Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CASTLE A M & CO | |
Entity Central Index Key | 18,172 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,549,823 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 10,005 | $ 11,100 |
Accounts receivable, less allowances of $2,141 and $2,380, respectively | 76,899 | 73,191 |
Inventories | 179,396 | 216,090 |
Prepaid expenses and other current assets | 11,609 | 10,424 |
Income tax receivable | 1,583 | 346 |
Current assets of discontinued operations | 0 | 37,140 |
Total current assets | 279,492 | 348,291 |
Investment in joint venture | 0 | 35,690 |
Intangible assets, net | 5,637 | 10,250 |
Prepaid pension cost | 10,372 | 8,422 |
Deferred income taxes | 416 | 378 |
Other noncurrent assets | 6,624 | 6,109 |
Property, plant and equipment: | ||
Land | 2,071 | 2,519 |
Buildings | 37,402 | 39,778 |
Machinery and equipment | 127,690 | 153,955 |
Property, plant and equipment, at cost | 167,163 | 196,252 |
Accumulated depreciation | (115,279) | (131,691) |
Property, plant and equipment, net | 51,884 | 64,561 |
Noncurrent assets of discontinued operations | 0 | 19,805 |
Total assets | 354,425 | 493,506 |
Current liabilities: | ||
Accounts payable | 51,856 | 45,606 |
Accrued and other current liabilities | 37,401 | 28,078 |
Income tax payable | 1,512 | 33 |
Current portion of long-term debt | 142 | 7,012 |
Current liabilities of discontinued operations | 0 | 11,158 |
Total current liabilities | 90,911 | 91,887 |
Long-term debt, less current portion | 235,454 | 310,614 |
Deferred income taxes | 0 | 4,169 |
Build to suit liability | 13,229 | 13,237 |
Other noncurrent liabilities | 9,044 | 7,935 |
Pension and other postretirement benefit obligations | 18,513 | 18,676 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.01 par value—9,988 shares authorized (including 400 Series B Junior Preferred, $0.00 par value); no shares issued and outstanding at September 30, 2016 and December 31, 2015 | 0 | 0 |
Common stock, $0.01 par value—60,000 shares authorized; 32,768 shares issued and 32,639 outstanding at September 30, 2016 and 23,888 shares issued and 23,794 outstanding at December 31, 2015 | 327 | 238 |
Additional paid-in capital | 244,344 | 226,844 |
Accumulated deficit | (223,435) | (145,309) |
Accumulated other comprehensive loss | (32,950) | (33,821) |
Treasury stock, at cost—129 shares at September 30, 2016 and 94 shares at December 31, 2015 | (1,012) | (964) |
Total stockholders’ equity (deficit) | (12,726) | 46,988 |
Total liabilities and stockholders’ equity (deficit) | $ 354,425 | $ 493,506 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 124,893 | $ 150,571 | $ 419,433 | $ 505,439 |
Costs and expenses: | ||||
Cost of materials (exclusive of depreciation and amortization) | 92,406 | 115,300 | 323,808 | 411,834 |
Warehouse, processing and delivery expense | 19,561 | 25,893 | 63,772 | 76,826 |
Sales, general and administrative expense | 16,820 | 18,023 | 51,486 | 60,338 |
Restructuring Expense (Income) | 912 | 1,204 | 14,674 | 17,653 |
Depreciation and amortization expense | 3,845 | 5,666 | 12,498 | 17,447 |
Total Costs and Expenses | 133,544 | 166,086 | 466,238 | 584,098 |
Operating loss | (8,651) | (15,515) | (46,805) | (78,659) |
Interest expense, net | 8,743 | 10,156 | 28,711 | 30,345 |
Unrealized gain on embedded debt conversion option | (6,285) | 0 | (7,569) | 0 |
Debt Restructuring (gains) losses, net | 0 | 0 | 6,562 | 0 |
Other expense, net | 6,250 | 2,270 | 4,587 | 4,532 |
Loss from continuing operations before income taxes and equity in losses of joint venture | (17,359) | (27,941) | (79,096) | (113,536) |
Income tax (expense) benefit | (903) | 629 | (1,099) | 22,141 |
Loss from continuing operations before equity in losses of joint venture | (18,262) | (27,312) | (80,195) | (91,395) |
Equity in losses of joint venture | (36) | (1,460) | (4,177) | (134) |
Income (Loss) from Continuing Operations | (18,298) | (28,772) | (84,372) | (91,529) |
Income (Loss) from Discontinued Operations, Net of Income Taxes | (1,688) | 955 | 6,246 | 2,333 |
Net loss | $ (19,986) | $ (27,817) | $ (78,126) | $ (89,196) |
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.57) | $ (1.22) | $ (3.02) | $ (3.89) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | (0.05) | 0.04 | 0.22 | 0.10 |
Net basic loss per common share | (0.62) | (1.18) | (2.80) | (3.79) |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.57) | (1.22) | (3.02) | (3.89) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | (0.05) | 0.04 | 0.22 | 0.10 |
Net diluted loss per common share | $ (0.62) | $ (1.18) | $ (2.80) | $ (3.79) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (456) | $ (670) | $ (1,368) | $ (3,529) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,967 | (2,941) | (497) | (7,633) |
Comprehensive loss | $ (16,563) | $ (30,088) | $ (77,255) | $ (93,300) |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 2,141 | $ 2,380 |
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 | 32,768 | 23,888 |
Common stock, shares outstanding | 32,639 | 23,794 |
Treasury stock, shares | 129 | 94 |
Series B Junior Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 400 | 400 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net loss | $ (78,126) | $ (89,196) |
Income (Loss) from Discontinued Operations, Net of Income Taxes | 6,246 | 2,333 |
Income (Loss) from Continuing Operations | (84,372) | (91,529) |
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations: | ||
Depreciation and amortization | 12,498 | 17,447 |
Amortization of deferred charges or (gains) | (92) | 0 |
Amortization of deferred financing costs and debt discount | 4,258 | 6,241 |
Debt restructuring loss | 6,562 | 0 |
Loss from lease termination | 4,452 | 0 |
Unrealized gain on embedded debt conversion option | (7,569) | 0 |
Loss (gain) on sale of property, plant and equipment | 1,720 | (5,741) |
Unrealized gain on commodity hedges | 813 | 313 |
Unrealized foreign currency transaction (loss) gain | (2,484) | (4,142) |
Losses from equity method investments, net of cash payments | 4,141 | 134 |
Dividends from joint venture | 0 | 315 |
Share-based Compensation | 916 | 424 |
Pension curtailment | 0 | (3,080) |
Deferred income taxes | 113 | (23,310) |
Other, net | 679 | (12) |
Changes in assets and liabilities: | ||
Accounts receivable | (5,128) | 18,326 |
Inventories | 34,780 | 43,838 |
Prepaid expenses and other current assets | (301) | (8,258) |
Other noncurrent assets | (302) | (2,789) |
Prepaid pension costs | (406) | 1,272 |
Accounts payable | 6,026 | 4,059 |
Income tax payable and receivable | 198 | 1,188 |
Accrued and other current liabilities | 8,604 | 18,802 |
Pension and postretirement benefit obligations and other noncurrent liabilities | 865 | (400) |
Net cash used in operating activities of continuing operations | (10,687) | (13,084) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (6,907) | 6,673 |
Net Cash Provided by (Used in) Operating Activities | (17,594) | (6,411) |
Investing activities: | ||
Proceeds from sale of investment in joint venture | 31,550 | 0 |
Capital expenditures | (2,431) | (4,526) |
Proceeds from Sale of Property, Plant, and Equipment | 2,829 | 7,742 |
Net cash from investing activities of continuing operations | 31,948 | 3,216 |
Cash from (used in) investing activities of discontinued operations | 53,570 | (867) |
Net Cash Provided by (Used in) Investing Activities | 85,518 | 2,349 |
Financing activities: | ||
Proceeds from long-term debt | 581,052 | 707,200 |
Repayments of long-term debt | (640,415) | (698,696) |
Payments of Debt Restructuring Costs | (8,677) | 0 |
Payments of Build to Suit Lease Liability | (687) | (500) |
Net cash from (used in) financing activities | (68,727) | 8,004 |
Effect of exchange rate changes on cash and cash equivalents | (292) | (424) |
Net change in cash and cash equivalents | (1,095) | 3,518 |
Cash and cash equivalents - beginning of year | 11,100 | 8,454 |
Cash and cash equivalents - end of period | $ 10,005 | $ 11,972 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Consolidated Financial Information Disclosure [Abstract] | |
Condensed Consolidated Financial Statements | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by A. M. Castle & Co. and subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), and accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet at December 31, 2015 is derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited statements included herein contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of financial results for the interim period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (as amended) and the Current Report on Form 8-K filed May 26, 2016, which revised the Company financial statement presentation and disclosures to reflect discontinued operations related to the sale of substantially all the assets of the Company's wholly-owned subsidiary, Total Plastics, Inc. ("TPI"). The 2016 interim results reported herein may not necessarily be indicative of the results of the Company’s operations for the full year. In March 2016, the Company completed the sale of substantially all the assets of TPI. TPI is reflected in the accompanying condensed consolidated financial statements as a discontinued operation, and all the data in this filing has been recast to present TPI as a discontinued operation for all periods presented. |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Standards Standards Updates Issued Not Yet Effective In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," to reduce the existing diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under Topic 230. For public companies, the amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions. Under ASU No. 2016-09, a Company recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, eliminating the notion of the additional paid-in capital pool and significantly reducing the complexity and cost of accounting for excess tax benefits and tax deficiencies. For interim reporting purposes, excess tax benefits and tax deficiencies are considered discrete items in the reporting period in which they occur and are not included in the estimate of an entity’s annual effective tax rate. ASU No. 2016-09 further eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Company is currently evaluating the impact the adoption of ASU No. 2016-09 will have on its consolidated financial statements. 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 No. 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 No. 2016-02 will have on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern," providing additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implementing requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2016. The Company 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 No. 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. In 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients," which provide supplemental adoption guidance and clarification to ASC No. 2014-09. ASU No. 2016-08, ASU No. 2016-10 and ASU No. 2016-12 must be adopted concurrently with the adoption of ASU No. 2014-09. The Company is currently reviewing the guidance and assessing the potential impact of these ASU's on its consolidated financial statements. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operation On March 15, 2016, the Company completed the sale of TPI for $55,070 in cash, subject to customary working capital adjustments. Under the terms of the sale, $1,500 of the purchase price was placed into escrow pending adjustment based upon the final calculation of the working capital at closing. The Company and the buyer agreed to the final working capital adjustment during the third quarter of 2016, which resulted in the full escrowed amount being returned to the buyer and the Company reducing its pre-tax gain on the sale of TPI by $2,214 . The sale resulted in pre-tax and after-tax gains of $2,003 and $1,306 , respectively, for the nine months ended September 30, 2016 . Prior to the sale of TPI, the Company had two reportable segments consisting of its Plastics segment and its Metals segment. Subsequent to the sale of TPI, which represented the Company's Plastics segment in its entirety, the Company has only one reportable segment. Summarized results of the discontinued operation were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net sales $ — $ 34,105 $ 29,680 $ 101,168 Cost of materials — 23,970 21,027 71,251 Operating costs and expenses — 8,201 7,288 25,005 Interest expense (a) — 350 333 1,081 Income from discontinued operations before income taxes $ — $ 1,584 $ 1,032 $ 3,831 Income tax expense (benefit) (b) — 629 (3,908 ) 1,498 Gain (loss) on sale of discontinued operations, net of income taxes (1,688 ) — 1,306 — Income (loss) from discontinued operations, net of income taxes $ (1,688 ) $ 955 $ 6,246 $ 2,333 (a) Interest expense was allocated to the discontinued operation based on the debt that was required to be paid as a result of the sale of TPI. (b) Income tax benefit for the nine months ended September 30, 2016 includes $4,207 reversal of valuation allowance resulting from the sale of TPI. Major classes of assets and liabilities of the discontinued operation at December 31, 2015 were as follows: December 31, Current assets of discontinued operations: Accounts receivable $ 16,688 Inventories 19,353 Prepaid expenses and other current assets 1,099 Current assets of discontinued operations $ 37,140 Noncurrent assets of discontinued operations: Goodwill $ 12,973 Property, plant and equipment, at cost 26,979 Less: accumulated depreciation (20,147 ) Noncurrent assets of discontinued operations $ 19,805 Current liabilities of discontinued operations: Accounts payable $ 10,666 Accrued and other current liabilities 492 Current liabilities of discontinued operations $ 11,158 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings (Loss) Per Share Diluted earnings (loss) per common share is computed by dividing income (loss) by the weighted average number of shares of common stock outstanding plus outstanding 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 7.0% Convertible Senior Notes due December 15, 2017 (the "Convertible Notes") and the Company's 5.25% Convertible Senior Secured Notes due December 30, 2019 (the "New Convertible Notes"), which are included in the calculation of weighted average shares outstanding using the treasury stock method, if dilutive. Refer to Note 7 - Debt for further description of the Convertible Notes and New Convertible Notes. The following table is a reconciliation of the basic and diluted earnings (loss) per common share calculations: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Loss from continuing operations $ (18,298 ) $ (28,772 ) $ (84,372 ) $ (91,529 ) Income (loss) from discontinued operations, net of income taxes (1,688 ) 955 6,246 2,333 Net loss $ (19,986 ) $ (27,817 ) $ (78,126 ) $ (89,196 ) Denominator: Weighted average common shares outstanding 32,260 23,580 27,909 23,535 Effect of dilutive securities: Outstanding common stock equivalents — — — — Denominator for diluted earnings (loss) per common share 32,260 23,580 27,909 23,535 Basic earnings (loss) per common share: Continuing operations $ (0.57 ) $ (1.22 ) $ (3.02 ) $ (3.89 ) Discontinued operations (0.05 ) 0.04 0.22 0.10 Net basic loss per common share $ (0.62 ) $ (1.18 ) $ (2.80 ) $ (3.79 ) Diluted earnings (loss) per common share: Continuing operations $ (0.57 ) $ (1.22 ) $ (3.02 ) $ (3.89 ) Discontinued operations (0.05 ) 0.04 0.22 0.10 Net diluted loss per common share $ (0.62 ) $ (1.18 ) $ (2.80 ) $ (3.79 ) Excluded outstanding share-based awards having an anti-dilutive effect 2,326 1,049 2,326 1,049 Excluded "in the money" portion of New Convertible Notes having an anti-dilutive effect — — — — The New Convertible Notes are dilutive to the extent the Company generates net income and the average stock price during the period is greater than $2.25 per share, which is the conversion price of the New Convertible Notes.The New Convertible Notes are only dilutive for the “in the money” portion of the New Convertible Notes that could be settled with the Company’s common stock. In future periods, absent a fundamental change (as defined in the New Convertible Notes indenture), the outstanding New Convertible Notes could increase diluted average shares outstanding by a maximum of approximately 9,900 shares. The Convertible Notes would have an insignificant impact on the diluted average shares outstanding if settled with the Company's stock. |
Joint Venture
Joint Venture | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture | Joint Venture Kreher Steel Company, LLC ("Kreher"), a national distributor and processor of carbon and alloy steel bar products headquartered in Melrose Park, Illinois, was a 50% owned joint venture of the Company. In August 2016, the Company completed the sale of its ownership share in Kreher to its joint venture partner for aggregate cash proceeds of $31,550 , which resulted in a loss on disposal of $5 , including selling expenses. Because the sale of the Company's investment in Kreher is not considered to be a strategic shift that will have a major effect on the Company's operations and financial results, the results of Kreher are reflected within continuing operations in the Condensed Consolidated Financial Statements. In June 2016, the Company received an offer from its joint venture partner to purchase its ownership share in Kreher for an amount that was less than the current carrying value of the Company's investment in Kreher. The Company determined that the offer to purchase its ownership share in Kreher at a purchase price lower than the carrying value indicated that it may not be able to recover the full carrying amount of its investment, and therefore recognized a $4,636 other-than-temporary impairment charge in the second quarter of 2016 to reduce the carrying amount of the investment to the negotiated purchase price. Prior to receiving the purchase offer, the Company had no previous indicators that its investment in Kreher had incurred a loss in value that was other-than-temporary. The following information summarizes financial data for this joint venture (for the periods in 2016, the information is through the date the Company sold its investment in Kreher): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net sales $ 17,737 $ 36,885 $ 79,007 $ 130,505 Cost of materials 15,359 31,339 67,115 110,734 (Loss) income before taxes (234 ) (3,117 ) 267 (367 ) Net income (loss) (62 ) (2,920 ) 928 (268 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Intangible Assets Intangible assets consisted of customer relationships as follows: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 67,348 $ 61,711 $ 67,438 $ 57,188 The Company recorded the following aggregate amortization expense associated with intangibles: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Amortization expense $ 1,533 $ 2,655 $ 4,593 $ 8,001 The following is a summary of the estimated annual amortization expense for the remainder of 2016 and each of the subsequent years: 2016 $ 1,533 2017 $ 4,104 2018 $ — 2019 $ — 2020 $ — |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consisted of the following: September 30, December 31, LONG-TERM DEBT 12.75% Senior Secured Notes due December 15, 2016 $ — $ 6,681 7.0% Convertible Notes due December 15, 2017 41 57,500 12.75% Senior Secured Notes due December 15, 2018 204,519 203,319 Revolving Credit Facility due December 10, 2019 12,500 66,100 5.25% Convertible Notes due December 30, 2019 22,323 — Other, primarily capital leases 143 428 Plus: derivative liability for embedded conversion feature 3,284 — Less: unamortized discount (4,502 ) (12,255 ) Less: unamortized debt issuance costs (2,712 ) (4,147 ) Total long-term debt $ 235,596 $ 317,626 Less: current portion 142 7,012 Total long-term portion $ 235,454 $ 310,614 Secured Notes 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 12.75% Senior Secured Notes due 2016 (the "Secured Notes"). In connection with the Exchange Offer, the Company issued $203,319 aggregate principal amount of New Secured Notes. 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. In May 2016, the Company entered into an agreement providing for the exchange of $1,200 aggregate principal amount of Secured Notes for $1,200 aggregate principal amount of New Secured Notes. On August 1, 2016, the Company issued a notice of redemption with respect to the remaining outstanding Secured Notes and deposited $5,629 with the trustee (representing the aggregate principal amount plus accrued and unpaid interest to the August 31, 2016 redemption date) to effect a satisfaction and discharge of the indenture governing the Secured Notes. There is no principal amount of Secured Notes outstanding at September 30, 2016. 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 Convertible Notes, and (v) the granting of a third-priority lien on the collateral securing the New Secured Notes for the benefit of the new Convertible Notes is a permitted lien under the indenture. The Company completed the exchange of a portion of its Convertible Notes prior to June 30, 2016, and satisfied the Special Redemption Condition by issuing an irrevocable notice of redemption for $27,500 of aggregate principal amount of New Secured Notes on October 31, 2016. The New Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the “Guarantors”). The New Secured Notes and the related guarantees are secured by a lien on substantially all of the Company's and the 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. 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 make, subject to certain conditions and 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 determined that the Exchange Offer was considered to be a troubled debt restructuring within the scope of ASC No. 470-60, "Debt-Troubled Debt Restructurings", as the Company was determined to be experiencing financial difficulties and was granted a concession by the eligible holders. Accordingly, for the nine months ended September 30, 2016 , the Company has expensed the eligible holder consent fees and related legal and other direct costs of $7,075 incurred in conjunction with the Exchange Offer in debt restructuring costs in the Condensed Consolidated Statements of Operations and Comprehensive Loss. There were no consent fees or related legal and other direct costs incurred in conjunction with the Exchange Offer for the three months ended September 30, 2016 . The Company pays interest on the New Secured Notes at a rate of 12.75% per annum in cash semi-annually. Convertible Notes In the first half of 2016, the Company entered into Transaction Support Agreements (as amended, supplemented or modified, the “Support Agreements”) with certain holders (the “Supporting Holders”) of the Convertible Notes. The Support Agreements provided for the terms of exchanges in which the Company 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”). For each $1 principal amount of Convertible Notes validly exchanged in the Convertible Note Exchange, an exchanging holder of Convertible Notes was entitled to receive $0.7 principal amount of New Convertible Notes, plus accrued and unpaid interest. On March 22, 2016, the Company filed a registration statement on Form S-3, as later amended, to register the resale of the common stock underlying the New Convertible Notes. On May 6, 2016, the Company held a special meeting of stockholders to consider a proposal to approve, as required pursuant to Rule 312 of the NYSE Listed Company Manual, the issuance of the Company’s common stock upon conversion of the New Convertible Notes. The proposal was approved by the Company’s stockholders with the affirmative vote of approximately 73% of the outstanding shares of common stock entitled to vote thereon, which represented approximately 99% of the total votes cast. In May 