensive loss | (45,565) | (45,565) | ||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (21,445) | 4,623 | ||||||||||
Other Comprehensive (Loss) Income | (26,822) | 2,328 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (161,523) | (31,634) | ||||||||||
Restatement Adjustment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Cost of Goods Sold, Direct Materials | 3,965 | 8,918 | ||||||||||
Operating Income (Loss) | (3,965) | (8,918) | ||||||||||
Loss before income taxes and equity in earnings (losses) of joint venture | (3,965) | (8,918) | ||||||||||
Income tax (benefit) expense | (19,278) | (3,347) | ||||||||||
Income Loss from Continuing Operations Before Income Loss from Equity Method Investments Net of Tax | 15,313 | (5,571) | ||||||||||
Net loss | $ 15,313 | $ (5,571) | ||||||||||
Diluted loss per share | $ 0.66 | $ (0.24) | ||||||||||
Inventory, Net | 122,698 | $ 122,698 | ||||||||||
(Accumulated deficit) retained earnings | 93,880 | 93,880 | ||||||||||
Deferred tax (benefit) expense | (19,278) | $ (3,347) | ||||||||||
Increase (Decrease) in Inventories | 3,965 | 8,918 | ||||||||||
Accumulated other comprehensive loss | $ 8,449 | 8,449 | ||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 8,449 | 0 | ||||||||||
Other Comprehensive (Loss) Income | 8,449 | 0 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 23,762 | $ (5,571) |
Joint Venture - Related Party A
Joint Venture - Related Party Activity (Details) | Dec. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint venture ownership percentage | 50.00% |
Joint Venture - Participation (
Joint Venture - Participation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of joint venture | $ (1,426) | $ 7,691 | $ 6,987 |
Investment in joint venture | 35,690 | 37,443 | 41,879 |
Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint venture | 284 | 188 | 198 |
Purchases from joint venture | $ 49 | $ 224 | $ 86 |
Joint Venture - Operating Resul
Joint Venture - Operating Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Goodwill | $ 12,973 | $ 12,973 | $ 69,289 |
Capital expenditures | 8,250 | 12,351 | 11,604 |
Depreciation and amortization | 24,854 | 26,044 | 26,188 |
Impairment of goodwill | 0 | 56,160 | 0 |
Joint venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Goodwill | 3,525 | ||
Revenues | 160,104 | 259,487 | 230,351 |
Net income (loss) | (2,876) | 15,555 | 13,720 |
Current assets | 66,645 | 93,679 | 82,827 |
Non-current assets | 22,777 | 26,377 | 25,615 |
Current liabilities | 7,792 | 11,896 | 10,548 |
Non-current liabilities | 11,287 | 35,469 | 16,103 |
Members’ equity | 70,343 | 72,691 | 81,791 |
Capital expenditures | 2,176 | 3,042 | 1,789 |
Depreciation and amortization | 2,390 | $ 2,294 | $ 2,217 |
Impairment of goodwill | $ 1,763 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in carrying amounts of goodwill | |||
Beginning Goodwill | $ 129,350 | $ 129,506 | |
Accumulated impairment losses | (116,377) | (60,217) | |
Balance | 12,973 | 69,289 | |
Currency valuation | 0 | (156) | |
Ending Goodwill | 129,350 | 129,350 | $ 129,506 |
Accumulated impairment losses | (116,377) | (116,377) | (60,217) |
Balance | 12,973 | 12,973 | 69,289 |
Impairment of goodwill | 0 | 56,160 | 0 |
Metals Segment | |||
Changes in carrying amounts of goodwill | |||
Beginning Goodwill | 116,377 | 116,533 | |
Accumulated impairment losses | (116,377) | (60,217) | |
Balance | 0 | 56,316 | |
Currency valuation | 0 | (156) | |
Ending Goodwill | 116,377 | 116,377 | 116,533 |
Accumulated impairment losses | (116,377) | (116,377) | (60,217) |
Balance | 0 | 0 | 56,316 |
Impairment of goodwill | 0 | 56,160 | |
Deductible goodwill impairment loss | (13,900) | ||
Plastics Segment | |||
Changes in carrying amounts of goodwill | |||
Beginning Goodwill | 12,973 | 12,973 | |
Accumulated impairment losses | 0 | 0 | |
Balance | 12,973 | 12,973 | |
Currency valuation | 0 | 0 | |
Ending Goodwill | 12,973 | 12,973 | 12,973 |
Accumulated impairment losses | 0 | 0 | 0 |
Balance | 12,973 | 12,973 | $ 12,973 |
Impairment of goodwill | $ 0 | $ 0 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 8 months 13 days | ||
Gross Carrying Amount | $ 69,803 | $ 124,132 | |
Accumulated Amortization | 59,553 | 67,577 | |
Impairment of Intangible Assets, Finite-lived | 33,742 | 0 | $ 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 69,425 | 116,268 | |
Accumulated Amortization | 59,175 | 64,922 | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 378 | 7,864 | |
Accumulated Amortization | $ 378 | $ 2,655 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of the estimated annual amortization expense | |||
Amortization expense | $ 10,647 | $ 11,630 | $ 11,791 |
2,016 | 6,137 | ||
2,017 | 4,113 | ||
2,018 | 0 | ||
2,019 | 0 | ||
2,020 | $ 0 |
Short-term and Long-term Debt (
Short-term and Long-term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short Term Debt [Line Items] | ||
Existing Sr. Notes, Contractual Right to Exchange | $ 3,000,000 | |
LONG-TERM DEBT | ||
Senior Notes | 210,000,000 | |
Convertible Debt | 57,500,000 | $ 57,500,000 |
Long-term Line of Credit | 66,100,000 | 59,200,000 |
Other Long-term Debt | 428,000 | 1,257,000 |
Less: unamortized discount | (12,255,000) | (17,843,000) |
Current portion of long-term debt | (7,012,000) | (737,000) |
Total long-term portion | 314,761,000 | 309,377,000 |
Long-term Debt | $ 321,773,000 | 310,114,000 |
Senior Secured Notes Due in 2016 [Member] | ||
Short Term Debt [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
LONG-TERM DEBT | ||
Senior Notes | $ 6,681,000 | 210,000,000 |
Senior Secured Notes Due in 2018 [Member] | ||
Short Term Debt [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
LONG-TERM DEBT | ||
Senior Notes | $ 203,319,000 | $ 0 |
25% Excess Cash Flow [Member] | ||
Short Term Debt [Line Items] | ||
Secured Notes to be Purchased with Excess Cash Flow | $ 100,000,000 | |
Debt Instrument, Excess Cash Flow, Percentage | 25.00% | |
75% Excess Cash Flow [Member] | ||
Short Term Debt [Line Items] | ||
Secured Notes to be Purchased with Excess Cash Flow | $ 50,000,000 | |
Debt Instrument, Excess Cash Flow, Percentage | 75.00% | |
50% Excess Cash Flow [Member] | ||
Short Term Debt [Line Items] | ||
Secured Notes to be Purchased with Excess Cash Flow | $ 75,000,000 | |
Debt Instrument, Excess Cash Flow, Percentage | 50.00% | |
0% Excess Cash Flow [Member] [Member] | ||
Short Term Debt [Line Items] | ||
Debt Instrument, Excess Cash Flow, Percentage | 0.00% |
Debt Textual (Details)
Debt Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 21, 2014 | Jun. 12, 2012 | Dec. 20, 2011 | Dec. 15, 2011 | |
Debt Instrument [Line Items] | |||||||
Origination fee | $ 18,136 | ||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ (2,606) | ||||
Senior Secured Notes Due in 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 225,000 | $ 225,000 | |||||
Stated interest rate on debt | 12.75% | 12.75% | |||||
Loss on extinguishment of debt | $ 2,606 | ||||||
Senior Secured Notes Due in 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt | 12.75% | ||||||
Convertible Notes Due in 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 57,500 | ||||||
Stated interest rate on debt | 7.00% | 7.00% | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | $ 100,000 | |||||
Domestic Subsidiaries [Member] | Senior Secured Notes Due in 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated Domestic Subsidiaries, Ownership Percentage | 100.00% |
Debt Secured Notes (Details)
Debt Secured Notes (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 12, 2012 | Dec. 15, 2011 | |
Debt Instrument [Line Items] | |||||
Percent, Penalty Special Redemption Provision | 4.00% | ||||
Special Redemption Condition, Maturity Date | Sep. 14, 2017 | ||||
Interest Paid | $ 32,934,000 | $ 32,278,000 | $ 33,266,000 | ||
Senior Notes | 210,000,000 | ||||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | (2,606,000) | ||
Senior Secured Notes Due in 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 225,000,000 | $ 225,000,000 | |||
Stated interest rate on debt | 12.75% | 12.75% | |||
Interest Paid | $ 26,775,000 | 26,775,000 | 28,548,000 | ||
Maturity date | Dec. 15, 2016 | ||||
Senior Notes | $ 6,681,000 | 210,000,000 | |||
Excess Cash Flow Per Senior Secured Note Agreement | 0 | ||||
Extinguishment of Debt, Amount | 15,000,000 | ||||
Gains (Losses) on Extinguishment of Debt | $ 2,606,000 | ||||
Senior Secured Notes Due in 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt | 12.75% | ||||
Senior Notes | $ 203,319,000 | $ 0 | |||
Redemption price stated as a percentage of principal | 101.00% | ||||
Redemption price on principal amount, percentage, upon certain asset sales | 100.00% | ||||
Offer to purchase secured notes with certain of its excess cash flow | 95 days | ||||
Requirement to purchase secured notes with excess cash flows as a percentage of outstanding principal | 103.00% | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Special Redemption, Amount | $ 27,500,000 | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Special Redemption, Amount | $ 40,000,000 |
Debt Convertible Notes (Details
Debt Convertible Notes (Details) - USD ($) | Nov. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2011 | Dec. 15, 2011 |
Debt Instrument [Line Items] | |||||||
Interest Paid | $ 32,934,000 | $ 32,278,000 | $ 33,266,000 | ||||
Convertible Debt | $ 57,500,000 | $ 57,500,000 | |||||
Common Stock, Shares Authorized | 60,000,000 | 60,000,000 | |||||
Convertible Debt, Principle Amount to be Exchanged | $ 1 | ||||||
Convertible Debt, Principal Amount to be Received | $ 1 | ||||||
Convertible Notes Due in 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 57,500,000 | ||||||
Convertible debt issued at a percentage of face value, percentage | 100.00% | ||||||
Maturity date | Dec. 15, 2017 | ||||||
Stated interest rate on debt | 7.00% | 7.00% | |||||
Interest Paid | $ 4,025,000 | $ 4,025,000 | $ 4,025,000 | ||||
Conversion rate, shares per principal amount of convertible notes, shares | 97.2384 | ||||||
Conversion rate, principal amount of convertible notes for shares, principal amount | $ 1,000 | ||||||
Conversion price per share | $ 10.28 | ||||||
Date at which holders may convert their convertible notes at their option | preceding June 15, 2017 | ||||||
Scenarios in Which Holders of Convertible Notes can Convert, Conversion Period Following Measurement Period | 5 days | ||||||
Measurement Period, Consecutive Trading Days. | 5 days | ||||||
Trading price per note for each day of that measurement period | less than 98% | ||||||
Period of Consecutive Trading Days | 30 days | ||||||
Last reported sale price of the company's common stock | equal to or greater than 130% | ||||||
Date on which convertible notes will be convertible | Jun. 15, 2017 | ||||||
Upon fundamental change, percentage of principal amount of convertible notes the company would be required to repurchase | 100.00% | ||||||
Call of convertible notes for redemption | Dec. 20, 2015 | ||||||
Scenarios for call of Convertible Notes, minimum sale price of common stock as a percentage of conversion price | 135.00% | ||||||
Scenarios for call of Convertible Notes, consecutive trading days | 30 days | ||||||
Scenarios for call of Convertible Notes, redemption price | 100.00% | ||||||
Convertible Notes Due in 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | Dec. 31, 2019 | ||||||
Stated interest rate on debt | 5.25% | ||||||
Convertible Debt Exchanged, Percent | 90.00% | ||||||
Conversion price per share | $ 2.25 | ||||||
Convertible Notes Exchanged, Amount | $ 51,600,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 2.70% | 3.08% | 2.71% | ||||
Maturity date | Dec. 15, 2015 | Dec. 10, 2019 | |||||
Minimum | Convertible Notes Due in 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 days | ||||||
Scenarios for call of Convertible Notes, period of trading days | 20 days |
Debt Revolving Credit Agreement
Debt Revolving Credit Agreement (Details) $ in Thousands | Nov. 30, 2014 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jan. 21, 2014USD ($) | Dec. 15, 2011USD ($) |
Debt Instrument [Line Items] | |||||||
Interest Income, Other | $ 10 | $ 81 | $ 35 | ||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | $ 100,000 | |||||
Aggregate principal amount available for a Canadian subfacility | 20,000 | ||||||
Aggregate principal amount available for letters of credit | 20,000 | ||||||
Aggregate principal amount available for swingline loans | $ 10,000 | ||||||
Maturity date | Dec. 15, 2015 | Dec. 10, 2019 | |||||
Weighted average interest rate for borrowings | 2.70% | 3.08% | 2.71% | ||||
Line of Credit, Terms, Provision to Increase the Aggregate Amount of Commitments Under Certain Conditions, Amount | $ 25,000 | $ 50,000 | |||||
Credit Facility Incremental Commitment | $ 25,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity before triggering cash dominion | 96,239 | ||||||
Line of Credit Facility, Remaining Unrestricted Borrowing Capacity | $ 30,139 | ||||||
Minimum | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Customary base rate plus an applicable margin percentage | 0.50% | ||||||
Adjusted LIBOR rate plus an applicable margin | 1.50% | ||||||
Ratio of EBITDA to fixed charges | 1.1 | ||||||
Excess availability as a percentage of calculated borrowing base to require fixed charge coverage ratio | 10.00% | ||||||
Excess availability to require fixed charge coverage ratio | $ 12,500 | ||||||
Excess availability as a percentage of calculated borrowing base before cash dominion | 12.50% | ||||||
Excess availability before cash dominion | $ 15,625 | ||||||
Maximum | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Customary base rate plus an applicable margin percentage | 1.00% | ||||||
Adjusted LIBOR rate plus an applicable margin | 2.00% |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes, Fair Value Disclosure | $ 160,662 | ||
Carrying value of senior secured notes | 210,000 | ||
Convertible Debt, Fair Value Disclosures | 21,966 | ||
Carrying value of convertible notes | 57,500 | $ 57,500 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 66,100 | ||
Carrying value of the line of credit | 66,100 | 59,200 | |
Letters of Credit Outstanding as Collateral Associated with Commodity Hedges | 2,000 | ||
Forward Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Notional Amount | 3,080 | 7,486 | |
Gain (Losses) as a result of changes in the fair value of the contracts | (852) | (288) | $ (2,141) |
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 0 |
Fair Value Measurements Unobser
Fair Value Measurements Unobservable Inputs (Details) - Convertible Notes due December 15, 2017 [Member] | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Share Price | $ 1.59 |
Fair Value Assumptions, Expected Volatility Rate | 67.80% |
Fair Value Inputs, Entity Credit Risk | 69.21% |
Fair Value Assumptions, Risk Free Interest Rate | 1.05% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Forward Contracts - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1,015 | $ 1,615 |
Derivative liability for commodity hedges, current | 1,015 | 1,137 |
Derivative Liability, Noncurrent | 478 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,015 | 1,615 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Lease Agreements - Future mini
Lease Agreements - Future minimum rental payments under operating and capital leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Capital leases minimum payments for 2016 | $ 330 |
Capital leases minimum payments for 2017 | 95 |
Capital leases minimum payments for 2018 | 1 |
Capital leases minimum payments for 2019 | 0 |
Capital leases minimum payments for 2020 | 0 |
Capital leases minimum payments for later years | 0 |
Capital leases minimum payments total | 426 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating leases minimum payments for 2016 | 12,936 |
Operating leases minimum payments for 2017 | 11,313 |
Operating leases minimum payments for 2018 | 9,645 |
Operating leases minimum payments for 2019 | 8,056 |
Operating leases minimum payments for 2020 | 7,500 |
Operating leases minimum payments for later years | 16,246 |
Operating leases minimum payments total | 65,696 |
Built-to-suit Lease, Future Minimum Payments Due | 19,097 |
Built-to-suit Lease, Future Minimum Payments Due, Next Twelve Months | 687 |
Built-to-suit Lease, Future Minimum Payments Due in Two Years | 1,156 |
Built-to-suit Lease, Future Minimum Payments Due in Three Years | 1,180 |
Built-to-suit Lease, Future Minimum Payments Due in Four Years | 1,203 |
Built-to-suit Lease, Future Minimum Payments Due in Five Years | 1,227 |
Built-to-suit Lease, Future Minimum Payments Due Thereafter | $ 13,644 |
Lease Agreements - (Textual) (
Lease Agreements - (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | $ 13,910 | $ 14,173 | $ 15,062 |
Lease Extrication Charges from Restructuring Activities | 9,008 | (2,960) | 9,003 |
Gross Value Capital Leased Assets | 2,109 | 2,452 | |
Contract Termination [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease Extrication Charges from Restructuring Activities | $ 444 | $ 186 | $ 1,448 |
Stockholders' Equity AOCI (Deta
Stockholders' Equity AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Components of accumulated other comprehensive loss | |||
Unrecognized pension and postretirement benefit costs, net of tax | $ (17,185) | $ (27,122) | $ (14,126) |
Accumulated Other Comprehensive (Loss) Income, foreign currency translation | (16,636) | (9,994) | (4,617) |
Total accumulated other comprehensive (loss) income | $ (33,821) | $ (37,116) | $ (18,743) |
Stockholders' Equity AOCI Chang
Stockholders' Equity AOCI Change (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive (Loss) Income, Pension and Other Postretirement Benefit Plans, Net of Tax | $ (17,185) | $ (27,122) | $ (14,126) |
Accumulated Other Comprehensive (Loss) Income, foreign currency translation | (16,636) | (9,994) | (4,617) |
Total accumulated other comprehensive (loss) income | (33,821) | (37,116) | (18,743) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (966) | (14,004) | |