2016, the Company entered into amendments to the Support Agreements that, among other things, permitted the Supporting Holders to elect to exchange some or all of the Convertible Notes directly into shares of the Company’s common stock on the same economic terms as would be applicable had they exchanged their Convertible Notes for New Convertible Notes and then converted those New Convertible Notes into common stock. Supporting Holders holding $23,443 in aggregate principal amount of Convertible Notes exchanged their Convertible Notes for an aggregate of 7,863 shares of the Company’s common stock, which had a fair value of $15,332 at the time of the Convertible Note Exchange. Supporting Holders holding $34,016 in aggregate principal amount of Convertible Notes exchanged their Convertible Notes for $23,806 in aggregate principal amount of New Convertible Notes, which included (i) $20,866 in aggregate principal amount of New Convertible Notes issued pursuant to exchange agreements between the Company and certain non-affiliate noteholders and (ii) $2,940 in aggregate principal amount of New Convertible Notes issued pursuant to an exchange agreement with an affiliate of the Company. As further described below, the New Convertible Notes are convertible into common stock at the option of the holder. The Company determined that the conversion option is not clearly and closely related to the economic characteristics of the New Convertible Notes, nor does it meet the criteria to be considered indexed to the Company’s common stock. As a result, the Company concluded that the embedded conversion option must be bifurcated from the New Convertible Notes, separately valued, and accounted for as a derivative liability that partially settled the Convertible Notes. The initial value allocated to the derivative liability was $11,574 , with a corresponding discount recorded to the New Convertible Notes. During each reporting period, the derivative liability, which is classified in long-term debt, will be marked to fair value through earnings. The Convertible Note Exchange was considered to be a troubled debt restructuring, as the Company was experiencing financial difficulties and was granted a concession by the Supporting Holders. As a result, the Company recognized a loss of $76 from the Convertible Note Exchange. The loss has been included in debt restructuring loss, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2016 . Subsequent to the Convertible Note Exchange, $1,483 in aggregate principal amount of New Convertible Notes was converted to 713 shares of the Company’s common stock. This resulted in a $589 extinguishment gain from the conversion of the New Convertible Notes and the settlement of a related portion of the derivative liability. The gain has been included in debt restructuring gain (loss), net in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2016 . As of September 30, 2016 , the Company had $22,323 aggregate principal amount of New Convertible Notes outstanding, and the derivative liability had a fair value of $3,284 . The New Convertible Notes mature on December 30, 2019 , and bear interest at a rate of 5.25% per annum, payable semi-annually in cash. The New Convertible Notes are initially convertible into shares of the Company's common stock at any time at a conversion price per share equal to $2.25 and are subject to adjustment in accordance with the New Convertible Notes indenture. All current and future guarantors of the New Secured Notes, the Revolving Credit Facility, and any other material indebtedness of the Company guarantee the New Convertible Notes, subject to certain exceptions. The New Convertible Notes are 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, using a 20 trading day 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, at the Company's sole discretion. The value of shares of Company common stock for purposes of calculating the "make-whole" premium will be based on 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 20 trading day observation period as provided in the indenture. 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 the Company's 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 the Company's common stock at the conversion price then in effect. Following the Convertible Note Exchange, the Company had $41 aggregate principal amount of Convertible Notes outstanding at September 30, 2016 . Revolving Credit Facility In June 2016, the Company entered into an amendment (the “Amendment”) to the Loan and Security Agreement governing the senior secured asset-based revolving credit facility (the “Revolving Credit Facility”), by and among the Company and certain domestic subsidiaries, the financial institutions from time to time party to the Loan and Security Agreement as lenders, and Wells Fargo Bank, National Association, in its capacity as agent. The Amendment reduced the aggregate commitments under the Revolving Credit Facility from $125,000 to $100,000 , and also decreased aggregate commitments under (i) the Canadian portion of the Revolving Credit Facility from $20,000 to $16,000 and (ii) the letter of credit facility portion of the Revolving Credit Facility from $20,000 to $16,000 . The Amendment imposed an availability block that decreased availability under the Revolving Credit Facility by $17,500 initially. The availability block is subject to adjustment, and is reduced to $8,750 if the Company’s ratio (as defined in the Revolving Credit Facility Loan and Security Agreement) of EBITDA to fixed charges (the “Fixed Charge Coverage Ratio”) is at least 1.0 to 1.0 for each of the preceding six months. It is reduced to zero if the Fixed Charge Coverage Ratio is at least 1.0 to 1.0 for any trailing twelve-month period. The availability block was $17,500 as of September 30, 2016 . Previously, the Revolving Credit Facility restricted the Company’s ability to repay the New Secured Notes and the Secured Notes unless the Company is able to satisfy certain financial testing conditions. Pursuant to the terms of the Amendment, the Company is permitted to repay up to $27,500 of the New Secured Notes and up to $6,000 of the Secured Notes, subject to satisfaction of revised financial testing conditions. The Amendment also increased the interest rate charged in connection with loans advanced under the Revolving Credit Facility. 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 1.75% or (b) an adjusted LIBOR rate plus an applicable margin of 2.75%, with such applicable margins subject to adjustment if the Fixed Charge Coverage Ratio is at least 1.0 to 1.0 . T he weighted average interest rate for borrowings under the Revolving Credit Facility for the three and nine months ended September 30, 2016 was 4.00% and 3.40% , respectively. The Company pays certain customary recurring fees with respect to the Revolving Credit Facility. The Revolving Credit Facility matures on December 10, 2019 (or 91 days prior to the maturity date of the Company's Secured Notes or Convertible Notes if they have not been refinanced at that time). If certain incurrence tests are met, subject to approval by the Revolving Credit Facility lending group, the Company may have the ability under its Revolving Credit Facility to increase the aggregate commitments by $25,000 in the future. Currently, the Company is not able to increase the aggregate commitments as it has not met the incurrence tests. The Revolving Credit Facility contains a springing financial maintenance covenant requiring the Company to maintain a Fixed Charge Coverage Ratio of 1.1 to 1.0 when excess availability is less than the greater of 10% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $10,000 . In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $12,500 , the lender has the right to take full dominion of the Company’s cash collections and apply these proceeds to outstanding loans under the Revolving Credit Facility. The Company's Fixed Charge Coverage Ratio was negative for the twelve months ended September 30, 2016 . At this ratio, the Company's current maximum borrowing capacity would be $54,471 before triggering full dominion of the Company's cash collections. As of September 30, 2016 , the Company had $41,971 of additional unrestricted borrowing capacity under the Revolving Credit Facility. As noted above, the Company issued an irrevocable notice of redemption for $27,500 of aggregate principal amount of New Secured Notes on October 31, 2016. The Company will use proceeds from the Revolving Credit Facility to make the redemption payment. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The three-tier value hierarchy the Company utilizes, which prioritizes the inputs used in the valuation methodologies, is: Level 1 —Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 —Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 —Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. The fair value of cash, accounts receivable and accounts payable approximate their carrying values. The fair value of cash equivalents are determined using the fair value hierarchy described above. Cash equivalents consisting of money market funds are valued based on quoted prices in active markets and as a result are classified as Level 1. The Company’s pension plan asset portfolio as of September 30, 2016 and December 31, 2015 is primarily invested in fixed income securities, which generally fall within Level 2 of the fair value hierarchy. Fixed income securities are valued based on evaluated prices provided to the trustee by independent pricing services. Such prices may be determined by various factors which include, but are not limited to, market quotations, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities. Fair Value Measurements of Debt The fair value of the Company's New Secured Notes as of September 30, 2016 was estimated to be $153,901 compared to a carrying value of $204,519 . The fair value of the Company's Secured Notes as of December 31, 2015 was estimated to be $160,662 compared to a carrying value of $210,000 . The fair values for both the Secured Notes and New Secured Notes were determined based on recent trades of the bonds and fall within Level 2 of the fair value hierarchy. The fair value of the Company's Convertible Notes as of September 30, 2016 was estimated to be $25 compared to a carrying value of $41 . The fair value of the Convertible Notes as of December 31, 2015 was approximately $21,966 compared to a carrying value of $57,500 . The fair value of the Company's New Convertible Notes as of September 30, 2016 , including the bifurcated embedded conversion option, was estimated to be $8,233 compared to a carrying value of $22,323 . The fair values for both the Convertible Notes and New Convertible Notes, which fall within Level 3 of the fair value hierarchy, were determined based on similar debt instruments that do not contain a conversion feature, as well as other factors related to the callable nature of the Convertible Notes and New Convertible Notes. The main inputs and assumptions into the fair value model for the New Convertible Notes at September 30, 2016 were as follows: Company's stock price at the end of the period $ 0.80 Expected volatility 79.70 % Credit spreads 65.75 % Risk-free interest rate 0.91 % Given the revolving nature and the variable interest rates, the Company has determined that the fair value of the Revolving Credit Facility approximates its carrying value. Fair Value Measurements of Embedded Conversion Feature The fair value of the derivative liability for the embedded conversion feature of the New Convertible Notes was estimated to be $3,284 as of September 30, 2016 . The estimated fair value of the derivative liability for the embedded conversion feature of the New Convertible Notes, which falls within Level 3 of the fair value hierarchy, is measured on a recurring basis using a binomial lattice model using the Company's historical volatility over the term corresponding