Other Comprehensive Income Foreign currency translation | (6,642) | (5,377) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (7,608) | (19,381) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 10,903 | 1,008 | |
Other Comprehensive Income (loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Net of Tax | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, Net of Tax | 10,903 | 1,008 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,937 | (12,996) | 4,623 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (6,642) | (5,377) | (2,295) |
Other Comprehensive (Loss) Income | $ 3,295 | $ (18,373) | $ 2,328 |
Stockholders' Equity AOCI Recla
Stockholders' Equity AOCI Reclassification (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Prior service cost | $ (244) | $ (282) |
Actuarial Loss | (3,821) | (1,381) |
Pension Curtailment, Recognized Prior Service Cost | (2,923) | 0 |
Pension Settlement, Recognized Prior Service Cost | (3,915) | 0 |
Reclassification from Accumulated Other Comprehensive (Loss) Income, Current Period, before Tax | (10,903) | (1,663) |
Other Comprehensive (Loss) Income, Tax, Portion Attributable to Parent | 0 | 655 |
Reclassification From Accumulated Other Comprehensive (Loss) Income, Net of Tax | $ (10,903) | $ (1,008) |
Share-based Compensation Author
Share-based Compensation Authorized Shares (Details) shares in Thousands | Dec. 31, 2015shares |
2008 A. M. Castle & Co. Omnibus Incentive Plan (amended and restated as of April 25, 2013) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,350 |
Share-based Compensation Restri
Share-based Compensation Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,088 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Outstanding at January 1 | 107 | ||
Shares/Units Granted | 149 | ||
Shares/Units Forfeited | 0 | ||
Shares/Units Vested | (86) | ||
Shares/Units Outstanding at December 31 | 170 | 107 | |
Shares/Units Expected to vest at December 31 | 170 | ||
Weighted-Average Grant Date Fair Value, Outstanding at January 1 | $ 14.21 | ||
Grant Date Fair Value per Share | 3.74 | ||
Weighted-Average Grant Date Fair Value, Forfeited | 0 | ||
Weighted-Average Grant Date Fair Value, Vested | 13.01 | ||
Weighted-Average Grant Date Fair Value, Outstanding at December 31 | 10.08 | $ 14.21 | |
Weighted-Average Grant Date Fair Value, Expected to vest at December 31 | $ 10.08 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Outstanding at January 1 | 199 | ||
Shares/Units Granted | 188 | ||
Shares/Units Forfeited | (98) | ||
Shares/Units Vested | (79) | ||
Shares/Units Outstanding at December 31 | 210 | 199 | |
Shares/Units Expected to vest at December 31 | 106 | ||
Weighted-Average Grant Date Fair Value, Outstanding at January 1 | $ 14.67 | ||
Grant Date Fair Value per Share | 3.92 | ||
Weighted-Average Grant Date Fair Value, Forfeited | 12.96 | ||
Weighted-Average Grant Date Fair Value, Vested | 14.53 | ||
Weighted-Average Grant Date Fair Value, Outstanding at December 31 | 5.91 | $ 14.67 | |
Weighted-Average Grant Date Fair Value, Expected to vest at December 31 | $ 5.30 | ||
Restricted Stock and RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,051 | ||
Fair value of Non vested shares and RSUs vesting during the period | $ 1,762 | $ 938 | $ 1,106 |
Long-Term Compensation Plan - 2013 [Member] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares/Units Vested | (23) |
Performance Share Status (Detai
Performance Share Status (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,088 | ||
Long-Term Compensation Plan - 2014 [Member] | Non-Market-Based Performance Condition One | |||
Summary of award information associated with market and non-market-based performance condition awards | |||
Grant Date Fair Value | $ 14.35 | ||
Estimated Number of Performance Shares to be Issued | 0 | ||
Maximum Number of Performance Shares that could Potentially be Issued | 69 | ||
Long-Term Compensation Plan - 2014 [Member] | Market Based Performance Share Units [Member] | |||
Summary of award information associated with market and non-market-based performance condition awards | |||
Grant Date Fair Value | $ 20.16 | $ 20.16 | |
Estimated Number of Performance Shares to be Issued | 0 | ||
Maximum Number of Performance Shares that could Potentially be Issued | 69 | ||
Long-Term Compensation Plan - 2013 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PSU Target Goal Performance Period | 3 years | ||
Long-Term Compensation Plan - 2013 [Member] | Non-Market-Based Performance Condition One | |||
Summary of award information associated with market and non-market-based performance condition awards | |||
Grant Date Fair Value | $ 16.29 | ||
Estimated Number of Performance Shares to be Issued | 0 | ||
Maximum Number of Performance Shares that could Potentially be Issued | 46 | ||
Long-Term Compensation Plan - 2013 [Member] | Market Based Performance Share Units [Member] | |||
Summary of award information associated with market and non-market-based performance condition awards | |||
Grant Date Fair Value | $ 24.74 | $ 24.74 | |
Estimated Number of Performance Shares to be Issued | 0 | ||
Maximum Number of Performance Shares that could Potentially be Issued | 46 | ||
Long-Term Compensation Plans 2014 and 2013 | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 219 |
Share-based Compensation Assump
Share-based Compensation Assumptions Used for Determining the Grant Date Fair Values of Performance Shares Awarded (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Incentive Plan - 2015 [Member] | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 56.10% | ||
Risk-free interest rate | 1.80% | ||
Expected life (in years) | 6 years | ||
Expected dividend yield | 0.00% | ||
Long-Term Compensation Plan - 2014 [Member] | Non Market Based Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value per Share | $ 14.35 | ||
Long-Term Compensation Plan - 2014 [Member] | Market Based Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value per Share | 20.16 | $ 20.16 | |
Expected volatility | 40.80% | ||
Risk-free interest rate | 0.79% | ||
Expected life (in years) | 2 years 9 months 6 days | ||
Expected dividend yield | 0.00% | ||
Long-Term Compensation Plan - 2013 | Non Market Based Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value per Share | 16.29 | ||
Long-Term Compensation Plan - 2013 | Market Based Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant Date Fair Value per Share | $ 24.74 | $ 24.74 | |
Expected volatility | 59.50% | ||
Risk-free interest rate | 0.38% | ||
Expected life (in years) | 2 years 9 months 27 days | ||
Expected dividend yield | 0.00% |
Share-based Compensation Stock
Share-based Compensation Stock Options (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options outstanding at January 1 | shares | 82 |
Stock options granted | shares | 707 |
Stock Options Exercised | shares | 0 |
Stock Options Forfeited | shares | (64) |
Stock Options Expired | shares | (34) |
Stock options outstanding at December 31 | shares | 691 |
Stock options exercisable at December 31 | shares | 40 |
Stock options vested or expected to vest as of December 31 | shares | 530 |
Weighted Average Exercise Price - Stock options outstanding at January 1 | $ / shares | $ 13.62 |
Weighted average grant date fair value of stock options granted in period | $ / shares | 3.92 |
Weighted Average Exercise Price - Stock Options Exercised | $ / shares | 0 |
Weighted Average Exercise Price - Stock Options Forfeited | $ / shares | 5.03 |
Weighted Average Exercise Price - Stock Options Expired | $ / shares | 14.77 |
Weighted Average Exercise Price - Stock options outstanding at December 31 | $ / shares | 4.43 |
Weighted Average Exercise Price - Stock options exercisable at December 31 | $ / shares | 12.79 |
Weighted Average Exercise Price - Stock options vested or expected to vest as of December 31 | $ / shares | $ 4.59 |
Intrinsic Value - Stock options outstanding at December 31 | $ | $ 0 |
Intrinsic Value - Stock options exercisable at December 31 | $ | 0 |
Intrinsic Value - Stock options vested or expected to vest as of December 31 | $ | $ 0 |
Weighted Average Remaining Contractual Life - Stock options outstanding at December 31 | 9 years 1 month 26 days |
Weighted Average Remaining Contractual Life - Stock options exercisable at December 31 | 2 years 2 months 17 days |
Weighted Average Remaining Contractual Life - Stock options vested or expected to vest as of December 31 | 9 years 7 days |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 818 |
Long-Term Compensation Plan -2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% |
Stock options granted | shares | 583 |
Weighted average grant date fair value of stock options granted in period | $ / shares | $ 2.05 |
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 Arrangement by Share-based Payment Award, Expiration Period | 10 years |
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, 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% |
Stock options granted | shares | 124 |
Weighted average grant date fair value of stock options granted in period | $ / shares | $ 2.10 |
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% |
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. |
Narrative (Details)
Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense Recognized in Period | $ 828 | $ 1,972 | $ 3,062 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 189 | 1,141 |
Share based compensation expense - Unrecognized compensation cost | $ 2,088 | ||
Share Based Compensation Weighted Average Expense Recognition Period | 1 year 5 months 23 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense - Unrecognized compensation cost | $ 1,051 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options exercised in period | $ 56 | $ 914 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 818 | ||
Stock options granted | 707 | ||
Weighted average grant date fair value of stock options granted in period | $ 3.92 | ||
Short-term Incentive Plan - 2015 [Member] | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 124 | ||
Weighted average grant date fair value of stock options granted in period | $ 2.10 | ||
Long-Term Compensation Plans 2014 and 2013 | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense - Unrecognized compensation cost | $ 219 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Benefit) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Estimated Cost Reduction of Net Periodic Pension and Post Retirement Benefit Costs | $ 1,200,000 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 3,915,000 | $ 0 | $ 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 2,923,000 | 0 | 0 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 549,000 | 453,000 | 699,000 | |
Interest cost | 6,938,000 | 6,885,000 | 6,327,000 | |
Expected return on assets | (9,395,000) | (8,381,000) | (9,278,000) | |
Amortization of prior service cost | 244,000 | 282,000 | 322,000 | |
Amortization of actuarial loss (gain) | 4,018,000 | 1,717,000 | 1,942,000 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 3,915,000 | 0 | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 2,923,000 | 0 | 0 | |
Net periodic pension plans cost | 9,192,000 | 956,000 | 12,000 | |
Other Postretirement Benefit Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 83,000 | 56,000 | 153,000 | |
Interest cost | 79,000 | 76,000 | 148,000 | |
Amortization of actuarial loss (gain) | (197,000) | (336,000) | (23,000) | |
Net periodic pension plans cost | $ (35,000) | $ (204,000) | $ 278,000 |
Changes in Pension and Other Po
Changes in Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Postretirement Benefit Plan | |||
Change in Projected Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation at beginning of year | $ 2,552 | $ 1,977 | |
Service cost | 83 | 56 | $ 153 |
Interest cost | 79 | 76 | 148 |
Benefit payments | (202) | (224) | |
Actuarial (gain) loss | 85 | (667) | |
Accumulated postretirement benefit obligation at end of year | 2,427 | 2,552 | 1,977 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Funded status – net prepaid (liability) | (2,427) | (2,552) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (246) | (226) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (2,181) | (2,326) | |
Net amount recognized | (2,427) | (2,552) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,024 | 2,137 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 2,024 | 2,137 | |
Pension Plans | |||
Change in Projected Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation at beginning of year | 192,638 | ||
Projected benefit obligation at beginning of year | 193,322 | 156,989 | |
Service cost | 549 | 453 | 699 |
Interest cost | 6,938 | 6,885 | 6,327 |
Settlement Gain | (2,162) | 0 | |
Curtailment Loss | 2,154 | 0 | |
Defined Benefit Plan, Plan Amendments | 0 | 719 | |
Benefit payments | (25,383) | (7,587) | |
Actuarial (gain) loss | (12,477) | 35,863 | |
Projected benefit obligation at end of year | 162,941 | 193,322 | 156,989 |
Accumulated postretirement benefit obligation at end of year | 162,290 | 192,638 | |
Change in Plan Assets [Abstract] | |||
Fair value of plan assets at beginning of year | 183,671 | 168,408 | |
Defined Benefit Plan, Actual (Loss) Return on Plan Assets | (4,140) | 22,521 | |
Employer contributions | 358 | 329 | |
Fair value of plan assets at end of year | 154,506 | 183,671 | $ 168,408 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Funded status – net prepaid (liability) | (8,435) | (9,651) | |
Defined Benefit Plan, Assets for Plan Benefits | 8,422 | 7,092 | |
Accrued liabilities | (362) | (322) | |
Pension benefit obligations | (16,495) | (16,421) | |
Net amount recognized | (8,435) | (9,651) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (35,972) | (45,009) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | (717) | (1,731) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ (36,689) | $ (46,740) |
Employee Benefit Plans Assumpti
Employee Benefit Plans Assumptions Used to Measure the Projected Benefit Obligations (Details) - Pension Plans | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.00% | 3.75% | |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected annual salary increases | 0.00% | 0.00% | 0.00% |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected annual salary increases | 3.00% | 3.00% | 3.00% |
Employee Benefit Plans Assump75
Employee Benefit Plans Assumptions Used to Determine Net Periodic Pension Benefit Costs (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.50% | ||
Expected long-term rate of return on plan assets | 5.25% | 5.25% | 5.25% |
Other Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actuarial Loss Expected to Occur in the Next 12 Months | Insignificant | ||
Discount rate | 3.25% | 4.00% | 3.50% |
Minimum | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.50% | 3.50% | |
Projected annual salary increases-pension cost | 0.00% | 0.00% | 0.00% |
Projected annual salary increases | 0.00% | 0.00% | 0.00% |
Maximum | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.75% | 3.75% | |
Projected annual salary increases-pension cost | 3.00% | 3.00% | 3.00% |
Projected annual salary increases | 3.00% | 3.00% | 3.00% |
Employee Benefit Plans Fair Val
Employee Benefit Plans Fair Values of Pension Plan Assets, Classified in the Fair Value Hierarchy (Details) - Pension Plans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total | $ 154,506 | $ 183,671 | $ 168,408 | ||
Fixed income securities | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | 153,971 | [1] | 183,721 | [2] | |
Accounts payable – pending trades | 535 | (50) | |||
Total | 154,506 | 183,671 | |||
Fixed income securities | Level 1 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | 16,028 | [1] | 15,839 | [2] | |
Fixed income securities | Level 2 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | 137,943 | [1] | 167,882 | [2] | |
Fixed income securities | Level 3 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fixed income securities | $ 0 | [1] | $ 0 | [2] | |
[1] | Fixed income securities are comprised of corporate bonds (96%), government agencies securities (2%) and other fixed income securities (2%). | ||||
[2] | Fixed income securities are comprised of corporate bonds (75%), government bonds (17%), government agencies securities (4%) and other fixed income securities (4%). |
Employee Benefit Plans Estimate
Employee Benefit Plans Estimated Future Pension Benefit Payments (Details) - Pension Plans, Defined Benefit $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 8,193 |
2,017 | 8,554 |
2,018 | 8,786 |
2,019 | 8,974 |
2,020 | 9,181 |
2021-2025 | $ 48,380 |
Employee Benefit Plans Assumed
Employee Benefit Plans Assumed Health Care Cost Trent Rates for Medical Plans (Details) - Other Postretirement Benefit Plan | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Medical cost trend rate | 6.50% | 7.00% | 7.50% |
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% |
Year ultimate medical cost trend rate will be reached | 2,019 | 2,019 | 2,019 |
Employee Benefit Plans Weighted
Employee Benefit Plans Weighted Average Discount Rate Used to Determine the Net Periodic Postretirement Benefit Costs (Details) - Other Postretirement Benefit Plan | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic postretirement benefit costs | 3.25% | 4.00% | 3.50% |
Accumulated postretirement benefit obligations | 3.50% | 3.25% | 4.00% |
Employee Benefit Plans Textual
Employee Benefit Plans Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plans, Withdrawal Obligation | $ 5,500 | $ 720 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected 2014 amortization of pension prior service costs | insignificant | ||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $ 103 | ||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (95) | ||
Other Postretirement Benefit Plan [Member] | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Medical postretirement plans, qualifying retirement age range | 62 years | ||
Other Postretirement Benefit Plan [Member] | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Medical postretirement plans, qualifying retirement age range | 65 years | ||
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 200 | ||
Expected 2014 amortization of actuarial loss | 1,832 | ||