to the remaining contractual term of the New Convertible Notes and observed spreads of similar debt instruments that do not include a conversion feature. The following reconciliation represents the change in fair value of the embedded conversion feature of the New Convertible Notes between December 31, 2015 and September 30, 2016 : Derivative liability for embedded conversion feature Fair value as of December 31, 2015 $ — Fair value at issuance date 11,574 Settlement upon conversion into common stock (721 ) Mark-to-market adjustment on conversion feature (a) (7,569 ) Fair value as of September 30, 2016 $ 3,284 (a) Mark-to-market adjustment is recognized in unrealized gain on embedded debt conversion option in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2016 . Fair Value Measurements of Commodity Hedges The Company has a commodity hedging program to mitigate risks associated with certain commodity price fluctuations. At September 30, 2016 , the Company had executed forward contracts that extend through 2016. The counterparty to these contracts is not considered a credit risk by the Company. At September 30, 2016 and December 31, 2015, the notional value associated with forward contracts was $770 and $3,080 , respectively. The Company recorded, through cost of materials, realized and unrealized net losses of $3 for the three months ended September 30, 2016, realized and unrealized net gains of $31 for the nine months ended September 30, 2016 , and realized and unrealized net losses of $252 and $706 for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2016 and December 31, 2015 , all commodity hedge contracts were in a liability position. As of September 30, 2016 , the Company had a letter of credit outstanding for $700 as collateral for the commodity hedge contracts. The Company uses information which is representative of readily observable market data when valuing derivative liabilities associated with commodity hedges. The liabilities measured at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total (a) As of September 30, 2016 Derivative liability for commodity hedges $ — $ 202 $ — $ 202 As of December 31, 2015 Derivative liability for commodity hedges $ — $ 1,015 $ — $ 1,015 (a) As of September 30, 2016 and December 31, 2015 the entire derivative liability for commodity hedges of $202 and $1,015 , respectively, are short-term and are included in accrued and other current liabilities in the Condensed Consolidated Balance Sheets. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (Deficit) Convertible Note Exchange and Conversions of New Convertible Notes The Company issued 7,863 shares of common stock in May 2016 in connection with the Convertible Note Exchange, and issued an additional 713 shares in June 2016 when New Convertible Notes were converted to common stock. The issuance of these shares was recorded using the fair value of the Company's common stock on the dates the shares were issued, and resulted in an increase in the par value of common stock and additional paid-in capital of $86 and $16,543 , respectively. The Company received no cash proceeds from issuing these shares. Accumulated Comprehensive Loss The components of accumulated other comprehensive loss are as follows: September 30, December 31, Unrecognized pension and postretirement benefit costs, net of tax $ (15,817 ) $ (17,185 ) Foreign currency translation losses (17,133 ) (16,636 ) Total accumulated other comprehensive loss $ (32,950 ) $ (33,821 ) Changes in accumulated other comprehensive loss by component for the three months ended September 30, 2016 and 2015 are as follows: Defined Benefit Pension and Postretirement Items Foreign Currency Items Total 2016 2015 2016 2015 2016 2015 Balance as of July 1, $ (16,273 ) $ (24,263 ) $ (20,100 ) $ (14,686 ) $ (36,373 ) $ (38,949 ) Other comprehensive income (loss) before reclassifications — — 2,967 (2,941 ) 2,967 (2,941 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 456 670 — — 456 670 Net current period other comprehensive income (loss) 456 670 2,967 (2,941 ) 3,423 (2,271 ) Balance as of September 30, $ (15,817 ) $ (23,593 ) $ (17,133 ) $ (17,627 ) $ (32,950 ) $ (41,220 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended September 30, 2016 and 2015 . Changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2016 and 2015 are as follows: Defined Benefit Pension and Postretirement Items Foreign Currency Items Total 2016 2015 2016 2015 2016 2015 Balance as of January 1, $ (17,185 ) $ (27,122 ) $ (16,636 ) $ (9,994 ) $ (33,821 ) $ (37,116 ) Other comprehensive loss before reclassifications — — (497 ) (7,633 ) (497 ) (7,633 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 1,368 3,529 — — 1,368 3,529 Net current period other comprehensive income (loss) 1,368 3,529 (497 ) (7,633 ) 871 (4,104 ) Balance as of September 30, $ (15,817 ) $ (23,593 ) $ (17,133 ) $ (17,627 ) $ (32,950 ) $ (41,220 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2016 and 2015 . Reclassifications from accumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ (50 ) $ 4 $ (150 ) $ (997 ) Actuarial loss (b) (406 ) (674 ) (1,218 ) (2,532 ) Total before tax (456 ) (670 ) (1,368 ) (3,529 ) Tax effect — — — — Total reclassifications for the period, net of tax $ (456 ) $ (670 ) $ (1,368 ) $ (3,529 ) (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. Prior service cost of $813 for pension curtailment is shown as restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2015 . There was no pension curtailment expense in the three and nine months ended September 30, 2016 or the three months ended September 30, 2015. |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation The Company accounts for its share-based compensation arrangements by recognizing compensation expense for the fair value of the share awards granted ratably over their vesting period. All compensation expense related to share-based compensation arrangements is recorded in sales, general and administrative expense and warehouse, processing and delivery expense. The total share-based compensation expense recognized for the three and nine months ended September 30, 2016 was $350 and $916 , respectively, and $428 and $424 for the three and nine months ended September 30, 2015 , respectively. The unrecognized compensation cost as of September 30, 2016 associated with all share-based payment arrangements is $2,087 and the weighted average period over which it is to be expensed is 1.3 years . During the third quarter of 2016, the Company granted 304 non-vested shares to its non-employee directors pursuant to the Company's Non-Employee Director Compensation Plan. The non-vested shares had a weighted average grant date fair value of $1.47 per share. The grant date fair value of the non-vested shares is established using the market price of the Company's stock on the date of grant. The non-vested shares vest in full on the first anniversary of the date of grant. On February 25, 2016, the Board of Directors of the Company approved the grant of 1,203 non-qualified stock options ("stock options") for executive officers under the Company’s 2016 Long-Term Compensation Plan (“2016 LTC Plan”). All stock options awarded under the 2016 LTC Plan are subject to the terms of the 2008 A.M. Castle & Co. Omnibus Incentive Plan, amended and restated as of July 27, 2016. 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 $1.12 per share for the options granted under the 2016 LTC Plan for executive officers was estimated using the Black-Scholes option-pricing model with the following assumptions: 2016 Expected volatility 61.8 % Risk-free interest rate 1.3 % Expected life (in years) 6.0 Expected dividend yield — % |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Components of the net periodic pension and postretirement benefit cost are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 112 $ 250 $ 336 $ 724 Interest cost 1,312 1,722 3,936 5,312 Expected return on assets (2,035 ) (2,494 ) (6,105 ) (7,128 ) Amortization of prior service cost 50 (4 ) 150 184 Amortization of actuarial loss 406 674 1,218 2,532 Curtailment charge — — — 3,080 Net periodic pension and postretirement benefit (credit) cost $ (155 ) $ 148 $ (465 ) $ 4,704 Contributions paid $ — $ — $ — $ — The Company anticipates making no significant cash contributions to its pension plans in 2016 . |
Restructuring Activity
Restructuring Activity | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activity | Restructuring Activity In April 2015, the Company announced a restructuring plan consisting of workforce reductions and the consolidation of more facilities in locations deemed to have redundant operations. In the nine months ended September 30, 2016 , the Company incurred additional costs associated with the April 2015 restructuring plan which consisted of employee termination and related benefits, moving costs, professional fees and losses on the disposal of fixed assets. In addition, the Company recorded charges of $452 for inventory moved from consolidated plants that was subsequently identified to be scrapped. The inventory charge is reported in cost of materials in the Condensed Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2016 . Substantially all of the previously announced restructuring activities are complete. In the first quarter of 2016, the Company closed its Houston and Edmonton facilities and sold all the equipment at these facilities to an unrelated third party. Restructuring activities associated with the strategic decision to close these facilities included employee termination and related benefits, lease termination costs, moving costs associated with exit from the closed facilities, and professional fees at the closed facilities. As a result of its restructuring activities, the Company incurred the following restructuring expenses: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Employee termination and related benefits $ 267 $ (987 ) $ 945 $ 13,265 Lease termination costs — 364 6,706 364 Moving costs associated with plant consolidations 52 1,733 4,447 2,334 Professional fees 593 94 1,323 1,690 Loss on disposal of fixed assets — — 1,253 — Total $ 912 $ 1,204 $ 14,674 $ 17,653 Restructuring reserve activity for the nine months ended September 30, 2016 is summarized below: Period Activity Balance January 1, 2016 Charges (gains) Cash receipts (payments) Non-cash activity Balance September 30, 2016 Employee termination and related benefits (a) $ 8,301 $ 945 $ (3,646 ) $ — $ 5,600 Lease termination costs (b)(c) 232 6,706 (566 ) (4,539 ) 1,833 Moving costs associated with plant consolidations — 4,447 (4,447 ) — — Professional fees — 1,323 (1,323 ) — — Disposal of fixed assets — 1,253 2,703 (3,956 ) — Total $ 8,533 $ 14,674 $ (7,279 ) $ (8,495 ) $ 7,433 (a) As of September 30, 2016 , the short-term portion of employee termination and related benefits of $100 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheet and the long-term portion associated with the Company's withdrawal from a multi-employer pension plan of $5,500 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet. (b) Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of September 30, 2016 , the short-term portion of the lease termination costs of $125 is included in accrued and other current liabilities and the long-term portion of the lease termination costs of $1,708 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet. (c) In connection with the closure of the Company's Houston and Edmonton facilities, the Company agreed to sell its fixed assets and to a reduction in future proceeds from the sale of inventory in exchange for the assignment of its remaining lease obligations at its Houston facility resulting in a non-cash charge of $4,539 during the nine months ended September 30, 2016 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company’s effective tax rate is expressed as income tax (benefit) expense, which includes tax expense on the Company’s share of joint venture losses, as a percentage of loss from continuing operations before income taxes and equity in losses of joint venture. For the three months ended September 30, 2016 , the Company recorded income tax expense of $903 on pre-tax loss from continuing operations before equity in losses of joint venture of $17,359 , for an effective tax rate of (5.2)% . For the three months ended September 30, 2015 , the Company recorded income tax benefit of $629 on pre-tax loss from continuing operations before equity in losses of joint venture of $27,941 , for an effective tax rate of 2.3% . For the nine months ended September 30, 2016 , the Company recorded income tax expense of $1,099 on pre-tax loss from continuing operations before equity in losses of joint venture of $79,096 , for an effective tax rate of (1.4)% . For the nine months ended September 30, 2015 , the Company recorded income tax benefit of $22,141 on pre-tax loss from continuing operations before equity in losses of joint venture of $113,536 , for an effective tax rate of 19.5% . The Company's U.S. statutory rate is 35% . The most significant factors impacting the effective tax rate for the nine months ended September 30, 2016 and 2015 were losses in jurisdictions that the Company is not able to benefit due to uncertainty as to the realization of those losses and the impact of intraperiod allocations. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities As of September 30, 2016 , the Company had $8,088 of irrevocable letters of credit outstanding which primarily consisted of $5,000 for its warehouse in Janesville, Wisconsin, $700 for collateral associated with commodity hedges and $1,288 for compliance with the insurance reserve requirements of its workers’ compensation insurance program. 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. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events Special Redemption of Senior Secured Notes On October 31, 2016, the Company issued an irrevocable notice of redemption with respect to $27,500 aggregate principal amount of its New Secured Notes. These New Secured Notes were redeemed on November 9, 2016, meeting the Special Redemption Condition set forth in the indenture governing the New Secured Notes. Commitment for Senior Secured Term Loan Facilities On November 1, 2016, and November 2, 2016, the Company entered into commitment letters with certain financial institutions in order to replace and repay any amounts outstanding under the Revolving Credit Facility, including cash collateralization of any undrawn letters of credit, and to provide access to additional working capital. Pursuant to the terms of the commitment letters, the new credit facilities will take the form of senior secured term loan facilities in an aggregate principal amount of $100,000 . In connection therewith, commitments pursuant the Revolving Credit Facility will be terminated and liens granted to the collateral agent pursuant thereto will be released in full. The funding of the term loan facilities is subject to original issue discount in an amount equal to 3.0% of the full principal amount of the facilities. The facilities will bear interest at a rate of 11.0% per annum, and will mature in September 2018. The Company will be subject to certain financial covenants, consisting of (a) a minimum cash EBITDA level, (b) a minimum liquidity amount, and (c) a minimum working capital covenant. Upon initial funding of the term loan facilities, the financial institutions will be issued warrants to purchase an aggregate of 5,000 shares of common stock of the Company, pro rata based on the principal amount of each financial institution’s commitment. The warrants will have exercise prices as follows: (a) 50% of the warrants will have an exercise price of $0.50 per share and will expire 18 months from the date of grant and (ii) the remaining 50% of the warrants will have an exercise price of $0.65 per share and will expire 18 months from the date of the grant. A definitive agreement with respect to the term loan facilities, as required by the commitment letters, has not been executed and there can be no assurances that such agreement will be executed or as to the terms of such facilities, or that certain other conditions required by the commitment letters will be satisfied. Shareholder Sale and Purchase of Company Common Stock On November 3, 2016, one of the Company's shareholders, W. B. & Co., purchased all 4,631 shares of the Company's common stock owned by Raging Capital Master Fund, Ltd. The future utilization of the Company's federal and state net operating losses is expected to be limited by Internal Revenue Service Section 382 due to this ownership change and others that occurred since the last ownership change that occurred in 2015. The impact of this limitation has not been quantified at this time; however, the Company has a full valuation allowance against its federal and state net operating losses. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Standards Updates Issued Not Yet Effective In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," to reduce the existing diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under Topic 230. For public companies, the amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions. Under ASU No. 2016-09, a Company recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, eliminating the notion of the additional paid-in capital pool and significantly reducing the complexity and cost of accounting for excess tax benefits and tax deficiencies. For interim reporting purposes, excess tax benefits and tax deficiencies are considered discrete items in the reporting period in which they occur and are not included in the estimate of an entity’s annual effective tax rate. ASU No. 2016-09 further eliminates the requirement to defer recognition of an excess tax benefit until the benefit is realized through a reduction to taxes payable. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Company is currently evaluating the impact the adoption of ASU No. 2016-09 will have on its consolidated financial statements. 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 No. 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 No. 2016-02 will have on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern," providing additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implementing requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2016. The Company 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 No. 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. In 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients," which provide supplemental adoption guidance and clarification to ASC No. 2014-09. ASU No. 2016-08, ASU No. 2016-10 and ASU No. 2016-12 must be adopted concurrently with the adoption of ASU No. 2014-09. The Company is currently reviewing the guidance and assessing the potential impact of these ASU's on its consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Major classes of assets and liabilities of the discontinued operation at December 31, 2015 were as follows: December 31, Current assets of discontinued operations: Accounts receivable $ 16,688 Inventories 19,353 Prepaid expenses and other current assets 1,099 Current assets of discontinued operations $ 37,140 Noncurrent assets of discontinued operations: Goodwill $ 12,973 Property, plant and equipment, at cost 26,979 Less: accumulated depreciation (20,147 ) Noncurrent assets of discontinued operations $ 19,805 Current liabilities of discontinued operations: Accounts payable $ 10,666 Accrued and other current liabilities 492 Current liabilities of discontinued operations $ 11,158 Summarized results of the discontinued operation were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net sales $ — $ 34,105 $ 29,680 $ 101,168 Cost of materials — 23,970 21,027 71,251 Operating costs and expenses — 8,201 7,288 25,005 Interest expense (a) — 350 333 1,081 Income from discontinued operations before income taxes $ — $ 1,584 $ 1,032 $ 3,831 Income tax expense (benefit) (b) — 629 (3,908 ) 1,498 Gain (loss) on sale of discontinued operations, net of income taxes (1,688 ) — 1,306 — Income (loss) from discontinued operations, net of income taxes $ (1,688 ) $ 955 $ 6,246 $ 2,333 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share calculations | The following table is a reconciliation of the basic and diluted earnings (loss) per common share calculations: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Loss from continuing operations $ (18,298 ) $ (28,772 ) $ (84,372 ) $ (91,529 ) Income (loss) from discontinued operations, net of income taxes (1,688 ) 955 6,246 2,333 Net loss $ (19,986 ) $ (27,817 ) $ (78,126 ) $ (89,196 ) Denominator: Weighted average common shares outstanding 32,260 23,580 27,909 23,535 Effect of dilutive securities: Outstanding common stock equivalents — — — — Denominator for diluted earnings (loss) per common share 32,260 23,580 27,909 23,535 Basic earnings (loss) per common share: Continuing operations $ (0.57 ) $ (1.22 ) $ (3.02 ) $ (3.89 ) Discontinued operations (0.05 ) 0.04 0.22 0.10 Net basic loss per common share $ (0.62 ) $ (1.18 ) $ (2.80 ) $ (3.79 ) Diluted earnings (loss) per common share: Continuing operations $ (0.57 ) $ (1.22 ) $ (3.02 ) $ (3.89 ) Discontinued operations (0.05 ) 0.04 0.22 0.10 Net diluted loss per common share $ (0.62 ) $ (1.18 ) $ (2.80 ) $ (3.79 ) Excluded outstanding share-based awards having an anti-dilutive effect 2,326 1,049 2,326 1,049 Excluded "in the money" portion of New Convertible Notes having an anti-dilutive effect — — — — |
Joint Venture - (Tables)
Joint Venture - (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of financial data for joint venture | The following information summarizes financial data for this joint venture (for the periods in 2016, the information is through the date the Company sold its investment in Kreher): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net sales $ 17,737 $ 36,885 $ 79,007 $ 130,505 Cost of materials 15,359 31,339 67,115 110,734 (Loss) income before taxes (234 ) (3,117 ) 267 (367 ) Net income (loss) (62 ) (2,920 ) 928 (268 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the components of intangible assets | ntangible assets consisted of customer relationships as follows: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 67,348 $ 61,711 $ 67,438 $ 57,188 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | he Company recorded the following aggregate amortization expense associated with intangibles: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Amortization expense $ 1,533 $ 2,655 $ 4,593 $ 8,001 |
Summary of the estimated annual amortization expense | The following is a summary of the estimated annual amortization expense for the remainder of 2016 and each of the subsequent years: 2016 $ 1,533 2017 $ 4,104 2018 $ — 2019 $ — 2020 $ — |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Long-term debt consisted of the following: September 30, December 31, LONG-TERM DEBT 12.75% Senior Secured Notes due December 15, 2016 $ — $ 6,681 7.0% Convertible Notes due December 15, 2017 41 57,500 12.75% Senior Secured Notes due December 15, 2018 204,519 203,319 Revolving Credit Facility due December 10, 2019 12,500 66,100 5.25% Convertible Notes due December 30, 2019 22,323 — Other, primarily capital leases 143 428 Plus: derivative liability for embedded conversion feature 3,284 — Less: unamortized discount (4,502 ) (12,255 ) Less: unamortized debt issuance costs (2,712 ) (4,147 ) Total long-term debt $ 235,596 $ 317,626 Less: current portion 142 7,012 Total long-term portion $ 235,454 $ 310,614 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following reconciliation represents the change in fair value of the embedded conversion feature of the New Convertible Notes between December 31, 2015 and September 30, 2016 : Derivative liability for embedded conversion feature Fair value as of December 31, 2015 $ — Fair value at issuance date 11,574 Settlement upon conversion into common stock (721 ) Mark-to-market adjustment on conversion feature (a) (7,569 ) Fair value as of September 30, 2016 $ 3,284 |
Measurement of assets and liabilities at fair value on a recurring basis | The liabilities measured at fair value on a recurring basis were as follows: Level 1 Level 2 Level 3 Total (a) As of September 30, 2016 Derivative liability for commodity hedges $ — $ 202 $ — $ 202 As of December 31, 2015 Derivative liability for commodity hedges $ — $ 1,015 $ — $ 1,015 |
Convertible Notes Due in 2019 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The main inputs and assumptions into the fair value model for the New Convertible Notes at September 30, 2016 were as follows: Company's stock price at the end of the period $ 0.80 Expected volatility 79.70 % Credit spreads 65.75 % Risk-free interest rate 0.91 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows: September 30, December 31, Unrecognized pension and postretirement benefit costs, net of tax $ (15,817 ) $ (17,185 ) Foreign currency translation losses (17,133 ) (16,636 ) Total accumulated other comprehensive loss $ (32,950 ) $ (33,821 ) |
Schedule of Change In Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component for the three months ended September 30, 2016 and 2015 are as follows: Defined Benefit Pension and Postretirement Items Foreign Currency Items Total 2016 2015 2016 2015 2016 2015 Balance as of July 1, $ (16,273 ) $ (24,263 ) $ (20,100 ) $ (14,686 ) $ (36,373 ) $ (38,949 ) Other comprehensive income (loss) before reclassifications — — 2,967 (2,941 ) 2,967 (2,941 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 456 670 — — 456 670 Net current period other comprehensive income (loss) 456 670 2,967 (2,941 ) 3,423 (2,271 ) Balance as of September 30, $ (15,817 ) $ (23,593 ) $ (17,133 ) $ (17,627 ) $ (32,950 ) $ (41,220 ) Changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2016 and 2015 are as follows: Defined Benefit Pension and Postretirement Items Foreign Currency Items Total 2016 2015 2016 2015 2016 2015 Balance as of January 1, $ (17,185 ) $ (27,122 ) $ (16,636 ) $ (9,994 ) $ (33,821 ) $ (37,116 ) Other comprehensive loss before reclassifications — — (497 ) (7,633 ) (497 ) (7,633 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (a) 1,368 3,529 — — 1,368 3,529 Net current period other comprehensive income (loss) 1,368 3,529 (497 ) (7,633 ) 871 (4,104 ) Balance as of September 30, $ (15,817 ) $ (23,593 ) $ (17,133 ) $ (17,627 ) $ (32,950 ) $ (41,220 ) (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2016 and 2015 . |
Reclassifications From Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Unrecognized pension and postretirement benefit items: Prior service cost (b) $ (50 ) $ 4 $ (150 ) $ (997 ) Actuarial loss (b) (406 ) (674 ) (1,218 ) (2,532 ) Total before tax (456 ) (670 ) (1,368 ) (3,529 ) Tax effect — — — — Total reclassifications for the period, net of tax $ (456 ) $ (670 ) $ (1,368 ) $ (3,529 ) (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. |
Share-based Compensation Fair V
Share-based Compensation Fair Value Assumptions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Long-Term Compensation Plan -2016 [Member] [Domain] | |
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 $1.12 per share for the options granted under the 2016 LTC Plan for executive officers was estimated using the Black-Scholes option-pricing model with the following assumptions: 2016 Expected volatility 61.8 % Risk-free interest rate 1.3 % Expected life (in years) 6.0 Expected dividend yield — % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | Components of the net periodic pension and postretirement benefit cost are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 112 $ 250 $ 336 $ 724 Interest cost 1,312 1,722 3,936 5,312 Expected return on assets (2,035 ) (2,494 ) (6,105 ) (7,128 ) Amortization of prior service cost 50 (4 ) 150 184 Amortization of actuarial loss 406 674 1,218 2,532 Curtailment charge — — — 3,080 Net periodic pension and postretirement benefit (credit) cost $ (155 ) $ 148 $ (465 ) $ 4,704 Contributions paid $ — $ — $ — $ — |
Restructuring Activity (Tables)
Restructuring Activity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost (Gain)[Table Text Block] | Restructuring reserve activity for the nine months ended September 30, 2016 is summarized below: Period Activity Balance January 1, 2016 Charges (gains) Cash receipts (payments) Non-cash activity Balance September 30, 2016 Employee termination and related benefits (a) $ 8,301 $ 945 $ (3,646 ) $ — $ 5,600 Lease termination costs (b)(c) 232 6,706 (566 ) (4,539 ) 1,833 Moving costs associated with plant consolidations — 4,447 (4,447 ) — — Professional fees — 1,323 (1,323 ) — — Disposal of fixed assets — 1,253 2,703 (3,956 ) — Total $ 8,533 $ 14,674 $ (7,279 ) $ (8,495 ) $ 7,433 (a) As of September 30, 2016 , the short-term portion of employee termination and related benefits of $100 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheet and the long-term portion associated with the Company's withdrawal from a multi-employer pension plan of $5,500 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet. (b) Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of September 30, 2016 , the short-term portion of the lease termination costs of $125 is included in accrued and other current liabilities and the long-term portion of the lease termination costs of $1,708 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet. (c) In connection with the closure of the Company's Houston and Edmonton facilities, the Company agreed to sell its fixed assets and to a reduction in future proceeds from the sale of inventory in exchange for the assignment of its remaining lease obligations at its Houston facility resulting in a non-cash charge of $4,539 during the nine months ended September 30, 2016 . |
Schedule of Restructuring and Related Costs (Gains) | As a result of its restructuring activities, the Company incurred the following restructuring expenses: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Employee termination and related benefits $ 267 $ (987 ) $ 945 $ 13,265 Lease termination costs — 364 6,706 364 Moving costs associated with plant consolidations 52 1,733 4,447 2,334 Professional fees 593 94 1,323 1,690 Loss on disposal of fixed assets — — 1,253 — Total $ 912 $ 1,204 $ 14,674 $ 17,653 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 55,070 | $ 55,070 | ||
Disposal Group, Including Discontinued Operation, Contingent Consideration | 1,500 | 1,500 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (2,214) | 2,003 | ||
Gain (loss) on sale of discontinued operations, net of income taxes | $ (1,688) | $ 0 | 1,306 | $ 0 |
Total Plastics Inc [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Valuation Allowances and Reserves, Adjustments | $ 4,207 |
Discontinued Operations Summari
Discontinued Operations Summarized results of discontinued operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Discontinued Operations and Disposal Groups [Abstract] | ||||||
Discontinued Operation, Net sales | $ 0 | $ 34,105 | $ 29,680 | $ 101,168 | ||
Discontinued Operation, Cost of Materials | 0 | 23,970 | 21,027 | 71,251 | ||
Discontinued Operation, Operating costs and expenses | 0 | 8,201 | 7,288 | 25,005 | ||
Discontinued Operation, Interest expense | [1] | 0 | 350 | 333 | 1,081 | |
Income from discontinued operations before income taxes | 0 | 1,584 | 1,032 | 3,831 | ||
Discontinued Operation, Income tax expense (benefit) | 0 | 629 | (3,908) | [2] | 1,498 | |
Gain (loss) on sale of discontinued operations, net of income taxes | (1,688) | 0 | 1,306 | 0 | ||
Income (Loss) from Discontinued Operations, Net of Income Taxes | $ (1,688) | $ 955 | $ 6,246 | $ 2,333 | ||
[1] | (a)Interest expense was allocated to the discontinued operation based on the debt that was required to be paid as a result of the sale of TPI. | |||||
[2] | (b) Income tax benefit for the nine months ended September 30, 2016 includes $4,207 reversal of valuation allowance resulting from the sale of TPI. |
Discontinued Operations Major c
Discontinued Operations Major classes of assets and liabilities of the discontinued operation (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Current assets of discontinued operations, accounts receivable | $ 16,688 | |
Current assets of discontinued operations, inventories | 19,353 | |
Current assets of discontinued operations, prepaid expenses and other current assets | 1,099 | |
Current assets of discontinued operations | $ 0 | 37,140 |
Noncurrent assets of discontinued operations, goodwill | 12,973 | |
Noncurrent assets of discontinued operations, property, plant and equipment | 26,979 | |
Noncurrent assets of discontinued operations, accumulated depreciation | (20,147) | |
Noncurrent assets of discontinued operations | 0 | 19,805 |
Current liabilities of discontinued operations, accounts payable | 10,666 | |
Current liabilities of discontinued operations, accrued and other current liabilities | 492 | |
Current liabilities of discontinued operations | $ 0 | $ 11,158 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Income (Loss) from Continuing Operations | $ (18,298) | $ (28,772) | $ (84,372) | $ (91,529) |
Income (Loss) from Discontinued Operations, Net of Income Taxes | (1,688) | 955 | 6,246 | 2,333 |
Net loss | $ (19,986) | $ (27,817) | $ (78,126) | $ (89,196) |
Denominator: | ||||
Weighted average common shares outstanding | 32,260 | 23,580 | 27,909 | 23,535 |
Effect of dilutive securities: | ||||
Outstanding common stock equivalents | 0 | 0 | 0 | 0 |
Denominator for diluted earnings (loss) per share | 32,260 | 23,580 | 27,909 | 23,535 |
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.57) | $ (1.22) | $ (3.02) | $ (3.89) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | (0.05) | 0.04 | 0.22 | 0.10 |
Basic loss per share | (0.62) | (1.18) | (2.80) | (3.79) |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.57) | (1.22) | (3.02) | (3.89) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | (0.05) | 0.04 | 0.22 | 0.10 |
Diluted loss per share | $ (0.62) | $ (1.18) | $ (2.80) | $ (3.79) |
Excluded outstanding share-based awards and securities having an anti-dilutive effect | 2,326 | 1,049 | 2,326 | 1,049 |
Convertible Debt Securities | ||||
Effect of dilutive securities: | ||||
Excluded outstanding share-based awards and securities having an anti-dilutive effect | 0 | 0 | 0 | 0 |
Convertible Notes Due in 2017 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||
Convertible Notes Due in 2019 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 9,900 |
Earnings Per Share - Dilutive (
Earnings Per Share - Dilutive (Details) - Convertible Notes Due in 2019 [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Dilutive Earnings Per Share [Line Items] | |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.25 |
Outstanding common stock equivalents | shares | 9,900 |
Joint Venture - Related Party A
Joint Venture - Related Party Activity (Details) | Jun. 30, 2016 |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint venture ownership percentage | 50.00% |
Joint Venture - Operating Resul
Joint Venture - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 124,893 | $ 150,571 | $ 419,433 | $ 505,439 |
Cost of materials | 92,406 | 115,300 | 323,808 | 411,834 |
Net (Loss) Income | (19,986) | (27,817) | (78,126) | (89,196) |
Joint venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 17,737 | 36,885 | 79,007 | 130,505 |
Cost of materials | 15,359 | 31,339 | 67,115 | 110,734 |
Income (loss) before taxes | (234) | (3,117) | 267 | (367) |
Net (Loss) Income | $ (62) | $ (2,920) | $ 928 | $ (268) |
Joint Venture Joint venture (De
Joint Venture Joint venture (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from sale of investment in joint venture | $ 31,550 | $ 0 |
Equity Method Investment, Other than Temporary Impairment | 4,636 | |