Projected benefit obligation, pension plans with accumulated benefit obligations in excess of plan assets | 62,953 | $ 66,341 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 62,302 | 65,657 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 46,096 | $ 49,598 | |
Pension Plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's Pension Plan Asset Allocation, Description | Entirely | ||
Company's Pension Plan Asset Allocation, Description | entirely | ||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||
Pension Plans | Corporate Bond Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 96.00% | 75.00% | |
Pension Plans | US Treasury and Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 17.00% | ||
Pension Plans | Agency Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 2.00% | 4.00% | |
Pension Plans | Other fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Fixed Income Securities Allocations | 2.00% | 4.00% | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, allowable matching percentage based on terms of the plan | 100.00% | ||
Employer matching contribution, percent | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $ 3,866 | $ 3,743 | $ 4,265 |
Restructuring Activity (Details
Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | $ 9,008 | $ (2,960) | $ 9,003 |
One-time Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 17,012 | 937 | 2,702 |
Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 444 | 186 | 1,448 |
Gain on disposal of fixed assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | (15,963) | (5,533) | 0 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 5,711 | 1,450 | 4,487 |
8742 Services, Management Consulting Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | 1,804 | 0 | 0 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense (income) | $ 0 | $ 0 | $ 366 |
Restructuring Activity Activity
Restructuring Activity Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | $ 9,008 | $ (2,960) | $ 9,003 | |
Multiemployer Plans, Withdrawal Obligation | 5,500 | 720 | ||
(Payments) Receipts for Restructuring | (5,727) | 2,546 | 7,784 | |
Restructuring Reserve, Settled without Cash | (32,494) | 0 | (1,405) | |
Restructuring Reserve | 636 | 1,050 | $ 0 | |
Restructuring Costs and Asset Impairment Charges | 34,664 | (2,960) | 10,239 | |
Restructuring charges - additional to be incurred | 8,533 | |||
One-time Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 17,012 | 937 | 2,702 | |
(Payments) Receipts for Restructuring | 1,873 | (1,066) | 2,573 | |
Restructuring Reserve, Settled without Cash | (6,838) | 0 | 0 | |
Restructuring Reserve | 8,301 | 0 | 129 | 0 |
Restructuring Costs and Asset Impairment Charges | 17,012 | 937 | 2,702 | |
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 5,711 | 1,450 | 4,487 | |
(Payments) Receipts for Restructuring | 5,711 | (1,450) | (4,318) | |
Restructuring Reserve, Settled without Cash | 0 | 0 | (169) | |
Restructuring Reserve | 0 | 0 | 0 | 0 |
Restructuring Costs and Asset Impairment Charges | 5,711 | 1,450 | 4,487 | |
8742 Services, Management Consulting Services [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 1,804 | 0 | 0 | |
(Payments) Receipts for Restructuring | (1,804) | |||
Restructuring Reserve, Settled without Cash | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Restructuring Costs and Asset Impairment Charges | 1,804 | |||
Inventory Valuation Reserve [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
(Payments) Receipts for Restructuring | 0 | 0 | ||
Restructuring Reserve, Settled without Cash | (25,656) | (1,236) | ||
Restructuring Reserve | 0 | 0 | 0 | 0 |
Restructuring Costs and Asset Impairment Charges | 25,656 | 1,236 | ||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | 444 | 186 | 1,448 | |
(Payments) Receipts for Restructuring | 848 | (471) | (527) | |
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | |
Restructuring Reserve | 232 | 636 | 921 | 0 |
Restructuring Costs and Asset Impairment Charges | 444 | 186 | 1,448 | |
Gain on disposal of fixed assets [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | (15,963) | (5,533) | 0 | |
(Payments) Receipts for Restructuring | 15,963 | 5,533 | ||
Restructuring Reserve, Settled without Cash | 0 | 0 | ||
Restructuring Reserve | 0 | 0 | 0 | |
Restructuring Costs and Asset Impairment Charges | (15,963) | (5,533) | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense (income) | $ 0 | $ 0 | 366 | |
(Payments) Receipts for Restructuring | 366 | |||
Restructuring Reserve, Settled without Cash | 0 | |||
Restructuring Reserve | 0 | $ 0 | ||
Restructuring Costs and Asset Impairment Charges | $ 366 |
Restructuring Activity Narrativ
Restructuring Activity Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ (2,923,000) | $ 0 | $ 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (3,915,000) | 0 | 0 | |
Restructuring Reserve | 636,000 | 1,050,000 | $ 0 | |
Restructuring Costs and Asset Impairment Charges | (34,664,000) | 2,960,000 | (10,239,000) | |
Non-cash write-down of Inventory | 53,971,000 | 0 | 0 | |
Restructuring charges - additional to be incurred | 8,533,000 | |||
Multiemployer Plans, Withdrawal Obligation | 5,500,000 | 720,000 | ||
2015 Restructuring Plan [Domain] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, costs incurred to date | 50,627,000 | |||
Inventory Valuation Reserve [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | 0 |
Restructuring Costs and Asset Impairment Charges | (25,656,000) | (1,236,000) | ||
One-time Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 8,301,000 | 0 | 129,000 | 0 |
Restructuring Costs and Asset Impairment Charges | (17,012,000) | (937,000) | (2,702,000) | |
Restructuring Reserve, Current | 2,801,000 | |||
Restructuring Reserve, Noncurrent | 5,500,000 | |||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 232,000 | 636,000 | 921,000 | $ 0 |
Restructuring Costs and Asset Impairment Charges | (444,000) | (186,000) | (1,448,000) | |
Restructuring Reserve, Current | 232,000 | |||
Pension Plans | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | (2,923,000) | 0 | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ (3,915,000) | $ 0 | $ 0 |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign (Loss) Income before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | $ (229,960) | $ (147,710) | $ (69,662) |
U.S. | |||
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | (196,410) | (116,869) | (64,529) |
Segment, Geographical, Non-U.S. [Member] | |||
Domestic and Foreign Income (Loss) before Income Taxes and income (loss) in equity method investments. [Line Items] | |||
(Loss) income before income taxes and equity in earnings of joint venture | $ (33,550) | $ (30,841) | $ (5,133) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal current | $ 0 | $ 0 | $ (260) |
Federal deferred | (19,975) | (23,040) | (21,679) |
State current | 72 | 361 | 1,312 |
State deferred | (705) | (3,959) | (1,530) |
Foreign current | 2,149 | (1,898) | 3,242 |
Foreign deferred | (3,162) | 7,905 | (4,227) |
Income Tax Expense (Benefit) | $ (21,621) | $ (20,631) | $ (23,142) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconcilliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax at statutory rates | $ (80,488) | $ (51,699) | $ (24,382) |
State income taxes, net of federal income tax benefits | (8,834) | (322) | (2,012) |
Dividends received deductions | 0 | 0 | (766) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 0 | 10,454 | 0 |
Other permanent differences | 2,380 | 285 | (124) |
Federal and state income tax on joint venture | (558) | 2,912 | 2,670 |
Rate differential on foreign income | 3,305 | 11,512 | 812 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 63,511 | 4,888 | 0 |
Audit settlements | 171 | 99 | 0 |
Other | (1,108) | 1,240 | 660 |
Income tax (benefit) expense | $ (21,621) | $ (20,631) | $ (23,142) |
Effective income tax expense rate | 9.40% | 14.00% | 33.20% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Pension and postretirement benefits | $ 4,139 | $ 4,714 |
Deferred compensation | 1,357 | 2,109 |
Restructuring Related and Other Reserves | 842 | 943 |
Alternative minimum tax and net operating loss carryforward | 66,709 | 40,787 |
Deferred Tax Assets, Goodwill and Intangible Assets | 5,993 | 0 |
Other, net | 3,399 | 1,833 |
Deferred tax assets before valuation allowance | 82,439 | 50,386 |
Deferred Tax Assets, Valuation Allowance | (63,955) | (4,888) |
Deferred Tax Assets, Net of Valuation Allowance | 18,484 | 45,498 |
Deferred tax liabilities: | ||
Depreciation | 8,147 | 9,857 |
Inventory | 6,071 | 43,285 |
Intangible assets and goodwill | 0 | 9,129 |
Deferred tax liabilities, debt discount | 4,075 | 5,644 |
Other, net | 3,982 | 5,627 |
Total deferred tax liabilities | 22,275 | 73,542 |
Net deferred tax liabilities | $ 3,791 | $ 28,044 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 63,955 | $ 4,888 |
Federal income tax refund | $ 0 | |
Undistributed Earnings of Foreign Subsidiaries | 51,584 | |
Domestic Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Amount | 2,010 | |
Operating Loss Carryforwards | $ 144,542 | |