Loss on disposal of equity method investment in joint venture | $ 5 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets Intangibles (Details) - Customer relationships - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 67,348 | $ 67,438 |
Accumulated Amortization | $ 61,711 | $ 57,188 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Aggregate Amortization Expense [Abstract] | ||||
Amortization expense | $ 1,533 | $ 2,655 | $ 4,593 | $ 8,001 |
Summary of the estimated remaining annual amortization expense | ||||
2,016 | 1,533 | 1,533 | ||
2,017 | 4,104 | 4,104 | ||
2,018 | 0 | 0 | ||
2,019 | 0 | 0 | ||
2,020 | $ 0 | $ 0 |
Debt Short-term and Long-term D
Debt Short-term and Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | May 19, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | $ 12,500 | $ 66,100 | |
Other Long-term Debt, Primarily Capital Leases | 143 | 428 | |
Plus: derivative liability for embedded conversion option | 3,284 | $ 11,574 | 0 |
Less: unamortized discount | (4,502) | (12,255) | |
Less: unamortized debt issuance costs | (2,712) | (4,147) | |
Less: current portion | 142 | 7,012 | |
Total long-term portion | 235,454 | 310,614 | |
Long-term Debt | 235,596 | 317,626 | |
Senior Secured Notes Due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 204,519 | 203,319 | |
Senior Secured Notes Due in 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | 6,681 | |
Convertible Notes Due in 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt | 41 | 57,500 | |
Convertible Notes Due in 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt | $ 22,323 | $ 0 |
Debt Secured Notes (Details)
Debt Secured Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Senior Notes Exchanged, May 2016 | $ 1,200 | $ 1,200 | |||
New Senior Secured Notes, Received in Exchange, May 2016 | 1,200 | 1,200 | |||
Debt Restructuring (gains) losses, net | 0 | $ 0 | 6,562 | $ 0 | |
Senior Secured Notes Due in 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 204,519 | $ 204,519 | $ 203,319 | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.75% | 12.75% | |||
Timeframe after the end of each fiscal year that the Company must make an offer to purchase New Secured Notes with certain of its excess cash flow for such fiscal year. Days After Fiscal Year End | 95 days | ||||
Debt Instrument, Excess Cash Flow, Percentage, 0 percent | 0.00% | 0.00% | |||
Debt Instrument, Excess Cash Flow, Percentage, 25 percent | 25.00% | 25.00% | |||
Debt Instrument, Excess Cash Flow, Percentage, 50 percent | 50.00% | 50.00% | |||
Debt Instrument, Excess Cash Flow, Percentage, 75 percent | 75.00% | 75.00% | |||
Secured Notes to be Purchased with Excess Cash Flow, 50 million | $ 50,000 | $ 50,000 | |||
Secured Notes to be Purchased with Excess Cash Flow, 75 million | 75,000 | 75,000 | |||
Secured Notes to be Purchased with Excess Cash Flow, 100 million | 100,000 | $ 100,000 | |||
Redemption Price, Stated as a Percentage of Principal, Percentage, Excess Cash Flow | 103.00% | ||||
Debt Restructuring (gains) losses, net | $ 0 | $ 7,075 | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Percent, Penalty Special Redemption Provision | 4.00% | 4.00% | |||
Special Redemption Condition, Maturity Date | Sep. 14, 2017 | ||||
Redemption Price, Stated as a Percentage of Principal, Change of Control | 101.00% | 101.00% | |||
Redemption Price, Stated as a Percentage of Principal, Upon Certain Asset Sales | 100.00% | 100.00% | |||
Senior Secured Notes Due in 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 0 | $ 0 | $ 6,681 | ||
Early Repayment of Senior Debt | $ 5,629 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.75% | 12.75% | |||
Domestic Subsidiaries [Member] | Senior Secured Notes Due in 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated Subsidiary, Ownership Percentage | 100.00% | 100.00% | |||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Special Redemption, Amount | $ 40,000 | $ 40,000 |
Debt Convertible Notes (Details
Debt Convertible Notes (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 19, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 15,332,000 | |||||
Existing Convertible Notes Exchanged, Amount | $ 34,016,000 | |||||
New Convertible Notes exchanged, Amount | 23,806,000 | |||||
New Convertible Notes Exchanged, Non Affiliate, Amount | 20,866,000 | |||||
New Convertible Notes Exchange, Affiliate, Amount | 2,940,000 | |||||
Derivative Liability | $ 3,284,000 | 3,284,000 | $ 11,574,000 | $ 0 | ||
Debt Restructuring (gains) losses, net | 0 | $ 0 | 6,562,000 | $ 0 | ||
Convertible Notes Due in 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Debt | 41,000 | 41,000 | 57,500,000 | |||
Estimated fair value of convertible debt | $ 25,000 | $ 25,000 | 21,966,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||
Debt Instrument, Convertible, Conversion Rate, Principal Amount of Convertible Notes for Shares, Principal Amount | $ 1,000 | $ 1,000 | ||||
Debt Conversion, Original Debt, Amount | $ 23,443,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 7,863 | |||||
Debt Restructuring (gains) losses, net | $ 76,000 | |||||
Convertible Notes Due in 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Debt | 22,323,000 | 22,323,000 | $ 0 | |||
Estimated fair value of convertible debt | $ 8,233,000 | $ 8,233,000 | ||||
Maturity date | Dec. 30, 2019 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | ||||
Debt Instrument, Convertible, Conversion Price | $ 2.25 | $ 2.25 | ||||
Convertible Debt, Principal Amount to be Received | $ 700 | $ 700 | ||||
Debt Conversion, Original Debt, Amount | $ 1,483,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 713 | |||||
Gains (Losses) on Extinguishment of Debt | $ 589,000 |
Debt Revolving Credit Agreement
Debt Revolving Credit Agreement (Details) - Revolving Credit Facility [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | $ 125,000 |
Line of Credit Facility, Availability Block, Initial Amount | 17,500 | 17,500 | |
Line of Credit, Availability Block, Six month fixed charge coverage ratio | 8,750 | 8,750 | |
Line of Credit, Availability Block, twelve month fixed charge coverage ratio | 0 | 0 | |
Redemption Permitted, New Secured Notes, Amount | 27,500 | 27,500 | |
Redemption Permitted, Secured Notes, Amount | 6,000 | $ 6,000 | |
Line of Credit, Terms, Provision to Increase the Aggregate Amount of Commitments Under Certain Conditions, Amount | $ 25,000 | ||
Debt Instrument, Interest Rate During Period | 4.00% | 3.40% | |
Debt Instrument, Maturity Date | Dec. 10, 2019 | ||
Line of Credit Facility, Borrowing Capacity excluding minimum excess availability, springing covenant | $ 54,471 | $ 54,471 | |
Excess availability, revolving credit facility | $ 41,971 | $ 41,971 | |
Minimum | |||
Debt Instrument [Line Items] | |||
Ratio of EBITDA to fixed charges, springing covenant | 1.1 | 1.1 | |
Excess availability percentage of borrowing base, lower bound before fixed charge coverage maintenance required | 10.00% | ||
Excess availability, lower bound before fixed charge coverage maintenance required | $ 10,000 | $ 10,000 | |
Excess availability percentage of borrowing base, lower bound before lender full dominion over collections | 12.50% | ||
Excess availability, lower bound before lender full dominion over collections | 12,500 | $ 12,500 | |
CANADA | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 16,000 | 16,000 | 20,000 |
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,000 | $ 16,000 | $ 20,000 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 19, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Liability | $ 3,284 | $ 3,284 | $ 11,574 | $ 0 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 12,500 | 12,500 | ||||
Line of Credit Facility, Amount Outstanding | 12,500 | 12,500 | 66,100 | |||
Forward Contracts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | 770 | 770 | 3,080 | |||
Gain (Losses) as a result of changes in the fair value of the contracts | (3) | $ (252) | 31 | $ (706) | ||
Letters of Credit Outstanding as Collateral Associated with Commodity Hedges | 700 | 700 | ||||
Senior Secured Notes Due in 2016 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 160,662 | |||||
Senior Notes, Carrying Value | 210,000 | |||||
Carrying value of senior secured notes | 0 | 0 | 6,681 | |||
Senior Secured Notes Due in 2018 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 153,901 | 153,901 | ||||
Carrying value of senior secured notes | 204,519 | 204,519 | 203,319 | |||
Convertible Notes Due in 2017 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Estimated fair value of convertible debt | 25 | 25 | 21,966 | |||
Carrying value of convertible debt | 41 | 41 | 57,500 | |||
Convertible Notes Due in 2019 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Estimated fair value of convertible debt | 8,233 | 8,233 | ||||
Carrying value of convertible debt | $ 22,323 | $ 22,323 | $ 0 |
Fair Value Measurements Schedul
Fair Value Measurements Schedule of Fair Value of assets and liabilities measured on a recurring basis (Details) - Forward Contracts - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability for Commodity Hedges, Current | $ 202 | $ 1,015 | |
Derivative liability for commodity hedges | [1] | 202 | 1,015 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability for commodity hedges | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability for commodity hedges | 202 | 1,015 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability for commodity hedges | $ 0 | $ 0 | |
[1] | As of September 30, 2016 and December 31, 2015 the entire derivative liability for commodity hedges of $202 and $1,015, respectively, are short-term and are included in accrued and other current liabilities in the Condensed Consolidated Balance Sheets. |
Fair Value Measurements Rollfor
Fair Value Measurements Rollforward of derivative liability for conversion feature (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 19, 2016 | Dec. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Derivative Liability | $ 3,284 | $ 3,284 | $ 11,574 | $ 0 | ||
Settlement upon conversion into common stock | (721) | |||||
Mark-to-market adjustment on conversion feature | $ (6,285) | $ 0 | $ (7,569) | $ 0 |
Fair Value Measurements New Con
Fair Value Measurements New Convertible Notes Fair Value Assumptions and Inputs (Details) - Convertible Notes Due in 2019 [Member] | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Share Price | $ 0.80 |
Fair Value Assumptions, Expected Volatility Rate | 79.70% |
Fair Value Inputs, Entity Credit Risk | 65.75% |
Fair Value Assumptions, Risk Free Interest Rate | 0.91% |
Stockholders' Equity AOCI (Deta
Stockholders' Equity AOCI (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Components of accumulated other comprehensive loss | ||||||
Unrecognized pension and postretirement benefit costs, net of tax | $ (15,817) | $ (16,273) | $ (17,185) | $ (23,593) | $ (24,263) | $ (27,122) |
Foreign currency translation losses | (17,133) | (20,100) | (16,636) | (17,627) | (14,686) | (9,994) |
Total accumulated other comprehensive loss | $ (32,950) | $ (36,373) | $ (33,821) | $ (41,220) | $ (38,949) | $ (37,116) |
Stockholders' Equity Narrative
Stockholders' Equity Narrative (Details) shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)shares | |
Class of Stock [Line Items] | |
Stock Issued During Period, Shares, New Issues | $ | $ 86 |
Adjustments to Additional Paid in Capital, Other | $ | $ 16,543 |
Convertible Notes Due in 2017 [Member] | |
Class of Stock [Line Items] | |
Debt Conversion, Converted Instrument, Shares Issued | shares | 7,863 |
Convertible Notes Due in 2019 [Member] | |
Class of Stock [Line Items] | |
Debt Conversion, Converted Instrument, Shares Issued | shares | 713 |
Stockholders' Equity AOCI Chang
Stockholders' Equity AOCI Change (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 456 | [1] | 670 | [1] | 1,368 | [2] | 3,529 | [2] | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 456 | 670 | 1,368 | 3,529 | ||||||||