Internal Revenue Service (IRS) | Minimum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 | |
Internal Revenue Service (IRS) | Maximum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 | |
Foreign Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards | $ 28,769 | |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Amount | 546 | |
Operating Loss Carryforwards | $ 131,680 | |
State and Local Jurisdiction | Minimum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 | |
State and Local Jurisdiction | Maximum | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |
Income Taxes Federal, State and
Income Taxes Federal, State and Foreign Net Operating Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 0 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 144,542 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 131,680 |
Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 28,769 |
Maximum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 |
Maximum | State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |
Minimum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 |
Minimum | State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |
Income Taxes Rollforward of val
Income Taxes Rollforward of valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 4,888 | ||
Balance, end of year | 63,955 | $ 4,888 | |
Domestic Tax Authority [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 0 | 0 | $ 0 |
Balance, end of year | 55,474 | 0 | 0 |
Foreign Tax Authority | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 4,888 | 0 | 0 |
Balance, end of year | 8,481 | 4,888 | 0 |
Tax provision [Domain] | Domestic Tax Authority [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 55,474 | 0 | 0 |
Tax provision [Domain] | Foreign Tax Authority | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,146 | 4,888 | 0 |
Foreign Currency Gain (Loss) [Member] | Foreign Tax Authority | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (553) | $ 0 | $ 0 |
Commitments and Contingent Li91
Commitments and Contingent Liabilities (Details) | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |
Irrevocable letters of credit outstanding | $ 10,092,000 |
Letters of Credit Outstanding as Collateral for Janesville lease | 5,000,000 |
Collateral associated with commodity hedges | 2,000,000 |
Compliance with the insurance reserve requirements of its workers' compensation insurance carriers | 1,842,000 |
Purchase Commitment, Remaining Minimum Amount Committed | $ 7,500,000 |
Segment Reporting - (Textual)
Segment Reporting - (Textual) (Details) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Geographic
Segment Reporting - Geographic Schedul of Revenue and Long-lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 164,151 | $ 184,676 | $ 199,703 | $ 222,228 | $ 231,466 | $ 245,469 | $ 249,492 | $ 253,410 | $ 770,758 | $ 979,837 | $ 1,053,066 |
Long-Lived Assets | 71,393 | 72,835 | 71,393 | 72,835 | 76,694 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 554,943 | 736,236 | 817,714 | ||||||||
Long-Lived Assets | 59,603 | 58,278 | 59,603 | 58,278 | 63,667 | ||||||
Foreign [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 215,815 | 243,601 | 235,352 | ||||||||
Long-Lived Assets | $ 11,790 | $ 14,557 | $ 11,790 | $ 14,557 | $ 13,027 |
Segment Reporting - Informatio
Segment Reporting - Information by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 164,151 | $ 184,676 | $ 199,703 | $ 222,228 | $ 231,466 | $ 245,469 | $ 249,492 | $ 253,410 | $ 770,758 | $ 979,837 | $ 1,053,066 | |
Operating loss (a) | (181,674) | (102,839) | (24,590) | |||||||||
Total Assets (b) | 497,653 | 710,674 | 497,653 | 710,674 | 806,485 | |||||||
Property, Plant and Equipment, Additions | 8,250 | 12,351 | 11,604 | |||||||||
Depreciation and amortization expense | 24,854 | 26,044 | 26,188 | |||||||||
Metals Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 637,936 | 841,672 | 918,298 | |||||||||
Operating loss (a) | (177,087) | (98,673) | (20,489) | |||||||||
Total Assets (b) | 404,936 | 612,261 | 404,936 | 612,261 | 707,233 | |||||||
Property, Plant and Equipment, Additions | 7,171 | 11,184 | 10,181 | |||||||||
Depreciation and amortization expense | 23,317 | 24,380 | 24,579 | |||||||||
Plastics Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 132,822 | 138,165 | 134,768 | |||||||||
Operating loss (a) | 6,422 | 6,354 | 4,278 | |||||||||
Total Assets (b) | 57,027 | 60,970 | 57,027 | 60,970 | 57,373 | |||||||
Property, Plant and Equipment, Additions | 1,079 | 1,167 | 1,423 | |||||||||
Depreciation and amortization expense | 1,537 | 1,664 | 1,609 | |||||||||
Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 0 | 0 | 0 | [1] | ||||||||
Operating loss (a) | (11,009) | (10,520) | (8,379) | [1] | ||||||||
Total Assets (b) | $ 35,690 | $ 37,443 | 35,690 | 37,443 | 41,879 | [1] | ||||||
Property, Plant and Equipment, Additions | 0 | 0 | 0 | [1] | ||||||||
Depreciation and amortization expense | $ 0 | $ 0 | $ 0 | [1] | ||||||||
[1] | “Other” – Operating loss includes the costs of executive, legal and elements of the finance department, which are shared by both the Metals and Plastics segments. The “Other” category’s total assets consist of the Company’s investment in joint venture. |
Segment Reporting - Reconcilli
Segment Reporting - Reconcilliation of Segment Data to the Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Operating loss (a) | $ (181,674) | $ (102,839) | $ (24,590) |
Interest expense, net | 41,980 | 40,548 | 40,542 |
Loss on extinguishment of debt | 0 | 0 | 2,606 |
Other expense, net | 6,306 | 4,323 | 1,924 |
Loss before income taxes and equity in earnings (losses) of joint venture | (229,960) | (147,710) | (69,662) |
Equity in earnings (losses) of joint venture | (1,426) | 7,691 | 6,987 |
Consolidated loss before income taxes (a) | $ (231,386) | $ (140,019) | $ (62,675) |
Guarantor Finanical Informati96
Guarantor Finanical Information Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents | $ 11,100 | $ 8,454 | $ 8,454 | $ 30,829 | $ 21,607 |
Accounts Receivable, Net, Current | 89,879 | 131,003 | |||
Receivables from affiliates | 0 | 0 | |||
Inventory, Net | 235,443 | 359,630 | |||
Prepaid expenses and other current assets | 11,869 | 12,344 | |||
Total current assets | 348,291 | 511,431 | |||
Investment in joint venture | 35,690 | 37,443 | 41,879 | ||
Goodwill | 12,973 | 12,973 | 69,289 | ||
Intangible assets, net | 10,250 | 56,555 | |||
Prepaid Expense and Other Assets, Noncurrent | 19,056 | 19,437 | |||
Investment in subsidiaries | 0 | 0 | |||
Receivables from affiliates | 0 | 0 | |||
Property, plant and equipment, net | 71,393 | 72,835 | |||
Total assets | 497,653 | 710,674 | 806,485 | ||
Accounts payable | 56,272 | 68,782 | |||
Payables due to affiliates | 0 | 0 | |||
Other current liabilities | 28,603 | 27,998 | |||
Current portion of long-term debt | 7,012 | 737 | |||
Total current liabilities | 91,887 | 97,517 | |||
Long-term debt, less current portion | 314,761 | 309,377 | |||
Payables due to affiliates | 0 | 0 | |||
Deferred income taxes | 4,169 | 28,729 | |||
Other non-current liabilities | 39,848 | 22,402 | |||
Total stockholders’ equity | 46,988 | 252,649 | 388,461 | 421,478 | |
Total liabilities and stockholders’ equity | 497,653 | 710,674 | |||
Parent | |||||
Cash and cash equivalents | 1,220 | 511 | 511 | 8,675 | 4,106 |
Accounts Receivable, Net, Current | 39,448 | 66,178 | |||
Receivables from affiliates | 759 | 2,071 | |||
Inventory, Net | 150,809 | 265,012 | |||
Prepaid expenses and other current assets | 3,996 | 2,805 | |||
Total current assets | 196,232 | 336,577 | |||
Investment in joint venture | 35,690 | 37,443 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 10,116 | 42,772 | |||
Prepaid Expense and Other Assets, Noncurrent | 15,789 | 18,441 | |||
Investment in subsidiaries | 33,941 | 70,274 | |||
Receivables from affiliates | 118,478 | 113,188 | |||
Property, plant and equipment, net | 52,770 | 46,094 | |||
Total assets | 463,016 | 664,789 | |||
Accounts payable | 32,707 | 41,613 | |||
Payables due to affiliates | 759 | 2,071 | |||
Other current liabilities | 21,121 | 18,841 | |||
Current portion of long-term debt | 6,980 | 691 | |||
Total current liabilities | 61,567 | 63,216 | |||
Long-term debt, less current portion | 314,746 | 307,327 | |||
Payables due to affiliates | 0 | 0 | |||
Deferred income taxes | 0 | 19,359 | |||
Other non-current liabilities | 39,715 | 22,238 | |||
Total stockholders’ equity | 46,988 | 252,649 | |||
Total liabilities and stockholders’ equity | 463,016 | 664,789 | |||
Guarantors | |||||
Cash and cash equivalents | 46 | 977 | 977 | 495 | 903 |
Accounts Receivable, Net, Current | 16,697 | 19,303 | |||
Receivables from affiliates | 36 | 81 | |||
Inventory, Net | 19,353 | 19,320 | |||
Prepaid expenses and other current assets | 1,099 | 1,033 | |||
Total current assets | 37,231 | 40,714 | |||
Investment in joint venture | 0 | 0 | |||
Goodwill | 12,973 | 12,973 | |||
Intangible assets, net | 0 | 0 | |||
Prepaid Expense and Other Assets, Noncurrent | 0 | 0 | |||
Investment in subsidiaries | 0 | 0 | |||
Receivables from affiliates | 69,359 | 36,607 | |||
Property, plant and equipment, net | 6,833 | 12,184 | |||
Total assets | 126,396 | 102,478 | |||
Accounts payable | 10,666 | 8,055 | |||
Payables due to affiliates | 0 | 0 | |||
Other current liabilities | 1,904 | 3,065 | |||
Current portion of long-term debt | 0 | 0 | |||
Total current liabilities | 12,570 | 11,120 | |||
Long-term debt, less current portion | 0 | 0 | |||
Payables due to affiliates | 14,123 | 5,581 | |||
Deferred income taxes | 5,524 | 5,524 | |||
Other non-current liabilities | 0 | 0 | |||
Total stockholders’ equity | 94,179 | 80,253 | |||
Total liabilities and stockholders’ equity | 126,396 | 102,478 | |||
Non-Guarantors | |||||
Cash and cash equivalents | 9,834 | 6,966 | 6,966 | 21,659 | 16,598 |
Accounts Receivable, Net, Current | 33,734 | 45,522 | |||
Receivables from affiliates | 0 | 0 | |||
Inventory, Net | 65,349 | 75,366 | |||
Prepaid expenses and other current assets | 6,774 | 8,506 | |||
Total current assets | 115,691 | 136,360 | |||
Investment in joint venture | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 134 | 13,783 | |||
Prepaid Expense and Other Assets, Noncurrent | 4,622 | 996 | |||
Investment in subsidiaries | 0 | 0 | |||
Receivables from affiliates | 0 | 2,157 | |||
Property, plant and equipment, net | 11,790 | 14,557 | |||
Total assets | 132,237 | 167,853 | |||
Accounts payable | 12,899 | 19,114 | |||
Payables due to affiliates | 36 | 81 | |||
Other current liabilities | 5,578 | 6,092 | |||
Current portion of long-term debt | 32 | 46 | |||
Total current liabilities | 18,545 | 25,333 | |||
Long-term debt, less current portion | 15 | 2,050 | |||
Payables due to affiliates | 173,715 | 146,371 | |||
Deferred income taxes | 0 | 3,846 | |||
Other non-current liabilities | 133 | 164 | |||
Total stockholders’ equity | (60,171) | (9,911) | |||
Total liabilities and stockholders’ equity | 132,237 | 167,853 | |||
Eliminations | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | $ 0 |
Accounts Receivable, Net, Current | 0 | 0 | |||
Receivables from affiliates | (795) | (2,152) | |||
Inventory, Net | (68) | (68) | |||
Prepaid expenses and other current assets | 0 | 0 | |||
Total current assets | (863) | (2,220) | |||
Investment in joint venture | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Prepaid Expense and Other Assets, Noncurrent | (1,355) | 0 | |||
Investment in subsidiaries | (33,941) | (70,274) | |||
Receivables from affiliates | (187,837) | (151,952) | |||
Property, plant and equipment, net | 0 | 0 | |||
Total assets | (223,996) | (224,446) | |||
Accounts payable | 0 | 0 | |||
Payables due to affiliates | (795) | (2,152) | |||
Other current liabilities | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total current liabilities | (795) | (2,152) | |||
Long-term debt, less current portion | 0 | 0 | |||
Payables due to affiliates | (187,838) | (151,952) | |||
Deferred income taxes | (1,355) | 0 | |||
Other non-current liabilities | 0 | 0 | |||
Total stockholders’ equity | (34,008) | (70,342) | |||
Total liabilities and stockholders’ equity | $ (223,996) | $ (224,446) |
Guarantor Finanical Informati97
Guarantor Finanical Information Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Sales | $ 164,151 | $ 184,676 | $ 199,703 | $ 222,228 | $ 231,466 | $ 245,469 | $ 249,492 | $ 253,410 | $ 770,758 | $ 979,837 | $ 1,053,066 |
Cost of materials (exclusive of depreciation and amortization) | 674,615 | 750,408 | 788,126 | ||||||||
Warehouse, processing and delivery expense | 114,734 | 140,559 | 140,934 | ||||||||
Sales, general and administrative expense | 95,479 | 112,465 | 113,405 | ||||||||
Restructuring expense (income) | 9,008 | (2,960) | 9,003 | ||||||||
Depreciation and amortization | 24,854 | 26,044 | 26,188 | ||||||||
Impairment of Intangible Assets, Finite-lived | 33,742 | 0 | 0 | ||||||||
Impairment of goodwill | 0 | 56,160 | 0 | ||||||||
Total Costs and Expenses | 952,432 | 1,082,676 | 1,077,656 | ||||||||
Operating loss | (181,674) | (102,839) | (24,590) | ||||||||
Interest expense (income), net | 41,980 | 40,548 | 40,542 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 2,606 | ||||||||
Other Expense (Income) | 6,306 | 4,323 | 1,924 | ||||||||
(Loss) income before income taxes and equity in earnings of joint venture | (229,960) | (147,710) | (69,662) | ||||||||
Income tax (expense) benefit | 21,621 | 20,631 | 23,142 | ||||||||
Equity in (Losses) Earnings of Subsidiary | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of joint venture | (1,426) | 7,691 | 6,987 | ||||||||
Net (loss) income | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | (209,765) | (119,388) | (39,533) |
Foreign currency translation | (6,642) | (5,377) | (2,295) | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,937 | (12,996) | 4,623 | ||||||||
Other comprehensive (loss) income | 3,295 | (18,373) | 2,328 | ||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | (206,470) | (137,761) | (37,205) | ||||||||
Parent | |||||||||||
Net Sales | 435,736 | 609,507 | 711,942 | ||||||||
Cost of materials (exclusive of depreciation and amortization) | 408,400 | 464,069 | 536,926 | ||||||||
Warehouse, processing and delivery expense | 77,283 | 101,473 | 104,897 | ||||||||
Sales, general and administrative expense | 64,112 | 71,659 | 72,060 | ||||||||
Restructuring expense (income) | 21,953 | (3,184) | 7,006 | ||||||||
Depreciation and amortization | 19,035 | 19,592 | 19,977 | ||||||||
Impairment of Intangible Assets, Finite-lived | 23,491 | ||||||||||
Impairment of goodwill | 41,308 | ||||||||||
Total Costs and Expenses | 614,274 | 694,917 | 740,866 | ||||||||
Operating loss | (178,538) | (85,410) | (28,924) | ||||||||
Interest expense (income), net | 25,712 | 25,658 | 25,760 | ||||||||
Loss on extinguishment of debt | 2,606 | ||||||||||
Other Expense (Income) | 0 | 0 | 0 | ||||||||
(Loss) income before income taxes and equity in earnings of joint venture | (204,250) | (111,068) | (57,290) | ||||||||
Income tax (expense) benefit | 25,594 | 27,411 | 19,708 | ||||||||
Equity in (Losses) Earnings of Subsidiary | (29,683) | (43,422) | (8,938) | ||||||||
Equity in earnings (losses) of joint venture | (1,426) | 7,691 | 6,987 | ||||||||
Net (loss) income | (209,765) | (119,388) | (39,533) | ||||||||
Foreign currency translation | (6,642) | (5,377) | (2,295) | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,937 | (12,996) | 4,623 | ||||||||
Other comprehensive (loss) income | 3,295 | (18,373) | 2,328 | ||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | (206,470) | (137,761) | (37,205) | ||||||||
Guarantors | |||||||||||
Net Sales | 132,821 | 138,165 | 134,768 | ||||||||
Cost of materials (exclusive of depreciation and amortization) | 93,405 | 97,981 | 95,953 | ||||||||
Warehouse, processing and delivery expense | 11,838 | 11,772 | 12,104 | ||||||||
Sales, general and administrative expense | 17,629 | 18,303 | 18,195 | ||||||||
Restructuring expense (income) | (14,325) | 0 | 0 | ||||||||
Depreciation and amortization | 1,812 | 2,201 | 2,154 | ||||||||
Impairment of Intangible Assets, Finite-lived | 0 | ||||||||||
Impairment of goodwill | 0 | ||||||||||
Total Costs and Expenses | 110,359 | 130,257 | 128,406 | ||||||||
Operating loss | 22,462 | 7,908 | 6,362 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Other Expense (Income) | 0 | 0 | 0 | ||||||||
(Loss) income before income taxes and equity in earnings of joint venture | 22,462 | 7,908 | 6,362 | ||||||||
Income tax (expense) benefit | (8,535) | (2,662) | (2,349) | ||||||||
Equity in (Losses) Earnings of Subsidiary | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of joint venture | 0 | 0 | 0 | ||||||||
Net (loss) income | 13,927 | 5,246 | 4,013 | ||||||||
Foreign currency translation | 0 | 0 | 0 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income | 0 | 0 | 0 | ||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | 13,927 | 5,246 | 4,013 | ||||||||
Non-Guarantors | |||||||||||
Net Sales | 215,815 | 243,658 | 236,714 | ||||||||
Cost of materials (exclusive of depreciation and amortization) | 186,424 | 199,851 | 185,605 | ||||||||
Warehouse, processing and delivery expense | 25,613 | 27,314 | 23,933 | ||||||||
Sales, general and administrative expense | 13,738 | 22,503 | 23,150 | ||||||||
Restructuring expense (income) | 1,380 | 224 | 1,997 | ||||||||
Depreciation and amortization | 4,007 | 4,251 | 4,057 | ||||||||
Impairment of Intangible Assets, Finite-lived | 10,251 | ||||||||||
Impairment of goodwill | 14,852 | ||||||||||
Total Costs and Expenses | 241,413 | 268,995 | 238,742 | ||||||||
Operating loss | (25,598) | (25,337) | (2,028) | ||||||||
Interest expense (income), net | 16,268 | 14,890 | 14,782 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Other Expense (Income) | 6,306 | (4,323) | 1,924 | ||||||||
(Loss) income before income taxes and equity in earnings of joint venture | (48,172) | (44,550) | (18,734) | ||||||||
Income tax (expense) benefit | 4,562 | 4,323 | 5,783 | ||||||||
Equity in (Losses) Earnings of Subsidiary | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of joint venture | 0 | 0 | 0 | ||||||||