Accumulated Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Net of Tax | (15,817) | (23,593) | (15,817) | (23,593) | $ (16,273) | $ (17,185) | $ (24,263) | $ (27,122) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 2,967 | (2,941) | (497) | (7,633) | ||||||||
Other Comprehensive Income (loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Net of Tax | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,967 | (2,941) | (497) | (7,633) | ||||||||
Accumulated Other Comprehensive Loss, Foreign Currency Translation Adjustment, Net of Tax | (17,133) | (17,627) | (17,133) | (17,627) | $ (20,100) | $ (16,636) | $ (14,686) | $ (9,994) | ||||
Beginning Balance | (36,373) | (38,949) | (33,821) | (37,116) | ||||||||
Other comprehensive (loss) income before reclassifications | 2,967 | (2,941) | (497) | (7,633) | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 456 | [1] | 670 | [1] | 1,368 | [2] | 3,529 | [2] | ||||
Net current period other comprehensive income (loss) | 3,423 | (2,271) | 871 | (4,104) | ||||||||
Ending Balance | (32,950) | $ (41,220) | (32,950) | $ (41,220) | ||||||||
AOCI Attributable to Parent [Member] | ||||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 456 | 1,368 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 2,967 | $ (497) | ||||||||||
[1] | (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended September 30, 2016 and 2015. | |||||||||||
[2] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2016 and 2015. |
Stockholders' Equity AOCI Recla
Stockholders' Equity AOCI Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Pension Curtailment, Recognized Prior Service Cost | $ 0 | $ 813 | |||||||
Prior service cost | [1] | $ (50) | $ 4 | 150 | 997 | ||||
Actuarial loss | [1] | (406) | (674) | (1,218) | (2,532) | ||||
Total before tax | (456) | (670) | (1,368) | (3,529) | |||||
Tax effect | 0 | 0 | 0 | 0 | |||||
Total reclassifications for the period, net of tax | $ (456) | [2] | $ (670) | [2] | $ (1,368) | [3] | $ (3,529) | [3] | |
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in sales, general and administrative expense. Prior service cost of $813 for pension curtailment is shown as restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2015. There was no pension curtailment expense in the three and nine months ended September 30, 2016 or the three months ended September 30, 2015. | ||||||||
[2] | (a) See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the three month periods ended September 30, 2016 and 2015. | ||||||||
[3] | See reclassifications from accumulated other comprehensive loss table for details of reclassification from accumulated other comprehensive loss for the nine month periods ended September 30, 2016 and 2015. |
Share-based Compensation Assump
Share-based Compensation Assumptions (Details) - Employee Stock Option [Member] - Long-Term Compensation Plan -2016 [Member] [Domain] | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Narrat
Share-based Compensation Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 350 | $ 428 | $ 916 | $ 424 |
Unrecognized compensation cost | $ 2,087 | $ 2,087 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 304 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.47 | |||
Long-Term Compensation Plan -2016 [Member] [Domain] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,203 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans and Components of Net Periodic Postretirement Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Curtailment charge | $ 0 | $ (3,080) | ||
Contributions paid | $ 0 | $ 0 | 0 | 0 |
Anticipated cash contributions to pension plan in remaining fiscal year | 0 | |||
Pension and Other Postretirement Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 112 | 250 | 336 | 724 |
Interest cost | 1,312 | 1,722 | 3,936 | 5,312 |
Expected return on assets | (2,035) | (2,494) | (6,105) | (7,128) |
Amortization of prior service cost | 50 | (4) | 150 | 184 |
Amortization of actuarial loss | 406 | 674 | 1,218 | 2,532 |
Curtailment charge | 0 | 0 | 0 | (3,080) |
Net periodic pension and postretirement benefit (credit) cost | $ (155) | $ 148 | $ (465) | $ 4,704 |
Restructuring Activity (Details
Restructuring Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | |||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve | $ 7,433 | $ 8,533 | ||
Restructuring Reserve Non-Cash Activity | 8,495 | |||
Employee Termination and Related Benefits [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Multiemployer Plans, Withdrawal Obligation | 5,500 | |||
Restructuring Reserve, Current | 100 | |||
Restructuring Reserve | 5,600 | [1] | 8,301 | |
Restructuring Reserve Non-Cash Activity | 0 | |||
Moving Costs Associated with Plant Consolidations [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | ||
Restructuring Reserve Non-Cash Activity | 0 | |||
Lease Termination Costs [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve, Current | 125 | |||
Restructuring Reserve | 1,833 | [2] | 232 | |
Restructuring Reserve, Noncurrent | 1,708 | |||
Restructuring Reserve Non-Cash Activity | [3] | 4,539 | ||
Professional Fees [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | ||
Restructuring Reserve Non-Cash Activity | 0 | |||
(Gain) loss on disposal of fixed assets [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | $ 0 | ||
Restructuring Reserve Non-Cash Activity | $ 3,956 | |||
[1] | (a) As of September 30, 2016, the short-term portion of employee termination and related benefits of $100 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheet and the long-term portion associated with the Company's withdrawal from a multi-employer pension plan of $5,500 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet. | |||
[2] | (b) Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of September 30, 2016, the short-term portion of the lease termination costs of $125 is included in accrued and other current liabilities and the long-term portion of the lease termination costs of $1,708 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet | |||
[3] | (c) In connection with the closure of the Company's Houston and Edmonton facilities, the Company agreed to sell its fixed assets and to a reduction in future proceeds from the sale of inventory in exchange for the assignment of its remaining lease obligations at its Houston facility resulting in a non-cash charge of $4,539 during the nine months ended September 30, 2016. |
Restructuring Activity Roll For
Restructuring Activity Roll Forward (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | $ 7,433 | $ 8,533 | ||
Restructuring charges (gains) | 14,674 | |||
Payments for Restructuring | (7,279) | |||
Restructuring Reserve Non-Cash Activity | 8,495 | |||
Moving Costs Associated with Plant Consolidations [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | 0 | ||
Restructuring charges (gains) | 4,447 | |||
Payments for Restructuring | (4,447) | |||
Restructuring Reserve Non-Cash Activity | 0 | |||
Professional Fees [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | 0 | ||
Restructuring charges (gains) | 1,323 | |||
Payments for Restructuring | (1,323) | |||
Restructuring Reserve Non-Cash Activity | 0 | |||
(Gain) loss on disposal of fixed assets [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | 0 | ||
Restructuring charges (gains) | 1,253 | |||
Restructuring Receipts | 2,703 | |||
Restructuring Reserve Non-Cash Activity | 3,956 | |||
Employee Termination and Related Benefits [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve, Current | 100 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 5,600 | [1] | 8,301 | |
Restructuring charges (gains) | 945 | |||
Payments for Restructuring | (3,646) | |||
Restructuring Reserve Non-Cash Activity | 0 | |||
Lease Termination Costs [Member] | ||||
Restructuring Cost (Gain) and Reserve [Line Items] | ||||
Restructuring Reserve, Current | 125 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,833 | [2] | $ 232 | |
Restructuring charges (gains) | 6,706 | |||
Payments for Restructuring | [2] | (566) | ||
Restructuring Reserve Non-Cash Activity | [3] | $ 4,539 | ||
[1] | (a) As of September 30, 2016, the short-term portion of employee termination and related benefits of $100 is included in accrued and other current liabilities in the Condensed Consolidated Balance Sheet and the long-term portion associated with the Company's withdrawal from a multi-employer pension plan of $5,500 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet. | |||
[2] | (b) Payments on certain of the lease obligations are scheduled to continue until 2020. Market conditions and the Company’s ability to sublease these properties could affect the ultimate charge related to the lease obligations. Any potential recoveries or additional charges could affect amounts reported in the consolidated financial statements of future periods. As of September 30, 2016, the short-term portion of the lease termination costs of $125 is included in accrued and other current liabilities and the long-term portion of the lease termination costs of $1,708 is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheet | |||
[3] | (c) In connection with the closure of the Company's Houston and Edmonton facilities, the Company agreed to sell its fixed assets and to a reduction in future proceeds from the sale of inventory in exchange for the assignment of its remaining lease obligations at its Houston facility resulting in a non-cash charge of $4,539 during the nine months ended September 30, 2016. |
Restructuring Activity Restruct
Restructuring Activity Restructuring expenses (income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | $ 912 | $ 1,204 | $ 14,674 | $ 17,653 |
Employee Termination and Related Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | 267 | (987) | 945 | 13,265 |
Lease Termination Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | 0 | 364 | 6,706 | 364 |
Moving Costs Associated with Plant Consolidations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | 52 | 1,733 | 4,447 | 2,334 |
Professional Fees [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | 593 | 94 | 1,323 | 1,690 |
Gain or Loss on disposal of fixed assets [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | $ 0 | $ 0 | 1,253 | $ 0 |
Inventory Valuation Reserve [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Expense (Income) | $ 452 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate | (5.20%) | 2.30% | (1.40%) | 19.50% |
Income Tax Expense (Benefit) | $ 903 | $ (629) | $ 1,099 | $ (22,141) |
Income (Loss) from Continuing Operations before Income Taxes and equity (losses) of joint venture | $ (17,359) | $ (27,941) | $ (79,096) | $ (113,536) |
Federal Statutory Income Tax Rate | 35.00% |
Commitments and Contingent Li61
Commitments and Contingent Liabilities (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Loss Contingencies [Line Items] | |
Irrevocable letters of credit outstanding | $ 8,088 |
Letters of Credit Outstanding as Collateral for Janesville lease | 5,000 |
Letters of credit outstanding for insurance reserve requirements of workers' compensation insurance carriers | 1,288 |
Forward Contracts | |
Loss Contingencies [Line Items] | |
Letters of credit outstanding as collateral for commodity hedges | $ 700 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | ||
Nov. 09, 2016 | Nov. 03, 2016 | Nov. 02, 2016 | |
Subsequent Event [Line Items] | |||
Early Repayment of Senior Debt, Special Redemption Payment | $ 27,500 | ||
Senior Secured Term Loan | $ 100,000 | ||
Percentage Discount on Senior Term Loan Facility | 3.00% | ||
Stated Interest Rate Percentage on Senior Term Loan Facility | 11.00% | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000 | ||
Number of shares of common stock owned by Raging Capital purchased by WB&Co | 4,631 | ||
Maximum | |||
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.65 | ||
Minimum | |||
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 |