Net (loss) income | (43,610) | (48,873) | (12,951) | ||||||||
Foreign currency translation | (6,642) | (5,377) | (2,295) | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income | (6,642) | (5,377) | (2,295) | ||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | (50,252) | (54,250) | (15,246) | ||||||||
Eliminations | |||||||||||
Net Sales | (13,614) | (11,493) | (30,358) | ||||||||
Cost of materials (exclusive of depreciation and amortization) | (13,614) | (11,493) | (30,358) | ||||||||
Warehouse, processing and delivery expense | 0 | 0 | 0 | ||||||||
Sales, general and administrative expense | 0 | 0 | 0 | ||||||||
Restructuring expense (income) | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment of Intangible Assets, Finite-lived | 0 | ||||||||||
Impairment of goodwill | 0 | ||||||||||
Total Costs and Expenses | (13,614) | (11,493) | (30,358) | ||||||||
Operating loss | 0 | 0 | 0 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Other Expense (Income) | 0 | 0 | 0 | ||||||||
(Loss) income before income taxes and equity in earnings of joint venture | 0 | 0 | 0 | ||||||||
Income tax (expense) benefit | 0 | 205 | 0 | ||||||||
Equity in (Losses) Earnings of Subsidiary | 29,683 | 43,422 | 8,938 | ||||||||
Equity in earnings (losses) of joint venture | 0 | 0 | 0 | ||||||||
Net (loss) income | 29,683 | 43,627 | 8,938 | ||||||||
Foreign currency translation | 6,642 | 5,377 | 2,295 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income | 6,642 | 5,377 | 2,295 | ||||||||
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | $ 36,325 | $ 49,004 | $ 11,233 |
Guarantor Finanical Informati98
Guarantor Finanical Information Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net (loss) income | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | $ (209,765) | $ (119,388) | $ (39,533) |
Equity in Losses (Earnings) of Subsidiary | 0 | 0 | 0 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 187,632 | 44,311 | 113,918 | ||||||||
Net cash (used in) from operating activities | (22,133) | (75,077) | 74,385 | ||||||||
Capital expenditures | (8,250) | (12,351) | (11,604) | ||||||||
Proceeds from sale of property, plant and equipment | 28,631 | 7,464 | 794 | ||||||||
Payments for Advance to Affiliate | 0 | 0 | |||||||||
Net cash (used in) from investing activities | 20,381 | (4,887) | (10,810) | ||||||||
Proceeds from long-term debt | 967,035 | 462,404 | 115,300 | ||||||||
Repayments of long-term debt | (960,962) | (403,811) | (170,345) | ||||||||
Net intercompany (repayments) borrowings | 0 | 0 | 0 | ||||||||
Other financing activities, net | (500) | (393) | 1,140 | ||||||||
Net cash from (used in) financing activities | 5,573 | 58,200 | (53,905) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,175) | (611) | (448) | ||||||||
Net change in cash and cash equivalents | 2,646 | (22,375) | 9,222 | ||||||||
Cash and cash equivalents—beginning of year | 8,454 | 8,454 | 30,829 | 8,454 | 30,829 | 21,607 | |||||
Cash and cash equivalents—end of year | 11,100 | 8,454 | 8,454 | 11,100 | 8,454 | 30,829 | |||||
Parent | |||||||||||
Net (loss) income | (209,765) | (119,388) | (39,533) | ||||||||
Equity in Losses (Earnings) of Subsidiary | 29,683 | 43,422 | 8,938 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 174,217 | 35,682 | 92,236 | ||||||||
Net cash (used in) from operating activities | (5,865) | (40,284) | 61,641 | ||||||||
Capital expenditures | (4,274) | (5,642) | (6,700) | ||||||||
Proceeds from sale of property, plant and equipment | 8,520 | 7,464 | 778 | ||||||||
Payments for Advance to Affiliate | (5,291) | (25,941) | |||||||||
Net cash (used in) from investing activities | (1,045) | (24,119) | (5,922) | ||||||||
Proceeds from long-term debt | 967,035 | 459,406 | 115,300 | ||||||||
Repayments of long-term debt | (958,916) | (402,774) | (166,190) | ||||||||
Net intercompany (repayments) borrowings | 0 | 0 | (1,896) | ||||||||
Other financing activities, net | (500) | (393) | 1,636 | ||||||||
Net cash from (used in) financing activities | 7,619 | 56,239 | (51,150) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Net change in cash and cash equivalents | 709 | (8,164) | 4,569 | ||||||||
Cash and cash equivalents—beginning of year | 511 | 511 | 8,675 | 511 | 8,675 | 4,106 | |||||
Cash and cash equivalents—end of year | 1,220 | 511 | 511 | 1,220 | 511 | 8,675 | |||||
Guarantors | |||||||||||
Net (loss) income | 13,927 | 5,246 | 4,013 | ||||||||
Equity in Losses (Earnings) of Subsidiary | 0 | 0 | 0 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | (8,590) | (266) | 1,298 | ||||||||
Net cash (used in) from operating activities | 5,337 | 4,980 | 5,311 | ||||||||
Capital expenditures | (2,158) | (1,530) | (1,466) | ||||||||
Proceeds from sale of property, plant and equipment | 20,100 | 0 | 9 | ||||||||
Payments for Advance to Affiliate | 0 | 0 | |||||||||
Net cash (used in) from investing activities | 17,942 | (1,530) | (1,457) | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Net intercompany (repayments) borrowings | (24,210) | (2,968) | (4,262) | ||||||||
Other financing activities, net | 0 | 0 | 0 | ||||||||
Net cash from (used in) financing activities | (24,210) | (2,968) | (4,262) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Net change in cash and cash equivalents | (931) | 482 | (408) | ||||||||
Cash and cash equivalents—beginning of year | 977 | 977 | 495 | 977 | 495 | 903 | |||||
Cash and cash equivalents—end of year | 46 | 977 | 977 | 46 | 977 | 495 | |||||
Non-Guarantors | |||||||||||
Net (loss) income | (43,610) | (48,873) | (12,951) | ||||||||
Equity in Losses (Earnings) of Subsidiary | 0 | 0 | 0 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 22,005 | 9,100 | 20,384 | ||||||||
Net cash (used in) from operating activities | (21,605) | (39,773) | 7,433 | ||||||||
Capital expenditures | (1,818) | (5,179) | (3,438) | ||||||||
Proceeds from sale of property, plant and equipment | 11 | 0 | 7 | ||||||||
Payments for Advance to Affiliate | 0 | 0 | |||||||||
Net cash (used in) from investing activities | (1,807) | (5,179) | (3,431) | ||||||||
Proceeds from long-term debt | 0 | 2,998 | 0 | ||||||||
Repayments of long-term debt | (2,046) | (1,037) | (4,155) | ||||||||
Net intercompany (repayments) borrowings | 29,501 | 28,909 | 6,158 | ||||||||
Other financing activities, net | 0 | 0 | (496) | ||||||||
Net cash from (used in) financing activities | 27,455 | 30,870 | 1,507 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,175) | (611) | (448) | ||||||||
Net change in cash and cash equivalents | 2,868 | (14,693) | 5,061 | ||||||||
Cash and cash equivalents—beginning of year | 6,966 | 6,966 | 21,659 | 6,966 | 21,659 | 16,598 | |||||
Cash and cash equivalents—end of year | 9,834 | 6,966 | 6,966 | 9,834 | 6,966 | 21,659 | |||||
Eliminations | |||||||||||
Net (loss) income | 29,683 | 43,627 | 8,938 | ||||||||
Equity in Losses (Earnings) of Subsidiary | (29,683) | (43,422) | (8,938) | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) from operating activities | 0 | (205) | 0 | ||||||||
Net cash (used in) from operating activities | 0 | 0 | 0 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 | ||||||||
Payments for Advance to Affiliate | 5,291 | 25,941 | |||||||||
Net cash (used in) from investing activities | 5,291 | 25,941 | 0 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Net intercompany (repayments) borrowings | (5,291) | (25,941) | 0 | ||||||||
Other financing activities, net | 0 | 0 | 0 | ||||||||
Net cash from (used in) financing activities | (5,291) | (25,941) | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Net change in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents—beginning of year | $ 0 | 0 | $ 0 | 0 | 0 | 0 | |||||
Cash and cash equivalents—end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Guarantor Finanical Informati99
Guarantor Finanical Information Narrative (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Narrative [Abstract] | |
Guarantor Subsidiary, Ownership Percentage | 100.00% |
Selected Quarterly Data (Una100
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net Sales | $ 164,151 | $ 184,676 | $ 199,703 | $ 222,228 | $ 231,466 | $ 245,469 | $ 249,492 | $ 253,410 | $ 770,758 | $ 979,837 | $ 1,053,066 |
Gross Profit | (60,966) | 10,020 | (12,996) | 20,497 | 5,600 | 20,613 | 14,822 | 21,791 | |||
Net (loss) income | $ (119,717) | $ (27,800) | $ (46,808) | $ (15,440) | $ (29,684) | $ (8,028) | $ (67,066) | $ (14,610) | $ (209,765) | $ (119,388) | $ (39,533) |
Basic loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) |
Diluted loss per share | $ (5.08) | $ (1.18) | $ (1.99) | $ (0.66) | $ (1.27) | $ (0.34) | $ (2.87) | $ (0.63) | $ (8.91) | $ (5.11) | $ (1.70) |
Impairment of Intangible Assets, Finite-lived | $ 33,742 | $ 0 | $ 0 | ||||||||
Inventory Write-down & Firm Purchase Commitment | (61,472) | ||||||||||
Impairment of goodwill | $ 0 | $ 56,160 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Subsequent Event [Line Items] | |
Proceeds from Divestiture of Businesses | $ 55,000,000 |
Proceeds from Sale of Other Productive Assets | $ 27,500,000 |